Schedule of investments
Delaware International Opportunities Bond Fund June 30, 2020 (Unaudited)
Principal amount° | Value (US $) | |||
Corporate Bonds – 9.34% | ||||
Banking - 8.55% | ||||
Development Bank of Japan 0.235% 10/13/27 | JPY | 200,000,000 | $ | 1,865,679 |
Kreditanstalt Fuer Wiederaufbau 0.00% 12/15/22 | EUR | 1,710,000 | 1,947,572 | |
3,813,251 | ||||
Electric - 0.79% | ||||
Israel Electric 144A 5.00% 11/12/24 # | 315,000 | 353,986 | ||
353,986 | ||||
Total Corporate Bonds (cost $4,133,551) | 4,167,237 | |||
Regional Bonds – 11.28%D | ||||
Canada - 6.69% | ||||
Province of Alberta Canada 2.20% 6/1/26 | CAD | 1,290,000 | 1,008,881 | |
Province of British Columbia Canada 2.20% 6/18/30 | CAD | 1,185,000 | 948,698 | |
Province of Quebec Canada 2.30% 9/1/29 | CAD | 1,280,000 | 1,025,490 | |
2,983,069 | ||||
Japan - 4.59% | ||||
Japan Finance Organization For Municipalities | ||||
0.205% 5/28/27 | JPY | 220,000,000 | 2,048,130 | |
2,048,130 | ||||
Total Regional Bonds (cost $4,941,642) | 5,031,199 | |||
Sovereign Bonds – 69.86%D | ||||
Australia - 4.93% | ||||
Australia Government Bonds | ||||
2.25% 11/21/22 | AUD | 1,260,000 | 910,927 | |
2.75% 11/21/29 | AUD | 1,315,000 | 1,064,027 | |
3.00% 3/21/47 | AUD | 255,000 | 224,163 | |
2,199,117 | ||||
Austria - 0.88% | ||||
Republic of Austria Government Bond 144A | ||||
1.50% 2/20/47 # | EUR | 265,000 | 392,562 | |
392,562 | ||||
Belgium - 2.47% | ||||
Kingdom of Belgium Government Bonds | ||||
144A 1.45% 6/22/37 # | EUR | 480,000 | 646,095 | |
144A 4.25% 3/28/41 # | EUR | 230,000 | 455,563 | |
1,101,658 | ||||
Canada - 1.67% | ||||
Canadian Government Bonds 2.50% 6/1/24 | CAD | 615,000 | 491,348 | |
Canadian When Issued Government Bonds 2.00% 6/1/29 | CAD | 300,000 | 255,046 | |
746,394 |
NQ-QTV [6/20] 8/20 (1294197) 1
Schedule of investments
Delaware International Opportunities Bond Fund (Unaudited)
Principal amount° | Value (US $) | |||
Sovereign BondsD (continued) | ||||
Denmark - 0.87% | ||||
Denmark Government Bond 0.50% 11/15/27 | DKK | 2,415,000 | $ | 389,573 |
389,573 | ||||
Finland - 0.25% | ||||
Finland Government Bond 144A 1.375% 4/15/47 # | EUR | 75,000 | 110,644 | |
110,644 | ||||
France - 6.83% | ||||
French Republic Government Bond OAT 144A | ||||
1.25% 5/25/36 # | EUR | 2,320,000 | 3,048,364 | |
3,048,364 | ||||
Germany - 4.88% | ||||
Bundesrepublik Deutschland Bundesanleihe | ||||
0.00% 8/15/29 | EUR | 155,000 | 182,817 | |
0.00% 8/15/50 | EUR | 555,000 | 625,775 | |
0.50% 2/15/25 | EUR | 765,000 | 908,919 | |
Deutsche Bundesrepublik Inflation Linked Bond | ||||
0.50% 4/15/30 | EUR | 349,648 | 460,695 | |
2,178,206 | ||||
Ireland - 0.29% | ||||
Ireland Government Bond 1.35% 3/18/31 | EUR | 100,000 | 128,547 | |
128,547 | ||||
Italy - 7.65% | ||||
Italy Buoni Poliennali Del Tesoro | ||||
1.75% 7/1/24 | EUR | 725,000 | 854,412 | |
3.00% 8/1/29 | EUR | 1,155,000 | 1,502,560 | |
144A 3.85% 9/1/49 # | EUR | 695,000 | 1,056,156 | |
3,413,128 | ||||
Japan - 12.14% | ||||
Japan Finance 0.911% 7/19/23 | JPY | 210,000,000 | 1,999,313 | |
Japan Government Thirty Year Bond 0.40% 9/20/49 | JPY | 237,150,000 | 2,091,021 | |
Tokyo Metropolitan Government 0.475% 9/19/25 | JPY | 140,000,000 | 1,326,118 | |
5,416,452 | ||||
Mexico - 3.07% | ||||
Mexican Bonos | ||||
8.00% 9/5/24 | MXN | 11,000,000 | 535,477 | |
8.00% 11/7/47 | MXN | 6,000,000 | 292,749 | |
8.50% 5/31/29 | MXN | 10,500,000 | 541,192 | |
1,369,418 | ||||
Netherlands - 1.53% | ||||
Netherlands Government Bonds | ||||
144A 0.25% 7/15/29 # | EUR | 380,000 | 451,448 |
2 NQ-QTV [6/20] 8/20 (1294197)
(Unaudited)
Principal amount° | Value (US $) | |||
Sovereign BondsD (continued) | ||||
Netherlands (continued) | ||||
Netherlands Government Bonds | ||||
144A 2.75% 1/15/47 # | EUR | 120,000 | $ | 233,165 |
684,613 | ||||
New Zealand - 4.47% | ||||
New Zealand Government Bonds | ||||
3.00% 4/20/29 | NZD | 445,000 | 340,867 | |
6.00% 5/15/21 | NZD | 2,440,000 | 1,653,369 | |
1,994,236 | ||||
Poland - 1.65% | ||||
Republic of Poland Government Bond 2.25% 4/25/22 | PLN | 2,800,000 | 736,239 | |
736,239 | ||||
Portugal - 0.56% | ||||
Portugal Obrigacoes do Tesouro 144A 2.25% 4/18/34 # | EUR | 185,000 | 248,161 | |
248,161 | ||||
Spain - 5.05% | ||||
Spain Government Bonds | ||||
144A 0.60% 10/31/29 # | EUR | 1,105,000 | 1,270,486 | |
144A 1.50% 4/30/27 # | EUR | 200,000 | 246,301 | |
144A 2.70% 10/31/48 # | EUR | 485,000 | 736,513 | |
2,253,300 | ||||
United Kingdom - 10.67% | ||||
United Kingdom Gilt | ||||
0.50% 7/22/22 | GBP | 190,000 | 238,359 | |
0.625% 6/7/25 | GBP | 320,000 | 409,755 | |
0.875% 10/22/29 | GBP | 1,135,000 | 1,504,867 | |
1.00% 4/22/24 | GBP | 435,000 | 561,277 | |
1.75% 1/22/49 | GBP | 1,280,000 | 2,047,623 | |
4,761,881 | ||||
Total Sovereign Bonds (cost $30,996,501) | 31,172,493 | |||
Supranational Banks – 6.78% | ||||
European Investment Bank | ||||
0.375% 5/15/26 | EUR | 1,660,000 | 1,966,711 | |
0.875% 1/30/25 | SEK | 2,000,000 | 221,073 | |
International Bank for Reconstruction and Development | ||||
0.50% 6/21/35 | EUR | 700,000 | 836,070 | |
Total Supranational Banks (cost $2,938,932) | 3,023,854 |
NQ-QTV [6/20] 8/20 (1294197) 3
Schedule of investments
Delaware International Opportunities Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
US Treasury Obligation – 1.03% | |||
US Treasury Floating Rate Note | |||
0.264% (USBMMY3M + 0.114%) 4/30/22 • | 460,000 | $ | 460,353 |
Total US Treasury Obligation (cost $460,304) | 460,353 | ||
Number of shares | |||
Short-Term Investment – 0.28% | |||
BlackRock FedFund – Institutional Shares (seven-day | |||
effective yield 0.10%) | 25,137 | 25,137 | |
Fidelity Investments Money Market Government | |||
Portfolio – Class I (seven-day effective yield 0.06%) | 25,137 | 25,137 | |
GS Financial Square Government Fund – Institutional | |||
Shares (seven-day effective yield 0.15%) | 25,136 | 25,136 | |
Morgan Stanley Government Portfolio – Institutional Share | |||
Class (seven-day effective yield 0.03%) | 25,137 | 25,137 | |
State Street Institutional US Government Money Market | |||
Fund – Investor Class (seven-day effective yield 0.04%) | 25,137 | 25,137 | |
Total Short-Term Investments (cost $125,684) | 125,684 | ||
Total Value of Securities – 98.57% | |||
(cost $43,596,614) | 43,980,820 | ||
Receivables and Other Assets Net of Liabilities – 1.43% ★ | 637,076 | ||
Net Assets Applicable to 5,244,577 Shares Outstanding – 100.00% | $ | 44,617,896 |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. |
At June 30, 2020, the aggregate value of Rule 144A securities was $9,249,444, which represents | |
20.73% of the Fund’s net assets. | |
★ Includes $14,942 cash collateral held at broker for futures contracts as of June 30, 2020. | |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another |
currency. | |
D Securities have been classified by country of origin. | |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at |
June 30, 2020. For securities based on a published reference rate and spread, the reference rate and | |
spread are indicated in their description above. The reference rate descriptions (i. e. LIBOR03M, | |
LIBOR06M, etc. ) used in this report are identical for different securities, but the underlying reference | |
rates may differ due to the timing of the reset period. Certain variable rate securities are not based on | |
a published reference rate and spread but are determined by the issuer or agent and are based on | |
current market conditions, or for mortgage-backed securities, are impacted by the individual | |
mortgages which are paying off over time. These securities do not indicate a reference rate and | |
spread in their description above. |
4 NQ-QTV [6/20] 8/20 (1294197)
(Unaudited)
The following foreign currency exchange contracts and futures contracts were outstanding at June 30, 2020: | |||||||||||||||||
Foreign Currency Exchange Contracts | |||||||||||||||||
Currency to | Settlement | Unrealized | Unrealized | ||||||||||||||
Counterparty | Receive (Deliver) | In Exchange For | Date | Appreciation | Depreciation | ||||||||||||
BNYM | CAD | (3,300) | USD | 2,422 | 7/1/20 | $ | — | $ | (8) | ||||||||
BNYM | EUR | (1,140) | USD | 1,280 | 7/1/20 | — | (1) | ||||||||||
BNYM | EUR | (6,343) | USD | 7,121 | 7/2/20 | — | (6) | ||||||||||
BNYM | JPY | 950,000 | USD | (8,805) | 7/1/20 | — | (7) | ||||||||||
JPMCB | JPY | 597,223,167 | USD | (5,484,445) | 9/18/20 | 52,833 | — | ||||||||||
TD | AUD | (1,718,003) | USD | 1,200,892 | 9/18/20 | 14,984 | — | ||||||||||
TD | CAD | (3,610,000) | USD | 2,698,369 | 9/18/20 | 38,841 | — | ||||||||||
TD | EUR | 1,965,000 | USD | (2,228,840) | 9/18/20 | — | (17,168) | ||||||||||
TD | NZD | (3,000,000) | USD | 1,959,810 | 9/18/20 | 24,050 | — | ||||||||||
Total Foreign Currency Exchange Contracts | $ | 130,708 | $ | (17,190) | |||||||||||||
Futures Contracts | |||||||||||||||||
Variation | |||||||||||||||||
Margin | |||||||||||||||||
Notional | Value/ | Value/ | Due from | ||||||||||||||
Notional | Cost | Expiration | Unrealized | Unrealized | (Due to) | ||||||||||||
Contracts to Buy (Sell) | Amount | (Proceeds) | Date | Appreciation | Depreciation | Brokers | |||||||||||
(15) CAN 10yr Bond | $ | (1,699,543) | $ (1,669,247) | 9/21/20 | $ | — | $ | (30,296) | $ | 2,188 | |||||||
(57) Euro-BOBL | (8,644,052) | (8,595,911) | 9/8/20 | — | (48,141) | 1,287 | |||||||||||
5 JPN 10yr Bond | 7,036,351 | 7,019,233 | 9/14/20 | 17,118 | — | (8,987) | |||||||||||
16 US Treasury 5 yr | |||||||||||||||||
Notes | 2,011,875 | 2,001,788 | 9/30/20 | 10,087 | — | (500) | |||||||||||
(2) US Ultra Bond | (436,313) | (421,995) | 9/21/20 | — | (14,318) | 2,063 | |||||||||||
Total Futures | |||||||||||||||||
Contracts | $ (1,666,132) | $ | 27,205 | $ | (92,755) | $ | (3,949) |
The use of foreign currency exchange contracts and futures contracts involves elements of market risk
and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange
contracts and notional amounts presented above represent the Fund’s total exposure in such contracts,
whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the
Fund’s net assets.
NQ-QTV [6/20] 8/20 (1294197) 5
Schedule of investments
Delaware International Opportunities Bond Fund (Unaudited)
Summary of abbreviations:
AUD – Australian Dollar
BNYM – The Bank of New York Mellon
BOBL – Bundesobligationen
CAD – Canadian Dollar
DKK – Danish Krone
EUR – Euro
GBP – British Pound Sterling
GS – Goldman Sachs
ICE – Intercontinental Exchange
JPMCB – JPMorgan Chase Bank
JPY – Japanese Yen
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
MXN – Mexican Peso
NZD – New Zealand Dollar
OAT – Obligations Assimilables du Tresor
PLN – Polish Zloty
SEK – Swedish Krona
TD – TD Bank
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
USD – US Dollar
yr – Year
6 NQ-QTV [6/20] 8/20 (1294197)