| Delaware Strategic Income Fund | April 30, 2022 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Agency Collateralized Mortgage Obligations — 7.93% | |||
| Freddie Mac Structured Agency Credit Risk REMIC Trust | |||
| Series 2020-HQA2 M2 144A 3.768% (LIBOR01M + 3.10%) 3/25/50 #, • | 1,542,880 | $ 1,548,986 | |
| Series 2021-DNA1 M2 144A 2.089% (SOFR + 1.80%) 1/25/51 #, • | 1,500,000 | 1,468,861 | |
| Series 2021-DNA3 M2 144A 2.389% (SOFR + 2.10%) 10/25/33 #, • | 1,350,000 | 1,314,508 | |
| Series 2021-HQA1 M2 144A 2.539% (SOFR + 2.25%) 8/25/33 #, • | 2,000,000 | 1,962,570 | |
| Series 2021-HQA2 M2 144A 2.339% (SOFR + 2.05%) 12/25/33 #, • | 2,000,000 | 1,937,541 | |
| Total Agency Collateralized Mortgage Obligations (cost $8,384,890) | 8,232,466 | ||
| Agency Commercial Mortgage-Backed Securities — 1.83% | |||
| FREMF Mortgage Trust | |||
| Series 2017-K66 B 144A 4.174% 7/25/27 #, • | 325,000 | 319,462 | |
| Series 2017-K71 B 144A 3.881% 11/25/50 #, • | 325,000 | 315,197 | |
| Series 2018-K72 B 144A 4.118% 12/25/50 #, • | 325,000 | 317,303 | |
| Series 2018-K86 C 144A 4.437% 11/25/51 #, • | 970,000 | 948,387 | |
| Total Agency Commercial Mortgage-Backed Securities (cost $2,140,546) | 1,900,349 | ||
| Convertible Bonds — 2.16% | |||
| Blackstone Mortgage Trust 4.75% exercise price $36.23, maturity date 3/15/23 | 245,000 | 247,573 | |
| Helix Energy Solutions Group 6.75% exercise price $6.97, maturity date 2/15/26 | 290,000 | 303,949 | |
| Kaman 3.25% exercise price $65.26, maturity date 5/1/24 | 1,124,000 | 1,099,946 | |
| Paratek Pharmaceuticals 4.75% exercise price $15.90, maturity date 5/1/24 | 265,000 | 219,473 | |
| Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26 | 404,000 | 369,054 | |
| Total Convertible Bonds (cost $2,187,763) | 2,239,995 | ||
| Corporate Bonds — 51.78% | |||
| Banking — 4.22% | |||
| Access Bank | |||
| 144A 6.125% 9/21/26 # | 400,000 | 378,212 | |
| 144A 9.125% 10/7/26 #, μ, ψ | 400,000 | 366,000 | |
| Principal amount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Banking (continued) | |||
| Ally Financial 5.75% 11/20/25 | 330,000 | $ 339,356 | |
| Banco de Bogota 144A 6.25% 5/12/26 # | 410,000 | 407,136 | |
| Banco Industrial 144A 4.875% 1/29/31 #, μ | 200,000 | 190,439 | |
| Banco Mercantil del Norte 144A 8.375% 10/14/30 #, μ, ψ | 500,000 | 516,888 | |
| Bank of America | |||
| 4.571% 4/27/33 μ | 110,000 | 109,613 | |
| 6.125% 4/27/27 μ, ψ | 65,000 | 65,163 | |
| Bank of New York Mellon 4.70% 9/20/25 μ, ψ | 47,000 | 47,000 | |
| Barclays 4.375% 3/15/28 μ, ψ | 470,000 | 393,038 | |
| Citigroup 4.00% 12/10/25 μ, ψ | 215,000 | 195,650 | |
| Deutsche Bank 5.625% 5/19/31 μ | EUR | 300,000 | 327,896 |
| Fifth Third Bancorp 4.337% 4/25/33 μ | 65,000 | 64,823 | |
| JPMorgan Chase & Co. 4.586% 4/26/33 μ | 45,000 | 45,246 | |
| PNC Financial Services Group 6.00% 5/15/27 μ, ψ | 50,000 | 50,000 | |
| SVB Financial Group | |||
| 4.00% 5/15/26 μ, ψ | 420,000 | 365,799 | |
| 4.57% 4/29/33 μ | 85,000 | 84,322 | |
| Truist Financial 4.95% 9/1/25 μ, ψ | 165,000 | 165,206 | |
| Wells Fargo & Co. | |||
| 3.90% 3/15/26 μ, ψ | 205,000 | 187,180 | |
| 4.611% 4/25/53 μ | 85,000 | 83,846 | |
| 4,382,813 | |||
| Basic Industry — 5.68% | |||
| AngloGold Ashanti Holdings | |||
| 3.375% 11/1/28 | 200,000 | 178,862 | |
| 3.75% 10/1/30 | 440,000 | 394,277 | |
| Artera Services 144A 9.033% 12/4/25 # | 205,000 | 194,289 | |
| Bidvest Group UK 144A 3.625% 9/23/26 # | 600,000 | 552,765 | |
| CSN Inova Ventures 144A 6.75% 1/28/28 # | 655,000 | 651,984 | |
| Domtar 144A 6.75% 10/1/28 # | 509,000 | 505,455 | |
| First Quantum Minerals 144A 6.875% 10/15/27 # | 1,000,000 | 1,006,185 | |
| JSW Steel 144A 5.05% 4/5/32 # | 405,000 | 347,463 | |
| Methanex 5.25% 12/15/29 | 900,000 | 856,264 | |
| Sasol Financing USA 4.375% 9/18/26 | 675,000 | 634,335 | |
| Stillwater Mining 144A 4.00% 11/16/26 # | 620,000 | 570,778 | |
| 5,892,657 | |||
| Principal amount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Brokerage — 1.69% | |||
| Charles Schwab 5.375% 6/1/25 μ, ψ | 35,000 | $ 35,440 | |
| Jefferies Group 6.50% 1/20/43 | 1,400,000 | 1,531,561 | |
| XP 144A 3.25% 7/1/26 # | 200,000 | 183,883 | |
| 1,750,884 | |||
| Capital Goods — 1.79% | |||
| Roller Bearing Co. of America 144A 4.375% 10/15/29 # | 250,000 | 225,312 | |
| SAN Miguel Industrias Pet 144A 3.50% 8/2/28 # | 640,000 | 556,115 | |
| Standard Industries | |||
| 144A 3.375% 1/15/31 # | 159,000 | 127,214 | |
| 144A 4.375% 7/15/30 # | 313,000 | 261,355 | |
| Turkiye Sise ve Cam Fabrikalari 144A 6.95% 3/14/26 # | 700,000 | 684,653 | |
| 1,854,649 | |||
| Communications — 6.49% | |||
| Altice France 144A 5.50% 10/15/29 # | 865,000 | 736,232 | |
| Cellnex Finance 144A 3.875% 7/7/41 # | 400,000 | 300,002 | |
| Cumulus Media New Holdings 144A 6.75% 7/1/26 # | 500,000 | 498,208 | |
| Discovery Communications 4.00% 9/15/55 | 10,000 | 7,516 | |
| HTA Group 144A 7.00% 12/18/25 # | 750,000 | 743,917 | |
| LCPR Senior Secured Financing DAC 144A 5.125% 7/15/29 # | 610,000 | 556,320 | |
| Magallanes | |||
| 144A 3.755% 3/15/27 # | 150,000 | 145,254 | |
| 144A 4.279% 3/15/32 # | 25,000 | 23,237 | |
| 144A 5.141% 3/15/52 # | 95,000 | 84,870 | |
| Rogers Communications | |||
| 144A 3.80% 3/15/32 # | 45,000 | 41,477 | |
| 144A 4.55% 3/15/52 # | 60,000 | 53,340 | |
| Sprint Capital 8.75% 3/15/32 | 525,000 | 668,063 | |
| Terrier Media Buyer 144A 8.875% 12/15/27 # | 415,000 | 406,158 | |
| Time Warner Cable 7.30% 7/1/38 | 650,000 | 729,958 | |
| Turkcell Iletisim Hizmetleri 144A 5.80% 4/11/28 # | 755,000 | 680,791 | |
| Vmed O2 UK Financing I 144A 4.25% 1/31/31 # | 400,000 | 338,860 | |
| VTR Comunicaciones 144A 4.375% 4/15/29 # | 850,000 | 721,149 | |
| 6,735,352 | |||
| Consumer Cyclical — 4.33% | |||
| Alsea 144A 7.75% 12/14/26 # | 600,000 | 603,192 | |
| Arcos Dorados 144A 6.125% 5/27/29 # | 370,000 | 363,364 | |
| Principal amount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Consumer Cyclical (continued) | |||
| B2W Digital 144A 4.375% 12/20/30 # | 630,000 | $ 518,953 | |
| Bath & Body Works 6.875% 11/1/35 | 460,000 | 450,365 | |
| Carnival | |||
| 144A 5.75% 3/1/27 # | 355,000 | 322,056 | |
| 144A 7.625% 3/1/26 # | 398,000 | 389,996 | |
| General Motors Financial 5.70% 9/30/30 μ, ψ | 80,000 | 78,400 | |
| MGM Resorts International 4.75% 10/15/28 | 425,000 | 390,958 | |
| PetSmart 144A 7.75% 2/15/29 # | 250,000 | 249,029 | |
| Prime Security Services Borrower 144A 6.25% 1/15/28 # | 500,000 | 448,775 | |
| Royal Caribbean Cruises 144A 5.50% 4/1/28 # | 135,000 | 123,418 | |
| Schaeffler 2.875% 3/26/27 | EUR | 350,000 | 349,546 |
| Six Flags Entertainment 144A 4.875% 7/31/24 # | 140,000 | 139,623 | |
| VICI Properties | |||
| 4.95% 2/15/30 | 20,000 | 19,879 | |
| 5.125% 5/15/32 | 40,000 | 39,764 | |
| 4,487,318 | |||
| Consumer Non-Cyclical — 3.95% | |||
| Bausch Health | |||
| 144A 5.50% 11/1/25 # | 120,000 | 116,324 | |
| 144A 6.25% 2/15/29 # | 637,000 | 464,297 | |
| Central American Bottling 144A 5.25% 4/27/29 # | 585,000 | 556,502 | |
| CSL Finance | |||
| 144A 4.05% 4/27/29 # | 30,000 | 29,862 | |
| 144A 4.75% 4/27/52 # | 50,000 | 49,277 | |
| InRetail Consumer 144A 3.25% 3/22/28 # | 625,000 | 552,441 | |
| JBS USA 144A 3.00% 2/2/29 # | 25,000 | 22,284 | |
| MHP 144A 6.25% 9/19/29 # | 505,000 | 265,125 | |
| Organon & Co. 144A 5.125% 4/30/31 # | 500,000 | 452,572 | |
| Ortho-Clinical Diagnostics 144A 7.25% 2/1/28 # | 526,000 | 532,015 | |
| Pilgrim's Pride 144A 5.875% 9/30/27 # | 121,000 | 122,028 | |
| Tenet Healthcare | |||
| 144A 4.25% 6/1/29 # | 255,000 | 230,742 | |
| 144A 6.125% 10/1/28 # | 145,000 | 139,448 | |
| 6.875% 11/15/31 | 370,000 | 383,844 | |
| Teva Pharmaceutical Finance Netherlands III 5.125% 5/9/29 | 200,000 | 181,858 | |
| 4,098,619 | |||
| Principal amount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Electric — 2.07% | |||
| Calpine | |||
| 144A 5.00% 2/1/31 # | 145,000 | $ 123,832 | |
| 144A 5.125% 3/15/28 # | 279,000 | 253,781 | |
| Duke Energy 4.875% 9/16/24 μ, ψ | 80,000 | 79,400 | |
| Fells Point Funding Trust 144A 3.046% 1/31/27 # | 100,000 | 94,168 | |
| NRG Energy 144A 4.45% 6/15/29 # | 335,000 | 321,635 | |
| Pacific Gas and Electric 3.30% 8/1/40 | 517,000 | 377,346 | |
| PG&E 5.25% 7/1/30 | 315,000 | 286,853 | |
| UEP Penonome II 144A 6.50% 10/1/38 # | 626,091 | 610,699 | |
| 2,147,714 | |||
| Energy — 8.92% | |||
| Canacol Energy 144A 5.75% 11/24/28 # | 610,000 | 553,935 | |
| CNX Midstream Partners 144A 4.75% 4/15/30 # | 500,000 | 460,672 | |
| CNX Resources 144A 6.00% 1/15/29 # | 700,000 | 691,799 | |
| Crestwood Midstream Partners 144A 6.00% 2/1/29 # | 442,000 | 430,716 | |
| Ecopetrol 4.625% 11/2/31 | 615,000 | 514,983 | |
| Energy Transfer 6.50% 11/15/26 μ, ψ | 485,000 | 462,016 | |
| Genesis Energy 7.75% 2/1/28 | 505,000 | 486,757 | |
| Geopark 144A 5.50% 1/17/27 # | 620,000 | 559,621 | |
| Guara Norte 144A 5.198% 6/15/34 # | 594,915 | 525,134 | |
| Lukoil Capital DAC 144A 3.60% 10/26/31 # | 620,000 | 232,500 | |
| Murphy Oil | |||
| 5.875% 12/1/27 | 365,000 | 362,651 | |
| 6.375% 7/15/28 | 270,000 | 274,949 | |
| NuStar Logistics 6.375% 10/1/30 | 125,000 | 123,253 | |
| PDC Energy 5.75% 5/15/26 | 445,000 | 433,537 | |
| Petroleos Mexicanos 5.95% 1/28/31 | 1,135,000 | 956,845 | |
| Southwestern Energy 7.75% 10/1/27 | 655,000 | 684,816 | |
| TechnipFMC 144A 6.50% 2/1/26 # | 832,000 | 862,052 | |
| Tullow Oil 144A 10.25% 5/15/26 # | 640,000 | 636,230 | |
| 9,252,466 | |||
| Finance Companies — 1.98% | |||
| AerCap Ireland Capital DAC | |||
| 2.45% 10/29/26 | 150,000 | 133,555 | |
| 3.30% 1/30/32 | 150,000 | 124,884 | |
| 3.40% 10/29/33 | 150,000 | 123,247 | |
| Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 # | 620,000 | 558,849 | |
| CIFI Holdings Group 6.45% 11/7/24 | 200,000 | 165,600 | |
| Principal amount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Finance Companies (continued) | |||
| Oryx Funding 144A 5.80% 2/3/31 # | 685,000 | $ 677,013 | |
| Times China Holdings 5.55% 6/4/24 | 520,000 | 275,600 | |
| 2,058,748 | |||
| Insurance — 1.79% | |||
| Brighthouse Financial | |||
| 4.70% 6/22/47 | 244,000 | 210,174 | |
| 5.625% 5/15/30 | 25,000 | 26,140 | |
| Brown & Brown 4.95% 3/17/52 | 136,000 | 130,766 | |
| HUB International 144A 5.625% 12/1/29 # | 545,000 | 500,713 | |
| MetLife 3.85% 9/15/25 μ, ψ | 185,000 | 176,638 | |
| Sagicor Financial 144A 5.30% 5/13/28 # | 400,000 | 390,598 | |
| USI 144A 6.875% 5/1/25 # | 425,000 | 419,150 | |
| 1,854,179 | |||
| Natural Gas — 0.49% | |||
| Medco Laurel Tree 144A 6.95% 11/12/28 # | 545,000 | 510,686 | |
| 510,686 | |||
| Real Estate Investment Trusts — 0.04% | |||
| American Homes 4 Rent 3.625% 4/15/32 | 50,000 | 45,550 | |
| 45,550 | |||
| Technology — 2.06% | |||
| Broadcom 144A 3.469% 4/15/34 # | 1,185,000 | 1,007,071 | |
| Entegris Escrow 144A 4.75% 4/15/29 # | 90,000 | 86,865 | |
| ION Trading Technologies 144A 5.75% 5/15/28 # | 250,000 | 234,390 | |
| Iron Mountain | |||
| 144A 5.25% 7/15/30 # | 71,000 | 65,197 | |
| 144A 5.625% 7/15/32 # | 600,000 | 543,666 | |
| Iron Mountain Information Management Services 144A 5.00% 7/15/32 # | 230,000 | 203,111 | |
| 2,140,300 | |||
| Transportation — 4.79% | |||
| Abertis Infraestructuras Finance 3.248% 11/24/25 μ, ψ | EUR | 200,000 | 199,309 |
| Azul Investments 144A 7.25% 6/15/26 # | 640,000 | 544,887 | |
| Babcock International Group 1.375% 9/13/27 | EUR | 500,000 | 480,596 |
| DAE Funding 144A 3.375% 3/20/28 # | 695,000 | 635,056 | |
| Delta Air Lines 7.375% 1/15/26 | 661,000 | 704,738 | |
| Grupo Aeromexico 144A 8.50% 3/17/27 # | 500,000 | 505,675 | |
| International Consolidated Airlines Group 3.75% 3/25/29 | EUR | 300,000 | 273,605 |
| Principal amount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Transportation (continued) | |||
| Mileage Plus Holdings 144A 6.50% 6/20/27 # | 625,000 | $ 638,181 | |
| Rutas 2 and 7 Finance 144A 3.018% 9/30/36 #, ^ | 705,666 | 473,894 | |
| United Airlines | |||
| 144A 4.375% 4/15/26 # | 100,000 | 96,650 | |
| 144A 4.625% 4/15/29 # | 457,000 | 419,958 | |
| 4,972,549 | |||
| Utilities — 1.49% | |||
| Clean Renewable Power Mauritius 144A 4.25% 3/25/27 # | 656,600 | 604,456 | |
| Electricite de France | |||
| 2.875% 12/15/26 μ, ψ | EUR | 600,000 | 563,368 |
| 3.00% 9/3/27 μ, ψ | EUR | 400,000 | 372,558 |
| 1,540,382 | |||
| Total Corporate Bonds (cost $59,137,560) | 53,724,866 | ||
| Municipal Bonds — 1.07% | |||
| Commonwealth of Puerto Rico | |||
| 2.646% 11/1/43^ | 185,682 | 96,787 | |
| Series A 2.993% 7/1/24^ | 19,224 | 17,490 | |
| Series A 4.363% 7/1/33^ | 48,098 | 27,515 | |
| Series A1 4.00% 7/1/33 | 37,375 | 34,751 | |
| Series A1 4.00% 7/1/35 | 33,594 | 31,147 | |
| Series A1 4.00% 7/1/37 | 28,832 | 25,991 | |
| Series A1 4.00% 7/1/41 | 39,202 | 35,344 | |
| Series A1 4.00% 7/1/46 | 40,769 | 35,867 | |
| Series A1 5.375% 7/1/25 | 41,625 | 43,036 | |
| Series A1 5.625% 7/1/27 | 41,247 | 43,754 | |
| Series A1 5.625% 7/1/29 | 40,578 | 43,729 | |
| Series A1 5.75% 7/1/31 | 39,413 | 43,137 | |
| Series A1 5.25% 7/1/23 | 41,742 | 42,259 | |
| GDB Debt Recovery Authority of Puerto Rico (Taxable) 7.50% 8/20/40 | 638,655 | 589,958 | |
| Total Municipal Bonds (cost $1,168,089) | 1,110,765 | ||
| Principal amount° | Value (US $) | ||
| Non-Agency Asset-Backed Securities — 3.15% | |||
| Citicorp Residential Mortgage Trust Series 2006-3 A5 4.763% 11/25/36 • | 149,600 | $ 145,860 | |
| Diamond Infrastructure Funding Series 2021-1A A 144A 1.76% 4/15/49 # | 750,000 | 664,191 | |
| Domino's Pizza Master Issuer Series 2021-1A A2I 144A 2.662% 4/25/51 # | 445,500 | 399,703 | |
| Hardee's Funding Series 2020-1A A2 144A 3.981% 12/20/50 # | 2,172,500 | 2,055,270 | |
| Total Non-Agency Asset-Backed Securities (cost $3,503,037) | 3,265,024 | ||
| Non-Agency Collateralized Mortgage Obligations — 6.05% | |||
| JPMorgan Mortgage Trust Series 2021-13 B1 144A 3.148% 4/25/52 #, • | 593,788 | 506,654 | |
| Sequoia Mortgage Trust | |||
| Series 2014-1 B3 144A 3.928% 4/25/44 #, • | 803,256 | 801,427 | |
| Series 2017-5 B2 144A 3.792% 8/25/47 #, • | 1,765,546 | 1,667,087 | |
| Series 2017-6 B2 144A 3.726% 9/25/47 #, • | 1,765,457 | 1,653,221 | |
| Series 2017-7 B2 144A 3.728% 10/25/47 #, • | 1,772,046 | 1,652,221 | |
| Total Non-Agency Collateralized Mortgage Obligations (cost $6,949,075) | 6,280,610 | ||
| Non-Agency Commercial Mortgage-Backed Securities — 1.77% | |||
| Benchmark Mortgage Trust Series 2020-B22 A5 1.973% 1/15/54 | 500,000 | 425,934 | |
| COMM Mortgage Trust Series 2013-CR6 AM 144A 3.147% 3/10/46 # | 110,000 | 109,238 | |
| DB-JPM Mortgage Trust Series 2020-C9 B 2.567% 8/15/53 | 500,000 | 423,837 | |
| GS Mortgage Securities Trust | |||
| Series 2017-GS6 B 3.869% 5/10/50 | 500,000 | 480,071 | |
| Series 2018-GS9 B 4.321% 3/10/51 • | 280,000 | 273,632 | |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 B 3.499% 4/15/46 | 130,000 | 128,088 | |
| Total Non-Agency Commercial Mortgage-Backed Securities (cost $2,119,458) | 1,840,800 | ||
| Principal amount° | Value (US $) | ||
| Loan Agreements — 5.64% | |||
| Acrisure 1st Lien 5.014% (LIBOR01M + 4.25%) 2/15/27 • | 199,500 | $ 198,669 | |
| Acrisure Tranche B 4.264% (LIBOR01M + 3.50%) 2/15/27 • | 300,811 | 296,894 | |
| Applied Systems 2nd Lien 6.506% (LIBOR03M + 5.50%) 9/19/25 • | 1,346,453 | 1,348,556 | |
| AssuredPartners 4.264% ((LIBOR01M + 3.50%)) 2/12/27 • | 452,936 | 447,388 | |
| BWay Holding 3.705% (LIBOR01M + 3.25%) 4/3/24 • | 167,618 | 164,737 | |
| Connect US Finco 4.50% (LIBOR01M + 3.50%) 12/11/26 • | 279,300 | 277,962 | |
| Frontier Communications Tranche B 4.813% (LIBOR03M + 3.75%) 5/1/28 • | 693,000 | 685,348 | |
| Global Medical Response 5.25% (LIBOR03M + 4.75%) 10/2/25 • | 212,313 | 211,061 | |
| Hamilton Projects Acquiror 5.506% (LIBOR03M + 4.50%) 6/17/27 • | 766,350 | 765,460 | |
| Spirit Aerosystems Tranche B 4.514% (LIBOR01M + 3.75%) 1/15/25 • | 681,575 | 681,453 | |
| Ultimate Software Group 1st Lien 4.756% (LIBOR01M + 3.75%) 5/4/26 • | 424,304 | 423,130 | |
| Verscend Holding Tranche B 4.764% ((LIBOR01M + 4.00%)) 8/27/25 • | 350,087 | 349,813 | |
| Total Loan Agreements (cost $5,821,112) | 5,850,471 | ||
| Sovereign Bonds — 7.31%Δ | |||
| Brazil — 0.47% | |||
| Brazil Notas do Tesouro Nacional 10.00% 1/1/27 | BRL | 356,000 | 67,043 |
| Brazilian Government International Bond 4.75% 1/14/50 | 550,000 | 417,004 | |
| 484,047 | |||
| Chile — 0.35% | |||
| Bonos de la Tesoreria de la Republica en pesos | |||
| 144A 2.30% 10/1/28 # | CLP | 290,000,000 | 262,275 |
| 144A 2.80% 10/1/33 # | CLP | 130,000,000 | 106,068 |
| 368,343 | |||
| Czech Republic — 0.04% | |||
| Czech Republic Government Bond 2.40% 9/17/25 | CZK | 1,010,000 | 39,949 |
| 39,949 | |||
| Principal amount° | Value (US $) | ||
| Sovereign BondsΔ (continued) | |||
| Dominican Republic — 0.34% | |||
| Dominican Republic International Bond 144A 4.50% 1/30/30 # | 414,000 | $ 358,397 | |
| 358,397 | |||
| Egypt — 1.12% | |||
| Egypt Government International Bonds | |||
| 144A 5.75% 5/29/24 # | 723,000 | 676,634 | |
| 144A 7.60% 3/1/29 # | 564,000 | 480,951 | |
| 1,157,585 | |||
| Honduras — 0.73% | |||
| Honduras Government International Bond 144A 5.625% 6/24/30 # | 959,000 | 759,049 | |
| 759,049 | |||
| Hungary — 0.03% | |||
| Hungary Government Bond 5.50% 6/24/25 | HUF | 13,530,000 | 36,166 |
| 36,166 | |||
| Indonesia — 0.48% | |||
| Indonesia Treasury Bonds | |||
| 6.125% 5/15/28 | IDR | 4,207,000,000 | 282,507 |
| 6.50% 2/15/31 | IDR | 3,249,000,000 | 216,383 |
| 498,890 | |||
| Ivory Coast — 1.03% | |||
| Ivory Coast Government International Bond 144A 6.125% 6/15/33 # | 1,164,000 | 1,072,847 | |
| 1,072,847 | |||
| Mexico — 0.11% | |||
| Mexican Bonos 8.50% 5/31/29 | MXN | 2,300,000 | 109,424 |
| 109,424 | |||
| Mongolia — 0.50% | |||
| Mongolia Government International Bond 144A 3.50% 7/7/27 # | 602,000 | 523,818 | |
| 523,818 | |||
| Peru — 0.33% | |||
| Peruvian Government International Bond 144A 5.35% 8/12/40 # | PEN | 1,794,000 | 340,778 |
| 340,778 | |||
| Principal amount° | Value (US $) | ||
| Sovereign BondsΔ (continued) | |||
| Poland — 0.04% | |||
| Republic of Poland Government Bond 2.50% 4/25/24 | PLN | 186,000 | $ 38,900 |
| 38,900 | |||
| Senegal — 0.59% | |||
| Senegal Government International Bond 144A 6.75% 3/13/48 # | 764,000 | 611,047 | |
| 611,047 | |||
| Uruguay — 0.33% | |||
| Uruguay Government International Bond 8.50% 3/15/28 | UYU | 14,734,000 | 338,669 |
| 338,669 | |||
| Uzbekistan — 0.82% | |||
| Republic of Uzbekistan International Bond 144A 4.75% 2/20/24 # | 862,000 | 849,354 | |
| 849,354 | |||
| Total Sovereign Bonds (cost $8,761,099) | 7,587,263 | ||
| Supranational Banks — 0.77% | |||
| Banque Ouest Africaine de Developpement 144A 4.70% 10/22/31 # | 804,000 | 797,455 | |
| Total Supranational Banks (cost $835,408) | 797,455 | ||
| US Treasury Obligations — 5.58% | |||
| US Treasury Bonds | |||
| 2.25% 3/31/24 | 3,500,000 | 3,470,742 | |
| 2.50% 3/31/27 | 370,000 | 362,614 | |
| US Treasury Note 2.25% 5/15/22 | 1,950,000 | 1,951,248 | |
| Total US Treasury Obligations (cost $5,807,683) | 5,784,604 | ||
| Number of shares | |||
| Common Stock — 0.79% | |||
| Transportation — 0.79% | |||
| Aeromexico Rights † | 49,917 | 815,893 | |
| Total Common Stock (cost $815,913) | 815,893 | ||
| Number of contracts | Value (US $) | ||
| Options Purchased — 0.02% | |||
| Foreign Currency Put Options — 0.02% | |||
| AUD vs JPY, strike price $78, expiration date 8/23/22, notional amount $251,160,000 (JPMCB) | 3,220,000 | $ 10,163 | |
| GBP vs JPY, strike price $148, expiration date 8/23/22, notional amount $286,380,000 (JPMCB) | 1,935,000 | 15,462 | |
| Total Options Purchased (cost $63,238) | 25,625 | ||
| Number of shares | |||
| Short-Term Investments — 3.50% | |||
| Money Market Mutual Funds — 3.50% | |||
| BlackRock FedFund – Institutional Shares (seven-day effective yield 0.31%) | 907,401 | 907,401 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.16%) | 907,401 | 907,401 | |
| GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.32%) | 907,401 | 907,401 | |
| Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.30%) | 907,401 | 907,401 | |
| Total Short-Term Investments (cost $3,629,604) | 3,629,604 | ||
| Total Value of Securities Before Options Written—99.35% (cost $111,324,475) | 103,085,790 | ||
| Number of contracts | Value (US $) | ||
| Options Written — (0.01%) | |||
| Foreign Currency Put Options — (0.01%) | |||
| AUD vs JPY, strike price $72, expiration date 8/23/22, notional amount $(231,840,000) (JPMCB) | (3,220,000) | $ (4,737) | |
| GBP vs JPY, strike price $140, expiration date 8/23/22, notional amount $(270,900,000) (JPMCB) | (1,935,000) | (7,277) | |
| Total Options Written (premium received $23,310) | $(12,014) | ||
| Receivables and Other Assets Net of Liabilities—0.66% | 687,751 | ||
| Net Assets Applicable to 13,482,973 Shares Outstanding—100.00% | $103,761,527 | ||
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2022, the aggregate value of Rule 144A securities was $61,700,604, which represents 59.46% of the Fund's net assets. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at April 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions. |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at April 30, 2022. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| Δ | Securities have been classified by country of risk. |
| † | Non-income producing security. |
| Foreign Currency Exchange Contracts | ||||||||||
| Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Appreciation | ||||||
| JPMCB | EUR | (300,000) | USD | 340,077 | 5/20/22 | $23,307 | ||||
| TD | EUR | (3,332,247) | USD | 3,777,386 | 5/20/22 | 258,870 | ||||
| Total Foreign Currency Exchange Contracts | $282,177 | |||||||||
| Futures Contracts Exchange-Traded | |||||||||||||
| Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Appreciation | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | |||||||
| (37) | US Treasury 10 yr Notes | $(4,408,781) | $(4,676,940) | 6/21/22 | $268,159 | $— | $7,516 | ||||||
| 2 | US Treasury 10 yr Ultra Notes | 258,000 | 279,802 | 6/21/22 | — | (21,802) | (500) | ||||||
| Total Futures Contracts | $(4,397,138) | $268,159 | $(21,802) | $7,016 | |||||||||
| Summary of abbreviations: |
| DAC – Designated Activity Company |
| FREMF – Freddie Mac Multifamily |
| GS – Goldman Sachs |
| ICE – Intercontinental Exchange, Inc. |
| JPM – JPMorgan |
| JPMCB – JPMorgan Chase Bank |
| LIBOR – London Interbank Offered Rate |
| Summary of abbreviations: (continued) |
| LIBOR01M – ICE LIBOR USD 1 Month |
| LIBOR03M – ICE LIBOR USD 3 Month |
| LIBOR06M – ICE LIBOR USD 6 Month |
| REMIC – Real Estate Mortgage Investment Conduit |
| SOFR – Secured Overnight Financing Rate |
| TD – TD Bank |
| yr – Year |
| Summary of currencies: |
| AUD – Australian Dollar |
| BRL – Brazilian Real |
| CLP – Chilean Peso |
| CZK – Czech Koruna |
| EUR – European Monetary Unit |
| GBP – British Pound Sterling |
| HUF – Hungarian Forint |
| IDR – Indonesian Rupiah |
| MXN – Mexican Peso |
| PEN – Peruvian Sol |
| PLN – Polish Zloty |
| USD – US Dollar |
| UYU – Uruguayan Peso |