| Delaware Strategic Income Fund | October 31, 2022 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Agency Collateralized Mortgage Obligations — 8.44% | |||
| Freddie Mac Structured Agency Credit Risk REMIC Trust | |||
| Series 2020-HQA2 M2 144A 6.686% (LIBOR01M + 3.10%) 3/25/50 #, • | 1,292,410 | $ 1,292,799 | |
| Series 2021-DNA1 M2 144A 3.314% (SOFR + 1.80%) 1/25/51 #, • | 1,295,648 | 1,231,579 | |
| Series 2021-DNA3 M2 144A 3.614% (SOFR+ 2.10%) 10/25/33 #, • | 1,350,000 | 1,287,224 | |
| Series 2021-HQA1 M2 144A 3.764% (SOFR + 2.25%) 8/25/33 #, • | 2,000,000 | 1,828,722 | |
| Series 2021-HQA2 M2 144A 5.047% (SOFR + 2.05%) 12/25/33 #, • | 2,000,000 | 1,761,562 | |
| Total Agency Collateralized Mortgage Obligations (cost $7,931,037) | 7,401,886 | ||
| Agency Commercial Mortgage-Backed Securities — 2.00% | |||
| FREMF Mortgage Trust | |||
| Series 2017-K66 B 144A 4.037% 7/25/27 #, • | 325,000 | 299,412 | |
| Series 2017-K71 B 144A 3.753% 11/25/50 #, • | 325,000 | 292,227 | |
| Series 2018-K72 B 144A 3.994% 12/25/50 #, • | 325,000 | 297,165 | |
| Series 2018-K86 C 144A 4.294% 11/25/51 #, • | 970,000 | 864,796 | |
| Total Agency Commercial Mortgage-Backed Securities (cost $2,140,546) | 1,753,600 | ||
| Agency Mortgage-Backed Securities — 3.01% | |||
| Fannie Mae S.F. 30 yr | |||
| 5.00% 9/1/52 | 925,859 | 893,589 | |
| 5.00% 10/1/52 | 421,874 | 407,170 | |
| 5.50% 10/1/52 | 901,196 | 892,402 | |
| Fannie Mae S.F. 30 yr TBA 6.00% 11/1/52 | 445,000 | 447,134 | |
| Total Agency Mortgage-Backed Securities (cost $2,668,285) | 2,640,295 | ||
| Convertible Bonds — 3.11% | |||
| Blackstone Mortgage Trust 4.75% exercise price $36.23, maturity date 3/15/23 | 245,000 | 245,925 | |
| Helix Energy Solutions Group 6.75% exercise price $6.97, maturity date 2/15/26 | 290,000 | 391,152 | |
| Kaman 3.25% exercise price $65.26, maturity date 5/1/24 | 1,124,000 | 1,056,785 | |
| Liberty Broadband 144A 2.75% exercise price $857.56, maturity date 9/30/50 # | 17,000 | 16,489 | |
| Liberty Broadband 144A 1.25% exercise price $900.01, maturity date 9/30/50 # | 459,000 | 439,034 | |
| Principal amount° | Value (US $) | ||
| Convertible Bonds (continued) | |||
| Paratek Pharmaceuticals 4.75% exercise price $15.90, maturity date 5/1/24 | 265,000 | $ 242,846 | |
| Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26 | 404,000 | 335,522 | |
| Total Convertible Bonds (cost $2,641,692) | 2,727,753 | ||
| Corporate Bonds — 51.82% | |||
| Banking — 4.99% | |||
| Access Bank | |||
| 144A 6.125% 9/21/26 # | 400,000 | 294,880 | |
| 144A 9.125% 10/7/26 #, μ, ψ | 400,000 | 279,480 | |
| Ally Financial 5.75% 11/20/25 | 330,000 | 317,706 | |
| Banco de Bogota 144A 6.25% 5/12/26 # | 410,000 | 376,583 | |
| Banco Mercantil del Norte 144A 8.375% 10/14/30 #, μ, ψ | 500,000 | 435,533 | |
| Bank of America 4.948% 7/22/28 μ | 160,000 | 152,744 | |
| Bank of New York Mellon 4.70% 9/20/25 μ, ψ | 47,000 | 45,120 | |
| Barclays 4.375% 3/15/28 μ, ψ | 470,000 | 313,118 | |
| Citizens Bank 6.064% 10/24/25 μ | 250,000 | 251,889 | |
| Credit Suisse 1.00% 5/5/23 | 250,000 | 242,444 | |
| Credit Suisse Group | |||
| 144A 3.091% 5/14/32 #, μ | 310,000 | 212,962 | |
| 144A 6.442% 8/11/28 #, μ | 470,000 | 424,587 | |
| Deutsche Bank 5.625% 5/19/31 μ | EUR | 300,000 | 285,867 |
| Fifth Third Bancorp 4.337% 4/25/33 μ | 65,000 | 56,458 | |
| JPMorgan Chase & Co. | |||
| 4.851% 7/25/28 μ | 65,000 | 61,840 | |
| 4.912% 7/25/33 μ | 5,000 | 4,554 | |
| SVB Financial Group | |||
| 4.00% 5/15/26 μ, ψ | 385,000 | 269,903 | |
| 4.57% 4/29/33 μ | 95,000 | 79,950 | |
| Truist Financial 4.95% 9/1/25 μ, ψ | 165,000 | 158,400 | |
| Wells Fargo & Co. | |||
| 4.611% 4/25/53 μ | 85,000 | 67,924 | |
| 4.808% 7/25/28 μ | 45,000 | 42,653 | |
| 4,374,595 | |||
| Basic Industry — 5.76% | |||
| AngloGold Ashanti Holdings | |||
| 3.375% 11/1/28 | 200,000 | 161,694 | |
| 3.75% 10/1/30 | 440,000 | 337,671 | |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Basic Industry (continued) | |||
| Bidvest Group UK 144A 3.625% 9/23/26 # | 600,000 | $ 509,118 | |
| Celanese US Holdings 6.05% 3/15/25 | 30,000 | 29,189 | |
| CSN Resources 144A 5.875% 4/8/32 # | 535,000 | 387,715 | |
| Domtar 144A 6.75% 10/1/28 # | 509,000 | 433,897 | |
| First Quantum Minerals 144A 6.875% 10/15/27 # | 1,000,000 | 931,688 | |
| Methanex 5.25% 12/15/29 | 900,000 | 771,926 | |
| Sasol Financing USA 4.375% 9/18/26 | 675,000 | 592,694 | |
| Stillwater Mining 144A 4.00% 11/16/26 # | 620,000 | 511,822 | |
| Westlake 1.625% 7/17/29 | EUR | 500,000 | 383,359 |
| 5,050,773 | |||
| Brokerage — 1.71% | |||
| Charles Schwab 5.375% 6/1/25 μ, ψ | 35,000 | 34,344 | |
| Jefferies Financial Group 6.50% 1/20/43 | 1,400,000 | 1,287,076 | |
| XP 144A 3.25% 7/1/26 # | 200,000 | 174,887 | |
| 1,496,307 | |||
| Capital Goods — 2.00% | |||
| Roller Bearing Co. of America 144A 4.375% 10/15/29 # | 250,000 | 219,683 | |
| SAN Miguel Industrias Pet 144A 3.50% 8/2/28 # | 640,000 | 513,265 | |
| Standard Industries | |||
| 144A 3.375% 1/15/31 # | 159,000 | 119,344 | |
| 144A 4.375% 7/15/30 # | 313,000 | 253,658 | |
| Turkiye Sise ve Cam Fabrikalari 144A 6.95% 3/14/26 # | 700,000 | 650,643 | |
| 1,756,593 | |||
| Communications — 6.32% | |||
| Altice France 144A 5.50% 10/15/29 # | 865,000 | 661,228 | |
| Cellnex Finance 144A 3.875% 7/7/41 # | 200,000 | 122,870 | |
| CMG Media 144A 8.875% 12/15/27 # | 415,000 | 352,823 | |
| Cumulus Media New Holdings 144A 6.75% 7/1/26 # | 500,000 | 423,716 | |
| Discovery Communications 4.00% 9/15/55 | 10,000 | 5,722 | |
| IHS Holding 144A 5.625% 11/29/26 # | 800,000 | 610,280 | |
| LCPR Senior Secured Financing DAC 144A 5.125% 7/15/29 # | 610,000 | 515,407 | |
| Sprint Capital 8.75% 3/15/32 | 525,000 | 616,899 | |
| Time Warner Cable 7.30% 7/1/38 | 650,000 | 607,941 | |
| Turkcell Iletisim Hizmetleri 144A 5.80% 4/11/28 # | 755,000 | 606,061 | |
| Vmed O2 UK Financing I 144A 4.25% 1/31/31 # | 400,000 | 318,832 | |
| VTR Comunicaciones 144A 4.375% 4/15/29 # | 850,000 | 477,356 | |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Communications (continued) | |||
| Warnermedia Holdings | |||
| 144A 3.755% 3/15/27 # | 150,000 | $ 133,525 | |
| 144A 4.279% 3/15/32 # | 25,000 | 20,220 | |
| 144A 5.141% 3/15/52 # | 95,000 | 66,466 | |
| 5,539,346 | |||
| Consumer Cyclical — 4.19% | |||
| Alsea 144A 7.75% 12/14/26 # | 600,000 | 571,227 | |
| Arcos Dorados 144A 6.125% 5/27/29 # | 370,000 | 340,929 | |
| B2W Digital 144A 4.375% 12/20/30 # | 630,000 | 433,936 | |
| Bath & Body Works 6.875% 11/1/35 | 460,000 | 387,345 | |
| BorgWarner 1.00% 5/19/31 | EUR | 500,000 | 355,445 |
| Carnival | |||
| 144A 5.75% 3/1/27 # | 355,000 | 246,654 | |
| 144A 7.625% 3/1/26 # | 653,000 | 492,117 | |
| General Motors Financial 5.70% 9/30/30 μ, ψ | 80,000 | 68,300 | |
| MGM Resorts International 4.75% 10/15/28 | 425,000 | 369,464 | |
| PetSmart 144A 7.75% 2/15/29 # | 250,000 | 235,278 | |
| Royal Caribbean Cruises 144A 5.50% 4/1/28 # | 135,000 | 104,342 | |
| VICI Properties 4.95% 2/15/30 | 75,000 | 67,885 | |
| 3,672,922 | |||
| Consumer Non-Cyclical — 3.73% | |||
| 1375209 BC 144A 9.00% 1/30/28 # | 97,000 | 94,333 | |
| Bausch Health | |||
| 144A 5.50% 11/1/25 # | 120,000 | 96,113 | |
| 144A 11.00% 9/30/28 # | 173,000 | 134,075 | |
| 144A 14.00% 10/15/30 # | 34,000 | 19,635 | |
| Central American Bottling 144A 5.25% 4/27/29 # | 585,000 | 515,980 | |
| CSL Finance | |||
| 144A 4.05% 4/27/29 # | 30,000 | 27,582 | |
| 144A 4.75% 4/27/52 # | 50,000 | 42,037 | |
| InRetail Consumer 144A 3.25% 3/22/28 # | 625,000 | 495,712 | |
| JBS USA LUX 144A 3.00% 2/2/29 # | 25,000 | 20,309 | |
| MARB BondCo 144A 3.95% 1/29/31 # | 305,000 | 226,568 | |
| MHP 144A 6.25% 9/19/29 # | 505,000 | 227,250 | |
| Organon & Co. 144A 5.125% 4/30/31 # | 500,000 | 425,475 | |
| Pilgrim's Pride 144A 5.875% 9/30/27 # | 121,000 | 118,435 | |
| Tenet Healthcare | |||
| 144A 4.25% 6/1/29 # | 255,000 | 215,226 | |
| 144A 6.125% 10/1/28 # | 145,000 | 125,733 | |
| 6.875% 11/15/31 | 370,000 | 314,555 | |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Consumer Non-Cyclical (continued) | |||
| Teva Pharmaceutical Finance Netherlands III 5.125% 5/9/29 | 200,000 | $ 172,112 | |
| 3,271,130 | |||
| Electric — 2.40% | |||
| Calpine | |||
| 144A 5.00% 2/1/31 # | 145,000 | 122,852 | |
| 144A 5.125% 3/15/28 # | 279,000 | 247,975 | |
| Duke Energy 4.875% 9/16/24 μ, ψ | 80,000 | 71,800 | |
| Enel Finance International 144A 6.80% 10/14/25 # | 200,000 | 200,961 | |
| Fells Point Funding Trust 144A 3.046% 1/31/27 # | 100,000 | 89,018 | |
| NRG Energy 144A 4.45% 6/15/29 # | 335,000 | 296,339 | |
| Pacific Gas and Electric 3.30% 8/1/40 | 517,000 | 336,561 | |
| PG&E 5.25% 7/1/30 | 315,000 | 279,433 | |
| UEP Penonome II 144A 6.50% 10/1/38 # | 609,364 | 457,023 | |
| 2,101,962 | |||
| Energy — 8.40% | |||
| Canacol Energy 144A 5.75% 11/24/28 # | 610,000 | 459,567 | |
| CNX Midstream Partners 144A 4.75% 4/15/30 # | 500,000 | 411,970 | |
| CNX Resources 144A 6.00% 1/15/29 # | 700,000 | 654,409 | |
| Crestwood Midstream Partners 144A 6.00% 2/1/29 # | 442,000 | 414,326 | |
| Ecopetrol 4.625% 11/2/31 | 615,000 | 425,120 | |
| Energy Transfer 6.50% 11/15/26 μ, ψ | 485,000 | 418,313 | |
| Genesis Energy 7.75% 2/1/28 | 505,000 | 482,878 | |
| Geopark 144A 5.50% 1/17/27 # | 620,000 | 506,338 | |
| Guara Norte 144A 5.198% 6/15/34 # | 580,413 | 456,347 | |
| Murphy Oil | |||
| 5.875% 12/1/27 | 296,000 | 287,836 | |
| 6.375% 7/15/28 | 270,000 | 264,537 | |
| NuStar Logistics 6.375% 10/1/30 | 125,000 | 116,128 | |
| PDC Energy 5.75% 5/15/26 | 445,000 | 427,160 | |
| Petroleos Mexicanos 5.95% 1/28/31 | 1,135,000 | 820,009 | |
| Southwestern Energy 7.75% 10/1/27 | 655,000 | 674,624 | |
| Tullow Oil 144A 10.25% 5/15/26 # | 640,000 | 546,170 | |
| 7,365,732 | |||
| Finance Companies — 1.93% | |||
| AerCap Ireland Capital DAC | |||
| 2.45% 10/29/26 | 150,000 | 126,791 | |
| 3.30% 1/30/32 | 150,000 | 112,759 | |
| 3.40% 10/29/33 | 150,000 | 108,624 | |
| Agile Group Holdings 5.50% 5/17/26 | 300,000 | 58,184 | |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Finance Companies (continued) | |||
| Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 # | 620,000 | $ 523,093 | |
| CIFI Holdings Group 6.45% 11/7/24 | 200,000 | 17,500 | |
| Oryx Funding 144A 5.80% 2/3/31 # | 685,000 | 601,700 | |
| Vonovia 0.625% 12/14/29 | EUR | 200,000 | 141,601 |
| 1,690,252 | |||
| Insurance — 1.95% | |||
| Brighthouse Financial | |||
| 4.70% 6/22/47 | 244,000 | 169,807 | |
| 5.625% 5/15/30 | 25,000 | 23,285 | |
| Brown & Brown 4.95% 3/17/52 | 136,000 | 103,632 | |
| HUB International 144A 5.625% 12/1/29 # | 545,000 | 468,016 | |
| MetLife 3.85% 9/15/25 μ, ψ | 185,000 | 163,029 | |
| Sagicor Financial 144A 5.30% 5/13/28 # | 400,000 | 366,386 | |
| USI 144A 6.875% 5/1/25 # | 425,000 | 413,136 | |
| 1,707,291 | |||
| Natural Gas — 0.48% | |||
| Medco Laurel Tree 144A 6.95% 11/12/28 # | 545,000 | 418,830 | |
| 418,830 | |||
| Real Estate Investment Trusts — 0.04% | |||
| American Homes 4 Rent 3.625% 4/15/32 | 50,000 | 40,321 | |
| 40,321 | |||
| Technology — 2.21% | |||
| Broadcom 144A 3.469% 4/15/34 # | 1,185,000 | 888,598 | |
| Entegris Escrow 144A 4.75% 4/15/29 # | 90,000 | 79,651 | |
| ION Trading Technologies 144A 5.75% 5/15/28 # | 250,000 | 201,510 | |
| Iron Mountain | |||
| 144A 5.25% 7/15/30 # | 71,000 | 61,366 | |
| 144A 5.625% 7/15/32 # | 600,000 | 515,799 | |
| Iron Mountain Information Management Services 144A 5.00% 7/15/32 # | 230,000 | 190,202 | |
| 1,937,126 | |||
| Transportation — 5.15% | |||
| Abertis Infraestructuras Finance 3.248% 11/24/25 μ, ψ | EUR | 400,000 | 329,349 |
| Azul Investments 144A 7.25% 6/15/26 # | 640,000 | 406,217 | |
| Babcock International Group 1.375% 9/13/27 | EUR | 500,000 | 403,581 |
| DAE Funding 144A 3.375% 3/20/28 # | 695,000 | 587,689 | |
| Delta Air Lines 7.375% 1/15/26 | 661,000 | 675,869 | |
| Grupo Aeromexico 144A 8.50% 3/17/27 # | 500,000 | 412,033 | |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Transportation (continued) | |||
| International Consolidated Airlines Group 3.75% 3/25/29 | EUR | 300,000 | $ 221,615 |
| Mileage Plus Holdings 144A 6.50% 6/20/27 # | 593,750 | 587,759 | |
| Rutas 2 and 7 Finance 144A 3.018% 9/30/36 #, ^ | 681,333 | 407,979 | |
| United Airlines | |||
| 144A 4.375% 4/15/26 # | 100,000 | 91,452 | |
| 144A 4.625% 4/15/29 # | 457,000 | 391,660 | |
| 4,515,203 | |||
| Utilities — 0.56% | |||
| Clean Renewable Power Mauritius 144A 4.25% 3/25/27 # | 639,850 | 494,050 | |
| 494,050 | |||
| Total Corporate Bonds (cost $55,733,593) | 45,432,433 | ||
| Municipal Bonds — 0.64% | |||
| Commonwealth of Puerto Rico (Restructured - Capital Appreciation) Series A 2.993% 7/1/24^ | 12,435 | 11,316 | |
| Commonwealth of Puerto Rico (Restructured) | |||
| Series A-1 4.00% 7/1/33 | 37,375 | 31,705 | |
| Series A-1 4.00% 7/1/35 | 27,144 | 22,247 | |
| GDB Debt Recovery Authority of Puerto Rico (Taxable) 7.50% 8/20/40 | 570,321 | 492,615 | |
| Total Municipal Bonds (cost $619,684) | 557,883 | ||
| Non-Agency Asset-Backed Securities — 3.28% | |||
| Citicorp Residential Mortgage Trust Series 2006-3 A5 4.561% 11/25/36 φ | 103,569 | 98,347 | |
| Diamond Infrastructure Funding Series 2021-1A A 144A 1.76% 4/15/49 # | 750,000 | 609,589 | |
| Domino's Pizza Master Issuer Series 2021-1A A2I 144A 2.662% 4/25/51 # | 443,250 | 355,476 | |
| Hardee's Funding Series 2020-1A A2 144A 3.981% 12/20/50 # | 2,161,500 | 1,812,768 | |
| Total Non-Agency Asset-Backed Securities (cost $3,448,237) | 2,876,180 | ||
| Non-Agency Collateralized Mortgage Obligations — 6.27% | |||
| JPMorgan Mortgage Trust Series 2021-13 B1 144A 3.143% 4/25/52 #, • | 587,451 | 448,423 | |
| Principalamount° | Value (US $) | ||
| Non-Agency Collateralized Mortgage Obligations (continued) | |||
| Sequoia Mortgage Trust | |||
| Series 2014-1 B3 144A 3.91% 4/25/44 #, • | 675,449 | $ 668,346 | |
| Series 2017-5 B2 144A 3.804% 8/25/47 #, • | 1,725,803 | 1,454,986 | |
| Series 2017-6 B2 144A 3.719% 9/25/47 #, • | 1,735,072 | 1,470,062 | |
| Series 2017-7 B2 144A 3.725% 10/25/47 #, • | 1,735,190 | 1,460,616 | |
| Total Non-Agency Collateralized Mortgage Obligations (cost $6,697,671) | 5,502,433 | ||
| Non-Agency Commercial Mortgage-Backed Securities — 2.82% | |||
| BANK Series 2022-BNK39 B 3.239% 2/15/55 • | 600,000 | 456,982 | |
| Benchmark Mortgage Trust | |||
| Series 2020-B21 C 3.346% 12/17/53 • | 500,000 | 363,854 | |
| Series 2020-B22 A5 1.973% 1/15/54 | 500,000 | 378,797 | |
| COMM Mortgage Trust Series 2013-CR6 AM 144A 3.147% 3/10/46 # | 110,000 | 109,057 | |
| DB-JPM Mortgage Trust Series 2020-C9 B 2.567% 8/15/53 | 500,000 | 359,894 | |
| GS Mortgage Securities Trust | |||
| Series 2017-GS6 B 3.869% 5/10/50 | 500,000 | 435,084 | |
| Series 2018-GS9 B 4.321% 3/10/51 • | 280,000 | 239,062 | |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 B 3.499% 4/15/46 | 130,000 | 126,525 | |
| Total Non-Agency Commercial Mortgage-Backed Securities (cost $3,074,771) | 2,469,255 | ||
| Loan Agreements — 5.48% | |||
| Acrisure 1st Lien 8.004% (LIBOR01M + 4.25%) 2/15/27 • | 198,500 | 189,568 | |
| Acrisure Tranche B 7.254% (LIBOR01M + 3.50%) 2/15/27 • | 299,276 | 278,925 | |
| Applied Systems 2nd Lien 9.174% (LIBOR03M + 5.50%) 9/19/25 • | 1,336,630 | 1,320,757 | |
| AssuredPartners 7.254% (LIBOR01M + 3.50%) 2/12/27 • | 450,620 | 430,824 | |
| Connect US Finco 7.26% (LIBOR01M + 3.50%) 12/11/26 • | 277,875 | 269,330 | |
| Frontier Communications Tranche B 7.438% (LIBOR03M + 3.75%) 5/1/28 • | 689,500 | 654,409 | |
| Global Medical Response 7.378% (LIBOR01M + 4.25%) 10/2/25 • | 87,671 | 68,640 | |
| Hamilton Projects Acquiror 8.174% (LIBOR03M + 4.50%) 6/17/27 • | 684,147 | 674,569 | |
| Principalamount° | Value (US $) | ||
| Loan Agreements (continued) | |||
| Mauser Packaging Solutions Holding 6.378% (LIBOR01M + 3.25%) 4/3/24 • | 166,738 | $ 158,639 | |
| Ultimate Software Group 1st Lien 7.504% (LIBOR01M + 3.75%) 5/4/26 • | 422,128 | 411,194 | |
| Verscend Holding Tranche B 7.754% (LIBOR01M + 4.00%) 8/27/25 • | 348,991 | 344,738 | |
| Total Loan Agreements (cost $4,910,519) | 4,801,593 | ||
| Sovereign Bonds — 5.34%Δ | |||
| Brazil — 0.42% | |||
| Brazilian Government International Bond 4.75% 1/14/50 | 550,000 | 369,481 | |
| 369,481 | |||
| Dominican Republic — 0.38% | |||
| Dominican Republic International Bond 144A 4.50% 1/30/30 # | 414,000 | 333,355 | |
| 333,355 | |||
| Egypt — 1.25% | |||
| Egypt Government International Bonds | |||
| 144A 5.75% 5/29/24 # | 723,000 | 684,713 | |
| 144A 7.60% 3/1/29 # | 564,000 | 406,554 | |
| 1,091,267 | |||
| Honduras — 0.75% | |||
| Honduras Government International Bond 144A 5.625% 6/24/30 # | 959,000 | 658,514 | |
| 658,514 | |||
| Ivory Coast — 1.04% | |||
| Ivory Coast Government International Bond 144A 6.125% 6/15/33 # | 1,164,000 | 913,677 | |
| 913,677 | |||
| Senegal — 0.56% | |||
| Senegal Government International Bond 144A 6.75% 3/13/48 # | 764,000 | 489,686 | |
| 489,686 | |||
| Principalamount° | Value (US $) | ||
| Sovereign BondsΔ (continued) | |||
| Uzbekistan — 0.94% | |||
| Republic of Uzbekistan International Bond 144A 4.75% 2/20/24 # | 862,000 | $ 823,102 | |
| 823,102 | |||
| Total Sovereign Bonds (cost $6,079,013) | 4,679,082 | ||
| ZZ_DNU - Supranational Bank — 0.69% | |||
| Banque Ouest Africaine de Developpement 144A 4.70% 10/22/31 # | 804,000 | 607,350 | |
| ZZ_DNU - Supranational Bank (cost $835,408) | 607,350 | ||
| US Treasury Obligations — 3.28% | |||
| US Treasury Bonds | |||
| 2.375% 2/15/42 | 135,000 | 98,613 | |
| 2.875% 5/15/52 | 1,985,000 | 1,541,167 | |
| US Treasury Note 2.75% 8/15/32 | 1,380,000 | 1,235,100 | |
| Total US Treasury Obligations (cost $3,219,034) | 2,874,880 | ||
| Number of shares | |||
| Common Stock — 0.52% | |||
| Transportation — 0.52% | |||
| Grupo Aeromexico † | 49,917 | 455,861 | |
| Total Common Stock (cost $815,893) | 455,861 | ||
| Short-Term Investments — 1.21% | |||
| Money Market Mutual Funds — 1.21% | |||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.87%) | 265,100 | 265,100 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.87%) | 265,100 | 265,100 | |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.14%) | 265,100 | 265,100 | |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.88%) | 265,100 | 265,100 | |
| Total Short-Term Investments (cost $1,060,400) | 1,060,400 | ||
| Number of shares | Value (US $) | ||
| Short-Term Investments (continued) | |||
| Money Market Mutual Funds (continued) | |||
| Total Value of Securities—97.91% (cost $101,875,783) | 85,840,884 | ||
| Receivables and Other Assets Net of Liabilities—2.09% | 1,833,754 | ||
| Net Assets Applicable to 12,568,181 Shares Outstanding—100.00% | $87,674,638 | ||
| ° | 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 October 31, 2022, the aggregate value of Rule 144A securities was $52,135,179, which represents 59.46% of the Fund's net assets. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at October 31, 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 October 31, 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. |
| φ | Step coupon bond. Stated rate in effect at October 31, 2022 through maturity date. |
| 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 | ||||||
| TD | EUR | (2,297,247) | USD | 2,353,731 | 11/18/22 | $80,377 | ||||
| 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 | |||||||
| 8 | US Treasury 5 yr Notes | $852,750 | $853,832 | 12/30/22 | $— | $(1,082) | $(2,250) | ||||||
| (4) | US Treasury 10 yr Notes | (442,375) | (471,459) | 12/20/22 | 29,084 | — | 1,625 | ||||||
| 2 | US Treasury 10 yr Ultra Notes | 231,969 | 250,864 | 12/20/22 | — | (18,896) | (1,281) | ||||||
| Total Futures Contracts | $633,237 | $29,084 | $(19,978) | $(1,906) | |||||||||
| Summary of abbreviations: |
| DAC – Designated Activity Company |
| FREMF – Freddie Mac Multifamily |
| GS – Goldman Sachs |
| ICE – Intercontinental Exchange, Inc. |
| JPM – JPMorgan |
| LIBOR01M – ICE LIBOR USD 1 Month |
| LIBOR03M – ICE LIBOR USD 3 Month |
| LIBOR06M – ICE LIBOR USD 6 Month |
| REMIC – Real Estate Mortgage Investment Conduit |
| S.F. – Single Family |
| SOFR – Secured Overnight Financing Rate |
| TBA – To be announced |
| Summary of abbreviations: (continued) |
| TD – TD Bank |
| yr – Year |
| Summary of currencies: |
| EUR – European Monetary Unit |
| USD – US Dollar |