| Delaware Emerging Markets Debt Corporate Fund | October 31, 2024 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Corporate Bonds — 93.68%Δ | |||
| Argentina — 3.31% | |||
| Aeropuertos Argentina 2000 144A 8.50% 8/1/31 # | 544,629 | $ 570,273 | |
| Telecom Argentina 144A 9.50% 7/18/31 # | 840,000 | 867,300 | |
| Transportadora de Gas del Sur 144A 8.50% 7/24/31 # | 645,000 | 670,392 | |
| YPF 144A 9.50% 1/17/31 # | 900,000 | 950,015 | |
| 3,057,980 | |||
| Brazil — 8.87% | |||
| 3R Lux 144A 9.75% 2/5/31 # | 625,000 | 647,066 | |
| Braskem Netherlands Finance 144A 8.00% 10/15/34 # | 690,000 | 688,793 | |
| Centrais Eletricas Brasileiras 144A 6.50% 1/11/35 # | 925,000 | 908,581 | |
| CSN Resources 144A 8.875% 12/5/30 # | 530,000 | 532,573 | |
| LD Celulose International 144A 7.95% 1/26/32 # | 825,000 | 844,903 | |
| Minerva Luxembourg 144A 8.875% 9/13/33 # | 575,000 | 604,132 | |
| Movida Europe 144A 7.85% 4/11/29 # | 730,000 | 692,745 | |
| MV24 Capital 144A 6.748% 6/1/34 # | 721,294 | 700,499 | |
| Raizen Fuels Finance | |||
| 144A 5.70% 1/17/35 # | 715,000 | 685,363 | |
| 144A 6.95% 3/5/54 # | 760,000 | 770,392 | |
| Samarco Mineracao PIK, 144A 9.00% 6/30/31 #, >> | 541,069 | 514,163 | |
| XP 144A 6.75% 7/2/29 # | 595,000 | 597,874 | |
| 8,187,084 | |||
| Chile — 4.50% | |||
| AES Andes 144A 8.15% 6/10/55 #, μ | 730,000 | 747,035 | |
| Alfa Desarrollo 144A 4.55% 9/27/51 # | 1 | 1 | |
| Banco de Credito e Inversiones 144A 8.75% 5/8/29 #, μ, ψ | 650,000 | 687,173 | |
| Cencosud 144A 5.95% 5/28/31 # | 485,000 | 491,414 | |
| Engie Energia Chile 144A 6.375% 4/17/34 # | 670,000 | 684,824 | |
| Latam Airlines Group 144A 7.875% 4/15/30 # | 825,000 | 827,062 | |
| Sociedad Quimica y Minera de Chile 144A 5.50% 9/10/34 # | 745,000 | 715,349 | |
| 4,152,858 | |||
| China — 3.54% | |||
| Alibaba Group Holding 2.70% 2/9/41 | 645,000 | 462,707 | |
| Huarong Finance 2017 4.75% 4/27/27 ■ | 555,000 | 541,819 | |
| Meituan 144A 4.625% 10/2/29 # | 765,000 | 744,414 | |
| Sunac China Holdings | |||
| PIK, 144A 6.00% 9/30/25 #, >> | 1,299,603 | 227,430 | |
| PIK, 144A 6.25% 9/30/26 #, >> | 755,067 | 125,326 | |
| Tencent Holdings | |||
| 144A 2.88% 4/22/31 # | 495,000 | 441,342 | |
| 144A 3.68% 4/22/41 # | 350,000 | 287,122 | |
| Principal amount° | Value (US $) | ||
| Corporate BondsΔ (continued) | |||
| China (continued) | |||
| West China Cement 4.95% 7/8/26 ■ | 580,000 | $ 440,800 | |
| 3,270,960 | |||
| Colombia — 1.61% | |||
| Canacol Energy 144A 5.75% 11/24/28 # | 1,105,000 | 567,484 | |
| Ecopetrol | |||
| 5.875% 11/2/51 | 410,000 | 278,206 | |
| 8.375% 1/19/36 | 650,000 | 635,712 | |
| 1,481,402 | |||
| Dominican Republic — 0.65% | |||
| Aeropuertos Dominicanos Siglo XXI 144A 7.00% 6/30/34 # | 585,000 | 597,267 | |
| 597,267 | |||
| Georgia — 2.34% | |||
| Georgia Global Utilities JSC 144A 8.875% 7/25/29 # | 595,000 | 600,940 | |
| Silknet JSC 144A 8.375% 1/31/27 # | 655,000 | 657,475 | |
| TBC Bank JSC 144A 10.25% 7/30/29 #, μ, ψ | 910,000 | 902,997 | |
| 2,161,412 | |||
| Ghana — 0.81% | |||
| Kosmos Energy 144A 8.75% 10/1/31 # | 770,000 | 751,363 | |
| 751,363 | |||
| Guatemala — 1.26% | |||
| CT Trust 144A 5.125% 2/3/32 # | 550,000 | 500,679 | |
| Millicom International Cellular 144A 7.375% 4/2/32 # | 649,000 | 663,421 | |
| 1,164,100 | |||
| Hong Kong — 5.23% | |||
| AIA Group | |||
| 144A 3.375% 4/7/30 # | 400,000 | 373,418 | |
| 144A 5.375% 4/5/34 # | 710,000 | 718,270 | |
| Celestial Dynasty 6.375% 8/22/28 ■ | 735,000 | 735,573 | |
| CK Hutchison International 23 144A 4.75% 4/21/28 # | 460,000 | 459,234 | |
| CK Hutchison International 24 II 144A 4.75% 9/13/34 # | 930,000 | 903,610 | |
| Melco Resorts Finance 144A 7.625% 4/17/32 # | 965,000 | 978,402 | |
| Standard Chartered 144A 6.301% 1/9/29 #, μ | 640,000 | 662,273 | |
| 4,830,780 | |||
| India — 3.75% | |||
| Adani Electricity Mumbai 144A 3.949% 2/12/30 # | 530,000 | 467,636 | |
| Adani Ports & Special Economic Zone 144A 4.375% 7/3/29 # | 525,000 | 487,168 | |
| Biocon Biologics Global 144A 6.67% 10/9/29 # | 755,000 | 745,044 | |
| Principal amount° | Value (US $) | ||
| Corporate BondsΔ (continued) | |||
| India (continued) | |||
| Future Retail 144A 5.60% 1/22/25 #, ‡ | 425,000 | $ 2,129 | |
| HDFC Bank 5.18% 2/15/29 ■ | 720,000 | 724,876 | |
| ICICI Bank 144A 4.00% 3/18/26 # | 489,000 | 483,290 | |
| JSW Hydro Energy 144A 4.125% 5/18/31 # | 611,800 | 551,964 | |
| 3,462,107 | |||
| Indonesia — 4.84% | |||
| Freeport Indonesia 144A 5.315% 4/14/32 # | 795,000 | 785,657 | |
| Indofood CBP Sukses Makmur | |||
| 3.541% 4/27/32 ■ | 605,000 | 538,751 | |
| 4.805% 4/27/52 ■ | 480,000 | 404,679 | |
| Medco Maple Tree 144A 8.96% 4/27/29 # | 760,000 | 798,565 | |
| Minejesa Capital 144A 5.625% 8/10/37 # | 595,000 | 560,966 | |
| Sorik Marapi Geothermal Power 144A 7.75% 8/5/31 # | 860,000 | 849,386 | |
| Star Energy Geothermal Wayang Windu 144A 6.75% 4/24/33 # | 516,285 | 525,344 | |
| 4,463,348 | |||
| Israel — 2.29% | |||
| Bank Leumi Le-Israel 144A 7.129% 7/18/33 #, μ | 650,000 | 651,971 | |
| Energean Israel Finance 144A 4.875% 3/30/26 # | 535,000 | 519,508 | |
| Teva Pharmaceutical Finance Netherlands III | |||
| 5.125% 5/9/29 | 360,000 | 349,898 | |
| 6.75% 3/1/28 | 575,000 | 588,509 | |
| 2,109,886 | |||
| Jamaica — 0.81% | |||
| Kingston Airport Revenue Finance 144A 6.75% 12/15/36 # | 730,000 | 744,505 | |
| 744,505 | |||
| Kazakhstan — 0.46% | |||
| KazMunayGas National 144A 5.375% 4/24/30 # | 430,000 | 424,761 | |
| 424,761 | |||
| Kuwait — 1.50% | |||
| NBK SPC | |||
| 144A 1.625% 9/15/27 #, μ | 685,000 | 645,432 | |
| 144A 5.50% 6/6/30 #, μ | 720,000 | 738,990 | |
| 1,384,422 | |||
| Macao — 2.14% | |||
| MGM China Holdings 144A 4.75% 2/1/27 # | 560,000 | 541,649 | |
| Sands China | |||
| 3.25% 8/8/31 | 565,000 | 489,480 | |
| 4.375% 6/18/30 | 490,000 | 461,302 | |
| Principal amount° | Value (US $) | ||
| Corporate BondsΔ (continued) | |||
| Macao (continued) | |||
| Studio City Finance 144A 5.00% 1/15/29 # | 535,000 | $ 483,477 | |
| 1,975,908 | |||
| Malaysia — 1.46% | |||
| CIMB Bank 144A 2.125% 7/20/27 # | 600,000 | 561,252 | |
| MISC Capital Two Labuan 144A 3.75% 4/6/27 # | 810,000 | 787,797 | |
| 1,349,049 | |||
| Mexico — 9.13% | |||
| America Movil 4.70% 7/21/32 | 740,000 | 718,147 | |
| Banco Mercantil del Norte | |||
| 144A 7.625% 1/10/28 #, μ, ψ | 465,000 | 461,768 | |
| 144A 8.375% 10/14/30 #, μ, ψ | 410,000 | 421,758 | |
| Banco Santander Mexico 144A 7.525% 10/1/28 #, μ | 415,000 | 436,758 | |
| BBVA Bancomer | |||
| 144A 5.875% 9/13/34 #, μ | 405,000 | 383,289 | |
| 144A 8.125% 1/8/39 #, μ | 525,000 | 540,606 | |
| Bimbo Bakeries USA 144A 6.40% 1/15/34 # | 595,000 | 632,916 | |
| Cemex 144A 9.125% 3/14/28 #, μ, ψ | 620,000 | 660,436 | |
| Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero PIK, 144A 11.00% 9/12/30 # | 595,000 | 620,288 | |
| FIEMEX Energia - Banco Actinver Institucion de Banca Multiple 144A 7.25% 1/31/41 # | 750,000 | 753,187 | |
| Grupo Aeromexico 144A 8.25% 11/15/29 # | 530,000 | 530,000 | |
| Infraestructura Energetica Nova 144A 4.75% 1/15/51 # | 680,000 | 506,891 | |
| Petroleos Mexicanos 7.69% 1/23/50 | 685,000 | 531,974 | |
| Trust Fibra Uno | |||
| 144A 4.869% 1/15/30 # | 675,000 | 607,146 | |
| 144A 7.375% 2/13/34 # | 625,000 | 621,118 | |
| 8,426,282 | |||
| Morocco — 1.27% | |||
| OCP | |||
| 144A 5.125% 6/23/51 # | 865,000 | 665,650 | |
| 144A 7.50% 5/2/54 # | 490,000 | 508,295 | |
| 1,173,945 | |||
| Nigeria — 2.30% | |||
| Access Bank 144A 6.125% 9/21/26 # | 765,000 | 730,640 | |
| IHS Holding | |||
| 144A 5.625% 11/29/26 # | 540,000 | 531,330 | |
| 5.625% 11/29/26 ■ | 265,000 | 260,745 | |
| Principal amount° | Value (US $) | ||
| Corporate BondsΔ (continued) | |||
| Nigeria (continued) | |||
| SEPLAT Energy 144A 7.75% 4/1/26 # | 605,000 | $ 604,053 | |
| 2,126,768 | |||
| Oman — 0.64% | |||
| Oryx Funding 144A 5.80% 2/3/31 # | 580,000 | 587,023 | |
| 587,023 | |||
| Panama — 1.50% | |||
| Banco Nacional de Panama 144A 2.50% 8/11/30 # | 847,000 | 686,285 | |
| Sable International Finance 144A 7.125% 10/15/32 # | 695,000 | 699,125 | |
| 1,385,410 | |||
| Papua New Guinea — 0.66% | |||
| Puma International Financing 144A 7.75% 4/25/29 # | 598,000 | 611,462 | |
| 611,462 | |||
| Peru — 1.25% | |||
| Banco de Credito del Peru 144A 3.125% 7/1/30 #, μ | 600,000 | 586,137 | |
| Consorcio Transmantaro 144A 5.20% 4/11/38 # | 605,000 | 570,473 | |
| 1,156,610 | |||
| Philippines — 1.42% | |||
| International Container Terminal Services 4.75% 6/17/30 ■ | 645,000 | 635,141 | |
| Rizal Commercial Banking 6.50% 8/27/25 μ, ψ, ■ | 675,000 | 673,661 | |
| 1,308,802 | |||
| Qatar — 1.52% | |||
| Ooredoo International Finance 144A 4.625% 10/10/34 # | 845,000 | 822,720 | |
| QNB Finance 2.625% 5/12/25 ■ | 590,000 | 581,815 | |
| 1,404,535 | |||
| Saudi Arabia — 2.95% | |||
| EIG Pearl Holdings 144A 4.387% 11/30/46 # | 515,000 | 409,343 | |
| Greensaif Pipelines Bidco | |||
| 144A 5.853% 2/23/36 # | 490,000 | 491,296 | |
| 144A 6.51% 2/23/42 # | 580,000 | 602,582 | |
| Saudi Arabian Oil | |||
| 144A 3.50% 11/24/70 # | 410,000 | 259,042 | |
| 144A 5.75% 7/17/54 # | 500,000 | 483,336 | |
| TMS Issuer 144A 5.78% 8/23/32 # | 465,000 | 476,821 | |
| 2,722,420 | |||
| Principal amount° | Value (US $) | ||
| Corporate BondsΔ (continued) | |||
| Serbia — 0.96% | |||
| Telecommunications Telekom Srbija AD Belgrade 144A 7.00% 10/28/29 # | 880,000 | $ 886,327 | |
| 886,327 | |||
| Singapore — 1.21% | |||
| BOC Aviation USA 144A 5.25% 1/14/30 # | 670,000 | 682,362 | |
| Oversea-Chinese Banking 144A 1.832% 9/10/30 #, μ | 447,000 | 434,120 | |
| 1,116,482 | |||
| South Africa — 2.32% | |||
| Anglo American Capital 144A 5.50% 5/2/33 # | 735,000 | 742,664 | |
| Prosus 144A 4.193% 1/19/32 # | 780,000 | 709,465 | |
| Sasol Financing USA 144A 8.75% 5/3/29 # | 670,000 | 689,458 | |
| 2,141,587 | |||
| South Korea — 2.45% | |||
| Kookmin Bank 144A 2.50% 11/4/30 # | 705,000 | 604,188 | |
| Korea Hydro & Nuclear Power 144A 5.00% 7/18/28 # | 695,000 | 698,604 | |
| Shinhan Bank 144A 5.75% 4/15/34 # | 580,000 | 590,040 | |
| Shinhan Financial Group 144A 5.00% 7/24/28 # | 365,000 | 365,095 | |
| 2,257,927 | |||
| Taiwan — 1.66% | |||
| TSMC Arizona 2.50% 10/25/31 | 1,300,000 | 1,128,114 | |
| TSMC Global 144A 2.25% 4/23/31 # | 470,000 | 404,618 | |
| 1,532,732 | |||
| Tanzania — 0.93% | |||
| HTA Group 144A 7.50% 6/4/29 # | 840,000 | 855,462 | |
| 855,462 | |||
| Thailand — 1.61% | |||
| Bangkok Bank 144A 5.00% 9/23/25 #, μ, ψ | 580,000 | 574,294 | |
| PTTEP Treasury Center 144A 2.587% 6/10/27 # | 560,000 | 528,852 | |
| Thaioil Treasury Center 144A 2.50% 6/18/30 # | 440,000 | 379,963 | |
| 1,483,109 | |||
| Türkiye — 5.43% | |||
| Akbank TAS | |||
| 6.80% 6/22/31 μ, ■ | 470,000 | 468,277 | |
| 144A 7.498% 1/20/30 # | 225,000 | 229,827 | |
| GDZ Elektrik Dagitim 144A 9.00% 10/15/29 # | 680,000 | 652,457 | |
| Mersin Uluslararasi Liman Isletmeciligi 144A 8.25% 11/15/28 # | 605,000 | 627,536 | |
| QNB Bank 10.75% 11/15/33 μ, ■ | 600,000 | 667,425 | |
| Principal amount° | Value (US $) | ||
| Corporate BondsΔ (continued) | |||
| Türkiye (continued) | |||
| TAV Havalimanlari Holding 144A 8.50% 12/7/28 # | 750,000 | $ 778,655 | |
| Turk Telekomunikasyon 144A 7.375% 5/20/29 # | 580,000 | 592,689 | |
| Turkiye Garanti Bankasi | |||
| 144A 7.177% 5/24/27 #, μ | 345,000 | 349,348 | |
| 144A 8.375% 2/28/34 #, μ | 635,000 | 649,717 | |
| 5,015,931 | |||
| Ukraine — 0.70% | |||
| MHP Lux 144A 6.95% 4/3/26 # | 720,000 | 649,629 | |
| 649,629 | |||
| United Arab Emirates — 3.03% | |||
| Emirates NBD Bank PJSC 2.625% 2/18/25 ■ | 410,000 | 406,641 | |
| First Abu Dhabi Bank PJSC 4.50% 4/5/26 μ, ψ, ■ | 615,000 | 602,590 | |
| Galaxy Pipeline Assets Bidco 144A 2.16% 3/31/34 # | 991,091 | 860,691 | |
| MAF Global Securities 7.875% 6/30/27 μ, ψ, ■ | 435,000 | 450,133 | |
| Sweihan PV Power PJSC 144A 3.625% 1/31/49 # | 566,346 | 478,320 | |
| 2,798,375 | |||
| Vietnam — 0.54% | |||
| Mong Duong Finance Holdings 144A 5.125% 5/7/29 # | 505,969 | 493,967 | |
| 493,967 | |||
| Zambia — 0.83% | |||
| First Quantum Minerals 144A 9.375% 3/1/29 # | 715,000 | 761,048 | |
| 761,048 | |||
| Total Corporate Bonds (cost $86,037,212) | 86,465,025 | ||
| Sovereign Bonds — 1.26% | |||
| Hungary — 0.65% | |||
| MFB Magyar Fejlesztesi Bank 6.50% 6/29/28 ■ | 580,000 | 600,479 | |
| 600,479 | |||
| Poland — 0.61% | |||
| Bank Gospodarstwa Krajowego 144A 5.375% 5/22/33 # | 560,000 | 557,254 | |
| 557,254 | |||
| Total Sovereign Bonds (cost $1,137,848) | 1,157,733 | ||
| Supranational Banks — 1.57% | |||
| Africa Finance 144A 5.55% 10/8/29 # | 745,000 | 745,670 | |
| Principal amount° | Value (US $) | ||
| Supranational Banks (continued) | |||
| African Development Bank 5.75% 5/7/34 μ, ψ | 730,000 | $ 707,002 | |
| Total Supranational Banks (cost $1,454,925) | 1,452,672 | ||
| Number of shares | |||
| Common Stock — 0.72% | |||
| Mexico — 0.72% | |||
| Grupo Aeromexico =, † | 29,657 | 666,966 | |
| Total Common Stock (cost $357,118) | 666,966 | ||
| Short-Term Investments — 1.58% | |||
| Money Market Mutual Funds — 1.58% | |||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.76%) | 365,078 | 365,078 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.70%) | 365,078 | 365,078 | |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.81%) | 365,078 | 365,078 | |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.78%) | 365,077 | 365,077 | |
| Total Short-Term Investments (cost $1,460,311) | 1,460,311 | ||
| Total Value of Securities—98.81% (cost $90,447,414) | 91,202,707 | ||
| Receivables and Other Assets Net of Liabilities — 1.19%★ | 1,098,812 | ||
| Net Assets Applicable to 11,988,255 Shares Outstanding — 100.00% | $92,301,519 |
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| Δ | Securities have been classified by country of risk. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At October 31, 2024, the aggregate value of Rule 144A securities was $73,990,974, which represents 80.16% of the Fund’s net assets. |
| >> | PIK. 100% of the income received was in the form of principal. |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at October 31, 2024. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| ■ | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
| ‡ | Non-income producing security. Security is currently in default. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| † | Non-income producing security. |
| ★ | Of this amount, $83,200 represents cash pledged as collateral for open futures contracts. |
| Futures Contracts Exchange-Traded | |||||||||||
| Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Appreciation | Variation Margin Due from (Due to) Brokers | ||||||
| (32) | US Treasury 10 yr Ultra Notes | $(3,640,000) | $(3,803,490) | 12/19/24 | $163,490 | $6,000 | |||||
| CDS Contracts1 | ||||||||||
| Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency | Notional Amount3 | Annual Protection Payments | Value | Amortized Upfront Payments Paid (Received) | Unrealized Depreciation4 | |||||
| Over-The-Counter: | ||||||||||
| Protection Purchased/Moody’s Ratings: | ||||||||||
| JPMCB Mexico 10.375% 1/28/33 Baa2 6/22/26-Quarterly | 1,748,000 | 1.000% | $(12,688) | $4,281 | $(16,969) | |||||
| Total CDS Contracts | $(12,688) | $4,281 | $(16,969) | |||||||
| 1 | A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement. |
| 3 | Notional amount shown is stated in USD unless noted that the swap is denominated in another currency. |
| 4 | Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(2,039) |
| Summary of abbreviations: |
| JPMCB – JPMorgan Chase Bank |
| JSC – Joint Stock Company |
| PIK – Payment-in-kind |
| PJSC – Private Joint Stock Company |
| yr – Year |
| USD – US Dollar |
