| Delaware Floating Rate Fund | April 30, 2021 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Convertible Bond — 0.20% | |||
| Cheniere Energy PIK 144A 4.875% exercise price $93.64, maturity date 5/28/21 #, >> | 294,866 | $297,262 | |
| Total Convertible Bond (cost $297,324) | 297,262 | ||
| Corporate Bonds — 5.02% | |||
| Banking — 0.52% | |||
| Deutsche Bank 6.00% 10/30/25 μ, ψ | 400,000 | 419,500 | |
| Popular 6.125% 9/14/23 | 250,000 | 270,026 | |
| SVB Financial Group 4.10% 2/15/31 μ, ψ | 75,000 | 75,610 | |
| 765,136 | |||
| Basic Industry — 0.17% | |||
| Freeport-McMoRan 5.45% 3/15/43 | 200,000 | 244,500 | |
| 244,500 | |||
| Capital Goods — 0.08% | |||
| Bombardier 144A 7.875% 4/15/27 # | 125,000 | 124,844 | |
| 124,844 | |||
| Communications — 0.31% | |||
| Clear Channel Outdoor Holdings 144A 7.75% 4/15/28 # | 60,000 | 61,862 | |
| Clear Channel Worldwide Holdings 9.25% 2/15/24 | 63,000 | 65,881 | |
| Level 3 Financing 144A 4.25% 7/1/28 # | 325,000 | 327,880 | |
| 455,623 | |||
| Consumer Cyclical — 1.30% | |||
| Carnival | |||
| 144A 5.75% 3/1/27 # | 20,000 | 21,113 | |
| 144A 7.625% 3/1/26 # | 230,000 | 252,141 | |
| Delta Air Lines | |||
| 144A 7.00% 5/1/25 # | 550,000 | 639,891 | |
| 7.375% 1/15/26 | 250,000 | 293,844 | |
| Ford Motor Credit 2.90% 2/16/28 | 500,000 | 490,678 | |
| United Airlines Holdings 4.875% 1/15/25 | 215,000 | 218,359 | |
| 1,916,026 | |||
| Consumer Non-Cyclical — 0.86% | |||
| Hadrian Merger Sub 144A 8.50% 5/1/26 # | 122,000 | 127,009 | |
| HCA | |||
| 3.50% 9/1/30 | 100,000 | 102,847 | |
| 5.875% 2/1/29 | 156,000 | 184,275 | |
| Ortho-Clinical Diagnostics 144A 7.375% 6/1/25 # | 150,000 | 161,906 | |
| Surgery Center Holdings 144A 10.00% 4/15/27 # | 200,000 | 219,686 | |
| Tenet Healthcare 6.875% 11/15/31 | 267,000 | 298,656 | |
| Principal amount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Consumer Non-Cyclical (continued) | |||
| United Natural Foods 144A 6.75% 10/15/28 # | 170,000 | $183,399 | |
| 1,277,778 | |||
| Energy — 0.15% | |||
| CNX Resources 144A 7.25% 3/14/27 # | 180,000 | 194,664 | |
| Targa Resources Partners 144A 4.00% 1/15/32 # | 25,000 | 24,594 | |
| 219,258 | |||
| Financial Services — 1.01% | |||
| AerCap Holdings 5.875% 10/10/79 μ | 150,000 | 156,795 | |
| Ally Financial 4.70% 5/15/26 μ, ψ | 575,000 | 584,315 | |
| DAE Sukuk DIFC 144A 3.75% 2/15/26 # | 400,000 | 416,472 | |
| NFP 144A 7.00% 5/15/25 # | 310,000 | 334,412 | |
| 1,491,994 | |||
| Insurance — 0.22% | |||
| HUB International 144A 7.00% 5/1/26 # | 310,000 | 321,597 | |
| 321,597 | |||
| Services — 0.15% | |||
| PowerTeam Services 144A 9.033% 12/4/25 # | 200,000 | 222,265 | |
| 222,265 | |||
| Technology — 0.20% | |||
| Banff Merger Sub 144A 9.75% 9/1/26 # | 20,000 | 21,300 | |
| Boxer Parent 144A 9.125% 3/1/26 # | 265,000 | 280,342 | |
| 301,642 | |||
| Transportation — 0.05% | |||
| DAE Funding 144A 4.50% 8/1/22 # | 75,000 | 75,364 | |
| 75,364 | |||
| Total Corporate Bonds (cost $6,824,295) | 7,416,027 | ||
| Loan Agreements — 92.95% | |||
| Acrisure Tranche B 3.703% (LIBOR03M + 3.50%) 2/15/27 • | 698,066 | 688,685 | |
| Acuris Finance US 4.50% (LIBOR03M + 4.00%) 2/16/28 • | 1,230,000 | 1,231,538 | |
| Advantage Sales & Marketing 1st Lien 6.00% (LIBOR02M + 5.25%) 10/28/27 • | 1,167,075 | 1,172,728 | |
| American Airlines TBD 4/20/28 X | 2,000,000 | 2,058,124 | |
| American Airlines Tranche B 2.115% (LIBOR01M + 2.00%) 12/14/23 • | 1,011,284 | 977,785 | |
| Principal amount° | Value (US $) | ||
| Loan Agreements (continued) | |||
| Applied Systems 2nd Lien 6.25% (LIBOR03M + 5.50%) 9/19/25 • | 3,383,064 | $3,428,525 | |
| Apro 5.00% (LIBOR01M + 4.00%) 11/14/26 • | 1,104,184 | 1,106,254 | |
| Aramark Services Tranche B-5 2.613% (LIBOR01M + 2.50%) 4/1/28 • | 700,000 | 698,797 | |
| Array Technologies 3.75% (LIBOR01M + 3.25%) 10/14/27 • | 1,692,891 | 1,692,891 | |
| Aruba Investments Holdings 1st Lien 4.75% (LIBOR03M + 4.00%) 11/24/27 • | 825,000 | 826,031 | |
| Aruba Investments Holdings 2nd Lien 8.50% (LIBOR03M + 7.75%) 11/24/28 • | 825,000 | 833,937 | |
| AssuredPartners | |||
| 3.613% (LIBOR01M + 3.50%) 2/12/27 • | 820,467 | 813,874 | |
| 5.50% (LIBOR01M + 4.50%) 2/12/27 • | 445,500 | 447,338 | |
| Astoria Energy Tranche B 4.50% (LIBOR03M + 3.50%) 12/10/27 • | 1,556,498 | 1,560,389 | |
| Ball Metalpack Finco 1st Lien TBD 7/31/25 X | 750,000 | 749,687 | |
| Ball Metalpack Finco 2nd Lien 9.75% (LIBOR03M + 8.75%) 7/31/26 • | 593,000 | 575,210 | |
| Bausch Health 3.113% (LIBOR01M + 3.00%) 6/2/25 • | 684,102 | 683,912 | |
| Beacon Roofing Supply Tranche B TBD 4/23/28 X | 1,425,000 | 1,422,032 | |
| Blue Ribbon 1st Lien 5.00% (LIBOR03M + 4.00%) 11/15/21 • | 1,815,409 | 1,809,359 | |
| Boxer Parent 3.863% (LIBOR01M + 3.75%) 10/2/25 • | 678,096 | 675,476 | |
| Brown Group Holding Tranche B TBD 4/21/28 X | 1,425,000 | 1,419,834 | |
| BW Gas & Convenience Holdings Tranche B 4.00% (LIBOR01M + 3.50%) 3/17/28 • | 2,135,000 | 2,135,000 | |
| Caesars Resort CollectionTranche B-1 4.613% (LIBOR01M + 4.50%) 7/21/25 • | 1,075,595 | 1,079,897 | |
| Camelot US Acquisition l | |||
| 3.113% (LIBOR01M + 3.00%) 10/30/26 • | 473,154 | 469,310 | |
| 4.00% (LIBOR01M + 3.00%) 10/30/26 • | 897,750 | 899,770 | |
| Carnival 8.50% (LIBOR01M + 7.50%) 6/30/25 • | 1,060,983 | 1,094,801 | |
| CityCenter Holdings 3.00% (LIBOR01M + 2.25%) 4/18/24 • | 559,113 | 553,794 | |
| Connect US Finco 4.50% (LIBOR01M + 3.50%) 12/11/26 • | 827,988 | 826,867 | |
| Consolidated Communications Tranche B-1 4.25% (LIBOR01M + 3.50%) 10/2/27 • | 1,017,457 | 1,018,220 | |
| Core & Main 3.75% (LIBOR01M + 2.75%) 8/1/24 • | 923,251 | 920,942 | |
| CoreLogic TBD 4/14/28 X | 1,400,000 | 1,394,750 | |
| Principal amount° | Value (US $) | ||
| Loan Agreements (continued) | |||
| CSC Holdings 2.365% (LIBOR01M + 2.25%) 7/17/25 • | 519,094 | $515,071 | |
| Cumulus Media New Holdings 4.75% (LIBOR03M + 3.75%) 3/31/26 • | 1,069,270 | 1,060,582 | |
| Delta Air Lines 4.75% (LIBOR03M + 3.75%) 10/20/27 • | 1,000,000 | 1,052,708 | |
| Digicel International Finance Tranche B 1st Lien 3.51% (LIBOR06M + 3.25%) 5/27/24 • | 1,675,878 | 1,623,507 | |
| Dun & Bradstreet Tranche B 3.361% (LIBOR01M + 3.25%) 2/6/26 • | 876,123 | 872,564 | |
| Ensemble RCM 3.936% (LIBOR03M + 3.75%) 8/3/26 • | 1,231,873 | 1,231,213 | |
| Epicor Software 2nd Lien 8.75% (LIBOR01M + 7.75%) 7/31/28 • | 1,510,000 | 1,555,771 | |
| ESH Hospitality 2.113% (LIBOR01M + 2.00%) 9/18/26 • | 382,563 | 380,770 | |
| Frontier Communications Tranche B 4.50% (LIBOR01M + 3.75%) 10/8/27 • | 2,426,945 | 2,417,844 | |
| Gainwell Acquisition Tranche B 4.75% (LIBOR03M + 4.00%) 10/1/27 • | 1,945,875 | 1,949,220 | |
| Garda World Security Tranche B-2 4.36% (LIBOR01M + 4.25%) 10/30/26 • | 973,628 | 976,265 | |
| Global Medical Response 5.75% (LIBOR03M + 4.75%) 10/2/25 • | 1,999,987 | 2,006,237 | |
| Granite US Holdings Tranche B 4.203% (LIBOR03M + 4.00%) 9/30/26 • | 1,007,024 | 1,005,765 | |
| Green Energy Partners Tranche B-1 6.50% (LIBOR03M + 5.50%) 11/13/21 • | 1,259,336 | 1,187,450 | |
| Green Energy Partners Tranche B-2 TBD 11/13/21 X | 370,077 | 348,952 | |
| Hamilton Projects Acquiror 5.75% (LIBOR03M + 4.75%) 6/17/27 • | 1,320,458 | 1,321,008 | |
| Heartland Dental 3.613% (LIBOR01M + 3.50%) 4/30/25 • | 1,914,590 | 1,892,537 | |
| Hightower TBD 4/21/28 X | 1,680,000 | 1,676,850 | |
| HUB International 3.176% (LIBOR03M + 3.00%) 4/25/25 • | 280,115 | 276,776 | |
| Ineos US Petrochem Tranche B 3.25% (LIBOR03M + 2.75%) 1/29/26 • | 915,000 | 912,713 | |
| Informatica 2nd Lien 7.125% 2/25/25 | 1,750,000 | 1,791,563 | |
| Ingram Micro Tranche B TBD 3/30/28 X | 2,000,000 | 2,004,750 | |
| Jazz Financing TBD 4/22/28 X | 700,000 | 702,450 | |
| Kenan Advantage Group Tranche B 4.50% (LIBOR01M + 3.75%) 3/12/26 • | 1,496,250 | 1,492,821 | |
| LBM Acquisition 1st Lien 4.50% (LIBOR03M + 3.75%) 12/17/27 • | 1,770,000 | 1,770,552 | |
| Principal amount° | Value (US $) | ||
| Loan Agreements (continued) | |||
| LCPR Loan Financing 3.865% (LIBOR01M + 3.75%) 10/15/28 • | 1,000,000 | $1,003,906 | |
| Logmein 1st Lien 4.86% (LIBOR01M + 4.75%) 8/31/27 • | 801,732 | 801,588 | |
| Medrisk Tranche B 1st Lien TBD 4/3/28 X | 650,000 | 647,156 | |
| Mermaid Bidco Tranche B 5.00% (LIBOR03M + 4.25%) 12/22/27 • | 1,810,000 | 1,819,050 | |
| Michaels Tranche B 5.00% (LIBOR03M + 4.25%) 4/15/28 • | 2,500,000 | 2,490,312 | |
| Mileage Plus Holdings 6.25% (LIBOR03M + 5.25%) 6/21/27 • | 1,326,000 | 1,416,749 | |
| Numericable USTranche B-13 4.198% (LIBOR03M + 4.00%) 8/14/26 • | 553,616 | 553,140 | |
| Organon & Co. Tranche B TBD 4/8/28 X | 1,250,000 | 1,248,103 | |
| Ortho-Clinical Diagnostics 3.361% (LIBOR01M + 3.25%) 6/30/25 • | 579,977 | 579,896 | |
| Peraton TBD 2/1/28 X | 1,249,831 | 1,250,742 | |
| Peraton Tranche B 1st Lien 4.50% (LIBOR01M + 3.75%) 2/1/28 • | 710,169 | 710,687 | |
| PetIQ 1st Lien 4.75% (LIBOR03M + 4.25%) 4/7/28 • | 2,000,000 | 1,990,000 | |
| PetsMart 4.50% (LIBOR03M + 3.75%) 2/11/28 • | 1,375,000 | 1,380,672 | |
| PG&E Tranche B 3.50% (LIBOR03M + 3.00%) 6/23/25 • | 1,447,209 | 1,444,043 | |
| PQ 4.00% (LIBOR03M + 3.00%) 2/7/27 • | 150,649 | 150,861 | |
| PQ Group Holdings TBD 4/30/28 X | 900,000 | 895,500 | |
| PQ Tranche B 2.436% (LIBOR03M + 2.25%) 2/8/27 • | 405,062 | 403,182 | |
| Precisely Software 2nd Lien TBD 4/23/29 X | 1,760,000 | 1,751,200 | |
| Pregis Topco 1st Lien 3.863% (LIBOR01M + 3.75%) 7/31/26 • | 773,043 | 771,231 | |
| Pretium PKG Holdings 1st Lien 4.75% (LIBOR06M + 4.00%) 11/5/27 • | 1,745,625 | 1,750,534 | |
| QUIKRETE Holdings 1st Lien 2.613% (LIBOR01M + 2.50%) 2/1/27 • | 812,710 | 805,700 | |
| RealPage 1st Lien 3.75% (LIBOR01M + 3.25%) 4/24/28 • | 2,230,000 | 2,222,877 | |
| Rent-A-Center 4.75% (LIBOR01M + 4.00%) 2/17/28 • | 550,000 | 553,438 | |
| Ryan Specialty Group Tranche B-1 3.75% (LIBOR01M + 3.00%) 9/1/27 • | 2,292,241 | 2,293,673 | |
| Sabre GLBL Tranche B 4.75% (LIBOR01M + 4.00%) 12/17/27 • | 1,760,587 | 1,779,294 | |
| Schweitzer-Mauduit International Tranche B 4.50% (LIBOR03M + 3.75%) 1/27/28 • | 1,506,000 | 1,502,235 | |
| Principal amount° | Value (US $) | ||
| Loan Agreements (continued) | |||
| Scientific Games InternationalTranche B-5 2.863% (LIBOR01M + 2.75%) 8/14/24 • | 609,482 | $601,413 | |
| Sinclair Television Group Tranche B-3 3.12% (LIBOR01M + 3.00%) 4/1/28 • | 739,909 | 734,359 | |
| Solenis International 2nd Lien 8.69% (LIBOR03M + 8.50%) 6/26/26 • | 1,619,111 | 1,622,484 | |
| Spirit Aerosystems 6.00% (LIBOR01M + 5.25%) 1/15/25 • | 1,132,163 | 1,142,777 | |
| SS&C Technologies Tranche B-5 1.863% (LIBOR01M + 1.75%) 4/16/25 • | 555,983 | 550,461 | |
| Stars Group Holdings 3.703% (LIBOR03M + 3.50%) 7/10/25 • | 769,479 | 772,653 | |
| Surgery Center Holdings | |||
| 4.25% (LIBOR01M + 3.25%) 9/2/24 • | 1,613,282 | 1,610,131 | |
| 9.00% (LIBOR01M + 8.00%) 9/30/24 • | 198,000 | 202,785 | |
| Tecta America 2nd Lien 9.25% (LIBOR03M + 8.50%) 4/6/29 • | 2,550,000 | 2,537,250 | |
| Terrier Media Buyer Tranche B 3.613% (LIBOR01M + 3.50%) 12/17/26 • | 553,433 | 550,320 | |
| Titan Acquisition 3.267% (LIBOR03M + 3.00%) 3/28/25 • | 1,433,622 | 1,405,248 | |
| Tosca Services 4.25% (LIBOR01M + 3.50%) 8/18/27 • | 1,142,137 | 1,144,517 | |
| TricorBraun | |||
| 3.75% (LIBOR06M + 3.25%) 3/3/28 • | 502,070 | 498,095 | |
| 3.75% (LIBOR06M + 3.25%) 3/3/28 • | 3,764 | 3,735 | |
| Triton Water Holdings 1st Lien 4.00% (LIBOR03M + 3.50%) 3/31/28 • | 2,110,000 | 2,105,666 | |
| Truck Hero 4.50% (LIBOR01M + 3.75%) 1/29/28 • | 1,825,000 | 1,823,746 | |
| UKG 4.00% (LIBOR03M + 3.25%) 5/4/26 • | 1,201,987 | 1,204,885 | |
| Ultimate Software Group 2nd Lien 7.50% (LIBOR03M + 6.75%) 5/3/27 • | 2,242,000 | 2,312,997 | |
| United Airlines Tranche B TBD 4/21/28 X | 2,785,000 | 2,822,052 | |
| USI 3.453% (LIBOR03M + 3.25%) 12/2/26 • | 444,377 | 440,859 | |
| USI Tranche B 3.203% (LIBOR03M + 3.00%) 5/16/24 • | 109,608 | 108,580 | |
| USS Ultimate Holdings 1st Lien 4.75% (LIBOR01M + 3.75%) 8/26/24 • | 196,438 | 196,911 | |
| USS Ultimate Holdings 2nd Lien 8.75% (LIBOR01M + 7.75%) 8/25/25 • | 1,050,000 | 1,053,281 | |
| Vantage Specialty Chemicals 1st Lien TBD 10/28/24 X | 1,330,000 | 1,290,100 | |
| Vantage Specialty Chemicals 2nd Lien 9.25% (LIBOR03M + 8.25%) 10/27/25 • | 1,205,000 | 1,152,281 | |
| Principal amount° | Value (US $) | ||
| Loan Agreements (continued) | |||
| Verscend Holding Tranche B 4.113% (LIBOR01M + 4.00%) 8/27/25 • | 2,207,514 | $2,215,562 | |
| Virtusa 5.00% (LIBOR01M + 4.25%) 2/11/28 • | 1,325,000 | 1,334,606 | |
| Welbilt 2.611% (LIBOR01M + 2.50%) 10/23/25 • | 600,000 | 595,125 | |
| Wheel Pros TBD 4/23/28 X | 2,345,000 | 2,346,466 | |
| White Cap Buyer 4.50% (LIBOR03M + 4.00%) 10/19/27 • | 801,970 | 803,073 | |
| Whole Earth Brands 5.50% (LIBOR03M + 4.50%) 2/2/28 • | 1,234,034 | 1,227,864 | |
| Zaxby's Operating 1st Lien 4.50% (LIBOR01M + 3.75%) 12/28/27 • | 900,000 | 902,475 | |
| Zaxby's Operating 2nd Lien 7.25% (LIBOR01M + 6.50%) 12/28/28 • | 450,000 | 459,563 | |
| Total Loan Agreements (cost $135,044,469) | 137,279,785 | ||
| Number of shares | |||
| Short-Term Investments — 12.87% | |||
| Money Market Mutual Funds — 12.87% | |||
| BlackRock FedFund – Institutional Shares (seven-day effective yield 0.03%) | 4,752,576 | 4,752,576 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 4,752,576 | 4,752,576 | |
| GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.03%) | 4,752,576 | 4,752,576 | |
| Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 4,752,576 | 4,752,576 | |
| Total Short-Term Investments (cost $19,010,304) | 19,010,304 | ||
| Total Value of Securities—111.04% (cost $161,176,392) | 164,003,378 | ||
| Liabilities Net of Receivables and Other Assets—(11.04%) | (16,304,715) | ||
| Net Assets Applicable to 17,930,829 Shares Outstanding—100.00% | $147,698,663 | ||
| ° | 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, 2021, the aggregate value of Rule 144A securities was $4,308,003, which represents 2.92% 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 April 30, 2021. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at April 30, 2021. 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. |
| X | This loan will settle after April 30, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
| Borrower | Principal Amount | Commitment | Value | Unrealized Appreciation (Depreciation) | ||||
| Frontier Communications TBD 10/08/27 | $118,055 | $116,874 | $117,612 | $738 | ||||
| Hightower TBD 4/21/28 | 420,000 | 420,000 | 419,212 | (788) | ||||
| LBM Acquisition TBD 12/17/27 | 393,333 | 389,400 | 393,456 | 4,056 | ||||
| TricorBraun 0.500% (LIBOR04M + 0.50%) 3/3/28 | 109,166 | 109,166 | 108,302 | (864) |
| Summary of abbreviations: |
| DIFC – Dubai International Financial Centre |
| GS – Goldman Sachs |
| ICE – Intercontinental Exchange, Inc. |
| LIBOR – London interbank offered rate |
| LIBOR01M – ICE LIBOR USD 1 Month |
| LIBOR02M – ICE LIBOR USD 2 Month |
| LIBOR03M – ICE LIBOR USD 3 Month |
| LIBOR04M – ICE LIBOR USD 4 Month |
| LIBOR06M – ICE LIBOR USD 6 Month |
| PIK – Payment-in-kind |
| TBD – To be determined |
| Summary of abbreviations: (continued) |
| USD – US Dollar |