| Delaware Floating Rate Fund | October 31, 2021 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Corporate Bonds — 4.61% | |||
| Banking — 0.33% | |||
| Barclays 6.125% 12/15/25 μ, ψ | 200,000 | $ 219,938 | |
| Deutsche Bank 6.00% 10/30/25 μ, ψ | 400,000 | 420,000 | |
| SVB Financial Group 4.10% 2/15/31 μ, ψ | 75,000 | 73,900 | |
| 713,838 | |||
| Basic Industry — 0.12% | |||
| Freeport-McMoRan 5.45% 3/15/43 | 200,000 | 251,850 | |
| 251,850 | |||
| Communications — 0.63% | |||
| Cincinnati Bell 144A 7.00% 7/15/24 # | 223,000 | 227,181 | |
| Clear Channel Outdoor Holdings 144A 7.75% 4/15/28 # | 120,000 | 124,434 | |
| Gray Escrow II 144A 5.375% 11/15/31 # | 500,000 | 505,625 | |
| Level 3 Financing 144A 4.25% 7/1/28 # | 500,000 | 494,983 | |
| 1,352,223 | |||
| Consumer Cyclical — 1.11% | |||
| Carnival | |||
| 144A 5.75% 3/1/27 # | 20,000 | 20,375 | |
| 144A 6.00% 5/1/29 # | 525,000 | 525,656 | |
| 144A 7.625% 3/1/26 # | 230,000 | 242,613 | |
| Delta Air Lines | |||
| 144A 7.00% 5/1/25 # | 527,000 | 615,132 | |
| 7.375% 1/15/26 | 138,000 | 162,350 | |
| Ford Motor Credit 2.90% 2/16/28 | 500,000 | 496,265 | |
| United Airlines Holdings 4.875% 1/15/25 | 320,000 | 330,002 | |
| 2,392,393 | |||
| Consumer Non-Cyclical — 1.05% | |||
| Global Medical Response 144A 6.50% 10/1/25 # | 250,000 | 248,342 | |
| Hadrian Merger Sub 144A 8.50% 5/1/26 # | 122,000 | 126,423 | |
| HCA | |||
| 3.50% 9/1/30 | 100,000 | 105,283 | |
| 5.875% 2/1/29 | 156,000 | 185,868 | |
| Mozart Debt Merger Sub 144A 3.875% 4/1/29 # | 500,000 | 498,125 | |
| Ortho-Clinical Diagnostics 144A 7.375% 6/1/25 # | 246,000 | 258,558 | |
| Surgery Center Holdings 144A 10.00% 4/15/27 # | 350,000 | 376,166 | |
| Tenet Healthcare 6.875% 11/15/31 | 409,000 | 468,816 | |
| 2,267,581 | |||
| Energy — 0.10% | |||
| CNX Resources 144A 7.25% 3/14/27 # | 180,000 | 191,610 | |
| Principal amount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Energy (continued) | |||
| Targa Resources Partners 144A 4.00% 1/15/32 # | 25,000 | $ 25,830 | |
| 217,440 | |||
| Financial Services — 0.85% | |||
| AerCap Holdings 5.875% 10/10/79 μ | 150,000 | 156,711 | |
| Ally Financial 4.70% 5/15/26 μ, ψ | 745,000 | 774,334 | |
| Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 # | 475,000 | 474,259 | |
| DAE Sukuk DIFC 144A 3.75% 2/15/26 # | 400,000 | 420,342 | |
| 1,825,646 | |||
| Insurance — 0.24% | |||
| HUB International 144A 7.00% 5/1/26 # | 500,000 | 516,250 | |
| 516,250 | |||
| Services — 0.10% | |||
| Artera Services 144A 9.033% 12/4/25 # | 200,000 | 213,799 | |
| 213,799 | |||
| Technology — 0.08% | |||
| Boxer Parent 144A 9.125% 3/1/26 # | 165,000 | 172,672 | |
| 172,672 | |||
| Total Corporate Bonds (cost $9,350,206) | 9,923,692 | ||
| Loan Agreements — 92.28% | |||
| Acrisure Tranche B 3.632% (LIBOR03M + 3.50%) 2/15/27 • | 1,099,326 | 1,085,585 | |
| Advantage Sales & Marketing 1st Lien 6.00% (LIBOR03M + 5.25%) 10/28/27 • | 1,597,925 | 1,605,058 | |
| Air Canada 4.25% (LIBOR03M + 3.50%) 8/11/28 • | 3,150,000 | 3,186,751 | |
| American Airlines 5.50% (LIBOR03M + 4.75%) 4/20/28 • | 2,000,000 | 2,083,572 | |
| American Airlines Tranche B 2.09% (LIBOR01M + 2.00%) 12/15/23 • | 1,396,703 | 1,378,275 | |
| AmWINS Group 3.00% (LIBOR01M + 2.25%) 2/19/28 • | 1,865,304 | 1,854,918 | |
| Applied Systems 2nd Lien 6.25% (LIBOR03M + 5.50%) 9/19/25 • | 4,389,456 | 4,461,698 | |
| Array Technologies 3.75% (LIBOR03M + 3.25%) 10/14/27 • | 434,842 | 434,570 | |
| Artera Services Tranche B 1st Lien 4.50% (LIBOR03M + 3.50%) 3/6/25 • | 2,758,087 | 2,751,192 | |
| Aruba Investments Holdings 1st Lien 4.75% (LIBOR03M + 4.00%) 11/24/27 • | 1,253,700 | 1,259,185 | |
| Aruba Investments Holdings 2nd Lien 8.50% (LIBOR06M + 7.75%) 11/24/28 • | 1,260,000 | 1,274,175 | |
| AssuredPartners | |||
| 3.587% (LIBOR01M + 3.50%) 2/12/27 • | 1,251,530 | 1,245,116 | |
| 4.00% (LIBOR01M + 3.50%) 2/12/27 • | 1,148,684 | 1,147,009 | |
| Principal amount° | Value (US $) | ||
| Loan Agreements (continued) | |||
| Astoria Energy Tranche B 4.50% (LIBOR03M + 3.50%) 12/10/27 • | 997,627 | $ 1,001,524 | |
| Azurity Pharmaceuticals Tranche B 1st Lien 8.25% (LIBOR03M + 5.00%) 9/28/28 • | 1,885,000 | 1,880,287 | |
| Ball Metalpack Finco 1st Lien 4.621% (LIBOR03M + 4.50%) 7/31/25 • | 666,847 | 667,680 | |
| Ball Metalpack Finco 2nd Lien 9.75% (LIBOR03M + 8.75%) 7/31/26 • | 1,898,000 | 1,883,765 | |
| Bausch Health 3.084% (LIBOR01M + 3.00%) 6/2/25 • | 819,678 | 818,824 | |
| BMC Software 3.882% (LIBOR03M + 3.75%) 10/2/25 • | 998,815 | 993,423 | |
| BMC Software 2nd Lien 6.00% (LIBOR03M + 5.50%) 2/27/26 • | 1,440,000 | 1,461,300 | |
| BW Gas & Convenience Holdings Tranche B 4.00% (LIBOR01M + 3.50%) 3/17/28 • | 2,049,862 | 2,060,112 | |
| Caesars Resort Collection Tranche B-1 3.585% - 3.587% (LIBOR03M + 3.50%) 7/21/25 • | 1,454,310 | 1,457,643 | |
| Camelot US Acquisition l | |||
| 3.084% (LIBOR01M + 3.00%) 10/30/26 • | 888,705 | 886,112 | |
| 4.00% (LIBOR01M + 3.00%) 10/30/26 • | 1,066,938 | 1,069,938 | |
| Cano Health 5.25% (LIBOR06M + 4.50%) 11/23/27 • | 2,835,000 | 2,839,726 | |
| Carnival Tranche B 3.75% (LIBOR03M + 3.00%) 6/30/25 • | 2,182,156 | 2,180,109 | |
| Castlelake Aviation Tranche B TBD 10/22/26 X | 1,600,000 | 1,597,333 | |
| Connect US Finco 4.50% (LIBOR01M + 3.50%) 12/11/26 • | 947,285 | 948,617 | |
| Consolidated Communications Tranche B-1 4.25% (LIBOR01M + 3.50%) 10/2/27 • | 1,545,820 | 1,548,357 | |
| Core & Main Tranche B-1 2.588% (LIBOR01M + 2.50%) 7/27/28 • | 960,269 | 955,318 | |
| CoreLogic 1st Lien 4.00% (LIBOR01M + 3.50%) 6/2/28 • | 1,890,000 | 1,892,362 | |
| CSC Holdings 2.34% (LIBOR01M + 2.25%) 7/17/25 • | 844,360 | 826,769 | |
| Cumulus Media New Holdings 4.75% (LIBOR01M + 3.75%) 3/31/26 • | 1,027,630 | 1,028,639 | |
| Delta Air Lines 4.75% (LIBOR03M + 3.75%) 10/20/27 • | 1,000,000 | 1,066,062 | |
| Digicel International Finance Tranche B 1st Lien 3.43% (LIBOR06M + 3.25%) 5/27/24 • | 1,667,197 | 1,624,821 | |
| DIRECTV Financing 5.75% (LIBOR03M + 5.00%) 8/2/27 • | 3,000,000 | 3,005,625 | |
| Dun & Bradstreet Tranche B 3.338% (LIBOR01M + 3.25%) 2/6/26 • | 1,314,885 | 1,312,068 | |
| Ensemble RCM 3.879% (LIBOR03M + 3.75%) 8/3/26 • | 1,821,063 | 1,826,184 | |
| Epicor Software 2nd Lien 8.75% (LIBOR01M + 7.75%) 7/31/28 • | 3,270,000 | 3,364,012 | |
| Frontier Communications Tranche B 4.50% (LIBOR03M + 3.75%) 5/1/28 • | 2,530,779 | 2,532,677 | |
| Gainwell Acquisition Tranche B 4.75% (LIBOR03M + 4.00%) 10/1/27 • | 2,515,826 | 2,526,045 | |
| Garda World Security Tranche B-2 4.34% (LIBOR01M + 4.25%) 10/30/26 • | 1,397,306 | 1,400,472 | |
| Generation Bridge Acquisition Tranche B TBD 8/7/28 X | 1,836,735 | 1,845,918 | |
| Generation Bridge Acquisition Tranche C TBD 8/7/28 X | 38,265 | 38,457 | |
| Principal amount° | Value (US $) | ||
| Loan Agreements (continued) | |||
| Geon Performance Solutions 5.50% (LIBOR03M + 4.75%) 8/18/28 • | 1,875,000 | $ 1,891,406 | |
| Global Medical Response 5.75% (LIBOR06M + 4.75%) 10/2/25 • | 2,572,744 | 2,565,106 | |
| Granite US Holdings Tranche B 4.132% (LIBOR03M + 4.00%) 9/30/26 • | 1,001,977 | 1,001,507 | |
| Green Energy Partners Tranche B-1 6.50% (LIBOR03M + 5.50%) 11/13/21 • | 2,518,525 | 2,400,993 | |
| Green Energy Partners Tranche B-2 6.50% (LIBOR03M + 5.50%) 11/13/21 • | 535,447 | 510,460 | |
| Hamilton Projects Acquiror 5.75% (LIBOR03M + 4.75%) 6/17/27 • | 1,665,372 | 1,668,495 | |
| Hamilton Projects Acquiror TBD X | 1,000,000 | 1,001,875 | |
| Heartland Dental | |||
| 3.587% (LIBOR01M + 3.50%) 4/30/25 • | 2,819,601 | 2,799,040 | |
| 4.086% (LIBOR01M + 4.00%) 4/30/25 • | 1,122,188 | 1,121,018 | |
| HighTower Holding 4.75% (LIBOR03M + 4.00%) 4/21/28 • | 3,190,000 | 3,199,570 | |
| HUB International 2.852% - 2.875% (LIBOR03M + 2.75%) 4/25/25 • | 278,675 | 275,946 | |
| HUB International Tranche B-3 4.00% (LIBOR03M + 3.25%) 4/25/25 • | 123,268 | 123,411 | |
| Ineos US Petrochem Tranche B 3.25% (LIBOR01M + 2.75%) 1/29/26 • | 1,371,562 | 1,373,277 | |
| Informatica Tranche B TBD 10/13/28 X | 1,105,000 | 1,103,849 | |
| Jazz Financing 4.00% (LIBOR01M + 3.50%) 5/5/28 • | 922,688 | 924,994 | |
| Kenan Advantage Group Tranche B 4.50% (LIBOR01M + 3.75%) 3/24/26 • | 1,985,491 | 1,987,973 | |
| LABL TBD 10/20/28 X | 1,885,000 | 1,876,361 | |
| Loyalty Ventures Tranche B TBD 1/1/30 X | 2,150,000 | 2,146,416 | |
| Madison IAQ 3.75% (LIBOR06M + 3.25%) 6/21/28 • | 2,668,312 | 2,667,200 | |
| Mamba Purchaser 2nd Lien 7.00% (LIBOR01M + 6.50%) 10/1/29 • | 950,000 | 961,875 | |
| Mamba Purchaser TBD 10/16/28 X | 2,825,000 | 2,832,944 | |
| Medline Borrower 3.75% (LIBOR03M + 3.25%) 10/23/28 • | 3,250,000 | 3,256,240 | |
| Medrisk Tranche B 1st Lien 4.50% (LIBOR01M + 3.75%) 5/10/28 • | 900,000 | 901,781 | |
| Mermaid Bidco Tranche B2 4.50% (LIBOR03M + 3.75%) 12/22/27 • | 2,003,080 | 2,006,836 | |
| Mileage Plus Holdings 6.25% (LIBOR03M + 5.25%) 6/21/27 • | 1,879,000 | 2,003,164 | |
| Numericable US Tranche B-13 4.125% (LIBOR03M + 4.00%) 8/14/26 • | 801,189 | 799,615 | |
| Olympus Water US Holding Tranche B TBD 9/21/28 X | 2,880,000 | 2,879,551 | |
| Organon & Co. 3.50% (LIBOR03M + 3.00%) 6/2/28 • | 807,975 | 810,942 | |
| Ortho-Clinical Diagnostics 3.08% (LIBOR01M + 3.00%) 6/30/25 • | 832,546 | 833,182 | |
| Peraton Tranche B 1st Lien 4.50% (LIBOR01M + 3.75%) 2/1/28 • | 2,835,750 | 2,844,612 | |
| PetsMart 4.50% (LIBOR03M + 3.75%) 2/11/28 • | 1,012,463 | 1,015,084 | |
| PG&E Tranche B 3.50% (LIBOR03M + 3.00%) 6/23/25 • | 1,787,194 | 1,770,999 | |
| Principal amount° | Value (US $) | ||
| Loan Agreements (continued) | |||
| Pilot Travel Centers Tranche B 2.087% (LIBOR01M + 2.00%) 8/4/28 • | 1,010,000 | $ 1,005,265 | |
| Polaris Newco 1st Lien 4.50% (LIBOR03M + 4.00%) 6/2/28 • | 2,450,000 | 2,458,727 | |
| PQ 3.25% (LIBOR03M + 2.75%) 6/9/28 • | 1,057,350 | 1,058,231 | |
| Pregis Topco 1st Lien 4.50% (LIBOR01M + 4.00%) 7/31/26 • | 1,171,061 | 1,174,574 | |
| Pretium PKG Holdings 2nd Lien 7.25% (LIBOR06M + 6.75%) 10/1/29 • | 3,600,000 | 3,636,000 | |
| Quikrete Holdings 1st Lien 2.587% (LIBOR01M + 2.50%) 2/1/27 • | 1,241,660 | 1,231,794 | |
| RealPage 1st Lien 3.75% (LIBOR01M + 3.25%) 4/24/28 • | 3,590,000 | 3,585,886 | |
| Rent-A-Center Tranche B2 3.75% (LIBOR01M + 3.25%) 2/17/28 • | 2,796,000 | 2,807,796 | |
| Ryan Specialty Group Tranche B-1 3.75% (LIBOR01M + 3.25%) 9/1/27 • | 1,263,484 | 1,267,037 | |
| Schweitzer-Mauduit International Tranche B 4.50% (LIBOR01M + 3.75%) 2/9/28 • | 2,120,685 | 2,119,360 | |
| Scientific Games International Tranche B-5 2.837% (LIBOR01M + 2.75%) 8/14/24 • | 859,471 | 857,055 | |
| Sinclair Televison Group Tranche B-2 2.59% (LIBOR01M + 2.50%) 9/30/26 • | 299,692 | 296,086 | |
| Sinclair Televison Group Tranche B-3 3.09% (LIBOR01M + 3.00%) 4/1/28 • | 738,059 | 728,987 | |
| Solenis International 2nd Lien 8.587% (LIBOR01M + 8.50%) 6/26/26 • | 2,459,111 | 2,464,030 | |
| Sovos Compliance 1st Lien 5.00% (LIBOR03M + 4.50%) 8/11/28 • | 2,771,404 | 2,791,447 | |
| Spirit Aerosystems 6.00% (LIBOR03M + 5.25%) 1/15/25 • | 1,707,100 | 1,717,769 | |
| Spirit Aerosystems Tranche B TBD 1/15/25 X | 1,000,000 | 1,004,375 | |
| Surgery Center Holdings 4.50% (LIBOR01M + 3.75%) 8/31/26 • | 1,893,026 | 1,899,599 | |
| Tecta America 2nd Lien 9.25% (LIBOR01M + 8.50%) 4/9/29 • | 3,105,000 | 3,105,000 | |
| Terrier Media Buyer Tranche B 3.587% (LIBOR01M + 3.50%) 12/17/26 • | 802,129 | 800,074 | |
| TricorBraun | |||
| 3.75% (LIBOR01M + 3.25%) 3/3/28 • | 912,989 | 908,995 | |
| 3.75% (LIBOR01M + 3.25%) 3/3/28 • | 167,875 | 167,140 | |
| Trident TPI Holdings Tranche B-3 | |||
| 0.50% - 4.50% (LIBOR03M + 4.00%) 9/15/28 • | 140,174 | 140,637 | |
| 4.50% (LIBOR03M + 4.00%) 9/15/28 • | 2,452,174 | 2,460,276 | |
| Triton Water Holdings 1st lien 4.00% (LIBOR03M + 3.50%) 3/31/28 • | 2,753,100 | 2,752,671 | |
| Truck Hero 4.00% (LIBOR01M + 3.25%) 1/29/28 • | 1,619,356 | 1,614,600 | |
| UKG 4.00% (LIBOR03M + 3.25%) 5/4/26 • | 1,408,666 | 1,413,068 | |
| Ultimate Software Group 2nd Lien 7.50% (LIBOR03M + 6.75%) 5/3/27 • | 2,934,000 | 2,995,124 | |
| United Airlines Tranche B 4.50% (LIBOR01M + 3.75%) 4/21/28 • | 3,567,075 | 3,621,694 | |
| USI 3.382% (LIBOR03M + 3.25%) 12/2/26 • | 691,232 | 687,127 | |
| Principal amount° | Value (US $) | ||
| Loan Agreements (continued) | |||
| USI Tranche B 3.132% (LIBOR03M + 3.00%) 5/16/24 • | 109,040 | $ 108,378 | |
| USIC Holdings 4.25% (LIBOR01M + 3.50%) 5/12/28 • | 1,850,000 | 1,850,289 | |
| USIC Holdings 2nd Lien 7.25% (LIBOR01M + 6.50%) 5/14/29 • | 925,000 | 940,609 | |
| USS Ultimate Holdings 1st Lien 4.75% (LIBOR01M + 3.75%) 8/26/24 • | 195,420 | 196,061 | |
| USS Ultimate Holdings 2nd Lien 8.75% (LIBOR01M + 7.75%) 8/25/25 • | 1,304,545 | 1,309,844 | |
| Vantage Specialty Chemicals 1st Lien 4.50% (LIBOR03M + 3.50%) 10/28/24 • | 1,542,977 | 1,517,325 | |
| Vantage Specialty Chemicals 2nd Lien 9.25% (LIBOR03M + 8.25%) 10/27/25 • | 1,355,000 | 1,318,754 | |
| Verscend Holding Tranche B 4.087% (LIBOR01M + 4.00%) 8/27/25 • | 3,051,150 | 3,060,303 | |
| Vertical Midco Tranche B 4.00% (LIBOR06M + 3.50%) 7/30/27 • | 498,750 | 500,175 | |
| Welbilt 2.587% (LIBOR01M + 2.50%) 10/23/25 • | 600,000 | 598,500 | |
| Wheel Pros 1st Lien 5.25% (LIBOR01M + 4.50%) 5/11/28 • | 2,700,000 | 2,693,064 | |
| White Cap Buyer 4.50% (LIBOR01M + 4.00%) 10/19/27 • | 1,188,729 | 1,192,940 | |
| Whole Earth Brands 5.50% (LIBOR03M + 4.50%) 2/2/28 • | 1,153,072 | 1,151,630 | |
| WR Grace Holdings 4.25% (LIBOR03M + 3.75%) 9/22/28 • | 3,400,000 | 3,414,450 | |
| Total Loan Agreements (cost $195,650,724) | 198,485,751 | ||
| Number of shares | |||
| Short-Term Investments — 0.38% | |||
| Money Market Mutual Funds — 0.38% | |||
| BlackRock FedFund – Institutional Shares (seven-day effective yield 0.03%) | 207,164 | 207,164 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 207,164 | 207,164 | |
| GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.03%) | 207,164 | 207,164 | |
| Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%) | 207,164 | 207,164 | |
| Total Short-Term Investments (cost $828,656) | 828,656 | ||
| Total Value of Securities—97.27% (cost $205,829,586) | 209,238,099 | ||
| Receivables and Other Assets Net of Liabilities—2.73% | 5,863,917 | ||
| Net Assets Applicable to 26,024,387 Shares Outstanding—100.00% | $215,102,016 | ||
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at October 31, 2021. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At October 31, 2021, the aggregate value of Rule 144A securities was $6,278,375, which represents 2.92% of the Fund's net assets. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at October 31, 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 October 31, 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) | ||||
| HighTower Holding 4.00% (LIBOR04M + 4.00%) 4/21/28 | $560,000 | $560,000 | $561,680 | $1,680 | ||||
| Sovos Compliance 1st Lien 8/11/28 | 478,596 | 478,596 | 482,057 | 3,461 | ||||
| Trident TPI Holdings Tranche B-3 0.50% - 4.50% (LIBOR03M + 0.50%) 9/15/28 | 207,652 | 207,652 | 208,338 | 686 | ||||
| Total | $1,246,248 | $1,246,248 | $1,252,075 | $5,827 |
| Summary of abbreviations: |
| DAC – Designated Activity Company |
| DIFC – Dubai International Financial Centre |
| GS – Goldman Sachs |
| ICE – Intercontinental Exchange, Inc. |
| LIBOR – London interbank offered rate |
| LIBOR01M – ICE LIBOR USD 1 Month |
| LIBOR03M – ICE LIBOR USD 3 Month |
| Summary of abbreviations: (continued) |
| LIBOR04M – ICE LIBOR USD 4 Month |
| LIBOR06M – ICE LIBOR USD 6 Month |
| TBD – To be determined |
| USD – US Dollar |