NPORT-EX 2 AFIH0DelFloatingRateIIFd.htm
Schedule of investments
Delaware Floating Rate II Fund
December 31, 2020 (Unaudited)
    Principal amount° Value (US $)
Convertible Bond — 0.34%
Cheniere Energy PIK 144A 4.875% exercise price $93.64, maturity date 5/28/21 #, *   184,685 $185,839
Total Convertible Bond
(cost $186,225) 		185,839
 
Corporate Bonds — 6.82%
Banking — 0.40%
Barclays 6.125%  μ, ψ   200,000 216,005
  216,005
Capital Goods — 0.70%
Bombardier 144A 7.875% 4/15/27 #   125,000 115,121
TransDigm 5.50% 11/15/27    250,000 263,200
  378,321
Communications — 0.76%
Cincinnati Bell 144A 7.00% 7/15/24 #   223,000 232,615
Level 3 Financing 144A 4.25% 7/1/28 #   175,000 179,987
  412,602
Consumer Cyclical — 1.04%
Ford Motor 8.50% 4/21/23    500,000 564,588
  564,588
Consumer Non-Cyclical — 0.16%
United Natural Foods 144A 6.75% 10/15/28 #   80,000 83,799
  83,799
Financial Services — 0.38%
NFP 144A 7.00% 5/15/25 #   190,000 205,081
  205,081
Healthcare — 0.90%
Ortho-Clinical Diagnostics 144A 7.375% 6/1/25 #   160,000 170,700
Surgery Center Holdings 144A 10.00% 4/15/27 #   150,000 166,031
Tenet Healthcare 6.875% 11/15/31    142,000 150,316
  487,047
Insurance — 0.37%
HUB International 144A 7.00% 5/1/26 #   190,000 198,891
  198,891
    Principal amount° Value (US $)
Corporate Bonds (continued)
Media — 0.24%
Clear Channel Worldwide Holdings 9.25% 2/15/24    125,000 $126,888
  126,888
Technology — 0.76%
Banff Merger Sub 144A 9.75% 9/1/26 #   215,000 232,462
Boxer Parent 144A 9.125% 3/1/26 #   165,000 177,994
  410,456
Transportation — 1.11%
DAE Funding 144A 5.75% 11/15/23 #   91,000 93,616
Delta Air Lines 144A 7.00% 5/1/25 #   350,000 404,326
United Airlines Holdings 4.875% 1/15/25    105,000 103,522
  601,464
Total Corporate Bonds
(cost $3,352,187) 		3,685,142
 
Loan Agreements — 86.88%
A&V Holdings Midco 6.375% (LIBOR06M + 5.375%) 4/7/27 •   316,772 307,269
Acrisure Tranche B 3.647% (LIBOR01M + 3.50%) 2/15/27 •   407,868 401,648
Adevinta 1st Lien Tranche B TBD 10/22/27 X   410,000 410,769
Advantage Sales & Marketing 1st Lien 6.00% (LIBOR03M + 5.25%) 10/28/27 •   440,000 439,450
American Airlines Tranche B 2.159% (LIBOR01M + 2.00%) 12/14/23 •   385,419 348,760
Applied Systems 2nd Lien 8.00% (LIBOR03M + 7.00%) 9/19/25 •   1,220,000 1,229,912
Apro 5.00% (LIBOR03M + 4.00%) 11/14/26 •   664,114 665,774
Array Technologies 5.00% (LIBOR03M + 4.00%) 10/14/27 •   612,000 602,055
 
NQ-QFV [12/20] 2/21 (1511469)    1
Schedule of investments
Delaware Floating Rate II Fund (Unaudited)
    Principal amount° Value (US $)
Loan Agreements (continued)
Aruba Investments Holdings 1st Lien 4.75% (LIBOR03M + 4.00%) 11/24/27 •   435,000 $435,000
Aruba Investments Holdings 2nd Lien TBD 11/24/28 X   435,000 439,350
AssuredPartners      
3.647% (LIBOR01M + 3.50%) 2/12/27 •   438,539 432,875
5.50% (LIBOR01M + 4.50%) 2/13/27 •   223,312 224,150
AthenaHealth Tranche B 1st Lien 4.648% (LIBOR01M + 4.50%) 2/11/26 •   491,250 492,069
Bausch Health 3.148% (LIBOR01M + 3.00%) 6/2/25 •   273,884 273,157
Berry Global Tranche Y 2.149% (LIBOR01M + 2.00%) 7/1/26 •   395,732 394,496
Blue Ribbon 1st Lien 5.00% (LIBOR02M + 4.00%) 11/15/21 •   1,189,000 1,128,560
Boxer Parent 4.397% (LIBOR01M + 4.25%) 10/2/25 •   434,437 433,568
BW Gas & Convenience Holdings 6.40% (LIBOR01M + 6.25%) 11/18/24 •   495,286 498,072
Caesars Resort Collection Tranche B-1 4.647% (LIBOR03M + 4.50%) 7/21/25 •   387,030 388,215
Camelot US Acquisition I 4.00% (LIBOR01M + 3.00%) 10/30/26 •   175,000 174,964
Camelot US Acquisition l 3.147% (LIBOR01M + 3.00%) 10/31/26 •   421,137 419,768
Carnival 8.50% (LIBOR01M + 7.50%) 6/30/25 •   633,815 656,632
CenturyLink Tranche B 2.397% (LIBOR01M + 2.25%) 3/15/27 •   734,074 726,580
Chemours Tranche
B-2 1.90% (LIBOR01M + 1.75%) 4/3/25 • 		  222,483 218,923
CityCenter Holdings 2.397% (LIBOR01M + 2.25%) 4/18/24 •   372,108 368,096
    Principal amount° Value (US $)
Loan Agreements (continued)
Connect US Finco 5.50% (LIBOR01M + 4.50%) 12/12/26 •   655,050 $658,735
Conservice Midco 1st Lien 4.503% (LIBOR03M + 4.25%) 5/13/27 •   339,150 339,998
Consolidated Communications 5.75% (LIBOR01M + 4.75%) 10/2/27 •   738,150 742,721
Coral US Co-Borrower Tranche B-5 2.397% (LIBOR01M + 2.25%) 1/31/28 •   390,000 385,508
Core & Main 3.75% (LIBOR03M + 2.75%) 8/1/24 •   539,801 538,901
CSC Holdings 2.409% (LIBOR01M + 2.25%) 7/17/25 •   331,404 327,745
Cumulus Media New Holdings 4.75% (LIBOR06M + 3.75%) 3/31/26 •   714,845 704,837
Delta Air Lines 5.75% (LIBOR03M + 4.75%) 4/29/23 •   124,375 126,610
Dun & Bradstreet 1st Lien TBD 2/6/26 X   150,000 150,225
Dun & Bradstreet Tranche B 3.898% (LIBOR01M + 3.75%) 2/8/26 •   296,503 296,948
EFS Cogen Holdings I Tranche B 4.50% (LIBOR03M + 3.50%) 10/1/27 •   567,982 566,917
Ensemble RCM 3.964% (LIBOR03M + 3.75%) 8/3/26 •   355,568 355,613
Epicor Software 2nd Lien 8.75% (LIBOR01M + 7.75%) 7/31/28 •   635,000 663,575
Epicor Software Tranche B 5.25% (LIBOR01M + 4.25%) 7/30/27 •   428,925 432,008
Frontier Communications 5.75% (LIBOR01M + 4.75%) 10/8/21 •   1,200,000 1,212,000
Garda World Security Tranche B 1st Lien 4.99% (LIBOR03M + 4.75%) 10/30/26 •   423,678 425,002
 
2    NQ-QFV [12/20] 2/21 (1511469)
(Unaudited)
    Principal amount° Value (US $)
Loan Agreements (continued)
Global Medical Response 5.75% (LIBOR03M + 4.75%) 10/2/25 •   1,050,000 $1,045,800
Hamilton Projects Acquiror 5.75% (LIBOR03M + 4.75%) 6/17/27 •   710,131 712,794
Heartland Dental 3.647% (LIBOR01M + 3.50%) 4/30/25 •   919,577 897,928
HUB International 5.00% (LIBOR03M + 4.00%) 4/25/25 •   492,513 494,596
Informatica 2nd Lien 7.125% 2/25/25 •   1,085,000 1,108,056
IRB Holding TBD 2/5/25 X   600,000 600,825
JBS USA LUX 2.147% (LIBOR01M + 2.00%) 5/1/26 •   584,665 580,401
LCPR Loan Financing 5.159% (LIBOR01M + 5.00%) 10/15/26 •   637,000 640,317
Logmein 1st Lien 4.903% (LIBOR01M + 4.75%) 8/31/27 •   1,010,000 1,008,106
Mermaid Bidco Tranche B TBD 12/10/27 X   950,000 952,375
Milano Acquisition Tranche B 4.75% (LIBOR03M + 4.00%) 10/1/27 •   950,000 952,375
Mileage Plus Holdings 6.25% (LIBOR03M + 5.25%) 6/21/27 •   553,000 577,232
Numericable US Tranche B-11 2.897% (LIBOR01M + 2.75%) 7/31/25 •   754,801 740,098
Numericable US Tranche B-13 4.237% (LIBOR03M + 4.00%) 8/14/26 •   348,237 347,402
Ortho-Clinical Diagnostics 3.398% (LIBOR01M + 3.25%) 6/30/25 •   629,445 621,745
PG&E 5.50% (LIBOR01M + 4.50%) 6/23/25 •   1,179,075 1,195,287
PQ 4.00% (LIBOR03M + 3.00%) 2/7/27 •   95,868 96,012
PQ Tranche B 2.464% (LIBOR03M + 2.25%) 2/8/27 •   351,468 350,150
Pretium PKG Holdings 1st Lien 4.75% (LIBOR03M + 4.00%) 11/5/27 •   475,000 475,594
    Principal amount° Value (US $)
Loan Agreements (continued)
Prime Security Services Borrower Tranche
B-1 4.25% (LIBOR01M + 3.25%) 9/23/26 • 		  372,528 $373,832
Quikrete Holdings 1st Lien 2.647% (LIBOR01M + 2.50%) 1/31/27 •   436,371 434,855
Reynolds Group Holdings Tranche B-2 3.397% (LIBOR01M + 3.25%) 2/5/26 •   275,000 273,711
Ryan Specialty Group 4.00% (LIBOR01M + 3.25%) 9/1/27 •   473,812 473,813
Scientific Games International Tranche B-5 2.897% (LIBOR01M + 2.75%) 8/14/24 •   908,990 890,242
Sinclair Televison Group Tranche B-2 2.65% (LIBOR01M + 2.50%) 7/18/26 •   301,985 299,532
Solenis International 2nd Lien 8.733% (LIBOR03M + 8.50%) 6/26/26 •   840,000 827,050
Spirit Aerosystems 6.00% (LIBOR01M + 5.25%) 1/15/25 •   585,000 592,678
SS&C Technologies Tranche B-5 1.897% (LIBOR01M + 1.75%) 4/16/25 •   289,041 286,572
Stars Group Holdings 3.754% (LIBOR03M + 3.50%) 7/10/25 •   503,864 506,209
Surf Holdings 1st Lien 3.726% (LIBOR03M + 3.50%) 3/5/27 •   586,680 582,426
Surgery Center Holdings 4.25% (LIBOR01M + 3.25%) 9/2/24 •   290,006 285,838
Terrier Media Buyer 4.397% (LIBOR01M + 4.25%) 12/17/26 •   953,370 954,827
Titan Acquisition 3.267% (LIBOR06M + 3.00%) 3/28/25 •   460,933 451,023
Tosca Services 1st Lien 5.25% (LIBOR01M + 4.25%) 8/18/27 •   680,000 685,100
Transdigm Tranche F 2.397% (LIBOR01M + 2.25%) 12/9/25 •   557,689 547,930
 
NQ-QFV [12/20] 2/21 (1511469)    3
Schedule of investments
Delaware Floating Rate II Fund (Unaudited)
    Principal amount° Value (US $)
Loan Agreements (continued)
Ultimate Software Group 2nd Lien 7.50% (LIBOR03M + 6.75%) 5/3/27 •   1,107,000 $1,141,594
USI 4.254% (LIBOR03M + 4.00%) 12/2/26 •   891,000 891,445
USS Ultimate Holdings 2nd Lien TBD 8/10/25 X   254,545 253,061
Vantage Specialty Chemicals 2nd Lien TBD 10/27/25 X   15,380 13,352
Verscend Holding Tranche B 4.647% (LIBOR01M + 4.50%) 8/27/25 •   1,023,902 1,025,438
Vertical Midco Tranche B 4.567% (LIBOR06M + 4.25%) 7/30/27 •   589,700 593,155
White Cap Buyer 4.50% (LIBOR03M + 4.00%) 10/19/27 •   500,000 500,625
Windstream Services 7.25% (LIBOR01M + 6.25%) 9/21/27 •   675,317 662,148
Total Loan Agreements
(cost $45,997,492) 		46,981,004
    Number of shares  
Short-Term Investments — 7.22%
Money Market Mutual Funds — 7.22%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%)   976,388 976,388
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%)   976,388 976,388
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.02%)   976,388 976,388
    Number of shares Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%)   976,388 $976,388
Total Short-Term Investments
(cost $3,905,552) 		3,905,552
Total Value of Securities—101.26%
(cost $53,441,456) 		    54,757,537
Liabilities Net of Receivables and Other Assets—(1.26%)     (681,410)
Net Assets Applicable to 5,759,274 Shares Outstanding—100.00%     $54,076,127
° 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 December 31, 2020, the aggregate value of Rule 144A securities was $2,446,462, which represents 4.52% 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 December 31, 2020. Rate will reset at a future date.
ψ No contractual maturity date.
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2020. 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 December 31, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
Summary of abbreviations: 
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
LIBOR – London interbank offered rate
 
4    NQ-QFV [12/20] 2/21 (1511469)
(Unaudited)
Summary of abbreviations:  (continued)
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR02M – ICE LIBOR USD 2 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
Summary of abbreviations:  (continued)
PIK – Payment-in-kind
TBD – To be determined
USD – US Dollar
NQ-QFV [12/20] 2/21 (1511469)    5