Schedule of investments
Delaware Floating Rate II Fund
June 30, 2021 (Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds — 5.20% | |||
Banking — 0.48% | |||
Barclays 6.125% 12/15/25 μ, ψ | 200,000 | $221,874 | |
221,874 | |||
Communications — 0.88% | |||
Cincinnati Bell 144A 7.00% 7/15/24 # | 223,000 | 229,577 | |
Level 3 Financing 144A 4.25% 7/1/28 # | 175,000 | 177,816 | |
407,393 | |||
Financial Services — 0.38% | |||
Ally Financial 4.70% 5/15/26 μ | 170,000 | 176,494 | |
176,494 | |||
Healthcare — 0.93% | |||
Ortho-Clinical Diagnostics 144A 7.375% 6/1/25 # | 96,000 | 103,470 | |
Surgery Center Holdings 144A 10.00% 4/15/27 # | 150,000 | 165,153 | |
Tenet Healthcare 6.875% 11/15/31 | 142,000 | 161,906 | |
430,529 | |||
Insurance — 0.42% | |||
HUB International 144A 7.00% 5/1/26 # | 190,000 | 197,518 | |
197,518 | |||
Media — 0.13% | |||
Clear Channel Outdoor Holdings 144A 7.75% 4/15/28 # | 60,000 | 62,928 | |
62,928 | |||
Technology — 0.86% | |||
Banff Merger Sub 144A 9.75% 9/1/26 # | 215,000 | 226,557 | |
Boxer Parent 144A 9.125% 3/1/26 # | 165,000 | 174,763 | |
401,320 | |||
Transportation — 1.12% | |||
Delta Air Lines 144A 7.00% 5/1/25 # | 350,000 | 408,686 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Transportation (continued) | |||
United Airlines Holdings 4.875% 1/15/25 | 105,000 | $109,083 | |
517,769 | |||
Total Corporate Bonds (cost $2,224,814) | 2,415,825 | ||
Loan Agreements — 89.86% | |||
Acrisure Tranche B 3.604% (LIBOR01M + 3.50%) 2/15/27 • | 405,813 | 401,958 | |
Advantage Sales & Marketing 1st Lien 6.00% (LIBOR03M + 5.25%) 10/28/27 • | 437,800 | 442,843 | |
American Airlines Tranche B 2.073% (LIBOR01M + 2.00%) 12/14/23 • | 385,419 | 376,827 | |
Applied Systems 2nd Lien 6.25% (LIBOR03M + 5.50%) 9/19/25 • | 1,006,392 | 1,023,249 | |
Apro 4.50% (LIBOR03M + 3.75%) 11/14/26 • | 145,551 | 145,551 | |
Aramark Services Tranche B-5 2.604% (LIBOR01M + 2.50%) 4/6/28 • | 249,375 | 248,752 | |
Array Technologies 3.75% (LIBOR03M + 3.25%) 10/14/27 • | 582,252 | 571,335 | |
Artera Services TBD 3/6/25 X | 700,000 | 697,812 | |
Aruba Investments Holdings 1st Lien 4.75% (LIBOR03M + 4.00%) 11/24/27 • | 433,913 | 436,082 | |
Aruba Investments Holdings 2nd Lien 8.50% (LIBOR06M + 7.75%) 11/24/28 • | 435,000 | 439,350 | |
AssuredPartners | |||
3.604% (LIBOR01M + 3.50%) 2/12/27 • | 436,324 | 434,454 | |
5.50% (LIBOR01M + 4.50%) 2/12/27 • | 222,188 | 223,067 | |
Ball Metalpack Finco 2nd Lien 9.75% (LIBOR01M + 8.75%) 7/31/26 • | 305,000 | 301,950 |
NQ-QFV [6/21] 8/21 (1751143) 1
Schedule of investments
Delaware Floating Rate II Fund (Unaudited)
Principal amount° | Value (US $) | ||
Loan Agreements (continued) | |||
Bausch Health 3.104% (LIBOR01M + 3.00%) 6/2/25 • | 273,884 | $273,114 | |
Bayou Intermediate II Tranche B TBD 5/15/28 X | 250,000 | 251,250 | |
Beacon Roofing Supply 2.604% (LIBOR01M + 2.50%) 5/19/28 • | 425,000 | 423,406 | |
Boxer Parent 3.854% (LIBOR01M + 3.75%) 10/2/25 • | 325,546 | 324,020 | |
BW Gas & Convenience Holdings Tranche B 4.00% (LIBOR01M + 3.50%) 3/17/28 • | 715,000 | 715,894 | |
Caesars Resort Collection Tranche B-1 4.604% (LIBOR01M + 4.50%) 7/21/25 • | 385,090 | 386,840 | |
Camelot US Acquisition l | |||
3.104% (LIBOR01M + 3.00%) 10/30/26 • | 419,010 | 417,962 | |
4.00% (LIBOR01M + 3.00%) 10/30/26 • | 174,125 | 174,430 | |
Carnival 3.75% (LIBOR03M + 3.00%) 6/30/25 • | 630,630 | 631,517 | |
CityCenter Holdings 3.00% (LIBOR01M + 2.25%) 4/18/24 • | 252,791 | 251,144 | |
Columbus McKinnon 3.25% (LIBOR03M + 2.75%) 5/14/28 • | 225,000 | 225,000 | |
Connect US Finco 4.50% (LIBOR01M + 3.50%) 12/11/26 • | 123,792 | 124,076 | |
Consolidated Communications 4.25% (LIBOR01M + 3.50%) 10/2/27 • | 528,364 | 529,973 | |
Core & Main 3.75% (LIBOR01M + 2.75%) 8/1/24 • | 537,018 | 537,466 | |
CoreLogic 1st Lien TBD 6/4/28 X | 490,000 | 489,770 | |
CSC Holdings 2.323% (LIBOR01M + 2.25%) 7/17/25 • | 329,687 | 326,184 |
Principal amount° | Value (US $) | ||
Loan Agreements (continued) | |||
Cumulus Media New Holdings 4.75% (LIBOR03M + 3.75%) 3/31/26 • | 213,878 | $214,279 | |
Dun & Bradstreet Tranche B 3.345% (LIBOR01M + 3.25%) 2/6/26 • | 444,271 | 442,535 | |
Ensemble RCM 3.936% (LIBOR03M + 3.75%) 8/3/26 • | 596,962 | 597,957 | |
Epicor Software 2nd Lien 8.75% (LIBOR01M + 7.75%) 7/31/28 • | 760,000 | 788,263 | |
Frontier Communications Tranche B 4.50% (LIBOR01M + 3.75%) 5/1/28 • | 600,000 | 601,406 | |
Gainwell Acquisition Tranche B 4.75% (LIBOR03M + 4.00%) 10/1/27 • | 945,250 | 949,385 | |
Garda World Security Tranche B-2 4.35% (LIBOR01M + 4.25%) 10/30/26 • | 423,678 | 426,137 | |
Global Medical Response 5.75% (LIBOR03M + 4.75%) 10/2/25 • | 584,250 | 587,536 | |
Green Energy Partners Tranche B-1 6.50% (LIBOR03M + 5.50%) 11/13/21 • | 119,319 | 111,663 | |
Green Energy Partners Tranche B-2 6.50% (LIBOR03M + 5.50%) 11/13/21 • | 168,155 | 157,365 | |
Hamilton Projects Acquiror 5.75% (LIBOR03M + 4.75%) 6/17/27 • | 352,456 | 349,813 | |
Heartland Dental 3.604% (LIBOR01M + 3.50%) 4/30/25 • | 917,209 | 908,108 | |
Hightower 4.75% (LIBOR03M + 4.00%) 4/21/28 • | 560,000 | 561,984 | |
HUB International Tranche B-3 4.00% (LIBOR03M + 3.25%) 4/25/25 • | 123,578 | 123,749 | |
ICON Luxembourg Tranche B TBD 6/16/28 X | 380,258 | 381,447 |
2 NQ-QFV [6/21] 8/21 (1751143)
(Unaudited)
Principal amount° | Value (US $) | ||
Loan Agreements (continued) | |||
ICON Luxembourg Tranche B1 TBD 6/16/28 X | 94,742 | $95,038 | |
Ineos US Petrochem Tranche B 3.25% (LIBOR01M + 2.75%) 1/29/26 • | 460,000 | 459,641 | |
Informatica 2nd Lien 7.125% (LIBOR03M + 7.125% ) 2/25/25 • | 572,000 | 586,300 | |
Jazz Financing 4.00% (LIBOR01M + 3.50%) 5/5/28 • | 225,000 | 226,105 | |
Kenan Advantage Group Tranche B 4.50% (LIBOR01M + 3.75%) 3/24/26 • | 497,500 | 498,868 | |
Logmein 1st Lien 4.827% (LIBOR01M + 4.75%) 8/31/27 • | 1,000 | 999 | |
Madison IAQ 3.75% (LIBOR03M + 3.25%) 6/16/28 • | 235,000 | 235,411 | |
Magenta Buyer 1st Lien TBD 5/3/28 X | 485,000 | 485,519 | |
Medrisk Tranche B 1st Lien 4.50% (LIBOR01M + 3.75%) 5/10/28 • | 250,000 | 250,406 | |
Mermaid Bidco Tranche B 5.00% (LIBOR03M + 4.25%) 12/22/27 • | 592,625 | 595,588 | |
Michaels Tranche B 5.00% (LIBOR03M + 4.25%) 4/15/28 • | 315,893 | 317,604 | |
Mileage Plus Holdings 6.25% (LIBOR03M + 5.25%) 6/21/27 • | 553,000 | 591,062 | |
Numericable US Tranche B-13 4.156% (LIBOR03M + 4.00%) 8/14/26 • | 251,703 | 251,651 | |
Organon & Co. Tranche B 3.50% (LIBOR03M + 3.00%) 6/2/28 • | 270,000 | 270,555 | |
Ortho-Clinical Diagnostics 3.089% (LIBOR01M + 3.00%) 6/30/25 • | 372,345 | 372,445 | |
Padagis Tranche B 5.25% (LIBOR03M + 4.75%) 6/30/28 • | 265,000 | 262,350 |
Principal amount° | Value (US $) | ||
Loan Agreements (continued) | |||
Peraton Tranche B 1st Lien 4.50% (LIBOR01M + 3.75%) 2/1/28 • | 887,775 | $892,006 | |
PetsMart 4.50% (LIBOR03M + 3.75%) 2/11/28 • | 350,000 | 350,656 | |
PG&E Tranche B 3.50% (LIBOR03M + 3.00%) 6/23/25 • | 348,155 | 344,021 | |
Polaris Newco 1st Lien 4.50% (LIBOR03M + 4.00%) 6/4/28 • | 575,000 | 577,287 | |
PQ 3.25% (LIBOR03M + 2.75%) 6/9/28 • | 110,000 | 110,000 | |
PQ Tranche B 2.436% (LIBOR03M + 2.25%) 2/7/27 • | 52,908 | 52,875 | |
Precisely Software 2nd Lien 8.00% (LIBOR03M + 7.25%) 4/23/29 • | 735,000 | 737,297 | |
Precisely Software Incorporated 1st Lien TBD 4/23/28 X | 185,000 | 184,815 | |
Pregis Topco 1st Lien 4.104% (LIBOR01M + 4.00%) 7/31/26 • | 402,955 | 403,144 | |
Pretium PKG Holdings 1st Lien 4.75% (LIBOR03M + 4.00%) 11/5/27 • | 472,625 | 474,250 | |
Proofpoint TBD 6/9/28 X | 235,000 | 234,009 | |
Quikrete Holdings 1st Lien 2.604% (LIBOR01M + 2.50%) 2/1/27 • | 434,167 | 430,666 | |
RealPage 1st Lien 3.75% (LIBOR03M + 3.25%) 4/24/28 • | 860,000 | 858,602 | |
Rent-A-Center 4.75% (LIBOR01M + 4.00%) 2/17/28 • | 249,375 | 250,674 | |
Ryan Specialty Group Tranche B-1 3.75% (LIBOR01M + 3.00%) 9/1/27 • | 242,015 | 242,439 | |
Schweitzer-Mauduit International Tranche B 4.50% (LIBOR01M + 3.75%) 1/27/28 • | 620,000 | 613,025 |
NQ-QFV [6/21] 8/21 (1751143) 3
Schedule of investments
Delaware Floating Rate II Fund (Unaudited)
Principal amount° | Value (US $) | ||
Loan Agreements (continued) | |||
Scientific Games International Tranche B-5 2.854% (LIBOR01M + 2.75%) 8/14/24 • | 252,376 | $250,878 | |
Sinclair Televison Group Tranche B-2 2.61% (LIBOR01M + 2.50%) 9/30/26 • | 300,456 | 298,165 | |
Solenis International 2nd Lien 8.635% (LIBOR03M + 8.50%) 6/26/26 • | 840,000 | 843,150 | |
Spirit Aerosystems 6.00% (LIBOR01M + 5.25%) 1/15/25 • | 582,075 | 587,532 | |
SS&C Technologies Tranche B-5 1.854% (LIBOR01M + 1.75%) 4/16/25 • | 252,677 | 250,258 | |
Stars Group Holdings 3.647% (LIBOR03M + 3.50%) 7/10/25 • | 234,316 | 235,174 | |
Surgery Center Holdings 4.50% (LIBOR01M + 3.75%) 8/31/26 • | 288,534 | 290,134 | |
Tecta America 2nd Lien 9.25% (LIBOR03M + 8.50%) 4/6/29 • | 555,000 | 555,000 | |
Terrier Media Buyer Tranche B 3.604% (LIBOR01M + 3.50%) 12/17/26 • | 252,103 | 251,228 | |
Tosca Services 4.25% (LIBOR01M + 3.50%) 8/18/27 • | 352,415 | 353,222 | |
TricorBraun | |||
0.608% (LIBOR03M + 3.25%) 3/3/28 • | 1,836 | 1,824 | |
3.75% (LIBOR06M + 3.25%) 3/3/28 • | 244,912 | 243,362 | |
Triton Water Holdings 1st lien 4.00% (LIBOR03M + 3.50%) 3/31/28 • | 650,000 | 650,348 | |
Truck Hero 4.50% (LIBOR01M + 3.75%) 1/29/28 • | 802,988 | 804,103 | |
UKG 4.00% (LIBOR03M + 3.25%) 5/4/26 • | 213,239 | 213,639 | |
Ultimate Software Group 2nd Lien 7.50% (LIBOR03M + 6.75%) 5/3/27 • | 692,000 | 706,129 |
Principal amount° | Value (US $) | ||
Loan Agreements (continued) | |||
United Airlines, Inc. Tranche B 4.50% (LIBOR03M + 3.75%) 4/21/28 • | 798,000 | $809,400 | |
USI 3.397% (LIBOR03M + 3.25%) 12/2/26 • | 249,734 | 247,794 | |
USIC Holdings 4.25% (LIBOR01M + 3.50%) 5/5/28 • | 365,000 | 364,943 | |
USS Ultimate Holdings 2nd Lien 8.75% (LIBOR01M + 7.75%) 8/25/25 • | 254,545 | 255,182 | |
Vantage Specialty Chemicals 1st lien 4.50% (LIBOR03M + 3.50%) 10/28/24 • | 223,840 | 218,839 | |
Vantage Specialty Chemicals 2nd Lien 9.25% (LIBOR03M + 8.25%) 10/27/25 • | 150,000 | 144,900 | |
Verscend Holding Tranche B 4.104% (LIBOR01M + 4.00%) 8/27/25 • | 851,283 | 854,830 | |
Wheel Pros 1st Lien 5.25% (LIBOR01M + 4.50%) 5/11/28 • | 425,000 | 426,564 | |
White Cap Buyer 4.50% (LIBOR03M + 4.00%) 10/19/27 • | 392,763 | 393,806 | |
Whole Earth Brands 5.50% (LIBOR03M + 4.50%) 2/2/28 • | 159,432 | 158,635 | |
Total Loan Agreements (cost $41,043,596) | 41,691,250 |
Number of shares | |||
Short-Term Investments — 5.96% | |||
Money Market Mutual Funds — 5.96% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.03%) | 690,731 | 690,731 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 690,731 | 690,731 |
4 NQ-QFV [6/21] 8/21 (1751143)
(Unaudited)
Number of shares | Value (US $) | ||
Short-Term Investments (continued) | |||
Money Market Mutual Funds (continued) | |||
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.02%) | 690,732 | $690,732 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 690,732 | 690,732 | |
Total Short-Term Investments (cost $2,762,926) | 2,762,926 | ||
Total Value of Securities—101.02% (cost $46,031,336) | 46,870,001 | ||
Liabilities Net of Receivables and Other Assets—(1.02%) | (472,676) | ||
Net Assets Applicable to 4,920,044 Shares Outstanding—100.00% | $46,397,325 |
° | 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 June 30, 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 June 30, 2021, the aggregate value of Rule 144A securities was $1,746,468, which represents 3.76% of the Fund's net assets. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 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 June 30, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
Unfunded Loan Commitments
The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitments were outstanding at June 30, 2021:
Borrower | Principal Amount | Commitment | Value | Unrealized Appreciation (Depreciation) | ||||
Hightower 1.875% (LIBOR04M + 1.875%) 04/21/2028 | $140,000 | $140,000 | $140,496 | $496 | ||||
TricorBraun 0.50% (LIBOR04M + 0.50%) 3/3/28 | 53,252 | 53,252 | 52,915 | (337) |
Summary of abbreviations: |
GS – Goldman Sachs |
ICE – Intercontinental Exchange, Inc. |
LIBOR – London interbank offered rate |
LIBOR01M – ICE LIBOR USD 1 Month |
LIBOR03M – ICE LIBOR USD 3 Month |
LIBOR04M – ICE LIBOR USD 4 Month |
LIBOR06M – ICE LIBOR USD 6 Month |
NQ-QFV [6/21] 8/21 (1751143) 5
Schedule of investments
Delaware Floating Rate II Fund (Unaudited)
Summary of abbreviations: (continued) |
TBD – To be determined |
USD – US Dollar |
6 NQ-QFV [6/21] 8/21 (1751143)