Form N-CSRS DELAWARE GROUP LIMITED-T For: Jun 30

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Table of Contents

Experience Delaware Funds^® by Macquarie

Macquarie Investment Management (MIM) is a global asset manager with offices in the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 80 years in existence.

If you are interested in learning more about creating an investment plan, contact your financial advisor.

You can learn more about Delaware Funds or obtain a prospectus for Delaware Limited-Term Diversified Income Fund at delawarefunds.com/literature.

Manage your account online

●	Check your account balance and transactions
●	View statements and tax forms
●	Make purchases and redemptions

Visit delawarefunds.com/account-access.

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.

The Fund is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

The Fund is governed by US laws and regulations.

Table of contents

Disclosure of Fund expenses		1
Security type / sector allocation		3
Schedule of investments		4
Statement of assets and liabilities		18
Statement of operations		20
Statements of changes in net assets		21
Financial highlights		24
Notes to financial statements		34
Other Fund information		51
About the organization		52

Unless otherwise noted, views expressed herein are current as of June 30, 2021, and subject to change for events occurring after such date.

The Fund is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.

All third-party marks cited are the property of their respective owners.

© 2021 Macquarie Management Holdings, Inc.

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Table of Contents

Disclosure of Fund expenses
For the six-month period from January 1, 2021 to June 30, 2021 (Unaudited)

The investment objective of the Fund is to seek maximum total return, consistent with reasonable risk.

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from January 1, 2021 to June 30, 2021.

Actual expenses

The first section of the table shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Fund’s expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

1

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Table of Contents

Disclosure of Fund expenses
For the six-month period from January 1, 2021 to June 30, 2021 (Unaudited)

Delaware Limited-Term Diversified Income Fund
Expense analysis of an investment of $1,000

		Beginning					Ending										Expenses
		Account Value					Account Value					Annualized					Paid During Period
		1/1/21					6/30/21					Expense Ratio					1/1/21 to 6/30/21*
Actual Fund return†
Class A			$	1,000.00				$	1,000.20				0.54	%				$	2.68
Class C				1,000.00					995.90				1.39	%					6.88
Class R				1,000.00					998.40				0.89	%					4.41
Institutional Class				1,000.00					1,000.90				0.39	%					1.93
Class R6				1,000.00					1,000.00				0.32	%					1.59
Hypothetical 5% return (5% return before expenses)
Class A			$	1,000.00				$	1,022.12				0.54	%				$	2.71
Class C				1,000.00					1,017.90				1.39	%					6.95
Class R				1,000.00					1,020.38				0.89	%					4.46
Institutional Class				1,000.00					1,022.86				0.39	%					1.96
Class R6				1,000.00					1,023.21				0.32	%					1.61

*	“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

2

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Table of Contents

Security type / sector allocation
Delaware Limited-Term Diversified Income Fund	As of June 30, 2021 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials.
The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector		Percentage of net assets
Agency Asset-Backed Security			0.00	%
Agency Collateralized Mortgage Obligations			3.17	%
Agency Commercial Mortgage-Backed Securities			1.05	%
Agency Mortgage-Backed Securities			8.21	%
Collateralized Debt Obligations			7.66	%
Corporate Bonds			51.38	%
Banking			12.95	%
Basic Industry			2.36	%
Brokerage			0.17	%
Capital Goods			2.26	%
Communications			3.07	%
Consumer Cyclical			3.40	%
Consumer Non-Cyclical			5.14	%
Electric			6.77	%
Energy			4.47	%
Finance Companies			3.54	%
Healthcare			0.40	%
Insurance			2.99	%
Real Estate			0.37	%
Services			0.39	%
Technology			1.33	%
Transportation			1.77	%
Non-Agency Asset-Backed Securities			6.03	%
Non-Agency Collateralized Mortgage Obligations			0.01	%
Loan Agreements			0.24	%
Sovereign Bonds			0.36	%
US Treasury Obligations			17.64	%
Short-Term Investments			3.63	%
Total Value of Securities			99.38	%
Receivables and Other Assets Net of Liabilities			0.62	%
Total Net Assets			100.00	%

3

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Table of Contents

Schedule of investments
Delaware Limited-Term Diversified Income Fund	June 30, 2021 (Unaudited)

				Principal amount°			Value (US $)
Agency Asset-Backed Security – 0.00%
	Freddie Mac Structured Pass Through Certificates
		Series T-30 A5 8.61% 12/25/30 ◆, ●		3,197		$	3,547
Total Agency Asset-Backed Security (cost $3,340)							3,547
Agency Collateralized Mortgage Obligations – 3.17%
	Fannie Mae Grantor Trust
		Series 2001-T5 A2 6.976% 6/19/41 ●		17,590			20,518
	Freddie Mac REMICs
		Series 5092 WG 1.00% 4/25/31 =		5,122,645			5,155,084
	Freddie Mac Structured Agency Credit Risk REMIC
		Trust
		Series 2020-DNA6 M1 144A 0.918% (SOFR +
		0.90%) 12/25/50 #, ●		1,047,838			1,048,168
		Series 2021-DNA1 M1 144A 0.668% (SOFR +
		0.65%) 1/25/51 #, ●		1,540,340			1,540,340
		Series 2021-DNA3 M1 144A 0.768% (SOFR +
		0.75%) 10/25/33 #, ●		1,500,000			1,502,401
		Series 2021-HQA1 M1 144A 0.718% (SOFR +
		0.70%) 8/25/33 #, ●		1,700,000			1,700,000
		Series 2021-HQA2 M1 144A 0.717% (SOFR +
		0.70%) 12/25/33 #, ●		1,000,000			1,001,095
	Freddie Mac Structured Pass Through Certificates
		Series T-54 2A 6.50% 2/25/43 ◆		565			672
		Series T-58 2A 6.50% 9/25/43 ◆		312,071			360,428
	GNMA
		Series 2017-163 KH 3.50% 3/20/44		401,996			407,111
Total Agency Collateralized Mortgage Obligations (cost $12,692,505)							12,735,817
Agency Commercial Mortgage-Backed Securities – 1.05%
	Freddie Mac Multifamily Structured Pass Through
		Certificates
		Series K729 A2 3.136% 10/25/24 ◆		2,000,000			2,139,977
	FREMF Mortgage Trust
		Series 2011-K15 B 144A 5.088% 8/25/44 #, ●		95,000			94,977
		Series 2014-K717 B 144A 3.714% 11/25/47 #, ●		245,000			245,573
		Series 2014-K717 C 144A 3.714% 11/25/47 #, ●		80,000			80,145
		Series 2015-K720 B 144A 3.511% 7/25/22 #, ●		1,200,000			1,231,306
		Series 2016-K722 B 144A 3.989% 7/25/49 #, ●		430,000			452,691
Total Agency Commercial Mortgage-Backed Securities (cost $4,283,164)							4,244,669

4

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Table of Contents

			Principal amount°			Value (US $)
Agency Mortgage-Backed Securities – 8.21%
Fannie Mae S.F. 15 yr
	1.50% 7/1/36		326,000		$	330,146
	2.00% 4/1/36		1,329,842			1,374,356
	2.50% 8/1/35		758,401			791,358
	2.50% 11/1/35		3,525,717			3,686,022
Fannie Mae S.F. 20 yr
	2.00% 5/1/41		1,305,619			1,327,961
Fannie Mae S.F. 30 yr
	2.00% 12/1/50		99,789			100,977
	2.00% 1/1/51		57,059			57,670
	2.00% 2/1/51		518,636			524,113
	2.50% 9/1/50		153,886			160,779
	2.50% 10/1/50		275,787			288,982
	3.00% 11/1/49		174,148			185,432
	3.00% 5/1/51		898,002			947,743
	3.50% 10/1/42		962,789			1,038,977
	3.50% 7/1/47		246,577			263,926
	3.50% 2/1/48		248,692			267,826
	3.50% 11/1/48		134,586			141,941
	3.50% 3/1/50		62,155			65,821
	3.50% 9/1/50		790,361			863,403
	3.50% 6/1/51		772,669			823,494
	4.00% 6/1/48		173,931			189,792
	4.00% 10/1/48		1,068,284			1,169,411
	4.50% 10/1/45		752,768			829,415
	4.50% 5/1/46		952,563			1,058,890
	4.50% 9/1/49		1,288,951			1,409,069
	5.00% 7/1/47		1,371,139			1,568,440
	5.00% 8/1/49		2,087,469			2,319,739
	5.50% 5/1/44		2,878,069			3,332,702
	6.00% 6/1/41		338,701			401,210
	6.00% 7/1/41		3,068,356			3,638,093
	6.00% 1/1/42		208,244			246,710
Freddie Mac S.F. 15 yr
	3.00% 3/1/35		590,506			626,550
Freddie Mac S.F. 20 yr
	2.50% 6/1/41		617,530			642,657
Freddie Mac S.F. 30 yr
	2.00% 4/1/51		167,193			167,475
	3.50% 3/1/47		108,865			117,589
	4.00% 5/1/46		140,687			153,855
	4.50% 8/1/48		884,585			962,458
	4.50% 1/1/49		101,150			111,533

5

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Table of Contents

Schedule of investments
Delaware Limited-Term Diversified Income Fund

				Principal amount°			Value (US $)
Agency Mortgage-Backed Securities (continued)
	Freddie Mac S.F. 30 yr
		4.50% 4/1/49		205,874		$	225,448
		4.50% 5/1/49		545,447			593,117
		6.00% 5/1/39		22,652			26,742
Total Agency Mortgage-Backed Securities (cost $32,879,441)							33,031,822
Collateralized Debt Obligations – 7.66%
	AMMC CLO 23
		Series 2020-23A A1L 144A 1.59% (LIBOR03M +
		1.40%, Floor 1.40%) 10/17/31 #, ●		1,200,000			1,203,959
	Ballyrock CLO
		Series 2018-1A A1 144A 1.188% (LIBOR03M +
		1.00%) 4/20/31 #, ●		2,000,000			2,000,154
		Series 2020-2A A1 144A 1.508% (LIBOR03M +
		1.32%, Floor 1.32%) 10/20/31 #, ●		1,500,000			1,505,074
	Battalion CLO 18
		Series 2020-18A A1 144A 1.984% (LIBOR03M +
		1.80%, Floor 1.80%) 10/15/32 #, ●		2,000,000			2,007,128
	Benefit Street Partners CLO IX
		Series 2016-9A AR 144A 1.298% (LIBOR03M +
		1.11%) 7/20/31 #, ●		500,000			500,882
	BlueMountain CLO XXX
		Series 2020-30A A 144A 1.574% (LIBOR03M +
		1.39%, Floor 1.39%) 1/15/33 #, ●		1,250,000			1,254,487
	Carlyle Global Market Strategies CLO
		Series 2014-2RA A1 144A 1.206% (LIBOR03M +
		1.05%) 5/15/31 #, ●		985,636			986,371
		Series 2015-5A A1R 144A 1.508% (LIBOR03M +
		1.32%, Floor 1.32%) 1/20/32 #, ●		1,000,000			1,009,603
	CBAM
		Series 2020-13A A 144A 1.618% (LIBOR03M +
		1.43%, Floor 1.43%) 1/20/34 #, ●		2,200,000			2,205,599
	Cedar Funding IX CLO
		Series 2018-9A A1 144A 1.168% (LIBOR03M +
		0.98%, Floor 0.98%) 4/20/31 #, ●		575,000			575,388
	CIFC Funding
		Series 2013-4A A1RR 144A 1.241% (LIBOR03M +
		1.06%, Floor 1.06%) 4/27/31 #, ●		2,000,000			2,002,054
	Dryden 83 CLO
		Series 2020-83A A 144A 1.457% (LIBOR03M +
		1.22%, Floor 1.22%) 1/18/32 #, ●		2,200,000			2,199,439
	Galaxy XXI CLO
		Series 2015-21A AR 144A 1.208% (LIBOR03M +
		1.02%) 4/20/31 #, ●		1,000,000			1,000,730

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Table of Contents

				Principal amount°			Value (US $)
Collateralized Debt Obligations (continued)
	KKR CLO 32
		Series 32A A1 144A 1.504% (LIBOR03M +
		1.32%, Floor 1.32%) 1/15/32 #, ●		1,200,000		$	1,204,192
	LCM XVIII
		Series 18A A1R 144A 1.208% (LIBOR03M +
		1.02%) 4/20/31 #, ●		1,500,000			1,500,087
	Octagon Investment Partners 33
		Series 2017-1A A1 144A 1.378% (LIBOR03M +
		1.19%) 1/20/31 #, ●		2,350,000			2,350,869
	Octagon Investment Partners 48
		Series 2020-3A A 144A 1.688% (LIBOR03M +
		1.50%, Floor 1.50%) 10/20/31 #, ●		2,000,000			2,002,542
	Sound Point CLO XXI
		Series 2018-3A A1A 144A 1.356% (LIBOR03M +
		1.18%, Floor 1.18%) 10/26/31 #, ●		2,300,000			2,300,269
	York CLO-6
		Series 2019-1A A1 144A 1.534% (LIBOR03M +
		1.35%) 7/22/32 #, ●		1,000,000			1,001,886
	Zais CLO 16
		Series 2020-16A A1 144A 2.378% (LIBOR03M +
		2.19%, Floor 2.19%) 10/20/31 #, ●		2,000,000			2,001,010
Total Collateralized Debt Obligations (cost $30,611,451)							30,811,723
Corporate Bonds – 51.38%
Banking – 12.95%
	Banco Continental 144A 2.75% 12/10/25 #			200,000			197,903
	Banco de Bogota 144A 6.25% 5/12/26 #			200,000			219,257
	Banco de Credito del Peru 144A 2.70% 1/11/25 #			200,000			207,150
	Banco de Credito e Inversiones 144A 4.00%
		2/11/23 #		200,000			209,900
	Banco del Estado de Chile 144A 2.704% 1/9/25 #			220,000			229,352
	Banco Santander 3.50% 4/11/22			1,600,000			1,639,032
	Banco Santander Mexico 144A 4.125% 11/9/22 #			150,000			156,075
	Bancolombia 3.00% 1/29/25			215,000			221,074
	Bank of America
		3.458% 3/15/25 µ		2,845,000			3,042,243
		4.10% 7/24/23		340,000			365,432
	Bank of Georgia 144A 6.00% 7/26/23 #			200,000			214,520
	Bank of Montreal 1.85% 5/1/25			345,000			356,145
	Barclays Bank 1.70% 5/12/22			2,420,000			2,448,055
	BBVA Bancomer
		144A 1.875% 9/18/25 #		690,000			698,694
		144A 6.75% 9/30/22 #		150,000			159,573

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Table of Contents

Schedule of investments
Delaware Limited-Term Diversified Income Fund

				Principal amount°			Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Citigroup 4.044% 6/1/24 µ			2,430,000		$	2,589,330
	Credit Agricole 144A 1.907% 6/16/26 #, µ			370,000			377,427
	Credit Suisse Group 144A 2.593% 9/11/25 #, µ			2,295,000			2,388,989
	Emirates NBD Bank 2.625% 2/18/25			200,000			209,500
	Goldman Sachs Group
		0.856% (SOFR + 0.81%) 3/9/27 ●		4,905,000			4,903,918
		1.326% (LIBOR03M + 1.17%) 5/15/26 ●		3,010,000			3,091,303
		1.542% 9/10/27 µ		180,000			179,716
	ICICI Bank 3.25% 9/9/22			320,000			327,911
	JPMorgan Chase & Co.
		0.629% (SOFR + 0.58%) 3/16/24 ●		1,310,000			1,318,946
		0.91% (SOFR + 0.885%) 4/22/27 ●		955,000			967,178
		4.023% 12/5/24 µ		4,240,000			4,578,380
		4.60% 2/1/25 µ, ψ		135,000			140,069
	KEB Hana Bank 144A 3.375% 1/30/22 #			500,000			508,432
	KeyBank
		2.40% 6/9/22		250,000			255,104
		3.18% 10/15/27		1,335,000			1,369,805
	Kookmin Bank 144A 2.875% 3/25/23 #			200,000			207,480
	Morgan Stanley
		0.731% 4/5/24 µ		1,970,000			1,974,591
		2.75% 5/19/22		1,075,000			1,099,144
	National Securities Clearing 144A 1.20% 4/23/23 #			520,000			528,299
	Natwest Group 8.625% 8/15/21 µ, ψ			1,285,000			1,297,265
	Nordea Bank 144A 0.625% 5/24/24 #			2,575,000			2,575,987
	Popular 6.125% 9/14/23			523,000			566,200
	QNB Finance 2.625% 5/12/25			250,000			261,993
	Regions Financial 3.80% 8/14/23			1,070,000			1,141,324
	Toronto-Dominion Bank 0.398% (SOFR + 0.355%)
		3/4/24 ●		2,850,000			2,853,646
	Truist Bank 2.636% 9/17/29 µ			1,465,000			1,535,818
	Truist Financial 2.70% 1/27/22			2,785,000			2,819,724
	UBS 144A 1.75% 4/21/22 #			200,000			202,261
	US Bank 3.40% 7/24/23			1,380,000			1,463,020
							52,097,165
Basic Industry – 2.36%
	Avient 144A 5.75% 5/15/25 #			822,000			869,832
	First Quantum Minerals 144A 7.50% 4/1/25 #			1,085,000			1,128,546
	Gold Fields Orogen Holdings BVI 144A 5.125%
		5/15/24 #		250,000			272,949
	Inversiones CMPC 144A 4.75% 9/15/24 #			1,340,000			1,460,432

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Table of Contents

				Principal amount°		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
	LYB International Finance III 2.875% 5/1/25			225,000		$	239,046
	New Gold 144A 6.375% 5/15/25 #			166,000			171,603
	Nutrien 1.90% 5/13/23			1,995,000			2,044,629
	OCP 144A 4.50% 10/22/25 #			635,000			689,630
	PowerTeam Services 144A 9.033% 12/4/25 #			605,000			666,256
	Sociedad Quimica y Minera de Chile 144A 3.625%
		4/3/23 #		200,000			209,326
	Steel Dynamics 2.80% 12/15/24			1,455,000			1,536,775
	Volcan Cia Minera 144A 4.375% 2/11/26 #			200,000			198,654
							9,487,678
Brokerage – 0.17%
	Banco BTG Pactual 144A 2.75% 1/11/26 #			200,000			195,152
	Charles Schwab 4.00% 6/1/26 µ, ψ			285,000			297,825
	XP 144A 3.25% 7/1/26 #			200,000			198,000
							690,977
Capital Goods – 2.26%
	Roper Technologies 2.35% 9/15/24			2,295,000			2,408,527
	Spirit AeroSystems 144A 5.50% 1/15/25 #			890,000			948,339
	Teledyne Technologies 0.95% 4/1/24			4,165,000			4,172,201
	TransDigm 144A 8.00% 12/15/25 #			820,000			888,298
	Turkiye Sise ve Cam Fabrikalari 144A 6.95%
		3/14/26 #		200,000			222,880
	Welbilt 9.50% 2/15/24			433,000			454,304
							9,094,549
Communications – 3.07%
	AMC Networks 5.00% 4/1/24			438,000			444,824
	Charter Communications Operating 4.908%
		7/23/25		1,515,000			1,717,338
	Clear Channel International 144A 6.625% 8/1/25 #			475,000			500,811
	CSC Holdings 6.75% 11/15/21			375,000			383,293
	Fox
		3.666% 1/25/22		880,000			897,397
		4.03% 1/25/24		2,280,000			2,470,902
	IHS Netherlands Holdco 144A 7.125% 3/18/25 #			200,000			209,000
	Ooredoo International Finance 144A 5.00%
		10/19/25 #		200,000			230,645
	Sirius XM Radio 144A 4.625% 7/15/24 #			250,000			257,174
	Sprint Spectrum 144A 4.738% 9/20/29 #			421,875			453,727
	Tencent Holdings 144A 3.28% 4/11/24 #			200,000			213,138
	Time Warner Entertainment 8.375% 3/15/23			1,795,000			2,029,288
	T-Mobile USA 3.50% 4/15/25			290,000			315,102

9

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Table of Contents

Schedule of investments
Delaware Limited-Term Diversified Income Fund

				Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
	Turk Telekomunikasyon 144A 4.875% 6/19/24 #			200,000		$	209,442
	Verizon Communications 0.75% 3/22/24			2,025,000			2,034,325
							12,366,406
Consumer Cyclical – 3.40%
	Boyd Gaming 144A 8.625% 6/1/25 #			791,000			872,963
	Carnival 144A 7.625% 3/1/26 #			685,000			744,938
	Ford Motor 8.50% 4/21/23			1,256,000			1,403,203
	Ford Motor Credit 3.375% 11/13/25			1,200,000			1,245,840
	General Motors Financial
		0.804% (SOFR + 0.76%) 3/8/24 •		2,340,000			2,357,512
		3.45% 4/10/22		1,195,000			1,217,140
		4.15% 6/19/23		2,275,000			2,417,094
	IRB Holding 144A 7.00% 6/15/25 #			129,000			139,581
	Kia 144A 1.00% 4/16/24 #			250,000			251,447
	Sands China 3.80% 1/8/26			200,000			214,344
	Scientific Games International 144A 5.00%
		10/15/25 #		1,085,000			1,123,143
	Six Flags Entertainment 144A 4.875% 7/31/24 #			1,055,000			1,066,869
	Station Casinos 144A 5.00% 10/1/25 #			285,000			290,127
	VF 2.40% 4/23/25			330,000			346,270
							13,690,471
Consumer Non-Cyclical – 5.14%
	AbbVie
		2.60% 11/21/24		2,915,000			3,074,914
		3.75% 11/14/23		10,000			10,731
	Cigna
		1.074% (LIBOR03M + 0.89%) 7/15/23 •		2,055,000			2,083,202
		3.75% 7/15/23		507,000			540,089
	CK Hutchison International 17 144A 2.875%
		4/5/22 #		200,000			203,500
	CVS Health 3.70% 3/9/23			387,000			407,654
	DP World Crescent 144A 3.908% 5/31/23 #			200,000			210,918
	Gilead Sciences 3.70% 4/1/24			1,160,000			1,247,278
	Global Payments 2.65% 2/15/25			1,412,000			1,488,922
	Mondelez International 1.50% 5/4/25			1,210,000			1,232,453
	PayPal Holdings 1.35% 6/1/23			3,025,000			3,079,646
	Royalty Pharma 144A 1.20% 9/2/25 #			2,890,000			2,866,218
	Takeda Pharmaceutical 4.40% 11/26/23			1,850,000			2,008,903
	Teva Pharmaceutical Finance Netherlands III 6.00%
		4/15/24		250,000			265,732

10

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Table of Contents

				Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	Viatris 144A 1.65% 6/22/25 #			1,960,000		$	1,984,884
							20,705,044
Electric – 6.77%
	AEP Texas 2.40% 10/1/22			2,810,000			2,874,299
	Avangrid 3.20% 4/15/25			505,000			542,766
	Azure Power Energy 144A 5.50% 11/3/22 #			215,000			218,499
	CenterPoint Energy 0.684% (SOFR + 0.65%)
		5/13/24 •		4,005,000			4,023,703
	Clean Renewable Power Mauritius 144A 4.25%
		3/25/27 #		200,000			204,005
	Cleveland Electric Illuminating 5.50% 8/15/24			1,430,000			1,626,366
	CLP Power Hong Kong Financing 2.875% 4/26/23			200,000			207,365
	Duke Energy
		1.80% 9/1/21		2,250,000			2,252,192
		4.875% 9/16/24 µ, ψ		570,000			607,050
	Engie Energia Chile 144A 4.50% 1/29/25 #			1,340,000			1,465,917
	Entergy 4.00% 7/15/22			1,050,000			1,083,314
	Entergy Louisiana 4.05% 9/1/23			1,125,000			1,196,623
	ITC Holdings 2.70% 11/15/22			1,570,000			1,614,578
	NRG Energy 144A 3.75% 6/15/24 #			1,845,000			1,966,903
	Southern California Edison 1.10% 4/1/24			2,995,000			3,016,466
	Vistra Operations 144A 3.55% 7/15/24 #			2,120,000			2,239,835
	WEC Energy Group 0.80% 3/15/24			2,095,000			2,100,612
							27,240,493
Energy – 4.47%
	Apache 4.625% 11/15/25			785,000			850,033
	Cheniere Corpus Christi Holdings 7.00% 6/30/24			1,955,000			2,240,367
	Devon Energy 144A 5.25% 9/15/24 #			621,000			692,207
	Enbridge 0.435% (SOFR + 0.40%) 2/17/23 •			1,225,000			1,227,762
	Energean Israel Finance 144A 4.875% 3/30/26 #			200,000			205,330
	Greenko Mauritius 144A 6.25% 2/21/23 #			210,000			216,823
	MPLX 4.875% 12/1/24			1,955,000			2,189,935
	Murphy Oil 5.75% 8/15/25			905,000			929,888
	NuStar Logistics 5.75% 10/1/25			715,000			779,722
	Occidental Petroleum 5.50% 12/1/25			905,000			1,002,871
	ONEOK 7.50% 9/1/23			1,655,000			1,865,425
	Petroleos Mexicanos 4.625% 9/21/23			130,000			135,819
	Pioneer Natural Resources 0.55% 5/15/23			1,425,000			1,426,895
	Sabine Pass Liquefaction 5.75% 5/15/24			1,990,000			2,234,297
	Saudi Arabian Oil 144A 1.625% 11/24/25 #			205,000			207,254
	Southwestern Energy 6.45% 1/23/25			983,000			1,090,211

11

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Table of Contents

Schedule of investments
Delaware Limited-Term Diversified Income Fund

				Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
	Tengizchevroil Finance Co International 144A
		2.625% 8/15/25 #		200,000		$	205,581
	Western Midstream Operating 4.35% 2/1/25			465,000			491,940
							17,992,360
Finance Companies – 3.54%
	AerCap Ireland Capital DAC 3.15% 2/15/24			3,145,000			3,303,021
	Air Lease
		2.875% 1/15/26		780,000			820,168
		3.00% 9/15/23		775,000			810,444
	Ally Financial 5.75% 11/20/25			771,000			886,038
	Aviation Capital Group 144A 1.95% 1/30/26 #			2,710,000			2,712,027
	Avolon Holdings Funding 144A 3.95% 7/1/24 #			1,675,000			1,787,308
	BOC Aviation USA 144A 1.625% 4/29/24 #			200,000			201,708
	DAE Sukuk DIFC 144A 3.75% 2/15/26 #			200,000			212,216
	SURA Asset Management 144A 4.875% 4/17/24 #			500,000			541,250
	USAA Capital 144A 1.50% 5/1/23 #			2,900,000			2,959,646
							14,233,826
Healthcare – 0.40%
	Bausch Health 144A 6.125% 4/15/25 #			993,000			1,019,066
	Ortho-Clinical Diagnostics 144A 7.375% 6/1/25 #			540,000			582,020
							1,601,086
Insurance – 2.99%
	AIA Group 3.125% 3/13/23			210,000			218,357
	Athene Global Funding
		144A 0.739% (SOFR + 0.70%) 5/24/24 #, •		2,055,000			2,072,611
		144A 1.00% 4/16/24 #		1,825,000			1,831,124
	Brighthouse Financial Global Funding
		144A 0.779% (SOFR + 0.76%) 4/12/24 #, •		1,260,000			1,269,678
		144A 1.00% 4/12/24 #		1,660,000			1,663,926
	Equitable Holdings 3.90% 4/20/23			1,054,000			1,114,789
	GA Global Funding Trust 144A 1.00% 4/8/24 #			2,995,000			3,002,822
	USI 144A 6.875% 5/1/25 #			850,000			863,188
							12,036,495
Real Estate – 0.37%
	Goodman HK Finance 4.375% 6/19/24			200,000			217,010
	HAT Holdings I 144A 6.00% 4/15/25 #			821,000			867,842
	Kaisa Group Holdings 9.375% 6/30/24			200,000			189,250
	Trust Fibra UNO 144A 5.25% 1/30/26 #			200,000			225,500
							1,499,602

12

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				Principal amount°		Value (US $)
Corporate Bonds (continued)
Services – 0.39%
	Prime Security Services Borrower 144A 5.25%
		4/15/24 #		649,000		$	696,234
	Shimao Group Holdings 6.125% 2/21/24			200,000			206,500
	WESCO Distribution 144A 7.125% 6/15/25 #			605,000			654,580
							1,557,314
Technology – 1.33%
	Baidu 1.72% 4/9/26			200,000			202,043
	International Business Machines 3.00% 5/15/24			1,090,000			1,162,129
	Microchip Technology 144A 0.983% 9/1/24 #			1,655,000			1,647,912
	NXP 144A 2.70% 5/1/25 #			55,000			58,058
	SK Hynix 144A 1.50% 1/19/26 #			200,000			197,500
	Skyworks Solutions 0.90% 6/1/23			2,070,000			2,076,466
							5,344,108
Transportation – 1.77%
	Adani Ports & Special Economic Zone 144A 3.375%
		7/24/24 #		235,000			244,572
	Aerovias de Mexico 144A 7.00% 2/5/25 #, ‡			200,000			159,234
	ASG Finance Designated Activity 144A 7.875%
		12/3/24 #		217,000			213,203
	DAE Funding 144A 1.55% 8/1/24 #			200,000			199,974
	Delta Air Lines
		144A 7.00% 5/1/25 #		2,555,000			2,983,405
		7.375% 1/15/26		621,000			729,132
	Spirit Loyalty Cayman 144A 8.00% 9/20/25 #			443,999			503,051
	Triton Container International 144A 1.15% 6/7/24 #			1,960,000			1,956,685
	United Airlines 144A 4.375% 4/15/26 #			125,000			129,554
							7,118,810
Total Corporate Bonds (cost $202,084,615)							206,756,384
Non-Agency Asset-Backed Securities – 6.03%
	American Express Credit Account Master Trust
		Series 2018-6 A 3.06% 2/15/24		1,145,000			1,146,380
	ARI Fleet Lease Trust
		Series 2018-B A2 144A 3.22% 8/16/27 #		190,871			191,706
	Dell Equipment Finance Trust
		Series 2020-2 A2 144A 0.47% 10/24/22 #		2,288,503			2,291,385
	Ford Credit Auto Lease Trust
		Series 2020-A A2 1.80% 7/15/22		106,511			106,570
	Ford Credit Auto Owner Trust
		Series 2021-A B 0.70% 10/15/26		180,000			178,958

13

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Table of Contents

Schedule of investments
Delaware Limited-Term Diversified Income Fund

		Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Ford Credit Floorplan Master Owner Trust A
Series 2020-1 A1
0.70% 9/15/25		4,000,000		$	4,019,594
GM Financial Leasing Trust
Series 2021-1 B 0.54% 2/20/25		270,000			269,756
GMF Floorplan Owner Revolving Trust
Series 2020-1 A 144A 0.68% 8/15/25 #		500,000			501,832
HOA Funding
Series 2014-1A A2 144A 4.846% 8/20/44 #		229,225			227,911
Hyundai Auto Lease Securitization Trust
Series 2021-A B 144A 0.61% 10/15/25 #		2,100,000			2,103,415
JPMorgan Chase Bank
Series 2020-2 B 144A 0.84% 2/25/28 #		1,429,272			1,431,192
Mercedes-Benz Master Owner Trust
Series 2019-BA A 144A 2.61% 5/15/24 #		1,200,000			1,224,830
MMAF Equipment Finance
Series 2020-BA A2 144A 0.38% 8/14/23 #		4,300,000			4,304,346
PFS Financing
Series 2020-G A 144A 0.97% 2/15/26 #		1,000,000			1,006,815
Tesla Auto Lease Trust
Series 2021-A B 144A 1.02% 3/20/25 #		3,400,000			3,416,697
Towd Point Mortgage Trust
Series 2015-5 A1B 144A 2.75% 5/25/55 #, ●		10,795			10,794
Series 2015-6 A1B 144A 2.75% 4/25/55 #, ●		74,626			74,925
Trafigura Securitisation Finance
Series 2018-1A A1 144A 0.803% (LIBOR01M +
0.73%) 3/15/22 #, ●		200,000			199,976
UNIFY Auto Receivables Trust
Series 2021-1A A3 144A 0.51% 6/16/25 #		400,000			400,054
Verizon Owner Trust
Series 2020-C A 0.41% 4/21/25		1,000,000			1,001,629
Volkswagen Auto Lease Trust
Series 2020-A A4 Series 2020-A A4 0.45%
7/21/25		150,000			150,086
Total Non-Agency Asset-Backed Securities (cost $24,235,384)					24,258,851
Non-Agency Collateralized Mortgage Obligations – 0.01%
GSMPS Mortgage Loan Trust
Series 1998-2 A 144A 7.75% 5/19/27 #, ●		17,762			17,743
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-AR5 2A1 2.634% 4/25/36 ●		31,241			30,906
Total Non-Agency Collateralized Mortgage Obligations (cost $40,916)					48,649

14

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Table of Contents

		Principal amount°		Value (US $)
Loan Agreements – 0.24%
Applied Systems 1st Lien 3.75% (LIBOR03M +
3.25%) 9/19/24 ●		244,033		$	248,120
AssuredPartners 3.605% (LIBOR01M + 3.50%)
2/12/27 ●		260,520			259,404
Charter Communications Operating Tranche
B2 1.86% (LIBOR03M + 1.75%) 2/1/27 ●		241,288			239,689
Gardner Denver Tranche B-1 1.854% (LIBOR01M +
1.75%) 3/1/27 ●		205,664			203,626
Total Loan Agreements (cost $945,678)					950,839
Sovereign Bonds – 0.36%Δ
Croatia – 0.05%
Croatia Government International Bond 144A 5.50%
4/4/23 #		200,000			217,383
					217,383
Indonesia – 0.08%
Indonesia Government International Bond 144A
3.375% 4/15/23 #		310,000			326,034
					326,034
Nigeria – 0.07%
Nigeria Government International Bond 5.625%
6/27/22		250,000			258,881
					258,881
Saudi Arabia – 0.06%
Kingdom of Saudi Arabia Sukuk 144A 2.894%
4/20/22 #		250,000			254,774
					254,774
Turkey – 0.05%
Turkiye Ihracat Kredi Bankasi 144A 5.75% 7/6/26 #		200,000			198,700
					198,700
Uzbekistan – 0.05%
Republic of Uzbekistan Bond 144A 4.75% 2/20/24 #		200,000			213,494
					213,494
Total Sovereign Bonds (cost $1,430,162)					1,469,266
US Treasury Obligations – 17.64%
US Treasury Notes
0.125% 6/30/23		17,880,000			17,837,744
0.25% 6/15/24		46,210,000			45,930,213

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Schedule of investments
Delaware Limited-Term Diversified Income Fund

		Principal amount°		Value (US $)
US Treasury Obligations (continued)
US Treasury Notes
2.50% 8/15/23		6,895,000		$	7,220,896
Total US Treasury Obligations (cost $71,145,792)					70,988,853
		Number of shares
Short-Term Investments – 3.63%
Money Market Mutual Funds – 3.63%
BlackRock FedFund – Institutional Shares
(seven-day effective yield 0.03%)		3,648,800			3,648,800
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield
0.01%)		3,648,800			3,648,800
GS Financial Square Government Fund –
Institutional Shares (seven-day effective yield
0.02%)		3,648,800			3,648,800
Morgan Stanley Government Portfolio – Institutional
Share Class (seven-day effective yield 0.00%)		3,648,800			3,648,800
Total Short-Term Investments (cost $14,595,200)					14,595,200
Total Value of Securities–99.38%
(cost $394,947,648)				$	399,895,620

16

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The following futures contracts were outstanding at June 30, 2021:¹

Futures Contracts Exchange-Traded

Variation

Margin

Notional

Value/

Due from

Notional

Cost

Expiration

Unrealized

(Due to)

Contracts to Buy (Sell)

Amount

(Proceeds)

Date

Appreciation

Brokers

(30) US Treasury 5 yr Notes

$

(3,702,891)

$

(3,711,448)

9/30/21

$

8,557

$

(1,875)

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in these financial statements. The notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the variation margin is reflected in the Fund’s net assets.

¹See Note 6 in “Notes to financial statements.”

Summary of abbreviations:
CLO – Collateralized Loan Obligation
DAC – Designated Activity Company
DIFC – Dubai International Financial Centre
FREMF – Freddie Mac Multifamily
GNMA – Government National Mortgage Association
GS – Goldman Sachs
GSMPS – Goldman Sachs Reperforming Mortgage Securities
ICE – Intercontinental Exchange, Inc.
LIBOR – London interbank offered rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
REMIC – Real Estate Mortgage Investment Conduit
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
yr – Year

See accompanying notes, which are an integral part of the financial statements.

17

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Statement of assets and liabilities
Delaware Limited-Term Diversified Income Fund		June 30, 2021 (Unaudited)

Assets:
Investments, at value*		$	399,895,620
Cash			178,898
Cash collateral due from brokers			26,400
Dividends and interest receivable			1,734,872
Receivable for fund shares sold			982,896
Receivable for securities sold			948,498
Total Assets			403,767,184
Liabilities:
Payable for fund shares redeemed			821,434
Payable for securities purchased			197,724
Distribution payable			84,179
Dividend disbursing and transfer agent fees and expenses payable to
non-affiliates			65,959
Other accrued expenses			64,747
Investment management fees payable to affiliates			64,096
Reports and statements to shareholders expenses payable to non-affiliates			31,466
Distribution fees payable to affiliates			27,711
Audit and tax fees payable			24,102
Dividend disbursing and transfer agent fees and expenses payable to affiliates			2,689
Variation margin due to broker on futures contracts			1,875
Accounting and administration expenses payable to affiliates			1,448
Legal fees payable to affiliates			1,344
Trustees’ fees and expenses payable to affiliates			1,302
Reports and statements to shareholders expenses payable to affiliates			319
Total Liabilities			1,390,395
Total Net Assets		$	402,376,789
Net Assets Consist of:
Paid-in capital		$	438,160,775
Total distributable earnings (loss)			(35,783,986	)
Total Net Assets		$	402,376,789

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Net Asset Value
Class A:
Net assets		$	144,508,904
Shares of beneficial interest outstanding, unlimited authorization, no par			17,281,683
Net asset value per share		$	8.36
Sales charge			2.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)		$	8.60
Class C:
Net assets		$	11,161,424
Shares of beneficial interest outstanding, unlimited authorization, no par			1,335,820
Net asset value per share		$	8.36
Class R:
Net assets		$	926,347
Shares of beneficial interest outstanding, unlimited authorization, no par			110,793
Net asset value per share		$	8.36
Institutional Class:
Net assets		$	241,186,434
Shares of beneficial interest outstanding, unlimited authorization, no par			28,853,550
Net asset value per share		$	8.36
Class R6:
Net assets		$	4,593,680
Shares of beneficial interest outstanding, unlimited authorization, no par			549,821
Net asset value per share		$	8.35
____________________
*Investments, at cost		$	394,947,648

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Statement of operations
Delaware Limited-Term Diversified Income Fund	Six months ended June 30, 2021 (Unaudited)

Investment Income:
	Interest		$	3,207,672
	Dividends			2,138
				3,209,810
Expenses:
	Management fees			1,011,443
	Distribution expenses — Class A			185,298
	Distribution expenses — Class C			68,281
	Distribution expenses — Class R			2,314
	Dividend disbursing and transfer agent fees and expenses			187,010
	Accounting and administration expenses			52,021
	Registration fees			46,039
	Reports and statements to shareholders expenses			34,758
	Audit and tax fees			24,102
	Legal fees			20,152
	Custodian fees			8,598
	Trustees’ fees and expenses			8,558
	Other			26,387
				1,674,961
	Less expenses waived			(630,601	)
	Less waived distribution expenses — Class A			(74,120	)
	Less expenses paid indirectly			(109	)
	Total operating expenses			970,131
Net Investment Income				2,239,679
Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
	Investments			1,131,767
	Foreign currencies			12,539
	Foreign currency exchange contracts			(15,762	)
	Futures contracts			162,973
	Net realized gain			1,291,517
	Net change in unrealized appreciation (depreciation) of:
	Investments			(3,647,985	)
	Foreign currency exchange contracts			70,147
	Futures contracts			12,049
	Net change in unrealized appreciation (depreciation)			(3,565,789	)
Net Realized and Unrealized Loss				(2,274,272	)
Net Decrease in Net Assets Resulting from Operations			$	(34,593	)

20

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Statements of changes in net assets
Delaware Limited-Term Diversified Income Fund

			Six months
			ended
			6/30/21				Year ended
			(Unaudited)				12/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	2,239,679			$	5,757,934
	Net realized gain			1,291,517				6,571,148
	Net change in unrealized appreciation (depreciation)			(3,565,789	)			4,674,281
	Net increase (decrease) in net assets resulting from
	operations			(34,593	)			17,003,363
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A			(1,450,649	)			(2,426,621	)
	Class C			(76,063	)			(279,518	)
	Class R			(7,417	)			(17,729	)
	Institutional Class			(2,503,306	)			(4,532,737	)
	Class R6			(49,748	)			(76,898	)
	Return of capital:
	Class A			—				(487,399	)
	Class C			—				(74,277	)
	Class R			—				(3,112	)
	Institutional Class			—				(864,604	)
	Class R6			—				(15,294	)
				(4,087,183	)			(8,778,189	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A			16,236,675				85,532,172
	Class C			647,651				4,695,605
	Class R			67,189				327,423
	Institutional Class			48,665,875				112,963,850
	Class R6			466,878				2,935,649
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A			1,268,898				2,698,399
	Class C			73,489				350,010
	Class R			6,854				21,043
	Institutional Class			1,929,829				4,759,849
	Class R6			48,711				91,011
				69,412,049				214,375,011

21

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Statements of changes in net assets
Delaware Limited-Term Diversified Income Fund

			Six months
			ended
			6/30/21				Year ended
			(Unaudited)				12/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A		$	(19,683,500	)		$	(80,548,004	)
	Class C			(11,987,936	)			(19,985,927	)
	Class R			(84,481	)			(1,014,470	)
	Institutional Class			(69,752,197	)			(109,466,013	)
	Class R6			(522,496	)			(1,555,843	)
				(102,030,610	)			(212,570,257	)
	Increase (decrease) in net assets derived from capital share
	transactions			(32,618,561	)			1,804,754
Net Increase (Decrease) in Net Assets				(36,740,337	)			10,029,928
Net Assets:
	Beginning of period			439,117,126				429,087,198
	End of period		$	402,376,789			$	439,117,126

See accompanying notes, which are an integral part of the financial statements.

22

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Financial highlights
Delaware Limited-Term Diversified Income Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return3

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets4

Ratio of expenses to average net assets prior to fees waived4

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

24

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	Six months ended
	6/30/211						Year ended
	(Unaudited)						12/31/20				12/31/19				12/31/18				12/31/17				12/31/16
		$	8.44				$	8.27			$	8.14			$	8.46			$	8.48			$	8.43
			0.04					0.11				0.21				0.20				0.16				0.12
			(0.04	)				0.23				0.15				(0.29	)			0.02				0.08
			—					0.34				0.36				(0.09	)			0.18				0.20
			(0.08	)				(0.14	)			(0.20	)			(0.19	)			(0.15	)			(0.14	)
			—					(0.03	)			(0.03	)			(0.04	)			(0.05	)			(0.01	)
			(0.08	)				(0.17	)			(0.23	)			(0.23	)			(0.20	)			(0.15	)
		$	8.36				$	8.44			$	8.27			$	8.14			$	8.46			$	8.48
			0.02%					4.16%				4.51%				(1.08%	)			2.11%				2.42%
		$	144,509				$	148,185			$	137,798			$	168,003			$	382,353			$	437,803
			0.54%					0.54%				0.54%				0.60%				0.74%				0.81%
			0.95%					0.96%				0.96%				0.95%				0.94%				0.92%
			1.05%					1.32%				2.58%				2.46%				1.95%				1.36%
			0.64%					0.90%				2.16%				2.11%				1.75%				1.25%
			103%					224%				123%				130%				151%				124%

25

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Financial highlights
Delaware Limited-Term Diversified Income Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return3

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets4

Ratio of expenses to average net assets prior to fees waived4

Ratio of net investment income to average net assets

Ratio of net investment income (loss) to average net assets

prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

26

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	Six months ended
	6/30/211						Year ended
	(Unaudited)						12/31/20				12/31/19				12/31/18				12/31/17				12/31/16
		$	8.44				$	8.27			$	8.14			$	8.45			$	8.47			$	8.42
			0.01					0.04				0.14				0.13				0.09				0.04
			(0.04	)				0.23				0.15				(0.28	)			0.02				0.09
			(0.03	)				0.27				0.29				(0.15	)			0.11				0.13
			(0.05	)				(0.07	)			(0.13	)			(0.12	)			(0.08	)			(0.07	)
			—					(0.03	)			(0.03	)			(0.04	)			(0.05	)			(0.01	)
			(0.05	)				(0.10	)			(0.16	)			(0.16	)			(0.13	)			(0.08	)
		$	8.36				$	8.44			$	8.27			$	8.14			$	8.45			$	8.47
			(0.41%	)				3.28%				3.63%				(1.80%	)			1.25%				1.55%
		$	11,161				$	22,565			$	36,977			$	64,324			$	89,456			$	120,011
			1.39%					1.39%				1.39%				1.45%				1.59%				1.66%
			1.70%					1.71%				1.71%				1.70%				1.69%				1.67%
			0.20%					0.47%				1.73%				1.61%				1.10%				0.51%
			(0.11%	)				0.15%				1.41%				1.36%				1.00%				0.50%
			103%					224%				123%				130%				151%				124%

27

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Financial highlights
Delaware Limited-Term Diversified Income Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return3

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets4

Ratio of expenses to average net assets prior to fees waived4

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

28

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	Six months ended
	6/30/211						Year ended
	(Unaudited)						12/31/20				12/31/19				12/31/18				12/31/17				12/31/16
		$	8.44				$	8.28			$	8.14			$	8.46			$	8.48			$	8.43
			0.03					0.08				0.18				0.18				0.14				0.09
			(0.04	)				0.22				0.16				(0.30	)			0.01				0.08
			(0.01	)				0.30				0.34				(0.12	)			0.15				0.17
			(0.07	)				(0.11	)			(0.17	)			(0.16	)			(0.12	)			(0.11	)
			—					(0.03	)			(0.03	)			(0.04	)			(0.05	)			(0.01	)
			(0.07	)				(0.14	)			(0.20	)			(0.20	)			(0.17	)			(0.12	)
		$	8.36				$	8.44			$	8.28			$	8.14			$	8.46			$	8.48
			(0.16%	)				3.66%				4.27%				(1.43%	)			1.76%				2.06%
		$	926				$	946			$	1,586			$	2,753			$	3,819			$	4,984
			0.89%					0.89%				0.89%				0.95%				1.09%				1.16%
			1.20%					1.21%				1.21%				1.20%				1.19%				1.17%
			0.70%					0.97%				2.23%				2.11%				1.60%				1.01%
			0.39%					0.65%				1.91%				1.86%				1.50%				1.00%
			103%					224%				123%				130%				151%				124%

29

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Financial highlights
Delaware Limited-Term Diversified Income Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return3

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets4

Ratio of expenses to average net assets prior to fees waived4

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

30

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	Six months ended
	6/30/211						Year ended
	(Unaudited)						12/31/20				12/31/19				12/31/18				12/31/17				12/31/16
		$	8.44				$	8.27			$	8.14			$	8.46			$	8.47			$	8.43
			0.05					0.12				0.23				0.22				0.18				0.13
			(0.04	)				0.23				0.15				(0.30	)			0.02				0.07
			0.01					0.35				0.38				(0.08	)			0.20				0.20
			(0.09	)				(0.15	)			(0.22	)			(0.20	)			(0.16	)			(0.15	)
			—					(0.03	)			(0.03	)			(0.04	)			(0.05	)			(0.01	)
			(0.09	)				(0.18	)			(0.25	)			(0.24	)			(0.21	)			(0.16	)
		$	8.36				$	8.44			$	8.27			$	8.14			$	8.46			$	8.47
			0.09%					4.31%				4.67%				(0.93%	)			2.39%				2.45%
		$	241,187				$	262,775			$	249,667			$	240,614			$	266,274			$	377,595
			0.39%					0.39%				0.39%				0.45%				0.59%				0.66%
			0.70%					0.71%				0.71%				0.70%				0.69%				0.67%
			1.20%					1.47%				2.73%				2.61%				2.10%				1.51%
			0.89%					1.15%				2.41%				2.36%				2.00%				1.50%
			103%					224%				123%				130%				151%				124%

31

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Financial highlights
Delaware Limited-Term Diversified Income Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income3

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return4

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets5

Ratio of expenses to average net assets prior to fees waived5

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Date of commencement of operations; ratios have been annualized and total return has not been annualized.
2	Ratios have been annualized and total return and portfolio turnover have not been annualized.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	Portfolio turnover is representative of the Fund for the entire year.

See accompanying notes, which are an integral part of the financial statements.

32

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	Six months ended																		5/1/171
	6/30/212						Year ended												to
	(Unaudited)						12/31/20				12/31/19				12/31/18				12/31/17
		$	8.44				$	8.27			$	8.14			$	8.45			$	8.50
			0.05					0.13				0.23				0.22				0.12
			(0.05	)				0.23				0.15				(0.28	)			(0.03	)
			—					0.36				0.38				(0.06	)			0.09
			(0.09	)				(0.16	)			(0.22	)			(0.21	)			(0.09	)
			—					(0.03	)			(0.03	)			(0.04	)			(0.05	)
			(0.09	)				(0.19	)			(0.25	)			(0.25	)			(0.14	)
		$	8.35				$	8.44			$	8.27			$	8.14			$	8.45
			—					4.38%				4.74%				(0.75%	)			1.10%
		$	4,594				$	4,646			$	3,059			$	1,631			$	1,634
			0.32%					0.32%				0.32%				0.38%				0.52%
			0.63%					0.63%				0.64%				0.62%				0.61%
			1.27%					1.54%				2.80%				2.68%				2.11%
			0.96%					1.23%				2.48%				2.44%				2.02%
			103%					224%				123%				130%				151%	6

33

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Notes to financial statements
Delaware Limited-Term Diversified Income Fund	June 30, 2021 (Unaudited)

Delaware Group^® Limited-Term Government Funds (Trust) is organized as a Delaware statutory trust and offers three series: Delaware Limited-Term Diversified Income Fund, Delaware Tax-Free New Jersey Fund, and Delaware Tax-Free Oregon Fund. These financial statements pertain to Delaware Limited-Term Diversified Income Fund (Fund). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended, and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 2.75%. There is no front-end sales charge when you purchase $1,000,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares purchased prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (“Limited CDSC”) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year or for shares purchased on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase; unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds Complex (the Ivy Funds), and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (the “Transaction”). The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds^® by Macquarie, are now managed by Delaware Management Company (DMC) and distributed by DDLP.

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Fund.

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Debt securities and credit default swap (CDS) contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. US government and

34

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agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value (NAV). For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the six months ended June 30, 2021, and for all open tax years (years ended December 31, 2017–December 31, 2020), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. In regard to foreign taxes only, the Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of the Fund. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended June 30, 2021, the Fund did not incur any interest or tax penalties.

Class Accounting — Investment income and common expenses are allocated to the various classes of the Fund on the basis of “settled shares” of each class in relation to the net assets of the Fund. Realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.

To Be Announced Trades (TBA) — The Fund may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: when issued, delayed

35

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Notes to financial statements
Delaware Limited-Term Diversified Income Fund

1. Significant Accounting Policies (continued)

delivery, forward commitment, or TBA transactions) consistent with the Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered or the transaction is completed; however, the market value may change prior to delivery.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally bifurcates that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of gains (losses), attributable to changes in foreign exchange rates, is included on the “Statement of operations” under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, these changes are included on the “Statement of operations” under “Net realized and unrealized gain (loss) on investments.” The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares dividends daily from net investment income and pays the dividends monthly and declares

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and pays distributions from net realized gain on investments, if any, annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the six months ended June 30, 2021.

The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended June 30, 2021, the Fund earned $109 under this arrangement.

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its investment management agreement, the Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.50% on the first $500 million of average daily net assets of the Fund, 0.475% on the next $500 million, 0.45% on the next $1.5 billion, and 0.425% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive all or a portion, if any, of its management fee and/or pay/ reimburse the Fund to the extent necessary to ensure total annual operating expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) do not exceed 0.39% of the Fund’s Class A, Class C, Class R, and Institutional Class average daily net assets and 0.32% of the Fund’s Class R6 shares average daily net assets January 1, 2021 through June 30, 2021.* For purposes of these waivers and reimbursements, nonroutine expenses may also include such additional costs and expenses, as may be agreed upon from time to time by the Board and DMC. These waivers and reimbursements apply only to expenses paid directly by the Fund and may be terminated only by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.

DMC may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment

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Notes to financial statements
Delaware Limited-Term Diversified Income Fund

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

advisory services. For these services, DMC, not the Fund, pays each Affiliated Sub-Advisor a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2021, the Fund was charged $8,846 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended June 30, 2021, the Fund was charged $16,934 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25%, 1.00%, and 0.50% of the average daily net assets of the Class A, Class C, and Class R shares, respectively. The fees are calculated daily and paid monthly. DDLP has contractually agreed to waive Class A shares’ 12b-1 fee to 0.15% of average daily net assets from January 1, 2021 through June 30, 2021.** The waiver is calculated daily and received monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.

As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Fund. For the six months ended June 30, 2021, the Fund was charged $7,124 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

For the six months ended June 30, 2021, DDLP earned $1,122 for commissions on sales of the Fund’s Class A shares. For the six months ended June 30, 2021, DDLP received gross CDSC commissions of

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$299 on redemptions of the Fund’s Class C shares and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

Trustees’ fees include expenses accrued by the Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.

In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the investment management fees and other expenses of the investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

*	The aggregate contractual waiver period covering this report is from May 1, 2020 through April 30, 2022 for all classes.
**	The aggregate contractual waiver period covering this report is from May 1, 2020 through April 30, 2022.

3. Investments

For the six months ended June 30, 2021, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities		$	91,926,144
Purchases of US government securities			316,017,450
Sales other than US government securities			101,445,347
Sales of US government securities			336,663,242

At June 30, 2021, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2021, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Fund were as follows:

Cost of investments and derivatives		$	397,266,263
Aggregate unrealized appreciation of investments and derivatives		$	3,812,494
Aggregate unrealized depreciation of investments and derivatives			(1,174,580	)
Net unrealized appreciation of investments and derivatives		$	2,637,914

At December 31, 2020 the Fund had capital loss carryforwards available to offset future realized capital gains as follows:

Loss carryforward character
Short-term		Long-term		Total
$14,029,105		$23,929,293		$37,958,398

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Notes to financial statements
Delaware Limited-Term Diversified Income Fund

3. Investments (continued)

US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3 –	Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of June 30, 2021:

		Level 1			Level 2			Level 3			Total
Securities
Assets:
Agency Asset-Backed Security		$	—		$	3,547		$	—		$	3,547

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		Level 1			Level 2			Level 3			Total
Agency Collateralized Mortgage Obligations		$	—		$	11,734,722		$	1,001,095		$	12,735,817
Agency Commercial Mortgage-Backed
Securities			—			4,244,669			—			4,244,669
Agency Mortgage-Backed Securities			—			33,031,822			—			33,031,822
Collateralized Debt Obligations			—			30,811,723			—			30,811,723
Corporate Bonds			—			206,756,384			—			206,756,384
Loan Agreements			—			950,839			—			950,839
Non-Agency Asset-Backed Securities			—			24,258,851			—			24,258,851
Non-Agency Collateralized Mortgage
Obligations			—			48,649			—			48,649
Sovereign Bonds			—			1,469,266			—			1,469,266
US Treasury Obligations			—			70,988,853			—			70,988,853
Short-Term Investments			14,595,200			—			—			14,595,200
Total Value of Securities		$	14,595,200		$	384,299,325		$	1,001,095		$	399,895,620
Derivatives1
Assets:
Futures Contracts		$	8,557		$	—		$	—		$	8,557

1	Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

During the six months ended June 30, 2021, there were no transfers into or out of Level 3 investments. The Fund’s policy is to recognize transfers into or out of Level 3 based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Fund’s net assets. During the six months ended June 30, 2021, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

			Six months
			ended		Year ended
			6/30/21		12/31/20
Shares sold:
	Class A		1,928,892		10,183,253
	Class C		77,036		561,625
	Class R		7,999		39,184
	Institutional Class		5,808,707		13,501,343
	Class R6		55,645		356,405

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Notes to financial statements
Delaware Limited-Term Diversified Income Fund

4. Capital Shares (continued)

			Six months
			ended			Year ended
			6/30/21			12/31/20
Shares issued upon reinvestment of dividends and distributions:
	Class A		151,328			324,079
	Class C		8,764			42,180
	Class R		818			2,531
	Institutional Class		230,171			571,627
	Class R6		5,815			10,920
			8,275,175			25,593,147
Shares redeemed:
	Class A		(2,346,164	)		(9,612,472	)
	Class C		(1,424,157	)		(2,401,714	)
	Class R		(10,066	)		(121,390	)
	Institutional Class		(8,313,285	)		(13,123,875	)
	Class R6		(62,255	)		(186,711	)
			(12,155,927	)		(25,446,162	)
Net increase (decrease)			(3,880,752	)		146,985

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table above and on the “Statements of changes in net assets.” For the six months ended June 30, 2021 and year ended December 31, 2020, the Fund had the following exchange transactions:

		Exchange Redemptions				Exchange Subscriptions
								Institutional
		Class A		Class C		Class A		Class
		Shares		Shares		Shares		Shares		Value
Six months ended
6/30/21		—		72,415		67,856		4,514		$609,978
Year ended
12/31/20		33,289		71,750		70,157		34,898		875,844

5. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $225,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15% with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable

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for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on November 1, 2021.

The Fund had no amounts outstanding as of June 30, 2021, or at any time during the period then ended.

6. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.

Foreign Currency Exchange Contracts — The Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. The Fund may also enter into these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, the Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

During the six months ended June 30, 2021, the Fund entered into foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase/decrease exposure to foreign currencies.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Fund may use futures contracts in the normal course of pursuing its investment objective. The Fund may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Fund deposits cash or pledges US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day,

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Notes to financial statements
Delaware Limited-Term Diversified Income Fund

6. Derivatives (continued)

based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At June 30, 2021, the Fund posted $26,400 in cash collateral as margin for open futures contracts, which is included in “Cash collateral due from brokers” on the “Statement of assets and liabilities.”

During the year ended June 30, 2021, the Fund entered into futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

Swap Contracts — The Fund may enter into CDS contracts in the normal course of pursuing its investment objective. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return, or to gain exposure to certain securities or markets. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.

Credit Default Swaps. 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). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended June 30, 2021, the Fund entered into CDS contracts as a purchaser of protection. 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 agreement. Initial margin and variation margin are posted to central counterparties for

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centrally cleared CDS basket trades, as determined by the applicable central counterparty. During the six months ended June 30, 2021, the Fund did not enter into any CDS contracts as a seller of protection.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended June 30, 2021, the Fund used CDS contracts to hedge against credit events.

Swaps Generally. For centrally cleared swaps, payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument, or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedule of investments.”

Fair values of derivative instruments as of June 30, 2021 were as follows:

		Asset Derivatives Fair Value
						Interest
Statement of Assets and		Currency		Equity		Rate		Credit
Liabilities Location		Contracts		Contracts		Contracts		Contracts		Total
Variation margin due from
broker on futures
contracts*		$—		$—		$8,557		$—		$0

*	Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through June 30, 2021. Only current day variation margin is reported on the “Statement of assets and liabilities.”

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Notes to financial statements
Delaware Limited-Term Diversified Income Fund

6. Derivatives (continued)

The effect of derivative instruments on the “Statement of operations” for the six months ended June 30, 2021 was as follows:

		Net Realized Gain (Loss) on:
		Foreign
		Currency
		Exchange				Futures
		Contracts				Contracts			Total
Currency
contracts		$	(15,762	)		$	—		$	(15,762	)
Interest rate
contracts			—				162,973			162,973
Total		$	(15,762	)		$	162,973		$	147,211

		Net Change in Unrealized Appreciation (Depreciation) of:
		Foreign
		Currency
		Exchange					Futures					Swap
		Contracts					Contracts					Contracts					Total
Currency
contracts			$	70,147				$	—				$	—			$	70,147
Interest rate
contracts				—					12,049					—				12,049
Total			$	70,147				$	12,049				$	—			$	82,196

The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2021:

		Long Derivative			Short Derivative
		Volume			Volume
Foreign currency exchange contracts (average notional value)		$	—		$	737,425
Futures contracts (average notional value)			—			7,407,210

7. Securities Lending

The Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial

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collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. A fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund’s cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.

During the six months ended June 30, 2021, the Fund had no securities out on loan.

8. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of COVID-19 have and may continue to

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Notes to financial statements
Delaware Limited-Term Diversified Income Fund

8. Credit and Market Risk (continued)

adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Fund’s performance.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund to fluctuate.

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, “IBORs”) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

The Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by S&P and Baa3 by Moody’s, or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

The Fund invests in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are CMOs. CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if

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any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on the Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

The Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

The Fund invests in bank loans and other securities that may subject it to direct indebtedness risk, the risk that the Fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require the Fund to increase its investment in a company at a time when the Fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that the Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments. When a loan agreement is purchased, the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.

As the Fund may be required to rely upon another lending institution to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Fund.

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable.

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Notes to financial statements
Delaware Limited-Term Diversified Income Fund

8. Credit and Market Risk (continued)

The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedule of investments.”

9. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

10. Recent Accounting Pronouncements

In March 2020, FASB issued an Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2021, that would require recognition or disclosure in the Fund’s financial statements.

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Other Fund information (Unaudited)
Delaware Limited-Term Diversified Income Fund

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Fund in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Fund’s liquidity risk; (2) classification of each of the Fund’s portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Fund’s net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Fund’s acquisition of Illiquid investments if, immediately after the acquisition, the Fund would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Fund’s holdings of Illiquid assets exceed 15% of the Fund’s net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Fund’s liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Fund’s portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Fund primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 25-27, 2021, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2020 through March 31, 2021. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Fund’s liquidity needs. The Fund’s HLIM is set at an appropriate level and the Fund complied with its HLIM at all times during the reporting period.

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About the organization

Board of trustees
Shawn K. Lytle President and Chief Executive Officer Delaware Funds® by Macquarie Philadelphia, PA Jerome D. Abernathy Managing Member, Stonebrook Capital Management, LLC Jersey City, NJ Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA		Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA John A. Fry President Drexel University Philadelphia, PA		Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA		Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN
Affiliated officers
David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA		Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA		Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA

This semiannual report is for the information of Delaware Limited-Term Diversified Income Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund’s most recent Form N-PORT are available without charge on the Fund’s website at delawarefunds.com/literature. The Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

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