NPORT-EX 2 ADE0DelLimitTermDivIncFd.htm
Schedule of investments
Delaware Limited-Term Diversified Income Fund September 30, 2020 (Unaudited)
    Principal amount° Value (US $)
Agency Asset-Backed Securities — 0.00%
Fannie Mae REMIC Trust
Series 2001-W2 AS5 6.473% 10/25/31 φ 		  21 $21
Freddie Mac Structured Pass Through Certificates
Series T-30 A5 8.61% 12/25/30 ♦, • 		  3,426 3,875
Total Agency Asset-Backed Securities (cost $3,601) 3,896
Agency Collateralized Mortgage Obligations — 2.06%
Fannie Mae Grantor Trust
Series 2001-T5 A2 6.978% 6/19/41 • 		  18,820 22,237
Fannie Mae REMICs      
Series 2011-105 FP 0.548% (LIBOR01M + 0.40%, Cap 6.50%, Floor 0.40%) 6/25/41 •   1,072,231 1,075,799
Series 2012-128 NP 2.50% 11/25/42   459,797 481,202
Series 2017-94 CZ 3.50% 11/25/47   35,434 38,518
Freddie Mac REMICs      
Series 3067 FA 0.502% (LIBOR01M + 0.35%, Cap 7.00%, Floor 0.35%) 11/15/35 •   1,424,461 1,430,356
Series 3800 AF 0.652% (LIBOR01M + 0.50%, Cap 7.00%, Floor 0.50%) 2/15/41 •   879,205 888,283
Series 4650 JG 3.00% 11/15/46   1,997,000 2,217,148
Series 4994 AV 2.00% 12/25/45 =   1,200,000 1,239,359
Freddie Mac Structured Pass Through Certificates      
Series T-54 2A 6.50% 2/25/43 ♦   598 736
Series T-58 2A 6.50% 9/25/43 ♦   350,795 409,684
GNMA      
Series 2017-163 KH 3.50% 3/20/44   455,000 481,537
Series 2017-52 LE 3.00% 1/16/47   474,000 534,616
Series 2017-88 PB 3.00% 1/20/47   304,000 335,886
Total Agency Collateralized Mortgage Obligations (cost $8,462,788) 9,155,361
Agency Commercial Mortgage-Backed Securities — 0.31%
FREMF Mortgage Trust      
Series 2011-K15 B 144A 5.129% 8/25/44 #, •   95,000 97,638
Series 2014-K717 B 144A 3.754% 11/25/47 #, •   245,000 249,689
Series 2014-K717 C 144A 3.754% 11/25/47 #, •   80,000 81,105
Series 2016-K722 B 144A 3.976% 7/25/49 #, •   430,000 453,422
NCUA Guaranteed Notes Trust
Series 2011-C1 2A 0.685% (LIBOR01M + 0.53%, Cap 8.00%, Floor 0.53%) 3/9/21 • 		  498,369 495,907
Total Agency Commercial Mortgage-Backed Securities (cost $1,366,729) 1,377,761
NQ-022 [9/20] 11/20 (1399531)    1
Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)
    Principal amount° Value (US $)
Agency Mortgage-Backed Securities — 12.69%
Fannie Mae S.F. 15 yr
2.50% 8/1/35 		  981,486 $1,027,848
Fannie Mae S.F. 30 yr      
2.50% 7/1/50   2,825,581 2,973,642
3.00% 5/1/46   1,028,752 1,081,422
3.00% 1/1/47   1,441,080 1,533,887
3.00% 3/1/50   1,215,852 1,300,583
3.00% 7/1/50   3,482,933 3,652,165
3.50% 7/1/47   390,994 419,508
3.50% 11/1/48   241,417 255,436
3.50% 2/1/50   193,775 204,140
3.50% 3/1/50   97,988 105,785
3.50% 7/1/50   2,690,991 2,878,931
3.50% 9/1/50   843,901 938,741
4.00% 6/1/48   227,437 250,744
4.00% 10/1/48   1,412,280 1,571,572
4.50% 10/1/45   1,055,638 1,184,220
4.50% 5/1/46   1,275,051 1,432,705
4.50% 9/1/49   1,929,439 2,129,558
5.00% 7/1/47   1,734,000 1,995,112
5.00% 8/1/49   4,431,689 5,006,368
5.50% 4/1/33   44,238 51,597
5.50% 6/1/33   42,681 50,095
5.50% 10/1/33   20,371 22,587
5.50% 12/1/33   182,891 215,293
5.50% 2/1/34   85,550 100,528
5.50% 9/1/34   115,160 135,204
5.50% 8/1/37   235,600 277,400
5.50% 1/1/38   239,055 281,443
5.50% 7/1/41   39,131 45,390
5.50% 5/1/44   4,281,494 5,038,982
6.00% 6/1/41   404,465 478,840
6.00% 7/1/41   4,664,681 5,602,301
6.00% 1/1/42   256,169 302,730
Fannie Mae S.F. 30 yr TBA      
2.00% 10/1/50   1,757,000 1,816,299
2.50% 10/1/50   2,021,000 2,119,682
3.00% 10/1/50   1,190,000 1,246,572
3.50% 10/1/50   789,000 831,809
4.00% 10/1/50   1,170,000 1,247,695
Freddie Mac ARM
2.68% (LIBOR12M + 1.93%, Cap 9.889%, Floor 1.93%) 8/1/38 • 		  4,843 4,859
2    NQ-022 [9/20] 11/20 (1399531)
(Unaudited)
    Principal amount° Value (US $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac S.F. 30 yr      
3.00% 12/1/46   226,266 $238,055
3.00% 7/1/50   1,849,665 1,939,538
4.50% 8/1/48   1,436,062 1,567,726
4.50% 1/1/49   144,786 161,604
4.50% 4/1/49   322,943 356,164
4.50% 5/1/49   878,360 958,724
5.50% 1/1/34   29,980 35,292
5.50% 6/1/34   254,143 300,046
5.50% 6/1/35   64,769 76,293
5.50% 7/1/37   98,411 114,456
5.50% 8/1/37   84,506 98,189
5.50% 10/1/37   84,195 97,989
5.50% 7/1/38   185,500 218,756
5.50% 11/1/38   184,777 216,289
5.50% 4/1/40   38,988 44,405
5.50% 6/1/41   205,906 239,306
6.00% 5/1/39   26,728 31,550
Total Agency Mortgage-Backed Securities (cost $55,705,579) 56,506,055
Collateralized Debt Obligations — 2.84%
Battalion CLO 18
Series 2020-18A A1 144A 0.000% (LIBOR03M + 1.80%, Floor 1.80%) 10/15/32 #, • 		  2,000,000 2,000,000
Benefit Street Partners CLO IX
Series 2016-9A AR 144A 1.382% (LIBOR03M + 1.11%) 7/20/31 #, • 		  500,000 494,573
Carlyle Global Market Strategies CLO
Series 2014-2RA A1 144A 1.33% (LIBOR03M + 1.05%) 5/15/31 #, • 		  985,636 972,718
Cedar Funding IX CLO
Series 2018-9A A1 144A 1.252% (LIBOR03M + 0.98%, Floor 0.98%) 4/20/31 #, • 		  575,000 568,039
Octagon Investment Partners 33
Series 2017-1A A1 144A 1.462% (LIBOR03M + 1.19%) 1/20/31 #, • 		  2,350,000 2,337,308
Octagon Investment Partners 48
Series 2020-3A A 144A 1.732% (LIBOR03M + 1.50%, Floor 1.50%) 10/20/31 #, • 		  2,000,000 2,000,000
NQ-022 [9/20] 11/20 (1399531)    3
Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)
    Principal amount° Value (US $)
Collateralized Debt Obligations (continued)
Sound Point CLO XXI
Series 2018-3A A1A 144A 1.425% (LIBOR03M + 1.18%, Floor 1.18%) 10/26/31 #, • 		  2,300,000 $2,279,965
Zais CLO 16
Series 2020-16A A1 144A 2.48% (LIBOR03M + 2.19%, Floor 2.19%) 10/20/31 #, • 		  2,000,000 1,993,330
Total Collateralized Debt Obligations (cost $12,634,926) 12,645,933
Convertible Bond — 0.01%
Cheniere Energy PIK 144A 4.875% exercise price $93.64, maturity date 5/28/21 #, >   37,902 38,068
Total Convertible Bond (cost $38,226) 38,068
Corporate Bonds — 40.62%
Banking — 10.32%
Banco de Credito del Peru 144A 2.70% 1/11/25 #   200,000 208,450
Banco de Credito e Inversiones 144A 4.00% 2/11/23 #   200,000 212,677
Banco del Estado de Chile 144A 2.704% 1/9/25 #   220,000 231,690
Banco Santander 3.50% 4/11/22    1,600,000 1,659,917
Banco Santander Mexico 144A 4.125% 11/9/22 #   150,000 158,063
Bancolombia 3.00% 1/29/25    215,000 215,550
Bank of America      
2.738% 1/23/22 μ   1,370,000 1,379,792
3.458% 3/15/25 μ   2,845,000 3,085,875
Bank of Georgia 144A 6.00% 7/26/23 #   200,000 209,040
Bank of Montreal 1.85% 5/1/25    345,000 360,163
Barclays Bank 1.70% 5/12/22    2,420,000 2,460,525
BBVA Bancomer 144A 6.75% 9/30/22 #   150,000 161,888
Citigroup 4.044% 6/1/24 μ   2,430,000 2,627,047
Citizens Financial Group 2.85% 7/27/26    1,545,000 1,706,495
Credit Agricole 144A 1.907% 6/16/26 #, μ   370,000 378,915
Credit Suisse Group 144A 2.593% 9/11/25 #, μ   2,295,000 2,396,146
Development Bank of Mongolia 144A 7.25% 10/23/23 #   200,000 210,015
Emirates NBD Bank 2.625% 2/18/25    200,000 208,304
Goldman Sachs Group 3.50% 4/1/25    180,000 198,889
ICICI Bank 3.25% 9/9/22    320,000 326,863
JPMorgan Chase & Co.      
4.023% 12/5/24 μ   4,240,000 4,666,304
4.60%  μ, ψ   135,000 132,469
KEB Hana Bank 144A 3.375% 1/30/22 #   500,000 517,683
4    NQ-022 [9/20] 11/20 (1399531)
(Unaudited)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Banking (continued)
KeyBank      
2.40% 6/9/22    250,000 $258,333
3.18% 5/22/22    1,335,000 1,390,921
Kookmin Bank 144A 2.875% 3/25/23 #   200,000 210,278
Morgan Stanley      
2.188% 4/28/26 μ   415,000 435,075
2.75% 5/19/22    1,075,000 1,114,463
3.622% 4/1/31 μ   305,000 349,101
National Securities Clearing 144A 1.20% 4/23/23 #   520,000 529,481
Natwest Group 8.625%  μ, ψ   1,285,000 1,319,978
PNC Bank 2.70% 11/1/22    3,280,000 3,427,694
Popular 6.125% 9/14/23    523,000 553,671
QNB Finance 3.50% 3/28/24    330,000 351,186
Regions Financial      
2.75% 8/14/22    370,000 384,878
3.80% 8/14/23    1,070,000 1,160,970
Truist Bank 2.636% 9/17/29 μ   1,465,000 1,520,379
Truist Financial 2.70% 1/27/22    2,785,000 2,867,403
UBS 144A 1.75% 4/21/22 #   200,000 203,693
UBS Group      
144A 1.364% 1/30/27 #, μ   205,000 205,105
144A 3.00% 4/15/21 #   2,700,000 2,738,261
US Bank 3.40% 7/24/23    1,380,000 1,491,400
USB Capital IX 3.50% (LIBOR03M + 1.02%)  ψ, •   1,860,000 1,745,154
  45,970,184
Banks — 0.37%
Morgan Stanley 1.463% (LIBOR03M + 1.22%) 5/8/24 •   1,605,000 1,623,763
  1,623,763
Basic Industry — 4.09%
Avient 144A 5.75% 5/15/25 #   372,000 394,785
BMC East 144A 5.50% 10/1/24 #   500,000 514,688
DuPont de Nemours 2.169% 5/1/23    1,495,000 1,509,853
Equate Petrochemical 144A 3.00% 3/3/22 #   265,000 268,526
First Quantum Minerals 144A 7.50% 4/1/25 #   750,000 742,770
Georgia-Pacific      
144A 1.75% 9/30/25 #   285,000 297,284
144A 5.40% 11/1/20 #   3,090,000 3,102,200
Gold Fields Orogen Holdings BVI 144A 5.125% 5/15/24 #   250,000 272,521
Hudbay Minerals 144A 7.25% 1/15/23 #   185,000 188,571
NQ-022 [9/20] 11/20 (1399531)    5
Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
Inversiones CMPC 144A 4.75% 9/15/24 #   2,200,000 $2,424,400
Kraton Polymers 144A 7.00% 4/15/25 #   1,500,000 1,532,812
LYB International Finance III 2.875% 5/1/25    225,000 241,353
New Gold 144A 6.375% 5/15/25 #   500,000 517,188
Novolipetsk Steel Via Steel Funding DAC 144A 4.50% 6/15/23 #   250,000 265,843
Nutrien 1.90% 5/13/23    1,995,000 2,060,575
OCP 144A 4.50% 10/22/25 #   1,000,000 1,058,635
Sociedad Quimica y Minera de Chile 144A 3.625% 4/3/23 #   200,000 209,229
Steel Dynamics 2.80% 12/15/24    1,455,000 1,538,912
Syngenta Finance      
144A 3.933% 4/23/21 #   620,000 628,064
144A 4.441% 4/24/23 #   200,000 211,364
WESCO Distribution 144A 7.125% 6/15/25 #   222,000 242,119
  18,221,692
Capital Goods — 2.06%
Bombardier 144A 6.00% 10/15/22 #   500,000 464,375
General Dynamics 3.00% 5/11/21    2,920,000 2,969,151
General Electric 3.45% 5/1/27    245,000 259,344
Mauser Packaging Solutions Holding 144A 5.50% 4/15/24 #   768,000 771,840
Otis Worldwide 2.056% 4/5/25    1,245,000 1,309,640
Roper Technologies 2.35% 9/15/24    2,295,000 2,429,211
Spirit AeroSystems 144A 5.50% 1/15/25 #   635,000 640,160
TransDigm 144A 8.00% 12/15/25 #   44,000 47,894
Turkiye Sise ve Cam Fabrikalari 144A 6.95% 3/14/26 #   200,000 204,152
Welbilt 9.50% 2/15/24    89,000 91,392
  9,187,159
Communications — 3.15%
Charter Communications Operating 4.908% 7/23/25    1,515,000 1,752,959
Consolidated Communications 6.50% 10/1/22    750,000 750,994
Crown Castle International 5.25% 1/15/23    3,110,000 3,419,021
CSC Holdings 6.75% 11/15/21    375,000 393,720
Fox      
3.666% 1/25/22    880,000 917,607
4.03% 1/25/24    2,280,000 2,512,064
IHS Netherlands Holdco 144A 7.125% 3/18/25 #   200,000 205,000
6    NQ-022 [9/20] 11/20 (1399531)
(Unaudited)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Communications (continued)
Ooredoo International Finance 144A 5.00% 10/19/25 #   200,000 $234,393
Sirius XM Radio 144A 4.625% 7/15/24 #   250,000 258,906
Sprint Spectrum 144A 4.738% 3/20/25 #   450,000 487,969
Tencent Holdings 144A 3.28% 4/11/24 #   200,000 213,268
Time Warner Entertainment 8.375% 3/15/23    1,795,000 2,110,790
T-Mobile USA      
144A 1.50% 2/15/26 #   250,000 251,014
144A 3.50% 4/15/25 #   290,000 318,484
Turk Telekomunikasyon 144A 4.875% 6/19/24 #   200,000 194,855
  14,021,044
Consumer Cyclical — 1.59%
Ford Motor 8.50% 4/21/23    1,256,000 1,371,043
General Motors Financial      
3.45% 4/10/22    1,195,000 1,228,789
4.15% 6/19/23    1,390,000 1,473,819
JD.com 3.875% 4/29/26    1,500,000 1,667,032
L Brands 144A 6.875% 7/1/25 #   45,000 48,668
MGM Resorts International 5.75% 6/15/25    700,000 735,473
Sands China 144A 3.80% 1/8/26 #   200,000 209,798
VF 2.40% 4/23/25    330,000 350,353
  7,084,975
Consumer Non-Cyclical — 5.82%
AbbVie      
144A 2.60% 11/21/24 #   2,915,000 3,094,312
144A 2.95% 11/21/26 #   10,000 10,908
Anheuser-Busch InBev Worldwide 4.15% 1/23/25    2,965,000 3,350,810
Cigna      
1.165% (LIBOR03M + 0.89%) 7/15/23 •   2,055,000 2,077,368
3.75% 7/15/23    935,000 1,013,952
CK Hutchison International 17 144A 2.875% 4/5/22 #   200,000 205,402
CVS Health      
1.30% 8/21/27    205,000 202,200
3.70% 3/9/23    1,227,000 1,314,756
Diageo Capital 1.375% 9/29/25    435,000 446,025
DP World Crescent 144A 3.908% 5/31/23 #   200,000 211,020
General Mills 3.70% 10/17/23    2,075,000 2,264,363
Global Payments 2.65% 2/15/25    1,940,000 2,059,714
Kernel Holding 144A 8.75% 1/31/22 #   235,000 243,930
NQ-022 [9/20] 11/20 (1399531)    7
Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Mondelez International      
1.50% 5/4/25    1,210,000 $1,243,334
2.125% 4/13/23    1,320,000 1,370,813
PayPal Holdings 1.35% 6/1/23    3,025,000 3,091,663
Pilgrim's Pride 144A 5.75% 3/15/25 #   48,000 48,960
Royalty Pharma      
144A 1.20% 9/2/25 #   345,000 344,318
144A 1.75% 9/2/27 #   230,000 230,173
Tenet Healthcare 5.125% 5/1/25    750,000 751,687
Teva Pharmaceutical Finance Netherlands III 6.00% 4/15/24    250,000 255,581
Upjohn      
144A 1.65% 6/22/25 #   1,960,000 2,009,051
144A 2.30% 6/22/27 #   80,000 82,739
  25,923,079
Electric — 5.62%
AEP Texas 2.40% 10/1/22    2,810,000 2,912,052
Ameren 2.70% 11/15/20    3,665,000 3,668,065
Avangrid 3.20% 4/15/25    505,000 556,281
Azure Power Energy 144A 5.50% 11/3/22 #   215,000 219,931
Cleveland Electric Illuminating 5.50% 8/15/24    1,430,000 1,657,116
CLP Power Hong Kong Financing 2.875% 4/26/23    200,000 207,932
Duke Energy      
1.80% 9/1/21    2,250,000 2,277,767
4.875%  μ, ψ   570,000 603,708
Engie Energia Chile 144A 4.50% 1/29/25 #   2,200,000 2,445,667
Entergy 4.00% 7/15/22    1,050,000 1,107,785
Entergy Louisiana 4.05% 9/1/23    1,125,000 1,231,793
ITC Holdings 2.70% 11/15/22    1,570,000 1,638,540
NRG Energy 144A 3.75% 6/15/24 #   1,200,000 1,282,608
NV Energy 6.25% 11/15/20    2,460,000 2,477,525
Pacific Gas and Electric 2.10% 8/1/27    980,000 953,859
Vistra Operations 144A 3.55% 7/15/24 #   1,650,000 1,758,524
  24,999,153
Energy — 4.10%
Cheniere Corpus Christi Holdings 7.00% 6/30/24    1,955,000 2,253,440
Continental Resources 3.80% 6/1/24    625,000 581,006
Energy Transfer Operating 5.25% 4/15/29    1,235,000 1,329,793
Greenko Mauritius 144A 6.25% 2/21/23 #   210,000 215,512
KazMunayGas National 144A 4.40% 4/30/23 #   200,000 214,117
Marathon Oil 2.80% 11/1/22    2,255,000 2,310,599
8    NQ-022 [9/20] 11/20 (1399531)
(Unaudited)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Energy (continued)
MPLX      
1.75% 3/1/26    210,000 $209,900
4.875% 12/1/24    1,955,000 2,184,908
NiSource 0.95% 8/15/25    1,850,000 1,850,761
NuStar Logistics 5.75% 10/1/25    310,000 320,943
Occidental Petroleum 2.70% 2/15/23    677,000 621,147
ONEOK 7.50% 9/1/23    1,655,000 1,898,535
Petrobras Global Finance 6.25% 3/17/24    260,000 288,629
Petroleos Mexicanos 4.625% 9/21/23    130,000 129,350
Sabine Pass Liquefaction 5.75% 5/15/24    1,990,000 2,254,497
Saudi Arabian Oil 144A 2.875% 4/16/24 #   250,000 262,580
Tengizchevroil Finance Co International 144A 2.625% 8/15/25 #   1,200,000 1,206,900
Tullow Oil 144A 6.25% 4/15/22 #   250,000 130,000
  18,262,617
Finance Companies — 1.84%
AerCap Ireland Capital 3.15% 2/15/24    1,780,000 1,766,421
Ally Financial 5.75% 11/20/25    771,000 866,850
Avolon Holdings Funding 144A 3.95% 7/1/24 #   555,000 527,647
China Overseas Finance Cayman V 3.95% 11/15/22    205,000 215,703
DAE Funding 144A 5.75% 11/15/23 #   750,000 758,438
GE Capital Funding 144A 3.45% 5/15/25 #   485,000 519,526
SURA Asset Management 144A 4.875% 4/17/24 #   500,000 543,313
USAA Capital 144A 1.50% 5/1/23 #   2,900,000 2,975,632
  8,173,530
Insurance — 0.45%
AIA Group 3.125% 3/13/23    210,000 220,181
Equitable Holdings 3.90% 4/20/23    1,620,000 1,741,322
USI 144A 6.875% 5/1/25 #   48,000 48,750
  2,010,253
Real Estate — 0.14%
Arabian Centres Sukuk 144A 5.375% 11/26/24 #   200,000 184,750
Goodman HK Finance 4.375% 6/19/24    200,000 217,167
HAT Holdings I 144A 6.00% 4/15/25 #   46,000 49,061
Kaisa Group Holdings 9.375% 6/30/24    200,000 189,000
  639,978
Services — 0.30%
GFL Environmental 144A 3.75% 8/1/25 #   375,000 374,766
NQ-022 [9/20] 11/20 (1399531)    9
Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Services (continued)
Prime Security Services Borrower 144A 5.25% 4/15/24 #   649,000 $681,044
Sabre GLBL 144A 9.25% 4/15/25 #   44,000 48,507
Shimao Group Holdings 6.125% 2/21/24    200,000 212,882
  1,317,199
Technology — 0.58%
Broadcom      
3.15% 11/15/25    260,000 280,757
4.70% 4/15/25    165,000 187,646
International Business Machines 3.00% 5/15/24    1,905,000 2,065,511
NXP 144A 2.70% 5/1/25 #   55,000 58,290
  2,592,204
Transportation — 0.19%
Adani Ports & Special Economic Zone 144A 3.375% 7/24/24 #   235,000 239,425
Aerovias de Mexico 144A 7.00% 2/5/25 #, ‡   200,000 49,000
ASG Finance Designated Activity 144A 7.875% 12/3/24 #   217,000 157,336
Delta Air Lines 144A 7.00% 5/1/25 #   375,000 412,250
  858,011
Total Corporate Bonds (cost $178,849,462) 180,884,841
Non-Agency Asset-Backed Securities — 9.59%
American Express Credit Account Master Trust      
Series 2017-2 A 0.602% (LIBOR01M + 0.45%) 9/16/24 •   270,000 271,129
Series 2017-5 A 0.532% (LIBOR01M + 0.38%) 2/18/25 •   575,000 576,433
Series 2018-6 A 3.06% 2/15/24   1,145,000 1,170,445
ARI Fleet Lease Trust
Series 2018-B A2 144A 3.22% 8/16/27 # 		  462,537 467,667
BMW Floorplan Master Owner Trust
Series 2018-1 A2 144A 0.472% (LIBOR01M + 0.32%) 5/15/23 #, • 		  1,500,000 1,501,321
Chase Issuance Trust
Series 2017-A2 A 0.552% (LIBOR01M + 0.40%) 3/15/24 • 		  1,300,000 1,304,762
Chesapeake Funding II
Series 2017-4A A2 144A 0.462% (LIBOR01M + 0.31%) 11/15/29 #, • 		  480,763 480,725
10    NQ-022 [9/20] 11/20 (1399531)
(Unaudited)
    Principal amount° Value (US $)
Non-Agency Asset-Backed Securities (continued)
CNH Equipment Trust
Series 2019-A A2 2.96% 5/16/22 		  260,726 $261,258
Dell Equipment Finance Trust
Series 2020-2 A2 144A 0.47% 10/24/22 # 		  2,400,000 2,400,539
Ford Credit Auto Lease Trust
Series 2020-A A2 1.80% 7/15/22 		  1,470,000 1,479,844
Ford Credit Auto Owner Trust      
Series 2017-2 A 144A 2.36% 3/15/29 #   2,100,000 2,175,068
Series 2017-C A3 2.01% 3/15/22   29,190 29,285
Ford Credit Floorplan Master Owner Trust
Series 2020-1 A1 0.70% 9/15/25 		  4,000,000 4,009,790
GM Financial Automobile Leasing Trust
Series 2020-3 A2A 0.35% 11/21/22 		  1,000,000 999,893
GMF Floorplan Owner Revolving Trust
Series 2020-1 A 144A 0.68% 8/15/25 # 		  500,000 500,931
GreatAmerica Leasing Receivables Funding
Series 2019-1 A2 144A 2.97% 6/15/21 # 		  230,397 230,998
Harley-Davidson Motorcycle Trust
Series 2020-A A2A 1.83% 1/17/23 		  646,603 650,578
HOA Funding
Series 2014-1A A2 144A 4.846% 8/20/44 # 		  233,200 202,963
Hyundai Auto Receivables Trust
Series 2019-B A2 1.93% 7/15/22 		  491,342 494,000
Invitation Homes Trust
Series 2018-SFR1 A 144A 0.851% (LIBOR01M + 0.70%) 3/17/37 #, • 		  1,208,838 1,196,064
Mercedes-Benz Auto Lease Trust
Series 2019-B A2
2.01% 12/15/21 		  206,303 207,087
Mercedes-Benz Master Owner Trust
Series 2018-BA A 144A 0.492% (LIBOR01M + 0.34%) 5/15/23 #, • 		  1,200,000 1,201,602
MMAF Equipment Finance      
Series 2015-AA A5 144A 2.49% 2/19/36 #   861,849 873,270
Series 2020-BA A2 144A 0.38% 8/14/23 #   4,300,000 4,297,753
Nissan Master Owner Trust Receivables      
Series 2017-C A 0.472% (LIBOR01M + 0.32%) 10/17/22 •   890,000 890,121
Series 2019-A A 0.712% (LIBOR01M + 0.56%) 2/15/24 •   1,275,000 1,279,835
Series 2019-B A 0.582% (LIBOR01M + 0.43%) 11/15/23 •   300,000 300,534
PFS Financing      
Series 2017-D A 144A 2.40% 10/17/22 #   3,000,000 3,001,888
NQ-022 [9/20] 11/20 (1399531)    11
Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)
    Principal amount° Value (US $)
Non-Agency Asset-Backed Securities (continued)
Series 2018-E A 144A 0.602% (LIBOR01M + 0.45%) 10/17/22 #, •   910,000 $909,782
Tesla Auto Lease Trust      
Series 2018-B A 144A 3.71% 8/20/21 #   942,272 951,119
Series 2019-A A2 144A 2.13% 4/20/22 #   2,128,311 2,151,997
Towd Point Mortgage Trust      
Series 2015-5 A1B 144A 2.75% 5/25/55 #, •   127,131 128,245
Series 2015-6 A1B 144A 2.75% 4/25/55 #, •   197,706 201,107
Trafigura Securitisation Finance
Series 2018-1A A1 144A 0.882% (LIBOR01M + 0.73%) 3/15/22 #, • 		  200,000 196,625
Verizon Owner Trust      
Series 2017-3A A1A 144A 2.06% 4/20/22 #   51,036 51,122
Series 2017-3A A1B 144A 0.426% (LIBOR01M + 0.27%) 4/20/22 #, •   477,189 477,294
Series 2019-B A1B 0.606% (LIBOR01M + 0.45%) 12/20/23 •   800,000 803,001
Volvo Financial Equipment
Series 2020-1A A2
144A 0.37% 4/17/23 # 		  2,200,000 2,200,302
Volvo Financial Equipment Master Owner Trust
Series 2017-A A 144A 0.652% (LIBOR01M + 0.50%) 11/15/22 #, • 		  2,000,000 2,000,783
Wheels SPV 2
Series 2018-1A A2 144A 3.06% 4/20/27 # 		  178,546 179,558
Total Non-Agency Asset-Backed Securities (cost $42,663,148) 42,706,718
Non-Agency Collateralized Mortgage Obligations — 0.50%
GSMPS Mortgage Loan Trust
Series 1998-2 A 144A 7.75% 5/19/27 #, • 		  20,596 20,602
JPMorgan Mortgage Trust
Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #, • 		  380,897 385,966
Sequoia Mortgage Trust
Series 2014-2 A4 144A 3.50% 7/25/44 #, • 		  121,546 125,452
Silverstone Master Issuer
Series 2018-1A 1A 144A 0.661% (LIBOR03M + 0.39%) 1/21/70 #, • 		  1,680,000 1,677,073
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-AR5 2A1 3.995% 4/25/36 • 		  38,013 36,509
Total Non-Agency Collateralized Mortgage Obligations (cost $2,218,911) 2,245,602
12    NQ-022 [9/20] 11/20 (1399531)
(Unaudited)
    Principal amount° Value (US $)
Non-Agency Commercial Mortgage-Backed Securities — 1.21%
Benchmark Mortgage Trust
Series 2020-B17 A5 2.289% 3/15/53 		  5,000,000 $5,300,582
DB-UBS Mortgage Trust
Series 2011-LC1A C 144A 5.79% 11/10/46 #, • 		  100,000 100,180
Total Non-Agency Commercial Mortgage-Backed Securities (cost $5,352,055) 5,400,762
Loan Agreements — 0.34%
Air Medical Group Holdings 4.25% (LIBOR03M + 3.25%) 4/28/22 •   57,616 57,490
Applied Systems 1st Lien 4.25% (LIBOR03M + 3.25%) 9/19/24 •   247,519 246,649
AssuredPartners 3.647% (LIBOR01M + 3.50%) 2/12/27 •   262,504 255,351
Berry Global Tranche W 2.155% (LIBOR01M + 2.00%) 10/1/22 •   250,000 248,489
Blue Ribbon 1st Lien 5.00% (LIBOR01M + 4.00%) 11/15/21 •   266,671 247,671
Charter Communications Operating Tranche
B-2 1.90% (LIBOR01M + 1.75%) 2/1/27 • 		  243,130 238,318
Gardner Denver Tranche B-1 1.897% (LIBOR01M + 1.75%) 3/1/27 •   207,226 200,879
Total Loan Agreements (cost $1,526,809) 1,494,847
Sovereign BondsΔ — 0.56%
Croatia — 0.05%
Croatia Government International Bond      
  144A 5.50% 4/4/23 #   200,000 221,692
  221,692
Dominican Republic — 0.02%
Dominican Republic International Bond      
  144A 7.50% 5/6/21 #   100,000 103,250
  103,250
Georgia — 0.05%
Georgia Government International Bond      
  6.875% 4/12/21    200,000 204,247
  204,247
Indonesia — 0.07%
Indonesia Government International Bond      
  144A 3.375% 4/15/23 #   310,000 327,720
  327,720
NQ-022 [9/20] 11/20 (1399531)    13
Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)
    Principal amount° Value (US $)
Sovereign Bonds (continued)
Kenya — 0.04%
Kenya Government International Bond      
  144A 6.875% 6/24/24 #   200,000 $203,924
  203,924
Nigeria — 0.06%
Nigeria Government International Bond      
  5.625% 6/27/22    250,000 252,379
  252,379
Republic of Korea — 0.11%
Export-Import Bank of Korea      
  1.021% 6/1/23 •   500,000 504,179
  504,179
Saudi Arabia — 0.06%
Kingdom of Saudi Arabia Sukuk      
  144A 2.894% 4/20/22 #   250,000 258,178
  258,178
Senegal — 0.05%
Senegal Government International Bond      
  144A 6.25% 7/30/24 #   200,000 206,230
  206,230
Uzbekistan — 0.05%
Republic of Uzbekistan Bond      
  144A 4.75% 2/20/24 #   200,000 211,000
  211,000
Total Sovereign Bonds (cost $2,468,705) 2,492,799
Supranational Bank — 0.11%
Banque Ouest Africaine de Developpement
144A 5.50% 5/6/21 # 		  500,000 511,205
Total Supranational Bank (cost $529,500) 511,205
US Treasury Obligations — 24.49%
US Treasury Floating Rate Notes      
0.15% (USBMMY3M + 0.055%) 7/31/22 •   55,990,000 55,996,456
0.209% (USBMMY3M + 0.114%) 4/30/22 •   9,125,000 9,135,720
US Treasury Notes      
0.25% 7/31/25   23,630,000 23,609,692
0.25% 9/30/25   18,525,000 18,501,119
1.625% 12/31/21   1,775,000 1,807,796
14    NQ-022 [9/20] 11/20 (1399531)
(Unaudited)
    Principal amount° Value (US $)
US Treasury Obligations (continued)
Total US Treasury Obligations (cost $108,981,149) 109,050,783
    Number of shares Value (US $)
Preferred Stock — 0.33%
Morgan Stanley 4.085% (LIBOR03M + 3.81%) •   1,180,000 $1,160,071
USB Realty 1.422% (LIBOR03M + 1.15%) #, •   400,000 324,250
Total Preferred Stock (cost $1,490,000) 1,484,321
Short-Term Investments — 5.73%
Money Market Mutual Funds — 5.73%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%)   6,373,668 6,373,668
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%)   6,373,668 6,373,668
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.00%)   6,373,668 6,373,668
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%)   6,373,668 6,373,668
Total Short-Term Investments (cost $25,494,672) 25,494,672
Total Value of Securities—101.39%
(cost $447,786,260) 		    451,493,624
Liabilities Net of Receivables and Other Assets—(1.39%)1     (6,175,876)
Net Assets Applicable to 52,975,621 Shares Outstanding—100.00%     $445,317,748
1 Of this amount, $10,010 represents cash collateral posted for futures contracts.
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
φ Step coupon bond. Stated rate in effect at September 30, 2020 through maturity date.
♦ Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.
NQ-022 [9/20] 11/20 (1399531)    15
Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.
= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2020, the aggregate value of Rule 144A securities was $94,058,847, which represents 21.12% of the Fund's net assets.
> PIK. 100% of the income received was in the form of cash.
μ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2020. Rate will reset at a future date.
ψ No contractual maturity date.
‡ Non-income producing security. Security is currently in default.
Δ Securities have been classified by country of origin.
The following futures contracts were outstanding at September 30, 2020:
Futures Contracts
Contracts to Buy (Sell)   Notional
Amount 		  Notional
Cost
(Proceeds) 		  Expiration
Date 		  Value/
Unrealized
Depreciation 		  Variation
Margin
Due from
(Due to)
Brokers
(14) US Treasury 5 yr Notes   $(1,764,437)   $(1,762,107)   12/31/20   $(2,330)   $1,422
16    NQ-022 [9/20] 11/20 (1399531)
(Unaudited)
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.
Summary of abbreviations:
ARM – Adjustable Rate Mortgage
CLO – Collateralized Loan Obligation
DAC – Designated Activity Company
DB – Deutsche Bank AG
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
LIBOR12M – ICE LIBOR USD 12 Month
NCUA – National Credit Union Administration
PIK – Payment-in-kind
REMIC – Real Estate Mortgage Investment Conduit
S.F. – Single Family
TBA – To be announced
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
USD – US Dollar
yr – Year
NQ-022 [9/20] 11/20 (1399531)    17