NPORT-EX 2 AFIF0DelLimitedDurBdFd.htm
Schedule of investments
Delaware Limited Duration Bond Fund
December 31, 2020 (Unaudited)
    Principal amount° Value (US $)
Agency Commercial Mortgage-Backed Security — 1.85%
Freddie Mac Multifamily Structured Pass Through Certificates
Series K734 A1 3.139% 6/25/25 ♦ 		  2,914,935 $3,129,210
Total Agency Commercial Mortgage-Backed Security
(cost $2,973,231) 		3,129,210
 
Agency Mortgage-Backed Securities — 10.81%
Fannie Mae S.F. 30 yr      
4.50% 2/1/44   1,410,472 1,597,518
4.50% 4/1/44   1,633,436 1,850,030
4.50% 11/1/44   1,641,483 1,852,684
4.50% 10/1/45   3,656,767 4,084,764
5.00% 7/1/47   3,676,902 4,269,625
5.00% 5/1/48   2,448,904 2,732,988
5.50% 5/1/44   101,109 118,579
Freddie Mac S.F. 30 yr      
4.50% 7/1/45   313,683 351,785
5.00% 8/1/48   1,304,905 1,448,816
Total Agency Mortgage-Backed Securities
(cost $17,845,851) 		18,306,789
 
Collateralized Debt Obligations — 7.28%
AMMC CLO 23
Series 2020-23A A1L 144A 1.635% (LIBOR03M + 1.40%, Floor 1.40%) 10/17/31 #, • 		  1,000,000 998,738
Ballyrock CLO      
Series 2018-1A A1 144A 1.218% (LIBOR03M + 1.00%) 4/20/31 #, •   750,000 742,145
Series 2020-2A A1 144A 1.529% (LIBOR03M + 1.32%, Floor 1.32%) 10/20/31 #, •   750,000 749,053
BlueMountain CLO XXX
Series 2020-30A A 144A 1.549% (LIBOR03M + 1.39%, Floor 1.39%) 1/15/33 #, • 		  500,000 499,373
    Principal amount° Value (US $)
Collateralized Debt Obligations (continued)
Carlyle Global Market Strategies CLO
Series 2015-5A A1R 144A 1.538% (LIBOR03M + 1.32%, Floor 1.32%) 1/20/32 #, • 		  500,000 $499,401
CBAM
Series 2020-13A A 144A 1.585% (LIBOR03M + 1.43%, Floor 1.43%) 1/20/34 #, • 		  800,000 798,997
Cedar Funding IX CLO
Series 2018-9A A1 144A 1.198% (LIBOR03M + 0.98%, Floor 0.98%) 4/20/31 #, • 		  925,000 921,566
CIFC Funding
Series 2013-4A A1RR 144A 1.277% (LIBOR03M + 1.06%, Floor 1.06%) 4/27/31 #, • 		  900,000 894,940
Dryden 83 CLO
Series 2020-83A A 144A 0.000% (LIBOR03M + 1.22%, Floor 1.22%) 1/18/32 #, • 		  900,000 900,000
Galaxy XXI CLO
Series 2015-21A AR 144A 1.238% (LIBOR03M + 1.02%) 4/20/31 #, • 		  500,000 495,153
KKR CLO 32
Series 32A A1 144A 1.545% (LIBOR03M + 1.32%, Floor 1.32%) 1/15/32 #, • 		  500,000 499,374
LCM XVIII
Series 18A A1R 144A 1.238% (LIBOR03M + 1.02%) 4/20/31 #, • 		  700,000 695,944
Octagon Investment Partners 33
Series 2017-1A A1 144A 1.408% (LIBOR03M + 1.19%) 1/20/31 #, • 		  300,000 299,519
 
NQ-QLV [12/20] 2/21 (1511453)    1
Schedule of investments
Delaware Limited Duration Bond Fund (Unaudited)
    Principal amount° Value (US $)
Collateralized Debt Obligations (continued)
Octagon Investment Partners 48
Series 2020-3A A 144A 1.732% (LIBOR03M + 1.50%, Floor 1.50%) 10/20/31 #, • 		  900,000 $901,360
Sound Point CLO XXI
Series 2018-3A A1A 144A 1.395% (LIBOR03M + 1.18%, Floor 1.18%) 10/26/31 #, • 		  900,000 897,007
Venture 34 CLO
Series 2018-34A A 144A 1.467% (LIBOR03M + 1.23%, Floor 1.23%) 10/15/31 #, • 		  700,000 698,545
York CLO-6
Series 2019-1A A1 144A 1.566% (LIBOR03M + 1.35%) 7/22/32 #, • 		  850,000 849,493
Total Collateralized Debt Obligations
(cost $12,313,274) 		12,340,608
 
Corporate Bonds — 52.48%
Banking — 17.97%
Ally Financial 5.75% 11/20/25    740,000 862,096
Banco Continental 144A 2.75% 12/10/25 #   385,000 384,037
Banco Santander 3.50% 4/11/22    1,200,000 1,246,268
Bank of America 3.458% 3/15/25 μ   1,500,000 1,633,695
Bank of Montreal 1.85% 5/1/25    260,000 273,071
Barclays Bank 1.70% 5/12/22    240,000 244,284
BBVA Bancomer 144A 1.875% 9/18/25 #   425,000 429,781
Citizens Financial Group 2.85% 7/27/26    920,000 1,024,919
Credit Agricole 144A 1.907% 6/16/26 #, μ   280,000 290,668
DNB Boligkreditt 144A 2.50% 3/28/22 #   4,500,000 4,620,482
Goldman Sachs Group      
3.50% 4/1/25    135,000 150,240
5.75% 1/24/22    4,000,000 4,228,550
    Principal amount° Value (US $)
Corporate Bonds (continued)
Banking (continued)
Huntington National Bank      
2.50% 8/7/22    285,000 $294,376
3.125% 4/1/22    910,000 939,569
JPMorgan Chase & Co.      
4.023% 12/5/24 μ   3,410,000 3,757,843
4.60%  μ, ψ   130,000 134,388
KeyBank      
2.40% 6/9/22    250,000 257,370
3.18% 5/22/22    655,000 679,341
Morgan Stanley      
1.433% (LIBOR03M + 1.22%) 5/8/24 •   1,290,000 1,315,324
2.188% 4/28/26 μ   310,000 327,640
2.75% 5/19/22    120,000 123,949
3.622% 4/1/31 μ   230,000 267,302
3.737% 4/24/24 μ   350,000 376,699
PNC Bank 2.70% 11/1/22    455,000 474,166
QNB Finance 3.50% 3/28/24    380,000 408,446
Regions Financial 3.80% 8/14/23    235,000 255,037
Truist Bank 2.636% 9/17/29 μ   1,015,000 1,074,223
Truist Financial 2.70% 1/27/22    1,650,000 1,689,397
UBS 144A 1.75% 4/21/22 #   200,000 203,590
UBS Group      
144A 2.65% 2/1/22 #   580,000 594,795
144A 3.00% 4/15/21 #   1,605,000 1,617,434
US Bank 3.40% 7/24/23    250,000 268,687
  30,447,667
Basic Industry — 2.40%
Avient 144A 5.75% 5/15/25 #   853,000 907,379
DuPont de Nemours 2.169% 5/1/23    710,000 719,608
First Quantum Minerals 144A 7.50% 4/1/25 #   500,000 521,250
Georgia-Pacific 144A 1.75% 9/30/25 #   215,000 224,885
Hudbay Minerals 144A 7.625% 1/15/25 #   347,000 361,097
Inversiones CMPC 144A 4.75% 9/15/24 #   380,000 421,445
Kraton Polymers 144A 7.00% 4/15/25 #   443,000 466,700
LYB International Finance III 2.875% 5/1/25    170,000 185,432
 
2    NQ-QLV [12/20] 2/21 (1511453)
(Unaudited)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
PowerTeam Services 144A 9.033% 12/4/25 #   235,000 $262,051
  4,069,847
Brokerage — 0.31%
National Securities Clearing 144A 1.20% 4/23/23 #   390,000 397,894
SURA Asset Management 144A 4.875% 4/17/24 #   120,000 131,732
  529,626
Capital Goods — 4.22%
General Dynamics 3.00% 5/11/21    930,000 938,988
General Electric 3.45% 5/1/27    185,000 208,933
GFL Environmental 144A 3.75% 8/1/25 #   250,000 255,469
L3Harris Technologies 3.85% 6/15/23    225,000 243,157
Mauser Packaging Solutions Holding 144A 5.50% 4/15/24 #   1,047,000 1,069,186
Otis Worldwide 2.056% 4/5/25    425,000 450,798
Roper Technologies 2.35% 9/15/24    2,050,000 2,183,518
Spirit AeroSystems 144A 5.50% 1/15/25 #   350,000 369,653
Terex 144A 5.625% 2/1/25 #   330,000 340,560
TransDigm 144A 8.00% 12/15/25 #   412,000 456,327
Welbilt 9.50% 2/15/24    164,000 169,808
WESCO Distribution 144A 7.125% 6/15/25 #   421,000 463,586
  7,149,983
Communications — 3.14%
AMC Networks 5.00% 4/1/24    430,000 437,525
Clear Channel International 144A 6.625% 8/1/25 #   200,000 211,750
Clear Channel Worldwide Holdings 9.25% 2/15/24    205,000 208,096
Crown Castle International 5.25% 1/15/23    675,000 738,796
Fox 4.03% 1/25/24    2,985,000 3,288,924
    Principal amount° Value (US $)
Corporate Bonds (continued)
Communications (continued)
T-Mobile USA      
144A 1.50% 2/15/26 #   185,000 $189,763
144A 3.50% 4/15/25 #   220,000 243,316
  5,318,170
Consumer Cyclical — 4.05%
Boyd Gaming 144A 8.625% 6/1/25 #   319,000 355,187
Caesars Entertainment 144A 6.25% 7/1/25 #   235,000 250,570
Carnival 144A 7.625% 3/1/26 #   262,000 285,938
Ford Motor 8.50% 4/21/23    703,000 793,810
Ford Motor Credit 3.375% 11/13/25    435,000 446,010
General Motors Financial      
3.45% 4/10/22    960,000 987,332
4.15% 6/19/23    575,000 618,771
IRB Holding 144A 7.00% 6/15/25 #   48,000 52,525
JD.com 3.875% 4/29/26    430,000 481,443
L Brands 144A 6.875% 7/1/25 #   155,000 168,530
MGM Resorts International 5.75% 6/15/25    500,000 553,762
Prime Security Services Borrower 144A 5.25% 4/15/24 #   679,000 725,681
Scientific Games International 144A 5.00% 10/15/25 #   430,000 444,250
Six Flags Entertainment 144A 4.875% 7/31/24 #   255,000 256,153
Station Casinos 144A 5.00% 10/1/25 #   169,000 171,269
VF 2.40% 4/23/25    250,000 266,785
  6,858,016
Consumer Non-Cyclical — 4.55%
AbbVie 2.60% 11/21/24    710,000 761,521
Anheuser-Busch InBev Worldwide 4.15% 1/23/25    2,435,000 2,773,602
Bausch Health 144A 6.125% 4/15/25 #   327,000 337,353
CVS Health      
3.35% 3/9/21    635,000 638,493
3.70% 3/9/23    76,000 81,381
Diageo Capital 1.375% 9/29/25    365,000 375,731
 
NQ-QLV [12/20] 2/21 (1511453)    3
Schedule of investments
Delaware Limited Duration Bond Fund (Unaudited)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
DP World Crescent 144A 3.908% 5/31/23 #   415,000 $439,132
Mondelez International 2.125% 4/13/23    245,000 254,591
Ortho-Clinical Diagnostics 144A 7.375% 6/1/25 #   340,000 362,738
Pilgrim's Pride 144A 5.75% 3/15/25 #   349,000 358,720
Primo Water Holdings 144A 5.50% 4/1/25 #   344,000 355,610
Royalty Pharma      
144A 1.20% 9/2/25 #   220,000 223,565
144A 1.75% 9/2/27 #   145,000 149,319
Tenet Healthcare 5.125% 5/1/25    449,000 458,312
Viatris      
144A 1.65% 6/22/25 #   75,000 77,586
144A 2.30% 6/22/27 #   60,000 63,945
  7,711,599
Electric — 5.24%
Avangrid 3.20% 4/15/25    380,000 416,333
Cleveland Electric Illuminating 5.50% 8/15/24    1,150,000 1,325,513
Duke Energy      
1.80% 9/1/21    1,065,000 1,074,344
4.875%  μ, ψ   460,000 499,252
Engie Energia Chile 144A 4.50% 1/29/25 #   200,000 222,165
Entergy 4.00% 7/15/22    845,000 886,243
Entergy Louisiana 4.05% 9/1/23    905,000 983,830
ITC Holdings 2.70% 11/15/22    1,755,000 1,827,324
NRG Energy 144A 3.75% 6/15/24 #   690,000 755,724
Pacific Gas and Electric 2.10% 8/1/27    115,000 116,871
Vistra Operations 144A 3.55% 7/15/24 #   705,000 763,810
  8,871,409
Energy — 3.60%
Apache 4.625% 11/15/25    243,000 255,454
Continental Resources 3.80% 6/1/24    251,000 259,001
Marathon Oil 2.80% 11/1/22    185,000 190,208
MPLX 1.75% 3/1/26    150,000 155,312
Murphy Oil 5.75% 8/15/25    332,000 331,205
    Principal amount° Value (US $)
Corporate Bonds (continued)
Energy (continued)
NuStar Logistics 5.75% 10/1/25    442,000 $471,393
Occidental Petroleum 5.50% 12/1/25    342,000 357,214
ONEOK 7.50% 9/1/23    1,330,000 1,539,978
Sabine Pass Liquefaction 5.75% 5/15/24    585,000 669,023
Schlumberger Holdings 144A 3.75% 5/1/24 #   930,000 1,014,608
Southwestern Energy 6.45% 1/23/25    400,000 415,750
Western Midstream Operating 4.10% 2/1/25    186,000 191,982
WPX Energy 5.25% 9/15/24    232,000 253,291
  6,104,419
Finance Companies — 3.36%
AerCap Ireland Capital 3.15% 2/15/24    760,000 797,018
Air Lease 2.875% 1/15/26    95,000 100,593
Aviation Capital Group 144A 2.875% 1/20/22 #   485,000 491,157
Avolon Holdings Funding 144A 3.95% 7/1/24 #   3,285,000 3,471,769
China Overseas Finance Cayman III 5.375% 10/29/23    200,000 221,171
GE Capital Funding 144A 3.45% 5/15/25 #   365,000 403,098
USAA Capital 144A 1.50% 5/1/23 #   200,000 205,208
  5,690,014
Insurance — 0.51%
Equitable Holdings 3.90% 4/20/23    465,000 500,418
USI 144A 6.875% 5/1/25 #   344,000 353,672
  854,090
Natural Gas — 0.10%
NiSource 0.95% 8/15/25    165,000 166,071
  166,071
Technology — 1.29%
Broadcom      
3.15% 11/15/25    200,000 218,467
4.70% 4/15/25    125,000 143,274
 
4    NQ-QLV [12/20] 2/21 (1511453)
(Unaudited)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Technology (continued)
Global Payments 2.65% 2/15/25    311,000 $333,175
International Business Machines 3.00% 5/15/24    190,000 205,891
Microchip Technology      
3.922% 6/1/21    145,000 147,073
4.333% 6/1/23    615,000 666,152
NXP 144A 2.70% 5/1/25 #   45,000 48,463
Sabre GLBL 144A 7.375% 9/1/25 #   394,000 428,081
  2,190,576
Transportation — 1.74%
DAE Funding      
144A 4.50% 8/1/22 #   447,000 453,347
144A 5.75% 11/15/23 #   500,000 514,375
Delta Air Lines      
144A 7.00% 5/1/25 #   936,000 1,081,283
7.375% 1/15/26    240,000 274,327
Penske Truck Leasing 144A 1.20% 11/15/25 #   355,000 358,289
Spirit Loyalty Cayman 144A 8.00% 9/20/25 #   230,000 258,750
  2,940,371
Total Corporate Bonds
(cost $86,608,591) 		88,901,858
 
Non-Agency Asset-Backed Securities — 8.44%
ARI Fleet Lease Trust
Series 2019-A A2B 144A 0.639% (LIBOR01M + 0.48%) 11/15/27 #, • 		  3,009,005 3,010,716
BMW Vehicle Lease Trust
Series 2018-1 A3 3.26% 7/20/21 		  101,414 101,573
CarMax Auto Owner Trust
Series 2018-2 B 3.37% 10/16/23 		  1,850,000 1,919,015
Chase Auto Credit Linked Notes
Series 2020-2 B 144A 0.84% 2/25/28 # 		  900,000 900,866
Ford Credit Auto Owner Trust
Series 2017-2 A 144A 2.36% 3/15/29 # 		  2,000,000 2,068,569
John Deere Owner Trust
Series 2019-A A3
2.91% 7/17/23 		  3,543,385 3,611,199
    Principal amount° Value (US $)
Non-Agency Asset-Backed Securities (continued)
Mercedes-Benz Auto Lease Trust
Series 2019-B A2 2.01% 12/15/21 		  652,126 $653,440
Tesla Auto Lease Trust
Series 2018-B A 144A 3.71% 8/20/21 # 		  2,022,062 2,034,870
Total Non-Agency Asset-Backed Securities
(cost $14,186,087) 		14,300,248
 
Sovereign Bonds — 2.55%
Spain — 2.55%
Spanish Treasury Bill
0.000% 1/15/21 ^ 		EUR 3,535,000 4,319,710
  4,319,710
Total Sovereign Bonds
(cost $4,295,087) 		4,319,710
 
US Treasury Obligations — 15.35%
US Treasury Bond
1.375% 8/15/50 		  35,000 32,714
US Treasury Floating Rate
Notes 		     
0.145% (USBMMY3M + 0.055%) 10/31/22 •   1,710,000 1,709,996
0.244% (USBMMY3M + 0.154%) 1/31/22 •   2,680,000 2,682,933
US Treasury Notes      
0.375% 11/30/25   15,540,000 15,559,425
0.625% 8/15/30   3,295,000 3,211,081
1.625% 12/31/21   2,770,000 2,811,827
Total US Treasury Obligations
(cost $26,004,651) 		26,007,976
    Number of shares  
Short-Term Investments — 1.26%
Money Market Mutual Funds — 1.26%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%)   534,283 534,283
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%)   534,284 534,284
 
NQ-QLV [12/20] 2/21 (1511453)    5
Schedule of investments
Delaware Limited Duration Bond Fund (Unaudited)
    Number of shares Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.02%)   534,284 $534,284
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%)   534,284 534,284
Total Short-Term Investments
(cost $2,137,135) 		2,137,135
Total Value of Securities—100.02%
(cost $166,363,907) 		    169,443,534
Liabilities Net of Receivables and Other Assets—(0.02%)     (25,594)
Net Assets Applicable to 17,901,523 Shares Outstanding—100.00%     $169,417,940
° Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
♦ 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.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $51,692,329, which represents 30.51% of the Fund's net assets.
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
μ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2020. Rate will reset at a future date.
ψ No contractual maturity date.
^ Zero-coupon security. The rate shown is the effective yield at the time of purchase.
 
The following foreign currency exchange contracts were outstanding at December 31, 2020:
Foreign Currency Exchange Contracts        
Counterparty   Currency to
Receive (Deliver) 		  In Exchange For   Settlement
Date 		  Unrealized
Depreciation
TD   EUR (3,535,000)   USD 4,293,876   1/15/21   $(26,352)
The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) are reflected in the Fund’s net assets.
Summary of abbreviations: 
CLO – Collateralized Loan Obligation
GS – Goldman Sachs
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
S.F. – Single Family
TD – TD Bank
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
6    NQ-QLV [12/20] 2/21 (1511453)
(Unaudited)
Summary of abbreviations:  (continued)
yr – Year
Summary of currencies: 
EUR – European Monetary Unit
USD – US Dollar
NQ-QLV [12/20] 2/21 (1511453)    7