Delaware Group Limited-term Government Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-03363
Exact name of registrant as specified in charter:	Delaware Group® Limited-Term
	Government Funds
Address of principal executive offices:	610 Market Street
	Philadelphia, PA 19106
Name and address of agent for service:	David F. Connor, Esq.
	610 Market Street
	Philadelphia, PA 19106
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	December 31
Date of reporting period:	June 30, 2022

Item 1. Reports to Stockholders

	Semiannual report

Fixed income mutual fund

Delaware Limited-Term Diversified Income Fund

June 30, 2022

Carefully consider the Fund's investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund's prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit delawarefunds.com/edelivery.

Experience Delaware Funds by Macquarie^®

Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM Public Investments traces its roots to 1929 and partners with institutional and individual clients to deliver specialist active investment capabilities across global equities, fixed income, and multi-asset solutions using a conviction-based, long-term approach to investing. In the US, retail investors recognize our Delaware Funds by Macquarie family of funds as one of the oldest mutual fund families.

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) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and 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 ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

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	20
Statement of operations	22
Statements of changes in net assets	24
Financial highlights	26
Notes to financial statements	36
Other Fund information	54
About the organization	55

Unless otherwise noted, views expressed herein are current as of June 30, 2022, 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.

© 2022 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses
For the six-month period from January 1, 2022 to June 30, 2022 (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, 2022 to June 30, 2022.

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 the 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

Disclosure of Fund expenses
For the six-month period from January 1, 2022 to June 30, 2022 (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
	1/1/22			6/30/22			Expense Ratio			1/1/22 to 6/30/22*
Actual Fund return†
Class A		$	1,000.00		$	957.50		0.53	%		$	2.57
Class C			1,000.00			953.40		1.38	%			6.68
Class R			1,000.00			955.80		0.88	%			4.27
Institutional Class			1,000.00			958.20		0.38	%			1.84
Class R6			1,000.00			958.40		0.32	%			1.55
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,022.17		0.53	%		$	2.66
Class C			1,000.00			1,017.95		1.38	%			6.90
Class R			1,000.00			1,020.43		0.88	%			4.41
Institutional Class			1,000.00			1,022.91		0.38	%			1.91
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 any investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of any Underlying Funds.

2

Security type / sector allocation
Delaware Limited-Term Diversified Income Fund	As of June 30, 2022 (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		1.83	%
Agency Commercial Mortgage-Backed Securities		1.44	%
Agency Mortgage-Backed Securities		6.04	%
Collateralized Debt Obligations		8.03	%
Corporate Bonds		61.39	%
Banking		15.07	%
Basic Industry		2.37	%
Basic Materials		0.04	%
Brokerage		0.18	%
Capital Goods		4.12	%
Communications		3.87	%
Consumer Cyclical		3.99	%
Consumer Non-Cyclical		4.90	%
Electric		6.88	%
Energy		4.63	%
Finance Companies		4.26	%
Financials		0.14	%
Industrials		0.04	%
Insurance		4.36	%
Leisure		0.49	%
Media		0.05	%
Natural Gas		0.46	%
Real Estate		0.22	%
Technology		2.66	%
Technology & Electronics		0.49	%
Transportation		2.17	%
Non-Agency Asset-Backed Securities		8.90	%
Sovereign Bonds		0.21	%
US Treasury Obligations		10.90	%
Short-Term Investments		0.51	%
Total Value of Securities		99.25	%
Receivables and Other Assets Net of Liabilities		0.75	%
Total Net Assets		100.00	%

3

Schedule of investments
Delaware Limited-Term Diversified Income Fund	June 30, 2022 (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 ◆, ●	2,719	$	2,761
Total Agency Asset-Backed Security (cost $2,842)					2,761
Agency Collateralized Mortgage Obligations – 1.83%
	Fannie Mae Grantor Trust
		Series 2001-T5 A2 6.974% 6/19/41 ●	14,599		15,581
	Freddie Mac REMICs
		Series 5092 WG 1.00% 4/25/31	5,636,765		5,191,180
	Freddie Mac Structured Agency Credit Risk REMIC Trust
		Series 2020-DNA6 M1 144A 1.826% (SOFR + 0.90%)
		12/25/50 #, ●	2,781		2,775
		Series 2021-DNA3 M1 144A 1.676% (SOFR + 0.75%)
		10/25/33 #, ●	1,292,041		1,271,666
		Series 2021-HQA1 M1 144A 1.626% (SOFR + 0.70%)
		8/25/33 #, ●	567,754		563,365
		Series 2021-HQA2 M1 144A 1.626% (SOFR + 0.70%)
		12/25/33 #, ●	897,912		888,305
	Freddie Mac Structured Pass Through Certificates
		Series T-54 2A 6.50% 2/25/43 ◆	514		561
		Series T-58 2A 6.50% 9/25/43 ◆	264,227		278,625
Total Agency Collateralized Mortgage Obligations (cost $8,726,382)					8,212,058
Agency Commercial Mortgage-Backed Securities – 1.44%
	Freddie Mac Multifamily Structured Pass Through
		Certificates
		Series K729 A2 3.136% 10/25/24 ◆	2,000,000		1,988,164
		Series K734 A1 3.139% 6/25/25 ◆	2,398,912		2,395,026
	FREMF Mortgage Trust
		Series 2015-K720 B 144A 3.602% 7/25/22 #, ●	597,290		596,365
		Series 2017-K724 B 144A 3.641% 12/25/49 #, ●	1,500,000		1,483,750
Total Agency Commercial Mortgage-Backed Securities (cost
	$6,727,634)				6,463,305
Agency Mortgage-Backed Securities – 6.04%
	Fannie Mae S.F. 15 yr
		2.00% 4/1/36	1,176,117		1,099,135
		2.50% 8/1/35	948,489		907,981
		2.50% 11/1/35	1,584,489		1,516,813
		2.50% 7/1/36	32,259		30,848

4

			Principal
			amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 20 yr
		2.50% 7/1/41	576,070	$	530,191
	Fannie Mae S.F. 30 yr
		2.00% 12/1/50	84,875		74,031
		2.00% 2/1/51	141,503		123,672
		2.50% 10/1/50	238,275		216,848
		3.00% 11/1/49	140,566		132,477
		3.50% 10/1/42	666,062		651,414
		3.50% 7/1/47	171,202		168,060
		3.50% 2/1/48	181,501		177,475
		3.50% 11/1/48	86,353		84,459
		3.50% 11/1/49	606,490		589,214
		3.50% 3/1/50	30,868		30,124
		3.50% 9/1/50	656,067		641,487
		3.50% 6/1/51	511,536		493,629
		3.50% 1/1/52	208,583		201,035
		4.00% 6/1/48	117,060		117,416
		4.00% 10/1/48	793,476		799,050
		4.50% 2/1/44	878,097		904,231
		4.50% 4/1/44	1,032,092		1,062,812
		4.50% 9/1/49	826,126		843,042
		4.50% 1/1/50	2,361,380		2,436,905
		5.00% 7/1/47	3,334,763		3,509,701
		5.00% 5/1/48	289,235		299,234
		5.00% 8/1/49	1,268,014		1,320,877
		5.00% 6/1/52	217,291		222,026
		5.50% 5/1/44	2,249,493		2,413,485
		6.00% 6/1/41	262,109		287,125
		6.00% 7/1/41	2,327,731		2,537,541
		6.00% 1/1/42	157,482		172,582
	Freddie Mac S.F. 15 yr
		3.00% 3/1/35	429,618		421,968
	Freddie Mac S.F. 20 yr
		3.00% 9/1/40	244,211		231,439
	Freddie Mac S.F. 30 yr
		3.00% 11/1/46	262,893		249,067
		3.00% 8/1/50	168,600		159,056
		3.50% 3/1/47	82,385		81,533
		4.00% 5/1/46	93,294		94,042
		4.00% 4/1/52	214,126		211,506
		4.50% 8/1/48	556,862		566,927
		4.50% 4/1/49	129,228		132,016

5

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% 5/1/49	317,001	$	322,688
		6.00% 5/1/39	17,229		18,703
Total Agency Mortgage-Backed Securities (cost $29,214,403)					27,083,865
Collateralized Debt Obligations – 8.03%
	Ballyrock CLO
		Series 2018-1A A1 144A 2.063% (LIBOR03M + 1.00%)
		4/20/31 #, ●	2,750,000		2,692,839
	Benefit Street Partners CLO IX
		Series 2016-9A AR 144A 2.173% (LIBOR03M +
		1.11%) 7/20/31 #, ●	500,000		492,328
	Canyon Capital CLO
		Series 2019-2A AR 144A 2.224% (LIBOR03M +
		1.18%, Floor 1.18%) 10/15/34 #, ●	2,800,000		2,695,501
	Carlyle Global Market Strategies CLO
		Series 2014-2RA A1 144A 2.461% (LIBOR03M +
		1.05%) 5/15/31 #, ●	985,636		961,230
	CBAM
		Series 2020-13A A 144A 2.493% (LIBOR03M + 1.43%,
		Floor 1.43%) 1/20/34 #, ●	3,000,000		2,923,053
	Cedar Funding IX CLO
		Series 2018-9A A1 144A 2.043% (LIBOR03M + 0.98%,
		Floor 0.98%) 4/20/31 #, ●	1,500,000		1,467,990
	CIFC Funding
		Series 2013-4A A1RR 144A 2.285% (LIBOR03M +
		1.06%, Floor 1.06%) 4/27/31 #, ●	2,900,000		2,846,341
	Dryden 83 CLO
		Series 2020-83A A 144A 2.264% (LIBOR03M + 1.22%,
		Floor 1.22%) 1/18/32 #, ●	3,100,000		3,045,483
	Galaxy XXI CLO
		Series 2015-21A AR 144A 2.083% (LIBOR03M +
		1.02%) 4/20/31 #, ●	1,500,000		1,463,774
	KKR CLO 32
		Series 32A A1 144A 2.364% (LIBOR03M + 1.32%,
		Floor 1.32%) 1/15/32 #, ●	1,700,000		1,671,551
	LCM XVIII
		Series 18A A1R 144A 2.083% (LIBOR03M + 1.02%)
		4/20/31 #, ●	2,200,000		2,155,879
	Octagon Investment Partners 33
		Series 2017-1A A1 144A 2.253% (LIBOR03M + 1.19%)
		1/20/31 #, ●	2,650,000		2,607,075

6

			Principal
			amount°		Value (US $)
Collateralized Debt Obligations (continued)
	Octagon Investment Partners 48
		Series 2020-3A AR 144A 2.213% (LIBOR03M +
		1.15%, Floor 1.15%) 10/20/34 #, ●	2,900,000	$	2,780,404
	Sound Point CLO XXI
		Series 2018-3A A1A 144A 2.394% (LIBOR03M +
		1.18%, Floor 1.18%) 10/26/31 #, ●	3,200,000		3,130,871
	TRESTLES CLO V
		Series 2021-5A A1 144A 2.233% (LIBOR03M + 1.17%,
		Floor 1.17%) 10/20/34 #, ●	2,500,000		2,414,370
	Venture 34 CLO
		Series 2018-34A A 144A 2.274% (LIBOR03M + 1.23%,
		Floor 1.23%) 10/15/31 #, ●	700,000		681,897
	Zais CLO 16
		Series 2020-16A A1R 144A 2.483% (LIBOR03M +
		1.42%, Floor 1.42%) 10/20/34 #, ●	2,000,000		1,943,686
Total Collateralized Debt Obligations (cost $36,698,464)					35,974,272
Corporate Bonds – 61.39%
Banking – 15.07%
	Ally Financial 5.75% 11/20/25		1,511,000		1,491,038
	Banco Bradesco 144A 4.375% 3/18/27 #		200,000		189,237
	Banco Continental 144A 2.75% 12/10/25 #		585,000		498,265
	Banco de Bogota 144A 6.25% 5/12/26 #		200,000		190,393
	Banco de Credito del Peru 144A 2.70% 1/11/25 #		200,000		188,086
	Banco de Credito e Inversiones 144A 4.00% 2/11/23 #		200,000		200,040
	Banco del Estado de Chile 144A 2.704% 1/9/25 #		220,000		208,637
	Banco Santander Mexico
		144A 4.125% 11/9/22 #	150,000		150,321
		144A 5.95% 10/1/28 #, µ	200,000		199,300
	Bancolombia 3.00% 1/29/25		215,000		198,499
	Bank of America
		1.843% 2/4/25 µ	3,125,000		3,014,780
		3.458% 3/15/25 µ	4,345,000		4,286,089
		4.10% 7/24/23	340,000		343,459
	Bank of China 144A 5.00% 11/13/24 #		200,000		204,791
	Bank of Ireland Group 144A 2.029% 9/30/27 #, µ		425,000		370,284
	Bank of Montreal 1.85% 5/1/25		605,000		573,099
	BBVA Bancomer
		144A 1.875% 9/18/25 #	1,115,000		1,012,498
		144A 6.75% 9/30/22 #	150,000		150,518
	CIMB Bank 144A 2.125% 7/20/27 #		200,000		181,768

7

Schedule of investments
Delaware Limited-Term Diversified Income Fund

			Principal
			amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Citigroup
		1.281% 11/3/25 µ	1,960,000	$	1,821,381
		2.014% 1/25/26 µ	1,600,000		1,500,749
		3.07% 2/24/28 µ	275,000		255,299
		4.044% 6/1/24 µ	2,430,000		2,424,580
	Citizens Bank 4.119% 5/23/25 µ		2,065,000		2,058,976
	Credit Agricole 144A 1.907% 6/16/26 #, µ		650,000		598,669
	Credit Suisse Group 144A 2.593% 9/11/25 #, µ		2,295,000		2,161,646
	Emirates NBD Bank 2.625% 2/18/25		200,000		193,663
	Goldman Sachs Group
		0.925% 10/21/24 µ	3,535,000		3,382,718
		1.542% 9/10/27 µ	179,000		157,254
		2.261% (SOFR + 0.81%) 3/9/27 ●	4,905,000		4,671,862
		3.615% 3/15/28 µ	40,000		37,886
	Huntington National Bank 4.008% 5/16/25 µ		1,160,000		1,159,379
	ICICI Bank 3.25% 9/9/22		320,000		319,771
	JPMorgan Chase & Co.
		1.852% (SOFR + 0.885%) 4/22/27 ●	955,000		910,522
		2.092% (SOFR + 0.58%) 3/16/24 ●	1,310,000		1,294,690
		2.545% 11/8/32 µ	240,000		199,645
		4.023% 12/5/24 µ	7,650,000		7,629,397
		4.60% 2/1/25 µ, Ψ	265,000		224,461
	KeyCorp 3.878% 5/23/25 µ		985,000		978,373
	Kookmin Bank 144A 2.875% 3/25/23 #		200,000		199,441
	Morgan Stanley
		0.731% 4/5/24 µ	2,735,000		2,667,357
		1.164% 10/21/25 µ	945,000		876,540
		2.475% 1/21/28 µ	205,000		186,519
		3.737% 4/24/24 µ	350,000		348,930
	NBK SPC 144A 1.625% 9/15/27 #, µ		200,000		178,699
	NongHyup Bank 144A 0.875% 7/28/24 #		200,000		188,906
	Nordea Bank 144A 0.625% 5/24/24 #		3,580,000		3,370,923
	Oversea-Chinese Banking 144A 4.25% 6/19/24 #		200,000		201,147
	Popular 6.125% 9/14/23		523,000		527,707
	QNB Finance
		2.625% 5/12/25	250,000		240,468
		3.50% 3/28/24	380,000		378,414
	State Street 1.684% 11/18/27 µ		660,000		593,536
	Toronto-Dominion Bank 1.764% (SOFR + 0.355%)
		3/4/24 ●	3,960,000		3,911,973
	Truist Bank 2.636% 9/17/29 µ		2,480,000		2,360,263

8

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	US Bancorp
	2.215% 1/27/28 µ	225,000	$	206,285
	2.677% 1/27/33 µ	235,000		202,486
	US Bank 3.40% 7/24/23	1,630,000		1,629,578
	Wells Fargo & Co.
	3.526% 3/24/28 µ	180,000		170,647
	3.908% 4/25/26 µ	3,515,000		3,461,378
				67,533,220
Basic Industry – 2.37%
	Avient 144A 5.75% 5/15/25 #	1,540,000		1,478,615
	First Quantum Minerals 144A 7.50% 4/1/25 #	1,585,000		1,501,703
	Gold Fields Orogen Holdings BVI 144A 5.125% 5/15/24 #	250,000		252,404
	Inversiones CMPC 144A 4.75% 9/15/24 #	1,520,000		1,507,278
	JSW Steel 144A 3.95% 4/5/27 #	200,000		161,444
	MEGlobal Canada 144A 5.00% 5/18/25 #	200,000		202,225
	Nucor 3.95% 5/23/25	465,000		462,859
	Nutrien 1.90% 5/13/23	1,995,000		1,963,750
	OCP 144A 4.50% 10/22/25 #	835,000		823,986
	Sasol Financing USA 4.375% 9/18/26	200,000		176,587
	Sociedad Quimica y Minera de Chile 144A 3.625%
	4/3/23 #	200,000		199,979
	Steel Dynamics 2.80% 12/15/24	1,455,000		1,421,385
	Stillwater Mining 144A 4.00% 11/16/26 #	200,000		167,150
	Suzano Austria 144A 5.75% 7/14/26 #	200,000		202,524
	Volcan Cia Minera 144A 4.375% 2/11/26 #	95,000		82,835
				10,604,724
Basic Materials – 0.04%
	Freeport Indonesia 144A 4.763% 4/14/27 #	200,000		192,400
				192,400
Brokerage – 0.18%
	SURA Asset Management 144A 4.875% 4/17/24 #	620,000		615,492
	XP 144A 3.25% 7/1/26 #	200,000		176,600
				792,092
Capital Goods – 4.12%
	Carlisle 0.55% 9/1/23	1,015,000		979,475
	L3Harris Technologies 3.85% 12/15/26	215,000		210,865
	Mauser Packaging Solutions Holding 144A 5.50%
	4/15/24 #	847,000		810,579

9

Schedule of investments
Delaware Limited-Term Diversified Income Fund

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
	Parker-Hannifin
	3.65% 6/15/24	1,950,000	$	1,938,697
	4.25% 9/15/27	1,435,000		1,426,079
	Roper Technologies 2.35% 9/15/24	4,345,000		4,212,789
	Spirit AeroSystems 144A 5.50% 1/15/25 #	1,240,000		1,149,170
	Teledyne Technologies 0.95% 4/1/24	5,745,000		5,436,207
	TransDigm 144A 8.00% 12/15/25 #	1,232,000		1,248,256
	Turkiye Sise ve Cam Fabrikalari 144A 6.95% 3/14/26 #	200,000		178,684
	WESCO Distribution 144A 7.125% 6/15/25 #	886,000		885,889
				18,476,690
Communications – 3.87%
	AMC Networks 5.00% 4/1/24	610,000		591,993
	Charter Communications Operating 4.908% 7/23/25	1,515,000		1,520,571
	Clear Channel International 144A 6.625% 8/1/25 #	675,000		628,688
	Fox 4.03% 1/25/24	5,265,000		5,269,823
	IHS Holding 144A 5.625% 11/29/26 #	200,000		164,856
	Magallanes 144A 3.638% 3/15/25 #	2,290,000		2,220,783
	Ooredoo International Finance 144A 5.00% 10/19/25 #	200,000		205,469
	Rogers Communications 144A 3.20% 3/15/27 #	980,000		930,425
	Sprint Spectrum 144A 4.738% 9/20/29 #	309,376		309,658
	Time Warner Entertainment 8.375% 3/15/23	1,795,000		1,847,579
	T-Mobile USA 3.75% 4/15/27	510,000		491,503
	Turk Telekomunikasyon 144A 4.875% 6/19/24 #	200,000		178,517
	Verizon Communications 0.75% 3/22/24	3,135,000		2,992,433
				17,352,298
Consumer Cyclical – 3.99%
	Aptiv 2.396% 2/18/25	1,320,000		1,261,784
	BMW US Capital 144A 0.75% 8/12/24 #	1,810,000		1,703,892
	Carnival 144A 7.625% 3/1/26 #	947,000		735,701
	Daimler Trucks Finance North America 144A 1.625%
	12/13/24 #	2,125,000		1,999,751
	Ford Motor Credit
	2.30% 2/10/25	200,000		180,019
	3.375% 11/13/25	1,635,000		1,477,419
	General Motors Financial
	2.203% (SOFR + 0.76%) 3/8/24 ●	2,695,000		2,618,574
	4.15% 6/19/23	2,850,000		2,852,742
	IRB Holding 144A 7.00% 6/15/25 #	177,000		173,531
	JD.com 3.875% 4/29/26	430,000		421,715

10

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Kia
	144A 1.00% 4/16/24 #	250,000	$	238,211
	144A 2.375% 2/14/25 #	200,000		191,489
	Prime Security Services Borrower 144A 5.25% 4/15/24 #	1,008,000		987,144
	Sands China 3.80% 1/8/26	200,000		160,561
	VF 2.40% 4/23/25	580,000		557,108
	VICI Properties 4.95% 2/15/30	100,000		94,953
	Volkswagen Group of America Finance 144A 4.35%
	6/8/27 #	2,290,000		2,246,780
				17,901,374
Consumer Non-Cyclical – 4.90%
	AbbVie
	2.60% 11/21/24	3,625,000		3,513,018
	3.75% 11/14/23	340,000		341,116
	Cigna
	1.934% (LIBOR03M + 0.89%) 7/15/23 ●	2,055,000		2,056,849
	3.75% 7/15/23	507,000		508,356
	Conagra Brands 0.50% 8/11/23	1,295,000		1,248,787
	CSL Finance 144A 4.05% 4/27/29 #	140,000		137,568
	DP World Crescent 144A 3.908% 5/31/23 #	615,000		614,846
	Gilead Sciences 3.70% 4/1/24	1,615,000		1,617,636
	HCA 144A 3.125% 3/15/27 #	3,640,000		3,310,259
	Mondelez International 1.50% 5/4/25	1,210,000		1,130,762
	Royalty Pharma 1.20% 9/2/25	3,690,000		3,293,555
	Takeda Pharmaceutical 4.40% 11/26/23	1,850,000		1,865,141
	Teva Pharmaceutical Finance Netherlands III
	4.75% 5/9/27	250,000		213,842
	6.00% 4/15/24	250,000		246,875
	Viatris 1.65% 6/22/25	2,035,000		1,844,272
				21,942,882
Electric – 6.88%
	AEP Texas 2.40% 10/1/22	3,310,000		3,311,943
	Avangrid 3.20% 4/15/25	885,000		861,432
	Azure Power Energy 144A 3.575% 8/19/26 #	192,740		159,762
	CenterPoint Energy 1.879% (SOFR + 0.65%) 5/13/24 ●	5,580,000		5,443,944
	Cleveland Electric Illuminating 5.50% 8/15/24	2,580,000		2,662,135
	CLP Power Hong Kong Financing 2.875% 4/26/23	200,000		199,164
	Duke Energy 4.875% 9/16/24 µ, ψ	1,030,000		939,875
	Enel Finance International 144A 4.25% 6/15/25 #	400,000		396,137
	Entergy Louisiana 4.05% 9/1/23	2,030,000		2,040,605

11

Schedule of investments
Delaware Limited-Term Diversified Income Fund

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Electric (continued)
	Eversource Energy 2.90% 3/1/27	290,000	$	272,500
	Fells Point Funding Trust 144A 3.046% 1/31/27 #	270,000		249,207
	Hanwha Energy USA Holdings 144A 4.125% 7/5/25 #	200,000		201,432
	National Rural Utilities Cooperative Finance 1.875%
	2/7/25	1,720,000		1,644,950
	NRG Energy 144A 3.75% 6/15/24 #	2,535,000		2,488,717
	Southern California Edison 1.10% 4/1/24	4,155,000		3,955,260
	Vistra Operations
	144A 3.55% 7/15/24 #	2,825,000		2,729,562
	144A 5.125% 5/13/25 #	510,000		505,915
	WEC Energy Group 0.80% 3/15/24	2,895,000		2,750,943
				30,813,483
Energy – 4.63%
	Cheniere Corpus Christi Holdings 7.00% 6/30/24	1,955,000		2,027,356
	ConocoPhillips 2.40% 3/7/25	1,360,000		1,313,745
	Devon Energy 5.25% 9/15/24	853,000		870,823
	Enbridge
	0.55% 10/4/23	735,000		708,166
	1.652% (SOFR + 0.40%) 2/17/23 ●	1,705,000		1,696,146
	2.50% 2/14/25	1,040,000		999,243
	MPLX 4.875% 12/1/24	1,955,000		1,970,514
	Murphy Oil 5.75% 8/15/25	1,237,000		1,226,201
	NuStar Logistics 5.75% 10/1/25	1,077,000		1,008,621
	Occidental Petroleum 5.50% 12/1/25	1,247,000		1,230,328
	ONEOK 7.50% 9/1/23	2,985,000		3,093,005
	Pertamina Persero 144A 1.40% 2/9/26 #	200,000		177,947
	Petroleos Mexicanos 4.625% 9/21/23	130,000		127,377
	Qatar Energy 144A 1.375% 9/12/26 #	200,000		180,298
	Sabine Pass Liquefaction 5.75% 5/15/24	2,575,000		2,628,338
	Saudi Arabian Oil 144A 1.625% 11/24/25 #	205,000		189,591
	Schlumberger Holdings 144A 3.75% 5/1/24 #	930,000		926,705
	Southwestern Energy 5.95% 1/23/25	188,000		186,037
	Tengizchevroil Finance Co International 144A 2.625%
	8/15/25 #	200,000		171,088
				20,731,529
Finance Companies – 4.26%
	AerCap Ireland Capital DAC
	1.65% 10/29/24	1,215,000		1,123,185
	3.15% 2/15/24	3,905,000		3,781,613

12

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Finance Companies (continued)
	Air Lease
	0.80% 8/18/24	1,755,000	$	1,608,382
	2.875% 1/15/26	875,000		804,597
	3.00% 9/15/23	1,225,000		1,198,173
	Aviation Capital Group 144A 1.95% 1/30/26 #	2,940,000		2,560,695
	Avolon Holdings Funding 144A 3.95% 7/1/24 #	4,960,000		4,752,583
	BOC Aviation USA 144A 1.625% 4/29/24 #	200,000		191,716
	DAE Sukuk DIFC 144A 3.75% 2/15/26 #	200,000		189,363
	USAA Capital 144A 1.50% 5/1/23 #	2,900,000		2,857,399
				19,067,706
Financials – 0.14%
	Bank of Georgia 144A 6.00% 7/26/23 #	200,000		198,000
	Goodman HK Finance 4.375% 6/19/24	200,000		201,167
	Greenko Mauritius 144A 6.25% 2/21/23 #	210,000		208,478
	Kaisa Group Holdings 9.375% 6/30/24 ‡	200,000		27,919
				635,564
Industrials – 0.04%
	Bidvest Group UK 144A 3.625% 9/23/26 #	200,000		176,100
				176,100
Insurance – 4.36%
	AIA Group 3.125% 3/13/23	210,000		209,855
	Athene Global Funding
	144A 1.00% 4/16/24 #	2,535,000		2,389,353
	144A 2.008% (SOFR + 0.70%) 5/24/24 #, ●	2,055,000		1,995,879
	Brighthouse Financial Global Funding
	144A 1.00% 4/12/24 #	2,145,000		2,026,465
	144A 1.562% (SOFR + 0.76%) 4/12/24 #, ●	1,745,000		1,734,053
	Equitable Financial Life Global Funding 144A 0.80%
	8/12/24 #	765,000		714,495
	Equitable Holdings 3.90% 4/20/23	1,355,000		1,362,128
	F&G Global Funding 144A 0.90% 9/20/24 #	1,945,000		1,805,143
	GA Global Funding Trust 144A 1.00% 4/8/24 #	4,115,000		3,884,692
	Met Tower Global Funding 144A 3.70% 6/13/25 #	2,280,000		2,263,827
	USI 144A 6.875% 5/1/25 #	1,194,000		1,153,834
				19,539,724
Leisure – 0.49%
	MGM Resorts International 5.75% 6/15/25	2,300,000		2,193,901
				2,193,901

13

Schedule of investments
Delaware Limited-Term Diversified Income Fund

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Media – 0.05%
	Sirius XM Radio 144A 3.125% 9/1/26 #		250,000	$	223,730
					223,730
Natural Gas – 0.46%
	ENN Energy Holdings 144A 4.625% 5/17/27 #		250,000		253,468
	Sempra Energy 3.30% 4/1/25		1,475,000		1,442,418
	Southern California Gas 2.95% 4/15/27		390,000		369,472
					2,065,358
Real Estate – 0.22%
	HAT Holdings I 144A 6.00% 4/15/25 #		821,000		787,606
	Trust Fibra UNO 144A 5.25% 1/30/26 #		200,000		188,883
					976,489
Technology – 2.66%
	Baidu 1.72% 4/9/26		200,000		183,257
	Global Payments
		1.50% 11/15/24	1,485,000		1,395,327
		2.65% 2/15/25	1,723,000		1,645,918
	International Business Machines 3.00% 5/15/24		1,280,000		1,270,941
	Microchip Technology
		0.983% 9/1/24	2,305,000		2,151,306
		4.333% 6/1/23	615,000		615,531
	NXP 2.70% 5/1/25		100,000		95,164
	S&P Global 144A 2.45% 3/1/27 #		945,000		885,248
	SK Hynix 144A 1.50% 1/19/26 #		620,000		557,979
	Skyworks Solutions 0.90% 6/1/23		2,885,000		2,789,408
	Tencent Holdings 144A 3.28% 4/11/24 #		200,000		198,435
	Workday
		3.50% 4/1/27	65,000		62,212
		3.70% 4/1/29	95,000		88,954
					11,939,680
Technology & Electronics – 0.49%
	Sensata Technologies
		144A 5.00% 10/1/25 #	1,800,000		1,730,979
		144A 5.625% 11/1/24 #	465,000		459,690
					2,190,669
Transportation – 2.17%
	Adani Ports & Special Economic Zone 144A 3.375%
		7/24/24 #	235,000		229,074
	Canadian Pacific Railway 1.35% 12/2/24		2,295,000		2,161,566
	DAE Funding 144A 1.55% 8/1/24 #		200,000		187,482

14

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Transportation (continued)
	Delta Air Lines
		144A 7.00% 5/1/25 #	2,041,000	$	2,068,640
		7.375% 1/15/26	476,000		476,521
	Mileage Plus Holdings 144A 6.50% 6/20/27 #		1,130,000		1,113,982
	Misc Capital Two Labuan 144A 3.75% 4/6/27 #		200,000		188,065
	Spirit Loyalty Cayman 144A 8.00% 9/20/25 #		581,999		598,371
	Triton Container International 144A 1.15% 6/7/24 #		2,725,000		2,553,040
	United Airlines 144A 4.375% 4/15/26 #		175,000		154,826
					9,731,567
Total Corporate Bonds (cost $291,863,502)					275,081,180
Non-Agency Asset-Backed Securities – 8.90%
	Avis Budget Rental Car Funding AESOP
		Series 2017-1A A 144A 3.07% 9/20/23 #	666,667		667,105
		Series 2019-2A A 144A 3.35% 9/22/25 #	830,000		815,836
	Dell Equipment Finance Trust
		Series 2021-2 A2 144A 0.33% 12/22/26 #	1,669,187		1,644,140
	Enterprise Fleet Financing
		Series 2022-2 A2 144A 4.65% 5/21/29 #	1,200,000		1,208,956
	Ford Credit Auto Lease Trust
		Series 2020-B C 1.70% 2/15/25	2,000,000		1,980,636
	Ford Credit Auto Owner Trust
		Series 2021-A B 0.70% 10/15/26	180,000		166,562
		Series 2022-A B 1.91% 7/15/27	1,665,000		1,549,328
	Ford Credit Floorplan Master Owner Trust A
		Series 2020-1 A1
		0.70% 9/15/25	5,330,000		5,141,511
	GM Financial Automobile Leasing Trust
		Series 2021-1 B 0.54% 2/20/25	270,000		261,175
		Series 2021-2 A4 0.41% 5/20/25	2,073,000		1,996,201
		Series 2022-1 B 2.23% 2/20/26	2,150,000		2,066,813
	GMF Floorplan Owner Revolving Trust
		Series 2020-1 A 144A 0.68% 8/15/25 #	500,000		482,959
	Hyundai Auto Lease Securitization Trust
		Series 2021-A B 144A 0.61% 10/15/25 #	4,100,000		3,979,266
	JPMorgan Chase Bank
		Series 2020-2 B 144A 0.84% 2/25/28 #	1,019,090		995,714
	MMAF Equipment Finance
		Series 2020-BA A2 144A 0.38% 8/14/23 #	1,404,421		1,395,959
	Tesla Auto Lease Trust
		Series 2021-A B 144A 1.02% 3/20/25 #	4,725,000		4,488,512

15

Schedule of investments
Delaware Limited-Term Diversified Income Fund

			Principal
			amount°	Value (US $)
Non-Agency Asset-Backed Securities (continued)
	Toyota Lease Owner Trust
		Series 2021-B A3 144A 0.42% 10/21/24 #	2,505,000	$	2,413,422
	Trafigura Securitisation Finance
		Series 2021-1A A2 144A 1.08% 1/15/25 #	3,850,000		3,599,931
	UNIFY Auto Receivables Trust
		Series 2021-1A A3 144A 0.51% 6/16/25 #	384,834		377,667
	Verizon Master Trust
		Series 2022-2 B 1.83% 7/20/28	1,665,000		1,581,465
	Verizon Owner Trust
		Series 2020-C A 0.41% 4/21/25	1,000,000		977,759
	Volkswagen Auto Lease Trust
		Series 2020-A A4 0.45% 7/21/25	150,000		147,164
		Series 2022-A A3 3.44% 7/21/25	1,950,000		1,945,122
Total Non-Agency Asset-Backed Securities (cost $41,182,430)					39,883,203
Sovereign Bonds – 0.21%Δ
Croatia – 0.05%
	Croatia Government International Bond 144A 5.50%
		4/4/23 #	200,000		202,604
					202,604
Hong Kong – 0.04%
	Airport Authority 144A 1.75% 1/12/27 #		200,000		185,597
					185,597
Philippines – 0.04%
	Philippine Government International Bond 3.229%
		3/29/27	200,000		194,083
					194,083
Turkey – 0.04%
	Turkiye Ihracat Kredi Bankasi 144A 5.75% 7/6/26 #		200,000		167,590
					167,590
Uzbekistan – 0.04%
	Republic of Uzbekistan International Bond 144A 4.75%
		2/20/24 #	200,000		191,295
					191,295
Total Sovereign Bonds (cost $1,013,011)					941,169
US Treasury Obligations – 10.90%
	US Treasury Notes
		0.375% 9/15/24	1,060,000		1,000,623

16

			Principal
			amount°	Value (US $)
US Treasury Obligations (continued)
	US Treasury Notes
		2.50% 5/31/24	13,785,000	$	13,661,689
		2.625% 4/15/25	2,900,000		2,868,848
		2.625% 5/31/27	19,950,000		19,575,162
		2.75% 5/15/25	11,805,000		11,715,541
Total US Treasury Obligations (cost $43,952,634)					48,821,863
			Number of
			shares
Short-Term Investments – 0.51%
Money Market Mutual Funds – 0.51%
	BlackRock Liquidity FedFund – Institutional Shares
		(seven-day effective yield 1.32%)	575,107		575,107
	Fidelity Investments Money Market Government Portfolio
		– Class I (seven-day effective yield 1.21%)	575,107		575,107
	GS Financial Square Government Fund – Institutional
		Shares (seven-day effective yield 1.39%)	575,107		575,107
	Morgan Stanley Institutional Liquidity Funds Government
		Portfolio – Institutional Class (seven-day effective yield
		1.34%)	575,107		575,107
Total Short-Term Investments (cost $2,300,428)					2,300,428
Total Value of Securities–99.25%
	(cost $461,681,730)			$	444,764,104

°	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.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2022. 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.

17

Schedule of investments
Delaware Limited-Term Diversified Income Fund

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2022, the aggregate value of Rule 144A securities was $152,913,335, which represents 34.12% of the Fund's net assets. See Note 9 in “Notes to financial statements."
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2022. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
‡	Non-income producing security. Security is currently in default.
Δ	Securities have been classified by country of risk.

The following futures contracts were outstanding at June 30, 2022:¹

Futures Contracts
Exchange-Traded

																Variation
																Margin
							Notional				Value/		Value/			Due from
				Notional			Cost			Expiration	Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)				Amount			(Proceeds)			Date	Appreciation		Depreciation			Brokers
		US Treasury
			2 yr
289			Notes	$	60,694,516		$	60,928,108		9/30/22	$	—	$	(233,592	)	$	162,562
		US Treasury
			3 yr
78			Notes		16,843,125			16,915,544		9/30/22		—		(72,419	)		73,125
		US Treasury
			5 yr
(178	)		Notes		(19,980,500	)		(20,037,593	)	9/30/22		57,093		—			(125,155	)
Total Futures Contracts							$	57,806,059			$	57,093	$	(306,011	)	$	110,532

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.

¹ See Note 7 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
GS – Goldman Sachs

18

Summary of abbreviations: (continued)
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
REMIC – Real Estate Mortgage Investment Conduit
S&P – Standard & Poor’s Financial Services LLC
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
USD – US Dollar
yr – Year

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

19

Statement of assets and liabilities
Delaware Limited-Term Diversified Income Fund	June 30, 2022 (Unaudited)

Assets:
	Investments, at value*	$	444,764,104
	Cash collateral due from brokers		457,747
	Receivable for securities sold		8,838,895
	Dividends and interest receivable		2,388,408
	Receivable for fund shares sold		264,838
	Variation margin due from broker on futures contracts		110,532
	Prepaid expenses		21,501
	Other assets		3,336
	Total Assets		456,849,361
Liabilities:
	Due to custodian		25,757
	Payable for securities purchased		7,866,047
	Payable for fund shares redeemed		403,734
	Other accrued expenses		215,974
	Distribution payable		110,726
	Investment management fees payable to affiliates		65,726
	Distribution fees payable to affiliates		56,161
	Accounting and administration expenses payable to affiliates		1,994
	Total Liabilities		8,746,119
Total Net Assets		$	448,103,242
Net Assets Consist of:
	Paid-in capital	$	547,768,209
	Total distributable earnings (loss)		(99,664,967	)
Total Net Assets		$	448,103,242

20

Net Asset Value
Class A:
Net assets	$	228,364,363
Shares of beneficial interest outstanding, unlimited authorization, no par		29,200,048
Net asset value per share	$	7.82
Sales charge		2.75	%
Offering price per share, equal to net asset value per share / (1 - sales
charge)	$	8.04
Class C:
Net assets	$	10,134,554
Shares of beneficial interest outstanding, unlimited authorization, no par		1,297,338
Net asset value per share	$	7.81
Class R:
Net assets	$	750,173
Shares of beneficial interest outstanding, unlimited authorization, no par		95,959
Net asset value per share	$	7.82
Institutional Class:
Net assets	$	203,932,425
Shares of beneficial interest outstanding, unlimited authorization, no par		26,093,246
Net asset value per share	$	7.82
Class R6:
Net assets	$	4,921,727
Shares of beneficial interest outstanding, unlimited authorization, no par		630,086
Net asset value per share	$	7.81
____________________
*Investments, at cost	$	461,681,730

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

21

Statement of operations
Delaware Limited-Term Diversified Income Fund	Six months ended June 30, 2022 (Unaudited)

Investment Income:
	Interest	$	2,822,869
	Dividends		20,386
			2,843,255
Expenses:
	Management fees		1,155,881
	Distribution expenses – Class A		301,706
	Distribution expenses – Class C		52,694
	Distribution expenses – Class R		1,934
	Dividend disbursing and transfer agent fees and expenses		122,795
	Accounting and administration expenses		61,048
	Reports and statements to shareholders expenses		29,718
	Audit and tax fees		23,905
	Legal fees		23,023
	Custodian fees		10,217
	Trustees’ fees and expenses		9,327
	Registration fees		3,916
	Other		187,162
			1,983,326
	Less expenses waived		(746,371	)
	Less waived distribution expenses – Class A		(120,683	)
	Less expenses paid indirectly		(519	)
	Total operating expenses		1,115,753
Net Investment Income (Loss)			1,727,502

22

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	(2,024,493	)
Foreign currencies		4,129
Futures contracts		(1,172,623	)
Swap contracts		54,757
Net realized gain (loss)		(3,138,230	)
Net change in unrealized appreciation (depreciation) on:
Investments		(18,704,330	)
Foreign currencies		(2,056	)
Futures contracts		(191,748	)
Net change in unrealized appreciation (depreciation)		(18,898,134	)
Net Realized and Unrealized Gain (Loss)		(22,036,364	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(20,308,862	)

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

23

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

		Six months
		ended
		6/30/22			Year ended
		(Unaudited)			12/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)	$	1,727,502		$	4,121,916
	Net realized gain (loss)		(3,138,230	)		817,690
	Net change in unrealized appreciation (depreciation)		(18,898,134	)		(7,658,445	)
	Net increase (decrease) in net assets resulting from
	operations		(20,308,862	)		(2,718,839	)
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(2,439,060	)		(3,260,438	)
	Class C		(61,843	)		(121,591	)
	Class R		(6,466	)		(13,239	)
	Institutional Class		(2,223,373	)		(4,673,033	)
	Class R6		(60,182	)		(94,746	)
	Return of capital:
	Class A		—			(19,538	)
	Class C		—			(854	)
	Class R		—			(63	)
	Institutional Class		—			(16,042	)
	Class R6		—			(445	)
			(4,790,924	)		(8,199,989	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		15,606,663			23,366,159
	Class C		1,234,727			2,553,201
	Class R		30,067			106,182
	Institutional Class		33,013,252			64,370,934
	Class R6		375,552			2,031,791

24

		Six months
		ended
		6/30/22			Year ended
		(Unaudited)			12/31/21
	Net assets from merger:1
	Class A	$	—		$	135,168,861
	Institutional Class		—			5,634,030
	Class R6		—			132,707
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		2,340,921			3,171,705
	Class C		61,209			119,435
	Class R		6,377			12,682
	Institutional Class		1,724,788			3,582,151
	Class R6		60,179			94,316
			54,453,735			240,344,154
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A		(36,598,351	)		(44,821,491	)
	Class C		(1,943,217	)		(13,601,718	)
	Class R		(86,837	)		(201,251	)
	Institutional Class		(33,221,699	)		(117,303,090	)
	Class R6		(1,140,722	)		(874,783	)
			(72,990,826	)		(176,802,333	)
	Increase (decrease) in net assets derived from capital
	share transactions		(18,537,091	)		63,541,821
Net Increase (Decrease) in Net Assets			(43,636,877	)		52,622,993
Net Assets:
	Beginning of period		491,740,119			439,117,126
	End of period	$	448,103,242		$	491,740,119

¹ See Note 5 in the "Notes to financial statements."

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

25

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 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Amount is less than $(0.005) per share.
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 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.
5	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

26

Six months ended
6/30/221				Year ended
(Unaudited)				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
	$	8.25		$	8.44		$	8.27		$	8.14		$	8.46		$	8.48
		0.03			0.07			0.11			0.21			0.20			0.16
		(0.38	)		(0.11	)		0.23			0.15			(0.29	)		0.02
		(0.35	)		(0.04	)		0.34			0.36			(0.09	)		0.18
		(0.08	)		(0.15	)		(0.14	)		(0.20	)		(0.19	)		(0.15	)
		—			—	3		(0.03	)		(0.03	)		(0.04	)		(0.05	)
		(0.08	)		(0.15	)		(0.17	)		(0.23	)		(0.23	)		(0.20	)
	$	7.82		$	8.25		$	8.44		$	8.27		$	8.14		$	8.46
		(4.25%	)		(0.45%	)		4.16%			4.51%			(1.08%	)		2.11%
	$	228,364		$	260,162		$	148,185		$	137,798		$	168,003		$	382,353
		0.53%			0.54%			0.54%			0.54%			0.60%			0.74%
		0.95%			0.95%			0.96%			0.96%			0.95%			0.94%
		0.70%			0.89%			1.32%			2.58%			2.46%			1.95%
		0.28%			0.48%			0.90%			2.16%			2.11%			1.75%
		59%			205%			224%			123%			130%			151%

27

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 income (loss)²

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 (loss) 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	Calculated using average shares outstanding.
3	Amount is less than $(0.005) per share.
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 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.
5	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

28

Six months ended
6/30/221				Year ended
(Unaudited)				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
	$	8.24		$	8.44		$	8.27		$	8.14		$	8.45		$	8.47
		(0.01	)		—			0.04			0.14			0.13			0.09
		(0.37	)		(0.12	)		0.23			0.15			(0.28	)		0.02
		(0.38	)		(0.12	)		0.27			0.29			(0.15	)		0.11
		(0.05	)		(0.08	)		(0.07	)		(0.13	)		(0.12	)		(0.08	)
		—			—	3		(0.03	)		(0.03	)		(0.04	)		(0.05	)
		(0.05	)		(0.08	)		(0.10	)		(0.16	)		(0.16	)		(0.13	)
	$	7.81		$	8.24		$	8.44		$	8.27		$	8.14		$	8.45
		(4.66%	)		(1.41%	)		3.28%			3.63%			(1.80%	)		1.25%
	$	10,135		$	11,355		$	22,565		$	36,977		$	64,324		$	89,456
		1.38%			1.39%			1.39%			1.39%			1.45%			1.59%
		1.70%			1.70%			1.71%			1.71%			1.70%			1.69%
		(0.15%	)		0.04%			0.47%			1.73%			1.61%			1.10%
		(0.47%	)		(0.27%	)		0.15%			1.41%			1.36%			1.00%
		59%			205%			224%			123%			130%			151%

29

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 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Amount is less than $(0.005) per share.
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 any Underlying Funds in which the Fund invests.

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

30

Six months ended
6/30/221				Year ended
(Unaudited)				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
	$	8.25		$	8.44		$	8.28		$	8.14		$	8.46		$	8.48
		0.01			0.04			0.08			0.18			0.18			0.14
		(0.37	)		(0.11	)		0.22			0.16			(0.30	)		0.01
		(0.36	)		(0.07	)		0.30			0.34			(0.12	)		0.15
		(0.07	)		(0.12	)		(0.11	)		(0.17	)		(0.16	)		(0.12	)
		—			—	3		(0.03	)		(0.03	)		(0.04	)		(0.05	)
		(0.07	)		(0.12	)		(0.14	)		(0.20	)		(0.20	)		(0.17	)
	$	7.82		$	8.25		$	8.44		$	8.28		$	8.14		$	8.46
		(4.42%	)		(0.80%	)		3.66%			4.27%			(1.43%	)		1.76%
	$	750		$	843		$	946		$	1,586		$	2,753		$	3,819
		0.88%			0.89%			0.89%			0.89%			0.95%			1.09%
		1.20%			1.20%			1.21%			1.21%			1.20%			1.19%
		0.35%			0.54%			0.97%			2.23%			2.11%			1.60%
		0.03%			0.23%			0.65%			1.91%			1.86%			1.50%
		59%			205%			224%			123%			130%			151%

31

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 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Amount is less than $(0.005) per share.
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 any Underlying Funds in which the Fund invests.

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

32

Six months ended
6/30/221				Year ended
(Unaudited)				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
	$	8.25		$	8.44		$	8.27		$	8.14		$	8.46		$	8.47
		0.03			0.09			0.12			0.23			0.22			0.18
		(0.37	)		(0.12	)		0.23			0.15			(0.30	)		0.02
		(0.34	)		(0.03	)		0.35			0.38			(0.08	)		0.20
		(0.09	)		(0.16	)		(0.15	)		(0.22	)		(0.20	)		(0.16	)
		—			—	3		(0.03	)		(0.03	)		(0.04	)		(0.05	)
		(0.09	)		(0.16	)		(0.18	)		(0.25	)		(0.24	)		(0.21	)
	$	7.82		$	8.25		$	8.44		$	8.27		$	8.14		$	8.46
		(4.18%	)		(0.30%	)		4.31%			4.67%			(0.93%	)		2.39%
	$	203,932		$	213,457		$	262,775		$	249,667		$	240,614		$	266,274
		0.38%			0.39%			0.39%			0.39%			0.45%			0.59%
		0.70%			0.70%			0.71%			0.71%			0.70%			0.69%
		0.85%			1.04%			1.47%			2.73%			2.61%			2.10%
		0.53%			0.73%			1.15%			2.41%			2.36%			2.00%
		59%			205%			224%			123%			130%			151%

33

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 return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

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	Calculated using average shares outstanding.
4	Amount is less than $(0.005) per share.
5	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.
6	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.
7	Portfolio turnover is representative of the Fund for the entire year.

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

34

Six months ended																5/1/171
6/30/222				Year ended												to
(Unaudited)				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
	$	8.24		$	8.44		$	8.27		$	8.14		$	8.45		$	8.50
		0.04			0.09			0.13			0.23			0.22			0.12
		(0.38	)		(0.12	)		0.23			0.15			(0.28	)		(0.03	)
		(0.34	)		(0.03	)		0.36			0.38			(0.06	)		0.09
		(0.09	)		(0.17	)		(0.16	)		(0.22	)		(0.21	)		(0.09	)
		—			—4			(0.03	)		(0.03	)		(0.04	)		(0.05	)
		(0.09	)		(0.17	)		(0.19	)		(0.25	)		(0.25	)		(0.14	)
	$	7.81		$	8.24		$	8.44		$	8.27		$	8.14		$	8.45
		(4.16%	)		(0.36%	)		4.38%			4.74%			(0.75%	)		1.10%
	$	4,922		$	5,923		$	4,646		$	3,059		$	1,631		$	1,634
		0.32%			0.32%			0.32%			0.32%			0.38%			0.52%
		0.64%			0.63%			0.63%			0.64%			0.62%			0.61%
		0.91%			1.10%			1.54%			2.80%			2.68%			2.11%
		0.59%			0.79%			1.23%			2.48%			2.44%			2.02%
		59%			205%			224%			123%			130%			151%	7

35

Notes to financial statements
Delaware Limited-Term Diversified Income Fund	June 30, 2022 (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 contingent deferred sales charge (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.

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 the ask prices will be used, which approximates fair value. Equity 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 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).

36

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, 2022, and for all open tax years (years ended December 31, 2018–December 31, 2021), 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, 2022, 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

37

Notes to financial statements
Delaware Limited-Term Diversified Income Fund

1. Significant Accounting Policies (continued)

issued, delayed 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, the realized gains and losses 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 fund 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. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Fund invests are recorded on the ex-dividend date. 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.

38

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 may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. The Fund declares dividends daily from net investment income and pays the dividends monthly and declares 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, 2022.

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, 2022, the Fund earned $519 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 of its management fee and/or pay/ reimburse 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), in order to prevent total annual fund operating expenses from exceeding 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 from January 1, 2022 through June 30, 2022.* 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

39

Notes to financial statements
Delaware Limited-Term Diversified Income Fund

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

only be terminated 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 (together, the “Affiliated Sub-Advisors”). DMC may also permit these Affiliated Sub-Advisors to execute Fund security trades on its behalf 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 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, 2022, the Fund was charged $9,430 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, 2022, the Fund was charged $21,682 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 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

40

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, 2022 through June 30, 2022.* 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 and regulatory reporting services to the Fund. For the six months ended June 30, 2022, the Fund was charged $4,136 for internal legal 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, 2022, DDLP earned $1,382 for commissions on sales of the Fund’s Class A shares. For the six months ended June 30, 2022, DDLP received gross CDSC commissions of $1,073 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 any 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 any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

____________________

* The aggregate contractual waiver period covering this report is from May 1, 2020 through April 29, 2023.

3. Investments

For the six months ended June 30, 2022, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	67,112,282
Purchases of US government securities		200,345,120
Sales other than US government securities		57,986,890
Sales of US government securities		219,894,751

41

Notes to financial statements
Delaware Limited-Term Diversified Income Fund

3. Investments (continued)

At June 30, 2022, 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, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Fund were as follows:

Cost of investments and derivatives	$	466,858,957
Aggregate unrealized appreciation of investments and derivatives	$	105,923
Aggregate unrealized depreciation of investments and derivatives		(22,449,694	)
Net unrealized depreciation of investments and derivatives	$	(22,343,771	)

At December 31, 2021 the Fund had capital loss carryforwards available to offset future realized capital gains as follows:

Loss carryforward character
Short-term	Long-term	Total
$16,495,084	$56,085,136	$72,580,220

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)

42

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, 2022:

	Level 1			Level 2		Total
Securities
Assets:
Agency Asset-Backed Security	$	—		$	2,761	$	2,761
Agency Collateralized Mortgage Obligations		—			8,212,058		8,212,058
Agency Commercial Mortgage-Backed Securities		—			6,463,305		6,463,305
Agency Mortgage-Backed Securities		—			27,083,865		27,083,865
Collateralized Debt Obligations		—			35,974,272		35,974,272
Corporate Bonds		—			275,081,180		275,081,180
Non-Agency Asset-Backed Securities		—			39,883,203		39,883,203
Sovereign Bonds		—			941,169		941,169
US Treasury Obligations		—			48,821,863		48,821,863
Short-Term Investments		2,300,428			—		2,300,428
Total Value of Securities	$	2,300,428		$	442,463,676	$	444,764,104
Derivatives1
Assets:
Futures Contracts	$	57,093		$	—	$	57,093
Liabilities:
Futures Contracts	$	(306,011	)	$	—	$	(306,011	)

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

During the six months ended June 30, 2022, 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 investments based on fair value at the beginning of the reporting period.

43

Notes to financial statements
Delaware Limited-Term Diversified Income Fund

3. Investments (continued)

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. During the six months ended June 30, 2022, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

		Six months
		ended		Year ended
		6/30/22		12/31/21
Shares sold:
	Class A	1,939,976		2,778,588
	Class C	154,131		307,296
	Class R	3,758		12,683
	Institutional Class	4,132,261		7,695,615
	Class R6	47,053		245,244
Shares from merger:1
	Class A	—		16,187,888
	Institutional Class	—		675,543
	Class R6	—		15,912
Shares issued upon reinvestment of dividends and distributions:
	Class A	293,325		380,454
	Class C	7,687		14,298
	Class R	799		1,519
	Institutional Class	216,232		429,101
	Class R6	7,545		11,309
		6,802,767		28,755,450
Shares redeemed:
	Class A	(4,558,597	)	(5,369,213	)
	Class C	(241,922	)	(1,618,329	)
	Class R	(10,764	)	(24,078	)
	Institutional Class	(4,138,682	)	(14,044,781	)
	Class R6	(143,141	)	(104,452	)
		(9,093,106	)	(21,160,853	)
Net increase (decrease)		(2,290,339	)	7,594,597

¹ See Note 5.

44

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, 2022 and the year ended December 31, 2021, 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
6/30/22	—	152	152	—	$	1,183
Year ended
12/31/21	34,550	74,631	70,070	39,097		914,869

5. Reorganization

On September 17, 2021, the Board approved a proposal to reorganize Delaware Limited Duration Bond Fund, a series of Delaware Group^® Equity Funds IV (the “Acquired Fund”) with and into Delaware Limited-Term Diversified Income Fund (the “Acquiring Fund”), (the “Reorganization”). Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of the Acquired Fund were acquired by the Acquiring Fund, and (ii) the Trust, on behalf of the Acquiring Fund, assumed the liabilities of the Acquired Fund, in exchange for shares of the Acquiring Fund. In accordance with the Plan, the Acquired Fund liquidated and dissolved following the Reorganization. The purpose of the transaction was to allow shareholders of the Acquired Fund to own shares of a Fund with a similar investment objective and style as, and potentially lower net expenses than the Acquired Fund. The Reorganization was accomplished by a tax-free exchange of shares on September 17, 2021. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the Reorganization are as follows:

				Shares
	Acquired		Acquired	Converted	Acquiring
	Funds		Fund Shares	to Acquiring	Fund		Conversion
	Net Assets		Outstanding	Fund	Net Assets		Ratio
	Delaware Limited Duration Bond			Delaware Limited-Term
	Fund			Diversified Income Fund
Class A	$	135,168,861	14,497,661	16,187,888	$	139,412,276		1.1166
Institutional
Class		5,634,030	602,541	675,543		236,217,556		1.1212
Class R6		132,707	14,167	15,912		4,372,466		1.1232

45

Notes to financial statements
Delaware Limited-Term Diversified Income Fund

5. Reorganization (continued)

The net assets of the Acquiring Fund before the Reorganization were $391,466,063. The net assets of the Acquiring Fund immediately following the Reorganization were $532,401,661.

Assuming the Reorganization had been completed on January 1, 2021, the Acquiring Fund’s pro forma results of operations for the year ended December 31, 2021, would have been as follows:

Net investment income	$	7,215,398
Net realized gain on investments		787,093
Net change in unrealized appreciation (depreciation)		(10,012,395	)
Net decrease in net assets resulting from operations	$	(2,009,904	)

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Acquiring Fund’s Statement of Operations since the Reorganization was consummated on September 17, 2021.

6. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $355,000,000 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 for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 31, 2022.

The Fund had no amounts outstanding as of June 30, 2022, or at any time during the period then ended.

7. 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.

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

46

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, 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, 2022, the Fund posted $457,747 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 six months ended June 30, 2022, 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, 2022, 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

47

Notes to financial statements
Delaware Limited-Term Diversified Income Fund

7. Derivatives (continued)

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 centrally cleared CDS basket trades, as determined by the applicable central counterparty. During the six months ended June 30, 2022, 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. No CDS contracts were outstanding at June 30, 2022.

During the six months ended June 30, 2022, the Fund used CDS contracts to gain exposure to certain securities or markets.

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.”

48

The effect of derivative instruments on the “Statement of operations” for the six months ended June 30, 2022 was as follows:

	Net Realized Gain (Loss) on:
	Futures			Swap
	Contracts			Contracts			Total
Interest rate
contracts	$	(1,172,623	)	$	—	$	(1,172,623	)
Credit
contracts		—			54,757		54,757
Total	$	(1,172,623	)	$	54,757	$	(1,117,866	)

	Net Change in Unrealized Appreciation (Depreciation) of:
	Futures
	Contracts
Interest rate
contracts	$(191,748)

The table below summarizes the average balance of derivative holdings by the Fund during the six months ended June 30, 2022:

	Long Derivative			Short Derivative
	Volume			Volume
Futures contracts (average notional value)	USD	$	51,098,565		$	7,892,628
CDS contracts (average notional value)*	EUR		—			486,000

*Long represents buying protection and short represents selling protection.

8. Securities Lending

The Fund, along with other funds in 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 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

49

Notes to financial statements
Delaware Limited-Term Diversified Income Fund

8. Securities Lending (continued)

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; certain money market funds; and asset-backed securities. The 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, 2022, the Fund had no securities out on loan.

9. 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,

50

supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of COVID-19 have and may continue to 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 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

51

Notes to financial statements
Delaware Limited-Term Diversified Income Fund

9. Credit and Market Risk (continued)

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 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 the 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

52

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. 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.”

10. 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.

11. 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.

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2022, that would require recognition or disclosure in the Fund's financial statements.

53

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 a member 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) for 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 17-19, 2022, the Program Administrator provided the required written annual report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2021 through March 31, 2022. 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.

54

About the organization

Board of trustees
Shawn K. Lytle President and Chief Executive Officer Delaware Funds by Macquarie® Jerome D. Abernathy Managing Member Stonebrook Capital Management, LLC Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. Joseph W. Chow Private Investor H. Jeffrey Dobbs Former Global Sector Chairman Industrial Manufacturing, KPMG, LLP	John A. Fry President Drexel University Joseph Harroz, Jr. President University of Oklahoma Sandra A.J. Lawrence Former Chief Administrative Officer Children's Mercy Hospitals and Clinics	Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Janet L. Yeomans Former Vice President and Treasurer 3M Company

Affiliated officers
David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie	Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie	Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie

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.

55

	Semiannual report

Fixed income mutual funds

Delaware Tax-Free New Jersey Fund

Delaware Tax-Free Oregon Fund

June 30, 2022

Carefully consider the Funds' investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds' prospectus and their summary prospectuses, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit delawarefunds.com/edelivery.

Experience Delaware Funds by Macquarie^®

Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM Public Investments traces its roots to 1929 and partners with institutional and individual clients to deliver specialist active investment capabilities across global equities, fixed income, and multi-asset solutions using a conviction-based, long-term approach to investing. In the US, retail investors recognize our Delaware Funds by Macquarie family of funds as one of the oldest mutual fund families.

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 Tax-Free New Jersey Fund and Delaware Tax-Free Oregon 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) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and 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 Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

The Funds are governed by US laws and regulations.

Table of contents

Disclosure of Fund expenses	1
Security type / sector / state / territory allocations	3
Schedules of investments	5
Statements of assets and liabilities	14
Statements of operations	16
Statements of changes in net assets	17
Financial highlights	22
Notes to financial statements.	30
Other Fund information	43
About the organization	44

Unless otherwise noted, views expressed herein are current as of June 30, 2022, and subject to change for events occurring after such date.

The Funds are not FDIC insured and are 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.

© 2022 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses

For the six-month period from January 1, 2022 to June 30, 2022 (Unaudited)

Delaware Tax-Free New Jersey Fund seeks a high level of interest income that is exempt from both federal and state income tax for individual residents of the state of New Jersey.

Delaware Tax-Free Oregon Fund seeks a high level of interest income that is exempt from both federal and state income tax for individual residents of the state of Oregon.

As a shareholder of a 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. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are 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, 2022 to June 30, 2022.

Actual expenses

The first section of the tables 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 the period.

Hypothetical example for comparison purposes

The second section of the tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ 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 each 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 tables 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 each 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 Funds’ expenses shown in the tables reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

1

Disclosure of Fund expenses
For the six-month period from January 1, 2022 to June 30, 2022 (Unaudited)

Delaware Tax–Free New Jersey Fund
Expense analysis of an investment of $1,000

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	1/1/22			6/30/22			Expense Ratio			1/1/22 to 6/30/22*
Actual Fund return†
Class A		$	1,000.00		$	912.50		0.84	%		$	3.98
Institutional Class			1,000.00			913.50		0.59	%			2.80
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.63		0.84	%		$	4.21
Institutional Class			1,000.00			1,021.87		0.59	%			2.96

Delaware Tax–Free Oregon Fund
Expense analysis of an investment of $1,000

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	1/1/22			6/30/22			Expense Ratio			1/1/22 to 6/30/22*
Actual Fund return†
Class A		$	1,000.00		$	913.30		0.90	%		$	4.27
Institutional Class			1,000.00			915.00		0.65	%			3.09
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.33		0.90	%		$	4.51
Institutional Class			1,000.00			1,021.57		0.65	%			3.26

*	“Expenses Paid During Period” are equal to the relevant 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.

2

Security type / sector / state / territory allocations
Delaware Tax–Free New Jersey Fund	As of June 30, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials.

Security type / sector	Percentage of net assets
Municipal Bonds*		98.72	%
Corporate Revenue Bond		2.14	%
Education Revenue Bonds		11.71	%
Electric Revenue Bonds		1.47	%
Healthcare Revenue Bonds		4.42	%
Lease Revenue Bonds		18.90	%
Local General Obligation Bonds		18.26	%
Pre-Refunded Bonds		5.84	%
Resource Recovery Revenue Bond		0.93	%
Special Tax Revenue Bonds		25.77	%
State General Obligation Bonds		4.25	%
Transportation Revenue Bonds		5.03	%
Total Value of Securities		98.72	%
Receivables and Other Assets Net of Liabilities		1.28	%
Total Net Assets		100.00	%

*As of the date of this report, Delaware Tax–Free New Jersey Fund held bonds issued by or on behalf of territories and the states of the US as follows:

State / territory	Percentage of net assets
Guam		0.79	%
New Jersey		79.20	%
Pennsylvania		1.79	%
Puerto Rico		16.94	%
Total Value of Securities		98.72	%

3

Security type / sector / state / territory allocations
Delaware Tax–Free Oregon Fund	As of June 30, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials.

Security type / sector	Percentage of net assets
Municipal Bonds*		97.75	%
Education Revenue Bonds		10.48	%
Electric Revenue Bonds		3.45	%
Healthcare Revenue Bonds		13.72	%
Housing Revenue Bonds		1.58	%
Local General Obligation Bonds		25.60	%
Pre-Refunded Bonds		13.10	%
Special Tax Revenue Bonds		17.85	%
State General Obligation Bonds		5.97	%
Transportation Revenue Bonds		4.56	%
Water & Sewer Revenue Bonds		1.44	%
Short-Term Investments		2.18	%
Total Value of Securities		99.93	%
Receivables and Other Assets Net of Liabilities		0.07	%
Total Net Assets		100.00	%

* As of the date of this report, Delaware Tax–Free Oregon Fund held bonds issued by or on behalf of territories and the states of the US as follows:

State / territory	Percentage of net assets
Guam		0.75	%
Oregon		80.70	%
Puerto Rico		18.48	%
Total Value of Securities		99.93	%

4

Schedules of investments
Delaware Tax–Free New Jersey Fund	June 30, 2022 (Unaudited)

			Principal
			amount°	Value (US $)
Municipal Bonds – 98.72%
Corporate Revenue Bond – 2.14%
	New Jersey Tobacco Settlement Financing
		(Subordinate)
		Series B 5.00% 6/1/46	500,000	$	500,225
					500,225
Education Revenue Bonds – 11.71%
	Camden County, New Jersey Improvement Authority
		Revenue
		(Camden Prep High School Project)
		144A 5.00% 7/15/62 #	400,000		385,972
	New Jersey Educational Facilities Authority Revenue
		(Montclair State University)
		Series A 5.00% 7/1/39	1,000,000		1,025,120
		Series D 5.00% 7/1/36	500,000		521,490
		(Ramapo College)
		Series A 5.00% 7/1/35 (AGM)	750,000		803,977
					2,736,559
Electric Revenue Bonds – 1.47%
	Guam Power Authority Revenue
		Series A 5.00% 10/1/41	180,000		184,698
	Puerto Rico Electric Power Authority Revenue
		Series A 6.75% 7/1/36 ‡	180,000		158,850
					343,548
Healthcare Revenue Bonds – 4.42%
	New Jersey Health Care Facilities Financing Authority
		Revenue
		(Hackensack Meridian Health Obligated Group)
		5.00% 7/1/35	750,000		796,897
		(Valley Health System Obligated Group)
		4.00% 7/1/44	250,000		236,720
					1,033,617
Lease Revenue Bonds – 18.90%
	Garden State Preservation Trust
		Series A 5.75% 11/1/28 (AGM)	1,000,000		1,121,470
	Hudson County Improvement Authority Revenue
		(Hudson County Lease Project)
		5.375% 10/1/24 (AGM)	1,000,000		1,071,950
	Mercer County Improvement Authority Revenue
		(Courthouse Annex Project)
		5.00% 9/1/40	500,000		534,115

5

Schedules of investments
Delaware Tax–Free New Jersey Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	New Jersey Economic Development Authority
		(Transit Transportation Project)
		Series A 4.00% 11/1/44	700,000	$	652,358
	New Jersey State Transportation Trust Fund Authority
		Revenue
		Series BB 4.00% 6/15/50	500,000		456,175
		(Capital Appreciation-Transportation System)
		Series A 2.48% 12/15/37 ^	470,000		231,207
		Series A 3.114% 12/15/39 (BAM) ^	255,000		119,990
		(Transportation Program)
		Series BB 4.00% 6/15/50	250,000		228,088
					4,415,353
Local General Obligation Bonds – 18.26%
	Belleville Board of Education
		4.00% 9/1/37 (BAM)	1,000,000		1,010,700
	Ewing Township Board of Education
		4.00% 7/15/36	1,000,000		1,024,500
	Hudson
		(Energy Savings Obligation)
		4.00% 6/15/38	1,000,000		1,000,470
	Livingston Township School District
		5.00% 7/15/37	750,000		801,323
	Township of Montclair
		(Parking Utility Refunding Bonds)
		Series A 5.00% 1/1/37	415,000		430,081
					4,267,074
Pre-Refunded Bonds – 5.84%
	Bergen County Improvement Authority Revenue
		(Guaranteed Governmental Pooled Loan)
		Series B 5.00% 2/15/39-24 §	900,000		945,009
	Delaware River Port Authority Revenue
		5.00% 1/1/30-24 §	400,000		418,672
					1,363,681
Resource Recovery Revenue Bond – 0.93%
	Union County, New Jersey Improvement Authority
		(Aries Linden, LLC Project)
		144A 6.75% 12/1/41 (AMT) #	250,000		216,795
					216,795

6

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds – 25.77%
	Burlington County Bridge Commission
		(Governmental Loan Program)
		4.00% 8/1/35	465,000	$	479,647
	Camden County, New Jersey Improvement Authority
		Revenue
		(County Capital Program)
		Series A 5.00% 1/15/40	750,000		790,222
	Commonwealth of Puerto Rico
		0.01% 11/1/51	843,744		363,865
	Essex County, New Jersey Improvement Authority Revenue
		5.50% 10/1/27 (NATL)	1,000,000		1,156,380
	GDB Debt Recovery Authority of Puerto Rico
		7.50% 8/20/40	1,061,221		941,834
	Hudson County Improvement Authority Revenue
		(Guttenberg General Obligation Bond Project)
		5.00% 8/1/42	500,000		524,955
	Puerto Rico Sales Tax Financing Revenue
		(Capital Appreciation - Restructured)
		Series A-1 0.098% 7/1/46 ^	660,000		178,326
		Series A-1 5.216% 7/1/51 ^	275,000		55,025
		(Restructured)
		Series A-1 4.75% 7/1/53	1,220,000		1,175,238
		Series A-1 5.00% 7/1/58	360,000		354,769
					6,020,261
State General Obligation Bonds – 4.25%
	Commonwealth of Puerto Rico
		Series C 2.646% 11/1/43	770,891		384,482
		(Restructured)
		Series A-1 4.00% 7/1/33	54,633		50,187
		Series A-1 4.00% 7/1/35	49,110		44,111
		Series A-1 4.00% 7/1/37	42,148		37,411
		Series A-1 4.00% 7/1/46	120,942		101,909
		Series A-1 4.364% 7/1/33 ^	70,311		39,596
		Series A-1 5.625% 7/1/29	8,766		9,429
		Series A-1 5.75% 7/1/31	57,617		63,055
	State of New Jersey
		(Covid-19 General Obligation)
		Series A 4.00% 6/1/32	250,000		263,270
					993,450

7

Schedules of investments
Delaware Tax–Free New Jersey Fund

			Principal
			amount°	Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds – 5.03%
	New Jersey Turnpike Authority Revenue
		Series A 5.00% 1/1/48	500,000	$	539,860
	South Jersey Port, New Jersey
		(Subordinated Marine Terminal Revenue)
		Series A 5.00% 1/1/49	425,000		437,886
		Series B 5.00% 1/1/42 (AMT)	195,000		198,171
					1,175,917
Total Municipal Bonds (cost $23,210,771)					23,066,480
Total Value of Securities–98.72%
	(cost $23,210,771)			$	23,066,480

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2022, the aggregate value of Rule 144A securities was $602,767, which represents 2.58% of the Fund's net assets. See Note 7 in “Notes to financial statements."
‡	Non-income producing security. Security is currently in default.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 7 in “Notes to financial statements.”

Summary of abbreviations:
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
LLC – Limited Liability Corporation
NATL – Insured by National Public Finance Guarantee Corporation
USD – US Dollar

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

8

Schedules of investments
Delaware Tax–Free Oregon Fund	June 30, 2022 (Unaudited)

		Principal
		amount°	Value (US $)
Municipal Bonds – 97.75%
Education Revenue Bonds – 10.48%
	Oregon Health & Science University Revenue
	Series A 4.00% 7/1/44	600,000	$	588,060
	Oregon State Facilities Authority Revenue
	(Metro East Web Academy Project)
	Series A 144A 5.00% 6/15/49 #	1,000,000		890,340
	(Willamette University Projects)
	Series A 4.00% 10/1/51	500,000		448,540
	University of Oregon General Revenue
	Series A 3.50% 4/1/52 (BAM)	1,000,000		874,490
	Series A 5.00% 4/1/45	1,000,000		1,039,180
				3,840,610
Electric Revenue Bonds – 3.45%
	Guam Power Authority Revenue
	Series A 5.00% 10/1/41	270,000		277,047
	Puerto Rico Electric Power Authority Revenue
	Series A 6.75% 7/1/36 ‡	240,000		211,800
	Series TT 5.00% 7/1/32 ‡	380,000		323,000
	Series XX 5.25% 7/1/40 ‡	535,000		454,750
				1,266,597
Healthcare Revenue Bonds – 13.72%
	Clackamas County Hospital Facility Authority
	(Rose Villa Project)
	Series A 5.375% 11/15/55	500,000		478,695
	Hospital Facilities Authority of Multnomah County, Oregon
	(Mirabella At South Waterfront Project)
	Series A 5.40% 10/1/44	900,000		906,129
	Oregon State Facilities Authority Revenue
	(Providence Health & Services)
	Series C 5.00% 10/1/45	1,650,000		1,685,524
	(Samaritan Health Services Project)
	Series A 5.00% 10/1/40	750,000		789,293
	Salem Hospital Facility Authority
	(Multi Model - Salem Health Project)
	Series A 4.00% 5/15/49	500,000		468,465
	Yamhill County Hospital Authority
	(Friendsview)
	Series A 5.00% 11/15/51	650,000		545,851
	Series A 5.00% 11/15/56	190,000		156,799
				5,030,756

9

Schedules of investments
Delaware Tax–Free Oregon Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds – 1.58%
	Home Forward Multifamily Housing Revenue
	(Gretchen Kafoury Commons)
	5.00% 1/1/29	565,000	$	580,385
				580,385
Local General Obligation Bonds – 25.60%
	Boardman, Oregon
	2.125% 6/15/45 (BAM)	500,000		342,835
	Clackamas County School District No. 12 North Clackamas
	Series B 5.00% 6/15/37	1,500,000		1,633,740
	Columbia County School District No. 502
	5.00% 6/15/36	575,000		628,757
	Linn County Community School District No. 9 Lebanon
	5.50% 6/15/27 (NATL)	1,000,000		1,144,530
	Marion County School District No. 103 Woodburn
	5.00% 6/1/30	300,000		341,808
	Newport, Oregon
	Series B 0.00% 6/1/29 (AGC) ^	1,225,000		981,176
	Portland, Oregon Revenue
	(Portland Building Project)
	Series B 5.00% 6/15/34	1,000,000		1,108,880
	Redmond, Oregon
	Series B-1 5.00% 6/1/38	1,000,000		1,105,880
	Salem-Keizer School District No. 24J
	5.00% 6/15/33	1,000,000		1,116,640
	Washington County Oregon School District No. 15 Forest
	Grove
	Series B 0.00% 6/15/23 ^	1,000,000		980,050
				9,384,296
Pre-Refunded Bonds – 13.10%
	Eugene Oregon Electric Utility System Revenue
	5.00% 8/1/38-22 §	1,500,000		1,504,125
	Marion County School District No. 103 Woodburn
	5.00% 6/15/35-25 §	500,000		539,875
	Tigard, Oregon Water Revenue
	5.00% 8/1/31-22 §	1,695,000		1,699,661
	Umatilla County Oregon School District No. 16R Pendleton
	Series A 5.00% 6/15/33-24 §	1,000,000		1,058,120
				4,801,781

10

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds – 17.85%
	Commonwealth of Puerto Rico
	2.281% 11/1/51	1,088,468	$	469,402
	GDB Debt Recovery Authority of Puerto Rico
	7.50% 8/20/40	1,660,832		1,473,989
	Oregon State Department Administrative Services Lottery
	Revenue
	Series A 5.00% 4/1/35	1,000,000		1,057,420
	Puerto Rico Sales Tax Financing Revenue
	(Capital Appreciation - Restructured)
	Series A-1 2.313% 7/1/46 ^	1,415,000		382,319
	Series A-1 4.98% 7/1/51 ^	558,000		111,650
	(Restructured)
	Series A-1 4.75% 7/1/53	390,000		375,691
	Series A-1 5.00% 7/1/58	1,380,000		1,359,949
	Series A-2 4.329% 7/1/40	550,000		517,863
	Tri-County Metropolitan Transportation District of Oregon
	Series A 4.00% 9/1/41	795,000		795,246
				6,543,529
State General Obligation Bonds – 5.97%
	Commonwealth of Puerto Rico
	Series C 2.943% 11/1/43	1,162,811		579,952
	(Restructured)
	Series A-1 2.017% 7/1/33 ^	88,931		50,082
	Series A-1 4.00% 7/1/33	69,103		63,479
	Series A-1 4.00% 7/1/35	92,112		82,735
	Series A-1 4.00% 7/1/37	53,310		47,319
	Series A-1 4.00% 7/1/46	152,967		128,894
	Series A-1 5.625% 7/1/29	57,659		62,019
	Series A-1 5.75% 7/1/31	72,872		79,750
	Oregon State
	(Article XI-Q State Projects)
	Series A 5.00% 5/1/44	1,000,000		1,094,180
				2,188,410
Transportation Revenue Bonds – 4.56%
	Port of Portland Oregon Airport Revenue
	5.00% 7/1/42 (AMT)	1,100,000		1,143,494
	(Portland International Airport)
	5.00% 7/1/31	500,000		528,450
				1,671,944

11

Schedules of investments
Delaware Tax–Free Oregon Fund

		Principal
		amount°	Value (US $)
Municipal Bonds (continued)
Water & Sewer Revenue Bonds – 1.44%
	Hermiston, Oregon Water & Sewer System Revenue
	5.00% 11/1/34 (AGM)	500,000	$	527,680
				527,680
Total Municipal Bonds (cost $36,572,146)				35,835,988
Short-Term Investments – 2.18%
Variable Rate Demand Note – 2.18%¤
	Oregon State Facilities Authority Revenue
	(PeaceHealth) Series B 0.60% 8/1/34
	(LOC - TD Bank N.A.)	800,000		800,000
Total Short-Term Investments (cost $800,000)				800,000
Total Value of Securities–99.93%
	(cost $37,372,146)		$	36,635,988

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2022, the aggregate value of Rule 144A securities was $890,340, which represents 2.43% of the Fund's net assets. See Note 7 in “Notes to financial statements."
‡	Non-income producing security. Security is currently in default.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 7 in “Notes to financial statements.”
¤	Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of June 30, 2022.

Summary of abbreviations:
AGC – Insured by Assured Guaranty Corporation
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
LOC – Letter of Credit

12

Summary of abbreviations: (continued)
N.A. – National Association
NATL – Insured by National Public Finance Guarantee Corporation
USD – US Dollar

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

13

Statements of assets and liabilities June 30, 2022 (Unaudited)

		Delaware Tax–Free			Delaware Tax–Free
		New Jersey Fund			Oregon Fund
Assets:
	Investments, at value*	$	23,066,480		$	36,635,988
	Cash		193,481			36,442
	Interest receivable		364,573			403,665
	Prepaid expenses		606			746
	Receivable for fund shares sold		249			24,411
	Receivable for securities sold		—			1,064,488
	Other assets		182			278
	Total Assets		23,625,571			38,166,018
Liabilities:
	Payable for securities purchased		193,106			1,418,705
	Other accrued expenses		51,313			58,137
	Payable for fund shares redeemed		6,190			6,450
	Distribution payable		4,695			6,794
	Distribution fees payable to affiliates		4,268			6,399
	Investment management fees payable to affiliates		564			7,681
	Accounting and administration expenses payable to
	affiliates		418			465
	Total Liabilities		260,554			1,504,631
Total Net Assets		$	23,365,017		$	36,661,387
Net Assets Consist of:
	Paid-in capital	$	23,449,027		$	37,762,389
	Total distributable earnings (loss)		(84,010	)		(1,101,002	)
Total Net Assets		$	23,365,017		$	36,661,387

14

	Delaware Tax–Free			Delaware Tax–Free
	New Jersey Fund			Oregon Fund
Net Asset Value
Class A:
Net assets	$	20,724,539		$	31,157,061
Shares of beneficial interest outstanding, unlimited
authorization, no par		1,807,270			2,513,227
Net asset value per share	$	11.47		$	12.40
Sales charge		4.50	%		4.50	%
Offering price per share, equal to net asset value per share
/ (1 - sales charge)	$	12.01		$	12.98
Institutional Class:
Net assets	$	2,640,478		$	5,504,326
Shares of beneficial interest outstanding, unlimited
authorization, no par		230,583			444,687
Net asset value per share	$	11.45		$	12.38
____________________
*Investments, at cost	$	23,210,771		$	37,372,146

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

15

Statements of operations Six months ended June 30, 2022 (Unaudited)

		Delaware Tax–Free			Delaware Tax–Free
		New Jersey Fund			Oregon Fund
Investment Income:
	Interest	$	473,352		$	702,704
Expenses:
	Management fees		72,524			106,723
	Distribution expenses — Class A		27,875			41,449
	Accounting and administration expenses		21,506			22,667
	Audit and tax fees		20,145			20,145
	Reports and statements to shareholders expenses		7,439			9,425
	Dividend disbursing and transfer agent fees and
	expenses		6,069			8,160
	Legal fees		1,405			2,005
	Custodian fees		512			782
	Trustees’ fees and expenses		462			653
	Registration fees		190			232
	Other		9,005			10,318
			167,132			222,559
	Less expenses waived		(61,293	)		(54,797	)
	Less expenses paid indirectly		(45	)		(52	)
	Total operating expenses		105,794			167,710
Net Investment Income (Loss)			367,558			534,994
Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on investments		34,712			172,262
	Net change in unrealized appreciation (depreciation) on
	investments		(2,890,118	)		(4,291,847	)
Net Realized and Unrealized Gain (Loss)			(2,855,406	)		(4,119,585	)
Net Increase (Decrease) in Net Assets Resulting from
	Operations	$	(2,487,848	)	$	(3,584,591	)

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

16

Statements of changes in net assets
Delaware Tax–Free New Jersey Fund

		Six months
		ended
		6/30/22			Year ended
		(Unaudited)			12/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)	$	367,558		$	663,631
	Net realized gain (loss)		34,712			373,003
	Net change in unrealized appreciation (depreciation)		(2,890,118	)		(127,153	)
	Net increase (decrease) in net assets resulting from
	operations		(2,487,848	)		909,481
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(299,737	)		(1,057,312	)
	Institutional Class		(58,932	)		(87,975	)
			(358,669	)		(1,145,287	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		160,453			904,730
	Institutional Class		4,317,709			231,775
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		274,141			973,194
	Institutional Class		58,769			87,901
			4,811,072			2,197,600

17

Statements of changes in net assets
Delaware Tax–Free New Jersey Fund

		Six months
		ended
		6/30/22			Year ended
		(Unaudited)			12/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(2,068,046	)	$	(5,408,606	)
	Institutional Class		(3,316,776	)		(275,802	)
			(5,384,822	)		(5,684,408	)
	Decrease in net assets derived from capital share
	transactions		(573,750	)		(3,486,808	)
Net Decrease in Net Assets			(3,420,267	)		(3,722,614	)
Net Assets:
	Beginning of period		26,785,284			30,507,898
	End of period	$	23,365,017		$	26,785,284

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

18

Statements of changes in net assets
Delaware Tax–Free Oregon Fund

		Six months
		ended
		6/30/22			Year ended
		(Unaudited)			12/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)	$	534,994		$	1,016,000
	Net realized gain (loss)		172,262			(69,982	)
	Net change in unrealized appreciation (depreciation)		(4,291,847	)		217,123
	Net increase (decrease) in net assets resulting from
	operations		(3,584,591	)		1,163,141
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(442,631	)		(901,796	)
	Institutional Class		(83,403	)		(114,204	)
			(526,034	)		(1,016,000	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A		918,431			1,726,889
	Institutional Class		3,269,143			1,384,411
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A		401,338			810,511
	Institutional Class		83,398			114,207
			4,672,310			4,036,018

19

Statements of changes in net assets
Delaware Tax–Free Oregon Fund

			Six months
			ended
			6/30/22			Year ended
			(Unaudited)			12/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(2,879,593	)	$	(4,750,657	)
	Institutional Class		(2,185,357	)		(121,883	)
			(5,064,950	)		(4,872,540	)
	Decrease in net assets derived from capital share
	transactions		(392,640	)		(836,522	)
Net Decrease in Net Assets			(4,503,265	)		(689,381	)
Net Assets:
	Beginning of period		41,164,652			41,854,033
	End of period	$	36,661,387		$	41,164,652

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

20

Financial highlights
Delaware Tax–Free New Jersey 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 income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

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 assets

Ratio of expenses to average net assets prior to fees waived

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	On October 4, 2019, Class A shares of First Investors New Jersey Tax Exempt Fund were reorganized into Class A shares of Delaware Tax–Free New Jersey Fund. See "Notes to financial statements." The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors New Jersey Tax Exempt Fund Class A shares.
3	Calculated using average shares outstanding.
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 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.
5	The Fund's portfolio turnover rate increased substantially during the year ended December 31, 2019 due to a change in the Fund's portfolio managers and associated repositioning.

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

22

Six months ended
6/30/221				Year ended
(Unaudited)				12/31/21			12/31/20			12/31/192			12/31/18			12/31/17
	$	12.74		$	12.86		$	12.88		$	12.40		$	12.78		$	12.69
		0.16			0.30			0.31			0.34			0.41			0.43
		(1.27	)		0.11			0.33			0.48			(0.38	)		0.09
		(1.11	)		0.41			0.64			0.82			0.03			0.52
		(0.16	)		(0.30	)		(0.31	)		(0.34	)		(0.41	)		(0.43	)
		—			(0.23	)		(0.35	)		—			—			—
		(0.16	)		(0.53	)		(0.66	)		(0.34	)		(0.41	)		(0.43	)
	$	11.47		$	12.74		$	12.86		$	12.88		$	12.40		$	12.78
		(8.75%	)		3.28%			5.10%			6.68%			0.29%			4.13%
	$	20,725		$	24,742		$	28,488		$	39,479		$	43,895		$	48,917
		0.84%			0.86%			0.90%			0.96%			0.95%			0.94%
		1.31%			1.30%			1.25%			1.07%			0.98%			1.04%
		2.76%			2.35%			2.44%			2.67%			3.31%			3.35%
		2.29%			1.91%			2.09%			2.56%			3.28%			3.25%
		30%			7%			21%			47%	5		20%			44%

23

Financial highlights
Delaware Tax–Free New Jersey 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 income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

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 assets

Ratio of expenses to average net assets prior to fees waived

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	On October 4, 2019, Advisor Class shares of First Investors New Jersey Tax Exempt Fund were reorganized into Institutional Class shares of Delaware Tax–Free New Jersey Fund. See "Notes to financial statements." The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors New Jersey Tax Exempt Fund Advisor Class shares.
3	Calculated using average shares outstanding.
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	The Fund's portfolio turnover rate increased substantially during the year ended December 31, 2019 due to a change in the Fund's portfolio managers and associated repositioning.

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

24

Six months ended
6/30/221				Year ended
(Unaudited)				12/31/21			12/31/20			12/31/192			12/31/18			12/31/17
	$	12.72		$	12.84		$	12.87		$	12.38		$	12.76		$	12.68
		0.18			0.33			0.34			0.37			0.44			0.46
		(1.27	)		0.11			0.32			0.49			(0.37	)		0.08
		(1.09	)		0.44			0.66			0.86			0.07			0.54
		(0.18	)		(0.33	)		(0.34	)		(0.37	)		(0.45	)		(0.46	)
		—			(0.23	)		(0.35	)		—			—			—
		(0.18	)		(0.56	)		(0.69	)		(0.37	)		(0.45	)		(0.46	)
	$	11.45		$	12.72		$	12.84		$	12.87		$	12.38		$	12.76
		(8.65%	)		3.53%			5.25%			7.00%			0.56%			4.36%
	$	2,640		$	2,043		$	2,020		$	2,385		$	3,251		$	2,114
		0.59%			0.62%			0.68%			0.73%			0.68%			0.66%
		1.05%			1.05%			1.00%			0.82%			0.71%			0.76%
		2.97%			2.59%			2.66%			2.89%			3.57%			3.63%
		2.51%			2.16%			2.34%			2.80%			3.54%			3.53%
		30%			7%			21%			47%	5		20%			44%

25

Financial highlights
Delaware Tax–Free Oregon 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 income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

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 assets

Ratio of expenses to average net assets prior to fees waived

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	On October 4, 2019, Class A shares of First Investors Oregon Tax Exempt Fund were reorganized into Class A shares of Delaware Tax–Free Oregon Fund. See "Notes to financial statements." The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Oregon Tax Exempt Fund Class A shares.
3	Calculated using average shares outstanding.
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 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.

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

26

Six months ended
6/30/221				Year ended
(Unaudited)				12/31/21			12/31/20			12/31/192			12/31/18			12/31/17
	$	13.76		$	13.71		$	13.42		$	13.01		$	13.39		$	13.33
		0.18			0.33			0.33			0.33			0.37			0.40
		(1.37	)		0.05			0.29			0.42			(0.38	)		0.09
		(1.19	)		0.38			0.62			0.75			(0.01	)		0.49
		(0.17	)		(0.33	)		(0.33	)		(0.34	)		(0.37	)		(0.43	)
		(0.17	)		(0.33	)		(0.33	)		(0.34	)		(0.37	)		(0.43	)
	$	12.40		$	13.76		$	13.71		$	13.42		$	13.01		$	13.39
		(8.67%	)		2.82%			4.70%			5.78%			(0.04%	)		3.70%
	$	31,157		$	36,216		$	38,295		$	43,911		$	48,527		$	52,210
		0.90%			0.90%			0.91%			0.95%			0.96%			0.95%
		1.18%			1.18%			1.19%			1.05%			0.99%			1.05%
		2.72%			2.40%			2.46%			2.49%			2.84%			3.00%
		2.44%			2.12%			2.18%			2.39%			2.81%			2.90%
		18%			12%			25%			50%			49%			30%

27

Financial highlights
Delaware Tax–Free Oregon 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 income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

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 assets

Ratio of expenses to average net assets prior to fees waived

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	On October 4, 2019, Advisor Class shares of First Investors Oregon Tax Exempt Fund were reorganized into Institutional Class shares of Delaware Tax–Free Oregon Fund. See "Notes to financial statements." The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Oregon Tax Exempt Fund Advisor Class shares.
3	Calculated using average shares outstanding.
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.

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

28

Six months ended
6/30/221				Year ended
(Unaudited)				12/31/21			12/31/20			12/31/192			12/31/18			12/31/17
	$	13.73		$	13.69		$	13.40		$	12.99		$	13.36		$	13.30
		0.19			0.36			0.37			0.37			0.41			0.44
		(1.35	)		0.04			0.29			0.41			(0.37	)		0.07
		(1.16	)		0.40			0.66			0.78			0.04			0.51
		(0.19	)		(0.36	)		(0.37	)		(0.37	)		(0.41	)		(0.45	)
		(0.19	)		(0.36	)		(0.37	)		(0.37	)		(0.41	)		(0.45	)
	$	12.38		$	13.73		$	13.69		$	13.40		$	12.99		$	13.36
		(8.50%	)		3.00%			4.96%			6.03%			0.33%			3.91%
	$	5,504		$	4,949		$	3,559		$	2,953		$	4,605		$	4,100
		0.65%			0.65%			0.66%			0.70%			0.66%			0.64%
		0.93%			0.93%			0.94%			0.78%			0.69%			0.74%
		2.99%			2.65%			2.71%			2.76%			3.13%			3.30%
		2.71%			2.37%			2.43%			2.68%			3.10%			3.20%
		18%			12%			25%			50%			49%			30%

29

Notes to financial statements
Delaware Funds by Macquarie® tax-exempt funds	June 30, 2022 (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 and the related notes pertain to Delaware Tax-Free New Jersey Fund and Delaware Tax-Free Oregon Fund (each a Fund, or collectively, the Funds). Delaware Limited-Term Diversified Income Fund is included in a separate report. Each Fund is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offer Class A and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) or a predecessor distributor paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares of the Funds 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 if the Distributor paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares, 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. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

Before each Fund commenced operations, on October 4, 2019, all of the assets and liabilities of the corresponding fund identified as its respective Predecessor Fund (the “Predecessor Fund”) were transferred to the Fund in a tax-free reorganization as set forth in an agreement and plan of reorganization (each a Foresters Reorganization) between the Trust, on behalf of the Funds, and Foresters Investment Management Company, Inc., on behalf of the Predecessor Funds. As a result of each Foresters Reorganization, the applicable Fund assumed the performance and accounting history of its corresponding Predecessor Fund. Financial information included for the dates prior to the Foresters Reorganization is that of the Predecessor Funds.

Fund	Predecessor Fund
Delaware Tax-Free New Jersey Fund	First Investors New Jersey Tax Exempt Fund
Delaware Tax-Free Oregon Fund	First Investors Oregon Tax Exempt Fund

1. Significant Accounting Policies

Each 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 Funds.

Security Valuation — Debt securities are valued based upon valuations provided by an independent pricing service or broker 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. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields,

30

maturities, and ratings, and are supplemented by dealer and exchange quotations. 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 Income Taxes — No provision for federal income taxes has been made as each 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. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each 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 each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended June 30, 2022, and for all open tax years (years ended December 31, 2018–December 31, 2021), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended June 30, 2022, the Funds did not incur any interest or tax penalties.

Class Accounting — Investment income and common expenses are allocated to the various classes of each Fund on the basis of “settled shares” of each class in relation to the net assets of each Fund. Realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

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 a Fund are charged directly to that 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. Interest income is recorded on the accrual basis. Discounts and

31

Notes to financial statements
Delaware Funds by Macquarie^® tax-exempt funds

1. Significant Accounting Policies (continued)

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. Each Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Each 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 “Statements 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, 2022.

Each 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 “Statements 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 June 30, 2022, each Fund earned the following amounts under this arrangement:

Fund	Earnings Credits
Delaware Tax–Free New Jersey Fund	$45
Delaware Tax–Free Oregon Fund	52

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

In accordance with the terms of its respective investment management agreement, each 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, based on each Fund’s average daily net assets as follows:

	Delaware Tax–Free	Delaware Tax–Free
	New Jersey Fund	Oregon Fund
On the first $500 million	0.5500%	0.5500%
On the next $500 million	0.5000%	0.5000%
On the next $1.5 billion	0.4500%	0.4500%
In excess of $2.5 billion	0.4250%	0.4250%

DMC has contractually agreed to waive all or a portion of its management fee and/or pay/reimburse 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), in order to prevent

32

total annual fund operating expenses from exceeding the following percentages of each Fund’s average daily net assets from January 1, 2022 through June 30, 2022.* These waivers and reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

	Operating expense
	limitation as
	a percentage
	of average
	daily net assets
Fund	(per annum)
Delaware Tax–Free New Jersey Fund	0.59%
Delaware Tax–Free Oregon Fund	0.65%

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 (together, the “Affiliated Sub-Advisors”). DMC may also permit these Affiliated Sub-Advisors to execute each Fund's security trades on its behalf 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 advisory services. For these services, DMC, not each Fund, may pay 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 Funds. 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 net asset value (NAV) basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended June 30, 2022, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax–Free New Jersey Fund	$	2,419
Delaware Tax–Free Oregon Fund		2,619

DIFSC is also the transfer agent and dividend disbursing agent of the Funds. 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

33

Notes to financial statements
Delaware Funds by Macquarie^® tax-exempt funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued) funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.”

For the six months ended June 30, 2022, each Fund was charged for these services as follows:

Fund	Fees
Delaware Tax–Free New Jersey Fund	$	1,240
Delaware Tax–Free Oregon Fund		1,821

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 each Fund. Sub-transfer agency fees are paid by each Fund and are also included on the “Statements 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, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25% of the average daily net assets of the Class A shares. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.

As provided in the investment management agreement, each 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 and regulatory reporting services to the Funds. These amounts are included on the “Statements of operations” under “Legal fees.”

For the six months ended June 30, 2022, each Fund was charged for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Tax–Free New Jersey Fund	$	648
Delaware Tax–Free Oregon Fund		732

For the six months ended June 30, 2022, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Delaware Tax–Free New Jersey Fund	$	219
Delaware Tax–Free Oregon Fund		501

34

For the six months ended June 30, 2022, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A shares, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund	Class A
Delaware Tax–Free New Jersey Fund	$	147
Delaware Tax–Free Oregon Fund		—

Trustees’ fees include expenses accrued by each 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 Funds.

Cross trades for the six months ended June 30, 2022, were executed by each Fund pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board reviews a report related to the Funds’ compliance with the procedures adopted by the Board. Pursuant to these procedures, for the six months ended June 30, 2022, the Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net gains or losses as follows:

	Purchases		Sales		Net realized gain (loss)
Delaware Tax–Free New Jersey
Fund	$	1,766,712	$	3,473,412		$	(21,087	)
Delaware Tax–Free Oregon Fund		3,130,081		3,142,305			4,975

___________________

* The aggregate contractual waiver period covering this report is from April 30, 2021 through April 29, 2023.

3. Investments

For the six months ended June 30, 2022, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund	Purchases		Sales
Delaware Tax–Free New Jersey Fund	$	7,669,427	$	7,895,586
Delaware Tax–Free Oregon Fund		6,855,666		7,216,020

At June 30, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At June 30, 2022, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:

35

Notes to financial statements
Delaware Funds by Macquarie^® tax-exempt funds

3. Investments (continued)

			Aggregate		Aggregate			Net unrealized
			unrealized		unrealized			appreciation
	Cost of		appreciation		depreciation			(depreciation)
Fund	investments		of investments		of investments			of investments
Delaware Tax–Free
New Jersey Fund	$	23,210,771	$	498,433	$	(642,724	)		$(144,291	)
Delaware Tax–Free
Oregon Fund		37,372,146		523,040		(1,259,198	)		(736,158	)

At December 31, 2021, capital loss carryforwards available to offset future realized capital gains were as follows:

	Loss carryforward character
	Short-term		Long-term		Total
Delaware Tax–Free
Oregon Fund	$	417,506	$	128,733	$	546,239

At December 31, 2021, there were no capital loss carryforwards for Delaware Tax-Free New Jersey Fund.

US GAAP defines fair value as the price that each 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. Each 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)

36

Level 3 –  Significant unobservable inputs, including each 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. Each 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 tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of June 30, 2022:

	Delaware Tax–Free New Jersey Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	23,066,480
Total Value of Securities		$	23,066,480
	Delaware Tax–Free Oregon Fund
	Level 2
Securities
Assets:
Municipal Bonds		$	35,835,988
Short-Term Investments			800,000
Total Value of Securities		$	36,635,988

During the six months ended June 30, 2022, there were no transfers into or out of Level 3 investments. Each Fund's policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to each Fund's net assets. During the six months ended June 30, 2022, there were no Level 3 investments.

37

Notes to financial statements
Delaware Funds by Macquarie^® tax-exempt funds

4. Capital Shares

Transactions in capital shares were as follows:

		Delaware Tax–Free				Delaware Tax–Free
		New Jersey Fund				Oregon Fund
		Six months				Six months
		ended		Year ended		ended		Year ended
		6/30/22		12/31/21		6/30/22		12/31/21
Shares sold:
	Class A	13,251		70,165		72,121		126,190
	Institutional Class	347,138		17,950		250,513		100,837
Shares issued upon reinvestment of dividends and distributions:
	Class A	23,027		75,909		31,106		59,007
	Institutional Class	4,939		6,866		6,495		8,327
		388,355		170,890		360,235		294,361
Shares redeemed:
	Class A	(171,641	)	(419,079	)	(222,780	)	(345,912	)
	Institutional Class	(282,153	)	(21,497	)	(172,634	)	(8,885	)
		(453,794	)	(440,576	)	(395,414	)	(354,797	)
Net decrease		(65,439	)	(269,686	)	(35,179	)	(60,436	)

5. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $355,000,000 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 for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 31, 2022.

Each Fund had no amounts outstanding as of June 30, 2022, or at any time during the period then ended.

6. Securities Lending

Each Fund, along with other funds in 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

38

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 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; certain money market funds; and asset-backed securities. Each 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 each Fund or, at the discretion of the lending agent, replace the loaned securities. Each 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. Each 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, each 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 each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.

39

Notes to financial statements
Delaware Funds by Macquarie^® tax-exempt funds

6. Securities Lending (continued)

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

During the six months ended June 30, 2022, each Fund had no securities out on loan.

7. Geographic, Credit and Market Risks

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

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 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.

The Funds concentrate their investments in securities issued by each corresponding state’s municipalities. The Funds invest primarily in a specific state and may be subject to geographic concentration risk. In addition, the Funds have the flexibility to invest in issuers in US territories and possessions such as the Commonwealth of Puerto Rico, the US Virgin Islands, and Guam whose bonds are also free of federal and individual state income taxes. The value of the Funds’ investments may be adversely affected by new legislation within the states or US territories, regional or local economic conditions, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no certainty that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in each Fund.

40

Each Fund invests a portion of its assets in high yield municipal fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC (S&P), lower than Baa3 by Moody’s Investors Service, Inc. (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.

Each 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. Each Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Each Fund may invest in advanced refunded bonds, escrow secured bonds, or defeased bonds. Under current federal tax laws and regulations, state and local government borrowers are permitted to refinance outstanding bonds by issuing new bonds. The issuer refinances the outstanding debt to either reduce interest costs or to remove or alter restrictive covenants imposed by the bonds being refinanced. A refunding transaction where the municipal securities are being refunded within 90 days from the issuance of the refunding issue is known as a “current refunding.” “Advance refunded bonds” are bonds in which the refunded bond issue remains outstanding for more than 90 days following the issuance of the refunding issue. In an advance refunding, the issuer will use the proceeds of a new bond issue to purchase high grade interest bearing debt securities, which are then deposited in an irrevocable escrow account held by an escrow agent to secure all future payments of principal and interest and bond premium of the advance refunded bond. Bonds are “escrowed to maturity” when the proceeds of the refunding issue are deposited in an escrow account for investment sufficient to pay all of the principal and interest on the original interest payment and maturity dates.

Bonds are considered “pre-refunded” when the refunding issue’s proceeds are escrowed only until a permitted call date or dates on the refunded issue with the refunded issue being redeemed at the time, including any required premium. Bonds become “defeased” when the rights and interests of the bondholders and of their lien on the pledged revenues or other security under the terms of the bond contract are substituted with an alternative source of revenues (the escrow securities) sufficient to meet payments of principal and interest to maturity or to the first call dates. Escrowed secured bonds will often receive a rating of AAA from Moody’s, S&P, and/or Fitch Ratings due to the strong credit quality of the escrow securities and the irrevocable nature of the escrow deposit agreement.

Each 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. The relative illiquidity of these securities may impair each

41

Notes to financial statements
Delaware Funds by Macquarie^® tax-exempt funds

7. Geographic, Credit and Market Risks (continued)

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 each 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 each Fund’s 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.”

8. Contractual Obligations

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

9. 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.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to June 30, 2022, that would require recognition or disclosure in the Funds’ financial statements.

42

Other Fund information (Unaudited)
Delaware Funds by Macquarie^® tax-exempt funds

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 Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated a member 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 each 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) for 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 each Fund’s acquisition of Illiquid investments if, immediately after the acquisition, each 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 each 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 each Fund’s liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) each 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 Funds during both normal and reasonably foreseeable stressed conditions; and (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements. Classification of each 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. Each 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 17-19, 2022, the Program Administrator provided the required written annual report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2021 through March 31, 2022. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and each Fund’s liquidity needs. Each Fund’s HLIM is set at an appropriate level and the Funds complied with their HLIM at all times during the reporting period.

43

About the organization

Board of trustees

Shawn K. Lytle
President and
Chief Executive Officer
Delaware Funds
by Macquarie^® Jerome D. Abernathy
Managing Member
Stonebrook Capital
Management, LLC Thomas L. Bennett
Chairman of the Board
Delaware Funds
by Macquarie
Private Investor Ann D. Borowiec
Former Chief Executive
Officer
Private Wealth Management
J.P. Morgan Chase & Co. Joseph W. Chow
Private Investor H. Jeffrey Dobbs
Former Global Sector
Chairman
Industrial Manufacturing,
KPMG, LLP John A. Fry
President Drexel University Joseph Harroz, Jr.
President
University of Oklahoma Sandra A.J. Lawrence
Former Chief Administrative
Officer
Children's Mercy Hospitals
and Clinics Frances A. Sevilla-Sacasa
Former Chief Executive
Officer
Banco Itaú International Thomas K. Whitford
Former Vice Chairman
PNC Financial Services
Group Christianna Wood
Chief Executive Officer
and President
Gore Creek Capital, Ltd. Janet L. Yeomans
Former Vice President and
Treasurer
3M Company

Affiliated officers

David F. Connor
Senior Vice President,
General Counsel,
and Secretary
Delaware Funds
by Macquarie Daniel V. Geatens
Senior Vice President and
Treasurer
Delaware Funds
by Macquarie Richard Salus
Senior Vice President and
Chief Financial Officer
Delaware Funds
by Macquarie

This semiannual report is for the information of Delaware Tax-Free New Jersey Fund and Delaware Tax-Free Oregon 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.

Each 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. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use 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 Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature. Each 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 Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds' website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

44

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15( b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

DELAWARE GROUP^® LIMITED-TERM GOVERNMENT FUNDS

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	September 6, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	September 6, 2022

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	September 6, 2022