N-Q 1 dgltdtermgovfunds_nq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

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:		2005 Market Street
		Philadelphia, PA 19103

Name and address of agent for service:		David F. Connor, Esq.
		2005 Market Street
		Philadelphia, PA 19103

Registrant’s telephone number, including area code:		(800) 523-1918

Date of fiscal year end:		December 31

Date of reporting period:		March 31, 2015

Item 1. Schedule of Investments.

Schedule of investments
Delaware Limited-Term Diversified Income Fund	March 31, 2015 (Unaudited)

		Principal amount°	Value (U.S. $)
Agency Asset-Backed Securities – 0.02%
	Fannie Mae Grantor Trust
	Series 2003-T4 2A5 5.289% 9/26/33	209,065	$	229,042
	Fannie Mae REMIC Trust
	Series 2001-W2 AS5 6.473% 10/25/31	2,593		2,679
	Freddie Mac Structured Pass Through Securities
	Series T-30 A5 6.758% 12/25/30 ⧫●	5,424		5,763
	SLM Student Loan Trust
	Series 2004-4 A4 0.386% 1/25/19 ●	3,395		3,392
Total Agency Asset-Backed Securities (cost $219,081)				240,876

Agency Collateralized Mortgage Obligations – 2.00%
	E.F. Hutton Trust III
	Series 1 A 1.017% 10/25/17 ●	84		84
	Fannie Mae Grantor Trust
	Series 2001-T5 A2 6.99% 6/19/41 ●	35,964		40,905
	Series 2002-T1 A2 7.00% 11/25/31	84,069		100,199
	Fannie Mae REMICs
	Series 2002-90 A1 6.50% 6/25/42	1,088		1,247
	Series 2002-W1 2A 6.491% 2/25/42 ●	104,271		122,759
	Series 2003-52 NA 4.00% 6/25/23	156,469		165,333
	Series 2003-120 BL 3.50% 12/25/18	460,801		477,253
	Series 2004-36 FA 0.574% 5/25/34 ●	417,892		420,203
	Series 2004-49 EB 5.00% 7/25/24	47,594		51,925
	Series 2005-66 FD 0.474% 7/25/35 ●	1,824,053		1,826,550
	Series 2005-110 MB 5.50% 9/25/35	17,895		19,307
	Series 2006-105 FB 0.594% 11/25/36 ●	113,821		114,600
	Series 2010-29 PA 4.50% 10/25/38	128,266		132,926
	Series 2010-75 NA 4.00% 9/25/28	428,933		441,376
	Series 2011-88 AB 2.50% 9/25/26	234,466		239,699
	Series 2011-105 FP 0.574% 6/25/41 ●	3,384,874		3,393,262
	Series 2011-113 MC 4.00% 12/25/40	379,225		398,591
	Freddie Mac REMICs
	Series 2901 CA 4.50% 11/15/19	167,392		173,363
	Series 2931 GC 5.00% 1/15/34	73,520		74,810
	Series 3016 FL 0.565% 8/15/35 ●	94,933		95,121
	Series 3027 DE 5.00% 9/15/25	49,105		54,615
	Series 3067 FA 0.525% 11/15/35 ●	3,967,456		3,980,037
	Series 3232 KF 0.625% 10/15/36 ●	119,929		121,145
	Series 3241 FM 0.555% 11/15/36 ●	45,674		45,910
	Series 3297 BF 0.415% 4/15/37 ●	1,242,344		1,248,542
	Series 3316 FB 0.475% 8/15/35 ●	207,777		208,205
	Series 3416 GK 4.00% 7/15/22	447		450
	Series 3737 NA 3.50% 6/15/25	210,015		218,454

NQ-022 [3/15] 5/15 (14505) 1

Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)

		Principal amount°	Value (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
	Freddie Mac REMICs
	Series 3780 LF 0.575% 3/15/29 ●	608,229	$	608,910
	Series 3800 AF 0.675% 2/15/41 ●	2,629,691		2,651,612
	Series 3803 TF 0.575% 11/15/28 ●	581,200		583,960
	Series 4163 CW 3.50% 4/15/40	4,075,472		4,288,537
	Freddie Mac Structured Pass Through Securities
	Series T-42 A5 7.50% 2/25/42 ⧫	44,246		51,923
	Series T-54 2A 6.50% 2/25/43 ⧫	998		1,192
	Series T-58 2A 6.50% 9/25/43 ⧫	705,212		817,137
	Series T-60 1A4C 4.673% 3/25/44 ⧫●	166,745		166,846
Total Agency Collateralized Mortgage Obligations (cost $23,114,549)				23,336,988

Agency Mortgage-Backed Securities – 4.84%
	Fannie Mae
	6.50% 8/1/17	21,015		21,713
	9.00% 11/1/15	2,411		2,423
	10.00% 10/1/30	97,103		108,167
	10.50% 6/1/30	25,920		26,465
	Fannie Mae ARM
	2.057% 8/1/34 ●	159,632		169,570
	2.08% 3/1/38 ●	7,745		8,215
	2.088% 9/1/38 ●	2,263,517		2,440,647
	2.193% 8/1/36 ●	52,424		55,925
	2.227% 11/1/39 ●	346,547		369,332
	2.238% 4/1/36 ●	42,373		45,124
	2.26% 6/1/36 ●	213,930		227,871
	2.269% 11/1/35 ●	509,196		542,251
	2.269% 7/1/36 ●	114,003		121,511
	2.276% 12/1/33 ●	145,601		154,562
	2.277% 6/1/34 ●	89,697		95,544
	2.277% 7/1/36 ●	136,748		145,724
	2.311% 4/1/36 ●	5,809		6,197
	2.315% 11/1/35 ●	42,412		45,409
	2.339% 4/1/36 ●	634,121		679,547
	3.474% 1/1/41 ●	271,700		285,824
	4.527% 11/1/39 ●	2,483,669		2,649,816
	5.141% 8/1/35 ●	36,252		38,658
	Fannie Mae FHAVA
	7.50% 3/1/25	1,095		1,110
	10.00% 1/1/19	29,136		29,756
	Fannie Mae S.F. 15 yr
	4.00% 5/1/27	1,359,844		1,449,438
	4.50% 9/1/20	1,177,684		1,237,605

2 NQ-022 [3/15] 5/15 (14505)

(Unaudited)

		Principal amount°	Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 15 yr
	5.00% 9/1/18	109,741	$	115,430
	5.00% 10/1/18	1,435		1,521
	5.00% 2/1/19	2,878		3,051
	5.00% 5/1/21	15,569		16,557
	5.00% 9/1/25	8,861,354		9,681,382
	5.50% 1/1/23	10,054		11,149
	5.50% 4/1/23	34,514		38,089
	6.00% 3/1/18	488,663		506,165
	6.00% 8/1/22	26,780		29,097
	8.00% 10/1/16	9,804		10,034
	Fannie Mae S.F. 20 yr
	5.50% 12/1/29	115,417		129,876
	6.00% 9/1/29	465,303		529,927
	6.50% 2/1/22	69,115		79,351
	Fannie Mae S.F. 30 yr
	4.50% 11/1/40	941,017		1,030,571
	4.50% 2/1/41	452,951		496,278
	4.50% 4/1/41	1,164,253		1,275,624
	5.00% 4/1/33	312,490		348,844
	5.00% 3/1/34	4,416		4,932
	5.00% 8/1/37	394,147		438,941
	5.50% 12/1/32	34,982		39,635
	5.50% 6/1/33	109,599		124,197
	5.50% 3/1/35	157,389		177,979
	5.50% 9/1/35	501,723		566,380
	5.50% 12/1/35	166,503		187,942
	5.50% 4/1/36	1,328,255		1,498,366
	5.50% 5/1/36	430,597		486,401
	5.50% 7/1/36	52,379		59,234
	5.50% 9/1/36	54,831		61,841
	5.50% 2/1/37	433,329		487,988
	5.50% 4/1/37	437,348		492,168
	5.50% 6/1/37	579,419		652,333
	5.50% 8/1/37	415,123		470,246
	5.50% 1/1/38	3,144,724		3,538,908
	5.50% 2/1/38	59,917		67,813
	5.50% 6/1/38	1,199,310		1,349,549
	5.50% 8/1/38	123,968		141,208
	5.50% 11/1/39	748,203		841,931
	5.50% 3/1/40	31,053		35,172
	6.00% 9/1/34	333		383
	6.00% 11/1/34	1,268		1,445

NQ-022 [3/15] 5/15 (14505) 3

Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)

			Principal amount°	Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 30 yr
		6.00% 4/1/36	9,841	$	11,212
		6.00% 12/1/36	696,864		804,876
		6.00% 2/1/37	142,893		163,172
		6.00% 5/1/38	48,838		55,725
		6.00% 1/1/39	342,565		391,650
		6.50% 6/1/29	1,500		1,722
		6.50% 1/1/34	1,814		2,108
		6.50% 4/1/36	3,011		3,457
		6.50% 6/1/36	8,772		10,577
		6.50% 10/1/36	7,298		8,886
		6.50% 8/1/37	1,047		1,202
		7.00% 12/1/34	1,774		2,058
		7.00% 12/1/35	1,521		1,711
		7.00% 12/1/37	4,669		5,078
		7.50% 6/1/31	906		1,143
		7.50% 11/1/31	9,832		11,483
		7.50% 4/1/32	493		585
		7.50% 5/1/33	1,280		1,298
		7.50% 6/1/34	604		708
		8.00% 11/1/21	213		234
		8.00% 7/1/23	1,385		1,431
		8.00% 5/1/24	38,422		39,660
		9.00% 8/1/22	17,255		17,834
		9.25% 6/1/16	1,510		1,516
		9.25% 8/1/16	6,697		6,723
		10.00% 2/1/25	81,413		89,423
		11.00% 8/1/20	2,351		2,350
	Freddie Mac
		6.50% 3/1/16	59,272		60,780
	Freddie Mac ARM
		2.249% 7/1/36 ●	51,615		55,037
		2.25% 2/1/37 ●	6,672		7,120
		2.265% 10/1/36 ●	8,185		8,755
		2.275% 10/1/37 ●	195,132		205,788
		2.307% 4/1/34 ●	19,344		20,556
		2.384% 4/1/33 ●	77,479		80,213
		2.385% 7/1/38 ●	1,411,846		1,515,846
		2.49% 2/1/35 ●	109,311		117,083
		2.495% 6/1/37 ●	366,682		386,738
		2.532% 1/1/44 ●	825,756		851,802
		3.469% 5/1/42 ●	4,892,314		5,133,488
		4.884% 8/1/38 ●	34,940		37,079

4 NQ-022 [3/15] 5/15 (14505)

(Unaudited)

			Principal amount°	Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
	Freddie Mac S.F. 15 yr
		4.00% 5/1/25	100,013	$	106,508
		4.50% 6/1/26	281,970		304,141
		5.00% 6/1/18	725		762
		5.00% 4/1/20	117,401		124,556
		5.00% 12/1/22	21,624		23,291
		8.00% 7/1/16	2,476		2,502
	Freddie Mac S.F. 20 yr
		5.50% 7/1/28	235,118		263,971
	Freddie Mac S.F. 30 yr
		4.50% 10/1/39	510,588		557,092
		4.50% 10/1/43	349,351		381,218
		5.50% 6/1/36	48,193		54,223
		5.50% 11/1/36	104,779		117,300
		5.50% 3/1/40	270,529		303,674
		6.00% 3/1/36	413,371		475,024
		6.00% 1/1/38	98,267		111,534
		6.00% 6/1/38	277,433		315,585
		6.00% 8/1/38	3,549,482		4,051,995
		7.00% 11/1/33	573		704
		8.00% 5/1/31	73,500		84,552
		9.00% 9/1/30	70,333		76,117
		11.00% 5/1/20	1,698		1,909
		11.50% 6/1/15	146		146
		11.50% 8/1/15	195		195
		11.50% 3/1/16	373		373
	GNMA I S.F. 15 yr
		6.00% 1/15/22	1,651,886		1,834,478
	GNMA I S.F. 30 yr
		7.50% 12/15/23	40,730		47,115
		7.50% 12/15/31	68,270		85,806
		7.50% 1/15/32	1,496		1,886
		8.00% 6/15/30	7,354		7,640
		9.00% 8/15/16	249		252
		9.00% 9/15/16	847		858
		9.00% 2/15/17	816		819
		9.50% 12/15/16	681		705
		11.00% 10/15/15	1		1
		11.00% 11/15/15	475		477
		11.00% 1/15/16	497		503
		11.00% 2/15/16	3,370		3,386
		11.00% 9/15/16	206		207
		11.00% 12/15/17	3,927		3,950

NQ-022 [3/15] 5/15 (14505) 5

Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)

			Principal amount°	Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
	GNMA I S.F. 30 yr
		11.00% 4/15/19	3,358	$	3,378
		11.00% 5/15/19	1,754		1,765
		11.00% 6/15/19	8,593		8,681
		11.00% 8/15/19	4,123		4,218
	GNMA II GPM 30 yr
		9.75% 12/20/16	2,634		2,647
		9.75% 9/20/17	2,340		2,352
	GNMA II S.F. 30 yr
		9.50% 11/20/20	867		882
		9.50% 9/20/21	6,428		7,246
		9.50% 10/20/21	23,814		26,960
		9.50% 11/20/21	18,273		20,682
		10.50% 6/20/20	1,352		1,359
		11.00% 9/20/15	1,077		1,076
		11.00% 10/20/15	206		207
		11.50% 1/20/18	5,124		5,223
		11.50% 8/20/18	7,953		8,003
		12.00% 5/20/15	33		33
		12.00% 9/20/15	550		554
		12.00% 10/20/15	366		367
Total Agency Mortgage-Backed Securities (cost $55,451,805)					56,545,537

Collateralized Debt Obligations – 0.76%
	Acis CLO
		Series 2014-3A AX 144A 1.605% 2/1/26 #●	875,000		874,387
	CIFC Funding
		Series 2011-1AR A1R 144A 1.553% 1/19/23 #●	3,000,000		2,992,200
	Harbourview CLO VII
		Series 7A AX 144A 1.574% 11/18/26 #●	5,000,000		4,975,500
Total Collateralized Debt Obligations (cost $8,862,500)					8,842,087

Commercial Mortgage-Backed Securities – 0.84%
	Banc of America Commercial Mortgage Trust
		Series 2006-1 AM 5.421% 9/10/45 ●	255,000		261,991
	CD Commercial Mortgage Trust
		Series 2005-CD1 AM 5.225% 7/15/44 ●	1,395,000		1,416,503
	DBUBS Mortgage Trust
		Series 2011-LC1A A3 144A 5.002% 11/10/46 #	1,285,000		1,467,163
	FREMF Mortgage Trust
		Series 2011-K15 B 144A 4.932% 8/25/44 #●	95,000		105,647
		Series 2011-K703 B 144A 4.884% 7/25/44 #●	230,000		248,395
		Series 2012-K708 B 144A 3.761% 2/25/45 #●	1,080,000		1,127,370

6 NQ-022 [3/15] 5/15 (14505)

(Unaudited)

			Principal amount°	Value (U.S. $)
Commercial Mortgage-Backed Securities (continued)
	FREMF Mortgage Trust
		Series 2012-K711 B 144A 3.562% 8/25/45 #●	100,000	$	104,338
		Series 2013-K712 B 144A 3.369% 5/25/45 #●	980,000		1,008,344
	GS Mortgage Securities Trust
		Series 2006-GG6 A4 5.553% 4/10/38 ●	1,160,000		1,178,800
	JPMBB Commercial Mortgage Securities Trust
		Series 2014-C18 A1 1.254% 2/15/47	1,250,588		1,249,913
	JPMorgan Chase Commercial Mortgage Securities Trust
		Series 2006-LDP8 AM 5.44% 5/15/45	1,065,000		1,118,575
	Morgan Stanley Capital I Trust
		Series 2005-HQ7 AJ 5.204% 11/14/42 ●	500,000		506,356
Total Commercial Mortgage-Backed Securities (cost $9,669,679)					9,793,395

Convertible Bond – 0.12%
	Jefferies Group 3.875% exercise price $44.94, expiration
		date 10/31/29	1,355,000		1,374,478
Total Convertible Bond (cost $1,443,922)					1,374,478

Corporate Bonds – 54.61%
Automotive – 0.18%
	International Automotive Components Group 144A
		9.125% 6/1/18 #	1,000,000		1,021,250
	Schaeffler Holding Finance 144A PIK 6.25% 11/15/19 #❆		1,000,000		1,062,500
					2,083,750
Banking – 9.22%
	Abbey National Treasury Services 2.375% 3/16/20		2,940,000		2,964,408
	Akbank 144A 4.00% 1/24/20 #		500,000		489,000
	ANZ New Zealand International 144A 2.60% 9/23/19 #		3,900,000		3,986,732
	Banco Daycoval 144A 5.75% 3/19/19 #		500,000		504,500
	Bank Nederlandse Gemeenten 144A 1.75% 10/6/15 #		2,000		2,015
	Bank of America 4.25% 10/22/26		2,610,000		2,698,098
	Bank of Georgia 144A 7.75% 7/5/17 #		300,000		310,627
	Bank of Montreal 2.375% 1/25/19		4,580,000		4,691,486
	Barclays 2.75% 11/8/19		5,000,000		5,053,885
	BBVA Bancomer 144A 7.25% 4/22/20 #		500,000		555,000
	BBVA International Preferred SAU 5.919% 4/29/49 ●		500,000		518,750
	Branch Banking & Trust 3.80% 10/30/26		1,610,000		1,697,573
	Citizens Bank 2.45% 12/4/19		4,385,000		4,443,794
	Compass Bank 2.75% 9/29/19		7,305,000		7,418,257
	Cooperatieve Centrale Raiffeisen-Boerenleenbank
		2.25% 1/14/19	5,690,000		5,792,983
	Credit Suisse
		2.30% 5/28/19	4,890,000		4,942,802

NQ-022 [3/15] 5/15 (14505) 7

Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
	Credit Suisse
	3.00% 10/29/21	475,000	$	484,575
	Goldman Sachs Group 2.60% 4/23/20	3,575,000		3,617,224
	HBOS 144A 6.75% 5/21/18 #	2,555,000		2,865,008
	HSBC Holdings 5.625% 12/29/49 ●	1,015,000		1,025,784
	JPMorgan Chase
	4.125% 12/15/26	285,000		296,145
	6.75% 1/29/49 ●	745,000		812,050
	7.90% 4/29/49 ●	1,000,000		1,081,250
	JPMorgan Chase Bank 0.60% 6/13/16 ●	1,750,000		1,745,788
	Manufacturers & Traders Trust 2.25% 7/25/19	5,255,000		5,332,254
	Morgan Stanley 4.35% 9/8/26	1,735,000		1,821,198
	MUFG Americas Holdings
	2.25% 2/10/20	800,000		802,452
	3.00% 2/10/25	1,795,000		1,778,439
	Northern Trust 3.95% 10/30/25	1,135,000		1,220,897
	Oversea-Chinese Banking 144A 4.00% 10/15/24 #●	545,000		568,713
	PNC Preferred Funding Trust II 144A 1.493% 3/29/49 #●	1,200,000		1,104,000
	Popular 7.00% 7/1/19	1,000,000		1,008,750
	Santander Holdings USA 4.625% 4/19/16	2,090,000		2,165,133
	Skandinaviska Enskilda Banken 144A 2.375% 3/25/19 #	4,580,000		4,657,860
	SunTrust Banks
	2.35% 11/1/18	3,850,000		3,913,167
	2.50% 5/1/19	3,705,000		3,768,404
	SVB Financial Group 3.50% 1/29/25	1,235,000		1,229,449
	Swedbank 144A 2.375% 2/27/19 #	2,000,000		2,037,966
	Toronto-Dominion Bank 2.25% 11/5/19	3,580,000		3,641,522
	Turkiye Is Bankasi 144A 3.75% 10/10/18 #	500,000		491,430
	U.S. Bancorp 4.125% 5/24/21	200,000		221,891
	USB Capital IX 3.50% 10/29/49 ●	6,960,000		5,794,200
	USB Realty 144A 1.40% 12/29/49 #●	400,000		366,000
	Wells Fargo
	2.15% 1/15/19	3,580,000		3,639,052
	3.00% 1/22/21	3,000,000		3,107,055
	5.875% 12/29/49 ●	495,000		524,799
	Yapi ve Kredi Bankasi 144A 5.25% 12/3/18 #	500,000		511,625
				107,703,990
Basic Industry – 3.68%
	CF Industries 6.875% 5/1/18	7,410,000		8,453,498
	Consolidated Energy Finance 144A 6.75% 10/15/19 #	1,250,000		1,265,625
	Ecolab 2.25% 1/12/20	4,310,000		4,341,829
	FMG Resources August 2006 144A 8.25% 11/1/19 #	575,000		496,656

8 NQ-022 [3/15] 5/15 (14505)

(Unaudited)

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
	Freeport-McMoRan Oil & Gas 6.50% 11/15/20	459,000	$	488,261
	Georgia-Pacific
	144A 2.539% 11/15/19 #	1,000,000		1,014,918
	144A 5.40% 11/1/20 #	5,750,000		6,567,886
	Gerdau Holdings 144A 7.00% 1/20/20 #	500,000		536,250
	HD Supply 11.50% 7/15/20	2,000,000		2,322,500
	Headwaters 7.25% 1/15/19	750,000		789,375
	International Paper
	5.25% 4/1/16	550,000		572,009
	7.50% 8/15/21	3,000,000		3,774,168
	Inversiones 144A 6.125% 11/5/19 #	500,000		556,500
	INVISTA Finance 144A 4.25% 10/15/19 #	1,330,000		1,328,337
	Kissner Milling 144A 7.25% 6/1/19 #	500,000		517,500
	LSB Industries 7.75% 8/1/19	500,000		523,750
	LyondellBasell Industries 5.75% 4/15/24	610,000		720,318
	Methanex 4.25% 12/1/24	1,475,000		1,497,365
	MMC Finance 4.375% 4/30/18	500,000		486,415
	Polymer Group 144A 6.875% 6/1/19 #	1,000,000		958,750
	PPG Industries 2.30% 11/15/19	940,000		951,663
	Rock-Tenn
	3.50% 3/1/20	1,010,000		1,049,656
	4.45% 3/1/19	945,000		1,015,295
	Rockwood Specialties Group 4.625% 10/15/20	835,000		871,531
	Ryerson 9.00% 10/15/17	500,000		506,250
	TPC Group 144A 8.75% 12/15/20 #	1,000,000		920,000
	Wise Metals Group 144A 8.75% 12/15/18 #	500,000		536,250
				43,062,555
Brokerage – 0.25%
	Jefferies Group 5.125% 1/20/23	2,415,000		2,510,796
	Lazard Group 6.85% 6/15/17	316,000		351,245
				2,862,041
Capital Goods – 0.92%
	Accudyne Industries 144A 7.75% 12/15/20 #	750,000		673,125
	Beverage Packaging Holdings Luxembourg II 144A
	6.00% 6/15/17 #	2,000,000		2,010,000
	Cemex 144A 5.003% 10/15/18 #●	500,000		523,500
	Crane 2.75% 12/15/18	1,805,000		1,852,062
	Ingersoll-Rand Global Holding 2.875% 1/15/19	4,630,000		4,753,366
	Ingersoll-Rand Luxembourg Finance 2.625% 5/1/20	145,000		146,621
	TransDigm 7.50% 7/15/21	750,000		810,000
				10,768,674

NQ-022 [3/15] 5/15 (14505) 9

Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Communications – 4.01%
	American Tower Trust I 144A 1.551% 3/15/43 #	3,775,000	$	3,770,357
	CC Holdings GS V 3.849% 4/15/23	1,165,000		1,181,461
	Columbus International 144A 7.375% 3/30/21 #	500,000		527,500
	Cox Communications 144A 3.85% 2/1/25 #	1,670,000		1,723,353
	Digicel Group 144A 8.25% 9/30/20 #	2,000,000		2,013,000
	Interpublic Group 2.25% 11/15/17	1,600,000		1,613,875
	MTS International Funding 144A 8.625% 6/22/20 #	300,000		315,774
	Myriad International Holdings 144A 6.375% 7/28/17 #	500,000		541,250
	Pacnet 144A 9.00% 12/12/18 #	235,000		264,375
	SBA Tower Trust 144A 2.24% 4/16/18 #	1,995,000		1,996,519
	SES 144A 3.60% 4/4/23 #	1,986,000		2,084,017
	SES GLOBAL Americas Holdings 144A 2.50% 3/25/19 #	1,695,000		1,701,955
	SK Telecom 144A 2.125% 5/1/18 #	500,000		504,916
	Sky 144A 3.75% 9/16/24 #	2,060,000		2,133,950
	TBG Global PTE 144A 4.625% 4/3/18 #	500,000		516,250
	Telefonica Emisiones 4.57% 4/27/23	1,295,000		1,427,450
	Telemar Norte Leste 144A 5.50% 10/23/20 #	500,000		441,750
	Time Warner Cable 8.25% 4/1/19	6,300,000		7,712,510
	Verizon Communications
	3.00% 11/1/21	1,470,000		1,501,552
	4.50% 9/15/20	3,165,000		3,497,572
	5.15% 9/15/23	4,530,000		5,197,187
	Viacom 2.50% 9/1/18	5,560,000		5,660,380
	VimpelCom Holdings 144A 6.255% 3/1/17 #	500,000		493,125
				46,820,078
Consumer Cyclical – 6.46%
	Alibaba Group Holding 144A 3.125% 11/28/21 #	2,225,000		2,244,030
	CVS Health 2.25% 12/5/18	8,960,000		9,168,813
	Daimler Finance North America 144A 2.25% 9/3/19 #	9,000,000		9,097,902
	Delphi 4.15% 3/15/24	1,090,000		1,160,870
	Ford Motor Credit
	3.00% 6/12/17	1,000,000		1,031,126
	4.25% 2/3/17	1,800,000		1,890,950
	5.00% 5/15/18	5,055,000		5,516,309
	Gajah Tunggal 144A 7.75% 2/6/18 #	500,000		482,450
	General Motors 3.50% 10/2/18	1,665,000		1,714,217
	General Motors Financial
	3.15% 1/15/20	1,135,000		1,149,749
	4.375% 9/25/21	990,000		1,052,707
	Home Depot 2.25% 9/10/18	6,675,000		6,898,806
	Host Hotels & Resorts 3.75% 10/15/23	1,365,000		1,386,005

10 NQ-022 [3/15] 5/15 (14505)

(Unaudited)

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Hyundai Capital America
	144A 2.125% 10/2/17 #	255,000	$	257,673
	144A 2.55% 2/6/19 #	1,000,000		1,017,933
	144A 2.875% 8/9/18 #	500,000		515,397
	International Game Technology 5.35% 10/15/23	1,975,000		2,006,845
	Landry’s 144A 9.375% 5/1/20 #	1,000,000		1,077,500
	Magna International 3.625% 6/15/24	1,910,000		1,949,655
	Marriott International 3.375% 10/15/20	1,200,000		1,258,243
	Michaels Stores 144A 5.875% 12/15/20 #	500,000		516,250
	NPC International 10.50% 1/15/20	1,000,000		1,055,000
	PC Nextco Holdings 8.75% 8/15/19	1,000,000		1,022,500
	PF Chang’s China Bistro 144A 10.25% 6/30/20 #	500,000		520,000
	Target 2.30% 6/26/19	3,500,000		3,588,519
	Toyota Motor Credit
	2.00% 10/24/18	5,055,000		5,162,363
	2.125% 7/18/19	7,375,000		7,497,211
	Volkswagen Group of America Finance 144A
	2.125% 5/23/19 #	5,180,000		5,217,628
				75,456,651
Consumer Non-Cyclical – 9.75%
	Actavis Funding 3.00% 3/12/20	4,425,000		4,532,244
	Amgen 2.20% 5/22/19	5,635,000		5,711,112
	Anheuser-Busch Inbev Finance 2.15% 2/1/19	8,000,000		8,142,400
	Bayer U.S. Finance 144A 2.375% 10/8/19 #	6,000,000		6,106,416
	Becton Dickinson 2.675% 12/15/19	4,270,000		4,366,246
	Boston Scientific 2.65% 10/1/18	2,390,000		2,418,312
	CareFusion 6.375% 8/1/19	2,160,000		2,527,755
	Celgene 2.30% 8/15/18	5,810,000		5,898,724
	Dr. Pepper Snapple Group 2.00% 1/15/20	6,060,000		6,024,040
	EMD Finance 144A 2.40% 3/19/20 #	4,120,000		4,171,043
	Express Scripts Holding 2.25% 6/15/19	5,500,000		5,530,272
	Gilead Sciences 2.35% 2/1/20	7,000,000		7,197,372
	Ingredion 1.80% 9/25/17	3,545,000		3,546,829
	JBS Finance II 144A 8.25% 1/29/18 #	1,500,000		1,564,950
	Kroger
	3.30% 1/15/21	2,490,000		2,589,578
	3.85% 8/1/23	250,000		266,899
	Mattel 1.70% 3/15/18	5,010,000		4,990,160
	McKesson 2.284% 3/15/19	6,685,000		6,766,290
	Medtronic 144A 2.50% 3/15/20 #	5,525,000		5,651,252
	Merck 1.85% 2/10/20	5,920,000		5,961,973
	Pernod-Ricard 144A 5.75% 4/7/21 #	1,060,000		1,231,687

NQ-022 [3/15] 5/15 (14505) 11

Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	Perrigo 2.30% 11/8/18	1,425,000	$	1,439,412
	Perrigo Finance 3.50% 12/15/21	885,000		916,595
	Smucker (J.M.)
	144A 2.50% 3/15/20 #	2,515,000		2,551,704
	144A 3.00% 3/15/22 #	370,000		376,142
	144A 3.50% 3/15/25 #	1,385,000		1,426,781
	Thermo Fisher Scientific 2.40% 2/1/19	6,305,000		6,399,367
	VRX Escrow 144A 5.375% 3/15/20 #	1,000,000		1,011,250
	Zimmer Holdings 2.70% 4/1/20	4,585,000		4,652,134
				113,968,939
Electric – 5.55%
	Abengoa Yield 144A 7.00% 11/15/19 #	750,000		776,250
	Arizona Public Service 2.20% 1/15/20	4,195,000		4,226,106
	Berkshire Hathaway Energy 2.00% 11/15/18	5,510,000		5,558,273
	CenterPoint Energy 5.95% 2/1/17	2,365,000		2,566,316
	Commonwealth Edison 2.15% 1/15/19	1,550,000		1,584,497
	DPL 7.25% 10/15/21	1,500,000		1,601,250
	DTE Energy 2.40% 12/1/19	1,725,000		1,754,967
	Dynegy Finance I/II 144A 6.75% 11/1/19 #	1,500,000		1,554,375
	Electricite de France
	144A 2.15% 1/22/19 #	5,410,000		5,485,708
	144A 5.25% 1/29/49 #●	280,000		292,880
	Israel Electric 144A 5.625% 6/21/18 #	500,000		534,218
	Jersey Central Power & Light 5.625% 5/1/16	4,560,000		4,762,583
	Korea East-West Power 144A 2.625% 11/27/18 #	500,000		508,219
	Majapahit Holding 144A 8.00% 8/7/19 #	500,000		591,250
	National Rural Utilities Cooperative Finance 2.15% 2/1/19	6,030,000		6,130,605
	NextEra Energy Capital Holdings 2.70% 9/15/19	6,980,000		7,159,470
	NV Energy 6.25% 11/15/20	2,960,000		3,517,264
	PPL Capital Funding 1.90% 6/1/18	3,810,000		3,824,067
	Southern 2.45% 9/1/18	9,405,000		9,702,226
	State Grid Overseas Investment 2014 144A
	2.75% 5/7/19 #	2,720,000		2,774,155
				64,904,679
Energy – 5.31%
	CHC Helicopter 9.25% 10/15/20	900,000		769,500
	Chesapeake Energy 3.503% 4/15/19 ●	1,000,000		965,000
	Chevron
	1.961% 3/3/20	1,155,000		1,163,196
	2.411% 3/3/22	660,000		661,853
	CNOOC Nexen Finance 2014 1.625% 4/30/17	500,000		499,097
	Continental Resources 4.50% 4/15/23	2,735,000		2,658,811

12 NQ-022 [3/15] 5/15 (14505)

(Unaudited)

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
	Dominion Gas Holdings 2.50% 12/15/19	6,020,000	$	6,140,286
	Energy Transfer Partners
	4.05% 3/15/25	1,520,000		1,535,914
	4.90% 3/15/35	520,000		518,122
	5.15% 3/15/45	730,000		737,358
	EOG Resources 2.45% 4/1/20	2,580,000		2,623,661
	Exxon Mobil
	2.397% 3/6/22	690,000		696,073
	2.709% 3/6/25	2,350,000		2,376,966
	KazMunayGas National 144A 6.375% 4/9/21 #	500,000		501,000
	Kinder Morgan 144A 5.00% 2/15/21 #	665,000		711,648
	Kinder Morgan Energy Partners 6.50% 4/1/20	2,975,000		3,405,039
	Laredo Petroleum 7.375% 5/1/22	1,000,000		1,036,250
	Noble Holding International 4.00% 3/16/18	1,880,000		1,891,712
	ONEOK Partners 3.80% 3/15/20	590,000		602,244
	ONGC Videsh 2.50% 5/7/18	500,000		500,401
	Petrobras Global Finance 3.151% 3/17/20 ●	500,000		432,500
	Petroleos Mexicanos 3.50% 7/18/18	500,000		521,250
	Petronas Global Sukuk 144A 2.707% 3/18/20 #	1,330,000		1,338,153
	Regency Energy Partners 5.875% 3/1/22	395,000		430,550
	Shell International Finance 2.00% 11/15/18	9,800,000		9,989,189
	Sunoco Logistics Partners Operations 3.45% 1/15/23	1,870,000		1,843,038
	TransCanada PipeLines 1.875% 1/12/18	4,985,000		5,035,598
	Whiting Petroleum 5.00% 3/15/19	500,000		493,750
	Williams Partners 7.25% 2/1/17	7,945,000		8,732,079
	Woodside Finance 144A 8.75% 3/1/19 #	2,235,000		2,747,765
	YPF 144A 8.875% 12/19/18 #	500,000		515,475
				62,073,478
Finance Companies – 1.13%
	Ally Financial 4.125% 3/30/20	500,000		498,125
	CME Group 3.00% 3/15/25	990,000		1,001,309
	Corporacion Financiera de Desarrollo 144A
	3.25% 7/15/19 #	500,000		508,750
	General Electric Capital
	144A 3.80% 6/18/19 #	2,235,000		2,394,382
	5.55% 5/4/20	2,175,000		2,535,226
	6.00% 8/7/19	1,445,000		1,689,662
	7.125% 12/29/49 ●	2,000,000		2,355,000
	Legg Mason 2.70% 7/15/19	2,220,000		2,263,514
				13,245,968
Healthcare – 0.28%
	IASIS Healthcare 8.375% 5/15/19	1,000,000		1,042,500

NQ-022 [3/15] 5/15 (14505) 13

Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Healthcare (continued)
	Immucor 11.125% 8/15/19	1,070,000	$	1,154,263
	Kinetic Concepts 10.50% 11/1/18	1,000,000		1,085,000
				3,281,763
Industrial – 0.04%
	Hutchison Whampoa International 14 144A
	1.625% 10/31/17 #	500,000		498,261
				498,261
Insurance – 2.08%
	American International Group
	6.40% 12/15/20	2,585,000		3,135,083
	8.175% 5/15/58 ●	500,000		711,525
	Chubb 6.375% 3/29/67 ●	1,370,000		1,459,050
	MetLife 1.756% 12/15/17	5,105,000		5,176,261
	MetLife Capital Trust X 144A 9.25% 4/8/38 #	500,000		746,875
	Metropolitan Life Global Funding I 144A 1.875% 6/22/18 #	5,265,000		5,331,802
	Pricoa Global Funding I
	144A 1.60% 5/29/18 #	1,050,000		1,051,639
	144A 2.20% 5/16/19 #	3,855,000		3,903,427
	Prudential Financial 5.625% 6/15/43 ●	1,200,000		1,278,000
	TIAA Asset Management Finance
	144A 2.95% 11/1/19 #	975,000		1,000,334
	144A 4.125% 11/1/24 #	460,000		486,490
				24,280,486
Media – 0.09%
	WideOpenWest Finance 10.25% 7/15/19	1,000,000		1,078,750
				1,078,750
Natural Gas – 0.48%
	Sempra Energy 2.30% 4/1/17	5,490,000		5,602,501
				5,602,501
Real Estate – 0.25%
	WEA Finance
	144A 2.70% 9/17/19 #	2,625,000		2,659,983
	144A 3.75% 9/17/24 #	200,000		207,266
				2,867,249
Services – 0.13%
	Algeco Scotsman Global Finance 144A 8.50% 10/15/18 #	500,000		498,125
	Pinnacle Entertainment 6.375% 8/1/21	1,000,000		1,065,000
				1,563,125
Technology – 3.19%
	Amphenol 3.125% 9/15/21	5,975,000		6,132,746
	Baidu
	2.75% 6/9/19	2,000,000		2,024,674

14 NQ-022 [3/15] 5/15 (14505)

(Unaudited)

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Technology (continued)
	Baidu
	3.25% 8/6/18	500,000	$	518,763
	Juniper Networks 3.30% 6/15/20	1,380,000		1,398,147
	Microsoft 2.70% 2/12/25	630,000		633,228
	Motorola Solutions 4.00% 9/1/24	1,705,000		1,765,255
	National Semiconductor 6.60% 6/15/17	3,325,000		3,722,018
	NetApp
	3.25% 12/15/22	400,000		396,253
	3.375% 6/15/21	2,415,000		2,467,130
	Oracle 2.25% 10/8/19	5,480,000		5,591,814
	Seagate HDD Cayman 144A 4.75% 1/1/25 #	2,305,000		2,391,456
	Tencent Holdings
	144A 2.875% 2/11/20 #	510,000		514,288
	144A 3.375% 5/2/19 #	1,250,000		1,296,393
	144A 3.80% 2/11/25 #	300,000		307,200
	Xerox
	5.625% 12/15/19	3,300,000		3,739,742
	6.35% 5/15/18	3,890,000		4,396,299
				37,295,406
Technology & Electronics – 0.05%
	First Data 11.75% 8/15/21	500,000		580,625
				580,625
Telecommunications – 0.04%
	Sprint Capital 6.90% 5/1/19	500,000		519,375
				519,375
Transportation – 1.52%
	AP Moeller - Maersk 144A 2.55% 9/22/19 #	1,755,000		1,785,695
	DP World Sukuk 144A 6.25% 7/2/17 #	500,000		540,670
	ERAC USA Finance 144A 2.80% 11/1/18 #	3,355,000		3,455,046
	HPHT Finance 15 144A 2.875% 3/17/20 #	810,000		819,207
	Penske Truck Leasing 144A 2.50% 6/15/19 #	5,200,000		5,211,887
	Union Pacific 2.25% 2/15/19	3,260,000		3,343,818
	United Parcel Service 5.125% 4/1/19	2,340,000		2,663,245
				17,819,568
Total Corporate Bonds (cost $631,705,608)				638,337,912

Municipal Bonds – 0.89%
	Railsplitter Tobacco Settlement Authority, Illinois Revenue
	5.00% 6/1/15	3,995,000		4,025,602

NQ-022 [3/15] 5/15 (14505) 15

Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)

		Principal amount°	Value (U.S. $)
Municipal Bonds (continued)
	University of California
	0.679% 7/1/41 ●	6,385,000	$	6,387,682
Total Municipal Bonds (cost $10,389,039)				10,413,284

Non-Agency Asset-Backed Securities – 33.09%
	Ally Master Owner Trust
	Series 2012-5 A 1.54% 9/15/19	2,500,000		2,509,260
	Series 2013-2 A 0.625% 4/15/18 ●	5,050,000		5,053,727
	Series 2014-2 A 0.545% 1/16/18 ●	4,000,000		3,999,680
	American Express Credit Account Master Trust
	Series 2012-1 A 0.445% 1/15/20 ●	3,500,000		3,501,873
	Series 2012-3 B 0.675% 3/15/18 ●	8,455,000		8,454,450
	Series 2013-1 A 0.595% 2/16/21 ●	5,185,000		5,197,019
	Series 2013-2 A 0.595% 5/17/21 ●	8,070,000		8,096,841
	Series 2014-1 A 0.545% 12/15/21 ●	2,100,000		2,095,099
	ARI Fleet Lease Trust
	Series 2012-B A 144A 0.475% 1/15/21 #●	4,547,332		4,539,124
	Avis Budget Rental Car Funding AESOP
	Series 2011-3A A 144A 3.41% 11/20/17 #	820,000		846,357
	Series 2013-2A A 144A 2.97% 2/20/20 #	6,500,000		6,713,564
	Bank of America Credit Card Trust
	Series 2007-A4 A4 0.215% 11/15/19 ●	6,495,000		6,452,419
	Series 2014-A2 A 0.445% 9/16/19 ●	13,500,000		13,502,795
	Series 2014-A3 A 0.462% 1/15/20 ●	5,615,000		5,612,630
	Barclays Dryrock Issuance Trust
	Series 2014-2 A 0.515% 3/16/20 ●	2,500,000		2,497,183
	BMW Floorplan Master Owner Trust
	Series 2012-1A A 144A 0.575% 9/15/17 #●	10,300,000		10,321,815
	Cabela’s Credit Card Master Note Trust
	Series 2012-2A A1 144A 1.45% 6/15/20 #	1,065,000		1,070,097
	Series 2012-2A A2 144A 0.655% 6/15/20 #●	6,000,000		6,015,972
	Series 2014-1 A 0.525% 3/16/20 ●	6,700,000		6,700,369
	Series 2014-2 A 0.625% 7/15/22 ●	6,000,000		5,984,568
	California Republic Auto Receivables Trust
	Series 2013-2 A2 1.23% 3/15/19	1,677,611		1,682,407
	Capital One Multi-Asset Execution Trust
	Series 2007-A1 A1 0.225% 11/15/19 ●	14,085,000		14,020,927
	Series 2007-A2 A2 0.255% 12/16/19 ●	5,000,000		4,981,345
	Chase Issuance Trust
	Series 2007-B1 B1 0.425% 4/15/19 ●	2,000,000		1,988,972
	Series 2013-A6 A6 0.595% 7/15/20 ●	4,000,000		4,010,704
	Series 2013-A9 A 0.595% 11/16/20 ●	8,900,000		8,923,095
	Series 2014-A5 A5 0.545% 4/15/21 ●	1,100,000		1,100,000

16 NQ-022 [3/15] 5/15 (14505)

(Unaudited)

		Principal amount°	Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
	Chase Issuance Trust
	Series 2014-A8 A 0.425% 11/15/18 ●	945,000	$	945,236
	Chesapeake Funding
	Series 2012-2A A 144A 0.628% 5/7/24 #●	4,774,949		4,776,133
	Series 2014-1A A 144A 0.595% 3/7/26 #●	12,000,000		11,991,372
	Citibank Credit Card Issuance Trust
	Series 2013-A4 A4 0.594% 7/24/20 ●	800,000		801,947
	Series 2013-A7 A7 0.605% 9/10/20 ●	3,100,000		3,109,021
	Conseco Financial
	Series 1997-6 A8 7.07% 1/15/29	78,173		79,278
	Dell Equipment Finance Trust
	Series 2014-1 A3 144A 0.94% 6/22/20 #	770,000		769,794
	Discover Card Execution Note Trust
	Series 2013-A1 A1 0.475% 8/17/20 ●	9,300,000		9,289,751
	Series 2013-A5 A5 1.04% 4/15/19	5,000,000		5,014,160
	Series 2013-A6 A6 0.625% 4/15/21 ●	1,290,000		1,293,562
	Series 2014-A1 A1 0.605% 7/15/21 ●	4,465,000		4,475,203
	Series 2014-A3 A3 1.22% 10/15/19	1,175,000		1,179,250
	Series 2015-A1 A1 0.525% 8/17/20 ●	4,000,000		4,002,320
	Enterprise Fleet Financing
	Series 2013-2 A2 144A 1.06% 3/20/19 #	2,505,626		2,509,349
	Series 2014-1 A2 144A 0.87% 9/20/19 #	2,196,264		2,196,288
	Ford Credit Floorplan Master Owner Trust A
	Series 2013-1 A1 0.85% 1/15/18	4,000,000		4,005,428
	Series 2013-1 A2 0.555% 1/15/18 ●	8,500,000		8,502,729
	Series 2013-2 A 144A 2.09% 3/15/22 #	5,500,000		5,506,820
	Series 2013-3 B 1.14% 6/15/17	480,000		480,663
	Series 2014-1 A2 0.575% 2/15/19 ●	2,590,000		2,591,031
	GE Dealer Floorplan Master Note Trust
	Series 2012-2 A 0.926% 4/22/19 ●	19,865,000		19,993,030
	Series 2013-1 A 0.576% 4/20/18 ●	2,600,000		2,600,835
	Series 2014-2 A 0.626% 10/20/19 ●	8,575,000		8,570,807
	Series 2015-1 A 0.676% 1/20/20 ●	4,810,000		4,812,992
	Golden Credit Card Trust
	Series 2012-3A A 144A 0.625% 7/17/17 #●	17,580,000		17,591,075
	Series 2012-5A A 144A 0.79% 9/15/17 #	1,050,000		1,050,800
	Series 2013-2A A 144A 0.605% 9/15/18 #●	6,500,000		6,512,487
	Series 2014-2A A 144A 0.625% 3/15/21 #●	535,000		535,182
	GreatAmerica Leasing Receivables
	Series 2014-1 A3 144A 0.89% 7/15/17 #	2,985,000		2,981,919
	Hertz Fleet Lease Funding
	Series 2014-1 A 144A 0.575% 4/10/28 #●	8,000,000		7,990,104
	HOA Funding
	Series 2014-1A A2 144A 4.846% 8/20/44 #	262,350		263,006

NQ-022 [3/15] 5/15 (14505) 17

Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)

		Principal amount°	Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
	Hyundai Auto Lease Securitization Trust
	Series 2014-A A4 144A 1.01% 9/15/17 #	1,310,000	$	1,311,169
	Series 2015-A A3 144A 1.42% 9/17/18 #	6,200,000		6,215,736
	Master Credit Card Trust II
	Series 2012-2A A 144A 0.78% 4/21/17 #	3,500,000		3,502,041
	MASTR Specialized Loan Trust
	Series 2005-2 A2 144A 5.006% 7/25/35 #●	9,894		9,866
	Motor
	Series 2013-1A A1 144A 0.674% 2/25/21 #●	1,120,000		1,120,923
	Navistar Financial Dealer Note Master Owner Trust II
	Series 2014-1 A 144A 0.924% 10/25/19 #●	9,000,000		9,009,261
	Navistar Financial Dealer Note Master Trust
	Series 2013-2 A 144A 0.854% 9/25/18 #●	3,000,000		3,002,367
	NextGear Floorplan Master Owner Trust
	Series 2014-1A A 144A 1.92% 10/15/19 #	2,540,000		2,550,831
	Nissan Auto Lease Trust
	Series 2014-A A4 1.04% 10/15/19	1,360,000		1,361,201
	Nissan Auto Receivables Owner Trust
	Series 2013-C A3 0.67% 8/15/18	2,675,000		2,672,288
	Nissan Master Owner Trust Receivables
	Series 2012-A A 0.645% 5/15/17 ●	5,000,000		5,001,375
	Series 2013-A A 0.475% 2/15/18 ●	7,420,000		7,419,139
	Penarth Master Issuer
	Series 2015-1A A1 144A 0.563% 3/18/19 #●	10,000,000		10,000,000
	PFS Financing
	Series 2013-AA A 144A 0.725% 2/15/18 #●	9,300,000		9,299,916
	Series 2014-AA A 144A 0.775% 2/15/19 #●	8,000,000		7,977,896
	Synchrony Credit Card Master Note Trust
	Series 2012-6 A 1.36% 8/17/20	870,000		869,864
	Series 2014-1 A 1.61% 11/15/20	1,010,000		1,012,936
	Trade MAPS 1
	Series 2013-1A A 144A 0.875% 12/10/18 #●	9,970,000		9,964,347
	Trafigura Securitisation Finance
	Series 2012-1A A 144A 2.575% 10/15/15 #●	3,700,000		3,701,332
	Volkswagen Auto Lease Trust
	Series 2014-A A2B 0.386% 10/20/16 ●	4,927,357		4,924,874
	Series 2015-A A3 1.25% 12/20/17	790,000		791,162
	Wheels
	Series 2014-1A A2 144A 0.84% 3/20/23 #	2,733,937		2,733,351
Total Non-Agency Asset-Backed Securities
	(cost $386,145,634)			386,745,739

18 NQ-022 [3/15] 5/15 (14505)

(Unaudited)

		Principal amount°	Value (U.S. $)
Non-Agency Collateralized Mortgage Obligations – 0.08%
	American Home Mortgage Investment Trust
	Series 2005-2 5A1 5.064% 9/25/35 ●	54,283	$	53,444
	Bank of America Alternative Loan Trust
	Series 2005-3 2A1 5.50% 4/25/20	66,885		68,910
	Series 2005-6 7A1 5.50% 7/25/20	53,690		54,024
	Bank of America Mortgage Securities
	Series 2002-K 2A1 2.477% 10/20/32 ●	3,336		3,342
	GSMPS Mortgage Loan Trust
	Series 1998-2 A 144A 7.462% 5/19/27 #●	83,606		84,693
	Springleaf Mortgage Loan Trust
	Series 2012-1A A 144A 2.667% 9/25/57 #●	482,877		489,107
	Wells Fargo Mortgage-Backed Securities Trust
	Series 2004-EE 3A1 2.497% 12/25/34 ●	14,944		15,048
	Series 2006-AR5 2A1 2.691% 4/25/36 ●	186,323		174,863
Total Non-Agency Collateralized Mortgage Obligations (cost $878,545)				943,431

Senior Secured Loans – 0.57%«
	Avast Software 1st Lien 4.75% 3/20/20	475,000		477,870
	BJ’s Wholesale Club 2nd Lien 8.50% 3/31/20	500,000		500,625
	Borgata Tranche B 1st Lien 6.50% 8/15/18	500,000		503,625
	Caesars Growth Partners Tranche B 1st Lien
	6.25% 5/8/21	497,494		442,645
	Hostess Brands 1st Lien 6.75% 3/20/20	991,244		1,012,469
	iHeartCommunications Tranche D 6.928% 1/30/19	1,000,000		953,500
	KIK Custom Products 1st Lien 5.50% 4/29/19	493,730		494,038
	Mauser Holdings 2nd Lien 8.25% 7/31/22	1,000,000		980,000
	Republic of Angola (Unsecured) 6.594% 12/16/23	510,000		504,900
	Rite Aid 2nd Lien 5.75% 8/21/20	750,000		757,187
Total Senior Secured Loans (cost $6,692,462)				6,626,859

Sovereign Bonds – 0.53%Δ
Brazil – 0.04%
	Banco Nacional de Desenvolvimento Economico e Social
	144A 4.00% 4/14/19 #	500,000		496,250
				496,250
China – 0.22%
	Export-Import Bank of China 144A 2.50% 7/31/19 #	2,500,000		2,536,185
				2,536,185
Gabon – 0.04%
	Gabonese Republic 144A 8.20% 12/12/17 #	450,000		473,625
				473,625

NQ-022 [3/15] 5/15 (14505) 19

Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)

		Principal amount°	Value (U.S. $)
Sovereign BondsΔ (continued)
Indonesia – 0.05%
	Perusahaan Penerbit Indonesia III 144A 6.125% 3/15/19 #	500,000	$	565,785
				565,785
Kenya – 0.04%
	Kenya Government International Bond 144A
	5.875% 6/24/19 #	500,000		515,875
				515,875
Pakistan – 0.04%
	Pakistan Government International Bond 144A
	7.25% 4/15/19 #	500,000		516,448
				516,448
Peru – 0.05%
	Peruvian Government International Bond 7.125% 3/30/19	500,000		600,000
				600,000
Slovenia – 0.05%
	Slovenia Government International Bond 144A
	4.75% 5/10/18 #	500,000		536,930
				536,930
Total Sovereign Bonds (cost $6,228,825)				6,241,098

Supranational Bank – 0.04%
	African Export-Import Bank 3.875% 6/4/18	500,000		496,180
Total Supranational Bank (cost $500,750)				496,180

U.S. Treasury Obligation – 0.61%
	U.S. Treasury Note
	2.00% 2/15/25 ∞	7,060,000		7,105,226
Total U.S. Treasury Obligation (cost $7,076,262)				7,105,226

		Number of
		Shares
Preferred Stock – 0.27%
	Bank of America 6.10% ●	715,000		727,066
	Bank of America 8.125% ●	1,000,000		1,083,750
	Morgan Stanley 5.55% ●	1,365,000		1,382,063
Total Preferred Stock (cost $3,195,000)				3,192,879

		Principal amount°
Short-Term Investments – 1.33%
Discount Notes – 1.33%≠
	Federal Home Loan Bank
	0.057% 4/8/15	5,716,133		5,716,104

20 NQ-022 [3/15] 5/15 (14505)

(Unaudited)

		Principal amount°	Value (U.S. $)
Short-Term Investments (continued)
Discount Notes≠ (continued)
	Federal Home Loan Bank
	0.065% 4/20/15	3,947,329	$	3,947,274
	0.067% 4/6/15	5,893,139		5,893,116

Total Short-Term Investments (cost $15,556,347)				15,556,494

Total Value of Securities – 100.60%
	(cost $1,167,130,008)			1,175,792,463
Liabilities Net of Receivables and Other Assets – (0.60%)				(6,979,653	)
Net Assets – 100.00%			$	1,168,812,810

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2015, the aggregate value of Rule 144A securities was $340,144,410, which represents 29.10% of the Fund’s net assets.
⧫	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.
❆	100% of the income received was in the form of additional cash.
≠	The rate shown is the effective yield at the time of purchase.
°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.
●	Variable rate security. The rate shown is the rate as of March 31, 2015. Interest rates reset periodically.
∞	Fully or partially pledged as collateral for futures contracts.
Δ	Securities have been classified by country of origin.
«	Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (LIBOR), and (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at March 31, 2015.

The following futures and swap contracts were outstanding at March 31, 2015:

Futures Contracts

Notional

Unrealized

Cost

Notional

Expiration

Appreciation

Contracts to Buy (Sell)

(Proceeds)

Value

Date

(Depreciation)

580

U.S. Treasury 10 yr Notes

73,885,922

74,765,625

6/22/15

879,703

NQ-022 [3/15] 5/15 (14505) 21

Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)

Swap Contracts
CDS Contracts¹

Swap

Annual

Unrealized

Referenced

Protection

Termination

Appreciation

Counterparty

Obligation

Notional Value

Payments

Date

(Depreciation)

Protection Purchased:

BNP

ICE-CDX.NA.HY.23

47,040,000

5.00%

12/20/19

(803,951

)

The use of futures contracts and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional values presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹A 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). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. 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.

Summary of abbreviations:

ARM – Adjustable Rate Mortgage

BNP – Banque Paribas

CDX.NA.HY – Credit Default Swap Index North American High-Yield

CLO – Collateralized Loan Obligation

DB – Deutsche Bank

EUR – European Monetary Unit

FHAVA – Federal Housing Administration & Veterans Administration

GE – General Electric

GNMA – Government National Mortgage Association

GPM – Graduated Payment Mortgage

GSMPS – Goldman Sachs Reperforming Mortgage Securities

HSBC – Hong Kong Shanghai Bank

ICE – IntercontinentalExchange, Inc.

MASTR – Mortgage Asset Securitization Transactions, Inc.

PIK – Pay-in-kind bond

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

UBS – United Bank of Switzerland

yr – Year

22 NQ-022 [3/15] 5/15 (14505)

Notes
Delaware Limited-Term Diversified Income Fund	March 31, 2015 (Unaudited)

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by Delaware Group^®Limited-Term Government Funds –Delaware Limited-Term Diversified Income Fund (Fund). This report covers the period of time since the Fund’s last fiscal year end.

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market, Inc. (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. Securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Debt securities and credit default swap (CDS) contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. 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 and foreign cross 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. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. 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 Fund’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. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

NQ-022 [3/15] 5/15 (14505) 23

(Unaudited)

2. Investments

U.S. 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 below.

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, 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, fair valued securities)
Level 3 –	Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, 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.

24 NQ-022 [3/15] 5/15 (14505)

(Unaudited)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2015:

	Level 1		Level 2			Level 3		Total
Agency, Asset- & Mortgage-
Backed Securities	$	—	$	486,448,053		$	—	$	486,448,053
Corporate Debt		—		639,712,390			—		639,712,390
Foreign Debt		—		6,737,278			—		6,737,278
Senior Secured Loans¹		—		6,121,959			504,900		6,626,859
Municipal Bonds		—		10,413,284			—		10,413,284
Preferred Stock		—		3,192,879			—		3,192,879
Short-Term Investments		—		15,556,494			—		15,556,494
U.S. Treasury Obligations		—		7,105,226			—		7,105,226
Total	$	—	$	1,175,287,563		$	504,900	$	1,175,792,463
Futures Contracts	$	879,703	$	—		$	—	$	879,703
Swap Contracts		—		(803,951	)		—		(803,951	)

¹Security type is valued across multiple levels. Level 2 investments represent investments with observable inputs, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 2 investments and Level 3 investments represent the following percentages of the total market value of this security type:

		Level 2			Level 3			Total
Senior Secured Loans		92.38	%		7.62	%		100.00	%

During the period ended March 31, 2015, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Fund. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.

3. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to March 31, 2015 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

NQ-022 [3/15] 5/15 (14505) 25

Item 2. Controls and Procedures.

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing 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 that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below: