0001206774-16-006066.txt : 20160527 0001206774-16-006066.hdr.sgml : 20160527 20160527094734 ACCESSION NUMBER: 0001206774-16-006066 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160527 DATE AS OF CHANGE: 20160527 EFFECTIVENESS DATE: 20160527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS CENTRAL INDEX KEY: 0000357059 IRS NUMBER: 232448704 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03363 FILM NUMBER: 161680355 BUSINESS ADDRESS: STREET 1: ONE COMMERCE SQUARE STREET 2: 2005 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 18005231918 MAIL ADDRESS: STREET 1: ONE COMMERCE SQUARE STREET 2: 2005 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19103 FORMER COMPANY: FORMER CONFORMED NAME: DELAWARE GROUP LIMITED TERM GOVERNMENT FUNDS DATE OF NAME CHANGE: 19991223 FORMER COMPANY: FORMER CONFORMED NAME: DELAWARE GROUP LIMITED TERM GOVERNMENT FUNDS INC DATE OF NAME CHANGE: 19950828 FORMER COMPANY: FORMER CONFORMED NAME: DELAWARE GROUP TREASURY RESERVES INC DATE OF NAME CHANGE: 19920703

0000357059 S000002397 DELAWARE LIMITED-TERM DIVERSIFIED INCOME FUND

C000006359 DELAWARE LIMITED-TERM DIVERSIFIED INCOME FUND CLASS A DTRIX

C000006361 DELAWARE LIMITED-TERM DIVERSIFIED INCOME FUND CLASS C DTICX

C000006362 DELAWARE LIMITED-TERM DIVERSIFIED INCOME FUND CLASS R DLTRX

C000006363 DELAWARE LIMITED-TERM DIVERSIFIED INCOME FUND INSTITUTIONAL CLASS DTINX

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, 2016

Item 1. Schedule of Investments.

Schedule of investments
Delaware Limited-Term Diversified Income Fund	March 31, 2016 (Unaudited)

			Principal amount°	Value (U.S. $)
Agency Asset-Backed Securities – 0.02%
	Fannie Mae Grantor Trust
		Series 2003-T4 2A5 5.045% 9/26/33 ϕ	190,652	$	214,731
	Fannie Mae REMIC Trust
		Series 2001-W2 AS5 6.473% 10/25/31 ϕ	1,776		1,803
	Freddie Mac Structured Pass Through Securities
		Series T-30 A5 7.338% 12/25/30 ⧫ϕ	4,865		5,176
	SLM Student Loan Trust
		Series 2004-4 A4 0.749% 1/25/19 ●	2,090		2,060
Total Agency Asset-Backed Securities (cost $198,100)					223,770

Agency Collateralized Mortgage Obligations – 6.46%
	Fannie Mae Grantor Trust
		Series 2001-T5 A2 2.506% 6/19/41 ●	31,551		35,858
		Series 2002-T1 A2 7.00% 11/25/31	76,061		91,878
	Fannie Mae REMIC Trust
		Series 2002-W1 2A 6.286% 2/25/42 ●	89,458		105,422
	Fannie Mae REMICs
		Series 2002-90 A1 6.50% 6/25/42	965		1,134
		Series 2003-52 NA 4.00% 6/25/23	118,454		124,127
		Series 2003-120 BL 3.50% 12/25/18	261,525		268,933
		Series 2004-36 FA 0.833% 5/25/34 ●	344,890		345,707
		Series 2004-49 EB 5.00% 7/25/24	35,712		38,915
		Series 2005-66 FD 0.733% 7/25/35 ●	1,525,662		1,521,282
		Series 2005-110 MB 5.50% 9/25/35	12,110		12,932
		Series 2006-105 FB 0.853% 11/25/36 ●	85,049		85,695
		Series 2010-29 PA 4.50% 10/25/38	50,920		51,751
		Series 2010-75 NA 4.00% 9/25/28	173,300		175,302
		Series 2011-88 AB 2.50% 9/25/26	133,907		135,644
		Series 2011-105 FP 0.833% 6/25/41 ●	2,601,890		2,605,320
		Series 2011-113 MC 4.00% 12/25/40	259,844		271,100
		Series 2012-93 LY 2.50% 9/25/42	433,000		400,709
		Series 2012-98 MI 3.00% 8/25/31 ∑	33,884,205		3,442,974
		Series 2012-122 SD 5.667% 11/25/42 ●∑	3,852,489		888,981
		Series 2012-128 NP 2.50% 11/25/42	474,986		451,408
		Series 2013-28 YB 3.00% 4/25/43	1,550,000		1,517,336
		Series 2013-55 AI 3.00% 6/25/33 ∑	19,592,195		2,561,460
		Series 2013-94 GQ 3.00% 9/25/43	1,619,672		1,576,272
		Series 2013-129 KI 3.00% 8/25/28 ∑	2,668,499		213,900
		Series 2014-5 JL 4.00% 2/25/44	78,000		85,671
		Series 2015-82 AI 3.50% 6/25/34 ∑	5,495,131		788,250
		Series 2016-17 GZ 3.00% 4/25/46	904,000		826,084
	Freddie Mac REMICs
		Series 2901 CA 4.50% 11/15/19	95,409		97,622

NQ-022 [3/16] 5/16 (16643) 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 2931 GC 5.00% 1/15/34	26,893	$	27,222
		Series 3016 FL 0.826% 8/15/35 ●	56,559		56,659
		Series 3027 DE 5.00% 9/15/25	37,244		40,646
		Series 3067 FA 0.786% 11/15/35 ●	3,226,626		3,238,587
		Series 3232 KF 0.886% 10/15/36 ●	93,820		93,749
		Series 3241 FM 0.816% 11/15/36 ●	32,195		32,359
		Series 3297 BF 0.676% 4/15/37 ●	1,037,182		1,036,573
		Series 3316 FB 0.736% 8/15/35 ●	153,005		153,248
		Series 3737 NA 3.50% 6/15/25	152,779		160,149
		Series 3780 LF 0.836% 3/15/29 ●	375,045		375,462
		Series 3800 AF 0.936% 2/15/41 ●	2,038,964		2,056,630
		Series 3803 TF 0.836% 11/15/28 ●	333,540		334,469
		Series 4076 QB 1.75% 11/15/41	756,318		731,650
		Series 4109 AI 3.00% 7/15/31 Σ	7,810,112		806,153
		Series 4150 PQ 2.50% 1/15/43	149,195		153,196
		Series 4163 CW 3.50% 4/15/40	3,749,072		3,892,304
		Series 4408 ZG 2.00% 9/15/41	392,745		341,060
		Series 4453 DI 3.50% 11/15/33 Σ	7,434,140		797,549
		Series 4457 KZ 3.00% 4/15/45	12,105,017		11,893,423
		Series 4554 MP 3.00% 2/15/46	2,252,500		2,180,924
	Freddie Mac Structured Pass Through Securities
		Series T-42 A5 7.50% 2/25/42 ⧫	38,838		46,569
		Series T-54 2A 6.50% 2/25/43 ⧫	911		1,095
		Series T-58 2A 6.50% 9/25/43 ⧫	643,511		759,840
	GNMA
		Series 2013-79 KE 3.00% 5/20/43	4,250,000		4,307,949
		Series 2015-76 MZ 3.00% 5/20/45	6,708,382		6,361,395
		Series 2015-106 QZ 2.50% 7/20/45	3,659,423		3,320,862
		Series 2015-134 PZ 3.00% 9/20/45	2,206,814		2,141,919
		Series 2015-185 PZ 3.00% 12/20/45	3,359,068		3,258,617
Total Agency Collateralized Mortgage Obligations (cost $66,814,394)					67,321,925

Agency Mortgage-Backed Securities – 8.75%
	Fannie Mae
		6.50% 8/1/17	9,005		9,156
		10.00% 10/1/30	92,560		101,735
		10.50% 6/1/30	25,316		25,803
	Fannie Mae ARM
		2.27% 4/1/36 ●	29,964		31,727
		2.288% 8/1/34 ●	142,114		149,956
		2.29% 3/1/38 ●	6,565		6,871
		2.336% 9/1/38 ●	1,686,191		1,803,709

2 NQ-022 [3/16] 5/16 (16643)

(Unaudited)

			Principal amount°	Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae ARM
		2.406% 8/1/36 ●	41,363	$	43,473
		2.46% 4/1/36 ●	465,837		494,567
		2.461% 6/1/36 ●	170,535		180,923
		2.469% 12/1/33 ●	101,284		107,348
		2.496% 11/1/35 ●	37,737		39,931
		2.518% 7/1/36 ●	109,681		116,331
		2.527% 6/1/34 ●	74,941		79,343
		2.527% 7/1/36 ●	136,738		143,700
		2.529% 11/1/35 ●	429,855		454,547
		2.576% 8/1/35 ●	34,281		36,078
		2.58% 11/1/39 ●	305,275		322,760
		2.666% 4/1/36 ●	5,055		5,358
		3.449% 1/1/41 ●	239,024		250,880
		4.537% 11/1/39 ●	1,699,689		1,808,166
	Fannie Mae FHAVA
		10.00% 1/1/19	21,943		22,243
	Fannie Mae S.F. 15 yr
		5.00% 9/1/18	59,802		61,798
		5.00% 2/1/19	1,830		1,914
		5.50% 1/1/23	7,747		8,449
		5.50% 4/1/23	24,468		26,375
		6.00% 8/1/22	19,105		20,793
	Fannie Mae S.F. 30 yr
		4.50% 3/1/39	91,050		101,189
		4.50% 8/1/41	346,604		384,215
		4.50% 1/1/42	586,643		644,411
		5.00% 4/1/33	231,023		256,860
		5.00% 3/1/34	3,409		3,789
		5.50% 12/1/32	26,704		30,219
		5.50% 6/1/33	84,763		95,945
		5.50% 10/1/33	194,669		220,343
		5.50% 4/1/34	127,831		145,210
		5.50% 5/1/34	1,007,599		1,140,373
		5.50% 11/1/34	870,833		985,781
		5.50% 12/1/34	92,400		104,622
		5.50% 1/1/35	9,641		10,917
		5.50% 3/1/35	126,744		143,263
		5.50% 9/1/35	382,604		432,158
		5.50% 12/1/35	132,345		149,545
		5.50% 1/1/36	419,222		474,749
		5.50% 4/1/36	1,010,770		1,141,390
		5.50% 5/1/36	78,855		89,292

NQ-022 [3/16] 5/16 (16643) 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
		5.50% 7/1/36	1,349,890	$	1,528,610
		5.50% 9/1/36	712,160		805,778
		5.50% 11/1/36	861,440		971,195
		5.50% 2/1/37	319,276		359,084
		5.50% 4/1/37	319,999		359,682
		5.50% 6/1/37	383,810		431,452
		5.50% 8/1/37	902,140		1,020,890
		5.50% 9/1/37	463,865		521,561
		5.50% 1/1/38	3,201,215		3,616,671
		5.50% 2/1/38	51,551		58,300
		5.50% 6/1/38	945,111		1,061,980
		5.50% 1/1/39	788,870		892,447
		5.50% 3/1/40	2,970,622		3,364,730
		5.50% 7/1/40	680,242		771,280
		6.00% 8/1/34	1,376,397		1,590,983
		6.00% 9/1/34	250		286
		6.00% 11/1/34	1,211		1,380
		6.00% 4/1/35	211,447		242,891
		6.00% 4/1/36	9,601		10,940
		6.00% 12/1/36	546,591		631,504
		6.00% 2/1/37	121,948		139,275
		6.00% 3/1/37	5,842		6,667
		6.00% 9/1/37	1,777,160		2,027,863
		6.00% 5/1/38	5,468,742		6,245,335
		6.00% 1/1/39	245,559		279,810
		6.00% 4/1/39	5,103		5,885
		6.00% 5/1/39	1,098,692		1,266,784
		6.00% 10/1/39	2,659,087		3,066,245
		6.00% 7/1/41	10,878,619		12,411,782
		6.50% 6/1/29	1,384		1,583
		6.50% 1/1/34	1,632		1,979
		6.50% 4/1/36	319		365
		6.50% 6/1/36	5,483		6,271
		6.50% 10/1/36	4,974		5,689
		6.50% 8/1/37	564		645
		7.00% 12/1/34	1,715		1,987
		7.00% 12/1/35	1,444		1,647
		7.00% 12/1/37	4,590		4,956
		7.50% 6/1/31	754		944
		7.50% 11/1/31	9,427		10,970
		7.50% 4/1/32	477		563
		7.50% 5/1/33	1,221		1,233

4 NQ-022 [3/16] 5/16 (16643)

(Unaudited)

			Principal amount°	Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 30 yr
		7.50% 6/1/34	585	$	688
		8.00% 11/1/21	154		167
		8.00% 7/1/23	1,262		1,299
		8.00% 5/1/24	33,850		34,774
		9.00% 8/1/22	9,876		9,989
		9.25% 6/1/16	203		203
		10.00% 2/1/25	49,486		53,645
	Fannie Mae S.F. 30 yr TBA
		4.50% 6/1/46	19,760,000		21,451,177
		Freddie Mac ARM
		2.406% 10/1/36 ●	7,221		7,632
		2.498% 7/1/36 ●	37,578		39,170
		2.523% 1/1/44 ●	659,831		677,766
		2.531% 4/1/33 ●	48,045		49,742
		2.565% 2/1/37 ●	5,862		6,170
		2.57% 4/1/34 ●	15,329		16,243
		2.62% 6/1/37 ●	366,682		384,012
		2.635% 7/1/38 ●	895,606		946,940
		2.65% 10/1/37 ●	188,937		198,761
		2.955% 11/1/44 ●	212,204		220,263
		2.971% 2/1/35 ●	89,196		93,293
		3.461% 5/1/42 ●	3,839,591		4,006,186
		4.852% 8/1/38 ●	29,189		30,827
	Freddie Mac S.F. 15 yr
		5.00% 4/1/20	78,397		82,843
	Freddie Mac S.F. 30 yr
		4.50% 4/1/39	99,101		109,275
		5.50% 1/1/36	235,413		264,418
		5.50% 6/1/36	35,967		40,424
		5.50% 11/1/36	222,446		249,065
		5.50% 3/1/40	201,772		225,724
		5.50% 6/1/41	86,748		97,800
		6.00% 3/1/36	292,602		336,219
		6.00% 1/1/38	68,315		77,632
		6.00% 6/1/38	193,556		220,198
		6.00% 8/1/38	2,639,308		3,044,912
		7.00% 11/1/33	478		584
		9.00% 9/1/30	58,625		62,189
		11.00% 5/1/20	1,368		1,486
	GNMA I S.F. 15 yr
		6.00% 1/15/22	1,200,658		1,308,915

NQ-022 [3/16] 5/16 (16643) 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
		7.50% 12/15/23	31,625	$	36,115
		7.50% 12/15/31	57,872		70,792
		7.50% 1/15/32	1,313		1,646
Total Agency Mortgage-Backed Securities (cost $90,573,015)					91,097,511

Collateralized Debt Obligations – 1.10%
	AMMC CLO
		Series 2015-16A AX 144A 1.974% 4/14/27 #●	5,700,000		5,691,439
	CIFC Funding
		Series 2011-1AR A1R 144A 1.92% 1/19/23 #●	1,202,436		1,199,802
	Harbourview CLO VII
		Series 7A AX 144A 1.968% 11/18/26 #●	4,583,333		4,576,431
Total Collateralized Debt Obligations (cost $11,474,311)					11,467,672

Commercial Mortgage-Backed Securities – 0.94%
	Bear Stearns Commercial Mortgage Securities Trust
		Series 2007-PW16 A1A 5.721% 6/11/40 ●	1,730,014		1,795,949
	CFCRE Commercial Mortgage Trust
		Series 2011-C1 A2 144A 3.759% 4/15/44 #	5,285		5,281
	Citigroup Commercial Mortgage Trust
		Series 2007-C6 AM 5.705% 12/10/49 ●	535,000		540,433
	DBUBS Mortgage Trust
		Series 2011-LC1A A3 144A 5.002% 11/10/46 #	1,285,000		1,449,199
	FREMF Mortgage Trust
		Series 2011-K15 B 144A 4.949% 8/25/44 #●	95,000		103,307
		Series 2012-K708 B 144A 3.751% 2/25/45 #●	870,000		895,325
		Series 2013-K35 C 144A 3.942% 8/25/23 #●	150,000		134,877
		Series 2013-K712 B 144A 3.369% 5/25/45 #●	980,000		984,321
	JPMBB Commercial Mortgage Securities Trust
		Series 2014-C18 A1 1.254% 2/15/47	418,571		416,223
	JPMorgan Chase Commercial Mortgage Securities Trust
		Series 2006-LDP8 AM 5.44% 5/15/45	1,065,000		1,074,006
	Morgan Stanley Capital I Trust
		Series 2006-TOP23 A4 5.891% 8/12/41 ●	377,756		378,476
	NCUA Guaranteed Notes Trust
		Series 2010-C1 A2 2.90% 10/29/20	395,942		396,168
		Series 2011-C1 0.963% 3/9/21 ●	1,591,094		1,584,148
Total Commercial Mortgage-Backed Securities (cost $9,929,694)					9,757,713

6 NQ-022 [3/16] 5/16 (16643)

(Unaudited)

			Principal amount°	Value (U.S. $)
Convertible Bond – 0.13%
	Jefferies Group 3.875% exercise price $44.35, expiration
		date 11/1/29	1,355,000	$	1,334,675
Total Convertible Bond (cost $1,443,922)					1,334,675

Corporate Bonds – 42.21%
Automotive – 0.26%
	Ford Motor Credit 3.336% 3/18/21		1,575,000		1,622,590
	Schaeffler Holding Finance 144A PIK 6.25% 11/15/19 #❆		1,000,000		1,050,000
					2,672,590
Banking – 12.96%
	ANZ New Zealand International 144A 2.60% 9/23/19 #		3,900,000		3,942,155
	Banco Continental Via Continental Senior Trustees
		Cayman 144A 5.50% 11/18/20 #	500,000		543,600
	Bancolombia 6.125% 7/26/20		500,000		529,850
	Bank of America
		2.625% 10/19/20	1,310,000		1,320,532
		4.45% 3/3/26	4,250,000		4,387,058
	Bank of New York Mellon
		2.45% 11/27/20	3,340,000		3,408,921
		2.50% 4/15/21	2,280,000		2,326,644
	BBVA Bancomer 144A 7.25% 4/22/20 #		500,000		557,500
	Branch Banking & Trust
		3.625% 9/16/25	1,610,000		1,688,409
		3.80% 10/30/26	845,000		898,516
	Citizens Bank
		2.45% 12/4/19	5,010,000		5,006,979
		2.50% 3/14/19	2,890,000		2,917,189
	Commonwealth Bank of Australia 2.40% 11/2/20		4,055,000		4,102,873
	Compass Bank 2.75% 9/29/19		7,305,000		7,280,623
	Cooperatieve Centrale Raiffeisen-Boerenleenbank
		2.25% 1/14/19	5,690,000		5,779,447
	Credit Suisse
		2.30% 5/28/19	4,890,000		4,938,563
		3.00% 10/29/21	475,000		484,885
	Export Credit Bank of Turkey 144A 5.375% 2/8/21 #		300,000		306,015
	Export-Import Bank of Korea 2.125% 2/11/21		300,000		301,313
	Fifth Third Bancorp 2.875% 7/27/20		1,045,000		1,062,180
	Fifth Third Bank
		2.30% 3/15/19	510,000		514,822
		3.85% 3/15/26	515,000		528,644
	Goldman Sachs Group 6.25% 9/1/17		2,390,000		2,544,683
	HBOS 144A 6.75% 5/21/18 #		2,555,000		2,769,191
	Huntington Bancshares 3.15% 3/14/21		1,020,000		1,037,526

NQ-022 [3/16] 5/16 (16643) 7

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

			Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
	JPMorgan Chase
		2.55% 3/1/21	3,810,000	$	3,846,385
		4.25% 10/1/27	2,060,000		2,147,542
		5.30% 12/29/49 ●	1,000,000		1,005,000
	JPMorgan Chase Bank 0.962% 6/13/16 ●		1,750,000		1,750,196
	KeyBank
		2.35% 3/8/19	955,000		964,061
		3.18% 5/22/22	1,335,000		1,352,614
	Manufacturers & Traders Trust 2.25% 7/25/19		5,255,000		5,307,839
	Morgan Stanley
		2.45% 2/1/19	1,345,000		1,365,823
		3.875% 1/27/26	4,880,000		5,101,259
		3.95% 4/23/27	3,355,000		3,366,018
	PNC Bank
		2.30% 6/1/20	4,275,000		4,320,482
		2.45% 11/5/20	810,000		824,312
		2.60% 7/21/20	1,040,000		1,063,490
	Popular 7.00% 7/1/19		1,000,000		976,250
	Santander Holdings USA 4.625% 4/19/16		2,090,000		2,093,093
	Santander UK Group Holdings
		2.875% 10/16/20	2,530,000		2,522,220
		3.125% 1/8/21	560,000		564,155
	Skandinaviska Enskilda Banken 144A 2.375% 3/25/19 #		4,580,000		4,630,540
	State Street 2.55% 8/18/20		1,075,000		1,107,834
	SunTrust Banks
		2.35% 11/1/18	3,850,000		3,879,025
		2.50% 5/1/19	3,705,000		3,742,724
	SVB Financial Group 3.50% 1/29/25		1,235,000		1,222,871
	Swedbank
		144A 2.375% 2/27/19 #	2,000,000		2,027,786
		144A 2.65% 3/10/21 #	855,000		865,459
	Toronto-Dominion Bank 2.25% 11/5/19		3,580,000		3,630,066
	Turkiye Is Bankasi 144A 5.375% 10/6/21 #		230,000		230,041
	UBS Group Funding Jersey 144A 3.00% 4/15/21 #		2,700,000		2,708,100
	US Bancorp
		2.35% 1/29/21	1,000,000		1,015,937
		4.125% 5/24/21	200,000		219,872
	USB Capital IX 3.50% 10/29/49 @●		6,960,000		5,159,100
	Wells Fargo
		2.15% 1/15/19	3,580,000		3,645,725
		3.00% 1/22/21	3,000,000		3,111,945
					134,945,882

8 NQ-022 [3/16] 5/16 (16643)

(Unaudited)

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Basic Industry – 1.70%
	ArcelorMittal 6.125% 6/1/18	350,000	$	355,250
	Ball 4.375% 12/15/20	500,000		521,250
	Builders FirstSource 144A 7.625% 6/1/21 #	1,000,000		1,045,000
	Corp Nacional del Cobre de Chile 144A 3.875% 11/3/21 #	500,000		512,799
	Freeport-McMoRan 2.30% 11/14/17	500,000		463,750
	Georgia-Pacific
	144A 2.539% 11/15/19 #	1,000,000		1,004,953
	144A 5.40% 11/1/20 #	5,750,000		6,429,978
	Gerdau Holdings 144A 7.00% 1/20/20 #	400,000		387,000
	HD Supply
	7.50% 7/15/20	500,000		533,125
	11.50% 7/15/20	500,000		557,187
	International Paper 5.25% 4/1/16	550,000		550,000
	INVISTA Finance 144A 4.25% 10/15/19 #	1,330,000		1,283,450
	MMC Finance 4.375% 4/30/18	500,000		508,100
	PPG Industries 2.30% 11/15/19	940,000		954,111
	Southern Copper 5.375% 4/16/20	375,000		402,195
	Suzano Trading 144A 5.875% 1/23/21 #	155,000		157,325
	WestRock
	3.50% 3/1/20	1,010,000		1,024,986
	4.45% 3/1/19	945,000		988,773
				17,679,232
Brokerage – 0.25%
	Jefferies Group 5.125% 1/20/23	2,285,000		2,296,610
	Lazard Group 6.85% 6/15/17	316,000		333,100
				2,629,710
Capital Goods – 0.80%
	Beverage Packaging Holdings Luxembourg II 144A
	6.00% 6/15/17 #	1,000,000		995,625
	Cemex 144A 5.875% 3/25/19 #	1,000,000		1,007,500
	Fortune Brands Home & Security 3.00% 6/15/20	630,000		638,314
	Ingersoll-Rand Global Holding 2.875% 1/15/19	4,630,000		4,737,740
	Lockheed Martin 2.50% 11/23/20	980,000		1,004,854
				8,384,033
Communications – 2.91%
	American Tower 4.40% 2/15/26	1,200,000		1,271,416
	AT&T
	2.80% 2/17/21	70,000		71,850
	3.60% 2/17/23	5,760,000		5,992,819
	4.125% 2/17/26	1,190,000		1,259,226
	CC Holdings GS V 3.849% 4/15/23	1,165,000		1,202,902
	Columbus International 144A 7.375% 3/30/21 #	500,000		534,375

NQ-022 [3/16] 5/16 (16643) 9

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

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Communications (continued)
	Crown Castle International
	3.40% 2/15/21	420,000	$	426,727
	4.45% 2/15/26	385,000		401,086
	Crown Castle Towers 144A 3.663% 5/15/25 #	635,000		644,931
	Digicel Group 144A 8.25% 9/30/20 #	1,000,000		862,500
	GTP Acquisition Partners I 144A 2.35% 6/15/20 #	520,000		512,340
	Millicom International Cellular 144A 6.625% 10/15/21 #	500,000		505,625
	Myriad International Holdings 144A 6.375% 7/28/17 #	300,000		313,787
	Omnicom Group 3.60% 4/15/26	845,000		867,360
	SBA Tower Trust 144A 2.24% 4/16/18 #	1,995,000		1,981,814
	SES 144A 3.60% 4/4/23 #	436,000		428,102
	SES GLOBAL Americas Holdings 144A 2.50% 3/25/19 #	1,695,000		1,673,962
	Sky 144A 3.75% 9/16/24 #	2,045,000		2,114,260
	Verizon Communications
	4.50% 9/15/20	3,165,000		3,497,781
	5.15% 9/15/23	4,530,000		5,236,807
	VimpelCom Holdings 144A 6.255% 3/1/17 #	500,000		513,750
				30,313,420
Consumer Cyclical – 3.55%
	CVS Health 2.80% 7/20/20	440,000		457,109
	Daimler Finance North America 144A 2.70% 8/3/20 #	4,480,000		4,551,290
	General Motors Financial
	3.15% 1/15/20	1,135,000		1,139,440
	3.45% 4/10/22	1,070,000		1,052,013
	4.375% 9/25/21	260,000		269,043
	Home Depot 2.00% 4/1/21	3,960,000		4,002,467
	Hyundai Capital America
	144A 2.55% 2/6/19 #	1,000,000		1,007,101
	144A 3.00% 3/18/21 #	545,000		552,084
	Landry’s 144A 9.375% 5/1/20 #	1,000,000		1,055,000
	Marriott International 3.375% 10/15/20	1,200,000		1,242,558
	McDonald’s 2.75% 12/9/20	2,415,000		2,503,983
	Newell Rubbermaid 3.85% 4/1/23	150,000		155,800
	PulteGroup 4.25% 3/1/21	500,000		510,000
	Starbucks 2.10% 2/4/21	2,110,000		2,149,288
	Target 2.30% 6/26/19	3,500,000		3,625,608
	Toyota Motor Credit
	2.00% 10/24/18	5,055,000		5,148,123
	2.125% 7/18/19	7,375,000		7,545,149
				36,966,056

10 NQ-022 [3/16] 5/16 (16643)

(Unaudited)

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical – 3.63%
	Anheuser-Busch InBev Finance
	2.65% 2/1/21	3,360,000	$	3,454,994
	3.30% 2/1/23	2,735,000		2,845,915
	3.65% 2/1/26	80,000		84,231
	Bayer U.S. Finance 144A 2.375% 10/8/19 #	6,000,000		6,187,458
	Becton Dickinson 2.675% 12/15/19	4,270,000		4,378,441
	Bunge Finance 3.50% 11/24/20	4,730,000		4,805,004
	JBS Investments 144A 7.75% 10/28/20 #	300,000		298,500
	Merck 1.85% 2/10/20	5,920,000		6,034,682
	Perrigo Finance Unlimited 3.50% 12/15/21	885,000		903,218
	Reynolds American 4.00% 6/12/22	3,470,000		3,776,057
	St. Jude Medical 2.80% 9/15/20	1,175,000		1,202,771
	Sysco 2.50% 7/15/21	1,660,000		1,681,321
	Zimmer Biomet Holdings 2.70% 4/1/20	2,085,000		2,116,187
				37,768,779
Electric – 5.72%
	AES Gener 144A 5.25% 8/15/21 #	420,000		446,757
	Ameren 2.70% 11/15/20	3,665,000		3,720,385
	Arizona Public Service 2.20% 1/15/20	4,195,000		4,245,382
	Berkshire Hathaway Energy 2.00% 11/15/18	5,510,000		5,573,652
	CenterPoint Energy 5.95% 2/1/17	2,365,000		2,446,415
	CMS Energy 6.25% 2/1/20	1,345,000		1,546,928
	Commonwealth Edison 2.15% 1/15/19	1,550,000		1,569,049
	DTE Energy
	2.40% 12/1/19	1,725,000		1,739,776
	144A 3.30% 6/15/22 #	1,050,000		1,091,207
	Electricite de France 144A 5.25% 12/29/49 #●	280,000		257,250
	Entergy 4.00% 7/15/22	3,175,000		3,371,425
	Exelon 2.85% 6/15/20	2,000,000		2,042,962
	IPALCO Enterprises 3.45% 7/15/20	710,000		716,213
	Korea East-West Power 144A 2.625% 11/27/18 #	500,000		510,875
	Majapahit Holding 144A 8.00% 8/7/19 #	500,000		571,900
	National Rural Utilities Cooperative Finance 2.15% 2/1/19	6,030,000		6,132,377
	NextEra Energy Capital Holdings 2.70% 9/15/19	2,980,000		3,014,833
	NV Energy 6.25% 11/15/20	2,460,000		2,843,612
	PPL Capital Funding 1.90% 6/1/18	3,810,000		3,817,330
	Public Service Electric & Gas 1.90% 3/15/21	2,105,000		2,121,046
	Southern 2.45% 9/1/18	5,905,000		6,002,929
	WEC Energy Group 2.45% 6/15/20	2,075,000		2,112,462
	Xcel Energy 2.40% 3/15/21	3,590,000		3,638,835
				59,533,600

NQ-022 [3/16] 5/16 (16643) 11

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

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Energy – 1.46%
	CNOOC Finance 2015 Australia 2.625% 5/5/20	500,000	$	501,391
	Dominion Gas Holdings 2.50% 12/15/19	2,020,000		2,052,292
	KazMunayGas National 144A 6.375% 4/9/21 #	500,000		515,530
	Petrobras Global Finance 4.875% 3/17/20	475,000		396,483
	Petroleos Mexicanos 3.50% 7/18/18	500,000		508,000
	Petronas Global Sukuk 144A 2.707% 3/18/20 #	1,330,000		1,339,386
	Regency Energy Partners 5.875% 3/1/22	1,040,000		1,011,589
	Targa Resources Partners 5.00% 1/15/18	500,000		501,250
	Williams Partners 7.25% 2/1/17	5,195,000		5,325,078
	Woodside Finance 144A 8.75% 3/1/19 #	2,235,000		2,570,885
	YPF 144A 8.875% 12/19/18 #	430,000		447,415
				15,169,299
Finance Companies – 1.19%
	AerCap Ireland Capital
	4.25% 7/1/20	500,000		505,625
	4.625% 10/30/20	500,000		514,375
	Ally Financial 4.125% 3/30/20	500,000		497,500
	Aviation Capital Group 144A 2.875% 9/17/18 #	1,610,000		1,618,581
	Corporacion Financiera de Desarrollo 144A
	3.25% 7/15/19 #	500,000		510,000
	General Electric Capital
	144A 3.80% 6/18/19 #	2,235,000		2,383,721
	5.55% 5/4/20	2,175,000		2,509,110
	6.00% 8/7/19	1,445,000		1,666,675
	Legg Mason 2.70% 7/15/19	2,220,000		2,243,776
				12,449,363
Healthcare – 0.37%
	CHS/Community Health Systems
	5.125% 8/15/18	500,000		506,250
	8.00% 11/15/19	125,000		122,344
	HCA 6.50% 2/15/20	1,000,000		1,100,000
	IASIS Healthcare 8.375% 5/15/19	250,000		247,813
	Kinetic Concepts 10.50% 11/1/18	500,000		503,750
	Mallinckrodt International Finance 144A 4.875% 4/15/20 #	500,000		471,000
	Stryker 2.625% 3/15/21	875,000		893,279
				3,844,436
Industrial – 0.05%
	Hutchison Whampoa International 144A
	1.625% 10/31/17 #	500,000		500,399
				500,399
Insurance – 2.29%
	ACE INA Holdings 2.30% 11/3/20	3,540,000		3,601,242

12 NQ-022 [3/16] 5/16 (16643)

(Unaudited)

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Insurance (continued)
	American International Group 2.30% 7/16/19	3,700,000	$	3,740,977
	Metropolitan Life Global Funding I 144A 1.875% 6/22/18 #	5,265,000		5,301,702
	Pricoa Global Funding I
	144A 1.60% 5/29/18 #	1,050,000		1,046,874
	144A 2.20% 5/16/19 #	3,855,000		3,873,030
	Prudential Financial 5.625% 6/15/43 ●	1,200,000		1,223,700
	TIAA Asset Management Finance
	144A 2.95% 11/1/19 #	975,000		990,330
	144A 4.125% 11/1/24 #	460,000		476,244
	Trinity Acquisition 3.50% 9/15/21	600,000		611,130
	UnitedHealth Group 2.70% 7/15/20	2,900,000		3,014,330
				23,879,559
Media – 0.43%
	Comcast 3.15% 3/1/26	2,050,000		2,137,043
	CSC Holdings 7.625% 7/15/18	500,000		541,250
	DISH DBS 7.875% 9/1/19	500,000		551,875
	Numericable Group 144A 4.875% 5/15/19 #	750,000		750,000
	WideOpenWest Finance 10.25% 7/15/19	500,000		502,500
				4,482,668
Natural Gas – 0.81%
	CenterPoint Energy Resources 4.50% 1/15/21	2,700,000		2,875,424
	Sempra Energy 2.30% 4/1/17	5,490,000		5,526,388
				8,401,812
Real Estate – 0.29%
	IRSA Propiedades Comerciales 144A 8.75% 3/23/23 #	170,000		170,680
	WEA Finance
	144A 2.70% 9/17/19 #	2,625,000		2,644,958
	144A 3.75% 9/17/24 #	200,000		203,919
				3,019,557
REITs – 0.25%
	Host Hotels & Resorts 3.75% 10/15/23	505,000		493,498
	Iron Mountain 144A 6.00% 10/1/20 #	750,000		792,187
	Kimco Realty 3.40% 11/1/22	195,000		197,950
	Simon Property Group 2.50% 7/15/21	865,000		884,511
	VEREIT Operating Partnership 3.00% 2/6/19 @	250,000		246,845
				2,614,991
Services – 0.31%
	BlueLine Rental Finance 144A 7.00% 2/1/19 #	455,000		421,444
	Hertz 6.75% 4/15/19	1,000,000		1,016,990
	MGM Resorts International 7.625% 1/15/17	750,000		780,000
	Pinnacle Entertainment 6.375% 8/1/21	1,000,000		1,061,250
				3,279,684

NQ-022 [3/16] 5/16 (16643) 13

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

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Technology – 1.44%
	Amphenol 3.125% 9/15/21	5,975,000	$	6,096,119
	Apple 3.25% 2/23/26	620,000		648,124
	Baidu 2.75% 6/9/19	500,000		508,212
	Cisco Systems 2.20% 2/28/21	4,125,000		4,209,991
	National Semiconductor 6.60% 6/15/17	3,325,000		3,544,942
				15,007,388
Telecommunications – 0.41%
	CenturyLink 5.625% 4/1/20	750,000		762,570
	Digicel 144A 6.00% 4/15/21 #	500,000		450,000
	Frontier Communications 144A 8.875% 9/15/20 #	1,000,000		1,042,500
	Sprint Communications
	6.00% 12/1/16	750,000		749,063
	144A 7.00% 3/1/20 #	450,000		452,250
	T-Mobile USA 5.25% 9/1/18	750,000		770,625
				4,227,008
Transportation – 1.13%
	AP Moeller – Maersk 144A 2.55% 9/22/19 #	1,595,000		1,580,988
	CSX 3.35% 11/1/25	1,060,000		1,093,721
	DP World Sukuk 144A 6.25% 7/2/17 #	300,000		314,400
	ERAC USA Finance 144A 2.80% 11/1/18 #	3,355,000		3,408,646
	HPHT Finance 15 144A 2.875% 3/17/20 #	500,000		505,817
	Ryder System 3.45% 11/15/21	1,895,000		1,934,425
	United Airlines 2015-1 Class AA Pass-Through Trust
	3.45% 12/1/27 ⧫	360,000		363,150
	United Parcel Service 5.125% 4/1/19	2,340,000		2,600,512
				11,801,659
Total Corporate Bonds (cost $435,924,768)				439,571,125

Municipal Bonds – 1.49%
	Commonwealth of Massachusetts
	Series A 5.00% 3/1/26	1,685,000		2,168,612
	County of Baltimore, Maryland
	5.00% 2/1/26	2,030,000		2,628,322
	New York City, New York
	Series C 5.00% 8/1/26	1,075,000		1,359,112
	Series C 5.00% 8/1/27	1,525,000		1,912,182
	North Carolina State
	Series A 5.00% 6/1/27	825,000		1,069,703
	University of California
	0.934% 7/1/41 ●	6,385,000		6,383,212
Total Municipal Bonds (cost $15,443,753)				15,521,143

14 NQ-022 [3/16] 5/16 (16643)

(Unaudited)

			Principal amount°	Value (U.S. $)
Non-Agency Asset-Backed Securities – 35.24%
	Ally Master Owner Trust
		Series 2012-5 A 1.54% 9/15/19	3,855,000	$	3,854,063
		Series 2014-4 A2 1.43% 6/17/19	1,510,000		1,509,506
	American Express Credit Account Master Trust
		Series 2012-1 A 0.706% 1/15/20 ●	3,900,000		3,902,331
		Series 2013-1 A 0.856% 2/16/21 ●	7,135,000		7,149,792
		Series 2013-2 A 0.856% 5/17/21 ●	2,474,000		2,477,950
		Series 2014-1 A 0.806% 12/15/21 ●	2,100,000		2,096,065
	ARI Fleet Lease Trust
		Series 2015-A A2 144A 1.11% 11/15/18 #	264,011		263,258
	Avis Budget Rental Car Funding AESOP
		Series 2011-3A A 144A 3.41% 11/20/17 #	820,000		826,179
		Series 2013-2A A 144A 2.97% 2/20/20 #	6,500,000		6,609,850
	Bank of America Credit Card Trust
		Series 2007-A4 A4 0.476% 11/15/19 ●	10,495,000		10,456,639
		Series 2014-A2 A 0.706% 9/16/19 ●	5,500,000		5,499,999
		Series 2014-A3 A 0.726% 1/15/20 ●	7,765,000		7,767,316
		Series 2015-A1 A 0.766% 6/15/20 ●	748,000		748,528
	Barclays Dryrock Issuance Trust
		Series 2014-2 A 0.776% 3/16/20 ●	2,500,000		2,498,232
	Cabela’s Credit Card Master Note Trust
		Series 2012-2A A1 144A 1.45% 6/15/20 #	565,000		565,832
		Series 2014-2 A 0.886% 7/15/22 ●	6,000,000		5,902,252
		Series 2015-1A A1 2.26% 3/15/23	500,000		505,447
	California Republic Auto Receivables Trust
		Series 2013-2 A2 1.23% 3/15/19	829,466		829,194
	Capital One Multi-Asset Execution Trust
		Series 2007-A1 A1 0.486% 11/15/19 ●	14,085,000		14,062,619
		Series 2007-A2 A2 0.516% 12/16/19 ●	5,650,000		5,640,114
		Series 2007-A5 A5 0.476% 7/15/20 ●	200,000		199,205
		Series 2014-A3 A3 0.816% 1/18/22 ●	2,000,000		1,996,948
		Series 2014-A5 A5 1.48% 7/15/20	2,000,000		2,010,723
	Chase Issuance Trust
		Series 2007-A12 A12 0.486% 8/15/19 ●	4,500,000		4,483,824
		Series 2007-B1 B1 0.686% 4/15/19 ●	2,100,000		2,091,836
		Series 2012-A10 A10 0.696% 12/16/19 ●	12,750,000		12,747,451
		Series 2013-A3 A3 0.716% 4/15/20 ●	3,670,000		3,670,000
		Series 2013-A6 A6 0.856% 7/15/20 ●	4,000,000		4,004,337
		Series 2013-A9 A 0.856% 11/16/20 ●	8,900,000		8,919,023
		Series 2014-A5 A5 0.806% 4/15/21 ●	8,400,000		8,392,127
		Series 2014-A7 A7 1.38% 11/15/19	5,500,000		5,517,917
		Series 2015-A6 A6 0.686% 5/15/19 ●	11,270,000		11,267,749

NQ-022 [3/16] 5/16 (16643) 15

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

			Principal amount°	Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
	Chesapeake Funding
		Series 2012-2A A 144A 0.891% 5/7/24 #●	1,035,606	$	1,035,505
		Series 2014-1A A 144A 0.861% 3/7/26 #●	8,232,242		8,208,960
	CIT Equipment Collateral
		Series 2014-VT1 A2 144A 0.86% 5/22/17 #	332,365		331,839
	Citibank Credit Card Issuance Trust
		Series 2013-A4 A4 0.852% 7/24/20 ●	800,000		801,146
		Series 2013-A7 A7 0.872% 9/10/20 ●	8,100,000		8,120,333
		Series 2014-A9 A9 0.682% 11/23/18 ●	1,645,000		1,645,000
	Dell Equipment Finance Trust
		Series 2014-1 A3 144A 0.94% 6/22/20 #	404,371		404,226
	Discover Card Execution Note Trust
		Series 2012-A4 A4 0.806% 11/15/19 ●	500,000		500,802
		Series 2013-A1 A1 0.736% 8/17/20 ●	3,300,000		3,299,169
		Series 2013-A6 A6 0.886% 4/15/21 ●	2,405,000		2,408,679
		Series 2014-A1 A1 0.866% 7/15/21 ●	8,365,000		8,371,695
		Series 2015-A1 A1 0.786% 8/17/20 ●	7,350,000		7,346,346
		Series 2015-A3 A 1.45% 3/15/21	890,000		892,097
	Enterprise Fleet Financing
		Series 2014-1 A2 144A 0.87% 9/20/19 #	983,229		980,263
	FirstKey Lending Trust
		Series 2015-SFR1 A 144A 2.553% 3/9/47 #	489,478		484,754
	Ford Credit Auto Lease Trust
		Series 2015-A A3 1.13% 6/15/18	725,000		724,492
	Ford Credit Auto Owner Trust
		Series 2016-A A2B 0.836% 12/15/18 ●	1,600,000		1,601,420
	Ford Credit Floorplan Master Owner Trust A
		Series 2014-1 A1 1.20% 2/15/19	4,100,000		4,095,590
		Series 2014-1 A2 0.836% 2/15/19 ●	6,524,000		6,512,296
		Series 2014-2 A 0.936% 2/15/21 ●	6,612,000		6,545,631
		Series 2014-4 A2 0.786% 8/15/19 ●	7,650,000		7,623,533
		Series 2015-2 A2 1.006% 1/15/22 ●	10,000,000		9,875,213
	GE Dealer Floorplan Master Note Trust
		Series 2012-2 A 1.182% 4/22/19 ●	19,865,000		19,919,283
		Series 2013-1 A 0.832% 4/20/18 ●	2,600,000		2,600,000
		Series 2014-2 A 0.882% 10/20/19 ●	8,575,000		8,521,014
		Series 2015-1 A 0.932% 1/20/20 ●	4,810,000		4,793,113
	Golden Credit Card Trust
		Series 2014-2A A 144A 0.886% 3/15/21 #●	535,000		528,750
		Series 2015-1A A 144A 0.876% 2/15/20 #●	7,750,000		7,729,458
	GreatAmerica Leasing Receivables
		Series 2014-1 A3 144A 0.89% 7/15/17 #	1,857,156		1,851,645
	Hertz Fleet Lease Funding
		Series 2014-1 A 144A 0.842% 4/10/28 #●	4,527,852		4,517,349

16 NQ-022 [3/16] 5/16 (16643)

(Unaudited)

		Principal amount°	Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
	HOA Funding
	Series 2014-1A A2 144A 4.846% 8/20/44 #	257,050	$	229,590
	Honda Auto Receivables Owner Trust
	Series 2015-3 A3 1.27% 4/18/19	6,000,000		6,015,939
	Hyundai Auto Lease Securitization Trust
	Series 2014-A A4 144A 1.01% 9/15/17 #	1,310,000		1,308,953
	Series 2015-A A3 144A 1.42% 9/17/18 #	6,200,000		6,211,669
	Hyundai Auto Receivables Trust
	Series 2015-C A2B 0.806% 11/15/18 ●	1,200,000		1,199,697
	Series 2016-A A2B 0.801% 6/17/19 ●	3,000,000		2,999,993
	Mercedes-Benz Auto Lease Trust
	Series 2015-B A2B 0.956% 1/16/18 ●	7,000,000		7,004,337
	Series 2016-A A2B 0.998% 7/16/18 ●	505,000		505,033
	Mercedes-Benz Master Owner Trust
	Series 2015-AA A 144A 0.756% 4/15/19 #●	4,000,000		3,994,510
	Series 2015-BA A 144A 0.816% 4/15/20 #●	1,000,000		996,252
	Navistar Financial Dealer Note Master Owner Trust II
	Series 2014-1 A 144A 1.183% 10/25/19 #●	9,000,000		8,955,558
	NextGear Floorplan Master Owner Trust
	Series 2014-1A A 144A 1.92% 10/15/19 #	1,015,000		1,005,182
	Nissan Auto Lease Trust
	Series 2014-A A4 1.04% 10/15/19	1,360,000		1,359,775
	Series 2014-B A3 1.12% 9/15/17	10,025,000		10,024,125
	Series 2015-B A2B 0.966% 12/15/17 ●	725,000		725,588
	Nissan Auto Receivables Owner Trust
	Series 2013-C A3 0.67% 8/15/18	1,282,057		1,280,192
	Series 2015-C A2B 0.786% 11/15/18 ●	500,000		500,403
	Penarth Master Issuer
	Series 2015-1A A1 144A 0.84% 3/18/19 #●	385,000		383,768
	Series 2015-2A A1 144A 0.84% 5/18/19 #●	3,800,000		3,787,255
	PFS Financing
	Series 2014-AA A 144A 1.036% 2/15/19 #●	8,000,000		7,970,348
	Series 2015-AA A 144A 1.056% 4/15/20 #●	2,000,000		1,974,419
	Porsche Innovative Lease Owner Trust
	Series 2015-1 A3 144A 1.19% 7/23/18 #	755,000		754,753
	Synchrony Credit Card Master Note Trust
	Series 2012-6 A 1.36% 8/17/20	870,000		869,321
	Series 2015-2 A 1.60% 4/15/21	1,250,000		1,251,778
	Trade MAPS 1
	Series 2013-1A A 144A 1.142% 12/10/18 #●	9,970,000		9,905,759
	Volkswagen Auto Lease Trust
	Series 2015-A A3 1.25% 12/20/17	790,000		785,315
	Volkswagen Credit Auto Master Trust
	Series 2014-1A A2 144A 1.40% 7/22/19 #	2,210,000		2,184,937

NQ-022 [3/16] 5/16 (16643) 17

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

		Principal amount°	Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
	Wheels
	Series 2014-1A A2 144A 0.84% 3/20/23 #	1,467,026	$	1,462,300
	World Financial Network Credit Card Master Trust
	Series 2015-A A 0.916% 2/15/22 ●	685,000		683,338
Total Non-Agency Asset-Backed Securities
	(cost $367,278,286)			367,065,994

Non-Agency Collateralized Mortgage Obligations – 0.28%
	American Home Mortgage Investment Trust
	Series 2005-2 5A1 5.064% 9/25/35 ϕ	37,347		37,273
	Bank of America Alternative Loan Trust
	Series 2005-3 2A1 5.50% 4/25/20	48,871		48,783
	Series 2005-6 7A1 5.50% 7/25/20	37,701		36,822
	Bank of America Mortgage Securities
	Series 2002-K 2A1 2.741% 10/20/32 @●	3,176		3,156
	GSMPS Mortgage Loan Trust
	Series 1998-2 A 144A 7.75% 5/19/27 #●	67,022		69,814
	JPMorgan Mortgage Trust
	Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #●	455,000		455,734
	Sequoia Mortgage Trust
	Series 2014-2 A4 144A 3.50% 7/25/44 #●	596,882		609,683
	Towd Point Mortgage Trust
	Series 2015-5 A1B 144A 2.75% 5/25/55 #●	738,856		738,119
	Series 2015-6 A1B 144A 2.75% 4/25/55 #●	772,950		771,242
	Wells Fargo Mortgage-Backed Securities Trust
	Series 2004-EE 3A1 2.722% 12/25/34 ●	12,816		12,837
	Series 2006-AR5 2A1 3.10% 4/25/36 ●	149,151		138,895
Total Non-Agency Collateralized Mortgage Obligations (cost $2,855,952)				2,922,358

Regional Bond – 0.02%Δ
Argentina – 0.02%
	Provincia de Buenos Aires 144A 9.95% 6/9/21 #	180,000		189,450
Total Regional Bond (cost $177,775)				189,450

Senior Secured Loans – 0.97%«
	Albertson’s Tranche B4 1st Lien 5.50% 8/25/21	498,652		499,743
	Avago Technologies Cayman Finance Tranche B 1st Lien
	4.25% 2/1/23	500,000		498,160
	BJ’s Wholesale Club 2nd Lien 8.50% 3/31/20 @	200,000		184,700
	Blue Ribbon 1st Lien 5.50% 11/13/21	1,000,000		997,500
	Calpine Corp Tranche B3 1st Lien 4.00% 10/9/19	249,354		248,523
	CCO Safari III Tranche H 1st Lien 3.25% 8/24/21	500,000		499,688
	FCA US Tranche B 1st Lien 3.25% 12/31/18	292,204		292,131

18 NQ-022 [3/16] 5/16 (16643)

(Unaudited)

		Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
	First Data Tranche C1 1st Lien 3.932% 3/24/18	807,283	$	806,721
	Gray Television Tranche C 1st Lien 4.25% 6/13/21	399,000		400,122
	HCA Tranche B6 1st Lien 3.683% 3/18/23	1,000,000		1,005,536
	Hilton Worldwide Finance Tranche B2 1st Lien
	3.50% 10/25/20	500,000		500,750
	Ineos U.S. Finance Tranche B 3.75% 5/4/18	498,721		495,214
	JC Penney 1st Lien 6.00% 5/22/18	496,395		497,264
	Landry’s Tranche B 1st Lien 4.00% 4/24/18	949,876		947,738
	Marina District Tranche B 1st Lien 6.50% 8/15/18	317,981		318,478
	Microsemi Tranche B 1st Lien 5.25% 1/15/23	231,618		232,978
	Mohegan Tribal Gaming Authority Tranche B
	5.50% 6/15/18	797,900		773,714
	Republic of Angola (Unsecured) 7.045% 12/16/23 @	510,000		425,850
	Rite Aid 2nd Lien 5.75% 8/21/20	500,000		502,500
Total Senior Secured Loans (cost $10,199,726)				10,127,310

Sovereign Bonds – 0.38%Δ
Croatia – 0.05%
	Croatia Government International Bond 144A
	6.375% 3/24/21 #	500,000		547,281
				547,281
Dominican Republic – 0.05%
	Dominican Republic International Bond 144A
	7.50% 5/6/21 #	500,000		546,250
				546,250
Indonesia – 0.03%
	Perusahaan Penerbit Indonesia III 144A 6.125% 3/15/19 #	300,000		330,000
				330,000
Mexico – 0.05%
	Nacional Financiera SNC 144A 3.375% 11/5/20 #	500,000		505,000
				505,000
Mongolia – 0.05%
	Mongolia Government International Bond 144A
	10.875% 4/6/21 #	500,000		501,937
				501,937
Serbia – 0.05%
	Republic of Serbia 144A 4.875% 2/25/20 #	500,000		508,829
				508,829
Slovenia – 0.05%
	Slovenia Government International Bond 144A
	4.75% 5/10/18 #	500,000		529,420
				529,420

NQ-022 [3/16] 5/16 (16643) 19

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

			Principal amount°	Value (U.S. $)
Sovereign – BondsΔ (continued)
Sri Lanka – 0.05%
	Sri Lanka Government International Bond 144A
		5.125% 4/11/19 #	500,000	$	491,311
					491,311
Total Sovereign Bonds (cost $3,975,210)					3,960,028

Supranational Bank – 0.13%
	International Bank for Reconstruction & Development
		1.625% 3/9/21	1,365,000		1,374,891
Total Supranational Bank (cost $1,362,912)					1,374,891

U.S. Treasury Obligations – 0.07%
	U.S. Treasury Notes
		1.25% 3/31/21	435,000		435,518
		2.25% 11/15/25	270,000		281,011
Total U.S. Treasury Obligations (cost $714,905)					716,529

			Number of
			Shares
Preferred Stock – 0.44%
	Bank of America 8.125% ●		1,000,000		986,250
	General Electric 5.00% ●		1,111,000		1,145,719
	Morgan Stanley 5.55% ●		1,180,000		1,164,660
	PNC Preferred Funding Trust II 1.856% #●		1,200,000		1,011,000
	USB Realty 1.769% #@●		400,000		320,000
Total Preferred Stock (cost $4,877,272)					4,627,629

			Principal amount°
Short-Term Investments – 3.17%
Discount Notes – 2.36%≠
	Federal Home Loan Bank
		0.32% 5/20/16	590,375		590,174
		0.335% 5/2/16	5,896,474		5,895,206
		0.34% 5/19/16	100,813		100,779
		0.374% 5/18/16	10,643,244		10,639,774
		0.38% 7/18/16	355,335		354,962
		0.385% 6/8/16	687,174		686,784
		0.387% 5/27/16	3,595,182		3,593,784
		0.53% 8/15/16	2,704,580		2,700,596
					24,562,059

20 NQ-022 [3/16] 5/16 (16643)

(Unaudited)

	Principal amount°	Value (U.S. $)
Short-Term Investments (continued)
Repurchase Agreements - 0.81%
Bank of America Merrill Lynch
0.23%, dated 3/31/16, to be repurchased on 4/1/16,
repurchase price $1,800,405 (collateralized by U.S.
government obligations 2.50% 7/15/16; market
value $1,836,402)	1,800,393	$	1,800,393
Bank of Montreal
0.29%, dated 3/31/16, to be repurchased on 4/1/16,
repurchase price $3,000,680 (collateralized by U.S.
government obligations 0.00%-8.75%
5/26/16-11/30/22; market value $3,060,669)	3,000,655		3,000,655
BNP Paribas
0.30%, dated 3/31/16, to be repurchased on 4/1/16,
repurchase price $3,623,982 (collateralized by U.S.
government obligations 0.00%-4.75%
5/15/16-8/15/44; market value $3,696,431)	3,623,952		3,623,952
			8,425,000
Total Short-Term Investments (cost $32,982,488)			32,987,059

Total Value of Securities – 101.80%
(cost $1,056,226,483)			1,060,266,782
Liabilities Net of Receivables and Other Assets – (1.80%)			(18,736,478	)
Net Assets Applicable to 122,337,453 Shares Outstanding – 100.00%		$	1,041,530,304

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2016, the aggregate value of Rule 144A securities was $202,479,944, which represents 19.44% of the Fund’s net assets.
@	Illiquid security. At March 31, 2016, the aggregate value of illiquid securities was $6,339,651, which represents 0.61% 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 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, 2016. Interest rates reset periodically.
Δ	Securities have been classified by country of origin.
Σ	Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security.

NQ-022 [3/16] 5/16 (16643) 21

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

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, 2016.

Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at March 31, 2016.

The following futures and swap contracts were outstanding at March 31, 2016:

Futures Contracts

		Notional							Unrealized
		Cost			Notional			Expiration	Appreciation
Contracts to Buy (Sell)		(Proceeds)			Value			Date	(Depreciation)
(162)	U.S. Treasury 10 yr Notes	$	(21,130,415	)	$	(21,123,281	)	6/22/16	$	7,134
(231)	U.S. Treasury 2 yr Notes		(50,519,767	)		(50,531,250	)	7/1/16		(11,483	)
		$	(71,650,182	)					$	(4,349	)

Swap Contracts
CDS Contracts¹

Swap

Annual

Upfront

Unrealized

Referenced

Protection

Termination

Payment

Appreciation

Counterparty

Obligation

Notional Value²

Payments

Date

Received

(Depreciation)³

Protection

Purchased:

JPM -

ICE

CDX.NA.HY.25⁴

44,000,000

5.00%

12/20/20

190,719

(1,067,950

)

JPM -

ICE

CDX.NA.HY.26⁴

20,000,000

5.00%

6/20/21

394,715

(143,385

)

(1,211,335

)

The use of futures contracts and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in these 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.

²Notional value shown is stated in U.S. Dollars unless noted that the swap is denominated in another currency.

³Unrealized appreciation (depreciation) does not include periodic interest payments on swap contracts accrued daily in the amount of $(73,581).

22 NQ-022 [3/16] 5/16 (16643)

(Unaudited)

⁴Markit’s CDX.NA.HY Index, is composed of one hundred (100) of the most liquid North American entities with high yield credit ratings that trade in the CDS market.

Summary of abbreviations:

ARM – Adjustable Rate Mortgage

CDS – Credit Default Swap

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

CLO – Collateralized Loan Obligation

DBUBS – Deutsche Bank United Bank of Switzerland

FHAVA – Federal Housing Administration & Veterans Administration

GNMA – Government National Mortgage Association

GSMPS – Goldman Sachs Reperforming Mortgage Securities

ICE – Intercontinental Exchange, Inc.

JPM – JPMorgan

JPMBB – JPMorgan Barclays Bank

NCUA – National Credit Union Administration

PIK – Pay-in-kind

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

TBA – To be announced

yr – Year

NQ-022 [3/16] 5/16 (16643) 23

Notes
Delaware Limited-Term Diversified Income Fund	March 31, 2016 (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 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, then 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).

2. Investments

At March 31, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At March 31, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

24 NQ-022 [3/16] 5/16 (16643)

(Unaudited)

Cost of investments	$	1,056,226,483
Aggregate unrealized appreciation of investments	$	10,385,355
Aggregate unrealized depreciation of investments		(6,345,056	)
Net unrealized appreciation of investments	$	4,040,299

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.

NQ-022 [3/16] 5/16 (16643) 25

(Unaudited)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2016:

Securities	Level 1			Level 2			Level 3		Total
Agency, Asset- & Mortgage-
Backed Securities¹	$	—		$	549,030,859		$	826,084	$	549,856,943
Corporate Debt		—			440,905,800			—		440,905,800
Foreign Debt		—			5,524,369			—		5,524,369
Senior Secured Loans¹		—			9,701,460			425,850		10,127,310
Municipal Bonds		—			15,521,143			—		15,521,143
Preferred Stock		—			4,627,629			—		4,627,629
Short-Term Investments		—			32,987,059			—		32,987,059
U.S. Treasury Obligations		—			716,529			—		716,529
Total Value of Securities	$	—		$	1,059,014,848		$	1,251,934	$	1,060,266,782
Futures Contracts	$	(4,349	)	$	—		$	—	$	(4,349	)
Swap Contracts		—			(1,211,335	)		—		(1,211,335	)

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
Agency, Asset- & Mortgage-
Backed Securities	99.85	%	0.15	%	100.00	%
Senior Secured Loans	95.80	%	4.20	%	100.00	%

During the period ended March 31, 2016, 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, 2016 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

26 NQ-022 [3/16] 5/16 (16643)

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:

EX-99.CERT 2 exhibit99-cert.htm CERTIFICATION

CERTIFICATION

I, Shawn Lytle, certify that:

1.	I have reviewed this report on Form N-Q of Delaware Group^®Limited-Term Government Funds;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ SHAWN LYTLE
By:	Shawn Lytle
Title:	President and Chief Executive Officer
Date:	May 25, 2016

CERTIFICATION

I, Richard Salus, certify that:

1.	I have reviewed this report on Form N-Q of Delaware Group^®Limited-Term Government Funds;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	May 25, 2016

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 LYTLE
By:	Shawn Lytle
Title:	President and Chief Executive Officer
Date:	May 25, 2016

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 LYTLE
By:	Shawn Lytle
Title:	President and Chief Executive Officer
Date:	May 25, 2016

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	May 25, 2016