0001206774-17-001708.txt : 20170530 0001206774-17-001708.hdr.sgml : 20170529 20170530093654 ACCESSION NUMBER: 0001206774-17-001708 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170530 DATE AS OF CHANGE: 20170530 EFFECTIVENESS DATE: 20170530 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: 17875766 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

C000190626 DELAWARE LIMITED-TERM DIVERSIFIED INCOME FUND CLASS R6

N-Q 1 dglimtegov3262421-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, 2017

Item 1. Schedule of Investments.

Schedule of investments
Delaware Limited-Term Diversified Income Fund	March 31, 2017 (Unaudited)

			Principal amount°	Value (U.S. $)
Agency Asset-Backed Securities – 0.02%
	Fannie Mae Grantor Trust
		Series 2003-T4 2A5 4.816% 9/26/33 ϕ	168,097	$	185,012
	Fannie Mae REMIC Trust
		Series 2001-W2 AS5 6.473% 10/25/31 ϕ	142		143
	Freddie Mac Structured Pass Through Securities
		Series T-30 A5 6.606% 12/25/30 ⧫ϕ	4,413		5,106
Total Agency Asset-Backed Securities (cost $171,507)					190,261

Agency Collateralized Mortgage Obligations – 8.86%
	Fannie Mae Grantor Trust
		Series 2001-T5 A2 6.985% 6/19/41 ●	28,854		32,149
		Series 2002-T1 A2 7.00% 11/25/31	62,853		74,194
	Fannie Mae Interest Strip
		Series 413 167 4.50% 7/25/42 Σ●	1,370,701		337,354
	Fannie Mae REMIC Trust
		Series 2002-W1 2A 6.134% 2/25/42 ●	75,749		85,818
	Fannie Mae REMICs
		Series 2002-90 A1 6.50% 6/25/42	838		974
		Series 2003-52 NA 4.00% 6/25/23	87,170		90,606
		Series 2003-78 B 5.00% 8/25/23	35,832		38,204
		Series 2003-120 BL 3.50% 12/25/18	114,071		115,509
		Series 2004-36 FA 1.382% 5/25/34 ●	284,518		284,333
		Series 2004-49 EB 5.00% 7/25/24	27,074		29,132
		Series 2005-66 FD 1.282% 7/25/35 ●	1,283,471		1,277,304
		Series 2005-110 MB 5.50% 9/25/35	8,171		8,596
		Series 2006-105 FB 1.402% 11/25/36 ●	78,133		78,300
		Series 2010-41 PN 4.50% 4/25/40	86,000		92,795
		Series 2011-88 AB 2.50% 9/25/26	61,651		61,939
		Series 2011-105 FP 1.382% 6/25/41 ●	2,105,273		2,096,337
		Series 2011-113 MC 4.00% 12/25/40	149,087		153,429
		Series 2012-51 SA 5.518% 5/25/42 Σ●	64,849		14,929
		Series 2012-93 LY 2.50% 9/25/42	433,000		382,559
		Series 2012-98 MI 3.00% 8/25/31 Σ	26,994,361		3,048,565
		Series 2012-99 AI 3.50% 5/25/39 Σ	1,853,201		197,667
		Series 2012-118 AI 3.50% 11/25/37 Σ	383,245		46,827
		Series 2012-120 WI 3.00% 11/25/27 Σ	145,737		14,751
		Series 2012-122 SD 5.118% 11/25/42 Σ●	3,226,984		662,742
		Series 2012-125 MI 3.50% 11/25/42 Σ	1,535,651		307,503
		Series 2012-128 NP 2.50% 11/25/42	474,982		450,568
		Series 2012-139 NS 5.718% 12/25/42 Σ●	62,625		14,723
		Series 2013-7 EI 3.00% 10/25/40 Σ	1,667,464		224,515
		Series 2013-20 IH 3.00% 3/25/33 Σ	409,182		57,379
		Series 2013-26 ID 3.00% 4/25/33 Σ	712,336		99,927

NQ-022 [3/17] 5/17 (154154) 1

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

			Principal amount°	Value (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
	Fannie Mae REMICs
		Series 2013-28 YB 3.00% 4/25/43	1,550,000	$	1,483,928
		Series 2013-38 AI 3.00% 4/25/33 Σ	593,668		80,333
		Series 2013-52 ZA 3.00% 6/25/43	209,564		203,152
		Series 2013-55 AI 3.00% 6/25/33 Σ	16,715,933		2,418,665
		Series 2013-59 PY 2.50% 6/25/43	547,142		499,677
		Series 2013-62 PY 2.50% 6/25/43	652,000		596,431
		Series 2013-69 IJ 3.00% 7/25/33 Σ	62,762		9,126
		Series 2013-71 ZA 3.50% 7/25/43	281,589		282,243
		Series 2013-94 GQ 3.00% 9/25/43	1,619,672		1,619,393
		Series 2013-129 KI 3.00% 8/25/28 Σ	2,035,994		197,524
		Series 2014-5 JL 4.00% 2/25/44	78,000		84,269
		Series 2014-21 ID 3.50% 6/25/33 Σ	411,503		54,173
		Series 2014-25 DI 3.50% 8/25/32 Σ	330,823		37,720
		Series 2014-64 IT 3.50% 6/25/41 Σ	52,117		5,143
		Series 2014-67 GZ 2.00% 12/25/42	606,960		539,522
		Series 2014-85 IB 3.00% 12/25/44 Σ	998,881		195,245
		Series 2015-11 BI 3.00% 1/25/33 Σ	589,375		60,364
		Series 2015-31 ZD 3.00% 5/25/45	444,826		420,513
		Series 2015-34 OK 0.00% 3/25/44 Ω	1,185,000		1,038,020
		Series 2015-40 GZ 3.50% 5/25/45	106,617		101,428
		Series 2015-43 PZ 3.50% 6/25/45	42,647		42,946
		Series 2015-44 AI 3.50% 1/25/34 Σ	841,800		123,341
		Series 2015-45 AI 3.00% 1/25/33 Σ	77,695		8,213
		Series 2015-82 AI 3.50% 6/25/34 Σ	4,816,286		871,787
		Series 2015-85 BI 4.50% 9/25/43 Σ	704,021		136,419
		Series 2015-89 EZ 3.00% 12/25/45	637,985		605,044
		Series 2015-95 SH 5.018% 1/25/46 Σ●	142,772		30,577
		Series 2016-2 HI 3.00% 12/25/41 Σ	1,326,307		177,348
		Series 2016-17 BI 4.00% 2/25/43 Σ	1,276,360		217,427
		Series 2016-33 DI 3.50% 6/25/36 Σ	259,863		40,679
		Series 2016-54 PI 3.00% 2/25/44 Σ	1,400,880		173,808
		Series 2016-55 SK 5.018% 8/25/46 Σ●	118,037		28,278
		Series 2016-74 GS 5.018% 10/25/46 Σ●	875,540		215,654
		Series 2016-74 IH 3.50% 11/25/45 Σ	125,751		23,044
		Series 2016-80 JZ 3.00% 11/25/46	140,822		127,755
		Series 2016-83 PI 3.50% 7/25/45 Σ	96,545		15,661
		Series 2016-90 CI 3.00% 2/25/45 Σ	811,141		124,829
		Series 2016-95 IO 3.00% 12/25/46 Σ	3,053,832		603,256
		Series 2016-95 LZ 2.50% 12/25/46	207,058		168,271
		Series 2016-99 DI 3.50% 1/25/46 Σ	98,878		16,505
		Series 2016-99 TI 3.50% 3/25/36 Σ	687,345		94,631
		Series 2016-105 SA 5.018% 1/25/47 Σ●	172,246		36,782

2 NQ-022 [3/17] 5/17 (154154)

(Unaudited)

			Principal amount°	Value (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
	Fannie Mae REMICs
		Series 2017-6 NI 3.50% 3/25/46 Σ	951,867	$	151,370
		Series 2017-14 AI 3.00% 9/25/42 Σ	99,355		14,066
		Series 2017-16 WI 3.00% 1/25/45 Σ	99,337		13,686
		Series 2017-16 YT 3.00% 7/25/46	270,000		264,344
		Series 2017-16 YW 3.00% 3/25/47	875,000		804,759
		Series 2017-19 MD 3.00% 1/25/47	99,000		92,451
		Series 2017-24 AI 3.00% 8/25/46 Σ	1,084,979		143,760
		Series 2017-25 GS 5.73% 4/25/47 Σ●	287,000		50,225
	Freddie Mac REMICs
		Series 1730 Z 7.00% 5/15/24	26,636		29,687
		Series 2621 QH 5.00% 5/15/33	1,835		1,964
		Series 2708 ZD 5.50% 11/15/33	243,258		270,487
		Series 2901 CA 4.50% 11/15/19	35,725		35,998
		Series 3016 FL 1.302% 8/15/35 ●	32,357		32,411
		Series 3027 DE 5.00% 9/15/25	28,415		30,744
		Series 3067 FA 1.262% 11/15/35 ●	2,540,059		2,533,768
		Series 3232 KF 1.362% 10/15/36 ●	64,306		64,399
		Series 3241 FM 1.292% 11/15/36 ●	24,083		24,061
		Series 3297 BF 1.152% 4/15/37 ●	853,328		847,729
		Series 3316 FB 1.212% 8/15/35 ●	115,385		114,682
		Series 3578 EO 0.00% 5/15/37 Ω	353,509		333,093
		Series 3737 NA 3.50% 6/15/25	105,862		109,630
		Series 3780 LF 1.312% 3/15/29 ●	118,190		118,257
		Series 3800 AF 1.412% 2/15/41 ●	1,621,347		1,627,690
		Series 3803 TF 1.312% 11/15/28 ●	128,186		128,417
		Series 3852 TP 5.50% 5/15/41 ●	95,968		103,626
		Series 4050 EI 4.00% 2/15/39 Σ	121,408		12,448
		Series 4076 QB 1.75% 11/15/41	534,766		519,818
		Series 4100 EI 3.00% 8/15/27 Σ	771,937		78,026
		Series 4109 AI 3.00% 7/15/31 Σ	6,465,179		695,828
		Series 4136 EZ 3.00% 11/15/42	305,574		300,310
		Series 4142 HA 2.50% 12/15/32	400,598		402,540
		Series 4150 PQ 2.50% 1/15/43	70,305		62,692
		Series 4152 BW 2.50% 1/15/43	195,361		176,942
		Series 4161 IM 3.50% 2/15/43 Σ	467,415		105,798
		Series 4171 Z 3.00% 2/15/43	463,270		432,088
		Series 4185 LI 3.00% 3/15/33 Σ	473,087		66,072
		Series 4206 DZ 3.00% 5/15/33	335,365		326,858
		Series 4210 Z 3.00% 5/15/43	477,828		439,043
		Series 4223 HI 3.00% 4/15/30 Σ	3,089,352		243,579
		Series 4342 CI 3.00% 11/15/33 Σ	1,218,364		157,832
		Series 4366 DI 3.50% 5/15/33 Σ	1,661,516		226,284

NQ-022 [3/17] 5/17 (154154) 3

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

			Principal amount°	Value (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
	Freddie Mac REMICs
		Series 4408 BC 3.00% 11/15/44	270,000	$	251,266
		Series 4408 ZG 2.00% 9/15/41	400,673		352,302
		Series 4419 DC 3.00% 12/15/44	152,000		141,194
		Series 4433 DI 3.00% 8/15/32 Σ	6,392,421		645,142
		Series 4452 PZ 3.50% 3/15/45	4,515,158		4,403,915
		Series 4453 DI 3.50% 11/15/33 Σ	6,455,280		823,079
		Series 4457 KZ 3.00% 4/15/45	3,364,863		3,145,307
		Series 4476 GI 3.00% 6/15/41 Σ	1,436,157		165,148
		Series 4493 HI 3.00% 6/15/41 Σ	209,748		28,483
		Series 4531 PZ 3.50% 11/15/45	1,269,814		1,226,811
		Series 4554 MP 3.00% 2/15/46	2,252,500		2,195,810
		Series 4567 LI 4.00% 8/15/45 Σ	549,501		104,193
		Series 4574 AI 3.00% 4/15/31 Σ	2,755,706		352,851
		Series 4581 LI 3.00% 5/15/36 Σ	86,514		12,099
		Series 4614 HB 2.50% 9/15/46	62,000		55,427
		Series 4618 SA 5.088% 9/15/46 Σ●	423,407		103,934
		Series 4623 IY 4.00% 10/15/46 Σ	200,596		45,144
		Series 4623 LZ 2.50% 10/15/46	51,533		43,964
		Series 4623 MW 2.50% 10/15/46	60,000		54,483
		Series 4623 WI 4.00% 8/15/44 Σ	1,244,877		231,516
		Series 4623 YT 2.50% 3/15/46	1,442,246		1,295,555
		Series 4643 QI 3.50% 9/15/45 Σ	2,091,863		344,546
		Series 4648 SA 5.088% 1/15/47 Σ●	1,181,087		269,969
		Series 4650 JG 3.00% 11/15/46	1,997,000		1,832,376
		Series 4653 VB 3.00% 4/15/40	865,000		838,283
		Series 4655 TI 3.00% 8/15/36 Σ	99,631		8,720
		Series 4656 HI 3.50% 5/15/42 Σ	770,123		95,507
		Series 4657 PS 5.088% 2/15/47 Σ●	4,685,039		997,964
		Series 4660 GI 3.00% 8/15/43 Σ	693,522		99,016
		Series 4663 AI 3.00% 3/15/42 Σ	131,000		16,949
	Freddie Mac Strips
		Series 284 S6 5.188% 10/15/42 Σ●	1,301,560		277,661
		Series 303 151 4.328% 12/15/42 Σ●	454,911		109,978
		Series 303 185 3.517% 1/15/43 Σ●	1,224,624		245,716
		Series 319 S2 5.088% 11/15/43 Σ●	3,713,263		798,280
		Series 326 S2 5.038% 3/15/44 Σ●	81,290		16,101
	Freddie Mac Structured Pass Through Certificates
		Series T-42 A5 7.50% 2/25/42 ⧫	33,283		38,799
		Series T-54 2A 6.50% 2/25/43 ⧫	819		962
		Series T-58 2A 6.50% 9/25/43 ⧫	571,569		661,235
	GNMA
		Series 2013-26 KD 2.50% 2/16/43	870,000		801,864

4 NQ-022 [3/17] 5/17 (154154)

(Unaudited)

			Principal amount°	Value (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
	GNMA
		Series 2013-79 KE 3.00% 5/20/43	1,250,000	$	1,231,678
		Series 2013-113 LY 3.00% 5/20/43	17,000		16,752
		Series 2014-12 ZA 3.00% 1/20/44	203,413		193,953
		Series 2014-62 Z 3.00% 4/20/44	173,520		165,144
		Series 2015-74 CI 3.00% 10/16/39 Σ	189,192		24,012
		Series 2015-76 MZ 3.00% 5/20/45	1,084,946		1,050,134
		Series 2015-82 GI 3.50% 12/20/38 Σ	1,109,279		111,463
		Series 2015-106 QZ 2.50% 7/20/45	3,751,964		3,610,315
		Series 2015-134 PZ 3.00% 9/20/45	2,273,937		2,161,925
		Series 2015-142 AI 4.00% 2/20/44 Σ	68,429		8,655
		Series 2015-155 PZ 3.00% 10/20/45	3,406,573		3,242,167
		Series 2015-155 QZ 3.50% 10/20/45	1,548,816		1,533,834
		Series 2015-185 PZ 3.00% 12/20/45	1,092,148		1,054,757
		Series 2016-5 GL 3.00% 7/20/45	5,000		4,874
		Series 2016-49 PZ 3.00% 11/16/45	226,126		208,226
		Series 2016-74 PL 3.00% 5/20/46	610,000		596,578
		Series 2016-80 JZ 3.00% 6/20/46	664,772		643,310
		Series 2016-81 IM 4.00% 10/20/44 Σ	272,350		45,420
		Series 2016-89 QS 5.072% 7/20/46 Σ●	3,868,539		946,519
		Series 2016-134 MW 3.00% 10/20/46	10,000		9,955
		Series 2016-135 Z 3.00% 10/20/46	49,616		44,942
		Series 2016-146 KS 5.122% 10/20/46 Σ●	97,309		23,293
		Series 2016-149 GI 4.00% 11/20/46 Σ	98,757		21,595
		Series 2016-167 QM 3.00% 4/20/46	402,000		386,103
		Series 2017-4 WI 4.00% 2/20/44 Σ	99,184		19,122
		Series 2017-14 EZ 3.00% 1/20/47	264,317		230,405
		Series 2017-17 BV 3.00% 4/20/40	434,000		427,952
		Series 2017-17 BZ 3.00% 2/20/47	1,744,350		1,600,390
		Series 2017-25 CZ 3.50% 2/20/47	48,140		48,005
Total Agency Collateralized Mortgage Obligations (cost $78,618,236)					79,169,241

Agency Commercial Mortgage-Backed Securities – 0.27%
	FREMF Mortgage Trust
		Series 2011-K15 B 144A 4.949% 8/25/44 #●	95,000		103,187
		Series 2012-K708 B 144A 3.752% 2/25/45 #●	675,000		689,856
		Series 2013-K712 B 144A 3.365% 5/25/45 #●	345,000		351,877
	NCUA Guaranteed Notes Trust
		Series 2011-C1 2A 1.384% 3/9/21 ●	1,258,814		1,256,444
Total Agency Commercial Mortgage-Backed Securities (cost $2,414,385)					2,401,364

NQ-022 [3/17] 5/17 (154154) 5

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

			Principal amount°	Value (U.S. $)
Agency Mortgage-Backed Securities – 8.00%
	Fannie Mae ARM
		2.731% 12/1/33 ●	81,492	$	86,524
		2.813% 8/1/34 ●	116,047		122,504
		2.833% 9/1/38 ●	1,217,770		1,306,318
		2.834% 4/1/36 ●	28,709		30,337
		2.908% 8/1/36 ●	39,072		41,340
		2.942% 4/1/36 ●	357,508		380,656
		2.945% 3/1/38 ●	4,826		5,067
		2.951% 6/1/36 ●	120,915		127,637
		3.018% 7/1/36 ●	105,580		112,360
		3.027% 6/1/34 ●	57,137		60,652
		3.076% 8/1/35 ●	30,689		32,388
		3.078% 11/1/35 ●	322,582		341,419
		3.141% 7/1/36 ●	61,539		65,012
		3.205% 11/1/39 ●	199,411		210,541
		3.484% 1/1/41 ●	166,313		173,320
		4.554% 11/1/39 ●	783,817		831,271
	Fannie Mae S.F. 30 yr
		4.50% 8/1/40	111,309		120,079
		5.00% 11/1/33	92,282		101,194
		5.00% 12/1/33	10,834		11,878
		5.00% 3/1/34	33,991		37,157
		5.00% 4/1/35	23,677		25,897
		5.00% 5/1/35	7,163		7,837
		5.00% 6/1/35	107,133		116,936
		5.00% 8/1/35	57,574		62,996
		5.00% 9/1/35	16,853		18,459
		5.00% 10/1/35	16,870		18,454
		5.00% 12/1/35	14,504		16,112
		5.00% 2/1/36	52,730		57,689
		5.00% 3/1/36	30,752		33,644
		5.00% 6/1/36	35,517		38,857
		5.00% 10/1/36	17,605		19,259
		5.00% 11/1/36	25,333		27,718
		5.00% 12/1/36	19,191		20,985
		5.00% 2/1/38	74,490		81,502
		5.00% 3/1/39	64,795		71,605
		5.00% 6/1/39	4,289		4,694
		5.00% 1/1/40	75,357		83,767
		5.50% 11/1/32	16,452		18,427
		5.50% 4/1/33	14,209		15,912
		5.50% 6/1/33	91,376		102,312
		5.50% 7/1/33	4,179		4,680

6 NQ-022 [3/17] 5/17 (154154)

(Unaudited)

			Principal amount°	Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 30 yr
		5.50% 1/1/34	10,747	$	12,156
		5.50% 4/1/34	143,820		161,364
		5.50% 7/1/34	32,163		36,020
		5.50% 9/1/34	360,071		403,070
		5.50% 11/1/34	37,136		41,571
		5.50% 2/1/35	18,983		21,254
		5.50% 5/1/35	5,925		6,634
		5.50% 11/1/35	25,936		28,981
		5.50% 4/1/36	29,536		32,994
		5.50% 8/1/37	551,058		617,025
		5.50% 1/1/38	1,273,944		1,424,496
		5.50% 12/1/38	6,703		7,506
		5.50% 5/1/44	9,204,381		10,300,047
		6.00% 11/1/23	9,024		10,187
		6.00% 3/1/34	49,755		56,957
		6.00% 8/1/34	20,556		23,457
		6.00% 9/1/34	201		228
		6.00% 11/1/34	3,200		3,628
		6.00% 4/1/35	175,799		199,816
		6.00% 7/1/35	49,567		56,375
		6.00% 12/1/35	33,345		37,891
		6.00% 4/1/36	9,328		10,538
		6.00% 6/1/36	173,375		199,295
		6.00% 9/1/36	194,621		223,768
		6.00% 12/1/36	4,658		5,260
		6.00% 3/1/37	4,393		4,961
		6.00% 5/1/37	61,205		69,557
		6.00% 7/1/37	2,289,638		2,617,441
		6.00% 8/1/37	180,205		205,233
		6.00% 9/1/37	1,404,140		1,585,641
		6.00% 3/1/38	1,635,255		1,864,238
		6.00% 5/1/38	456,890		517,367
		6.00% 7/1/38	3,946		4,459
		6.00% 9/1/38	7,150		8,072
		6.00% 10/1/38	3,922		4,428
		6.00% 9/1/39	192,654		220,143
		6.00% 10/1/39	2,740,075		3,137,807
		6.00% 3/1/40	22,643		25,562
		6.00% 5/1/41	203,903		231,283
		6.00% 7/1/41	3,804,311		4,295,253
		6.50% 1/1/29	7,198		8,219
		6.50% 5/1/40	193,033		217,346

NQ-022 [3/17] 5/17 (154154) 7

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
		7.50% 6/1/31	625	$	758
	Fannie Mae S.F. 30 yr TBA
		4.50% 4/1/47	27,256,000		29,180,955
	Freddie Mac ARM
		2.553% 10/1/46 ●	404,010		405,773
		2.681% 10/1/36 ●	6,354		6,719
		2.919% 6/1/37 ●	366,682		383,327
		2.933% 11/1/44 ●	154,124		158,564
		3.135% 7/1/38 ●	860,952		913,438
		3.146% 2/1/37 ●	4,763		5,072
		3.275% 10/1/37 ●	182,883		192,052
		5.00% 8/1/38 ●	16,065		16,806
	Freddie Mac S.F. 30 yr
		4.50% 8/1/44	228,067		245,425
		5.50% 1/1/38	9,265		10,413
		6.00% 5/1/35	9,041		10,297
		6.00% 2/1/36	208,618		236,904
		6.00% 3/1/36	248,851		283,622
		6.00% 8/1/38	1,950,793		2,235,751
		6.00% 10/1/38	3,335		3,814
		6.00% 5/1/39	51,008		58,246
		6.00% 11/1/39	32,592		36,947
		6.00% 5/1/40	248,837		280,915
		6.50% 12/1/31	19,739		22,296
		7.50% 7/1/32	3,921		4,643
	GNMA II S.F. 30 yr
		5.50% 5/20/37	180,964		201,291
		5.50% 4/20/40	163,684		178,949
		6.00% 2/20/39	222,002		251,680
		6.00% 10/20/39	408,526		456,298
		6.00% 2/20/40	847,972		949,853
		6.00% 4/20/46	249,105		278,780
		6.50% 6/20/39	175,387		198,539
		6.50% 10/20/39	277,279		312,981
Total Agency Mortgage-Backed Securities (cost $71,333,135)					71,504,032

8 NQ-022 [3/17] 5/17 (154154)

(Unaudited)

			Principal amount°	Value (U.S. $)
Collateralized Debt Obligations – 2.09%
	AMMC CLO
		Series 2015-16A AX 144A 2.373% 4/14/27 #●	4,275,000	$	4,271,794
		Series 2015-16A XR 144A 4.708% 4/14/29 #●	5,700,000		5,695,725
	Dryden 36 Senior Loan Fund
		Series 2014-36A X 144A 2.187% 1/15/28 #●	3,200,000		3,200,163
	Eaton Vance CLO
		Series 2013-1A AX 144A 2.023% 1/15/28 #●	840,000		839,147
	Harbourview CLO VII
		Series 7A AXR 144A 2.052% 11/18/26 #●	2,916,667		2,919,006
	Steele Creek CLO
		Series 2016-1A X 144A 2.131% 6/15/28 #●	437,500		437,170
	Tuolumne Grove CLO
		2014-1A AXR 144A 2.106% 4/25/26 #●	1,333,333		1,332,333
Total Collateralized Debt Obligations (cost $18,702,349)					18,695,338

Convertible Bond – 0.15%
	Jefferies Group 3.875% exercise price $43.83, maturity
		date 11/1/29	1,355,000		1,373,631
Total Convertible Bond (cost $1,443,922)					1,373,631

Corporate Bonds – 46.33%
Automotive – 0.06%
	IHO Verwaltungs 144A PIK 4.125% 9/15/21 #❆		500,000		503,750
					503,750
Banking – 16.47%
	Ally Financial 4.125% 3/30/20		500,000		511,250
	ANZ New Zealand International 144A 2.60% 9/23/19 #		3,900,000		3,931,836
	Banco Nacional de Costa Rica 144A 5.875% 4/25/21 #		450,000		458,437
	Bank of America
		2.503% 10/21/22	460,000		448,605
		3.124% 1/20/23 ●	2,360,000		2,371,696
		3.824% 1/20/28 ●	1,140,000		1,144,636
		5.75% 12/1/17	6,900,000		7,083,216
	Bank of New York Mellon
		2.45% 11/27/20	3,340,000		3,359,980
		2.50% 4/15/21	2,280,000		2,287,038
	Barclays
		3.20% 8/10/21	780,000		781,122
		8.25% 12/29/49 ●	1,200,000		1,264,164
	BBVA Bancomer 144A 7.25% 4/22/20 #		500,000		551,100
	Branch Banking & Trust 2.85% 4/1/21		1,505,000		1,528,806
	Citizens Bank
		2.45% 12/4/19	5,010,000		5,050,576

NQ-022 [3/17] 5/17 (154154) 9

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

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
	Citizens Bank
	2.50% 3/14/19	2,890,000	$	2,910,198
	Commonwealth Bank of Australia 2.40% 11/2/20	4,055,000		4,049,785
	Compass Bank 2.75% 9/29/19	7,305,000		7,353,111
	Cooperatieve Centrale Rabobank VA/NY 2.25% 1/14/19	5,690,000		5,728,328
	Credit Suisse
	2.30% 5/28/19	4,890,000		4,908,641
	3.00% 10/29/21	475,000		479,586
	Export Credit Bank of Turkey 144A 5.375% 2/8/21 #	300,000		302,547
	Export-Import Bank of India 3.125% 7/20/21	410,000		413,619
	Fifth Third Bancorp 2.875% 7/27/20	1,045,000		1,059,233
	Fifth Third Bank
	2.25% 6/14/21	200,000		197,829
	2.30% 3/15/19	510,000		513,550
	3.85% 3/15/26	515,000		520,029
	Goldman Sachs Group
	3.85% 1/26/27	1,830,000		1,841,776
	6.00% 6/15/20	200,000		221,362
	HBOS 144A 6.75% 5/21/18 #	2,555,000		2,676,250
	HSBC Holdings 2.65% 1/5/22	1,200,000		1,184,383
	Huntington National Bank 2.375% 3/10/20	2,495,000		2,505,195
	ING Groep 3.15% 3/29/22	895,000		898,320
	JPMorgan Chase & Co.
	2.55% 3/1/21	3,810,000		3,813,174
	3.782% 2/1/28 ●	515,000		520,403
	4.25% 10/1/27	1,170,000		1,203,233
	5.30% 12/29/49 ●	1,000,000		1,038,750
	KeyBank
	2.35% 3/8/19	955,000		962,693
	2.50% 11/22/21	1,890,000		1,879,752
	3.18% 5/22/22	1,335,000		1,348,362
	KeyCorp 5.00% 12/29/49 ●	550,000		545,875
	Morgan Stanley
	3.625% 1/20/27	885,000		879,949
	3.95% 4/23/27	2,630,000		2,609,457
	5.95% 12/28/17	6,900,000		7,115,597
	Nationwide Building Society 144A 4.00% 9/14/26 #	780,000		756,521
	PNC Bank
	2.30% 6/1/20	4,275,000		4,288,595
	2.45% 11/5/20	810,000		813,808
	2.625% 2/17/22	595,000		595,707
	PNC Financial Services Group 5.00% 12/29/49 ●	1,160,000		1,157,100

10 NQ-022 [3/17] 5/17 (154154)

(Unaudited)

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
	Popular 7.00% 7/1/19	1,000,000	$	1,048,750
	Royal Bank of Canada 2.75% 2/1/22	1,685,000		1,701,380
	Royal Bank of Scotland Group
	3.875% 9/12/23	1,795,000		1,771,324
	8.625% 12/29/49 ●	910,000		950,950
	Santander UK 144A 5.00% 11/7/23 #	820,000		857,195
	Santander UK Group Holdings
	2.875% 10/16/20	2,530,000		2,537,696
	3.125% 1/8/21	560,000		563,451
	3.571% 1/10/23	775,000		775,884
	Skandinaviska Enskilda Banken 144A 2.375% 3/25/19 #	4,580,000		4,612,706
	State Street 2.55% 8/18/20	1,075,000		1,089,817
	SunTrust Banks
	2.50% 5/1/19	3,705,000		3,745,021
	2.70% 1/27/22	2,785,000		2,776,559
	SVB Financial Group 3.50% 1/29/25	1,235,000		1,209,000
	Swedbank 144A 2.375% 2/27/19 #	2,000,000		2,014,484
	Toronto-Dominion Bank 2.25% 11/5/19	3,580,000		3,604,792
	Turkiye Garanti Bankasi 144A 6.25% 4/20/21 #	230,000		240,089
	U.S. Bancorp 2.35% 1/29/21	1,000,000		1,003,734
	U.S. Bank 1.40% 4/26/19	250,000		248,229
	UBS Group Funding Jersey
	144A 2.65% 2/1/22 #	640,000		628,015
	144A 3.00% 4/15/21 #	2,700,000		2,706,974
	USB Capital IX 3.50% 10/29/49 ●	6,960,000		5,924,700
	Wells Fargo
	3.069% 1/24/23	1,565,000		1,572,748
	5.625% 12/11/17	5,000,000		5,137,380
	Wells Fargo Bank 2.15% 12/6/19	2,345,000		2,354,401
				147,140,459
Basic Industry – 2.13%
	Beacon Roofing Supply 6.375% 10/1/23	500,000		535,000
	CF Industries 144A 3.40% 12/1/21 #	1,225,000		1,226,580
	Dow Chemical 8.55% 5/15/19	1,760,000		1,995,970
	Equate Petrochemical 144A 3.00% 3/3/22 #	265,000		259,461
	Evraz Group 144A 5.375% 3/20/23 #	215,000		216,075
	FMG Resources August 2006 144A 6.875% 4/1/22 #	1,000,000		1,036,375
	Freeport-McMoRan 144A 6.50% 11/15/20 #	1,000,000		1,027,500
	Georgia-Pacific
	144A 2.539% 11/15/19 #	1,000,000		1,008,514
	144A 5.40% 11/1/20 #	5,750,000		6,322,361
	INVISTA Finance 144A 4.25% 10/15/19 #	1,330,000		1,373,225

NQ-022 [3/17] 5/17 (154154) 11

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

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
	MMC Finance 4.375% 4/30/18	500,000	$	512,353
	NCI Building Systems 144A 8.25% 1/15/23 #	335,000		365,150
	Suzano Trading 144A 5.875% 1/23/21 #	200,000		214,060
	Vale Overseas 5.875% 6/10/21	510,000		547,801
	Vedanta Resources 144A 6.375% 7/30/22 #	400,000		403,800
	WestRock
	3.50% 3/1/20	1,010,000		1,037,192
	4.45% 3/1/19	945,000		986,726
				19,068,143
Brokerage – 0.27%
	Jefferies Group 5.125% 1/20/23	2,285,000		2,458,235
				2,458,235
Capital Goods – 1.55%
	Ardagh Packaging Finance 144A 7.25% 5/15/24 #	1,000,000		1,073,750
	Cemex Finance 144A 9.375% 10/12/22 #	900,000		974,700
	Cia Brasileira de Aluminio 144A 6.75% 4/5/21 #	250,000		271,250
	Fortune Brands Home & Security 3.00% 6/15/20	630,000		638,046
	General Electric
	1.414% 5/5/26 ●	280,000		274,888
	5.55% 5/4/20	2,175,000		2,406,896
	6.00% 8/7/19	1,445,000		1,587,614
	Rockwell Collins 3.20% 3/15/24	795,000		794,495
	Roper Technologies 2.80% 12/15/21	1,100,000		1,102,306
	Siemens Financieringsmaatschappij 144A
	2.70% 3/16/22 #	3,920,000		3,926,354
	Union Andina de Cementos 144A 5.875% 10/30/21 #	244,000		254,370
	Waste Management 2.40% 5/15/23	540,000		530,985
				13,835,654
Communications – 3.26%
	21st Century Fox America 4.50% 2/15/21	1,340,000		1,430,569
	Altice Luxembourg 144A 7.75% 5/15/22 #	1,000,000		1,063,750
	American Tower
	2.25% 1/15/22	2,790,000		2,695,179
	3.30% 2/15/21	470,000		476,976
	4.40% 2/15/26	290,000		300,505
	AT&T 2.80% 2/17/21	70,000		70,264
	Cablevision 144A 6.50% 6/15/21 #	195,000		205,920
	CC Holdings GS V 3.849% 4/15/23	1,165,000		1,194,638
	CCO Holdings 5.75% 9/1/23	1,000,000		1,042,500
	CenturyLink 5.625% 4/1/20	750,000		789,113
	Charter Communications Operating 4.908% 7/23/25	1,610,000		1,702,874
	Columbus Cable Barbados 144A 7.375% 3/30/21 #	1,000,000		1,075,000

12 NQ-022 [3/17] 5/17 (154154)

(Unaudited)

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Communications (continued)
	Comcast 3.00% 2/1/24	1,380,000	$	1,380,359
	Crown Castle International 5.25% 1/15/23	805,000		879,437
	Crown Castle Towers 144A 3.663% 5/15/25 #	635,000		635,521
	CSC Holdings 6.75% 11/15/21	750,000		815,156
	Deutsche Telekom International Finance
	144A 1.50% 9/19/19 #	725,000		713,563
	144A 1.95% 9/19/21 #	600,000		580,149
	144A 3.60% 1/19/27 #	2,670,000		2,663,475
	Digicel Group
	144A 7.125% 4/1/22 #	200,000		156,500
	144A 8.25% 9/30/20 #	300,000		259,011
	Dish DBS 6.75% 6/1/21	500,000		540,937
	GTH Finance 144A 6.25% 4/26/20 #	500,000		532,953
	GTP Acquisition Partners I 144A 2.35% 6/15/20 #	520,000		513,984
	Millicom International Cellular 144A 6.625% 10/15/21 #	300,000		315,360
	SBA Tower Trust 144A 2.24% 4/16/18 #	1,995,000		1,995,764
	Sprint Communications
	144A 7.00% 3/1/20 #	450,000		491,625
	144A 9.00% 11/15/18 #	250,000		272,813
	Verizon Communications 4.50% 9/15/20	3,165,000		3,377,498
	WideOpenWest Finance 10.25% 7/15/19	422,000		440,990
	Wind Acquisition Finance 144A 7.375% 4/23/21 #	500,000		521,250
				29,133,633
Consumer Cyclical – 2.60%
	Alibaba Group Holding 3.125% 11/28/21	200,000		202,352
	Cencosud 144A 5.50% 1/20/21 #	500,000		540,168
	CVS Health
	2.125% 6/1/21	1,135,000		1,114,287
	2.80% 7/20/20	440,000		447,660
	Daimler Finance North America 144A 2.70% 8/3/20 #	4,480,000		4,519,926
	Ford Motor Credit
	3.096% 5/4/23	980,000		956,537
	3.336% 3/18/21	1,575,000		1,594,128
	General Motors Financial
	3.15% 1/15/20	1,135,000		1,155,060
	3.45% 1/14/22	1,100,000		1,111,085
	3.45% 4/10/22	1,070,000		1,076,433
	3.70% 5/9/23	330,000		332,922
	Hyundai Capital America
	144A 2.55% 2/6/19 #	1,000,000		1,005,552
	144A 3.00% 3/18/21 #	545,000		547,299
	JC Penney 5.65% 6/1/20	750,000		746,250

NQ-022 [3/17] 5/17 (154154) 13

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

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	JD.com 3.125% 4/29/21	400,000	$	399,132
	MGM Resorts International 6.75% 10/1/20	375,000		413,438
	NCL 144A 4.75% 12/15/21 #	1,000,000		1,017,500
	Starbucks 2.10% 2/4/21	2,110,000		2,117,180
	Walgreens Boots Alliance
	2.60% 6/1/21	2,905,000		2,910,947
	3.10% 6/1/23	415,000		414,946
	Wyndham Worldwide 4.15% 4/1/24	575,000		580,629
				23,203,431
Consumer Non-Cyclical – 3.86%
	Abbott Laboratories
	2.80% 9/15/20	1,175,000		1,186,534
	2.90% 11/30/21	4,365,000		4,388,292
	AbbVie 2.30% 5/14/21	3,805,000		3,760,516
	Anheuser-Busch InBev Finance 2.65% 2/1/21	3,360,000		3,387,962
	Becton Dickinson 2.675% 12/15/19	3,720,000		3,775,030
	Gilead Sciences 1.95% 3/1/22	2,300,000		2,227,959
	JBS Investments 144A 7.75% 10/28/20 #	300,000		315,750
	Kernel Holding 144A 8.75% 1/31/22 #	235,000		243,935
	Marfrig Holdings Europe 144A 8.00% 6/8/23 #	200,000		209,460
	Molson Coors Brewing 2.10% 7/15/21	1,670,000		1,633,948
	Pernod Ricard 144A 4.45% 1/15/22 #	1,795,000		1,912,657
	Reynolds American 4.00% 6/12/22	2,370,000		2,490,095
	Roche Holdings 144A 1.75% 1/28/22 #	1,015,000		980,485
	Shire Acquisitions Investments Ireland
	2.40% 9/23/21	1,090,000		1,068,543
	2.875% 9/23/23	1,040,000		1,010,392
	Sysco 2.50% 7/15/21	1,660,000		1,655,963
	Thermo Fisher Scientific 3.00% 4/15/23	2,130,000		2,116,404
	Zimmer Holdings 2.70% 4/1/20	2,085,000		2,100,967
				34,464,892
Electric – 6.94%
	AES Gener 144A 5.25% 8/15/21 #	420,000		444,456
	Ameren 2.70% 11/15/20	3,665,000		3,700,701
	Arizona Public Service 2.20% 1/15/20	4,195,000		4,205,949
	Berkshire Hathaway Energy 2.00% 11/15/18	5,510,000		5,528,993
	CMS Energy 6.25% 2/1/20	1,345,000		1,484,175
	Dominion Resources 2.00% 8/15/21	410,000		398,158
	DTE Energy
	2.40% 12/1/19	1,725,000		1,736,466
	3.30% 6/15/22	1,050,000		1,067,216
	Duke Energy 1.80% 9/1/21	2,450,000		2,368,785

14 NQ-022 [3/17] 5/17 (154154)

(Unaudited)

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Electric (continued)
	Dynegy 6.75% 11/1/19	1,000,000	$	1,032,500
	Entergy 4.00% 7/15/22	3,175,000		3,329,127
	Exelon
	2.85% 6/15/20	2,000,000		2,027,478
	3.497% 6/1/22	905,000		914,303
	Fortis 144A 2.10% 10/4/21 #	2,895,000		2,807,759
	Great Plains Energy 3.15% 4/1/22	5,010,000		5,065,481
	IPALCO Enterprises 3.45% 7/15/20	710,000		721,538
	Majapahit Holding 144A 8.00% 8/7/19 #	500,000		562,500
	National Rural Utilities Cooperative Finance 2.15% 2/1/19	6,030,000		6,066,246
	NextEra Energy Capital Holdings 2.70% 9/15/19	2,980,000		3,023,064
	NV Energy 6.25% 11/15/20	2,460,000		2,764,804
	PPL Capital Funding 1.90% 6/1/18	3,810,000		3,808,884
	Southern 2.35% 7/1/21	3,360,000		3,302,070
	WEC Energy Group 2.45% 6/15/20	2,075,000		2,088,695
	Xcel Energy 2.40% 3/15/21	3,590,000		3,580,644
				62,029,992
Energy – 2.98%
	Antero Resources 5.375% 11/1/21	500,000		515,420
	BP Capital Markets
	3.216% 11/28/23	1,695,000		1,704,924
	3.224% 4/14/24	1,040,000		1,041,308
	Chevron 2.10% 5/16/21	2,495,000		2,477,340
	CNOOC Finance 2015 Australia 2.625% 5/5/20	500,000		498,655
	Dominion Gas Holdings 2.50% 12/15/19	2,020,000		2,043,705
	Empresa Nacional del Petroleo 144A 4.75% 12/6/21 #	200,000		211,724
	Energy Transfer Equity 7.50% 10/15/20	500,000		560,000
	Genesis Energy 5.75% 2/15/21	500,000		508,750
	KazMunayGas National 144A 6.375% 4/9/21 #	500,000		550,398
	Kinder Morgan Energy Partners
	5.80% 3/1/21	925,000		1,017,026
	9.00% 2/1/19	850,000		951,162
	Kunlun Energy 144A 2.875% 5/13/20 #	400,000		402,356
	Laredo Petroleum 5.625% 1/15/22	500,000		501,250
	Newfield Exploration 5.75% 1/30/22	500,000		533,125
	Noble Holding International 5.75% 3/16/18	580,000		590,875
	Pertamina Persero 144A 5.25% 5/23/21 #	325,000		349,342
	Petrobras Global Finance
	4.875% 3/17/20	425,000		436,943
	5.375% 1/27/21	140,000		144,526
	Petroleos Mexicanos 3.50% 7/18/18	250,000		254,400
	Regency Energy Partners 5.00% 10/1/22	1,920,000		2,043,794

NQ-022 [3/17] 5/17 (154154) 15

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

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
	Sabine Pass Liquefaction
	144A 5.00% 3/15/27 #	490,000	$	512,736
	5.625% 4/15/23	1,865,000		2,025,595
	5.75% 5/15/24	115,000		125,527
	Shell International Finance 1.75% 9/12/21	2,725,000		2,650,212
	Transocean 7.375% 4/15/18	520,000		539,500
	Woodside Finance 144A 8.75% 3/1/19 #	2,235,000		2,501,104
	WPX Energy 7.50% 8/1/20	500,000		532,500
	YPF 144A 23.854% 7/7/20 #●	325,000		363,838
				26,588,035
Finance Companies – 1.15%
	AerCap Ireland Capital
	3.50% 5/26/22	790,000		796,847
	3.95% 2/1/22	1,525,000		1,567,671
	4.25% 7/1/20	500,000		521,403
	4.625% 10/30/20	500,000		528,798
	Air Lease 3.00% 9/15/23	1,030,000		1,007,841
	Aviation Capital Group
	144A 2.875% 9/17/18 #	1,610,000		1,626,596
	144A 2.875% 1/20/22 #	605,000		601,418
	Corporacion Financiera de Desarrollo 144A
	3.25% 7/15/19 #	500,000		509,150
	GrupoSura Finance 144A 5.70% 5/18/21 #	500,000		543,750
	International Lease Finance 8.625% 1/15/22	1,080,000		1,325,419
	Park Aerospace Holdings 144A 5.25% 8/15/22 #	500,000		521,875
	SMBC Aviation Capital Finance 144A 2.65% 7/15/21 #	720,000		701,551
				10,252,319
Healthcare – 0.19%
	HCA Holdings 6.25% 2/15/21	1,000,000		1,081,875
	IASIS Healthcare 8.375% 5/15/19	165,000		158,813
	Mallinckrodt International Finance 144A 4.875% 4/15/20 #	500,000		503,125
				1,743,813
Insurance – 2.23%
	ACE INA Holdings 2.30% 11/3/20	3,540,000		3,554,015
	American International Group 2.30% 7/16/19	3,700,000		3,715,318
	Hub Holdings 144A PIK 8.125% 7/15/19 #❆	500,000		502,500
	Metropolitan Life Global Funding I 144A 1.875% 6/22/18 #	2,015,000		2,018,365
	Pricoa Global Funding I
	144A 1.60% 5/29/18 #	1,050,000		1,049,600
	144A 2.20% 5/16/19 #	3,855,000		3,872,883
	Principal Life Global Funding II 144A 3.00% 4/18/26 #	815,000		794,367

16 NQ-022 [3/17] 5/17 (154154)

(Unaudited)

		Principal amount°	Value (U.S. $)
Corporate Bonds (continued)
Insurance (continued)
	TIAA Asset Management Finance
	144A 2.95% 11/1/19 #	975,000	$	991,556
	144A 4.125% 11/1/24 #	460,000		469,465
	UnitedHealth Group 2.70% 7/15/20	2,900,000		2,959,128
				19,927,197
Natural Gas – 0.32%
	CenterPoint Energy Resources 4.50% 1/15/21	2,700,000		2,843,705
				2,843,705
Real Estate – 0.24%
	Hospitality Properties Trust 4.50% 6/15/23	665,000		688,576
	Host Hotels & Resorts
	3.75% 10/15/23	505,000		509,562
	3.875% 4/1/24	785,000		791,966
	WEA Finance 144A 3.75% 9/17/24 #	200,000		202,607
				2,192,711
Services – 0.17%
	GEO Group 5.875% 1/15/22	500,000		518,750
	Iron Mountain 144A 4.375% 6/1/21 #	1,000,000		1,030,000
				1,548,750
Technology – 1.07%
	Broadcom
	144A 3.00% 1/15/22 #	910,000		908,264
	144A 3.625% 1/15/24 #	1,605,000		1,618,842
	Cisco Systems 1.85% 9/20/21	1,005,000		986,125
	Diamond 1 Finance 144A 4.42% 6/15/21 #	1,000,000		1,046,627
	DXC Technology 144A 4.25% 4/15/24 #	1,025,000		1,043,706
	Microsoft
	2.40% 2/6/22	270,000		271,775
	2.875% 2/6/24	300,000		302,123
	National Semiconductor 6.60% 6/15/17	3,325,000		3,360,491
				9,537,953
Transportation – 0.84%
	Penske Truck Leasing 144A 4.20% 4/1/27 #	2,635,000		2,687,932
	Ryder System 3.45% 11/15/21	1,895,000		1,950,937
	United Airlines 2015-1 Class AA Pass-Through Trust
	3.45% 12/1/27 ⧫	351,297		349,541
	United Parcel Service 5.125% 4/1/19	2,340,000		2,501,018
				7,489,428
Total Corporate Bonds (cost $414,362,637)				413,962,100

NQ-022 [3/17] 5/17 (154154) 17

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

		Principal amount°	Value (U.S. $)
Loan Agreements – 6.37%«
	Air Medical Group Holdings Tranche B 1st Lien
	4.25% 4/28/22	1,739,905	$	1,741,355
	Alpha 3 Tranche B1 1st Lien 4.147% 1/25/24	1,500,000		1,509,375
	Amaya Holdings 1st Lien 4.647% 8/1/21	497,475		499,251
	Applied Systems 2nd Lien 7.647% 1/23/22	200,000		201,667
	BJ’s Wholesale Club 2nd Lien 8.50% 1/27/25	130,000		127,238
	Blue Ribbon 1st Lien 5.00% 11/13/21	641,350		597,257
	Builders FirstSource 1st Lien 4.00% 2/29/24	1,488,769		1,489,885
	Change Healthcare Holdings Tranche B 1st Lien
	3.75% 3/1/24	1,600,000		1,604,667
	Chesapeake Energy 1st Lien 8.553% 8/23/21	250,000		266,797
	First Data 1st Lien 3.984% 3/24/21	971,580		980,081
	First Eagle Holdings 1st Lien 5.147% 12/1/22	1,492,462		1,502,257
	Forterra Finance 1st Lien 4.50% 10/25/23	2,985,000		3,012,984
	Gardner Denver 1st Lien 4.568% 7/30/20	1,093,307		1,092,453
	JBS USA Tranche B 1st Lien 3.289% 10/30/22	1,500,000		1,505,469
	JC Penney Tranche B 1st Lien 5.304% 6/23/23	289,255		287,854
	KIK Custom Products Tranche B 1st Lien 5.653% 8/26/22	1,432,805		1,449,372
	Landry’s Tranche B 1st Lien 4.039% 10/4/23	2,716,154		2,743,074
	Mission Broadcasting Tranche B 1st Lien 3.943% 1/17/24	210,909		212,315
	Mohegan Tribal Gaming Authority Tranche B 1st Lien
	5.50% 10/13/23	586,530		590,196
	MPH Acquisition Holdings 4.897% 6/7/23	228,026		231,185
	Nexstar Broadcasting Tranche B 1st Lien 3.943% 1/17/24	2,175,455		2,189,958
	ON Semiconductor Tranche B 1st Lien 4.232% 3/31/23	2,309,319		2,324,577
	PQ 1st Lien 5.25% 11/4/22	696,003		704,206
	Republic of Angola 7.57% 12/16/23	446,250		388,238
	Reynolds Group Holdings Tranche B 1st Lien
	3.982% 2/5/23	2,487,516		2,500,732
	Rite Aid 2nd Lien 5.75% 8/21/20	500,000		502,688
	Russell Investments Tranche B 1st Lien 6.75% 6/1/23	2,234,991		2,257,341
	Sable International Finance Tranche B 1st Lien
	5.732% 1/3/23	3,165,000		3,207,199
	Scientific Games International Tranche B3 1st Lien
	4.846% 10/1/21	312,491		316,755
	SFR Group Tranche B10 1st Lien 4.289% 1/31/25	3,491,250		3,499,978
	Sprint Communications Tranche B 1st Lien 3.50% 2/2/24	2,500,000		2,503,645
	Team Health Holdings Tranche B 1st Lien 3.75% 2/6/24	1,600,000		1,595,800
	Telenet Financing USD Tranche B 1st Lien
	3.912% 1/31/25	2,500,000		2,514,648
	Uniti Group 1st Lien 4.00% 10/24/22	2,493,750		2,492,179
	Univision Communications Tranche C 1st Lien
	3.75% 3/15/24	2,480,022		2,465,685

18 NQ-022 [3/17] 5/17 (154154)

(Unaudited)

		Principal amount°	Value (U.S. $)
Loan Agreements« (continued)
	UPC Financing Partnership Tranche AP 1st Lien
	3.662% 4/15/25	1,600,000	$	1,607,000
	USI 1st Lien 4.25% 12/27/19	372,138		373,146
	WideOpenWest Finance Tranche B 1st Lien
	4.50% 8/19/23	2,487,500		2,504,913
	Windstream Services Tranche B6 1st Lien 4.95% 3/30/21	1,294,622		1,308,917
Total Loan Agreements (cost $56,367,581)				56,902,337

Municipal Bonds – 1.23%
	Baltimore, Maryland
	5.00% 2/1/26	2,030,000		2,495,560
	Commonwealth of Massachusetts
	Series C 5.00% 10/1/25	635,000		772,979
	New York City, New York
	Series C 5.00% 8/1/26	515,000		618,881
	Series C 5.00% 8/1/27	595,000		709,585
	University of California
	1.483% 7/1/41 ●	6,385,000		6,384,553
Total Municipal Bonds (cost $11,119,815)				10,981,558

Non-Agency Asset-Backed Securities – 28.28%
	Ally Master Owner Trust
	Series 2012-5 A 1.54% 9/15/19	3,855,000		3,857,820
	Series 2014-4 A2 1.43% 6/17/19	1,510,000		1,511,153
	American Express Credit Account Master Trust
	Series 2012-1 A 1.182% 1/15/20 ●	3,900,000		3,901,725
	Series 2013-1 A 1.332% 2/16/21 ●	7,135,000		7,157,455
	Series 2013-2 A 1.332% 5/17/21 ●	2,474,000		2,484,749
	Series 2014-1 A 1.282% 12/15/21 ●	2,100,000		2,110,474
	ARI Fleet Lease Trust
	Series 2015-A A2 144A 1.11% 11/15/18 #	98,879		98,778
	Avis Budget Rental Car Funding AESOP
	Series 2013-2A A 144A 2.97% 2/20/20 #	6,500,000		6,601,554
	BA Credit Card Trust
	Series 2007-A4 A4 0.952% 11/15/19 ●	10,495,000		10,494,998
	Series 2014-A2 A 1.182% 9/16/19 ●	5,500,000		5,499,999
	Series 2014-A3 A 1.202% 1/15/20 ●	1,265,000		1,266,162
	Series 2015-A1 A 1.242% 6/15/20 ●	748,000		749,476
	Series 2017-A1 A1 1.95% 8/15/22	3,000,000		3,003,569
	Barclays Dryrock Issuance Trust
	Series 2014-2 A 1.252% 3/16/20 ●	590,000		590,162
	BMW Vehicle Lease Trust
	Series 2016-2 A3 1.43% 9/20/19	1,810,000		1,804,006

NQ-022 [3/17] 5/17 (154154) 19

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

		Principal amount°	Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
	Cabela’s Credit Card Master Note Trust
	Series 2014-2 A 1.362% 7/15/22 ●	6,000,000	$	6,013,807
	Series 2015-1A A1 2.26% 3/15/23	500,000		500,742
	Capital One Multi-Asset Execution Trust
	Series 2007-A5 A5 0.952% 7/15/20 ●	200,000		199,962
	Series 2014-A3 A3 1.292% 1/18/22 ●	2,000,000		2,008,565
	Series 2016-A1 A1 1.362% 2/15/22 ●	7,660,000		7,704,435
	Chase Issuance Trust
	Series 2012-A10 A10 1.172% 12/16/19 ●	2,750,000		2,753,959
	Series 2013-A3 A3 1.192% 4/15/20 ●	3,670,000		3,676,561
	Series 2013-A6 A6 1.332% 7/15/20 ●	4,000,000		4,012,987
	Series 2013-A9 A 1.332% 11/16/20 ●	8,900,000		8,943,169
	Series 2014-A5 A5 1.282% 4/15/21 ●	3,281,000		3,295,420
	Series 2014-A7 A7 1.38% 11/15/19	5,500,000		5,502,663
	Series 2015-A6 A6 1.162% 5/15/19 ●	11,270,000		11,272,345
	Series 2016-A1 A 1.322% 5/17/21 ●	3,026,000		3,042,692
	Series 2016-A3 A3 1.462% 6/15/23 ●	4,500,000		4,546,283
	Series 2017-A1 A 1.212% 1/18/22 ●	900,000		902,250
	Series 2017-A2 A 1.291% 3/15/24 ●	1,300,000		1,303,148
	Chesapeake Funding
	Series 2014-1A A 144A 1.254% 3/7/26 #●	4,548,228		4,543,414
	Citibank Credit Card Issuance Trust
	Series 2013-A4 A4 1.404% 7/24/20 ●	800,000		803,499
	Series 2013-A7 A7 1.288% 9/10/20 ●	8,100,000		8,133,103
	Series 2016-A3 A3 1.324% 12/7/23 ●	1,175,000		1,183,304
	Series 2017-A1 A1 1.193% 1/19/21 ●	2,650,000		2,653,333
	CNH Equipment Trust
	Series 2016-B A2B 1.312% 10/15/19 ●	104,999		105,222
	Discover Card Execution Note Trust
	Series 2012-A4 A4 1.282% 11/15/19 ●	500,000		500,181
	Series 2013-A1 A1 1.212% 8/17/20 ●	3,300,000		3,305,777
	Series 2013-A6 A6 1.362% 4/15/21 ●	2,405,000		2,416,877
	Series 2014-A1 A1 1.342% 7/15/21 ●	8,365,000		8,409,498
	Series 2015-A1 A1 1.262% 8/17/20 ●	7,350,000		7,366,212
	Series 2016-A4 A4 1.39% 3/15/22	2,000,000		1,981,800
	Series 2017-A1 A1 1.402% 7/15/24 ●	6,665,000		6,707,574
	Ford Credit Auto Lease Trust
	Series 2015-A A3 1.13% 6/15/18	354,513		354,477
	Ford Credit Auto Owner Trust
	Series 2016-B A2B 1.222% 3/15/19 ●	474,159		474,252
	Series 2016-C A2B 1.052% 9/15/19 ●	2,500,000		2,501,194
	Series 2017-1 A 144A 2.62% 8/15/28 #	5,500,000		5,528,441

20 NQ-022 [3/17] 5/17 (154154)

(Unaudited)

		Principal amount°	Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
	Ford Credit Floorplan Master Owner Trust A
	Series 2014-2 A 1.412% 2/15/21 ●	6,612,000	$	6,644,912
	Series 2014-4 A2 1.262% 8/15/19 ●	7,650,000		7,655,680
	Golden Credit Card Trust
	Series 2014-2A A 144A 1.362% 3/15/21 #●	535,000		536,323
	Series 2015-1A A 144A 1.352% 2/15/20 #●	7,750,000		7,760,932
	GreatAmerica Leasing Receivables Funding
	Series 2017-1 A2 144A 1.72% 4/22/19 #	825,000		823,940
	Hertz Fleet Lease Funding
	Series 2014-1 A 144A 1.258% 4/10/28 #●	1,684,827		1,684,544
	HOA Funding
	Series 2014-1A A2 144A 4.846% 8/20/44 #	251,750		230,471
	Hyundai Auto Lease Securitization Trust
	Series 2016-C A3 144A 1.49% 2/18/20 #	6,650,000		6,632,070
	Hyundai Auto Receivables Trust
	Series 2015-C A2B 1.282% 11/15/18 ●	360,405		360,471
	Series 2016-A A2B 1.282% 6/17/19 ●	2,076,152		2,078,333
	Mercedes-Benz Auto Lease Trust
	Series 2015-B A2B 1.432% 1/16/18 ●	756,066		756,216
	Series 2016-A A2B 1.472% 7/16/18 ●	283,311		283,583
	Mercedes-Benz Master Owner Trust
	Series 2015-AA A 144A 1.232% 4/15/19 #●	4,000,000		4,000,324
	Series 2015-BA A 144A 1.292% 4/15/20 #●	1,000,000		1,001,772
	Navistar Financial Dealer Note Master Owner Trust II
	Series 2016-1 A 144A 2.332% 9/27/21 #●	390,000		390,934
	NextGear Floorplan Master Owner Trust
	Series 2014-1A A 144A 1.92% 10/15/19 #	1,015,000		1,016,056
	Nissan Auto Lease Trust
	Series 2015-B A2B 1.442% 12/15/17 ●	136,676		136,724
	Series 2016-A A2B 1.292% 8/15/18 ●	403,542		403,908
	Series 2016-B A2B 1.192% 12/17/18 ●	1,768,861		1,770,393
	Series 2016-B A3 1.50% 7/15/19	755,000		753,031
	Nissan Auto Receivables Owner Trust
	Series 2015-C A2B 1.262% 11/15/18 ●	190,568		190,704
	Series 2016-B A2B 1.212% 4/15/19 ●	2,005,363		2,007,818
	PFS Financing
	Series 2015-AA A 144A 1.532% 4/15/20 #●	2,000,000		1,999,375
	Synchrony Credit Card Master Note Trust
	Series 2012-6 A 1.36% 8/17/20	870,000		870,617
	Series 2015-2 A 1.60% 4/15/21	640,000		640,345
	Towd Point Mortgage Trust
	Series 2015-5 A1B 144A 2.75% 5/25/55 #●	576,928		577,231
	Series 2015-6 A1B 144A 2.75% 4/25/55 #●	618,018		617,418

NQ-022 [3/17] 5/17 (154154) 21

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

		Principal amount°	Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
	Toyota Auto Receivables Owner Trust
	Series 2016-B A2B 1.162% 10/15/18 ●	368,707	$	368,923
	Volkswagen Credit Auto Master Trust
	Series 2014-1A A2 144A 1.40% 7/22/19 #	2,210,000		2,209,293
	Volvo Financial Equipment
	Series 2017-1A A2 144A 1.55% 10/15/19 #	515,000		514,382
	Wells Fargo Dealer Floorplan Master Note Trust
	Series 2012-2 A 1.728% 4/22/19 ●	9,865,000		9,868,287
	Series 2014-2 A 1.428% 10/20/19 ●	8,575,000		8,580,775
	Series 2015-1 A 1.478% 1/20/20 ●	4,810,000		4,816,164
	Wheels
	Series 2014-1A A2 144A 0.84% 3/20/23 #	29,229		29,222
	World Financial Network Credit Card Master Trust
	Series 2015-A A 1.392% 2/15/22 ●	685,000		686,982
Total Non-Agency Asset-Backed Securities
	(cost $252,138,742)			252,677,379

Non-Agency Collateralized Mortgage Obligations – 0.12%
	American Home Mortgage Investment Trust
	Series 2005-2 5A1 5.064% 9/25/35 ϕ	24,371		24,031
	Bank of America Alternative Loan Trust
	Series 2005-6 7A1 5.50% 7/25/20	25,142		24,054
	GSMPS Mortgage Loan Trust
	Series 1998-2 A 144A 7.75% 5/19/27 #●	52,203		53,635
	JPMorgan Mortgage Trust
	Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #●	455,000		449,712
	Sequoia Mortgage Trust
	Series 2014-2 A4 144A 3.50% 7/25/44 #●	401,634		400,003
	Wells Fargo Mortgage-Backed Securities Trust
	Series 2006-AR5 2A1 3.294% 4/25/36 ●	117,256		109,993
Total Non-Agency Collateralized Mortgage Obligations (cost $1,029,985)				1,061,428

Non-Agency Commercial Mortgage-Backed Securities – 0.14%
	Citigroup Commercial Mortgage Trust
	Series 2007-C6 AM 5.779% 12/10/49 ●	535,000		541,452
	DB-UBS Mortgage Trust
	Series 2011-LC1A A3 144A 5.002% 11/10/46 #	575,000		618,959
	Series 2011-LC1A C 144A 5.686% 11/10/46 #●	100,000		109,745
Total Non-Agency Commercial Mortgage-Backed Securities (cost $1,334,372)				1,270,156

22 NQ-022 [3/17] 5/17 (154154)

(Unaudited)

		Principal amount°	Value (U.S. $)
Regional Bond – 0.02%Δ
Argentina – 0.02%
	Province of Santa Fe 144A 7.00% 3/23/23 #	150,000	$	151,422
Total Regional Bond (cost $150,000)				151,422

Sovereign Bonds – 0.54%Δ
Argentina – 0.06%
	Argentine Republic Government International Bond 144A
	5.625% 1/26/22 #	500,000		512,625
				512,625
Brazil – 0.03%
	Brazilian Government International Bond 4.875% 1/22/21	255,000		269,025
				269,025
Croatia – 0.06%
	Croatia Government International Bond 144A
	5.50% 4/4/23 #	500,000		539,665
				539,665
Dominican Republic – 0.04%
	Dominican Republic International Bond 144A
	7.50% 5/6/21 #	300,000		332,250
				332,250
Ecuador – 0.03%
	Ecuador Government International Bond 144A
	10.50% 3/24/20 #	250,000		266,250
				266,250
Egypt – 0.06%
	Egypt Government International Bond 144A
	6.125% 1/31/22 #	500,000		520,937
				520,937
Hungary – 0.06%
	Hungary Government International Bond 6.375% 3/29/21	500,000		564,058
				564,058
Indonesia – 0.05%
	Perusahaan Penerbit SBSN Indonesia 144A
	3.40% 3/29/22 #	500,000		502,000
				502,000
Saudi Arabia – 0.03%
	Saudi Government International Bond 144A
	2.375% 10/26/21 #	325,000		319,519
				319,519
Serbia – 0.06%
	Republic of Serbia 144A 4.875% 2/25/20 #	500,000		519,205
				519,205

NQ-022 [3/17] 5/17 (154154) 23

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

		Principal amount°	Value (U.S. $)
Sovereign BondsΔ (continued)
Sri Lanka – 0.06%
	Sri Lanka Government International Bond
	144A 5.125% 4/11/19 #	250,000		256,485
	144A 5.75% 1/18/22 #	250,000		257,135
				513,620
Total Sovereign Bonds (cost $4,806,248)				4,859,154

U.S. Treasury Obligations – 2.57%
	U.S. Treasury Notes
	1.875% 1/31/22	4,570,000		4,560,184
	2.25% 2/15/27	18,590,000		18,352,903
Total U.S. Treasury Obligations (cost $22,589,715)				22,913,087

		Number of
		Shares
Preferred Stock – 0.42%
	Bank of America 8.125% ●	1,000,000		1,043,750
	General Electric 5.00% ●	1,111,000		1,172,105
	Morgan Stanley 5.55% ●	1,180,000		1,215,459
	USB Realty 2.169% #●	400,000		341,000
Total Preferred Stock (cost $3,713,522)				3,772,314

		Principal amount°
Short-Term Investments – 0.84%
Discount Notes – 0.25%≠
	Federal Home Loan Bank
	0.53% 4/25/17	450,436		450,249
	0.55% 5/26/17	1,644,395		1,642,652
	0.69% 4/28/17	120,019		119,962
				2,212,863
U.S. Treasury Obligation – 0.59%≠
	U.S. Treasury Bill 0.452% 4/13/17	5,269,485		5,268,442
				5,268,442
Total Short-Term Investments (cost $7,481,939)				7,481,305
Total Value of Securities – 106.25%
	(cost $947,778,090)			949,366,107
Liabilities Net of Receivables and Other Assets – (6.25%)★				(55,875,611	)
Net Assets Applicable to 105,397,507 Shares Outstanding – 100.00%			$	893,490,496

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2017, the aggregate value of Rule 144A securities was $168,220,470, which represents 18.83% of the Fund’s net assets.

24 NQ-022 [3/17] 5/17 (154154)

(Unaudited)

⧫	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.
❆	PIK. 100% of the income received was in the form of cash.
★	Of this amount, $7,989,096 represents cash collateral posted and $101,000 represents cash due to brokers for certain open derivatives.
≠	The rate shown is the effective yield at the time of purchase.
«	Loan agreements generally pay interest at rates which are periodically reset 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. Loan agreements may be subject to restrictions on resale. Stated rate in effect at March 31, 2017.
°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.
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.
Ω	Principal only security. A principal only security is the principal only portion of a fixed income security which is separated and sold individually from the interest portion of the security.
●	Variable rate security. Each rate shown is as of March 31, 2017. Interest rates reset periodically.
ϕ	Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at March 31, 2017.

The following futures and swap contracts were outstanding at March 31, 2017:

Futures Contracts			Notional								Unrealized
			Cost			Notional			Expiration		Appreciation
Contracts to Buy (Sell)			(Proceeds)			Value			Date		(Depreciation)
	(61)	U.S. Treasury 5 yr Notes	$	(7,139,210	)	$	(7,181,320	)		7/3/17		$	(42,110	)
	(12)	U.S. Treasury 10 yr Notes		(1,757,811	)		(1,494,750	)		6/22/17			263,061
	(64)	U.S. Treasury Long Bonds		(9,607,819	)		(9,654,000	)		6/22/17			(46,181	)
			$	(18,504,840	)							$	174,770

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.27⁴

69,300,000

5.00%

12/20/21

$(4,103,142)

$(1,378,066)

NQ-022 [3/17] 5/17 (154154) 25

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

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 $(118,102).

⁴Markit’s CDX.NA.HY Index, is composed of 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

BA – Bank of America

CDS – Credit Default Swap

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

CLO – Collateralized Loan Obligation

DB – Deutsche Bank

GNMA – Government National Mortgage Association

GSMPS – Goldman Sachs Reperforming Mortgage Securities

ICE – Intercontinental Exchange, Inc.

JPMC – JPMorgan Chase Bank

NCUA – National Credit Union Administration

PIK – Pay-in-kind

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

TBA – To be announced

yr – Year

26 NQ-022 [3/17] 5/17 (154154)

Notes
Delaware Limited-Term Diversified Income Fund	March 31, 2017 (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. Futures contracts are valued at the daily quoted settlement prices. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of Trustees. 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 [3/17] 5/17 (154154) 27

(Unaudited)

2. Investments

At March 31, 2017, 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, 2017, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	947,778,090
Aggregate unrealized appreciation of investments	$	7,387,614
Aggregate unrealized depreciation of investments		(5,799,597	)
Net unrealized appreciation of investments	$	1,588,017

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.

28 NQ-022 [3/17] 5/17 (154154)

(Unaudited)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of March 31, 2017:

Securities	Level 1		Level 2			Level 3		Total
Assets:
Agency, Asset- & Mortgage- Backed Securities	$	—	$	426,969,199		$	—	$	426,969,199
Corporate Debt		—		415,335,731			—		415,335,731
Foreign Debt		—		5,010,576			—		5,010,576
Loan Agreements¹		—		56,514,099			388,238		56,902,337
Municipal Bonds		—		10,981,558			—		10,981,558
Preferred Stock		—		3,772,314			—		3,772,314
Short-Term Investments		—		7,481,305			—		7,481,305
U.S. Treasury Obligations		—		22,913,087			—		22,913,087
Total Value of Securities	$	—	$	948,977,869		$	388,238	$	949,366,107

Derivatives:
Futures Contracts	$	174,770	$	—		$	—	$	174,770
Swap Contracts		—		(1,378,066	)		—		(1,378,066	)

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
Loan Agreements		99.32%		0.68%		100.00%

During the period ended March 31, 2017, 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 a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Fund’s net assets at the beginning, interim, or end of the period.

3. Recent Accounting Pronouncements

On Oct. 13, 2016, the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the Schedule of Investments.

NQ-022 [3/17] 5/17 (154154) 29

(Unaudited)

4. Subsequent Events

Effective April 3, 2017, Delaware Investments^® Family of Funds became Delaware Funds^SMby Macquarie and Delaware Investments changed its name to Macquarie Investment Management (MIM). MIM is the marketing name for the companies comprising the asset management division of Macquarie Group Limited. Certain entities providing services to the Fund have also changed their names to reflect the use of the MIM name.

Management has determined that no other material events or transactions occurred subsequent to March 31, 2017 that would require recognition or disclosure in the Funds’ financial statements.

30 NQ-022 [3/17] 5/17 (154154)

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 dglimtegov3262421-ex99cert.htm CERTIFICATION

CERTIFICATION

I, Shawn K. 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 K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	May 25, 2017

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, 2017

SIGNATURES

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

DELAWARE GROUP^® LIMITED-TERM GOVERNMENT FUNDS

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	May 25, 2017

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

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	May 25, 2017

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	May 25, 2017