0001206774-13-001856.txt : 20130516 0001206774-13-001856.hdr.sgml : 20130516 20130516145819 ACCESSION NUMBER: 0001206774-13-001856 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130516 DATE AS OF CHANGE: 20130516 EFFECTIVENESS DATE: 20130516 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: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-75526 FILM NUMBER: 13850865 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 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: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03363 FILM NUMBER: 13850866 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 C000006360 DELAWARE LIMITED-TERM DIVERSIFIED INCOME FUND CLASS B DTIBX 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 485BPOS 1 delgrplimited_485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM N-1A

 
File No. 002-75526
File No. 811-03363
 
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 /X/
         
  Pre-Effective Amendment No. _______ /   /
     
  Post-Effective Amendment No.        72       /X/
     
     and/or
   
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/
     
  Amendment No.        72        

(Check appropriate box or boxes.)
 
DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS
(Exact Name of Registrant as Specified in Charter)
 
          2005 Market Street, Philadelphia, Pennsylvania       19103-7094
  (Address of Principal Executive Offices)   (Zip Code)

Registrant’s Telephone Number, including Area Code: (800) 523-1918
 
David F. Connor, Esq., 2005 Market Street, Philadelphia, PA 19103-7094
(Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box):
 
      /X/             immediately upon filing pursuant to paragraph (b)
  /   /     on (date) pursuant to paragraph (b)
  /   /     60 days after filing pursuant to paragraph (a)(1)
  /   /     on (date) pursuant to paragraph (a)(1)
  /   /     75 days after filing pursuant to paragraph (a)(2)
  /   /     on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:
 
      /   /             this post-effective amendment designates a new effective date for a previously filed post-effective amendment.



SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Philadelphia and Commonwealth of Pennsylvania on this 16th day of May, 2013.

DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS
   
By: /s/ Patrick P. Coyne  
Patrick P. Coyne  
   Chairman/President/Chief Executive Officer

     Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

Signature       Title       Date
/s/ Patrick P. Coyne Chairman/President/Chief Executive Officer May 16, 2013
Patrick P. Coyne (Principal Executive Officer) and Trustee
 
Thomas L. Bennett *   Trustee May 16, 2013
Thomas L. Bennett  
 
Joseph W. Chow * Trustee May 16, 2013
Joseph W. Chow  
 
John A. Fry * Trustee May 16, 2013
John A. Fry
 
Anthony D. Knerr * Trustee May 16, 2013
Anthony D. Knerr
 
Lucinda S. Landreth * Trustee May 16, 2013
Lucinda S. Landreth
 
Frances A. Sevilla-Sacasa * Trustee May 16, 2013
Frances A. Sevilla-Sacasa
 
Thomas K. Whitford * Trustee May 16, 2013
Thomas K. Whitford
 
Janet L. Yeomans * Trustee May 16, 2013
Janet L. Yeomans
 
J. Richard Zecher * Trustee May 16, 2013
J. Richard Zecher
 
Richard Salus * Senior Vice President/Chief Financial Officer May 16, 2013
Richard Salus (Principal Financial Officer)

*By:   /s/ Patrick P. Coyne  
Patrick P. Coyne
as Attorney-in-Fact for each of the persons indicated
(Pursuant to Powers of Attorney previously filed)



INDEX TO EXHIBITS
(Delaware Group® Limited-Term Government Funds N-1A)

Exhibit No.         Exhibit  
EX-1-101.INS XBRL Instance Document
 
EX-1-101.SCH XBRL Taxonomy Extension Schema Document
 
EX-1-101.DEF   XBRL Taxonomy Extension Definition Linkbase
 
EX-1-101.LAB XBRL Taxonomy Extension Labels Linkbase
 
EX-1-101.PRE XBRL Taxonomy Extension Presentation Linkbase


EX-101.INS 3 diltdtermdiv-20130430.xml XBRL INSTANCE DOCUMENT 0000357059 2013-04-30 2013-04-30 0000357059 diltdtermdiv-20130430:S000002397Member diltdtermdiv-20130430:AAAAMember 2013-04-30 2013-04-30 0000357059 diltdtermdiv-20130430:S000002397Member diltdtermdiv-20130430:C000006359Member diltdtermdiv-20130430:AAAAMember 2013-04-30 2013-04-30 0000357059 diltdtermdiv-20130430:S000002397Member diltdtermdiv-20130430:C000006360Member diltdtermdiv-20130430:AAAAMember 2013-04-30 2013-04-30 0000357059 diltdtermdiv-20130430:S000002397Member diltdtermdiv-20130430:C000006361Member diltdtermdiv-20130430:AAAAMember 2013-04-30 2013-04-30 0000357059 diltdtermdiv-20130430:S000002397Member diltdtermdiv-20130430:C000006362Member diltdtermdiv-20130430:AAAAMember 2013-04-30 2013-04-30 0000357059 diltdtermdiv-20130430:S000002397Member diltdtermdiv-20130430:C000006363Member diltdtermdiv-20130430:AAAAMember 2013-04-30 2013-04-30 0000357059 diltdtermdiv-20130430:S000002397Member diltdtermdiv-20130430:C000006359Member rr:AfterTaxesOnDistributionsMember diltdtermdiv-20130430:AAAAMember 2013-04-30 2013-04-30 0000357059 diltdtermdiv-20130430:S000002397Member diltdtermdiv-20130430:C000006359Member rr:AfterTaxesOnDistributionsAndSalesMember diltdtermdiv-20130430:AAAAMember 2013-04-30 2013-04-30 0000357059 diltdtermdiv-20130430:S000002397Member diltdtermdiv-20130430:benchmark0095AAAAMember diltdtermdiv-20130430:AAAAMember 2013-04-30 2013-04-30 xbrli:pure iso4217:USD xbrli:shares iso4217:USD xbrli:shares 485BPOS 2012-12-31 DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS 0000357059 false 2013-04-30 <div style="display: none">~ http://xbrl.sec.gov/rr/role/RiskReturnDetailData column period compact * row dei_DocumentInformationDocumentAxis compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> What is the Fund's investment objective? </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Delaware Limited-Term Diversified Income Fund seeks maximum total return, consistent with reasonable risk. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> What are the Fund's fees and expenses? </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled &quot;About your account,&quot; and in the Fund's statement of additional information under the section entitled &quot;Purchasing shares.&quot; </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable Distributor's expense waivers for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &quot;turns over&quot; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 262% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> What are the Fund's principal investment strategies? </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund will invest at least 80% of its net assets in investment grade fixed income securities, including, but not limited to, fixed income securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, and by U.S. corporations. Investment grade fixed income securities are securities rated BBB- or higher by Standard &amp; Poor's (S&amp;P), Baa3 or higher by Moody's Investors Service (Moody's), or similarly rated by another nationally recognized statistical rating organization (NRSRO), or those that are deemed to be of comparable quality. The Fund will maintain an average effective duration from one to three years. The Fund's investment manager, Delaware Management Company (Manager or we), will determine how much of the Fund's assets to allocate among the different types of fixed income securities in which the Fund may invest based on our evaluation of economic and market conditions and our assessment of the returns and potential for appreciation that can be achieved from various sectors of the fixed income market.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The corporate debt obligations in which the Fund may invest include bonds, notes, debentures, and commercial paper of U.S. companies and, subject to the limitations described below, non-U.S. companies. The Fund may also invest in a variety of securities that are issued or guaranteed as to the payment of principal and interest by the U.S. government, and by various agencies or instrumentalities, which have been established or are sponsored by the U.S. government, and, subject to the limitations described below, securities issued by foreign governments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Additionally, the Fund may invest in mortgage-backed securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, government-sponsored corporations, and mortgage-backed securities issued by certain private, nongovernment entities. The Fund may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest up to 20% of its net assets in below-investment-grade securities (also known as high yield or &quot;junk&quot; bonds). In general, the below-investment-grade securities that the Fund may purchase in this sector will generally be rated BB or lower by S&amp;P and Ba or lower by Moody's, or similarly rated by another NRSRO.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may also invest up to 30% of its net assets in foreign securities, including up to 10% of its net assets in securities of issuers located in emerging markets. The Fund's total non-U.S. dollar currency exposure will be limited, in the aggregate, to no more than 10% of net assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may use a wide range of derivative instruments, typically including options, futures contracts, options on futures contracts, and swaps. The Fund will use derivatives for both hedging and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against bond defaults, to manage credit exposure or to enhance total return; and index swaps to enhance return or to affect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective and will limit its investments in derivative instruments to 20% of net assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> What are the principal risks of investing in the Fund? </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. Principal risks include:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Investments not guaranteed by Delaware Management Company (Manager) or its affiliates</b> — Investments in the Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market risk</b> — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Interest rate risk </b>— The risk that securities will decrease in value if interest rates rise. This risk is generally associated with bonds.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit risk </b>— The risk that an issuer of a debt security, including a governmental issuer, or an entity that insures a bond may be unable to make interest payments and repay principal in a timely manner.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High yield (junk bond) risk </b>— The risk that high yield securities, commonly known as &quot;junk bonds,&quot; are subject to reduced creditworthiness of issuers; increased risk of default and a more limited and less liquid secondary market; and greater price volatility and risk of loss of income and principal than are higher-rated securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Prepayment risk</b> — The risk that the principal on a bond that is held by a portfolio will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity risk</b> — The possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives risk</b> — Derivative contracts, such as options, futures, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, or a securities index to which a derivative contract is associated, moves in the opposite direction from what the portfolio manager anticipated. Derivative contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to financial difficulties (such as a bankruptcy or reorganization).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign risk</b> — The risk that foreign securities (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; or inadequate or different regulatory and accounting standards.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Bank loans and other indebtedness</b> <b>risk</b> — The risk that the portfolio will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Valuation risk</b> — The risk that a less liquid secondary market may make it more difficult for a fund to obtain precise valuations of certain securities in its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Government and regulatory risk</b> — The risk that governments or regulatory authorities have, from time to time, taken or considered actions that could adversely affect various sectors of the securities markets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> How has Delaware Limited-Term Diversified Income Fund performed? </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect expense caps in effect during certain of these periods. The returns would be lower without the expense caps. You may obtain the Fund's most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawareinvestments.com/performance.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Effective November 30, 2007, the Fund's investment objective, strategies, and policies were changed to permit the Fund to invest in a diversified portfolio of limited-term fixed income securities. These changes allowed the Fund to invest in a broader range of fixed income securities, including U.S. government securities, foreign government securities, and corporate and high yield securities of domestic and foreign issuers. Prior to November 30, 2007, the Fund invested primarily in U.S. government securities. The returns prior to this time reflect the Fund's prior investment objective, strategies, and policies and may not be indicative of future returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Year-by-year total return (Class A)* </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">During the periods illustrated in this bar chart, Class A's highest quarterly return was 4.76% for the quarter ended June 30, 2009 and its lowest quarterly return was -1.33% for the quarter ended June 30, 2004. The maximum Class A sales charge of 2.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this sales charge were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor's individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.</p> <div style="display:none">~http://diltdtermdiv-20130430/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact diltdtermdiv-20130430_S000002397Member ~</div> 0.0275 0 0 0.02 0 0.01 0 0 0 0 <div style="display:none">~ http://diltdtermdiv-20130430/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact diltdtermdiv-20130430_S000002397Member ~</div> 0.0046 0.003 0.002 0.0096 -0.0015 0.0081 0.0046 0.01 0.002 0.0166 -0.0085 0.0081 0.0046 0.01 0.002 0.0166 0.0166 0.0046 0.006 0.002 0.0126 -0.001 0.0116 0.0046 0 0.002 0.0066 0.0066 <div style="display:none">~ http://diltdtermdiv-20130430/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact diltdtermdiv-20130430_S000002397Member ~</div> 355 558 777 1407 283 540 822 1453 269 523 902 1965 118 390 682 1514 67 211 368 822 <div style="display:none">~ http://diltdtermdiv-20130430/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact diltdtermdiv-20130430_S000002397Member ~</div> 83 440 822 1453 169 523 902 1965 <div style="display:none">~ http://diltdtermdiv-20130430/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact diltdtermdiv-20130430_S000002397Member ~</div> 0.0212 0.0231 0.0176 0.0376 0.0636 0.0221 0.1289 0.037 0.0278 0.0249 <div style="display:none">~ http://diltdtermdiv-20130430/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact diltdtermdiv-20130430_S000002397Member ~</div> -0.0034 -0.0106 -0.0021 -0.0038 0.0062 0.0213 0.0264 0.0126 0.0414 0.0294 0.0285 0.0388 0.0388 0.0437 0.0489 0.0288 0.037 0.0235 0.0236 0.0354 0.0311 0.0358 0.0415 0.0313 You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled "About your account," and in the Fund's statement of additional information under the section entitled "Purchasing shares." 100000 2.62 The Fund's distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the Fund's Class A and Class R shares' 12b-1 fees to no more than 0.15% and 0.50% of average daily net assets, respectively, from April 30, 2013 through April 30, 2014. The Distributor has also contracted to limit the Fund's Class B shares' 12b-1 fee to no more than 0.15% of average daily net assets from March 1, 2013 through February 28, 2014. The waivers may be terminated only by agreement of the Distributor and the Fund. Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. delawareinvestments.com/performance 800 523-1918 The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes. After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). After-tax performance is presented only for Class A shares of the Fund. (lifetime: 6/2/03-12/31/12) highest quarterly return was 4.76% for the quarter ended June 30, 2009 0.0476 2009-06-30 lowest quarterly return was -1.33% for the quarter ended June 30, 2004 -0.0133 2004-06-30 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average annual total returns for periods ended December 31, 2012* </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">*The Fund has combined its prospectuses for the retail and institutional classes. The bar chart and the after-tax returns in the average annual total returns table show the performance of the Fund's Class A shares only.</p> 2013-04-30 2013-04-30 If you redeem Class B shares during the first year after you buy them, you will pay a contingent deferred sales charge (CDSC) of 2.00%, which declines to 1.00% during the second and third years, and 0% thereafter. Class C shares redeemed within one year of purchase are subject to a 1.00% CDSC. The Fund's distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the Fund's Class A and Class R shares' 12b-1 fees to no more than 0.15% and 0.50% of average daily net assets, respectively, from April 30, 2013 through April 30, 2014. The Distributor has also contracted to limit the Fund's Class B shares' 12b-1 fee to no more than 0.15% of average daily net assets from March 1, 2013 through February 28, 2014. The waivers may be terminated only by agreement of the Distributor and the Fund. 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percentage of original purchase price or redemption price, whichever is lower Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Shareholder Fee, Other Operating Expenses Caption [Text] Operating Expenses Column [Text] Management fees Distribution and service (12b-1) fees Distribution or Similar (Non 12b-1) Fees Other expenses Other expenses Component1 Other Expenses Component2 Other Expenses Component3 Other Expenses Acquired Fund Fees and Expenses Total annual fund operating expenses Total annual fund operating expenses Fee waivers and expense reimbursements Fee waivers and expense reimbursements Total annual fund operating expenses after fee waivers and expense reimbursements Total annual fund 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Expense Example, No Redemption (dei_DocumentInformationDocumentAxis, (Delaware Limited-Term Diversified Income Fund), USD $)
0 Months Ended
Apr. 30, 2013
Class B
 
Expense Example, No Redemption:  
Expense Example, No Redemption, 1 Year $ 83
Expense Example, No Redemption, 3 Years 440
Expense Example, No Redemption, 5 Years 822
Expense Example, No Redemption, 10 Years 1,453
Class C
 
Expense Example, No Redemption:  
Expense Example, No Redemption, 1 Year 169
Expense Example, No Redemption, 3 Years 523
Expense Example, No Redemption, 5 Years 902
Expense Example, No Redemption, 10 Years $ 1,965
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(Delaware Limited-Term Diversified Income Fund)

What is the Fund's investment objective?

Delaware Limited-Term Diversified Income Fund seeks maximum total return, consistent with reasonable risk.

What are the Fund's fees and expenses?

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled "About your account," and in the Fund's statement of additional information under the section entitled "Purchasing shares."

Shareholder fees (fees paid directly from your investment)

Shareholder Fees (Delaware Limited-Term Diversified Income Fund)
Class A
Class B
Class C
Class R
Institutional Class
Maximum sales charge (load) imposed on purchases as a percentage of offering price 2.75% none none none none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower none 2.00% [1] 1.00% [1] none none
[1] If you redeem Class B shares during the first year after you buy them, you will pay a contingent deferred sales charge (CDSC) of 2.00%, which declines to 1.00% during the second and third years, and 0% thereafter. Class C shares redeemed within one year of purchase are subject to a 1.00% CDSC.

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses (Delaware Limited-Term Diversified Income Fund)
Class A
Class B
Class C
Class R
Institutional Class
Management fees 0.46% 0.46% 0.46% 0.46% 0.46%
Distribution and service (12b-1) fees 0.30% 1.00% 1.00% 0.60% none
Other expenses 0.20% 0.20% 0.20% 0.20% 0.20%
Total annual fund operating expenses 0.96% 1.66% 1.66% 1.26% 0.66%
Fee waivers and expense reimbursements (0.15%) [1] (0.85%) [1]    (0.10%) [1]   
Total annual fund operating expenses after fee waivers and expense reimbursements 0.81% 0.81% 1.66% 1.16% 0.66%
[1] The Fund's distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the Fund's Class A and Class R shares' 12b-1 fees to no more than 0.15% and 0.50% of average daily net assets, respectively, from April 30, 2013 through April 30, 2014. The Distributor has also contracted to limit the Fund's Class B shares' 12b-1 fee to no more than 0.15% of average daily net assets from March 1, 2013 through February 28, 2014. The waivers may be terminated only by agreement of the Distributor and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable Distributor's expense waivers for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (Delaware Limited-Term Diversified Income Fund) (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
355 558 777 1,407
Class B
283 540 822 1,453
Class C
269 523 902 1,965
Class R
118 390 682 1,514
Institutional Class
67 211 368 822
Expense Example, No Redemption (Delaware Limited-Term Diversified Income Fund) (USD $)
1 Year
3 Years
5 Years
10 Years
Class B
83 440 822 1,453
Class C
169 523 902 1,965

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 262% of the average value of its portfolio.

What are the Fund's principal investment strategies?

Under normal circumstances, the Fund will invest at least 80% of its net assets in investment grade fixed income securities, including, but not limited to, fixed income securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, and by U.S. corporations. Investment grade fixed income securities are securities rated BBB- or higher by Standard & Poor's (S&P), Baa3 or higher by Moody's Investors Service (Moody's), or similarly rated by another nationally recognized statistical rating organization (NRSRO), or those that are deemed to be of comparable quality. The Fund will maintain an average effective duration from one to three years. The Fund's investment manager, Delaware Management Company (Manager or we), will determine how much of the Fund's assets to allocate among the different types of fixed income securities in which the Fund may invest based on our evaluation of economic and market conditions and our assessment of the returns and potential for appreciation that can be achieved from various sectors of the fixed income market.

The corporate debt obligations in which the Fund may invest include bonds, notes, debentures, and commercial paper of U.S. companies and, subject to the limitations described below, non-U.S. companies. The Fund may also invest in a variety of securities that are issued or guaranteed as to the payment of principal and interest by the U.S. government, and by various agencies or instrumentalities, which have been established or are sponsored by the U.S. government, and, subject to the limitations described below, securities issued by foreign governments.

Additionally, the Fund may invest in mortgage-backed securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, government-sponsored corporations, and mortgage-backed securities issued by certain private, nongovernment entities. The Fund may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases.

The Fund may invest up to 20% of its net assets in below-investment-grade securities (also known as high yield or "junk" bonds). In general, the below-investment-grade securities that the Fund may purchase in this sector will generally be rated BB or lower by S&P and Ba or lower by Moody's, or similarly rated by another NRSRO.

The Fund may also invest up to 30% of its net assets in foreign securities, including up to 10% of its net assets in securities of issuers located in emerging markets. The Fund's total non-U.S. dollar currency exposure will be limited, in the aggregate, to no more than 10% of net assets.

The Fund may use a wide range of derivative instruments, typically including options, futures contracts, options on futures contracts, and swaps. The Fund will use derivatives for both hedging and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against bond defaults, to manage credit exposure or to enhance total return; and index swaps to enhance return or to affect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective and will limit its investments in derivative instruments to 20% of net assets.

What are the principal risks of investing in the Fund?

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. Principal risks include:

Investments not guaranteed by Delaware Management Company (Manager) or its affiliates — Investments in the Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.

Market risk — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

Interest rate risk — The risk that securities will decrease in value if interest rates rise. This risk is generally associated with bonds.

Credit risk — The risk that an issuer of a debt security, including a governmental issuer, or an entity that insures a bond may be unable to make interest payments and repay principal in a timely manner.

High yield (junk bond) risk — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers; increased risk of default and a more limited and less liquid secondary market; and greater price volatility and risk of loss of income and principal than are higher-rated securities.

Prepayment risk — The risk that the principal on a bond that is held by a portfolio will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

Liquidity risk — The possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

Derivatives risk — Derivative contracts, such as options, futures, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, or a securities index to which a derivative contract is associated, moves in the opposite direction from what the portfolio manager anticipated. Derivative contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to financial difficulties (such as a bankruptcy or reorganization).

Foreign risk — The risk that foreign securities (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; or inadequate or different regulatory and accounting standards.

Bank loans and other indebtedness risk — The risk that the portfolio will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution.

Valuation risk — The risk that a less liquid secondary market may make it more difficult for a fund to obtain precise valuations of certain securities in its portfolio.

Government and regulatory risk — The risk that governments or regulatory authorities have, from time to time, taken or considered actions that could adversely affect various sectors of the securities markets.

How has Delaware Limited-Term Diversified Income Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect expense caps in effect during certain of these periods. The returns would be lower without the expense caps. You may obtain the Fund's most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawareinvestments.com/performance.

Effective November 30, 2007, the Fund's investment objective, strategies, and policies were changed to permit the Fund to invest in a diversified portfolio of limited-term fixed income securities. These changes allowed the Fund to invest in a broader range of fixed income securities, including U.S. government securities, foreign government securities, and corporate and high yield securities of domestic and foreign issuers. Prior to November 30, 2007, the Fund invested primarily in U.S. government securities. The returns prior to this time reflect the Fund's prior investment objective, strategies, and policies and may not be indicative of future returns.

Year-by-year total return (Class A)*

Bar Chart

During the periods illustrated in this bar chart, Class A's highest quarterly return was 4.76% for the quarter ended June 30, 2009 and its lowest quarterly return was -1.33% for the quarter ended June 30, 2004. The maximum Class A sales charge of 2.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this sales charge were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2012*

Average Annual Total Returns (Delaware Limited-Term Diversified Income Fund)
Label
1 Year
5 Years
10 Years
Lifetime
Class A
  (0.34%) 4.14% 3.70%  
Class A return after taxes on distributions
  (1.06%) 2.94% 2.35%  
Class A return after taxes on distributions and sale of Fund shares
  (0.21%) 2.85% 2.36%  
Class B
  (0.38%) 3.88% 3.54%  
Class C
  0.62% 3.88% 3.11%  
Class R
(lifetime: 6/2/03-12/31/12) 2.13% 4.37%   3.58%
Institutional Class
  2.64% 4.89% 4.15%  
Barclays 1–3 Year Government/Credit Index (reflects no deduction for fees, expenses, or taxes)
  1.26% 2.88% 3.13%  

*The Fund has combined its prospectuses for the retail and institutional classes. The bar chart and the after-tax returns in the average annual total returns table show the performance of the Fund's Class A shares only.

After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor's individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.

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Expense Example (dei_DocumentInformationDocumentAxis, (Delaware Limited-Term Diversified Income Fund), USD $)
0 Months Ended
Apr. 30, 2013
Class A
 
Expense Example:  
Expense Example, with Redemption, 1 Year $ 355
Expense Example, with Redemption, 3 Years 558
Expense Example, with Redemption, 5 Years 777
Expense Example, with Redemption, 10 Years 1,407
Class B
 
Expense Example:  
Expense Example, with Redemption, 1 Year 283
Expense Example, with Redemption, 3 Years 540
Expense Example, with Redemption, 5 Years 822
Expense Example, with Redemption, 10 Years 1,453
Class C
 
Expense Example:  
Expense Example, with Redemption, 1 Year 269
Expense Example, with Redemption, 3 Years 523
Expense Example, with Redemption, 5 Years 902
Expense Example, with Redemption, 10 Years 1,965
Institutional Class
 
Expense Example:  
Expense Example, with Redemption, 1 Year 67
Expense Example, with Redemption, 3 Years 211
Expense Example, with Redemption, 5 Years 368
Expense Example, with Redemption, 10 Years 822
Class R
 
Expense Example:  
Expense Example, with Redemption, 1 Year 118
Expense Example, with Redemption, 3 Years 390
Expense Example, with Redemption, 5 Years 682
Expense Example, with Redemption, 10 Years $ 1,514
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Shareholder Fees (dei_DocumentInformationDocumentAxis, (Delaware Limited-Term Diversified Income Fund))
0 Months Ended
Apr. 30, 2013
Class A
 
Shareholder Fees:  
Maximum sales charge (load) imposed on purchases as a percentage of offering price 2.75%
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower none
Class B
 
Shareholder Fees:  
Maximum sales charge (load) imposed on purchases as a percentage of offering price none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower 2.00% [1]
Class C
 
Shareholder Fees:  
Maximum sales charge (load) imposed on purchases as a percentage of offering price none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower 1.00% [1]
Institutional Class
 
Shareholder Fees:  
Maximum sales charge (load) imposed on purchases as a percentage of offering price none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower none
Class R
 
Shareholder Fees:  
Maximum sales charge (load) imposed on purchases as a percentage of offering price none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower none
[1] If you redeem Class B shares during the first year after you buy them, you will pay a contingent deferred sales charge (CDSC) of 2.00%, which declines to 1.00% during the second and third years, and 0% thereafter. Class C shares redeemed within one year of purchase are subject to a 1.00% CDSC.
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(Delaware Limited-Term Diversified Income Fund)

What is the Fund's investment objective?

Delaware Limited-Term Diversified Income Fund seeks maximum total return, consistent with reasonable risk.

What are the Fund's fees and expenses?

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled "About your account," and in the Fund's statement of additional information under the section entitled "Purchasing shares."

Shareholder fees (fees paid directly from your investment)

Shareholder Fees (Delaware Limited-Term Diversified Income Fund)
Class A
Class B
Class C
Class R
Institutional Class
Maximum sales charge (load) imposed on purchases as a percentage of offering price 2.75% none none none none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower none 2.00% [1] 1.00% [1] none none
[1] If you redeem Class B shares during the first year after you buy them, you will pay a contingent deferred sales charge (CDSC) of 2.00%, which declines to 1.00% during the second and third years, and 0% thereafter. Class C shares redeemed within one year of purchase are subject to a 1.00% CDSC.

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses (Delaware Limited-Term Diversified Income Fund)
Class A
Class B
Class C
Class R
Institutional Class
Management fees 0.46% 0.46% 0.46% 0.46% 0.46%
Distribution and service (12b-1) fees 0.30% 1.00% 1.00% 0.60% none
Other expenses 0.20% 0.20% 0.20% 0.20% 0.20%
Total annual fund operating expenses 0.96% 1.66% 1.66% 1.26% 0.66%
Fee waivers and expense reimbursements (0.15%) [1] (0.85%) [1]    (0.10%) [1]   
Total annual fund operating expenses after fee waivers and expense reimbursements 0.81% 0.81% 1.66% 1.16% 0.66%
[1] The Fund's distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the Fund's Class A and Class R shares' 12b-1 fees to no more than 0.15% and 0.50% of average daily net assets, respectively, from April 30, 2013 through April 30, 2014. The Distributor has also contracted to limit the Fund's Class B shares' 12b-1 fee to no more than 0.15% of average daily net assets from March 1, 2013 through February 28, 2014. The waivers may be terminated only by agreement of the Distributor and the Fund.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable Distributor's expense waivers for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (Delaware Limited-Term Diversified Income Fund) (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
355 558 777 1,407
Class B
283 540 822 1,453
Class C
269 523 902 1,965
Class R
118 390 682 1,514
Institutional Class
67 211 368 822
Expense Example, No Redemption (Delaware Limited-Term Diversified Income Fund) (USD $)
1 Year
3 Years
5 Years
10 Years
Class B
83 440 822 1,453
Class C
169 523 902 1,965

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 262% of the average value of its portfolio.

What are the Fund's principal investment strategies?

Under normal circumstances, the Fund will invest at least 80% of its net assets in investment grade fixed income securities, including, but not limited to, fixed income securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, and by U.S. corporations. Investment grade fixed income securities are securities rated BBB- or higher by Standard & Poor's (S&P), Baa3 or higher by Moody's Investors Service (Moody's), or similarly rated by another nationally recognized statistical rating organization (NRSRO), or those that are deemed to be of comparable quality. The Fund will maintain an average effective duration from one to three years. The Fund's investment manager, Delaware Management Company (Manager or we), will determine how much of the Fund's assets to allocate among the different types of fixed income securities in which the Fund may invest based on our evaluation of economic and market conditions and our assessment of the returns and potential for appreciation that can be achieved from various sectors of the fixed income market.

The corporate debt obligations in which the Fund may invest include bonds, notes, debentures, and commercial paper of U.S. companies and, subject to the limitations described below, non-U.S. companies. The Fund may also invest in a variety of securities that are issued or guaranteed as to the payment of principal and interest by the U.S. government, and by various agencies or instrumentalities, which have been established or are sponsored by the U.S. government, and, subject to the limitations described below, securities issued by foreign governments.

Additionally, the Fund may invest in mortgage-backed securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, government-sponsored corporations, and mortgage-backed securities issued by certain private, nongovernment entities. The Fund may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases.

The Fund may invest up to 20% of its net assets in below-investment-grade securities (also known as high yield or "junk" bonds). In general, the below-investment-grade securities that the Fund may purchase in this sector will generally be rated BB or lower by S&P and Ba or lower by Moody's, or similarly rated by another NRSRO.

The Fund may also invest up to 30% of its net assets in foreign securities, including up to 10% of its net assets in securities of issuers located in emerging markets. The Fund's total non-U.S. dollar currency exposure will be limited, in the aggregate, to no more than 10% of net assets.

The Fund may use a wide range of derivative instruments, typically including options, futures contracts, options on futures contracts, and swaps. The Fund will use derivatives for both hedging and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against bond defaults, to manage credit exposure or to enhance total return; and index swaps to enhance return or to affect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective and will limit its investments in derivative instruments to 20% of net assets.

What are the principal risks of investing in the Fund?

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. Principal risks include:

Investments not guaranteed by Delaware Management Company (Manager) or its affiliates — Investments in the Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.

Market risk — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

Interest rate risk — The risk that securities will decrease in value if interest rates rise. This risk is generally associated with bonds.

Credit risk — The risk that an issuer of a debt security, including a governmental issuer, or an entity that insures a bond may be unable to make interest payments and repay principal in a timely manner.

High yield (junk bond) risk — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers; increased risk of default and a more limited and less liquid secondary market; and greater price volatility and risk of loss of income and principal than are higher-rated securities.

Prepayment risk — The risk that the principal on a bond that is held by a portfolio will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

Liquidity risk — The possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

Derivatives risk — Derivative contracts, such as options, futures, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, or a securities index to which a derivative contract is associated, moves in the opposite direction from what the portfolio manager anticipated. Derivative contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to financial difficulties (such as a bankruptcy or reorganization).

Foreign risk — The risk that foreign securities (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; or inadequate or different regulatory and accounting standards.

Bank loans and other indebtedness risk — The risk that the portfolio will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution.

Valuation risk — The risk that a less liquid secondary market may make it more difficult for a fund to obtain precise valuations of certain securities in its portfolio.

Government and regulatory risk — The risk that governments or regulatory authorities have, from time to time, taken or considered actions that could adversely affect various sectors of the securities markets.

How has Delaware Limited-Term Diversified Income Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect expense caps in effect during certain of these periods. The returns would be lower without the expense caps. You may obtain the Fund's most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawareinvestments.com/performance.

Effective November 30, 2007, the Fund's investment objective, strategies, and policies were changed to permit the Fund to invest in a diversified portfolio of limited-term fixed income securities. These changes allowed the Fund to invest in a broader range of fixed income securities, including U.S. government securities, foreign government securities, and corporate and high yield securities of domestic and foreign issuers. Prior to November 30, 2007, the Fund invested primarily in U.S. government securities. The returns prior to this time reflect the Fund's prior investment objective, strategies, and policies and may not be indicative of future returns.

Year-by-year total return (Class A)*

Bar Chart

During the periods illustrated in this bar chart, Class A's highest quarterly return was 4.76% for the quarter ended June 30, 2009 and its lowest quarterly return was -1.33% for the quarter ended June 30, 2004. The maximum Class A sales charge of 2.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this sales charge were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Average annual total returns for periods ended December 31, 2012*

Average Annual Total Returns (Delaware Limited-Term Diversified Income Fund)
Label
1 Year
5 Years
10 Years
Lifetime
Class A
  (0.34%) 4.14% 3.70%  
Class A return after taxes on distributions
  (1.06%) 2.94% 2.35%  
Class A return after taxes on distributions and sale of Fund shares
  (0.21%) 2.85% 2.36%  
Class B
  (0.38%) 3.88% 3.54%  
Class C
  0.62% 3.88% 3.11%  
Class R
(lifetime: 6/2/03-12/31/12) 2.13% 4.37%   3.58%
Institutional Class
  2.64% 4.89% 4.15%  
Barclays 1–3 Year Government/Credit Index (reflects no deduction for fees, expenses, or taxes)
  1.26% 2.88% 3.13%  

*The Fund has combined its prospectuses for the retail and institutional classes. The bar chart and the after-tax returns in the average annual total returns table show the performance of the Fund's Class A shares only.

After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor's individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.

XML 17 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Annual Total Returns (dei_DocumentInformationDocumentAxis, (Delaware Limited-Term Diversified Income Fund), Class A)
0 Months Ended
Apr. 30, 2013
(Delaware Limited-Term Diversified Income Fund) | Class A
 
Bar Chart Table:  
Annual Return 2003 2.12%
Annual Return 2004 2.31%
Annual Return 2005 1.76%
Annual Return 2006 3.76%
Annual Return 2007 6.36%
Annual Return 2008 2.21%
Annual Return 2009 12.89%
Annual Return 2010 3.70%
Annual Return 2011 2.78%
Annual Return 2012 2.49%
XML 18 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Dec. 31, 2012
Registrant Name dei_EntityRegistrantName DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS
Central Index Key dei_EntityCentralIndexKey 0000357059
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Apr. 30, 2013
Document Effective Date dei_DocumentEffectiveDate Apr. 30, 2013
Prospectus Date rr_ProspectusDate Apr. 30, 2013
(Delaware Limited-Term Diversified Income Fund)
 
Risk/Return: rr_RiskReturnAbstract  
Objective [Heading] rr_ObjectiveHeading

What is the Fund's investment objective?

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Delaware Limited-Term Diversified Income Fund seeks maximum total return, consistent with reasonable risk.

Expense [Heading] rr_ExpenseHeading

What are the Fund's fees and expenses?

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled "About your account," and in the Fund's statement of additional information under the section entitled "Purchasing shares."

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder fees (fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination The Fund's distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the Fund's Class A and Class R shares' 12b-1 fees to no more than 0.15% and 0.50% of average daily net assets, respectively, from April 30, 2013 through April 30, 2014. The Distributor has also contracted to limit the Fund's Class B shares' 12b-1 fee to no more than 0.15% of average daily net assets from March 1, 2013 through February 28, 2014. The waivers may be terminated only by agreement of the Distributor and the Fund.
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 262% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 262.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled "About your account," and in the Fund's statement of additional information under the section entitled "Purchasing shares."
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 100,000
Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable Distributor's expense waivers for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

What are the Fund's principal investment strategies?

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Under normal circumstances, the Fund will invest at least 80% of its net assets in investment grade fixed income securities, including, but not limited to, fixed income securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, and by U.S. corporations. Investment grade fixed income securities are securities rated BBB- or higher by Standard & Poor's (S&P), Baa3 or higher by Moody's Investors Service (Moody's), or similarly rated by another nationally recognized statistical rating organization (NRSRO), or those that are deemed to be of comparable quality. The Fund will maintain an average effective duration from one to three years. The Fund's investment manager, Delaware Management Company (Manager or we), will determine how much of the Fund's assets to allocate among the different types of fixed income securities in which the Fund may invest based on our evaluation of economic and market conditions and our assessment of the returns and potential for appreciation that can be achieved from various sectors of the fixed income market.

The corporate debt obligations in which the Fund may invest include bonds, notes, debentures, and commercial paper of U.S. companies and, subject to the limitations described below, non-U.S. companies. The Fund may also invest in a variety of securities that are issued or guaranteed as to the payment of principal and interest by the U.S. government, and by various agencies or instrumentalities, which have been established or are sponsored by the U.S. government, and, subject to the limitations described below, securities issued by foreign governments.

Additionally, the Fund may invest in mortgage-backed securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, government-sponsored corporations, and mortgage-backed securities issued by certain private, nongovernment entities. The Fund may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases.

The Fund may invest up to 20% of its net assets in below-investment-grade securities (also known as high yield or "junk" bonds). In general, the below-investment-grade securities that the Fund may purchase in this sector will generally be rated BB or lower by S&P and Ba or lower by Moody's, or similarly rated by another NRSRO.

The Fund may also invest up to 30% of its net assets in foreign securities, including up to 10% of its net assets in securities of issuers located in emerging markets. The Fund's total non-U.S. dollar currency exposure will be limited, in the aggregate, to no more than 10% of net assets.

The Fund may use a wide range of derivative instruments, typically including options, futures contracts, options on futures contracts, and swaps. The Fund will use derivatives for both hedging and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against bond defaults, to manage credit exposure or to enhance total return; and index swaps to enhance return or to affect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective and will limit its investments in derivative instruments to 20% of net assets.

Risk [Heading] rr_RiskHeading

What are the principal risks of investing in the Fund?

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. Principal risks include:

Investments not guaranteed by Delaware Management Company (Manager) or its affiliates — Investments in the Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.

Market risk — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

Interest rate risk — The risk that securities will decrease in value if interest rates rise. This risk is generally associated with bonds.

Credit risk — The risk that an issuer of a debt security, including a governmental issuer, or an entity that insures a bond may be unable to make interest payments and repay principal in a timely manner.

High yield (junk bond) risk — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers; increased risk of default and a more limited and less liquid secondary market; and greater price volatility and risk of loss of income and principal than are higher-rated securities.

Prepayment risk — The risk that the principal on a bond that is held by a portfolio will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

Liquidity risk — The possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

Derivatives risk — Derivative contracts, such as options, futures, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, or a securities index to which a derivative contract is associated, moves in the opposite direction from what the portfolio manager anticipated. Derivative contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to financial difficulties (such as a bankruptcy or reorganization).

Foreign risk — The risk that foreign securities (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; or inadequate or different regulatory and accounting standards.

Bank loans and other indebtedness risk — The risk that the portfolio will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution.

Valuation risk — The risk that a less liquid secondary market may make it more difficult for a fund to obtain precise valuations of certain securities in its portfolio.

Government and regulatory risk — The risk that governments or regulatory authorities have, from time to time, taken or considered actions that could adversely affect various sectors of the securities markets.

Risk Lose Money [Text] rr_RiskLoseMoney Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

How has Delaware Limited-Term Diversified Income Fund performed?

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect expense caps in effect during certain of these periods. The returns would be lower without the expense caps. You may obtain the Fund's most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawareinvestments.com/performance.

Effective November 30, 2007, the Fund's investment objective, strategies, and policies were changed to permit the Fund to invest in a diversified portfolio of limited-term fixed income securities. These changes allowed the Fund to invest in a broader range of fixed income securities, including U.S. government securities, foreign government securities, and corporate and high yield securities of domestic and foreign issuers. Prior to November 30, 2007, the Fund invested primarily in U.S. government securities. The returns prior to this time reflect the Fund's prior investment objective, strategies, and policies and may not be indicative of future returns.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800 523-1918
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress delawareinvestments.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.
Bar Chart [Heading] rr_BarChartHeading

Year-by-year total return (Class A)*

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

During the periods illustrated in this bar chart, Class A's highest quarterly return was 4.76% for the quarter ended June 30, 2009 and its lowest quarterly return was -1.33% for the quarter ended June 30, 2004. The maximum Class A sales charge of 2.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this sales charge were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

Performance Table Heading rr_PerformanceTableHeading

Average annual total returns for periods ended December 31, 2012*

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs).
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax performance is presented only for Class A shares of the Fund.
Performance Table Footnotes rr_PerformanceTableFootnotesTextBlock

*The Fund has combined its prospectuses for the retail and institutional classes. The bar chart and the after-tax returns in the average annual total returns table show the performance of the Fund's Class A shares only.

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor's individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.

(Delaware Limited-Term Diversified Income Fund) | Barclays 1–3 Year Government/Credit Index (reflects no deduction for fees, expenses, or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.26%
5 Years rr_AverageAnnualReturnYear05 2.88%
10 Years rr_AverageAnnualReturnYear10 3.13%
(Delaware Limited-Term Diversified Income Fund) | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases as a percentage of offering price rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 2.75%
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management fees rr_ManagementFeesOverAssets 0.46%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.30%
Other expenses rr_OtherExpensesOverAssets 0.20%
Total annual fund operating expenses rr_ExpensesOverAssets 0.96%
Fee waivers and expense reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.15%) [2]
Total annual fund operating expenses after fee waivers and expense reimbursements rr_NetExpensesOverAssets 0.81%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 355
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 558
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 777
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,407
Annual Return 2003 rr_AnnualReturn2003 2.12%
Annual Return 2004 rr_AnnualReturn2004 2.31%
Annual Return 2005 rr_AnnualReturn2005 1.76%
Annual Return 2006 rr_AnnualReturn2006 3.76%
Annual Return 2007 rr_AnnualReturn2007 6.36%
Annual Return 2008 rr_AnnualReturn2008 2.21%
Annual Return 2009 rr_AnnualReturn2009 12.89%
Annual Return 2010 rr_AnnualReturn2010 3.70%
Annual Return 2011 rr_AnnualReturn2011 2.78%
Annual Return 2012 rr_AnnualReturn2012 2.49%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest quarterly return was 4.76% for the quarter ended June 30, 2009
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 4.76%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return was -1.33% for the quarter ended June 30, 2004
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2004
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (1.33%)
1 Year rr_AverageAnnualReturnYear01 (0.34%)
5 Years rr_AverageAnnualReturnYear05 4.14%
10 Years rr_AverageAnnualReturnYear10 3.70%
(Delaware Limited-Term Diversified Income Fund) | Class A | return after taxes on distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.06%)
5 Years rr_AverageAnnualReturnYear05 2.94%
10 Years rr_AverageAnnualReturnYear10 2.35%
(Delaware Limited-Term Diversified Income Fund) | Class A | return after taxes on distributions and sale of Fund shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.21%)
5 Years rr_AverageAnnualReturnYear05 2.85%
10 Years rr_AverageAnnualReturnYear10 2.36%
(Delaware Limited-Term Diversified Income Fund) | Class B
 
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases as a percentage of offering price rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower rr_MaximumDeferredSalesChargeOverOfferingPrice 2.00% [1]
Management fees rr_ManagementFeesOverAssets 0.46%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 0.20%
Total annual fund operating expenses rr_ExpensesOverAssets 1.66%
Fee waivers and expense reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.85%) [2]
Total annual fund operating expenses after fee waivers and expense reimbursements rr_NetExpensesOverAssets 0.81%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 283
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 540
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 822
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,453
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 83
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 440
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 822
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 1,453
1 Year rr_AverageAnnualReturnYear01 (0.38%)
5 Years rr_AverageAnnualReturnYear05 3.88%
10 Years rr_AverageAnnualReturnYear10 3.54%
(Delaware Limited-Term Diversified Income Fund) | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases as a percentage of offering price rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [1]
Management fees rr_ManagementFeesOverAssets 0.46%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 0.20%
Total annual fund operating expenses rr_ExpensesOverAssets 1.66%
Fee waivers and expense reimbursements rr_FeeWaiverOrReimbursementOverAssets   
Total annual fund operating expenses after fee waivers and expense reimbursements rr_NetExpensesOverAssets 1.66%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 269
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 523
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 902
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,965
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 169
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 523
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 902
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 1,965
1 Year rr_AverageAnnualReturnYear01 0.62%
5 Years rr_AverageAnnualReturnYear05 3.88%
10 Years rr_AverageAnnualReturnYear10 3.11%
(Delaware Limited-Term Diversified Income Fund) | Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases as a percentage of offering price rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management fees rr_ManagementFeesOverAssets 0.46%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.20%
Total annual fund operating expenses rr_ExpensesOverAssets 0.66%
Fee waivers and expense reimbursements rr_FeeWaiverOrReimbursementOverAssets   
Total annual fund operating expenses after fee waivers and expense reimbursements rr_NetExpensesOverAssets 0.66%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 67
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 211
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 368
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 822
1 Year rr_AverageAnnualReturnYear01 2.64%
5 Years rr_AverageAnnualReturnYear05 4.89%
10 Years rr_AverageAnnualReturnYear10 4.15%
(Delaware Limited-Term Diversified Income Fund) | Class R
 
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases as a percentage of offering price rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management fees rr_ManagementFeesOverAssets 0.46%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.60%
Other expenses rr_OtherExpensesOverAssets 0.20%
Total annual fund operating expenses rr_ExpensesOverAssets 1.26%
Fee waivers and expense reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.10%) [2]
Total annual fund operating expenses after fee waivers and expense reimbursements rr_NetExpensesOverAssets 1.16%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 118
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 390
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 682
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,514
Label rr_AverageAnnualReturnLabel (lifetime: 6/2/03-12/31/12)
1 Year rr_AverageAnnualReturnYear01 2.13%
5 Years rr_AverageAnnualReturnYear05 4.37%
Lifetime rr_AverageAnnualReturnSinceInception 3.58%
[1] If you redeem Class B shares during the first year after you buy them, you will pay a contingent deferred sales charge (CDSC) of 2.00%, which declines to 1.00% during the second and third years, and 0% thereafter. Class C shares redeemed within one year of purchase are subject to a 1.00% CDSC.
[2] The Fund's distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the Fund's Class A and Class R shares' 12b-1 fees to no more than 0.15% and 0.50% of average daily net assets, respectively, from April 30, 2013 through April 30, 2014. The Distributor has also contracted to limit the Fund's Class B shares' 12b-1 fee to no more than 0.15% of average daily net assets from March 1, 2013 through February 28, 2014. The waivers may be terminated only by agreement of the Distributor and the Fund.
XML 19 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Average Annual Total Returns (dei_DocumentInformationDocumentAxis, (Delaware Limited-Term Diversified Income Fund))
0 Months Ended
Apr. 30, 2013
Barclays 1–3 Year Government/Credit Index (reflects no deduction for fees, expenses, or taxes)
 
Average Annual Return:  
1 Year 1.26%
5 Years 2.88%
10 Years 3.13%
Class A
 
Average Annual Return:  
1 Year (0.34%)
5 Years 4.14%
10 Years 3.70%
Class A | return after taxes on distributions
 
Average Annual Return:  
1 Year (1.06%)
5 Years 2.94%
10 Years 2.35%
Class A | return after taxes on distributions and sale of Fund shares
 
Average Annual Return:  
1 Year (0.21%)
5 Years 2.85%
10 Years 2.36%
Class B
 
Average Annual Return:  
1 Year (0.38%)
5 Years 3.88%
10 Years 3.54%
Class C
 
Average Annual Return:  
1 Year 0.62%
5 Years 3.88%
10 Years 3.11%
Institutional Class
 
Average Annual Return:  
1 Year 2.64%
5 Years 4.89%
10 Years 4.15%
Class R
 
Average Annual Return:  
Label (lifetime: 6/2/03-12/31/12)
1 Year 2.13%
5 Years 4.37%
Lifetime 3.58%
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Annual Fund Operating Expenses (dei_DocumentInformationDocumentAxis, (Delaware Limited-Term Diversified Income Fund))
0 Months Ended
Apr. 30, 2013
Class A
 
Operating Expenses:  
Management fees 0.46%
Distribution and service (12b-1) fees 0.30%
Other expenses 0.20%
Total annual fund operating expenses 0.96%
Fee waivers and expense reimbursements (0.15%) [1]
Total annual fund operating expenses after fee waivers and expense reimbursements 0.81%
Class B
 
Operating Expenses:  
Management fees 0.46%
Distribution and service (12b-1) fees 1.00%
Other expenses 0.20%
Total annual fund operating expenses 1.66%
Fee waivers and expense reimbursements (0.85%) [1]
Total annual fund operating expenses after fee waivers and expense reimbursements 0.81%
Class C
 
Operating Expenses:  
Management fees 0.46%
Distribution and service (12b-1) fees 1.00%
Other expenses 0.20%
Total annual fund operating expenses 1.66%
Fee waivers and expense reimbursements   
Total annual fund operating expenses after fee waivers and expense reimbursements 1.66%
Institutional Class
 
Operating Expenses:  
Management fees 0.46%
Distribution and service (12b-1) fees none
Other expenses 0.20%
Total annual fund operating expenses 0.66%
Fee waivers and expense reimbursements   
Total annual fund operating expenses after fee waivers and expense reimbursements 0.66%
Class R
 
Operating Expenses:  
Management fees 0.46%
Distribution and service (12b-1) fees 0.60%
Other expenses 0.20%
Total annual fund operating expenses 1.26%
Fee waivers and expense reimbursements (0.10%) [1]
Total annual fund operating expenses after fee waivers and expense reimbursements 1.16%
[1] The Fund's distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the Fund's Class A and Class R shares' 12b-1 fees to no more than 0.15% and 0.50% of average daily net assets, respectively, from April 30, 2013 through April 30, 2014. The Distributor has also contracted to limit the Fund's Class B shares' 12b-1 fee to no more than 0.15% of average daily net assets from March 1, 2013 through February 28, 2014. The waivers may be terminated only by agreement of the Distributor and the Fund.
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