UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 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. 85 | /X/ | |
and/or | ||
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | /X/ |
Amendment No. 85 |
(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) | ||
Registrants 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. |
The information in this filing relates solely to the Delaware Limited-Term Diversified Income Fund, series of the Registrant. Information relating to other series of the Registrant is not amended or superseded hereby.
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 15th day of May, 2019.
DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS | |
By: | /s/ Shawn K. Lytle |
Shawn K. Lytle | |
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/ Shawn K. Lytle | President/Chief Executive Officer | May 15, 2019 | |||
Shawn K. Lytle | (Principal Executive Officer) and Trustee | ||||
Jerome D. Abernathy | * | Trustee | May 15, 2019 | ||
Jerome D. Abernathy | |||||
Thomas L. Bennett | * | Chair and Trustee | May 15, 2019 | ||
Thomas L. Bennett | |||||
Ann D. Borowiec | * | Trustee | May 15, 2019 | ||
Ann D. Borowiec | |||||
Joseph W. Chow | * | Trustee | May 15, 2019 | ||
Joseph W. Chow | |||||
John A. Fry | * | Trustee | May 15, 2019 | ||
John A. Fry | |||||
Lucinda S. Landreth | * | Trustee | May 15, 2019 | ||
Lucinda S. Landreth | |||||
Frances A. Sevilla-Sacasa | * | Trustee | May 15, 2019 | ||
Frances A. Sevilla-Sacasa | |||||
Thomas K. Whitford | * | Trustee | May 15, 2019 | ||
Thomas K. Whitford | |||||
Christianna Wood | * | Trustee | May 15, 2019 | ||
Christianna Wood | |||||
Janet L. Yeomans | * | Trustee | May 15, 2019 | ||
Janet L. Yeomans | |||||
Richard Salus | * | Senior Vice President/Chief Financial Officer | May 15, 2019 | ||
Richard Salus | (Principal Financial Officer) |
*By: /s/ Shawn K. Lytle
Shawn K. Lytle
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-101.INS | XBRL Instance Document | |
EX-101.SCH | XBRL Taxonomy Extension Schema Document | |
EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase | |
EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
Document and Entity Information |
Total |
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Document and Entity Information: | |
Registrant Name | DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS |
Document Type | 485BPOS |
Document Period End Date | Dec. 31, 2018 |
Amendment Flag | false |
Central Index Key | 0000357059 |
Document Effective Date | Apr. 30, 2019 |
Document Creation Date | Apr. 29, 2019 |
Delaware Limited-Term Diversified Income Fund | Class A | |
Document and Entity Information: | |
Trading Symbol | DTRIX |
Delaware Limited-Term Diversified Income Fund | Class C | |
Document and Entity Information: | |
Trading Symbol | DTICX |
Delaware Limited-Term Diversified Income Fund | Class R | |
Document and Entity Information: | |
Trading Symbol | DLTRX |
Delaware Limited-Term Diversified Income Fund | Institutional Class | |
Document and Entity Information: | |
Trading Symbol | DTINX |
Delaware Limited-Term Diversified Income Fund | Class R6 | |
Document and Entity Information: | |
Trading Symbol | DLTZX |
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Delaware Limited-Term Diversified Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delaware Limited-Term Diversified Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the Funds investment objective? | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delaware Limited-Term Diversified Income Fund seeks maximum total return, consistent with reasonable risk.
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What are the Funds fees and expenses? | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The table below 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 Funds® by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Funds Prospectus under the section entitled About your account, and in the Funds statement of additional information (SAI) under the section entitled Purchasing Shares.
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Shareholder fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable waivers and reimbursements 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:
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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 the annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 130% of the average value of its portfolio. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What are the Funds principal investment strategies? | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade fixed income securities, including, but not limited to, fixed income securities issued or guaranteed by the US government, its agencies or instrumentalities, and by US corporations (80% policy). Investment grade fixed income securities are securities rated BBB- or higher by Standard & Poors Financial Services LLC (S&P) and Baa3 or higher by Moodys Investors Service, Inc. (Moodys), 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 Funds investment manager, Delaware Management Company (Manager), will determine how much of the Funds assets to allocate among the different types of fixed income securities in which the Fund may invest based on the Managers evaluation of economic and market conditions and its 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 US companies and, subject to the limitations described below, non-US 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 US government, and by various agencies or instrumentalities, which have been established or are sponsored by the US 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 US 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). 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 Funds total non-US dollar currency exposure will be limited, in the aggregate, to no more than 10% of its net assets. The Fund may use a wide range of derivatives instruments, typically including options, futures contracts, options on futures contracts, forward foreign currency 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 a credit event, to gain exposure to certain securities or markets, or to enhance total return; and index swaps to enhance return or to effect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective and will limit its investments in derivatives instruments to 20% of its net assets. The Funds 80% policy is nonfundamental and may be changed without shareholder approval. Fund shareholders would be given at least 60 days notice prior to any such change.
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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 Funds portfolio. The Funds principal risks include:
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 the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. 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/or 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. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds. Prepayment risk The risk that the principal on a bond that is held by a fund will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A fund may then have to reinvest that money at a lower interest rate. Liquidity risk The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them. Derivatives risk Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization). Mortgage-backed and asset-backed securities risk The risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value. Leveraging risk The risk that certain fund transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a fund to be more volatile than if it had not been leveraged, which may result in increased losses to the fund.
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, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards. 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 may take actions that could adversely affect various sectors of the securities markets and affect fund performance. Active management and selection risk The risk that the securities selected by a funds management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.
The Manager is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). Other than Macquarie Bank Limited (MBL), a subsidiary of MGL and an affiliate of the Manager, none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Fund is governed by US laws and regulations.
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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 Funds performance from year to year and by showing how the Funds 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 Funds past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Funds most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawarefunds.com/performance.
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Calendar year-by-year total return (Class A) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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During the periods illustrated in this bar chart, Class As highest quarterly return was 4.76% for the quarter ended June 30, 2009, and its lowest quarterly return was -2.22% for the quarter ended June 30, 2013. 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 fee 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, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 investors individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-advantaged 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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Label | Element | Value | ||||||
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Document Type | dei_DocumentType | 485BPOS | ||||||
Document Period End Date | dei_DocumentPeriodEndDate | Dec. 31, 2018 | ||||||
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. 29, 2019 | ||||||
Document Effective Date | dei_DocumentEffectiveDate | Apr. 30, 2019 | ||||||
Prospectus Date | rr_ProspectusDate | Apr. 30, 2019 | ||||||
Delaware Limited-Term Diversified Income Fund | ||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||
Risk/Return | rr_RiskReturnHeading | Delaware Limited-Term Diversified Income Fund | ||||||
Objective | rr_ObjectiveHeading | What is the Funds investment objective? | ||||||
Objective, Primary | rr_ObjectivePrimaryTextBlock | Delaware Limited-Term Diversified Income Fund seeks maximum total return, consistent with reasonable risk.
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Expense | rr_ExpenseHeading | What are the Funds fees and expenses? | ||||||
Expense Narrative | rr_ExpenseNarrativeTextBlock | The table below 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 Funds® by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Funds Prospectus under the section entitled About your account, and in the Funds statement of additional information (SAI) under the section entitled Purchasing Shares.
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Shareholder Fees Caption | rr_ShareholderFeesCaption | Shareholder fees (fees paid directly from your investment) | ||||||
Operating Expenses Caption | rr_OperatingExpensesCaption | Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||
Portfolio Turnover Heading | rr_PortfolioTurnoverHeading | Portfolio turnover | ||||||
Portfolio Turnover | 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 the annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 130% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 130.00% | ||||||
Expense Breakpoint Discounts | 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 Funds® by Macquarie. | ||||||
Expense Breakpoint, Minimum Investment Required | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 100,000 | ||||||
Expense Example | rr_ExpenseExampleHeading | Example | ||||||
Expense Example Narrative | 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. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable waivers and reimbursements 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:
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Strategy | rr_StrategyHeading | What are the Funds principal investment strategies? | ||||||
Strategy Narrative | rr_StrategyNarrativeTextBlock | Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade fixed income securities, including, but not limited to, fixed income securities issued or guaranteed by the US government, its agencies or instrumentalities, and by US corporations (80% policy). Investment grade fixed income securities are securities rated BBB- or higher by Standard & Poors Financial Services LLC (S&P) and Baa3 or higher by Moodys Investors Service, Inc. (Moodys), 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 Funds investment manager, Delaware Management Company (Manager), will determine how much of the Funds assets to allocate among the different types of fixed income securities in which the Fund may invest based on the Managers evaluation of economic and market conditions and its 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 US companies and, subject to the limitations described below, non-US 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 US government, and by various agencies or instrumentalities, which have been established or are sponsored by the US 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 US 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). 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 Funds total non-US dollar currency exposure will be limited, in the aggregate, to no more than 10% of its net assets. The Fund may use a wide range of derivatives instruments, typically including options, futures contracts, options on futures contracts, forward foreign currency 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 a credit event, to gain exposure to certain securities or markets, or to enhance total return; and index swaps to enhance return or to effect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective and will limit its investments in derivatives instruments to 20% of its net assets. The Funds 80% policy is nonfundamental and may be changed without shareholder approval. Fund shareholders would be given at least 60 days notice prior to any such change.
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Strategy Portfolio Concentration | rr_StrategyPortfolioConcentration | Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade fixed income securities, including, but not limited to, fixed income securities issued or guaranteed by the US government, its agencies or instrumentalities, and by US corporations (80% policy). | ||||||
Risk | rr_RiskHeading | What are the principal risks of investing in the Fund? | ||||||
Risk Narrative | 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 Funds portfolio. The Funds principal risks include:
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 the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. 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/or 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. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds. Prepayment risk The risk that the principal on a bond that is held by a fund will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A fund may then have to reinvest that money at a lower interest rate. Liquidity risk The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them. Derivatives risk Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization). Mortgage-backed and asset-backed securities risk The risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value. Leveraging risk The risk that certain fund transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing a fund to be more volatile than if it had not been leveraged, which may result in increased losses to the fund.
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, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards. 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 may take actions that could adversely affect various sectors of the securities markets and affect fund performance. Active management and selection risk The risk that the securities selected by a funds management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.
The Manager is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). Other than Macquarie Bank Limited (MBL), a subsidiary of MGL and an affiliate of the Manager, none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Fund is governed by US laws and regulations.
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Risk Lose Money | 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 Funds portfolio. | ||||||
Bar Chart and Performance Table | rr_BarChartAndPerformanceTableHeading | How has Delaware Limited-Term Diversified Income Fund performed? | ||||||
Performance Narrative | rr_PerformanceNarrativeTextBlock | The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year and by showing how the Funds 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 Funds past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Funds most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawarefunds.com/performance.
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Performance Availability Phone | rr_PerformanceAvailabilityPhone | 800 523-1918 | ||||||
Performance Availability Website Address | rr_PerformanceAvailabilityWebSiteAddress | delawarefunds.com/performance | ||||||
Performance Past Does Not Indicate Future | rr_PerformancePastDoesNotIndicateFuture | The Funds past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. | ||||||
Bar Chart Heading | rr_BarChartHeading | Calendar year-by-year total return (Class A) | ||||||
Bar Chart Closing | rr_BarChartClosingTextBlock | During the periods illustrated in this bar chart, Class As highest quarterly return was 4.76% for the quarter ended June 30, 2009, and its lowest quarterly return was -2.22% for the quarter ended June 30, 2013. 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 fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge. |
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Performance Table Heading | rr_PerformanceTableHeading | Average annual total returns for periods ended December 31, 2018 | ||||||
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-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). | ||||||
Performance Table One Class of after Tax Shown | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax performance is presented only for Class A shares of the Fund. | ||||||
Performance Table Closing | 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 investors individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-advantaged 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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Delaware Limited-Term Diversified Income Fund | Bloomberg Barclays 1-3 Year US Government/Credit Index (reflects no deduction for fees, expenses, or taxes) | ||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||
Index No Deduction for Fees, Expenses, Taxes | rr_IndexNoDeductionForFeesExpensesTaxes | Reflects no deduction for fees, expenses, or taxes. | ||||||
1 Year | rr_AverageAnnualReturnYear01 | 1.60% | ||||||
5 Years | rr_AverageAnnualReturnYear05 | 1.03% | ||||||
10 Years | rr_AverageAnnualReturnYear10 | 1.52% | ||||||
Delaware Limited-Term Diversified Income Fund | Class A | ||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||
Trading Symbol | dei_TradingSymbol | DTRIX | ||||||
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 | 0.50% | ||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||||
Other expenses | rr_OtherExpensesOverAssets | 0.19% | ||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 0.94% | ||||||
Fee waivers and expense reimbursements | rr_FeeWaiverOrReimbursementOverAssets | (0.40%) | [1] | |||||
Total annual fund operating expenses after fee waivers and expense reimbursements | rr_NetExpensesOverAssets | 0.54% | ||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 329 | ||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 528 | ||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 743 | ||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 1,362 | ||||||
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% | ||||||
Annual Return 2013 | rr_AnnualReturn2013 | (1.81%) | ||||||
Annual Return 2014 | rr_AnnualReturn2014 | 1.28% | ||||||
Annual Return 2015 | rr_AnnualReturn2015 | 0.62% | ||||||
Annual Return 2016 | rr_AnnualReturn2016 | 2.42% | ||||||
AnnualReturn2017 | rr_AnnualReturn2017 | 2.11% | ||||||
Annual Return 2018 | rr_AnnualReturn2018 | (1.08%) | ||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2009 | ||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 4.76% | ||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Jun. 30, 2013 | ||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (2.22%) | ||||||
1 Year | rr_AverageAnnualReturnYear01 | (3.81%) | ||||||
5 Years | rr_AverageAnnualReturnYear05 | 0.50% | ||||||
10 Years | rr_AverageAnnualReturnYear10 | 2.19% | ||||||
Delaware Limited-Term Diversified Income Fund | Class A | After Taxes on Distributions | ||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||
1 Year | rr_AverageAnnualReturnYear01 | (4.74%) | ||||||
5 Years | rr_AverageAnnualReturnYear05 | (0.26%) | ||||||
10 Years | rr_AverageAnnualReturnYear10 | 1.36% | ||||||
Delaware Limited-Term Diversified Income Fund | Class A | After Taxes on Distributions and Sales | ||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||
1 Year | rr_AverageAnnualReturnYear01 | (2.25%) | ||||||
5 Years | rr_AverageAnnualReturnYear05 | 0.05% | ||||||
10 Years | rr_AverageAnnualReturnYear10 | 1.38% | ||||||
Delaware Limited-Term Diversified Income Fund | Class C | ||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||
Trading Symbol | dei_TradingSymbol | DTICX | ||||||
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% | [2] | |||||
Management fees | rr_ManagementFeesOverAssets | 0.50% | ||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||||
Other expenses | rr_OtherExpensesOverAssets | 0.19% | ||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.69% | ||||||
Fee waivers and expense reimbursements | rr_FeeWaiverOrReimbursementOverAssets | (0.30%) | [1] | |||||
Total annual fund operating expenses after fee waivers and expense reimbursements | rr_NetExpensesOverAssets | 1.39% | ||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 242 | ||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 503 | ||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 890 | ||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,973 | ||||||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 142 | ||||||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 503 | ||||||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 890 | ||||||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | $ 1,973 | ||||||
1 Year | rr_AverageAnnualReturnYear01 | (2.76%) | ||||||
5 Years | rr_AverageAnnualReturnYear05 | 0.23% | ||||||
10 Years | rr_AverageAnnualReturnYear10 | 1.61% | ||||||
Delaware Limited-Term Diversified Income Fund | Class R | ||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||
Trading Symbol | dei_TradingSymbol | DLTRX | ||||||
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 | 0.50% | ||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 0.50% | ||||||
Other expenses | rr_OtherExpensesOverAssets | 0.19% | ||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.19% | ||||||
Fee waivers and expense reimbursements | rr_FeeWaiverOrReimbursementOverAssets | (0.30%) | [1] | |||||
Total annual fund operating expenses after fee waivers and expense reimbursements | rr_NetExpensesOverAssets | 0.89% | ||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 91 | ||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 348 | ||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 625 | ||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 1,417 | ||||||
1 Year | rr_AverageAnnualReturnYear01 | (1.43%) | ||||||
5 Years | rr_AverageAnnualReturnYear05 | 0.71% | ||||||
10 Years | rr_AverageAnnualReturnYear10 | 2.11% | ||||||
Delaware Limited-Term Diversified Income Fund | Institutional Class | ||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||
Trading Symbol | dei_TradingSymbol | DTINX | ||||||
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 | 0.50% | ||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||
Other expenses | rr_OtherExpensesOverAssets | 0.19% | ||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 0.69% | ||||||
Fee waivers and expense reimbursements | rr_FeeWaiverOrReimbursementOverAssets | (0.30%) | [1] | |||||
Total annual fund operating expenses after fee waivers and expense reimbursements | rr_NetExpensesOverAssets | 0.39% | ||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 40 | ||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 191 | ||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 354 | ||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 830 | ||||||
1 Year | rr_AverageAnnualReturnYear01 | (0.93%) | ||||||
5 Years | rr_AverageAnnualReturnYear05 | 1.21% | ||||||
10 Years | rr_AverageAnnualReturnYear10 | 2.63% | ||||||
Delaware Limited-Term Diversified Income Fund | Class R6 | ||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||
Trading Symbol | dei_TradingSymbol | DLTZX | ||||||
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 | 0.50% | ||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||
Other expenses | rr_OtherExpensesOverAssets | 0.12% | [3] | |||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 0.62% | ||||||
Fee waivers and expense reimbursements | rr_FeeWaiverOrReimbursementOverAssets | (0.30%) | [1] | |||||
Total annual fund operating expenses after fee waivers and expense reimbursements | rr_NetExpensesOverAssets | 0.32% | ||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 33 | ||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 168 | ||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 316 | ||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 746 | ||||||
Label | rr_AverageAnnualReturnLabel | (lifetime: 5/1/17 12/31/18) | ||||||
1 Year | rr_AverageAnnualReturnYear01 | (0.75%) | ||||||
5 Years | rr_AverageAnnualReturnYear05 | |||||||
Lifetime | rr_AverageAnnualReturnSinceInception | 0.20% | ||||||
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