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The Delaware information provided
herein may be used in conjunction with the offering of shares only if preceded
or accompanied by a prospectus. All Delaware Investments funds are offered by
prospectus only. See below for information on obtaining prospectuses.
Overview Information
| Fund profile |
Objective
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Portfolio manager(s)
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| Delaware Limited-Term Diversified Income Fund seeks maximum total return, consistent with reasonable risk. |
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Paul Grillo (1999)
Roger A. Early (2007)
Delaware Management Company
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Main investment strategies
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Under normal circumstances, the Fund will invest at least 80% of its net assets in investment grade fixed income securities. Investment grade fixed income securities are securities rated at least BBB by Standard & Poor's (S&P) or Fitch, Inc. (Fitch), Baa3 by Moody's Investors Service (Moody's), or similarly rated by another nationally recognized statistical rating organization (NRSRO). The Fund will maintain an average effective duration from one to three years.
The Fund may invest up 20% of its assets in below investment-grade securities. In general, below investment grade securities that the Fund purchases will be rated BB or lower by S&P or Fitch, Ba or lower by Moody's, or similarly rated by another NRSRO.
The fund may also invest up to 20% of its net assets in foreign securities, including up to 10% of its net assets in securities of issuers located in emerging markets. The investment manager (Manager) will limit non-U.S. dollar-denominated securities to no more than 20% of net assets. The Fund's total non-U.S. dollar currency exposure will be limited, in the aggregate, to no more than 10% of net assets.
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| Fund information (As of 10/31/09) |
| Total net assets |
$1.1 billion |
| Class A |
$795.2 million |
| Class B |
$3.1 million |
| Class C |
$258.2 million |
| Class I |
$43.3 million |
| Class R |
$4.5 million |
| Inception date |
|
| Class A |
11/24/85 |
| Class B |
05/02/94 |
| Class C |
11/28/95 |
| Class I |
06/01/92 |
| Class R |
06/02/03 |
| Dividends |
Mid Month |
| Capital gains |
November |
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Fund Facts
| Fund identifiers |
| |
Class A |
Class B |
Class C |
Class I |
Class R |
| NASDAQ |
DTRIX |
DTIBX |
DTICX |
DTINX |
DLTRX |
| CUSIP |
245912308 |
245912605 |
245912704 |
245912506 |
245912803 |
| Delaphone ID |
022 |
054 |
074 |
047 |
525 |
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| Expense information |
| |
Class A |
Class B |
Class C |
Class I |
Class R |
| Max sales load |
2.75% |
0.00% |
0.00% |
0.00% |
0.00% |
| Max CDSC |
0.00% |
2.00% |
1.00% |
0.00% |
0.00% |
| Management fee |
0.50% |
0.50% |
0.50% |
0.50% |
0.50% |
| Net expense ratio |
0.85% |
1.70% |
1.70% |
0.70% |
1.20% |
| Gross expense ratio |
1.12% |
1.82% |
1.82% |
0.82% |
1.42% |
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Quarter-End Performance
Class I and R shares are only available to certain investors. See the prospectus and statement of additional information for a complete explanation.
| Cumulative Data (as of 11/20/09) |
|
Average Annualized (as of 09/30/09) |
| |
Price |
Net Chg |
YTD |
|
1 Yr |
3 Yr |
5 Yr |
10 Yr |
Since
Inception |
Inception
Date |
| Class A |
| At NAV |
$8.90 |
-0.02 |
12.72% |
|
12.05% |
6.85% |
5.11% |
5.36% |
5.88% |
11/24/85 |
| At offer |
$9.15 |
-- |
-- |
|
8.99% |
5.87% |
4.53% |
5.06% |
5.76% |
|
| |
| Class B |
| At NAV |
$8.90 |
-0.02 |
11.88% |
|
11.12% |
5.95% |
4.23% |
4.90% |
4.85% |
05/02/94 |
| At offer |
$8.90 |
-- |
-- |
|
9.12% |
5.66% |
4.23% |
4.90% |
4.85% |
|
| |
| Class C |
| At NAV |
$8.90 |
-0.01 |
11.86% |
|
11.10% |
5.95% |
4.23% |
4.46% |
4.29% |
11/28/95 |
| At offer |
$8.90 |
-- |
-- |
|
10.10% |
5.95% |
4.23% |
4.46% |
4.29% |
|
| |
| Class R |
| At NAV |
$8.90 |
-0.02 |
12.38% |
|
11.79% |
6.52% |
4.75% |
n/a |
3.99% |
06/02/03 |
| At offer |
$8.90 |
-- |
-- |
|
11.79% |
6.52% |
4.75% |
n/a |
3.99% |
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| |
|
Click here for Gross Expense Ratio
Holdings
| Maturity distribution (as of 10/31/09)
|
| |
|
% of Portfolio |
| Under 1 Yr |
16.4% |
|
| 1 to 3 Yrs |
34.0% |
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| 3 to 5 Yrs |
29.1% |
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| 5 to 7 Yrs |
15.8% |
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| 7 to 10 Yrs |
3.3% |
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| 10 to 20 Yrs |
0.9% |
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| 20 Yrs and over |
0.4% |
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| Top 10 holdings (as of 10/31/09)
|
| |
| Holding |
% of Portfolio |
| U.S. Treasury N/B |
7.49% |
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| U.S. Treasury N/B |
4.54% |
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| U.S. Treasury N/B |
4.48% |
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| FNCL Nov TBA |
3.26% |
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| Fglmc G08112 |
1.57% |
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| FNCL 745885 |
1.32% |
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| Fharm 1G2249 |
1.14% |
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| Fharm 1J1195 |
1.12% |
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| Federal Home Loan Mortgage Cor |
0.92% |
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| Federal Home Loan Banks |
0.9% |
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| Total % Portfolio in Top 10 holdings |
26.8% |
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| Top 10 sectors (as of 10/31/09)
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| |
| Sector |
% of Portfolio |
| Investment Grade Credit |
33.0% |
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| Mbs & CMOs |
16.7% |
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| U.S. Treasury securities |
16.7% |
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| High Yield Credits |
10.1% |
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| Cash |
10.1% |
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| Commercial Mortgage-backed securitiesuri |
5.6% |
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| Abs |
3.6% |
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| Agency Bonds |
2.3% |
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| Non-Dollar |
1.2% |
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| Municipal bonds |
0.5% |
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| Holding information (as of 10/31/09)
|
| |
| # Securities |
600 |
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| # Fixed Income Securities |
595 |
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| # Equity Securities |
1 |
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| # Countries |
18 |
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| # Issuers |
446 |
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| Asset allocation (as of 10/31/09)
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| |
| Corporate Bonds |
44.9% |
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| Government Securities |
29.1% |
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| Mortgage-Backed Securities |
16.7% |
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| CMBS |
5.6% |
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| Asset-Backed Securities |
3.6% |
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Portfolio Characteristics
| Fixed income statistics |
|
| |
As of 10/31/09 |
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Beta vs Benchmark
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1.25 |
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Annualized Standard Deviation
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2.83 |
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Weighted Average Credit Quality
|
AA |
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Weighted Average Effective Maturity
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3.4 years |
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Weighted Average Coupon
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4.56% |
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Weighted Average Effective Duration
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2.5 years |
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Effective at the close of business on May 31, 2007, no new or subsequent investments will be allowed in Class B shares of the Delaware Investments® Family of Funds except through a reinvestment of dividends or capital gains or permitted exchanges. http://www.delawareinvestments.com/Corporate/shareholder/supp_bclass.pdf
The Fund will also be affected by prepayment risk due to its holdings of mortgage-backed securities. With prepayment risk, when homeowners prepay mortgages during periods of low interest rates, the Fund may be forced to re-deploy its assets in lower yielding securities.
If, and to the extent that, we invest in forward foreign currency contracts or use other investments to hedge against currency risks, the Fund will be subject to the special risks associated with those activities
While the U.S. Government or its agencies guarantees the principal and interest on the underlying U.S. Government and agency securities in these funds, the U.S. Government does not guarantee the shares of the funds, which will fluctuate in value, primarily due to changes in interest rates.
A rise/fall in the interest rates can have a significant impact on bond prices and the NAV (net asset value) of the fund. Funds that invest in bonds can lose their value as interest rates rise and an investor can lose principal.
The Delaware information provided herein may be used in conjunction with the offering of shares only if preceded or accompanied by a prospectus. All Delaware Funds are offered by prospectus only. The prospectus contains more complete information on advisory fees, distribution charges, and other expenses and should be read carefully before investing or sending money. A printed copy of any Delaware Investments fund prospectus may be obtained by calling Delaware Investments at 800 523-1918.
Distributed by Delaware Distributors L.P.
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