0001206774-13-001121.txt : 20130321 0001206774-13-001121.hdr.sgml : 20130321 20130321125851 ACCESSION NUMBER: 0001206774-13-001121 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130321 DATE AS OF CHANGE: 20130321 EFFECTIVENESS DATE: 20130321 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DELAWARE GROUP EQUITY FUNDS I CENTRAL INDEX KEY: 0000027801 IRS NUMBER: 261651457 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-10765 FILM NUMBER: 13707093 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 EQUITY FUNDS I INC DATE OF NAME CHANGE: 19970604 FORMER COMPANY: FORMER CONFORMED NAME: DELAWARE GROUP DELAWARE FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: DELAWARE FUND INC DATE OF NAME CHANGE: 19880718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DELAWARE GROUP EQUITY FUNDS I CENTRAL INDEX KEY: 0000027801 IRS NUMBER: 261651457 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-00249 FILM NUMBER: 13707094 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 EQUITY FUNDS I INC DATE OF NAME CHANGE: 19970604 FORMER COMPANY: FORMER CONFORMED NAME: DELAWARE GROUP DELAWARE FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: DELAWARE FUND INC DATE OF NAME CHANGE: 19880718 0000027801 S000020812 Delaware Mid Cap Value Fund C000058132 Class A DLMAX C000058133 Class C DLMCX C000058134 Class R DLMRX C000058135 Institutional Class DLMIX 485BPOS 1 degrpequityfundi_485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM N-1A
 
File No. 002-10765
File No. 811-00249
 
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 /X/
         
  Pre-Effective Amendment No. _____ /   /
     
  Post-Effective Amendment No.     132     /X/
     
     and/or
   
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/
     
  Amendment No.     132      

(Check appropriate box or boxes.)

 
DELAWARE GROUP EQUITY FUNDS I
(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 21st day of March, 2013.

DELAWARE GROUP EQUITY FUNDS I
       
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 March 21, 2013
Patrick P. Coyne (Principal Executive Officer) and Trustee
 
Thomas L. Bennett   *   Trustee   March 21, 2013
Thomas L. Bennett
 
Joseph W. Chow * Trustee March 21, 2013
Joseph W. Chow
 
John A. Fry * Trustee March 21, 2013
John A. Fry
 
Anthony D. Knerr * Trustee March 21, 2013
Anthony D. Knerr
 
Lucinda S. Landreth * Trustee March 21, 2013
Lucinda S. Landreth
 
Frances A. Sevilla-Sacasa * Trustee March 21, 2013
Frances A. Sevilla-Sacasa
 
Thomas K. Whitford * Trustee March 21, 2013
Thomas K. Whitford
 
Janet L. Yeomans * Trustee March 21, 2013
Janet L. Yeomans
 
J. Richard Zecher * Trustee March 21, 2013
J. Richard Zecher
 
Richard Salus * Senior Vice President/Chief Financial Officer March 21, 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® Equity Funds I 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 2 dimidcapval-20130228.xml XBRL INSTANCE DOCUMENT 0000027801 2013-02-28 2013-02-28 0000027801 delaware:S000020812Member delaware:AAAAMember 2013-02-28 2013-02-28 0000027801 delaware:S000020812Member delaware:C000058132Member delaware:AAAAMember 2013-02-28 2013-02-28 0000027801 delaware:S000020812Member delaware:C000058133Member delaware:AAAAMember 2013-02-28 2013-02-28 0000027801 delaware:S000020812Member delaware:C000058134Member delaware:AAAAMember 2013-02-28 2013-02-28 0000027801 delaware:S000020812Member delaware:C000058135Member delaware:AAAAMember 2013-02-28 2013-02-28 0000027801 delaware:S000020812Member delaware:C000058132Member rr:AfterTaxesOnDistributionsMember delaware:AAAAMember 2013-02-28 2013-02-28 0000027801 delaware:S000020812Member delaware:C000058132Member rr:AfterTaxesOnDistributionsAndSalesMember delaware:AAAAMember 2013-02-28 2013-02-28 0000027801 delaware:S000020812Member delaware:benchmark0123AAAAMember delaware:AAAAMember 2013-02-28 2013-02-28 xbrli:pure iso4217:USD xbrli:shares iso4217:USD xbrli:shares 485BPOS 2012-10-31 DELAWARE GROUP EQUITY FUNDS I 0000027801 false 2013-02-28 <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 Mid Cap Value Fund seeks capital appreciation. </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 $50,000 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 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:</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 the 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 12% 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;">The Fund invests primarily in investments of medium-sized companies whose stock prices appear low relative to their underlying value or future potential. Among other factors, we consider the financial strength of a company, its management, the prospects for its industry, and any anticipated changes within the company that might suggest a more favorable outlook going forward. We focus on free cash flow in our individual stock selection, seeking companies that we believe have a sustainable ability to buy back shares, lower debt, and/or increase or initiate dividends. Under normal circumstances, at least 80% of the Fund's net assets will be in investments of medium-sized companies (the 80% policy). The Fund considers medium-sized companies to be those companies whose market capitalizations fall within the range represented in the Russell Midcap® Value Index (the Index)at the time of the Fund's investment. The Index's last reconstitution took place on June 22, 2012. As of June 29, 2012, the smallest company included in the Index had a market capitalization of $699 million and the largest company included in the Index had a market capitalization of $19.0 billion. The Fund's 80% policy can be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any change.</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 the 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>Small company risk</b> — The risk that prices of small- and medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.</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. The risk is generally associated with bonds; however, because small- and medium-sized companies and companies in the real estate sector often borrow money to finance their operations, they may be adversely affected by rising interest rates.</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 and futures, 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counterparty risk</b> — The risk that a counterparty to a derivative contract (such as a futures or options contract) or a repurchase agreement may fail to perform its obligations under the contract or agreement 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>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 Mid Cap Value 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 returns for the 1-year and 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 <u>delawareinvestments.com/performance.</u></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 18.38<b>%</b> for the quarter ended September 30, 2009 and its lowest quarterly return was -22.26% for the quarter ended September 30, 2011. The maximum Class A sales charge of 5.75%, 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 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;"><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;">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://delaware/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000020812Member ~</div> 0.0575 0 0 0.01 0 0 0 0 <div style="display:none">~ http://delaware/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000020812Member ~</div> 0.0075 0.003 0.0102 0.0207 -0.0082 0.0125 0.0075 0.01 0.0102 0.0277 -0.0077 0.02 0.0075 0.006 0.0102 0.0237 -0.0087 0.015 0.0075 0 0.0102 0.0177 -0.0077 0.01 <div style="display:none">~ http://delaware/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000020812Member ~</div> 695 1112 1553 2776 303 786 1396 3043 153 656 1187 2640 102 482 887 2020 <div style="display:none">~ http://delaware/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000020812Member ~</div> 203 786 1396 3043 <div style="display:none">~ http://delaware/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000020812Member ~</div> 0.2984 0.2763 -0.0577 0.1314 <div style="display:none">~ http://delaware/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000020812Member ~</div> 0.0668 0.0615 0.0506 0.1123 0.1285 0.134 0.185 0.0224 0.0209 0.019 0.0381 0.0446 0.0371 0.0485 2013-02-28 (lifetime: 2/1/08 - 12/31/12) (lifetime: 7/31/08 - 12/31/12) (lifetime: 7/31/08 - 12/31/12) (lifetime: 2/1/08-12/31/12) <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">*Because the Fund has combined its retail and institutional prospectuses, 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.</p> You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 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." 50000 0.12 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. highest quarterly return was 18.38% for the quarter ended September 30, 2009 0.1838 lowest quarterly return was -22.26% for the quarter ended September 30, 2011 -0.2226 2009-09-30 2011-09-30 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. 2014-02-28 2013-02-28 The Fund's investment manager, Delaware Management Company (Manager), is contractually waiving its investment advisory fees and/or reimbursing expenses (excluding any 12b-1 fees, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.00% of the Fund's average daily net assets from February 28, 2013 through February 28, 2014. In addition, the Fund's distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the Class A and Class R shares' 12b-1 fees to no more than 0.25% and 0.50%, respectively, of the classes' average daily net assets from February 28, 2013 through February 28, 2014. These waivers and reimbursements may only be terminated by agreement of the Manager or the Distributor, as applicable, and the Fund. Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (CDSC). 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Class [Axis] Share Classes Prospectus [Line Items] Form N-1A: Risk/Return: Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Bar Chart and Performance Table Section: Bar Chart Narrative: Bar Chart Table: Bar Chart Closing: Average Annual Return: DEPRECATED AverageAnnualReturnAfterTaxesOnDistributionsAbstract DEPRECATED AverageAnnualReturnAfterTaxesOnDistributionsAndSalesAbstract Market Index Return: Performance Narrative: Performance Table Section: Performance Table Closing: Expenses: Shareholder Fees: Operating Expenses: Net Expenses (as a percentage of Assets): Expenses (as a percentage of Assets): Other Expenses over Assets: Expense Footnotes: Expense Footnotes [Text Block] Expense Example Narrative: Expense Example: Expense Example Closing: Expense Example Footnotes [Text Block] Portfolio Turnover: Fee Waiver or Reimbursement over Assets, Date of Termination Portfolio Turnover, Rate Expense Breakpoint, Minimum Investment Required [Amount] Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] Bar Chart Footnotes [Text Block] Performance Table One Class of after Tax Shown [Text] Other Expenses, New Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Deferred Charges [Text Block] Expenses Range of Exchange Fees [Text Block] Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Expenses Explanation of Nonrecurring Account Fee [Text] Index No Deduction for Fees, Expenses, Taxes [Text] Annual Return 2013 Annual Return 2014 Performance Availability Website Address [Text] Performance Availability Phone [Text] S000020812 Member (Delaware Mid Cap Value Fund) AAAA Member C000058132 Member Class A C000058133 Member Class C C000058135 Member Institutional Class C000058134 Member Class R benchmark0123AAAA Member Russell Midcap® Value Index (reflects no deduction for fees, expenses, or taxes) EX-101.PRE 6 dimidcapval-20130228_pre.xml XBRL 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Expense Example, No Redemption (dei_DocumentInformationDocumentAxis, (Delaware Mid Cap Value Fund), Class C, USD $)
0 Months Ended
Feb. 28, 2013
(Delaware Mid Cap Value Fund) | Class C
 
Expense Example, No Redemption:  
Expense Example, No Redemption, 1 Year $ 203
Expense Example, No Redemption, 3 Years 786
Expense Example, No Redemption, 5 Years 1,396
Expense Example, No Redemption, 10 Years $ 3,043
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(Delaware Mid Cap Value Fund)

What is the Fund's investment objective?

Delaware Mid Cap Value Fund seeks capital appreciation.

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 $50,000 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 Mid Cap Value Fund)
Class A
Class C
Class R
Institutional Class
Maximum sales charge (load) imposed on purchases as a percentage of offering price 5.75% none none none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower none 1.00% [1] none none
[1] Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (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 Mid Cap Value Fund)
Class A
Class C
Class R
Institutional Class
Management fees 0.75% 0.75% 0.75% 0.75%
Distribution and service (12b-1) fees 0.30% 1.00% 0.60% none
Other expenses 1.02% 1.02% 1.02% 1.02%
Total annual fund operating expenses 2.07% 2.77% 2.37% 1.77%
Fee waivers and expense reimbursements [1] (0.82%) (0.77%) (0.87%) (0.77%)
Total annual fund operating expenses after fee waivers and expense reimbursements 1.25% 2.00% 1.50% 1.00%
[1] The Fund's investment manager, Delaware Management Company (Manager), is contractually waiving its investment advisory fees and/or reimbursing expenses (excluding any 12b-1 fees, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.00% of the Fund's average daily net assets from February 28, 2013 through February 28, 2014. In addition, the Fund's distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the Class A and Class R shares' 12b-1 fees to no more than 0.25% and 0.50%, respectively, of the classes' average daily net assets from February 28, 2013 through February 28, 2014. These waivers and reimbursements may only be terminated by agreement of the Manager or the Distributor, as applicable, 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 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:

Expense Example (Delaware Mid Cap Value Fund) (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
695 1,112 1,553 2,776
Class C
303 786 1,396 3,043
Class R
153 656 1,187 2,640
Institutional Class
102 482 887 2,020
Expense Example, No Redemption (Delaware Mid Cap Value Fund) (USD $)
1 Year
3 Years
5 Years
10 Years
Class C
203 786 1,396 3,043

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 Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 12% of the average value of its portfolio.

What are the Fund's principal investment strategies?

The Fund invests primarily in investments of medium-sized companies whose stock prices appear low relative to their underlying value or future potential. Among other factors, we consider the financial strength of a company, its management, the prospects for its industry, and any anticipated changes within the company that might suggest a more favorable outlook going forward. We focus on free cash flow in our individual stock selection, seeking companies that we believe have a sustainable ability to buy back shares, lower debt, and/or increase or initiate dividends. Under normal circumstances, at least 80% of the Fund's net assets will be in investments of medium-sized companies (the 80% policy). The Fund considers medium-sized companies to be those companies whose market capitalizations fall within the range represented in the Russell Midcap® Value Index (the Index)at the time of the Fund's investment. The Index's last reconstitution took place on June 22, 2012. As of June 29, 2012, the smallest company included in the Index had a market capitalization of $699 million and the largest company included in the Index had a market capitalization of $19.0 billion. The Fund's 80% policy can be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any change.

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 the 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.

Small company risk — The risk that prices of small- and medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

Interest rate risk — The risk that securities will decrease in value if interest rates rise. The risk is generally associated with bonds; however, because small- and medium-sized companies and companies in the real estate sector often borrow money to finance their operations, they may be adversely affected by rising interest rates.

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 and futures, 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.

Counterparty risk — The risk that a counterparty to a derivative contract (such as a futures or options contract) or a repurchase agreement may fail to perform its obligations under the contract or agreement due to financial difficulties (such as a bankruptcy or reorganization).

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 Mid Cap Value 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 returns for the 1-year and 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.

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

Bar Chart

During the periods illustrated in this bar chart, Class A's highest quarterly return was 18.38% for the quarter ended September 30, 2009 and its lowest quarterly return was -22.26% for the quarter ended September 30, 2011. The maximum Class A sales charge of 5.75%, 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 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 Mid Cap Value Fund)
Label
1 Year
Lifetime
Class A
(lifetime: 2/1/08 - 12/31/12) 6.68% 2.24%
Class A return after taxes on distributions
  6.15% 2.09%
Class A return after taxes on distributions and sale of Fund shares
  5.06% 1.90%
Class C
(lifetime: 7/31/08 - 12/31/12) 11.23% 3.81%
Class R
(lifetime: 7/31/08 - 12/31/12) 12.85% 4.46%
Institutional Class
(lifetime: 2/1/08-12/31/12) 13.40% 3.71%
Russell Midcap® Value Index (reflects no deduction for fees, expenses, or taxes)
  18.50% 4.85%

*Because the Fund has combined its retail and institutional prospectuses, 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.

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 Mid Cap Value Fund), USD $)
0 Months Ended
Feb. 28, 2013
Class A
 
Expense Example:  
Expense Example, with Redemption, 1 Year $ 695
Expense Example, with Redemption, 3 Years 1,112
Expense Example, with Redemption, 5 Years 1,553
Expense Example, with Redemption, 10 Years 2,776
Class C
 
Expense Example:  
Expense Example, with Redemption, 1 Year 303
Expense Example, with Redemption, 3 Years 786
Expense Example, with Redemption, 5 Years 1,396
Expense Example, with Redemption, 10 Years 3,043
Institutional Class
 
Expense Example:  
Expense Example, with Redemption, 1 Year 102
Expense Example, with Redemption, 3 Years 482
Expense Example, with Redemption, 5 Years 887
Expense Example, with Redemption, 10 Years 2,020
Class R
 
Expense Example:  
Expense Example, with Redemption, 1 Year 153
Expense Example, with Redemption, 3 Years 656
Expense Example, with Redemption, 5 Years 1,187
Expense Example, with Redemption, 10 Years $ 2,640
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Shareholder Fees (dei_DocumentInformationDocumentAxis, (Delaware Mid Cap Value Fund))
0 Months Ended
Feb. 28, 2013
Class A
 
Shareholder Fees:  
Maximum sales charge (load) imposed on purchases as a percentage of offering price 5.75%
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower none
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] Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (CDSC).
XML 14 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
(Delaware Mid Cap Value Fund)

What is the Fund's investment objective?

Delaware Mid Cap Value Fund seeks capital appreciation.

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 $50,000 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 Mid Cap Value Fund)
Class A
Class C
Class R
Institutional Class
Maximum sales charge (load) imposed on purchases as a percentage of offering price 5.75% none none none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower none 1.00% [1] none none
[1] Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (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 Mid Cap Value Fund)
Class A
Class C
Class R
Institutional Class
Management fees 0.75% 0.75% 0.75% 0.75%
Distribution and service (12b-1) fees 0.30% 1.00% 0.60% none
Other expenses 1.02% 1.02% 1.02% 1.02%
Total annual fund operating expenses 2.07% 2.77% 2.37% 1.77%
Fee waivers and expense reimbursements [1] (0.82%) (0.77%) (0.87%) (0.77%)
Total annual fund operating expenses after fee waivers and expense reimbursements 1.25% 2.00% 1.50% 1.00%
[1] The Fund's investment manager, Delaware Management Company (Manager), is contractually waiving its investment advisory fees and/or reimbursing expenses (excluding any 12b-1 fees, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.00% of the Fund's average daily net assets from February 28, 2013 through February 28, 2014. In addition, the Fund's distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the Class A and Class R shares' 12b-1 fees to no more than 0.25% and 0.50%, respectively, of the classes' average daily net assets from February 28, 2013 through February 28, 2014. These waivers and reimbursements may only be terminated by agreement of the Manager or the Distributor, as applicable, 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 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:

Expense Example (Delaware Mid Cap Value Fund) (USD $)
1 Year
3 Years
5 Years
10 Years
Class A
695 1,112 1,553 2,776
Class C
303 786 1,396 3,043
Class R
153 656 1,187 2,640
Institutional Class
102 482 887 2,020
Expense Example, No Redemption (Delaware Mid Cap Value Fund) (USD $)
1 Year
3 Years
5 Years
10 Years
Class C
203 786 1,396 3,043

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 Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 12% of the average value of its portfolio.

What are the Fund's principal investment strategies?

The Fund invests primarily in investments of medium-sized companies whose stock prices appear low relative to their underlying value or future potential. Among other factors, we consider the financial strength of a company, its management, the prospects for its industry, and any anticipated changes within the company that might suggest a more favorable outlook going forward. We focus on free cash flow in our individual stock selection, seeking companies that we believe have a sustainable ability to buy back shares, lower debt, and/or increase or initiate dividends. Under normal circumstances, at least 80% of the Fund's net assets will be in investments of medium-sized companies (the 80% policy). The Fund considers medium-sized companies to be those companies whose market capitalizations fall within the range represented in the Russell Midcap® Value Index (the Index)at the time of the Fund's investment. The Index's last reconstitution took place on June 22, 2012. As of June 29, 2012, the smallest company included in the Index had a market capitalization of $699 million and the largest company included in the Index had a market capitalization of $19.0 billion. The Fund's 80% policy can be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any change.

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 the 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.

Small company risk — The risk that prices of small- and medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

Interest rate risk — The risk that securities will decrease in value if interest rates rise. The risk is generally associated with bonds; however, because small- and medium-sized companies and companies in the real estate sector often borrow money to finance their operations, they may be adversely affected by rising interest rates.

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 and futures, 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.

Counterparty risk — The risk that a counterparty to a derivative contract (such as a futures or options contract) or a repurchase agreement may fail to perform its obligations under the contract or agreement due to financial difficulties (such as a bankruptcy or reorganization).

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 Mid Cap Value 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 returns for the 1-year and 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.

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

Bar Chart

During the periods illustrated in this bar chart, Class A's highest quarterly return was 18.38% for the quarter ended September 30, 2009 and its lowest quarterly return was -22.26% for the quarter ended September 30, 2011. The maximum Class A sales charge of 5.75%, 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 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 Mid Cap Value Fund)
Label
1 Year
Lifetime
Class A
(lifetime: 2/1/08 - 12/31/12) 6.68% 2.24%
Class A return after taxes on distributions
  6.15% 2.09%
Class A return after taxes on distributions and sale of Fund shares
  5.06% 1.90%
Class C
(lifetime: 7/31/08 - 12/31/12) 11.23% 3.81%
Class R
(lifetime: 7/31/08 - 12/31/12) 12.85% 4.46%
Institutional Class
(lifetime: 2/1/08-12/31/12) 13.40% 3.71%
Russell Midcap® Value Index (reflects no deduction for fees, expenses, or taxes)
  18.50% 4.85%

*Because the Fund has combined its retail and institutional prospectuses, 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.

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 15 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Annual Total Returns (dei_DocumentInformationDocumentAxis, (Delaware Mid Cap Value Fund), Class A)
0 Months Ended
Feb. 28, 2013
(Delaware Mid Cap Value Fund) | Class A
 
Bar Chart Table:  
Annual Return 2009 29.84%
Annual Return 2010 27.63%
Annual Return 2011 (5.77%)
Annual Return 2012 13.14%
XML 16 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 Oct. 31, 2012
Registrant Name dei_EntityRegistrantName DELAWARE GROUP EQUITY FUNDS I
Central Index Key dei_EntityCentralIndexKey 0000027801
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Feb. 28, 2013
Document Effective Date dei_DocumentEffectiveDate Feb. 28, 2013
Prospectus Date rr_ProspectusDate Feb. 28, 2013
(Delaware Mid Cap Value Fund)
 
Risk/Return: rr_RiskReturnAbstract  
Objective [Heading] rr_ObjectiveHeading

What is the Fund's investment objective?

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Delaware Mid Cap Value Fund seeks capital appreciation.

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 $50,000 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 2014-02-28
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 the 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 12% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 12.00%
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 $50,000 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 50,000
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 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:

Strategy [Heading] rr_StrategyHeading

What are the Fund's principal investment strategies?

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund invests primarily in investments of medium-sized companies whose stock prices appear low relative to their underlying value or future potential. Among other factors, we consider the financial strength of a company, its management, the prospects for its industry, and any anticipated changes within the company that might suggest a more favorable outlook going forward. We focus on free cash flow in our individual stock selection, seeking companies that we believe have a sustainable ability to buy back shares, lower debt, and/or increase or initiate dividends. Under normal circumstances, at least 80% of the Fund's net assets will be in investments of medium-sized companies (the 80% policy). The Fund considers medium-sized companies to be those companies whose market capitalizations fall within the range represented in the Russell Midcap® Value Index (the Index)at the time of the Fund's investment. The Index's last reconstitution took place on June 22, 2012. As of June 29, 2012, the smallest company included in the Index had a market capitalization of $699 million and the largest company included in the Index had a market capitalization of $19.0 billion. The Fund's 80% policy can be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any change.

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 the 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.

Small company risk — The risk that prices of small- and medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

Interest rate risk — The risk that securities will decrease in value if interest rates rise. The risk is generally associated with bonds; however, because small- and medium-sized companies and companies in the real estate sector often borrow money to finance their operations, they may be adversely affected by rising interest rates.

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 and futures, 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.

Counterparty risk — The risk that a counterparty to a derivative contract (such as a futures or options contract) or a repurchase agreement may fail to perform its obligations under the contract or agreement due to financial difficulties (such as a bankruptcy or reorganization).

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 Mid Cap Value 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 returns for the 1-year and 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.

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 18.38% for the quarter ended September 30, 2009 and its lowest quarterly return was -22.26% for the quarter ended September 30, 2011. The maximum Class A sales charge of 5.75%, 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 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

*Because the Fund has combined its retail and institutional prospectuses, 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.

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 Mid Cap Value Fund) | Russell Midcap® Value Index (reflects no deduction for fees, expenses, or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 18.50%
Lifetime rr_AverageAnnualReturnSinceInception 4.85%
(Delaware Mid Cap Value Fund) | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases as a percentage of offering price rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
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 0.75%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.30%
Other expenses rr_OtherExpensesOverAssets 1.02%
Total annual fund operating expenses rr_ExpensesOverAssets 2.07%
Fee waivers and expense reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.82%) [2]
Total annual fund operating expenses after fee waivers and expense reimbursements rr_NetExpensesOverAssets 1.25%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 695
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,112
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,553
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,776
Annual Return 2009 rr_AnnualReturn2009 29.84%
Annual Return 2010 rr_AnnualReturn2010 27.63%
Annual Return 2011 rr_AnnualReturn2011 (5.77%)
Annual Return 2012 rr_AnnualReturn2012 13.14%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest quarterly return was 18.38% for the quarter ended September 30, 2009
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 18.38%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return was -22.26% for the quarter ended September 30, 2011
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (22.26%)
Label rr_AverageAnnualReturnLabel (lifetime: 2/1/08 - 12/31/12)
1 Year rr_AverageAnnualReturnYear01 6.68%
Lifetime rr_AverageAnnualReturnSinceInception 2.24%
(Delaware Mid Cap Value Fund) | Class A | return after taxes on distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.15%
Lifetime rr_AverageAnnualReturnSinceInception 2.09%
(Delaware Mid Cap Value Fund) | Class A | return after taxes on distributions and sale of Fund shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.06%
Lifetime rr_AverageAnnualReturnSinceInception 1.90%
(Delaware Mid Cap Value 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 0.75%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 1.02%
Total annual fund operating expenses rr_ExpensesOverAssets 2.77%
Fee waivers and expense reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.77%) [2]
Total annual fund operating expenses after fee waivers and expense reimbursements rr_NetExpensesOverAssets 2.00%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 303
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 786
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,396
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,043
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 203
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 786
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,396
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 3,043
Label rr_AverageAnnualReturnLabel (lifetime: 7/31/08 - 12/31/12)
1 Year rr_AverageAnnualReturnYear01 11.23%
Lifetime rr_AverageAnnualReturnSinceInception 3.81%
(Delaware Mid Cap Value 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 0.75%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 1.02%
Total annual fund operating expenses rr_ExpensesOverAssets 1.77%
Fee waivers and expense reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.77%) [2]
Total annual fund operating expenses after fee waivers and expense reimbursements rr_NetExpensesOverAssets 1.00%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 102
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 482
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 887
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,020
Label rr_AverageAnnualReturnLabel (lifetime: 2/1/08-12/31/12)
1 Year rr_AverageAnnualReturnYear01 13.40%
Lifetime rr_AverageAnnualReturnSinceInception 3.71%
(Delaware Mid Cap Value 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 0.75%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.60%
Other expenses rr_OtherExpensesOverAssets 1.02%
Total annual fund operating expenses rr_ExpensesOverAssets 2.37%
Fee waivers and expense reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.87%) [2]
Total annual fund operating expenses after fee waivers and expense reimbursements rr_NetExpensesOverAssets 1.50%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 153
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 656
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,187
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,640
Label rr_AverageAnnualReturnLabel (lifetime: 7/31/08 - 12/31/12)
1 Year rr_AverageAnnualReturnYear01 12.85%
Lifetime rr_AverageAnnualReturnSinceInception 4.46%
[1] Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (CDSC).
[2] The Fund's investment manager, Delaware Management Company (Manager), is contractually waiving its investment advisory fees and/or reimbursing expenses (excluding any 12b-1 fees, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.00% of the Fund's average daily net assets from February 28, 2013 through February 28, 2014. In addition, the Fund's distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the Class A and Class R shares' 12b-1 fees to no more than 0.25% and 0.50%, respectively, of the classes' average daily net assets from February 28, 2013 through February 28, 2014. These waivers and reimbursements may only be terminated by agreement of the Manager or the Distributor, as applicable, and the Fund.
XML 17 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Average Annual Total Returns (dei_DocumentInformationDocumentAxis, (Delaware Mid Cap Value Fund))
0 Months Ended
Feb. 28, 2013
Russell Midcap® Value Index (reflects no deduction for fees, expenses, or taxes)
 
Average Annual Return:  
1 Year 18.50%
Lifetime 4.85%
Class A
 
Average Annual Return:  
Label (lifetime: 2/1/08 - 12/31/12)
1 Year 6.68%
Lifetime 2.24%
Class A | return after taxes on distributions
 
Average Annual Return:  
1 Year 6.15%
Lifetime 2.09%
Class A | return after taxes on distributions and sale of Fund shares
 
Average Annual Return:  
1 Year 5.06%
Lifetime 1.90%
Class C
 
Average Annual Return:  
Label (lifetime: 7/31/08 - 12/31/12)
1 Year 11.23%
Lifetime 3.81%
Institutional Class
 
Average Annual Return:  
Label (lifetime: 2/1/08-12/31/12)
1 Year 13.40%
Lifetime 3.71%
Class R
 
Average Annual Return:  
Label (lifetime: 7/31/08 - 12/31/12)
1 Year 12.85%
Lifetime 4.46%
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Annual Fund Operating Expenses (dei_DocumentInformationDocumentAxis, (Delaware Mid Cap Value Fund))
0 Months Ended
Feb. 28, 2013
Class A
 
Operating Expenses:  
Management fees 0.75%
Distribution and service (12b-1) fees 0.30%
Other expenses 1.02%
Total annual fund operating expenses 2.07%
Fee waivers and expense reimbursements (0.82%) [1]
Total annual fund operating expenses after fee waivers and expense reimbursements 1.25%
Class C
 
Operating Expenses:  
Management fees 0.75%
Distribution and service (12b-1) fees 1.00%
Other expenses 1.02%
Total annual fund operating expenses 2.77%
Fee waivers and expense reimbursements (0.77%) [1]
Total annual fund operating expenses after fee waivers and expense reimbursements 2.00%
Institutional Class
 
Operating Expenses:  
Management fees 0.75%
Distribution and service (12b-1) fees none
Other expenses 1.02%
Total annual fund operating expenses 1.77%
Fee waivers and expense reimbursements (0.77%) [1]
Total annual fund operating expenses after fee waivers and expense reimbursements 1.00%
Class R
 
Operating Expenses:  
Management fees 0.75%
Distribution and service (12b-1) fees 0.60%
Other expenses 1.02%
Total annual fund operating expenses 2.37%
Fee waivers and expense reimbursements (0.87%) [1]
Total annual fund operating expenses after fee waivers and expense reimbursements 1.50%
[1] The Fund's investment manager, Delaware Management Company (Manager), is contractually waiving its investment advisory fees and/or reimbursing expenses (excluding any 12b-1 fees, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.00% of the Fund's average daily net assets from February 28, 2013 through February 28, 2014. In addition, the Fund's distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the Class A and Class R shares' 12b-1 fees to no more than 0.25% and 0.50%, respectively, of the classes' average daily net assets from February 28, 2013 through February 28, 2014. These waivers and reimbursements may only be terminated by agreement of the Manager or the Distributor, as applicable, and the Fund.
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