497 1 dgltgf497eprospectus.htm
DELAWARE GROUP® LIMITED-TERM GOVERNMENT FUNDS

Delaware Limited-Term Diversified Income Fund (the "Fund")

Supplement to the Fund's Summary and Statutory Prospectuses dated April 29, 2016

The following replaces the information in the summary and statutory prospectus sections entitled, "What are the Fund's fees and expenses?" and "Example".

What are the Fund's 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 Investments® Funds. More information about these and other discounts is available from your financial intermediary, in the Fund's prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

Shareholder fees (fees paid directly from your investment)

Class
A
C
R
Inst.
Maximum sales charge (load) imposed on purchases as a percentage of offering price
2.75%
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
 
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
 
Class
A
C
R
Inst.
Management fees
0.48%
0.48%
0.48%
0.48%
Distribution and service (12b-1) fees
0.25%
1.00%
0.50%
none
Other expenses
0.19%
0.19%
0.19%
0.19%
Total annual fund operating expenses
0.92%
1.67%
1.17%
0.67%
Fee waivers and expense reimbursements
(0.18%)2
(0.08%)2
(0.08%)2
(0.08%)2
Total annual fund operating expenses after fee
waivers and expense reimbursements
0.74%
1.59%
1.09%
0.59%
 
 
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), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, 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 0.59% of the Fund's average daily net assets from Oct. 5, 2016 through Oct. 5, 2017. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund. Additionally, the Fund's distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the Fund's Class A shares' 12b-1 fees to no more than 0.15% of average daily net assets from April 29, 2016 through May 1, 2017. This waiver may be terminated only by agreement of the Distributor and the Fund.
 

Example

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

   
(if not
     
   
redeemed)
     
Class
A
C
C
R
Inst.




1 year
$348
$162
$262
$111
$60
3 years
$543
$519
$519
$364
$206
5 years
$753
$900
$900
$636
$365
10 years
$1,359
$1,970
$1,970
$1,413
$827


Delaware Management Company (Manager) is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). Neither the Manager nor its affiliates referred to in this document 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 Macquarie Bank Limited (MBL), a subsidiary of MGL and an affiliate of the Manager. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Fund is governed by U.S. laws and regulations.


Please keep this Supplement for future reference.

This Supplement is dated October 7, 2016.