XBRL Rendering Preview
Document and Entity Information
Total
Risk/Return:  
Document Type 485BPOS
Document Period End Date Oct. 31, 2017
Registrant Name DELAWARE POOLED TRUST
Central Index Key 0000875352
Amendment Flag false
Document Creation Date Feb. 28, 2018
Document Effective Date Feb. 28, 2018
Prospectus Date Feb. 28, 2018
EQUITY ORIENTED | Macquarie Large Cap Value Portfolio | DPT CLASS  
Risk/Return:  
Trading Symbol DPDEX
EQUITY ORIENTED | Macquarie Labor Select International Equity Portfolio | DPT CLASS  
Risk/Return:  
Trading Symbol DELPX
EQUITY ORIENTED | Macquarie Emerging Markets Portfolio | DPT CLASS  
Risk/Return:  
Trading Symbol DPEMX
EQUITY ORIENTED | Macquarie Emerging Markets Portfolio II | DPT CLASS  
Risk/Return:  
Trading Symbol DPEGX
FIXED INCOME ORIENTED | Macquarie High Yield Bond Portfolio | DPT CLASS  
Risk/Return:  
Trading Symbol DPHYX
FIXED INCOME ORIENTED | Macquarie Core Plus Bond Portfolio | DPT CLASS  
Risk/Return:  
Trading Symbol DCPFX
Alternative / specialty mutual fund | DELAWARE REIT FUND | Class A  
Risk/Return:  
Trading Symbol DPREX
Alternative / specialty mutual fund | DELAWARE REIT FUND | Class C  
Risk/Return:  
Trading Symbol DPRCX
Alternative / specialty mutual fund | DELAWARE REIT FUND | Class R  
Risk/Return:  
Trading Symbol DPRRX
Alternative / specialty mutual fund | DELAWARE REIT FUND | INSTITUTIONAL CLASS  
Risk/Return:  
Trading Symbol DPRSX
Alternative / specialty mutual fund | DELAWARE REIT FUND | Class R6  
Risk/Return:  
Trading Symbol DPRDX
EQUITY ORIENTED | Macquarie Labor Select International Equity Portfolio

Macquarie Labor Select International Equity Portfolio

What is the Portfolio’s investment objective?

Macquarie Labor Select International Equity Portfolio seeks maximum long-term total return.

What are the Portfolio’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

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

Annual Fund Operating Expenses
EQUITY ORIENTED
Macquarie Labor Select International Equity Portfolio
DPT CLASS
Management fees 0.75%
Distribution and service (12b-1) fees none
Other expenses 0.11%
Total annual portfolio operating expenses 0.86%

Example

This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio 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 that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example
1 year
3 years
5 years
10 years
EQUITY ORIENTED | Macquarie Labor Select International Equity Portfolio | DPT CLASS | USD ($) 88 274 477 1,061

Portfolio turnover

The Portfolio 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 21% of the average value of its portfolio.

What are the Portfolio’s principal investment strategies?

The Portfolio will primarily invest in equity securities of companies that are organized, have a majority of their assets, or derive most of their operating income outside of the US, and which, in the opinion of the Portfolio’s portfolio managers, are undervalued at the time of purchase based on the rigorous fundamental analysis that the portfolio managers employ. In addition to following these quantitative guidelines, the Sub-advisor will select securities of issuers that present certain characteristics that are compatible or operate in accordance with certain investment policies or restrictions followed by organized labor.

Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities (80% Policy). The Portfolio’s 80% Policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change. Under normal circumstances, the Portfolio will invest at least 40% of its total assets in securities of non-US issuers. This policy is in addition to the 80% Policy.

In selecting portfolio securities, the portfolio managers emphasize strong performance in falling markets relative to other mutual funds focusing on international equity investments. Equity securities include, but are not limited to, common stocks, securities convertible into common stocks, securities having common stock characteristics, such as rights and warrants to purchase common stocks, and preferred shares. To the extent that this Portfolio invests in convertible debt securities, those securities will be purchased on the basis of their equity characteristics, and ratings of those securities, if any, will not be an important factor in their selection. Additionally, the Portfolio may, from time to time, hold its assets in cash (which may be US dollars or foreign currency, including the euro) or may invest in short-term debt securities or other money market instruments. Except when a temporary defensive approach is appropriate, the Portfolio generally will not hold more than 5% of its assets in cash or such short-term instruments.

From time to time, the Portfolio may invest up to 30% of its net assets in securities of issuers in the commercial banking industry; to the extent the Portfolio invests 30% of its net assets in such securities, it may be slightly more sensitive to movement in the commercial banking industry.

The portfolio managers’ approach in selecting investments for the Portfolio is primarily quantitatively oriented to individual stock selection and is value driven. In selecting stocks for the Portfolio, the portfolio managers identify those stocks that they believe will provide the highest total return over a market cycle, taking into consideration the movement in the price of the individual security, the impact of currency adjustment on a US-domiciled, dollar-based investor, and the investment guidelines described below. The portfolio managers conduct extensive fundamental research on a global basis, and it is through this research effort that securities with the potential for maximum long-term total return are identified. The center of the fundamental research effort is a value-oriented dividend discount methodology applied to individual securities and market analysis that isolates value across country boundaries. The portfolio managers’ approach focuses on future anticipated dividends and discounts the value of those dividends back to what they would be worth if they were being paid today. Comparisons of the values of different possible investments are then made.

Supplementing the portfolio managers’ quantitative approach to stock selection, the portfolio managers also attempt to follow certain qualitative investment guidelines that seek to identify issuers that present certain characteristics that are compatible or operate in accordance with certain investment policies or restrictions followed by organized labor. These qualitative investment guidelines include country screens, as well as additional issuer-specific criteria. The country screens require that the securities are of companies domiciled in those countries that are included in the MSCI EAFE (Europe, Australasia, and Far East) Index and Canada, as long as the country does not appear on any list of prohibited or boycotted nations of the AFL-CIO or certain other labor organizations. Nations that are currently in this Index include, among others, Japan, the United Kingdom, Germany, France, and the Netherlands. In addition, the Portfolio will tend to favor investments in issuers located in those countries that the portfolio managers perceive as enjoying favorable relations with the US. Pursuant to the Portfolio’s issuer-specific criteria, the Portfolio will: (1) invest only in companies that are publicly traded; (2) focus on companies that show, in the portfolio managers’ opinion, evidence of pursuing fair labor practices; (3) focus on companies that have not been subject to penalties or tariffs imposed by applicable US government agencies for unfair trade practices within the previous two years; and (4) not invest in initial public offerings. Evidence of pursuing fair labor practices would include whether a company has demonstrated patterns of noncompliance with applicable labor or health and safety laws. The qualitative labor sensitivity factors that the portfolio managers will utilize in selecting securities will vary over time, and will be solely in the portfolio managers’ discretion.

The portfolio managers do not normally intend to respond to short-term market fluctuations or to acquire securities for the purpose of short-term trading; however, the portfolio managers may take advantage of short-term opportunities that are consistent with the Portfolio’s investment objective. It is anticipated that the annual turnover rate of the Portfolio, under normal circumstances, will generally not exceed 100%.

Currency considerations carry a special risk for a portfolio of international securities, and the portfolio managers use a purchasing power parity approach to evaluate currency risk. In this regard, the Portfolio may actively carry out hedging activities, and may invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a particular currency.

What are the principal risks of investing in the Portfolio?

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 Portfolio will increase and decrease according to changes in the value of the securities in its portfolio. The Portfolio’s principal risks include:

Risk Definition
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.
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.
Foreign government/
supranational securities risk
The risk that a foreign government or government-related issuer may be unable to make timely payments on its external debt obligations.
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 portfolio 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).
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. A portfolio may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.
Liquidity risk The possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them.
Industry and Sector risk The risk that the value of securities in a particular industry or sector (such as financial services or manufacturing) will decline because of changing expectations for the performance of that industry or sector.
Active management and
selection risk
The risk that the securities selected by a portfolio’s management will underperform the markets, the relevant indices, or the securities selected by other portfolios 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 Portfolio is governed by US laws and regulations.

How has Macquarie Labor Select International Equity Portfolio performed?

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance. The Portfolio’s 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 Portfolio’s most recently available month-end performance by calling 800 231-8002 or by visiting our website at macquarie.com/investment-management/institutional.

Calendar year-by-year total return (Macquarie Labor Select International Equity Portfolio)

Bar Chart

During the periods illustrated in this bar chart, Macquarie Labor Select International Equity Portfolio’s highest quarterly return was 21.23% for the quarter ended June 30, 2009 and its lowest quarterly return was -17.66% for the quarter ended March 31, 2009.

Average annual total returns for periods ended December 31, 2017

Average Annual Total Returns - EQUITY ORIENTED - Macquarie Labor Select International Equity Portfolio
1 Year
5 Years
10 Years
DPT CLASS 21.70% 7.29% 1.43%
DPT CLASS | After Taxes on Distributions 21.09% 6.56% 0.68%
DPT CLASS | After Taxes on Distributions and Sales 13.16% 5.78% 1.11%
MSCI EAFE Index (gross returns) (reflects no deduction for fees, expenses, or taxes) 25.62% 8.39% 2.42%
MSCI EAFE Index (net returns) (reflects no deduction for fees or expenses) 25.03% 7.90% 1.94%

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 Portfolio’s lifetime and do not reflect the impact of state and local taxes.

Label Element Value
EQUITY ORIENTED | Macquarie Labor Select International Equity Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading

Macquarie Labor Select International Equity Portfolio

Investment Objective, Heading rr_ObjectiveHeading

What is the Portfolio’s investment objective?

Investment Objective, Primary rr_ObjectivePrimaryTextBlock

Macquarie Labor Select International Equity Portfolio seeks maximum long-term total return.

Expense, Heading rr_ExpenseHeading

What are the Portfolio’s 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 Portfolio.

Operating Expenses, Caption rr_OperatingExpensesCaption

Annual portfolio 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 Portfolio 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 21% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 21.00%
Expense Example, Heading rr_ExpenseExampleHeading

Example

Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio 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 that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Investment Strategy, Heading rr_StrategyHeading

What are the Portfolio’s principal investment strategies?

Investment Strategy, Narrative rr_StrategyNarrativeTextBlock

The Portfolio will primarily invest in equity securities of companies that are organized, have a majority of their assets, or derive most of their operating income outside of the US, and which, in the opinion of the Portfolio’s portfolio managers, are undervalued at the time of purchase based on the rigorous fundamental analysis that the portfolio managers employ. In addition to following these quantitative guidelines, the Sub-advisor will select securities of issuers that present certain characteristics that are compatible or operate in accordance with certain investment policies or restrictions followed by organized labor.

Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities (80% Policy). The Portfolio’s 80% Policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change. Under normal circumstances, the Portfolio will invest at least 40% of its total assets in securities of non-US issuers. This policy is in addition to the 80% Policy.

In selecting portfolio securities, the portfolio managers emphasize strong performance in falling markets relative to other mutual funds focusing on international equity investments. Equity securities include, but are not limited to, common stocks, securities convertible into common stocks, securities having common stock characteristics, such as rights and warrants to purchase common stocks, and preferred shares. To the extent that this Portfolio invests in convertible debt securities, those securities will be purchased on the basis of their equity characteristics, and ratings of those securities, if any, will not be an important factor in their selection. Additionally, the Portfolio may, from time to time, hold its assets in cash (which may be US dollars or foreign currency, including the euro) or may invest in short-term debt securities or other money market instruments. Except when a temporary defensive approach is appropriate, the Portfolio generally will not hold more than 5% of its assets in cash or such short-term instruments.

From time to time, the Portfolio may invest up to 30% of its net assets in securities of issuers in the commercial banking industry; to the extent the Portfolio invests 30% of its net assets in such securities, it may be slightly more sensitive to movement in the commercial banking industry.

The portfolio managers’ approach in selecting investments for the Portfolio is primarily quantitatively oriented to individual stock selection and is value driven. In selecting stocks for the Portfolio, the portfolio managers identify those stocks that they believe will provide the highest total return over a market cycle, taking into consideration the movement in the price of the individual security, the impact of currency adjustment on a US-domiciled, dollar-based investor, and the investment guidelines described below. The portfolio managers conduct extensive fundamental research on a global basis, and it is through this research effort that securities with the potential for maximum long-term total return are identified. The center of the fundamental research effort is a value-oriented dividend discount methodology applied to individual securities and market analysis that isolates value across country boundaries. The portfolio managers’ approach focuses on future anticipated dividends and discounts the value of those dividends back to what they would be worth if they were being paid today. Comparisons of the values of different possible investments are then made.

Supplementing the portfolio managers’ quantitative approach to stock selection, the portfolio managers also attempt to follow certain qualitative investment guidelines that seek to identify issuers that present certain characteristics that are compatible or operate in accordance with certain investment policies or restrictions followed by organized labor. These qualitative investment guidelines include country screens, as well as additional issuer-specific criteria. The country screens require that the securities are of companies domiciled in those countries that are included in the MSCI EAFE (Europe, Australasia, and Far East) Index and Canada, as long as the country does not appear on any list of prohibited or boycotted nations of the AFL-CIO or certain other labor organizations. Nations that are currently in this Index include, among others, Japan, the United Kingdom, Germany, France, and the Netherlands. In addition, the Portfolio will tend to favor investments in issuers located in those countries that the portfolio managers perceive as enjoying favorable relations with the US. Pursuant to the Portfolio’s issuer-specific criteria, the Portfolio will: (1) invest only in companies that are publicly traded; (2) focus on companies that show, in the portfolio managers’ opinion, evidence of pursuing fair labor practices; (3) focus on companies that have not been subject to penalties or tariffs imposed by applicable US government agencies for unfair trade practices within the previous two years; and (4) not invest in initial public offerings. Evidence of pursuing fair labor practices would include whether a company has demonstrated patterns of noncompliance with applicable labor or health and safety laws. The qualitative labor sensitivity factors that the portfolio managers will utilize in selecting securities will vary over time, and will be solely in the portfolio managers’ discretion.

The portfolio managers do not normally intend to respond to short-term market fluctuations or to acquire securities for the purpose of short-term trading; however, the portfolio managers may take advantage of short-term opportunities that are consistent with the Portfolio’s investment objective. It is anticipated that the annual turnover rate of the Portfolio, under normal circumstances, will generally not exceed 100%.

Currency considerations carry a special risk for a portfolio of international securities, and the portfolio managers use a purchasing power parity approach to evaluate currency risk. In this regard, the Portfolio may actively carry out hedging activities, and may invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a particular currency.

Strategy Portfolio Concentration rr_StrategyPortfolioConcentration

Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities (80% Policy).

Risk, Heading rr_RiskHeading

What are the principal risks of investing in the Portfolio?

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 Portfolio will increase and decrease according to changes in the value of the securities in its portfolio. The Portfolio’s principal risks include:

Risk Definition
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.
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.
Foreign government/
supranational securities risk
The risk that a foreign government or government-related issuer may be unable to make timely payments on its external debt obligations.
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 portfolio 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).
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. A portfolio may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.
Liquidity risk The possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them.
Industry and Sector risk The risk that the value of securities in a particular industry or sector (such as financial services or manufacturing) will decline because of changing expectations for the performance of that industry or sector.
Active management and
selection risk
The risk that the securities selected by a portfolio’s management will underperform the markets, the relevant indices, or the securities selected by other portfolios 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 Portfolio is governed by US laws and regulations.

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 Portfolio will increase and decrease according to changes in the value of the securities in its portfolio.

Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading

How has Macquarie Labor Select International Equity Portfolio performed?

Performance, Narrative rr_PerformanceNarrativeTextBlock

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance. The Portfolio’s 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 Portfolio’s most recently available month-end performance by calling 800 231-8002 or by visiting our website at macquarie.com/investment-management/institutional.

Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance.

Performance Availability Phone rr_PerformanceAvailabilityPhone

800 231-8002

Performance Availability Website Address rr_PerformanceAvailabilityWebSiteAddress

macquarie.com/investment-management/institutional

Performance Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture

The Portfolio’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

Calendar year-by-year total return (Macquarie Labor Select International Equity Portfolio)

Bar Chart, Closing rr_BarChartClosingTextBlock

During the periods illustrated in this bar chart, Macquarie Labor Select International Equity Portfolio’s highest quarterly return was 21.23% for the quarter ended June 30, 2009 and its lowest quarterly return was -17.66% for the quarter ended March 31, 2009.

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel

highest quarterly return

Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 21.23%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel

lowest quarterly return

Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Mar. 31, 2009
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (17.66%)
Performance Table Heading rr_PerformanceTableHeading

Average annual total returns for periods ended December 31, 2017

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 Portfolio’s lifetime 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, Closing rr_PerformanceTableClosingTextBlock

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 Portfolio’s lifetime and do not reflect the impact of state and local taxes.

EQUITY ORIENTED | Macquarie Labor Select International Equity Portfolio | MSCI EAFE Index (gross returns) (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 25.62%
5 years rr_AverageAnnualReturnYear05 8.39%
10 years rr_AverageAnnualReturnYear10 2.42%
EQUITY ORIENTED | Macquarie Labor Select International Equity Portfolio | MSCI EAFE Index (net returns) (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees or expenses)

1 year rr_AverageAnnualReturnYear01 25.03%
5 years rr_AverageAnnualReturnYear05 7.90%
10 years rr_AverageAnnualReturnYear10 1.94%
EQUITY ORIENTED | Macquarie Labor Select International Equity Portfolio | DPT CLASS  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DELPX
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.11%
Total annual portfolio operating expenses rr_ExpensesOverAssets 0.86%
1 year rr_ExpenseExampleYear01 $ 88
3 years rr_ExpenseExampleYear03 274
5 years rr_ExpenseExampleYear05 477
10 years rr_ExpenseExampleYear10 $ 1,061
Annual Return 2008 rr_AnnualReturn2008 (36.50%)
Annual Return 2009 rr_AnnualReturn2009 20.52%
Annual Return 2010 rr_AnnualReturn2010 2.37%
Annual Return 2011 rr_AnnualReturn2011 (4.03%)
Annual Return 2012 rr_AnnualReturn2012 7.82%
Annual Return 2013 rr_AnnualReturn2013 22.28%
Annual Return 2014 rr_AnnualReturn2014 (3.55%)
Annual Return 2015 rr_AnnualReturn2015 (3.84%)
Annual Return 2016 rr_AnnualReturn2016 3.02%
Annual Return 2017 rr_AnnualReturn2017 21.70%
1 year rr_AverageAnnualReturnYear01 21.70%
5 years rr_AverageAnnualReturnYear05 7.29%
10 years rr_AverageAnnualReturnYear10 1.43%
EQUITY ORIENTED | Macquarie Labor Select International Equity Portfolio | DPT CLASS | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 21.09%
5 years rr_AverageAnnualReturnYear05 6.56%
10 years rr_AverageAnnualReturnYear10 0.68%
EQUITY ORIENTED | Macquarie Labor Select International Equity Portfolio | DPT CLASS | After Taxes on Distributions and Sales  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 13.16%
5 years rr_AverageAnnualReturnYear05 5.78%
10 years rr_AverageAnnualReturnYear10 1.11%
EQUITY ORIENTED | Macquarie Large Cap Value Portfolio

Macquarie Large Cap Value Portfolio

What is the Portfolio’s investment objective?

Macquarie Large Cap Value Portfolio seeks long-term capital appreciation.

What are the Portfolio’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

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

Annual Fund Operating Expenses
EQUITY ORIENTED
Macquarie Large Cap Value Portfolio
DPT CLASS
Management fees 0.55%
Distribution and service (12b-1) fees none
Other expenses 0.11%
Total annual portfolio operating expenses 0.66%
Fee waivers and expense reimbursements [1]
Total annual portfolio operating expenses after fee waivers and expense reimbursements 0.66%
[1] The Portfolio'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, expenses, short sale dividend and 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 portfolio operating expenses from exceeding 0.70% of the Portfolio's average daily net assets from Feb. 28, 2018 through Feb. 28, 2019. The waivers and reimbursements may only be terminated by agreement of the Manager and the Portfolio.

Example

This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio 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 Manager’s expense 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
1 year
3 years
5 years
10 years
EQUITY ORIENTED | Macquarie Large Cap Value Portfolio | DPT CLASS | USD ($) 67 211 368 822

Portfolio turnover

The Portfolio 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 23% of the average value of its portfolio.

What are the Portfolio’s principal investment strategies?

The Portfolio invests primarily in securities of large-capitalization companies that the Manager believes have long-term capital appreciation potential. The Portfolio currently defines large-capitalization stocks as those with market capitalizations of $5 billion or greater at the time of purchase. The Manager follows a value-oriented investment philosophy in selecting stocks for the Portfolio using a research-intensive approach that considers factors such as: security prices that reflect a market valuation that is judged to be below the estimated present or future value of the company; favorable earning prospects and dividend yield; the financial condition of the issuer; and various qualitative factors. Typically, the Manager seeks to select securities that it believes are undervalued in relation to their intrinsic value as indicated by multiple factors, including the earnings and cash-flow potential or the asset value of the respective issuers. The Manager also considers a company’s plans for future operations on a selective basis.

Under normal circumstances, at least 80% of the Portfolio’s net assets, plus any borrowings for investment purposes, will be invested in equity securities of large-capitalization companies (80% Policy). The Portfolio’s 80% Policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change.

The Manager may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Portfolio. In considering whether to sell a security, the Manager may evaluate, among other things, the factors listed above, the condition of the US economy, the condition of non-US economies, and changes in the condition and outlook in the issuer’s industry sector.

What are the principal risks of investing in the Portfolio?

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 Portfolio will increase and decrease according to changes in the value of the securities in its portfolio. The Portfolio’s principal risks include:

Risk Definition
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.
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.
Liquidity risk The possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them.
Active management and selection risk The risk that the securities selected by a portfolio’s management will underperform the markets, the relevant indices, or the securities selected by other portfolios 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 Portfolio is governed by US laws and regulations.

How has Macquarie Large Cap Value Portfolio performed?

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance. The Portfolio’s 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 Portfolio’s most recently available month-end performance by calling 800 231-8002 or by visiting our website at macquarie.com/investment-management/institutional.

Calendar year-by-year total return (Macquarie Large Cap Value Portfolio)

Bar Chart

During the periods illustrated in this bar chart, Macquarie Large Cap Value Portfolio’s highest quarterly return was 14.29% for the quarter ended Dec. 31, 2011 and its lowest quarterly return was -13.21% for the quarter ended Dec. 31, 2008.

Average annual total returns for periods ended December 31, 2017

Average Annual Total Returns - EQUITY ORIENTED - Macquarie Large Cap Value Portfolio
1 Year
5 Years
10 Years
DPT CLASS 13.69% 14.49% 8.68%
DPT CLASS | After Taxes on Distributions 10.14% 12.64% 7.59%
DPT CLASS | After Taxes on Distributions and Sales 10.65% 11.47% 6.96%
Russell 1000® Value Index (reflects no deduction for fees, expenses, or taxes) 13.66% 14.04% 7.10%

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell is a trademark of the Russell Investment Group.

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 Portfolio’s lifetime and do not reflect the impact of state and local taxes.

Label Element Value
EQUITY ORIENTED | Macquarie Large Cap Value Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading

Macquarie Large Cap Value Portfolio

Investment Objective, Heading rr_ObjectiveHeading

What is the Portfolio’s investment objective?

Investment Objective, Primary rr_ObjectivePrimaryTextBlock

Macquarie Large Cap Value Portfolio seeks long-term capital appreciation.

Expense, Heading rr_ExpenseHeading

What are the Portfolio’s 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 Portfolio.

Operating Expenses, Caption rr_OperatingExpensesCaption

Annual portfolio 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 Portfolio 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 23% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 23.00%
Expense Example, Heading rr_ExpenseExampleHeading

Example

Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio 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 Manager’s expense 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:

Investment Strategy, Heading rr_StrategyHeading

What are the Portfolio’s principal investment strategies?

Investment Strategy, Narrative rr_StrategyNarrativeTextBlock

The Portfolio invests primarily in securities of large-capitalization companies that the Manager believes have long-term capital appreciation potential. The Portfolio currently defines large-capitalization stocks as those with market capitalizations of $5 billion or greater at the time of purchase. The Manager follows a value-oriented investment philosophy in selecting stocks for the Portfolio using a research-intensive approach that considers factors such as: security prices that reflect a market valuation that is judged to be below the estimated present or future value of the company; favorable earning prospects and dividend yield; the financial condition of the issuer; and various qualitative factors. Typically, the Manager seeks to select securities that it believes are undervalued in relation to their intrinsic value as indicated by multiple factors, including the earnings and cash-flow potential or the asset value of the respective issuers. The Manager also considers a company’s plans for future operations on a selective basis.

Under normal circumstances, at least 80% of the Portfolio’s net assets, plus any borrowings for investment purposes, will be invested in equity securities of large-capitalization companies (80% Policy). The Portfolio’s 80% Policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change.

The Manager may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Portfolio. In considering whether to sell a security, the Manager may evaluate, among other things, the factors listed above, the condition of the US economy, the condition of non-US economies, and changes in the condition and outlook in the issuer’s industry sector.

Strategy Portfolio Concentration rr_StrategyPortfolioConcentration

Under normal circumstances, at least 80% of the Portfolio’s net assets, plus any borrowings for investment purposes, will be invested in equity securities of large-capitalization companies (80% Policy).

Risk, Heading rr_RiskHeading

What are the principal risks of investing in the Portfolio?

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 Portfolio will increase and decrease according to changes in the value of the securities in its portfolio. The Portfolio’s principal risks include:

Risk Definition
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.
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.
Liquidity risk The possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them.
Active management and selection risk The risk that the securities selected by a portfolio’s management will underperform the markets, the relevant indices, or the securities selected by other portfolios 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 Portfolio is governed by US laws and regulations.

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 Portfolio will increase and decrease according to changes in the value of the securities in its portfolio.

Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading

How has Macquarie Large Cap Value Portfolio performed?

Performance, Narrative rr_PerformanceNarrativeTextBlock

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance. The Portfolio’s 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 Portfolio’s most recently available month-end performance by calling 800 231-8002 or by visiting our website at macquarie.com/investment-management/institutional.

Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance.

Performance Availability Phone rr_PerformanceAvailabilityPhone

800 231-8002

Performance Availability Website Address rr_PerformanceAvailabilityWebSiteAddress

macquarie.com/investment-management/institutional

Performance Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture

The Portfolio’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

Calendar year-by-year total return (Macquarie Large Cap Value Portfolio)

Bar Chart, Closing rr_BarChartClosingTextBlock

During the periods illustrated in this bar chart, Macquarie Large Cap Value Portfolio’s highest quarterly return was 14.29% for the quarter ended Dec. 31, 2011 and its lowest quarterly return was -13.21% for the quarter ended Dec. 31, 2008.

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel

highest quarterly return

Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 14.29%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel

lowest quarterly return

Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (13.21%)
Performance Table Heading rr_PerformanceTableHeading

Average annual total returns for periods ended December 31, 2017

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 Portfolio’s lifetime 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 Footnotes rr_PerformanceTableFootnotesTextBlock

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell is a trademark of the Russell Investment Group.

Performance Table, Closing rr_PerformanceTableClosingTextBlock

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 Portfolio’s lifetime and do not reflect the impact of state and local taxes.

EQUITY ORIENTED | Macquarie Large Cap Value Portfolio | Russell 1000® Value 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 13.66%
5 years rr_AverageAnnualReturnYear05 14.04%
10 years rr_AverageAnnualReturnYear10 7.10%
EQUITY ORIENTED | Macquarie Large Cap Value Portfolio | DPT CLASS  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DPDEX
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.11%
Total annual portfolio operating expenses rr_ExpensesOverAssets 0.66%
Fee waivers and expense reimbursements rr_FeeWaiverOrReimbursementOverAssets [1]
Total annual portfolio operating expenses after fee waivers and expense reimbursements rr_NetExpensesOverAssets 0.66%
1 year rr_ExpenseExampleYear01 $ 67
3 years rr_ExpenseExampleYear03 211
5 years rr_ExpenseExampleYear05 368
10 years rr_ExpenseExampleYear10 $ 822
Annual Return 2008 rr_AnnualReturn2008 (33.15%)
Annual Return 2009 rr_AnnualReturn2009 18.67%
Annual Return 2010 rr_AnnualReturn2010 15.57%
Annual Return 2011 rr_AnnualReturn2011 10.46%
Annual Return 2012 rr_AnnualReturn2012 15.32%
Annual Return 2013 rr_AnnualReturn2013 33.13%
Annual Return 2014 rr_AnnualReturn2014 14.23%
Annual Return 2015 rr_AnnualReturn2015 (0.74%)
Annual Return 2016 rr_AnnualReturn2016 14.64%
Annual Return 2017 rr_AnnualReturn2017 13.69%
1 year rr_AverageAnnualReturnYear01 13.69%
5 years rr_AverageAnnualReturnYear05 14.49%
10 years rr_AverageAnnualReturnYear10 8.68%
EQUITY ORIENTED | Macquarie Large Cap Value Portfolio | DPT CLASS | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 10.14%
5 years rr_AverageAnnualReturnYear05 12.64%
10 years rr_AverageAnnualReturnYear10 7.59%
EQUITY ORIENTED | Macquarie Large Cap Value Portfolio | DPT CLASS | After Taxes on Distributions and Sales  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 10.65%
5 years rr_AverageAnnualReturnYear05 11.47%
10 years rr_AverageAnnualReturnYear10 6.96%
[1] The Portfolio'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, expenses, short sale dividend and 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 portfolio operating expenses from exceeding 0.70% of the Portfolio's average daily net assets from Feb. 28, 2018 through Feb. 28, 2019. The waivers and reimbursements may only be terminated by agreement of the Manager and the Portfolio.
Alternative / specialty mutual fund | DELAWARE REIT FUND

Delaware REIT Fund

What are the Fund’s investment objectives?

Delaware REIT Fund seeks maximum long-term total return, with capital appreciation as a secondary objective.

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 $50,000 in Delaware Funds℠ by Macquarie. 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)

Shareholder Fees - Alternative / specialty mutual fund - DELAWARE REIT FUND
Class A
Class C
Class R
INSTITUTIONAL CLASS
Class R6
Maximum sales charge (load) imposed on purchases as a percentage of offering price 5.75% none none none none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower none 1.00% [1] none 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 One - Alternative / specialty mutual fund - DELAWARE REIT FUND
Class A
Class C
Class R
INSTITUTIONAL CLASS
Class R6
Management fees 0.75% 0.75% 0.75% 0.75% 0.75%
Distribution and service (12b-1) fees 0.25% 1.00% 0.50% none none
Other expenses 0.44% 0.44% 0.44% 0.44% 0.29% [1]
Total annual fund operating expenses 1.44% 2.19% 1.69% 1.19% 1.04%
Fee waivers and expense reimbursements [2] (0.04%) (0.04%) (0.04%) (0.04%) (0.04%)
Total annual fund operating expenses after fee waivers and expense reimbursements 1.40% 2.15% 1.65% 1.15% 1.00%
[1] "Other expenses" account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled "Choosing a share class."
[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 dividend and 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 1.15% of the Fund's average daily net assets for all share classes other than Class R6, and 1.00% of the Fund's Class R6 shares' average daily net assets, from Feb. 28, 2018 through Feb. 28, 2019. These waivers and reimbursements may only be terminated by agreement of the Manager 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. 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 that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Alternative / specialty mutual fund - DELAWARE REIT FUND - USD ($)
1 year
3 years
5 years
10 years
Class A 709 1,001 1,313 2,197
Class C 318 681 1,171 2,521
Class R 168 529 914 1,994
INSTITUTIONAL CLASS 117 374 650 1,440
Class R6 102 327 570 1,267
Expense Example, No Redemption
1 year
3 years
5 years
10 years
Alternative / specialty mutual fund | DELAWARE REIT FUND | Class C | USD ($) 218 681 1,171 2,521

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 145% of the average value of its portfolio.

What are the Fund’s principal investment strategies?

The Fund invests primarily in securities of companies that are principally engaged in the real estate industry. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in real estate investment trusts (REITs) (80% policy).

In managing the Fund’s portfolio, the Fund’s investment manager, Delaware Management Company (Manager), strives to include REITs that represent a variety of different sectors in the real estate industry. As the Manager considers individual REITs for the portfolio, it carefully evaluates each REIT’s management team. The Manager generally looks for those that:

• retain a substantial portion of the properties’ cash flow;

• effectively use capital to expand;

• have a strong ability to raise rents; and

• can create a franchise value for the REIT.

The Fund’s 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.

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. The Fund’s 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.

Real estate industry risk — This risk includes, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes, and operating expenses; changes in zoning laws; costs resulting from the cleanup of, and liability to third parties resulting from, environmental problems; casualty for condemnation losses; uninsured damages from floods, earthquakes, or other natural disasters; limitations on and variations in rents; and changes in interest rates.

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. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.

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.

Foreign government/supranational risk — The risk that a foreign government or government-related issuer may be unable to make timely payments on its external debt obligations.

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

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

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 fund's 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.

How has Delaware REIT Fund performed?

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect any expense caps in effect during 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 delawarefunds.com/performance.

Calendar year-by-year total return (Class A)

Bar Chart

During the periods illustrated in this bar chart, Class A’s highest quarterly return was 30.00% for the quarter ended Sept. 30, 2009, and its lowest quarterly return was -36.92% for the quarter ended Dec. 31, 2008.

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 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, 2017

Average Annual Total Returns - Alternative / specialty mutual fund - DELAWARE REIT FUND
1 Year
5 Years
10 Years
Lifetime
Inception Date
Class A (4.79%) 6.26% 5.62%    
Class A | After Taxes on Distributions (5.78%) 3.35% 3.76%    
Class A | After Taxes on Distributions and Sales (2.22%) 4.30% 3.96%    
Class C (0.80%) 6.72% 5.45%    
Class R 0.63% 7.26% 5.99%    
Class R6 1.38% none   (2.40%) May 02, 2016
INSTITUTIONAL CLASS 1.17% 7.79% 6.52%    
FTSE NAREIT Equity REITs Index (reflects no deduction for fees, expenses, or taxes) 5.23% 9.46% 7.44%    

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.

Label Element Value
Alternative / specialty mutual fund | DELAWARE REIT FUND  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading

Delaware REIT Fund

Investment Objective, Heading rr_ObjectiveHeading

What are the Fund’s investment objectives?

Investment Objective, Primary rr_ObjectivePrimaryTextBlock

Delaware REIT Fund seeks maximum long-term total return, with capital appreciation as a secondary objective.

Expense, Heading rr_ExpenseHeading

What are the Fund’s 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 $50,000 in Delaware Funds℠ by Macquarie. 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, 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 Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 145% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 145.00%
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 $50,000 in Delaware Funds℠ by Macquarie. 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.”

Expense Breakpoint, Minimum Investment Required Amount rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expense Example, Heading 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 that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Investment Strategy, Heading rr_StrategyHeading

What are the Fund’s principal investment strategies?

Investment Strategy, Narrative rr_StrategyNarrativeTextBlock

The Fund invests primarily in securities of companies that are principally engaged in the real estate industry. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in real estate investment trusts (REITs) (80% policy).

In managing the Fund’s portfolio, the Fund’s investment manager, Delaware Management Company (Manager), strives to include REITs that represent a variety of different sectors in the real estate industry. As the Manager considers individual REITs for the portfolio, it carefully evaluates each REIT’s management team. The Manager generally looks for those that:

• retain a substantial portion of the properties’ cash flow;

• effectively use capital to expand;

• have a strong ability to raise rents; and

• can create a franchise value for the REIT.

The Fund’s 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.

Strategy Portfolio Concentration rr_StrategyPortfolioConcentration

The Fund invests primarily in securities of companies that are principally engaged in the real estate industry. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in real estate investment trusts (REITs) (80% policy).

Risk, Heading 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 Fund’s portfolio. The Fund’s 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.

Real estate industry risk — This risk includes, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes, and operating expenses; changes in zoning laws; costs resulting from the cleanup of, and liability to third parties resulting from, environmental problems; casualty for condemnation losses; uninsured damages from floods, earthquakes, or other natural disasters; limitations on and variations in rents; and changes in interest rates.

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. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.

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.

Foreign government/supranational risk — The risk that a foreign government or government-related issuer may be unable to make timely payments on its external debt obligations.

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

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

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 fund's 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.

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 Fund’s portfolio.

Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading

How has Delaware REIT 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 Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect any expense caps in effect during 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 delawarefunds.com/performance.

Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance.

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 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

Calendar year-by-year total return (Class A)

Bar Chart, Closing rr_BarChartClosingTextBlock

During the periods illustrated in this bar chart, Class A’s highest quarterly return was 30.00% for the quarter ended Sept. 30, 2009, and its lowest quarterly return was -36.92% for the quarter ended Dec. 31, 2008.

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 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. 

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel

highest quarterly return

Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 30.00%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel

lowest quarterly return

Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (36.92%)
Performance Table Heading rr_PerformanceTableHeading

Average annual total returns for periods ended December 31, 2017

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 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 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.

Alternative / specialty mutual fund | DELAWARE REIT FUND | FTSE NAREIT Equity REITs 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 5.23%
5 years rr_AverageAnnualReturnYear05 9.46%
10 years rr_AverageAnnualReturnYear10 7.44%
Alternative / specialty mutual fund | DELAWARE REIT FUND | Class A  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DPREX
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 0.25%
Other expenses rr_OtherExpensesOverAssets 0.44%
Total annual fund operating expenses rr_ExpensesOverAssets 1.44%
Fee waivers and expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.04% [1]
Total annual fund operating expenses after fee waivers and expense reimbursements rr_NetExpensesOverAssets 1.40%
1 year rr_ExpenseExampleYear01 $ 709
3 years rr_ExpenseExampleYear03 1,001
5 years rr_ExpenseExampleYear05 1,313
10 years rr_ExpenseExampleYear10 $ 2,197
Annual Return 2008 rr_AnnualReturn2008 (35.86%)
Annual Return 2009 rr_AnnualReturn2009 22.85%
Annual Return 2010 rr_AnnualReturn2010 26.35%
Annual Return 2011 rr_AnnualReturn2011 10.09%
Annual Return 2012 rr_AnnualReturn2012 16.41%
Annual Return 2013 rr_AnnualReturn2013 1.70%
Annual Return 2014 rr_AnnualReturn2014 28.87%
Annual Return 2015 rr_AnnualReturn2015 3.18%
Annual Return 2016 rr_AnnualReturn2016 5.29%
Annual Return 2017 rr_AnnualReturn2017 0.99%
1 year rr_AverageAnnualReturnYear01 (4.79%)
5 years rr_AverageAnnualReturnYear05 6.26%
10 years rr_AverageAnnualReturnYear10 5.62%
Alternative / specialty mutual fund | DELAWARE REIT FUND | Class A | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 (5.78%)
5 years rr_AverageAnnualReturnYear05 3.35%
10 years rr_AverageAnnualReturnYear10 3.76%
Alternative / specialty mutual fund | DELAWARE REIT FUND | Class A | After Taxes on Distributions and Sales  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 (2.22%)
5 years rr_AverageAnnualReturnYear05 4.30%
10 years rr_AverageAnnualReturnYear10 3.96%
Alternative / specialty mutual fund | DELAWARE REIT FUND | Class C  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DPRCX
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 0.75%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 0.44%
Total annual fund operating expenses rr_ExpensesOverAssets 2.19%
Fee waivers and expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.04% [1]
Total annual fund operating expenses after fee waivers and expense reimbursements rr_NetExpensesOverAssets 2.15%
1 year rr_ExpenseExampleYear01 $ 318
3 years rr_ExpenseExampleYear03 681
5 years rr_ExpenseExampleYear05 1,171
10 years rr_ExpenseExampleYear10 2,521
1 year rr_ExpenseExampleNoRedemptionYear01 218
3 years rr_ExpenseExampleNoRedemptionYear03 681
5 years rr_ExpenseExampleNoRedemptionYear05 1,171
10 years rr_ExpenseExampleNoRedemptionYear10 $ 2,521
1 year rr_AverageAnnualReturnYear01 (0.80%)
5 years rr_AverageAnnualReturnYear05 6.72%
10 years rr_AverageAnnualReturnYear10 5.45%
Alternative / specialty mutual fund | DELAWARE REIT FUND | Class R  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DPRRX
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 0.50%
Other expenses rr_OtherExpensesOverAssets 0.44%
Total annual fund operating expenses rr_ExpensesOverAssets 1.69%
Fee waivers and expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.04% [1]
Total annual fund operating expenses after fee waivers and expense reimbursements rr_NetExpensesOverAssets 1.65%
1 year rr_ExpenseExampleYear01 $ 168
3 years rr_ExpenseExampleYear03 529
5 years rr_ExpenseExampleYear05 914
10 years rr_ExpenseExampleYear10 $ 1,994
1 year rr_AverageAnnualReturnYear01 0.63%
5 years rr_AverageAnnualReturnYear05 7.26%
10 years rr_AverageAnnualReturnYear10 5.99%
Alternative / specialty mutual fund | DELAWARE REIT FUND | INSTITUTIONAL CLASS  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DPRSX
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 0.44%
Total annual fund operating expenses rr_ExpensesOverAssets 1.19%
Fee waivers and expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.04% [1]
Total annual fund operating expenses after fee waivers and expense reimbursements rr_NetExpensesOverAssets 1.15%
1 year rr_ExpenseExampleYear01 $ 117
3 years rr_ExpenseExampleYear03 374
5 years rr_ExpenseExampleYear05 650
10 years rr_ExpenseExampleYear10 $ 1,440
1 year rr_AverageAnnualReturnYear01 1.17%
5 years rr_AverageAnnualReturnYear05 7.79%
10 years rr_AverageAnnualReturnYear10 6.52%
Alternative / specialty mutual fund | DELAWARE REIT FUND | Class R6  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DPRDX
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 0.29% [3]
Total annual fund operating expenses rr_ExpensesOverAssets 1.04%
Fee waivers and expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.04% [1]
Total annual fund operating expenses after fee waivers and expense reimbursements rr_NetExpensesOverAssets 1.00%
1 year rr_ExpenseExampleYear01 $ 102
3 years rr_ExpenseExampleYear03 327
5 years rr_ExpenseExampleYear05 570
10 years rr_ExpenseExampleYear10 $ 1,267
1 year rr_AverageAnnualReturnYear01 1.38%
5 years rr_AverageAnnualReturnYear05 none
Lifetime rr_AverageAnnualReturnSinceInception (2.40%)
Inception Date rr_AverageAnnualReturnInceptionDate May 02, 2016
[1] 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 dividend and 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 1.15% of the Fund's average daily net assets for all share classes other than Class R6, and 1.00% of the Fund's Class R6 shares' average daily net assets, from Feb. 28, 2018 through Feb. 28, 2019. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.
[2] Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (CDSC).
[3] "Other expenses" account for Class R6 shares not being subject to certain expenses as described further in the section of the prospectus entitled "Choosing a share class."
FIXED INCOME ORIENTED | Macquarie Core Plus Bond Portfolio

Macquarie Core Plus Bond Portfolio

What is the Portfolio’s investment objective?

Macquarie Core Plus Bond Portfolio seeks maximum long-term total return, consistent with reasonable risk.

What are the Portfolio’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

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

Annual Fund Operating Expenses
FIXED INCOME ORIENTED
Macquarie Core Plus Bond Portfolio
DPT CLASS
Management fees 0.43%
Distribution and service (12b-1) fees none
Other expenses 0.17%
Total annual portfolio operating expenses 0.60%
Fee waivers and expense reimbursements (0.15%) [1]
Total annual portfolio operating expenses after fee waivers and expense reimbursements 0.45%
[1] The Portfolio'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, expenses, short sale dividend and 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 portfolio operating expenses from exceeding 0.45% of the Portfolio's average daily net assets from Feb. 28, 2018 through Feb. 28, 2019. These waivers and reimbursements may only be terminated by agreement of the Manager and the Portfolio.

Example

This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio 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 Manager’s expense 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
1 year
3 years
5 years
10 years
FIXED INCOME ORIENTED | Macquarie Core Plus Bond Portfolio | DPT CLASS | USD ($) 46 177 320 736

Portfolio turnover

The Portfolio 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 162% of the average value of its portfolio.

What are the Portfolio’s principal investment strategies?

The Portfolio allocates its investments principally among the following three sectors of the fixed income securities markets: the US investment grade sector, the US high yield sector, and the international sector. Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities (80% Policy). The Portfolio’s 80% Policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change.

The Manager will determine how much of the Portfolio to allocate to each of the three sectors, based on its evaluation of economic and market conditions and its assessment of the returns and potential for appreciation that can be achieved from investments in each of the three sectors. The Manager will periodically reallocate the Portfolio’s assets, as deemed necessary. The relative proportion of the Portfolio’s assets to be allocated among sectors is described below.

US investment grade sector Under normal circumstances, between 50% and 100% of the Portfolio’s total assets will be invested in the US investment grade sector. In managing the Portfolio’s assets allocated to the US investment grade sector, the Manager will invest principally in debt obligations issued or guaranteed by the US government, its agencies, or instrumentalities, and by US corporations. The corporate debt obligations in which the Portfolio may invest include bonds, notes, debentures, and commercial paper of US companies. The US government securities in which the Portfolio may invest include 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 that have been established or sponsored by the US government.

The US investment grade sector of the Portfolio’s assets may also be invested in mortgage-backed securities (MBS) issued or guaranteed by the US government, its agencies, or instrumentalities or by government-sponsored corporations. Other MBS in which the Portfolio may invest are issued by certain private, nongovernment entities. Subject to the quality limitations, the Portfolio 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.

Securities purchased by the Portfolio within this sector will be rated in one of the four highest rating categories or will be unrated securities that the Manager determines are of comparable quality.

US high yield sector Under normal circumstances, up to 30% of the Portfolio’s total assets will be allocated to the high yield sector. The Manager will invest the Portfolio’s assets that are allocated to the high yield sector primarily in those securities having a liberal and consistent yield and those tending to reduce the risk of market fluctuations. The Portfolio may invest in corporate debt obligations, including, notes, which may be convertible or nonconvertible, commercial paper, units consisting of bonds with stock or warrants to buy stock attached, debentures, convertible debentures, zero-coupon bonds, and PIK securities.

The Portfolio will invest in both rated and unrated bonds. The rated bonds that the Portfolio may purchase in this sector will generally be rated lower than BBB- by S&P, Baa3 by Moody’s, or similarly rated by another NRSRO.
 
International sector The Portfolio may invest up to 30% of its total assets in the international sector. The international sector invests primarily in fixed income securities of issuers organized or having a majority of their assets or deriving a majority of their operating income in foreign countries. These fixed income securities include foreign government securities, debt obligations of foreign companies, and securities issued by supranational entities. A supranational entity is an entity established or financially supported by the national governments of one or more countries to promote reconstruction or development. Examples of supranational entities include, among others, the International Bank for Reconstruction and Development (more commonly known as the World Bank), the European Economic Community, the European Investment Bank, the Inter-American Development Bank, and the Asian Development Bank.

The Portfolio may invest in securities issued in any currency and may hold foreign currencies. Securities of issuers within a given country may be denominated in the currency of another country or in multinational currency units, such as the euro. The Portfolio may, from time to time, purchase or sell foreign currencies and/or engage in forward foreign currency transactions in order to expedite settlement of Portfolio transactions and to minimize currency value fluctuations. Currency considerations carry a special risk for the Portfolio to the extent that it allocates a significant portion of its assets to foreign securities.

The Portfolio will invest in both rated and unrated foreign securities. It may purchase securities of issuers in any foreign country, developed and underdeveloped. These investments may include direct obligations of issuers located in emerging markets countries.

The Portfolio’s total non-US dollar currency exposure will be limited, in aggregate, to no more than 10% of net assets, and the Portfolio’s investments in emerging markets securities will be limited to no more than 15% of the Portfolio’s net assets.

The Portfolio may hold a substantial portion of its assets in cash or short-term fixed income obligations in unusual market conditions to meet redemption requests, for temporary defensive purposes, and pending investment. The Portfolio may also use a wide range of derivatives instruments, typically including options, futures contracts, options on futures contracts, and swaps. The Portfolio will use derivatives for both hedging and nonhedging purposes. For example, the Portfolio 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 Portfolio will not use derivatives for reasons inconsistent with its investment objective.

What are the principal risks of investing in the Portfolio?

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 Portfolio will increase and decrease according to changes in the value of the securities in its portfolio. The Portfolio’s principal risks include:

Risk Definition
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.
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.
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 portfolio may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.
Bank loans and other direct
indebtedness risk
The risk that the portfolio will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution.
Prepayment risk The risk that the principal on a bond that is held by a portfolio will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.
High yield 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 with less financial strength and therefore less ability to make projected debt payments on the bonds.
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.
Foreign government/
supranational securities risk
The risk that a foreign government or government-related issuer may be unable to make timely payments on its external debt obligations.
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 portfolio 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).
Leveraging risk The risk that certain portfolio 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 portfolio to be more volatile than if it had not been leveraged, which may result in increased losses to the portfolio.
Liquidity risk The possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them.
Active management and
selection risk
The risk that the securities selected by a portfolio’s management will underperform the markets, the relevant indices, or the securities selected by other portfolios 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 Portfolio is governed by US laws and regulations.

How has Macquarie Core Plus Bond Portfolio performed?

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance. The Portfolio’s 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 Portfolio’s most recently available month-end performance by calling 800 231-8002 or by visiting our website at macquarie.com/investment-management/institutional.

Calendar year-by-year total return (Macquarie Core Plus Bond Portfolio)

Bar Chart

During the periods illustrated in this bar chart, Macquarie Core Plus Bond Portfolio’s highest quarterly return was 9.22% for the quarter ended Sept. 30, 2009 and its lowest quarterly return was -2.84% for the quarter ended June 30, 2013.

Average annual total returns for periods ended December 31, 2017

Average Annual Total Returns - FIXED INCOME ORIENTED - Macquarie Core Plus Bond Portfolio
1 Year
5 Years
10 Years
DPT CLASS 4.91% 2.45% 5.30%
DPT CLASS | After Taxes on Distributions 3.57% 1.37% 3.80%
DPT CLASS | After Taxes on Distributions and Sales 2.78% 1.37% 3.52%
Bloomberg Barclays US Aggregate Index (reflects no deduction for fees, expenses, or taxes) 3.54% 2.10% 4.01%

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 Portfolio’s lifetime and do not reflect the impact of state and local taxes.

Label Element Value
FIXED INCOME ORIENTED | Macquarie Core Plus Bond Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading

Macquarie Core Plus Bond Portfolio

Investment Objective, Heading rr_ObjectiveHeading

What is the Portfolio’s investment objective?

Investment Objective, Primary rr_ObjectivePrimaryTextBlock

Macquarie Core Plus Bond Portfolio seeks maximum long-term total return, consistent with reasonable risk.

Expense, Heading rr_ExpenseHeading

What are the Portfolio’s 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 Portfolio.

Operating Expenses, Caption rr_OperatingExpensesCaption

Annual portfolio 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 Portfolio 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 162% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 162.00%
Expense Example, Heading rr_ExpenseExampleHeading

Example

Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio 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 Manager’s expense 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:

Investment Strategy, Heading rr_StrategyHeading

What are the Portfolio’s principal investment strategies?

Investment Strategy, Narrative rr_StrategyNarrativeTextBlock

The Portfolio allocates its investments principally among the following three sectors of the fixed income securities markets: the US investment grade sector, the US high yield sector, and the international sector. Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities (80% Policy). The Portfolio’s 80% Policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change.

The Manager will determine how much of the Portfolio to allocate to each of the three sectors, based on its evaluation of economic and market conditions and its assessment of the returns and potential for appreciation that can be achieved from investments in each of the three sectors. The Manager will periodically reallocate the Portfolio’s assets, as deemed necessary. The relative proportion of the Portfolio’s assets to be allocated among sectors is described below.

US investment grade sector Under normal circumstances, between 50% and 100% of the Portfolio’s total assets will be invested in the US investment grade sector. In managing the Portfolio’s assets allocated to the US investment grade sector, the Manager will invest principally in debt obligations issued or guaranteed by the US government, its agencies, or instrumentalities, and by US corporations. The corporate debt obligations in which the Portfolio may invest include bonds, notes, debentures, and commercial paper of US companies. The US government securities in which the Portfolio may invest include 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 that have been established or sponsored by the US government.

The US investment grade sector of the Portfolio’s assets may also be invested in mortgage-backed securities (MBS) issued or guaranteed by the US government, its agencies, or instrumentalities or by government-sponsored corporations. Other MBS in which the Portfolio may invest are issued by certain private, nongovernment entities. Subject to the quality limitations, the Portfolio 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.

Securities purchased by the Portfolio within this sector will be rated in one of the four highest rating categories or will be unrated securities that the Manager determines are of comparable quality.

US high yield sector Under normal circumstances, up to 30% of the Portfolio’s total assets will be allocated to the high yield sector. The Manager will invest the Portfolio’s assets that are allocated to the high yield sector primarily in those securities having a liberal and consistent yield and those tending to reduce the risk of market fluctuations. The Portfolio may invest in corporate debt obligations, including, notes, which may be convertible or nonconvertible, commercial paper, units consisting of bonds with stock or warrants to buy stock attached, debentures, convertible debentures, zero-coupon bonds, and PIK securities.

The Portfolio will invest in both rated and unrated bonds. The rated bonds that the Portfolio may purchase in this sector will generally be rated lower than BBB- by S&P, Baa3 by Moody’s, or similarly rated by another NRSRO.
 
International sector The Portfolio may invest up to 30% of its total assets in the international sector. The international sector invests primarily in fixed income securities of issuers organized or having a majority of their assets or deriving a majority of their operating income in foreign countries. These fixed income securities include foreign government securities, debt obligations of foreign companies, and securities issued by supranational entities. A supranational entity is an entity established or financially supported by the national governments of one or more countries to promote reconstruction or development. Examples of supranational entities include, among others, the International Bank for Reconstruction and Development (more commonly known as the World Bank), the European Economic Community, the European Investment Bank, the Inter-American Development Bank, and the Asian Development Bank.

The Portfolio may invest in securities issued in any currency and may hold foreign currencies. Securities of issuers within a given country may be denominated in the currency of another country or in multinational currency units, such as the euro. The Portfolio may, from time to time, purchase or sell foreign currencies and/or engage in forward foreign currency transactions in order to expedite settlement of Portfolio transactions and to minimize currency value fluctuations. Currency considerations carry a special risk for the Portfolio to the extent that it allocates a significant portion of its assets to foreign securities.

The Portfolio will invest in both rated and unrated foreign securities. It may purchase securities of issuers in any foreign country, developed and underdeveloped. These investments may include direct obligations of issuers located in emerging markets countries.

The Portfolio’s total non-US dollar currency exposure will be limited, in aggregate, to no more than 10% of net assets, and the Portfolio’s investments in emerging markets securities will be limited to no more than 15% of the Portfolio’s net assets.

The Portfolio may hold a substantial portion of its assets in cash or short-term fixed income obligations in unusual market conditions to meet redemption requests, for temporary defensive purposes, and pending investment. The Portfolio may also use a wide range of derivatives instruments, typically including options, futures contracts, options on futures contracts, and swaps. The Portfolio will use derivatives for both hedging and nonhedging purposes. For example, the Portfolio 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 Portfolio will not use derivatives for reasons inconsistent with its investment objective.

Strategy Portfolio Concentration rr_StrategyPortfolioConcentration

The Portfolio allocates its investments principally among the following three sectors of the fixed income securities markets: the US investment grade sector, the US high yield sector, and the international sector. Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities (80% Policy).

Risk, Heading rr_RiskHeading

What are the principal risks of investing in the Portfolio?

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 Portfolio will increase and decrease according to changes in the value of the securities in its portfolio. The Portfolio’s principal risks include:

Risk Definition
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.
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.
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 portfolio may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.
Bank loans and other direct
indebtedness risk
The risk that the portfolio will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution.
Prepayment risk The risk that the principal on a bond that is held by a portfolio will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.
High yield 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 with less financial strength and therefore less ability to make projected debt payments on the bonds.
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.
Foreign government/
supranational securities risk
The risk that a foreign government or government-related issuer may be unable to make timely payments on its external debt obligations.
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 portfolio 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).
Leveraging risk The risk that certain portfolio 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 portfolio to be more volatile than if it had not been leveraged, which may result in increased losses to the portfolio.
Liquidity risk The possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them.
Active management and
selection risk
The risk that the securities selected by a portfolio’s management will underperform the markets, the relevant indices, or the securities selected by other portfolios 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 Portfolio is governed by US laws and regulations.

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 Portfolio will increase and decrease according to changes in the value of the securities in its portfolio.

Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading

How has Macquarie Core Plus Bond Portfolio performed?

Performance, Narrative rr_PerformanceNarrativeTextBlock

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance. The Portfolio’s 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 Portfolio’s most recently available month-end performance by calling 800 231-8002 or by visiting our website at macquarie.com/investment-management/institutional.

Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance.

Performance Availability Phone rr_PerformanceAvailabilityPhone

800 231-8002

Performance Availability Website Address rr_PerformanceAvailabilityWebSiteAddress

macquarie.com/investment-management/institutional

Performance Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture

The Portfolio’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

Calendar year-by-year total return (Macquarie Core Plus Bond Portfolio)

Bar Chart, Closing rr_BarChartClosingTextBlock

During the periods illustrated in this bar chart, Macquarie Core Plus Bond Portfolio’s highest quarterly return was 9.22% for the quarter ended Sept. 30, 2009 and its lowest quarterly return was -2.84% for the quarter ended June 30, 2013.

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel

highest quarterly return

Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 9.22%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel

lowest quarterly return

Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2013
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (2.84%)
Performance Table Heading rr_PerformanceTableHeading

Average annual total returns for periods ended December 31, 2017

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 Portfolio’s lifetime 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, Closing rr_PerformanceTableClosingTextBlock

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 Portfolio’s lifetime and do not reflect the impact of state and local taxes.

FIXED INCOME ORIENTED | Macquarie Core Plus Bond Portfolio | Bloomberg Barclays US Aggregate 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 3.54%
5 years rr_AverageAnnualReturnYear05 2.10%
10 years rr_AverageAnnualReturnYear10 4.01%
FIXED INCOME ORIENTED | Macquarie Core Plus Bond Portfolio | DPT CLASS  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DCPFX
Management Fees rr_ManagementFeesOverAssets 0.43%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.17%
Total annual portfolio operating expenses rr_ExpensesOverAssets 0.60%
Fee waivers and expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.15% [1]
Total annual portfolio operating expenses after fee waivers and expense reimbursements rr_NetExpensesOverAssets 0.45%
1 year rr_ExpenseExampleYear01 $ 46
3 years rr_ExpenseExampleYear03 177
5 years rr_ExpenseExampleYear05 320
10 years rr_ExpenseExampleYear10 $ 736
Annual Return 2008 rr_AnnualReturn2008 (3.26%)
Annual Return 2009 rr_AnnualReturn2009 22.76%
Annual Return 2010 rr_AnnualReturn2010 8.86%
Annual Return 2011 rr_AnnualReturn2011 7.82%
Annual Return 2012 rr_AnnualReturn2012 6.50%
Annual Return 2013 rr_AnnualReturn2013 (1.13%)
Annual Return 2014 rr_AnnualReturn2014 5.92%
Annual Return 2015 rr_AnnualReturn2015 (0.17%)
Annual Return 2016 rr_AnnualReturn2016 2.90%
Annual Return 2017 rr_AnnualReturn2017 4.91%
1 year rr_AverageAnnualReturnYear01 4.91%
5 years rr_AverageAnnualReturnYear05 2.45%
10 years rr_AverageAnnualReturnYear10 5.30%
FIXED INCOME ORIENTED | Macquarie Core Plus Bond Portfolio | DPT CLASS | After Taxes on Distributions and Sales  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 2.78%
5 years rr_AverageAnnualReturnYear05 1.37%
10 years rr_AverageAnnualReturnYear10 3.52%
FIXED INCOME ORIENTED | Macquarie Core Plus Bond Portfolio | DPT CLASS | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 3.57%
5 years rr_AverageAnnualReturnYear05 1.37%
10 years rr_AverageAnnualReturnYear10 3.80%
[1] The Portfolio'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, expenses, short sale dividend and 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 portfolio operating expenses from exceeding 0.45% of the Portfolio's average daily net assets from Feb. 28, 2018 through Feb. 28, 2019. These waivers and reimbursements may only be terminated by agreement of the Manager and the Portfolio.
EQUITY ORIENTED | Macquarie Emerging Markets Portfolio

Macquarie Emerging Markets Portfolio

What is the Portfolio’s investment objective?

Macquarie Emerging Markets Portfolio seeks long-term capital appreciation.

What are the Portfolio’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

Shareholder fees (fees paid directly from your investment)

Shareholder Fees
EQUITY ORIENTED
Macquarie Emerging Markets Portfolio
DPT CLASS
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
Purchase reimbursement fees 0.40% [1]
Redemption reimbursement fees 0.45% [1]
[1] The purchase reimbursement fees and redemption reimbursement fees are paid to the Portfolio. These fees are designed to reflect an approximation of the brokerage and other transaction costs associated with the investment of an investor's purchase amount or the disposition of assets to meet redemptions, and to limit the extent to which the Portfolio (and, indirectly, the Portfolio's existing shareholders) would have to bear such costs. In lieu of the reimbursement fees, investors in Macquarie Emerging Markets Portfolio may be permitted to utilize alternative purchase and redemption methods designed to accomplish the same economic effect as the reimbursement fees.

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

Annual Fund Operating Expenses
EQUITY ORIENTED
Macquarie Emerging Markets Portfolio
DPT CLASS
Management fees 1.00%
Distribution and service (12b-1) fees none
Other expenses 0.22%
Total annual portfolio operating expenses 1.22%

Example

This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio 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 that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example
1 year
3 years
5 years
10 years
EQUITY ORIENTED | Macquarie Emerging Markets Portfolio | DPT CLASS | USD ($) 210 476 762 1,576
Expense Example, No Redemption
1 year
3 years
5 years
10 years
EQUITY ORIENTED | Macquarie Emerging Markets Portfolio | DPT CLASS | USD ($) 164 426 708 1,511

Portfolio turnover

The Portfolio 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 45% of the average value of its portfolio.

What are the Portfolio’s principal investment strategies?

Macquarie Emerging Markets Portfolio is an international fund. The Portfolio generally invests in equity securities of companies organized in, having a majority of their assets in, or deriving a majority of their operating income from, emerging countries. Equity securities include, but are not limited to, common stocks, preferred stocks, convertible securities, certain nontraditional equity securities, and warrants. To the extent that this Portfolio invests in convertible debt securities, those securities will be purchased on the basis of their equity characteristics, and ratings of those securities, if any, will not be an important factor in their selection.

Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in investments of emerging market issuers (80% Policy). The Portfolio’s 80% Policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change. Under normal circumstances, the Portfolio will invest at least 40% of its total assets in securities of non-US issuers. This policy is in addition to the 80% Policy.

The Portfolio considers an “emerging country” to be any country that is generally recognized to be an emerging or developing country by the international financial community, including the World Bank and the International Finance Corporation, as well as countries that are classified by the United Nations as developing. In addition, any country that is included in the International Finance Corporation Free Index or MSCI Emerging Markets Index will be considered to be an “emerging country.” There are more than 130 countries that are generally considered to be emerging or developing countries by the international financial community, approximately 40 of which currently have stock markets. Almost every nation in the world is included within this group of developing or emerging countries except the US, Canada, Japan, Australia, New Zealand, and nations located in Western Europe.

The Portfolio will focus its investments in those emerging countries where the Portfolio’s portfolio managers consider the economies to be developing strongly and where the markets are becoming more sophisticated. Currently, investing in many other emerging countries is not feasible, or may, in the portfolio managers’ opinion, involve unacceptable political risks. The portfolio managers believe that investment opportunities may result from an evolving long-term international trend favoring more market-oriented economies, a trend that may particularly benefit certain countries having developing markets. This trend may be facilitated by local or international political, economic, or financial developments that could benefit the capital markets in such countries.

In considering possible emerging countries in which the Portfolio may invest, the portfolio managers will place particular emphasis on factors such as economic conditions (including growth trends, inflation rates, and trade balances), regulatory and currency controls, accounting standards, and political and social conditions. The portfolio managers currently anticipate that the countries in which the Portfolio may invest will include, among others, Argentina, Brazil, Chile, China, Colombia, Croatia, the Czech Republic, Egypt, Estonia, Ghana, Greece, Hong Kong, Hungary, India, Indonesia, Jordan, Kazakhstan, Kenya, Malaysia, Mexico, Morocco, North Korea, Pakistan, Panama, Peru, the Philippines, Poland, Qatar, Romania, Russia, Slovenia, South Africa, South Korea, Sri Lanka, Taiwan, Thailand, Turkey, Ukraine, United Arab Emirates, Venezuela, Vietnam, and Zimbabwe. As markets in other emerging countries develop, the portfolio managers expect to expand and further diversify the countries in which the Portfolio invests.

Although this is not an exclusive list, the portfolio managers consider an emerging country equity security to be one that is issued by a company that exhibits one or more of the following characteristics: (1) its principal securities trading market is in an emerging country, as defined above; (2) while traded in any market, alone or on a consolidated basis, the company derives 50% or more of its annual revenues from either goods produced, sales made or services performed in emerging countries; or (3) it is organized under the laws of, and has a principal office in, an emerging country. The portfolio managers will determine eligibility based on publicly available information and inquiries made of the companies.

The Portfolio may invest in securities issued in any currency and may hold foreign currency. Securities of issuers within a given country may be denominated in the currency of another country or in multinational currency units, including the euro. For temporary defensive purposes, the Portfolio may invest all or a substantial portion of its assets in high-quality debt instruments.

Currency considerations carry a special risk for a portfolio of international securities. The portfolio managers use a purchasing power parity approach to evaluate currency risk. In this regard, the Portfolio may actively carry on hedging activities, and may invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a particular currency.

What are the principal risks of investing in the Portfolio?

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 Portfolio will increase and decrease according to changes in the value of the securities in its portfolio. The Portfolio’s principal risks include:

Risk Definition
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.
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.
Foreign government/
supranational securities risk
The risk that a foreign government or government-related issuer may be unable to make timely payments on its external debt obligations.
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 portfolio 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).
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.
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. A portfolio may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.
Liquidity risk The possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them.
Active management and
selection risk
The risk that the securities selected by a portfolio’s management will underperform the markets, the relevant indices, or the securities selected by other portfolios 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 Portfolio is governed by US laws and regulations.

How has Macquarie Emerging Markets Portfolio performed?

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance. The Portfolio’s 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 Portfolio’s most recently available month-end performance by calling 800 231-8002 or by visiting our website at macquarie.com/investment-management/institutional.

Calendar year-by-year total return (Macquarie Emerging Markets Portfolio)

Bar Chart

During the periods illustrated in this bar chart, Macquarie Emerging Markets Portfolio’s highest quarterly return was 32.73% for the quarter ended June 30, 2009 and its lowest quarterly return was -25.15% for the quarter ended Dec. 31, 2008.

Average annual total returns for periods ended December 31, 2017

Average Annual Total Returns - EQUITY ORIENTED - Macquarie Emerging Markets Portfolio
1 Year
5 Years
10 Years
DPT CLASS 26.57% 1.09% 2.15%
DPT CLASS | After Taxes on Distributions 25.24% 0.03% 1.07%
DPT CLASS | After Taxes on Distributions and Sales 15.76% 0.75% 1.74%
MSCI Emerging Markets Index (gross returns) (reflects no deduction for fees, expenses, or taxes) 37.75% 4.73% 2.02%
MSCI Emerging Markets Index (net returns) (reflects no deduction for fees or expenses) 37.28% 4.35% 1.68%

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 Portfolio’s lifetime and do not reflect the impact of state and local taxes.

Label Element Value
EQUITY ORIENTED | Macquarie Emerging Markets Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading

Macquarie Emerging Markets Portfolio

Investment Objective, Heading rr_ObjectiveHeading

What is the Portfolio’s investment objective?

Investment Objective, Primary rr_ObjectivePrimaryTextBlock

Macquarie Emerging Markets Portfolio seeks long-term capital appreciation.

Expense, Heading rr_ExpenseHeading

What are the Portfolio’s 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 Portfolio.

Shareholder Fees, Caption rr_ShareholderFeesCaption

Shareholder fees (fees paid directly from your investment)

Operating Expenses, Caption rr_OperatingExpensesCaption

Annual portfolio 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 Portfolio 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 45% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 45.00%
Expense Example, Heading rr_ExpenseExampleHeading

Example

Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio 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 that the Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Investment Strategy, Heading rr_StrategyHeading

What are the Portfolio’s principal investment strategies?

Investment Strategy, Narrative rr_StrategyNarrativeTextBlock

Macquarie Emerging Markets Portfolio is an international fund. The Portfolio generally invests in equity securities of companies organized in, having a majority of their assets in, or deriving a majority of their operating income from, emerging countries. Equity securities include, but are not limited to, common stocks, preferred stocks, convertible securities, certain nontraditional equity securities, and warrants. To the extent that this Portfolio invests in convertible debt securities, those securities will be purchased on the basis of their equity characteristics, and ratings of those securities, if any, will not be an important factor in their selection.

Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in investments of emerging market issuers (80% Policy). The Portfolio’s 80% Policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change. Under normal circumstances, the Portfolio will invest at least 40% of its total assets in securities of non-US issuers. This policy is in addition to the 80% Policy.

The Portfolio considers an “emerging country” to be any country that is generally recognized to be an emerging or developing country by the international financial community, including the World Bank and the International Finance Corporation, as well as countries that are classified by the United Nations as developing. In addition, any country that is included in the International Finance Corporation Free Index or MSCI Emerging Markets Index will be considered to be an “emerging country.” There are more than 130 countries that are generally considered to be emerging or developing countries by the international financial community, approximately 40 of which currently have stock markets. Almost every nation in the world is included within this group of developing or emerging countries except the US, Canada, Japan, Australia, New Zealand, and nations located in Western Europe.

The Portfolio will focus its investments in those emerging countries where the Portfolio’s portfolio managers consider the economies to be developing strongly and where the markets are becoming more sophisticated. Currently, investing in many other emerging countries is not feasible, or may, in the portfolio managers’ opinion, involve unacceptable political risks. The portfolio managers believe that investment opportunities may result from an evolving long-term international trend favoring more market-oriented economies, a trend that may particularly benefit certain countries having developing markets. This trend may be facilitated by local or international political, economic, or financial developments that could benefit the capital markets in such countries.

In considering possible emerging countries in which the Portfolio may invest, the portfolio managers will place particular emphasis on factors such as economic conditions (including growth trends, inflation rates, and trade balances), regulatory and currency controls, accounting standards, and political and social conditions. The portfolio managers currently anticipate that the countries in which the Portfolio may invest will include, among others, Argentina, Brazil, Chile, China, Colombia, Croatia, the Czech Republic, Egypt, Estonia, Ghana, Greece, Hong Kong, Hungary, India, Indonesia, Jordan, Kazakhstan, Kenya, Malaysia, Mexico, Morocco, North Korea, Pakistan, Panama, Peru, the Philippines, Poland, Qatar, Romania, Russia, Slovenia, South Africa, South Korea, Sri Lanka, Taiwan, Thailand, Turkey, Ukraine, United Arab Emirates, Venezuela, Vietnam, and Zimbabwe. As markets in other emerging countries develop, the portfolio managers expect to expand and further diversify the countries in which the Portfolio invests.

Although this is not an exclusive list, the portfolio managers consider an emerging country equity security to be one that is issued by a company that exhibits one or more of the following characteristics: (1) its principal securities trading market is in an emerging country, as defined above; (2) while traded in any market, alone or on a consolidated basis, the company derives 50% or more of its annual revenues from either goods produced, sales made or services performed in emerging countries; or (3) it is organized under the laws of, and has a principal office in, an emerging country. The portfolio managers will determine eligibility based on publicly available information and inquiries made of the companies.

The Portfolio may invest in securities issued in any currency and may hold foreign currency. Securities of issuers within a given country may be denominated in the currency of another country or in multinational currency units, including the euro. For temporary defensive purposes, the Portfolio may invest all or a substantial portion of its assets in high-quality debt instruments.

Currency considerations carry a special risk for a portfolio of international securities. The portfolio managers use a purchasing power parity approach to evaluate currency risk. In this regard, the Portfolio may actively carry on hedging activities, and may invest in forward foreign currency contracts to hedge currency risks associated with the purchase of individual securities denominated in a particular currency.

Strategy Portfolio Concentration rr_StrategyPortfolioConcentration

Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in investments of emerging market issuers (80% Policy).

Risk, Heading rr_RiskHeading

What are the principal risks of investing in the Portfolio?

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 Portfolio will increase and decrease according to changes in the value of the securities in its portfolio. The Portfolio’s principal risks include:

Risk Definition
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.
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.
Foreign government/
supranational securities risk
The risk that a foreign government or government-related issuer may be unable to make timely payments on its external debt obligations.
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 portfolio 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).
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.
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. A portfolio may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.
Liquidity risk The possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them.
Active management and
selection risk
The risk that the securities selected by a portfolio’s management will underperform the markets, the relevant indices, or the securities selected by other portfolios 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 Portfolio is governed by US laws and regulations.

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 Portfolio will increase and decrease according to changes in the value of the securities in its portfolio.

Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading

How has Macquarie Emerging Markets Portfolio performed?

Performance, Narrative rr_PerformanceNarrativeTextBlock

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance. The Portfolio’s 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 Portfolio’s most recently available month-end performance by calling 800 231-8002 or by visiting our website at macquarie.com/investment-management/institutional.

Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance.

Performance Availability Phone rr_PerformanceAvailabilityPhone

800 231-8002

Performance Availability Website Address rr_PerformanceAvailabilityWebSiteAddress

macquarie.com/investment-management/institutional

Performance Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture

The Portfolio’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

Calendar year-by-year total return (Macquarie Emerging Markets Portfolio)

Bar Chart, Closing rr_BarChartClosingTextBlock

During the periods illustrated in this bar chart, Macquarie Emerging Markets Portfolio’s highest quarterly return was 32.73% for the quarter ended June 30, 2009 and its lowest quarterly return was -25.15% for the quarter ended Dec. 31, 2008.

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel

highest quarterly return

Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 32.73%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel

lowest quarterly return

Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (25.15%)
Performance Table Heading rr_PerformanceTableHeading

Average annual total returns for periods ended December 31, 2017

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 Portfolio’s lifetime 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, Closing rr_PerformanceTableClosingTextBlock

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 Portfolio’s lifetime and do not reflect the impact of state and local taxes.

EQUITY ORIENTED | Macquarie Emerging Markets Portfolio | MSCI Emerging Markets Index (gross returns) (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 37.75%
5 years rr_AverageAnnualReturnYear05 4.73%
10 years rr_AverageAnnualReturnYear10 2.02%
EQUITY ORIENTED | Macquarie Emerging Markets Portfolio | MSCI Emerging Markets Index (net returns) (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees or expenses)

1 year rr_AverageAnnualReturnYear01 37.28%
5 years rr_AverageAnnualReturnYear05 4.35%
10 years rr_AverageAnnualReturnYear10 1.68%
EQUITY ORIENTED | Macquarie Emerging Markets Portfolio | DPT CLASS  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DPEMX
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
Purchase reimbursement fees rr_ExchangeFeeOverRedemption 0.40% [1]
Redemption reimbursement fees rr_RedemptionFeeOverRedemption 0.45% [1]
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.22%
Total annual portfolio operating expenses rr_ExpensesOverAssets 1.22%
1 year rr_ExpenseExampleYear01 $ 210
3 years rr_ExpenseExampleYear03 476
5 years rr_ExpenseExampleYear05 762
10 years rr_ExpenseExampleYear10 1,576
1 year rr_ExpenseExampleNoRedemptionYear01 164
3 years rr_ExpenseExampleNoRedemptionYear03 426
5 years rr_ExpenseExampleNoRedemptionYear05 708
10 years rr_ExpenseExampleNoRedemptionYear10 $ 1,511
Annual Return 2008 rr_AnnualReturn2008 (44.88%)
Annual Return 2009 rr_AnnualReturn2009 68.22%
Annual Return 2010 rr_AnnualReturn2010 17.59%
Annual Return 2011 rr_AnnualReturn2011 (11.86%)
Annual Return 2012 rr_AnnualReturn2012 21.94%
Annual Return 2013 rr_AnnualReturn2013 (7.58%)
Annual Return 2014 rr_AnnualReturn2014 (0.88%)
Annual Return 2015 rr_AnnualReturn2015 (16.35%)
Annual Return 2016 rr_AnnualReturn2016 8.80%
Annual Return 2017 rr_AnnualReturn2017 26.57%
1 year rr_AverageAnnualReturnYear01 26.57%
5 years rr_AverageAnnualReturnYear05 1.09%
10 years rr_AverageAnnualReturnYear10 2.15%
EQUITY ORIENTED | Macquarie Emerging Markets Portfolio | DPT CLASS | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 25.24%
5 years rr_AverageAnnualReturnYear05 0.03%
10 years rr_AverageAnnualReturnYear10 1.07%
EQUITY ORIENTED | Macquarie Emerging Markets Portfolio | DPT CLASS | After Taxes on Distributions and Sales  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 15.76%
5 years rr_AverageAnnualReturnYear05 0.75%
10 years rr_AverageAnnualReturnYear10 1.74%
[1] The purchase reimbursement fees and redemption reimbursement fees are paid to the Portfolio. These fees are designed to reflect an approximation of the brokerage and other transaction costs associated with the investment of an investor's purchase amount or the disposition of assets to meet redemptions, and to limit the extent to which the Portfolio (and, indirectly, the Portfolio's existing shareholders) would have to bear such costs. In lieu of the reimbursement fees, investors in Macquarie Emerging Markets Portfolio may be permitted to utilize alternative purchase and redemption methods designed to accomplish the same economic effect as the reimbursement fees.
FIXED INCOME ORIENTED | Macquarie High Yield Bond Portfolio

Macquarie High Yield Bond Portfolio

What is the Portfolio’s investment objective?

Macquarie High Yield Bond Portfolio seeks high total return.

What are the Portfolio’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

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

Annual Fund Operating Expenses
FIXED INCOME ORIENTED
Macquarie High Yield Bond Portfolio
DPT CLASS
Management fees 0.45%
Distribution and service (12b-1) fees none
Other expenses 0.13%
Total annual portfolio operating expenses 0.58%
Fee waivers and expense reimbursements [1]
Total annual portfolio operating expenses after fee waivers and expense reimbursements 0.58%
[1] The Portfolio'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, expenses, short sale dividend and 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 portfolio operating expenses from exceeding 0.59% of the Portfolio's average daily net assets from Feb. 28, 2018 through Feb. 28, 2019. These waivers and reimbursements may only be terminated by agreement of the Manager and the Portfolio.

Example

This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio 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 Manager’s expense 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
1 year
3 years
5 years
10 years
FIXED INCOME ORIENTED | Macquarie High Yield Bond Portfolio | DPT CLASS | USD ($) 59 186 324 726

Portfolio turnover

The Portfolio 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 99% of the average value of its portfolio.

What are the Portfolio’s principal investment strategies?

The Portfolio will primarily invest its assets at the time of purchase in: (1) below investment grade corporate bonds rated BB or lower by S&P or similarly rated by another NRSRO; (2) securities issued or guaranteed by the US government, its agencies or instrumentalities; or (3) commercial paper of companies rated A-1 or A-2 by S&P or rated P-1 or P-2 by Moody’s or that may be unrated but considered to be of comparable quality. Of these categories of securities, the Manager anticipates investing primarily in corporate bonds. The Portfolio may also invest in income-producing securities, including common stocks and preferred stocks, some of which may have convertible features or attached warrants and that may be speculative. The Portfolio may invest up to 40% of its net assets in foreign securities; however, the Portfolio’s total non-US-dollar currency exposure will be limited, in the aggregate, to no more than 25% of the Portfolio’s net assets, and investments in emerging market securities will be limited to 20% of the Portfolio’s net assets. The Portfolio may hold cash or invest in short-term debt securities and other money market instruments when, in the Manager’s opinion, such holdings are prudent given then prevailing market conditions. Except when the Manager believes a temporary defensive approach is appropriate, the Portfolio normally will not hold more than 5% of its total assets in cash or such short-term investments.

Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in high yield, fixed income securities (80% Policy). The Portfolio’s 80% Policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change.

High yield, fixed income securities, or high yield bonds, are generally considered to be those rated lower than BBB- by S&P and lower than Baa3 by Moody’s, or similarly rated by another NRSRO. The Portfolio will generally focus its investments on bonds in the BB/Ba or B/B ratings categories and in unrated bonds of similar quality.

With respect to US government securities, the Portfolio may invest only in securities issued or guaranteed as to the payment of principal and interest by the US government, and those of its agencies or instrumentalities that are backed by the full faith and credit of the US.

The Manager does not normally intend to respond to short-term market fluctuations or to acquire securities for the purpose of short-term trading; however, the Manager may take advantage of short-term opportunities that are consistent with the Portfolio’s investment objective.

What are the principal risks of investing in the Portfolio?

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 Portfolio will increase and decrease according to changes in the value of the securities in its portfolio. The Portfolio’s principal risks include:

Risk Definition
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.
High yield 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 with less financial strength and therefore less ability to make projected debt payments on the bonds.
Credit risk The risk that an issuer of a debt security, including a governmental issuer, or an entity that insures a bond may be unable to make interest payments and/or repay principal in a timely manner.
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 portfolio may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.
Bank loans and other direct
indebtedness risk
The risk that the portfolio will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution.
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.
Foreign government/
supranational securities risk
The risk that a foreign government or government-related issuer may be unable to make timely payments on its external debt obligations.
Liquidity risk The possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them.
Active management and selection risk The risk that the securities selected by a portfolio’s management will underperform the markets, the relevant indices, or the securities selected by other portfolios 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 Portfolio is governed by US laws and regulations.

How has Macquarie High Yield Bond Portfolio performed?

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance. The Portfolio’s 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 Portfolio’s most recently available month-end performance by calling 800 231-8002 or by visiting our website at macquarie.com/investment-management/institutional.

Calendar year-by-year total return (Macquarie High Yield Bond Portfolio)

Bar Chart

During the periods illustrated in this bar chart, Macquarie High Yield Bond Portfolio’s highest quarterly return was 21.06% for the quarter ended June 30, 2009 and its lowest quarterly return was -17.17% for the quarter ended Dec. 31, 2008.

Average annual total returns for periods ended December 31, 2017

Average Annual Total Returns - FIXED INCOME ORIENTED - Macquarie High Yield Bond Portfolio
1 Year
5 Years
10 Years
DPT CLASS 7.62% 4.94% 7.80%
DPT CLASS | After Taxes on Distributions 4.31% 2.22% 4.92%
DPT CLASS | After Taxes on Distributions and Sales 4.31% 2.53% 4.83%
ICE BofA ML US High Yield Constrained Index (reflects no deduction for fees, expenses, or taxes) [1] 7.48% 5.81% 7.95%
[1] Formerly known as the BofA Merrill Lynch US High Yield Constrained Index.

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 Portfolio’s lifetime and do not reflect the impact of state and local taxes.

Label Element Value
FIXED INCOME ORIENTED | Macquarie High Yield Bond Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading

Macquarie High Yield Bond Portfolio

Investment Objective, Heading rr_ObjectiveHeading

What is the Portfolio’s investment objective?

Investment Objective, Primary rr_ObjectivePrimaryTextBlock

Macquarie High Yield Bond Portfolio seeks high total return.

Expense, Heading rr_ExpenseHeading

What are the Portfolio’s 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 Portfolio.

Operating Expenses, Caption rr_OperatingExpensesCaption

Annual portfolio 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 Portfolio 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 99% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 99.00%
Expense Example, Heading rr_ExpenseExampleHeading

Example

Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio 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 Manager’s expense 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:

Investment Strategy, Heading rr_StrategyHeading

What are the Portfolio’s principal investment strategies?

Investment Strategy, Narrative rr_StrategyNarrativeTextBlock

The Portfolio will primarily invest its assets at the time of purchase in: (1) below investment grade corporate bonds rated BB or lower by S&P or similarly rated by another NRSRO; (2) securities issued or guaranteed by the US government, its agencies or instrumentalities; or (3) commercial paper of companies rated A-1 or A-2 by S&P or rated P-1 or P-2 by Moody’s or that may be unrated but considered to be of comparable quality. Of these categories of securities, the Manager anticipates investing primarily in corporate bonds. The Portfolio may also invest in income-producing securities, including common stocks and preferred stocks, some of which may have convertible features or attached warrants and that may be speculative. The Portfolio may invest up to 40% of its net assets in foreign securities; however, the Portfolio’s total non-US-dollar currency exposure will be limited, in the aggregate, to no more than 25% of the Portfolio’s net assets, and investments in emerging market securities will be limited to 20% of the Portfolio’s net assets. The Portfolio may hold cash or invest in short-term debt securities and other money market instruments when, in the Manager’s opinion, such holdings are prudent given then prevailing market conditions. Except when the Manager believes a temporary defensive approach is appropriate, the Portfolio normally will not hold more than 5% of its total assets in cash or such short-term investments.

Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in high yield, fixed income securities (80% Policy). The Portfolio’s 80% Policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change.

High yield, fixed income securities, or high yield bonds, are generally considered to be those rated lower than BBB- by S&P and lower than Baa3 by Moody’s, or similarly rated by another NRSRO. The Portfolio will generally focus its investments on bonds in the BB/Ba or B/B ratings categories and in unrated bonds of similar quality.

With respect to US government securities, the Portfolio may invest only in securities issued or guaranteed as to the payment of principal and interest by the US government, and those of its agencies or instrumentalities that are backed by the full faith and credit of the US.

The Manager does not normally intend to respond to short-term market fluctuations or to acquire securities for the purpose of short-term trading; however, the Manager may take advantage of short-term opportunities that are consistent with the Portfolio’s investment objective.

Strategy Portfolio Concentration rr_StrategyPortfolioConcentration

Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in high yield, fixed income securities (80% Policy).

Risk, Heading rr_RiskHeading

What are the principal risks of investing in the Portfolio?

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 Portfolio will increase and decrease according to changes in the value of the securities in its portfolio. The Portfolio’s principal risks include:

Risk Definition
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.
High yield 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 with less financial strength and therefore less ability to make projected debt payments on the bonds.
Credit risk The risk that an issuer of a debt security, including a governmental issuer, or an entity that insures a bond may be unable to make interest payments and/or repay principal in a timely manner.
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 portfolio may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.
Bank loans and other direct
indebtedness risk
The risk that the portfolio will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution.
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.
Foreign government/
supranational securities risk
The risk that a foreign government or government-related issuer may be unable to make timely payments on its external debt obligations.
Liquidity risk The possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them.
Active management and selection risk The risk that the securities selected by a portfolio’s management will underperform the markets, the relevant indices, or the securities selected by other portfolios 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 Portfolio is governed by US laws and regulations.

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 Portfolio will increase and decrease according to changes in the value of the securities in its portfolio.

Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading

How has Macquarie High Yield Bond Portfolio performed?

Performance, Narrative rr_PerformanceNarrativeTextBlock

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance. The Portfolio’s 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 Portfolio’s most recently available month-end performance by calling 800 231-8002 or by visiting our website at macquarie.com/investment-management/institutional.

Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance.

Performance Availability Phone rr_PerformanceAvailabilityPhone

800 231-8002

Performance Availability Website Address rr_PerformanceAvailabilityWebSiteAddress

macquarie.com/investment-management/institutional

Performance Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture

The Portfolio’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

Calendar year-by-year total return (Macquarie High Yield Bond Portfolio)

Bar Chart, Closing rr_BarChartClosingTextBlock

During the periods illustrated in this bar chart, Macquarie High Yield Bond Portfolio’s highest quarterly return was 21.06% for the quarter ended June 30, 2009 and its lowest quarterly return was -17.17% for the quarter ended Dec. 31, 2008.

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel

highest quarterly return

Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 21.06%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel

lowest quarterly return

Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (17.17%)
Performance Table Heading rr_PerformanceTableHeading

Average annual total returns for periods ended December 31, 2017

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 Portfolio’s lifetime 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, Closing rr_PerformanceTableClosingTextBlock

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 Portfolio’s lifetime and do not reflect the impact of state and local taxes.

FIXED INCOME ORIENTED | Macquarie High Yield Bond Portfolio | ICE BofA ML US High Yield Constrained 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 7.48% [1]
5 years rr_AverageAnnualReturnYear05 5.81% [1]
10 years rr_AverageAnnualReturnYear10 7.95% [1]
FIXED INCOME ORIENTED | Macquarie High Yield Bond Portfolio | DPT CLASS  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DPHYX
Management Fees rr_ManagementFeesOverAssets 0.45%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.13%
Total annual portfolio operating expenses rr_ExpensesOverAssets 0.58%
Fee waivers and expense reimbursements rr_FeeWaiverOrReimbursementOverAssets [2]
Total annual portfolio operating expenses after fee waivers and expense reimbursements rr_NetExpensesOverAssets 0.58%
1 year rr_ExpenseExampleYear01 $ 59
3 years rr_ExpenseExampleYear03 186
5 years rr_ExpenseExampleYear05 324
10 years rr_ExpenseExampleYear10 $ 726
Annual Return 2008 rr_AnnualReturn2008 (24.51%)
Annual Return 2009 rr_AnnualReturn2009 54.70%
Annual Return 2010 rr_AnnualReturn2010 17.04%
Annual Return 2011 rr_AnnualReturn2011 3.43%
Annual Return 2012 rr_AnnualReturn2012 17.78%
Annual Return 2013 rr_AnnualReturn2013 9.21%
Annual Return 2014 rr_AnnualReturn2014 0.46%
Annual Return 2015 rr_AnnualReturn2015 (4.98%)
Annual Return 2016 rr_AnnualReturn2016 13.43%
Annual Return 2017 rr_AnnualReturn2017 7.62%
1 year rr_AverageAnnualReturnYear01 7.62%
5 years rr_AverageAnnualReturnYear05 4.94%
10 years rr_AverageAnnualReturnYear10 7.80%
FIXED INCOME ORIENTED | Macquarie High Yield Bond Portfolio | DPT CLASS | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 4.31%
5 years rr_AverageAnnualReturnYear05 2.22%
10 years rr_AverageAnnualReturnYear10 4.92%
FIXED INCOME ORIENTED | Macquarie High Yield Bond Portfolio | DPT CLASS | After Taxes on Distributions and Sales  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 4.31%
5 years rr_AverageAnnualReturnYear05 2.53%
10 years rr_AverageAnnualReturnYear10 4.83%
[1] Formerly known as the BofA Merrill Lynch US High Yield Constrained Index.
[2] The Portfolio'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, expenses, short sale dividend and 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 portfolio operating expenses from exceeding 0.59% of the Portfolio's average daily net assets from Feb. 28, 2018 through Feb. 28, 2019. These waivers and reimbursements may only be terminated by agreement of the Manager and the Portfolio.
EQUITY ORIENTED | Macquarie Emerging Markets Portfolio II

Macquarie Emerging Markets Portfolio II

What is the Portfolio’s investment objective?

Macquarie Emerging Markets Portfolio II seeks long-term capital appreciation.

What are the Portfolio’s fees and expenses?

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

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

Annual Fund Operating Expenses
EQUITY ORIENTED
Macquarie Emerging Markets Portfolio II
DPT CLASS
Management fees 1.00%
Distribution and service (12b-1) fees none
Other expenses 0.32%
Total annual portfolio operating expenses 1.32%
Fee waivers and expense reimbursements (0.12%) [1]
Total annual portfolio operating expenses after fee waivers and expense reimbursements 1.20%
[1] The Portfolio'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, expenses, short sale dividend and 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 portfolio operating expenses from exceeding 1.20% of the Portfolio's average daily net assets from Feb. 28, 2018 through Feb. 28, 2019. These waivers and reimbursements may only be terminated by agreement of the Manager and the Portfolio.

Example

This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio 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 Manager’s expense 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
1 year
3 years
5 years
10 years
EQUITY ORIENTED | Macquarie Emerging Markets Portfolio II | DPT CLASS | USD ($) 122 406 712 1,580

Portfolio turnover

The Portfolio 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 14% of the average value of its portfolio.

What are the Portfolio’s principal investment strategies?

The Portfolio invests primarily in a broad range of equity securities of companies located in emerging market countries. Emerging market countries include those encompassed in the MSCI Emerging Markets Index and those currently considered to be developing by the World Bank, the United Nations or the countries’ governments. Benchmark weightings may result in the Portfolio investing over 25% in any one country. These countries typically are located in the Asia-Pacific region, Eastern Europe, the Middle East, Central and South America, and Africa. Under normal market conditions, at least 80% of the Portfolio’s net assets, plus any borrowings for investment purposes, will be invested in emerging market issuers (80% policy). The Portfolio’s 80% policy can be changed without shareholder approval. However, shareholders would be given at least 60 days’ notice prior to any such change. The Portfolio may invest in companies of any size and may invest 25% of its assets in the securities of issuers located in the same country.

Although the Portfolio invests primarily in companies from countries considered to be emerging, the Portfolio will also invest in companies that are not in emerging countries: (1) if the portfolio manager believes that the performance of a company or its industry will be influenced by opportunities in the emerging markets; (2) to maintain exposure to industry segments where the portfolio manager believes there are not satisfactory investment opportunities in emerging countries; and (3) if the portfolio manager believes there is the potential for significant benefit to the Portfolio.

The Manager believes that although market price and intrinsic business value are positively correlated in the long run, short-term divergences can emerge. The Portfolio seeks to take advantage of these divergences through a fundamental, bottom-up approach. The Portfolio invests in securities of companies with sustainable franchises when they are trading at a discount to the Manager’s intrinsic value estimate for that security.

The Manager defines sustainable franchises as those companies with potential to earn excess returns above their cost of capital over the long run. Sustainability analysis involves identification of a company’s source of competitive advantage and the ability of its management to maximize its return potential. The Manager prefers companies with large market opportunities in which to deploy capital, providing opportunities to grow faster than the overall economy.

Intrinsic value assessment is quantitatively determined through a variety of valuation methods including discounted cash flow, replacement cost, private market transaction, and multiples analysis.

What are the principal risks of investing in the Portfolio?

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 Portfolio will increase and decrease according to changes in the value of the securities in its portfolio. The Portfolio’s principal risks include:

Risk Definition
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.
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.
Foreign government/
supranational securities risk
The risk that a foreign government or government related issuer may be unable to make timely payments on its external debt obligations.
Company size risk The risk that investments in small- and/or 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. A portfolio may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.
Liquidity risk The possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them.
Active management and
selection risk
The risk that the securities selected by a portfolio’s management will underperform the markets, the relevant indices, or the securities selected by other portfolios 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 Portfolio is governed by US laws and regulations.

How has Macquarie Emerging Markets Portfolio II performed?

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the 1-year, 5-year, and lifetime periods compare with those of a broad measure of market performance. The Portfolio’s 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 Portfolio’s most recently available month-end performance by calling 800 231-8002 or by visiting our website at macquarie.com/investment-management/institutional.

Calendar year-by-year total return (Macquarie Emerging Markets Portfolio II)

Bar Chart

During the period illustrated in this bar chart, Macquarie Emerging Markets Portfolio II’s highest quarterly return was 14.73% for the quarter ended March 31, 2017 and its lowest quarterly return was -24.40% for the quarter ended Sept. 30, 2011.

Average annual total returns for periods ended December 31, 2017

Average Annual Total Returns - EQUITY ORIENTED - Macquarie Emerging Markets Portfolio II
1 Year
5 Years
Lifetime
Inception Date
DPT CLASS 44.46% 6.68% 5.68% Jun. 23, 2010
DPT CLASS | After Taxes on Distributions 43.69% 6.06% 5.02% Jun. 23, 2010
DPT CLASS | After Taxes on Distributions and Sales 25.96% 5.19% 4.38% Jun. 23, 2010
MSCI Emerging Markets Index (gross returns) (reflects no deduction for fees, expenses, or taxes) 37.75% 4.73% 6.03% Jun. 23, 2010
MSCI Emerging Markets Index (net returns) (reflects no deduction for fees or expenses) 37.28% 4.35% 5.66% Jun. 23, 2010

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 Portfolio’s lifetime and do not reflect the impact of state and local taxes.

Label Element Value
EQUITY ORIENTED | Macquarie Emerging Markets Portfolio II  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading

Macquarie Emerging Markets Portfolio II

Investment Objective, Heading rr_ObjectiveHeading

What is the Portfolio’s investment objective?

Investment Objective, Primary rr_ObjectivePrimaryTextBlock

Macquarie Emerging Markets Portfolio II seeks long-term capital appreciation.

Expense, Heading rr_ExpenseHeading

What are the Portfolio’s 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 Portfolio.

Operating Expenses, Caption rr_OperatingExpensesCaption

Annual portfolio 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 Portfolio 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 14% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 14.00%
Expense Example, Heading rr_ExpenseExampleHeading

Example

Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio 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 Manager’s expense 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:

Investment Strategy, Heading rr_StrategyHeading

What are the Portfolio’s principal investment strategies?

Investment Strategy, Narrative rr_StrategyNarrativeTextBlock

The Portfolio invests primarily in a broad range of equity securities of companies located in emerging market countries. Emerging market countries include those encompassed in the MSCI Emerging Markets Index and those currently considered to be developing by the World Bank, the United Nations or the countries’ governments. Benchmark weightings may result in the Portfolio investing over 25% in any one country. These countries typically are located in the Asia-Pacific region, Eastern Europe, the Middle East, Central and South America, and Africa. Under normal market conditions, at least 80% of the Portfolio’s net assets, plus any borrowings for investment purposes, will be invested in emerging market issuers (80% policy). The Portfolio’s 80% policy can be changed without shareholder approval. However, shareholders would be given at least 60 days’ notice prior to any such change. The Portfolio may invest in companies of any size and may invest 25% of its assets in the securities of issuers located in the same country.

Although the Portfolio invests primarily in companies from countries considered to be emerging, the Portfolio will also invest in companies that are not in emerging countries: (1) if the portfolio manager believes that the performance of a company or its industry will be influenced by opportunities in the emerging markets; (2) to maintain exposure to industry segments where the portfolio manager believes there are not satisfactory investment opportunities in emerging countries; and (3) if the portfolio manager believes there is the potential for significant benefit to the Portfolio.

The Manager believes that although market price and intrinsic business value are positively correlated in the long run, short-term divergences can emerge. The Portfolio seeks to take advantage of these divergences through a fundamental, bottom-up approach. The Portfolio invests in securities of companies with sustainable franchises when they are trading at a discount to the Manager’s intrinsic value estimate for that security.

The Manager defines sustainable franchises as those companies with potential to earn excess returns above their cost of capital over the long run. Sustainability analysis involves identification of a company’s source of competitive advantage and the ability of its management to maximize its return potential. The Manager prefers companies with large market opportunities in which to deploy capital, providing opportunities to grow faster than the overall economy.

Intrinsic value assessment is quantitatively determined through a variety of valuation methods including discounted cash flow, replacement cost, private market transaction, and multiples analysis.

Strategy Portfolio Concentration rr_StrategyPortfolioConcentration

The Portfolio invests primarily in a broad range of equity securities of companies located in emerging market countries. Emerging market countries include those encompassed in the MSCI Emerging Markets Index and those currently considered to be developing by the World Bank, the United Nations or the countries’ governments. Benchmark weightings may result in the Portfolio investing over 25% in any one country. These countries typically are located in the Asia-Pacific region, Eastern Europe, the Middle East, Central and South America, and Africa. Under normal market conditions, at least 80% of the Portfolio’s net assets, plus any borrowings for investment purposes, will be invested in emerging market issuers (80% policy).

Risk, Heading rr_RiskHeading

What are the principal risks of investing in the Portfolio?

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 Portfolio will increase and decrease according to changes in the value of the securities in its portfolio. The Portfolio’s principal risks include:

Risk Definition
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.
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.
Foreign government/
supranational securities risk
The risk that a foreign government or government related issuer may be unable to make timely payments on its external debt obligations.
Company size risk The risk that investments in small- and/or 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. A portfolio may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.
Liquidity risk The possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them.
Active management and
selection risk
The risk that the securities selected by a portfolio’s management will underperform the markets, the relevant indices, or the securities selected by other portfolios 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 Portfolio is governed by US laws and regulations.

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 Portfolio will increase and decrease according to changes in the value of the securities in its portfolio.

Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading

How has Macquarie Emerging Markets Portfolio II performed?

Performance, Narrative rr_PerformanceNarrativeTextBlock

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the 1-year, 5-year, and lifetime periods compare with those of a broad measure of market performance. The Portfolio’s 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 Portfolio’s most recently available month-end performance by calling 800 231-8002 or by visiting our website at macquarie.com/investment-management/institutional.

Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual total returns for the 1-year, 5-year, and lifetime periods compare with those of a broad measure of market performance.

Performance Availability Phone rr_PerformanceAvailabilityPhone

800 231-8002

Performance Availability Website Address rr_PerformanceAvailabilityWebSiteAddress

macquarie.com/investment-management/institutional

Performance Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture

The Portfolio’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

Calendar year-by-year total return (Macquarie Emerging Markets Portfolio II)

Bar Chart, Closing rr_BarChartClosingTextBlock

During the period illustrated in this bar chart, Macquarie Emerging Markets Portfolio II’s highest quarterly return was 14.73% for the quarter ended March 31, 2017 and its lowest quarterly return was -24.40% for the quarter ended Sept. 30, 2011.

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel

highest quarterly return

Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2017
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 14.73%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel

lowest quarterly return

Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (24.40%)
Performance Table Heading rr_PerformanceTableHeading

Average annual total returns for periods ended December 31, 2017

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 Portfolio’s lifetime 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, Closing rr_PerformanceTableClosingTextBlock

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 Portfolio’s lifetime and do not reflect the impact of state and local taxes.

EQUITY ORIENTED | Macquarie Emerging Markets Portfolio II | MSCI Emerging Markets Index (gross returns) (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 37.75%
5 years rr_AverageAnnualReturnYear05 4.73%
Lifetime rr_AverageAnnualReturnSinceInception 6.03%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 23, 2010
EQUITY ORIENTED | Macquarie Emerging Markets Portfolio II | MSCI Emerging Markets Index (net returns) (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees or expenses)

1 year rr_AverageAnnualReturnYear01 37.28%
5 years rr_AverageAnnualReturnYear05 4.35%
Lifetime rr_AverageAnnualReturnSinceInception 5.66%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 23, 2010
EQUITY ORIENTED | Macquarie Emerging Markets Portfolio II | DPT CLASS  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DPEGX
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.32%
Total annual portfolio operating expenses rr_ExpensesOverAssets 1.32%
Fee waivers and expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.12% [1]
Total annual portfolio operating expenses after fee waivers and expense reimbursements rr_NetExpensesOverAssets 1.20%
1 year rr_ExpenseExampleYear01 $ 122
3 years rr_ExpenseExampleYear03 406
5 years rr_ExpenseExampleYear05 712
10 years rr_ExpenseExampleYear10 $ 1,580
Annual Return 2011 rr_AnnualReturn2011 (19.58%)
Annual Return 2012 rr_AnnualReturn2012 14.42%
Annual Return 2013 rr_AnnualReturn2013 10.47%
Annual Return 2014 rr_AnnualReturn2014 (6.71%)
Annual Return 2015 rr_AnnualReturn2015 (17.01%)
Annual Return 2016 rr_AnnualReturn2016 11.81%
Annual Return 2017 rr_AnnualReturn2017 44.46%
1 year rr_AverageAnnualReturnYear01 44.46%
5 years rr_AverageAnnualReturnYear05 6.68%
Lifetime rr_AverageAnnualReturnSinceInception 5.68%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 23, 2010
EQUITY ORIENTED | Macquarie Emerging Markets Portfolio II | DPT CLASS | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 43.69%
5 years rr_AverageAnnualReturnYear05 6.06%
Lifetime rr_AverageAnnualReturnSinceInception 5.02%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 23, 2010
EQUITY ORIENTED | Macquarie Emerging Markets Portfolio II | DPT CLASS | After Taxes on Distributions and Sales  
Risk/Return: rr_RiskReturnAbstract  
1 year rr_AverageAnnualReturnYear01 25.96%
5 years rr_AverageAnnualReturnYear05 5.19%
Lifetime rr_AverageAnnualReturnSinceInception 4.38%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 23, 2010
[1] The Portfolio'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, expenses, short sale dividend and 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 portfolio operating expenses from exceeding 1.20% of the Portfolio's average daily net assets from Feb. 28, 2018 through Feb. 28, 2019. These waivers and reimbursements may only be terminated by agreement of the Manager and the Portfolio.
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Oct. 31, 2017
Registrant Name dei_EntityRegistrantName DELAWARE POOLED TRUST
Central Index Key dei_EntityCentralIndexKey 0000875352
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Feb. 28, 2018
Document Effective Date dei_DocumentEffectiveDate Feb. 28, 2018
Prospectus Date rr_ProspectusDate Feb. 28, 2018