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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)
|
|
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:
|
|
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)
|
|
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
|
|
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.
|
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionRisk/Return Bar Chart and Table.
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- DefinitionDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
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- DefinitionRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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 may indicate higher transaction costs. These costs, which are not reflected in 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
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- DefinitionTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
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- DefinitionManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
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- DefinitionInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
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- DefinitionAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)
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- Definition"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
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- DefinitionRisk/Return Bar Chart and Table.
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- DefinitionDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
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- DefinitionNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
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- DefinitionRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
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- DefinitionPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
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Label |
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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 |
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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%
|
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
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- DefinitionHeading for Expense Example.
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- DefinitionThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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 may indicate higher transaction costs. These costs, which are not reflected in 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
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- DefinitionThis table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
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- DefinitionTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionThe Performance Table includes a parenthetical, indicating that the Index "(reflects no deduction for fees, expenses or taxes)". This tag is used when this is reflected in a footnote.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
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- DefinitionInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
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- DefinitionAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)
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- Definition"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
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- DefinitionRisk/Return Bar Chart and Table.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____)
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- DefinitionDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
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- DefinitionNarrative Risk Disclosure.
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- DefinitionSummarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
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- DefinitionRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
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- DefinitionPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
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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)
|
|
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:
|
|
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)
|
|
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
|
|
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.
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- DefinitionDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____)
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- DefinitionDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
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- DefinitionNarrative Risk Disclosure.
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- DefinitionNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
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- DefinitionRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
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- DefinitionPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
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- DefinitionPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
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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%
|
|
|
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionRisk/Return Bar Chart and Table.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
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- DefinitionHeading for Expense Example.
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- DefinitionThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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 may indicate higher transaction costs. These costs, which are not reflected in 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
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- DefinitionThis table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
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- DefinitionTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
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- DefinitionTotal Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionThe Performance Table includes a parenthetical, indicating that the Index "(reflects no deduction for fees, expenses or taxes)". This tag is used when this is reflected in a footnote.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
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- DefinitionTotal Annual Fund Operating Expenses.
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- DefinitionInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
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- DefinitionInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
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- DefinitionAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)
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- Definition"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
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- DefinitionRisk/Return Bar Chart and Table.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____)
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- DefinitionDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
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- DefinitionDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
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- DefinitionNarrative Risk Disclosure.
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- DefinitionSummarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
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- DefinitionNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
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- DefinitionRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
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- DefinitionPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
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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)
|
|
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
|
|
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
|
|
|
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)
|
|
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
|
|
After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary.
Actual after-tax returns depend on the investor’s individual tax situation and may differ from the returns shown. After-tax
returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual
retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income
tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.
|
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
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- DefinitionThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
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- DefinitionRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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 may indicate higher transaction costs. These costs, which are not reflected in 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
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- DefinitionThis table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
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- DefinitionTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
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- DefinitionTotal Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.
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- DefinitionManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
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- DefinitionMaximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.
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- DefinitionTotal Annual Fund Operating Expenses.
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- DefinitionInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
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- DefinitionAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)
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- Definition"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
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- DefinitionRisk/Return Bar Chart and Table.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____)
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- DefinitionDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
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- DefinitionNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
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- DefinitionRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
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- DefinitionShareholder Fees (fees paid directly from your investment).
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- DefinitionPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
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Label |
Element |
Value |
Alternative / specialty mutual fund | DELAWARE REIT FUND |
|
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|
Risk/Return: |
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|
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Risk/Return, Heading |
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Delaware REIT Fund
|
|
Investment Objective, Heading |
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What are the Fund’s investment objectives?
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|
Investment Objective, Primary |
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Delaware REIT Fund seeks maximum long-term total return, with capital appreciation as a secondary objective.
|
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Expense, Heading |
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What are the Fund’s fees and expenses?
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|
Expense, Narrative |
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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 |
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Shareholder fees (fees paid directly from your investment)
|
|
Operating Expenses, Caption |
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Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
|
|
Portfolio Turnover, Heading |
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Portfolio turnover
|
|
Portfolio Turnover |
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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 $50,000 in Delaware Funds℠
by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund’s
Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information
(SAI) under the section entitled “Purchasing Shares.”
|
|
Expense Breakpoint, Minimum Investment Required Amount |
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$ 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
|
|
|
|
X |
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionRisk/Return Bar Chart and Table.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
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- DefinitionInclude the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount.
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- DefinitionHeading for Expense Example.
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- DefinitionThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
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- DefinitionYou would pay the following expenses if you did not redeem your shares. Include the second 1-, 3-, 5-, and 10-year periods and related narrative explanation only if a sales charge (load) or other fee is charged upon redemption.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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 may indicate higher transaction costs. These costs, which are not reflected in 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
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- DefinitionThis table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
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- DefinitionTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
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- DefinitionTotal Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
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- DefinitionMaximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.
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- DefinitionMaximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.
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- DefinitionTotal Annual Fund Operating Expenses.
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- DefinitionInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
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- DefinitionAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)
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- Definition"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
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- DefinitionRisk/Return Bar Chart and Table.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____)
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- DefinitionDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
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- DefinitionNarrative Risk Disclosure.
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- DefinitionNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
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- DefinitionRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
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- DefinitionShareholder Fees (fees paid directly from your investment).
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- DefinitionPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
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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)
|
|
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:
|
|
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)
|
|
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
|
|
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.
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- DefinitionDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
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- DefinitionRisk/Return Bar Chart and Table.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____)
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- DefinitionDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
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- DefinitionNarrative Risk Disclosure.
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- DefinitionNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
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- DefinitionRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
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- DefinitionPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
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- DefinitionPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
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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%
|
|
|
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionRisk/Return Bar Chart and Table.
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- DefinitionDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
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- DefinitionHeading for Expense Example.
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- DefinitionThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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 may indicate higher transaction costs. These costs, which are not reflected in 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
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- DefinitionThis table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
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- DefinitionTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
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- DefinitionTotal Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
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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)
|
|
Annual portfolio operating expenses (expenses that you pay each year as a percentage of the value of your investment)
|
|
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:
|
|
|
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)
|
|
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
|
|
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.
|
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionRisk/Return Bar Chart and Table.
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- DefinitionDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
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- DefinitionExchange Fee includes the maximum fee charged for any exchange or transfer of interest from the Fund to another fund. The Fund may include in a footnote to the table, if applicable, a tabular presentation of the range of exchange fees or a narrative explanation of the fees.
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- DefinitionHeading for Expense Example.
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- DefinitionThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
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- DefinitionRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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 may indicate higher transaction costs. These costs, which are not reflected in 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
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- DefinitionThis table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
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- DefinitionTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
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- DefinitionManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
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- DefinitionMaximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.
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- DefinitionMaximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.
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- DefinitionInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
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- DefinitionInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
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- DefinitionAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)
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- Definition"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
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- DefinitionRisk/Return Bar Chart and Table.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____)
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- DefinitionDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
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- DefinitionDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
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- Definition"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.
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- DefinitionNarrative Risk Disclosure.
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- DefinitionNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
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- DefinitionRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
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- DefinitionShareholder Fees (fees paid directly from your investment).
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- DefinitionPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
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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%
|
|
|
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionRisk/Return Bar Chart and Table.
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- DefinitionDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
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- DefinitionExchange Fee includes the maximum fee charged for any exchange or transfer of interest from the Fund to another fund. The Fund may include in a footnote to the table, if applicable, a tabular presentation of the range of exchange fees or a narrative explanation of the fees.
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- DefinitionThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
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- DefinitionYou would pay the following expenses if you did not redeem your shares. Include the second 1-, 3-, 5-, and 10-year periods and related narrative explanation only if a sales charge (load) or other fee is charged upon redemption.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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 may indicate higher transaction costs. These costs, which are not reflected in 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
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- DefinitionThis table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
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- DefinitionTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionThe Performance Table includes a parenthetical, indicating that the Index "(reflects no deduction for fees, expenses or taxes)". This tag is used when this is reflected in a footnote.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
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- DefinitionMaximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.
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- DefinitionInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
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- Definition"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
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- Definition"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.
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- DefinitionShareholder Fees (fees paid directly from your investment).
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- DefinitionPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
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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)
|
|
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:
|
|
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)
|
|
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
|
|
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.
|
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionRisk/Return Bar Chart and Table.
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- DefinitionDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
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- DefinitionHeading for Expense Example.
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- DefinitionThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
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- DefinitionRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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 may indicate higher transaction costs. These costs, which are not reflected in 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
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- DefinitionThis table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
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- DefinitionTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
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- DefinitionTotal Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.
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- DefinitionManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
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- DefinitionTotal Annual Fund Operating Expenses.
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- DefinitionInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
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- DefinitionInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
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- DefinitionAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)
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- Definition"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
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- DefinitionRisk/Return Bar Chart and Table.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____)
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- DefinitionDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
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- DefinitionDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
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- DefinitionNarrative Risk Disclosure.
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- DefinitionNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
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- DefinitionRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
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- DefinitionPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
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- DefinitionPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
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Label |
Element |
Value |
FIXED INCOME ORIENTED | Macquarie High Yield Bond Portfolio |
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Risk/Return: |
rr_RiskReturnAbstract |
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Risk/Return, Heading |
rr_RiskReturnHeading |
Macquarie High Yield Bond Portfolio
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Investment Objective, Heading |
rr_ObjectiveHeading |
What is the Portfolio’s investment objective?
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Investment Objective, Primary |
rr_ObjectivePrimaryTextBlock |
Macquarie High Yield Bond Portfolio seeks high total return.
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Expense, Heading |
rr_ExpenseHeading |
What are the Portfolio’s fees and expenses?
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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.
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Operating Expenses, Caption |
rr_OperatingExpensesCaption |
Annual portfolio operating expenses (expenses that you pay each year as a percentage of the value of your investment)
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Portfolio Turnover, Heading |
rr_PortfolioTurnoverHeading |
Portfolio turnover
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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.
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Portfolio Turnover, Rate |
rr_PortfolioTurnoverRate |
99.00%
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Expense Example, Heading |
rr_ExpenseExampleHeading |
Example
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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:
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Investment Strategy, Heading |
rr_StrategyHeading |
What are the Portfolio’s principal investment strategies?
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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.
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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).
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Risk, Heading |
rr_RiskHeading |
What are the principal risks of investing in the Portfolio?
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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.
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Risk, Lose Money |
rr_RiskLoseMoney |
Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value
of your investment in the Portfolio will increase and decrease according to changes in the value of the securities in its
portfolio.
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Bar Chart and Performance Table, Heading |
rr_BarChartAndPerformanceTableHeading |
How has Macquarie High Yield Bond Portfolio performed?
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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.
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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.
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Performance Availability Phone |
rr_PerformanceAvailabilityPhone |
800 231-8002
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Performance Availability Website Address |
rr_PerformanceAvailabilityWebSiteAddress |
macquarie.com/investment-management/institutional
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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.
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Bar Chart Heading |
rr_BarChartHeading |
Calendar year-by-year total return (Macquarie High Yield Bond Portfolio)
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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.
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Highest Quarterly Return, Label |
rr_HighestQuarterlyReturnLabel |
highest quarterly
return
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Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Jun. 30, 2009
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Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
21.06%
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Lowest Quarterly Return, Label |
rr_LowestQuarterlyReturnLabel |
lowest quarterly
return
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Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Dec. 31, 2008
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Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(17.17%)
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Performance Table Heading |
rr_PerformanceTableHeading |
Average annual total returns for periods ended December 31, 2017
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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.
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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).
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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.
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FIXED INCOME ORIENTED | Macquarie High Yield Bond Portfolio | ICE BofA ML US High Yield Constrained Index (reflects no deduction for fees, expenses, or taxes) |
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Risk/Return: |
rr_RiskReturnAbstract |
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Index No Deduction for Fees, Expenses, Taxes |
rr_IndexNoDeductionForFeesExpensesTaxes |
(reflects
no deduction for fees, expenses, or taxes)
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1 year |
rr_AverageAnnualReturnYear01 |
7.48%
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[1] |
5 years |
rr_AverageAnnualReturnYear05 |
5.81%
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[1] |
10 years |
rr_AverageAnnualReturnYear10 |
7.95%
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[1] |
FIXED INCOME ORIENTED | Macquarie High Yield Bond Portfolio | DPT CLASS |
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Risk/Return: |
rr_RiskReturnAbstract |
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Trading Symbol |
dei_TradingSymbol |
DPHYX
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Management Fees |
rr_ManagementFeesOverAssets |
0.45%
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Distribution and service (12b-1) fees |
rr_DistributionAndService12b1FeesOverAssets |
none
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Other expenses |
rr_OtherExpensesOverAssets |
0.13%
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Total annual portfolio operating expenses |
rr_ExpensesOverAssets |
0.58%
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Fee waivers and expense reimbursements |
rr_FeeWaiverOrReimbursementOverAssets |
|
[2] |
Total annual portfolio operating expenses after fee waivers and expense reimbursements |
rr_NetExpensesOverAssets |
0.58%
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1 year |
rr_ExpenseExampleYear01 |
$ 59
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3 years |
rr_ExpenseExampleYear03 |
186
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5 years |
rr_ExpenseExampleYear05 |
324
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10 years |
rr_ExpenseExampleYear10 |
$ 726
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Annual Return 2008 |
rr_AnnualReturn2008 |
(24.51%)
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Annual Return 2009 |
rr_AnnualReturn2009 |
54.70%
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Annual Return 2010 |
rr_AnnualReturn2010 |
17.04%
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Annual Return 2011 |
rr_AnnualReturn2011 |
3.43%
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Annual Return 2012 |
rr_AnnualReturn2012 |
17.78%
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Annual Return 2013 |
rr_AnnualReturn2013 |
9.21%
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Annual Return 2014 |
rr_AnnualReturn2014 |
0.46%
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Annual Return 2015 |
rr_AnnualReturn2015 |
(4.98%)
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Annual Return 2016 |
rr_AnnualReturn2016 |
13.43%
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Annual Return 2017 |
rr_AnnualReturn2017 |
7.62%
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1 year |
rr_AverageAnnualReturnYear01 |
7.62%
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5 years |
rr_AverageAnnualReturnYear05 |
4.94%
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10 years |
rr_AverageAnnualReturnYear10 |
7.80%
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FIXED INCOME ORIENTED | Macquarie High Yield Bond Portfolio | DPT CLASS | After Taxes on Distributions |
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Risk/Return: |
rr_RiskReturnAbstract |
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1 year |
rr_AverageAnnualReturnYear01 |
4.31%
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5 years |
rr_AverageAnnualReturnYear05 |
2.22%
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10 years |
rr_AverageAnnualReturnYear10 |
4.92%
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FIXED INCOME ORIENTED | Macquarie High Yield Bond Portfolio | DPT CLASS | After Taxes on Distributions and Sales |
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Risk/Return: |
rr_RiskReturnAbstract |
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1 year |
rr_AverageAnnualReturnYear01 |
4.31%
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5 years |
rr_AverageAnnualReturnYear05 |
2.53%
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10 years |
rr_AverageAnnualReturnYear10 |
4.83%
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X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionDistribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
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- DefinitionHeading for Expense Example.
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- DefinitionThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
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- DefinitionRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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 may indicate higher transaction costs. These costs, which are not reflected in 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
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- DefinitionThis table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
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- DefinitionTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
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- DefinitionTotal Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionThe Performance Table includes a parenthetical, indicating that the Index "(reflects no deduction for fees, expenses or taxes)". This tag is used when this is reflected in a footnote.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
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- DefinitionTotal Annual Fund Operating Expenses.
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- DefinitionInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
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- DefinitionAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)
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- Definition"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
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- DefinitionRisk/Return Bar Chart and Table.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____)
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- DefinitionDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
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- DefinitionDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
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- DefinitionNarrative Risk Disclosure.
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- DefinitionSummarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
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- DefinitionRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
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- DefinitionPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
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EQUITY ORIENTED | Macquarie Emerging Markets Portfolio II
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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)
|
|
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:
|
|
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)
|
|
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
|
|
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.
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- DefinitionRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared 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 $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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 may indicate higher transaction costs. These costs, which are not reflected in 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
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- DefinitionTotal Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.
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- DefinitionAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)
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- Definition"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
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- DefinitionRisk/Return Bar Chart and Table.
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- DefinitionDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
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- DefinitionNarrative Risk Disclosure.
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- DefinitionNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
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- DefinitionRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
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- DefinitionPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
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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 |
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43.69%
|
|
5 years |
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6.06%
|
|
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5.02%
|
|
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|
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EQUITY ORIENTED | Macquarie Emerging Markets Portfolio II | DPT CLASS | After Taxes on Distributions and Sales |
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Risk/Return: |
rr_RiskReturnAbstract |
|
|
1 year |
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25.96%
|
|
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5.19%
|
|
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4.38%
|
|
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
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- DefinitionManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
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- DefinitionTotal Annual Fund Operating Expenses.
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- DefinitionInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
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- DefinitionInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
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- DefinitionAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)
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- Definition"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
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- DefinitionRisk/Return Bar Chart and Table.
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- DefinitionIf the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____)
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- DefinitionDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
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- DefinitionThis element represents the rate of portfolio turnover presented as a percentage (SEC Form N-1A 2006-09-14 A.3.example.3 Portfolio Turnover A.3.instructions.5 Portfolio Turnover).
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- DefinitionDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
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- DefinitionNarrative Risk Disclosure.
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- DefinitionSummarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
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- DefinitionNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
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- DefinitionRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
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- DefinitionPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
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- DefinitionIf the value is true, then the document is an amendment to previously-filed/accepted document.
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- DefinitionThe date the document was made available and submitted, in CCYY-MM-DD format. The date of submission, date of acceptance by the recipient, and the document effective date are all potentially different.
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- DefinitionThe end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
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- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".
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- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
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