DELAWARE GROUP® CASH RESERVE
Delaware Investments Ultrashort Fund (the “Fund”)
Supplement to the current Summary Prospectus (the “Prospectus”)
The Board of Trustees (“Trustees” or “Board”) of Delaware Group® Cash Reserve (the “Trust”) approved the appointment of Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”), Macquarie Investment Management Europe Limited (“MIMEL”), and
Macquarie Investment Management Global Limited (“MIMGL”) to serve as sub-advisors and provide certain sub-advisory services to the Fund from time to time at the discretion of Delaware Management Company (the “Manager”).
In connection therewith, the following replaces the information in the section of
the Fund's Prospectus entitled "Fund summary —What are the Fund’s principal investment strategies?”:
Under normal circumstances, the Fund will invest all of its net assets, plus the amount of any
borrowings for investment purposes, in investment grade fixed income securities at the time of purchase, including, but not limited to, fixed income securities issued or guaranteed by the US government, its agencies or instrumentalities, and by US
and non-US corporations. Investment grade fixed income securities are securities rated BBB- or higher by Standard & Poor’s Financial Services LLC (S&P) or Baa3 or higher by Moody’s Investors Service, Inc. (Moody’s), or similarly rated by
another nationally recognized statistical rating organization (NRSRO), or those that are deemed to be of comparable quality. The Fund will maintain an average effective duration of less than 18 months. Duration measures a bond’s sensitivity to
interest rates by indicating the approximate change in a bond or bond fund’s price given a 1% change in interest rates.
The Fund’s investment manager, Delaware Management Company (Manager), will determine how much of
the Fund’s assets to allocate among the different types of fixed income securities in which the Fund may invest based on our evaluation of economic and market conditions and our assessment of the returns and potential for appreciation that can be
achieved from various sectors of the fixed income market. In addition, the Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria
Kapitalanlage AG, and Macquarie
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Investment Management Global Limited (together, the “Affiliated Sub-
Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize
an Affiliated Sub-Advisor’s specialized market knowledge.
The corporate debt obligations in which the Fund may invest include bonds, notes, debentures, and
commercial paper of US companies and non-US companies. The Fund may also invest in 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, which have been established or are sponsored by the US government, and securities issued by foreign governments.
Additionally, the Fund may invest in mortgage-backed securities issued or guaranteed by the US
government, its agencies or instrumentalities, or government-sponsored corporations, and mortgage-backed securities issued by certain private, nongovernment entities. The Fund 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.
The Fund may invest up to 30% of its net assets in foreign securities, including up to 10% of its
net assets in securities of issuers located in emerging markets.
The Fund may use a wide range of derivative instruments, typically including options, futures
contracts, options on futures contracts, credit default swaps, interest rate swaps, and index swaps. The Fund will use derivatives for both hedging and nonhedging purposes. For example, the Fund 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 bond defaults, to manage credit exposure, or to enhance total return; and index swaps to enhance return or to effect diversification. The
Fund will not use derivatives for reasons inconsistent with its investment objective and will limit its investments in derivative instruments to 10% of net assets.
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The following information is added into the section of the Fund’s Prospectus entitled
“Fund summary -- Who manages the Fund?”:
Sub-advisors
Macquarie Investment Management Austria Kapitalanlage AG
Macquarie Investment Management Europe Limited
Macquarie Investment Management Global Limited
Because everyone's tax situation is unique, you should consult
your tax professional about federal, state, local, or foreign tax consequences before making an investment in the Fund.
Delaware Management Company (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.
Please keep this Supplement for future reference.
This Supplement is dated May 30, 2019.
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