# EDGAR Filing Document

**Accession Number:** 0000769220
**File Stem:** 0001133228-25-013047
**Filing Date:** 2025-12
**Character Count:** 24318
**Document Hash:** a060edc7ebb8b0aacbb9651fff09a0b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013047.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001133228-25-013047

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**EFFECTIVENESS DATE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DELAWARE GROUP GOVERNMENT FUND
- **CENTRAL INDEX KEY:** 0000769220

**ORGANIZATION NAME:**
- **EIN:** 232448685
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-97889
- **FILM NUMBER:** 251540503

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18005231918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELAWARE GROUP GOVERNMENT FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Macquarie Emerging Markets Debt Corporate Fund (Series ID: S000041892)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000130079 | Class A             | DEDAX           |
| C000130080 | Class C             | DEDCX           |
| C000130082 | Institutional Class | DEDIX           |

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| |
|:---|
| ![](sp2217img002.jpg)  |
| Summary prospectus |

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Fixed income mutual fund

Nomura Emerging Markets Debt Corporate Fund

(formerly, Macquarie Emerging Markets Debt Corporate Fund)

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| | |
|:---|:---|
|  | **Nasdaq**<br>**ticker symbols** |
| Class A | DEDAX |
| Class C | DEDCX |
| Institutional Class | DEDIX |

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December 1, 2025

Before you invest, you may want to review the Fund's statutory prospectus (and any supplements thereto), which contains more information about the Fund and its risks. You can find the Fund's statutory prospectus and other information about the Fund, including its statement of additional information and most recent reports to shareholders, online at nomuraassetmanagement.com/literature. You can also get this information at no cost by calling 800 523-1918. The Fund's statutory prospectus and statement of additional information, both dated December 1, 2025 (and any supplements thereto), are incorporated by reference into this summary prospectus.

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| |
|:---|
| Summary prospectus |
| **Nomura Emerging Markets Debt Corporate Fund, a series of Delaware** **Group<sup>®</sup>** **Government Fund** |

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(formerly, Macquarie Emerging Markets Debt Corporate Fund)

**What are the** **Fund's investment objectives?**

Nomura Emerging Markets Debt Corporate Fund primarily seeks current income and, secondarily, capital appreciation.

**What are the** **Fund's fees and expenses?**

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other** **fees to financial intermediaries, which are not reflected in the tables and examples below**. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Nomura Funds (formerly, Macquarie Funds). More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

**Shareholder fees (fees paid directly from your investment)**

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| | | | |
|:---|:---|:---|:---|
| Class | A | C | Inst. |
| &nbsp;&nbsp; Maximum sales charge (load) imposed on purchases as a <br>percentage of offering price........................ | 4.50% |  |  |
| &nbsp;&nbsp; Maximum contingent deferred sales charge (load) as a <br>percentage of original purchase price or redemption price, <br>whichever is lower............................... | none<sup>1</sup> | 1.00%<sup>1</sup> |  |

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

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| | | | |
|:---|:---|:---|:---|
| Class | A | C | Inst. |
| Management fees................................ | 0.75% | 0.75% | 0.75% |
| Distribution and service (12b-1) fees................... | 0.25% | 1.00% |  |
| Other expenses ................................. | 0.35% | 0.35% | 0.35% |
| Acquired fund fees and expenses..................... | 0.01%<sup>2</sup> | 0.01%<sup>2</sup> | 0.01%<sup>2</sup> |
| Total annual fund operating expenses .................. | 1.36%<sup>3</sup> | 2.11%<sup>3</sup> | 1.11%<sup>3</sup> |
| Fee waivers and expense reimbursements .............. | (0.31%)<sup>4</sup> | (0.31%)<sup>4</sup> | (0.31%)<sup>4</sup> |
| &nbsp;&nbsp; Total annual fund operating expenses after fee waivers and <br>expense reimbursements.......................... | 1.05% | 1.80% | 0.80% |

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| | |
|:---|:---|
| 1 | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. |

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2 Acquired fund fees and expenses sets forth the Fund's pro rata portion of the cumulative expenses charged by the registered investment companies in which the Fund invested during the last fiscal year. The actual acquired fund fees

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and expenses will vary with changes in the allocations of the Fund's assets. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund's NAV.

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| | |
|:---|:---|
| 3 | The Total annual fund operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired fund fees and expenses. |

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| | |
|:---|:---|
| 4 | The Fund's investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.79% of the Fund's average daily net assets from December 1, 2025 through November 30, 2026. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund. |

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**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 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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| | | | | |
|:---|:---|:---|:---|:---|
| Class | A | (if not<br>redeemed)<br>C | C | Inst. |
| 1 year................................... | $552 | $183 | $283 | $82 |
| 3 years.................................. | $832 | $631 | $631 | $322 |
| 5 years.................................. | $1133 | $1106 | $1106 | $582 |
| 10 years................................. | $1986 | $2417 | $2417 | $1324 |

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**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 89% of the average value of its portfolio.

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Summary prospectus<br>**Nomura Emerging Markets Debt Corporate Fund, a series of Delaware Group®** <br>**Government Fund**<br>

**What are the** **Fund's principal investment strategies?**

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in emerging markets corporate debt securities (80% policy). For purposes of the 80% policy, emerging markets corporate debt securities include those that are (1) economically tied to an emerging market country or countries, (2) issued or guaranteed by a company domiciled or conducting significant business activities in an emerging market country, or (3) derivatives or pooled structures (such as exchange-traded funds (ETFs)) that are linked to emerging markets corporate debt securities. Emerging market countries include those currently considered to be developing or emerging countries by the World Bank, the United Nations, the countries' governments, or in the judgment of the Manager. These debt instruments will be denominated primarily in the currencies of members of the Organization for Economic Cooperation and Development (OECD) and in other emerging markets' currencies and may include a significant percentage of high yield (junk) corporate bonds. While there is no percentage limit on the amount of the Fund's assets that may be invested in high yield (junk) corporate bonds, the Manager generally expects that 50% of the Fund's assets will be invested in high yield corporate bonds.

The Fund may also use a wide variety of derivatives instruments, including credit linked notes, interest rate, index and credit default swaps, forward foreign currency contracts, futures, and options. 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 Fund 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 Manager may also establish short positions through derivatives in an attempt to isolate, manage, or reduce the risk of individual positions, or positions in the aggregate, or to take advantage of an anticipated deterioration in the creditworthiness of an issuer. The Fund may employ leverage, such as by entering into reverse repurchase transactions, to attempt to take advantage of or increase the total return of attractive investment opportunities.

The 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. An investment in the Fund may not be appropriate for all investors. The Fund's principal risks include:

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**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.

**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 fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**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.

**High yield (junk) bond 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.

**Foreign and emerging markets risk** — The risk that investments in foreign securities (particularly those of issuers 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. Securities of issuers in emerging markets may be subject to greater risks than securities of issuers in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility.

**Geographic focus risk** — The risk that local political and economic conditions could adversely affect the performance of a fund investing a substantial amount of assets in securities of issuers located in a single country or a limited number of countries.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector (such as banking or energy) will decline because of changing expectations for the performance of that industry or sector.

**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 an unanticipated direction. When used for

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Summary prospectus<br>**Nomura Emerging Markets Debt Corporate Fund, a series of Delaware Group®** <br>**Government Fund**<br>

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 fund 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 fund 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 fund to be more volatile than if it had not been leveraged, which may result in increased losses to the fund.

**Portfolio turnover risk** — High portfolio turnover rates may increase a fund's transaction costs and lower returns.

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

**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.

**How has** **Nomura Emerging Markets Debt Corporate Fund performed?**

The bar chart and table below provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year and the table shows how the Fund's average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund 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 nomuraassetmanagement.com/performance.

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

![](sp2217img001.jpg)

As of September 30, 2025, the Fund's Class A shares had a calendar year-to-date return of 7.37%. During the periods illustrated in this bar chart, Class A's highest quarterly return was 13.40% for the quarter ended June 30, 2020, and its lowest quarterly return was -14.85% for the quarter ended March 31, 2020. The maximum Class A sales charge of 4.50%, 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, 2024**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Class A return before taxes......................... | 2.73% | 1.17% | 3.52% |
| Class A return after taxes on distributions............... | 0.08% | -0.79% | 1.57% |
| &nbsp;&nbsp; Class A return after taxes on distributions and sale of Fund <br>shares....................................... | 1.57% | 0.04% | 1.83% |
| Class C return before taxes......................... | 5.71% | 1.33% | 3.38% |
| Institutional Class return before taxes.................. | 7.89% | 2.34% | 4.20% |
| &nbsp;&nbsp; Bloomberg Global Aggregate Bond Index (reflects no <br>deduction for fees, expenses, or<br>taxes)....................................... | -1.69% | -1.96% | 0.15% |
| &nbsp;&nbsp; J.P. Morgan Corporate Emerging Markets Bond Index Broad <br>Diversified (reflects no deduction for fees, expenses, or <br>taxes)....................................... | 7.63% | 2.18% | 4.03% |

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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-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual

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Summary prospectus<br>**Nomura Emerging Markets Debt Corporate Fund, a series of Delaware Group®** <br>**Government Fund**<br>

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.

**Who manages the** **Fund?**

**Investment manager**

Delaware Management Company, a series of Nomura Investment Management Business Trust (a Delaware statutory trust)

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| | | |
|:---|:---|:---|
|  **Portfolio managers** | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the** **Fund** |
|  Mansur Rasul | &nbsp;&nbsp; Executive Director, Senior Portfolio Manager | &nbsp;&nbsp; July 2016 |
|  Sean Simmons, CFA, CMT | &nbsp;&nbsp; Executive Director, Foreign Exchange Strategist, Senior Trader | &nbsp;&nbsp; July 2016 |

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Employees of the Manager's affiliates outside the US participate in the management of certain funds as "associated persons" of the Manager under the Manager's oversight, in accordance with SEC guidance as to "participating affiliate" arrangements. These associated persons may, on behalf of the Manager, provide discretionary investment management services, trading, research and related services directly or indirectly to the Fund.

**Purchase and redemption of** **Fund shares**

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial intermediary; through the Fund's website at nomuraassetmanagement.com/account-access; by calling 800 523-1918; by regular mail (c/o Nomura Funds, P.O. Box 534437, Pittsburgh, PA 15253-4437); by overnight courier service (c/o Nomura Funds Service Center, Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262); or by wire.

For Class A and Class C shares, the minimum initial investment is generally $1,000 and subsequent investments can be made for as little as $100. The minimum initial investment for IRAs, Uniform Gifts/Transfers to Minors Act accounts, direct deposit purchase plans, and automatic investment plans is $250 and through Coverdell Education Savings Accounts is $500, and subsequent investments in these accounts can be made for as little as $25. For Institutional Class shares (except those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in this Prospectus under "Choosing a share class" and on the Fund's website. We may reduce or waive the minimums or eligibility requirements in certain cases.

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Please refer to the "About your account" section of the Fund's Prospectus for more details regarding the purchase and sale of Fund shares.

**Tax information**

The Fund's distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Fund through a broker/dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**SMPR-227 11/25**<br>