The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.
Performance data current to the most recent month end may be obtained by calling 800 523-1918 or visiting delawareinvestments.com/performance.
Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.
|Average annual total return as of quarter-end (03/31/2014)|
|YTD||1 year||3 year||5 year||10 year||Lifetime||Inception|
|Class A (NAV)||7.38%||7.38%||37.65%||21.92%||30.60%||n/a||20.18%||09/28/2007|
|Class A (at offer)||1.20%||1.20%||29.72%||19.53%||29.08%||n/a||19.09%|
|Institutional Class shares||7.41%||7.41%||37.97%||22.21%||30.87%||n/a||20.37%||09/28/2007|
|Russell 3000 Healthcare Index||5.77%||5.77%||30.56%||23.36%||22.68%||n/a||n/a|
Returns for less than one year are not annualized.
Class A shares have a maximum up-front sales charge of 5.75% and are subject to an annual distribution fee.
Prior to January 28, 2010, the Fund had not engaged in a broad distribution effort of its shares and had been subject to limited redemption requests. The returns reflect expense limitations that were in effect during certain periods and which may have been lower than the Fund's current expenses. The returns would have been lower without expense limitations.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Russell 3000® Healthcare Index (view)
|Class A (Gross)||1.38%|
|Class A (Net)||1.38%|
|Institutional Class shares (Gross)||1.13%|
|Institutional Class shares (Net)||1.13%|
Net expense ratio reflects (i) a contractual waiver of certain fees and/or expense reimbursements from Jan. 28, 2013 to Jan. 28, 2014 and (ii) a contractual waiver of distribution fees for Class A shares from Jan. 28, 2013 to Jan. 28, 2014. Please see the fee table in the Fund’s prospectus for more information.
|Top 10 holdings as of 03/31/2014|
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
|Holding||% of portfolio|
|Eli Lilly & Co.||8.1%|
|Teva Pharmaceutical Industries Ltd.||6.9%|
|Quest Diagnostics Inc.||4.5%|
|Bristol-Myers Squibb Co.||3.3%|
|Chugai Pharmaceutical Co. Ltd.||3.1%|
|Total % Portfolio in Top 10 holdings||45.8%|
Institutional Class shares are only available to certain investors. See the prospectus for more information.
All third-party marks cited are the property of their respective owners.
Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, which may be obtained by clicking the prospectus link located in the right-hand sidebar or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.
Investing involves risk, including the possible loss of principal.
Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.
Healthcare companies are subject to extensive government regulation and their profitability can be affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, and malpractice or other litigation.
International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.
Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.
Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.
“Nondiversified” funds may allocate more of their net assets to investments in single securities than “diversified” Funds. Resulting adverse effects may subject these Funds to greater risks and volatility.
Not FDIC Insured | No Bank Guarantee | May Lose Value