Delaware Macquarie Global Infrastructure Fund (Closed to new investors)*

Objective

Delaware Macquarie Global Infrastructure Fund seeks long-term capital appreciation and current income.

Strategy

The Fund invests globally in securities issued by companies that are principally engaged in the ownership and/or operation of infrastructure assets.

Fund information
Inception date01/19/2010
Dividends paid (if any)Annually
Capital gains paid (if any)December
Fund identifiers
NASDAQDMGAX
CUSIP245914551
Investment minimums
Initial investment$1,000
Subsequent Investments$100
Systematic withdrawal balance$5,000
Account features
CheckwritingNo
Payroll DeductionYes
IRAsYes

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.

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 month-end (08/31/2014)
YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)13.76%23.38%13.57%n/an/a9.90%01/19/2010
Max offer price7.21%16.29%11.36%n/an/a8.51%
S&P Global Infrastructure Index16.17%29.17%14.31%n/an/an/a
Average annual total return as of quarter-end (06/30/2014)
QTDYTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)7.28%12.45%23.10%10.04%n/an/a10.01%01/19/2010
Max offer price1.15%5.98%15.97%7.89%n/an/a8.57%
S&P Global Infrastructure Index8.42%16.03%30.42%11.08%n/an/an/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.

Expense ratio
Gross1.80%
Net1.45%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from March 28, 2014 to March 30, 2015. Please see the fee table in the Fund’s prospectus for more information.

Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
20144.82%7.28%n/an/an/a
20135.23%-1.32%6.53%2.76%13.68%
20127.69%-1.97%5.57%1.85%13.51%
20116.23%2.03%-14.20%7.05%-0.46%
2010n/a-11.71%17.30%5.15%n/a
Portfolio characteristics - as of 08/31/2014
Share assets$4.3 million
Number of holdings49
Market cap (median)$16.96 billion
Market cap (weighted average)$23.92 billion
Portfolio turnover (last fiscal year)66%
Beta (relative to S&P Global Infrastructure Index) (view definition)0.93
Annualized standard deviation, 3 years (view definition)10.94
Portfolio composition as of 08/31/2014Total may not equal 100% due to rounding.
International equities & depository receipts53.7%
Domestic equities32.8%
Cash and cash equivalents13.5%
Top 10 holdings as of 08/31/2014
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
Sempra Energy4.3%
Enbridge Inc.4.1%
Transurban Group4.1%
TransCanada Corp.3.6%
Atlantia SpA3.4%
Groupe Eurotunnel S.A.3.3%
GDF Suez3.2%
China Merchants Holdings International Co. Ltd.3.2%
National Grid PLC2.8%
Williams Cos. Inc.2.8%
Total % Portfolio in Top 10 holdings34.8%

Holdings are as of the date indicated and subject to change.

Distribution history - annual distributions (Class A)1,2
Distributions ($ per share)
YearCapital gains3Net investment
income
20140.0000.098
20131.8340.293
20120.2480.215
20110.1090.153
20100.0610.149
20090.0000.000
20080.0000.000
20070.0000.000
20060.0000.000
20050.0000.000
20040.0000.000

1If a Fund makes a distribution from any source other than net income, it is required to provide shareholders with a notice disclosing the source of such distribution (each a "Notice"). The amounts and sources of distributions reported above and in each Notice are only estimates and are not provided for tax reporting purposes. Each Fund will send each shareholder a Form 1099 DIV for the calendar year that will provide definitive information on how to report the Fund's distributions for federal income tax purposes. The information in the table above will not be updated to reflect any subsequent recharacterization of dividends and distributions. Click here to see recent Notices pertaining to the Fund (if any).

2Information on return of capital distributions is only provided from June 1, 2014 onward.

3Includes both short- and long-term capital gains.

Investment manager

Delaware Management Company, a series of Delaware Management Business Trust

Sub-advisor

Macquarie Capital Investment Management LLC

Brad Frishberg

Brad Frishberg, CFA

Managing Director, Chief Investment Officer of Infrastructure Securities — Macquarie Capital Investment Management LLC

Start date on the Fund: April 2010

Years of industry experience: 25

(View bio)


Jonathon Ong

Jonathon Ong, CFA

Managing Director, Portfolio Manager — Macquarie Capital Investment Management LLC

Start date on the Fund: November 2012

Years of industry experience: 22

(View bio)


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 Investments® Funds. More information about these and other discounts is available from your financial advisor, 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."

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

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering price5.75%
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lowernone
Annual fund operating expenses
Management fees0.90%
Distribution and service (12b-1) fees0.25%
Other expenses0.65%
Total annual fund operating expenses1.80%
Fee waivers and expense reimbursements(0.35%)
Total annual fund operating expenses after fee waivers and expense reimbursements1.45%

1The 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, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, acquired fund fees and expenses, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent annual fund operating expenses from exceeding 1.20% of the Fund's average daily net assets from March 28, 2014 through March 30, 2015. This waiver and/or reimbursement may only be terminated by agreement of the Manager and the Fund.

*On Aug. 20, 2014, the Board of Trustees responsible for Delaware Macquarie Global Infrastructure Fund voted and approved a proposal to liquidate and dissolve the Fund. The liquidation and dissolution is expected to take effect on or before Oct. 31, 2014. Effective Aug. 21, 2014, the Fund will be closed to new investors. The Fund will continue to accept purchases from existing shareholders (including reinvested dividends or capital gains) until five business day before the liquidation date. Please read the prospectus, summary prospectus, and related supplements dated Aug. 21, 2014 for more information concerning this event.

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.

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.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

Investment strategies that hold securities issued by companies principally engaged in the infrastructure industry have greater exposure to the potential adverse economic, regulatory, political, and other changes affecting such entities.

“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.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 09/22/2014)

Class APriceNet changeYTD
NAV$9.40-0.0711.62%
Max offer price$9.97n/an/a

Total net assets (as of 08/31/2014)

$9.7 million all share classes

Lipper ranking (as of 08/31/2014)

YTD ranking34 / 54
1 year47 / 49
3 years35 / 46
5 yearsn/a
10 yearsn/a
Lipper classificationGlobal Infrastructure

(View Lipper disclosure)

Benchmark, peer group

The S&P Global Infrastructure Index (view)


Additional information