Delaware Macquarie Global Infrastructure Fund
(Closed to new investors)*
Delaware Macquarie Global Infrastructure Fund seeks long-term capital appreciation and current income.
The Fund invests globally in securities issued by companies that are principally engaged in the ownership and/or operation of infrastructure assets.
|Dividends paid (if any)||Annually|
|Capital gains paid (if any)||December|
|Systematic withdrawal balance||$5,000|
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)|
|YTD||1 year||3 year||5 year||10 year||Lifetime||Inception date|
|NAV (view definition)||13.76%||23.38%||13.57%||n/a||n/a||9.90%||01/19/2010|
|Max offer price||7.21%||16.29%||11.36%||n/a||n/a||8.51%|
|S&P Global Infrastructure Index||16.17%||29.17%||14.31%||n/a||n/a||n/a|
|Average annual total return as of quarter-end (06/30/2014)|
|QTD||YTD||1 year||3 year||5 year||10 year||Lifetime||Inception date|
|NAV (view definition)||7.28%||12.45%||23.10%||10.04%||n/a||n/a||10.01%||01/19/2010|
|Max offer price||1.15%||5.98%||15.97%||7.89%||n/a||n/a||8.57%|
|S&P Global Infrastructure Index||8.42%||16.03%||30.42%||11.08%||n/a||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.
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|
|Year||1st quarter||2nd quarter||3rd quarter||4th quarter||Annual return|
|Portfolio characteristics - as of 08/31/2014|
|Share assets||$4.3 million|
|Number of holdings||49|
|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 receipts||53.7%|
|Cash and cash equivalents||13.5%|
|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|
|Groupe Eurotunnel S.A.||3.3%|
|China Merchants Holdings International Co. Ltd.||3.2%|
|National Grid PLC||2.8%|
|Williams Cos. Inc.||2.8%|
|Total % Portfolio in Top 10 holdings||34.8%|
Quarterly holdings as of 06/30/2014 (all share classes)
|Nasdaq symbol/Rating||SEC description||Portfolio %|
|ABE SM ||Abertis Infraestructuras S.A.||1.68|
|AEP ||American Electric Power Co. Inc.||2.14|
|AMT ||American Tower Corp.||1.04|
|AWK ||American Water Works Co. Inc.||2.54|
|ATL IM ||Atlantia SpA||2.01|
|392 HK ||Beijing Enterprises Holdings Ltd.||1.23|
|POUNDS ||British Pounds||0.00|
|BPL ||Buckeye Partners LP||0.96|
|CNA LN ||Centrica PLC||2.15|
|CHF ||Chf/Usd Fwd 20140701||0.06|
|144RTS HK||China Merchants Holdings Inter||0.00|
|144 HK ||China Merchants Holdings International Co. Ltd.||3.58|
|CMS ||CMS Energy Corp.||1.05|
|ED ||Consolidated Edison Inc.||1.06|
|CXW ||Corrections Corp. of America||1.96|
|1199 HK ||COSCO Pacific Ltd.||0.99|
|CCI ||Crown Castle International Corp.||2.44|
|2880 HK ||Dalian Port PDA Co. Ltd.||0.50|
|DUE AU ||DUET Group||0.74|
|DUK ||Duke Energy Corp.||2.01|
|9020 JP ||East Japan Railway Co.||1.60|
|ENBR3 BZ ||EDP - Energias do Brasil S.A.||1.02|
|ENB CN ||Enbridge Inc.||5.08|
|ENG PW ||Energa S.A.||0.81|
|ETE ||Energy Transfer Equity LP||1.08|
|EPD ||Enterprise Products Partners LP||1.56|
|ETL FP ||Eutelsat Communications S.A.||1.36|
|FHZN SW ||Flughafen Zuerich AG||2.48|
|FRA GR ||Fraport AG Frankfurt Airport Services Worldwide||2.20|
|GSZ FP ||GDF Suez||3.74|
|GET FP ||Groupe Eurotunnel S.A.||3.41|
|HHFA GR ||Hamburger Hafen und Logistik AG||1.94|
|HKONGDOL ||Hong Kong Dollar||0.00|
|737 HK ||Hopewell Highway Infrastructure Ltd.||0.63|
|816 HK ||Huadian Fuxin Energy Corp. Ltd.||0.72|
|HPHT SP ||Hutchison Port Holdings Trust||2.15|
|I ||Intelsat S.A.||0.92|
|ITC ||ITC Holdings Corp.||1.96|
|YENS ||Japanese Yen||0.00|
|KMI ||Kinder Morgan Inc.||2.62|
|VPK NA ||Koninklijke Vopak NV||1.16|
|MMP ||Magellan Midstream Partners LP||1.01|
|0701GREPO||Master Repurchase Agreement||1.03|
|PESOS ||Mexican Peso||0.00|
|NG/ LN ||National Grid PLC||3.74|
|PCG ||PG&E Corp.||1.56|
|PRML3 BZ ||Prumo Logistica S.A.||0.86|
|SECCASHAC||Securitized Net Cash - Acr1||0.87|
|SECNCAHUS||Securitized Net Cash - Lt||-0.53|
|SRE ||Sempra Energy||4.36|
|SO ||Southern Co.||1.75|
|SE ||Spectra Energy Corp.||1.58|
|SSE LN ||SSE PLC||2.50|
|SWFRANCS ||Swiss Franc||-0.01|
|9531 JP ||Tokyo Gas Co. Ltd.||1.52|
|TRP CN ||TransCanada Corp.||4.00|
|TCL AU ||Transurban Group||5.59|
|US-CASH ||US DOLLARS*||-0.36|
|DG FP ||Vinci S.A.||1.45|
|9021 JP ||West Japan Railway Co.||1.06|
|WMB ||Williams Cos. Inc.||3.10|
Portfolio holdings are as of the date noted below and are subject to change at any time. Holdings may not be representative of current or future investments and may not include the entire investment portfolio. Holdings information is made available to the public 30 calendar days after the most recent quarter-end.
Holdings data is for informational purposes only, and is not intended as a recommendation, offer, or solicitation for the purchase or sale of any specific security. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or part. In no event shall the Delaware Family of Funds or its affiliates have any liability relating to the use of the portfolio holdings.
Unlike the Fund's regulatory filings, the portfolio data and its presentation in this document is not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it may differ from that provided in the complete portfolio of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete portfolio of investments filed in the first and third quarter on Form N-Q.
*Cash balance includes other assets and liabilities.
Holdings are as of the date indicated and subject to change.
Distribution history - annual distributions (Class A)1,2|
Distributions ($ per share)
|Year||Capital gains3||Net investment|
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.
Delaware Management Company, a series of Delaware Management Business Trust
Macquarie Capital Investment Management LLC
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
Managing Director, Portfolio Manager — Macquarie Capital Investment Management LLC
Start date on the Fund: November 2012
Years of industry experience: 22
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.
|Maximum sales charge (load) imposed on purchases as a percentage of offering price||5.75%|
|Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower||none|
|Annual fund operating expenses|
|Distribution and service (12b-1) fees||0.25%|
|Total annual fund operating expenses||1.80%|
|Fee waivers and expense reimbursements||(0.35%)|
|Total annual fund operating expenses after fee waivers and expense reimbursements||1.45%|
*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