Delaware REIT Fund

Objective

Delaware REIT Fund seeks maximum long-term total return, with capital appreciation as a secondary objective.

Strategy

The Fund primarily invests in real estate investment trusts (REITs).

Fund information
Inception date11/11/1997
Dividends paid*Quarterly
Capital gains paid*December

*If any.

Fund identifiers
NASDAQDPRSX
CUSIP246248777

Institutional Class shares are only available to certain investors. See the prospectus for more information. 

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 (03/31/2014)
YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)9.82%4.72%10.58%26.53%7.49%9.16%11/11/1997
FTSE NAREIT Equity REITs Index9.98%4.16%10.65%28.20%8.23%n/a
Average annual total return as of quarter-end (03/31/2014)
QTDYTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)9.82%9.82%4.72%10.58%26.53%7.49%9.16%11/11/1997
FTSE NAREIT Equity REITs Index9.98%9.98%4.16%10.65%28.20%8.23%n/a

Returns for less than one year are not annualized.

Expense ratio
Gross1.06%
Net1.06%
Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
20149.82%n/an/an/an/a
20136.84%-1.29%-3.15%-0.26%1.88%
201210.67%3.39%-0.42%2.47%16.76%
20116.62%4.09%-13.74%15.27%10.35%
20108.55%-2.68%12.83%6.21%26.59%
2009-30.65%26.01%30.23%8.31%23.26%
20081.11%-4.52%5.51%-36.91%-35.73%
20074.47%-9.42%2.87%-11.60%-13.95%
200613.12%-2.12%8.79%10.14%32.66%
2005-7.19%12.40%1.73%0.63%6.78%
200412.47%-6.26%8.69%14.67%31.41%

Institutional Class shares are only available to certain investors. See the prospectus for more information. 

Portfolio characteristics - as of 03/31/2014
Share assets$109.4 million
Number of holdings52
Market cap (median)$4.44 billion
Market cap (weighted average)$14.52 billion
Portfolio turnover (last fiscal year)101%
P/FFO ratio (view definition)15.39x
Beta (relative to FTSE NAREIT Equity REITs Index) (view definition)0.99
Annualized standard deviation, 3 years (view definition)16.56
Portfolio composition as of 03/31/2014Total may not equal 100% due to rounding.
Domestic equities97.7%
Cash and cash equivalents2.3%
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
Simon Property Group Inc.10.1%
Boston Properties Inc.4.9%
Equity Residential4.3%
Prologis Inc.4.1%
AvalonBay Communities Inc.4.0%
Host Hotels & Resorts Inc.3.7%
Vornado Realty Trust3.3%
General Growth Properties Inc.3.0%
SL Green Realty Corp.2.9%
Essex Property Trust Inc.2.6%
Total % Portfolio in Top 10 holdings42.9%

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

Top sectors as of 03/31/2014
List excludes cash and cash equivalents.
Sector% of portfolio
Apartments17.9%
Regional Malls16.7%
Office14.3%
Shopping Centers9.6%
Health Care7.8%
Lodging7.7%
Industrial6.3%
Diversified4.9%
Mixed4.1%
Self Storage3.3%
Distribution history - annual distributions (Institutional Class)
Distributions ($ per share)
YearCapital gainsDividends
20140.0000.074
20130.4390.274
20120.0000.247
20110.0000.213
20100.0000.200
20090.0000.270
20080.0000.338
20073.5830.425
20066.6310.434
20053.0110.543
20041.8570.529

Institutional Class shares are only available to certain investors. See the prospectus for more information. 

Bob Zenouzi

Bob Zenouzi 

Chief Investment Officer — Real Estate Securities and Income Solutions (RESIS)

Start date on the Fund: May 2006

(View bio)


Damon Andres

Damon Andres, CFA

Senior Portfolio Manager

Start date on the Fund: January 1997

(View bio)


Institutional Class shares are only available to certain investors. See the prospectus for more information. 

The following table 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 pricenone
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lowernone
Annual fund operating expenses
Management fees0.75%
Distribution and service (12b-1) feesnone
Other expenses0.31%
Total annual fund operating expenses1.06%
Fee waivers and expense reimbursementsnone
Total annual fund operating expenses after fee waivers and expense reimbursements1.06%

Institutional Class shares are only available to certain investors. See the prospectus for more information. 

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 800 362-7500. 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.

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.

A REIT fund's tax status as a regulated investment company could be jeopardized if it holds real estate directly, as a result of defaults, or receives rental income from real estate holdings.

“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.

The Funds are distributed by Delaware Distributors L.P., an affiliate of Delaware Management Holdings, Inc., and Macquarie Group Limited.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 04/17/2014)

Institutional ClassPriceNet changeYTD
NAV$14.20-0.0711.71%
Max offer price$14.20n/an/a

Total net assets (as of 03/31/2014)

$229.3 million all share classes

Lipper ranking (as of 03/31/2014)

YTD ranking83 / 261
1 year63 / 242
3 years28 / 205
5 years114 / 175
10 years67 / 124
Lipper classificationReal Estate Funds

(View Lipper disclosure)

Literature

Prospectuses and reports

Benchmark, peer group

FTSE NAREIT Equity REITs Index (view)

Lipper Real Estate Funds Average (view)

Additional information