Delaware Small Cap Core Fund

Objective

Delaware Small Cap Core Fund seeks long-term capital appreciation.

Strategy

The Fund invests in stocks of small companies believed to have a combination of attractive valuations, growth prospects, and strong cash flows.

Fund information
Inception date12/29/1998
Dividends paid*Annually
Capital gains paid*December

*If any.

Fund identifiers
NASDAQDCCIX
CUSIP24610B859

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 (06/30/2014)
YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)4.84%29.53%16.78%22.00%9.67%11.47%12/29/1998
Russell 2000 Index3.19%23.64%14.57%20.21%8.70%n/a
Average annual total return as of quarter-end (06/30/2014)
QTDYTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)3.37%4.84%29.53%16.78%22.00%9.67%11.47%12/29/1998
Russell 2000 Index2.05%3.19%23.64%14.57%20.21%8.70%n/a

Returns for less than one year are not annualized.

Prior to Aug. 1, 2005, the Fund had not engaged in a broad distribution effort of its shares and had been subject to limited redemption requests. 12b-1 fees were waived for this period. Had 12b-1 fees been applied, performance would have been lower. Expense waivers were in effect for the periods shown. Performance would have been lower if waivers did not apply.

Expense ratio
Gross1.06%
Net1.06%
Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
20141.43%3.37%n/an/an/a
201313.10%2.52%13.14%9.20%43.24%
201212.55%-3.13%5.04%0.96%15.62%
20117.92%1.61%-21.97%17.55%0.58%
20109.19%-9.28%10.77%17.32%28.72%
2009-12.23%20.67%15.99%3.67%27.35%
2008-12.51%0.30%0.20%-26.15%-35.07%
20071.11%6.93%-3.76%-8.25%-4.52%
200613.25%-3.34%-0.41%7.38%17.06%
2005-4.37%5.15%5.18%-0.30%5.44%
20045.81%-0.15%0.92%13.87%21.39%

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

Portfolio characteristics - as of 06/30/2014
Share assets$143.1 million
Number of holdings139
Market cap (median)$1.66 billion
Market cap (weighted average)$1.93 billion
Portfolio turnover (last fiscal year)38%
Beta (relative to Russell 2000 Index) (view definition)0.99
Annualized standard deviation, 3 years (view definition)16.94
Portfolio composition as of 06/30/2014Total may not equal 100% due to rounding.
Domestic equities94.3%
Cash and cash equivalents3.9%
International equities & depository receipts1.8%
Top 10 holdings as of 06/30/2014
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
Tenneco Inc.1.3%
InterMune Inc.1.2%
G-III Apparel Group Ltd.1.2%
Jack in the Box Inc.1.1%
Iconix Brand Group Inc.1.1%
Carrizo Oil & Gas Inc.1.1%
RigNet Inc.1.1%
ICON PLC1.1%
Buffalo Wild Wings Inc.1.0%
Popeyes Louisiana Kitchen Inc.1.0%
Total % Portfolio in Top 10 holdings11.2%

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

Top sectors as of 06/30/2014
List excludes cash and cash equivalents.
Sector% of portfolio
Finance16.3%
Technology15.3%
Health Care13.0%
Capital Goods8.9%
Basic Materials6.5%
Energy6.2%
Reit5.8%
Business Services5.5%
Consumer Services4.4%
Consumer Discretionary3.8%
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
YearCapital gains3Net investment
income
20140.0000.000
20130.4980.000
20120.0000.044
20110.0000.000
20100.0000.070
20090.0000.005
20080.0000.032
20070.4920.000
20060.4200.000
20050.2300.030
20044.2520.025

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.

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

Francis X. Morris

Francis X. Morris 

Senior Vice President, Chief Investment Officer – Core Equity

Start date on the Fund: November 2004

(View bio)


Chris Adams

Christopher S. Adams, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: November 2004

(View bio)


Mike Morris

Michael S. Morris, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: November 2004

(View bio)


Donb Padilla

Donald G. Padilla, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: November 2004

(View bio)


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

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 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.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

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.

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.

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 07/23/2014)

Institutional ClassPriceNet changeYTD
NAV$20.00-0.021.94%
Max offer price$20.00n/an/a

Total net assets (as of 06/30/2014)

$310.5 million all share classes

Lipper ranking (as of 06/30/2014)

YTD ranking253 / 782
1 year38 / 750
3 years78 / 667
5 years80 / 589
10 years103 / 360
Lipper classificationSmall-Cap Core Funds

(View Lipper disclosure)

Benchmark, peer group

Russell 2000® Index (view)

Lipper Small-Cap Core Funds Average (view)

Additional information