Delaware Smid Cap Growth Fund**

Objective

Delaware Smid Cap Growth Fund seeks long-term capital appreciation.

Strategy

The Fund invests primarily in common stocks of growth-oriented companies that the team believes have long-term capital appreciation potential and expects to grow faster than the U.S. economy. The team particularly seeks small to mid-sized companies.

Fund information
Inception date11/09/1992
Dividends paid*Annually
Capital gains paid*December

*If any.

Fund identifiers
NASDAQDFDIX
CUSIP245906201

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)-4.33%22.35%12.26%25.87%10.27%14.02%11/09/1992
Russell 2500 Growth Index1.04%26.66%13.93%25.82%9.64%n/a
Average annual total return as of quarter-end (03/31/2014)
QTDYTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-4.33%-4.33%22.35%12.26%25.87%10.27%14.02%11/09/1992
Russell 2500 Growth Index1.04%1.04%26.66%13.93%25.82%9.64%n/a

Returns for less than one year are not annualized.

Expense ratio
Gross0.94%
Net0.94%
Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
2014-4.33%n/an/an/an/a
201310.41%4.10%10.61%11.06%41.20%
201217.00%-5.99%2.59%-1.94%10.65%
201114.41%3.26%-15.84%8.92%8.28%
20104.86%-1.73%14.72%14.57%35.43%
20090.54%14.93%17.01%7.16%44.89%
2008-13.89%6.23%-13.78%-25.76%-41.44%
20075.01%7.95%2.91%-3.40%12.68%
20069.10%-5.94%-2.94%5.68%5.25%
2005-3.59%3.50%5.35%4.96%10.33%
20042.98%-0.23%-5.52%15.88%12.49%

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

Portfolio characteristics - as of 03/31/2014
Share assets$249.9 million
Number of holdings27
Market cap (median)$3.11 billion
Market cap (weighted average)$4.54 billion
Portfolio turnover (last fiscal year)14%
P/E ratio (weighted average FY1) (view definition)20.24x
Beta (relative to Russell 2500 Growth Index) (view definition)0.82
Annualized standard deviation, 3 years (view definition)14.85
Portfolio composition as of 03/31/2014Total may not equal 100% due to rounding.
Domestic equities93.0%
International equities & depository receipts6.2%
Cash and cash equivalents0.7%
Top 10 holdings as of 03/31/2014
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
MSCI Inc.5.4%
Core Laboratories NV5.3%
SBA Communications Corp.5.3%
j2 Global Inc.5.0%
DineEquity Inc.4.9%
Heartland Payment Systems Inc.4.8%
Graco Inc.4.7%
TECHNE Corp.4.7%
VeriFone Systems Inc.4.7%
Affiliated Managers Group Inc.4.6%
Total % Portfolio in Top 10 holdings49.4%
Top sectors as of 03/31/2014
List excludes cash and cash equivalents.
Sector% of portfolio
Technology26.2%
Consumer Discretionary22.7%
Financial Services18.8%
Producer Durables11.3%
Health Care10.0%
Energy5.3%
Utilities5.0%
Distribution history - annual distributions (Institutional Class)
Distributions ($ per share)
YearCapital gainsDividends
20140.0000.000
20131.0790.000
20121.5820.000
20110.9460.000
20100.9380.263
20090.0000.000
20081.6920.000
20072.7520.000
20061.6040.000
20051.0250.000
20040.0000.000

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

Chris Bonavico

Christopher J. Bonavico, CFA

Senior Portfolio Manager, Equity Analyst

Start date on the Fund: January 2010

(View bio)


Ken Broad

Kenneth F. Broad, CFA

Senior Portfolio Manager, Equity Analyst

Start date on the Fund: January 2010

(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 fees0.71%
Distribution and service (12b-1) feesnone
Other expenses0.23%
Total annual fund operating expenses0.94%
Fee waivers and expense reimbursementsnone
Total annual fund operating expenses after fee waivers and expense reimbursements0.94%

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

**As of Feb. 24, 2012, Delaware Smid Cap Growth Fund is closed to new investors. Existing shareholders of the Fund; certain retirement plans and IRA transfers and rollovers from these plans; and certain advisory or fee-based programs sponsored by and/or controlled by financial intermediaries where the financial intermediary has entered into an arrangement with the Fund’s Distributor or transfer agent (mutual fund wrap accounts) may continue to purchase shares. Please read the latest prospectus and summary prospectus 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 800 362-7500. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

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

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$33.620.16-6.71%
Max offer price$33.62n/an/a

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

$1.3 billion all share classes

Lipper ranking (as of 03/31/2014)

YTD ranking409 / 416
1 year239 / 376
3 years131 / 343
5 years24 / 289
10 years30 / 208
Lipper classificationMid-Cap Growth Funds

(View Lipper disclosure)

Literature

Prospectuses and reports

Benchmark, peer group

Russell 2500 Growth Index (view)

Lipper Mid-Cap Growth Funds Average (view)

Additional information