Delaware U.S. Growth Fund

Objective

Delaware U.S. Growth Fund seeks long-term capital appreciation by investing in equity securities of companies we believe have the potential for sustainable free cash flow growth.

Strategy

The Fund invests in stocks of medium- to large-sized companies that are believed to have long-term capital appreciation potential and are expected to grow faster than the U.S. economy.

Fund information
Inception date02/03/1994
Dividends paid (if any)Annually
Capital gains paid (if any)December
Fund identifiers
NASDAQDEUIX
CUSIP245917802

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 (08/31/2014)
YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)6.74%24.78%19.79%18.98%9.65%7.79%02/03/1994
Russell 1000 Growth Index9.48%26.29%19.94%17.82%9.20%n/a
Average annual total return as of quarter-end (06/30/2014)
QTDYTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)5.17%5.13%28.12%17.92%20.34%8.77%7.78%02/03/1994
Russell 1000 Growth Index5.13%6.31%26.92%16.26%19.24%8.20%n/a

Returns for less than one year are not annualized.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Expense ratio
Gross0.84%
Net0.84%
Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
2014-0.04%5.17%n/an/an/a
201310.05%0.05%9.81%10.98%34.19%
201215.94%-5.21%6.29%-0.70%15.99%
20115.98%1.71%-10.34%11.75%8.00%
20102.45%-11.44%14.86%9.65%14.27%
2009-0.11%15.60%12.82%10.77%44.30%
2008-11.03%-3.85%-15.00%-22.31%-43.51%
20070.49%4.21%8.08%0.00%13.19%
20063.91%-6.06%-0.89%6.06%2.61%
2005-4.04%4.38%9.71%3.68%13.93%
20040.68%-3.47%-3.95%10.78%3.41%

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

Portfolio characteristics - as of 08/31/2014
Share assets$2883.2 million
Number of holdings31
Market cap (median)$44.42 billion
Market cap (weighted average)$89.89 billion
Portfolio turnover (last fiscal year)23%
Beta - (relative to Russell 1000 Growth Index) (view definition)0.98
Annualized standard deviation, 3 years (view definition)12.49
Portfolio composition as of 08/31/2014Total may not equal 100% due to rounding.
Domestic equities90.9%
International equities & depository receipts6.6%
Cash and cash equivalents2.5%
Top 10 holdings as of 08/31/2014
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
Celgene Corp.5.9%
Microsoft Corp.5.1%
Visa Inc.4.9%
EOG Resources Inc.4.8%
Allergan Inc.4.7%
MasterCard Inc.4.7%
QUALCOMM Inc.4.5%
Crown Castle International Corp.4.4%
eBay Inc.4.2%
Priceline Group Inc.4.1%
Total % Portfolio in Top 10 holdings47.3%
Top sectors as of 08/31/2014
List excludes cash and cash equivalents.
Sector% of portfolio
Technology27.5%
Consumer Discretionary22.4%
Financial Services16.8%
Health Care15.3%
Energy10.0%
Consumer Staples4.0%
Materials & Processing1.4%
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
YearCapital gains3Net investment
income
20140.0000.000
20130.0000.019
20120.0000.028
20110.0000.021
20100.0000.022
20090.0000.009
20080.0000.017
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.

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

Investment manager

Delaware Management Company, a series of Delaware Management Business Trust

Sub-advisors

Jackson Square Partners, LLC


Jeff VanHarte

Jeffrey S. Van Harte, CFA

Chairman, Chief Investment Officer — Jackson Square Partners, LLC

Start date on the Fund: April 2005

Years of industry experience: 33

(View bio)


Chris Bonavico

Christopher J. Bonavico, CFA

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: April 2005

Years of industry experience: 26

(View bio)


Daniel J. Prislin, CFA

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: April 2005

Years of industry experience: 21

(View bio)


Chris Ericksen

Christopher M. Ericksen, CFA

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Start date on the Fund: September 2005

Years of industry experience: 20

(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 fees0.60%
Distribution and service (12b-1) feesnone
Other expenses0.24%
Total annual fund operating expenses0.84%
Fee waivers and expense reimbursementsnone
Total annual fund operating expenses after fee waivers and expense reimbursements0.84%

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

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 total annual fund operating expenses from exceeding 0.85% of the Fund's average daily net assets from Feb. 27, 2014 through Feb. 27, 2015. These waivers and reimbursements may only be terminated by agreement of the Manager or the Distributor, as applicable, and the Fund.

Jackson Square Partners, LLC (JSP) is the sub-advisor to the Fund. As sub-advisor, JSP is responsible for day-to-day management of the Fund’s assets. Although JSP serves as sub-advisor, the investment manager, Delaware Management Company, a series of Delaware Management Business Trust, has ultimate responsibility for all investment advisory services with JSP.

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.

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 09/19/2014)

Institutional ClassPriceNet changeYTD
NAV$26.61-0.046.70%
Max offer price$26.61n/an/a

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

$3.3 billion all share classes

Lipper ranking (as of 08/31/2014)

YTD ranking468 / 738
1 year374 / 726
3 years166 / 614
5 years34 / 546
10 years76 / 386
Lipper classificationLarge-Cap Growth Funds

(View Lipper disclosure)

Benchmark, peer group

Russell 1000® Growth Index (view)

Lipper Large-Cap Growth Funds Average (view)

Additional information