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 (if any)Quarterly
Capital gains paid (if any)November or December
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 (01/31/2017)

as of quarter-end (12/31/2016)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-0.51%9.16%10.67%9.46%3.84%9.15%11/11/1997
FTSE NAREIT Equity REITs Index0.11%12.41%11.90%10.63%4.25%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-2.67%5.60%12.18%10.92%4.81%9.22%11/11/1997
FTSE NAREIT Equity REITs Index-2.89%8.52%13.38%12.01%5.08%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
Gross1.07%
Net1.07%
Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
20164.53%5.55%-1.67%-2.67%5.60%
20154.54%-10.42%3.09%7.17%3.47%
20149.82%6.58%-3.25%14.09%29.20%
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%

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

Portfolio characteristics - as of 01/31/2017FTSE NAREIT Equity REITs Index
Number of holdings50159
Market cap (median)$6.42 billion$3.04 billion
Market cap (weighted average)$17.07 billion$15.69 billion
Portfolio turnover (last fiscal year)111%%
Beta (relative to FTSE NAREIT Equity REITs Index) (view definition)0.97n/a
Annualized standard deviation, 3 years (view definition)14.51n/a
Portfolio composition as of 01/31/2017Total may not equal 100% due to rounding.
Domestic equities95.6%
Cash and cash equivalents4.4%
Top 10 equity holdings as of 01/31/2017
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
Simon Property Group Inc.7.9%
Equinix Inc.5.4%
Vornado Realty Trust4.7%
AvalonBay Communities Inc.4.0%
Prologis Inc.3.6%
GGP Inc.3.1%
UDR Inc.2.9%
Host Hotels & Resorts Inc.2.8%
Digital Realty Trust Inc.2.8%
Apartment Investment & Management Co.2.7%
Total % Portfolio in Top 10 holdings39.9%

Equity sectors as of 01/31/2017

List excludes cash and cash equivalents.

SectorFundBenchmark
Apartments14.8%0.0%
Regional malls12.4%0.0%
Office10.8%0.0%
Healthcare9.6%0.0%
Tech9.6%0.0%
Shopping centers9.4%0.0%
Diversified7.9%0.0%
Industrial6.3%0.0%
Lodging5.6%0.0%
Freestanding3.7%0.0%
Self storage3.7%0.0%
Manufactured homes1.2%0.0%
Specialty0.8%0.0%
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
YearCapital gains3Net investment
income
Return of
capital
20170.0000.0000.000
20162.8680.2210.000
20151.6050.2550.000
20140.7150.3160.000
20130.4390.2740.000
20120.0000.2470.000
20110.0000.2130.000
20100.0000.2000.000
20090.0000.2700.000
20080.0000.3380.000
20073.5830.4250.000

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 (if any) 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. 

Bob Zenouzi

Bob Zenouzi 

Senior Vice President, Chief Investment Officer — Real Estate Securities and Income Solutions (RESIS)

Start date on the Fund: May 2006

Years of industry experience: 30

(View bio)


Damon Andres

Damon J. Andres, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: January 1997

Years of industry experience: 26

(View bio)


Scott Hastings

Scott P. Hastings, CFA, CPA

Vice President, Portfolio Manager

Start date on the Fund: July 2016

Years of industry experience: 14

(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 expenses0.32%
Total annual fund operating expenses1.07%
Fee waivers and expense reimbursementsnone
Total annual fund operating expenses after fee waivers and expense reimbursements1.07%

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.

All third-party marks cited are the property of their respective owners.

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 02/17/2017)

Institutional ClassPriceNet change
NAV$11.780.01
Max offer price$11.78n/a

Total net assets (as of 01/31/2017)

$149.5 million all share classes

Overall Morningstar RatingTM

 
Institutional Class shares (as of 01/31/2017)
RatingNo. of funds
Overall4238
3 Yrs3238
5 Yrs3208
10 Yrs4138
Morningstar categoryReal Estate

(View Morningstar disclosure)

Morningstar ranking (as of 01/31/2017)

YTD ranking172 / 275
1 year176 / 268
3 years127 / 238
5 years103 / 208
10 years47 / 138
Morningstar categoryReal Estate

(View Morningstar disclosure)

Lipper ranking (as of 01/31/2017)

YTD ranking175 / 281
1 year176 / 268
3 years126 / 238
5 years106 / 210
10 years48 / 135
Lipper classificationReal Estate Funds

(View Lipper disclosure)

Benchmark, peer group

FTSE NAREIT Equity REITs Index (view definition)

Morningstar Real Estate Category (view definition)

Lipper Real Estate Funds Average (view definition)

Additional information