Delaware Wealth Builder Fund*

Key features

  • Focus on competitive yields and long-term capital appreciation
  • Flexibility to invest in securities throughout the capital structure and across geographies
  • Leverages collective expertise of multiple portfolio management teams
Fund information
Inception date12/02/1996
Dividends paid (if any)Monthly
Capital gains paid (if any)November or December
Fund identifiers
NASDAQDDIAX
CUSIP24610B107
Investment minimums
Initial investment$1,000
Subsequent investments$100
Systematic withdrawal balance$5,000
Account features
Payroll deductionYes
IRAsYes

On Sept. 25, 2014, Class B shares of the Fund converted to Class A shares.

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 (10/31/2019)

as of quarter-end (09/30/2019)

YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)13.47%8.50%5.56%4.20%8.26%7.46%12/02/1996
Max offer price6.96%2.28%3.50%2.98%7.62%7.18%
60% S&P 500 Index / 40% Bloomberg Barclays US Agg. Index17.50%13.64%10.35%7.91%9.84%n/a
S&P 500 Index23.16%14.33%14.91%10.78%13.70%n/a
1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)2.09%3.57%4.75%4.26%8.22%7.45%12/02/1996
Max offer price-3.79%-2.39%2.71%3.04%7.58%7.17%
60% S&P 500 Index / 40% Bloomberg Barclays US Agg. Index1.96%7.10%9.32%8.00%9.59%n/a
S&P 500 Index1.70%4.25%13.39%10.84%13.24%n/a

Returns for less than one year are not annualized.

Class A shares have a maximum up-front sales charge of 5.75% and are subject to an annual distribution fee.

The primary benchmark index for the Fund has been changed to a blended index to better reflect the nature of the underlying securities held by the Fund.

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
Gross1.09%
Net1.09%
Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
20198.22%2.00%2.09%n/an/a
2018-3.05%1.17%2.95%-8.10%-7.20%
20172.56%1.59%2.31%2.38%9.13%
20160.95%5.09%2.16%0.70%9.13%
20151.48%-1.91%-5.42%3.49%-2.57%
20142.61%4.28%-0.66%1.50%7.88%
20138.03%1.34%3.15%5.99%19.70%
20127.52%-0.57%4.24%1.98%13.65%
20115.86%0.39%-11.31%8.31%2.08%
20104.04%-5.76%8.65%6.55%13.50%
2009-3.66%15.58%14.72%6.81%36.43%
Portfolio characteristics - as of 10/31/201960% S&P 500® Index / 40% Bloomberg Barclays US Agg. Index
Number of holdings481n/a
Portfolio turnover (last fiscal year)57%%
Beta, 3 years (relative to 60% S&P 500® Index / 40% Bloomberg Barclays US Agg. Index) (view definition)0.95n/a
SEC 30-day yield with waiver (view definition)1.95%
SEC 30-day yield without waiver (view definition)1.95%
Annualized standard deviation, 3 years (view definition)7.18n/a
Portfolio composition as of 10/31/2019Total may not equal 100% due to rounding.
Large-cap value39.5%
Convertibles10.9%
Opportunistic9.8%
High yield9.2%
REITs8.9%
Municipal7.1%
Investment grade4.8%
International equity3.8%
Cash and cash equivalents3.7%
International fixed income2.4%
Top 10 equity holdings as of 10/31/2019

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

List may exclude cash, cash equivalents, and exchanged-traded funds (ETFs) that are used for cash management purposes.

Holding% of portfolio
Brookdale Senior Living Inc.1.64%
Archer Daniels Midland1.27%
Bank of New York Mellon Corp.1.26%
Cigna Corp.1.26%
Marsh & Mclennan Inc.1.26%
Broadcom Inc.1.23%
Merck & Co. Inc.1.22%
Abbott Laboratories1.22%
Intel Corporation Corp.1.22%
CVS Health Corp.1.22%
Total % Portfolio in Top 10 holdings12.80%
Distribution history - annual distributions (Class A)1,2
Distributions ($ per share)
YearCapital gains3Net investment
income
20190.0000.301
20180.8170.354
20170.0490.339
20160.0000.271
20150.0000.327
20140.0000.342
20130.0000.279
20120.0000.356
20110.0000.352
20100.0000.370
20090.0000.400

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.

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: 33

(View bio)


Damon Andres

Damon J. Andres, CFA

Vice President, Senior Portfolio Manager

Start date on the Fund: December 1996

Years of industry experience: 28

(View bio)


You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Delaware Funds® by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

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 price5.75%
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lowernone
Annual fund operating expenses
Management fees0.64%
Distribution and service (12b-1) fees0.25%
Other expenses0.20%
Total annual fund operating expenses1.09%
Fee waivers and expense reimbursementsnone
Total annual fund operating expenses after fee waivers and expense reimbursements1.09%
This commentary is currently not available. Please check back later.

Delaware Wealth Builder Fund* Quarterly commentary March 31, 2018

Market Review

Equity markets began 2018 with one of the strongest starts to a year in recent memory. However, in early February, a sudden and volatile selloff led markets to give back their year-to-date gains and then some. February and March then featured significantly more volatile daily equity market movements. The sharp change in sentiment was prompted by rising concerns about inflation, nervousness about President Trump’s announcement of tariffs on aluminum and steel imports, and growing fears of a US-China trade war. On top of that, the US Federal Reserve raised interest rates in late March, and a variety of technology stock-related issues made headlines as the first quarter drew to a close.

With US equity market valuations at historic highs, economic data must continually improve to propel markets higher, in our view. Over the last 18 months, the large-cap technology stocks known as FANGs — Facebook, Amazon, Netflix, and Alphabet (Google) — led the market and now make up 25% of the S&P 500® Index, their highest weighting since 2000. Towards the end of the quarter, however, President Trump’s tweets about Amazon’s tax-collection policies, revelations about Facebook’s lack of privacy safeguards, and issues concerning production and debt at Tesla, led investors to forsake the FANGs, bringing the sky-high valuations of technology stocks down to earth. Given how widespread the selling was, equity markets could be in for a broad spring decline as investors assess peaking global economic data and regulators scrutinize the need for new privacy-protection measures.

Within the Fund

Both US and international indices ended the first quarter in mildly negative territory. Fixed income markets were just as subdued, given that both investment grade and high yield bonds finished the quarter in the negative column as well.

  • The Fund’s allocation in real estate investment trusts (REITs) was the primary detractor from relative performance during the quarter. US real estate markets trailed equities as investors worried about rising rates affecting higher-yielding equities.
  • The Fund’s equity positions, large-cap value and international equity, also detracted from relative returns during the quarter. On average, the returns of these asset classes in the Fund underperformed the returns of its primary benchmark a blend of the S&P 500 Index (60%) and the Bloomberg Barclays US Aggregate Index (40%), and its secondary benchmark, the S&P 500 Index, during the quarter. Together, these two asset classes made up more than 48% of the Fund at the end of the quarter.
  • The Fund’s exposure to high yield bonds and investment grade also hurt relative performance during the quarter.
  • The Fund’s investments in convertibles and municipal bonds were modest contributors to relative returns during the quarter.

Outlook

The fourth quarter of 2017 demonstrated, in our opinion, that valuations were at the extreme end of historical standards and markets were priced for perfection. As February began, however, markets received a dose of reality as challenges including trade tariffs and regulating the mega-cap technology companies caused the first real correction in more than a year. With volatility now rising given these issues, as well as the continued tightening of monetary conditions, we believe the multiple expansion will be difficult to achieve moving forward. In our view, tariffs are never good regardless of how they’re interpreted, as most industries and consumers are likely to feel the negative effects of higher prices from a trade war. Whether this is favorable for the United States in the long term, markets are likely to become more sensitive to this issue as China, Mexico, and any other countries affected will respond accordingly, in our view. Leaders in this market have been large-cap technology stocks, now 24% of the S&P 500 Index, their highest weight since 2000. We think any hazards for their business models will likely cause investors to pause given their high valuations (Netflix and Tesla do not make money, while Amazon makes a 2% margin on retail). Additionally, when market leadership is threatened, volatility rises and markets act poorly. Although the earnings season is approaching and the estimates due to tax cuts have increased, so have stock buybacks and leverage in corporate America. Interestingly, economic data are rolling over in Europe and seem to be peaking in the US. With valuations off the peak but still high, we think earnings guidance from US companies, which are outperforming international companies, could be important to calm investors’ nerves and resume the bull market higher.

Past performance is not a guarantee of future results.

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

The S&P 500 Index measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

The Bloomberg Barclays US Aggregate Index is a broad composite that tracks the investment grade domestic bond market.

[480084] 04/18

The views expressed represent the Manager's assessment of the Fund and market environment as of the date indicated, and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice. Information is as of the date indicated and subject to change.

Document must be used in its entirety.

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 877 693-3546. Investors should read the prospectus and the summary prospectus carefully before investing.

The Fund’s investment manager, Delaware Management Company (Manager), may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.

Investing involves risk, including the possible loss of principal.

* Investment in the Fund does not in any way provide an indication of future performance or a guarantee of positive returns.

The Fund may invest up to 45% of its net assets in high yield, higher-risk corporate bonds.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.

International investments entail risks not ordinarily associated with US 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.

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

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 11/15/2019)

Class APriceNet change
NAV$14.020.07
Max offer price$14.88n/a

Total net assets (as of 10/31/2019)

$512.2 million all share classes

Morningstar ranking (as of 10/31/2019)

YTD ranking538 / 703
1 year585 / 703
3 years604 / 646
5 years493 / 572
10 years180 / 418
Morningstar categoryMorningstar Allocation -- 50% to 70% Equity Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking (as of 10/31/2019)

YTD ranking200 / 547
1 year265 / 542
3 years297 / 471
5 years142 / 345
10 years30 / 168
Lipper classificationLipper Flexible Portfolio Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Benchmark, peer group

60% S&P 500® Index / 40% Bloomberg Barclays US Aggregate Index (Primary) (view definition)

S&P 500® Index (Secondary) (view definition)

Morningstar Allocation — 50% to 70% Equity Category (view definition)

Lipper Flexible Portfolio Funds Average (view definition)

Additional information