Delaware Strategic Allocation Fund(formerly, Delaware Foundation® Moderate Allocation Fund)

Key features

Dynamic asset allocation approach that aims to provide investors with capital appreciation and diversification

Seeks to capture attractive investment opportunities around the world

Experienced asset allocation team leveraging specialized experts across asset classes

Daily pricing as of 05/22/2020

NAV
NAV 1-day net change
Max offer price
$9.87

Total net assets as of 04/30/2020

All share classes
$222.4 million

Overview

Fund information
Inception date12/31/1997
Dividends paid (if any)Quarterly
Capital gains paid (if any)December
Fund identifiers
NASDAQDFFIX
CUSIP245918800

Benchmark and peer group

S&P 500® Index (view definition)

Bloomberg Barclays US Aggregate Index (view definition)

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

Lipper Mixed-Asset Target Allocation Moderate Funds Average (view definition)

Performance

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 (04/30/2020)

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.

Performance shown prior to Oct. 4, 2019, are as of the predecessor fund and investment team. Please see the Updated Significant Fund Event and prospectus for more information.

Average annual total return as of quarter-end (03/31/2020)

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.

Performance shown prior to Oct. 4, 2019, are as of the predecessor fund and investment team. Please see the Updated Significant Fund Event and prospectus for more information.

Overall Morningstar RatingTM

Institutional Class shares - as of 04/30/2020

RatingNo. of funds
Overall2643
3 years2643
5 years2561
10 years2413
Morningstar categoryMorningstar Allocation -- 50% to 70% Equity Category
 

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 04/30/2020
YTD ranking 564 / 705
1 year 558 / 687
3 years 515 / 643
5 years 450 / 561
10 years 335 / 413
Morningstar categoryMorningstar Allocation -- 50% to 70% Equity Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 04/30/2020
YTD ranking 446 / 601
1 year 470 / 591
3 years 417 / 539
5 years 354 / 479
10 years 211 / 361
Lipper classificationLipper Mixed-Asset Target Allocation Moderate Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.96%
Net
0.90%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from from July 29, 2019 to July 29, 2020. Please see the fee table in the Fund's prospectus for more information.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2019
16.11%
2018
-6.25%
2017
13.58%
2016
6.08%
2015
-1.03%
2014
4.44%
2013
14.07%
2012
11.67%
2011
0.22%
2010
11.36%

Portfolio

Portfolio characteristics as of 04/30/2020

Number of holdings
875
Portfolio turnover (last fiscal year)
97%
SEC 30-day yield with waiver (view definition)
2.35%
SEC 30-day yield without waiver (view definition)
2.26%
Annualized standard deviation, 3 years (view definition)
10.85
Asset allocations* (as of 04/30/2020)
Range Strategic policy weight Actual**
Equity asset class (total) 40-70% 60% 61.1%
U.S. equity asset class 10-40% 30% 32.5%
U.S. large-cap core 8.2%
U.S. large-cap growth 10.0%
U.S. large-cap value 8.0%
U.S. small-cap core 6.3%
U.S. small-cap growth 0.0%
U.S. small-cap value 0.0%
International equity asset class 10-40% 22.5% 19.0%
International growth 19.1%
International value -0.1%
International small-cap growth 0.0%
Global real estate equity asset class 0-15% 0% 1.9%
U.S. real estate 1.9%
Global ex-U.S. real estate
0.0%
Emerging markets asset class 0-15% 7.5% 7.7%
Emerging markets 7.7%
Emerging markets small-cap 0.0%
Emerging markets opportunities 0.0%
Fixed income asset class (total) 30-60% 40% 38.9%
Diversified fixed income asset class 30-60% 40% 38.9%
Diversified fixed income 20-50% 38% 38.9%
Money market / cash equivalents 0-15% 2% 0.0%

*The percentages listed in this chart for "Range," "Strategic policy weight," and "Actual" represent the proportion of the Fund's assets allocated to the portfolio manager responsible for investing in a particular asset class or investment style. Each individual manager is responsible for determining how his or her assets are invested, subject to the constraints outlined in the Fund's prospectus. The "Range" and "Strategic policy weight" are as of the prospectus date.

**Total may not equal 100% due to rounding.

Top 10 equity holdings as of 04/30/2020

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

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

Holding
% of portfolio
Holding
% of portfolio
Microsoft Corp.
1.02
Reliance Industries Gdr Representi
0.78
Amazon Com Inc.
0.70
Tencent Holdings Ltd.
0.59
Samsung Electronics Ltd.
0.58
Taiwan Semiconductor Manufacturing
0.57
Alibaba Group Holding Adr Represen
0.56
Alphabet Inc. Class A
0.55
Roche Holding Par AG
0.52
Nestle S.A.
0.50

Total % Portfolio in Top 10 holdings - 6.37%

List of monthly holdingsList of quarterly holdings

Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2020
0.000
0.054
2019
0.682
0.225
2018
0.491
0.230
2017
0.668
0.237
2016
0.145
0.234
2015
0.632
0.222
2014
0.963
0.282
2013
0.652
0.184
2012
0.000
0.213
2011
0.000
0.257
2010
0.000
0.236

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.

Management

Stefan Lowenthal- use this version

Stefan Löwenthal, CFA

  • Chief Investment Officer — Global Multi Asset Team
  • Start date on the Fund: January 2019
  • Years of industry experience: 12
  • Read bio
Jurgen Wurzer

Jürgen Wurzer, CFA

  • Deputy Head of Portfolio Management, Senior Investment Manager — Global Multi Asset Team
  • Start date on the Fund: January 2019
  • Years of industry experience: 13
  • Read bio

Fees

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 fees0.65%
Distribution and service (12b-1) feesnone
Other expenses0.31%
Total annual fund operating expenses0.96%
Fee waivers and expense reimbursements1(0.06%)
Total annual fund operating expenses after fee waivers and expense reimbursements0.90%

1 “Other expenses” have been restated to reflect future lower operating expenses.

2 The 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, acquired fund fees and expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, 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 0.90% of the Fund's average daily net assets from July 29, 2019 through July 29, 2020. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Resources

Institutional Class shares are available only 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 under the Resources section, or calling 877 693-3546. Investors should read the prospectus and the summary prospectus carefully before investing.

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 are located under the Resources section, or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Jackson Square Partners, LLC (JSP), a U.S. registered investment advisor, is the sub-advisor to the Fund. As sub-advisor, JSP is responsible for day-to-day management of the Fund’s assets. Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (MIMBT), has ultimate responsibility for all investment advisory services.

The Fund's investment manager, Delaware Management Company (Manager), may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

Investing involves risk, including the possible loss of principal.

This Fund is subject to the same risks as the underlying investment styles in which it invests.

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.

If and when the Fund invests in forward foreign currency contracts or uses other investments to hedge against currency risks, the Fund will be subject to special risks, including counterparty risk.

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.

Risk controls and asset allocation models do not promise any level of performance or guarantee against 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.

The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

LIBOR risk is the risk that potential changes related to the use of the London Interbank Offered Rate (LIBOR) could have adverse impacts on financial instruments which reference LIBOR. The potential abandonment of LIBOR could affect the value and liquidity of instruments which reference LIBOR.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

Not FDIC Insured • No Bank Guarantee • May Lose Value

You can check the background of your investment professional on FINRA's BrokerCheck.

Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

You can check the background of your investment professional on FINRA's BrokerCheck.