Delaware Total Return Fund

Key features

Seeks total return with a flexible exposure to securities throughout the capital structure that offer the potential for capital growth and current income

Provides diversification among different asset classes and across geographies consistent with a moderate investment risk tolerance

Strategic and tactical allocations made by an investment team with more than 30 years’ collective experience managing multi-asset portfolios

Daily pricing as of 10/27/2020

NAV
$14.50
NAV 1-day net change
-0.10
Max offer price
$14.50

Total net assets as of 09/30/2020

All share classes
$551.6 million

Overview

Fund information
Inception date04/01/2013
Dividends paid (if any)Monthly
Capital gains paid (if any)November or December
Fund identifiers
NASDAQFITUX
CUSIP24611D631

Benchmark and peer group

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

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

Bloomberg Barclays US Aggregate Index (view definition)

ICE BofA US Corporate, Government & Mortgage 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 (09/30/2020)

Returns for less than one year are not annualized.

Benchmark lifetime returns are as of the month end prior to the Fund's inception date.

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 (09/30/2020)

Returns for less than one year are not annualized.

Benchmark lifetime returns are as of the month end prior to the Fund's inception date.

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.

Morningstar ranking - as of 09/30/2020
YTD ranking 651 / 684
1 year 656 / 676
3 years 582 / 638
5 years 540 / 581
10 years n/a
Morningstar categoryMorningstar Allocation -- 50% to 70% Equity Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 09/30/2020
YTD ranking 564 / 587
1 year 561 / 584
3 years 467 / 531
5 years 439 / 488
10 years n/a
Lipper classificationLipper Mixed-Asset Target Allocation Moderate Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.87%
Net
0.87%

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2019
19.20%
2018
-7.54%
2017
12.06%
2016
6.74%
2015
-1.59%
2014
5.95%

Portfolio

Portfolio characteristics as of 09/30/2020

Number of holdings
567
Portfolio turnover (last fiscal year)
59%
Beta (relative to S&P 500 Index) (view definition)
0.68
SEC 30-day yield with waiver (view definition)
2.32%
SEC 30-day yield without waiver (view definition)
2.32%
Annualized standard deviation, 3 years (view definition)
12.64

Portfolio composition as of 09/30/2020
Total may not equal 100% due to rounding.

Large-cap value
41.7%
High yield
13.0%
Convertibles
12.8%
Opportunistic
9.6%
REITs
5.6%
Municipal
5.2%
International equity
4.4%
Investment grade
3.7%
International fixed income
3.1%
Cash and cash equivalents
1.0%

Top 10 equity holdings as of 09/30/2020

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
Ishares Russell Growth Etf Trust
4.18
Vanguard Mega Cap Growth Index Fun
4.17
Caterpillar Inc.
1.37
Verizon Communications Inc.
1.37
Archer Daniels Midland
1.37
Mondelez International Inc. Class A
1.36
Merck & Co. Inc.
1.35
Lowes Companies Inc.
1.34
Pfizer Inc.
1.34
Broadcom Inc.
1.34

Total % Portfolio in Top 10 holdings - 19.19%

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
0.287
2019
3.731
0.438
2018
1.520
0.425
2017
0.352
0.385
2016
0.300
0.341
2015
0.430
0.319
2014
0.668
0.336
2013
0.416
0.242
2012
0.000
0.000
2011
0.000
0.000
2010
0.000
0.000

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.

Total may not equal 100% due to rounding.

Management

Investment manager

Delaware Management Company (DMC)

Sub-advisor

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK)

Stefan Lowenthal- use this version

Stefan Löwenthal, CFA

  • Chief Investment Officer — Global Multi Asset Team
  • Start date on the Fund: June 2020
  • 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: June 2020
  • 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 expenses0.22%
Total annual fund operating expenses0.87%
Fee waivers and expense reimbursements1none
Total annual fund operating expenses after fee waivers and expense reimbursements0.87%

1 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 acquired fund fees and expenses, taxes, interest, short sale and dividend 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 0.91% of the Fund’s average daily net assets from Oct. 4, 2019 through Oct. 31, 2021. 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.

*The Fund's secondary benchmark, the ICE BofA US Corporate, Government & Mortgage Index was removed as of Oct. 4, 2019.

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.

The Fund's investment manager, Delaware Management Company (Manager), may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Global Limited (MIMGL). The Manager may also permit MIMEL, MIMGL, and Macquarie Funds Management Hong Kong Limited (MFMHKL) to execute Fund security trades on behalf of the Manager. The Manager may also permit MIMEL and MIMGL to exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial to utilize their specialized market knowledge, and the Manager may also seek quantitative support from MIMGL. MIMGL is also responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time.

Investing involves risk, including the possible loss of principal.

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 including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

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

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.

An exchange-traded fund (ETF) is a security that represents all the stocks on a given exchange. ETF shares can be bought, sold, short-sold, traded on margin, and generally function as if they were stocks.

Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

“Non-diversified” funds may allocate more of their net assets to investments in single securities than “diversified” funds. Resulting adverse effects may subject these funds to greater risks and volatility.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

Risk controls and asset allocation models do not promise any level of performance or guarantee against loss of principal. Each [Fund] has a different level of risk.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The potential abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

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.

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

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.