Delaware Select Growth Fund*

Key features

Differentiated approach to growth investing with an emphasis on intrinsic business value and the cash economics of a business

Concentrated, actively managed approach

Long-term investment horizon focused on generating attractive risk-adjusted returns

Daily pricing as of 05/22/2020

NAV
NAV 1-day net change
Max offer price
$38.63

Total net assets as of 04/30/2020

All share classes
$261.0 million

Overview

Fund information
Inception date08/28/1997
Dividends paid (if any)Annually
Capital gains paid (if any)November or December
Fund identifiers
NASDAQVAGGX
CUSIP928931757

Benchmark and peer group

Russell 3000® Growth Index (view definition)

Morningstar Large Growth Category (view definition)

Lipper Multi-Cap Growth 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
Overall21237
3 years21237
5 years21084
10 years2813
Morningstar categoryMorningstar Large Growth Category
 

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 04/30/2020
YTD ranking 973 / 1379
1 year 1192 / 1350
3 years 933 / 1237
5 years 992 / 1084
10 years 603 / 813
Morningstar categoryMorningstar Large Growth Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 04/30/2020
YTD ranking 349 / 545
1 year 443 / 537
3 years 328 / 481
5 years 348 / 412
10 years 180 / 292
Lipper classificationLipper Multi-Cap Growth Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
1.00%
Net
1.00%

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2019
27.73%
2018
-2.45%
2017
22.53%
2016
-1.64%
2015
-0.21%
2014
7.05%
2013
31.84%
2012
15.60%
2011
7.70%
2010
26.58%

Portfolio

Portfolio characteristics as of 04/30/2020

Number of holdings
71
Market cap (median) Source: FactSet
$21.3 billion
Market cap (weighted average) Source: FactSet
$258.8 billion
Portfolio turnover (last fiscal year)
48%
Beta (relative to Russell 3000 Growth Index) (view definition)
0.99
Annualized standard deviation, 3 years (view definition)
18.32

Portfolio composition as of 04/30/2020
Total may not equal 100% due to rounding.

Domestic equities
85.9%
International equities & depositary receipts
8.4%
Cash and cash equivalents
5.8%

Top 10 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. Please see the Fund's complete list of holdings for more information.

Holdings based by issuer.

Holding
% of portfolio
Holding
% of portfolio
MICROSOFT CORP
10.45
NEW YORK TIMES COMPANY (THE)
4.60
Visa Inc.
4.23
BALL CORP
3.80
ACXIOM LLC
3.41
Charter Communications Inc.
3.31
GROCERY OUTLET INC
3.29
IQVIA Holdings Inc.
3.01
Amazon.com Inc.
2.82
COUPA SOFTWARE INC
2.80

Total % Portfolio in Top 10 holdings - 41.72%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 04/30/2020

List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.

Sector
Fund
Sector
Fund
Information technology
40.2%
Communication services
11.6%
Healthcare
10.7%
Consumer discretionary
10.0%
Industrials
7.0%
Financials
6.5%
Materials
4.2%
Consumer staples
3.8%
Real estate
0.3%

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
0.000
2019
2.585
0.000
2018
9.634
0.000
2017
2.238
0.000
2016
5.212
0.000
2015
9.720
0.000
2014
5.779
0.216
2013
1.777
0.000
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.

Management

Jeffrey Van Harte-JSP

Jeffrey S. Van Harte, CFA

  • Chief Investment Officer — Jackson Square Partners, LLC
  • Start date on the Fund: May 2005
  • Years of industry experience: 39
  • Read bio
Christopher Bonavico-JSP

Christopher J. Bonavico, CFA

  • Portfolio Manager, Analyst — Jackson Square Partners, LLC
  • Start date on the Fund: May 2005
  • Years of industry experience: 32
  • Read bio
Kenneth Broad-JSP

Kenneth F. Broad, CFA

  • Portfolio Manager, Analyst — Jackson Square Partners, LLC
  • Start date on the Fund: May 2005
  • Years of industry experience: 31
  • Read bio
Gregory Chory-JSP

Gregory L. Chory 

  • Portfolio Manager, Analyst — Jackson Square Partners, LLC
  • Start date on the Fund: January 2019
  • Years of industry experience: 11
  • Read bio
Christopher Ericksen-JSP

Christopher M. Ericksen, CFA

  • Portfolio Manager, Analyst — Jackson Square Partners, LLC
  • Start date on the Fund: July 2007
  • Years of industry experience: 25
  • Read bio
Ian D Ferry-JSP

Ian D. Ferry 

  • Portfolio Manager, Analyst — Jackson Square Partners, LLC
  • Start date on the Fund: January 2013
  • Years of industry experience: 16
  • Read bio
Patrick Fortier-JSP

Patrick G. Fortier, CFA

  • Portfolio Manager, Analyst — Jackson Square Partners, LLC
  • Start date on the Fund: May 2005
  • Years of industry experience: 25
  • Read bio
William Montana-JSP

William (Billy) G. Montana 

  • Portfolio Manager, Analyst — Jackson Square Partners, LLC
  • Start date on the Fund: January 2019
  • Years of industry experience: 10
  • Read bio
Daniel Prislin-JSP

Daniel J. Prislin, CFA

  • Portfolio Manager, Analyst — Jackson Square Partners, LLC
  • Start date on the Fund: May 2005
  • Years of industry experience: 26
  • Read bio
Brian Tolles-JSP

Brian Tolles 

  • Portfolio Manager, Analyst — Jackson Square Partners, LLC
  • Start date on the Fund: January 2019
  • Years of industry experience: 5
  • 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 fees0.75%
Distribution and service (12b-1) feesnone
Other expenses0.25%
Total annual fund operating expenses1.00%
Fee waivers and expense reimbursements1none
Total annual fund operating expenses after fee waivers and expense reimbursements1.00%

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, acquired fund fees and expenses, taxes, interest, 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 1.00% of the Fund's average daily net assets from Feb. 28, 2020 through March 1, 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.

*Effective after the close of business on June 8, 2012, Delaware Select Growth Fund was closed to new investors. Existing shareholders of the Fund; certain retirement plans and IRA transfers and rollovers from these plans; and certain advisory or fee-based programs sponsored by and/or controlled by financial intermediaries where the financial intermediary has entered into an arrangement with the Fund’s Distributor or transfer agent (mutual fund wrap accounts) may continue to purchase shares. Please read the latest prospectus and the summary prospectus for more information concerning this event.

Jackson Square Partners, LLC (JSP), a US 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.

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

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

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.

Investing involves risk, including the possible loss of principal.

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

International investments entail risks 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.

International investments entail risks not ordinarily associated with U.S. 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.

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

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