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| Fund profile |
Objective
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Portfolio manager(s)
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| Delaware Growth Opportunities Fund seeks long-term capital growth.
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Christopher J. Bonavico (2010)
Kenneth F. Broad (2010)
Delaware Management Company
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Main investment strategies
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The Fund invests primarily in common stocks of growth-oriented companies that we believe have longterm
capital appreciation potential and expect to grow faster than the U.S. economy. We particularly seek
small- to mid-sized companies. For purposes of the Fund, we will generally consider companies that, at
the time of purchase, have total market capitalizations within the range of market capitalizations of
companies in the Russell 2500® Growth Index. As of the latest reconstitution on June 30, 2009, the
average market capitalization of a company in the Russell 2500 Growth Index was approximately $1.773
billion and the median market capitalization was approximately $465 million. The Index had a total market
capitalization range of approximately $52 million to $4.244 billion.
Under normal circumstances, the Fund will invest at least 80% of its net assets in equity securities of
small- and mid-capitalization companies (80% Policy). The Fund's 80% Policy may be changed without
shareholder approval. However, shareholders will be given notice at least 60 days prior to any such
change.
Using a bottom up approach, we seek to select securities of companies that we believe have attractive
end market potential, dominant business models, and strong free cash flow generation that are
attractively priced compared to intrinsic value of the securities. We also consider a company's operational
efficiencies, management's plans for capital allocation, and the company's shareholder orientation. All of
these factors give us insight into the outlook for a company, helping us identify companies poised for
sustainable free cash flow growth. We believe that sustainable free cash flow growth, if it occurs, may
result in price appreciation for the company's stock.
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| Fund information (As of 02/28/10) |
| Equity style |
 |
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| Total net assets |
$244.7 million |
| Class A |
$230.3 million |
| Class B |
$3.8 million |
| Class C |
$5.5 million |
| Class I |
$4.2 million |
| Class R |
$1.0 million |
| Inception date |
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| Class A |
03/27/86 |
| Class B |
09/06/94 |
| Class C |
11/29/95 |
| Class I |
11/09/92 |
| Class R |
06/02/03 |
| Dividends |
Annual |
| Capital gains |
December |
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On January 21, 2010, the Board of Trustees of the Fund approved certain name, investment strategy, policy, and other changes to the Fund. In connection with these changes, the management team has also changed. These changes could cause a significant turnover in the portfolio initially. For more complete information regarding these changes, including information concerning the implementation of these events, please obtain a copy of the Fund's prospectus, which contains a supplement dated January 21, 2010. These changes are significant and may affect future performance, as well as create tax implications. A prospectus, along with the supplement, may be obtained by calling 800 523-1918.
Funds that invest small and/or mid-size company stocks typically involve greater risk, particularly in the short term, than those investing in larger, more established companies.
Effective at the close of business on May 31, 2007, no new or subsequent investments will be allowed in Class B shares of the Delaware Investments® Family of Funds except through a reinvestment of dividends or capital gains or permitted exchanges. http://www.delawareinvestments.com/Corporate/shareholder/supp_bclass.pdf
Investing involves risk, including the possible loss of principal.
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, which may be obtained by visiting www.delawareinvestments.com/literature or calling 800 523-1918. Investors should read the prospectus carefully before investing.
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