Key features
A high quality, research-driven long-term corporate bond fund designed to address long-term liabilities
Leverages the team's credit expertise and presence in corporate bond market
An experienced management team and a time-tested process and philosophy
Daily pricing
as of
11/20/2024
NAV 1-day net change
-0.06
Total net assets
as of
10/31/2024
All share classes
$467.4 million
Overview
| Fund identifiers |
| NASDAQ |
DEEIX |
| CUSIP |
245908793 |
Benchmark and peer group
Portfolio
Number of credit issuers
113
Portfolio turnover (last fiscal year)
86%
U.S. government securities
-0.4%
Values in excess of 100% and negative values may appear as the result of certain assets and liabilities. See the Fund's prospectus for securities in which the Fund would typically invest.
Top 10 fixed income holdings as of 10/31/2024
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
BANK OF AMERICA CORP
1.46
AERCAP IRELAND CAPITAL DAC
1.44
CONSTELLATION ENERGY GENERATION LL
1.38
Total % Portfolio in Top 10 holdings - 14.26%
Fixed income sectors
as of 10/31/2024
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.
Financial institutions
23.9%
Consumer noncyclical
9.9%
Credit quality as of 10/31/2024
Total may not equal 100% due to rounding. The Fund’s investment manager, Delaware Management Company (DMC) receives “Credit Quality” ratings for the underlying securities held by the Fund from three “nationally recognized statistical rating organizations” (NRSROs) — Standard & Poor’s (S&P), Moody’s Investors Service, and Fitch, Inc. The credit quality breakdown is calculated by DMC based on the NSRO ratings and the index credit quality rules. For securities rated by an NRSRO other than S&P, that rating is converted to the equivalent S&P credit rating. Securities that are unrated by any of the three NRSROs are included in the “not rated” category when applicable. Unrated securities do not necessarily indicate low quality. More information about securities ratings is contained in the Fund’s Statement of Additional Information.
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
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
Michael G. Wildstein, CFA
-
Senior Managing Director, Head of US Credit and Insurance
-
Start date on the Fund:
November 2014
-
Years of industry experience:
23
-
Read bio
Michael G. Wildstein
Senior Managing Director, Head of US Credit and Insurance
- Joined Delaware Investments in 2007, acquired by Macquarie in 2010
- Based in Philadelphia
Michael is Head of US Credit and Insurance for Macquarie Asset Management (MAM) Credit, a role he assumed in July 2018. He is responsible for investment strategy and business development across the full suite of MAM’s US Credit and Insurance strategies. He has managed corporate credit-related portfolios since July 2010.
Before joining the team, he was a Senior Corporate Bond Analyst, focused on the telecommunications sector for high-grade and high yield portfolios.
Prior to joining Delaware Investments as a Senior Research Analyst, Michael spent five years at Merrill Lynch Investment Managers in various roles that included Portfolio Manager for the Core Bond Team, Corporate Bond Research Analyst, and Corporate Bond Trader. Prior to this, Michael worked in finance, corporate strategy, and business development with several firms including RCN Corporation and AT&T Local Services.
He received a Master of Business Administration from Drexel University and a Bachelor of Science from the University of Tampa. He holds the Chartered Financial Analyst® designation.
Kashif Ishaq
-
Managing Director, Senior Portfolio Manager
-
Start date on the Fund:
November 2013
-
Years of industry experience:
22
-
Read bio
Kashif Ishaq
Managing Director, Senior Portfolio Manager
- Joined Delaware Investments in 2003, acquired by Macquarie in 2010
- Based in Philadelphia
Kashif is a Senior Portfolio Manager for Fixed Income within Macquarie Asset Management (MAM) Credit, a role he assumed in September 2020. He manages corporate bond exposures within the MAM Credit portfolios and oversees MAM Credit’s corporate credit traders.
He began his career in fixed income as a Portfolio Analyst on Delaware Investments’ Insurance Portfolio Management Team and was later promoted to Investment Grade Trader.
Previously, Kashif participated in Lincoln Financial Group’s Rotational Professional Development Program.
He received his Bachelor of Science in corporate finance and accounting from Bentley College.
Fees
The table below describes the fees and expenses that you may pay if you buy, hold, and sell
shares of the Fund.
You may pay other fees, such as brokerage commissions and other fees
to financial intermediaries, which are not reflected in the table below. You may
qualify for sales-charge discounts if you and your family invest, or agree to invest in the
future, at least $100,000 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.”
| Shareholder fees |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price |
none |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower |
none |
| Annual fund operating expenses |
| Management fees |
0.55% |
| Distribution and service (12b-1) fees |
none |
| Other expenses |
0.25% |
| Total annual fund operating expenses |
0.80% |
| Fee waivers and expense reimbursements1 |
(0.23%) |
| Total annual fund operating expenses after fee waivers and expense reimbursements |
0.57% |
Please see the prospectus and SAI for additional information.
1Net expense ratio reflects a contractual waiver of certain fees and/or expense
reimbursements from November 30, 2023 through November 29, 2024. Please see the fee table in the
Fund's prospectus for more information.
Institutional Class shares are available only to certain investors. See the
prospectus for more information.
Resources
Fact sheet and commentaries
Shareholder report – Annual
Shareholder report – Semi-annual
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Other than Macquarie Bank Limited (MBL), none of the entities noted are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.
The Funds are distributed by Delaware Distributors, L.P., an affiliate of Macquarie Investment Management Business Trust (MIMBT), Macquarie Management Holdings, Inc., and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.
Separately managed account advisory services are provided by Delaware Capital Management (DCM), a series of MIMBT. Separately managed account advisory services are referred through Delaware Capital Management Advisers, Inc., an SEC-registered investment advisor.