Key features
Focus on preserving capital and managing liquidity
Potential for attractive returns across market cycles
Potential for diversification against equity market risk
Daily pricing
as of
02/10/2025
NAV 1-day net change
No Change
Total net assets
as of
01/31/2025
All share classes
$482.0 million
Overview
| Account features |
| Payroll deduction |
Yes |
| IRAs |
Yes |
Benchmark and peer group
Portfolio
Top 10 fixed income holdings as of 01/31/2025
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
UNITED KINGDOM OF GREAT BRITAIN AN
2.31
AUSTRIA (REPUBLIC OF)
2.26
JAPAN (GOVERNMENT OF) 30YR #27
2.26
NETHERLANDS (KINGDOM OF)
2.17
JAPAN (GOVERNMENT OF) 30YR #66
1.52
Total % Portfolio in Top 10 holdings - 24.91%
Fixed income sectors
as of 12/31/2024
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.
Investment grade corporates
32.3%
U.S. Treasury securities
13.5%
High yield corporates
1.5%
Credit quality as of 12/31/2024
Total may not equal 100% due to rounding. The Fund’s investment manager, Delaware Management Company (DMC) receives “Credit Quality” ratings for the underlying securities held by the Fund from three “nationally recognized statistical rating organizations” (NRSROs) — Standard & Poor’s (S&P), Moody’s Investors Service, and Fitch, Inc. The credit quality breakdown is calculated by DMC based on the NSRO ratings and the index credit quality rules. For securities rated by an NRSRO other than S&P, that rating is converted to the equivalent S&P credit rating. Securities that are unrated by any of the three NRSROs are included in the “not rated” category when applicable. Unrated securities do not necessarily indicate low quality. More information about securities ratings is contained in the Fund’s Statement of Additional Information.
Distribution history - annual distributions (Class A)1,2
Distributions ($ 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
Andrew Vonthethoff, CFA
-
Senior Portfolio Manager
-
Start date on the Fund:
November 2021
-
Years of industry experience:
17
-
Read bio
Andrew Vonthethoff
Senior Portfolio Manager
- Joined Macquarie in 2008
- Based in Philadelphia
Andrew is a Senior Portfolio Manager for the Global Fixed Income Team within Macquarie Asset Management (MAM) Credit. He is a lead portfolio manager for global multisector and global bond strategies, a role he assumed in June 2013, and for US multisector portfolios, which he assumed in May 2024. In this role, he is responsible for asset allocation, sector rotation, and security selection across MAM Credit’s global and US multisector portfolios.
Andrew joined the firm in 2008 as a Quantitative Analyst on MAM Credit’s Markets and Quantitative Team, where he was involved in building and maintaining financial models. He transferred to the Global Fixed Income Team in 2010, becoming an Assistant Portfolio Manager.
He earned a Bachelor of Commerce in actuarial studies and finance from the University of New South Wales. He also holds the Chartered Financial Analyst® designation.
Matthew Mulcahy
-
Head of Global Fixed Income
-
Start date on the Fund:
November 2021
-
Years of industry experience:
27
-
Read bio
Matthew Mulcahy
Head of Global Fixed Income
- Joined Macquarie in 2015
- Based in Sydney
Matthew is Head of the Global Fixed Income Team within Macquarie Asset Management (MAM) Credit. He is a lead Portfolio Manager of the Macquarie Australian Fixed Interest Fund and the Macquarie Dynamic Bond Fund. He also co-manages the Australian fixed interest portfolios. Matthew's experience and expertise have contributed to MAM Credit’s investment strategies across all MAM Credit’s cash and fixed income solutions globally. Prior to being named Head of Global Fixed Income, he was Head of Rates and Currency.
Prior to joining Macquarie, he spent nine years as a Senior Portfolio Manager at PIMCO and was also a member of the Macro Strategic Trading Team at UBS.
He holds a Bachelor of Business in accounting and finance from the University of Technology Sydney.
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 Macquarie Funds. 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.”
| Annual fund operating expenses |
| Management fees |
0.62% |
| Distribution and service (12b-1) fees |
0.25% |
| Other expenses |
0.22% |
| Total annual fund operating expenses |
1.09% |
| Fee waivers and expense reimbursements1 |
(0.14%) |
| Total annual fund operating expenses after fee waivers and expense reimbursements |
0.95% |
Please see the prospectus and SAI for additional information.
1Net expense ratio reflects a contractual waiver of certain fees and/or expense
reimbursements from July 31, 2024 through July 30, 2025. Please see the fee table in the Fund's
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.