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. This includes 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, noninvestment-grade bonds (junk bonds)
involve higher risk than investment grade bonds. The high yield secondary market is particularly
susceptible to liquidity problems when institutional investors, such as mutual funds and certain other
financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In
addition, a less liquid secondary market makes it more difficult to obtain precise valuations of the
high yield securities. • 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. • If and when the Fund invests in
forward foreign currency contracts or uses other investments to hedge against currency risks, the Fund
will be subject to special risks, including counterparty risk. • The Fund may experience portfolio
turnover in excess of 100%, which could result in higher transaction costs and tax liability. •
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. • 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 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. • The disruptions caused by natural disasters,
pandemics, or similar events 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
and the value of the Fund’s investments.
© 2024 Morningstar. All Rights Reserved. The information contained herein: (1) is
proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3)
is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of this information. Past performance does
not guarantee future results. The Morningstar RatingTM for funds, or “star rating”, is calculated for
managed products (including mutual funds, variable annuity and variable life sub accounts,
exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history.
Exchange-traded funds and open-ended mutual funds are considered a single population for comparative
purposes. It is calculated based on a Morningstar RiskAdjusted Return measure that accounts for
variation in a managed product’s monthly excess performance, placing more emphasis on downward
variations and rewarding consistent performance. The top 10% of products in each product category
receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive
2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is
derived from a weighted average of the performance figures associated with its three-, five-, and
10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59
months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total
returns, and 50% 10-year rating/30% five-year rating/20% threeyear rating for 120 or more months of
total returns. While the 10-year overall star rating formula seems to give the most weight to the
10-year period, the most recent three-year period actually has the greatest impact because it is
included in all three rating periods. Morningstar Rank is the total return percentile rank within each
Morningstar Category. The highest (or most favorable) percentile rank is zero and the lowest (or least
favorable) percentile rank is 100. Historical percentile ranks are based on a snapshot of a fund at
the time of calculation. Percentile Rank is a standardized way of ranking items within a peer group,
in this case, funds within the same Morningstar Category. The observation with the largest numerical
value is ranked zero the observation with the smallest numerical value is ranked 100. The remaining
observations are placed equal distance from one another on the rating scale. Note that lower
percentile ranks are generally more favorable for returns (high returns), while higher percentile
ranks are generally more favorable for risk measures (low risk). The Morningstar Rating may be
calculated based on its share class adjusted historical returns. If so, this investment’s independent
Morningstar Rating metric uses the fund’s oldest share class to determine its hypothetical rating for
certain time periods. Morningstar Rating is for the Class(es) indicated; other classes may have
different performance characteristics. Institutional Class shares, Class R shares, and Class R6 shares
do not reflect a sales charge and are available only to certain investors. See the prospectus for more
information.
DPFFX rated 4, 3, 4 and 4 stars for the overall, 3-, 5-, and 10-year
periods among 568, 568, 536 and 375 Intermediate Core-Plus Bond funds, respectively. The
calculation is based on a Morningstar Risk-Adjusted Return measure
that accounts
for variation in a managed product’s monthly excess performance. Past performance does not
guarantee future results.
All third-party marks cited are the property of their respective owners.
Macquarie Asset Management (MAM) is the asset management division of Macquarie
Group. MAM is an integrated asset manager across public and private markets offering a diverse range
of capabilities, including real assets, real estate, credit, equities and multi-asset solutions.
Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.
Delaware Funds by Macquarie refers to certain investment solutions that MAM distributes, offers, or
advises. Investment advisory services are provided to the Delaware Funds by Delaware Management
Company, a series of Macquarie Investment Management Business Trust (MIMBT), a Securities and Exchange
Commission (SEC) registered investment adviser. The Delaware Funds are distributed by Delaware
Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory
Authority (FINRA) and an affiliate of MIMBT.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any
Macquarie Group entity noted in this document is not an authorised deposit-taking institution for the
purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie
Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does
not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie
Group entities. In addition, if this document relates to an investment, (a) the investor is subject to
investment risk including possible delays in repayment and loss of income and principal invested and
(b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of
return on or the performance of the investment, nor do they guarantee repayment of capital in respect
of the investment.
Document must be used in its entirety.
© 2024 Macquarie Management Holdings, Inc.