Macquarie Corporate Bond Fund(formerly, Delaware Corporate Bond Fund)

Key features

A high quality, research-driven corporate bond fund designed for long-term growth

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 07/03/2025

NAV
$15.28
NAV 1-day net change
-0.03
Max offer price
$15.28

Total net assets as of 05/31/2025

All share classes
$1.1 billion

Overview

Fund information
Inception date 09/15/1998
Dividends paid (if any) Monthly
Capital gains paid (if any) December
Fund identifiers
NASDAQ DGCIX
CUSIP 245908751

Benchmark and peer group

Bloomberg US Corporate Bond Index (view definition)

Morningstar Corporate Bond Category (view definition)

Lipper Corporate Debt BBB-Rated 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 (as applicable) 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 (06/30/2025)

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.

Average annual total return as of quarter-end (06/30/2025)

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.

Overall Morningstar RatingTM

Institutional Class shares - as of 05/31/2025

Rating No. of funds
Overall 2 171
3 years 2 171
5 years 3 155
10 years 2 100
Morningstar category Morningstar Corporate Bond Category

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 05/31/2025
1 year 138 / 178
3 years 128 / 171
5 years 100 / 155
10 years 64 / 100
Morningstar category Morningstar Corporate Bond Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 05/31/2025
1 year 161 / 252
3 years 141 / 236
5 years 113 / 207
10 years 72 / 143
Lipper classification Lipper Corporate Debt Funds BBB-Rated Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.67%
Net
0.54%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from November 29, 2024 through November 28, 2025. Please see the fee table in the Fund's prospectus for more information.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2024
2.79%
2023
7.46%
2022
-16.88%
2021
-0.66%
2020
11.67%
2019
16.20%
2018
-3.76%
2017
7.44%
2016
5.70%
2015
-1.74%

Portfolio

Portfolio characteristics as of 05/31/2025

Number of holdings
213
Number of credit issuers
141
Portfolio turnover (last fiscal year)
123%
Effective duration (weighted average) (view definition)
6.78 years
Effective maturity (weighted average) (view definition)
11.58 years
Yield to maturity (view definition)
5.56%
Average market price (view definition)
$97.71
Average coupon (view definition)
5.27%
Yield to worst (view definition)
5.42%
SEC 30-day yield with waiver (view definition)
5.00%
SEC 30-day yield without waiver (view definition)
4.90%
Annualized standard deviation, 3 years (view definition)
8.63

Portfolio composition as of 05/31/2025
Total may not equal 100% due to rounding.

Credits
98.4%
Asset-backed securities
1.3%
U.S. government securities
0.4%

Top 10 fixed income holdings as of 06/30/2025

Holdings are as of the date indicated and subject to change.

List excludes cash and cash equivalents.

Holding
% of portfolio
Holding
% of portfolio
FYBR_24-1
2.57
BOEING CO
2.49
REPUBLIC SERVICES INC
2.20
VERISK ANALYTICS INC
2.14
NATWEST MARKETS PLC
2.12
CATERPILLAR INC
2.10
MARSH & MCLENNAN COMPANIES INC
2.08
ENERGY TRANSFER LP
2.05
BURLINGTON NORTHERN SANTA FE LLC
2.04
BANK OF AMERICA CORP
1.89

Total % Portfolio in Top 10 holdings - 21.68%

List of monthly holdingsList of quarterly holdings

Fixed income sectors as of 05/31/2025

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
Financial institutions
40.6%
Utility
11.9%
Capital goods
9.6%
Communications
8.8%
Technology
7.7%
Consumer noncyclical
7.3%
Energy
3.8%
Basic industry
3.8%
Consumer cyclical
3.3%
Transportation
1.5%
ABS\CMBS\MBS
1.3%

Credit quality as of 05/31/2025

Rating
Fund
Rating
Fund
AAA
0.2%
AA
6.8%
A
43.4%
BBB
45.4%
BB
3.5%
B
0.3%
Not rated
0.5%

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)

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2025
0.000
0.380
2024
0.000
0.732
2023
0.000
0.638
2022
0.000
0.319
2021
0.098
0.186
2020
0.037
0.196
2019
0.000
0.221
2018
0.000
0.228
2017
0.000
0.220
2016
0.000
0.207
2015
0.001
0.232

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 Wildstein

Michael Wildstein, CFA

  • Head of US Credit and Insurance
  • Start date on the Fund: November 2014
  • Years of industry experience: 23
  • Read bio
Kashif Ishaq

Kashif Ishaq 

  • Senior Portfolio Manager
  • Start date on the Fund: November 2013
  • Years of industry experience: 23
  • Read bio

Fees

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 0.48%
Distribution and service (12b-1) fees none
Other expenses 0.19%
Total annual fund operating expenses 0.67%
Fee waivers and expense reimbursements (0.13%)
Total annual fund operating expenses after fee waivers and expense reimbursements1 0.54%

1Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from November 29, 2024 through November 28, 2025. Please see the fee table in the Fund's prospectus for more information.

Institutional Class shares are available only to certain investors.

Please see the prospectus and SAI for additional information.

Resources

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 visiting macquarie.com/mam/literature 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 may be obtained by visiting macquarie.com/mam/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

The Fund's investment manager, Delaware Management Company (Manager), may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited (MIMEL), Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

Investing involves risk, including the possible loss of principal.

Fixed income securities can lose value, including the possible loss of principal. An issuer of a fixed income security may be unable to make interest payments and/or repay principal in a timely manner. The prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes.

High yield securities (“junk bonds”) are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than higher-rated 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.

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.

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.

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

Not FDIC Insured • No Bank Guarantee • May Lose Value

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