Key features
A flexible core bond fund designed to weather market cycles
An actively managed bond portfolio emphasizing risk control and income generation
An experienced management team with more than 20 years average industry experience
Daily pricing
as of
02/03/2023
NAV 1-day net change
-0.06
Total net assets
as of
12/31/2022
All share classes
$2.7 billion
Overview
| Fund identifiers |
| NASDAQ |
DPFFX |
| CUSIP |
246248587 |
Benchmark and peer group
Portfolio
Number of credit issuers
518
Portfolio turnover (last fiscal year)
106%
High grade securities
82.1%
High yield securities
10.6%
International developed
0.5%
Top 10 fixed income holdings as of 12/31/2022
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Treasury Floating Rate Note 4.538 10/31/2024
2.77
Treasury Note 4.125 10/31/2027
2.44
Treasury Note 4.125 11/15/2032
1.58
FREDDIE MAC STACR REMIC TRUST
0.68
Treasury Strip (PRIN) 0.000 5/15/2044
0.66
Total % Portfolio in Top 10 holdings - 11.97%
Fixed income sectors
as of 12/31/2022
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
29.1%
U.S. Treasury securities
10.8%
Commercial mortgage-backed securities
10.1%
High yield corporates
5.7%
Asset-backed securities/CLO
3.8%
Tax exempt municipals
0.1%
Credit quality as of 12/31/2022
Total may not equal 100% due to rounding. The Fund’s investment manager, Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust, 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 NRSRO ratings. If two or more NRSROs have assigned a rating to a security the higher rating (lower value) is used. If only one NRSRO rates a security, that rating is used. 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
J. David Hillmeyer, CFA
-
Senior Managing Director, Co-Head of US Multisector Fixed Income
-
Start date on the Fund:
February 2011
-
Years of industry experience:
30
-
Read bio
J. David Hillmeyer
Senior Managing Director, Co-Head of US Multisector Fixed Income
J. David Hillmeyer co-leads the firm’s US Multisector Fixed Income team for Macquarie Asset Management
Fixed Income (MFI) with responsibility for investment strategy and business development across the full suite
of US multisector strategies. In addition, Hillmeyer has responsibility for our global credit strategies. Hillmeyer
is also a member of MFI’s Global Leadership Group which is responsible for the overall management of MFI
including setting and executing on the team’s strategic vision. Prior to joining Macquarie Asset Management
(MAM) in August 2007 as a vice president and corporate bond trader, he worked for more than 11 years in
various roles at Hartford Investment Management Company, including senior corporate bond trader, high yield
portfolio manager / trader, and quantitative analyst. He began his career as an investment advisor in January
1989 at Shawmut Bank, leaving the firm as an investment officer in November 1995. Hillmeyer earned his
bachelor’s degree from Colorado State University, and he is a member of the CFA Society of Philadelphia and
the Philadelphia Council for Business Economics.
Daniela Mardarovici, CFA
-
Managing Director, Co-Head of US Multisector Fixed Income
-
Start date on the Fund:
March 2019
-
Years of industry experience:
22
-
Read bio
Daniela Mardarovici, CFA
Managing Director, Co-Head of US Multisector Fixed Income
Daniela Mardarovici co-leads the firm’s US Multisector Fixed Income efforts for Macquarie Asset Management
Fixed Income (MFI) with responsibility for investment and business strategy for the full suite of US multisector
solutions. Mardarovici is also a member of MFI’s Global Leadership Group which is responsible for the overall
management of MFI including setting and executing the team’s strategic vision. Prior to joining Macquarie
Asset Management (MAM) in March 2019, she spent more than 13 years at BMO Global Asset Management
as a senior investment leader. Since 2014, she was a member of the management committee of Taplin,
Canida & Habacht (TCH), BMO’s US fixed income group, and helped lead business strategy and development
efforts. In addition, Mardarovici was responsible for driving investment strategy and managing institutional portfolios and mutual funds across a wide spectrum of strategies, including core, core plus, credit, multisector,
and liability-driven investing (LDI). Previously, she managed taxable fixed income strategies and led
investment management efforts for mortgage-backed securities at Harris Investment Management. She started
her career in 2000 as a proprietary trader at Gelber Group. In 2018, Mardarovici was named one of the top 20
female portfolio managers by CityWire. She graduated magna cum laude with a major in economics and
finance/banking from the University of Nebraska at Omaha. She is a member of the CFA Society New York
and the CFA Institute.
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 quality 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 |
0.46% |
| Distribution and service (12b-1) fees |
none |
| Other expenses |
0.16% |
| Total annual fund operating expenses |
0.62% |
| Fee waivers and expense reimbursements1 |
(0.17%) |
| Total annual fund operating expenses after fee waivers and expense reimbursements |
0.45% |
Please see the prospectus and SAI for additional information.
1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from February 25, 2022 through February 28, 2023. 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
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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.