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
04/24/2024
NAV 1-day net change
-0.09
Total net assets
as of
03/31/2024
All share classes
$484.8 million
Overview
| Fund identifiers |
| NASDAQ |
DEEIX |
| CUSIP |
245908793 |
Benchmark and peer group
Portfolio
Number of credit issuers
143
Portfolio turnover (last fiscal year)
60%
U.S. government securities
0.4%
Top 10 fixed income holdings as of 03/31/2024
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
NORTHROP GRUMMAN CORP
1.36
VISTRA OPERATIONS COMPANY LLC
1.29
DIAMONDBACK ENERGY INC
1.28
AERCAP IRELAND CAPITAL DAC
1.28
Total % Portfolio in Top 10 holdings - 13.11%
Fixed income sectors
as of 03/31/2024
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.
Financial institutions
23.3%
Consumer noncyclical
10.4%
Credit quality as of 03/31/2024
Total may not equal 100% due to rounding. The Fund’s investment manager, Delaware Management Company (DMC) receives “Credit Quality” ratings for the underlying securities held by the Fund from three “nationally recognized statistical rating organizations” (NRSROs) — Standard & Poor’s (S&P), Moody’s Investors Service, and Fitch, Inc. The credit quality breakdown is calculated by DMC based on the NSRO ratings and the index credit quality rules. For securities rated by an NRSRO other than S&P, that rating is converted to the equivalent S&P credit rating. Securities that are unrated by any of the three NRSROs are included in the “not rated” category when applicable. Unrated securities do not necessarily indicate low quality. More information about securities ratings is contained in the Fund’s Statement of Additional Information.
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ 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:
22
-
Read bio
Michael G. Wildstein
Senior Managing Director, Head of US Credit and Insurance
Michael G. Wildstein is Head of US Credit and Insurance for Macquarie Asset Management Fixed Income (MFI). He manages corporate credit-related portfolios. Before joining the team, he was a senior corporate bond analyst for MFI, focused on the telecommunications sector for high-grade and high yield portfolios. Prior to joining Macquarie Asset Management in March 2007 as a senior research analyst, Wildstein 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, Wildstein worked in finance, corporate strategy, and business development with several firms including RCN Corporation and AT&T Local Services. He earned an MBA from Drexel University and a bachelor’s degree from the University of Tampa.
Kashif Ishaq
-
Managing Director, Senior Portfolio Manager
-
Start date on the Fund:
November 2013
-
Years of industry experience:
21
-
Read bio
Kashif Ishaq
Managing Director, Senior Portfolio Manager
Kashif Ishaq is a Senior Portfolio Manager across Macquarie Asset Management Fixed Income’s (MFI) US
Corporate Bond strategies. He manages corporate bond exposure within MFI’s portfolios which include performing relative value analysis across different issuers, corporate curves and capital structures as well as
risk surveillance. Given his experience in trading and risk systems, he has oversight for our corporate credit
traders and maintains our key broker/dealer relationships. He started his fixed income career with Macquarie
Asset Management (MAM) as a portfolio analyst on the firm’s insurance portfolio management team before
taking a position as an investment grade trader. Previously, he participated in Lincoln Financial Group’s
rotational Professional Development Program. He started the program as a financial analyst in the Hartford
office, followed by a position in information technology, and lastly he spent a year in the client services
department of Delaware Investments. Ishaq received his bachelor’s degree 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
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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.