Key features
Credit analysis is the cornerstone of our selective, bottom-up process in which credit research drives alpha in plus sectors
Our proprietary CREDIT process checklist ensures a disciplined and repeatable process to select credits while mitigating risks
The team’s risk management approach is critical to the goal of delivering strong results over the long term
Daily pricing
as of
07/29/2025
NAV 1-day net change
0.02
Total net assets
as of
06/30/2025
All share classes
$3.3 billion
Overview
| Fund identifiers |
| NASDAQ |
DVHIX |
| CUSIP |
24610H302 |
Benchmark and peer group
Portfolio
Portfolio turnover (last fiscal year)
19%
Cash, cash equivalents and other assets
1.6%
Cash and cash equivalents include accruals on bonds and long-term receivables.
Top 10 fixed income holdings as of 06/30/2025
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
GDB DEBT RECOVERY AUTH OF COMW
1.90
TOBACCO SETTLEMENT FING CORP
1.32
BUCKEYE OHIO TOB SETTLEMENT FI
1.14
FLORIDA DEV FIN CORP REV
1.05
GOLDEN ST TOB SECURITIZATION C
1.01
CALIFORNIA INFRASTRUCTURE & EC
1.01
PUERTO RICO SALES TAX FING COR
1.00
PUERTO RICO SALES TAX FING CO (RST
0.99
Total % Portfolio in Top 10 holdings - 12.76%
Credit quality as of 06/30/2025
Total may not equal 100% due to rounding. The Fund’s investment manager, Delaware Management Company (DMC) receives “Credit Quality” ratings for the underlying securities held by the Fund from three “nationally recognized statistical rating organizations” (NRSROs) — Standard & Poor’s (S&P), Moody’s Investors Service, and Fitch, Inc. The credit quality breakdown is calculated by DMC based on the NSRO ratings and the index credit quality rules. For securities rated by an NRSRO other than S&P, that rating is converted to the equivalent S&P credit rating. Securities that are unrated by any of the three NRSROs are included in the “not rated” category when applicable. Unrated securities do not necessarily indicate low quality. More information about securities ratings is contained in the Fund’s Statement of Additional Information.
Top 10 states
as of 06/30/2025
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ 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
Gregory Gizzi
-
Head of US Fixed Income and Head of Municipal Bonds
-
Start date on the Fund:
December 2012
-
Years of industry experience:
41
-
Read bio
Gregory Gizzi
Head of US Fixed Income and Head of Municipal Bonds
- Joined Delaware Investments in 2008, acquired by Macquarie in 2010
- Based in Philadelphia
Greg is Head of US Fixed Income and Head of Municipal Bonds for Macquarie Asset Management (MAM) Credit in the Americas, a role he assumed in July 2022. Greg oversees the US fixed income component of the firm’s global MAM Credit business. Additionally, he leads the firm’s municipal business and is Team Lead on several of the firm’s tax-exempt strategies. Greg is also responsible for the firm’s taxable municipal business.
He joined Delaware Investments as Head of Municipal Bond Trading and became a Co-Portfolio Manager of the firm’s municipal bond funds and several client accounts in November 2011. Greg has more than 20 years of trading experience in the municipal securities industry at firms including Lehman Brothers, UBS, Dillon Read, and Kidder Peabody.
He earned his Bachelor of Arts in economics from Harvard University.
Stephen Czepiel
-
Senior Portfolio Manager
-
Start date on the Fund:
July 2007
-
Years of industry experience:
43
-
Read bio
Stephen Czepiel
Senior Portfolio Manager
- Joined Delaware Investments in 2004, acquired by Macquarie in 2010
- Based in Philadelphia
Stephen is a Senior Portfolio Manager for Macquarie Asset Management (MAM) Credit’s municipal bond funds and accounts. He first assumed portfolio management responsibilities with Delaware Investments in August 2007.
He joined Delaware Investments as a Senior Bond Trader. Previously, Stephen was Vice President at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a Municipal Bond Trader at Kidder Peabody and has more than 40 years of experience in the municipal securities industry.
Stephen received a Bachelor of Science in finance and economics from Duquesne University.
William Roach, CFA, CMT
-
Senior Portfolio Manager
-
Start date on the Fund:
May 2023
-
Years of industry experience:
15
-
Read bio
William Roach
Senior Portfolio Manager
- Joined Macquarie in 2012
- Based in Philadelphia
Bill is a Senior Portfolio Manager for the firm’s municipal bond funds and client accounts, a role he assumed in May 2023.
Prior to joining the Municipal Bond Team in April 2015, Bill spent three years as an Internal Sales Consultant for the firm’s Client Solutions Group, where he managed relationships across the country and across asset classes.
Before joining Macquarie, he worked at Merrill Lynch as an Investment Consultant and Analyst and Creative Financial Group as a Financial Advisor.
He earned a Bachelor of Science with dual concentrations in business administration and political science from Albright College and a Master of Business Administration with a concentration in finance from Villanova University. He holds the Chartered Financial Analyst® and Chartered Market Technician® designations.
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.”
| 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 |
0.47% |
| Distribution and service (12b-1) fees |
none |
| Other expenses |
0.15% |
| Total annual fund operating expenses |
0.62% |
| Fee waivers and expense reimbursements1 |
(0.02%) |
| Total annual fund operating expenses after fee waivers and expense reimbursements |
0.60% |
1Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from December 30, 2024 through December 29, 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
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.