Key features
A research-driven high yield bond fund seeking long-term growth and income
An actively managed portfolio built on a foundation of strong fundamental research
A management team with experience managing through market cycles
Daily pricing
as of
10/30/2025
NAV 1-day net change
-0.02
Total net assets
as of
09/30/2025
All share classes
$2.2 billion
Overview
| Fund identifiers |
| NASDAQ |
WHIAX |
| CUSIP |
466000668 |
| Investment minimums |
| Initial investment |
$1,000 |
| Subsequent investments |
$100 |
| Systematic withdrawal balance |
$0 |
| Account features |
| Payroll deduction |
Yes |
| IRAs |
Yes |
Benchmark and peer group
Portfolio
Number of credit issuers
240
Portfolio turnover (last fiscal year)
56%
Cash and cash equivalents
0.4%
Top 10 fixed income holdings as of 09/30/2025
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
CONSOLIDATED COMMUNICATIONS INC
1.55
NEW COTAI TL EXIT PIK
1.37
BATH & BODY WORKS INC
1.10
WEATHERFORD INTERNATIONAL LTD
1.08
JONES DESLAURIERS INSURANCE MANAGE
1.02
Total % Portfolio in Top 10 holdings - 12.01%
Fixed income sectors
as of 09/30/2025
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.
Technology & electric
4.2%
Credit quality as of 09/30/2025
Total may not equal 100% due to rounding. The Fund’s investment manager, Delaware Management Company (DMC) receives “Credit Quality” ratings for the underlying securities held by the Fund from three “nationally recognized statistical rating organizations” (NRSROs) — Standard & Poor’s (S&P), Moody’s Investors Service, and Fitch, Inc. The credit quality breakdown is calculated by DMC based on the NSRO ratings and the index credit quality rules. For securities rated by an NRSRO other than S&P, that rating is converted to the equivalent S&P credit rating. Securities that are unrated by any of the three NRSROs are included in the “not rated” category when applicable. Unrated securities do not necessarily indicate low quality. More information about securities ratings is contained in the Fund’s Statement of Additional Information.
Distribution history - annual distributions (Class A)1,2
Distributions ($ 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
John McCarthy, CFA
-
Senior Portfolio Manager
-
Start date on the Fund:
November 2021
-
Years of industry experience:
38
-
Read bio
John McCarthy
Senior Portfolio Manager
- Re-joined Delaware Investments in 2007, acquired by Macquarie in 2010
- Based in Philadelphia
John is a Senior Portfolio Manager for Fixed Income within Macquarie Asset Management (MAM) Credit, a role he assumed in July 2016. He manages MAM Credit’s high yield portfolios and serves as a Co-Portfolio Manager for MAM Credit’s bank loans, fixed rate multisector, and core plus strategies.
Previously, he was Co-Head of Credit Research for MAM Credit. Before that, he held a number of roles with Delaware Investments, including Senior Research Analyst, Senior High Yield Analyst, High Yield Trader, and Municipal Bond Trader. He worked for Delaware Investments from 1990 to 2002 and re-joined the firm in 2007.
Prior to re-joining Delaware Investments, John was a Senior High Yield Analyst and Trader at Chartwell Investment Partners for five years.
John earned a Bachelor of Science in business administration from Babson College. He holds the Chartered Financial Analyst® designation and is a member of the CFA Society of Philadelphia.
Vivek Bommi
-
Head of Leveraged Credit
-
Start date on the Fund:
November 2023
-
Years of industry experience:
26
-
Read bio
Vivek Bommi
Head of Leveraged Credit
- Joined Macquarie in 2023
- Based in Philadelphia
Vivek is Head of Leveraged Credit within Macquarie Asset Management (MAM) Credit, a role he assumed in November 2023.
He has overall responsibility for the team’s leveraged credit capabilities, including portfolio and business
management.
Prior to joining Macquarie, he was Head of European and UK Fixed Income at AllianceBernstein from August 2021 to
November 2023, responsible for leadership and strategy of European Fixed Income. Before that, Vivek spent more than
10 years at Neuberger Berman within Leveraged Credit in various roles, including Director of Research, Portfolio
Manager, and Head of Europe.
Vivek received a Bachelor of Science in finance from the University of Illinois and a Master of Business
Administration in finance and management from Columbia Business School. He holds the Chartered Financial Analyst®
designation and he is a Certified Public Accountant.
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 |
4.50% |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower1 |
none |
| Annual fund operating expenses |
| Management fees |
0.55% |
| Distribution and service (12b-1) fees |
0.25% |
|
Other expenses2 |
0.16% |
| Total annual fund operating expenses |
0.96% |
| Fee waivers and expense reimbursements3 |
(0.08%) |
| Total annual fund operating expenses after fee waivers and expense reimbursements |
0.88% |
1For Class A shares, a 1% contingent deferred sales charge is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase.
2"Other expenses" include the expenses of any wholly-owned subsidiaries of the Fund.
3Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from July 31, 2025 through July 30, 2026. Please see the fee table in the Fund's prospectus for more information.
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.