Key features
A flexible short-term bond fund designed with the goal of weathering market cycles
An actively managed bond portfolio emphasizing risk mitigation and liquidity
Experienced management team with a long history of managing short-term portfolios
Daily pricing
as of
06/05/2023
NAV 1-day net change
No Change
Total net assets
as of
04/30/2023
All share classes
$311.1 million
Overview
| Series identifiers |
| CUSIP |
46600H687 |
Benchmark
Portfolio
Portfolio turnover (last fiscal year)
144%
U.S. government securities/Short term
25.8%
Asset-backed securities
15.4%
Commercial mortgage-backed securities
11.0%
Mortgage-backed securities
0.2%
Top 10 fixed income holdings as of 05/31/2023
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
UNITED STATES TREASURY
11.00
Total % Portfolio in Top 10 holdings - 32.90%
Sector allocation
as of 04/30/2023
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Series’ complete list of holdings for more information.
Investment grade corporates
42.7%
U.S. Treasury securities
20.3%
Asset-backed securities/CLO
15.4%
Commercial mortgage-backed securities
11.0%
High yield corporates
3.3%
Credit quality as of 04/30/2023
Total may not equal 100% due to rounding. The Series’ 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 Series’ Statement of Additional Information.
Management
J. David Hillmeyer, CFA
-
Senior Managing Director, Co-Head of US Multisector Fixed Income
-
Start date on the Fund:
November 2021
-
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:
November 2021
-
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 following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Series. The fee table does not reflect any fees or sales charges imposed by variable insurance contracts. If it did, the expenses would be higher.
| Annual series operating expenses |
| Management fees |
0.50% |
| Distribution and service (12b-1) fees |
0.25% |
| Other expenses |
0.07% |
| Total annual Series operating expenses |
0.82% |
| Fee waivers and expense reimbursements1 |
(0.01%) |
| Total annual series operating expenses after fee waivers and expense reimbursements |
0.81% |
Please see the prospectus and SAI for additional information.
1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from May 1, 2023 through April 30, 2024. Please see the fee table in the Series' prospectus for more information.