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The Delaware information provided
herein may be used in conjunction with the offering of shares only if preceded
or accompanied by a prospectus. All Delaware Investments funds are offered by
prospectus only. See below for information on obtaining prospectuses.
Overview Information
| Fund profile |
Objective
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Portfolio manager(s)
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| The Fund seeks maximum long-term total return, consistent with reasonable risk.
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|
Kevin P. Loome (2007)
Paul Grillo (1997)
Roger A. Early (2007)
Thomas H. Chow (2007)
Delaware Management Company
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Main investment strategies
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Under normal circumstances, we will invest at least 80% of the Fund's net assets in fixed income securities (the 80% policy). This is not a fundamental policy and can be changed without shareholder approval. However, shareholders would be given notice at least 60 days prior to any change in the 80% Policy.
The Fund will invest at least 65% of its net assets in domestic (U.S.) investment grade debt securities (the "core" portion of the portfolio). Such securities may include, but are not limited to, debt securities issued by the U.S. Government and its agencies, high-quality corporate bonds, mortgage-backed and asset-backed securities. In addition to this core allocation, the Fund may also invest in high yielding, lower quality corporate bonds (also called "junk bonds") and foreign securities. However, the Fund may invest no more than 20% of its net assets in high yield securities and no more than 20% of its net assets in foreign securities. Moreover, the Fund's total non-U.S. dollar currency exposure will be limited, in aggregate, to no more than 10% of net assets, and the Fund's investments in emerging markets securities will be limited to no more than 5% of the Fund's net assets. Due to the manner in which the Fund is managed, it may be subject to a high rate of portfolio turnover.
The Fund may hold a substantial portion of its assets in cash or short-term fixed income obligations in unusual market conditions, to meet redemption requests, for temporary defensive purposes, and pending investment. The Fund may also use a wide range of derivative instruments, including options, futures contracts, options on futures contracts and swaps, subject to certain limitations. The Fund will limit its investments in derivative instruments to 20% of net assets. The Fund will use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, to affect diversification or to earn additional income. The Fund will not use derivatives for reasons inconsistent with its investment objective.
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| Fund information (As of 10/31/09) |
| Total net assets |
$83.1 million |
| Class A |
$68.3 million |
| Class B |
$4.0 million |
| Class C |
$6.9 million |
| Class I |
$3.5 million |
| Class R |
$0.3 million |
| Inception date |
|
| Class A |
08/16/85 |
| Class B |
05/02/94 |
| Class C |
11/29/95 |
| Class I |
06/01/92 |
| Class R |
06/02/03 |
| Dividends |
Mid Month |
| Capital gains |
November |
|
Fund Facts
| Fund identifiers |
| |
Class A |
Class B |
Class C |
Class I |
Class R |
| NASDAQ |
DEGGX |
DEGBX |
DUGCX |
DUGIX |
DUGRX |
| CUSIP |
246094205 |
246094601 |
246094700 |
246094502 |
246094809 |
| Delaphone ID |
023 |
061 |
081 |
041 |
526 |
|
| Expense information |
| |
Class A |
Class B |
Class C |
Class I |
Class R |
| Max sales load |
4.50% |
0.00% |
0.00% |
0.00% |
0.00% |
| Max CDSC |
0.00% |
4.00% |
1.00% |
0.00% |
0.00% |
| Management fee |
0.55% |
0.55% |
0.55% |
0.55% |
0.55% |
| Net expense ratio |
0.90% |
1.65% |
1.65% |
0.65% |
1.15% |
| Gross expense ratio |
1.24% |
1.94% |
1.94% |
0.94% |
1.54% |
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Quarter-End Performance
The performance data quoted represent past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
Performance includes reinvestment of all distributions and is subject to change. Expenses may have been subsidized. Had they not, performance would be lower. For more information, please call 800 523-1918. Class A shares have a maximum up-front sales charge of 4.50% and are subject to an annual distribution fee. Class B shares are subject to a 1.00% annual distribution and service fee and will be subject to a contingent deferred sales charge of up to 4.00% if redeemed before the end of the 6th year. Class C shares are subject to a 1.00% annual distribution and service fee and will be subject to a contingent deferred sales charge of 1.00% if redeemed within the first 12 months. Class R shares are subject to an annual distribution fee. Please see the fee table in the Fund's prospectus for more information.
Investors should consider the investment objectives, risks, charges, and expenses of the investment company carefully before investing. The prospectus contains this and other important information about the investment company. Please request a prospectus by calling 800 523-1918 or by visiting our Web site at www.delawareinvestments.com. Read it carefully before you invest or send money.
Class I and R shares are only available to certain investors. See the prospectus and statement of additional information for a complete explanation.
| Cumulative Data (as of 11/20/09) |
|
Average Annualized (as of 09/30/09) |
| |
Price |
Net Chg |
YTD |
|
1 Yr |
3 Yr |
5 Yr |
10 Yr |
Since
Inception |
Inception
Date |
| Class A |
| At NAV |
$7.91 |
-0.01 |
19.29% |
|
18.84% |
6.82% |
5.09% |
5.89% |
6.44% |
08/16/85 |
| At offer |
$8.28 |
-- |
-- |
|
13.47% |
5.20% |
4.11% |
5.41% |
6.24% |
|
| |
| Class B |
| At NAV |
$7.91 |
-0.01 |
18.50% |
|
18.13% |
6.03% |
4.33% |
5.29% |
5.24% |
05/02/94 |
| At offer |
$7.91 |
-- |
-- |
|
14.13% |
5.36% |
4.07% |
5.29% |
5.24% |
|
| |
| Class C |
| At NAV |
$7.92 |
-0.01 |
18.48% |
|
18.11% |
6.07% |
4.35% |
5.15% |
4.79% |
11/29/95 |
| At offer |
$7.92 |
-- |
-- |
|
17.11% |
6.07% |
4.35% |
5.15% |
4.79% |
|
| |
| Class R |
| At NAV |
$7.94 |
no chg |
19.30% |
|
18.99% |
6.64% |
4.88% |
n/a |
4.10% |
06/02/03 |
| At offer |
$7.94 |
-- |
-- |
|
18.99% |
6.64% |
4.88% |
n/a |
4.10% |
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| |
|
Click here for Gross Expense Ratio
Holdings
| Maturity distribution (as of 10/31/09)
|
| |
|
% of Portfolio |
| Under 1 Yr |
4.5% |
|
| 1 to 3 Yrs |
19.5% |
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| 3 to 5 Yrs |
21.4% |
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| 5 to 7 Yrs |
20.4% |
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| 7 to 10 Yrs |
24.2% |
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| 10 to 20 Yrs |
3.7% |
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| 20 Yrs and over |
6.2% |
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| Top 10 holdings (as of 10/31/09)
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| |
| Holding |
% of Portfolio |
| FNCL Nov TBA |
3.0% |
|
| U.S. Treasury N/B |
2.39% |
|
| FNCL 969493 |
2.15% |
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| Fglmc Nov TBA |
1.62% |
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| General Electric Capital Corp |
1.06% |
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| FNCL 960314 |
1.02% |
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| FNCL 948116 |
1.0% |
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| FNCL 888678 |
0.83% |
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| Gsms 2006-Gg6 A4 |
0.77% |
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| Wfmbs 2006-Ar6 7A1 |
0.73% |
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| Total % Portfolio in Top 10 holdings |
14.6% |
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| Top 10 sectors (as of 10/31/09)
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| |
| Sector |
% of Portfolio |
| Investment Grade Credit |
34.6% |
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| Mbs & CMOs |
23.3% |
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| High Yield Credits |
16.8% |
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| Commercial Mortgage-backed securitiesuri |
8.9% |
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| Abs |
5.3% |
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| U.S. Treasury securities |
3.7% |
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| Non-Dollar |
2.7% |
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| Cash/Other |
2.2% |
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| Emerging markets |
2.2% |
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| Agency Bonds |
0.4% |
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| Holding information (as of 10/31/09)
|
| |
| # Securities |
507 |
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| # Fixed Income Securities |
500 |
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| # Equity Securities |
1 |
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| # Countries |
20 |
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| # Issuers |
397 |
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| Asset allocation (as of 10/31/09)
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| |
| Corporate Bonds |
56.3% |
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| Mortgage-Backed Securities |
32.1% |
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| Government Securities |
6.3% |
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| Asset-Backed Securities |
5.3% |
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| Municipal Bonds |
n/a |
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Portfolio Characteristics
| Fixed income statistics |
|
| |
As of 10/31/09 |
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Beta vs Benchmark
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0.88 |
|
|
Annualized Standard Deviation
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5.60 |
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Weighted Average Credit Quality
|
A |
|
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Weighted Average Effective Maturity
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7.2 years |
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Weighted Average Coupon
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6.36% |
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Weighted Average Effective Duration
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4.1 years |
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Effective at the close of business on May 31, 2007, no new or subsequent investments will be allowed in Class B shares of the Delaware Investments® Family of Funds except through a reinvestment of dividends or capital gains or permitted exchanges. http://www.delawareinvestments.com/Corporate/shareholder/supp_bclass.pdf
Effective August 24, 2007, Kevin P. Loome was added to the Fund and is head of the Delaware Investments High Yield fixed income team.
Please see the Fund's prospectus, as supplemented, for more information.
The Fund will also be affected by prepayment risk due to its holdings of mortgage-backed securities. With prepayment risk, when homeowners prepay mortgages during periods of low interest rates, the Fund may be forced to re-deploy its assets in lower yielding securities. Derivatives risk is the possibility that a fund may experience a significant loss if it employs a derivatives strategy related to a security or a securities index and that security or index moves in the opposite direction from what the portfolio manager had anticipated. Another risk of derivative transactions is the creditworthiness of the counterparty because the transaction depends on the willingness and ability of the counterparty to fulfill its contractual obligations. Derivatives may also involve additional expenses.
Please see the Fund's prospectus, which contains important information regarding the investment manager for the Fund.
A rise/fall in the interest rates can have a significant impact on bond prices and the NAV (net asset value) of the fund. Funds that invest in bonds can lose their value as interest rates rise and an investor can lose principal.
The Delaware information provided herein may be used in conjunction with the offering of shares only if preceded or accompanied by a prospectus. All Delaware Funds are offered by prospectus only. The prospectus contains more complete information on advisory fees, distribution charges, and other expenses and should be read carefully before investing or sending money. A printed copy of any Delaware Investments fund prospectus may be obtained by calling Delaware Investments at 800 523-1918.
Distributed by Delaware Distributors L.P.
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