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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
|
|
Portfolio manager(s)
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| Delaware High-Yield Opportunities Fund seeks total return and, as a secondary objective, high current income. |
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Kevin P. Loome (2007)
Delaware Management Company
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Main investment strategies
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We invest primarily in corporate bonds rated BB or lower by S&P or similarly rated by another Nationally recognized statistical ratings organization (NRSRO). These are commonly known as high yield bonds or junk bonds and involve greater risks than investment grade bonds. The Fund will also invest in unrated bonds we judge to be of comparable quality. Unrated bonds may be more speculative in nature than rated bonds. The Fund may also invest in U.S. and foreign government securities and corporate bonds of foreign issuers. In selecting bonds for the portfolio, we evaluate the income provided by the bond and the bond's appreciation potential as well as the issuer's ability to make income and principal payments.
Under normal circumstances, the Fund will invest at least 80% of its net assets in fixed income securities rated at the time of purchase BB or lower by S&P or similarly rated by another NRSRO or, if unrated, judged to be of comparable quality. This policy is not a fundamental investment policy and can be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change.
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| Fund information (As of 10/31/09) |
| Total net assets |
$416.7 million |
| Class A |
$310.9 million |
| Class B |
$12.0 million |
| Class C |
$34.2 million |
| Class I |
$42.2 million |
| Class R |
$17.5 million |
| Inception date |
|
| Class A |
12/30/96 |
| Class B |
02/17/98 |
| Class C |
02/17/98 |
| Class I |
12/30/96 |
| 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 |
DHOAX |
DHOBX |
DHOCX |
DHOIX |
DHIRX |
| CUSIP |
245908876 |
245908868 |
245908850 |
245908843 |
245908736 |
| Delaphone ID |
137 |
138 |
139 |
140 |
539 |
|
| 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 |
0.65% |
0.65% |
0.65% |
0.65% |
0.65% |
| Net expense ratio |
1.11% |
1.81% |
1.81% |
0.81% |
1.31% |
| Gross expense ratio |
1.31% |
2.01% |
2.01% |
1.01% |
1.61% |
|
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 |
$3.79 |
no chg |
44.82% |
|
15.95% |
3.68% |
5.40% |
6.05% |
6.26% |
12/30/96 |
| At offer |
$3.97 |
-- |
-- |
|
10.67% |
2.12% |
4.45% |
5.57% |
5.88% |
|
| |
| Class B |
| At NAV |
$3.79 |
no chg |
43.93% |
|
15.48% |
3.04% |
4.67% |
5.45% |
4.48% |
02/17/98 |
| At offer |
$3.79 |
-- |
-- |
|
11.48% |
2.42% |
4.45% |
5.45% |
4.48% |
|
| |
| Class C |
| At NAV |
$3.80 |
no chg |
44.30% |
|
15.14% |
2.95% |
4.61% |
5.31% |
4.25% |
02/17/98 |
| At offer |
$3.80 |
-- |
-- |
|
14.14% |
2.95% |
4.61% |
5.31% |
4.25% |
|
| |
| Class R |
| At NAV |
$3.80 |
no chg |
44.42% |
|
16.02% |
3.55% |
5.17% |
n/a |
7.16% |
06/02/03 |
| At offer |
$3.80 |
-- |
-- |
|
16.02% |
3.55% |
5.17% |
n/a |
7.16% |
|
| |
|
Click here for Gross Expense Ratio
Holdings
| Maturity distribution (as of 10/31/09)
|
| |
|
% of Portfolio |
| Under 1 Yr |
4.9% |
|
| 1 to 3 Yrs |
13.7% |
|
| 3 to 5 Yrs |
30.5% |
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| 5 to 7 Yrs |
31.8% |
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| 7 to 10 Yrs |
13.2% |
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| 10 to 20 Yrs |
1.6% |
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| 20 Yrs and over |
4.3% |
|
|
|
|
| Top 10 holdings (as of 10/31/09)
|
| |
| Holding |
% of Portfolio |
| First Data Corp |
1.17% |
|
| Charter Communications Operati |
1.1% |
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| Ford Motor Credit Co Llc |
1.02% |
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| Harrah'S Operating Co Inc |
0.98% |
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| Intelsat Bermuda Ltd |
0.96% |
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| Aramark Corp |
0.94% |
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| Sprint Capital |
0.93% |
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| Intelsat Jackson Hldg |
0.92% |
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| Allison Transmission 144A |
0.84% |
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| Labranche & Co Inc |
0.83% |
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| Total % Portfolio in Top 10 holdings |
9.7% |
|
|
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| Top 10 sectors (as of 10/31/09)
|
| |
| Sector |
% of Portfolio |
| Services cyclical |
15.4% |
|
| Basic industry |
10.3% |
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| Telecommunications |
10.1% |
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| Consumer cyclical |
9.0% |
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| Energy |
8.6% |
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| Media |
7.6% |
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| Capital goods |
6.8% |
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| Services Non-cyclical |
6.5% |
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| Banking |
4.6% |
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| Utility |
4.5% |
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|
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| Holding information (as of 10/31/09)
|
| |
| # Securities |
330 |
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| # Fixed Income Securities |
317 |
|
| # Equity Securities |
12 |
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| # Countries |
16 |
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| # Issuers |
257 |
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| Asset allocation (as of 10/31/09)
|
| |
| Corporate Bonds |
84.0% |
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| Foreign Bonds |
14.1% |
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| Cash & Cash Equivalents |
1.4% |
|
| Equity Securities |
0.6% |
|
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|
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Portfolio Characteristics
| Fixed income statistics |
|
| |
As of 10/31/09 |
|
Beta vs Benchmark
|
0.90 |
|
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Annualized Standard Deviation
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15.46 |
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Weighted Average Credit Quality
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B |
|
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Weighted Average Effective Maturity
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6.1 years |
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Weighted Average Coupon
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9.22% |
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Weighted Average Effective Duration
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3.8 years |
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High-yielding, non-investment grade bonds involve higher risk than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities.
The portfolio may be invested in foreign high-yield corporate bonds which have special risks that include currency fluctuations, economic and political change and different accounting standards.
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
Mr. Loome regularly consults with Chuck M. Devereux, Senior Vice President, Director of Credit Research, when making decisions for the Fund.
This Fund will be affected primarily by declines in bond prices, which can be caused by an adverse change in interest rates, adverse economic conditions or poor performance from specific industries or bond issuers.
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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