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| Fund profile |
Objective
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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 02/28/10) |
| Fixed Income style |
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| Total net assets |
$444.8 million |
| Class A |
$330.0 million |
| Class B |
$11.0 million |
| Class C |
$35.1 million |
| Class I |
$49.1 million |
| Class R |
$19.6 million |
| Inception date |
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| 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 |
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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.
Investing involves risk, including the possible loss of principal.
Carefully consider the Fund's investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund's prospectus, which may be obtained by visiting www.delawareinvestments.com/literature or calling 800 523-1918. Investors should read the prospectus carefully before investing.
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