Delaware Core Bond Fund (Closed to new investors)*


Delaware Core Bond Fund seeks maximum long-term total return, consistent with reasonable risk.


The Fund will invest primarily in a diversified portfolio of investment grade, fixed income obligations, including U.S. government securities, mortgage-backed securities, asset-backed securities, corporate bonds, and other fixed income securities.

Fund information
Inception date03/12/1996
Dividends paid (if any)Monthly
Capital gains paid (if any)December
Fund identifiers
Investment minimums
Initial investment$1,000
Subsequent Investments$100
Systematic withdrawal balance$5,000
Account features
Payroll DeductionYes

1 Inception date is that of the Intermediate Fixed Income Portfolio of the Delaware Pooled® Trust, which reorganized into the Fund as of 9/30/09.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.

Average annual total return as of month-end (09/30/2014)
YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)3.80%3.73%1.89%3.87%4.43%5.30%03/12/1996
Max offer price-0.90%-0.92%0.34%2.91%3.95%5.04%
Barclays U.S. Aggregate Index4.10%3.96%2.43%4.12%4.62%n/a
Average annual total return as of quarter-end (09/30/2014)
QTDYTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)-0.09%3.80%3.73%1.89%3.87%4.43%5.30%03/12/1996
Max offer price-4.57%n/a-0.92%0.34%2.91%3.95%5.04%
Barclays U.S. Aggregate Index0.17%4.10%3.96%2.43%4.12%4.62%n/a

Returns for less than one year are not annualized.

Class A shares have a maximum up-front sales charge of 4.50% and are subject to an annual distribution fee.

The average annual total returns and calendar year total returns for periods prior to September 30, 2009 are for The Intermediate Fixed Income Portfolio of the Delaware Pooled® Trust (Portfolio), which reorganized into the Fund as of that date. Because the Fund’s fees and expenses are higher than those of the Portfolio, including a Rule 12b-1 fee to which the Portfolio was not subject, the Fund’s performance would have been lower than that shown for the Portfolio. Returns “at offer” have been adjusted to reflect the Fund’s Class A maximum sales charge.

Expense ratio

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from Nov. 27, 2013 through Nov. 28, 2014. Please see the fee table in the Fund's prospectus for more information.

Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
Portfolio characteristics - as of 09/30/2014
Share assets$2.4 million
Number of holdings405
Effective maturity (weighted average) (view definition)7.42 years
Effective duration (weighted average) (view definition)5.51 years
Annualized standard deviation, 3 years (view definition)3.06
SEC 30-day yield with waiver (view definition)1.37%
SEC 30-day yield without waiver (view definition)-0.14%
Portfolio turnover (last fiscal year)401%
Portfolio composition as of 09/30/2014Total may not equal 100% due to rounding.
Mortgage-backed securities31.0%
U.S. government securities22.2%
Asset-backed securities7.2%
Top 10 holdings as of 09/30/2014
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
United States Treasury Note/Bond 2.375 8/15/20249.2%
United States Treasury Note/Bond 1.750 9/30/20195.3%
United States Treasury Floating Rate Note 0.084 4/30/20164.2%
General Electric Capital Corp. 3.450 5/15/20242.2%
FNR 2006-105 ME1.7%
COMET 2007-A1 A11.3%
Total % Portfolio in Top 10 holdings34.0%

Holdings are as of the date indicated and subject to change.

Top sectors as of 09/30/2014
List excludes cash and cash equivalents.
Sector% of portfolio
Investment grade credits39.5%
MBS and CMOs27.1%
U.S. Treasury securities19.2%
Asset-backed securities7.2%
Commercial mortgage-backed securities3.9%
Agency bonds0.2%
Emerging markets0.2%

List excludes cash and cash equivalents.

Distribution history - annual distributions (Class A)1,2
Distributions ($ per share)
YearCapital gains3Net investment

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 is only provided from June 1, 2014 onward.

3Includes both short- and long-term capital gains.

Paul Grillo

Paul Grillo, CFA

Senior Vice President, Co-Chief Investment Officer — Total Return Fixed Income Strategy

Start date on the Fund: February 2001

Years of industry experience: 33

(View bio)

Roger Early

Roger Early, CPA, CFA, CFP

Senior Vice President, Co-Chief Investment Officer — Total Return Fixed Income Strategy

Start date on the Fund: May 2007

Years of industry experience: 38

(View bio)

Thomas Chow

Thomas H. Chow, CFA

Senior Vice President, Chief Investment Officer — Corporate Credit

Start date on the Fund: May 2007

Years of industry experience: 26

(View bio)

Brian McDonnell

Brian C. McDonnell, CFA

Senior Vice President, Senior Portfolio Manager, Senior Structured Products Analyst, Trader

Start date on the Fund: November 2011

Years of industry experience: 25

(View bio)

Christopher Testa

Christopher M. Testa, CFA

Senior Vice President, Senior Portfolio Manager

Start date on the Fund: June 2014

Years of industry experience: 28

(View bio)

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 Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled "About your account," and in the Fund's statement of additional information under the section entitled "Purchasing shares."

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering price4.50%
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lowernone
Annual fund operating expenses
Management fees0.50%
Distribution and service (12b-1) fees0.25%
Other expenses0.64%
Total annual fund operating expenses1.39%
Fee waivers and expense reimbursements(0.49%)
Total annual fund operating expenses after fee waivers and expense reimbursements0.90%

1The Class A shares' distribution and service (12b-1) fees have been restated to reflect a permanent reduction in their fees to 0.25%.  

2The Fund's investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent annual fund operating expenses from exceeding, in an aggregate amount, 0.65% of the Fund's average daily net assets from Nov. 27, 2013 through Nov. 28, 2014. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.  

*On Aug. 20, 2014, the Board of Trustees responsible for Delaware Core Bond Fund voted and approved a proposal to liquidate and dissolve the Fund. The liquidation and dissolution is expected to take effect on or before Oct. 31, 2014. Effective Aug. 21, 2014, the Fund will be closed to new investors. The Fund will continue to accept purchases from existing shareholders (including reinvested dividends or capital gains) until five business day before the liquidation date. Please read the prospectus, summary prospectus, and related supplements dated Aug. 21, 2014 for more information concerning this event.

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 and its summary prospectus, which may be obtained by clicking the prospectus link located in the right-hand sidebar or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Fund may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Fund may be prepaid prior to maturity, potentially forcing the Fund to reinvest that money at a lower interest rate.

The Funds may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivative transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.

The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 10/22/2014)

Class APriceNet changeYTD
NAV$10.38no chg4.36%
Max offer price$10.87n/an/a

Total net assets (as of 09/30/2014)

$15.2 million all share classes

Lipper ranking (as of 09/30/2014)

YTD ranking360 / 534
1 year376 / 530
3 years422 / 470
5 years327 / 414
10 years143 / 291
Lipper classificationCore Bond Funds

(View Lipper disclosure)

Benchmark, peer group

Barclays U.S. Aggregate Index (view)

Lipper Core Bond Funds Average (view)

Additional information