Key features
A diversified fixed income portfolio, seeking to maximize opportunity in all market cycles
An agile, active investment process that is anchored in evidence and confident standing against the tide
An experienced management team with investment hubs across the globe covering the fixed income universe
Daily pricing
as of
11/28/2025
NAV 1-day net change
-0.01
Total net assets
as of
10/31/2025
All share classes
$2.4 billion
Overview
| Fund identifiers |
| NASDAQ |
DPFFX |
| CUSIP |
246248587 |
Benchmark and peer group
Portfolio
Number of credit issuers
476
Portfolio turnover (last fiscal year)
106%
High grade securities
86.8%
High yield securities
6.5%
International developed
0.5%
Top 10 fixed income holdings as of 10/31/2025
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
GOLDMAN SACHS GROUP INC/THE
0.67
Total % Portfolio in Top 10 holdings - 13.43%
Fixed income sectors
as of 10/31/2025
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.
Investment grade corporates
29.3%
Commercial mortgage-backed securities
9.3%
U.S. Treasury securities
7.4%
Asset-backed securities/CLO
7.0%
High yield corporates
5.0%
Tax exempt municipals
0.4%
Credit quality as of 10/31/2025
Total may not equal 100% due to rounding. The Fund’s investment manager, Delaware Management Company (DMC) receives “Credit Quality” ratings for the underlying securities held by the Fund from three “nationally recognized statistical rating organizations” (NRSROs) — Standard & Poor’s (S&P), Moody’s Investors Service, and Fitch, Inc. The credit quality breakdown is calculated by DMC based on the NSRO ratings and the index credit quality rules. For securities rated by an NRSRO other than S&P, that rating is converted to the equivalent S&P credit rating. Securities that are unrated by any of the three NRSROs are included in the “not rated” category when applicable. Unrated securities do not necessarily indicate low quality. More information about securities ratings is contained in the Fund’s Statement of Additional Information.
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
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 (if any) is only provided from June 1, 2014 onward.
3Includes both short- and long-term capital gains.
Management
Janaki Rao
-
Head of US Multisector
-
Start date on the Fund:
May 2024
-
Years of industry experience:
32
-
Read bio
Janaki Rao
Head of US Multisector
Janaki is Head of the US Multisector Team at Nomura Asset Management International, a role he assumed in May 2024 at Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura’s acquisition of Macquarie Asset Management’s US and European public investments business in 2025. He has overall responsibility for US multisector capabilities, including the portfolios, the team, and client and business management.
Prior to Macquarie, Janaki was Director of US Multisector Fixed Income at AllianceBernstein from November 2019 to February 2023, responsible for managing multisector fixed income portfolios, including Treasury inflation-protected securities (TIPS) and agency mortgage-backed securities (MBS) portfolios. Before that, he was AllianceBernstein’s Head of Agency MBS from March 2013 to November 2019, and prior to that spent seven years at Morgan Stanley as Vice President of Agency MBS Research.
Janaki earned a Bachelor of Arts (Honors) in economics from the University of Delhi, a Master of Business Administration with an emphasis in marketing from Symbiosis Institute of Business Management, and a Master of Business Administration with an emphasis in finance from the Zicklin School of Business at Baruch College.
Kashif Ishaq
-
Senior Portfolio Manager
-
Start date on the Fund:
December 2025
-
Years of industry experience:
23
-
Read bio
Kashif Ishaq
Senior Portfolio Manager
Kashif is a Senior Portfolio Manager for Fixed Income at Nomura Asset Management International, a role he assumed in September 2020 at Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura’s acquisition of Macquarie Asset Management’s US and European public investments business in 2025. Kashif manages corporate bond exposures within fixed income portfolios and oversees corporate credit traders.
He began his career in 2003 as a fixed income Portfolio Analyst with Delaware Investments (which was acquired by Macquarie in 2010) on the Insurance Portfolio Management Team and was later promoted to Investment Grade Trader. Before that, Kashif had participated in Lincoln Financial Group’s Rotational Professional Development Program.
He earned a Bachelor of Science in corporate finance and accounting from Bentley College.
Mansur Rasul
-
Head of Emerging Markets Debt
-
Start date on the Fund:
December 2025
-
Years of industry experience:
23
-
Read bio
Mansur Rasul
Head of Emerging Markets Debt
Mansur is Head of Emerging Markets Debt at Nomura Asset Management International, a role he assumed in December 2025. He joined Nomura Asset Management as part of Nomura’s acquisition of Macquarie Asset Management’s US and European public investments business in 2025.
Previously, he was a Senior Portfolio Manager on the Emerging Markets Debt Team at Macquarie Asset Management since July 2016. Prior to his role managing emerging markets credit portfolios, he was responsible for emerging markets trading. Before joining Macquarie in 2012, he worked at ING Financial Markets, where he was responsible for emerging markets credit trading and structuring. Prior to that, he worked for Daiwa Capital Markets America as Director of the firm’s fixed income syndicate, responsible for the placement of all fixed income products to US-based accounts. He also worked with Merrill Lynch as an associate responsible for Asian credit trading and worked at Delaware Investments as an Analyst.
Mansur earned a Bachelor of Science in economics with a minor in political science from Northwestern University.
Fees
The table below describes the fees and expenses that you may pay if you buy, hold, and sell
shares of the Fund.
You may pay other fees, such as brokerage commissions and other fees
to financial intermediaries, which are not reflected in the table below. 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 Nomura Funds. More information about these and other
discounts is available from your financial intermediary, in the Fund’s Prospectus under the
section entitled “About your account,” and in the Fund’s statement of additional information
(SAI) under the section entitled “Purchasing Shares.”
| Shareholder fees |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price |
none |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower |
none |
| Annual fund operating expenses |
| Management fees |
0.47% |
| Distribution and service (12b-1) fees |
none |
| Other expenses |
0.14% |
| Total annual fund operating expenses |
0.61% |
| Fee waivers and expense reimbursements1 |
(0.19%) |
| Total annual fund operating expenses after fee waivers and expense reimbursements |
0.42% |
1Net expense ratio reflects a contractual waiver of certain fees and/or
expense reimbursements from February 27, 2025 through February 26, 2026. Please see the fee table in the
Fund's prospectus for more information.
Institutional Class shares are available only to certain investors.
Please see the prospectus and SAI for additional information.
Resources
Fact sheet and commentaries
Shareholder report – Annual
Shareholder report – Semi-annual