Key features
A research-driven high yield bond fund seeking long-term growth and income
Leverages the team’s credit expertise and presence in the corporate bond market
An experienced management team with significant experience managing through market cycles
Daily pricing
as of
06/01/2026
NAV 1-day net change
No Change
Total net assets
as of
04/30/2026
All share classes
$70.9 million
Overview
| Series identifiers |
| CUSIP |
246493522 |
Benchmark
Portfolio
Portfolio turnover (last fiscal year)
45%
Cash and cash equivalents
6.0%
Top 10 fixed income holdings as of 04/30/2026
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
WHITE CAP SUPPLY HOLDINGS LLC
0.89
TENET HEALTHCARE CORP
0.82
MAUSER PACKAGING SOLUTIONS HOLDING
0.81
MIDCONTINENT COMMUNICATIONS
0.79
Total % Portfolio in Top 10 holdings - 9.13%
Sector allocation
as of 04/30/2026
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Series’ complete list of holdings for more information.
Technology & electric
3.5%
Credit quality as of 04/30/2026
Total may not equal 100% due to rounding. The Series' 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 Series' Statement of Additional Information.
Management
John McCarthy, CFA
-
Senior Portfolio Manager
-
Start date on the Fund:
October 2019
-
Years of industry experience:
39
-
Read bio
John McCarthy
Senior Portfolio Manager
John is a Senior Portfolio Manager for Leveraged Credit at Nomura Asset Management International, a role he assumed in July 2016 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 manages high yield portfolios and serves as a Co-Portfolio Manager for bank loans, fixed rate multisector, and core plus strategies.
Previously, he was Co-Head of Credit Research at Macquarie Asset Management. Before that, he held a number of roles with Delaware Investments (which was acquired by Macquarie in 2010), including Senior Research Analyst, Senior High Yield Analyst, High Yield Trader, and Municipal Bond Trader. John was also a Senior High Yield Analyst and Trader at Chartwell Investment Partners for five years.
John earned a Bachelor of Science in business administration from Babson College. He holds the Chartered Financial Analyst® designation and is a member of the CFA Society of Philadelphia.
Sub-advisor
Nomura Corporate Research and Asset Management Inc.
David Crall, CFA
-
President, Chief Executive Officer, Chief Investment Officer, and a Managing Director with NCRAM
-
Read bio
David Crall
President, Chief Executive Officer, Chief Investment Officer, and a Managing Director with NCRAM
David Crall, CFA, is the President, Chief Executive Officer (CEO), Chief Investment Officer (CIO), and a Managing
Director with Nomura Corporate Research and Asset Management Inc. (NCRAM). He is also a member of NCRAM’s Board of
Directors. Mr. Crall became President and CEO of NCRAM in June 2019, and in this capacity he is responsible for the
firm’s overall management and business strategy. In addition, as CIO since January 2010, he leads the investment
activities and investment team of NCRAM. He is the Chair of NCRAM’s Management Oversight, Investment, New Product,
Risk Monitoring, and ESG Committees. Previously, he was a portfolio manager and co-head of the high yield bond team
at NCRAM, encompassing primarily high yield bonds but also public-side management of loans and distressed
investments, since 2000. Prior to that, he was a portfolio manager of various high yield accounts at NCRAM since
1997, and an analyst in the high yield group at NCRAM for various industries since 1992. Mr. Crall received his B.A.
in English from Yale University in 1992. He is a CFA® charterholder, a member of the CFA institute, and a member of
the New York Society of Security Analysts.
Stephen Kotsen, CFA
-
Managing Director and Portfolio Manager with NCRAM
-
Read bio
Stephen Kotsen
Managing Director and Portfolio Manager with NCRAM
Stephen Kotsen, CFA, is a Managing Director and Portfolio Manager with Nomura Corporate Research and Asset Management Inc. (NCRAM). He has been the lead portfolio manager for NCRAM’s flagship High Yield Total Return Strategy since 2000, including numerous separate accounts, mutual funds, UCITS funds, and other commingled vehicles. He joined NCRAM in 1998 and initially worked as a high yield credit analyst covering various sectors. Previously, he was a portfolio manager at Lazard Frères Asset Management, managing fixed income portfolios exceeding $2bn, and prior to that role, he served as a credit analyst at Lazard. Mr. Kotsen received his M.B.A. in Finance from Columbia Business School in 1995, and his B.A. in International Relations from Princeton University in 1991. Mr. Kotsen is a CFA® charterholder, a member of the CFA Institute, and a member of the New York Society of Security Analysts.
Amy Yu Chang, CFA
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Managing Director and Portfolio Manager with NCRAM
-
Read bio
Amy Yu Chang
Managing Director and Portfolio Manager with NCRAM
Amy Yu Chang, CFA, is a Managing Director and Portfolio Manager with Nomura Corporate Research and Asset Management Inc. (NCRAM). She manages NCRAM's higher credit quality accounts, including the BB-B High Yield Strategy, and also assists in managing accounts in the full spectrum High Yield Total Return Strategy. She has been a high yield bond Portfolio Manager since 2007. Prior to that, she was an Assistant Portfolio Manager of various long-only high yield accounts at NCRAM since 2004, and an analyst in the high yield group at NCRAM for various industries including Retail, Apparel, Food, Restaurants, Technology, and Business Services since 1999. Ms. Yu Chang received her B.S. in Biology from Yale University in 1999. She is a CFA® charterholder, a member of the CFA Institute, and a member of the New York Society of Security Analysts.
Christopher Parham, CFA
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Executive Director and Assistant Portfolio Manager with NCRAM
-
Read bio
Christopher Parham
Executive Director and Assistant Portfolio Manager with NCRAM
Christopher Parham, CFA, is an Executive Director and Assistant Portfolio Manager with Nomura Corporate Research and Asset Management Inc. (NCRAM). He became an Assistant Portfolio Manager of NCRAM’s high yield strategies in January of 2018, and has formally served as Assistant Portfolio Manager for a subset of NCRAM’s US high yield funds since June of 2025. Mr. Parham joined NCRAM in August 2007 as a Credit Analyst and currently covers the Banking & Financials industries, in addition to his assistant portfolio manager responsibilities. His previous coverage includes the Printing & Publishing and Broadcasting industries. Mr. Parham graduated cum laude from Harvard University with a B.A. in Government and a minor in Economics. He is a CFA® charterholder, a member of the CFA Institute, and a member of the New York Society of Security Analysts.
Fees
The following table describes the fees and expenses that you may pay if you buy, hold,
and sell shares of the Series. The fee table does not reflect any fees or sales charges
imposed by variable insurance contracts. If it did, the expenses would be higher.
| Annual portfolio operating expenses |
| Management fees |
0.65% |
| Distribution and service (12b-1) fees |
none |
| Other expenses1 |
0.24% |
| Total annual series operating expenses |
0.89% |
| Fee waivers and expense
reimbursements2 |
(0.14%) |
| Total annual series operating expenses after fee
waivers and expense reimbursements |
0.75% |
1Other expenses contain a 0.01% acquired fund fees and expenses.
Acquired fund fees and expenses sets forth the Series' pro rata portion of the cumulative expenses
charged by the registered investment companies in which the Series invested during the last fiscal
year. The actual Acquired fund fees and expenses will vary with changes in the allocations of the
Series' assets. These expenses are not direct costs paid by Series shareholders, and are not used
to calculate the Series' NAV.
2Net expense ratio reflects a contractual waiver of certain fees and/or expense
reimbursements from April 30, 2026 through April 29, 2027. Please see the fee table in the Series'
prospectus for more information.
Please see the prospectus and SAI for additional information.
Resources
Shareholder report – Annual
Shareholder report – Semi-annual