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  • Business continuity
    to its regulators as required The main objective of the Macquarie BCM Policy is to ensure that Macquarie is adequately prepared to continue business critical functions in the event of a disaster and to uphold its contractual agreements with third parties including clients In line with this framework Macquarie has developed global pandemic management plans and strategies in response to the global avian influenza threat of 2003 and to the emerging threat of an H1N1 or swine influenza pandemic Crisis management procedures and responsibilities are documented detailing communication and escalation procedures in the event of business disruption or a disaster These procedures are reviewed on a regular basis by management to ensure they are up to date with current business practices Concurrently guidelines are communicated to all employees on a regular basis as part of the BCP Program Monitoring risk to individual countries is regularly conducted by Macquarie s Corporate Risk Department focusing on those countries where Macquarie has an existing presence The strategy uses the advice and pandemic preparation plans of the governments of the major locations in which we operate the World Health Organization and our specialist risk and medical advisors Preventative measures have been identified that assist in limiting the spread of infectious diseases that could impact Macquarie s operations These include supplier agreements for the procurement of Tamiflu hand washes and masks Business continuity planning is centrally managed across Macquarie by a dedicated team Each Division has its own BCP Manager responsible for the coordination of the Division s recovery in accordance with the Division s Business Continuity Plan These plans identify key personnel their alternates and recovery sites Disaster recovery plans for all critical applications and systems are tested on a regular basis Results of application recovery tests are documented and reviewed Servers for all

    Original URL path: http://www.delawareinvestments.com/closed-end/business-continuity (2016-04-26)
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  • Business ethics
    could reasonably be expected to give rise to a conflict of interest with the General Counsel or the Chief Compliance Officer Officers are expected to carefully consider the following as potential conflicts of interest any outside business activity service as a director on the board of any other company receipt of gifts in excess of a nominal amount receipt of entertainment that is not reasonable in cost or appropriate as to time place and frequency influence on hiring evaluation or compensation of any family member and any direct or indirect financial interest from the Funds or their service provider vendors Certain conflicts of interest covered by this Code arise out of the relationships between Officers and the Funds service providers that already are subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940 For example Officers may not individually engage in certain transactions such as the purchase or sale of securities or other property with the Funds because of their status as affiliated persons of the Funds Therefore as to the existing statutory and regulatory prohibitions on individual behavior this Code will not apply Officers must in all cases comply with applicable statutes and regulations As to conflicts arising from or as a result of the contractual relationship between the Funds and the service providers of which the Officers are also officers or employees it is recognized by the Funds that subject to the service provider s fiduciary duties to the Funds the Officers will in the normal course of their duties be involved in establishing policies and implementing decisions which will have different effects on the service providers and the Funds The Funds recognize that the participation of Officers in such activities is inherent in the contractual relationship between the Funds and the service providers and is consistent with the expectation of the Funds of the performance by the Officers of their duties as officers of the Funds In addition it is recognized by the Funds that Officers may also be officers or employees of other investment companies advised by the same adviser and that the codes of those investment companies will apply to the Officers acting in such capacities Whenever a question arises dealing with ethical standards or potential conflicts of interest it is the responsibility of Officers to raise the question with the Legal or Compliance Departments to resolve the issue Officers are expected to call the Chief Compliance Officer or the General Counsel with any questions or for clarification on conflicts of interest issues Fair disclosure Much of our business is dependent on information and the handling of that information The reporting management and communication of appropriate information internally and to the public are critical to the Funds continued success Officers are responsible for reporting data preparing reports and documents that the Funds file with or submit to the SEC documents that are sent to Fund shareholders or information that is publicly disseminated in any fashion

    Original URL path: http://www.delawareinvestments.com/closed-end/business-ethics (2016-04-26)
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  • More quantitative easing, China style
    still appear attractive to us see Chart 1 Close chart Chart 1 Valuations appear attractive Chart is for illustrative purposes only Source Bloomberg data as of Feb 29 2016 However given the continued risk of earnings downgrades and erosion of return on equity we remain cautious as we await earnings results later this month and as we assess additions to portfolio holdings that are trading in our view at a meaningful discount View chart Chart 2 Aggregate outbound tourists over time While volatility presents opportunities investors of course need to assess the quality of each company especially examining them for corporate governance risks We still see opportunities in domestic demand and in local consumption driven sectors One particular area of interest is the tourism and lifestyle spending trend which is highlighted in Chart 2 Close chart Chart 2 Aggregate outbound tourists over time Chart is for illustrative purposes only Source China National Tourism Administration data as of Dec 31 2015 In this latest policy action to cut the reserve requirement ratio central bankers didn t offer any explanation This leaves us to rely on our expectations which as noted above include a call for additional policy steps in the future While we will consider the influence such steps may have on the real economy our focus will remain on maintaining a portfolio of holdings that we believe can stand on its own and deliver competitive long term performance despite changes in central bank policy The views expressed represent the Manager s assessment of the market environment as of March 2016 and should not be considered a recommendation to buy hold or sell any security and should not be relied on as research or investment advice Views are subject to change without notice and may not reflect the Manager s views Carefully consider the Funds investment objectives risk factors charges and expenses before investing This and other information can be found in the Funds prospectuses and their summary prospectuses which may be obtained by visiting the fund literature page or calling 800 523 1918 Investors should read the prospectus and the summary prospectus carefully before investing IMPORTANT RISK CONSIDERATIONS Investing involves risk including the possible loss of principal Past performance does not guarantee future results 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 Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume The MSCI China Index captures large and mid cap representation across China H shares B shares Red chips and P chips covering about 85 of this China equity universe Index performance returns do not reflect any management fees transaction costs or expenses Indices are unmanaged and one cannot invest directly in an index Britney Lam Investment Strategist View bio More from Britney Lam As China contemplates an exchange tax psychology meets economic reality Four questions with the

    Original URL path: http://www.delawareinvestments.com/individual-investors/literature/insights/2016/more-quantitative-easing-china-style (2016-04-26)
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  • Spring forecast for muni buyers
    expectations shift and market sentiment changes over time and volatility can occur day to day patterns are notoriously unpredictable Municipal bonds however have shown a more reliable pattern not only for historical performance but also because of the seasonal supply and demand found in municipals The chart below shows a pattern of municipal bond monthly returns as measured by the Barclays Municipal Bond Index over the past 15 years In addition the graph demonstrates technical strength seen in January driven by low supply and high demand of municipals The January 2016 new issue municipal bond supply declined 18 from 2015 s supply while mutual funds saw inflows of more than 5 billion This depiction also demonstrates technical weakness in March as supply usually builds and investors are preoccupied with tax season In 2016 the calendar of new issues has picked up while tax exempt bond fund flows have remained positive although they have recently moderated It appears the new money flows remain on the sidelines So municipal bond yields have risen since mid February 2016 with the 10 year AAA municipal bond yield now back at 1 90 As the chart demonstrates these dips on average generally represent a good buying opportunity for some investors as the market tends to rebound in April View chart Munis cyclical nature can mean opportunities Close chart Munis cyclical nature can mean opportunities Barclays Municipal Bond Index average monthly returns 2001 2015 Chart is for illustrative purposes only This tendency over a 15 year period represents an average and is not a guarantee Still we feel investors should be looking at the long term income generating portion of their asset allocation and use these dips to take advantage of cheaper prices and higher yields After all we believe income is the most important component of total return over the long term The views expressed represent the Manager s assessment of the market environment as of March 2016 and should not be considered a recommendation to buy hold or sell any security and should not be relied on as research or investment advice Views are subject to change without notice and may not reflect the Manager s views Carefully consider the Funds investment objectives risk factors charges and expenses before investing This and other information can be found in the Funds prospectuses and their summary prospectuses which may be obtained by visiting the fund literature page or calling 800 523 1918 Investors should read the prospectus and the summary prospectus carefully before investing IMPORTANT RISK CONSIDERATIONS Investing involves risk including the possible loss of principal Past performance does not guarantee future results 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 Bond funds may also be subject to prepayment risk the risk that the principal of a fixed income security that is held

    Original URL path: http://www.delawareinvestments.com/individual-investors/literature/insights/2016/spring-forecast-for-muni-buyers (2016-04-26)
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  • 2016 Investment Outlooks
    municipal Fixed income taxable Global and international value equity Global listed infrastructure Global real estate equity Growth equity Large cap value equity Multi asset Small mid cap value equity Summaries Equity roundup Fixed income roundup In their 2016 Investment Outlooks Delaware Investments portfolio managers shed light on critical issues and more that investors could face in the new year Read more Share this page When you use this feature you ll leave delawareinvestments com and go to a third party website Delaware Investments accepts no responsibility for content on third party sites or for the services provided Also please be aware that when you use services provided by a third party site you re subject to that site s terms of service and privacy rules which you should review carefully FINRA regulates the use of social media Advisors should consult their compliance departments about restrictions regarding the use of social media before accessing any social media networks for a business purpose This content is for informational purposes only and is not an endorsement of any content on LinkedIn Facebook or Twitter or any app service or publicly traded company It is also not a recommendation to buy or sell a

    Original URL path: http://www.delawareinvestments.com/outlooks (2016-04-26)
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  • Charity golf tournament
    to generous support from sponsors and employees Delaware Investments raised 116 950 this year in its charity golf outing the Delaware Investments Charity Classic for Rock to the Future In addition its parent company s foundation Macquarie Group Foundation is matching 100 000 of the funds raised for a total donation to Rock to the Future of 216 950 Rock to the Future is a youth development organization that provides free music education and tutoring to lower income Philadelphia students Through music training and tutoring the program helps local students increase academic performance and establish positive lifestyle choices Through eight years of golf tournaments the Delaware Investments Charity Classic has raised 1 340 255 for local organizations Previous beneficiaries include 2011 Habitat for Humanity Philadelphia 2010 Philadelphia Wooden Boat Factory 2009 ASAP After School Activities Partnerships 2008 The Cradle of Liberty Council and Philadelphia Futures 2007 Philadelphia Society for Services to Children 2006 Neighborhood Bike Works and Rebuilding Together Philadelphia 2005 Operation Warm We ve been located in Philadelphia for more than 80 years and we re thrilled to hold this event in support of the local community said Patrick P Coyne president Delaware Investments Working with our partners to support these great organizations is something we re truly proud to do each year About Delaware Investments Delaware Investments a member of Macquarie Group is a global asset management firm that offers a wide variety of equity and fixed income solutions for individual and institutional investors Through teams of disciplined and talented investment professionals the firm is committed to delivering long term consistent performance In an ever changing global marketplace Delaware Investments with more than US 170 billion in assets under management as of June 30 2012 has helped its clients move steadily forward for more than 80 years Delaware

    Original URL path: http://www.delawareinvestments.com/individual-investors/about-us/press-releases/2012/charity-golf-tournament (2016-04-26)
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  • History
    History History Delaware Investments was founded in 1929 at the start of the Great Depression and has evolved into a world class asset management firm in the 21st century See the timeline below to learn about milestones in the eight decades long history of Delaware Investments Milestones 1929 Delaware Investments is founded 1938 Delaware Investments introduces its first mutual fund 1970 Begin managing fixed income strategies 1972 Institutional separate account management is established 1974 Taft Hartley business is established 1978 Our flagship money market fund is introduced 1990 International global capabilities are established 1994 Managed accounts business is established 1995 Delaware Investments joins Lincoln Financial Group 2000 Decade of broadening investment capabilities begins 2007 Dublin Ireland based UCITS funds are launched 2010 Delaware Investments joins Macquarie Group About us Get to know us History Principles Management Products and clients Press releases Archive Community Privacy statement Legal notice Business continuity Business ethics Get to know us Contact us Press releases Careers Any Macquarie Group entity noted on this page is not an authorized deposit taking institution for the purposes of the Banking Act 1959 Commonwealth of Australia and that entity s obligations do not represent deposits or other liabilities of Macquarie

    Original URL path: http://www.delawareinvestments.com/about-us/history (2016-04-26)
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  • Principles
    firm is guided by five main principles Clients First At Delaware Investments we seek to put investors first We also remain committed to upholding the company s strong institutional heritage which serves us well when crafting mutual funds managed accounts and other products for investors Our goal is to provide financial intermediaries with quality investment products that can help investors reach their goals Passion for Performance The results oriented culture at Delaware Investments seeks to put investors first and begins with a passion for performance This focus on performance means that disciplined investment teams are encouraged to rely on proprietary fundamental research and to strive for consistency of return We focus on our stated investment objectives knowing that our shareholders expect investment results without surprises Although we cannot guarantee performance we strive to fulfill client expectations about both investment performance and service People We re Proud of Organizations are their people and Delaware Investments recognizes that our employees passion for the business drives its success That s why we ve fostered a culture of service and have routinely added seasoned professionals to the talent already in our asset management ranks Powered by Research At Delaware Investments Powered by Research is more than just a slogan it s the way we ve structured the company Our senior executives have created an investment culture driven by research and characterized by a passion for performance Regardless of the latest trends in investment management we create portfolios that we believe can help investors benefit over the long run Strength in Partnership Delaware Investments understands the power of partnerships in a knowledge based industry About us Get to know us History Principles Management Products and clients Press releases Archive Community Privacy statement Legal notice Business continuity Business ethics Get to know us Contact us Press

    Original URL path: http://www.delawareinvestments.com/about-us/principles (2016-04-26)
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