Today, the Board of Directors/Trustees of Delaware Investments
Dividend and Income Fund (NYSE: “DDF”), Delaware Enhanced Global
Dividend and Income Fund (NYSE: “DEX”), and Delaware Ivy High
Income Opportunities Fund (NYSE: “IVH”) announced that the
anticipated closing date of the reorganization of DDF and DEX into
abrdn Global Dynamic Dividend Fund (NYSE: “AGD”) and the
reorganization of IVH into abrdn Income Credit Strategies Fund
(NYSE: “ACP”) (together, the “Reorganizations”), will each be
completed by the open of business on the New York Stock Exchange on
Monday, March 13, 2023, subject to the satisfaction of customary
closing conditions. To facilitate the Reorganizations, all
shares of DDF, DEX, and IVH will cease trading on the New York
Stock Exchange as of market close on Friday, March 10,
2023.
The Reorganizations, if completed, would each occur based on the
relative net asset values of the common shares of DDF, DEX, and IVH
(together, the “Funds”).
Further details on any applicable special distribution will be
made available in a future press release.
About the Funds
Delaware Investments Dividend and Income
Fund
The Fund is a diversified closed-end fund. The primary
investment objective is to seek high current income; capital
appreciation is a secondary objective. The Fund seeks to achieve
its objectives by investing, under normal circumstances, at least
65% of its total assets in income-generating equity securities,
including dividend-paying common stocks, convertible securities,
preferred stocks, and other equity-related securities, which may
include up to 25% in real estate investment trusts (REITs) and real
estate industry operating companies. Up to 35% of the Fund's total
assets may be invested in nonconvertible debt securities consisting
primarily of high-yield, high-risk corporate bonds. In addition,
the Fund utilizes leveraging techniques in an attempt to obtain a
higher return for the Fund. There is no assurance that the Fund
will achieve its investment objectives.
Delaware Enhanced Global Dividend and
Income Fund
The Fund is a diversified closed-end fund. The Fund's primary
investment objective is to seek current income, with a secondary
objective of capital appreciation. Under normal market conditions,
the Fund invests globally at least 80% of its assets in a
combination of dividend-paying or income-generating securities
across multiple asset classes, including but not limited to: equity
securities of large, well-established companies; securities issued
by real estate companies (including real estate investment trusts
and real estate industry operating companies); debt securities
(such as government bonds; investment grade and high risk, high
yield corporate bonds; and convertible bonds); and emerging market
securities. The Fund also uses enhanced income strategies by
engaging in dividend capture trading; option overwriting; and
realization of gains on the sale of securities, dividend growth,
and currency forwards. There is no assurance that the Fund will
achieve its investment objectives.
Under normal market conditions, the Fund will invest: (1) at
most 60% of its net assets in securities of US issuers; (2) at
least 40% of its net assets in securities of non-US issuers, unless
market conditions are not deemed favorable by the Manager, in which
case, the Fund would invest at least 30% of its net assets in
securities of non-US issuers; and (3) up to 25% of its net assets
in securities issued by real estate companies (including real
estate investment trusts and real estate industry operating
companies). In addition, the Fund utilizes leveraging techniques in
an attempt to obtain higher return for the Fund.
Delaware Ivy High Income Opportunities
Fund
The Fund is a non-diversified, closed-end management investment
company. The Fund’s investment objective is to seek to provide
total return through a combination of a high level of current
income and capital appreciation. The Fund seeks to achieve its
investment objective by investing primarily in a portfolio of high
yield corporate bonds of varying maturities and other fixed income
instruments of predominantly corporate issuers, including first-
and second-lien secured loans (“Secured Loans”). In addition, the
Fund utilizes leveraging techniques in an attempt to obtain a
higher return for the Fund. There can be no assurance that the Fund
will achieve its investment objective.
Under normal circumstances, the Fund will invest at least 80% of
its Managed Assets (as defined below) in a portfolio of U.S. and
foreign bonds, loans and other fixed income instruments, as well as
other investments (including derivatives) with similar economic
characteristics. The Fund will invest primarily in instruments that
are, at the time of purchase, rated below investment grade (below
Baa3 by Moody’s Investors Service, Inc. (“Moody’s”) or below BBB-
by either Standard & Poor’s Rating Services (“S&P”) or
Fitch, Inc. (“Fitch”), or comparably rated by another nationally
recognized statistical rating organization (“NRSRO”)), or unrated
but judged by the Adviser, to be of comparable quality. “Managed
Assets” means the Fund’s total assets, including the assets
attributable to the proceeds from any borrowings or other forms of
structural leverage minus liabilities other than the aggregate
indebtedness entered into for purposes of leverage. The Fund may
invest 100% of its Managed Assets in fixed income instruments and
securities issued by foreign issuers, and up to 25% of its Managed
Assets in fixed income instruments and securities of issuers in
emerging markets. Such foreign instruments may be U.S. currency
denominated or foreign currency denominated. Under normal market
conditions the Fund’s investments will consist predominantly of
high yield bonds and/or Secured Loans; however, the Fund’s
investments in fixed income instruments also may include, to a
lesser extent, debentures, notes, commercial paper, investment
grade bonds, loans other than secured loans, including unsecured
loans and mezzanine loans, and other similar types of debt
instruments, as well as derivatives related to or referencing these
types of securities and instruments. The Fund will not invest in
collateralized loan obligations or collateralized debt obligations.
The Fund will seek to dynamically adjust and hedge its duration
depending on the market opportunities available. Under normal
circumstances, the dollar-weighted average portfolio duration of
the Fund will generally range between zero and seven years.
The price of the Fund’s shares will fluctuate with market
conditions and other factors. Closed-end funds frequently trade at
a discount from their net asset values (NAVs), which may increase
an investor’s risk of loss. At the time of sale, shares may have a
market price that is below NAV and may be worth less than the
original investment upon their sale.
The Fund’s investments in below investment grade securities
(commonly referred to as “high yield securities” or “junk bonds”)
may carry a greater risk of nonpayment of interest or principal
than higher rated bonds. Loans (including loan assignments, loan
participations and other loan instruments) carry other risks,
including the risk of insolvency of the lending bank or other
intermediary. Loans may be unsecured or not fully collateralized,
may be subject to restrictions on resale and sometimes trade
infrequently on the secondary market.
About Macquarie Asset Management
Macquarie Asset Management is a global asset manager that aims
to deliver positive impact for everyone. Trusted by institutions,
pension funds, governments, and individuals to manage more than
$US508 billion in assets globally,1 we provide access to specialist
investment expertise across a range of capabilities including
infrastructure, green investments and renewables, real estate,
agriculture and natural assets, asset finance, private credit,
equities, fixed income and multi asset solutions.
Advisory services are provided by Delaware Management Company, a
series of Macquarie Investment Management Business Trust, a
registered investment adviser. Macquarie Asset Management is part
of Macquarie Group, a diversified financial group providing clients
with asset management, finance, banking, advisory and risk and
capital solutions across debt, equity, and commodities. Founded in
1969, Macquarie Group employs more than 19,000 people in 33 markets
and is listed on the Australian Securities Exchange. For more
information about Delaware Funds by Macquarie®, visit
delawarefunds.com or call 800 523-1918.
Other than Macquarie Bank Limited ABN 46 008 583 542
(“Macquarie Bank”), any Macquarie Group entity noted in this press
release is not an authorised deposit-taking institution for the
purposes of the Banking Act 1959 (Commonwealth of Australia). The
obligations of these other Macquarie Group entities do not
represent deposits or other liabilities of Macquarie Bank.
Macquarie Bank does not guarantee or otherwise provide assurance in
respect of the obligations of these other Macquarie Group entities.
In addition, if this press release relates to an investment, (a)
the investor is subject to investment risk including possible
delays in repayment and loss of income and principal invested and
(b) none of Macquarie Bank or any other Macquarie Group entity
guarantees any particular rate of return on or the performance of
the investment, nor do they guarantee repayment of capital in
respect of the investment.
1 As of September 30, 2022
© 2022 Macquarie Management Holdings, Inc.
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Investors Computershare 866 437-0252
delawarefunds.com/closed-end
Media contact Lee Lubarsky 347 302-3000
Lee.Lubarsky@macquarie.com
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