Delaware Ivy Core Bond Fund

Delaware Ivy Core Bond Fund

Close of business on or about July 26, 2024, Delaware Ivy Core Bond Fund will reorganize into Delaware Diversified Income Fund.

Key features

A flexible core bond fund designed to weather market cycles

An actively managed bond portfolio emphasizing risk control and income generation

A management team with experience managing through market cycles

Daily pricing as of 06/14/2024

NAV
NAV 1-day net change
Max offer price
$9.18

Total net assets as of 05/31/2024

All share classes
$250.2 million

Overview

Fund information
Inception date 04/02/2007
Dividends paid (if any) Monthly
Capital gains paid (if any) December
Fund identifiers
NASDAQ IVBIX
CUSIP 465897775

Benchmark and peer group

Bloomberg US Aggregate Index (view definition)

Morningstar Intermediate Core-Plus Bond Category (view definition)

Lipper Corporate Debt Funds A Rated Average (view definition)

Performance

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 (as applicable) 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 (05/31/2024)

Returns for less than one year are not annualized.

The returns shown for periods prior to August 1, 2022, reflect that of the Fund prior to its repositioning, which included changes to the Fund’s investment objective, strategy, benchmark, and/or investment team.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Average annual total return as of quarter-end (03/31/2024)

Returns for less than one year are not annualized.

The returns shown for periods prior to August 1, 2022, reflect that of the Fund prior to its repositioning, which included changes to the Fund’s investment objective, strategy, benchmark, and/or investment team.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Overall Morningstar RatingTM

Institutional Class shares - as of 05/31/2024

MorningstarMorningstarMorningstarMorningstar
Rating No. of funds
Overall 4 554
3 years 3 554
5 years 3 526
10 years 4 374
Morningstar category Intermediate Core-Plus Bond

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 05/31/2024
1 year 291 / 624
3 years 142 / 554
5 years 232 / 526
10 years 66 / 374
Morningstar category Intermediate Core-Plus Bond

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 05/31/2024
1 year 11 / 34
3 years 8 / 34
5 years 13 / 34
10 years 11 / 28
Lipper classification Lipper Corporate Debt Funds A Rated

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.64%
Net
0.44%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from July 31, 2023 through July 30, 2024. Please see the fee table in the Fund's prospectus for more information.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2023
6.45%
2022
-12.93%
2021
0.07%
2020
7.15%
2019
9.22%
2018
-0.33%
2017
5.59%
2016
4.56%
2015
0.01%
2014
6.22%

Portfolio

Portfolio characteristics as of 05/31/2024

Number of holdings
292
Number of credit issuers
169
Portfolio turnover (last fiscal year)
128%
Effective duration (weighted average) (view definition)
6.47 years
Effective maturity (weighted average) (view definition)
8.52 years
Yield to maturity (view definition)
5.80%
Average market price (view definition)
$92.49
Average coupon (view definition)
4.13%
Yield to worst (view definition)
5.73%
SEC 30-day yield with waiver (view definition)
4.76%
SEC 30-day yield without waiver (view definition)
4.37%
Annualized standard deviation, 3 years (view definition)
7.74

Portfolio composition as of 05/31/2024
Total may not equal 100% due to rounding.

Mortgage-backed securities
45.6%
Credits
42.7%
Asset-backed securities
8.3%
U.S. government securities
1.7%
Municipal bonds
1.7%

Top 10 fixed income holdings as of 05/31/2024

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

List excludes cash and cash equivalents.

Holding
% of portfolio
Holding
% of portfolio
FN
3.05
FN MA4281
2.15
FN FS4622
1.95
JPMMT_17-4
1.92
FKH_21-SFR1
1.75
HPA_21-3
1.65
BMARK_21-B25
1.61
FKH_21-SFR2
1.60
JPMMT_21-4
1.55
FR SD1275
1.51

Total % Portfolio in Top 10 holdings - 18.74%

List of monthly holdingsList of quarterly holdings

Fixed income sectors as of 05/31/2024

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.

Sector
Fund
Sector
Fund
RMBS
38.0%
Investment grade corporates
28.1%
Asset-backed securities/CLO
8.3%
Commercial mortgage-backed securities
7.6%
High yield corporates
7.6%
Emerging markets
5.3%
U.S. Treasury securities
2.8%
Government related
1.7%

Credit quality as of 05/31/2024

Rating
Fund
Rating
Fund
AAA
16.2%
AA
38.9%
A
9.7%
BBB
22.9%
BB
9.3%
B
1.8%
CCC
0.6%
C
0.0%
Not rated
0.7%

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)

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2024
0.000
0.173
2023
0.000
0.413
2022
0.000
0.295
2021
0.032
0.248
2020
0.253
0.281
2019
0.087
0.347
2018
0.000
0.361
2017
0.000
0.340
2016
0.000
0.288
2015
0.000
0.293
2014
0.000
0.295

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

Janaki Rao 

  • Managing Director, Head of US Multisector
  • Start date on the Fund: May 2024
  • Years of industry experience: 31
  • Read bio
Andrew Vonthethoff

Andrew Vonthethoff, CFA

  • Senior Portfolio Manager
  • Start date on the Fund: May 2024
  • Years of industry experience: 16
  • Read bio

Fees

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 0.52%
Distribution and service (12b-1) fees none
Other expenses 0.12%
Total annual fund operating expenses 0.64%
Fee waivers and expense reimbursements1 (0.20%)
Total annual fund operating expenses after fee waivers and expense reimbursements 0.44%

Please see the prospectus and SAI for additional information.

1Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from July 31, 2023 through July 30, 2024. Please see the fee table in the Fund's prospectus for more information.

Institutional Class shares are available only to certain investors. See the prospectus for more information.

1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from July 29, 2022 through July 29, 2023.

Resources

Significant Fund Event

On May 6, 2024, the portfolio management responsibilities of the Fund changed, and Janaki Rao and Andrew Vonthethoff now serve as portfolio managers of the Fund.

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 visiting delawarefunds.com/literature or calling 877 693-3546. Investors should read the prospectus and the summary prospectus carefully before investing.

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 visiting delawarefunds.com/literature 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 bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yield securities (“junk bonds”) are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than higher-rated securities.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Series' investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Series from executing advantageous investment decisions in a timely manner and could negatively impact the Series' ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Series.

All third-party marks cited are the property of their respective owners.

Not FDIC Insured • No Bank Guarantee • May Lose Value

Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

You can check the background of your investment professional on FINRA's BrokerCheck.

You can check the background of your investment professional on FINRA's BrokerCheck.