Delaware Ivy Government Securities Fund

Delaware Ivy Government Securities Fund

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Key features

The Fund invests exclusively in a diversified portfolio of U.S. government securities

The fund seeks to generate a level of income consistent with capital preservation

The team has more than 50 years of experience in managing various types of credit portfolios

Daily pricing as of 01/27/2023

NAV
NAV 1-day net change
Max offer price
$4.93

Total net assets as of 12/31/2022

All share classes
$161.5 million

Overview

Fund information
Inception date 09/27/1995
Dividends paid (if any) Monthly
Capital gains paid (if any) December
Fund identifiers
NASDAQ IGJIX
CUSIP 46600B177

Benchmark and peer group

Bloomberg US Government/Mortgage-Backed Securities Index (view definition)

Morningstar Intermediate Government Category (view definition)

Lipper General U.S. Government Funds (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 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 (12/31/2022)

Returns for less than one year are not annualized.

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 (12/31/2022)

Returns for less than one year are not annualized.

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 12/31/2022

Rating No. of funds
Overall 2 225
3 years 3 225
5 years 2 216
10 years 2 179
Morningstar category Intermediate Government

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 12/31/2022
1 year 147 / 235
3 years 143 / 222
5 years 137 / 213
10 years 144 / 176
Morningstar category Intermediate Government

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 12/31/2022
1 year 35 / 72
3 years 40 / 68
5 years 38 / 66
10 years 43 / 55
Lipper classification Lipper General U.S. Government Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.76%
Net
0.72%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from January 28, 2022 through January 28, 2023. Please see the fee table in the Fund's prospectus for more information.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2022
-12.32%
2021
-1.71%
2020
5.28%
2019
5.67%
2018
0.59%
2017
1.64%
2016
0.72%
2015
0.32%
2014
3.52%
2013
-4.20%
2012
1.98%

Portfolio

Portfolio characteristics as of 12/31/2022

Number of holdings
76
Number of credit issuers
19
Portfolio turnover (last fiscal year)
148%
Effective duration (weighted average) (view definition)
5.99 years
Effective maturity (weighted average) (view definition)
7.74 years
Yield to maturity (view definition)
4.47%
Average market price (view definition)
$67.96
Average coupon (view definition)
2.46%
Yield to worst (view definition)
4.47%
SEC 30-day yield with waiver (view definition)
3.37%
SEC 30-day yield without waiver (view definition)
3.25%
Annualized standard deviation, 3 years (view definition)
4.90

Top 10 fixed income holdings as of 12/31/2022

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

List excludes cash and cash equivalents.

Holding
% of portfolio
Holding
% of portfolio
Treasury Note 4.000 10/31/2029
8.17
Treasury Note 2.250 11/15/2025
6.64
Treasury Note 4.125 10/31/2027
5.40
Treasury Note 2.875 5/15/2032
4.47
Treasury Note 2.875 8/15/2028
4.37
Treasury Bond 2.875 5/15/2052
4.03
Treasury Note 4.375 10/31/2024
3.50
FHMS_KSMC
3.43
FHMS_KIR3
3.19
FNMA_16-M11
3.11

Total % Portfolio in Top 10 holdings - 46.31%

List of monthly holdingsList of quarterly holdings

Fixed income sectors as of 12/31/2022

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
U.S. Treasury securities
50.5%
MBS and CMOs
30.2%
Commercial mortgage-backed securities
17.2%
Government related
1.2%

Credit quality as of 12/31/2022

Rating
Fund
Rating
Fund
AAA
100.0%

Total may not equal 100% due to rounding. The Fund’s investment manager, Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust, 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 NRSRO ratings. If two or more NRSROs have assigned a rating to a security the higher rating (lower value) is used. If only one NRSRO rates a security, that rating is used. 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
2022
0.000
0.075
2021
0.000
0.071
2020
0.000
0.082
2019
0.000
0.100
2018
0.000
0.090
2017
0.000
0.088
2016
0.000
0.090
2015
0.000
0.098
2014
0.000
0.110
2013
0.000
0.109
2012
0.028
0.126

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

Eric Frei

Eric Frei, CMT

  • Senior Vice President, Senior Portfolio Manager
  • Start date on the Fund: November 2021
  • Years of industry experience: 26
  • Read bio
Brian Scotto

Brian M. Scotto 

  • Senior Vice President, Senior Portfolio Manager
  • Start date on the Fund: November 2021
  • Years of industry experience: 28
  • 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 0.50%
Distribution and service (12b-1) fees none
Other expenses 0.26%
Total annual fund operating expenses 0.76%
Fee waivers and expense reimbursements1 (0.04%)
Total annual fund operating expenses after fee waivers and expense reimbursements 0.72%

Please see the prospectus and SAI for additional information.

1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from January 28, 2022 through January 28, 2023. 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.

1The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.72% of the Fund’s average daily net assets from January 28, 2022 through January 28, 2023. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Resources

Significant Event

On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of the portfolio manager team of Brian M. Scotto and Eric Frei of Delaware Management Company (DMC) as new Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies. All changes took effect on or about November 15, 2021.

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 it's 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 it's 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.

The Fund's investment manager, Delaware Management Company (Manager), may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited (MIMEL), Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

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.

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 Fund’s 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 Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

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.