Delaware Ivy Total Return Bond Fund

Delaware Ivy Total Return Bond Fund

Key features

Focus on preserving capital and managing liquidity

Potential for attractive returns across market cycles

Potential for diversification against equity market risk

Daily pricing as of 02/23/2024

NAV
NAV 1-day net change
Max offer price
$8.50

Total net assets as of 01/31/2024

All share classes
$25.4 million

Overview

Fund information
Inception date 01/04/2016
Dividends paid (if any) Quarterly
Capital gains paid (if any) December
Fund identifiers
NASDAQ IRBIX
CUSIP 46600B763

Benchmark and peer group

Bloomberg Global Aggregate Bond Index Hedged USD (view definition)

Bloomberg 1-10 Year Global Aggregate Index Hedged USD (view definition)

Morningstar Nontraditional Bond Category (view definition)

Lipper Alternative Credit Focus Funds 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 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 (01/31/2024)

Returns for less than one year are not annualized.

Benchmark lifetime returns are as of the Fund's inception date.

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 (12/31/2023)

Returns for less than one year are not annualized.

Benchmark lifetime returns are as of the Fund's inception date.

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 01/31/2024

Rating No. of funds
Overall 2 286
3 years 2 286
5 years 2 253
Morningstar category US Insurance Nontraditional Bond

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 01/31/2024
1 year 200 / 311
3 years 237 / 286
5 years 204 / 253
10 years n/a
Morningstar category US Insurance Nontraditional Bond

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 01/31/2024
1 year 62 / 104
3 years 72 / 93
5 years 62 / 86
10 years n/a
Lipper classification Lipper Alternative Credit Focus Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
1.91%
Net
0.95%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from January 29, 2024 through January 28, 2025. 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
7.34%
2022
-9.69%
2021
-2.69%
2020
3.56%
2019
7.52%
2018
0.63%
2017
2.15%

Portfolio

Portfolio characteristics as of 01/31/2024

Number of holdings
159
Number of credit issuers
103
Portfolio turnover (last fiscal year)
127%
Effective duration (weighted average) (view definition)
5.85 years
Effective maturity (weighted average) (view definition)
7.90 years
Yield to maturity (view definition)
5.34%
Average market price (view definition)
$98.12
Average coupon (view definition)
5.93%
Yield to worst (view definition)
5.29%
SEC 30-day yield with waiver (view definition)
3.67%
SEC 30-day yield without waiver (view definition)
2.38%
Annualized standard deviation, 3 years (view definition)
6.69

Portfolio composition as of 01/31/2024
Total may not equal 100% due to rounding.

High grade securities
46.1%
International developed
36.9%
Emerging markets
13.5%
High yield securities
3.5%

Top 10 fixed income holdings as of 01/31/2024

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

List excludes cash and cash equivalents.

Holding
% of portfolio
Holding
% of portfolio
BUNDESSCHATZANWEISUNGEN
3.19
UNITED KINGDOM OF GREAT BRITAIN AN
2.52
TREASURY NOTE
2.33
NETHERLANDS (KINGDOM OF)
2.27
JAPAN (GOVERNMENT OF) 30YR #66
2.13
ITALY (REPUBLIC OF)
1.46
UK CONV GILT
1.37
AUSTRALIA GOVERNMENT BOND
1.37
CREDIT SUISSE AG (NEW YORK BRANCH)
1.37
COMMONWEALTH BANK OF AUSTRALIA
1.36

Total % Portfolio in Top 10 holdings - 19.37%

List of monthly holdingsList of quarterly holdings

Fixed income sectors as of 01/31/2024

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
Investment grade corporates
35.0%
Government related
24.9%
Emerging markets
13.5%
RMBS
11.5%
U.S. Treasury securities
5.2%
High yield corporates
2.0%

Credit quality as of 01/31/2024

Rating
Fund
Rating
Fund
AAA
16.9%
AA
26.1%
A
20.8%
BBB
28.5%
BB
7.4%
Not rated
0.4%

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
0.000
2023
0.000
0.080
2022
0.000
0.753
2021
0.219
0.044
2020
0.000
0.000
2019
0.033
0.179
2018
0.000
0.511
2017
0.000
0.073
2016
0.092
0.148
2015
0.000
0.000
2014
0.000
0.000

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

Andrew Vonthethoff

Andrew Vonthethoff, CFA

  • Senior Portfolio Manager
  • Start date on the Fund: November 2021
  • Years of industry experience: 16
  • Read bio
Matthew Mulcahy

Matthew Mulcahy 

  • Head of Global Fixed Income
  • Start date on the Fund: November 2021
  • Years of industry experience: 26
  • 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 0.90%
Distribution and service (12b-1) fees none
Other expenses 1.01%
Total annual fund operating expenses 1.91%
Fee waivers and expense reimbursements1 (0.96%)
Total annual fund operating expenses after fee waivers and expense reimbursements 0.95%

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 29, 2024 through January 28, 2025. 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.

1Investment Management Business Trust, the Fund’s investment manager, Delaware Distributors, L.P. (Distributor), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) for Class I shares at 1.00%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes.

Resources

Significant Fund Event

Effective July 31, 2023, the Fund will change its benchmark index from the Bloomberg Global Aggregate 1-10 Year Index, Hedged to USD to the Bloomberg Global Aggregate Bond Index, Hedged to USD.

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.

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.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.

If and when the Fund invests in forward foreign currency contracts or uses other investments to hedge against currency risks, the Fund will be subject to special risks, including counterparty risk.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

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.