Delaware Ivy VIP Corporate Bond

Delaware Ivy VIP Corporate Bond

Key features

A high quality, research-driven corporate bond fund designed for long-term growth

Leverages the team’s expertise and presence in corporate bond market

An experienced management team and a time-tested process and philosophy

Daily pricing as of 04/15/2024

NAV
$4.55
NAV 1-day net change
-0.04
Max offer price
$4.55

Total net assets as of 03/31/2024

All share classes
$562.0 million

Overview

Series information
Inception date 07/13/1987
Dividends paid (if any) Annual
Series identifiers
CUSIP 46600H307

Benchmark

Bloomberg US Corporate Investment Grade Index (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 (03/31/2024)

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 (03/31/2024)

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.

Expense ratio

Gross
0.80%
Net
0.80%

The performance and expense ratio information shown represent the performance and fees as they relate to actual shares of the Series. These examples do not include any fees or sales charges imposed by the variable insurance contract for which the Series is an investment option. If they were included, your costs would be higher and performance would be lower. Investors should consult the contract prospectus or disclosure documents for more information.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2023
7.27%
2022
-15.86%
2021
-0.85%
2020
10.97%
2019
12.18%
2018
-1.90%
2017
4.01%
2016
4.03%
2015
0.20%
2014
4.34%

Portfolio

Portfolio characteristics as of 03/31/2024

Number of holdings
255
Portfolio turnover (last fiscal year)
93%
Effective duration (weighted average) (view definition)
6.86 years
Effective maturity (weighted average) (view definition)
10.84 years
SEC 30-day yield with waiver (view definition)
4.73%
SEC 30-day yield without waiver (view definition)
4.73%
Annualized standard deviation, 3 years (view definition)
8.74

Portfolio composition as of 03/31/2024
Total may not equal 100% due to rounding.

Credits
97.6%
U.S. government securities
2.4%

Top 10 fixed income holdings as of 03/31/2024

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

List excludes cash and cash equivalents.

Holding
% of portfolio
Holding
% of portfolio
BANK OF AMERICA CORP
1.76
CITIGROUP INC
1.26
COMCAST CORPORATION
1.21
VISTRA OPERATIONS COMPANY LLC
1.19
FREEPORT-MCMORAN COPPER & GOLD INC
1.06
TARGA RESOURCES PARTNERS LP
0.99
MORGAN STANLEY
0.98
TOYOTA MOTOR CREDIT CORP
0.94
BOEING CO
0.94
AMERICAN TOWER CORPORATION
0.92

Total % Portfolio in Top 10 holdings - 11.25%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 03/31/2024

List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Series’ complete list of holdings for more information.

Sector
% of portfolio
Sector
% of portfolio
Financial institutions
34.3%
Utility
12.2%
Consumer noncyclical
10.8%
Energy
9.8%
Communications
8.2%
Technology
6.9%
Capital goods
6.6%
Consumer cyclical
5.2%
Basic industry
2.6%
Transportation
0.7%
Noncorporate
0.2%

Credit quality as of 03/31/2024

Rating
Series
Rating
Series
AAA
3.4%
AA
4.2%
A
29.3%
BBB
57.9%
BB
4.4%
B
0.5%
CCC
0.2%
Not rated
0.2%

Total may not equal 100% due to rounding. The Series' 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.

Management

Michael Wildstein

Michael G. Wildstein, CFA

  • Senior Managing Director, Head of US Credit and Insurance
  • Start date on the Fund: November 2021
  • Years of industry experience: 22
  • Read bio
Kashif Ishaq

Kashif Ishaq 

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: November 2021
  • Years of industry experience: 21
  • Read bio

Fees

Annual portfolio operating expenses
Management fees 0.47%
Distribution and service (12b-1) fees 0.25%
Other expenses 0.08%
Total annual portfolio operating expenses 0.80%

Please see the prospectus and SAI for additional information.

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

Resources

Carefully consider the Portfolios' investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Portfolios' prospectus and its summary prospectus, which may be obtained by visiting delawarefunds.com/vip-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.

The Portfolio’s investment manager, Delaware Management Company (Manager), may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited, to execute Portfolio security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. The Portfolio’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 Portfolio 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.

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. This includes 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.

The Portfolio 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 fulfil 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 Portfolio’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 Portfolio from executing advantageous investment decisions in a timely manner and could negatively impact the Portfolio’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 Portfolio.

Delaware Ivy VIP Funds are not available for direct investment except for issuers of variable insurance product contracts. They are available only through the purchase of certain variable insurance products.

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

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