Delaware Ivy VIP Limited-Term Bond

Delaware Ivy VIP Limited-Term Bond

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Key features

A flexible short-term bond fund designed with the goal of weathering market cycles

An actively managed bond portfolio emphasizing risk mitigation and liquidity

Experienced management team with a long history of managing short-term portfolios

Daily pricing as of 02/03/2023

NAV
NAV 1-day net change
Max offer price
$4.63

Total net assets as of 12/31/2022

All share classes
$312.8 million

Overview

Series information
Inception date 08/23/2010
Dividends paid (if any) Annual
Series identifiers
CUSIP 46600H687

Benchmark

Bloomberg 1-3 Year US Government/Credit Index (view definition)

Bloomberg 1-5 Year US Government/Credit 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 (01/31/2023)

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.

Expense ratio

Gross
0.79%
Net
0.79%

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
2022
-4.20%
2021
-0.49%
2020
4.14%
2019
4.23%
2018
0.78%
2017
1.40%
2016
1.94%
2015
0.87%
2014
0.98%
2013
-0.54%

Portfolio

Portfolio characteristics as of 12/31/2022

Number of holdings
222
Portfolio turnover (last fiscal year)
48%
Effective duration (weighted average) (view definition)
1.85 years
Effective maturity (weighted average) (view definition)
2.41 years
SEC 30-day yield with waiver (view definition)
4.03%
SEC 30-day yield without waiver (view definition)
4.03%
Annualized standard deviation, 3 years (view definition)
2.35

Portfolio composition as of 12/31/2022
Total may not equal 100% due to rounding.

Credits
52.8%
U.S. government securities/Short term
21.8%
Asset-backed securities
14.2%
Commercial mortgage-backed securities
11.0%
Mortgage-backed securities
0.2%

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 Floating Rate Note 4.538 10/31/2024
8.07
Treasury Note 4.125 10/31/2027
7.10
Treasury Note 2.625 5/31/2027
2.71
FREMF_16-K723
2.29
FREMF_17-K728
1.74
Morgan Stanley 6.138 10/16/2026
1.67
Treasury Note 4.250 10/15/2025
1.65
Jpmorgan Chase & Co. 4.080 4/26/2026
1.27
Amtt_13
1.13
Fremf_16-k723
1.09

Total % Portfolio in Top 10 holdings - 28.72%

List of monthly holdingsList of quarterly holdings

Sector allocation 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 Series’ complete list of holdings for more information.

Sector
% of portfolio
Sector
% of portfolio
Investment grade corporates
48.8%
U.S. Treasury securities
20.6%
Asset-backed securities/CLO
14.2%
Commercial mortgage-backed securities
11.0%
High yield corporates
2.9%
Emerging markets
0.9%
RMBS
0.2%
Government related
0.2%

Credit quality as of 12/31/2022

Rating
Series
Rating
Series
AAA
34.0%
AA
7.0%
A
21.6%
BBB
30.9%
BB
3.4%
B
0.6%
Not rated
2.6%

Total may not equal 100% due to rounding. The Series’ 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 Series’ Statement of Additional Information.

Management

David Hillmeyer

J. David Hillmeyer, CFA

  • Senior Managing Director, Co-Head of US Multisector Fixed Income
  • Start date on the Fund: November 2021
  • Years of industry experience: 30
  • Read bio
Daniela Mardarovici

Daniela Mardarovici, CFA 

  • Managing Director, Co-Head of US Multisector Fixed Income
  • Start date on the Fund: November 2021
  • Years of industry experience: 22
  • Read bio

Fees

Annual series operating expenses
Management fees 0.50%
Distribution and service (12b-1) fees 0.25%
Other expenses 0.04%
Total annual Series operating expenses 0.79%
Fee waivers and expense reimbursements1 none
Total annual series operating expenses after fee waivers and expense reimbursements 0.79%

Please see the prospectus and SAI for additional information.

1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from April 29, 2022 through April 29, 2023. Please see the fee table in the Series' prospectus for more information.

Resources

Significant Fund Event

On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of the portfolio manager team of J. David Hillmeyer, CFA and Daniela Mardarovici, CFA 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 Series' investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Series' 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.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the Series to obtain precise valuations of the high yield securities in its portfolio.

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.

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

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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