Waddell & Reed

Fund Detail

Delaware Ivy Government Securities Fund
Class A Shares

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Fund Facts
Ticker Symbol IGJAX
CUSIP 46600B227
Fund Code 2690
Fund Type Fixed Income Funds
Fund Inception 4/10/1984
Class Inception 4/12/1984
Fiscal Year End September
Dividends Paid Daily, Paid Monthly
Fund Assets (as of 12/31/2021) $325.3 mil
Total Equity Holdings (as of 12/31/2021) 7
Total Holdings (as of 12/31/2021) 100
Portfolio Turnover Rate (as of 9/30/2021) 31%
Lipper Category General U.S. Government Fds
Morningstar Category Intermediate Government
Benchmarks Bloomberg US Govt/Mortgage TR USD
Daily Prices
Data not available
Fund Description

Seeks to provide income consistent with preservation of capital


Credit Quality
The Fund invests exclusively in a diversified portfolio of U.S. government securities.
Income Preservation
The fund seeks to generate a level of income consistent with capital preservation.
Experienced management
The team has more than 50 years of experience in managing various types of credit portfolios.
Morningstar Style Box
Source: Morningstar
Returns and Expenses

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Performance at NAV does not include the effect of sales charges, if it had, performance shown would be lower. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 1/31/2022
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV N/A N/A N/A N/A N/A N/A
Fund at Offer* N/A N/A N/A N/A N/A N/A
Bloomberg US Govt/Mortgage TR USD -1.72% -2.95% 2.86% 2.47% 1.99% N/A
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 12/31/2021
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV N/A N/A N/A N/A N/A N/A
Fund at Offer* N/A N/A N/A N/A N/A N/A
Bloomberg US Govt/Mortgage TR USD -1.77% -1.77% 3.67% 2.85% 2.21% N/A
Expense Ratios
as of 2/2/2021
Net 0.97%
Gross 1.05%
Holdings
Portfolio Composition
(as a % of net assets as of 12/31/2021)
Government Bonds 97.61%
Cash and Cash Equivalents 2.39%
Quality
(as a % of bond holdings as of 12/31/2021)
Government Bonds 100.0 %

Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Maturity
(as a % of bond holdings as of 1/31/2022)
<1 Year 4.7 %
1-5 Years 46.0 %
5-10 Years 31.1 %
10-20 Years 12.0 %
>20 Years 6.2 %
Average Maturity 7.21 years
Effective Duration 6.18 years

Average maturity and effective duration include bonds, cash and cash equivalents.

Fixed Income Country Allocation
(as a % of bond holdings as of 12/31/2021)
United States 100.0%
Top 10 Holdings
(as a % of net assets as of 12/31/2021)
U.S. Treasury Bonds, 1.4%, 11/15/2040 4.36%
U.S. Treasury Notes, 2.1%, 5/15/2025 3.18%
U.S. Treasury Notes, 2.1%, 7/31/2024 3.17%
U.S. Treasury Notes (3-Month Bill Money Market Yield plus, 0.1%, 10/31/2023 3.07%
U.S. Treasury Bonds, 1.8%, 8/15/2041 2.80%
U.S. Treasury Notes, 0.1%, 6/30/2023 2.75%
U.S. Treasury Notes, 1.1%, 2/15/2031 2.75%
U.S. Treasury Notes, 0.1%, 8/15/2023 2.44%
State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.025%, 2-1-22, 0.0% 2.29%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO, 2.8%, 6/25/2022 2.25%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 12/31/2021)
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Eric Frei is senior portfolio manager for Macquarie Asset Management Fixed Income (MFI), with responsibility for managing fixed income separately managed account (SMA) strategies. In addition, he manages sector rotation and security selection between Treasurys and agencies. Frei joined Macquarie Asset Management (MAM) in April 2011 as part of the firm’s integration of Macquarie Allegiance Capital, responsible for trading government securities for SMA portfolios as well as portfolio management and asset allocation of the firm’s aggregate-duration, intermediate-duration, and low-duration products. He began his career in the financial services industry in 1997 as a mutual fund trader with CNA Trust, later joining Macquarie Allegiance in 1999. He earned a bachelor’s degree in management science from the University of California at San Diego.Eric Frei, CMT Delaware Management Company 24 <1
Brian M. Scotto is a senior portfolio manager for Macquarie Asset Management Fixed Income (MFI), responsible for trading government and agency securities, as well as interest rate futures and options. He joined Macquarie Asset Management (MAM) in 2002, and prior to moving to MFI, he was vice president and product manager for the firm’s value, international, and core mutual funds. For two years prior to working at the firm, Scotto was a vice president and head trader at Somerset Financial Group in Princeton, N.J., where he traded equities, equity options, and fixed instruments. He also spent three years at GMAC Mortgage Corporation as a mortgage trading analyst. Scotto received his bachelor’s degree in accounting and an MBA with a concentration in finance from La Salle University.Brian M. Scotto Delaware Management Company 25 <1

[1917052]


Significant Event On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of Macquarie Investment Management Austria Kapitalanlage AG portfolio managers Stefan Löwenthal and Jürgen Wurzer and Aaron D. Young of Delaware Management Company (DMC) to join F. Chace Brundige of DMC as 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.

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Risk factors: Investing involves risk, including the possible loss of principal. The value of the Fund’s shares will change, and you could lose money on your investment. The Fund may allocate its assets among different asset classes of varying correlation around the globe. The Fund’s Equity Sleeve typically holds a limited number of stocks (generally 50 to 70). As a result, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund’s NAV than it would if it invested in a larger number of securities. International investing involves additional risks, including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets. The Fund’s Diversifying Sleeve includes fixed-income securities, that are subject to interest-rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in high-income securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. Loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. Loans may be unsecured or not fully collateralized may be subject to restrictions on resale and sometimes trade infrequently on the secondary market. The Fund may seek to hedge market risk via the use of derivative instruments. Such investments involve additional risks. Investing in commodities is generally considered speculative because of the significant potential for investment loss due to cyclical economic conditions, sudden political events, and adverse international monetary policies. Markets for commodities are likely to be volatile and the Fund may pay more to store and accurately value its commodity holdings than it does with the Fund’s other holdings. 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. 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. These and other risks are more fully described in the Fund’s prospectus. Not all funds or fund classes may be offered at all broker/dealers.

The Morningstar World Allocation Category compares funds that seek to provide both capital appreciation and income by investing in stocks, bonds, and cash. While these funds may invest globally, most focus on the United States, Canada, Japan, and the larger markets in Europe. It is rare for such funds to invest more than 10% of their assets in emerging markets, and typically have at least 10% of their assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-US stocks or bonds.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Index Description: The Bloomberg US Govt/Mortgage TR USD - The Bloomberg U.S. Government/Mortgage-Backed Securities Index measures the performance of U.S. government bonds and mortgage-related securities. It is not possible to invest directly in an index.

Performance results include the effect of expense reduction arrangements for some or all of the periods shown. If those arrangements had not been in place, the performance results for those periods would have been lower. WRA Government Securities Fund did not have Class E, Class N or Class R shares, or their equivalents. Accordingly, there is limited history for any of these share classes. In addition, as part of the reorganization, Class Y shares of WRA Government Securities Fund were reorganized into Class I shares of Ivy Government Securities Fund; therefore, Ivy Government Securities Fund's Class Y shares also will have limited performance history.

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.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2022, Delaware Management Company (DMC), a series of Macquarie Investment 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 A shares at 0.97%, Class B shares at 2.02%, Class C shares at 1.85% and Class I shares at 0.72%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through January 31, 2022, Delaware Distributors, L.P. (Distributor) and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class R6 shares do not exceed the total annual ordinary fund operating expenses of the Class I shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Information is subject to change and is not intended to represent any past or future investment recommendations.

Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Please remember that an investment in a mutual fund involves risk. Investment return and principal value of a mutual fund investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

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