Waddell & Reed

Fund Detail

Delaware Ivy Total Return Bond Fund
Class A Shares

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Fund Facts
Ticker Symbol IRBAX
CUSIP 46600B789
Fund Code 652
Fund Type Fixed Income Funds
Fund Inception 1/4/2016
Class Inception 1/4/2016
Fiscal Year End September
Dividends Paid March, June, September, December
Fund Assets (as of 9/30/2021) $172.7 mil
Total Holdings (as of 9/30/2021) 213
Portfolio Turnover Rate (as of 9/30/2020) 112%
Lipper Category Alternative Credit Focus
Morningstar Category Nontraditional Bond
Benchmarks Bloomberg US Treasury Bill 1-3 Mon TR USD
Daily Prices
as of 10/8/2021
Net Asset Value (NAV) $10.09
NAV Change ($) ($0.06)
NAV Change (%) -0.59%
Weekly NAV Change ($) ($0.10)
Weekly NAV Change (%) -0.98%
Public Offering Price (POP) $10.57
Historical Prices & Distributions
Please select a date
Fund Description

Flexibility for an uncertain interest rate environment


Focus on preserving capital and managing liquidity
Potential for attractive returns across market cycles
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Potential for diversification against equity market risk
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
Lipper Alternative Credit Focus N/A N/A N/A N/A N/A 4.38%
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
Lipper Alternative Credit Focus N/A N/A N/A N/A N/A 4.50%
Expense Ratios
as of 1/31/2021
Net 1.22%
Gross 1.41%
12-Month Trailing Distribution Yield
as of 9/30/2021
NAV 0.22%
With sales charge 0.21%
Annualized 30-Day SEC Yield
as of 9/30/2021
Subsidized 0.86%
Unsubsidized 0.64%
Growth of a $10,000 Investment
through 9/30/2021

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes.

Ratings and Rankings
Lipper Rankings
as of 11/30/2019
Category: Alternative Credit Focus
  Rank Percentile
1 Year 32 / 127 25
3 Year 75 / 119 63

Rankings are based on average annual total returns, but do not consider sales charges.

Morningstar Ratings
as of 1/31/2022
Category: Nontraditional Bond
Overall (out of 296 Nontraditional Bond)
3 Year (out of 296 Nontraditional Bond)
5 Year (out of 261 Nontraditional Bond)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 9/30/2021)
Corporate Bonds 36.53%
Other Government Securities 31.30%
Government Bonds 20.19%
Cash and Cash Equivalents 11.89%
Other Financial Instruments 0.09%
Quality
(as a % of bond holdings as of 9/30/2021)
Government Bonds 21.6 %
NonRated 2.9 %
AAA 15.0 %
AA 0.8 %
A 13.7 %
BBB 25.9 %
BB 16.1 %
B 3.4 %
CCC 0.3 %
Below CCC 0.3 %

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.

Fixed Income Country Allocation
(as a % of bond holdings as of 9/30/2021)
United States 29.6%
Norway 6.9%
Germany 6.4%
Japan 6.1%
China 5.1%
United Kingdom 4.3%
Spain 3.7%
Canada 3.6%
France 3.6%
New Zealand 2.8%
Italy 2.7%
Netherlands 2.2%
Luxembourg 2.0%
Indonesia 1.8%
Sweden 1.8%
Hong Kong 1.5%
Switzerland 1.5%
South Africa 1.4%
Brazil 1.1%
Austria 1.1%
Egypt 0.8%
Uzbekistan 0.7%
Israel 0.6%
Peru 0.6%
Ivory Coast 0.5%
Serbia 0.5%
Mexico 0.5%
Saudi Arabia 0.5%
British Virgin Islands 0.5%
Romania 0.5%
Nigeria 0.4%
Denmark 0.4%
Hungary 0.4%
Colombia 0.4%
Qatar 0.3%
Morocco 0.3%
Chile 0.3%
Bermuda 0.3%
Cayman Islands 0.3%
Philippines 0.2%
Greece 0.2%
Bulgaria 0.2%
Ireland 0.2%
Ghana 0.2%
Belgium 0.2%
Dominican Republic 0.1%
Europe 0.1%
Sri Lanka 0.1%
Argentina 0.1%
Czech Republic 0.1%
Tunisia 0.1%
Top 10 Long Holdings
(as a % of net assets as of 9/30/2021)
U.S. 5-Year Treasury Note, 12/30/2021 19.76%
U.S. Treasury Notes, 0.3%, 8/31/2025 7.17%
U.S. Treasury Bonds, 3.4%, 11/15/2048 6.72%
Norway Government Bond, 1.4%, 8/19/2030 6.43%
Dreyus Institutional Preferred Government Money Market Fu, 0.0% 5.83%
U.S. Treasury Notes, 1.1%, 2/28/2025 3.76%
State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.025%, 2-1-22, 0.0% 3.33%
Japan Government Treasury Bills, -0.1%, 12/16/2021 2.95%
Canada Government Bond, 1.0%, 6/1/2027 2.89%
New Zealand Government Bond, 3.5%, 4/14/2033 2.57%
Top 10 Short Holdings
(as a % of net assets as of 9/30/2021)
RECV BRL IRS 10.25, 1/2/2029 0.00%
iTraxx Europe Crossover, Series 29 Index, 0.0%, 11/17/2021 0.00%
Boeing Co. (The), 1.0%, 12/20/2026 0.00%
Markit CCD High Yield, Series 36 Index, 0.0%, 11/17/2021 0.00%
EUR versus PLN, 0.0%, 12/10/2021 0.00%
RECV KRW IRS 1.925, 1.9%, 3/16/2032 -0.01%
GBP versus USD, 0.0%, 10/25/2021 -0.01%
RECV MXN IRS 7.91, 7.9%, 9/22/2031 -0.01%
USD versus CNY, 0.0%, 12/21/2022 -0.01%
UniCredit S.p.A., 1.0%, 12/20/2026 -0.01%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 9/30/2021)
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Andres Sanchez Balcazar joined Pictet Asset Management’s fixed income team in 2011. He is Senior Investment Manager for the Pictet-Absolute Return Fixed Income fund and Co-Head of Global and Regional Bonds. Before joining Pictet, he was a senior portfolio manager for Western Asset Management Company Ltd for six years. During his tenure there he was responsible for global, European and absolute return fixed income portfolios. Previously, he worked for five years as a global and European portfolio manager with Merrill Lynch Investment Managers. He started his career in 1997 at Banco de la Republica de Colombia where he provided macroeconomic analysis of the U.S., Europe and Japan. He holds a degree in Economics from Universidad de los Andes and a Master’s degree in Management from HEC Paris. He is also a Chartered Financial Analyst (CFA) charter holder.Andres Sanchez Balcazar, CFA Pictet Asset Management (Sub-adviser) 22 6
David Bopp, CFA Pictet Asset Management (Sub-adviser) 18 6
Ella Hoxha joined Pictet Asset Management in December 2018 as a Senior Investment Manager on the Global Bonds team, focusing on global rates and FX. Ms. Hoxha joined Pictet from Wellington Management where she was a Managing Director and Fixed Income Portfolio Manager for over seven years, focusing on absolute return strategies on their Global Bonds team. Prior to that she was with Invesco Asset Management, where she worked more than eight years as a senior portfolio manager on the Global Bonds team, managing several global and regional portfolios including the Invesco European Bonds Fund. Ms. Hoxha holds a MSc in International Finance from the University of Westminster and a BA Hons degree in Business Finance from Oxford Brookes University. She is a CFA charterholder.Ella Hoxha Pictet Asset Management (Sub-adviser) 19 2
Ossi joined Pictet Asset Management in January 2020 as a Senior Investment Manager on the Global Bonds team, focusing on credit investments. Ossi joined Pictet from Keypoint Financial where he was a Managing Partner for over 6 years advising and arranging private capital transactions for European Corporate clients. Prior to that he was a Senior Portfolio Manager at Wellington Management focusing on absolute return credit strategies on their Global Bonds team. He also worked for State Street Global Advisors and UBS Global Asset Management as a Senior Portfolio Manager focusing on global credit portfolios. Ossi holds a degree in Economics from the University of Surrey.Ossi Valtanen Pictet Asset Management (Sub-adviser) 22 2
Filip Vojnic-Zelic joined Pictet Asset Management in October 2016 and is a Portfolio Manager in our Global Bonds team. Prior to taking up his current position in 2020, Filip was a Portfolio Analyst on the team, joining in 2018 as a Graduate Trainee, after rotating across numerous investment teams within Pictet, between London, Geneva, Singapore and Japan. During his time at University, Filip gained experience with a number of internships and part-time positions; first at Raiffeisen Bank International AG in Vienna where he assisted senior management in steering the group's subsidiary banks in Central & Eastern Europe. Filip’s work at Raiffeisen also included validating and developing credit rating models and analysing the banks credit portfolios. He has also worked at UBS AG in Zurich, interning with a focus on the development of statistical credit rating and valuations models. Filip graduated from the Technical University of Vienna with a BSc in Mathematics and holds a MSc in Quantitative Finance from the ETH and University of Zurich. He is a Chartered Financial Analyst (CFA) charterholder.Filip Vojnic-Zelic Pictet Asset Management (Sub-adviser) 6 5

[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.

Diversification does not guarantee a profit or protect against loss in a declining market. It is a method to manage risk.

Index Description: The Bloomberg U.S. Treasury Bills: 1-3 Month Index - Includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities are denominated in U.S. dollars and are fixed rate and non-convertible. It is not possible to invest directly in an index.

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 1.37%, Class C shares at 2.08%, Class I shares at 1.00%, Class R6 shares at 0.87% and Class Y shares at 1.25%. 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.

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 and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class I shares and Class A shares, respectively, 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.

Effective July 1, 2021, the Maximum Sales Charge (Load) imposed on purchases (as a % of offering price) for Class A shares changed from 2.50% to 4.50%. Additionally, the low balance fee for Class A Shares of the Fund was eliminated and accounts will NOT be assessed an account fee of $20 if the account balance is below $650 at the start of business on the Friday prior to the last full week of September 2020 (i.e., September 18, 2020).

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the product will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

30-Day SEC Yield: is calculated based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance, and does not include the effects of sales charges. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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.

The Fund is subadvised by Pictet Asset Management Limited (Pictet UK). Pictet UK delegates to its affiliate, Pictet Asset Management (Singapore) PTE Ltd (Pictet Singapore, and collectively with Pictet UK, Pictet), portfolio management responsibilities for Fund assets allocated to Asian investments. References to Pictet Asset Management include both entities.

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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