Fund Detail

Delaware Ivy Strategic Income Fund

Track Fund
$10.08 NAV as of 12/7/2021
$0.01 / 0.10% Daily NAV Change
2.35% YTD (NAV) as of 12/7/2021 i

Fund Summary

Looking beyond traditional income solutions
A multisector bond fund designed for high income
An actively managed bond portfolio investing across all fixed income sectors in search of income opportunities
An experienced management team with more than 25 years average industry experience
Morningstar Style Box
LTD MOD EXT
High
Medium
Low
Portfolio Management
  • J. David Hillmeyer, CFA

    • — Delaware Management Company
    • — <1 Years with Fund
    • — 28 Years in Industry
  • Daniela Mardarovici, CFA

    • — Delaware Management Company
    • — <1 Years with Fund
    • — 21 Years in Industry
Growth of a $10,000 Investment through 11/30/2021

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. If it had, performance shown would have been lower.

Documents
Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Information Statement
Q1 Holdings
Q3 Holdings
Daily Prices as of 12/7/2021
Net Asset Value (NAV) $10.08  
Daily NAV Change $0.01 0.10%
Weekly NAV Change $0.03 0.30%
Public Offering Price (POP) $10.08
Fund Facts
Ticker Symbol IRPOX
CUSIP 46600B862
Fund Code 274
Fund Type Fixed Income Funds
Fund Inception 10/1/2015
Class Inception 10/1/2015
Fiscal Year End September
Dividends Paid Monthly
Fund Assets
(as of 11/30/2021)
$308.5 mil
Total Holdings
(as of 11/30/2021)
569
Portfolio Turnover Rate
(as of 9/30/2020)
59%
Morningstar Category Multisector Bond
BenchmarkBloomberg US Agg Bond TR USD
Benchmark50% Bloomberg US Universal Index + 50% ICE BofAML US High Yield Index
BenchmarkBloomberg US Universal TR USD
BenchmarkICE BofAML US High Yield Index

Fund Performance

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.

Monthly Rates of Return Average Annual Total Returns as of 11/30/2021

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 2.05% 3.75% 5.98% 4.79% N/A 4.73%
Bloomberg US Agg Bond TR USD -1.29% -1.15% 5.52% 3.65% 3.04% -
50% Bloomberg US Universal Index + 50% ICE BofAML US High Yield Index 1.18% 2.32% 6.51% 5.07% N/A -
Bloomberg US Universal TR USD -1.04% -0.69% 5.72% 3.91% 3.43% -
ICE BofAML US High Yield Index 3.42% 5.39% 7.11% 6.12% 6.79% -

Quarterly Rates of Return Average Annual Total Returns as of 9/30/2021

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV 2.94% 8.09% 5.91% 4.87% N/A 5.01%
Bloomberg US Agg Bond TR USD -1.55% -0.90% 5.36% 2.94% 3.01% -
50% Bloomberg US Universal Index + 50% ICE BofAML US High Yield Index 1.77% 5.70% 6.19% 4.88% N/A -
Bloomberg US Universal TR USD -1.08% 0.20% 5.57% 3.30% 3.46% -
ICE BofAML US High Yield Index 4.67% 11.46% 6.62% 6.36% 7.30% -
Morningstar Multisector Bond 2.34% 6.52% 4.94% 4.15% 4.70% -

Calendar Year Return

201620172018201920202011201220132014201520062007200820092010200320042005
Class R68.02 4.66 -0.23 9.25 7.55 - - - - - - - - - - - - -
Bloomberg US Agg Bond TR USD2.65 3.54 0.01 8.72 7.51 7.84 4.21 -2.02 5.97 0.55 4.33 6.97 5.24 5.93 6.54 4.10 4.34 2.43
50% Bloomberg US Universal Index + 50% ICE BofAML US High Yield Index10.55 5.78 -1.23 11.87 7.08 - - - 4.03 -2.09 - - - - - - - -
Bloomberg US Universal TR USD3.91 4.09 -0.25 9.29 7.58 7.40 5.53 -1.35 5.56 0.43 4.97 6.50 2.38 8.60 7.16 - 4.97 2.72
ICE BofAML US High Yield Index17.49 7.48 -2.26 14.41 6.17 4.38 15.59 7.42 2.50 -4.64 11.72 2.24 -26.39 57.51 15.19 28.15 10.87 2.74

Morningstar Ratings as of 10/31/2021

Category: Multisector Bond

Overall out of 273 ★★★★
3 Year out of 273 ★★★
5 Year out of 237 ★★★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking through 10/31/2021

Category: Multisector Bond

  Rank Percentile
1 Year 112 /340 36
3 Year 117 /273 40
5 Year 80 /237 31

Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.

Expense Ratios as of 1/31/2021

Net 0.68%
Gross 0.81%

Growth of a $10,000 Investment through 11/30/2021

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.

Fund Distributions

Historical Prices Inception 10/1/2015

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 10/1/2015

Ex-date Income Capital Gains Reinvest Gains Payment Date

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this fund's selected share class. NAV is the amount per share you would receive if you sold shares that day.

Annualized 30-Day SEC Yield as of 11/30/2021

Subsidized 3.41%
Unsubsidized 3.25%

Fund Documents

Top 10 Holdings as a % of net assets as of 11/30/2021

State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.025%, 12-1-21, 0.0% 6.25%
U.S. Treasury Notes, 1.5%, 11/30/2028 3.00%
Spain Government Bond, 1/31/2027 1.96%
U.S. Treasury Notes, 0.3%, 10/31/2025 1.11%
U.S. Treasury Notes, 0.4%, 11/30/2025 1.11%
U.S. Treasury Notes, 1.3%, 6/30/2028 1.00%
U.S. Treasury Notes, 0.3%, 6/15/2024 0.96%
Republic of Indonesia, 3.0%, 1/11/2023 0.79%
Staples, Inc., 7.5%, 4/15/2026 0.78%
U.S. Treasury Bonds, 2.3%, 11/15/2025 0.76%
Total Portfolio Holdings DOWNLOAD (as of 9/30/2021)
updated quarterly, upon availability
Maturity as a % of fixed income assets as of 11/30/2021
<1 Year 2.05%
1-5 Years 42.11%
5-10 Years 52.35%
10-20 Years 1.91%
>20 Years 1.59%
Average Maturity 5.33 years
Effective Duration 3.53 years
Fixed Income Country Allocation (as a % of bond holdings as of 11/30/2021)
United States 55.2%
Mexico 4.7%
United Kingdom 2.9%
Spain 2.7%
Luxembourg 2.5%
Peru 2.5%
Chile 2.4%
Canada 2.3%
Brazil 2.1%
India 1.7%
China 1.6%
United Arab Emirates 1.5%
Indonesia 1.5%
South Korea 1.3%
Bermuda 1.2%
Netherlands 1.0%
Panama 1.0%
Australia 0.8%
Japan 0.8%
Saint Lucia 0.7%
Jamaica 0.7%
Cayman Islands 0.7%
Venezuela 0.7%
Malaysia 0.6%
British Virgin Islands 0.5%
Argentina 0.5%
Saudi Arabia 0.5%
Isle of Man 0.4%
Nigeria 0.4%
Austria 0.4%
Colombia 0.4%
Turkey 0.4%
Columbia 0.3%
Israel 0.3%
Hong Kong 0.3%
Switzerland 0.3%
Norway 0.3%
Denmark 0.3%
Germany 0.2%
Uruguay 0.2%
Vietnam 0.2%
Macau 0.2%
Morocco 0.2%
Serbia 0.1%
Sweden 0.1%
Ireland 0.1%
Thailand 0.1%
Dominican Republic 0.1%
Costa Rica 0.1%
Mauritius 0.1%
Quality as a % of fixed income assets as of 11/30/2021
Government Bonds 13.80%
NonRated 1.10%
AA 0.70%
A 11.10%
BBB 24.80%
BB 10.30%
B 25.40%
CCC 12.40%
Below CCC 0.40%

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.

Portfolio Composition as a % of net assets as of 11/30/2021
Corporate Bonds 56.75%
Senior Loans 15.92%
Government Bonds 12.59%
Cash and Cash Equivalents 6.35%
Other Government Securities 6.33%
Domestic Common Stock 1.40%
Preferred Stock 0.51%
Foreign Common Stock 0.15%
Total Portfolio Holdings
DOWNLOAD (as of 9/30/2021)

Fund Documents

Documents

Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Information Statement
Q1 Holdings
Q3 Holdings

Additional Fund Literature

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[1917049]

Significant Event* On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the Fund name change to “Delaware Ivy Strategic Income Fund” (formally, Delaware Ivy Apollo Strategic Income Fund, and before that, Ivy Apollo Strategic Income Fund) and 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 addition, the Board approved appointing Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Europe Limited, Macquarie Funds Management Hong Kong Limited, and Macquarie Investment Management Global Limited, to provide discretionary investment management services in a sub-advisory capacity. The Board also approved the termination of the Fund’s current sub-advisor. In connection with these changes, the Board approved applicable revisions to the Fund’s investment strategies and benchmark. 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.

The Fund's investment manager, Delaware Management Company (Manager), may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (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.



Risk factors: 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. 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 Fund to obtain precise valuations of the high yield securities in its portfolio. 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. 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 experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability. 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.

The Morningstar Multisector Bond Category compares funds that seek income by diversifying their assets among several fixed income sectors, usually US government obligations, US corporate bonds, foreign bonds, and high yield US debt securities. These funds typically hold 35% to 65% of bond assets in securities that are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below.

Index Description: The Bloomberg US Universal Index represents the union of the US Aggregate Index, the US High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index. Source: Bloomberg. It is not possible to invest directly in an index.

Index Description: The Bloomberg U.S. Aggregate Bond TR USD Index - A market capitalization-weighted index, representing most U.S. traded investment grade bonds. It is not possible to invest directly in an index.

Index Description: The ICE BofAML US High Yield Index tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market.

Effective July 1, 2021, Class N shares were renamed Class R6 shares.

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 the Fund’s Class A shares at 1.14%, Class C shares at 1.82%, Class I shares and Class R6 shares at 0.67%; and Class Y shares at 1.10%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees of Ivy Funds (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.

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.

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.

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.

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.

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