IRBAX : Ivy Pictet Targeted Return Bond Fund Class A

Fund Summary

The investment seeks to provide total return through a combination of current income and capital appreciation. The fund invests at least 80% of its net assets in bonds. The term "bonds" includes any debt security with an initial maturity greater than one year. The fund benchmarks itself against a benchmark of cash instruments (the Bloomberg Barclays U.S. Treasury Bills 1-3 Month Index) rather than a bond market index. It is designed to pursue a positive return that exceeds its benchmark by using a flexible approach to bond investing. It is non-diversified.