Delaware Ivy Pictet Targeted Return Bond Fund(Formerly, Ivy Pictet Targeted Return Bond Fund)

Click here to access your Delaware Ivy Investments online account and forms.

Key features

A focus on identifying opportunities that we believe balance risk and return across the economic cycle.

Seeks to produce consistent returns across the market cycle and amid a variety of market conditions.

A strategy that seeks to diversify risks through a broad range of securities issued in the US and internationally.

Daily pricing as of 10/20/2021

NAV
NAV 1-day net change
Max offer price
$10.14

Total net assets as of 09/30/2021

All share classes
NaN million

Overview

Fund information
Inception date 01/04/2016
Dividends paid (if any) Quarterly
Capital gains paid (if any) December
Fund identifiers
NASDAQ IRBIX
CUSIP 46600B763

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.

Download performance report

Overall Morningstar RatingTM

Institutional Class shares - as of 09/30/2021

MorningstarMorningstarMorningstar
Rating No. of funds
Overall 3 310
3 years 3 310
5 years 3 282
Morningstar category Morningstar Nontraditional Bond Category

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 09/30/2021
1 year 301 / 351
3 years 177 / 310
5 years 204 / 282
10 years n/a
Morningstar category Morningstar Nontraditional Bond Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of //
Lipper classification

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
1.24%
Net
1.00%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from January 31, 2021 through January 31, 2022. Please see the fee table in the Fund's prospectus for more information.

Portfolio

Download top holdings report

Portfolio characteristics as of //

Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2021
0.000
0.000
2020
0.000
0.000
2019
0.033
0.179
2018
0.000
0.511
2017
0.000
0.073
2016
0.092
0.148
2015
0.000
0.000
2014
0.000
0.000
2013
0.000
0.000
2012
0.000
0.000
2011
0.000
0.000

1If a Fund makes a distribution from any source other than net income, it is required to provide shareholders with a notice disclosing the source of such distribution (each a "Notice"). The amounts and sources of distributions reported above and in each Notice are only estimates and are not provided for tax reporting purposes. Each Fund will send each shareholder a Form 1099 DIV for the calendar year that will provide definitive information on how to report the Fund's distributions for federal income tax purposes. The information in the table above will not be updated to reflect any subsequent recharacterization of dividends and distributions. Click here to see recent Notices pertaining to the Fund (if any).

2Information on return of capital distributions (if any) is only provided from June 1, 2014 onward.

3Includes both short- and long-term capital gains.

Management

Investment manager

Delaware Management Company (DMC)

Sub-advisor

Pictet Asset Management

Andres Sanchez Balcazar, CFA

  • Lead Portfolio Manager
    - Pictet Asset Management (sub-adviser)
  • Read bio

David Bopp, CFA

  • Investment Manager, Global and Regional Bonds Team
    - Pictet Asset Management (sub-adviser)
  • Read bio

Ella Hoxha, CFA

  • Senior Investment Manager, Global and Regional Bond Team
    - Pictet Asset Management (sub-adviser)
  • Read bio

Ossi Valtanen 

  • Senior Investment Manager, Global and Regional Bond Team
    - Pictet Asset Management (sub-adviser)
  • Read bio

Filip Vojnic-Zelic, CFA

  • Investment Manager, Global and Regional Bond Team
    - Pictet Asset Management (sub-adviser)
  • Read bio

Fees

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering price none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower none
Annual fund operating expenses
Management fees 0.90%
Distribution and service (12b-1) fees none
Other expenses 0.34%
Total annual fund operating expenses 1.24%
Fee waivers and expense reimbursements1 (0.24%)
Total annual fund operating expenses after fee waivers and expense reimbursements 1.00%

1Investment 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 I shares at 1.00%. 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.

Resources

Institutional Class shares are available only to certain investors. See the prospectus for more information.

Significant events

On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (the “Transaction”). The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds by Macquarie, are now managed by Delaware Management Company and distributed by Delaware Distributors, L.P.

On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the Fund name change to “Delaware Ivy Total Return Bond Fund” and the appointment of the portfolio manager team of Andrew Vonthethoff, CFA of Delaware Management Company and Matthew Mulcahy of Macquarie Investment Management Global Limited as new Fund portfolio managers. In addition, the Board approved appointing Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Europe 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 take effect on or about November 15, 2021.

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, which may be obtained by clicking the prospectus link located under the Resources section, or calling 888 923-3355. Investors should read the prospectus and the summary prospectus carefully before investing.

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.

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.

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 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.

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.

Not FDIC Insured • No Bank Guarantee • May Lose Value

Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

You can check the background of your investment professional on FINRA's BrokerCheck.

You can check the background of your investment professional on FINRA's BrokerCheck.