Ivy Bond Fund
- $10.52 NAV as of 12/6/2016
- ($0.01) / 0.10% Daily NAV Change
- 3.91% YTD (NAV)
Credit investing for potential portfolio income
- Credit quality
- Holds primarily investment-grade securities, which may be attractive for those concerned about credit risk.
- A portfolio of corporate, government and mortgage-backed securities that seeks to provide income through monthly distributions.
- Experienced management
- Subadvised by Advantus Capital Management, a firm that specializes in income-oriented strategies with an investment heritage dating back to 1880.
Morningstar Style Box
Chris Sebald, CFA
- Advantus Capital Management (subadvisor)
- 13 Years with Fund
- 27 Years in Industry
Chris Sebald is chief investment officer of Advantus Capital Management, Inc. and has been portfolio manager for Ivy Bond Fund since August 2003. Prior to rejoining Advantus, Mr. Sebald was senior vice president and portfolio manager at AEGON USA Investment Management Inc.
David Land, CFA
- Advantus Capital Management (subadvisor)
- 11 Years with Fund
- 25 Years in Industry
David Land has been responsible for Ivy Bond Fund since April, 2005. Mr. Land was senior analyst at AXA Investment Managers North America, Inc. from August 2003 to April 2004.
Thomas Houghton, CFA
- Advantus Capital Management (subadvisor)
- 11 Years with Fund
- 22 Years in Industry
Thomas Houghton has been responsible for the Ivy Bond Fund since April 2005. He's served as vice president and portfolio manager with Advantus Capital since August 2003.
Growth of a $10,000 Investment
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.
Daily Prices as of 12/6/2016
|Net Asset Value (NAV)||$10.52|
|Daily NAV Change ($)||($0.01)||0.10%|
|Weekly NAV Change ($)||$-0.02||-0.19%|
|Public Offering Price (POP)||$11.16|
|Fund Type||Fixed Income Funds|
|Fiscal Year End||March|
|Dividends Paid||Daily, Paid Monthly|
|Fund Assets (as of 11/30/2016)||$750.5 mil|
|Total Equity Holdings|
|Total Holdings (as of 11/30/2016)||477|
|Portfolio Turnover Rate (as of 9/30/2016)||112%|
|Lipper Category||Corporate Debt Funds A Rated|
|Morningstar Category||Intermediate-Term Bond|
|Benchmark||Bloomberg Barclays US Agg Bond TR USD|
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.
Class E shares are subject to an initial sales charge of 5.75% when purchased for your InvestEd Plan account; it also features a step down structure of lowering the initial sales charge based on the amount of your investment. The Ivy Limited Term-Bond Fund, Class E share is subject to an initial sales charge of 2.50%. The Ivy Money Market Fund, Class E share does not include a sales charge.
Monthly Rates of Return
|Fund with maximum 5.75% sales charge||-2.19%||-2.83%||0.83%||2.01%||—||2.76%|
|Bloomberg Barclays US Agg Bond TR USD||2.50%||2.17%||2.79%||2.43%||4.27%||4.32%|
|Fund at NAV||3.77%||3.12%||2.83%||3.24%||—||3.39%|
Quarterly Rates of Return
|Fund with maximum 5.75% sales charge||0.65%||-0.29%||2.10%||2.58%||—||3.11%|
|Bloomberg Barclays US Agg Bond TR USD||5.80%||5.19%||4.03%||3.08%||4.79%||4.75%|
|Fund at NAV||6.77%||5.77%||4.13%||3.81%||—||3.76%|
|Lipper Corporate Debt Funds A Rated||8.14%||7.38%||5.14%||4.19%||5.05%||4.97%|
Calendar Year Return
|Bloomberg Barclays US Agg Bond TR USD||7.84||4.21||-2.02||5.97||0.55|
Morningstar Ratings as of 11/30/2016
|Ratings are based on risk-adjusted returns|
|Overall out of 858|
|3 Year out of 858|
|5 Year out of 755|
|10 Year out of 531|
Lipper Ranking through 11/30/2016
|Rankings are based on average annual total returns, but do not consider sales charges.|
Expense Ratios as of 7/31/2016
5-Year Standard Deviation as of 9/30/2016
|Bloomberg Barclays US Agg Bond TR USD||2.66|
5-Year MPT* Statistics as of 9/30/2016
|*Modern Portfolio Theory|
Historical Prices Inception 4/2/2007
|Date||Price||Dividend Reinvest Date||Capital Gain Reinvest Date|
Historical Distributions Inception 4/2/2007
|Ex-date||Income||Capital Gains||Reinvest Gains||Payment Date|
|11/25/2016||$0.0226||Long: $0.000 Short: $0.000||$10.51||11/25/2016|
|10/27/2016||$0.0204||Long: $0.000 Short: $0.000||$10.78||10/27/2016|
|9/27/2016||$0.0225||Long: $0.000 Short: $0.000||$10.87||9/27/2016|
|8/26/2016||$0.0226||Long: $0.000 Short: $0.000||$10.84||8/26/2016|
|7/27/2016||$0.0206||Long: $0.000 Short: $0.000||$10.84||7/27/2016|
|6/27/2016||$0.0196||Long: $0.000 Short: $0.000||$10.75||6/27/2016|
|5/27/2016||$0.0239||Long: $0.000 Short: $0.000||$10.59||5/27/2016|
|4/27/2016||$0.021||Long: $0.000 Short: $0.000||$10.56||4/27/2016|
|3/24/2016||$0.0171||Long: $0.000 Short: $0.000||$10.48||3/24/2016|
|2/26/2016||$0.0204||Long: $0.000 Short: $0.000||$10.43||2/26/2016|
|1/27/2016||$0.0162||Long: $0.000 Short: $0.000||$10.39||1/27/2016|
|12/31/2015||$0.026||Long: $0.000 Short: $0.000||$10.35||12/31/2015|
|11/27/2015||$0.0266||Long: $0.000 Short: $0.000||$10.44||11/27/2015|
|10/27/2015||$0.0215||Long: $0.000 Short: $0.000||$10.55||10/27/2015|
|9/25/2015||$0.0219||Long: $0.000 Short: $0.000||$10.51||9/25/2015|
|8/27/2015||$0.0217||Long: $0.000 Short: $0.000||$10.51||8/27/2015|
|7/27/2015||$0.0186||Long: $0.000 Short: $0.000||$10.57||7/27/2015|
|6/26/2015||$0.0216||Long: $0.000 Short: $0.000||$10.51||6/26/2015|
|5/27/2015||$0.0209||Long: $0.000 Short: $0.000||$10.69||5/27/2015|
|4/27/2015||$0.0191||Long: $0.000 Short: $0.000||$10.79||4/27/2015|
|3/27/2015||$0.0173||Long: $0.000 Short: $0.000||$10.76||3/27/2015|
|2/27/2015||$0.0222||Long: $0.000 Short: $0.000||$10.76||2/27/2015|
|1/27/2015||$0.016||Long: $0.000 Short: $0.000||$10.78||1/27/2015|
|12/31/2014||$0.0219||Long: $0.000 Short: $0.000||$10.64||12/31/2014|
|11/26/2014||$0.0203||Long: $0.000 Short: $0.000||$10.65||11/26/2014|
|10/27/2014||$0.0189||Long: $0.000 Short: $0.000||$10.66||10/27/2014|
|9/26/2014||$0.0217||Long: $0.000 Short: $0.000||$10.56||9/26/2014|
|8/27/2014||$0.0218||Long: $0.000 Short: $0.000||$10.67||8/27/2014|
|7/25/2014||$0.0189||Long: $0.000 Short: $0.000||$10.64||7/25/2014|
|6/27/2014||$0.0242||Long: $0.000 Short: $0.000||$10.64||6/27/2014|
|5/27/2014||$0.0213||Long: $0.000 Short: $0.000||$10.62||5/27/2014|
|4/25/2014||$0.0221||Long: $0.000 Short: $0.000||$10.52||4/25/2014|
|3/27/2014||$0.0193||Long: $0.000 Short: $0.000||$10.47||3/27/2014|
|2/27/2014||$0.024||Long: $0.000 Short: $0.000||$10.49||2/27/2014|
|1/27/2014||$0.0172||Long: $0.000 Short: $0.000||$10.4||1/27/2014|
|12/31/2013||$0.0226||Long: $0.000 Short: $0.000||$10.3||12/31/2013|
|11/27/2013||$0.0232||Long: $0.000 Short: $0.000||$10.38||11/27/2013|
|10/25/2013||$0.0207||Long: $0.000 Short: $0.000||$10.42||10/25/2013|
|9/27/2013||$0.0303||Long: $0.000 Short: $0.000||$10.33||9/27/2013|
|8/27/2013||$0.0247||Long: $0.000 Short: $0.000||$10.27||8/27/2013|
|7/26/2013||$0.0254||Long: $0.000 Short: $0.000||$10.37||7/26/2013|
|6/27/2013||$0.0271||Long: $0.000 Short: $0.000||$10.35||6/27/2013|
|5/24/2013||$0.0247||Long: $0.000 Short: $0.000||$10.69||5/24/2013|
|4/26/2013||$0.028||Long: $0.000 Short: $0.000||$10.8||4/26/2013|
|3/27/2013||$0.0253||Long: $0.000 Short: $0.000||$10.71||3/27/2013|
|2/27/2013||$0.0273||Long: $0.000 Short: $0.000||$10.69||2/27/2013|
|1/25/2013||$0.0208||Long: $0.000 Short: $0.000||$10.68||1/25/2013|
|12/31/2012||$0.0285||Long: $0.000 Short: $0.000||$10.71||12/31/2012|
|12/13/2012||$0||Long: $0.000 Short: $0.069||$10.71||12/13/2012|
|11/27/2012||$0.0248||Long: $0.000 Short: $0.000||$10.79||11/27/2012|
|10/26/2012||$0.0257||Long: $0.000 Short: $0.000||$10.78||10/26/2012|
|9/27/2012||$0.0254||Long: $0.000 Short: $0.000||$10.78||9/27/2012|
|8/27/2012||$0.0232||Long: $0.000 Short: $0.000||$10.7||8/27/2012|
|7/27/2012||$0.0254||Long: $0.000 Short: $0.000||$10.7||7/27/2012|
|6/27/2012||$0.025||Long: $0.000 Short: $0.000||$10.59||6/27/2012|
|5/25/2012||$0.0247||Long: $0.000 Short: $0.000||$10.55||5/25/2012|
|4/27/2012||$0.0304||Long: $0.000 Short: $0.000||$10.54||4/27/2012|
|3/27/2012||$0.0269||Long: $0.000 Short: $0.000||$10.47||3/27/2012|
|2/27/2012||$0.0269||Long: $0.000 Short: $0.000||$10.5||2/27/2012|
|1/27/2012||$0.0236||Long: $0.000 Short: $0.000||$10.45||1/27/2012|
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.
12-Month Trailing Dist. Yield as of 10/31/2016
|With Sales Charge||2.25%|
Annualized 30-Day SEC Yield as of 10/31/2016
|Subsidized - NAV||2.07%|
|Unsubsidized - NAV||1.92%|
Top 10 Holdings as a % of net assets 11/30/2016
|U.S. 5-Year Treasury Note, 4/5/2017||6.86%|
|U.S. Treasury Notes, 1.6%, 10/31/2023||3.28%|
|U.S. Treasury Notes, 1.3%, 10/31/2021||1.89%|
|Federal Home Loan Mortgage Corp. Fixed Rate Participation, 3.0%, 7/1/2045||1.18%|
|Federal National Mortgage Association Fixed Rate Pass-Through Certificates, 3.0%, 12/1/2027||1.13%|
|Buckeye Partners L.P., 5.6%, 10/15/2044||0.96%|
|BNSF Funding Trust I, 6.6%, 12/15/2055||0.96%|
|General Motors Financial Co., Inc. (GTD by AmeriCredit Fi, 2.1%, 10/4/2019||0.92%|
|Northern Illinois Gas Co., 0.6%, 12/1/2016||0.90%|
|U.S. Treasury Bonds, 5.4%, 2/15/2031||0.88%|
as a % of fixed income assets as of 10/31/2016
|Average Maturity||9.50 years|
|Effective Duration||5.56 years|
Fixed Income Country Allocation
as a % of bond holdings as of 11/30/2016
as a % of fixed income assets as of 11/30/2016
|Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.|
as a % of net assets as of 11/30/2016
|Other Financial Instruments||6.86%|
|Cash and Cash Equivalents||-5.29%|
Risk Factors: The value of the Fund's shares will change, and you could lose money on your investment. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fixed income securities are subject to interest rate risk and, as such, the net asset value of the fund may fall as interest rates rise. Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. 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.
Stylebox: The Morningstar Fixed Income Style Box reveals a fund’s investment style. 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 a Nationally Recognized Statistical Rating Organization (NRSRO). 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. Credit quality breakdowns are shown for corporate-bond holdings and depict the quality of bonds in the underlying portfolio. The report shows the percentage of fixed-income securities that fall within each credit quality rating as assigned by an NRSRO. Bonds not rated by an NRSRO are included in the not rated (NR) category. 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 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 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.
Index Description: The Barclays 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.
The Advantus Bond Fund merged into the Ivy Bond Fund on Dec. 8, 2003. The performance shown for periods prior to this date is that of the Advantus Bond Fund Class A shares, restated to reflect current sales charges applicable to Ivy Bond Fund Class A shares. Performance has not been restated to reflect the fees and expenses applicable to the Ivy Bond Fund. If these expenses were reflected, performance shown would differ.
Performance results for some funds may include the effect of expense reduction arrangements. If those arrangements had not been in place, the performance results would have been lower.
The Ivy Mortgage Securities Fund merged into the Ivy Bond Fund on Jan. 21, 2011, and the merged fund will maintain the Ivy Bond Fund name.
Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributor, Inc. (IDI), 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-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses for the Fund’s Class E shares at1.05%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees.
Fee Waiver and/or Expense Reimbursement: Through July 31, 2017, IDI 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 Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IDI, WISC or the Board of Trustees.
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.
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 fund 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.
12-Month Trailing Distribution Yield: at NAV refers to the 12-month historical cash flow paid over the past 12 months in dividends, divided by the past months ending NAV.
Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).
Morningstar Ratings: For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of all sales charges), placing emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund and rated separately.) A fund's overall rating is derived from a weighted average of the 3-, 5- and 10-year (if applicable) rating metrics. Morningstar Rating is for the share classes specified; other classes may have different performance characteristics.
Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. 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.
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.