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Ivy Limited-Term Bond Fund

  • $10.84 NAV as of 4/21/2017
  • ($0.01) / 0.09% Daily NAV Change
  • 1.03% YTD (NAV)

Summary

Managing interest rate risk with income potential

Duration
Duration measures the sensitivity of a fixed income investment to interest rate changes. Fund invests in short-term bonds, which have low duration and less rate sensitivity and longer-duration securities.
Discipline
Invests primarily in high quality securities
Diversification
Bond funds can offer income and diversification to an all-equity portfolio.

Morningstar Style Box

LTD
Medium
Source: Morningstar

Portfolio Management

Susan K. Regan

  • Ivy Investment Management Company
  • 2 Years with Fund
  • 29 Years in Industry
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Susan K. Regan is a Vice President of Ivy Investment Management Company. Ms. Regan earned a BA in economics in May 1984 and an MA in economics in December 1985 from the University of Missouri-Columbia. Ms. Regan joined Ivy in 2007 as a fixed income investment analyst and trader. She was appointed assistant vice president and assistant portfolio manager in 2010; and vice president and portfolio manager in 2014. Prior to joining Ivy, she was employed by Commerce Bank from 1988 to 2007, where she gained experience trading governments, agency and mortgage-backed securities. From 1987 through 1988 she was associated with the Missouri State Treasurer’s Office and from 1986 to 1987 the Missouri Department of Revenue.

Growth of a $10,000 Investment
through 3/31/2017

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.

Documents

Perspectives

Uncertainty Abounds
  • Ivy Limited Term Bond Fund
  • June 27, 2016

Uncertainty abounds

Change is good. In times of economic uncertainty, make sure you're open to short-term investments.

Quarterly Fund Commentary

Daily Prices as of 4/21/2017

Net Asset Value (NAV) $10.84
Daily NAV Change ($) ($0.01) 0.09%
Weekly NAV Change ($) $0.00 0.00%
Public Offering Price (POP) $11.12

Fund Facts

Ticker Symbol IVLEX
CUSIP 466001302
Fund Code 403
Fund Type Fixed Income Funds
Fund Inception 9/21/1992
Class Inception 7/31/2009
Fiscal Year End March
Dividends Paid Daily, Paid Monthly
Fund Assets (as of 3/31/2017) $1.6 bil
Total Equity Holdings (as of 3/31/2017) 3
Total Holdings (as of 3/31/2017) 219
Portfolio Turnover Rate (as of 9/30/2016) 37%
Lipper Category Short-Intmdt Investment Grade Debt Funds
Morningstar Category Short-Term Bond
Benchmark Bloomberg Barclays Govt/Credit 1-5 Yr TR USD

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.

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

Average Annual Total Returns as of 3/31/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 2.50% sales charge -1.98% -1.65% 0.21% 0.38% 2.71%
Fund at NAV 0.56% 0.89% 1.06% 0.90% 2.97%
Bloomberg Barclays Govt/Credit 1-5 Yr TR USD 0.57% 0.52% 1.38% 1.30% 2.95% 2.95%
Lipper Short-Intmdt Investment Grade Debt Funds 0.75% 1.55% 1.43% 1.69% 3.14% 2.93%

Quarterly Rates of Return

Average Annual Total Returns as of 3/31/2017
(Returns for periods of less than 1-yr are not annualized)
 
Fund with maximum 2.50% sales charge -1.98% -1.65% 0.21% 0.38% 2.71%
Fund at NAV 0.56% 0.89% 1.06% 0.90% 2.97%
Bloomberg Barclays Govt/Credit 1-5 Yr TR USD 0.57% 0.52% 1.38% 1.30% 2.95% 2.95%
Lipper Short-Intmdt Investment Grade Debt Funds 0.75% 1.55% 1.43% 1.69% 3.14% 2.93%

Calendar Year Return

  2012
Bloomberg Barclays Govt/Credit 1-5 Yr TR USD 2.24 0.28 1.42 0.97 1.56
Class E 2.56 -0.84 0.73 0.33 1.89

Morningstar Ratings as of 3/31/2017 Morningstar Logo

Category: Short-Term Bond
Ratings are based on risk-adjusted returns
Overall out of 444
3 Year out of 444
5 Year out of 359
10 Year out of 257

Lipper Ranking through 3/31/2017 Lipper Logo

Category: Short-Intmdt Investment Grade Debt Funds
 
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 114/184 62
3 Year 118/156 76
5 Year 101/117 86
10 Year

Expense Ratios as of 7/31/2016

Net 0.98%
Gross 1.03%

5-Year Standard Deviation as of 3/31/2017

Bloomberg Barclays Govt/Credit 1-5 Yr TR USD 1.23

5-Year MPT* Statistics as of 3/31/2017

*Modern Portfolio Theory
Alpha -0.38
Beta 1.07
R-Squared 86.71
Sharpe Ratio 0.60
Capture Ratio Upside: 99.75%
Downside: 125.86%

Distributions

Historical Prices Inception 7/31/2009

4/3/2017 $10.81 NO NO
4/4/2017 $10.81 NO NO
4/5/2017 $10.81 NO NO
4/6/2017 $10.81 NO NO
4/7/2017 $10.80 NO NO
4/10/2017 $10.80 NO NO
4/11/2017 $10.82 NO NO
4/12/2017 $10.83 NO NO
4/13/2017 $10.84 NO NO
4/17/2017 $10.83 NO NO
4/18/2017 $10.85 NO NO
4/19/2017 $10.84 NO NO
4/20/2017 $10.83 NO NO
4/21/2017 $10.84 NO NO

Historical Distributions Inception 7/31/2009

3/27/2017 $0.0133 Long: $0.000 Short: $0.000 $10.8 3/27/2017
2/27/2017 $0.0135 Long: $0.000 Short: $0.000 $10.81 2/27/2017
1/27/2017 $0.0117 Long: $0.000 Short: $0.000 $10.78 1/27/2017
12/30/2016 $0.0156 Long: $0.000 Short: $0.000 $10.78 12/30/2016
11/25/2016 $0.0135 Long: $0.000 Short: $0.000 $10.78 11/25/2016
10/27/2016 $0.0138 Long: $0.000 Short: $0.000 $10.91 10/27/2016
9/27/2016 $0.0134 Long: $0.000 Short: $0.000 $10.97 9/27/2016
8/26/2016 $0.0145 Long: $0.000 Short: $0.000 $10.95 8/26/2016
7/27/2016 $0.0133 Long: $0.000 Short: $0.000 $10.97 7/27/2016
6/27/2016 $0.0119 Long: $0.000 Short: $0.000 $10.96 6/27/2016
5/27/2016 $0.0156 Long: $0.000 Short: $0.000 $10.86 5/27/2016
4/27/2016 $0.0162 Long: $0.000 Short: $0.000 $10.88 4/27/2016
3/24/2016 $0.0132 Long: $0.000 Short: $0.000 $10.82 3/24/2016
2/26/2016 $0.0128 Long: $0.000 Short: $0.000 $10.79 2/26/2016
1/27/2016 $0.0094 Long: $0.000 Short: $0.000 $10.78 1/27/2016
12/31/2015 $0.014 Long: $0.000 Short: $0.000 $10.74 12/31/2015
11/27/2015 $0.0122 Long: $0.000 Short: $0.000 $10.79 11/27/2015
10/27/2015 $0.0093 Long: $0.000 Short: $0.000 $10.86 10/27/2015
9/25/2015 $0.0111 Long: $0.000 Short: $0.000 $10.81 9/25/2015
8/27/2015 $0.0099 Long: $0.000 Short: $0.000 $10.81 8/27/2015
7/27/2015 $0.0092 Long: $0.000 Short: $0.000 $10.83 7/27/2015
6/26/2015 $0.0133 Long: $0.000 Short: $0.000 $10.81 6/26/2015
5/27/2015 $0.0129 Long: $0.000 Short: $0.000 $10.89 5/27/2015
4/27/2015 $0.011 Long: $0.000 Short: $0.000 $10.94 4/27/2015
3/27/2015 $0.0109 Long: $0.000 Short: $0.000 $10.91 3/27/2015
2/27/2015 $0.0131 Long: $0.000 Short: $0.000 $10.91 2/27/2015
1/27/2015 $0.0104 Long: $0.000 Short: $0.000 $10.92 1/27/2015
12/31/2014 $0.0154 Long: $0.000 Short: $0.000 $10.84 12/31/2014
11/26/2014 $0.0121 Long: $0.000 Short: $0.000 $10.88 11/26/2014
10/27/2014 $0.0101 Long: $0.000 Short: $0.000 $10.9 10/27/2014
9/26/2014 $0.0116 Long: $0.000 Short: $0.000 $10.88 9/26/2014
8/27/2014 $0.0113 Long: $0.000 Short: $0.000 $10.93 8/27/2014
7/25/2014 $0.0104 Long: $0.000 Short: $0.000 $10.93 7/25/2014
6/27/2014 $0.0124 Long: $0.000 Short: $0.000 $10.95 6/27/2014
5/27/2014 $0.0108 Long: $0.000 Short: $0.000 $10.96 5/27/2014
4/25/2014 $0.0125 Long: $0.000 Short: $0.000 $10.92 4/25/2014
3/27/2014 $0.0109 Long: $0.000 Short: $0.000 $10.9 3/27/2014
2/27/2014 $0.0125 Long: $0.000 Short: $0.000 $10.95 2/27/2014
1/27/2014 $0.01 Long: $0.000 Short: $0.000 $10.92 1/27/2014
12/31/2013 $0.0134 Long: $0.000 Short: $0.000 $10.9 12/31/2013
12/12/2013 $0 Long: $0.064 Short: $0.000 $10.92 12/12/2013
11/27/2013 $0.0166 Long: $0.000 Short: $0.000 $11.01 11/27/2013
10/25/2013 $0.01 Long: $0.000 Short: $0.000 $11 10/25/2013
9/27/2013 $0.0112 Long: $0.000 Short: $0.000 $10.95 9/27/2013
8/27/2013 $0.0099 Long: $0.000 Short: $0.000 $10.92 8/27/2013
7/26/2013 $0.0099 Long: $0.000 Short: $0.000 $10.97 7/26/2013
6/27/2013 $0.0118 Long: $0.000 Short: $0.000 $10.94 6/27/2013
5/24/2013 $0.0112 Long: $0.000 Short: $0.000 $11.18 5/24/2013
4/26/2013 $0.0133 Long: $0.000 Short: $0.000 $11.25 4/26/2013
3/27/2013 $0.0116 Long: $0.000 Short: $0.000 $11.2 3/27/2013
2/27/2013 $0.0128 Long: $0.000 Short: $0.000 $11.19 2/27/2013
1/25/2013 $0.0107 Long: $0.000 Short: $0.000 $11.18 1/25/2013

*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.

12-Month Trailing Dist. Yield as of 3/31/2017

NAV 1.54%
With Sales Charge 1.50%

Annualized 30-Day SEC Yield as of 3/31/2017

Subsidized - NAV 1.56%
Unsubsidized - NAV 1.56%

Portfolio

Top 10 Holdings as a % of net assets 3/31/2017

U.S. Treasury Notes, 2.8%, 2/28/2018 2.20%
U.S. Treasury Notes, 0.6%, 9/30/2017 1.85%
U.S. Treasury Notes, 1.4%, 8/31/2020 1.23%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO, 4.4%, 12/25/2048 1.19%
Northern Trust Corp., 2.4%, 8/2/2022 1.16%
Federal Home Loan Mortgage Corp. Agency REMIC/CMO, 4.3%, 12/25/2044 1.11%
Federal Home Loan Bank, 1.7%, 7/25/2031 1.10%
Federal National Mortgage Association Agency REMIC/CMO, 2.0%, 6/25/2039 1.09%
Ares Capital Corp., 3.9%, 1/15/2020 1.04%
Goldman Sachs Group, Inc. (The), 2.6%, 12/27/2020 0.99%

Total Portfolio Holdings

Updated quarterly, upon availability.

Maturity
as a % of fixed income assets as of 3/31/2017

<1 Year 22.5%
1-5 Years 61.1%
5-10 Years 13.4%
10-20 Years 2.7%
>20 Years 0.3%
Average Maturity 2.97 years
Effective Duration 2.67 years

Fixed Income Country Allocation
as a % of bond holdings as of 3/31/2017

United States 92.9%
Netherlands 1.5%
Japan 1.2%
United Kingdom 1.1%
Luxembourg 1.1%
Canada 1.0%
France 0.7%
Norway 0.4%
Cayman Islands 0.1%

Quality
as a % of fixed income assets as of 3/31/2017

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.
Government Bonds 24.10%
NonRated 2.30%
AAA 1.60%
AA 9.80%
A 23.40%
BBB 36.20%
BB 1.80%
CCC 0.80%

Portfolio Composition
as a % of net assets as of 3/31/2017

Corporate Bonds 70.04%
Government Bonds 23.65%
Cash and Cash Equivalents 2.02%
General Obligation Bonds 1.62%
Asset-Backed Securities 1.14%
Revenue Bonds 0.84%
Mortgage-Backed Securities 0.69%

Total Portfolio Holdings

Updated quarterly, upon availability.

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. 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 Govt/Credit 1-5 Yr TR USD - The Barclays 1-5 Year U.S. Government/Credit Index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 5 years and are publicly issued. It is not possible to invest directly in an index.

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.

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 at 0.98%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees.

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.

MPT Statistics: Alpha is a measure of a portfolio’s actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the portfolio’s return to fluctuations in the market index. R-squared indicates how much of a portfolio’s fluctuations are attributable to movements in the portfolio’s benchmark. Standard deviation is a measure of how volatile a portfolio’s returns are. Sharpe ratio is a measure of a portfolio’s risk-adjusted performance.

The Morningstar RatingTM 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. 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.

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.

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