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Ivy Municipal Bond Fund

  • $11.97 NAV as of 9/22/2017
  • ($0.00) / 0.00% Daily NAV Change
  • 3.41% YTD (NAV)


The potential for income without the tax bite

Finding value
Seeks to uncover relative value between states, sectors and security structures.
The curve
Management de-emphasizes interest rate bets in favor of finding opportunities presented by the yield curve’s slope
Capital preservation and more
Focuses on providing income free from federal taxes while also preserving capital.

Morningstar Style Box

Source: Morningstar

Portfolio Management

Bryan J. Bailey, CFA

  • Ivy Investment Management Company
  • 15 Years with Fund
  • 29 Years in Industry
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Bryan Bailey is a senior vice president for Ivy Investment Management Company. He graduated in 1985 with a BS in business from Indiana University and earned an MBA in financial management/statistics in 1993 from the University of Chicago Graduate School of Business. Prior to joining Waddell & Reed, he was affiliated with Prudential Insurance and Financial Services in Indianapolis and was a municipal bond trader, underwriter and marketing specialist for Edward D. Jones & Company in St. Louis. Mr. Bailey joined Waddell & Reed in July 1993 as a municipal bond trader. Mr. Bailey is a Chartered Financial Analyst. He is a member of the Association for Investment Management and Research (AIMR), and the Kansas City Society of Financial Analysts.

Growth of a $10,000 Investment
through 8/31/2017

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.



Quarterly Fund Commentary

Daily Prices as of 9/22/2017

Net Asset Value (NAV) $11.97
Daily NAV Change ($) ($0.00) 0.00%
Weekly NAV Change ($) $-0.01 -0.08%
Public Offering Price (POP) $11.97

Fund Facts

Ticker Symbol IMBIX
CUSIP 46601B101
Fund Code 492
Fund Type Fixed Income Funds
Fund Inception 9/21/1992
Class Inception 11/3/2009
Fiscal Year End March
Dividends Paid Daily, Paid Monthly
Fund Assets (as of 8/31/2017) $177.9 mil
Total Holdings (as of 8/31/2017) 227
Portfolio Turnover Rate (as of 3/31/2017) 14%
Lipper Category General Municipal Debt Funds
Morningstar Category Muni National Interm
Benchmark S&P Municipal Bond Index TR


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 I shares are sold without any front-end sales load or contingent deferred sales charges.

Monthly Rates of Return

Average Annual Total Returns as of 8/31/2017
(Returns for periods of less than 1-yr are not annualized)
Fund at NAV 3.32% 0.23% 2.65% 2.47% 4.23%
S&P Municipal Bond Index TR 4.75% 0.92% 3.41% 3.31% 4.65% 4.69%
Lipper General Municipal Debt Funds 4.78% 0.32% 3.16% 3.00% 4.14% 4.52%

Quarterly Rates of Return

Average Annual Total Returns as of 6/30/2017
(Returns for periods of less than 1-yr are not annualized)
Fund at NAV 2.20% -0.71% 2.76% 2.59% 4.18%
S&P Municipal Bond Index TR 3.26% -0.29% 3.45% 3.38% 4.50% 4.60%
Lipper General Municipal Debt Funds 3.27% -0.95% 3.15% 3.12% 3.93% 4.41%

Calendar Year Return

Class I 0.47

Morningstar Ratings as of 8/31/2017 Morningstar Logo

Category: Muni National Interm
Ratings are based on risk-adjusted returns
Overall out of 263
3 Year out of 263
5 Year out of 226
10 Year out of 155

Lipper Ranking through 8/31/2017 Lipper Logo

Category: General Municipal Debt Funds
Rankings are based on average annual total returns, but do not consider sales charges.
1 Year 143/258 56
3 Year 165/226 73
5 Year 152/204 75
10 Year

Expense Ratios as of 7/5/2017

Net 0.79%
Gross 0.79%

5-Year Standard Deviation as of

S&P Municipal Bond Index TR 3.57


Historical Prices Inception 11/3/2009

9/1/2017 $11.98 NO NO
9/5/2017 $11.99 NO NO
9/6/2017 $12.00 NO NO
9/7/2017 $12.01 NO NO
9/8/2017 $12.01 NO NO
9/11/2017 $12.00 NO NO
9/12/2017 $11.99 NO NO
9/13/2017 $11.98 NO NO
9/14/2017 $11.98 NO NO
9/15/2017 $11.98 NO NO
9/18/2017 $11.98 NO NO
9/19/2017 $11.97 NO NO
9/20/2017 $11.97 NO NO
9/21/2017 $11.97 NO NO
9/22/2017 $11.97 NO NO

Historical Distributions Inception 11/3/2009

8/25/2017 $0.0301 Long: $0.000 Short: $0.000 $11.97 8/25/2017
7/27/2017 $0.0291 Long: $0.000 Short: $0.000 $11.94 7/27/2017
6/27/2017 $0.028 Long: $0.000 Short: $0.000 $11.95 6/27/2017
5/26/2017 $0.0309 Long: $0.000 Short: $0.000 $11.94 5/26/2017
4/27/2017 $0.0296 Long: $0.000 Short: $0.000 $11.86 4/27/2017
3/27/2017 $0.0258 Long: $0.000 Short: $0.000 $11.82 3/27/2017
2/27/2017 $0.0269 Long: $0.000 Short: $0.000 $11.84 2/27/2017
1/27/2017 $0.0248 Long: $0.000 Short: $0.000 $11.8 1/27/2017
12/30/2016 $0.0313 Long: $0.000 Short: $0.000 $11.82 12/30/2016
11/25/2016 $0.0246 Long: $0.000 Short: $0.000 $11.81 11/25/2016
10/27/2016 $0.0252 Long: $0.000 Short: $0.000 $12.09 10/27/2016
9/27/2016 $0.0247 Long: $0.000 Short: $0.000 $12.23 9/27/2016
8/26/2016 $0.0246 Long: $0.000 Short: $0.000 $12.29 8/26/2016
7/27/2016 $0.0222 Long: $0.000 Short: $0.000 $12.28 7/27/2016
6/27/2016 $0.0208 Long: $0.000 Short: $0.000 $12.34 6/27/2016
5/27/2016 $0.0265 Long: $0.000 Short: $0.000 $12.19 5/27/2016
4/27/2016 $0.0248 Long: $0.000 Short: $0.000 $12.15 4/27/2016
3/24/2016 $0.0219 Long: $0.000 Short: $0.000 $12.09 3/24/2016
2/26/2016 $0.0246 Long: $0.000 Short: $0.000 $12.1 2/26/2016
1/27/2016 $0.0189 Long: $0.000 Short: $0.000 $12.11 1/27/2016
12/31/2015 $0.0292 Long: $0.000 Short: $0.000 $12.05 12/31/2015
11/27/2015 $0.0281 Long: $0.000 Short: $0.000 $11.99 11/27/2015
10/27/2015 $0.0254 Long: $0.000 Short: $0.000 $11.96 10/27/2015
9/25/2015 $0.0271 Long: $0.000 Short: $0.000 $11.93 9/25/2015
8/27/2015 $0.0263 Long: $0.000 Short: $0.000 $11.92 8/27/2015
7/27/2015 $0.0242 Long: $0.000 Short: $0.000 $11.92 7/27/2015
6/26/2015 $0.0279 Long: $0.000 Short: $0.000 $11.87 6/26/2015
5/27/2015 $0.0257 Long: $0.000 Short: $0.000 $11.9 5/27/2015
4/27/2015 $0.0249 Long: $0.000 Short: $0.000 $12.03 4/27/2015
3/27/2015 $0.0244 Long: $0.000 Short: $0.000 $12.07 3/27/2015
2/27/2015 $0.0273 Long: $0.000 Short: $0.000 $12.06 2/27/2015
1/27/2015 $0.022 Long: $0.000 Short: $0.000 $12.13 1/27/2015
12/31/2014 $0.0295 Long: $0.000 Short: $0.000 $12.03 12/31/2014
11/26/2014 $0.028 Long: $0.000 Short: $0.000 $12 11/26/2014
10/27/2014 $0.027 Long: $0.000 Short: $0.000 $12.04 10/27/2014
9/26/2014 $0.0297 Long: $0.000 Short: $0.000 $11.99 9/26/2014
8/27/2014 $0.0288 Long: $0.000 Short: $0.000 $11.96 8/27/2014
7/25/2014 $0.027 Long: $0.000 Short: $0.000 $11.88 7/25/2014
6/27/2014 $0.0325 Long: $0.000 Short: $0.000 $11.87 6/27/2014
5/27/2014 $0.0301 Long: $0.000 Short: $0.000 $11.92 5/27/2014
4/25/2014 $0.0322 Long: $0.000 Short: $0.000 $11.82 4/25/2014
3/27/2014 $0.0294 Long: $0.000 Short: $0.000 $11.74 3/27/2014
2/27/2014 $0.0328 Long: $0.000 Short: $0.000 $11.76 2/27/2014
1/27/2014 $0.027 Long: $0.000 Short: $0.000 $11.67 1/27/2014
12/31/2013 $0.0353 Long: $0.000 Short: $0.000 $11.49 12/31/2013
11/27/2013 $0.0325 Long: $0.000 Short: $0.000 $11.55 11/27/2013
10/25/2013 $0.0294 Long: $0.000 Short: $0.000 $11.58 10/25/2013
9/27/2013 $0.0328 Long: $0.000 Short: $0.000 $11.56 9/27/2013
8/27/2013 $0.0298 Long: $0.000 Short: $0.000 $11.45 8/27/2013
7/26/2013 $0.0289 Long: $0.000 Short: $0.000 $11.64 7/26/2013
6/27/2013 $0.0277 Long: $0.000 Short: $0.000 $11.76 6/27/2013
5/24/2013 $0.0277 Long: $0.000 Short: $0.000 $12.21 5/24/2013
4/26/2013 $0.0305 Long: $0.000 Short: $0.000 $12.27 4/26/2013
3/27/2013 $0.0263 Long: $0.000 Short: $0.000 $12.19 3/27/2013
2/27/2013 $0.0283 Long: $0.000 Short: $0.000 $12.26 2/27/2013
1/25/2013 $0.0239 Long: $0.000 Short: $0.000 $12.28 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 8/31/2017

NAV 2.76%
With Sales Charge 2.76%

Annualized 30-Day SEC Yield as of 8/31/2017

Subsidized - NAV 1.18%
Unsubsidized - NAV 1.18%


Top 10 Holdings as a % of net assets 8/31/2017

IL Fin Auth, DePaul Univ Rev Bonds, Ser 2016, 5.0%, 10/1/2041 1.55%
ME Tpk Auth, Tpk Rev Rfdg Bonds, Ser 2015, 5.0%, 7/1/2034 1.48%
Osceola Cnty, FL, Sales Tax Rev Rfdg Bonds, Ser 2016A, 5.0%, 10/1/2037 1.32%
CA Various Purp GO Rfdg Bonds, 5.0%, 2/1/2033 1.31%
MI State Hosp Fin Auth, Var Rate Rev Bonds (Ascension Hlth Credit Group), Ser 1999B-4, 5.0%, 11/15/2032 1.30%
Successor Agy to the Redev Agy of the City of Stockton, T, 5.0%, 9/1/2037 1.30%
Kansas City, MO, Spl Oblig Impvt and Rfdg Bonds (Downtown, 5.0%, 4/1/2040 1.27%
Harris Cnty Hosp Dist, Sr Lien Rfdg Rev Bonds, Ser 2010 (GTD by JPMorgan Chase & Co.) (BVAL plus 11 bps), 0.8%, 9/7/2017 1.12%
NY State Enrg Research and Dev Auth, Fac Rev Bonds (Consolidated Edison Co. of NY, Inc. Proj), Sub Ser 1999A-1 (Insured by AMBAC), 1.4%, 5/1/2034 1.05%
Saint Marys, KS, Pollutn Ctl Rev Bonds (Westn Res, Inc. P, 1.6%, 4/15/2032 1.05%

Total Portfolio Holdings

Updated quarterly, upon availability.

as a % of fixed income assets as of 8/31/2017

<1 Year 7.9%
1-5 Years 26.1%
5-10 Years 10.7%
10-20 Years 33.3%
>20 Years 19.4%
Average Maturity 10.42 years
Effective Duration 5.36 years

Fixed Income Country Allocation
as a % of bond holdings as of 8/31/2017

United States 100.0%

as a % of fixed income assets as of 8/31/2017

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.
NonRated 9.60%
AAA 2.70%
AA 41.20%
A 35.00%
BBB 10.30%
BB 0.90%
B 0.30%

Portfolio Composition
as a % of net assets as of 8/31/2017

Revenue Bonds 66.86%
Insured Bonds 11.50%
Prerefunded/ETM 7.55%
Cash and Cash Equivalents 7.18%
General Obligation Bonds 6.91%

Total Portfolio Holdings

Updated quarterly, upon availability.

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 value of the Fund’s shares will change, and you could lose money on your investment. 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. The Fund may include a significant portion of its investments that will pay interest that is taxable under the Alternative Minimum Tax (AMT). Exempt-interest dividends the Fund pays may be subject to state and local income taxes. The portion of the dividends the Fund pays that is attributable to interest earned on U.S. government securities generally is not subject to those taxes, although distributions by the Fund to its shareholders of net realized gains on the sale of those securities are fully subject to those taxes. The municipal securities market generally, or certain municipal securities in particular, may be significantly affected by adverse political, legislative or regulatory changes or litigation at the Federal or state level. 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.

Index Description: Standard & Poor's/Investortools Municipal Bond is an unmanaged index comprised of bonds held by managed municipal bond fund customers of Standard & Poor's Securities Pricing, Inc. that are priced daily. 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.

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 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.

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.

© 2017 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: 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.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

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