Bond funds or fixed income funds are another less volatile investment vehicle for investor to diversify its investment portfolio. There are two main fixed income mutual funds: taxable bond funds and non taxable bond funds (Municipal Bond funds). This article will provide one of the top municipal bond mutual funds. This muni bond fund can provide regular dividend or income for investor. It is also an efficient way for high income investor to diversify its portfolio.
Ivy Municipal High Income A (MUTF: IYIAX)
The Ivy Municipal High Income fund’s objective is to seek a high level of current income that is exempt from federal income tax. This Muni bond fund invests most of net assets (>80%) in a diversified portfolio of tax-exempt municipal bonds. It invests in bonds rated in the lower tier of investment grade or lower, including bonds rated below investment grade, or junk bonds. The fund typically invests in municipal bonds with remaining maturities of 10 to 30 years. It also invests in investment grade municipal bonds at times when yield spreads are narrow and the higher yields do not justify the increased risk.
IYIAX Fund Details
Ivy Municipal High Income A (MUTF: IYIAX)
The Ivy Municipal High Income fund’s objective is to seek a high level of current income that is exempt from federal income tax. This Muni bond fund invests most of net assets (>80%) in a diversified portfolio of tax-exempt municipal bonds. It invests in bonds rated in the lower tier of investment grade or lower, including bonds rated below investment grade, or junk bonds. The fund typically invests in municipal bonds with remaining maturities of 10 to 30 years. It also invests in investment grade municipal bonds at times when yield spreads are narrow and the higher yields do not justify the increased risk.
IYIAX Fund Details
Ivy Municipal High Income fund details |
- Fund Inception Date: May 18, 2009
- Ticker Symbol: IYIAX (Class A)
- CUSIP: 466001849
- Beta (3yr): 1.24
- Rank in category (YTD): 45
- Category: High Yield Muni
- Distribution Rate: 4.69%
- Net Assets: $ 498.32 million
- Sales Load: 4.25%
- Expense Ratio: 0.94%
- Capital Gains: N/A
- Number of Years Up: 1 year
- Number of Years Down: 0 years
- Average Maturity: 22.08 years
- Average Duration: 10.17 years