WMBAX — Delaware Ivy Municipal Bond Fund
Data updated: 2023-08-29
WMBAX — Delaware Ivy Municipal Bond Fund. Municipal - National Bond · $333.32M AUM · 0.80% expense ratio. Holdings, fees, performance and SEC filings.
WMBAX Fund Overview
WMBAX — Delaware Ivy Municipal Bond Fund is a US mutual fund managed by Ivy Funds, categorised as Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Ivy Funds
- Category: Municipal - National Bond
- Assets under management: $333.32M
- 1-year return: 3.4%
- Ticker: WMBAX
- SEC CIK: 0000883622
- SEC series ID: S000006284
- Share class ID: C000017259
WMBAX Investment Objective and Strategy
Delaware Ivy Municipal Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ivy Funds.
Investment objective
To seek to provide the level of current income consistent with preservation of capital and that is not subject to Federal income tax.
Principal investment strategy
Ivy Municipal Bond Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in municipal bonds. The Fund mainly invests in municipal bonds of investment grade and of any maturity. Municipal bonds are obligations issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Guam), the interest on which is excludable from gross income for Federal income tax purposes, although a portion of such interest may be an item of tax preference for purposes of the Federal alternative minimum tax (AMT) (Tax Preference Item). Investment grade debt securities include debt securities rated BBB- or higher by S&P Global Ratings, a division of S&P Global Inc.
(S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by Ivy Investment Management Company (IICO), the Funds investment manager, to be of comparable quality. The Fund diversifies its holdings between two main types of municipal bonds: general obligation bonds, which are backed by the full faith, credit and taxing power of the governmental authority revenue bonds, which are payable only from specific sources, such as the revenue from a particular project, a special tax, lease payments and/or appropriated funds. Revenue bonds include certain private activity bonds (PABs), which finance privately operated facilities. Revenue bonds also include housing bonds that finance pools of single-family home mortgages and student loan bonds that finance pools of student loans as well as bonds that finance charter schools.
Revenue bonds also include tobacco bonds that are issued by state-created special purpose entities as a means to securitize a states share of annual tobacco settlement revenues. IICO primarily utilizes a top-down (assessing the market environment) management style that de-emphasizes aggressive interest rate strategies. IICO attempts to enhance Fund performance by utilizing opportunities presented by the shape and slope of the yield curve, while typically striving to keep the overall Fund duration within a range of plus or minus thirty percent (30%) relative to the Funds stated benchmark. As an overlay to this core strategy, IICO attempts to identify and capitalize on relative value opportunities that exist between sectors, states (including U.S. possessions), security structures and ratings categories.
IICO monitors relative attractiveness to other taxable fixed-income asset classes, as well as municipal market supply/demand patterns, expectations of U.S. Treasury (Treasury) market performance and overall market liquidity, tax policies and other technical factors, in seeking to identify opportunities for the Fund. IICO may look at a number of factors in selecting securities for the Funds portfolio. These include the securitys current coupon, the maturity, relative value and market yield of the security, the creditworthiness of the particular issuer or of the private company involved, the sector in which the security is identified, the structure of the security, including whether it has a call feature, and the state in which the security is issued. IICO seeks to emphasize prudent diversification among sectors, states, security structures, position sizes and ratings categories, in an attempt to reduce overall portfolio risk and performance volatility as well as to emphasize capital preservation.
However, the Fund may invest significantly in municipal bonds payable from revenues derived from similar projects, such as those in the health care, transportation and utility sectors. Generally, in determining whether to sell a security, IICO uses the same type of analysis that it uses when buying securities to determine whether the security continues to be a desired investment for the Fund. IICO also may sell a security to reduce the Funds holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.
WMBAX Performance
Total returns for WMBAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 3.4% |
| 3 years (annualised) | -2.1% |
WMBAX Risk Information
Risk metrics for WMBAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 11.7%
WMBAX Costs and Fees
WMBAX costs about $80 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.80%
- Gross expense ratio: 0.97%
- Portfolio turnover: 49%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
WMBAX Cashflows
Over the 12 months to 2023-06, Delaware Ivy Municipal Bond Fund had net inflows of $354.23M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-06 | $11.94M |
| 2023-05 | $15.18M |
| 2023-04 | $15.35M |
| 2023-03 | $14.00M |
| 2023-02 | $18.42M |
| 2023-01 | $15.12M |
WMBAX Debt Constituents
No individual debt constituents are reported in Delaware Ivy Municipal Bond Fund's latest SEC N-PORT filing.
WMBAX Prospectus and SEC Filings
Official Delaware Ivy Municipal Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-07-28
- Prospectus (485BPOS) — filed 2022-07-29
- Prospectus (485BPOS) — filed 2021-07-28
- Portfolio holdings (N-PORT) — filed 2023-08-29
- Portfolio holdings (N-PORT) — filed 2023-05-23
- Portfolio holdings (N-PORT) — filed 2023-02-27
- Annual census (N-CEN) — filed 2023-06-14
- Annual census (N-CEN) — filed 2022-06-14
Related Funds
Other Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.