Ivy Municipal High Income I  WYMHX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
High Yield Muni Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
   Avg Duration
   9.14 Yrs
   Avg Credit Quality
   BBB
As of 2009-06-30
Day Change
$ 0.00
  
NAV (2009-11-20)
$ 4.70
  
YTD Return % (2009-11-20)
30.44%
  
Total Assets ($ mil)
16
View Data Definitions
  Performance    
Growth of $10,000 Fund: Ivy Municipal High Income I
(from 1999-01-01 to 2009-10-31) Category: High Yield Muni
Index: BarCap Municipal TR USD
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 1998-12-30 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-20
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 30.44 20.04 2.56 4.62 4.88 4.13
+/- Category 0.96 3.78 4.59 3.03 1.30 ---
+/- BarCap Municipal TR USD 18.30 8.37 -1.69 0.26 --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 31.66 13.12 3.17 4.94 4.74 4.20
Month-End (as of 2009-10-31) 31.16 21.03 2.84 4.76 4.88 4.13
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 21.04 2.82 4.75 4.88 ---
On Distribution & Sale of Shares --- 15.80 3.14 4.83 4.95 ---
Morningstar Rating --- --- ---
# of compared funds covered (3 yrs : out of 129 funds), (5 yrs : out of 107 funds), (10 yrs : out of 85 funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is 2.00%.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
General Obligations 13.10
Advance Refunded ---
State Appropriated Tobacco ---
Non-state Appropriated Tobacco ---
Education 1.37
Health 10.99
Housing 3.39
Industrial 2.91
Transportation ---
Utilities ---
Water/Sewer ---
Misc. Revenue 68.22
Bond Quality % of Bonds
AAA 9.2
AA 0.0
A 16.1
BBB 30.7
BB 31.6
B 11.3
Below B 1.2
Not Rated 0.0
 
Asset Allocation
% of Net Assets
Cash 4.5
Stocks 0.0
Bonds 95.5
Other 0.0
Foreign Stocks 0.0
(as a % of Assets)
Data through 2009-06-30 Data through 2009-06-30
 
Holding Status
Total Number of Stock Holdings Turnover % ---
Total Number of Bond Holdings 49 30 Day SEC Yield % 5.23
% of Assets in Top 10 Holdings 33.71 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
Detroit Mich Sew Disp Rev Rev Ref B 7.5% 2033-07-01 200 233 3.81
Detroit Mich Sew Disp Rev Rev Ref B 7% 2027-07-01 200 227 3.72
Tarrant Cnty Tex Cultural Ed F Rev Bd 6% 2026-11-15 250 215 3.52
PUERTO RICO SALES TAX FING COR REV BDS 2039-08-01 200 206 3.37
Arnold Mo Real Ppty Tax Increm Rev 7.75% 2028-05-01 200 200 3.28
Tarrant Cnty Tex Cultural Ed F Re 5.625% 2027-11-15 250 200 3.28
Los Angeles Calif Wastewtr Sys Var 2.6% 2032-06-01 200 200 3.27
GUAM GOVT GO BDS 2039-11-15 200 198 3.24
Illinois Fin Auth 7% 2044-08-15 200 193 3.16
Mclean Cnty Ill Bloomington No Rev 6.35% 2024-12-15 225 187 3.06
Data through 2009-06-30
  Other Information
Fund Inception: 1998-12-30
Portfolio Manager  (Start Date)
Michael J. Walls  (2008-08-15)
Walls is vice president of WRIMCO and IICO, and has been an employee of WRIMCO since March 1999, joining the company as an investment analyst.
Sales Charge %
(taken from prospectus dated 2009-10-07)
Front: None
Deferred: None
Expense Ratio % 0.70
based on net assets
(taken from annual report dated 2008-09-30)
Correspondence Information

6300 Lamar Ave
Overland Park,  KS  66202
USA
Telephone:
800-532-2783
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.