Is Ivy Municipal High Income I Fund (WYMHX) Worth Another Look?

Ivy Municipal High Income I Fund (WYMHX) a Zacks Rank #2 (Buy) was incepted in January 1986 and is managed by Waddell & Reed Investment Management Company (WRIMCO). WYMHX seeks to provide a high level of income that is not subject to federal income tax. WYMHX seeks to achieve its goal by investing in a diversified portfolio of tax-exempt municipal bonds. However, a significant portion, up to 40%, of WYMHX's dividends paid to shareholders each year may be a tax preference item for purposes of the federal alternative minimum tax (AMT). WYMHX invests primarily in bonds rated in the lower tier of investment grade (BBB by S&P and Baa by Moody's) or lower, including bonds rated below investment grade, or junk bonds. WYMHX typically invests in municipal bonds with remaining maturities of 10 to 30 years.

The Ivy Municipal High Income I fund, managed by Ivy Funds, carries an expense ratio of 0.67%. Moreover, WYMHX requires a minimal initial investment of $0.

WYMHX has a history of positive total returns for over 10 years. Specifically, the fund’s returns over the 3, 5 year benchmarks; 3 year 6.6% and 5 year 5.4%. To see how this fund performed compared in its category, and other #1 and #2 Ranked Mutual Funds, please click here.

WYMHX’s performance, as of the last filing, when compared to funds in its category was in the top 14% over the past 1 year, in the top 16% over the past 3 years, and in the 19% over the past 5 years.

Want key mutual fund info delivered straight to your inbox?

Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing mutual funds, each week. Get it free >>


View All Zacks #1 Ranked Mutual Funds
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Get Your Free (WYMHX): Fund Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research