WMBAX : Ivy Municipal Bond Fund Class A

Fund Summary

The investment seeks to provide the level of current income consistent with preservation of capital and that is not subject to federal income tax. The fund seeks to achieve its objective by investing at least 80% of its net assets in municipal bonds. It 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, 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.