Delaware Ivy Municipal High Income Fund

Delaware Ivy Municipal High Income Fund

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Key features

Income-driven, risk-controlled approach

Disciplined, bottom-up, research-driven process

Experienced management team dedicated solely to municipal bond investing

Daily pricing as of 02/03/2023

NAV
NAV 1-day net change
Max offer price
$4.44

Total net assets as of 12/31/2022

All share classes
$543.9 million

Overview

Fund information
Inception date 12/30/1998
Dividends paid (if any) Monthly
Capital gains paid (if any) December
Fund identifiers
NASDAQ WYMHX
CUSIP 466001757

Benchmark and peer group

Bloomberg Municipal Bond Index (view definition)

Bloomberg High-Yield Municipal Bond Index (view definition)

Morningstar High-Yield Muni Category (view definition)

Lipper High Yield Municipal Debt Funds Average (view definition)

Performance

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.

Average annual total return as of month-end (01/31/2023)

Returns for less than one year are not annualized.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Average annual total return as of quarter-end (12/31/2022)

Returns for less than one year are not annualized.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Overall Morningstar RatingTM

Institutional Class shares - as of 12/31/2022

MorningstarMorningstarMorningstar
Rating No. of funds
Overall 3 188
3 years 3 188
5 years 3 166
10 years 3 103
Morningstar category Morningstar High-Yield Muni Category

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 12/31/2022
1 year 112 / 195
3 years 103 / 188
5 years 121 / 166
10 years 79 / 103
Morningstar category Morningstar High-Yield Muni Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 12/31/2022
1 year 107 / 191
3 years 98 / 185
5 years 120 / 165
10 years 78 / 102
Lipper classification Lipper High Yield Municipal Debt Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.75%
Net
0.61%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from July 29, 2022 through July 29, 2023. Please see the fee table in the Fund's prospectus for more information.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2022
-14.11%
2021
5.39%
2020
4.40%
2019
6.03%
2018
1.93%
2017
4.45%
2016
0.94%
2015
4.41%
2014
13.71%
2013
-6.00%

Portfolio

Portfolio characteristics as of 12/31/2022

Number of holdings
170
Portfolio turnover (last fiscal year)
42%
SEC 30-day yield with waiver (view definition)
4.75%
SEC 30-day yield without waiver (view definition)
4.56%
Distribution yield at NAV (view definition)
5.17%
Annualized standard deviation, 3 years (view definition)
9.02

Portfolio composition as of 12/31/2022
Total may not equal 100% due to rounding.

Municipal bonds
99.0%
Cash and cash equivalents
1.0%

Cash and cash equivalents include accruals on bonds and long-term receivables.

Top 10 fixed income holdings as of 12/31/2022

Holdings are as of the date indicated and subject to change.

List excludes cash and cash equivalents.

Holding
% of portfolio
Holding
% of portfolio
Gdb Debt Recovery Auth of Comw 7.500 8/20/2040
4.96
Puerto Rico Comwlth 0.000 11/1/2043
3.30
Pennsylvania ST Tpk Commn Tpk Rev 6.375 12/1/2038
2.80
Childrens TR fd P R Tob Settlement 0.000 5/15/2057
2.73
Chester PA Economic Dev Auth L 5.625 8/15/2048
2.11
New York Cntys Tob TR V 0.000 6/1/2060
2.02
Buckeye Ohio Tob Settlement FI 5.000 6/1/2055
1.99
Public Auth For Colo Energy 6.500 11/15/2038
1.94
California Edl Facs Auth Rev 5.000 5/1/2049
1.89
Puerto Rico Sales Tax Fing Co. (RST 5.000 7/1/2058
1.86

Total % Portfolio in Top 10 holdings - 25.60%

List of monthly holdingsList of quarterly holdings

Credit quality as of 12/31/2022

Rating
Fund
Rating
Fund
AAA
12.9%
AA
4.4%
A
10.6%
BBB
10.0%
BB
6.2%
B
0.7%
CCC
2.4%
Not rated
52.8%

Total may not equal 100% due to rounding. The Fund’s investment manager, Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust, receives “Credit Quality” ratings for the underlying securities held by the Fund from three “nationally recognized statistical rating organizations” (NRSROs): Standard & Poor’s (S&P), Moody’s Investors Service, and Fitch, Inc. The credit quality breakdown is calculated by DMC based on the NRSRO ratings. If two or more NRSROs have assigned a rating to a security the higher rating (lower value) is used. If only one NRSRO rates a security, that rating is used. Securities that are unrated by any of the three NRSROs are included in the “not rated” category when applicable. Unrated securities do not necessarily indicate low quality. More information about securities ratings is contained in the Fund’s Statement of Additional Information.

Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2023
0.000
0.017
2022
0.000
0.198
2021
0.000
0.177
2020
0.000
0.195
2019
0.000
0.204
2018
0.000
0.235
2017
0.004
0.217
2016
0.000
0.232
2015
0.000
0.227
2014
0.000
0.246
2013
0.017
0.234

1If a Fund makes a distribution from any source other than net income, it is required to provide shareholders with a notice disclosing the source of such distribution (each a "Notice"). The amounts and sources of distributions reported above and in each Notice are only estimates and are not provided for tax reporting purposes. Each Fund will send each shareholder a Form 1099 DIV for the calendar year that will provide definitive information on how to report the Fund's distributions for federal income tax purposes. The information in the table above will not be updated to reflect any subsequent recharacterization of dividends and distributions. Click here to see recent Notices pertaining to the Fund (if any).

2Information on return of capital distributions (if any) is only provided from June 1, 2014 onward.

3Includes both short- and long-term capital gains.

Management

Gregory Gizzi

Gregory A. Gizzi 

  • Managing Director, Head of US Fixed income and Head of Municipal Bonds, Senior Portfolio Manager
  • Start date on the Fund: April 2021
  • Years of industry experience: 38
  • Read bio
Jake van Roden

Jake van Roden 

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: April 2021
  • Years of industry experience: 18
  • Read bio
Stephen Czepiel

Stephen J. Czepiel 

  • Managing Director, Head of Municipal Bonds Portfolio Management, Senior Portfolio Manager
  • Start date on the Fund: April 2021
  • Years of industry experience: 41
  • Read bio

Fees

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering price none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower none
Annual fund operating expenses
Management fees 0.51%
Distribution and service (12b-1) fees none
Other expenses 0.24%
Total annual fund operating expenses 0.75%
Fee waivers and expense reimbursements1 (0.14%)
Total annual fund operating expenses after fee waivers and expense reimbursements 0.61%

Please see the prospectus and SAI for additional information.

1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from July 29, 2022 through July 29, 2023. Please see the fee table in the Fund's prospectus for more information.

Institutional Class shares are available only to certain investors. See the prospectus for more information.

Resources

Significant Event

On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the portfolio manager team of Gregory A. Gizzi, Stephen J. Czepiel, and Jake van Roden of Delaware Management Company (DMC) as Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies. All changes took effect on or about November 15, 2021.

Carefully consider the Fund's investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund's prospectus and it's summary prospectus, which may be obtained by visiting delawarefunds.com/literature or calling 877 693-3546. Investors should read the prospectus and the summary prospectus carefully before investing.

Carefully consider the Fund's investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund's prospectus and it's summary prospectus, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.

Substantially all dividend income derived from tax-free funds is exempt from federal income tax. Some income may be subject to state or local and/or the federal alternative minimum tax (AMT) that applies to certain investors. Capital gains, if any, are taxable.

Duration measures a bond’s sensitivity to interest rates, by indicating the approximate percentage of change in a bond or bond fund’s price given a 1% change in interest rates.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Portfolio’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Portfolio from executing advantageous investment decisions in a timely manner and could negatively impact the Portfolio’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Portfolio.

All third-party marks cited are the property of their respective owners.

Not FDIC Insured • No Bank Guarantee • May Lose Value

Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

You can check the background of your investment professional on FINRA's BrokerCheck.

You can check the background of your investment professional on FINRA's BrokerCheck.