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Ivy California Municipal High Income Fund

  • $9.60 NAV as of 12/2/2016
  • ($0.01) / 0.10% Daily NAV Change
  • YTD (NAV)

Summary

Tax-free income potential with a focus on location

Income Opportunity
A focus on primarily high-yield municipal securities chosen to provide a high level of current income that is not subject to Federal or California income tax.
Diversification and exemption
Includes at least 80% of its net assets in municipal bonds exempt from Federal and California income taxes.
Investment Discipline
An in-depth process that emphasizes credit risk, security structure, duration management.

Portfolio Management

Michael J. Walls

  • Ivy Investment Management Company
  • 1 Year with Fund
  • 18 Years in Industry
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Michael J. Walls is primarily responsible for the day-to-day portfolio management of the Fund. Mr. Walls is Senior Vice President of Ivy Investment Management Company (IICO) and Waddell & Reed Investment Management Company (WRIMCO). He has served as a portfolio manager with IICO since 2007, and has been with the organization since 1999, joining the company as an investment analyst. He earned a BA in Economics and German from Denison University, and an MBA with an emphasis in Finance from Xavier University. Mr. Walls holds a Certificate of General Insurance.

Growth of a $10,000 Investment
through 11/30/2016

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes.

Documents

Daily Prices as of 12/2/2016

Net Asset Value (NAV) $9.60
Daily NAV Change ($) ($0.01) 0.10%
Weekly NAV Change ($) $-0.12 -1.23%
Public Offering Price (POP) $9.64

Fund Facts

Ticker Symbol IMHAX
CUSIP 465899144
Fund Code 600
Fund Type Fixed Income Funds
Fund Inception 10/3/2016
Class Inception 10/3/2016
Fiscal Year End September
Dividends Paid Monthly
Fund Assets (as of 10/31/2016) $10.5 mil
Total Equity Holdings
Total Holdings (as of 10/31/2016) 29
Portfolio Turnover Rate
Lipper Category California Municipal Debt Funds
Morningstar Category High Yield Muni
Benchmark Bloomberg Barclays Municipal TR USD

Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Performance at NAV does not include the effect of sales charges. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return

Average Annual Total Returns as of 11/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV -3.39%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2016
(Returns for periods of less than 1-yr are not annualized)
  YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV
Bloomberg Barclays HY Muni TR USD 9.37% 11.32% 8.06% 7.36% 4.89%

Expense Ratios as of 10/3/2016

Net 0.80%
Gross 1.13%

5-Year Standard Deviation as of

Bloomberg Barclays Municipal TR USD N/A

Distributions

Historical Prices Inception 10/3/2016

Date Price Dividend Reinvest Date Capital Gain Reinvest Date
12/1/2016 $9.59 NO NO
12/2/2016 $9.60 NO NO

Historical Distributions Inception 10/3/2016

Ex-date Income Capital Gains Reinvest Gains Payment Date
No results found.

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this fund's selected share class. NAV is the amount per share you would receive if you sold shares that day.

Portfolio

Top 10 Holdings as a % of net assets 10/31/2016

Overseas Private Investment Corp. (GTD by U.S. Government), 0.8%, 11/7/2016 7.17%
CA Various Purp GO Bonds, Ser 2016, 5.0%, 9/1/2046 5.72%
Palamar Hlth, Rfdg Rev Bonds, Ser 2016, 5.0%, 11/1/2039 5.35%
Sonoco Products Co., 0.6%, 11/1/2016 4.77%
CA Pollutn Ctl Fin Auth, Pollutn Ctl Rfdg Rev Bonds (Pacific Gas and Elec Co.), Ser C (GTD by TD Bank N.A.), 0.6%, 11/1/2016 4.55%
IA Fin Auth, Var Rate Demand Hlth Fac Rev Bonds (Great River Med Ctr Proj), Ser 2008 (GTD by Great River Medical Center), 0.5%, 11/1/2016 4.54%
SD Hlth and Edu Fac Auth, Var Rate Demand Rev Bonds (Sioux Vly Hosp and Hlth Sys), Ser 2001C (GTD by U.S. Bank N.A.), 0.6%, 11/7/2016 4.54%
St. Jude Medical, Inc., 0.6%, 11/1/2016 4.30%
Harris Cnty Hosp Dist, Sr Lien Rfdg Rev Bonds, Ser 2010 (GTD by JPMorgan Chase & Co.), 0.6%, 11/7/2016 4.06%
NY State Hsng Fin Agy, Maestro West Chelsea Hsng Rev Bonds, Ser 2015B (GTD by Wells Fargo Bank N.A.), 0.7%, 11/7/2016 2.87%

Total Portfolio Holdings

Updated quarterly, upon availability.

Fixed Income Country Allocation
as a % of bond holdings as of 10/31/2016

United States 100.0%

Quality
as a % of fixed income assets as of 10/31/2016

Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
NonRated 30.60%
AA 27.30%
BBB 28.60%
BB 7.90%
B 5.60%

Portfolio Composition
as a % of net assets as of 10/31/2016

Cash and Cash Equivalents 65.92%
Revenue Bonds 28.36%
General Obligation Bonds 5.72%

Total Portfolio Holdings

Updated quarterly, upon availability.

Documents

Select a document below to view or download.

Documents

Risk factors: The value of the Fund’s shares will change, and you could lose money on your investment. Fixed income securities are subject to interest rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. The Fund may include a significant portion of its investments that will pay interest that is taxable under the Alternative Minimum Tax (AMT). Exempt-interest dividends the Fund pays may be subject to state and local income taxes. The portion of the dividends the Fund pays that is attributable to interest earned on U.S. government securities generally is not subject to those taxes, although distributions by the Fund to its shareholders of net realized gains on the sale of those securities are fully subject to those taxes. The municipal securities market generally, or certain municipal securities in particular, may be significantly affected by adverse political, legislative or regulatory changes or litigation at the Federal or state level. These and other risks are more fully described in the Fund’s prospectus. Not all funds or fund classes may be offered at all broker/dealers. Because the Fund invests predominantly in California municipal securities, events in California are likely to affect the Fund’s investments and its performance. As with California municipal securities, events in any of the U.S. territories, such as Puerto Rico, Guam and the U.S. Virgin Islands, where the Fund is invested may affect the Fund’s investments and its performance. These events may include economic or political policy changes, tax base erosion, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of California or U.S. territories.

Index Description: The Barclays Municipal Bond is an unmanaged index comprised of securities that represent the long-term municipal bond market. It is not possible to invest directly in an index.

For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that were purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 12 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.

Through January 31, 2018, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses for Class A shares at 0.33%, Class C shares at 0.25%, Class I shares at 0.40% and Class Y shares at 0.45%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees.

Through January 31, 2018, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IDI, WISC or the Board of Trustees of Ivy Funds (Board).

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

When a fund's share class has less than a year of performance to report, the returns shown are cumulative.

Quality: Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Information is subject to change and is not intended to represent any past or future investment recommendations.

Please remember that an investment in a mutual fund involves risk. Investment return and principal value of a mutual fund investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

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