Ivy California Municipal High Income Fund
- $9.83 NAV as of 3/24/2017
- ($0.00) / 0.00% Daily NAV Change
- 1.59% YTD (NAV)
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.
Morningstar Style Box
Michael J. Walls
- Ivy Investment Management Company
- 1 Year with Fund
- 19 Years in Industry
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.
Daily Prices as of 3/24/2017
|Net Asset Value (NAV)||$9.83|
|Daily NAV Change ($)||($0.00)||0.00%|
|Weekly NAV Change ($)||$0.06||0.61%|
|Public Offering Price (POP)||$9.83|
|Fund Type||Fixed Income Funds|
|Fiscal Year End||September|
|Fund Assets (as of 2/28/2017)||$12.2 mil|
|Total Holdings (as of 2/28/2017)||47|
|Lipper Category||California Municipal Debt Funds|
|Morningstar Category||Muni California Intermediate|
|Benchmark||Bloomberg Barclays HY Muni TR USD|
|Benchmark||Bloomberg Barclays Municipal TR USD|
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, if it had, performance shown would be lower. For Class C shares, a 1% CDSC applies to the lesser of amount invested or redemption value of shares redeemed within twelve months after the purchase date.
Monthly Rates of Return
|Fund with maximum 1.00% CDSC||0.08%||—||—||—||—||-2.75%|
|Fund at NAV||1.08%||—||—||—||—||-1.77%|
|Lipper California Municipal Debt Funds||1.25%||0.03%||4.14%||3.71%||3.89%||-3.35%|
|Bloomberg Barclays Municipal TR USD||1.36%||0.25%||3.53%||3.07%||4.28%||-2.31%|
|Bloomberg Barclays HY Muni TR USD||3.82%||5.17%||5.54%||5.76%||4.28%||-2.24%|
Quarterly Rates of Return
|Fund at NAV||—||—||—||—||—||-2.82%|
|Fund with maximum 1.00% CDSC||—||—||—||—||—||-3.79%|
|Lipper California Municipal Debt Funds||-0.05%||-0.05%||5.07%||4.23%||3.90%||-4.47%|
|Bloomberg Barclays Municipal TR USD||0.25%||0.25%||4.14%||3.28%||4.25%||-3.62%|
|Bloomberg Barclays HY Muni TR USD||2.99%||2.99%||6.08%||5.91%||4.04%||-5.83%|
Calendar Year Return
|Bloomberg Barclays Municipal TR USD||—||—||—||—||0.25|
|Bloomberg Barclays HY Muni TR USD||18.14||-5.51||13.84||1.81||2.99|
Expense Ratios as of 1/31/2017
5-Year Standard Deviation as of
|Bloomberg Barclays HY Muni TR USD||6.24|
|Bloomberg Barclays Municipal TR USD||N/A|
Historical Prices Inception 10/3/2016
Historical Distributions Inception 10/3/2016
|2/27/2017||$0.0094||Long: $0.000 Short: $0.000||$9.8||2/27/2017|
|1/27/2017||$0.0051||Long: $0.000 Short: $0.000||$9.73||1/27/2017|
|12/30/2016||$0.0067||Long: $0.000 Short: $0.000||$9.71||12/30/2016|
|11/25/2016||$0.0007||Long: $0.000 Short: $0.000||$9.72||11/25/2016|
|10/27/2016||$0.0007||Long: $0.000 Short: $0.000||$9.97||10/27/2016|
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.
Annualized 30-Day SEC Yield as of 2/28/2017
|Subsidized - NAV||1.48%|
|Unsubsidized - NAV||1.48%|
Top 10 Holdings as a % of net assets 2/28/2017
|CA Various Purp GO Bonds, Ser 2016, 5.0%, 9/1/2046||4.67%|
|Palamar Hlth, Rfdg Rev Bonds, Ser 2016, 5.0%, 11/1/2039||4.29%|
|CA Muni Fin Auth, Rev Bonds (CA Baptist Univ), Ser 2016A, 5.0%, 11/1/2046||4.05%|
|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%, 3/7/2017||3.88%|
|IA Fin Auth, Var Rate Demand Hlth Fac Rev Bonds (Great River Med Ctr Proj), Ser 2008 (GTD by Great River Medical Center), 0.6%, 3/1/2017||3.88%|
|CA Pollutn Ctl Fin Auth, Pollutn Ctl Rfdg Rev Bonds (Pacific Gas and Elec Co.), Ser C (GTD by TD Bank N.A.), 0.5%, 3/1/2017||3.87%|
|Golden State Tob Securitization Corp., Tob Stlmt Asset-Bk, 5.8%, 6/1/2047||3.86%|
|CA Muni Fin Auth, Rev Bonds (NorthBay Hlthcare Group), Se, 5.0%, 11/1/2047||3.65%|
|M-S-R Energy Auth, Gas Rev Bonds, Ser 2009C, 7.0%, 11/1/2034||3.40%|
|Los Angeles, CA, Dept of Arpts, Los Angeles Intl Arpt Sub, 5.0%, 5/15/2046||2.72%|
Total Portfolio Holdings
Fixed Income Country Allocation
as a % of bond holdings as of 2/28/2017
as a % of fixed income assets as of 2/28/2017
|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.|
as a % of net assets as of 2/28/2017
|Cash and Cash Equivalents||22.76%|
|General Obligation Bonds||5.13%|
Total Portfolio HoldingsUpdated quarterly, upon availability.
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 High Yield is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year. It is not possible to invest directly in an index.
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.
Fee Waiver and/or Expense Reimbursement: 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 (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) for Class A shares at 0.80% and Class I shares at 0.60%. Prior to that date, the expense limitation may not be terminated by IICO, IDI, WISC or the Board of Trustees of Ivy Funds (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes. See the prospectus for more information.
Fee Waiver and/or Expense Reimbursement: 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. See the prospectus for more information.
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.
Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.
30-Day SEC Yield: is calculated based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.
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.