IMAIX — Delaware Ivy Multi-Asset Income Fund

IMAIX Fund Overview

IMAIX — Delaware Ivy Multi-Asset Income Fund is a US mutual fund managed by Ivy Funds, categorised as Income Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Ivy Funds
• Category: Income Allocation
• Assets under management: $66.11M
• 1-year return: 0.6%
• Ticker: IMAIX
• SEC CIK: 0000883622
• SEC series ID: S000051066
• Share class ID: C000160889

IMAIX Investment Objective and Strategy

Delaware Ivy Multi-Asset Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ivy Funds.

Investment objective

To seek to provide a high level of current income.

Principal investment strategy

Ivy Apollo Multi-Asset Income Fund seeks to achieve its objectives by allocating its assets among four different investment strategies, or sleeves, which IICO believes are generally complementary to each other: a total return strategy, a high income strategy, a global equity income strategy and a global real estate strategy. IICO, along with subadvisers Apollo Credit Management, LLC (Apollo), a subsidiary of Apollo Global Management, LLC (together with its consolidated subsidiaries, including Apollo, Apollo Global) and LaSalle Investment Management Securities, LLC (LaSalle) (collectively, IICO, Apollo and LaSalle are referred to for this Fund as the Investment Manager), provide day-to-day management for one or more of these investment sleeves according to the following target allocations: Total Return Strategy (Apollo): 20% High Income Strategy (IICO): 30% Global Equity Income Strategy (IICO): 40% Global Real Estate Strategy (LaSalle): 10% The Investment Managers will act independently from each other and each will utilize its own distinct investment style for the sleeve(s) that it manages, subject to the Funds investment objectives, strategies and restrictions and the overall supervision of the Board.

IICO will rebalance the Funds assets on a periodic basis (as determined by IICO) to return each strategy to its stated percentage allocation. However, market movements may cause the Funds allocation to a given sleeve to differ from its stated percentage allocation between rebalances. Information about each strategy is set forth below. Total Return Strategy Sleeve: Apollo invests the assets allocated to the total return strategy using a multi-sector approach across a broad range of credit-oriented markets with a primary, but not exclusive, focus on non-investment grade credit. Apollo uses a flexible value investment style and allocates its assets across four areas: U.S. corporate credit, global corporate credit, structured credit, and real estate. Apollo invests the assets allocated to this strategy in both secured and unsecured credit assets or instruments such as: corporate credit, bank loans (including senior loans or lower-rated loans), high yield or junk bonds, stressed or distressed credit assets; residential loans and mortgage backed securities; middle market loans, collateralized loan obligations (CLOs), commercial real estate loans and mortgage-backed securities; asset-backed securities; liquid and illiquid opportunistic investments; emerging market investments; stock or equity-linked securities received following a corporate reorganization or restructuring process; non-performing loans; structured credit assets; infrastructure and infrastructure-related investments; and any other asset or instrument having a similar target return profile.

Apollo expects to access these markets through a combination of primary and secondary markets, as well as selectively relying on proprietary origination. Apollo may invest in securities globally but generally intends to focus on pursuing opportunities in North America, Europe and emerging markets. The strategy is unconstrained (meaning that it is not limited by the types of investments in a particular securities index, nor is it limited to any single type of investment strategy) and Apollo expects to achieve significant diversification across sectors, geographies, industries and issuers, although such diversification will be constrained by the liquidity and leveraging requirements of the Investment Company Act of 1940, as amended. Investments may be of any level of liquidity and maturity, and of any credit quality.

High Income Strategy Sleeve: IICO invests the assets allocated to the high income strategy primarily in a diversified portfolio of high-yield, high-risk, fixed-income securities, including secured and unsecured loan assignments, loan participations and other loan instruments (loans) of U.S. and foreign issuers, the risks of which are, in IICOs judgment, consistent with the Funds objectives. IICO invests the assets allocated to this sleeve primarily in lower-quality debt securities, which include debt securities rated BBB+ or lower by S&P Global Ratings, a division of S&P Global Inc. (S&P), or comparably rated by another NRSRO or, if unrated, determined by IICO to be of comparable quality. IICO may invest an unlimited amount of the assets allocated to this sleeve in junk bonds, as described above.

IICO may invest assets allocated to the high income strategy in fixed-income securities of any maturity. IICO may invest up to 100% of the sleeves assets in foreign securities that are denominated in U.S. dollars or foreign currencies. Many of the companies in which the sleeve may invest have diverse operations, with products or services in foreign markets. Therefore, the sleeve may have indirect exposure to various foreign markets through investments in these companies, even if the sleeve is not invested directly in such markets. IICO also may invest the sleeves assets in private placements and other restricted securities. Although IICO considers credit ratings in selecting investments for the sleeve, IICO bases its investment decisions for a particular instrument primarily on its own credit analysis and not on a NRSROs credit rating.

IICO may look at a number of factors in selecting securities for the sleeve, beginning with a primarily bottom-up (researching individual issuers) analysis of a companys fundamentals, including financial strength, growth of operating cash flows, strength of management, borrowing requirements, improving credit metrics, potential to improve credit standing, responsiveness to changes in interest rates and business conditions, strength of business model, and capital structure and future capital needs, and progressing to consideration of the current economic environment, the direction and level of interest rates and inflation, and industry fundamentals and trends in the general economy. IICO attempts to optimize the sleeves risk/reward by investing in the debt portion of the capital structure that IICO believes to be most attractive, which may include secured and/or unsecured loans, floating rate notes and/or secured and/or unsecured high-yield bonds.

For example, if IICO believes that market conditions are favorable for a particular type of fixed-income instrument, such as high yield bonds, most or all of the fixed-income instruments in which the sleeve invests may be high yield bonds. Similarly, if IICO believes that market conditions are favorable for loans, most or all of the fixed-income instruments in which the sleeve invests may be loans, including second-lien loans which are lower in the capital structure and less liquid than first-lien (senior) loans. Global Equity Income Strategy Sleeve: IICO invests the assets allocated to the global equity income strategy primarily in equity securities that are issued by companies of any size located largely in developed markets around the world, that IICO believes will be able to generate a reasonable level of current income for investors given current market conditions, and that demonstrate favorable prospects for total return.

IICO focuses on companies that it believes have the ability to maintain and/or grow their dividends while providing capital appreciation over the long-term. Under normal circumstances, the sleeve invests in equity securities that consist primarily of dividend-paying common stocks across the globe. In an attempt to enhance return, this sleeve also may invest, to a lesser extent, in companies not currently paying dividends to shareholders or companies with an unsustainably high dividend. The sleeve may invest in U.S. and non-U.S. issuers and may invest up to 100% of its total assets in foreign securities. Although this sleeve invests primarily in large capitalization companies (typically companies with market capitalizations of at least $10 billion at the time of acquisition), it may invest in companies of any size.

Under normal circumstances, IICO will invest at least 40% (or, if IICO deems it warranted by market conditions, at least 30%) of the total assets allocated to this sleeve in securities of non-U.S. issuers. In selecting securities for the sleeve, IICO combines a top-down (assessing the market environment) approach with a bottom-up (researching individual issuers) stock selection process, and uses a combination of country analysis, sector and industry dynamics, and individual stock selection. As part of its investment process, IICO seeks to identify investment themes, then seeks to determine the most appropriate sectors and geographies to benefit from its top-down analysis and generally seeks to find what it believes are reasonably-valued, dividend-paying companies with growth prospects, a sound balance sheet and steady cash flow generation.

IICO also considers several other factors, which typically include a companys history of fundamentals; management proficiency; competitive environment; and relative valuation. Many of the companies in which the sleeve may invest have diverse operations, with products or services in foreign markets. Therefore, this sleeve may have indirect exposure to various additional foreign markets through investments in these companies, even if the sleeve is not invested directly in such markets. Global Real Estate Strategy Sleeve: LaSalle invests the assets allocated to the global real estate strategy in securities of companies in the real estate or real estate-related industries. LaSalle intends to invest this sleeve primarily in equity and equity-related securities issued by Global Real Estate Companies, which are companies that meet one of the following criteria: companies qualifying for U.S.

Federal income tax purposes as real estate investment trusts (REITS); entities similar to REITs formed under the laws of a country other than the U.S.; companies located in any country that, at the time of initial purchase by the sleeve, derive at least 50% of their revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate, or that have at least 50% of their assets invested in such real estate; or companies located in any country that are primarily engaged in businesses that sell or offer products or services that are closely related to the real estate industry. The equity and equity-related securities in which this sleeve invests include common stocks, rights or warrants to purchase common stocks, securities convertible into common stocks, and preferred stocks.

The sleeve does not directly invest in real estate. LaSalle may invest the sleeves assets in Global Real Estate Companies located in any country, including any emerging market country. As a result, this sleeve may make substantial investments in non-U.S. dollar denominated securities and may invest up to 100% of its total assets in foreign securities. Under normal circumstances, LaSalle will invest at least 40% (or, if the portfolio managers deem it warranted by market conditions, at least 30%) of the total assets allocated to this sleeve in securities of non-U.S. issuers. Most of the real estate securities in this sleeve will be securities issued by REITs and other real estate operating companies (REOCs) that are listed on a securities exchange or traded over-the-counter. A REIT is a corporation (or a trust or association that otherwise would be taxable as a domestic corporation) that invests in real estate, mortgages on real estate or shares issued by other REITs, and qualifies for pass-through Federal income tax treatment provided it meets certain conditions, including the requirement that it distribute at least 90% of its taxable income.

Global Real Estate Companies, including REITs, tend to be medium-sized companies in relation to the equity markets as a whole. REITs (and certain non-U.S.

IMAIX Holdings

Top 10 holdings of Delaware Ivy Multi-Asset Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all IMAIX holdings

IMAIX Portfolio Allocation

Asset-class allocation of Delaware Ivy Multi-Asset Income Fund by percentage of net assets, from the latest SEC N-PORT filing.

IMAIX Performance

Total returns for IMAIX (as of 2026-10-01), from SEC filings.

IMAIX Risk Information

Risk metrics for IMAIX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 8.9%

IMAIX Costs and Fees

IMAIX costs about $76 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.76%
• Gross expense ratio: 1.29%
• Portfolio turnover: 53%
• Brokerage commissions: 3.44 bps of average net assets (SEC N-CEN)

IMAIX Cashflows

Over the 12 months to 2025-03, Delaware Ivy Multi-Asset Income Fund had net outflows of $27.12M, from monthly SEC N-PORT filings.

IMAIX Debt Constituents

Largest debt holdings of Delaware Ivy Multi-Asset Income Fund by percentage of net assets, from the latest SEC N-PORT filing.

IMAIX Prospectus and SEC Filings

Official Delaware Ivy Multi-Asset Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2025-01-28
• Prospectus (485BPOS) — filed 2024-01-26
• Prospectus (485BPOS) — filed 2023-01-27
• Portfolio holdings (N-PORT) — filed 2025-05-29
• Portfolio holdings (N-PORT) — filed 2025-02-27
• Portfolio holdings (N-PORT) — filed 2024-11-21
• Annual census (N-CEN) — filed 2024-12-16
• Annual census (N-CEN) — filed 2023-12-11

Related Funds

Other Income Allocation funds tracked on ABC INVEST:

• Strategic Advisers Fidelity Core Income Fund (FIWGX)
• Strategic Advisers Core Income Fund (FPCIX)
• Calamos Market Neutral Income Fund (CVSIX)
• Invesco Equity and Income Fund (ACEIX)
• The Hartford Balanced Income Fund (HBLAX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.