IMHAX — Delaware Ivy California Municipal High Income Fund
Data updated: 2023-08-29
IMHAX — Delaware Ivy California Municipal High Income Fund. Municipal - National Bond · $13.28M AUM. Holdings, fees, performance and SEC filings.
IMHAX Fund Overview
IMHAX — Delaware Ivy California Municipal High Income Fund is a US mutual fund managed by Ivy Funds, categorised as Municipal - National Bond. 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: Municipal - National Bond
- Assets under management: $13.28M
- 1-year return: -1.0%
- Ticker: IMHAX
- SEC CIK: 0000883622
- SEC series ID: S000055249
- Share class ID: C000173730
IMHAX Investment Objective and Strategy
Delaware Ivy California Municipal High 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 that is not subject to Federal and California income tax.
Principal investment strategy
Ivy California Municipal High Income Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets in a diversified portfolio of municipal securities with income payments that are exempt from Federal and California income taxes. These municipal securities primarily include obligations issued by the State of California and its subdivisions, authorities, instrumentalities and corporations. It is possible that up to 20% of the Funds net assets may be in securities that pay taxable income. A significant portion of the current income paid by the Fund may be a tax preference item for purposes of the Federal alternative minimum tax (AMT) (Tax Preference Item). (Under 2017 legislation commonly known as the Tax Cuts and Jobs Act, corporations no longer are subject to the AMT for taxable years of the corporation beginning after December 31, 2017.) The Fund typically invests at least 65% of its total assets in medium- and lower-quality municipal securities that include securities rated BBB+ or lower by S&P Global Ratings, a division of S&P Global Inc.
(S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by Ivy Investment Management Company (IICO), the Funds investment manager, to be of comparable quality. Such investments include non-investment grade debt securities, commonly called high yield or junk bonds, which typically are rated BB+ or lower by S&P or comparably rated by another NRSRO or, if unrated, determined by IICO to be of comparable quality. The Fund may invest up to 100% of its total assets in non-investment grade bonds. Although IICO considers credit ratings in selecting investments for the Fund, IICO bases its investment decision for a particular instrument primarily on its own credit analysis and not on a NRSROs credit rating. IICO will consider, among other things, the issuers financial resources and operating history, its sensitivity to economic conditions and trends, its debt maturity schedules and borrowing requirements, and relative values based on anticipated cash flow, and interest and asset coverage.
IICOs view on interest rates largely determines the desired duration of the Funds holdings and how to structure the portfolio to achieve a duration target. In current market conditions, the Fund invests primarily in municipal securities with remaining maturities of 10 to 30 years. The Fund may invest in higher-quality municipal securities at times when yield spreads are narrow and IICO believes that the higher yields do not justify the increased risk, and/or when, in the opinion of IICO, there is a lack of medium- and lower-quality securities in which to invest. IICO typically conducts a top-down (assessing the market environment) analysis in conjunction with its security selection, and it may look at a number of factors in selecting individual securities for the Funds portfolio. These factors include the securitys current coupon, the maturity, relative value and market yield of the security, the creditworthiness of the particular issuer or of the private company involved, the sector in which the security is identified, and the structure of the security, including whether it has a call feature.
The Fund primarily invests in revenue bonds: revenue bonds are payable only from specific sources, such as the revenue from a particular project, a special tax, lease payments and/or appropriated funds. Revenue bonds include certain private activity bonds (PABs), which finance privately operated facilities. Revenue bonds also include housing bonds that finance pools of single-family home mortgages and student loan bonds that finance pools of student loans, as well as bonds that finance charter schools. Revenue bonds also include tobacco bonds that are issued by state-created special purpose entities as a means to securitize a states share of annual tobacco settlement revenues. The Fund may invest in PABs in general, in revenue bonds payable from revenues derived from similar projects, such as those in the health care, life care, education, transportation and special tax sectors, and in municipal securities of issuers located in the same geographic area.
Generally, in determining whether to sell a security, IICO uses the same type of analysis that it uses when buying securities to determine whether the security continues to be a desired investment for the Fund, including consideration of the securitys current credit quality. Additionally, IICO may sell a security to reduce the Funds holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.
IMHAX Performance
Total returns for IMHAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -1.0% |
| 3 years (annualised) | -3.4% |
IMHAX Risk Information
Risk metrics for IMHAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 10.0%
IMHAX Costs and Fees
IMHAX costs about $80 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.80%
- Gross expense ratio: 1.52%
- Portfolio turnover: 28%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
IMHAX Cashflows
Over the 12 months to 2023-06, Delaware Ivy California Municipal High Income Fund had net inflows of $13.21M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-06 | $493.62K |
| 2023-05 | $478.63K |
| 2023-04 | $375.67K |
| 2023-03 | $407.17K |
| 2023-02 | $899.66K |
| 2023-01 | $416.07K |
IMHAX Debt Constituents
No individual debt constituents are reported in Delaware Ivy California Municipal High Income Fund's latest SEC N-PORT filing.
IMHAX Prospectus and SEC Filings
Official Delaware Ivy California Municipal High Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-01-27
- Prospectus (485BPOS) — filed 2022-01-28
- Prospectus supplement (497) — filed 2021-02-04
- Portfolio holdings (N-PORT) — filed 2023-08-29
- Portfolio holdings (N-PORT) — filed 2023-05-23
- Portfolio holdings (N-PORT) — filed 2023-02-27
- Annual census (N-CEN) — filed 2022-12-13
- Annual census (N-CEN) — filed 2021-12-27
Related Funds
Other Municipal - National Bond funds tracked on ABC INVEST:
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.