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Trending ETFs

Name

As of 09/15/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$4.08

$487 M

4.89%

$0.20

0.94%

Vitals

YTD Return

-0.5%

1 yr return

-1.2%

3 Yr Avg Return

-3.0%

5 Yr Avg Return

-0.7%

Net Assets

$487 M

Holdings in Top 10

27.8%

52 WEEK LOW AND HIGH

$4.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.94%

SALES FEES

Front Load 4.50%

Deferred Load N/A

TRADING FEES

Turnover 42.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$750

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 09/15/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$4.08

$487 M

4.89%

$0.20

0.94%

IYIAX - Profile

Distributions

  • YTD Total Return -0.5%
  • 3 Yr Annualized Total Return -3.0%
  • 5 Yr Annualized Total Return -0.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.14%
DIVIDENDS
  • Dividend Yield 4.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Delaware Ivy Municipal High Income Fund
  • Fund Family Name
    Delaware Funds by Macquarie
  • Inception Date
    May 18, 2009
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Stephen Czepiel

Fund Description

Delaware Ivy 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 bonds. Municipal bonds are obligations issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia, Puerto Rico, the US Virgin Islands and Guam), the interest on which is excludable from gross income for federal income tax purposes, although a significant portion of such interest may be an item of tax preference 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 bonds that include bonds 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 Delaware Management Company (Manager), the Fund's 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 the Manager to be of comparable quality. The Fund may invest up to 100% of its total assets in non-investment grade bonds. Although the Manager considers credit ratings in selecting investments for the Fund, the Manager bases its investment decision for a particular instrument primarily on its own credit analysis and not on a NRSRO’s credit rating. The Manager will consider, among other things, the issuer’s 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.

The Fund may invest in higher-quality municipal bonds at times when yield spreads are narrow and the Manager believes that the higher yields do not justify the increased risk, and/or when, in the opinion of the Manager, there is a lack of medium- and lower-quality bonds in which to invest.

After conducting a top-down (assessing the market environment) analysis of the municipal high income market, the Manager uses a research-oriented, bottom-up (researching individual issuers) credit-by-credit investment approach. The Manager considers a number of factors in selecting individual securities for the Fund’s portfolio, including the security’s 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, the structure of the security, including whether it has a call feature, and the state in which the security is issued.

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 state’s 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 bonds of issuers located in the same geographical area.

Generally, in determining whether to sell a security, the Manager 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 security’s current credit quality. Additionally, the Manager may sell a security to reduce the Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

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IYIAX - Performance

Return Ranking - Trailing

Period IYIAX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.5% -49.7% 2.5% 82.79%
1 Yr -1.2% -52.8% -1.7% 91.63%
3 Yr -3.0%* -24.6% -1.3% 87.98%
5 Yr -0.7%* -15.4% 0.4% 89.06%
10 Yr 2.0%* -6.9% 0.9% 89.76%

* Annualized

Return Ranking - Calendar

Period IYIAX Return Category Return Low Category Return High Rank in Category (%)
2023 -17.8% -20.9% -3.5% 59.91%
2022 1.8% -1.9% 5.6% 63.64%
2021 0.4% -10.1% 4.2% 54.11%
2020 1.8% -0.7% 9.1% 98.51%
2019 -2.7% -5.7% 4.2% 60.56%

Total Return Ranking - Trailing

Period IYIAX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.5% -48.7% 5.2% 82.79%
1 Yr -1.2% -51.8% 0.6% 91.63%
3 Yr -3.0%* -24.1% 2.2% 87.98%
5 Yr -0.7%* -14.0% 522.8% 89.06%
10 Yr 2.0%* -4.1% 156.2% 89.76%

* Annualized

Total Return Ranking - Calendar

Period IYIAX Return Category Return Low Category Return High Rank in Category (%)
2023 -14.1% -20.1% 4.3% 56.60%
2022 5.5% -0.8% 10.0% 46.89%
2021 4.1% -4.1% 10.1% 48.31%
2020 4.2% -0.7% 1028633.9% 98.51%
2019 1.7% -2.2% 10.7% 41.67%

NAV & Total Return History


IYIAX - Holdings

Concentration Analysis

IYIAX Category Low Category High IYIAX % Rank
Net Assets 487 M 1.93 M 33.6 B 61.68%
Number of Holdings 154 1 3950 85.45%
Net Assets in Top 10 135 M -102 M 3.41 B 52.11%
Weighting of Top 10 27.76% 5.8% 97.0% 8.49%

Top 10 Holdings

  1. GDB Debt Recovery Authority of Puerto Rico 4.08%
  2. Children's Trust Fund 3.32%
  3. Commonwealth of Puerto Rico 3.12%
  4. Pennsylvania Turnpike Commission 3.07%
  5. New York Counties Tobacco Trust V 2.82%
  6. Buckeye Tobacco Settlement Financing Authority 2.36%
  7. Chester Economic Development Authority 2.35%
  8. Public Authority for Colorado Energy 2.23%
  9. Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 2.23%
  10. California Educational Facilities Authority 2.19%

Asset Allocation

Weighting Return Low Return High IYIAX % Rank
Bonds
99.42% 0.00% 146.69% 32.41%
Cash
0.58% -3.16% 100.00% 65.26%
Stocks
0.00% 0.00% 5.80% 45.83%
Preferred Stocks
0.00% -47.61% 0.32% 26.76%
Other
0.00% 0.00% 0.18% 40.38%
Convertible Bonds
0.00% 0.00% 0.00% 26.76%

Bond Sector Breakdown

Weighting Return Low Return High IYIAX % Rank
Municipal
95.40% 0.00% 100.00% 82.63%
Cash & Equivalents
0.01% 0.00% 100.00% 46.01%
Derivative
0.00% 0.00% 0.02% 32.39%
Securitized
0.00% 0.00% 22.44% 31.46%
Corporate
0.00% 0.00% 4.15% 63.38%
Government
0.00% 0.00% 0.09% 30.99%

Bond Geographic Breakdown

Weighting Return Low Return High IYIAX % Rank
US
99.42% 0.00% 139.84% 28.64%
Non US
0.00% 0.00% 21.09% 34.27%

IYIAX - Expenses

Operational Fees

IYIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.94% 0.07% 3.44% 45.28%
Management Fee 0.52% 0.00% 1.41% 62.96%
12b-1 Fee 0.25% 0.00% 1.00% 40.00%
Administrative Fee N/A 0.02% 0.35% 1.32%

Sales Fees

IYIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.50% 1.00% 4.50% 6.82%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

IYIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

IYIAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 42.00% 2.00% 121.00% 77.39%

IYIAX - Distributions

Dividend Yield Analysis

IYIAX Category Low Category High IYIAX % Rank
Dividend Yield 4.89% 0.00% 5.32% 14.81%

Dividend Distribution Analysis

IYIAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

IYIAX Category Low Category High IYIAX % Rank
Net Income Ratio 4.14% 1.11% 5.70% 9.72%

Capital Gain Distribution Analysis

IYIAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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IYIAX - Fund Manager Analysis

Managers

Stephen Czepiel


Start Date

Tenure

Tenure Rank

May 01, 2021

1.08

1.1%

Stephen J. Czepiel Senior Vice President, Head of Municipal Bonds Portfolio Management, Senior Portfolio Manager Stephen J. Czepiel leads the portfolio management of the firm’s municipal bonds strategies, a role he assumed in February 2019. He is a co-portfolio manager of the firm’s municipal bond funds and client accounts, a role he has held since August 2007. He joined Macquarie Investment Management (MIM) in July 2004 as a senior bond trader. Previously, he was vice president at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a municipal bond trader at Kidder Peabody and now has more than 20 years of experience in the municipal securities industry. Czepiel earned his bachelor’s degree in finance and economics from Duquesne University.

Gregory Gizzi


Start Date

Tenure

Tenure Rank

May 01, 2021

1.08

1.1%

Gregory A. Gizzi Senior Vice President, Head of Municipal Bonds, Senior Portfolio Manager Gregory A. Gizzi is head of municipal bonds in the Americas, a role he assumed in February 2019. In this role, he is responsible for the overall operation of the strategy and is team lead on several of the tax-exempt strategies. Additionally, Gizzi continues to be responsible for the taxable municipal business and the marketing efforts for the municipal product. Previously, Gizzi was co-portfolio manager of the firm’s municipal bond funds and several client accounts, a role he held since November 2011. Before joining Macquarie Investment Management (MIM) in January 2008 as head of municipal bond trading, he spent six years as a vice president at Lehman Brothers for the firm’s tax-exempt institutional sales effort. Prior to that, he spent two years trading corporate bonds for UBS before joining Lehman Brothers in a sales capacity. Gizzi has more than 20 years of trading experience in the municipal securities industry, beginning at Kidder Peabody in 1984, where he started as a municipal bond trader and worked his way up to institutional block trading desk manager. He later worked in the same capacity at Dillon Read. Gizzi earned his bachelor’s degree in economics from Harvard University.

Jake van Roden


Start Date

Tenure

Tenure Rank

May 01, 2021

1.08

1.1%

Delaware Management Company Senior Vice President, Head of Municipal Trading, Portfolio Manager Jake van Roden is head of Macquarie’s municipal trading team. He is also a portfolio manager for the firm’s nine open-end state-specific municipal bond funds, as well as for several municipal bond client accounts, a role he assumed in December 2017. In February 2019, his portfolio management role expanded to include the closed-end municipal bond funds and the three national municipal open-end funds.He joined the municipal department in July 2004 as a generalist and became head of municipal trading in December 2012. Before that, van Roden interned at Macquarie Investment Management (MIM), which includes the former Delaware Investments, in the client services department. He received a bachelor’s degree in American studies with a minor in government from Franklin & Marshall College.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.06 21.43 7.3 2.52