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| Fund profile |
Objective
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Portfolio manager(s)
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| Delaware Tax-Free Pennsylvania seeks a high level of current interest income exempt from federal income tax and certain Pennsylvania state and local taxes, consistent with preservation of capital.
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Joseph R. Baxter (2003)
Stephen J. Czepiel (2007)
Delaware Management Company
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Main investment strategies
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The Fund will invest primarily in municipal bonds and notes that are exempt from federal and Pennsylvania state income taxes. Municipal securities are debt obligations issued by state and local governments to raise funds for various public purposes such as hospitals, schools and general capital expenses. The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions. We will attempt to adjust the average maturity of the bonds in the portfolio to provide a high level of tax-exempt income consistent with preservation of capital. The Fund's income level will vary depending on current interest rates and the specific securities in the portfolio. The Fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors does not suit our investment needs.
Under normal circumstances, the Fund will invest at least 80% of its net assets in securities that provide income from which is exempt from federal income taxes, including the federal alternative minimum tax, and the personal income taxes of the Commonwealth of Pennsylvania. This is a fundamental investment policy that may not be changed without prior shareholder approval.
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| Fund information (As of 10/31/09) |
| Fixed Income style |
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| Total net assets |
$520.8 million |
| Class A |
$502.6 million |
| Class B |
$4.6 million |
| Class C |
$13.6 million |
| Inception date |
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| Class A |
03/23/77 |
| Class B |
05/02/94 |
| Class C |
11/29/95 |
| Dividends |
Mid Month |
| Capital gains |
June, November |
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The Fund invests primarily in a specific state and may be more susceptible to the economic, regulatory, and other factors of that state than a fund that invests more broadly.
Effective at the close of business on May 31, 2007, no new or subsequent investments will be allowed in Class B shares of the Delaware Investments® Family of Funds except through a reinvestment of dividends or capital gains or permitted exchanges. http://www.delawareinvestments.com/Corporate/shareholder/supp_bclass.pdf
Substantially all dividends are exempt from federal income tax and may be subject to AMT that applies to certain taxpayers. Capital gains, if any, are taxable.
A rise/fall in the interest rates can have a significant impact on bond prices and the NAV (net asset value) of the fund. Funds that invest in bonds can lose their value as interest rates rise and an investor can lose principal.
The Delaware information provided herein may be used in conjunction with the offering of shares only if preceded or accompanied by a prospectus. All Delaware Funds are offered by prospectus only. The prospectus contains more complete information on advisory fees, distribution charges, and other expenses and should be read carefully before investing or sending money. A printed copy of any Delaware Investments fund prospectus may be obtained by calling Delaware Investments at 800 523-1918.
Distributed by Delaware Distributors L.P.
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