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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 Investments funds are offered by
prospectus only. See below for information on obtaining prospectuses.
Overview Information
| 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) |
| Total net assets |
$520.8 million |
| Class A |
$502.6 million |
| Class B |
$4.6 million |
| Class C |
$13.6 million |
| Inception date |
|
| 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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Fund Facts
| Fund identifiers |
| |
Class A |
Class B |
Class C |
| NASDAQ |
DELIX |
DPTBX |
DPTCX |
| CUSIP |
233216100 |
233216209 |
233216308 |
| Delaphone ID |
007 |
057 |
077 |
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| Expense information |
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Class A |
Class B |
Class C |
| Max sales load |
4.50% |
0.00% |
0.00% |
| Max CDSC |
0.00% |
4.00% |
1.00% |
| Management fee |
0.55% |
0.55% |
0.55% |
| Net expense ratio |
0.92% |
1.69% |
1.69% |
| Gross expense ratio |
0.96% |
1.69% |
1.69% |
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Quarter-End Performance
The performance data quoted represent past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
Performance includes reinvestment of all distributions and is subject to change. Expenses may have been subsidized. Had they not, performance would be lower. For more information, please call 800 523-1918. Class A shares have a maximum up-front sales charge of 4.50% and are subject to an annual distribution fee. Class B shares are subject to a 1.00% annual distribution and service fee and will be subject to a contingent deferred sales charge of up to 4.00% if redeemed before the end of the 6th year. Class C shares are subject to a 1.00% annual distribution and service fee and will be subject to a contingent deferred sales charge of 1.00% if redeemed within the first 12 months. Class R shares are subject to an annual distribution fee. Please see the fee table in the Fund's prospectus for more information.
Investors should consider the investment objectives, risks, charges, and expenses of the investment company carefully before investing. The prospectus contains this and other important information about the investment company. Please request a prospectus by calling 800 523-1918 or by visiting our Web site at www.delawareinvestments.com. Read it carefully before you invest or send money.
Class I and R shares are only available to certain investors. See the prospectus and statement of additional information for a complete explanation.
| Cumulative Data (as of 11/20/09) |
|
Average Annualized (as of 09/30/09) |
| |
Price |
Net Chg |
YTD |
|
1 Yr |
3 Yr |
5 Yr |
10 Yr |
Since
Inception |
Inception
Date |
| Class A |
| At NAV |
$7.82 |
-0.09 |
15.22% |
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14.58% |
4.44% |
4.48% |
5.13% |
5.92% |
03/23/77 |
| At offer |
$8.19 |
-- |
-- |
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9.41% |
2.86% |
3.52% |
4.64% |
5.77% |
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| Class B |
| At NAV |
$7.81 |
-0.10 |
14.46% |
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13.58% |
3.60% |
3.65% |
4.47% |
4.61% |
05/02/94 |
| At offer |
$7.81 |
-- |
-- |
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9.58% |
2.90% |
3.39% |
4.47% |
4.61% |
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| Class C |
| At NAV |
$7.82 |
-0.09 |
14.44% |
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13.71% |
3.64% |
3.68% |
4.31% |
3.94% |
11/29/95 |
| At offer |
$7.82 |
-- |
-- |
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12.71% |
3.64% |
3.68% |
4.31% |
3.94% |
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Click here for Gross Expense Ratio
Holdings
| Maturity distribution (as of 10/31/09)
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| |
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% of Portfolio |
| Under 1 Yr |
10.5% |
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| 1 to 3 Yrs |
16.9% |
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| 3 to 5 Yrs |
4.6% |
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| 5 to 7 Yrs |
4.3% |
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| 7 to 10 Yrs |
25.9% |
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| 10 to 20 Yrs |
14.2% |
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| 20 Yrs and over |
23.6% |
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| Top 10 holdings (as of 10/31/09)
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| Holding |
% of Portfolio |
| Philadelphia PA Hosps & Higher |
3.07% |
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| Swarthmore Boro Auth Pa Colleg |
2.91% |
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| Puerto Rico Pub Bldgs Auth Rev |
2.8% |
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| Chester Cnty Pa Health & Ed Fa |
2.75% |
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| Philadelphia PA Wtr & Wastewtr |
2.55% |
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| Allegheny Cnty Pa Indl Dev Aut |
2.48% |
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| Berks Cnty PA Mun Auth Rev |
2.25% |
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| Pennsylvania Economic Dev Fing |
2.12% |
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| Dauphin Cnty Pa Gen Auth Healt |
2.01% |
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| Berks Cnty PA Mun Auth Rev |
2.0% |
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| Total % Portfolio in Top 10 holdings |
24.9% |
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| Top 10 sectors (as of 10/31/09)
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| Sector |
% of Portfolio |
| Healthcare |
26.78% |
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| Education |
16.3% |
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| Corporate |
12.3% |
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| Transportation |
11.72% |
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| Pre-Refunded/ETM |
8.72% |
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| Lease |
7.51% |
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| Special tax |
3.39% |
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| Housing |
3.14% |
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| Water/sewer |
2.92% |
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| Electric |
2.46% |
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| Holding information (as of 10/31/09)
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| # Securities |
129 |
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| # Fixed Income Securities |
129 |
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| # Equity Securities |
0 |
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| # Countries |
2 |
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| # Issuers |
80 |
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| Asset allocation (as of 10/31/09)
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| Municipal Bonds |
98.5% |
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| Cash & Cash Equivalents |
1.5% |
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| Top 1 states (as of 10/31/09)
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| State |
% of Portfolio |
| Pennsylvania |
89.23% |
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| Total % Portfolio in Top 1 states |
89.2% |
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Portfolio Characteristics
| Fixed income statistics |
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As of 10/31/09 |
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Beta vs Benchmark
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1.22 |
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Annualized Standard Deviation
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6.52 |
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Weighted Average Credit Quality
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A |
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Weighted Average Effective Maturity
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11.4 years |
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Weighted Average Coupon
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5.48% |
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Weighted Average Effective Duration
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7.0 years |
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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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