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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 USA Intermediate Fund seeks as high a level of current interest income exempt from federal income tax as is available from municipal obligations and as is consistent with prudent investment management and 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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Under normal circumstances, the Fund will invest at least 80% of its net assets in securities the income from which is exempt from federal income taxes, including the federal alternative minimum tax. This is a fundamental investment policy that may not be changed without prior shareholder approval.
The Fund will invest primarily in municipal debt obligations are 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, but will have a dollar-weighted average effective maturity of between 3 and 10 years. 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.
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| Fund information (As of 10/31/09) |
| Total net assets |
$528.4 million |
| Class A |
$485.0 million |
| Class B |
$0.8 million |
| Class C |
$42.6 million |
| Class I |
$0.0 million |
| Inception date |
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| Class A |
01/07/93 |
| Class B |
05/02/94 |
| Class C |
11/29/95 |
| Class I |
12/31/08 |
| Dividends |
Mid Month |
| Capital gains |
November |
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Fund Facts
| Fund identifiers |
| |
Class A |
Class B |
Class C |
Class I |
| NASDAQ |
DMUSX |
DUIBX |
DUICX |
DUSIX |
| CUSIP |
245909304 |
245909601 |
245909882 |
24610H203 |
| Delaphone ID |
037 |
060 |
080 |
586 |
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| Expense information |
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Class A |
Class B |
Class C |
Class I |
| Max sales load |
2.75% |
0.00% |
0.00% |
0.00% |
| Max CDSC |
0.00% |
2.00% |
1.00% |
0.00% |
| Management fee |
0.50% |
0.50% |
0.50% |
0.50% |
| Net expense ratio |
0.75% |
1.60% |
1.60% |
0.60% |
| Gross expense ratio |
1.03% |
1.73% |
1.73% |
0.73% |
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Quarter-End Performance
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 |
$11.61 |
0.01 |
10.84% |
|
12.83% |
4.48% |
4.33% |
5.43% |
5.45% |
01/07/93 |
| At offer |
$11.94 |
-- |
-- |
|
9.70% |
3.50% |
3.75% |
5.13% |
5.28% |
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| |
| Class B |
| At NAV |
$11.59 |
no chg |
9.92% |
|
11.90% |
3.58% |
3.43% |
4.97% |
5.04% |
05/02/94 |
| At offer |
$11.59 |
-- |
-- |
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9.90% |
3.27% |
3.43% |
4.97% |
5.04% |
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| Class C |
| At NAV |
$11.60 |
0.01 |
9.91% |
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11.88% |
3.60% |
3.45% |
4.54% |
4.25% |
11/29/95 |
| At offer |
$11.60 |
-- |
-- |
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10.88% |
3.60% |
3.45% |
4.54% |
4.25% |
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Click here for Gross Expense Ratio
Holdings
| Maturity distribution (as of 10/31/09)
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| |
|
% of Portfolio |
| Under 1 Yr |
6.2% |
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| 1 to 3 Yrs |
12.0% |
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| 3 to 5 Yrs |
21.7% |
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| 5 to 7 Yrs |
7.2% |
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| 7 to 10 Yrs |
37.6% |
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| 10 to 20 Yrs |
11.7% |
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| 20 Yrs and over |
3.5% |
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| Top 10 holdings (as of 10/31/09)
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| |
| Holding |
% of Portfolio |
| Georgia St |
1.39% |
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| Virginia St |
1.26% |
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| Dallas Tex Wtrwks & Swr Sys Re |
1.23% |
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| California Statewide CMNtys |
1.09% |
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| Massachusetts St |
1.07% |
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| Georgia St |
1.06% |
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| Mississippi St |
1.05% |
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| Dallas Tex Convention Ctr Hote |
1.05% |
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| Fla Wtr Pollution Ctl Fing |
1.0% |
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| California St |
0.99% |
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| Total % Portfolio in Top 10 holdings |
11.2% |
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| Top 10 sectors (as of 10/31/09)
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| Sector |
% of Portfolio |
| State general obligation |
20.02% |
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| Healthcare |
12.67% |
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| Special tax |
12.58% |
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| Transportation |
10.56% |
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| Corporate |
10.26% |
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| Local general obligation |
8.3% |
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| Water/sewer |
7.2% |
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| Pre-Refunded/ETM |
5.63% |
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| Education |
3.88% |
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| Electric |
3.01% |
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| Holding information (as of 10/31/09)
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| # Securities |
225 |
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| # Fixed Income Securities |
225 |
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| # Equity Securities |
0 |
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| # Countries |
3 |
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| # Issuers |
178 |
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| Asset allocation (as of 10/31/09)
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| Municipal Bonds |
98.6% |
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| Cash & Cash Equivalents |
1.4% |
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| Top 10 states (as of 10/31/09)
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| State |
% of Portfolio |
| California |
10.45% |
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| New York |
10.36% |
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| Pennsylvania |
7.85% |
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| Georgia |
7.13% |
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| Texas |
6.79% |
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| Ohio |
6.77% |
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| Virginia |
4.11% |
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| Illinois |
3.72% |
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| Florida |
3.25% |
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| Minnesota |
3.12% |
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| Total % Portfolio in Top 10 states |
63.6% |
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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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0.34 |
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Annualized Standard Deviation
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5.16 |
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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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7.5 years |
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Weighted Average Coupon
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5.25% |
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Weighted Average Effective Duration
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5.5 years |
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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
The Fund has been assigned to a specific style box based on its investment focus and portfolio. In the fixed-income style grid, low quality is defined as bonds rated BB or lower; medium as bonds rated BBB through A; and high as AA or better. Maturity for taxable bond funds is based on the following ranges: short is up to 3.5 years; intermediate is 3.5 to 6 years; and long is greater than 6 years. The Fund's portfolio is subject to change and may not always reflect the characteristics of that box.
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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