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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 National High-Yield Municipal Bond Seeks seeks a high level of current income exempt from federal income tax primarily through investment in medium- and lower-grade municipal obligations.
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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 municipal securities the income from which is exempt from federal income taxes. This is a fundamental investment policy that may not be changed without prior shareholder approval.
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 typically have a dollar-weighted average effective maturity between 5 and 30 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 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, Delaware National High-Yield Municipal Bond Fund will invest primarily in lower-rated municipal securities, which typically offer higher income potential and involve greater risk than higher quality securities.
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| Fund information (As of 10/31/09) |
| Total net assets |
$86.1 million |
| Class A |
$74.9 million |
| Class B |
$1.5 million |
| Class C |
$9.8 million |
| Class I |
$0.0 million |
| Inception date |
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| Class A |
09/22/86 |
| Class B |
12/18/96 |
| Class C |
05/26/97 |
| 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 |
CXHYX |
DVNYX |
DVHCX |
DVHIX |
| CUSIP |
928928241 |
928928233 |
928928225 |
24610H302 |
| Delaphone ID |
425 |
426 |
427 |
587 |
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| Expense information |
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Class A |
Class B |
Class C |
Class I |
| Max sales load |
4.50% |
0.00% |
0.00% |
0.00% |
| Max CDSC |
0.00% |
4.00% |
1.00% |
0.00% |
| Management fee |
0.55% |
0.55% |
0.55% |
0.55% |
| Net expense ratio |
0.85% |
1.60% |
1.60% |
0.60% |
| Gross expense ratio |
1.04% |
1.79% |
1.79% |
0.79% |
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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) |
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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 |
$9.32 |
no chg |
29.47% |
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13.54% |
2.73% |
4.28% |
4.64% |
6.27% |
09/22/86 |
| At offer |
$9.76 |
-- |
-- |
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8.47% |
1.16% |
3.33% |
4.16% |
6.06% |
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| Class B |
| At NAV |
$9.34 |
no chg |
28.55% |
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12.68% |
1.93% |
3.48% |
4.00% |
4.43% |
12/18/96 |
| At offer |
$9.34 |
-- |
-- |
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8.68% |
1.26% |
3.23% |
4.00% |
4.43% |
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| Class C |
| At NAV |
$9.36 |
no chg |
28.65% |
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12.66% |
1.96% |
3.49% |
3.84% |
4.04% |
05/26/97 |
| At offer |
$9.36 |
-- |
-- |
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11.66% |
1.96% |
3.49% |
3.84% |
4.04% |
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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 |
8.9% |
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| 1 to 3 Yrs |
4.3% |
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| 3 to 5 Yrs |
3.6% |
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| 7 to 10 Yrs |
23.7% |
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| 10 to 20 Yrs |
16.9% |
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| 20 Yrs and over |
42.5% |
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| Top 10 holdings (as of 10/31/09)
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| Holding |
% of Portfolio |
| Guam Govt |
1.95% |
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| De Soto Parish La Environmenta |
1.93% |
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| Puerto Rico Sales Tax Fing |
1.74% |
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| Golden St Tob Securitization |
1.72% |
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| South Carolina Jobs-Economic |
1.71% |
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| Washington St Healthcare Facs |
1.54% |
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| Indiana St Fin Auth Rev |
1.34% |
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| St Joseph Cnty Ind Economic De |
1.33% |
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| St Louis Mo Arpt Rev |
1.33% |
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| Bexar Cnty Tex Health Facs Dev |
1.32% |
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| Total % Portfolio in Top 10 holdings |
15.9% |
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| Top 9 sectors (as of 10/31/09)
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| Sector |
% of Portfolio |
| Healthcare |
29.07% |
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| Corporate |
24.2% |
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| Education |
17.61% |
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| Special tax |
12.59% |
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| Transportation |
6.26% |
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| Lease |
1.96% |
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| State general obligation |
1.95% |
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| Pre-Refunded/ETM |
1.92% |
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| Housing |
1.18% |
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| Holding information (as of 10/31/09)
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| # Securities |
99 |
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| # Fixed Income Securities |
99 |
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| # Equity Securities |
0 |
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| # Countries |
1 |
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| # Issuers |
95 |
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| Asset allocation (as of 10/31/09)
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| Cash & Cash Equivalents |
3.3% |
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| Fixed Income |
96.7% |
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| Top 10 states (as of 10/31/09)
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| State |
% of Portfolio |
| Pennsylvania |
9.56% |
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| California |
8.3% |
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| New Jersey |
6.08% |
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| Missouri |
5.73% |
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| New York |
5.21% |
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| Illinois |
4.96% |
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| Ohio |
4.6% |
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| Minnesota |
4.42% |
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| Indiana |
3.82% |
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| Florida |
3.36% |
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| Total % Portfolio in Top 10 states |
56.0% |
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Portfolio Characteristics
| Fixed income statistics |
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As of 10/31/09 |
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Annualized Standard Deviation
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10.24 |
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Weighted Average Credit Quality
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BB |
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Weighted Average Effective Maturity
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17.0 years |
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Weighted Average Coupon
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6.03% |
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Weighted Average Effective Duration
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8.4 years |
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High-yielding, non-investment grade bonds involve higher risk than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities.
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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