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| Fund profile |
Objective
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Portfolio manager(s)
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| Delaware National High-Yield Municipal Bond 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 02/28/10) |
| Fixed Income style |
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| Total net assets |
$105.7 million |
| Class A |
$88.5 million |
| Class B |
$1.5 million |
| Class C |
$15.7 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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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.
Investing involves risk, including the possible loss of principal.
Carefully consider the Fund's investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund's prospectus, which may be obtained by visiting www.delawareinvestments.com/literature or calling 800 523-1918. Investors should read the prospectus carefully before investing.
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