Tax-free funds: Income-by-state percentages

For the calendar year 2019 income dividends received from investments in all classes of the Delaware Funds® by Macquarie national and state-specific tax-free funds were generally exempt from federal income tax. However, these dividends may or may not be exempt from state or local taxes. Please contact your tax advisor for details.

Listed here, on a state-by-state basis, are the percentages of interest income earned by Delaware Funds by Macquarie tax-free funds on municipal obligations of issuers in each such state during the calendar year 2019. The percentages are the same for all share classes of each fund.

A note about AMT

A portion of the income paid to Delaware Funds by Macquarie tax-free funds shareholders may be subject to the federal alternative minimum tax (AMT) that applies to some investors. Under the 2017 Tax Cuts and Jobs Act, corporations are no longer subject to the alternative minimum tax for taxable years of the corporation beginning after Dec. 31, 2017. See AMT percentages for more information.

Percentage of interest income earned on municipal obligations, state by state, for 2019

Delaware Tax-Exempt Income Fund
(formerly, First Investors Tax Exempt Income Fund)*
Delaware Tax-Exempt
Opportunities Fund
(formerly, First Investors Tax Exempt Opportunities Fund)*
State 1/1/19–10/4/19
(former Fund)
10/7/19–12/31/19
(new Fund)
1/1/19–10/4/19
(former Fund)
10/7/19–12/31/19
(new Fund)
Alabama 0.10%
Alaska 0.21% 0.48% 0.18%
Arizona 1.44% 1.89% 0.76% 1.12%
Arkansas 0.22% 0.14%
California 6.46% 6.66% 8.33% 9.12%
Colorado 0.64% 1.06% 1.35% 2.84%
Connecticut 0.02% 2.48% 1.59%
Delaware 0.35%
District of Columbia 2.58%
3.28% 0.87% 0.73%
Florida 9.73% 5.75% 4.40% 4.49%
Georgia 4.32% 3.50% 2.81% 3.13%
Hawaii 3.34% 3.61%
Idaho 0.20% 0.23% 0.13% 0.14%
Illinois 5.70% 2.50% 2.49% 2.03%
Indiana 0.87% 0.86% 0.11% 0.03%
Iowa
Kansas
Kentucky 0.02%
Louisiana 1.57% 1.80% 0.51% 0.56%
Maine 0.17%
Maryland 0.20% 0.17%
Massachusetts 2.77% 3.56% 5.97% 5.80%
Michigan 4.03% 3.03% 4.88% 4.59%
Minnesota 0.08% 0.20% 1.16% 0.83%
Mississippi 0.07% 1.17% 0.40%
Missouri 1.31% 1.70%
Montana
Nebraska
Nevada 0.29%
New Hampshire
New Jersey 5.42% 5.84% 3.22% 4.02%
New Mexico
New York 24.33% 28.03% 18.47% 16.50%
North Carolina 0.04% 3.26% 2.44%
North Dakota
Ohio 0.69% 0.64% 2.20% 2.87%
Oklahoma 0.76% 0.90%
Oregon 2.66% 2.34% 0.84% 0.81%
Pennsylvania 4.24% 5.70% 9.40% 9.01%
Puerto Rico 0.14% 2.48% 0.12% 2.12%
Rhode Island 0.51% 0.46% 0.51%
South Carolina 1.50% 1.96% 0.35% 0.47%
South Dakota
Tennessee 1.16% 1.64%
Texas 8.90% 7.39% 10.19% 11.13%
Utah 2.55% 3.09% 1.02% 1.43%
Vermont
Virginia 0.19% 0.94% 3.95% 2.80%
Washington 2.27% 1.43% 0.30% 0.31%
West Virginia 0.25% 0.18% 0.16% 0.11%
Wisconsin 4.26% 4.48% 1.57% 0.94%
Wyoming
Guam
Virgin Islands
Source: Delaware Funds by Macquarie

Percentage of interest income earned on municipal obligations, state by state, for 2019

Fund Source of income
1/1/19–10/4/19
(former Fund)
10/7/19–12/31/19
(new Fund)
Delaware Tax-Free California II Fund
(formerly, First Investors California Tax Exempt Fund)*
California: 97.99%
Puerto Rico: 0.60%
Guam: 0.80%
Virgin Islands: 0.61%
California: 95.24%
Puerto Rico: 2.89%
Guam: 1.02%
Virgin Islands: 0.85%
Delaware Tax-Free New Jersey Fund
(formerly, First Investors New Jersey Tax Exempt Fund)*
New Jersey: 97.60%
Puerto Rico: 0.87%
Guam: 0.87%
Virgin Islands: 0.66%
New Jersey: 95.18%
Puerto Rico: 3.05%
Guam: 1.03%
Virgin Islands: 0.74%
Delaware Tax-Free New York II Fund 
(formerly, First Investors New York Tax Exempt Fund)*
New York: 98.19%
Puerto Rico: 0.50%
Guam: 0.97%
Virgin Islands: 0.34%
New York: 95.78%
Puerto Rico: 2.76%  
Guam: 1.12%
Virgin Islands: 0.34% 
Delaware Tax-Free Oregon Fund 
(formerly, First Investors Oregon Tax Exempt Fund)*
Oregon: 97.88%
Puerto Rico: 0.63%
Guam: 0.84%
Virgin Islands: 0.65%
Oregon: 95.45%
Puerto Rico: 2.84% 
Guam: 0.92%
Virgin Islands: 0.79%
Source: Delaware Funds by Macquarie

* On April 6, 2019, Foresters Investment Management Company, Inc. (“FIMCO”), the investment adviser to the First Investors Funds, entered into an agreement with Macquarie Management Holdings, Inc. (“MMHI”), a leading global investment management company, whereby MMHI, on behalf of its affiliate Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“Macquarie”), would acquire FIMCO’s asset management business (the “Transaction”). In connection with the Transaction, the Board of Trustees of the First Investors Trusts approved, pursuant to an Agreement and Plan of Reorganization (the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund (each, an “Acquiring Fund,” and collectively, the “Acquiring Funds”) in the Delaware Funds by Macquarie family of funds (each, a “Reorganization” and together, the “Reorganizations”). The requisite approval of each Reorganization from shareholders of each First Investors Fund was obtained and each Acquiring Fund is currently managed by DMC. Each Acquiring Fund has the same or substantially the same investment objective and the same or similar principal investment strategies and principal risks as the corresponding First Investors Fund. The Transaction closed on Oct. 4, 2019 (the “Closing Date”). Information, including without limitation historical holdings and performance information, relating to the Acquiring Funds for periods prior to the Closing Date has been provided by FIMCO and is attributable to the Acquired Funds.

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 and its summary prospectus, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

The information contained in the Tax Center is not intended to be legal or tax advice. If you need assistance preparing your tax return, please consult a tax advisor.

Information may be abridged and therefore incomplete. Any discussion pertaining to taxes in this communication (including attachments) may be part of the promotion or marketing of a product. Advice (if any) related to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code. Individuals should seek advice based on their own particular circumstances from an independent tax advisor.