Macquarie Delaware Funds by Macquarie Delaware Funds by Macquarie

Delaware Investments® Minnesota Municipal Income Fund II, Inc.

Objective

The Fund seeks to provide current income exempt from both regular federal income tax and Minnesota state personal income tax, consistent with the preservation of capital.

Strategy

The Fund will invest at least 80% of its net assets in investment grade quality Minnesota municipal bonds. The Fund may invest up to 20% of its net assets in municipal bonds that are rated Ba1/BB+ or lower or that are unrated but judged to be of comparable quality by the Fund's investment advisor. Investment in municipal bonds of below investment grade quality involves special risks as compared with investment in higher grade municipal bonds. These risks may include greater sensitivity to a general economic downturn, greater market price volatility and less secondary market trading. Securities rated below investment grade are commonly known as "junk bonds." Such securities are regarded, on balance, as predominantly speculative with respect to the issuer's ability to pay interest and repay principal owed.

Historic pricing
NAV dateNAVMarket pricePremium/Discount
01/17/2020$15.02$13.35-11.12%
01/16/2020$15.02$13.41-10.72%
01/15/2020$15.01$13.39-10.79%
01/14/2020$14.99$13.27-11.47%
01/13/2020$14.97$13.27-11.36%
Fund information as of 12/31/2019
Ticker symbol (NAV)XVMMX
Ticker symbolVMM
Trading ExchangeNYSE AMEX
SEC yield1.81%
Expense ratio0.85%
Turnover ratio13%
Inception date02/26/1993

For Fund distributions declared please see the fact sheet and/or dividend press releases.

Holdings are as of the date indicated and subject to change.

Greg Gizzi

Greg Gizzi 

Managing Director, Head of Municipal Bonds, Senior Portfolio Manager

Start date on the Fund: November 2011

Years of industry experience: 35

(View bio)

Greg Gizzi biography

Greg Gizzi

Greg Gizzi 

Managing Director, Head of Municipal Bonds, Senior Portfolio Manager

Gregory A. Gizzi is head of municipal bonds in the Americas, a role he assumed in February 2019. In this role, he is responsible for the overall operation of the strategy and is team lead on several of the tax-exempt strategies. Additionally, Gizzi continues to be responsible for the taxable municipal business and the marketing efforts for the municipal product. Previously, Gizzi was co-portfolio manager of the firm’s municipal bond funds and several client accounts, a role he held since November 2011. Before joining Macquarie Investment Management (MIM) in January 2008 as head of municipal bond trading, he spent six years as a vice president at Lehman Brothers for the firm’s tax-exempt institutional sales effort. Prior to that, he spent two years trading corporate bonds for UBS before joining Lehman Brothers in a sales capacity. Gizzi has more than 20 years of trading experience in the municipal securities industry, beginning at Kidder Peabody in 1984, where he started as a municipal bond trader and worked his way up to institutional block trading desk manager. He later worked in the same capacity at Dillon Read. Gizzi earned his bachelor’s degree in economics from Harvard University.

Steve Czepiel

Steve Czepiel 

Managing Director, Head of Municipal Bonds Portfolio Management, Senior Portfolio Manager

Start date on the Fund: July 2007

Years of industry experience: 38

(View bio)

Steve Czepiel biography

Steve Czepiel

Steve Czepiel 

Managing Director, Head of Municipal Bonds Portfolio Management, Senior Portfolio Manager

Stephen J. Czepiel leads the portfolio management of the firm’s municipal bonds strategies, a role he assumed in February 2019. He is a co-portfolio manager of the firm’s municipal bond funds and client accounts, a role he has held since August 2007. He joined Macquarie Investment Management (MIM) in July 2004 as a senior bond trader. Previously, he was vice president at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a municipal bond trader at Kidder Peabody and now has more than 20 years of experience in the municipal securities industry. Czepiel earned his bachelor’s degree in finance and economics from Duquesne University.

Denise Franchetti

Denise A. Franchetti, CFA

Senior Vice President, Co-Head of Municipal Credit Research, Portfolio Manager

Start date on the Fund: January 2003

Years of industry experience: 31

(View bio)

Denise A. Franchetti biography

Denise Franchetti

Denise A. Franchetti, CFA

Senior Vice President, Co-Head of Municipal Credit Research, Portfolio Manager

Denise A. Franchetti is co-head of the company’s municipal research operations, a role she assumed in January 2018. Previously, she was a senior municipal analyst for the municipal bond department, responsible for following the airport, education, hotel, cogeneration, and cargo sectors. In 2003, she was also named as portfolio manager on the tax-exempt closed-end funds in addition to her research duties. Prior to joining Macquarie Investment Management (MIM) in 1997 as a municipal bond analyst, she was a fixed income trader at Provident Mutual Life Insurance and an investment analyst at General Accident Insurance. Franchetti received her bachelor’s degree and an MBA from La Salle University. She is a member of the CFA Institute, the Financial Analysts of Philadelphia, and the National Federation of Municipal Analysts.

Jake Van Roden

Jake van Roden 

Senior Vice President, Head of Municipal Trading, Portfolio Manager

Start date on the Fund: February 2019

Years of industry experience: 15

(View bio)

Jake van Roden biography

Jake Van Roden

Jake van Roden 

Senior Vice President, Head of Municipal Trading, Portfolio Manager

Jake van Roden is head of the firm’s municipal trading. He is also a portfolio manager for the firm’s nine open-end state-specific municipal bond funds, as well as for several municipal bond client accounts, a role he assumed in December 2017. In February 2019, his portfolio management role expanded to include the closed-end municipal bond funds and the three national municipal open-end funds. He joined the municipal department in July 2004 as a generalist and became head of municipal trading in December 2012. Before that, van Roden interned at Macquarie Investment Management (MIM) in the client services department. He received a bachelor’s degree in American studies with a minor in government from Franklin & Marshall College.

Ratios and supplemental data
Year ended

  3/31/19 3/31/18 3/31/17 3/31/16 3/31/15
Net assets applicable to common shares, end of period (000 omitted) $166,540 $164,193 $165,754 $173,119 $172,280
Ratio of expenses to average net assets applicable to common shareholders1 2.10% 1.78% 1.59% 1.46% 1.40%
Ratio of net investment income to average net assets applicable to common shareholders2 3.40% 3.48% 3.69% 4.24% 4.33%
Portfolio turnover 13% 22% 9% 16% 10%

1The ratio of expenses to average net assets applicable to common shareholders excluding interest expense for the years ended March 31, 2019, 2018, 2017, 2016, and 2015 were 0.85%, 0.81%, 0.82%, 0.90% and 0.85%, respectively.

2The ratio of net investment income excluding interest expense to average net assets for the years ended March 31, 2019, 2018, 2017, 2016, and 2015 were 4.65%, 4.45%, 4.46%, 4.80%, and 4.88%, respectively.

Investing in closed-end investment companies involves risk, including the possible loss of principal.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.

Substantially all dividend income derived from tax-free funds is exempt from federal income tax. Some income may be subject to state or local and/or the federal alternative minimum tax (AMT) that applies to certain investors. Capital gains, if any, are taxable.

Funds that invest primarily in one state may be more susceptible to the economic, regulatory, regional, and other factors of that state than geographically diversified funds.

The Fund may experience portfolio turnover that approaches or exceeds 100%, which could result in higher transaction costs and tax liability.

The Fund’s use of leverage may expose common shareholders to additional volatility, and cause the Fund to incur certain costs. In the event that the Fund is unable to meet certain criteria (including, but not limited to, maintaining certain ratings with Fitch Ratings and Moody’s Investor Service, funding dividend payments or funding redemptions), the Fund will pay additional fees with respect to the leverage.

Duration number will change as market conditions change. Therefore, duration should not be solely relied upon to indicate a municipal bond fund’s potential volatility.

Closed-end funds, unlike open-end funds, are not continuously offered. After being issued during a one-time-only public offering, shares of closed-end funds are sold in the open market through a securities exchange. Net asset value (NAV) is calculated by subtracting total liabilities by total assets, then dividing by the number of shares outstanding. At the time of sale, your shares may have a market price that is above or below NAV, and may be worth more or less than your original investment.

The Fund may make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a Fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.

NAV, market price, and premium or discount will fluctuate with changes in market conditions. At the time of sale, your shares may have a market price that is above or below net asset value, and may be worth more or less than your original investment.

Market Price is the price an investor would pay for shares of a fund on the secondary market. Market price shown is the market closing price as of the previous business day.

Net asset value (NAV) is the total assets less total liabilities divided by the number of shares outstanding.

Premium/Discount is the amount by which the market price trades above or below the NAV.

All third-party marks cited are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Total net assets (as of 12/31/2019)

$170.8 million all share classes

Additional information