Delaware National High-Yield Municipal Bond Fund

Key features

Income-driven, risk-controlled approach

Disciplined, bottom-up, research-driven process

Experienced management team dedicated solely to municipal bond investing

Daily pricing as of 09/17/2020

NAV
NAV 1-day net change
Max offer price
$11.66

Total net assets as of 08/31/2020

All share classes
$1.3 billion

Overview

Fund information
Inception date09/22/1986
Dividends paid (if any)Monthly
Capital gains paid (if any)December
Fund identifiers
NASDAQCXHYX
CUSIP928928241
Investment minimums
Initial investment$1,000
Subsequent investments$100
Systematic withdrawal balance$5,000

Benchmark and peer group

Bloomberg Barclays Municipal Bond Index (view definition)

Morningstar High-Yield Muni Category (view definition)

Lipper High Yield Municipal Debt Funds Average (view definition)

Performance

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.

Average annual total return as of month-end (08/31/2020)

Returns for less than one year are not annualized.

Class A shares have a maximum up-front sales charge of 4.50% and are subject to an annual distribution fee.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Performance shown prior to Oct. 4, 2019, are as of the predecessor fund and investment team. Please see the Updated Significant Fund Event and prospectus for more information.

Average annual total return as of quarter-end (06/30/2020)

Returns for less than one year are not annualized.

Class A shares have a maximum up-front sales charge of 4.50% and are subject to an annual distribution fee.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Performance shown prior to Oct. 4, 2019, are as of the predecessor fund and investment team. Please see the Updated Significant Fund Event and prospectus for more information.

Overall Morningstar RatingTM

Class A shares - as of 08/31/2020

MorningstarMorningstarMorningstarMorningstar
Class ANo. of funds
Overall4175
3 years4175
5 years4148
10 years399
Morningstar categoryMorningstar High-Yield Muni Category
 

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 08/31/2020
YTD ranking 59 / 198
1 year 56 / 194
3 years 40 / 175
5 years 47 / 148
10 years 30 / 99
Morningstar categoryMorningstar High-Yield Muni Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 08/31/2020
YTD ranking 47 / 190
1 year 49 / 188
3 years 34 / 166
5 years 42 / 139
10 years 28 / 97
Lipper classificationLipper High Yield Municipal Debt Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.90%
Net
0.85%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from Dec. 27, 2019 through Dec. 28, 2020. Please see the fee table in the Fund’s prospectus for more information.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2019
10.05%
2018
0.92%
2017
9.13%
2016
0.74%
2015
4.64%
2014
15.86%
2013
-6.33%
2012
15.47%
2011
10.40%
2010
5.04%

Portfolio

Portfolio composition as of 08/31/2020
Total may not equal 100% due to rounding.

Municipal bonds
97.5%
Cash and cash equivalents
2.5%

Cash and cash equivalents include accruals on bonds and long-term receivables.

Top 10 fixed income holdings as of 08/31/2020

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

List excludes cash and cash equivalents.

Holding
% of portfolio
Holding
% of portfolio
Puerto Rico Sales Tax Fing Cor 4.750 7/1/2053
2.89
Buckeye Ohio Tob Settlement FI 5.000 6/1/2055
2.81
University N C Chapel Hill Uni 5.000 2/1/2049
2.58
University Tex Univ Revs 5.000 8/15/2049
2.57
Tobacco Settlement Fing Corp. 0.000 6/1/2047
2.13
California Edl Facs Auth Rev 5.000 5/1/2049
2.06
Inland Empire Tobacco Securization 0.000 6/1/2057
1.43
Puerto Rico Sales Tax Fing Co. (rst 5.000 7/1/2058
1.24
Jefferson Cnty Ala Swr Rev 6.500 10/1/2053
1.21
Tobacco Settlement Fing Corp. 0.000 6/1/2047
0.98

Total % Portfolio in Top 10 holdings - 19.90%

List of monthly holdingsList of quarterly holdings

Distribution history - annual distributions (Class A)1,2
Distributions ($ per share)

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2020
0.000
0.290
2019
0.000
0.453
2018
0.000
0.458
2017
0.000
0.456
2016
0.000
0.411
2015
0.000
0.412
2014
0.000
0.434
2013
0.000
0.445
2012
0.000
0.482
2011
0.000
0.478
2010
0.000
0.500

1If a Fund makes a distribution from any source other than net income, it is required to provide shareholders with a notice disclosing the source of such distribution (each a "Notice"). The amounts and sources of distributions reported above and in each Notice are only estimates and are not provided for tax reporting purposes. Each Fund will send each shareholder a Form 1099 DIV for the calendar year that will provide definitive information on how to report the Fund's distributions for federal income tax purposes. The information in the table above will not be updated to reflect any subsequent recharacterization of dividends and distributions. Click here to see recent Notices pertaining to the Fund (if any).

2Information on return of capital distributions (if any) is only provided from June 1, 2014 onward.

3Includes both short- and long-term capital gains.

Management

Gregory Gizzi

Greg Gizzi 

  • Managing Director, Head of Municipal Bonds, Senior Portfolio Manager
  • Start date on the Fund: December 2012
  • Years of industry experience: 36
  • Read bio
Stephen 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
  • Read bio
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: 16
  • Read bio

Fees

You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Funds® by Macquarie. More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering price4.50%
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lowernone
Annual fund operating expenses
Management fees0.51%
Distribution and service (12b-1) fees0.25%
Other expenses0.14%
Total annual fund operating expenses0.90%
Fee waivers and expense reimbursements1(0.05%)
Total annual fund operating expenses after fee waivers and expense reimbursements0.85%

1The Fund's investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.60% of the Fund's average daily net assets from Dec. 27, 2019 through Dec. 28, 2020. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Resources

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 clicking the prospectus link located under the Resources section, or calling 877 693-3546. Investors should read the prospectus and the summary prospectus carefully before investing.

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 are located under the Resources section, or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing 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.

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.

LIBOR risk is the risk that potential changes related to the use of the London Interbank Offered Rate (LIBOR) could have adverse impacts on financial instruments which reference LIBOR. The potential abandonment of LIBOR could affect the value and liquidity of instruments which reference LIBOR.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

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

Not FDIC Insured • No Bank Guarantee • May Lose Value

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Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

You can check the background of your investment professional on FINRA's BrokerCheck.