Delaware Tax-Free Idaho 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 07/07/2020

NAV
$11.46
NAV 1-day net change
0.01
Max offer price
$11.46

Total net assets as of 05/31/2020

All share classes
$100.3 million

Overview

Fund information
Inception date12/31/2013
Dividends paid (if any)Monthly
Capital gains paid (if any)December
Fund identifiers
NASDAQDTIDX
CUSIP928928159

Benchmark and peer group

Bloomberg Barclays Municipal Bond Index (view definition)

Morningstar Muni Single State Long Category (view definition)

Lipper Other States 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 (06/30/2020)

Returns for less than one year are not annualized.

Benchmark lifetime returns are as of the Fund's inception date.

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.

Benchmark lifetime returns are as of the Fund's inception date.

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

Institutional Class shares - as of 05/31/2020

MorningstarMorningstarMorningstarMorningstar
RatingNo. of funds
Overall4185
3 years4185
5 years4169
10 years3142
Morningstar categoryMorningstar Muni Single State Long Category
 

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 05/31/2020
YTD ranking 190 / 228
1 year 163 / 228
3 years 84 / 185
5 years 60 / 169
10 years n/a
Morningstar categoryMorningstar Muni Single State Long Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 05/31/2020
YTD ranking 225 / 260
1 year 203 / 259
3 years 105 / 216
5 years 68 / 199
10 years n/a
Lipper classificationLipper Other States Municipal Debt Funds Average

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.78%
Net
0.61%

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
6.93%
2018
1.06%
2017
4.48%
2016
0.69%
2015
3.13%
2014
9.00%

Portfolio

Portfolio characteristics as of 05/31/2020

Number of holdings
106
Portfolio turnover (last fiscal year)
14%
Modified duration (view definition)
5.35 years
Effective maturity (weighted average) (view definition)
7.10 years
Yield to maturity (view definition)
3.66%
Average market price (view definition)
$107.69
Average coupon (view definition)
4.84%
Yield to worst (view definition)
2.54%
Alternative minimum tax
2.51%
SEC 30-day yield with waiver (view definition)
2.05%
SEC 30-day yield without waiver (view definition)
1.90%
Annualized standard deviation, 3 years (view definition)
4.24

Portfolio composition as of 06/30/2020
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 06/30/2020

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

List excludes cash and cash equivalents.

Holding
% of portfolio
Holding
% of portfolio
Idaho Wtr Resource Brd Wtr Res 5.000 9/1/2032
3.78
Puerto Rico Sales Tax Fing Cor 4.750 7/1/2053
3.49
Boise-kuna Idaho IRR Dist Arro 5.000 6/1/2034
2.27
Boise City Idaho Arpt Rev 4.000 9/1/2032
2.18
Power Cnty ID Idc - Fmc Corp. 6.450 8/1/2032
1.95
Boise City Idaho Indpt Sch Dis 5.000 8/1/2034
1.80
Idaho Fish & Wildlife Fndtn IN 4.000 12/1/2039
1.79
Canyon Cnty Idaho Sch Dist NO 5.000 9/15/2023
1.77
Idaho Hsg & Fin Assn Single fa 3.050 7/1/2039
1.71
Canyon Cnty Idaho Sch Dist NO 5.000 9/15/2022
1.68

Total % Portfolio in Top 10 holdings - 22.42%

List of monthly holdingsList of quarterly holdings

Fixed income sectors as of 05/31/2020

List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.

Sector
Fund
Sector
Fund
Local general obligations
23.4%
Special tax
15.9%
Education
15.3%
Leasing
11.3%
Hospital
9.0%
Pre-refunded
6.8%
Housing
4.7%
Electric
4.2%
IDR/PCR (corporate)
3.2%
Transportation
2.9%
State general obligations
1.6%
Water & sewer
1.3%

Credit quality as of 05/31/2020

Rating
Fund
Rating
Fund
AAA
14.2%
AA
30.0%
A
25.1%
BBB
9.8%
BB
6.9%
CC
1.6%
Not rated
12.5%

Total may not equal 100% due to rounding. The Fund’s investment manager, Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust, receives “Credit Quality” ratings for the underlying securities held by the Fund from three “nationally recognized statistical rating organizations” (NRSROs): Standard & Poor’s (S&P), Moody’s Investors Service, and Fitch, Inc. The credit quality breakdown is calculated by DMC based on the NRSRO ratings. If two or more NRSROs have assigned a rating to a security the higher rating (lower value) is used. If only one NRSRO rates a security, that rating is used. Securities that are unrated by any of the three NRSROs are included in the “not rated” category when applicable. Unrated securities do not necessarily indicate low quality. More information about securities ratings is contained in the Fund’s Statement of Additional Information.

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

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2020
0.000
0.177
2019
0.000
0.373
2018
0.000
0.373
2017
0.000
0.374
2016
0.000
0.386
2015
0.000
0.396
2014
0.000
0.411
2013
0.000
0.000
2012
0.000
0.000
2011
0.000
0.000
2010
0.000
0.000

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: December 2017
  • Years of industry experience: 16
  • Read bio

Fees

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering pricenone
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lowernone
Annual fund operating expenses
Management fees0.55%
Distribution and service (12b-1) feesnone
Other expenses0.23%
Total annual fund operating expenses0.78%
Fee waivers and expense reimbursements1(0.17%)
Total annual fund operating expenses after fee waivers and expense reimbursements0.61%

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 0.61% 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

Institutional Class shares are available only to certain investors. See the prospectus for more information.

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.

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.

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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