Key features
Credit analysis is the cornerstone of our selective, bottom-up process in which credit research drives alpha in plus sectors
Our proprietary CREDIT process checklist ensures a disciplined and repeatable process to select credits while mitigating risks
The team’s risk management approach is critical to the goal of delivering strong results over the long term
Daily pricing
as of
10/02/2023
NAV 1-day net change
-0.02
Total net assets
as of
08/31/2023
All share classes
$65.8 million
Overview
| Fund identifiers |
| NASDAQ |
DMIIX |
| CUSIP |
92910U109 |
Benchmark and peer group
Portfolio
Portfolio turnover (last fiscal year)
28%
Cash and cash equivalents
2.0%
Cash and cash equivalents include accruals on bonds and long-term receivables.
Top 10 fixed income holdings as of 08/31/2023
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
ROCHESTER MINN HEALTH CARE FAC
4.69
DULUTH MINN ECONOMIC DEV AUTH
2.74
LAKEVILLE MINN INDPT SCH DIST
2.33
MINNEAPOLIS MINN SPL SCH DIST
2.06
ST PAUL MINN PORT AUTH SOLID W
2.02
MINNEAPOLIS & ST PAUL MINN HSG
1.94
MINNEAPOLIS MINN HEALTH CARE S
1.80
Total % Portfolio in Top 10 holdings - 24.73%
Credit quality as of 08/31/2023
Total may not equal 100% due to rounding. The Fund’s investment manager, Delaware Management Company (DMC) receives “Credit Quality” ratings for the underlying securities held by the Fund from three “nationally recognized statistical rating organizations” (NRSROs) — Standard & Poor’s (S&P), Moody’s Investors Service, and Fitch, Inc. The credit quality breakdown is calculated by DMC based on the NSRO ratings and the index credit quality rules. For securities rated by an NRSRO other than S&P, that rating is converted to the equivalent S&P credit rating. Securities that are unrated by any of the three NRSROs are included in the “not rated” category when applicable. Unrated securities do not necessarily indicate low quality. More information about securities ratings is contained in the Fund’s Statement of Additional Information.
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
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 A. Gizzi
-
Managing Director, Head of US Fixed income and Head of Municipal Bonds, Senior Portfolio Manager
-
Start date on the Fund:
December 2012
-
Years of industry experience:
39
-
Read bio
Gregory A. Gizzi
Managing Director, Head of US Fixed income and Head of Municipal Bonds, Senior Portfolio Manager
Gregory A. Gizzi is Head of Municipal Bonds for Macquarie Asset Management Fixed Income (MFI) 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 MFI’s 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. Gizzi is also the Head of US Fixed Income, a role he assumed in July 2022. In this role, he is responsible for the oversight of the US fixed income business and works closely with US MFI leadership to ensure the delivery of the team’s business objectives in the region. Before joining Macquarie Asset Management (MAM) 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.
Stephen J. Czepiel
-
Managing Director, Head of Municipal Bonds Portfolio Management, Senior Portfolio Manager
-
Start date on the Fund:
July 2007
-
Years of industry experience:
41
-
Read bio
Stephen J. 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 for Macquarie
Asset Management Fixed Income (MFI) in the Americas, 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 Asset Management (MAM) 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.
Jake van Roden
-
Managing Director, Senior Portfolio Manager
-
Start date on the Fund:
December 2017
-
Years of industry experience:
19
-
Read bio
Jake van Roden
Managing Director, Senior Portfolio Manager
Jake van Roden is a member of the municipal bond department within Macquarie Investment Management Fixed Income (MFI) in the Americas. He is a portfolio manager for MFI’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 MFI’s 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 in the client services department. He received a bachelor’s degree in American studies with a minor in government from Franklin & Marshall College.
William Roach, CFA, CMT
-
Vice President, Senior Trader, Portfolio Manager
-
Start date on the Fund:
May 2023
-
Years of industry experience:
14
-
Read bio
William Roach
Vice President, Senior Trader, Portfolio Manager
- Joined Macquarie in 2012
- Based in Philadelphia
Bill is a Co-Portfolio Manager for the firm’s municipal bond funds and client accounts, a role he assumed in May 2023. He is also a Senior Trader for the Municipal Bond Team within Macquarie Asset Management Fixed Income (MFI), a position he has held since March 2019.
Prior to joining the Municipal Bond Team in April 2015, Bill spent three years as an Internal Sales Consultant for the firm’s Client Solutions Group, where he managed relationships across the country and across asset classes. Before joining Macquarie, he worked at Merrill Lynch as an Investment Consultant and Analyst.
He earned a Bachelor of Science with dual concentrations in business administration and political science from Albright College and a Master of Business Administration with a concentration in finance from Villanova University. He holds the Chartered Financial Analyst® and Chartered Market Technician® designations.
Fees
The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table below. 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 price |
none |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower |
none |
| Annual fund operating expenses |
| Management fees |
0.50% |
| Distribution and service (12b-1) fees |
none |
| Other expenses |
0.26% |
| Total annual fund operating expenses |
0.76% |
| Fee waivers and expense reimbursements1 |
(0.20%) |
| Total annual fund operating expenses after fee waivers and expense reimbursements |
0.56% |
Please see the prospectus and SAI for additional information.
1Net expense ratio reflects a contractual waiver of certain fees/and/or expense reimbursements from December 29, 2022 through December 29, 2023. Please see the fee table in the Fund's prospectus for more information.
Institutional Class shares are available only to certain investors. See the prospectus for more information.
Resources
Fact sheet and commentaries
You are now leaving the Delaware Funds by Macquarie website
The link you have selected will take you to a website not controlled by Delaware Funds by Macquarie. Your web browser will automatically redirect you to the site in a few moments. Delaware Funds by Macquarie is not responsible for the content of the website you are about to visit.
Thank you for visiting the Delaware Funds by Macquarie website.
Other than Macquarie Bank Limited (MBL), none of the entities noted are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.
The Funds are distributed by Delaware Distributors, L.P., an affiliate of Macquarie Investment Management Business Trust (MIMBT), Macquarie Management Holdings, Inc., and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.
Separately managed account advisory services are provided by Delaware Capital Management (DCM), a series of MIMBT. Separately managed account advisory services are referred through Delaware Capital Management Advisers, Inc., an SEC-registered investment advisor.