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
09/27/2022
NAV 1-day net change
-0.04
Total net assets
as of
08/31/2022
All share classes
$79.2 million
Overview
| Fund identifiers |
| NASDAQ |
DMIIX |
| CUSIP |
92910U109 |
Benchmark and peer group
Portfolio
Portfolio turnover (last fiscal year)
7%
Cash and cash equivalents
1.7%
Cash and cash equivalents include accruals on bonds and long-term receivables.
Top 10 fixed income holdings as of 08/31/2022
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Hennepin Cnty Minn Regl rr Aut 5.000 12/1/2030
3.51
Minnesota ST For Previous Issu 5.000 8/1/2026
3.45
Minnesota ST 5.000 9/1/2031
3.33
Rochester Minn Health Care Fac 4.000 11/15/2039
3.09
White Bear Lake Minn Indpt Sch 3.000 2/1/2043
2.49
ST Cloud Minn Health Care Rev 5.000 5/1/2048
2.38
Minneapolis Minn Health Care S 4.000 11/15/2040
2.16
Hennepin Cnty Minn 5.000 12/1/2030
2.07
Hennepin Cnty Minn 5.000 12/1/2036
2.05
Minnesota ST Higher ed Facs AU 4.000 4/1/2026
1.78
Total % Portfolio in Top 10 holdings - 26.31%
Credit quality as of 08/31/2022
Total may not equal 100% due to rounding. The Fund’s investment manager, Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust, receives “Credit Quality” ratings for the underlying securities held by the Fund from three “nationally recognized statistical rating organizations” (NRSROs): Standard & Poor’s (S&P), Moody’s Investors Service, and Fitch, Inc. The credit quality breakdown is calculated by DMC based on the NRSRO ratings. If two or more NRSROs have assigned a rating to a security the higher rating (lower value) is used. If only one NRSRO rates a security, that rating is used. Securities that are unrated by any of the three NRSROs are included in the “not rated” category when applicable. Unrated securities do not necessarily indicate low quality. More information about securities ratings is contained in the Fund’s Statement of Additional Information.
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
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:
38
-
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:
40
-
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:
18
-
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.
Fees
The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
| 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 |
0.25% |
| Total annual fund operating expenses |
0.75% |
| Fee waivers and expense reimbursements1 |
(0.19%) |
| 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, 2021 through December 29, 2022. 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
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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.