Investment Company Act file number: | 811-07742 |
Exact name of registrant as specified in charter: | Voyageur Mutual Funds |
Address of principal executive offices: | 2005 Market Street |
Philadelphia, PA 19103 | |
Name and address of agent for service: | David F. Connor, Esq. |
2005 Market Street | |
Philadelphia, PA 19103 | |
Registrant’s telephone number, including area code: | (800) 523-1918 |
Date of fiscal year end: | August 31 |
Date of reporting period: | February 28, 2011 |
Semiannual report
Delaware Tax-Free Minnesota Fund
Delaware Tax-Free Minnesota Intermediate Fund
Delaware Minnesota High-Yield Municipal
Bond Fund February 28, 2011
Fixed income mutual funds
|
Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectuses and, if available, their summary prospectuses, which may be obtained by visiting www.delawareinvestments.com or calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.
|
You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit www.delawareinvestments.com/edelivery. |
Table of contents | ||
Disclosure of Fund expenses | 1 | |
Sector allocations | 4 | |
Statements of net assets | 7 | |
Statements of operations | 36 | |
Statements of changes in net assets | 38 | |
Financial highlights | 44 | |
Notes to financial statements | 62 | |
Other Fund information | 76 | |
About the organization | 78 |
Beginning | Ending | Expenses | ||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||||
9/1/10 | 2/28/11 | Expense Ratio | 9/1/10 to 2/28/11* | |||||||||||||
Actual Fund return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 962.50 | 0.92% | $4.48 | ||||||||||
Class B | 1,000.00 | 959.00 | 1.67% | 8.11 | ||||||||||||
Class C | 1,000.00 | 958.40 | 1.67% | 8.11 | ||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.23 | 0.92% | $4.61 | ||||||||||
Class B | 1,000.00 | 1,016.51 | 1.67% | 8.35 | ||||||||||||
Class C | 1,000.00 | 1,016.51 | 1.67% | 8.35 |
Beginning | Ending | Expenses | ||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | |||||||||||||
9/1/10 | 2/28/11 | Expense Ratio | 9/1/10 to 2/28/11* | |||||||||||||
Actual Fund return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 971.50 | 0.84% | $4.11 | ||||||||||
Class B | 1,000.00 | 966.70 | 1.69% | 8.24 | ||||||||||||
Class C | 1,000.00 | 966.60 | 1.69% | 8.24 | ||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.63 | 0.84% | $4.21 | ||||||||||
Class B | 1,000.00 | 1,016.41 | 1.69% | 8.45 | ||||||||||||
Class C | 1,000.00 | 1,016.41 | 1.69% | 8.45 |
Beginning | Ending | Expenses | |||||||||||||||
Account Value | Account Value | Annualized | Paid During Period | ||||||||||||||
9/1/10 | 2/28/11 | Expense Ratio | 9/1/10 to 2/28/11* | ||||||||||||||
Actual Fund return | |||||||||||||||||
Class A | $ | 1,000.00 | $ | 954.10 | 0.93% | $ | 4.51 | ||||||||||
Class B | 1,000.00 | 950.60 | 1.68% | 8.13 | |||||||||||||
Class C | 1,000.00 | 950.70 | 1.68% | 8.13 | |||||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.18 | 0.93% | $ | 4.66 | ||||||||||
Class B | 1,000.00 | 1,016.46 | 1.68% | 8.40 | |||||||||||||
Class C | 1,000.00 | 1,016.46 | 1.68% | 8.40 |
Sector allocations | |
Delaware Tax-Free Minnesota Fund | As of February 28, 2011 |
Sector | Percentage of net assets | ||||
Municipal Bonds | 99.05 | % | |||
Corporate-Backed Revenue Bonds | 4.43 | % | |||
Education Revenue Bonds | 9.00 | % | |||
Electric Revenue Bonds | 5.22 | % | |||
Healthcare Revenue Bonds | 29.22 | % | |||
Housing Revenue Bonds | 7.18 | % | |||
Lease Revenue Bonds | 3.48 | % | |||
Local General Obligation Bonds | 16.33 | % | |||
Pre-Refunded/Escrowed to Maturity Bonds | 16.25 | % | |||
Special Tax Revenue Bonds | 2.34 | % | |||
State General Obligation Bonds | 2.70 | % | |||
Transportation Revenue Bonds | 2.69 | % | |||
Water & Sewer Revenue Bond | 0.21 | % | |||
Short-Term Investments | 0.37 | % | |||
Total Value of Securities | 99.42 | % | |||
Receivables and Other Assets Net of Liabilities | 0.58 | % | |||
Total Net Assets | 100.00 | % |
Delaware Tax-Free Minnesota Intermediate Fund | As of February 28, 2011 |
Sector | Percentage of net assets | ||||
Municipal Bonds | 98.01 | % | |||
Corporate-Backed Revenue Bonds | 1.63 | % | |||
Education Revenue Bonds | 11.27 | % | |||
Electric Revenue Bonds | 7.21 | % | |||
Healthcare Revenue Bonds | 24.33 | % | |||
Housing Revenue Bonds | 2.10 | % | |||
Lease Revenue Bonds | 1.88 | % | |||
Local General Obligation Bonds | 24.09 | % | |||
Pre-Refunded/Escrowed to Maturity Bonds | 5.58 | % | |||
Special Tax Revenue Bonds | 6.73 | % | |||
State General Obligation Bonds | 7.82 | % | |||
Transportation Revenue Bonds | 3.92 | % | |||
Water & Sewer Revenue Bond | 1.45 | % | |||
Short-Term Investments | 0.83 | % | |||
Total Value of Securities | 98.84 | % | |||
Receivables and Other Assets Net of Liabilities | 1.16 | % | |||
Total Net Assets | 100.00 | % |
Sector allocations | |
Delaware Minnesota High-Yield Municipal Bond Fund | As of February 28, 2011 |
Sector | Percentage of net assets | ||||
Municipal Bonds | 98.92 | % | |||
Corporate-Backed Revenue Bonds | 4.40 | % | |||
Education Revenue Bonds | 8.76 | % | |||
Electric Revenue Bonds | 7.29 | % | |||
Healthcare Revenue Bonds | 34.90 | % | |||
Housing Revenue Bonds | 11.42 | % | |||
Lease Revenue Bonds | 2.78 | % | |||
Local General Obligation Bonds | 11.80 | % | |||
Pre-Refunded/Escrowed to Maturity Bonds | 4.79 | % | |||
Special Tax Revenue Bonds | 7.82 | % | |||
State General Obligation Bond | 0.81 | % | |||
Transportation Revenue Bond | 1.45 | % | |||
Water & Sewer Revenue Bonds | 2.70 | % | |||
Short-Term Investment | 0.05 | % | |||
Total Value of Securities | 98.97 | % | |||
Receivables and Other Assets Net of Liabilities | 1.03 | % | |||
Total Net Assets | 100.00 | % |
Statements of net assets | |
Delaware Tax-Free Minnesota Fund | February 28, 2011 (Unaudited) |
Principal amount | Value | ||||||||
Municipal Bonds – 99.05% | |||||||||
Corporate-Backed Revenue Bonds – 4.43% | |||||||||
Cloquet Pollution Control Revenue Refunding | |||||||||
(Potlatch Project) 5.90% 10/1/26 | $ | 6,500,000 | $ | 5,839,405 | |||||
Laurentian Energy Authority I Cogeneration Revenue | |||||||||
Series A 5.00% 12/1/21 | 8,000,000 | 7,914,160 | |||||||
Sartell Environmental Improvement Revenue Refunding | |||||||||
(International Paper) Series A 5.20% 6/1/27 | 7,265,000 | 6,860,557 | |||||||
Seaway Port Authority of Duluth Industrial | |||||||||
Development Dock & Wharf Revenues Refunding | |||||||||
(Cargill Project) Series E 6.125% 11/1/14 | 4,500,000 | 4,520,520 | |||||||
25,134,642 | |||||||||
Education Revenue Bonds – 9.00% | |||||||||
Duluth Housing & Redevelopment Authority Lease Revenue | |||||||||
(Public School Academy) | |||||||||
Series A 5.875% 11/1/40 | 3,500,000 | 2,865,345 | |||||||
Minnesota Colleges & Universities Revenue Fund Series A | |||||||||
5.00% 10/1/22 (AGM) | 5,135,000 | 5,338,911 | |||||||
5.00% 10/1/28 | 8,900,000 | 9,296,583 | |||||||
5.00% 10/1/29 (NATL-RE) | 5,665,000 | 5,808,268 | |||||||
Minnesota Higher Education Facilities Authority Revenue | |||||||||
(Augsburg College) | |||||||||
Series 6-C 5.00% 5/1/20 | 1,250,000 | 1,267,113 | |||||||
Series 6-J1 5.00% 5/1/36 | 2,225,000 | 2,006,995 | |||||||
(Bethel University) Series 6-R 5.50% 5/1/37 | 2,500,000 | 2,195,725 | |||||||
(Carleton College) | |||||||||
Series 6-T 5.00% 1/1/28 | 1,000,000 | 1,040,750 | |||||||
Series 7-D | |||||||||
5.00% 3/1/30 | 1,500,000 | 1,550,475 | |||||||
5.00% 3/1/40 | 3,000,000 | 3,004,890 | |||||||
(St. Olaf College) Series 7-F 4.50% 10/1/30 | 2,000,000 | 1,907,160 | |||||||
(University of St. Thomas) | |||||||||
Series 6-X 5.25% 4/1/39 | 5,000,000 | 4,945,400 | |||||||
Series 7-A 5.00% 10/1/39 | 2,000,000 | 1,959,660 | |||||||
(State Scholastic College) Series 7-J 6.30% 12/1/40 | 1,800,000 | 1,827,594 | |||||||
St. Cloud Housing & Redevelopment Authority Revenue | |||||||||
(State University Foundation Project) 5.00% 5/1/23 | 2,000,000 | 2,033,400 | |||||||
University of Minnesota Special Purpose Revenue | |||||||||
(State Supported Biomed Science) 5.00% 8/1/35 | 3,960,000 | 4,017,816 | |||||||
51,066,085 |
Principal amount | Value | ||||||||
Municipal Bonds (continued) | |||||||||
Electric Revenue Bonds – 5.22% | |||||||||
Chaska Electric Revenue Refunding | |||||||||
(Generating Facilities) Series A 5.00% 10/1/30 | $ | 3,000,000 | $ | 3,007,170 | |||||
Minnesota Municipal Power Agency Electric Revenue | |||||||||
5.00% 10/1/35 | 3,000,000 | 2,904,990 | |||||||
Series A | |||||||||
5.00% 10/1/34 | 6,250,000 | 6,072,625 | |||||||
5.125% 10/1/29 | 3,000,000 | 3,028,740 | |||||||
Puerto Rico Electric Power Authority Revenue | |||||||||
Series WW 5.50% 7/1/38 | 4,800,000 | 4,377,312 | |||||||
Series XX 5.25% 7/1/40 | 5,000,000 | 4,361,150 | |||||||
Southern Minnesota Municipal Power Agency Supply | |||||||||
System Revenue Series A | |||||||||
5.25% 1/1/15 (AMBAC) | 2,900,000 | 3,227,439 | |||||||
^Capital Appreciation 4.44% 1/1/25 (NATL-RE) | 5,000,000 | 2,603,700 | |||||||
29,583,126 | |||||||||
Healthcare Revenue Bonds – 29.22% | |||||||||
Aitkin Health Care Facilities Revenue Refunding | |||||||||
(Riverwood Health Care Center) 5.60% 2/1/32 | 2,100,000 | 1,762,047 | |||||||
Alexandria Senior Housing Revenue | |||||||||
(Knute Nelson Senior Living) | |||||||||
6.00% 7/1/35 | 1,500,000 | 1,433,445 | |||||||
6.20% 7/1/45 | 2,000,000 | 1,947,180 | |||||||
Apple Valley Economic Development Authority Health | |||||||||
Care Revenue (Augustana Home St. Paul Project) | |||||||||
Series A 6.00% 1/1/40 | 2,700,000 | 2,379,051 | |||||||
Bemidji Health Care Facilities First Mortgage Revenue | |||||||||
(North Country Health Services) | |||||||||
5.00% 9/1/24 (RADIAN) | 740,000 | 712,553 | |||||||
5.00% 9/1/31 (RADIAN) | 500,000 | 447,965 | |||||||
Breckenridge Catholic Health Initiatives | |||||||||
Series A 5.00% 5/1/30 | 2,500,000 | 2,478,525 | |||||||
Fergus Falls Health Care Facilities Revenue | |||||||||
(Lake Region Health Care) | |||||||||
5.15% 8/1/35 | 1,250,000 | 1,116,113 | |||||||
5.40% 8/1/40 | 1,000,000 | 901,010 | |||||||
Maple Grove Health Care System Revenue | |||||||||
(Maple Grove Hospital) 5.25% 5/1/37 | 2,950,000 | 2,652,286 | |||||||
Minneapolis Health Care Facilities Revenue | |||||||||
(Jones-Harrison Residence Project) 5.60% 10/1/30 | 1,050,000 | 877,265 |
Principal amount | Value | ||||||||
Municipal Bonds (continued) | |||||||||
Healthcare Revenue Bonds (continued) | |||||||||
Minneapolis Health Care System Revenue | |||||||||
(Fairview Health Services) | |||||||||
Series A 6.625% 11/15/28 | $ | 3,000,000 | $ | 3,238,860 | |||||
Series B 6.50% 11/15/38 (ASSURED GTY) | 1,140,000 | 1,205,995 | |||||||
Series D | |||||||||
5.00% 11/15/30 (AMBAC) | 2,500,000 | 2,341,925 | |||||||
5.00% 11/15/34 (AMBAC) | 4,750,000 | 4,325,873 | |||||||
Minneapolis National Marrow Donor Program | |||||||||
Project Revenue 4.875% 8/1/25 | 4,000,000 | 3,816,320 | |||||||
Minneapolis - St. Paul Housing & Redevelopment | |||||||||
Authority Health Care Revenue | |||||||||
(Children’s Hospital) Series A | |||||||||
5.00% 8/15/30 | 2,750,000 | 2,699,620 | |||||||
5.25% 8/15/35 | 2,085,000 | 2,053,892 | |||||||
(Health Partners Obligation Group Project) | |||||||||
5.875% 12/1/29 | 1,000,000 | 1,002,290 | |||||||
Minnesota Agricultural & Economic | |||||||||
Development Board Revenue | |||||||||
(Benedictine Health Systems) 5.75% 2/1/29 | 1,895,000 | 1,609,840 | |||||||
(Essentia Remarketing) Series C-1 | |||||||||
5.00% 2/15/30 (ASSURED GTY) | 5,725,000 | 5,577,753 | |||||||
5.25% 2/15/23 (ASSURED GTY) | 5,000,000 | 5,330,600 | |||||||
5.50% 2/15/25 (ASSURED GTY) | 5,120,000 | 5,429,811 | |||||||
(Fairview Health Care System) | |||||||||
Un-Refunded Balance Series A | |||||||||
5.75% 11/15/26 (NATL-RE) | 180,000 | 180,014 | |||||||
6.375% 11/15/29 | 15,000 | 15,057 | |||||||
Northfield Hospital Revenue 5.375% 11/1/26 | 3,785,000 | 3,569,217 | |||||||
Rochester Health Care & Housing Revenue Refunding | |||||||||
(Samaritan Bethany) Series A 7.375% 12/1/41 | 5,220,000 | 5,209,664 | |||||||
Rochester Health Care Facilities Revenue | |||||||||
(Mayo Clinic) Remarketing Series D 5.00% 11/15/38 | 6,405,000 | 6,371,182 | |||||||
(Olmsted Medical Center) 5.875% 7/1/30 | 1,850,000 | 1,768,582 | |||||||
Sartell Health Care Facilities Revenue | |||||||||
(Country Manor Campus) Series A 6.375% 9/1/42 | 2,435,000 | 2,292,309 | |||||||
Shakopee Health Care Facilities Revenue | |||||||||
(St. Francis Regional Medical Center) | |||||||||
5.10% 9/1/25 | 2,000,000 | 1,918,220 | |||||||
5.25% 9/1/34 | 7,000,000 | 6,351,100 |
Principal amount | Value | ||||||||
Municipal Bonds (continued) | |||||||||
Healthcare Revenue Bonds (continued) | |||||||||
Sherburne County Health Care Facilities Revenue | |||||||||
(Guardian Angels Health Services) 5.55%10/1/36
|
$ | 1,500,000 | $ | 1,200,900 | |||||
St. Cloud Health Care Revenue | |||||||||
(Centracare Health System Project)
|
|||||||||
5.375% 5/1/31 (ASSURED GTY)
|
1,000,000 | 1,013,780 | |||||||
5.50% 5/1/39 (ASSURED GTY)
|
6,000,000 | 6,012,000 | |||||||
Series A
|
|||||||||
5.00% 5/1/25
|
1,035,000 | 1,041,241 | |||||||
5.125% 5/1/30
|
10,350,000 | 10,317,914 | |||||||
St. Louis Park Health Care Facilities Revenue | |||||||||
(Park Nicollet Health Services)
|
|||||||||
Refunding 5.75% 7/1/39
|
16,975,000 | 16,045,957 | |||||||
Series C
|
|||||||||
5.50% 7/1/23
|
3,000,000 | 3,065,130 | |||||||
5.625% 7/1/26
|
1,925,000 | 1,911,179 | |||||||
5.75% 7/1/30
|
5,000,000 | 4,936,400 | |||||||
St. Paul Housing & Redevelopment Authority | |||||||||
Health Care Facilities Revenue
|
|||||||||
(Health Partners Obligation Group Project)
|
|||||||||
5.25% 5/15/36
|
7,900,000 | 6,831,367 | |||||||
(Senior Carondelet Village Project)
|
|||||||||
Series A 6.00% 8/1/42
|
3,075,000 | 2,824,019 | |||||||
St. Paul Housing & Redevelopment Authority | |||||||||
Health Care Revenue (Allina Health System)
|
|||||||||
Series A 5.00% 11/15/18 (NATL-RE)
|
5,720,000 | 6,140,592 | |||||||
Series A-1 5.25% 11/15/29
|
5,605,000 | 5,627,868 | |||||||
St. Paul Housing & Redevelopment Authority | |||||||||
Hospital Revenue (Health East Project)
|
|||||||||
6.00% 11/15/30
|
4,000,000 | 3,486,760 | |||||||
6.00% 11/15/35
|
10,340,000 | 8,789,516 | |||||||
Series A 5.70% 11/1/15
|
990,000 | 984,308 | |||||||
St. Paul Housing & Redevelopment Authority | |||||||||
Multifamily Housing Revenue Refunding
|
|||||||||
(Marion Center Project) Series A
|
|||||||||
5.30% 11/1/30
|
500,000 | 393,930 | |||||||
5.375% 5/1/43
|
500,000 | 366,610 |
Principal amount | Value | ||||||||
Municipal Bonds (continued) | |||||||||
Healthcare Revenue Bonds (continued) | |||||||||
Stillwater Health Care Revenue (Health System | |||||||||
Obligation Group) 5.00% 6/1/35
|
$ | 1,000,000 | $ | 878,750 | |||||
Washington County Housing & Redevelopment | |||||||||
Authority Hospital Facilities Revenue
|
|||||||||
(Health East Project) 5.50% 11/15/27
|
1,000,000 | 861,390 | |||||||
165,745,175 | |||||||||
Housing Revenue Bonds – 7.18% | |||||||||
Minneapolis Multifamily Housing Revenue | |||||||||
(Bottineau Commons Project)
|
|||||||||
5.45% 4/20/43 (GNMA) (AMT)
|
1,500,000 | 1,464,330 | |||||||
(Grant Street Apartments Project) Refunding Series A
|
|||||||||
7.25% 11/1/29
|
750,000 | 751,283 | |||||||
(Seward Towers Project) 5.00% 5/20/36 (GNMA)
|
8,000,000 | 7,864,240 | |||||||
(Sumner Field) Series A 5.50% 11/20/26 (GNMA) (AMT)
|
860,000 | 864,842 | |||||||
(Trinity Apartments) Refunding Series A
|
|||||||||
6.75% 5/1/21 (HUD)
|
1,450,000 | 1,453,364 | |||||||
Minnesota Housing Finance Agency Rental Housing | |||||||||
Revenue Series C-2 5.95% 2/1/15 (AMBAC)
|
1,410,000 | 1,413,581 | |||||||
Minnesota Housing Finance Agency (Residential Housing) | |||||||||
Series A 5.30% 7/1/19
|
400,000 | 401,508 | |||||||
Series B-1 5.35% 1/1/33 (AMT)
|
2,305,000 | 2,240,345 | |||||||
•Series D 4.80% 7/1/38 (AMT)
|
2,500,000 | 2,223,475 | |||||||
Series I 4.85% 7/1/38 (AMT)
|
2,000,000 | 1,791,680 | |||||||
Series I 5.15% 7/1/38 (AMT)
|
5,405,000 | 5,037,622 | |||||||
Series L 5.10% 7/1/38 (AMT)
|
9,910,000 | 9,167,741 | |||||||
Series M 4.875% 7/1/37 (AMT)
|
4,500,000 | 4,058,775 | |||||||
@ | Washington County Housing & Redevelopment | ||||||||
Authority Governmental Revenue Refunding
|
|||||||||
(Briar Pond Project) Series C 7.25% 8/20/34
|
910,000 | 741,914 | |||||||
White Bear Lake Multifamily Revenue Refunding | |||||||||
(Lake Square Apartments) Series A 5.875% 2/1/15 (FHA)
|
565,000 | 566,384 | |||||||
Willmar Housing & Redevelopment Authority | |||||||||
Multifamily Housing Revenue
|
|||||||||
(Highland Apartments) 5.85% 6/1/19 (HUD)
|
700,000 | 700,077 | |||||||
40,741,161 |
Principal amount | Value | ||||||||
Municipal Bonds (continued) | |||||||||
Lease Revenue Bonds – 3.48% | |||||||||
Minneapolis Special School District #001 Series A | |||||||||
5.00% 2/1/18 (AGM)
|
$ | 1,545,000 | $ | 1,592,524 | |||||
5.00% 2/1/19 (AGM)
|
1,535,000 | 1,582,217 | |||||||
5.00% 2/1/20 (AGM)
|
1,690,000 | 1,741,984 | |||||||
St. Paul Port Authority Lease Revenue | |||||||||
(Cedar Street Office Building Project)
|
|||||||||
5.00% 12/1/22
|
2,500,000 | 2,561,475 | |||||||
5.25% 12/1/27
|
3,840,000 | 3,888,845 | |||||||
Series 3-12 5.125% 12/1/27
|
3,000,000 | 3,049,080 | |||||||
(Robert Street Office Building Project)
|
|||||||||
Series 3-11 4.75% 12/1/23
|
2,000,000 | 2,037,280 | |||||||
Series 3-11 5.00% 12/1/27
|
2,500,000 | 2,532,875 | |||||||
Series 9 5.25% 12/1/27
|
725,000 | 734,222 | |||||||
19,720,502 | |||||||||
Local General Obligation Bonds – 16.33% | |||||||||
Anoka County Capital Improvement Series A | |||||||||
5.00% 2/1/19
|
1,270,000 | 1,491,564 | |||||||
5.00% 2/1/22
|
500,000 | 560,320 | |||||||
Brainerd Independent School District #181 Refunding | |||||||||
(School Building) Series A
|
|||||||||
4.00% 2/1/22
|
3,255,000 | 3,355,352 | |||||||
4.00% 2/1/23
|
5,990,000 | 6,100,336 | |||||||
Centennial Independent School District #012 | |||||||||
Series A 5.00% 2/1/18 (AGM)
|
1,270,000 | 1,315,098 | |||||||
Farmington Independent School District #192 Series B | |||||||||
5.00% 2/1/27 (AGM)
|
10,705,000 | 10,731,012 | |||||||
^Capital Appreciation 5.34% 2/1/21 (AGM)
|
1,500,000 | 914,745 | |||||||
^Capital Appreciation 5.424% 2/1/20 (AGM)
|
1,650,000 | 1,061,280 | |||||||
Hennepin County Series B 4.00% 12/1/20 | 5,255,000 | 5,765,050 | |||||||
Lakeville Independent School District #194 | |||||||||
Series A 4.75% 2/1/22 (AGM)
|
6,850,000 | 7,001,454 | |||||||
^ | Mahtomedi Independent School District #832 | ||||||||
Capital Appreciation Series B 5.90% 2/1/14 (NATL-RE)
|
1,540,000 | 1,472,471 | |||||||
Metropolitan Council Minneapolis-St. Paul | |||||||||
Metropolitan Area Waste Water Treatment
|
|||||||||
Series B 5.00% 12/1/21
|
1,200,000 | 1,295,556 | |||||||
Series C
|
|||||||||
5.00% 3/1/16
|
1,440,000 | 1,664,899 | |||||||
5.00% 3/1/28
|
5,000,000 | 5,223,750 |
Principal amount | Value | ||||||||
Municipal Bonds (continued) | |||||||||
Local General Obligation Bonds (continued) | |||||||||
Minneapolis Library 5.00% 12/1/25 | $ | 1,500,000 | $ | 1,530,915 | |||||
Morris Independent School District #769 Building | |||||||||
5.00% 2/1/24 (NATL-RE)
|
4,875,000 | 5,196,945 | |||||||
Mounds View Independent School District #621 Series A | |||||||||
5.00% 2/1/20 (NATL-RE)
|
2,970,000 | 3,094,532 | |||||||
New Brighton Tax Increment Series A | |||||||||
5.00% 2/1/27 (NATL-RE)
|
1,000,000 | 1,040,220 | |||||||
Osseo Independent School District #279 Series A | |||||||||
5.00% 2/1/21 (AGM)
|
3,570,000 | 3,694,093 | |||||||
Prior Lake Independent School District #719 Series B | |||||||||
5.00% 2/1/19 (AGM)
|
3,145,000 | 3,415,910 | |||||||
Ramsey County State Aid Series C 5.00% 2/1/28 | 1,060,000 | 1,073,865 | |||||||
Robbinsdale Independent School District #281 | |||||||||
5.00% 2/1/21 (AGM)
|
1,310,000 | 1,351,042 | |||||||
^ | Rosemount Independent School District #196 | ||||||||
Capital Appreciation Series B 6.008% 4/1/13 (AGM)
|
1,915,000 | 1,870,591 | |||||||
^ | Sartell - St. Stephen Independent School District #748 | ||||||||
Capital Appreciation Refunding Series B
|
|||||||||
5.976% 2/1/13 (NATL-RE)
|
540,000 | 522,326 | |||||||
6.10% 2/1/15 (NATL-RE)
|
1,075,000 | 981,841 | |||||||
6.15% 2/1/16 (NATL-RE)
|
1,750,000 | 1,534,278 | |||||||
South Washington County Independent School | |||||||||
District #833 Series A
|
|||||||||
4.75% 2/1/25
|
2,500,000 | 2,585,300 | |||||||
4.75% 2/1/26
|
3,600,000 | 3,692,772 | |||||||
4.75% 2/1/27
|
2,300,000 | 2,349,588 | |||||||
St. Michael - Albertville Independent School District #885 | |||||||||
5.00% 2/1/20 (AGM)
|
1,970,000 | 2,039,955 | |||||||
5.00% 2/1/27 (AGM)
|
3,435,000 | 3,556,977 | |||||||
Todd Morrison Cass & Wadena Counties Staples United | |||||||||
Hospital District (Health Care Facilities-Lakewood)
|
|||||||||
5.00% 12/1/21
|
2,000,000 | 2,071,140 | |||||||
5.125% 12/1/24
|
1,000,000 | 1,026,190 | |||||||
Willmar City (Rice Memorial Hospital Project) | |||||||||
5.00% 2/1/22 (AGM)
|
1,000,000 | 1,040,700 | |||||||
5.00% 2/1/25 (AGM)
|
1,000,000 | 1,010,810 | |||||||
92,632,877 |
Principal amount | Value | ||||||||
Municipal Bonds (continued) | |||||||||
§Pre-Refunded/Escrowed to Maturity Bonds – 16.25% | |||||||||
Dakota County Community Development Agency | |||||||||
(Senior Housing Facilities) 5.00% 1/1/21-12
|
$ | 1,275,000 | $ | 1,323,833 | |||||
Dakota-Washington Counties Housing & Redevelopment | |||||||||
Authority Single Family Residential Mortgage Revenue
|
|||||||||
8.15% 9/1/16 (GNMA) (NATL-RE) (IBC)
|
405,000 | 511,985 | |||||||
(Anoka County) 8.45% 9/1/19 (GNMA) (AMT)
|
9,000,000 | 11,921,670 | |||||||
(Bloomington Mortgage) Refunding Series B
|
|||||||||
8.375% 9/1/21 (GNMA) (FHA) (VA) (AMT)
|
14,115,000 | 18,825,034 | |||||||
Duluth Economic Development Authority Health | |||||||||
Care Facilities Revenue
|
|||||||||
(Benedictine Health System - St. Mary’s Hospital)
|
|||||||||
5.25% 2/15/33-14
|
3,500,000 | 3,921,645 | |||||||
5.50% 2/15/23-14
|
1,000,000 | 1,127,740 | |||||||
Hopkins Housing & Redevelopment Authority | |||||||||
(Public Works & Fire Station) Series A
|
|||||||||
5.00% 2/1/23-13 (NATL-RE)
|
1,210,000 | 1,310,478 | |||||||
Minneapolis Health Care System Revenue | |||||||||
(Allina Health Systems) Series A 5.75% 11/15/32-12
|
10,000,000 | 10,885,700 | |||||||
Minnesota State 5.00% 8/1/21-12 | 2,400,000 | 2,552,616 | |||||||
Southern Minnesota Municipal Power Agency Power | |||||||||
Supply Revenue Series A
|
|||||||||
5.75% 1/1/18-13
|
3,790,000 | 4,061,250 | |||||||
5.75% 1/1/18-13 (AMBAC) (TCRS)
|
670,000 | 717,952 | |||||||
5.75% 1/1/18-13 (NATL-RE) (IBC)
|
1,000,000 | 1,071,570 | |||||||
Refunding Series B 5.50% 1/1/15 (AMBAC)
|
990,000 | 1,021,789 | |||||||
St. Louis Park Health Care Facilities Revenue | |||||||||
(Park Nicollet Health Services) Series B
|
|||||||||
5.25% 7/1/30-14
|
9,420,000 | 10,627,832 | |||||||
5.50% 7/1/25-14
|
2,000,000 | 2,272,720 | |||||||
University of Minnesota Series A | |||||||||
5.50% 7/1/21
|
12,500,000 | 14,535,000 | |||||||
5.75% 7/1/18
|
3,840,000 | 4,560,538 | |||||||
Western Minnesota Municipal Power Agency Supply | |||||||||
Revenue Series A 9.75% 1/1/16 (NATL-RE)
|
715,000 | 938,981 | |||||||
92,188,333 |
Principal amount | Value | ||||||||
Municipal Bonds (continued) | |||||||||
Special Tax Revenue Bonds – 2.34% | |||||||||
Hennepin County Sales Tax Revenue | |||||||||
(Second Lien - Ballpark Project) Series B
|
|||||||||
5.00% 12/15/19
|
$ | 2,100,000 | $ | 2,365,377 | |||||
5.00% 12/15/20
|
1,000,000 | 1,115,730 | |||||||
5.00% 12/15/24
|
1,150,000 | 1,230,213 | |||||||
Minneapolis Development Revenue | |||||||||
(Limited Tax Supported Common Bond Fund) | |||||||||
Series 2A 6.00% 12/1/40
|
3,000,000 | 2,968,860 | |||||||
Minneapolis Tax Increment Revenue Refunding | |||||||||
(St. Anthony Falls Project) 5.75% 2/1/27
|
1,000,000 | 872,390 | |||||||
Puerto Rico Sales Tax Financing Corporation Revenue | |||||||||
First Subordinate Series B 5.75% 8/1/37
|
4,760,000 | 4,727,774 | |||||||
13,280,344 | |||||||||
State General Obligation Bonds – 2.70% | |||||||||
Minnesota State | |||||||||
5.00% 10/1/15
|
5,000,000 | 5,746,050 | |||||||
Series A 5.00% 12/1/21
|
5,000,000 | 5,741,300 | |||||||
Minnesota State Refunding Various Purposes | |||||||||
Series D 4.00% 8/1/17
|
1,000,000 | 1,112,040 | |||||||
Puerto Rico Commonwealth Public Improvement | |||||||||
Refunding Series C 6.00% 7/1/39
|
2,800,000 | 2,732,688 | |||||||
15,332,078 | |||||||||
Transportation Revenue Bonds – 2.69% | |||||||||
Minneapolis - St. Paul Metropolitan Airports | |||||||||
Commission Revenue Series A
|
|||||||||
5.00% 1/1/15 (AMT)
|
3,095,000 | 3,325,485 | |||||||
5.00% 1/1/22 (NATL-RE)
|
2,000,000 | 2,020,180 | |||||||
5.00% 1/1/28
|
1,250,000 | 1,267,763 | |||||||
5.25% 1/1/16 (NATL-RE)
|
1,460,000 | 1,541,249 | |||||||
St. Paul Housing & Redevelopment Authority Parking | |||||||||
Revenue Refunding (Parking Facilities Project)
|
|||||||||
Series A
|
|||||||||
5.00% 8/1/30
|
1,870,000 | 1,840,248 | |||||||
5.00% 8/1/35
|
1,145,000 | 1,062,720 | |||||||
Series B 5.00% 8/1/35
|
1,500,000 | 1,392,210 | |||||||
St. Paul Port Authority Revenue Refunding | |||||||||
(Amherst H. Wilder Foundation) Series 3 5.00% 12/1/36
|
3,200,000 | 2,809,248 | |||||||
15,259,103 |
Principal amount | Value | ||||||||
Municipal Bonds (continued) | |||||||||
Water & Sewer Revenue Bond – 0.21% | |||||||||
Minnesota Public Facilities Authority Water Pollution | |||||||||
Control Revenue Refunding Series B
|
|||||||||
5.00% 3/1/19
|
$ | 1,000,000 | $ | 1,176,370 | |||||
1,176,370 | |||||||||
Total Municipal Bonds (cost $559,652,298) | 561,859,796 | ||||||||
Number of shares | |||||||||
Short-Term Investments – 0.37% | |||||||||
Money Market Instrument – 0.03% | |||||||||
Federated Minnesota Municipal Cash Trust | 186,397 | 186,397 | |||||||
186,397 | |||||||||
Principal amount | |||||||||
¤Variable Rate Demand Notes – 0.34% | |||||||||
Minneapolis & St. Paul Housing & | |||||||||
Redevelopment Authority Health Care Revenue
|
|||||||||
(Allina Health System) Series B-2 0.19% 11/15/35
|
|||||||||
(LOC – JPMorgan Chase Bank)
|
$ | 1,500,000 | 1,500,000 | ||||||
Robbinsdale Revenue Refunding (North Memorial) | |||||||||
Series A-3 0.23% 5/1/33 (LOC – Wells Fargo Bank N.A)
|
400,000 | 400,000 | |||||||
1,900,000 | |||||||||
Total Short-Term Investments (cost $2,086,397) | 2,086,397 | ||||||||
Total Value of Securities – 99.42% | |||||||||
(cost $561,738,695) | 563,946,193 | ||||||||
Receivables and Other Assets | |||||||||
Net of Liabilities – 0.58% | 3,303,629 | ||||||||
Net Assets Applicable to 47,424,560 | |||||||||
Shares Outstanding – 100.00% | $ | 567,249,822 | |||||||
Net Asset Value – Delaware Tax-Free Minnesota Fund | |||||||||
Class A ($528,663,950 / 44,207,171 Shares) | $11.96 | ||||||||
Net Asset Value – Delaware Tax-Free Minnesota Fund | |||||||||
Class B ($5,085,839 / 424,973 Shares) | $11.97 | ||||||||
Net Asset Value – Delaware Tax-Free Minnesota Fund | |||||||||
Class C ($33,500,033 / 2,792,416 Shares) | $12.00 |
Components of Net Assets at February 28, 2011: | ||||
Shares of beneficial interest (unlimited authorization – no par) | $ | 561,732,978 | ||
Distributions in excess of net investment income | (145,618 | ) | ||
Accumulated net realized gain on investments | 3,454,964 | |||
Net unrealized appreciation of investments | 2,207,498 | |||
Total net assets | $ | 567,249,822 |
^ |
Zero coupon security. The rate shown is the yield at the time of purchase.
|
• |
Variable rate security. The rate shown is the rate as of February 28, 2011. Interest rates reset periodically.
|
§ | Pre-Refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 9 in “Notes to financial statements.” |
@ |
Illiquid security. At February 28, 2011, the aggregate amount of illiquid securities was $741,914, which represented 0.13% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
|
¤ |
Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to such instrument.
|
Net Asset Value and Offering Price Per Share – | |||
Delaware Tax-Free Minnesota Fund | |||
Net asset value Class A (A) | $ | 11.96 | |
Sales charge (4.50% of offering price) (B) | 0.56 | ||
Offering price | $ | 12.52 |
(A) | Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares. |
(B) | See the current prospectus for purchases of $100,000 or more. |
Delaware Tax-Free Minnesota Intermediate Fund | February 28, 2011 (Unaudited) |
Principal amount | Value | ||||||||
Municipal Bonds – 98.01% | |||||||||
Corporate-Backed Revenue Bonds – 1.63% | |||||||||
Laurentian Energy Authority I Cogeneration Revenue | |||||||||
Series A 5.00% 12/1/21
|
$ | 750,000 | $ | 741,953 | |||||
Minneapolis Community Development Agency (Limited Tax | |||||||||
Common Bond Fund) Series 4 6.20% 6/1/17 (AMT)
|
870,000 | 874,637 | |||||||
1,616,590 | |||||||||
Education Revenue Bonds – 11.27% | |||||||||
Minnesota Colleges & Universities Revenue Fund | |||||||||
Series A 5.00% 10/1/28
|
1,000,000 | 1,044,560 | |||||||
Minnesota Higher Education Facilities Authority Revenue | |||||||||
(Carleton College) Series 6-T 4.75% 1/1/23
|
1,000,000 | 1,060,120 | |||||||
(Hamline University) Series 7-E 5.00% 10/1/29
|
250,000 | 243,205 | |||||||
(Macalester College) Series 6-P 4.25% 3/1/27
|
750,000 | 715,088 | |||||||
(St. Johns University) Series 6-U
|
|||||||||
4.40% 10/1/21
|
325,000 | 338,182 | |||||||
4.50% 10/1/23
|
265,000 | 270,769 | |||||||
(State Scholastic College) Series H 5.125% 12/1/30
|
1,000,000 | 976,250 | |||||||
(University of St. Thomas)
|
|||||||||
Series 5-Y 5.25% 10/1/19
|
1,590,000 | 1,685,574 | |||||||
Series 6-X 5.00% 4/1/24
|
1,000,000 | 1,036,580 | |||||||
St. Cloud Housing & Redevelopment Authority Revenue | |||||||||
(State University Foundation Project) 5.00% 5/1/23
|
1,000,000 | 1,016,700 | |||||||
University of Minnesota Series A 5.00% 12/1/23 | 1,000,000 | 1,114,200 | |||||||
University of Minnesota Special Purpose Revenue | |||||||||
(State Supported Stadium Debt) 5.00% 8/1/18
|
1,500,000 | 1,663,005 | |||||||
11,164,233 | |||||||||
Electric Revenue Bonds – 7.21% | |||||||||
Chaska Electric Revenue Refunding | |||||||||
(Generating Facilities) Series A 5.25% 10/1/25
|
1,000,000 | 1,022,850 | |||||||
Minnesota Municipal Power Agency Electric Revenue | |||||||||
5.25% 10/1/21
|
1,000,000 | 1,062,700 | |||||||
Northern Municipal Power Agency Electric | |||||||||
System Revenue Series A
|
|||||||||
5.00% 1/1/13 (ASSURED GTY)
|
1,200,000 | 1,272,828 | |||||||
5.00% 1/1/14 (ASSURED GTY)
|
510,000 | 551,754 | |||||||
5.00% 1/1/15 (ASSURED GTY)
|
1,000,000 | 1,092,530 | |||||||
5.00% 1/1/17 (ASSURED GTY)
|
1,000,000 | 1,106,400 |
Principal amount | Value | ||||||||
Municipal Bonds (continued) | |||||||||
Electric Revenue Bonds (continued) | |||||||||
Southern Minnesota Municipal Power Agency | |||||||||
Supply System Revenue Series A 5.25% 1/1/30
|
$ | 1,000,000 | $ | 1,031,030 | |||||
7,140,092 | |||||||||
Healthcare Revenue Bonds – 24.33% | |||||||||
Bemidji Health Care Facilities First Mortgage Revenue | |||||||||
(North Country Health Services) 5.00% 9/1/31 (RADIAN)
|
650,000 | 582,355 | |||||||
Fergus Falls Health Care Facilities Revenue | |||||||||
(Lake Region Health Care) 4.75% 8/1/25
|
500,000 | 469,610 | |||||||
Glencoe Health Care Facilities Revenue | |||||||||
(Glencoe Regional Health Services Project) 5.00% 4/1/31
|
1,000,000 | 880,910 | |||||||
Minneapolis Health Care System Revenue (Fairview Health | |||||||||
Services) Series A 6.625% 11/15/28
|
1,500,000 | 1,619,430 | |||||||
Minneapolis National Marrow Donor Program | |||||||||
Project Revenue 5.00% 8/1/17
|
1,205,000 | 1,283,180 | |||||||
Minneapolis-St. Paul Housing & Redevelopment | |||||||||
Authority Health Care Revenue
|
|||||||||
(Children’s Hospital) Series A 5.25% 8/15/25
|
1,000,000 | 1,030,660 | |||||||
(Health Partners Obligation Group Project) 6.00% 12/1/17
|
850,000 | 895,305 | |||||||
Minnesota Agricultural & Economic Development Board | |||||||||
Health Care Revenue (Essentia Remarketing)
|
|||||||||
Series C-1 5.50% 2/15/25 (ASSURED GTY)
|
2,500,000 | 2,651,274 | |||||||
Moorhead Economic Development Authority | |||||||||
Multifamily Housing Revenue Refunding
|
|||||||||
(Eventide Lutheran Home Project) 4.70% 6/1/18
|
475,000 | 445,702 | |||||||
Rochester Health Care & Housing Revenue | |||||||||
(Samaritan Bethany) Refunding Series A 6.875% 12/1/29
|
950,000 | 936,586 | |||||||
Rochester Health Care Facilities Revenue | |||||||||
(Olmsted Medical Center) 5.125% 7/1/20
|
1,000,000 | 1,014,020 | |||||||
Sartell Health Care Facilities (Country Manor Campus) | |||||||||
Series A 6.125% 9/1/30
|
845,000 | 803,975 | |||||||
St. Cloud Health Care Revenue | |||||||||
(Centracare Health System Project)
|
|||||||||
Series A 5.125% 5/1/30
|
2,445,000 | 2,437,421 | |||||||
St. Louis Park Health Care Facilities Revenue Refunding | |||||||||
(Park Nicollet Health Services)
|
|||||||||
5.50% 7/1/29
|
1,000,000 | 961,950 | |||||||
Series C 5.625% 7/1/26
|
2,500,000 | 2,482,050 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
St. Paul Housing & Redevelopment Authority | |||||||
Health Care Revenue (Allina Health System) | |||||||
Series A-2 5.25% 11/15/28 | $2,000,000 | $ | 2,010,940 | ||||
St. Paul Housing & Redevelopment Authority Hospital | |||||||
Revenue (Health East Project) Series B 5.85% 11/1/17 | 1,160,000 | 1,144,804 | |||||
St. Paul Housing & Redevelopment Authority Housing & | |||||||
Health Care Facilities Revenue | |||||||
(Gillette Children’s Specialty Project) | |||||||
5.00% 2/1/20 | 500,000 | 509,150 | |||||
5.00% 2/1/27 | 1,000,000 | 952,460 | |||||
(Senior Carondelet Village Project) Series A 6.25% 8/1/30 | 1,000,000 | 997,710 | |||||
24,109,492 | |||||||
Housing Revenue Bonds – 2.10% | |||||||
Minneapolis Multifamily Housing Revenue Refunding | |||||||
(Trinity Apartments) Series A 6.75% 5/1/21 (HUD) | 1,515,000 | 1,518,515 | |||||
Minnesota Housing Finance Agency Residential Housing | |||||||
Series I 5.10% 7/1/20 (AMT) | 560,000 | 563,713 | |||||
2,082,228 | |||||||
Lease Revenue Bonds – 1.88% | |||||||
St. Paul Housing & Redevelopment Authority Refunding | |||||||
(Minnesota Public Radio Project) 5.00%12/1/25 | 1,000,000 | 1,019,270 | |||||
Virginia Housing & Redevelopment Authority Health | |||||||
Care Facility Lease Revenue 5.25% 10/1/25 | 880,000 | 844,017 | |||||
1,863,287 | |||||||
Local General Obligation Bonds – 24.09% | |||||||
Anoka County Capital Improvements | |||||||
Series A 4.00% 2/1/17 | 1,175,000 | 1,301,172 | |||||
Series C 5.00% 2/1/27 | 500,000 | 530,435 | |||||
Anoka-Hennepin Independent School District #11 | |||||||
Refunding 5.00% 2/1/17 | 1,000,000 | 1,152,030 | |||||
Brainerd Independent School District #181 Refunding | |||||||
(School Building) Series A 4.00% 2/1/22 | 2,500,000 | 2,577,074 | |||||
Centennial Independent School District #012 Series A | |||||||
5.00% 2/1/18 (AGM) | 1,000,000 | 1,035,510 | |||||
5.00% 2/1/20 (AGM) | 750,000 | 776,633 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Local General Obligation Bonds (continued) | |||||||
Duluth Independent School District #709 | |||||||
Revenue Certificates of Participation
|
|||||||
Series A 4.25% 2/1/20 (AGM)
|
$ | 1,710,000 | $ | 1,842,953 | |||
Hopkins Independent School District #270 5.125% 2/1/17 (FGIC) | 2,000,000 | 2,073,319 | |||||
Mankato Independent School District #77 (Formerly | |||||||
Blue Earth County Independent School District #10)
|
|||||||
4.125% 2/1/22
|
1,000,000 | 1,035,200 | |||||
Metropolitan Council Minneapolis-St. Paul Metropolitan | |||||||
Area Waste Water Treatment Series C
|
|||||||
5.00% 3/1/16
|
560,000 | 647,461 | |||||
5.00% 3/1/28
|
1,000,000 | 1,044,750 | |||||
Minneapolis Various Purposes 4.00% 12/1/23 | 1,500,000 | 1,529,250 | |||||
Osseo Independent School District #279 | |||||||
Series A 5.00% 2/1/21 (AGM)
|
1,500,000 | 1,552,140 | |||||
Robbinsdale Independent School District #281 | |||||||
Series A 5.00% 2/1/20
|
1,850,000 | 2,184,627 | |||||
South Washington County Independent School District #833 | |||||||
Series A 4.00% 2/1/22
|
750,000 | 766,838 | |||||
Series B 5.00% 2/1/16 (AGM)
|
1,560,000 | 1,626,160 | |||||
St. Paul Independent School District #625 (School Building) | |||||||
Series A 4.00% 2/1/15
|
1,020,000 | 1,110,892 | |||||
White Bear Lake Independent School District #624 (Formerly | |||||||
Joint Independent Consolidated Ramsey County School
|
|||||||
District #39 & Washington & Anoka Counties School
|
|||||||
District #103) Series B 4.75% 2/1/22
|
1,000,000 | 1,076,340 | |||||
23,862,784 | |||||||
§Pre-Refunded/Escrowed to Maturity Bonds – 5.58% | |||||||
Edina Housing & Redevelopment Authority Public | |||||||
Project Revenue (Appropriate Lease Obligation)
|
|||||||
5.125% 2/1/19-12
|
1,000,000 | 1,041,650 | |||||
Minnesota Public Facilities Authority Water Pollution | |||||||
Control Revenue Refunding Series C 5.00% 3/1/18-15
|
1,000,000 | 1,139,930 | |||||
St. Louis Park Health Care Facilities Revenue | |||||||
(Park Nicollet Health Services) Series B 5.50% 7/1/25-14
|
1,500,000 | 1,704,540 | |||||
University of Minnesota Series A | |||||||
5.75% 7/1/16
|
1,000,000 | 1,170,260 | |||||
5.75% 7/1/18
|
400,000 | 475,056 | |||||
5,531,436 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Special Tax Revenue Bonds – 6.73% | |||||||
Minneapolis Art Center Facilities Revenue | |||||||
(Walker Art Center Project) 5.125% 7/1/21
|
$ | 2,250,000 | $ | 2,278,080 | |||
@ | Minneapolis Tax Increment Revenue | ||||||
(Ivy Tower Project) 5.50% 2/1/22
|
415,000 | 297,783 | |||||
Minnesota 911 Revenue (Public Safety Radio | |||||||
Communication System Project) | |||||||
4.00% 6/1/14 (ASSURED GTY) | 1,370,000 | 1,491,971 | |||||
4.25% 6/1/18 (ASSURED GTY) | 1,170,000 | 1,309,230 | |||||
4.50% 6/1/25 (ASSURED GTY) | 1,000,000 | 1,034,600 | |||||
Puerto Rico Sales Tax Financing Sales Tax | |||||||
Revenue (First Subordinate) | |||||||
Series A 6.125% 8/1/29 | 250,000 | 256,938 | |||||
6,668,602 | |||||||
State General Obligation Bonds – 7.82% | |||||||
Minnesota State | |||||||
Refunding 5.00% 8/1/15 | 2,000,000 | 2,291,020 | |||||
Series A 5.00% 12/1/21 | 1,000,000 | 1,148,260 | |||||
Minnesota State Refunding (Various Purposes) Series D | |||||||
4.00% 8/1/17 | 1,395,000 | 1,551,296 | |||||
5.00% 8/1/16 | 1,475,000 | 1,714,422 | |||||
Puerto Rico Commonwealth Public Improvement | |||||||
Series A 5.50% 7/1/19 (NATL-RE) (IBC) | 1,000,000 | 1,038,870 | |||||
7,743,868 | |||||||
Transportation Revenue Bonds – 3.92% | |||||||
Minneapolis-St. Paul Metropolitan Airports Commission | |||||||
Refunding Series A 5.00% 1/1/13 (AMT) | 500,000 | 529,265 | |||||
Refunding Series B 5.00% 1/1/22 (AMT) | 1,000,000 | 1,025,690 | |||||
Refunding Series D 5.00% 1/1/22 (AMT) | 1,000,000 | 999,520 | |||||
Series A 5.00% 1/1/22 (AMBAC) | 1,260,000 | 1,324,991 | |||||
3,879,466 | |||||||
Water & Sewer Revenue Bond – 1.45% | |||||||
St. Paul Sewer Revenue Series D 5.00% 12/1/20 | 1,275,000 | 1,439,003 | |||||
1,439,003 | |||||||
Total Municipal Bonds (cost $95,103,599) | 97,101,081 |
Number of shares | Value | ||||||||
Short-Term Investments – 0.83% | |||||||||
Money Market Instrument – 0.02% | |||||||||
Federated Minnesota Municipal Cash Trust | 18,673 | $ | 18,673 | ||||||
18,673 | |||||||||
Principal amount | |||||||||
¤Variable Rate Demand Note – 0.81% | |||||||||
Minneapolis & St. Paul Housing & Redevelopment Authority | |||||||||
Health Care Revenue (Allina Health System) | |||||||||
Series B-2 0.19% 11/15/35 (LOC - JPMorgan Chase Bank) | $ | 800,000 | 800,000 | ||||||
800,000 | |||||||||
Total Short-Term Investments (cost $818,673) | 818,673 | ||||||||
Total Value of Securities – 98.84% | |||||||||
(cost $95,922,272) | 97,919,754 | ||||||||
Receivables and Other Assets | |||||||||
Net of Liabilities – 1.16% | 1,150,949 | ||||||||
Net Assets Applicable to 9,186,101 | |||||||||
Shares Outstanding – 100.00% | $ | 99,070,703 | |||||||
Net Asset Value – Delaware Tax-Free Minnesota Intermediate Fund | |||||||||
Class A ($85,143,583 / 7,897,069 Shares) | $ 10.78 | ||||||||
Net Asset Value – Delaware Tax-Free Minnesota Intermediate Fund | |||||||||
Class B ($145,033 / 13,412 Shares) | $ 10.81 | ||||||||
Net Asset Value – Delaware Tax-Free Minnesota Intermediate Fund | |||||||||
Class C ($13,782,087 / 1,275,620 Shares) | $ 10.80 | ||||||||
Components of Net Assets at February 28, 2011: | |||||||||
Shares of beneficial interest (unlimited authorization – no par) | $ | 97,817,996 | |||||||
Undistributed net investment income | 2,522 | ||||||||
Accumulated net realized loss on investments | (747,297 | ) | |||||||
Net unrealized appreciation of investments | 1,997,482 | ||||||||
Total net assets | $ | 99,070,703 |
@ | Illiquid security. At February 28, 2011, the aggregate amount of illiquid securities was $297,783, which represented 0.30% of the Fund’s net assets. See Note 9 in “Notes to financial statements.” |
§ | Pre-Refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 9 in “Notes to financial statements.” |
¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to such instrument. |
Net Asset Value and Offering Price Per Share – Delaware Tax-Free Minnesota Intermediate Fund |
|||
Net asset value Class A (A) | $ | 10.78 | |
Sales charge (2.75% of offering price) (B) | 0.30 | ||
Offering price | $ | 11.08 |
(A) | Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares. |
(B) | See the current prospectus for purchases of $100,000 or more. |
See accompanying notes, which are an integral part of the financial statements. |
Statements of net assets | |
Delaware Minnesota High-Yield Municipal Bond Fund | February 28, 2011 (Unaudited) |
Principal amount | Value | ||||||
Municipal Bonds – 98.92% | |||||||
Corporate-Backed Revenue Bonds – 4.40% | |||||||
Cloquet Pollution Control Revenue (Potlatch Project) | |||||||
5.90% 10/1/26 | $ | 1,700,000 | $ | 1,527,229 | |||
Laurentian Energy Authority I Cogeneration Revenue | |||||||
Series A 5.00% 12/1/21 | 1,750,000 | 1,731,222 | |||||
Puerto Rico Port Authority Revenue Special Facilities | |||||||
(American Airlines) Series A 6.25% 6/1/26 (AMT) | 1,390,000 | 1,146,778 | |||||
Sartell Environmental Improvement Revenue Refunding | |||||||
(International Paper) Series A 5.20% 6/1/27 | 1,750,000 | 1,652,578 | |||||
6,057,807 | |||||||
Education Revenue Bonds – 8.76% | |||||||
Baytown Township Lease Revenue | |||||||
(St. Croix Preparatory Academy) Series A 7.00% 8/1/38 | 500,000 | 455,485 | |||||
Duluth Housing & Redevelopment Authority | |||||||
Lease Revenue (Public School Academy) Series A | |||||||
5.875% 11/1/40 | 1,000,000 | 818,670 | |||||
Minnesota Higher Education Facilities Authority Revenue | |||||||
(Augsburg College) | |||||||
Series 6-C 5.00% 5/1/23 | 700,000 | 691,159 | |||||
Series 6-J1 5.00% 5/1/36 | 1,000,000 | 902,020 | |||||
(Bethel University) Series 6-R 5.50% 5/1/37 | 1,500,000 | 1,317,435 | |||||
(Macalester College) Series 6-P 4.25% 3/1/32 | 1,000,000 | 884,700 | |||||
(St. John’s University) Series 6-U 4.75% 10/1/33 | 825,000 | 767,151 | |||||
(St. Olaf) Series 6-O | |||||||
4.50% 10/1/32 | 1,000,000 | 894,720 | |||||
5.00% 10/1/22 | 1,000,000 | 1,051,770 | |||||
(State Scholastic College) Series H 5.125% 12/1/40 | 750,000 | 693,518 | |||||
(University of St. Thomas) | |||||||
Series 6-I 5.00% 4/1/23 | 1,500,000 | 1,560,930 | |||||
Series 7-A 5.00% 10/1/39 | 1,000,000 | 979,830 | |||||
University of Minnesota Series A 5.125% 4/1/34 | 1,000,000 | 1,038,240 | |||||
12,055,628 | |||||||
Electric Revenue Bonds – 7.29% | |||||||
Chaska Electric Revenue Refunding | |||||||
(Generating Facilities) Series A 5.25% 10/1/25 | 1,000,000 | 1,022,850 | |||||
Minnesota Municipal Power Agency Electric Revenue | |||||||
Series A 5.00% 10/1/34 | 2,750,000 | 2,671,955 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Electric Revenue Bonds (continued) | |||||||
Northern Municipal Power Agency Electric System | |||||||
Revenue Refunding Series A | |||||||
5.00% 1/1/16 (ASSURED GTY) | $ | 1,200,000 | $ | 1,323,864 | |||
5.00% 1/1/18 (ASSURED GTY) | 1,000,000 | 1,105,250 | |||||
Puerto Rico Electric Power Authority Revenue | |||||||
Series XX 5.25% 7/1/40 | 1,665,000 | 1,452,263 | |||||
Southern Minnesota Municipal Power Agency Supply | |||||||
System Revenue Series A 5.25% 1/1/16 (AMBAC) | 1,000,000 | 1,128,530 | |||||
Western Minnesota Municipal Power Agency Supply | |||||||
Revenue Series A 5.00% 1/1/30 (NATL-RE) | 1,335,000 | 1,336,308 | |||||
10,041,020 | |||||||
Healthcare Revenue Bonds – 34.90% | |||||||
Aitkin Health Care Facilities Revenue Refunding | |||||||
(Riverwood Health Care Center) 5.50% 2/1/24 | 700,000 | 637,665 | |||||
Anoka County Housing & Redevelopment Authority | |||||||
Revenue Series A 6.875% 5/1/40 | 1,000,000 | 958,110 | |||||
Apple Valley Economic Development Authority Health | |||||||
Care Revenue (Augustanna Home St. Paul Project) | |||||||
Series A 5.80% 1/1/30 | 1,000,000 | 900,430 | |||||
Bemidji Health Care Facilities First Mortgage Revenue | |||||||
(North Country Health Services) | |||||||
5.00% 9/1/31 (RADIAN) | 1,350,000 | 1,209,506 | |||||
Refunding 5.00% 9/1/20 | 1,150,000 | 1,167,124 | |||||
Breckenridge Catholic Health Initiatives | |||||||
Series A 5.00% 5/1/30 | 2,000,000 | 1,982,820 | |||||
Detroit Lakes Housing & Health Facilities Revenue | |||||||
Refunding (Mankato Lutheran Homes) | |||||||
Series D 5.50% 8/1/21 | 500,000 | 473,390 | |||||
Glencoe Health Care Facilities Revenue | |||||||
(Glencoe Regional Health Services Project) | |||||||
5.00% 4/1/20 | 1,100,000 | 1,103,575 | |||||
5.00% 4/1/31 | 1,965,000 | 1,730,988 | |||||
Mahtomedi Senior Housing Revenue Refunding | |||||||
(St. Andrews Village Project) 5.75% 12/1/40 | 1,000,000 | 800,550 | |||||
Maple Grove Health Care Facilities Revenue | |||||||
(North Memorial Health Care) 5.00% 9/1/35 | 1,880,000 | 1,644,586 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Maple Grove Health Care System Revenue | |||||||
(Maple Grove Hospital) | |||||||
5.25% 5/1/28 | $ | 2,200,000 | $ | 2,087,667 | |||
5.25% 5/1/37 | 1,000,000 | 899,080 | |||||
Minneapolis Health Care System Revenue | |||||||
(Fairview Health Services) | |||||||
Series A 6.625% 11/15/28 | 1,900,000 | 2,051,277 | |||||
Series B 6.50% 11/15/38 (ASSURED GTY) | 250,000 | 264,473 | |||||
Series D 5.00% 11/15/34 (AMBAC) | 3,000,000 | 2,732,129 | |||||
Minneapolis-St. Paul Housing & Redevelopment Authority | |||||||
(Health Partners Obligation Group Project) | |||||||
6.00% 12/1/17 | 525,000 | 552,983 | |||||
Minnesota Agricultural & Economic Development | |||||||
Board Revenue (Benedictine Health Systems) | |||||||
5.75% 2/1/29 | 1,000,000 | 849,520 | |||||
Moorhead Economic Development Authority | |||||||
Multifamily Housing Revenue Refunding | |||||||
(Eventide Project) Series A 5.15% 6/1/29 | 550,000 | 448,949 | |||||
Northfield Hospital Revenue 5.375% 11/1/31 | 1,000,000 | 915,370 | |||||
Oak Park Heights Housing Revenue | |||||||
(Oakgreen Commons Project) 7.00% 8/1/45 | 1,500,000 | 1,362,000 | |||||
Owatonna Senior Housing Revenue | |||||||
(Senior Living Project) Series A | |||||||
5.80% 10/1/29 | 400,000 | 360,452 | |||||
6.00% 4/1/41 | 1,250,000 | 1,070,413 | |||||
Rochester Health Care & Housing Revenue | |||||||
(Samaritan Bethany) Refunding Series A | |||||||
6.875% 12/1/29 | 1,000,000 | 985,880 | |||||
7.375% 12/1/41 | 375,000 | 374,258 | |||||
Sartell Health Care Facilities Revenue | |||||||
(Country Manor Campus) Series A 6.25% 9/1/36 | 925,000 | 872,284 | |||||
Shakopee Health Care Facilities Revenue | |||||||
(St. Francis Regional Medical Center) 5.25% 9/1/34 | 1,000,000 | 907,300 | |||||
St. Cloud Health Care Revenue | |||||||
(Centracare Health System Project) | |||||||
5.50% 5/1/39 (ASSURED GTY) | 1,500,000 | 1,503,000 | |||||
Series A 5.125% 5/1/30 | 2,125,000 | 2,118,412 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
St. Louis Park Health Care Facilities Revenue Refunding | |||||||
(Park Nicollet Health Services) | |||||||
5.75% 7/1/39 | $ | 1,500,000 | $ | 1,417,905 | |||
Series C 5.50% 7/1/23 | 1,000,000 | 1,021,710 | |||||
St. Paul Housing & Redevelopment Authority | |||||||
Health Care Facilities Revenue | |||||||
(Health Partners Obligation Group Project) | |||||||
5.25% 5/15/36 | 1,000,000 | 864,730 | |||||
(Senior Carondelet Village Project) Series A | |||||||
6.00% 8/1/42 | 770,000 | 707,153 | |||||
St. Paul Housing & Redevelopment Authority Health | |||||||
Care Revenue (Allina Health System) Series A | |||||||
5.00% 11/15/18 (NATL-RE) | 1,900,000 | 2,039,706 | |||||
St. Paul Housing & Redevelopment Authority Hospital | |||||||
Revenue (Health East Project) | |||||||
6.00% 11/15/25 | 1,000,000 | 931,480 | |||||
6.00% 11/15/30 | 1,000,000 | 871,690 | |||||
Series A 5.70% 11/1/15 | 600,000 | 596,550 | |||||
Series B 5.85% 11/1/17 | 250,000 | 246,725 | |||||
St. Paul Housing & Redevelopment Authority Multifamily | |||||||
Housing Revenue Refunding (Marion Center Project) | |||||||
Series A 5.375% 5/1/43 | 1,000,000 | 733,220 | |||||
Stillwater Health Care Revenue | |||||||
(Health System Obligation Group) | |||||||
5.00% 6/1/25 | 2,000,000 | 1,917,540 | |||||
5.00% 6/1/35 | 1,000,000 | 878,750 | |||||
@ | Twin Valley Congregate Housing Revenue | ||||||
(Living Options Project) 5.95% 11/1/28 | 1,825,000 | 1,553,422 | |||||
Winona Health Care Facilities Revenue Refunding | |||||||
(Winona Health Obligation Group) 5.15% 7/1/31 | 1,500,000 | 1,309,800 | |||||
48,054,572 | |||||||
Housing Revenue Bonds – 11.42% | |||||||
Chanhassen Multifamily Housing Revenue Refunding | |||||||
(Heritage Park Apartments Project) | |||||||
6.20% 7/1/30 (AMT) (FHA) (HUD) | 300,000 | 300,153 | |||||
Chaska Multifamily Housing Revenue | |||||||
(West Suburban Housing Partners Project) | |||||||
5.875% 3/1/31 (AMT) | 1,000,000 | 791,330 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Housing Revenue Bonds (continued) | |||||||
Minneapolis Multifamily Housing Revenue | |||||||
(Grant Street Apartments Project) Refunding | |||||||
Series A 7.25% 11/1/29 | $ | 2,085,000 | $ | 2,088,565 | |||
(Olson Townhomes Project) 6.00% 12/1/19 (AMT) | 1,180,000 | 1,180,189 | |||||
(Trinity Apartments) Refunding | |||||||
Series A 6.75% 5/1/21 (HUD) | 560,000 | 561,299 | |||||
Minneapolis-St. Paul Housing Finance Board Single | |||||||
Family Mortgage (City Living Project) | |||||||
Series A-2 5.00% 12/1/38 (GNMA) (FNMA) (AMT) | 666,574 | 615,608 | |||||
Minnesota Housing Finance Agency | |||||||
(Rental Housing) | |||||||
Series A 4.875% 8/1/24 (AMT) | 585,000 | 571,738 | |||||
Series A-1 5.00% 8/1/40 (AMT) | 2,265,000 | 2,048,896 | |||||
(Residential Housing) | |||||||
Series G 5.00% 7/1/36 (AMT) | 965,000 | 890,714 | |||||
Series I 4.85% 7/1/38 (AMT) | 1,145,000 | 1,025,737 | |||||
Series L 5.10% 7/1/38 (AMT) | 1,500,000 | 1,387,650 | |||||
Series M 4.875% 7/1/37 (AMT) | 2,500,000 | 2,254,875 | |||||
(Single Family Mortgage) Series E 6.25% 1/1/23 (AMT) | 5,000 | 5,006 | |||||
St. Paul Housing & Redevelopment Authority Multifamily | |||||||
Housing Revenue (Shelby Grotto Housing Project) | |||||||
5.50% 9/20/44 (AMT) (GNMA) (FHA) | 750,000 | 736,448 | |||||
Stillwater Multifamily Housing Revenue | |||||||
(Orleans Homes Project) 5.50% 2/1/42 (AMT) | 750,000 | 566,183 | |||||
@ | Washington County Housing & Redevelopment | ||||||
Authority Revenue Refunding (Briar Pond Project) | |||||||
Series B 7.125% 8/20/34 | 795,000 | 693,971 | |||||
15,718,362 | |||||||
Lease Revenue Bonds – 2.78% | |||||||
Hibbing Economic Development Authority Revenue | |||||||
(Public Project - Hibbing Lease Obligation) | |||||||
6.40% 2/1/12 | 140,000 | 140,147 | |||||
St. Paul Port Authority Lease Revenue (Robert Street | |||||||
Office Building Project) Series 3-11 5.00% 12/1/27 | 1,000,000 | 1,013,150 | |||||
University of Minnesota Special Purpose Revenue | |||||||
(State Supported Stadium Debt) 5.00% 8/1/29 | 2,660,000 | 2,681,253 | |||||
3,834,550 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Local General Obligation Bonds – 11.80% | |||||||
Chaska Independent School District #112 | |||||||
Series A 4.50% 2/1/28 (NATL-RE) | $ | 1,000,000 | $ | 1,004,880 | |||
Farmington Independent School District #192 | |||||||
Series B 5.00% 2/1/27 (AGM) | 1,000,000 | 1,002,430 | |||||
Foley Independent School District #51 (School Building) | |||||||
Refunding Series A 5.00% 2/1/21 | 1,105,000 | 1,194,781 | |||||
Hopkins Independent School District #270 Facilities | |||||||
5.00% 2/1/26 (NATL-RE) | 1,055,000 | 1,089,646 | |||||
Lakeville Independent School District #194 | |||||||
Series A 4.75% 2/1/22 (AGM) | 1,000,000 | 1,022,110 | |||||
Metropolitan Council Minneapolis-St. Paul | |||||||
Metropolitan Area Waste Water Treatment | |||||||
Series B 5.00% 12/1/21 | 500,000 | 539,815 | |||||
Series C 5.00% 3/1/28 | 1,000,000 | 1,044,750 | |||||
Minneapolis Various Purposes 4.00% 12/1/23 | 1,500,000 | 1,529,250 | |||||
Moorhead Improvement Series B 5.00% 2/1/33 (NATL-RE) | 750,000 | 754,020 | |||||
Perham Disposal System 6.00% 5/1/22 (AMT) | 1,500,000 | 1,501,335 | |||||
South Washington County Independent School | |||||||
District #833 Series A 4.75% 2/1/27 | 1,500,000 | 1,532,340 | |||||
Todd Morrison Cass & Wadena Counties United Hospital | |||||||
District (Health Care Facilities-Lakewood) | |||||||
5.00% 12/1/21 | 610,000 | 631,698 | |||||
5.125% 12/1/24 | 205,000 | 210,369 | |||||
5.25% 12/1/26 | 1,540,000 | 1,570,353 | |||||
White Bear Lake Independent School District #624 | |||||||
(Formerly Joint Independent Consolidated Ramsey | |||||||
County School District #39 & Washington & Anoka | |||||||
Counties School District #103) Series B 4.75% 2/1/22 | 1,500,000 | 1,614,511 | |||||
16,242,288 | |||||||
§Pre-Refunded Bonds – 4.79% | |||||||
Andover Economic Development Authority Public | |||||||
Facilities Lease Revenue (Andover Community Center) | |||||||
5.20% 2/1/34-14 | 1,000,000 | 1,087,220 | |||||
Duluth Economic Development Authority | |||||||
Health Care Facilities Revenue | |||||||
(Benedictine Health System - St. Mary’s Hospital) | |||||||
5.25% 2/15/28-14 | 1,000,000 | 1,120,470 | |||||
5.25% 2/15/33-14 | 750,000 | 840,353 |
Principal amount | Value | ||||||||
Municipal Bonds (continued) | |||||||||
§Pre-Refunded Bonds (continued) | |||||||||
Minneapolis Community Development Agency Supported | |||||||||
Development Revenue (Limited Tax Common Bond Fund) | |||||||||
Series G-3 5.45% 12/1/31-11 | $ | 1,000,000 | $ | 1,038,360 | |||||
Minnesota State 5.00% 8/1/21-13 (AGM) | 1,250,000 | 1,377,487 | |||||||
St. Louis Park Health Care Facilities Revenue | |||||||||
(Park Nicollet Health Services) Series B 5.25% 7/1/30-14 | 1,000,000 | 1,128,220 | |||||||
6,592,110 | |||||||||
Special Tax Revenue Bonds – 7.82% | |||||||||
Hennepin County Sales Tax Revenue | |||||||||
(First Lien - Ball Park Project) | |||||||||
Series B 5.00% 12/15/24 | 1,000,000 | 1,074,090 | |||||||
(Second Lien - Ballpark Project) Series B | |||||||||
5.00% 12/15/20 | 1,500,000 | 1,673,595 | |||||||
5.00% 12/15/24 | 1,000,000 | 1,069,750 | |||||||
Minneapolis Development Revenue | |||||||||
(Limited Tax Supported Common Bond Fund) | |||||||||
Series 2A 5.00% 6/1/28 (AMT) | 1,170,000 | 1,063,928 | |||||||
Minneapolis Tax Increment Revenue | |||||||||
@(Ivy Tower Project) 5.70% 2/1/29 | 785,000 | 496,363 | |||||||
(St. Anthony Falls Project) 5.65% 2/1/27 | 500,000 | 431,470 | |||||||
Minnesota 911 Revenue (Public Safety Radio Commission | |||||||||
System Project) 5.00% 6/1/24 (ASSURED GTY) | 1,000,000 | 1,083,560 | |||||||
Puerto Rico Commonwealth Infrastructure Financing | |||||||||
Authority Special Tax Revenue Series B 5.00% 7/1/46 | 800,000 | 628,128 | |||||||
Puerto Rico Sales Tax Financing Sales Tax Revenue | |||||||||
(First Subordinate) Series B 5.75% 8/1/37 | 790,000 | 784,652 | |||||||
St. Paul Port Authority (Brownsfields Redevelopment Tax) | |||||||||
Series 2 5.00% 3/1/37 | 1,500,000 | 1,468,995 | |||||||
Virgin Islands Public Finance Authority Revenue | |||||||||
(Senior Lien Matching Fund Loan Note) | |||||||||
Series A 5.25% 10/1/24 | 1,000,000 | 996,300 | |||||||
10,770,831 | |||||||||
State General Obligation Bond – 0.81% | |||||||||
Minnesota State Refunding (Various Purposes) | |||||||||
Series D 4.00% 8/1/17 | 1,000,000 | 1,112,040 | |||||||
1,112,040 |
Principal amount | Value | |||||||||
Municipal Bonds (continued) | ||||||||||
Transportation Revenue Bond – 1.45% | ||||||||||
Minneapolis - St. Paul Metropolitan Airports | ||||||||||
Commission Revenue Series A 5.00% 1/1/28 (NATL-RE) | $ | 2,000,000 | $ | 1,990,860 | ||||||
1,990,860 | ||||||||||
Water & Sewer Revenue Bonds – 2.70% | ||||||||||
Minnesota Public Facilities Authority Clean Water Revenue | ||||||||||
Series B 5.00% 3/1/18 | 2,000,000 | 2,324,920 | ||||||||
St. Paul Sewer Revenue Series D 5.00% 12/1/19 | 1,220,000 | 1,391,093 | ||||||||
3,716,013 | ||||||||||
Total Municipal Bonds (cost $140,596,256) | 136,186,081 | |||||||||
Number of shares | ||||||||||
Short-Term Investment – 0.05% | ||||||||||
Money Market Instrument – 0.05% | ||||||||||
Federated Minnesota Municipal Cash Trust | 70,855 | 70,855 | ||||||||
Total Short-Term Investment (cost $70,855) | 70,855 | |||||||||
Total Value of Securities – 98.97% | ||||||||||
(cost $140,667,111) | 136,256,936 | |||||||||
Receivables and Other Assets | ||||||||||
Net of Liabilities – 1.03% | 1,415,567 | |||||||||
Net Assets Applicable to 13,753,078 | ||||||||||
Shares Outstanding – 100.00% | $ | 137,672 ,503 | ||||||||
Net Asset Value – Delaware Minnesota High-Yield Municipal Bond Fund | ||||||||||
Class A ($108,336,246 / 10,826,775 Shares) | $10.01 | |||||||||
Net Asset Value – Delaware Minnesota High-Yield Municipal Bond Fund | ||||||||||
Class B ($3,414,478 / 340,764 Shares) | $10.02 | |||||||||
Net Asset Value – Delaware Minnesota High-Yield Municipal Bond Fund | ||||||||||
Class C ($25,921,779 / 2,585,539 Shares) | $10.03 |
Components of Net Assets at February 28, 2011: | |||
Shares of beneficial interest (unlimited authorization – no par) | $ | 145,767,616 | |
Undistributed net investment income | 55 | ||
Accumulated net realized loss on investments | (3,684,993 | ) | |
Net unrealized depreciation of investments | (4,410,175 | ) | |
Total net assets | $ | 137,672,503 |
§
|
Pre-Refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 9 in “Notes to financial statements.”
|
@
|
Illiquid security. At February 28, 2011, the aggregate amount of illiquid securities was $2,743,756, which represented 1.99% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
|
Net Asset Value and Offering Price Per Share – | ||
Delaware Minnesota High-Yield Municipal Bond Fund | ||
Net asset value Class A (A) | $ | 10.01 |
Sales charge (4.50% of offering price) (B) | 0.47 | |
Offering price | $ | 10.48 |
(A) | Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares. | |
(B) | See the current prospectus for purchases of $100,000 or more. |
Statements of operations |
Six Months Ended February 28, 2011 (Unaudited) |
Delaware | Delaware | ||||||||||||
Delaware | Tax-Free | Minnesota | |||||||||||
Tax-Free | Minnesota | High-Yield | |||||||||||
Minnesota | Intermediate | Municipal | |||||||||||
Fund | Fund | Bond Fund | |||||||||||
Investment Income: | |||||||||||||
Interest | $ | 14,603,270 | $ | 2,262,074 | $ | 3,683,656 | |||||||
Expenses: | |||||||||||||
Management fees | 1,613,657 | 261,591 | 398,389 | ||||||||||
Distribution expenses – Class A | 692,652 | 112,642 | 142,406 | ||||||||||
Distribution expenses – Class B | 29,181 | 762 | 18,588 | ||||||||||
Distribution expenses – Class C | 181,834 | 72,204 | 136,672 | ||||||||||
Dividend disbursing and transfer agent | |||||||||||||
fees and expenses | 156,892 | 35,701 | 54,319 | ||||||||||
Accounting and administration expenses | 117,425 | 20,620 | 28,548 | ||||||||||
Reports and statements to shareholders | 27,062 | 6,438 | 4,804 | ||||||||||
Audit and tax | 21,679 | 8,152 | 9,316 | ||||||||||
Registration fees | 20,643 | 13,455 | 6,821 | ||||||||||
Legal fees | 19,012 | 7,915 | 6,313 | ||||||||||
Trustees’ fees | 16,547 | 2,907 | 4,014 | ||||||||||
Insurance fees | 13,108 | 2,350 | 3,108 | ||||||||||
Pricing fees | 8,923 | 4,769 | 6,304 | ||||||||||
Custodian fees | 6,282 | 1,228 | 1,290 | ||||||||||
Consulting fees | 3,119 | 649 | 738 | ||||||||||
Trustees’ expenses | 1,309 | 207 | 296 | ||||||||||
Dues and services | 814 | 1,799 | — | ||||||||||
2,930,139 | 553,389 | 821,926 | |||||||||||
Less fees waived | (15,968 | ) | (5,117 | ) | (29,387 | ) | |||||||
Less waived distribution expenses – Class A | — | (45,057 | ) | — | |||||||||
Less expense paid indirectly | (356 | ) | (77 | ) | (114 | ) | |||||||
Total operating expenses | 2,913,815 | 503,138 | 792,425 | ||||||||||
Net Investment Income | 11,689,455 | 1,758,936 | 2,891,231 |
Delaware | Delaware | ||||||||||||
Delaware | Tax-Free | Minnesota | |||||||||||
Tax-Free | Minnesota | High-Yield | |||||||||||
Minnesota | Intermediate | Municipal | |||||||||||
Fund | Fund | Bond Fund | |||||||||||
Net Realized and Unrealized Gain (Loss) | |||||||||||||
on Investments: | |||||||||||||
Net realized gain (loss) on investments | $ | 4,182,101 | $ | (15,209 | ) | $ | 481,779 | ||||||
Net change in unrealized appreciation/ | |||||||||||||
depreciation of investments | (40,126,016 | ) | (5,097,114 | ) | (10,680,627 | ) | |||||||
Net Realized and Unrealized Loss | |||||||||||||
on Investments | (35,943,915 | ) | (5,112,323 | ) | (10,198,848 | ) | |||||||
Net Decrease in Net Assets | |||||||||||||
Resulting from Operations | $ | (24,254,460 | ) | $ | (3,353,387 | ) | $ | (7,307,617 | ) |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 11,689,455 | $ | 23,696,469 | ||||
Net realized gain on investments | 4,182,101 | 1,833,214 | ||||||
Net change in unrealized | ||||||||
appreciation/depreciation of investments | (40,126,016 | ) | 25,429,642 | |||||
Net increase (decrease) in net assets | ||||||||
resulting from operations | (24,254,460 | ) | 50,959,325 | |||||
Dividends and Distributions to Shareholders from: | ||||||||
Net Investment Income: | ||||||||
Class A | (11,071,516 | ) | (22,294,999 | ) | ||||
Class B | (94,497 | ) | (258,145 | ) | ||||
Class C | (590,087 | ) | (1,147,610 | ) | ||||
Net realized gain on investments: | ||||||||
Class A | (2,377,492 | ) | — | |||||
Class B | (25,548 | ) | — | |||||
Class C | (157,451 | ) | — | |||||
(14,316,591 | ) | (23,700,754 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 21,965,698 | 46,342,217 | ||||||
Class B | — | 307 | ||||||
Class C | 2,071,165 | 7,044,823 | ||||||
Net asset value of shares issued upon reinvestment | ||||||||
of dividends and distributions: | ||||||||
Class A | 9,322,852 | 14,438,208 | ||||||
Class B | 82,256 | 171,205 | ||||||
Class C | 627,154 | 866,714 | ||||||
34,069,125 | 68,863,474 |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares repurchased: | ||||||||
Class A | $ | (53,478,282 | ) | $ | (58,794,667 | ) | ||
Class B | (1,843,669 | ) | (2,806,931 | ) | ||||
Class C | (5,792,366 | ) | (4,726,887 | ) | ||||
(61,114,317 | ) | (66,328,485 | ) | |||||
Increase (decrease) in net assets derived from | ||||||||
capital share transactions | (27,045,192 | ) | 2,534,989 | |||||
Net Increase (Decrease) in Net Assets | (65,616,243 | ) | 29,793,560 | |||||
Net Assets: | ||||||||
Beginning of period | 632,866,065 | 603,072,505 | ||||||
End of period | $ | 567,249,822 | $ | 632,866,065 | ||||
Distributions in excess of | ||||||||
net investment income | $ | (145,618 | ) | $ | (144,194 | ) |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 1,758,936 | $ | 3,280,111 | ||||
Net realized gain (loss) on investments | (15,209 | ) | 269,806 | |||||
Net change in unrealized | ||||||||
appreciation/depreciation of investments | (5,097,114 | ) | 4,114,787 | |||||
Net increase (decrease) in net assets | ||||||||
resulting from operations | (3,353,387 | ) | 7,664,704 | |||||
Dividends and Distributions to Shareholders from: | ||||||||
Net Investment Income: | ||||||||
Class A | (1,564,440 | ) | (2,934,175 | ) | ||||
Class B | (1,991 | ) | (4,488 | ) | ||||
Class C | (189,374 | ) | (334,083 | ) | ||||
(1,755,805 | ) | (3,272,746 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 7,860,489 | 26,843,282 | ||||||
Class B | — | 71,813 | ||||||
Class C | 1,792,769 | 5,693,861 | ||||||
Net asset value of shares issued upon reinvestment | ||||||||
of dividends and distributions: | ||||||||
Class A | 1,022,481 | 1,875,774 | ||||||
Class B | 1,986 | 4,120 | ||||||
Class C | 149,441 | 241,743 | ||||||
10,827,166 | 34,730,593 |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares repurchased: | ||||||||
Class A | $ | (15,905,138 | ) | $ | (13,988,840 | ) | ||
Class B | (20,113 | ) | (231,461 | ) | ||||
Class C | (2,109,001 | ) | (3,128,847 | ) | ||||
(18,034,252 | ) | (17,349,148 | ) | |||||
Increase (decrease) in net assets derived from | ||||||||
capital share transactions | (7,207,086 | ) | 17,381,445 | |||||
Net Increase (Decrease) in Net Assets | (12,316,278 | ) | 21,773,403 | |||||
Net Assets: | ||||||||
Beginning of period | 111,386,981 | 89,613,578 | ||||||
End of period | $ | 99,070,703 | $ | 111,386,981 | ||||
Undistributed net investment income | $ | 2,522 | $ | 2,522 |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 2,891,231 | $ | 5,595,726 | ||||
Net realized gain on investments | 481,779 | 498,563 | ||||||
Net change in unrealized | ||||||||
appreciation/depreciation of investments | (10,680,627 | ) | 10,746,599 | |||||
Net increase (decrease) in net assets | ||||||||
resulting from operations | (7,307,617 | ) | 16,840,888 | |||||
Dividends and Distributions to Shareholders from: | ||||||||
Net Investment Income: | ||||||||
Class A | (2,356,718 | ) | (4,546,424 | ) | ||||
Class B | (62,880 | ) | (149,738 | ) | ||||
Class C | (462,933 | ) | (866,306 | ) | ||||
(2,882,531 | ) | (5,562,468 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 8,076,865 | 14,818,477 | ||||||
Class B | 363 | 157 | ||||||
Class C | 2,326,747 | 4,061,927 | ||||||
Net asset value of shares issued upon reinvestment | ||||||||
of dividends and distributions: | ||||||||
Class A | 1,541,174 | 2,929,971 | ||||||
Class B | 52,896 | 104,474 | ||||||
Class C | 377,165 | 629,003 | ||||||
12,375,210 | 22,544,009 |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares repurchased: | ||||||||
Class A | $ | (12,322,868 | ) | $ | (15,506,059 | ) | ||
Class B | (508,769 | ) | (1,328,942 | ) | ||||
Class C | (3,575,995 | ) | (2,778,753 | ) | ||||
(16,407,632 | ) | (19,613,754 | ) | |||||
Increase (decrease) in net assets derived from | ||||||||
capital share transactions | (4,032,422 | ) | 2,930,255 | |||||
Net Increase (Decrease) in Net Assets | (14,222,570 | ) | 14,208,675 | |||||
Net Assets: | ||||||||
Beginning of period | 151,895,073 | 137,686,398 | ||||||
End of period | $ | 137,672,503 | $ | 151,895,073 | ||||
Undistributed net investment income | $ | 55 | $ | 37 |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain on investments |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets excluding interest and fees on short-term floating |
rate notes issued |
Interest and fees on short-term floating rate notes issued |
Total expenses3 |
Ratio of expenses to average net assets excluding interest and fees on short-term floating |
rate notes issued prior to fees waived and expense paid indirectly |
Interest and fees on short-term floating rate notes issued |
Total expenses prior to fees waived and expense paid indirectly3 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$12.730 | $12.180 | $12.120 | $12.170 | $12.490 | $12.690 | |||||||||||||||
0.242 | 0.484 | 0.474 | 0.495 | 0.511 | 0.511 | |||||||||||||||
(0.717 | ) | 0.550 | 0.107 | (0.041 | ) | (0.313 | ) | (0.172 | ) | |||||||||||
(0.475 | ) | 1.034 | 0.581 | 0.454 | 0.198 | 0.339 | ||||||||||||||
(0.243 | ) | (0.484 | ) | (0.473 | ) | (0.502 | ) | (0.507 | ) | (0.513 | ) | |||||||||
(0.052 | ) | — | (0.048 | ) | (0.002 | ) | (0.011 | ) | (0.026 | ) | ||||||||||
(0.295 | ) | (0.484 | ) | (0.521 | ) | (0.504 | ) | (0.518 | ) | (0.539 | ) | |||||||||
$11.960 | $12.730 | $12.180 | $12.120 | $12.170 | $12.490 | |||||||||||||||
(3.75% | ) | 8.66% | 5.04% | 3.77% | 1.58% | 2.78% | ||||||||||||||
$528,664 | $586,651 | $559,393 | $574,914 | $578,194 | $381,720 | |||||||||||||||
0.92% | 0.93% | 0.92% | 0.93% | 0.94% | 0.93% | |||||||||||||||
— | — | 0.01% | 0.18% | 0.29% | 0.26% | |||||||||||||||
0.92% | 0.93% | 0.93% | 1.11% | 1.23% | 1.19% | |||||||||||||||
0.93% | 0.93% | 0.94% | 0.93% | 0.96% | 0.94% | |||||||||||||||
— | — | 0.01% | 0.18% | 0.29% | 0.26% | |||||||||||||||
0.93% | 0.93% | 0.95% | 1.11% | 1.25% | 1.20% | |||||||||||||||
3.98% | 3.89% | 4.03% | 4.05% | 4.12% | 4.11% | |||||||||||||||
3.97% | 3.89% | 4.01% | 4.05% | 4.10% | 4.10% | |||||||||||||||
7% | 20% | 20% | 17% | 7% | 13% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain on investments |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets excluding interest and fees on short-term floating |
rate notes issued |
Interest and fees on short-term floating rate notes issued |
Total expenses3 |
Ratio of expenses to average net assets excluding interest and fees on short-term floating |
rate notes issued prior to fees waived and expense paid indirectly |
Interest and fees on short-term floating rate notes issued |
Total expenses prior to fees waived and expense paid indirectly3 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$12.740 | $12.190 | $12.130 | $12.180 | $12.500 | $12.700 | |||||||||||||||
0.196 | 0.391 | 0.386 | 0.403 | 0.419 | 0.418 | |||||||||||||||
(0.716 | ) | 0.550 | 0.107 | (0.041 | ) | (0.314 | ) | (0.172 | ) | |||||||||||
(0.520 | ) | 0.941 | 0.493 | 0.362 | 0.105 | 0.246 | ||||||||||||||
(0.198 | ) | (0.391 | ) | (0.385 | ) | (0.410 | ) | (0.414 | ) | (0.420 | ) | |||||||||
(0.052 | ) | — | (0.048 | ) | (0.002 | ) | (0.011 | ) | (0.026 | ) | ||||||||||
(0.250 | ) | (0.391 | ) | (0.433 | ) | (0.412 | ) | (0.425 | ) | (0.446 | ) | |||||||||
$11.970 | $12.740 | $12.190 | $12.130 | $12.180 | $12.500 | |||||||||||||||
(4.10% | ) | 7.85% | 4.26% | 2.99% | 0.82% | 2.01% | ||||||||||||||
$5,086 | $7,234 | $9,506 | $11,593 | $15,674 | $11,354 | |||||||||||||||
1.67% | 1.68% | 1.67% | 1.68% | 1.69% | 1.68% | |||||||||||||||
— | — | 0.01% | 0.18% | 0.29% | 0.26% | |||||||||||||||
1.67% | 1.68% | 1.68% | 1.86% | 1.98% | 1.94% | |||||||||||||||
1.68% | 1.68% | 1.69% | 1.68% | 1.71% | 1.69% | |||||||||||||||
— | — | 0.01% | 0.18% | 0.29% | 0.26% | |||||||||||||||
1.68% | 1.68% | 1.70% | 1.86% | 2.00% | 1.95% | |||||||||||||||
3.23% | 3.14% | 3.28% | 3.30% | 3.37% | 3.36% | |||||||||||||||
3.22% | 3.14% | 3.26% | 3.30% | 3.35% | 3.35% | |||||||||||||||
7% | 20% | 20% | 17% | 7% | 13% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain on investments |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets excluding interest and fees on short-term floating |
rate notes issued |
Interest and fees on short-term floating rate notes issued |
Total expenses3 |
Ratio of expenses to average net assets excluding interest and fees on short-term floating |
rate notes issued prior to fees waived and expense paid indirectly |
Interest and fees on short-term floating rate notes issued |
Total expenses prior to fees waived and expense paid indirectly3 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$12.780 | $12.220 | $12.160 | $12.200 | $12.530 | $12.720 | |||||||||||||||
0.197 | 0.392 | 0.386 | 0.403 | 0.418 | 0.418 | |||||||||||||||
(0.727 | ) | 0.560 | 0.107 | (0.031 | ) | (0.323 | ) | (0.162 | ) | |||||||||||
(0.530 | ) | 0.952 | 0.493 | 0.372 | 0.095 | 0.256 | ||||||||||||||
(0.198 | ) | (0.392 | ) | (0.385 | ) | (0.410 | ) | (0.414 | ) | (0.420 | ) | |||||||||
(0.052 | ) | — | (0.048 | ) | (0.002 | ) | (0.011 | ) | (0.026 | ) | ||||||||||
(0.250 | ) | (0.392 | ) | (0.433 | ) | (0.412 | ) | (0.425 | ) | (0.446 | ) | |||||||||
$12.000 | $12.780 | $12.220 | $12.160 | $12.200 | $12.530 | |||||||||||||||
(4.16% | ) | 7.91% | 4.25% | 3.06% | 0.73% | 2.08% | ||||||||||||||
$33,500 | $38,981 | $34,174 | $27,585 | $26,830 | $15,125 | |||||||||||||||
1.67% | 1.68% | 1.67% | 1.68% | 1.69% | 1.68% | |||||||||||||||
— | — | 0.01% | 0.18% | 0.29% | 0.26% | |||||||||||||||
1.67% | 1.68% | 1.68% | 1.86% | 1.98% | 1.94% | |||||||||||||||
1.68% | 1.68% | 1.69% | 1.68% | 1.71% | 1.69% | |||||||||||||||
— | — | 0.01% | 0.18% | 0.29% | 0.26% | |||||||||||||||
1.68% | 1.68% | 1.70% | 1.86% | 2.00% | 1.95% | |||||||||||||||
3.23% | 3.14% | 3.28% | 3.30% | 3.37% | 3.36% | |||||||||||||||
3.22% | 3.14% | 3.26% | 3.30% | 3.35% | 3.35% | |||||||||||||||
7% | 20% | 20% | 17% | 7% | 13% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects waivers by the manager and distributor. Performance would have been lower had the waivers not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$11.290 | $10.820 | $10.720 | $10.610 | $10.860 | $11.010 | |||||||||||||||
0.189 | 0.376 | 0.384 | 0.414 | 0.445 | 0.429 | |||||||||||||||
(0.511 | ) | 0.469 | 0.100 | 0.110 | (0.250 | ) | (0.150 | ) | ||||||||||||
(0.322 | ) | 0.845 | 0.484 | 0.524 | 0.195 | 0.279 | ||||||||||||||
(0.188 | ) | (0.375 | ) | (0.384 | ) | (0.414 | ) | (0.445 | ) | (0.429 | ) | |||||||||
(0.188 | ) | (0.375 | ) | (0.384 | ) | (0.414 | ) | (0.445 | ) | (0.429 | ) | |||||||||
$10.780 | $11.290 | $10.820 | $10.720 | $10.610 | $10.860 | |||||||||||||||
(2.85% | ) | 7.96% | 4.67% | 5.00% | 1.80% | 2.62% | ||||||||||||||
$85,144 | $96,568 | $78,021 | $58,465 | $48,477 | $48,297 | |||||||||||||||
0.84% | 0.82% | 0.75% | 0.75% | 0.76% | 0.75% | |||||||||||||||
0.95% | 0.96% | 0.97% | 0.95% | 1.00% | 0.97% | |||||||||||||||
3.48% | 3.42% | 3.62% | 3.83% | 4.11% | 3.96% | |||||||||||||||
3.37% | 3.28% | 3.40% | 3.63% | 3.87% | 3.74% | |||||||||||||||
16% | 22% | 12% | 27% | 15% | 11% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$11.330 | $10.850 | $10.750 | $10.640 | $10.890 | $11.040 | |||||||||||||||
0.143 | 0.284 | 0.295 | 0.322 | 0.353 | 0.337 | |||||||||||||||
(0.520 | ) | 0.479 | 0.100 | 0.110 | (0.250 | ) | (0.150 | ) | ||||||||||||
(0.377 | ) | 0.763 | 0.395 | 0.432 | 0.103 | 0.187 | ||||||||||||||
(0.143 | ) | (0.283 | ) | (0.295 | ) | (0.322 | ) | (0.353 | ) | (0.337 | ) | |||||||||
(0.143 | ) | (0.283 | ) | (0.295 | ) | (0.322 | ) | (0.353 | ) | (0.337 | ) | |||||||||
$10.810 | $11.330 | $10.850 | $10.750 | $10.640 | $10.890 | |||||||||||||||
(3.33% | ) | 7.14% | 3.79% | 4.10% | 0.94% | 1.75% | ||||||||||||||
$145 | $170 | $317 | $908 | $1,713 | $1,993 | |||||||||||||||
1.69% | 1.67% | 1.60% | 1.60% | 1.61% | 1.60% | |||||||||||||||
1.70% | 1.71% | 1.72% | 1.70% | 1.75% | 1.72% | |||||||||||||||
2.63% | 2.57% | 2.77% | 2.98% | 3.26% | 3.11% | |||||||||||||||
2.62% | 2.53% | 2.65% | 2.88% | 3.12% | 2.99% | |||||||||||||||
16% | 22% | 12% | 27% | 15% | 11% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$11.320 | $10.840 | $10.740 | $10.630 | $10.880 | $11.030 | |||||||||||||||
0.143 | 0.283 | 0.295 | 0.322 | 0.353 | 0.337 | |||||||||||||||
(0.520 | ) | 0.479 | 0.100 | 0.110 | (0.250 | ) | (0.150 | ) | ||||||||||||
(0.377 | ) | 0.762 | 0.395 | 0.432 | 0.103 | 0.187 | ||||||||||||||
(0.143 | ) | (0.282 | ) | (0.295 | ) | (0.322 | ) | (0.353 | ) | (0.337 | ) | |||||||||
(0.143 | ) | (0.282 | ) | (0.295 | ) | (0.322 | ) | (0.353 | ) | (0.337 | ) | |||||||||
$10.800 | $11.320 | $10.840 | $10.740 | $10.630 | $10.880 | |||||||||||||||
(3.34% | ) | 7.14% | 3.78% | 4.10% | 0.94% | 1.75% | ||||||||||||||
$13,782 | $14,649 | $11,276 | $7,126 | $4,936 | $5,162 | |||||||||||||||
1.69% | 1.67% | 1.60% | 1.60% | 1.61% | 1.60% | |||||||||||||||
1.70% | 1.71% | 1.72% | 1.70% | 1.75% | 1.72% | |||||||||||||||
2.63% | 2.57% | 2.77% | 2.98% | 3.26% | 3.11% | |||||||||||||||
2.62% | 2.53% | 2.65% | 2.88% | 3.12% | 2.99% | |||||||||||||||
16% | 22% | 12% | 27% | 15% | 11% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$10.710 | $9.910 | $10.000 | $10.180 | $10.530 | $10.610 | |||||||||||||||
0.212 | 0.415 | 0.422 | 0.418 | 0.430 | 0.445 | |||||||||||||||
(0.701 | ) | 0.798 | (0.091 | ) | (0.180 | ) | (0.350 | ) | (0.082 | ) | ||||||||||
(0.489 | ) | 1.213 | 0.331 | 0.238 | 0.080 | 0.363 | ||||||||||||||
(0.211 | ) | (0.413 | ) | (0.421 | ) | (0.418 | ) | (0.430 | ) | (0.443 | ) | |||||||||
(0.211 | ) | (0.413 | ) | (0.421 | ) | (0.418 | ) | (0.430 | ) | (0.443 | ) | |||||||||
$10.010 | $10.710 | $9.910 | $10.000 | $10.180 | $10.530 | |||||||||||||||
(4.59% | ) | 12.46% | 3.63% | 2.35% | 0.71% | 3.54% | ||||||||||||||
$108,336 | $119,038 | $107,951 | $116,999 | $109,807 | $87,504 | |||||||||||||||
0.93% | 0.93% | 0.89% | 0.89% | 0.90% | 0.89% | |||||||||||||||
0.97% | 0.98% | 0.97% | 0.97% | 1.00% | 1.00% | |||||||||||||||
4.15% | 4.02% | 4.49% | 4.11% | 4.09% | 4.26% | |||||||||||||||
4.11% | 3.97% | 4.41% | 4.03% | 3.99% | 4.15% | |||||||||||||||
3% | 11% | 12% | 10% | 10% | 4% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$10.720 | $9.920 | $10.010 | $10.190 | $10.550 | $10.630 | |||||||||||||||
0.174 | 0.338 | 0.352 | 0.341 | 0.351 | 0.367 | |||||||||||||||
(0.701 | ) | 0.798 | (0.091 | ) | (0.179 | ) | (0.360 | ) | (0.082 | ) | ||||||||||
(0.527 | ) | 1.136 | 0.261 | 0.162 | (0.009 | ) | 0.285 | |||||||||||||
(0.173 | ) | (0.336 | ) | (0.351 | ) | (0.342 | ) | (0.351 | ) | (0.365 | ) | |||||||||
(0.173 | ) | (0.336 | ) | (0.351 | ) | (0.342 | ) | (0.351 | ) | (0.365 | ) | |||||||||
$10.020 | $10.720 | $9.920 | $10.010 | $10.190 | $10.550 | |||||||||||||||
(4.94% | ) | 11.62% | 2.86% | 1.58% | (0.13% | ) | 2.77% | |||||||||||||
$3,415 | $4,130 | $4,995 | $5,907 | $7,334 | $9,578 | |||||||||||||||
1.68% | 1.68% | 1.64% | 1.64% | 1.65% | 1.64% | |||||||||||||||
1.72% | 1.73% | 1.72% | 1.72% | 1.75% | 1.75% | |||||||||||||||
3.40% | 3.27% | 3.74% | 3.36% | 3.34% | 3.51% | |||||||||||||||
3.36% | 3.22% | 3.66% | 3.28% | 3.24% | 3.40% | |||||||||||||||
3% | 11% | 12% | 10% | 10% | 4% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$10.730 | $9.930 | $10.020 | $10.200 | $10.550 | $10.630 | |||||||||||||||
0.174 | 0.338 | 0.352 | 0.342 | 0.351 | 0.367 | |||||||||||||||
(0.701 | ) | 0.798 | (0.091 | ) | (0.181 | ) | (0.350 | ) | (0.082 | ) | ||||||||||
(0.527 | ) | 1.136 | 0.261 | 0.161 | 0.001 | 0.285 | ||||||||||||||
(0.173 | ) | (0.336 | ) | (0.351 | ) | (0.341 | ) | (0.351 | ) | (0.365 | ) | |||||||||
(0.173 | ) | (0.336 | ) | (0.351 | ) | (0.341 | ) | (0.351 | ) | (0.365 | ) | |||||||||
$10.030 | $10.730 | $9.930 | $10.020 | $10.200 | $10.550 | |||||||||||||||
(4.93% | ) | 11.61% | 2.85% | 1.58% | (0.04% | ) | 2.76% | |||||||||||||
$25,922 | $28,727 | $24,740 | $28,849 | $26,016 | $20,516 | |||||||||||||||
1.68% | 1.68% | 1.64% | 1.64% | 1.65% | 1.64% | |||||||||||||||
1.72% | 1.73% | 1.72% | 1.72% | 1.75% | 1.75% | |||||||||||||||
3.40% | 3.27% | 3.74% | 3.36% | 3.34% | 3.51% | |||||||||||||||
3.36% | 3.22% | 3.66% | 3.28% | 3.24% | 3.40% | |||||||||||||||
3% | 11% | 12% | 10% | 10% | 4% |
Delaware Minnesota Municipal Bond Funds | February 28, 2011 (Unaudited) |
Delaware Tax-Free | Delaware Minnesota | ||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | |||
Minnesota Fund | Intermediate Fund | Bond Fund | |||
$356 | $77 | $114 |
Delaware Tax-Free | Delaware Minnesota | ||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | |||
Minnesota Fund | Intermediate Fund | Bond Fund | |||
On the first $500 million | 0.550% | 0.500% | 0.550% | ||
On the next $500 million | 0.500% | 0.475% | 0.500% | ||
On the next $1.5 billion | 0.450% | 0.450% | 0.450% | ||
In excess of $2.5 billion | 0.425% | 0.425% | 0.425% |
Delaware Tax-Free | Delaware Minnesota | |||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | ||||
Minnesota Fund | Intermediate Fund | Bond Fund | ||||
Effective December 29, 2010 | ||||||
Operating expense limitation as a | ||||||
percentage of average daily net | ||||||
assets (per annum) | 0.65% | 0.69% | 0.64% |
Delaware Tax-Free | Delaware Minnesota | ||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | |||
Minnesota Fund | Intermediate Fund | Bond Fund | |||
$14,799 | $2,599 | $3,598 |
Delaware Tax-Free | Delaware Minnesota | ||||||||||||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | |||||||||||||
Minnesota Fund | Intermediate Fund | Bond Fund | |||||||||||||
Investment management fees | |||||||||||||||
payable to DMC | $ | 230,535 | $ | 35,343 | $ | 48,174 | |||||||||
Dividend disbursing, transfer | |||||||||||||||
agent and fund accounting | |||||||||||||||
oversight fees and other | |||||||||||||||
expenses payable to DSC | 12,502 | 2,405 | 3,706 | ||||||||||||
Distribution fees payable | |||||||||||||||
to DDLP | 130,596 | 20,524 | 43,132 | ||||||||||||
Other expenses payable to | |||||||||||||||
DMC and affiliates* | 19,083 | 2,571 | 5,727 |
Delaware Tax-Free | Delaware Minnesota | ||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | |||
Minnesota Fund | Intermediate Fund | Bond Fund | |||
$2,169 | $393 | $513 |
Delaware Tax-Free | Delaware Minnesota | ||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | |||
Minnesota Fund | Intermediate Fund | Bond Fund | |||
$31,418 | $7,161 | $8,415 |
Delaware Tax-Free | Delaware Minnesota | ||||||||||||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | |||||||||||||
Minnesota Fund | Intermediate Fund | Bond Fund | |||||||||||||
Class A | $ | 0 | $ | 0 | $ | 0 | |||||||||
Class B | 885 | 20 | 1,634 | ||||||||||||
Class C | 1,020 | 1,373 | 192 |
Delaware Tax-Free | Delaware Minnesota | ||||||||||||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | |||||||||||||
Minnesota Fund | Intermediate Fund | Bond Fund | |||||||||||||
Purchases | $ | 43,616,966 | $ | 16,599,502 | $ | 3,889,100 | |||||||||
Sales | 79,937,129 | 24,757,454 | 6,932,060 |
Delaware Tax-Free | Delaware Minnesota | |||||||||||||||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | ||||||||||||||||
Minnesota Fund | Intermediate Fund | Bond Fund | ||||||||||||||||
Cost of investments | $ | 561,555,426 | $ | 95,917,422 | $ | 140,507,248 | ||||||||||||
Aggregate unrealized appreciation | $ | 16,889,669 | $ | 2,774,153 | $ | 2,630,270 | ||||||||||||
Aggregate unrealized depreciation | (14,498,902 | ) | (771,821 | ) | (6,880,582 | ) | ||||||||||||
Net unrealized | ||||||||||||||||||
appreciation (depreciation) | $ | 2,390,767 | $ | 2,002,332 | $ | (4,250,312 | ) |
Level 1 – | inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts) |
Level 2 – | other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing) |
Level 3 – | inputs are significant unobservable inputs (including the Funds’ own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities) |
Delaware Tax-Free Minnesota Fund | |||||||||
Level 1 | Level 2 | Total | |||||||
Municipal Bonds | $ | — | $ | 561,859,796 | $ | 561,859,796 | |||
Short-Term Investments | 186,397 | 1,900,000 | 2,086,397 | ||||||
Total | $ | 186,397 | $ | 563,759,796 | $ | 563,946,193 | |||
Delaware Tax-Free Minnesota Intermediate Fund | |||||||||
Level 1 | Level 2 | Total | |||||||
Municipal Bonds | $ | — | $ | 97,101,081 | $ | 97,101,081 | |||
Short-Term Investments | 18,673 | 800,000 | 818,673 | ||||||
Total | $ | 18,673 | $ | 97,901,081 | $ | 97,919,754 | |||
Delaware Minnesota High-Yield Municipal Bond Fund | |||||||||
Level 1 | Level 2 | Total | |||||||
Municipal Bonds | $ | — | $ | 136,186,081 | $ | 136,186,081 | |||
Short-Term Investment | 70,855 | — | 70,855 | ||||||
Total | $ | 70,855 | $ | 136,186,081 | $ | 136,256,936 |
Delaware Tax-Free | Delaware Minnesota | ||||||||||||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | |||||||||||||
Minnesota Fund | Intermediate Fund | Bond Fund | |||||||||||||
Six Months Ended 2/28/11* | |||||||||||||||
Ordinary income | $ | 1,054,835 | $ | 5,714 | $ | 9,116 | |||||||||
Tax-exempt income | 11,686,069 | 1,750,091 | 2,873,415 | ||||||||||||
Long-term capital gain | 1,575,687 | — | — | ||||||||||||
Total | $ | 14,316,591 | $ | 1,755,805 | $ | 2,882,531 | |||||||||
Year Ended 8/31/10 | |||||||||||||||
Ordinary income | $ | 45,305 | $ | 17,672 | $ | 9,495 | |||||||||
Tax-exempt income | 23,655,449 | 3,255,074 | 5,552,973 | ||||||||||||
Total | $ | 23,700,754 | $ | 3,272,746 | $ | 5,562,468 |
Delaware Tax-Free | Delaware Minnesota | |||||||||||||||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | ||||||||||||||||
Minnesota Fund | Intermediate Fund | Bond Fund | ||||||||||||||||
Shares of beneficial interest | $ | 561,732,978 | $ | 97,817,996 | $ | 145,767,616 | ||||||||||||
Distributions payable | (379,903 | ) | (54,789 | ) | (95,082 | ) | ||||||||||||
Undistributed ordinary income | 13,451 | — | — | |||||||||||||||
Undistributed long-term capital gains | 3,258,244 | — | — | |||||||||||||||
Undistributed tax-exempt income | 234,285 | 57,311 | 95,137 | |||||||||||||||
Realized gains 9/1/10-2/28/11 | — | 224,034 | 481,867 | |||||||||||||||
Capital loss carryforward | ||||||||||||||||||
as of 8/31/10 | — | (741,082 | ) | (4,326,723 | ) | |||||||||||||
Post-October losses | — | (235,099 | ) | — | ||||||||||||||
Unrealized appreciation (depreciation) of | ||||||||||||||||||
investments | 2,390,767 | 2,002,332 | (4,250,312 | ) | ||||||||||||||
Net assets | $ | 567,249,822 | $ | 99,070,703 | $ | 137,672,503 |
Delaware Tax-Free | Delaware Minnesota | |||||||||||||||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | ||||||||||||||||
Minnesota Fund | Intermediate Fund | Bond Fund | ||||||||||||||||
Undistributed net investment income | $ | 65,221 | $ | (3,131 | ) | $ | (8,682 | ) | ||||||||||
Accumulated net realized gain (loss) | (65,221 | ) | 3,131 | 8,682 |
Delaware Tax-Free | Delaware Minnesota | ||||||||||
Minnesota | High-Yield Municipal | ||||||||||
Year of Expiration | Intermediate Fund | Bond Fund | |||||||||
2011 | $ | 216,009 | $ | 243,334 | |||||||
2012 | — | 684,248 | |||||||||
2014 | 81,340 | — | |||||||||
2015 | 109,745 | 96,079 | |||||||||
2016 | — | 198,826 | |||||||||
2017 | 333,988 | 129,724 | |||||||||
2018 | — | 2,974,512 | |||||||||
Total | $ | 741,082 | $ | 4,326,723 |
Delaware Tax-Free | Delaware Minnesota | ||
Minnesota | High-Yield Municipal | ||
Intermediate Fund | Bond Fund | ||
$224,034 | $481,867 |
Delaware Tax-Free | Delaware Minnesota | |||||||||||||||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | ||||||||||||||||
Minnesota Fund | Intermediate Fund | Bond Fund | ||||||||||||||||
Six Months | Year | Six Months | Year | Six Months | Year | |||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||
2/28/11 | 8/31/10 | 2/28/11 | 8/31/10 | 2/28/11 | 8/31/10 | |||||||||||||
Shares sold: | ||||||||||||||||||
Class A | 1,803,096 | 3,733,307 | 717,773 | 2,446,624 | 779,146 | 1,436,037 | ||||||||||||
Class B | — | 25 | — | 6,542 | 35 | 15 | ||||||||||||
Class C | 167,947 | 565,348 | 162,983 | 516,889 | 222,756 | 393,200 | ||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||
Class A | 764,473 | 1,161,269 | 93,796 | 170,638 | 150,511 | 283,278 | ||||||||||||
Class B | 6,733 | 13,769 | 182 | 374 | 5,158 | 10,093 | ||||||||||||
Class C | 51,268 | 69,468 | 13,678 | 21,937 | 36,776 | 60,655 | ||||||||||||
2,793,517 | 5,543,186 | 988,412 | 3,163,004 | 1,194,382 | 2,183,278 | |||||||||||||
Shares repurchased: | ||||||||||||||||||
Class A | (4,427,967 | ) | (4,736,716 | ) | (1,464,179 | ) | (1,277,249 | ) | (1,217,930 | ) | (1,501,476 | ) | ||||||
Class B | (149,450 | ) | (225,629 | ) | (1,834 | ) | (21,083 | ) | (49,565 | ) | (128,538 | ) | ||||||
Class C | (478,118 | ) | (379,026 | ) | (195,284 | ) | (284,347 | ) | (351,043 | ) | (269,385 | ) | ||||||
(5,055,535 | ) | (5,341,371 | ) | (1,661,297 | ) | (1,582,679 | ) | (1,618,538 | ) | (1,899,399 | ) | |||||||
Net increase (decrease) | (2,262,018 | ) | 201,815 | (672,885 | ) | 1,580,325 | (424,156 | ) | 283,879 |
Six Months Ended | Year Ended | |||||||||||||
2/28/11 | 8/31/10 | |||||||||||||
Class B | Class A | Class B | Class A | |||||||||||
Shares | Shares | Value | Shares | Shares | Value | |||||||||
Delaware Tax-Free | ||||||||||||||
Minnesota Fund | 80,212 | 80,238 | $ | 996,199 | 143,907 | 144,023 | $ | 1,790,535 | ||||||
Delaware Tax-Free Minnesota | ||||||||||||||
Intermediate Fund | 1,108 | 1,111 | 12,331 | 16,599 | 16,648 | 182,669 | ||||||||
Delaware Minnesota High-Yield | ||||||||||||||
Municipal Bond Fund | 16,533 | 16,549 | 172,833 | 77,229 | 77,360 | 799,041 |
Delaware Tax-Free | Delaware Minnesota | |||||
Delaware Tax-Free | Minnesota | High-Yield Municipal | ||||
Minnesota Fund | Intermediate Fund | Bond Fund | ||||
21% | 23% | 15% |
Board of trustees
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Patrick P. Coyne
Chairman, President, and Chief Executive Officer Delaware Investments® Family of Funds Philadelphia, PA Thomas L. Bennett
Private Investor Rosemont, PA John A. Fry
President Drexel University Philadelphia, PA |
Anthony D. Knerr
Founder and Managing Director Anthony Knerr & Associates New York, NY Lucinda S. Landreth
Former Chief Investment Officer Assurant, Inc. Philadelphia, PA |
Ann R. Leven
Consultant ARL Associates New York, NY Thomas F. Madison
President and Chief Executive Officer MLM Partners, Inc. Minneapolis, MN |
Janet L. Yeomans
Vice President and Treasurer 3M Corporation St. Paul, MN J. Richard Zecher
Founder Investor Analytics Scottsdale, AZ |
Affiliated officers | |||
David F. Connor
Vice President, Deputy General Counsel, and Secretary Delaware Investments Family of Funds Philadelphia, PA |
Daniel V. Geatens
Vice President and Treasurer Delaware Investments Family of Funds Philadelphia, PA |
David P. O’Connor
Senior Vice President, General Counsel, and Chief Legal Officer Delaware Investments Family of Funds Philadelphia, PA |
Richard Salus
Senior Vice President and Chief Financial Officer Delaware Investments Family of Funds Philadelphia, PA |
This semiannual report is for the information of Delaware Tax-Free Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund, and Delaware Minnesota High-Yield Municipal Bond Fund shareholders, but it may be used with prospective investors when preceded or accompanied by a current prospectus for Delaware Tax-Free Minnesota Fund, Delaware Tax-Free Minnesota Intermediate Fund, and Delaware Minnesota High-Yield Municipal Bond Fund and the Delaware Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at www.delawareinvestments.com.
The prospectus sets forth details about charges, expenses, investment objectives, and operating policies of the investment company. You should read the prospectus carefully before you invest. The figures in this report represent past results that are not a guarantee of future results. The return and principal value of an investment in the investment company will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.
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Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.
Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. Each Fund’s Forms N-Q, as well as a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s Web site at www.sec.gov. In addition, a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities and each Fund’s Schedule of Investments are available without charge on each Fund’s Web site at www.delawareinvestments.com. Each Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.
Information (if any) regarding how each Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through each Fund’s Web site at www.delawareinvestments.com; and (ii) on the SEC’s Web site at www.sec.gov.
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Semiannual report
Delaware Tax-Free USA Fund
Delaware Tax-Free USA Intermediate Fund
Delaware National High-Yield Municipal
Bond Fund February 28, 2011
Fixed income mutual funds
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Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectuses and, if available, their summary prospectuses, which may be obtained by visiting www.delawareinvestments.com or calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.
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You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit www.delawareinvestments.com/edelivery. |
Manage your investments online
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Table of contents | |
Disclosure of Fund expenses | 1 |
Sector allocations | 4 |
Statements of net assets | 7 |
Statements of operations | 52 |
Statements of changes in net assets | 54 |
Financial highlights | 60 |
Notes to financial statements | 84 |
Other Fund information | 96 |
About the organization | 97 |
Beginning | Ending | Expenses | |||||||||||||
Account Value | Account Value | Annualized | Paid During Period | ||||||||||||
9/1/10 | 2/28/11 | Expense Ratio | 9/1/10 to 2/28/11* | ||||||||||||
Actual Fund return | |||||||||||||||
Class A | $ | 1,000.00 | $ | 956.50 | 0.80 | % | $ | 3.88 | |||||||
Class B | 1,000.00 | 953.80 | 1.56 | % | 7.56 | ||||||||||
Class C | 1,000.00 | 953.80 | 1.56 | % | 7.56 | ||||||||||
Institutional Class | 1,000.00 | 958.20 | 0.56 | % | 2.72 | ||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.83 | 0.80 | % | $ | 4.01 | |||||||
Class B | 1,000.00 | 1,017.06 | 1.56 | % | 7.80 | ||||||||||
Class C | 1,000.00 | 1,017.06 | 1.56 | % | 7.80 | ||||||||||
Institutional Class | 1,000.00 | 1,022.02 | 0.56 | % | 2.81 |
Beginning | Ending | Expenses | |||||||||||||
Account Value | Account Value | Annualized | Paid During Period | ||||||||||||
9/1/10 | 2/28/11 | Expense Ratio | 9/1/10 to 2/28/11* | ||||||||||||
Actual Fund return | |||||||||||||||
Class A | $ | 1,000.00 | $ | 961.70 | 0.75 | % | $ | 3.65 | |||||||
Class B | 1,000.00 | 956.70 | 1.60 | % | 7.76 | ||||||||||
Class C | 1,000.00 | 956.80 | 1.60 | % | 7.76 | ||||||||||
Institutional Class | 1,000.00 | 962.10 | 0.60 | % | 2.92 | ||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,021.08 | 0.75 | % | $ | 3.76 | |||||||
Class B | 1,000.00 | 1,016.86 | 1.60 | % | 8.00 | ||||||||||
Class C | 1,000.00 | 1,016.86 | 1.60 | % | 8.00 | ||||||||||
Institutional Class | 1,000.00 | 1,021.82 | 0.60 | % | 3.01 |
Beginning | Ending | Expenses | |||||||||||||
Account Value | Account Value | Annualized | Paid During Period | ||||||||||||
9/1/10 | 2/28/11 | Expense Ratio | 9/1/10 to 2/28/11* | ||||||||||||
Actual Fund return | |||||||||||||||
Class A | $ | 1,000.00 | $ | 937.20 | 0.85 | % | $ | 4.08 | |||||||
Class B | 1,000.00 | 933.90 | 1.60 | % | 7.67 | ||||||||||
Class C | 1,000.00 | 934.00 | 1.60 | % | 7.67 | ||||||||||
Institutional Class | 1,000.00 | 938.10 | 0.60 | % | 2.88 | ||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.58 | 0.85 | % | $ | 4.26 | |||||||
Class B | 1,000.00 | 1,016.86 | 1.60 | % | 8.00 | ||||||||||
Class C | 1,000.00 | 1,016.86 | 1.60 | % | 8.00 | ||||||||||
Institutional Class | 1,000.00 | 1,021.82 | 0.60 | % | 3.01 |
Sector allocations | |
Delaware Tax-Free USA Fund | As of February 28, 2011 |
Sector | Percentage of net assets | |
Municipal Bonds | 96.59 | % |
Corporate Revenue Bonds | 16.36 | % |
Education Revenue Bonds | 10.43 | % |
Electric Revenue Bonds | 2.32 | % |
Healthcare Revenue Bonds | 9.02 | % |
Housing Revenue Bonds | 1.46 | % |
Lease Revenue Bonds | 4.68 | % |
Local General Obligation Bonds | 4.85 | % |
Pre-Refunded/Escrowed to Maturity Bonds | 10.26 | % |
Special Tax Revenue Bonds | 12.85 | % |
State General Obligation Bonds | 10.81 | % |
Transportation Revenue Bonds | 9.74 | % |
Water & Sewer Revenue Bonds | 3.81 | % |
Short-Term Investments | 3.48 | % |
Total Value of Securities | 100.07 | % |
Liabilities Net of Receivables and Other Assets | (0.07 | %) |
Total Net Assets | 100.00 | % |
Delaware Tax-Free USA Intermediate Fund | As of February 28, 2011 |
Sector | Percentage of net assets | |
Municipal Bonds | 95.84 | % |
Corporate Revenue Bonds | 9.25 | % |
Education Revenue Bonds | 5.83 | % |
Electric Revenue Bonds | 2.26 | % |
Healthcare Revenue Bonds | 9.33 | % |
Housing Revenue Bonds | 0.64 | % |
Lease Revenue Bonds | 3.26 | % |
Local General Obligation Bonds | 5.60 | % |
Pre-Refunded/Escrowed to Maturity Bonds | 4.86 | % |
Resource Recovery Revenue Bonds | 0.29 | % |
Special Tax Revenue Bonds | 11.20 | % |
State General Obligation Bonds | 25.21 | % |
Transportation Revenue Bonds | 12.56 | % |
Water & Sewer Revenue Bonds | 5.55 | % |
Short-Term Investments | 2.63 | % |
Total Value of Securities | 98.47 | % |
Receivables and Other Assets Net of Liabilities | 1.53 | % |
Total Net Assets | 100.00 | % |
Sector allocations | |
Delaware National High-Yield Municipal Bond Fund | As of February 28, 2011 |
Sector | Percentage of net assets | |
Municipal Bonds | 91.28 | % |
Corporate Revenue Bonds | 17.51 | % |
Education Revenue Bonds | 19.98 | % |
Electric Revenue Bond | 0.42 | % |
Healthcare Revenue Bonds | 19.24 | % |
Housing Revenue Bonds | 0.70 | % |
Lease Revenue Bonds | 3.73 | % |
Local General Obligation Bonds | 1.14 | % |
Pre-Refunded Bonds | 0.52 | % |
Special Tax Revenue Bonds | 16.22 | % |
State General Obligation Bonds | 5.26 | % |
Transportation Revenue Bonds | 4.89 | % |
Water & Sewer Revenue Bonds | 1.67 | % |
Short-Term Investments | 5.97 | % |
Total Value of Securities | 97.25 | % |
Receivables and Other Assets Net of Liabilities | 2.75 | % |
Total Net Assets | 100.00 | % |
Statements of net assets | ||
Delaware Tax-Free USA Fund | February 28, 2011 (Unaudited) |
Principal amount | Value | |||||
Municipal Bonds – 96.59% | ||||||
Corporate Revenue Bonds – 16.36% | ||||||
Alliance Airport Authority, Texas Special Facilities Revenue | ||||||
(American Airlines Project) Series B 5.25% 12/1/29 (AMT) | $ | 2,250,000 | $ | 1,601,078 | ||
Brazos, Texas River Authority Pollution Control Revenue | ||||||
(Texas Utilities) 5.40% 5/1/29 (AMT) | 3,000,000 | 812,190 | ||||
•(TXU Energy Co. Project) Series B 6.30% 7/1/32 (AMT) | 3,500,000 | 947,135 | ||||
Buckeye, Ohio Tobacco Settlement Financing Authority | ||||||
Asset-Backed Series A-2 | ||||||
5.875% 6/1/47 | 14,405,000 | 9,595,746 | ||||
6.50% 6/1/47 | 6,000,000 | 4,381,380 | ||||
Cloquet, Minnesota Pollution Control Revenue | ||||||
(Potlatch Corp. Project) 5.90% 10/1/26 | 1,695,000 | 1,522,737 | ||||
Harris County, Texas Industrial Development Corporation | ||||||
Solid Waste Disposal Revenue | ||||||
(Deer Park Refining Project) 5.00% 2/1/23 | 2,955,000 | 2,971,430 | ||||
Hawaii State Department Budget & | ||||||
Finance Special Purpose Revenue (Hawaiian | ||||||
Electric Co. Subsidiary) 6.50% 7/1/39 | 5,350,000 | 5,279,166 | ||||
Illinois Railsplitter Tobacco Settlement Authority | ||||||
6.00% 6/1/28 | 6,000,000 | 5,885,700 | ||||
6.25% 6/1/24 | 6,810,000 | 6,836,081 | ||||
Indiana State Finance Authority Environmental Revenue | ||||||
(U.S. Steel Corp. Project) 6.00% 12/1/26 | 2,610,000 | 2,592,905 | ||||
Indianapolis, Indiana Airport Authority Revenue | ||||||
Special Facilities (Federal Express Corp. Project) | ||||||
5.10% 1/15/17 (AMT) | 2,750,000 | 2,905,513 | ||||
Series 1998 5.50% 5/1/29 (AMT) | 2,000,000 | 1,817,440 | ||||
Iowa Finance Authority Pollution Control Facility Revenue | ||||||
(Interstate Power) 5.00% 7/1/14 (FGIC) | 3,640,000 | 3,922,100 | ||||
Maryland Economic Development Corporation Revenue | ||||||
(CNX Marine Terminals Inc.) 5.75% 9/1/25 | 3,375,000 | 3,173,580 | ||||
Mason County, West Virginia Pollution Control Revenue | ||||||
(Appalachian Power Co. Project) | ||||||
Series K 6.05% 12/1/24 (AMBAC) | 3,000,000 | 3,020,910 | ||||
Mississippi Business Finance Corporation Pollution Control | ||||||
Revenue (System Energy Resources, Inc. Project) | ||||||
5.90% 5/1/22 | 3,000,000 | 2,959,950 |
Principal amount | Value | |||||
Municipal Bonds (continued) | ||||||
Corporate Revenue Bonds (continued) | ||||||
Missouri State Environmental Improvement & Energy | ||||||
Resource Authority Pollution Control Revenue | ||||||
Refunding (St. Joseph Light & Power Co. Project) | ||||||
5.85% 2/1/13 (AMBAC) | $ | 2,200,000 | $ | 2,205,852 | ||
• | Mobile, Alabama Industrial Development Board Pollution | |||||
Control Revenue (Alabama Power Co.) | ||||||
Series B 4.875% 6/1/34 | 4,750,000 | 5,038,753 | ||||
M-S-R Energy Authority, California Gas Revenue Series A | ||||||
6.125% 11/1/29 | 1,915,000 | 1,937,176 | ||||
6.50% 11/1/39 | 3,915,000 | 4,071,091 | ||||
New Jersey Economic Development Authority Special | ||||||
Facility Revenue (Continental Airlines, Inc. Project) | ||||||
6.25% 9/15/29 (AMT) | 2,000,000 | 1,874,960 | ||||
• | New York City, New York Industrial Development Agency | |||||
Special Facilities Revenue (American Airlines - | ||||||
JFK International Airport) | ||||||
7.625% 8/1/25 (AMT) | 4,620,000 | 4,707,133 | ||||
7.75% 8/1/31 (AMT) | 2,000,000 | 2,046,120 | ||||
Ohio State Air Quality Development Authority Revenue | ||||||
Environmental Improvement (First Energy Generation) | ||||||
Series A 5.70% 8/1/20 | 4,750,000 | 4,914,255 | ||||
Pennsylvania Economic Development Financing Authority | ||||||
Exempt Facilities Revenue (Allegheny Energy Supply Co.) | ||||||
7.00% 7/15/39 | 6,340,000 | 6,825,706 | ||||
Petersburg, Indiana Pollution Control Revenue (Indianapolis | ||||||
Power & Light Co. Project) 6.375% 11/1/29 (AMT) | 5,000,000 | 5,019,700 | ||||
Richmond County, Georgia Development Authority | ||||||
Environmental Improvement Revenue (International | ||||||
Paper Co.) Series B 5.95% 11/15/25 (AMT) | 5,000,000 | 5,009,150 | ||||
South Carolina Jobs-Economic Development Authority | ||||||
Industrial Revenue (South Carolina Electric & Gas Co. | ||||||
Project) Series B 5.45% 11/1/32 (AMBAC) (AMT) | 500,000 | 464,845 | ||||
104,339,782 | ||||||
Education Revenue Bonds – 10.43% | ||||||
Bowling Green, Ohio Student Housing Revenue CFP I | ||||||
(State University Project) 6.00% 6/1/45 | 5,390,000 | 4,898,432 | ||||
Broward County, Florida Educational Facilities Authority | ||||||
Revenue (Nova Southeastern Project) | ||||||
5.25% 4/1/27 (RADIAN) | 1,000,000 | 912,910 |
Principal amount | Value | |||||
Municipal Bonds (continued) | ||||||
Education Revenue Bonds (continued) | ||||||
California Statewide Communities Development Authority | ||||||
School Facility Revenue (Aspire Public Schools) | ||||||
6.125% 7/1/46 | $ | 5,160,000 | $ | 4,534,866 | ||
California Statewide Communities Development Authority | ||||||
Student Housing Revenue (East Campus Apartments, LLC) | ||||||
Series A 5.625% 8/1/34 (ACA) | 3,400,000 | 3,022,022 | ||||
Connecticut State Health & Educational Facilities Authority | ||||||
Revenue (Yale University) Series A-1 5.00% 7/1/25 | 3,000,000 | 3,234,570 | ||||
Delaware County, Pennsylvania Industrial Development | ||||||
Authority Charter School Revenue (Chester Community | ||||||
Charter School) Series A 6.125% 8/15/40 | 2,400,000 | 2,155,824 | ||||
Gainesville, Georgia Redevelopment Authority Educational | ||||||
Facilities Revenue (Riverside Military Academy Project) | ||||||
5.125% 3/1/37 | 2,850,000 | 2,050,233 | ||||
Marietta, Georgia Development Authority Revenue | ||||||
(Life University Income Project) 7.00% 6/15/39 | 4,200,000 | 3,930,948 | ||||
Massachusetts Development Finance Agency | ||||||
(Harvard University) Series B-2 5.25% 2/1/34 | 5,000,000 | 5,303,500 | ||||
Massachusetts State Health & Educational Facilities | ||||||
Authority Revenue (Harvard University) Series A | ||||||
5.00% 12/15/29 | 5,295,000 | 5,645,688 | ||||
5.50% 11/15/36 | 4,515,000 | 4,804,682 | ||||
(Nichols College Project) Series C 6.125% 10/1/29 | 4,350,000 | 4,211,540 | ||||
Missouri State Health & Educational Facilities | ||||||
Authority Revenue (Washington University) | ||||||
Series A 5.375% 3/15/39 | 5,000,000 | 5,186,700 | ||||
New Jersey Economic Development Authority Revenue | ||||||
(Provident Group - Montclair) 5.875% 6/1/42 | 4,285,000 | 3,933,587 | ||||
New Jersey State Educational Facilities Authority Revenue | ||||||
(University of Medicine & Dentistry) Series B 7.50% 12/1/32 | 1,435,000 | 1,580,050 | ||||
Pennsylvania State Higher Educational Facilities Authority | ||||||
Student Housing Revenue (University Properties Inc. - East | ||||||
Stroudsburg University of Pennsylvania) 5.00% 7/1/31 | 6,000,000 | 5,167,380 | ||||
Provo, Utah Charter School Revenue (Freedom Academy | ||||||
Foundation Project) 5.50% 6/15/37 | 1,665,000 | 1,188,277 | ||||
San Juan, Texas Higher Education Finance Authority | ||||||
Education Revenue (Idea Public Schools) | ||||||
Series A 6.70% 8/15/40 | 1,500,000 | 1,506,195 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
St. Louis, Missouri Industrial Development Authority | |||||||
Revenue (Confluence Academy Project) Series A | |||||||
5.25% 6/15/25 | $ | 1,150,000 | $ | 962,550 | |||
5.35% 6/15/32 | 2,300,000 | 1,810,491 | |||||
University of the Virgin Islands Series A 5.375% 6/1/34 | 500,000 | 457,530 | |||||
66,497,975 | |||||||
Electric Revenue Bonds – 2.32% | |||||||
California State Department of Water Resources | |||||||
Series L 5.00% 5/1/20 | 5,000,000 | 5,664,550 | |||||
Puerto Rico Electric Power Authority Revenue | |||||||
Series PP 5.00% 7/1/25 (NATL-RE) (FGIC) | 1,000,000 | 956,500 | |||||
Series WW 5.50% 7/1/38 | 2,100,000 | 1,915,074 | |||||
Series XX 5.75% 7/1/36 | 5,495,000 | 5,241,186 | |||||
Sikeston, Missouri Electric Revenue Refunding | |||||||
6.00% 6/1/13 (NATL-RE) | 1,000,000 | 1,048,640 | |||||
14,825,950 | |||||||
Healthcare Revenue Bonds – 9.02% | |||||||
Brevard County, Florida Health Facilities Authority | |||||||
Revenue (Heath First Inc. Project) | |||||||
Series B 7.00% 4/1/39 | 1,610,000 | 1,724,664 | |||||
Butler County, Pennsylvania Hospital Authority | |||||||
Revenue (Butler Health System Project) | |||||||
7.125% 7/1/29 | 2,250,000 | 2,458,710 | |||||
Cape Girardeau County, Missouri Industrial | |||||||
Development Authority Health Care Facilities Revenue | |||||||
Unrefunded Balance (St. Francis Medical Center) | |||||||
Series A 5.50% 6/1/32 | 1,000,000 | 981,480 | |||||
Cleveland-Cuyahoga County, Ohio Port Authority | |||||||
Revenue Senior Housing (St. Clarence - Geac) | |||||||
Series A 6.25% 5/1/38 | 1,500,000 | 1,144,065 | |||||
Colorado Health Facilities Authority Revenue | |||||||
(Evangelical Lutheran) Series A 5.25% 6/1/34 | 4,275,000 | 3,945,740 | |||||
Cuyahoga County, Ohio Revenue (Cleveland Clinic | |||||||
Health Systems) Series A 5.50% 1/1/29 | 4,000,000 | 3,977,200 | |||||
Fairfax County, Virginia Industrial Development Authority | |||||||
Revenue (Inova Health Services) Series A 5.50% 5/15/35 | 2,500,000 | 2,529,400 | |||||
Gainesville & Hall County, Georgia Development Authority | |||||||
Revenue Senior Living Facilities (Lanier Village Estates | |||||||
Project) Series C 7.25% 11/15/29 | 1,000,000 | 1,006,600 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Illinois Finance Authority Revenue (Silver Cross & | |||||||
Medical Centers) 7.00% 8/15/44 | $5,500,000 | $ | 5,492,739 | ||||
Illinois Health Facilities Authority Revenue (Elmhurst | |||||||
Memorial Healthcare Project) 5.625% 1/1/28 | 2,000,000 | 1,853,100 | |||||
Lucas County, Ohio Health Care Facility Revenue (Sunset | |||||||
Retirement Communities) Series A 6.625% 8/15/30 | 2,000,000 | 2,001,620 | |||||
Maricopa County, Arizona Industrial Development Authority | |||||||
Health Facilities Revenue (Catholic Healthcare West) | |||||||
Series A 6.00% 7/1/39 | 3,690,000 | 3,696,827 | |||||
Michigan State Hospital Finance Authority | |||||||
Revenue (Ascension Health Credit Group) | |||||||
Series B 5.25% 11/15/26 | 3,500,000 | 3,531,395 | |||||
(Trinity Health Credit) Series C 5.375% 12/1/30 | 4,500,000 | 4,369,050 | |||||
New York State Dormitory Authority Revenue Non State | |||||||
Supported Debt | |||||||
(North Shore LI Jewish Health System) | |||||||
Series A 5.50% 5/1/37 | 3,000,000 | 2,926,620 | |||||
(Orange Regional Medical Center) 6.50% 12/1/21 | 2,745,000 | 2,766,219 | |||||
North Carolina Medical Care Commission Health Care | |||||||
Facilities Revenue | |||||||
(First Mortgage - Galloway Ridge Project) | |||||||
Series A 5.875% 1/1/31 | 1,555,000 | 1,427,910 | |||||
(First Mortgage - Presbyterian Homes) 5.40% 10/1/27 | 3,260,000 | 2,839,199 | |||||
Ohio State Higher Educational Facility Community Revenue | |||||||
(Cleveland Clinic Health System Obligation Group) | |||||||
Series A 5.25% 1/1/33 | 2,000,000 | 1,944,160 | |||||
^ | Oregon Health & Science University Revenue (Capital | ||||||
Appreciation Insured) Series A 5.50% 7/1/21 (NATL-RE) | 2,000,000 | 1,163,200 | |||||
Philadelphia, Pennsylvania Hospitals & Higher Education | |||||||
Facilities Authority Hospital Revenue (Temple University | |||||||
Health System) Series A 5.50% 7/1/30 | 2,700,000 | 2,410,344 | |||||
Puerto Rico Industrial, Tourist, Educational, | |||||||
Medical & Environmental Control Facilities Revenue | |||||||
(Hospital Auxilio Mutuo Obligated Group) | |||||||
Series A 6.25% 7/1/24 (NATL-RE) | 1,200,000 | 1,200,900 | |||||
Tallahassee, Florida Health Facilities Revenue | |||||||
(Tallahassee Memorial Regional Medical Center) | |||||||
Series B 6.00% 12/1/15 (NATL-RE) | 2,140,000 | 2,144,430 | |||||
57,535,572 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Housing Revenue Bonds – 1.46% | |||||||
California Municipal Finance Authority Mobile Home Park | |||||||
Revenue (Caritas Projects) Series A 6.40% 8/15/45 | $4,770,000 | $ | 4,346,519 | ||||
Florida Housing Finance Agency | |||||||
(Landings at Sea Forest Apartments) Series T | |||||||
5.85% 12/1/18 (AMBAC) (FHA) (AMT) | 270,000 | 270,024 | |||||
6.05% 12/1/36 (AMBAC) (FHA) (AMT) | 700,000 | 633,360 | |||||
(Spinnaker Cove Apartments) Series G | |||||||
6.50% 7/1/36 (AMBAC) (FHA) (AMT) | 500,000 | 478,450 | |||||
Missouri State Housing Development Commission | |||||||
Mortgage Revenue Single Family Homeowner Loan A | |||||||
5.20% 9/1/33 (GNMA) (FNMA) (AMT) | 160,000 | 154,245 | |||||
Missouri State Housing Development Commission | |||||||
Multifamily Housing Revenue | |||||||
(Hyder) Series 3 5.60% 7/1/34 (FHA) (AMT) | 1,435,000 | 1,435,187 | |||||
(San Remo) Series 5 5.45% 1/1/36 (FHA) (AMT) | 500,000 | 489,965 | |||||
New Mexico Mortgage Finance Authority Revenue | |||||||
Series E 6.95% 1/1/26 (GNMA) (FNMA) | 80,000 | 80,929 | |||||
Orange County, Florida Housing Finance Authority | |||||||
Homeowner Revenue Series B | |||||||
5.25% 3/1/33 (GNMA) (FNMA) (AMT) | 100,000 | 97,079 | |||||
Oregon Health, Housing, Educational, & Cultural Facilities | |||||||
Authority Revenue (Pier Park Project) Series A | |||||||
6.05% 4/1/18 (AGM) (AMT) | 815,000 | 816,133 | |||||
Volusia County, Florida Multifamily Housing Finance | |||||||
Authority (San Marco Apartments) | |||||||
Series A 5.60% 1/1/44 (AGM) (AMT) | 500,000 | 491,115 | |||||
9,293,006 | |||||||
Lease Revenue Bonds – 4.68% | |||||||
Capital Area, Texas Cultural Education Facilities Finance | |||||||
Corporation Revenue (Roman Catholic Diocese) | |||||||
Series B 6.125% 4/1/45 | 2,045,000 | 1,948,251 | |||||
Capital Trust Agency Florida Revenue | |||||||
(Fort Lauderdale/Cargo Acquisition Project) | |||||||
5.75% 1/1/32 (AMT) | 3,750,000 | 3,101,813 | |||||
(Orlando/Cargo Acquisition Project) 6.75% 1/1/32 (AMT) | 2,395,000 | 2,114,282 | |||||
Grapevine, Texas Industrial Development Corporate Revenue | |||||||
(Air Cargo) 6.50% 1/1/24 (AMT) | 850,000 | 794,240 | |||||
Houston, Texas Industrial Development Corporate Revenue | |||||||
(Air Cargo) 6.375% 1/1/23 (AMT) | 1,985,000 | 1,824,632 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Lease Revenue Bonds (continued) | |||||||
Loudoun County, Virginia Industrial Development | |||||||
Authority Public Safety Facility Lease Revenue | |||||||
Series A 5.25% 12/15/23 (AGM) | $ | 700,000 | $ | 756,266 | |||
Missouri State Development Finance Board Infrastructure | |||||||
Facilities Revenue | |||||||
(Branson Landing Project) Series A | |||||||
5.25% 12/1/19 | 1,435,000 | 1,494,538 | |||||
5.625% 12/1/28 | 2,365,000 | 2,389,620 | |||||
(Sewer System Improvement Project) | |||||||
Series C 5.00% 3/1/25 | 605,000 | 585,465 | |||||
(Triumph Foods Project) Series A 5.25% 3/1/25 | 500,000 | 496,085 | |||||
New Jersey Economic Development Authority | |||||||
(School Facilities Construction) | |||||||
Series EE 5.00% 9/1/18 | 6,000,000 | 6,389,819 | |||||
Series GG 5.75% 9/1/23 | 1,000,000 | 1,073,150 | |||||
New Jersey State Various Purpose 5.00% 6/1/17 | 3,000,000 | 3,385,529 | |||||
Puerto Rico Commonwealth Industrial Development | |||||||
Company General Purpose Revenue | |||||||
Series B 5.375% 7/1/16 | 1,000,000 | 1,000,700 | |||||
Puerto Rico Public Buildings Authority Revenue | |||||||
(Guaranteed Government Facilities) | |||||||
Series F 5.25% 7/1/25 | 930,000 | 887,546 | |||||
^ | St. Louis, Missouri Industrial Development Authority | ||||||
Leasehold Revenue (Convention Center Hotel) | |||||||
5.80% 7/15/20 (AMBAC) | 3,035,000 | 1,620,842 | |||||
29,862,778 | |||||||
Local General Obligation Bonds – 4.85% | |||||||
Boerne, Texas Independent School District Building | |||||||
5.25% 2/1/27 (PSF) | 4,000,000 | 4,169,160 | |||||
Fairfax County, Virginia Improvement | |||||||
Series A 5.00% 4/1/18 | 6,000,000 | 7,071,961 | |||||
Georgetown Independent School District (School Building) | |||||||
5.00% 8/15/22 (PSF) | 500,000 | 565,480 | |||||
5.00% 8/15/24 (PSF) | 1,430,000 | 1,580,407 | |||||
5.00% 8/15/25 (PSF) | 945,000 | 1,033,083 | |||||
5.00% 8/15/26 (PSF) | 1,000,000 | 1,081,820 | |||||
Los Angeles, California Unified School District Election of 2005 | |||||||
Series F 5.00% 1/1/34 | 6,180,000 | 5,915,929 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Local General Obligation Bonds (continued) | |||||||
New York City, New York | |||||||
Series I-1 5.375% 4/1/36 | $ | 5,000,000 | $ | 5,091,650 | |||
Unrefunded Balance Series I 5.125% 3/1/23 | 2,260,000 | 2,369,881 | |||||
Powell, Ohio 5.50% 12/1/32 (NATL-RE) | 2,000,000 | 2,052,140 | |||||
30,931,511 | |||||||
§Pre-Refunded/Escrowed to Maturity Bonds – 10.26% | |||||||
Cape Girardeau County, Missouri Industrial Development | |||||||
Authority Health Care Facilities Revenue (Southeast | |||||||
Missouri Hospital) 5.25% 6/1/16 (NATL-RE) | 440,000 | 485,373 | |||||
Duluth, Minnesota Economic Development Authority Health | |||||||
Care Facilities Revenue (Benedictine Health System - | |||||||
St. Mary’s Hospital) 5.25% 2/15/33-14 | 4,000,000 | 4,481,880 | |||||
Golden State, California Tobacco Securitization Corporation | |||||||
Settlement Revenue Series B 5.625% 6/1/38-13 | 7,500,000 | 8,313,225 | |||||
^ | Greene County, Missouri Single Family Mortgage Revenue | ||||||
Municipal Multiplier (Private Mortgage Insurance) | |||||||
6.10% 3/1/16 | 1,225,000 | 1,092,921 | |||||
Henrico County, Virginia Economic Development Authority | |||||||
Revenue (Bon Secours Health System) | |||||||
Series A 5.60% 11/15/30-11 | 130,000 | 141,124 | |||||
Illinois Educational Facilities Authority Student Housing | |||||||
Revenue (Educational Advancement Fund - University | |||||||
Center Project) 6.25% 5/1/30-12 | 5,000,000 | 5,387,450 | |||||
Linn County, Oregon Community School District #9 | |||||||
Lebanon 5.60% 6/15/30-13 (FGIC) | 2,000,000 | 2,223,840 | |||||
Louisiana Public Facilities Authority Hospital Revenue | |||||||
(Southern Baptist Hospital, Inc. Project) 8.00% 5/15/12 | 1,880,000 | 1,954,880 | |||||
Maryland State Economic Development Corporation, | |||||||
Student Housing Revenue (University of Maryland | |||||||
College Park Project) 5.625% 6/1/35-13 | 1,125,000 | 1,247,513 | |||||
Milledgeville-Baldwin County, Georgia Development | |||||||
Authority Revenue (Georgia College & State University | |||||||
Foundation Student Housing Project) 6.00% 9/1/33-14 | 1,000,000 | 1,172,690 | |||||
New Jersey State Educational Facilities Authority | |||||||
Revenue (Stevens Institute of Technology) | |||||||
Series B 5.25% 7/1/24-14 | 2,085,000 | 2,364,056 | |||||
New Jersey State Highway Authority Garden State | |||||||
Parkway General Revenue (Senior Parkway) | |||||||
5.50% 1/1/14 (FGIC) | 5,000,000 | 5,632,500 | |||||
5.50% 1/1/16 (FGIC) | 1,000,000 | 1,179,700 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
§Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||||||
New York City, New York | |||||||
Series I 5.125% 3/1/23-13 | $ | 3,615,000 | $ | 3,939,229 | |||
Series J 5.25% 6/1/28-13 | 1,495,000 | 1,648,267 | |||||
North Carolina Medical Care Commission Hospital Revenue | |||||||
(Northeast Medical Center Project) 5.125% 11/1/34-14 | 1,250,000 | 1,431,238 | |||||
Oklahoma State Turnpike Authority Revenue (First Senior) | |||||||
6.00% 1/1/22 | 13,535,000 | 16,835,374 | |||||
Osceola County, Florida School Board Certificates of | |||||||
Participation Series A 5.25% 6/1/27-12 (AMBAC) | 2,500,000 | 2,669,250 | |||||
Virgin Islands Public Finance Authority Revenue | |||||||
Series A 7.30% 10/1/18 | 2,020,000 | 2,468,036 | |||||
Wisconsin Housing & Economic Developing Authority | |||||||
Revenue 6.10% 6/1/21-17 (FHA) | 645,000 | 762,519 | |||||
65,431,065 | |||||||
Special Tax Revenue Bonds – 12.85% | |||||||
Brooklyn Arena Local Development Corporation, New York | |||||||
Pilot Revenue (Barclays Center Project) 6.50% 7/15/30 | 8,230,000 | 8,390,320 | |||||
California State Economic Recovery Refunding | |||||||
Series A 5.25% 7/1/21 | 3,130,000 | 3,487,196 | |||||
Florida Enterprise Community Development District | |||||||
Special Assessment 6.10% 5/1/16 (NATL-RE) | 695,000 | 697,801 | |||||
Henderson, Nevada Local Improvement Districts | |||||||
#T-18 5.30% 9/1/35 | 2,310,000 | 1,191,683 | |||||
Hollywood, Florida Community Redevelopment Agency | |||||||
Revenue (Beach CRA) 5.625% 3/1/24 | 1,200,000 | 1,217,628 | |||||
Jacksonville, Florida Excise Taxes Revenue | |||||||
Series B 5.00% 10/1/26 (AMBAC) | 1,000,000 | 1,000,710 | |||||
Lammersville, California School District Community Facilities | |||||||
District #2002 (Mountain House) 5.125% 9/1/35 | 4,125,000 | 3,185,078 | |||||
Middlesex County, New Jersey Improvement Authority Senior | |||||||
Revenue (Heldrich Center Hotel/Conference Project) Series A | |||||||
5.00% 1/1/32 | 1,500,000 | 694,305 | |||||
5.125% 1/1/37 | 1,500,000 | 692,835 | |||||
Missouri State Environmental Improvement & Energy Water | |||||||
Pollution Control Revenue (State Revolving Fund Project) | |||||||
Series A 6.05% 7/1/16 (AGM) | 1,030,000 | 1,034,573 | |||||
Missouri State Highways & Transportation Commission State | |||||||
Road Revenue Series B 5.00% 5/1/24 | 9,000,000 | 9,600,570 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Special Tax Revenue Bonds (continued) | |||||||
New Jersey Economic Development Authority Revenue | |||||||
(Cigarette Tax) | |||||||
5.50% 6/15/31 | $ | 1,000,000 | $ | 862,830 | |||
5.75% 6/15/34 | 1,935,000 | 1,668,686 | |||||
New York City, New York | |||||||
Series A 5.00% 8/1/19 | 2,690,000 | 3,051,617 | |||||
Series B 5.00% 8/1/19 | 5,105,000 | 5,791,265 | |||||
New York City, New York Transitional Finance Authority | |||||||
Future Tax Secured | |||||||
Fiscal 2011 5.00% 2/1/26 | 3,000,000 | 3,169,350 | |||||
Series C 5.25% 11/1/25 | 6,000,000 | 6,528,660 | |||||
Series D 5.00% 2/1/31 | 5,000,000 | 4,999,800 | |||||
New York Sales Tax Asset Receivables | |||||||
Series A 5.25% 10/15/27 (AMBAC) | 1,000,000 | 1,049,800 | |||||
New York State Dormitory Authority State Personal Income | |||||||
Tax Revenue Series B 5.25% 3/15/38 | 6,000,000 | 6,056,640 | |||||
Puerto Rico Sales Tax Financing Corporation Tax Revenue | |||||||
Ω(Capital Appreciation) Series A 6.75% 8/1/32 | 10,780,000 | 8,728,997 | |||||
Series A 5.75% 8/1/37 | 5,000,000 | 4,966,150 | |||||
Tampa, Florida Sports Authority Revenue Sales Tax | |||||||
(Tampa Bay Arena Project) 5.75% 10/1/20 (NATL-RE) | 1,000,000 | 1,039,310 | |||||
^ | Wyandotte County, Kansas City, Kansas Unified | ||||||
Government Special Obligation Revenue (Capital | |||||||
Appreciation-Sales Tax Subordinate Lien) 6.07% 6/1/21 | 5,230,000 | 2,834,555 | |||||
81,940,359 | |||||||
State General Obligation Bonds – 10.81% | |||||||
California State 5.25% 11/1/40 | 3,795,000 | 3,632,612 | |||||
California State Revenue (Antic NTS) | |||||||
Series A-2 3.00% 6/28/11 | 6,500,000 | 6,544,070 | |||||
California State Various Purposes | |||||||
6.00% 4/1/38 | 4,060,000 | 4,197,593 | |||||
6.50% 4/1/33 | 2,570,000 | 2,795,312 | |||||
Connecticut State Economic Recovery Series A 5.00% 1/1/16 | 6,000,000 | 6,834,000 | |||||
Guam Government Series A 7.00% 11/15/39 | 4,295,000 | 4,487,846 | |||||
Maryland State & Local Facilities Loan | |||||||
Second Series 5.00% 8/1/16 | 4,000,000 | 4,653,760 | |||||
Series C 5.00% 11/1/18 | 8,550,000 | 10,100,115 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
State General Obligation Bonds (continued) | |||||||
North Carolina State Public Improvement | |||||||
Series A 5.00% 5/1/20 | $ | 10,585,000 | $ | 12,509,036 | |||
Puerto Rico Commonwealth Public Improvement Series A | |||||||
5.125% 7/1/31 | 4,415,000 | 4,187,583 | |||||
5.25% 7/1/23 | 500,000 | 487,995 | |||||
5.50% 7/1/19 (NATL-RE) | 5,000,000 | 5,194,350 | |||||
Virginia State Series D 5.00% 6/1/19 | 2,785,000 | 3,293,290 | |||||
68,917,562 | |||||||
Transportation Revenue Bonds – 9.74% | |||||||
Branson, Missouri Regional Airport Transportation | |||||||
Development District Revenue (Branson Airport Project) | |||||||
Series B 6.00% 7/1/37 (AMT) | 1,500,000 | 557,175 | |||||
Dallas-Fort Worth, Texas International Airport Revenue | |||||||
Series A 5.50% 11/1/31 (NATL-RE) (FGIC) (AMT) | 1,500,000 | 1,499,925 | |||||
Delaware Transportation Authority 5.00% 7/1/22 | 4,345,000 | 4,618,692 | |||||
Maryland State Economic Development Corporation Revenue | |||||||
(Transportation Facilities Project) Series A 5.75% 6/1/35 | 5,075,000 | 4,583,233 | |||||
New York State Thruway Authority General Revenue | |||||||
Series H 5.00% 1/1/19 (NATL-RE) | 6,240,000 | 6,886,650 | |||||
North Texas Tollway Authority Revenue (First Tier) | |||||||
Series A 6.00% 1/1/24 | 3,345,000 | 3,532,588 | |||||
•Series E-3 5.75% 1/1/38 | 4,320,000 | 4,790,837 | |||||
Ω | Pennsylvania Turnpike Commission Revenue Convertible | ||||||
Capital Appreciation Series B2 5.35% 12/1/30 | 8,500,000 | 6,104,360 | |||||
Phoenix, Arizona Civic Improvement Corporation Airport | |||||||
Revenue Junior Lien Series A 5.00% 7/1/26 | 1,800,000 | 1,810,566 | |||||
Port Authority of New York & New Jersey Special Project | |||||||
(JFK International Air Terminal) | |||||||
6.00% 12/1/42 | 4,735,000 | 4,615,205 | |||||
6.50% 12/1/28 | 5,500,000 | 5,621,990 | |||||
St. Louis, Missouri Airport Revenue (Lambert-St. Louis | |||||||
International) Series A-1 6.625% 7/1/34 | 5,995,000 | 6,109,564 | |||||
Texas Private Activity Bond Surface Transportation | |||||||
Corporation Senior Lien | |||||||
(LBJ Infrastructure) 7.00% 6/30/40 | 5,715,000 | 5,816,041 | |||||
(Mobility Partners) 6.875% 12/31/39 | 5,500,000 | 5,568,585 | |||||
62,115,411 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Water & Sewer Revenue Bonds – 3.81% | |||||||
Atlanta, Georgia Water & Wastewater Revenue | |||||||
Series A 6.25% 11/1/39 | $ | 5,500,000 | $ | 5,664,395 | |||
New York City, New York Municipal Water Finance | |||||||
Authority Water & Sewer System Revenue | |||||||
Fiscal 2009 Series A 5.75% 6/15/40 | 4,000,000 | 4,227,520 | |||||
Series A 5.25% 6/15/34 | 3,705,000 | 3,715,522 | |||||
New York State Environmental Facilities Corporation | |||||||
(State Revolving Foundations Master Financing) | |||||||
Series A 5.00% 8/15/16 | 5,245,000 | 6,088,291 | |||||
Tampa, Florida Water and Sewer Revenue | |||||||
6.00% 10/1/16 (AGM) | 1,000,000 | 1,181,850 | |||||
Virgin Islands Water & Power Authority Water System | |||||||
Revenue 5.50% 7/1/17 | 510,000 | 510,653 | |||||
West Virginia State Water Development Authority Revenue | |||||||
(Loan Program III) Series A 6.375% 7/1/39 (AMBAC) (AMT) | 2,890,000 | 2,899,971 | |||||
24,288,202 | |||||||
Total Municipal Bonds (cost $614,124,171) | 615,979,173 | ||||||
Short-Term Investments – 3.48% | |||||||
¤Variable Rate Demand Notes – 3.48% | |||||||
California Pollution Control Financing Authority Pollution | |||||||
Control Revenue Daily Refunding (Pacific Gas & Electric) | |||||||
Series F 0.17% 11/1/26 (LOC-JPMorgan Chase Bank) | 1,500,000 | 1,500,000 | |||||
Maryland State Health & Higher Educational Facilities | |||||||
Authority Revenue (University of Maryland Medical | |||||||
System) Series A 0.25% 7/1/34 (LOC-Wachovia Bank) | 1,500,000 | 1,500,000 | |||||
Massachusetts State Health & Educational Facilities | |||||||
Authority Revenue | |||||||
(Children’s Hospital) Series N-4 0.21% 10/1/49 | |||||||
(LOC-JPMorgan Chase Bank) | 10,000,000 | 10,000,000 | |||||
(Harvard University) Series R 0.15% 11/1/49 | 3,300,000 | 3,300,000 | |||||
New York City, New York | |||||||
Series B-3 0.17% 8/15/17 (LOC-JPMorgan Chase Bank) | 800,000 | 800,000 | |||||
Sub-Series A-7 | |||||||
0.17% 8/1/20 (LOC-JPMorgan Chase Bank) | 4,500,000 | 4,500,000 | |||||
0.17% 8/1/21 (LOC-JPMorgan Chase Bank) | 600,000 | 600,000 | |||||
Total Short-Term Investments (cost $22,200,000) | 22,200,000 |
Value | |||||
Total Value of Securities – 100.07% | |||||
(cost $636,324,171) | $ | 638,179,173 | |||
Liabilities Net of Receivables | |||||
and Other Assets – (0.07%) | (434,634 | ) | |||
Net Assets Applicable to 58,645,027 | |||||
Shares Outstanding – 100.00% | $ | 637,744,539 | |||
Net Asset Value – Delaware Tax-Free USA Fund | |||||
Class A ($600,692,820 / 55,241,776 Shares) | $10.87 | ||||
Net Asset Value – Delaware Tax-Free USA Fund | |||||
Class B ($3,594,460 / 330,723 Shares) | $10.87 | ||||
Net Asset Value – Delaware Tax-Free USA Fund | |||||
Class C ($28,077,291 / 2,581,482 Shares) | $10.88 | ||||
Net Asset Value – Delaware Tax-Free USA Fund | |||||
Institutional Class ($5,379,968 / 491,046 Shares) | $10.96 | ||||
Components of Net Assets at February 28, 2011: | |||||
Shares of beneficial interest (unlimited authorization – no par) | $ | 642,172,250 | |||
Undistributed net investment income | 66,895 | ||||
Accumulated net realized loss on investments | (6,349,608 | ) | |||
Net unrealized appreciation of investments | 1,855,002 | ||||
Total net assets | $ | 637,744,539 |
§ | Pre-Refunded/Escrowed to Maturity bonds. Municipals that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 8 in “Notes to financial statements.” |
^ | Zero coupon security. The rate shown is the yield at the time of purchase. |
• | Variable rate security. The rate shown is the rate as of February 28, 2011. Interest rates reset periodically. |
Ω | Step coupon bond. Indicates security that has a zero coupon that remains in effect until a predetermined date at which time the stated interest rate becomes effective. |
¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to such instrument. |
Net Asset Value and Offering Price Per Share – | |||
Delaware Tax-Free USA Fund | |||
Net asset value Class A (A) | $ | 10.87 | |
Sales charge (4.50% of offering price) (B) | 0.51 | ||
Offering price | $ | 11.38 |
(A) | Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares. | |
(B) | See the current prospectus for purchases of $100,000 or more. |
Delaware Tax-Free USA Intermediate Fund | February 28, 2011 (Unaudited) |
Principal amount | Value | ||||||
Municipal Bonds – 95.84% | |||||||
Corporate Revenue Bonds – 9.25% | |||||||
Allegheny County, Pennsylvania Industrial Development | |||||||
Authority Revenue (Environmental Improvement - | |||||||
U.S. Steel Corp. Project) 6.50% 5/1/17 | $ | 2,315,000 | $ | 2,383,362 | |||
Brazos, Texas River Authority Pollution Control Revenue | |||||||
(Texas Utilities) 5.40% 5/1/29 (AMT) | 1,000,000 | 270,730 | |||||
• | Chesapeake, Virginia Economic Development Authority | ||||||
Pollution Control Revenue (Electric & Power Co. Project) | |||||||
Series A 3.60% 2/1/32 | 1,150,000 | 1,182,039 | |||||
Chesterfield County, Virginia Economic Development | |||||||
Authority Pollution Control Revenue (Virginia Electric & | |||||||
Power) Series A 5.00% 5/1/23 | 1,460,000 | 1,522,576 | |||||
Farmington, New Mexico (Ariz Public Services) | |||||||
Series A 4.70% 5/1/24 | 4,090,000 | 3,848,772 | |||||
• | Gulf Coast Waste Disposal Authority, Texas Environmental | ||||||
Facilities Revenue (BP Products North America) | |||||||
2.30% 1/1/26 | 780,000 | 779,789 | |||||
2.30% 1/1/42 | 1,500,000 | 1,499,595 | |||||
Harris County, Texas Industrial Development Corporation | |||||||
Solid Waste Disposal Revenue (Deer Park Refining Project) | |||||||
5.00% 2/1/23 | 2,750,000 | 2,765,290 | |||||
Illinois Railsplitter Tobacco Settlement Authority | |||||||
5.25% 6/1/20 | 1,000,000 | 983,380 | |||||
6.25% 6/1/24 | 7,500,000 | 7,528,724 | |||||
Indianapolis, Indiana Airport Authority Revenue Special | |||||||
Facilities (Federal Express Corp. Project) | |||||||
5.10% 1/15/17 (AMT) | 750,000 | 792,413 | |||||
Iowa Finance Authority Pollution Control Facilities Revenue | |||||||
(Interstate Power) 5.00% 7/1/14 (FGIC) | 2,000,000 | 2,155,000 | |||||
• | Maricopa County, Arizona Corporation Pollution Control | ||||||
Revenue (Public Service - Palo Verde Project) | |||||||
Series B 5.20% 6/1/43 | 6,000,000 | 5,943,059 | |||||
Maryland Economic Development Corporation Pollution | |||||||
Control Revenue | |||||||
(CNX Marine Terminals Inc.) 5.75% 9/1/25 | 2,050,000 | 1,927,656 | |||||
(Potomac Electric Project) 6.20% 9/1/22 | 1,780,000 | 2,019,072 | |||||
Memphis-Shelby County, Tennessee Airport Authority | |||||||
Special Facilities Revenue (Federal Express Corp. Project) | |||||||
5.05% 9/1/12 | 1,000,000 | 1,046,770 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Corporate Revenue Bonds (continued) | |||||||
Michigan State Strategic Fund Limited Obligation Revenue | |||||||
(Dow Chemical Project) Series B-2 6.25% 6/1/14 | $ | 4,500,000 | $ | 4,870,890 | |||
• | Mobile, Alabama Industrial Development Board Pollution | ||||||
Control Revenue (Alabama Power Co.) | |||||||
Series B 4.875% 6/1/34 | 2,840,000 | 3,012,644 | |||||
New Jersey Economic Development Authority Special | |||||||
Facilities Revenue (Continental Airlines, Inc. Project) | |||||||
6.625% 9/15/12 (AMT) | 4,895,000 | 4,923,587 | |||||
Ohio State Air Quality Development Authority Revenue | |||||||
Environmental Improvement (First Energy) | |||||||
Series A | |||||||
5.70% 2/1/14 | 2,225,000 | 2,407,294 | |||||
5.70% 8/1/20 | 4,320,000 | 4,469,386 | |||||
Series C 5.625% 6/1/18 | 2,370,000 | 2,530,947 | |||||
(USX Project) 5.00% 11/1/15 | 1,000,000 | 1,029,490 | |||||
• | Pennsylvania Economic Development Financing Authority | ||||||
Exempt Facilities Revenue | |||||||
(Exelon Generation Co. Project) Series A 5.00% 12/1/42 | 1,355,000 | 1,406,788 | |||||
(Shipping Port) Series A 3.375% 12/1/40 | 5,000,000 | 4,928,300 | |||||
Prattville, Alabama Industrial Development Board | |||||||
Environmental Improvement Revenue (International | |||||||
Paper Co. Project) Series A 6.70% 3/1/24 (AMT) | 1,075,000 | 1,082,375 | |||||
67,309,928 | |||||||
Education Revenue Bonds – 5.83% | |||||||
California Municipal Finance Authority Educational Revenue | |||||||
(American Heritage Education Foundation Project) | |||||||
Series A 5.25% 6/1/26 | 1,000,000 | 826,750 | |||||
California Statewide Communities Development Authority | |||||||
Student Housing Revenue (Irvine, LLC - UCI East | |||||||
Campus) 6.00% 5/15/23 | 3,150,000 | 3,229,254 | |||||
Chattanooga, Tennessee Health Educational & Housing | |||||||
Facilities Board Revenue (CDFI Phase I, LLC Project) | |||||||
Series B 5.50% 10/1/20 | 960,000 | 907,920 | |||||
Clifton, Texas Higher Education Finance Corporation | |||||||
Revenue (Uplift Education) Series A 6.00% 12/1/30 | 1,100,000 | 962,885 | |||||
Connecticut State Health & Educational Facilities Authority | |||||||
Revenue (Yale University) Series A-1 5.00% 7/1/25 | 5,000,000 | 5,390,950 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Delaware County, Pennsylvania Industrial Development | |||||||
Authority Revenue (Chester Community Charter School) | |||||||
Series A 5.25% 8/15/30 | $ | 3,315,000 | $ | 2,796,401 | |||
Fulton County, Georgia Development Authority | |||||||
Revenue (Molecular Science Building Project) | |||||||
5.25% 5/1/21 (NATLE-RE) | 1,000,000 | 1,040,010 | |||||
Grand Traverse, Michigan Public School Academy Revenue | |||||||
5.00% 11/1/36 | 1,000,000 | 719,540 | |||||
Marietta, Georgia Development Authority Revenue | |||||||
(Life University Income Project) 6.25% 6/15/20 | 1,180,000 | 1,138,806 | |||||
Massachusetts State Health & Educational Facilities | |||||||
Authority Revenue | |||||||
(Massachusetts Institution Technology) Series M 5.25% 7/1/20 | 3,000,000 | 3,608,580 | |||||
(Nichols College Project) Series C 6.125% 10/1/29 | 1,000,000 | 968,170 | |||||
•(Northeastern University) 4.125% 10/1/37 | 2,360,000 | 2,420,487 | |||||
Michigan Higher Education Facilities Authority Revenue | |||||||
(Kalamazoo College Project) 5.50% 12/1/19 | 500,000 | 514,120 | |||||
Nassau County, New York Industrial Development Agency | |||||||
Civic Facility Revenue (New York Institute of Technology | |||||||
Project) Series A 4.75% 3/1/26 | 1,710,000 | 1,626,227 | |||||
New York State Dormitory Authority | |||||||
(Brooklyn Law School) Series A 5.50% 7/1/18 (RADIAN) | 1,000,000 | 1,050,550 | |||||
(Non State Supported Debt - Rockefeller University) | |||||||
Series A 5.00% 7/1/27 | 1,055,000 | 1,110,409 | |||||
(Non State Supported Debt - St. Joseph’s College) | |||||||
5.25% 7/1/25 | 1,000,000 | 1,003,130 | |||||
Ohio State Higher Educational Facility Revenue | |||||||
(John Carroll University) 5.50% 11/15/18 | 335,000 | 352,387 | |||||
Ohio State University General Receipts Revenue | |||||||
Series B 5.25% 6/1/21 | 180,000 | 193,552 | |||||
Troy, New York Capital Resource Corporation Revenue | |||||||
(Rensselaer Polytechnic) Series B 5.00% 9/1/18 | 2,500,000 | 2,741,750 | |||||
University of California Series A 5.125% 5/15/20 (AMBAC) | 210,000 | 224,727 | |||||
University of Minnesota Series A 5.00% 12/1/17 | 5,040,000 | 5,871,650 | |||||
University of Oklahoma Research Facilities Revenue | |||||||
5.00% 3/1/23 (AMBAC) | 1,065,000 | 1,080,602 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
University of Virginia General Revenue Series B | |||||||
5.00% 6/1/20 | $ | 1,250,000 | $ | 1,312,613 | |||
5.00% 6/1/21 | 1,250,000 | 1,306,200 | |||||
42,397,670 | |||||||
Electric Revenue Bonds – 2.26% | |||||||
California State Department Water Resources Power | |||||||
Supply Revenue Series L 5.00% 5/1/19 | 6,000,000 | 6,813,720 | |||||
Metropolitan Government Nashville & Davidson County, | |||||||
Tennessee Electric Revenue Series B 5.50% 5/15/14 | 1,000,000 | 1,128,180 | |||||
Orlando, Florida Utilities Commission Water & Electric | |||||||
Revenue 5.25% 10/1/20 | 555,000 | 574,103 | |||||
Rochester, Minnesota Electric Utilities Revenue | |||||||
Series C 5.00% 12/1/18 (NATL-RE) | 2,000,000 | 2,246,780 | |||||
South Carolina State Public Service Authority Revenue | |||||||
Series A 5.125% 1/1/21 (AGM) | 1,000,000 | 1,055,820 | |||||
Vernon, California Electric System Revenue | |||||||
Series A 5.125% 8/1/21 | 4,500,000 | 4,630,365 | |||||
16,448,968 | |||||||
Healthcare Revenue Bonds – 9.33% | |||||||
Allegheny County, Pennsylvania Municipal Development | |||||||
Authority Revenue (University of Pittsburgh Medical | |||||||
Center) Series A 5.00% 9/1/14 | 4,000,000 | 4,416,920 | |||||
Berks County, Pennsylvania Hospital Authority Revenue | |||||||
(Reading Hospital & Medical Center Project) | |||||||
Series A-3 5.25% 11/1/24 | 4,405,000 | 4,562,963 | |||||
Butler County, Pennsylvania Hospital Authority Revenue | |||||||
(Butler Health System Project) 7.125% 7/1/29 | 2,250,000 | 2,458,710 | |||||
California Municipal Finance Authority Certificates of | |||||||
Participation | |||||||
(Community Hospitals Center) 5.25% 2/1/24 | 1,350,000 | 1,252,895 | |||||
(Kaiser Permanente) Series A 5.00% 4/1/19 | 5,325,000 | 5,592,101 | |||||
Cleveland-Cuyahoga County, Ohio Port Authority Revenue | |||||||
(Saint Clarence - Geac) Series A 6.125% 5/1/26 | 715,000 | 595,545 | |||||
Cumberland County, Pennsylvania Municipal Authority | |||||||
Revenue (Diakon Lutheran Social Ministries) | |||||||
6.25% 1/1/24 | 2,625,000 | 2,670,229 | |||||
Cuyahoga County, Ohio Revenue (Cleveland Clinic | |||||||
Health System) Series A 6.00% 1/1/21 | 1,000,000 | 1,072,800 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Dauphin County, Pennsylvania General Authority Health | |||||||
System Revenue (Pinnacle Health System Project) | |||||||
Series A 6.00% 6/1/29 | $ | 3,400,000 | $ | 3,366,170 | |||
Georgia Medical Center Hospital Authority Revenue | |||||||
(Spring Harbor Green Island Project) 5.25% 7/1/37 | 2,300,000 | 1,727,944 | |||||
Lycoming County, Pennsylvania Authority Health System | |||||||
Revenue (Susquehanna Health System Project) | |||||||
Series A 5.50% 7/1/28 | 2,500,000 | 2,353,350 | |||||
• | Maryland State Health & Higher Education Facilities | ||||||
Authority Revenue (John Hopkins Health Systems) | |||||||
5.00% 5/15/46 | 790,000 | 851,423 | |||||
Massachusetts State Health & Educational Facilities | |||||||
Authority Revenue (Caregroup) | |||||||
Series E-2 5.375% 7/1/21 | 1,970,000 | 2,046,672 | |||||
Michigan State Hospital Finance Authority Revenue | |||||||
(Oakwood Obligation Group) 5.50% 11/1/14 | 2,230,000 | 2,356,441 | |||||
Minneapolis, Minnesota Health Care System Revenue | |||||||
(Fairview Health) Series A 6.375% 11/15/23 | 3,710,000 | 4,097,769 | |||||
Minneapolis, Minnesota Revenue (National Marrow Donor | |||||||
Program Project) | |||||||
5.00% 8/1/16 | 4,720,000 | 5,083,865 | |||||
5.00% 8/1/18 | 2,500,000 | 2,642,375 | |||||
New York State Dormitory Authority Revenue Non State | |||||||
Supported Debt (Orange Regional Medical Center) | |||||||
6.50% 12/1/21 | 2,000,000 | 2,015,460 | |||||
North Carolina Medical Care Commission Health Care | |||||||
Facilities Revenue (First Mortgage - Presbyterian Homes) | |||||||
5.40% 10/1/27 | 780,000 | 679,318 | |||||
Ohio State Higher Educational Facilities Commission Revenue | |||||||
(Cleveland Clinic Health System Obligation Group) Series A | |||||||
5.00% 1/1/17 | 2,000,000 | 2,187,000 | |||||
5.00% 1/1/18 | 1,000,000 | 1,093,060 | |||||
Scottsdale, Arizona Industrial Development Authority | |||||||
Hospital Revenue (Scottsdale Healthcare) | |||||||
Series A 5.00% 9/1/19 | 3,065,000 | 3,221,499 | |||||
South Carolina Jobs - Economic Development Authority | |||||||
Hospital Revenue (Palmetto Health) 5.50% 8/1/26 | 5,000,000 | 4,728,350 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
St. Louis Park, Minnesota Health Care Facilities Revenue | |||||||
(Nicollet Health Services) Series C 5.50% 7/1/18 | $ | 4,240,000 | $ | 4,562,706 | |||
St. Mary Hospital Authority, Pennsylvania Health System | |||||||
Revenue (Catholic Health East) | |||||||
Series A 5.25% 11/15/16 | 1,200,000 | 1,261,500 | |||||
St. Paul, Minnesota Housing & Redevelopment Authority | |||||||
Hospital Revenue (Health East Project) 6.00% 11/15/25 | 1,000,000 | 931,480 | |||||
67,828,545 | |||||||
Housing Revenue Bonds – 0.64% | |||||||
Puerto Rico Housing Finance Authority Subordinate | |||||||
(Capital Fund Modernization) 5.50% 12/1/16 | 4,120,000 | 4,646,618 | |||||
4,646,618 | |||||||
Lease Revenue Bonds – 3.26% | |||||||
Capital Trust Agency Florida Revenue (Fort Lauderdale/ | |||||||
Cargo Acquisition Project) 5.75% 1/1/32 (AMT) | 1,750,000 | 1,447,513 | |||||
Commonwealth of Pennsylvania (Department of | |||||||
Corrections) Series A 4.00% 10/1/24 | 3,910,000 | 3,592,860 | |||||
Golden State, California Tobacco Securitization Corporation | |||||||
Settlement Revenue Refunding Asset-Backed Series A | |||||||
5.00% 6/1/18 | 1,170,000 | 1,169,988 | |||||
5.00% 6/1/21 (AMBAC) | 1,000,000 | 979,510 | |||||
Michigan State Building Authority Revenue Series I | |||||||
5.00% 10/15/24 | 2,860,000 | 2,863,689 | |||||
5.50% 10/15/18 | 2,050,000 | 2,094,936 | |||||
New Jersey Economic Development Authority (School | |||||||
Facilities Construction) Series EE 5.00% 9/1/18 | 6,875,000 | 7,321,668 | |||||
New York State Municipal Bond Bank Agency Special | |||||||
School Purpose Revenue Series C 5.25% 6/1/22 | 1,000,000 | 1,037,600 | |||||
• | Puerto Rico Public Buildings Authority Revenue | ||||||
(Guaranteed Government Facilities) Series J 5.00% 7/1/28 | 1,000,000 | 1,029,740 | |||||
Tobacco Settlement Financing New York Revenue | |||||||
(Asset-Backed) Series B 5.00% 6/1/12 | 2,060,000 | 2,166,935 | |||||
23,704,439 | |||||||
Local General Obligation Bonds – 5.60% | |||||||
Chicago, Illinois Board of Education Refunding Dedicated | |||||||
Revenue Series B 5.00% 12/1/23 (AMBAC) | 3,500,000 | 3,509,695 | |||||
Chicago, Illinois Modern Schools Across Chicago | |||||||
Series J 5.00% 12/1/23 (AMBAC) | 2,865,000 | 2,822,312 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Local General Obligation Bonds (continued) | |||||||
Dallas, Texas 5.125% 2/15/15 | $ | 3,000,000 | $ | 3,396,540 | |||
Fairfax County, Virginia Refunding & | |||||||
Public Improvement Series A | |||||||
5.00% 4/1/17 | 4,000,000 | 4,681,440 | |||||
5.25% 4/1/14 | 3,500,000 | 3,943,695 | |||||
Henrico County, Virginia Refunding Public Improvement | |||||||
5.00% 7/15/19 | 4,000,000 | 4,730,840 | |||||
Houston, Texas Refunding & Public Improvement | |||||||
Series A 5.00% 3/1/15 | 3,480,000 | 3,924,013 | |||||
Lansing, Michigan Community College (College Building & Site) | |||||||
5.00% 5/1/21 (NATLE-RE) | 1,325,000 | 1,404,964 | |||||
Los Angeles, California Unified School District | |||||||
(Election 1997) Series F 5.00% 7/1/21 (FGIC) | 2,880,000 | 3,032,726 | |||||
(Election 2004) Series G 5.00% 7/1/13 (AMBAC) | 2,000,000 | 2,157,320 | |||||
Middlesex County, New Jersey Improvement Authority | |||||||
Revenue (County Guaranteed Open Space Trust) | |||||||
5.25% 9/15/20 | 1,000,000 | 1,086,240 | |||||
New York City, New York | |||||||
Series A-1 5.00% 8/1/19 | 3,500,000 | 3,869,810 | |||||
Series G 5.25% 8/1/15 | 1,000,000 | 1,091,490 | |||||
Series I 5.00% 8/1/21 | 1,000,000 | 1,057,460 | |||||
Series J 5.50% 6/1/23 | 15,000 | 15,980 | |||||
40,724,525 | |||||||
§Pre-Refunded/Escrowed to Maturity Bonds – 4.86% | |||||||
Benton & Linn Counties, Oregon School District #509J | |||||||
5.00% 6/1/21-13 (AGM) | 1,000,000 | 1,094,940 | |||||
California State Economic Recovery Series A 5.25% 7/1/14 | 225,000 | 255,908 | |||||
Cook County, Illinois Series A 5.375% 11/15/21-11 (FGIC) | 2,160,000 | 2,183,414 | |||||
Duluth, Minnesota Economic Development | |||||||
Authority Health Care Facilities Revenue | |||||||
(Benedictine Health System - St. Mary’s Hospital) | |||||||
5.25% 2/15/28-14 | 1,000,000 | 1,120,470 | |||||
5.25% 2/15/33-14 | 3,000,000 | 3,361,410 | |||||
5.50% 2/15/23-14 | 1,000,000 | 1,127,740 | |||||
Illinois Educational Facilities Authority Student Housing | |||||||
Revenue (Educational Advancement - | |||||||
University Center Project) 6.00% 5/1/22-12 | 750,000 | 805,920 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||||||
Lancaster County, Pennsylvania Hospital Authority Revenue | |||||||
(Lancaster General Hospital Project) | |||||||
5.75% 3/15/21-13 | $ | 1,000,000 | $ | 1,116,800 | |||
Lunenburg County, Virginia Series B 5.25% 2/1/29-13 (NATL-RE) | 715,000 | 785,192 | |||||
Miami-Dade County, Florida Educational Facilities Authority | |||||||
Revenue (University of Miami) Series A | |||||||
5.00% 4/1/34-14 (AMBAC) | 3,500,000 | 3,899,595 | |||||
Michigan State Building Authority Revenue | |||||||
(Facilities Program) Series I | |||||||
5.00% 10/15/24-11 | 140,000 | 143,977 | |||||
5.50% 10/15/18-11 | 125,000 | 128,945 | |||||
Minneapolis, Minnesota Health Care System Revenue | |||||||
(Allina Health Systems) Series A 5.75% 11/15/32-12 | 500,000 | 544,285 | |||||
New Jersey State Educational Facilities Authority Revenue | |||||||
(Georgian Court College Project) Series C 6.50% 7/1/33-13 | 500,000 | 567,670 | |||||
New Jersey State Transportation Trust Fund Authority | |||||||
(Transportation System) Series C 5.50% 6/15/22-13 | 1,700,000 | 1,886,031 | |||||
New York City, New York Series J 5.50% 6/1/23-13 | 985,000 | 1,091,488 | |||||
North Texas Health Facilities Development Corporation | |||||||
Hospital Revenue (United Regional Health Care System, | |||||||
Inc. Project) 6.00% 9/1/23-13 | 1,000,000 | 1,123,500 | |||||
• | Ohio State Higher Educational Facility Revenue Adjustable | ||||||
Medium Term (Kenyon College Project) 4.70% 7/1/37-13 | 1,000,000 | 1,088,700 | |||||
Ohio State University General Receipts (Ohio State | |||||||
University) Series B 5.25% 6/1/21-13 | 820,000 | 898,294 | |||||
Pennsylvania State Higher Educational Facilities | |||||||
Authority College & University Revenue | |||||||
(Geneva College Project) 6.125% 4/1/22-12 | 1,000,000 | 1,060,760 | |||||
Puerto Rico Commonwealth Highway & Transportation | |||||||
Authority Revenue Series J 5.50% 7/1/21-14 | 1,000,000 | 1,140,240 | |||||
Puerto Rico Public Buildings Authority Revenue | |||||||
(Guaranteed Government Facilities) Series I 5.50% 7/1/23-14 | 2,000,000 | 2,272,720 | |||||
• | Puerto Rico Sales Tax Financing Corporation Sales Tax | ||||||
Revenue Series A 5.00% 8/1/39-11 | 4,500,000 | 4,589,191 | |||||
Southcentral, Pennsylvania General Authority Revenue | |||||||
(Welllspan Health Obligated Project) | |||||||
5.625% 5/15/26 | 180,000 | 183,519 | |||||
5.625% 5/15/26-11 | 820,000 | 837,523 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Pre-Refunded/Escrowed to Maturity Bonds (continued) | |||||||
University of California Revenue | |||||||
Series A 5.125% 5/15/20-13 (AMBAC) | $ | 40,000 | $ | 43,663 | |||
University of North Carolina Revenue (Chapel Hill) | |||||||
Series A 5.375% 12/1/14-11 | 2,000,000 | 2,026,260 | |||||
35,378,155 | |||||||
Resource Recovery Revenue Bonds – 0.29% | |||||||
Connecticut Resources Recovery Authority (Covanta) | |||||||
Series A 4.00% 11/15/14 (AMT) | 1,000,000 | 1,059,200 | |||||
Pennsylvania Economic Development Financing Authority | |||||||
Resource Recovery Revenue (Subordinate Colver Project) | |||||||
Series G 5.125% 12/1/15 (AMT) | 1,100,000 | 1,033,307 | |||||
2,092,507 | |||||||
Special Tax Revenue Bonds – 11.20% | |||||||
Baltimore, Maryland Convention Center Hotel Revenue | |||||||
Subordinated Series B 5.00% 9/1/16 | 1,200,000 | 1,110,948 | |||||
Brooklyn Arena Local Development Corporation New York | |||||||
Pilot Revenue (Barclays Center Project) 6.50% 7/15/30 | 5,500,000 | 5,607,140 | |||||
California State Economic Recovery Series A | |||||||
5.25% 7/1/14 | 775,000 | 859,855 | |||||
5.25% 7/1/21 | 2,740,000 | 3,052,689 | |||||
Casa Grande, Arizona Excise Tax Revenue | |||||||
5.00% 4/1/22 (AMBAC) | 1,600,000 | 1,627,168 | |||||
Columbia County, Georgia Sales Tax 5.00% 4/1/16 | 1,265,000 | 1,452,119 | |||||
Dallas, Texas Convention Center Hotel Development | |||||||
Revenue Series A | |||||||
5.00% 1/1/24 | 3,420,000 | 3,467,401 | |||||
5.25% 1/1/23 | 5,375,000 | 5,615,101 | |||||
Guam Government Limited Obligation Revenue | |||||||
(Section 30) Series A | |||||||
5.375% 12/1/24 | 1,750,000 | 1,716,523 | |||||
5.625% 12/1/29 | 1,185,000 | 1,169,358 | |||||
Hampton, Virginia Convention Center Revenue | |||||||
5.25% 1/15/23 (AMBAC) | 1,000,000 | 1,021,780 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Special Tax Revenue Bonds (continued) | |||||||
Louisiana State Citizens Property Insurance Corporation | |||||||
Assessment Revenue Series C-2 | |||||||
6.75% 6/1/26 (ASSURED GTY) | $ | 3,600,000 | $ | 4,103,208 | |||
Middlesex County, New Jersey Improvement Authority | |||||||
Senior Revenue (Heldrich Center Hotel/Conference | |||||||
Project) Series A 5.00% 1/1/32 | 1,000,000 | 462,870 | |||||
@ | Modesto, California Special Tax Community Facilities | ||||||
District #04-1 (Village 2) 5.15% 9/1/36 | 1,500,000 | 1,111,275 | |||||
New Jersey Economic Development Authority Revenue | |||||||
(Cigarette Tax) | |||||||
5.00% 6/15/11 (FGIC) | 2,750,000 | 2,777,940 | |||||
5.50% 6/15/31 | 555,000 | 478,871 | |||||
5.625% 6/15/18 | 510,000 | 510,066 | |||||
• | New York City, New York Transitional Finance Authority | ||||||
Future Tax Secured Series A 5.50% 11/1/26 | 1,000,000 | 1,030,960 | |||||
New York State Local Government Assistance Corporation | |||||||
Refunding Subordinate Lien Series A | |||||||
5.00% 4/1/17 | 8,615,000 | 9,951,702 | |||||
5.00% 4/1/20 | 3,360,000 | 3,884,798 | |||||
New York State Urban Development Corporation | |||||||
(Service Contract) Series A-1 5.00% 1/1/18 | 5,785,000 | 6,472,837 | |||||
Puerto Rico Sales Tax Financing Corporation | |||||||
Sales Tax Revenue | |||||||
Series A 6.125% 8/1/29 | 2,500,000 | 2,569,375 | |||||
Series C 6.50% 8/1/35 | 6,500,000 | 6,845,735 | |||||
Richmond Heights, Missouri Tax Increment & Transaction | |||||||
Sales Tax Revenue Refunding & Improvement (Francis | |||||||
Place Redevelopment Project) 5.625% 11/1/25 | 1,000,000 | 845,770 | |||||
@ | St. Joseph, Missouri Industrial Development Authority Tax | ||||||
Increment Revenue (Shoppes at North Village Project) | |||||||
Series A 5.10% 11/1/19 | 250,000 | 232,278 | |||||
Series B 5.375% 11/1/23 | 1,000,000 | 861,780 | |||||
Virgin Islands Public Finance Authority Revenue (Senior | |||||||
Lien Matching Fund Loan) Series A 5.25% 10/1/22 | 1,785,000 | 1,798,834 | |||||
Washington State Motor Vehicle Fuel Tax | |||||||
Series B 5.00% 7/1/16 | 4,250,000 | 4,891,623 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Special Tax Revenue Bonds (continued) | |||||||
Wyandotte County, Kansas City, Kansas Unified | |||||||
Government Special Obligation Revenue | |||||||
^(Capital Appreciation-Sales Tax Subordinate Lien) | |||||||
6.07% 6/1/21 | $ | 5,230,000 | $ | 2,834,555 | |||
(Sales Tax-2nd Lien-Area B) 5.00% 12/1/20 | 1,470,000 | 1,488,507 | |||||
Wyoming State Loan & Investment Board Facilities | |||||||
Revenue 5.00% 10/1/24 | 1,550,000 | 1,594,795 | |||||
81,447,861 | |||||||
State General Obligation Bonds – 25.21% | |||||||
California State 5.25% 11/1/17 | 1,000,000 | 1,072,570 | |||||
California State Revenue (Antic NTS) | |||||||
Series A-2 3.00% 6/28/11 | 7,000,000 | 7,047,460 | |||||
California State Various Purpose 5.00% 10/1/18 | 5,000,000 | 5,546,000 | |||||
California Statewide Communities Development Authority | |||||||
Revenue (Purchase Proposition 1A | |||||||
Receivables Program) 5.00% 6/15/13 | 2,690,000 | 2,844,567 | |||||
Connecticut State Economic Recovery Series A | |||||||
5.00% 1/1/16 | 7,700,000 | 8,770,300 | |||||
Connecticut State Series C 5.00% 11/1/24 | 2,000,000 | 2,165,300 | |||||
Georgia State | |||||||
5.00% 8/1/12 | 3,125,000 | 3,324,094 | |||||
5.00% 7/1/17 | 4,810,000 | 5,639,052 | |||||
Series D 5.00% 7/1/11 | 6,865,000 | 6,975,664 | |||||
Guam Government Series A 7.00% 11/15/39 | 1,560,000 | 1,630,044 | |||||
Hawaii State Series DR 5.00% 6/1/15 | 7,000,000 | 7,934,080 | |||||
Illinois State Refunding Series B 5.00% 1/1/13 | 3,475,000 | 3,613,722 | |||||
Maryland State Series B 5.00% 3/1/18 | 1,930,000 | 2,272,208 | |||||
Maryland State & Local Facilities Loan Capital Improvement | |||||||
First Series 5.00% 3/15/19 | 3,675,000 | 4,187,846 | |||||
Second Series | |||||||
5.00% 7/15/14 | 975,000 | 1,098,201 | |||||
5.00% 8/1/17 | 1,500,000 | 1,727,325 | |||||
Series B 5.00% 3/1/21 | 7,700,000 | 8,940,085 | |||||
Series C 5.00% 11/1/17 | 2,750,000 | 3,232,048 | |||||
Massachusetts State Consolidated Loan | |||||||
Series A 5.25% 8/1/13 | 5,000,000 | 5,502,750 | |||||
Series C 5.50% 11/1/15 | 4,090,000 | 4,753,725 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
State General Obligation Bonds (continued) | |||||||
Minnesota State 5.00% 6/1/14 | $ | 900,000 | $ | 1,010,268 | |||
Minnesota State Various Purpose Series A 5.00% 8/1/19 | 8,020,000 | 9,465,765 | |||||
Mississippi State Series A 5.00% 10/1/17 | 4,860,000 | 5,602,025 | |||||
North Carolina State Public Improvement Series A | |||||||
5.00% 3/1/12 | 4,000,000 | 4,186,040 | |||||
5.00% 3/1/15 | 1,200,000 | 1,363,896 | |||||
North Carolina State Refunding Series A | |||||||
5.00% 3/1/16 | 6,000,000 | 6,937,080 | |||||
5.00% 3/1/17 | 3,000,000 | 3,506,400 | |||||
Series B 5.00% 4/1/15 | 4,000,000 | 4,554,400 | |||||
Ohio State | |||||||
Series A 5.00% 6/15/13 | 3,750,000 | 4,090,650 | |||||
Series D 5.00% 9/15/14 | 3,500,000 | 3,929,730 | |||||
Pennsylvania State | |||||||
5.50% 2/1/13 | 3,200,000 | 3,487,104 | |||||
Second Series 5.00% 7/1/20 | 2,300,000 | 2,676,326 | |||||
Series A | |||||||
5.00% 8/1/13 | 4,000,000 | 4,387,000 | |||||
5.00% 5/1/21 | 10,000,000 | 11,442,299 | |||||
• | Puerto Rico Commonwealth Government Development Bank | ||||||
4.75% 12/1/15 (NATL-RE) | 4,765,000 | 4,855,916 | |||||
Puerto Rico Commonwealth Public Improvement Series A | |||||||
5.00% 7/1/16 (ASSURED GTY) | 2,110,000 | 2,234,406 | |||||
5.25% 7/1/22 | 3,470,000 | 3,426,035 | |||||
5.25% 7/1/23 | 1,125,000 | 1,097,989 | |||||
5.50% 7/1/17 | 4,415,000 | 4,621,225 | |||||
• | Puerto Rico Commonwealth Series A 5.00% 7/1/30 | 1,000,000 | 1,029,740 | ||||
• | Puerto Rico Public Finance Corporation Commonwealth | ||||||
Appropriation (LOC-Puerto Rico Government Bank) | |||||||
Series A 5.75% 8/1/27 | 1,000,000 | 1,024,020 | |||||
Virginia State | |||||||
5.00% 6/1/23 | 2,000,000 | 2,206,080 | |||||
Series D 5.00% 6/1/19 | 5,715,000 | 6,758,045 | |||||
Washington State Various Purpose Series A 5.00% 7/1/16 | 1,000,000 | 1,150,970 | |||||
183,320,450 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Transportation Revenue Bonds – 12.56% | |||||||
Broward County, Florida Airport System Revenue | |||||||
Series O 5.375% 10/1/29 | $ | 2,000,000 | $ | 2,015,640 | |||
Charlotte, North Carolina Airport Revenue | |||||||
(Charlotte Douglas) Series A | |||||||
5.00% 7/1/13 | 2,375,000 | 2,568,444 | |||||
5.00% 7/1/15 | 750,000 | 830,250 | |||||
Chicago, Illinois O’Hare International Airport Revenue | |||||||
General-Airport-Third Lien Series A-2 | |||||||
5.75% 1/1/20 (AGM) (AMT) | 1,000,000 | 1,039,010 | |||||
Dallas-Fort Worth, Texas International Airport Revenue Series A | |||||||
5.00% 11/1/22 | 680,000 | 703,011 | |||||
5.00% 11/1/23 | 750,000 | 767,040 | |||||
5.00% 11/1/24 | 400,000 | 406,628 | |||||
Delaware Transportation Authority Series A 5.00% 7/1/17 | 5,475,000 | 6,344,594 | |||||
Idaho Housing & Finance Association Grant Revenue | |||||||
(Antic Federal Highway Transportation) | |||||||
Series A 5.25% 7/15/21 (ASSURED GTY) | 2,760,000 | 3,054,078 | |||||
Maryland State Economic Development Revenue | |||||||
(Transportation Facilities Project) | |||||||
Series A 5.375% 6/1/25 | 2,535,000 | 2,330,780 | |||||
Metropolitan, New York Transportation Authority Revenue | |||||||
Series A 5.00% 11/15/18 | 2,500,000 | 2,737,125 | |||||
Series C 6.50% 11/15/28 | 2,860,000 | 3,191,588 | |||||
Metropolitan, Washington D.C. Airport Authority Systems | |||||||
Revenue Series A 5.50% 10/1/19 (NATL-RE) (FGIC) (AMT) | 1,000,000 | 1,045,220 | |||||
Minneapolis - St. Paul, Minnesota Metropolitan Airports | |||||||
Commission Series A 5.00% 1/1/22 (AMBAC) | 5,000,000 | 5,257,900 | |||||
Missouri State Highways & Transportation Commission | |||||||
State Road Revenue Second Lien 5.25% 5/1/23 | 1,940,000 | 2,142,730 | |||||
New York State Thruway Authority Revenue | |||||||
(General Highway and Bridge Trust Fund) | |||||||
Series B 5.25% 4/1/13 (AMBAC) | 3,300,000 | 3,571,293 | |||||
North Texas Tollway Authority Revenue System (First Tier) | |||||||
Series A 6.00% 1/1/20 | 3,925,000 | 4,348,468 | |||||
•Series E-3 5.75% 1/1/38 | 3,750,000 | 4,158,713 |
Principal amount | Value | |||||
Municipal Bonds (continued) | ||||||
Transportation Revenue Bonds (continued) | ||||||
Pennsylvania State Turnpike Commission Revenue | ||||||
Series A 5.25% 12/1/20 (AMBAC) | $ | 1,230,000 | $ | 1,351,401 | ||
Phoenix, Arizona Civic Improvement Airport Revenue | ||||||
Series A 5.00% 7/1/26 | 7,500,000 | 7,544,026 | ||||
Port Authority of New York & New Jersey Special Project | ||||||
(JFK International Air Terminal) 6.50% 12/1/28 | 7,000,000 | 7,155,260 | ||||
Sacramento County, California Airport System Revenue | ||||||
5.00% 7/1/24 | 1,425,000 | 1,449,382 | ||||
(PFC/Grant) Series D 5.50% 7/1/28 | 2,020,000 | 2,059,531 | ||||
San Francisco City & County Airports Commission | ||||||
Series B 5.00% 5/1/15 | 4,000,000 | 4,385,800 | ||||
St. Louis, Missouri Airport Revenue (Lambert - St. Louis | ||||||
International) Series A-1 6.125% 7/1/24 | 3,780,000 | 3,960,230 | ||||
Texas Private Activity Bond Surface Transportation | ||||||
Corporate Senior Lien Revenue (Mobility | ||||||
Partners) 7.50% 12/31/31 | 3,565,000 | 3,791,556 | ||||
Texas State Transportation Commission Highway Fund | ||||||
Revenue (First Tier) 5.00% 4/1/18 | 1,700,000 | 1,940,584 | ||||
Triborough, New York Bridge & Tunnel Authority Revenue | ||||||
Series A 5.00% 11/15/17 | 1,720,000 | 1,971,946 | ||||
•Series B-1 5.00% 11/15/25 | 4,000,000 | 4,360,040 | ||||
•Series B-3 5.00% 11/15/38 | 1,800,000 | 2,017,422 | ||||
Virginia Commonwealth Transportation Board (Capital | ||||||
Projects) Series A-1 5.00% 5/15/16 | 2,000,000 | 2,300,000 | ||||
Virginia Port Authority Commonwealth Port Fund Revenue | ||||||
Resolution 5.00% 7/1/12 (AMT) | 500,000 | 525,170 | ||||
91,324,860 | ||||||
Water & Sewer Revenue Bonds – 5.55% | ||||||
Arizona Water Infrastructure Finance Authority Revenue | ||||||
(Water Quality) Series A 5.00% 10/1/21 | 2,430,000 | 2,711,904 | ||||
Atlanta, Georgia Water & Wastewater Revenue | ||||||
Series A 6.00% 11/1/25 | 2,925,000 | 3,168,214 | ||||
Series B 5.50% 11/1/23 (AGM) | 3,000,000 | 3,206,640 | ||||
Florida Water Pollution Control Financing | ||||||
Corporation Revenue (Water Pollution Control) | ||||||
Series A 5.00% 1/15/25 | 5,000,000 | 5,298,149 | ||||
King County, Washington Sewer Revenue Refunding | ||||||
Series B 5.00% 1/1/14 (NATL-RE) | 3,500,000 | 3,877,160 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Water & Sewer Revenue Bonds (continued) | |||||||
Massachusetts State Water Pollution Abatement Trust | |||||||
5.00% 8/1/16 | $ | 2,170,000 | $ | 2,514,922 | |||
New York City, New York Municipal Water Finance | |||||||
Authority Water & Sewer System Series B | |||||||
5.00% 6/15/21 (AMBAC) | 2,085,000 | 2,281,741 | |||||
New York State Environmental Facilities Corporation | |||||||
Revenue (State Clean Water & Drinking | |||||||
Water Revolving Foundation) | |||||||
Series A 5.00% 6/15/22 | 1,405,000 | 1,550,277 | |||||
Series D 5.00% 9/15/23 | 3,360,000 | 3,638,477 | |||||
Series K 5.50% 6/15/15 | 3,500,000 | 4,071,235 | |||||
Portland, Oregon Sewer System Revenue (First Lien) | |||||||
Series A 5.00% 6/15/18 | 4,000,000 | 4,617,240 | |||||
San Francisco City & County Public Utilities Commission | |||||||
Series D 5.00% 11/1/16 | 3,000,000 | 3,412,800 | |||||
40,348,759 | |||||||
Total Municipal Bonds (cost $685,663,850) | 696,973,285 | ||||||
Short-Term Investments – 2.63% | |||||||
¤Variable Rate Demand Notes – 2.63% | |||||||
California Infrastructure & Economic Development Bank | |||||||
Revenue (Los Angeles Museum) | |||||||
Series B 0.17% 9/1/37 (LOC-Wells Fargo Bank) | 1,000,000 | 1,000,000 | |||||
Maryland State Health & Higher Educational Facilities | |||||||
Authority Revenue (Suburban Hospital) | |||||||
0.22% 7/1/29 (LOC-PNC Bank) | 2,000,000 | 2,000,000 | |||||
Massachusetts State Department of Transportation | |||||||
Metropolitan Highway System Revenue Senior | |||||||
Series A-1 0.26% 1/1/37 (LOC-Citibank) | 700,000 | 700,000 | |||||
Massachusetts State Health & Educational Facilities | |||||||
Authority Revenue (Harvard University) | |||||||
Series R 1.50% 11/1/49 | 5,100,000 | 5,100,000 | |||||
Minneapolis & St. Paul, Minnesota Housing & | |||||||
Redevelopment Authority Health Care | |||||||
Revenue (Allina Health System) Series B-1 | |||||||
0.20% 11/15/35 (LOC-JPMorgan Chase Bank) | 1,300,000 | 1,300,000 |
Principal amount | Value | ||||||
Short-Term Investments (continued) | |||||||
Variable Rate Demand Notes (continued) | |||||||
New York City, New York | |||||||
Series C 0.17% 10/1/23 (LOC-JPMorgan Chase Bank) | $ | 1,600,000 | $ | 1,600,000 | |||
Sub-Series A-7 0.17% 8/1/20 (LOC-JPMorgan Chase Bank) | 2,700,000 | 2,700,000 | |||||
New York City, New York City Trust for Cultural | |||||||
Resources Revenue (Metropolitan Museum) | |||||||
Series A1 0.22% 10/1/36 | 3,700,000 | 3,700,000 | |||||
Robbinsdale, Minnesota Revenue (North Memorial) | |||||||
Series A-4 0.19% 5/1/33 (LOC-Wells Fargo Bank) | 1,000,000 | 1,000,000 | |||||
Total Short-Term Investments (cost $19,100,000) | 19,100,000 | ||||||
Total Value of Securities – 98.47% | |||||||
(cost $704,763,850) | 716,073,285 | ||||||
Receivables and Other Assets | |||||||
Net of Liabilities – 1.53% | 11,144,767 | ||||||
Net Assets Applicable to 63,354,708 | |||||||
Shares Outstanding – 100.00% | $ | 727,218,052 | |||||
Net Asset Value – Delaware Tax-Free USA Intermediate Fund | |||||||
Class A ($443,795,187 / 38,775,135 Shares) | $11.45 | ||||||
Net Asset Value – Delaware Tax-Free USA Intermediate Fund | |||||||
Class B ($355,949 / 31,130 Shares) | $11.43 | ||||||
Net Asset Value – Delaware Tax-Free USA Intermediate Fund | |||||||
Class C ($61,281,319 / 5,357,103 Shares) | $11.44 | ||||||
Net Asset Value – Delaware Tax-Free USA Intermediate Fund | |||||||
Institutional Class ($221,785,597 / 19,191,340 Shares) | $11.56 | ||||||
Components of Net Assets at February 28, 2011: | |||||||
Shares of beneficial interest (unlimited authorization – no par) | $ | 729,549,802 | |||||
Undistributed net investment income | 16,226 | ||||||
Accumulated net realized loss on investments | (13,657,411 | ) | |||||
Net unrealized appreciation of investments | 11,309,435 | ||||||
Total net assets | $ | 727,218,052 |
§ | Pre-Refunded/Escrowed to Maturity bonds. Municipals that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 8 in “Notes to financial statements.” |
^ | Zero coupon security. The rate shown is the yield at the time of purchase. |
• | Variable rate security. The rate shown is the rate as of February 28, 2011. Interest rates reset periodically. |
@ | Illiquid security. At February 28, 2011, the aggregate amount of illiquid securities was $2,205,333, which represented 0.30% of the Fund’s net assets. See Note 8 in “Notes to financial statements.” |
¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to such instrument. |
Net Asset Value and Offering Price Per Share – | ||
Delaware Tax-Free USA Intermediate Fund | ||
Net asset value Class A (A) | $ | 11.45 |
Sales charge (2.75% of offering price) (B) | 0.32 | |
Offering price | $ | 11.77 |
(A) | Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares. | |
(B) | See the current prospectus for purchases of $100,000 or more. |
Statements of net assets | |
Delaware National High-Yield Municipal Bond Fund | February 28, 2011 (Unaudited) |
Principal amount | Value | ||||||
Municipal Bonds – 91.28% | |||||||
Corporate Revenue Bonds – 17.51% | |||||||
Allegheny County, Pennsylvania Industrial Development | |||||||
Authority Revenue (Environmental Improvement - | |||||||
U.S. Steel Corp. Project) 6.875% 5/1/30 | $ | 1,000,000 | $ | 1,016,170 | |||
• | Brazos, Texas River Authority Pollution Control Revenue | ||||||
(TXU Energy Co. Project) | |||||||
Series B 6.30% 7/1/32 (AMT) | 1,000,000 | 270,610 | |||||
Buckeye, Ohio Tobacco Settlement Financing Authority | |||||||
Asset-Backed Series A-2 | |||||||
5.875% 6/1/47 | 1,500,000 | 999,210 | |||||
6.50% 6/1/47 | 4,505,000 | 3,289,685 | |||||
Cass County, Texas Industrial Development Corporation | |||||||
Environmental Improvement Revenue (International | |||||||
Paper Co. Project) Series A 6.00% 9/1/25 (AMT) | 1,000,000 | 1,002,410 | |||||
Chicago, Illinois O’ Hare International Airport Special | |||||||
Facilities Revenue (American Airlines Inc. Project) | |||||||
5.50% 12/1/30 | 2,130,000 | 1,624,359 | |||||
Cloquet, Minnesota Pollution Control Revenue | |||||||
(Potlatch Corp. Project) 5.90% 10/1/26 | 750,000 | 673,778 | |||||
Columbus County, North Carolina Industrial Facilities & | |||||||
Pollution Control Financing (International Paper Co. Project) | |||||||
Series A 5.70% 5/1/34 | 1,000,000 | 974,820 | |||||
Cook County, Illinois Revenue (NaviStar International – | |||||||
Recovery Zone Facility) 6.50% 10/15/40 | 1,000,000 | 1,014,180 | |||||
De Soto Parish, Louisiana Environmental Improvement | |||||||
Revenue (International Paper Co. Project) | |||||||
Series A 6.35% 2/1/25 (AMT) | 1,650,000 | 1,665,312 | |||||
Delaware State Economic Development Authority Revenue | |||||||
Exempt Facility (Indian River Power) 5.375% 10/1/45 | 1,000,000 | 874,950 | |||||
Golden State, California Tobacco Securitization Settlement | |||||||
Revenue Refunding Asset-Backed Senior Notes | |||||||
Series A-1 5.75% 6/1/47 | 2,895,000 | 1,933,165 | |||||
Gulf Coast, Texas Waste Disposal Authority Revenue | |||||||
(Valero Energy Corp. Project) 6.65% 4/1/32 (AMT) | 1,000,000 | 1,001,220 | |||||
Hawaii State Department Budget & Finance Special | |||||||
Purpose Revenue (Hawaiian Electric Co. Subsidiary) | |||||||
6.50% 7/1/39 | 970,000 | 957,157 | |||||
Illinois Railsplitter Tobacco Settlement Authority | |||||||
6.00% 6/1/28 | 1,000,000 | 980,950 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Corporate Revenue Bonds (continued) | |||||||
Indiana State Finance Authority Environmental Revenue | |||||||
(U.S. Steel Corp.) 6.00% 12/1/26 | $ | 1,000,000 | $ | 993,450 | |||
Louisiana Local Government Environmental Facilities & | |||||||
Community Development Authority Revenue | |||||||
(Westlake Chemical Corp.) Series A-1 6.50% 11/1/35 | 1,000,000 | 1,021,470 | |||||
Love Field Airport Modernization Corporation, | |||||||
Texas Special Facilities Revenue | |||||||
(Southwest Airlines Co. Project) 5.25% 11/1/40 | 1,000,000 | 895,270 | |||||
Maryland Economic Development Corporation Facilities | |||||||
Revenue (CNX Marine Terminals Inc.) 5.75% 9/1/25 | 1,530,000 | 1,438,690 | |||||
Michigan Tobacco Settlement Finance Authority Revenue | |||||||
Asset-Backed Series A 6.00% 6/1/48 | 555,000 | 378,982 | |||||
Mississippi Business Finance Corporation Pollution | |||||||
Control Revenue (System Energy Resources, Inc. Project) | |||||||
5.90% 5/1/22 | 900,000 | 887,985 | |||||
M-S-R Energy Authority, California Gas Revenue | |||||||
Series C 6.50% 11/1/39 | 1,000,000 | 1,039,870 | |||||
New Jersey Economic Development Authority Special | |||||||
Facility Revenue (Continental Airlines Inc. Project) | |||||||
6.40% 9/15/23 (AMT) | 1,000,000 | 962,480 | |||||
• | New York City, New York Industrial Development Agency | ||||||
Special Facilities Revenue | |||||||
(American Airlines - JFK International Airport) | |||||||
7.75% 8/1/31 (AMT) | 1,000,000 | 1,023,060 | |||||
(JetBlue Airways Corp. Project) 5.125% 5/15/30 (AMT) | 1,000,000 | 807,600 | |||||
New York Liberty Development Corporation Revenue | |||||||
Second Priority (Bank of America Tower) Class Z | |||||||
5.625% 7/15/47 | 1,000,000 | 960,380 | |||||
Ohio County, Kentucky Pollution Control Revenue (Big | |||||||
Rivers Electric Corp. Project) Series A 6.00% 7/15/31 | 1,250,000 | 1,221,338 | |||||
Pennsylvania Economic Development Financing Authority | |||||||
Exempt Facilities Revenue (Allegheny Energy Supply Co.) | |||||||
7.00% 7/15/39 | 1,000,000 | 1,076,610 | |||||
Petersburg, Indiana Pollution Control Revenue | |||||||
(Indianapolis Power & Light Co. Project) | |||||||
6.375% 11/1/29 (AMT) | 1,000,000 | 1,003,940 | |||||
Phenix City, Alabama Industrial Development Board | |||||||
Environmental Improvement Revenue (Mead Westvaco | |||||||
Corp. Project) Series A 6.35% 5/15/35 (AMT) | 500,000 | 480,095 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Corporate Revenue Bonds (continued) | |||||||
Pima County, Arizona Industrial Development Authority | |||||||
Industrial Revenue (Tucson Electric Power Project 1983) | |||||||
Series A 5.25% 10/1/40 | $ | 1,000,000 | $ | 897,310 | |||
Salt Verde Financial Corporation, Arizona Gas Revenue | |||||||
Senior 5.00% 12/1/37 | 1,000,000 | 842,990 | |||||
Sweetwater County, Wyoming Solid Waste Disposal | |||||||
Revenue (FMC Corp. Project) 5.60% 12/1/35 (AMT) | 1,000,000 | 945,090 | |||||
Toledo, Lucas County, Ohio Port Authority Development | |||||||
Revenue (Toledo Express Airport Project) | |||||||
Series C 6.375% 11/15/32 (AMT) | 1,000,000 | 919,470 | |||||
36,074,056 | |||||||
Education Revenue Bonds – 19.98% | |||||||
Arlington Higher Education Finance | |||||||
(Arlington Classics Academy) 7.65% 8/15/40 | 1,000,000 | 978,790 | |||||
Bowling Green, Ohio Student Housing Revenue CFP I | |||||||
(State University Project) 6.00% 6/1/45 | 1,250,000 | 1,136,000 | |||||
California Statewide Communities Development Authority | |||||||
Revenue (California Baptist University Project) | |||||||
Series A 5.50% 11/1/38 | 1,000,000 | 820,660 | |||||
California Statewide Communities Development Authority | |||||||
School Facility Revenue (Aspire Public Schools Project) | |||||||
6.00% 7/1/40 | 1,000,000 | 877,120 | |||||
California Statewide Communities Development Authority | |||||||
Student Housing Revenue (East Campus Apartments, LLC) | |||||||
Series A 5.625% 8/1/34 (ACA) | 1,000,000 | 888,830 | |||||
Chattanooga, Tennessee Health Educational & Housing | |||||||
Facilities Board Revenue (CDFI Phase I, LLC Project) | |||||||
Subordinate Series B 6.00% 10/1/35 | 1,500,000 | 1,299,945 | |||||
Clifton, Texas Higher Education Finance Corporation | |||||||
Revenue (Uplift Education) Series A 6.25% 12/1/45 | 1,000,000 | 851,460 | |||||
Delaware County, Pennsylvania Industrial Development | |||||||
Authority Charter School Revenue (Chester Community | |||||||
Charter School) Series A 6.125% 8/15/40 | 2,000,000 | 1,796,520 | |||||
Gainesville, Georgia Redevelopment Authority Educational | |||||||
Facilities Revenue (Riverside Military Academy Project) | |||||||
5.125% 3/1/37 | 1,850,000 | 1,330,853 | |||||
Idaho Housing & Finance Association Nonprofit Facilities | |||||||
Revenue (North Star Charter School Project) | |||||||
Series A 9.50% 7/1/39 | 1,000,000 | 1,087,300 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Indiana State Finance Authority Revenue Educational | |||||||
Facilities (Drexel Foundation - Thea Bowman Academy | |||||||
Charter School) Series A 7.00% 10/1/39 | $ | 1,000,000 | $ | 953,760 | |||
Iowa Higher Education Loan Authority Revenue | |||||||
(Private College Facilities) 6.00% 9/1/39 | 1,500,000 | 1,512,960 | |||||
Marietta, Georgia Development Authority Revenue | |||||||
(Life University Income Project) 7.00% 6/15/39 | 1,000,000 | 935,940 | |||||
Maryland State Economic Development Corporation | |||||||
Student Housing Revenue (University of Maryland | |||||||
College Park Projects) 5.75% 6/1/33 | 930,000 | 890,549 | |||||
Maryland State Health & Higher Educational Facilities | |||||||
Authority Revenue | |||||||
(Patterson Park Public Charter School) | |||||||
Series A 6.125% 7/1/45 | 1,000,000 | 891,360 | |||||
@ | (Washington Christian Academy Project) | ||||||
Series A 5.50% 7/1/38 | 1,170,000 | 467,953 | |||||
Massachusetts Health & Educational Facilities | |||||||
Authority Revenue | |||||||
(Nichols College Project) Series C 6.125% 10/1/29 | 1,000,000 | 968,170 | |||||
(Springfield College) 5.625% 10/15/40 | 1,000,000 | 978,060 | |||||
Michigan Finance Authority Educational Facilities Revenue | |||||||
(St. Catherine Siena) Series A 8.50% 10/1/45 | 1,000,000 | 1,059,790 | |||||
Michigan Finance Authority Limited Obligation Revenue | |||||||
(Public School Academy) | |||||||
(Old Redford) Series A 6.50% 12/1/40 | 1,000,000 | 927,110 | |||||
(University Learning) 7.50% 11/1/40 | 2,000,000 | 2,006,500 | |||||
Michigan Public Educational Facilities Authority Revenue | |||||||
(Limited-Obligation-Landmark Academy) 7.00% 12/1/39 | 1,000,000 | 944,560 | |||||
Minnesota Higher Education Facilities Authority Revenue | |||||||
(Bethel University) Series 6-R 5.50% 5/1/37 | 1,000,000 | 878,290 | |||||
New Jersey Economic Development Authority Revenue | |||||||
(Provident Group - Montclair) 5.875% 6/1/42 | 1,500,000 | 1,376,985 | |||||
New Jersey State Educational Facilities Authority Revenue | |||||||
(Fairleigh Dickinson Project) Series C 5.50% 7/1/23 | 245,000 | 246,017 | |||||
(University of Medicine & Dentistry) Series B 7.50% 12/1/32 | 1,000,000 | 1,101,080 | |||||
Oregon State Facilities Authority Revenue | |||||||
(College Housing Northwest Project) Series A 5.45% 10/1/32 | 1,000,000 | 824,780 | |||||
(Concordia University Project) Series A | |||||||
6.125% 9/1/30 | 1,000,000 | 983,800 | |||||
6.375% 9/1/40 | 500,000 | 494,425 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Pennsylvania State Higher Educational | |||||||
Facilities Authority Revenue | |||||||
(Edinboro University Foundation) 5.80% 7/1/30 | $ | 1,300,000 | $ | 1,253,083 | |||
(Edinboro University Student Housing) 6.00% 7/1/42 | 1,000,000 | 942,220 | |||||
•(Foundation Indiana University) | |||||||
Series A 0.853% 7/1/39 (XLCA) | 2,400,000 | 1,227,648 | |||||
Pennsylvania State Higher Educational Facilities Authority | |||||||
Student Housing Revenue (University Properties Inc. – | |||||||
East Stroudsburg University of Pennsylvania) | |||||||
5.00% 7/1/42 | 1,500,000 | 1,212,180 | |||||
Philadelphia, Pennsylvania Authority for Industrial | |||||||
Development Revenue | |||||||
(First Philadelphia Charter Project) Series A 5.75% 8/15/32 | 745,000 | 621,442 | |||||
(Global Leadership Academy Project) 6.375% 11/15/40 | 1,000,000 | 880,030 | |||||
Philadelphia, Pennsylvania Redevelopment Authority Revenue | |||||||
(Beech Student Housing Complex Project) | |||||||
Series A 5.50% 7/1/35 (ACA) | 1,500,000 | 1,139,385 | |||||
Provo, Utah Charter School Revenue | |||||||
(Freedom Academy Foundation Project) 5.50% 6/15/37 | 1,000,000 | 713,680 | |||||
San Juan, Texas Higher Education Finance Authority | |||||||
Education Revenue (Idea Public Schools) | |||||||
Series A 6.70% 8/15/40 | 2,000,000 | 2,008,260 | |||||
Utah State Charter School Finance Authority Revenue | |||||||
(North Davis Preparatory) 6.375% 7/15/40 | 1,290,000 | 1,128,866 | |||||
Yonkers, New York Economic Development Corporation | |||||||
Educational Revenue (Charter School Educational | |||||||
Excellence) Series A 6.25% 10/15/40 | 595,000 | 526,742 | |||||
41,163,103 | |||||||
Electric Revenue Bond – 0.42% | |||||||
Puerto Rico Electric Power Authority Revenue | |||||||
Series XX 5.25% 7/1/40 | 1,000,000 | 872,230 | |||||
872,230 | |||||||
Healthcare Revenue Bonds – 19.24% | |||||||
Apple Valley, Minnesota Economic Development Authority | |||||||
Health Care Revenue (Augustana Home St. Paul Project) | |||||||
Series A 6.00% 1/1/40 | 1,000,000 | 881,130 | |||||
Bexar County, Texas Health Facilities Development | |||||||
Corporation Revenue (Army Retirement Residence | |||||||
Project) 5.875% 7/1/30 | 1,000,000 | 958,150 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Brevard County, Florida Healthcare Facilities Authority | |||||||
Health Care Facilities Authority Revenue | |||||||
(Heath First Inc. Project) Series B 7.00% 4/1/39 | $ | 1,000,000 | $ | 1,071,220 | |||
Butler County, Pennsylvania Hospital Authority Revenue | |||||||
(Butler Health System Project) 7.125% 7/1/29 | 900,000 | 983,484 | |||||
California Municipal Finance Authority Revenue | |||||||
(Eisenhower Medical Center) Series A 5.75% 7/1/40 | 1,000,000 | 920,510 | |||||
California Statewide Communities Development Authority | |||||||
Revenue (Senior Living-Southern California) | |||||||
7.25% 11/15/41 | 500,000 | 523,565 | |||||
Cleveland - Cuyahoga County, Ohio Port Authority | |||||||
Revenue Senior Housing (St. Clarence - Geac) | |||||||
Series A 6.25% 5/1/38 | 1,000,000 | 762,710 | |||||
Colorado Health Facilities Authority Revenue (Christian | |||||||
Living Community Project) Series A 5.75% 1/1/37 | 500,000 | 411,920 | |||||
Cumberland County, Pennsylvania Municipal Authority | |||||||
Revenue (Diakon Lutheran Ministries Project) | |||||||
6.375% 1/1/39 | 1,000,000 | 986,430 | |||||
East Rochester, New York Housing Authority Revenue | |||||||
Refunding (Senior Living - Woodland Village Project) | |||||||
5.50% 8/1/33 | 500,000 | 393,115 | |||||
Franklin County, Pennsylvania Industrial Development | |||||||
Authority Revenue (Chambersburg Hospital Project) | |||||||
5.375% 7/1/42 | 1,000,000 | 914,700 | |||||
Gainesville & Hall County, Georgia Development Authority | |||||||
Revenue Senior Living Facilities (Lanier Village Estates | |||||||
Project) Series C 7.25% 11/15/29 | 1,000,000 | 1,006,600 | |||||
Hawaii Pacific Health Special Purpose Revenue | |||||||
Series A 5.50% 7/1/40 | 1,250,000 | 1,113,825 | |||||
Hawaii State Department Budget & Finance Special Purpose | |||||||
Senior Living Revenue (Craigside Project) | |||||||
Series A 9.00% 11/15/44 | 1,000,000 | 1,105,960 | |||||
Illinois Finance Authority Revenue | |||||||
(Admiral at Lake Project) Series A 8.00% 5/15/46 | 1,500,000 | 1,420,950 | |||||
(Provena Health) Series A 7.75% 8/15/34 | 1,000,000 | 1,076,310 | |||||
(Silver Cross & Medical Centers) 7.00% 8/15/44 | 1,000,000 | 998,680 | |||||
Illinois Health Facilities Authority Revenue (Elmhurst | |||||||
Memorial Healthcare Project) 5.625% 1/1/28 | 1,000,000 | 926,550 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
Indiana Finance Authority Hospital Revenue (King’s | |||||||
Daughters Hospital & Health) 5.50% 8/15/45 | $ | 1,000,000 | $ | 790,750 | |||
Kentucky Economic Development Finance Authority | |||||||
Hospital Revenue (Owensboro Medical Health System) | |||||||
Series A 6.50% 3/1/45 | 1,000,000 | 955,330 | |||||
Lancaster County, Pennsylvania Hospital Authority Revenue | |||||||
(Brethren Village Project) Series A 6.375% 7/1/30 | 725,000 | 683,871 | |||||
Lebanon County, Pennsylvania Health Facilities Authority | |||||||
Center Revenue (Pleasant View Retirement) | |||||||
Series A 5.30% 12/15/26 | 1,000,000 | 857,220 | |||||
Lucas County, Ohio Healthcare Facility Revenue (Lutheran | |||||||
Homes) Series A 7.00% 11/1/45 | 2,000,000 | 1,963,939 | |||||
Maryland State Health & Higher Educational | |||||||
Facilities Authority Revenue | |||||||
(Doctors Community Hospital) 5.75% 7/1/38 | 1,000,000 | 830,700 | |||||
Montgomery County, Pennsylvania Industrial | |||||||
Development Authority Revenue | |||||||
(Meeting - Whitemarsh Continuing Care) 6.25% 2/1/35 | 1,500,000 | 1,217,940 | |||||
New Jersey Health Care Facilities Financing | |||||||
Authority Revenue | |||||||
(St. Josephs Healthcare System) 6.625% 7/1/38 | 860,000 | 845,509 | |||||
New York State Dormority Authority Revenue | |||||||
Non State Supported Debt | |||||||
(Orange Regional Medical Center) 6.25% 12/1/37 | 1,000,000 | 922,940 | |||||
North Carolina Medical Care Commission Health Care | |||||||
Facilities Revenue | |||||||
(First Mortgage - Galloway Ridge Project) | |||||||
Series A 6.00% 1/1/39 | 1,520,000 | 1,349,851 | |||||
(First Mortgage - Presbyterian Homes) 5.60% 10/1/36 | 1,000,000 | 824,090 | |||||
Pennsylvania Economic Development Financing Authority | |||||||
Health System Revenue (Albert Einstein Healthcare) | |||||||
Series A 6.25% 10/15/23 | 1,000,000 | 1,041,840 | |||||
Philadelphia, Pennsylvania Hospitals & Higher Education | |||||||
Facilities Authority Hospital Revenue (Temple University | |||||||
Health System) Series A 5.50% 7/1/30 | 2,000,000 | 1,785,440 | |||||
Richland County, Ohio Hospital Facilities Revenue | |||||||
(Medcentral Health System Project) | |||||||
Series B 6.375% 11/15/30 | 500,000 | 504,895 | |||||
South Carolina Jobs - Economic Development Authority | |||||||
Hospital Revenue (Palmetto Health) 5.75% 8/1/39 | 915,000 | 828,688 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
St. Johns County, Florida Industrial Development Authority | |||||||
Revenue (Presbyterian Retirement) | |||||||
Series A 5.875% 8/1/40 | $ | 1,000,000 | $ | 922,100 | |||
St. Louis Park, Minnesota Health Care Facilities Revenue | |||||||
(Park Nicollet Health Services) 5.75% 7/1/39 | 500,000 | 472,635 | |||||
St. Paul, Minnesota Housing & Redevelopment Authority | |||||||
Hospital Revenue (Health East Project) 6.00% 11/15/30 | 2,000,000 | 1,743,380 | |||||
Suffolk County, New York Economic Development | |||||||
(Peconic Landing Southold) 6.00% 12/1/40 | 575,000 | 540,880 | |||||
Travis County, Texas Health Facilities | |||||||
Development Corporation Revenue | |||||||
(Westminister Manor Project) 7.125% 11/1/40 | 1,000,000 | 969,320 | |||||
Washington State Health Care Facilities Authority Revenue | |||||||
(Multicare Health System) Series B | |||||||
6.00% 8/15/39 (ASSURED GTY) | 1,250,000 | 1,279,838 | |||||
Winchester, Virginia Industrial Development Authority | |||||||
Residential Care Facility Revenue | |||||||
(Westminster-Canterbury Project) Series A 5.30% 1/1/35 | 1,000,000 | 863,040 | |||||
Yavapai County, Arizona Industrial Development Authority | |||||||
Hospital Revenue (Yavapai Medical Center) | |||||||
Series A 6.00% 8/1/33 | 1,000,000 | 980,630 | |||||
39,630,635 | |||||||
Housing Revenue Bonds – 0.70% | |||||||
California Municipal Finance Authority Mobile Home Park | |||||||
Revenue (Caritas Projects) Series A 6.40% 8/15/45 | 1,585,000 | 1,444,284 | |||||
1,444,284 | |||||||
Lease Revenue Bonds – 3.73% | |||||||
Capital Area Cultural Education Facilities Finance | |||||||
Corporation Texas Revenue (Roman Catholic Diocese) | |||||||
Series B 6.125% 4/1/45 | 1,000,000 | 952,690 | |||||
Capital Trust Agency Florida Revenue | |||||||
(Air Cargo - Aero Miami) Series A 5.35% 7/1/29 | 1,000,000 | 919,980 | |||||
Guam Government Department of Education Certificates | |||||||
of Participation (John F. Kennedy High School) | |||||||
Series A 6.875% 12/1/40 | 2,000,000 | 1,873,440 | |||||
Missouri State Development Finance Board Infrastructure | |||||||
Facilities Revenue (Branson Landing Project) | |||||||
Series A 5.50% 12/1/24 | 720,000 | 736,502 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Lease Revenue Bonds (continued) | |||||||
New York City, New York Industrial Development Agency | |||||||
Revenue (Queens Baseball Stadium) | |||||||
5.00% 1/1/46 (AMBAC) | $ | 1,200,000 | $ | 941,280 | |||
New York City, New York Industrial Development Agency | |||||||
Special Airport Facilities (Airis JFK I, LLC Project) | |||||||
Series A 5.50% 7/1/28 (AMT) | 905,000 | 771,006 | |||||
Oklahoma City, Oklahoma Industrial & Cultural Facilities | |||||||
Subordinated (Air Cargo - Obligated Group) | |||||||
6.75% 1/1/23 (AMT) | 1,160,000 | 1,032,133 | |||||
Onondaga County Industrial Development Authority | |||||||
Revenue Subordinated (Air Cargo Project) | |||||||
7.25% 1/1/32 (AMT) | 500,000 | 449,415 | |||||
7,676,446 | |||||||
Local General Obligation Bonds – 1.14% | |||||||
Fairfax County, Virginia Refunding & Public Improvement | |||||||
Series A 5.00% 4/1/17 | 2,000,000 | 2,340,720 | |||||
2,340,720 | |||||||
§Pre-Refunded Bonds – 0.52% | |||||||
Bexar County, Texas Health Facilities Development | |||||||
Corporation Revenue (Army Retirement Residence Project) | |||||||
6.30% 7/1/32-12 | 1,000,000 | 1,080,520 | |||||
1,080,520 | |||||||
Special Tax Revenue Bonds – 16.22% | |||||||
Anne Arundel County, Maryland Special Obligation | |||||||
(National Business Park - North Project) 6.10% 7/1/40 | 1,500,000 | 1,384,935 | |||||
Baltimore, Maryland Convention Center Hotel Revenue | |||||||
Subordinated Series B 5.875% 9/1/39 | 1,000,000 | 860,790 | |||||
Brooklyn Arena Local Development Corporation, New York | |||||||
Pilot Revenue (Barclays Center Project) | |||||||
6.25% 7/15/40 | 2,000,000 | 1,957,720 | |||||
6.50% 7/15/30 | 1,000,000 | 1,019,480 | |||||
Chicago, Illinois Tax Increment Allocation (Chatham Ridge | |||||||
Redevelopment Project) 5.95% 12/15/12 | 750,000 | 765,788 | |||||
Dutchess County, New York Local Development Corporation | |||||||
Revenue (Anderson Center Services Inc. Project) | |||||||
6.00% 10/1/30 | 2,000,000 | 1,856,560 | |||||
@ | Farms New Kent, Virginia Community Development | ||||||
Authority Special Assessment Series C 5.80% 3/1/36 | 1,000,000 | 717,990 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Special Tax Revenue Bonds (continued) | |||||||
Henderson, Nevada Local Improvement Districts #T-18 | |||||||
5.30% 9/1/35 | $ | 660,000 | $ | 340,481 | |||
Lancaster, California Redevelopment Agency Tax Allocation | |||||||
(Combined Redevelopment Project Areas) | |||||||
6.875% 8/1/39 | 500,000 | 514,755 | |||||
Middlesex County, New Jersey Improvement Authority Senior | |||||||
Revenue (Heldrich Center Hotel/Conference Project) Series A | |||||||
5.00% 1/1/32 | 500,000 | 231,435 | |||||
5.125% 1/1/37 | 870,000 | 401,844 | |||||
Nampa Development Corporation Idaho Revenue | |||||||
5.90% 3/1/30 | 2,000,000 | 1,833,420 | |||||
New Jersey Economic Development Authority Revenue | |||||||
(Cigarette Tax) 5.75% 6/15/34 | 965,000 | 832,187 | |||||
New York City, New York Transitional Finance Authority | |||||||
(Future Tax Secured - Fiscal 2011) | |||||||
5.00% 2/1/18 | 2,000,000 | 2,292,820 | |||||
5.00% 2/1/26 | 1,000,000 | 1,056,450 | |||||
New York Local Government Assistance Corporation | |||||||
Subordinate Series A-5/6 5.00% 4/1/17 | 2,450,000 | 2,830,141 | |||||
Norco, California Redevelopment Agency Tax Allocation | |||||||
(Area #1 Project) 6.00% 3/1/36 | 1,000,000 | 926,430 | |||||
Palm Drive Health Care District Parcel Tax Revenue | |||||||
5.25% 4/1/30 | 2,000,000 | 1,417,520 | |||||
Prescott Valley, Arizona Improvement District Special | |||||||
Assessment (Sewer Collection System | |||||||
Roadway Repair Project) 7.90% 1/1/12 | 41,000 | 42,679 | |||||
Puerto Rico Commonwealth Highway & Transportation | |||||||
Authority Revenue Series K 5.00% 7/1/30 | 1,855,000 | 1,687,679 | |||||
Puerto Rico Sales Tax Financing Corporation | |||||||
Sales Tax Revenue | |||||||
Ω(Capital Appreciation) Series A 6.75% 8/1/32 | 2,030,000 | 1,643,772 | |||||
Series A 5.75% 8/1/37 | 800,000 | 794,584 | |||||
Series C 5.25% 8/1/41 | 750,000 | 678,495 | |||||
Richmond Heights, Missouri Tax Increment & Transaction | |||||||
Sales Tax Revenue Refunding & Improvement | |||||||
(Francis Place Redevelopment Project) 5.625% 11/1/25 | 1,200,000 | 1,014,924 | |||||
@ | Southwestern Illinois Development Authority Revenue | ||||||
(Local Government Program - Collinsville Limited Project) | |||||||
5.35% 3/1/31 | 500,000 | 362,570 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Special Tax Revenue Bonds (continued) | |||||||
@ | St. Joseph, Missouri Industrial Development Authority | ||||||
Tax Increment Revenue (Shoppes at North Village | |||||||
Project) Series A | |||||||
5.375% 11/1/24 | $ | 1,000,000 | $ | 860,720 | |||
5.50% 11/1/27 | 500,000 | 422,470 | |||||
State of Hawaii 5.50% 7/1/18 | 2,000,000 | 2,367,100 | |||||
Virgin Islands Public Finance Authority Revenue Matching | |||||||
Fund Loan Note Senior Lien Series A 5.00% 10/1/29 | 930,000 | 876,237 | |||||
Winter Garden Village at Fowler Groves Community | |||||||
Development District, Florida Special Assessment Revenue | |||||||
5.65% 5/1/37 | 960,000 | 837,322 | |||||
^ | Wyandotte County, Kansas City, Kansas Unified | ||||||
Government Special Obligation Revenue (Capital | |||||||
Appreciation-Sales Tax) Subordinate Lien 6.07% 6/1/21 | 1,090,000 | 590,758 | |||||
33,420,056 | |||||||
State General Obligation Bonds – 5.26% | |||||||
California State Revenue (Antic NTS) | |||||||
Series A-2 3.00% 6/28/11 | 2,000,000 | 2,013,560 | |||||
Guam Government Series A 6.75% 11/15/29 | 1,565,000 | 1,619,963 | |||||
Maryland State (State & Local Facilities Loan) | |||||||
Series C 5.00% 11/1/18 | 3,100,000 | 3,662,030 | |||||
Virginia State Series D 5.00% 6/1/19 | 3,000,000 | 3,547,530 | |||||
10,843,083 | |||||||
Transportation Revenue Bonds – 4.89% | |||||||
Branson, Missouri Regional Airport Transportation | |||||||
Development District (Airport Project) | |||||||
Series A 6.00% 7/1/37 | 500,000 | 185,725 | |||||
Maryland State Economic Development Corporation | |||||||
Revenue (Transportation Facilities Project) | |||||||
Series A 5.75% 6/1/35 | 1,000,000 | 903,100 | |||||
Port Authority of New York & New Jersey Special Project | |||||||
(JFK International Air Terminal) 6.00% 12/1/42 | 1,970,000 | 1,920,159 | |||||
Regional Transportation District Colorado Private Activity | |||||||
Revenue (Denver Transfers Partners) 6.00% 1/15/41 | 1,000,000 | 923,280 | |||||
Sacramento County, California Airport System Revenue | |||||||
(PFC/Grant) Series C 6.00% 7/1/41 | 1,000,000 | 1,007,270 | |||||
St. Louis, Missouri Airport Revenue (Lambert-St. Louis | |||||||
International) Series A-1 6.625% 7/1/34 | 1,090,000 | 1,110,830 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Transportation Revenue Bonds (continued) | |||||||
Texas Private Activity Bond Surface Transportation | |||||||
Corporation Senior Lien | |||||||
(LBJ Infrastructure) 7.00% 6/30/40 | $ | 2,000,000 | $ | 2,035,360 | |||
(Mobility Partners) 6.875% 12/31/39 | 1,960,000 | 1,984,441 | |||||
10,070,165 | |||||||
Water & Sewer Revenue Bonds – 1.67% | |||||||
Guam Government Water and Waste Water System | |||||||
Revenue 5.625% 7/1/40 | 1,755,000 | 1,552,666 | |||||
New York State Environmental Facilities Corporation | |||||||
(State Revolving Foundation Master Financing) | |||||||
Series A 5.00% 8/15/17 | 1,620,000 | 1,882,148 | |||||
3,434,814 | |||||||
Total Municipal Bonds (cost $198,618,235) | 188,050,112 | ||||||
Short-Term Investments – 5.97% | |||||||
¤Variable Rate Demand Notes – 5.97% | |||||||
Erie County, Pennsylvania Hospital Authority Revenue | |||||||
(Hamot Health Foundation) | |||||||
0.20% 5/15/20 (LOC-PNC Bank) | 1,000,000 | 1,000,000 | |||||
Massachusetts State Health & Educational Facilities | |||||||
Authority Revenue (Children’s Hospital) Series N-4 | |||||||
0.21% 10/1/49 (LOC-JPMorgan Chase Bank) | 8,000,000 | 8,000,000 | |||||
Missouri State Health & Educational Facilities Authority | |||||||
Educational Facilities Revenue (St. Louis University) | |||||||
Series B-1 0.18% 10/1/35 (LOC-Bank of America) | 1,300,000 | 1,300,000 | |||||
New York City, New York Series C 0.17% 10/1/23 | |||||||
(LOC-JPMorgan Chase Bank) | 2,000,000 | 2,000,000 | |||||
Total Short-Term Investments (cost $12,300,000) | 12,300,000 | ||||||
Total Value of Securities – 97.25% | |||||||
(cost $210,918,235) | 200,350,112 | ||||||
Receivables and Other Assets | |||||||
Net of Liabilities – 2.75% | 5,664,798 | ||||||
Net Assets Applicable to 22,285,198 | |||||||
Shares Outstanding – 100.00% | $ | 206,014,910 |
Net Asset Value – Delaware National High-Yield Municipal Bond Fund | |||||
Class A ($129,682,721 / 14,061,702 Shares) | $9.22 | ||||
Net Asset Value – Delaware National High-Yield Municipal Bond Fund | |||||
Class B ($872,179 / 94,400 Shares) | $9.24 | ||||
Net Asset Value – Delaware National High-Yield Municipal Bond Fund | |||||
Class C ($40,684,330 / 4,393,127 Shares) | $9.26 | ||||
Net Asset Value – Delaware National High-Yield Municipal Bond Fund | |||||
Institutional Class ($34,775,680 / 3,735,969 Shares) | $9.31 | ||||
Components of Net Assets at February 28, 2011: | |||||
Shares of beneficial interest (unlimited authorization – no par) | $ | 220,729,679 | |||
Distribution in excess of net investment income | (27,080 | ) | |||
Accumulated net realized loss on investments | (4,119,566 | ) | |||
Net unrealized depreciation of investments | (10,568,123 | ) | |||
Total net assets | $ | 206,014,910 |
@ | Illiquid security. At February 28, 2011, the aggregate amount of illiquid securities was $2,831,703, which represented 1.37% of the Fund’s net assets. See Note 8 in “Notes to financial statements.” |
§ | Pre-Refunded/Escrowed to Maturity bonds. Municipals that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 8 in “Notes to Financial Statements.” |
Ω | Step coupon bond. Indicates security that has a zero coupon that remains in effect until a predetermined date at which time the stated interest rate becomes effective. |
• | Variable rate security. The rate shown is the rate as of February 28, 2011. Interest rates reset periodically. |
^ | Zero coupon security. The rate shown is the yield at the time of purchase. |
¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to such instrument. |
Net Asset Value and Offering Price Per Share – | |||
Delaware National High Yield Municipal Bond Fund | |||
Net asset value Class A (A) | $ | 9.22 | |
Sales charge (4.50% of offering price) (B) | 0.43 | ||
Offering price | $ | 9.65 |
(A) | Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares. | |
(B) | See the current prospectus for purchases of $100,000 or more. |
Statements of operations |
Six Months Ended February 28, 2011 (Unaudited) |
Delaware | Delaware | Delaware | ||||||||||||||
Tax-Free | Tax-Free USA | National High-Yield | ||||||||||||||
USA Fund | Intermediate Fund | Municipal Bond Fund | ||||||||||||||
Investment Income: | ||||||||||||||||
Interest | $ | 16,673,499 | $ | 15,306,750 | $ | 6,097,426 | ||||||||||
Expenses: | ||||||||||||||||
Management fees | 1,655,390 | 1,809,109 | 567,121 | |||||||||||||
Distribution expenses – Class A | 695,460 | 687,559 | 170,315 | |||||||||||||
Distribution expenses – Class B | 21,310 | 1,992 | 4,897 | |||||||||||||
Distribution expenses – Class C | 145,189 | 320,670 | 202,790 | |||||||||||||
Dividend disbursing and transfer | ||||||||||||||||
agent fees and expenses | 196,895 | 332,137 | 76,274 | |||||||||||||
Accounting and administration expenses | 120,710 | 144,962 | 40,638 | |||||||||||||
Registration fees | 42,745 | 56,659 | 32,909 | |||||||||||||
Reports and statements to shareholders | 23,471 | 36,929 | 12,066 | |||||||||||||
Audit and tax | 21,430 | 22,308 | 9,254 | |||||||||||||
Legal fees | 18,550 | 20,802 | 9,458 | |||||||||||||
Trustees’ fees | 16,984 | 20,276 | 5,655 | |||||||||||||
Insurance fees | 12,586 | 11,911 | 2,266 | |||||||||||||
Pricing fees | 8,824 | 13,401 | 9,073 | |||||||||||||
Custodian fees | 6,507 | 6,728 | 2,258 | |||||||||||||
Consulting fees | 2,940 | 3,316 | 835 | |||||||||||||
Trustees’ expenses | 1,186 | 1,396 | 373 | |||||||||||||
Due and services | 425 | 2,058 | 10,047 | |||||||||||||
2,990,602 | 3,492,213 | 1,156,229 | ||||||||||||||
Less expenses absorbed or waived | (407,219 | ) | (268,485 | ) | (158,898 | ) | ||||||||||
Less waived distribution expenses – Class A | — | (343,779 | ) | — | ||||||||||||
Less expense paid indirectly | (474 | ) | (577 | ) | (124 | ) | ||||||||||
Total operating expenses | 2,582,909 | 2,879,372 | 997,207 | |||||||||||||
Net Investment Income | 14,090,590 | 12,427,378 | 5,100,219 |
Delaware | Delaware | Delaware | ||||||||||||
Tax-Free | Tax-Free USA | National High-Yield | ||||||||||||
USA Fund | Intermediate Fund | Municipal Bond Fund | ||||||||||||
Net Realized and Unrealized Gain | ||||||||||||||
(Loss) on Investments: | ||||||||||||||
Net realized gain (loss) on investments | $ | 1,101,524 | $ | (7,958,103 | ) | $ | (1,871,180 | ) | ||||||
Net change in unrealized appreciation/ | ||||||||||||||
depreciation of investments | (41,417,284 | ) | (34,762,458 | ) | (17,371,500 | ) | ||||||||
Net Realized and Unrealized Loss | ||||||||||||||
on Investments | (40,315,760 | ) | (42,720,561 | ) | (19,242,680 | ) | ||||||||
Net Decrease in Net Assets | ||||||||||||||
Resulting from Operations | $ | (26,225,170 | ) | $ | (30,293,183 | ) | $ | (14,142,461 | ) |
Six Months | Year | ||||||
Ended | Ended | ||||||
2/28/11 | 8/31/10 | ||||||
(Unaudited) | |||||||
Increase (Decrease) in Net Assets from Operations: | |||||||
Net investment income | $ | 14,090,590 | $ | 27,449,487 | |||
Net realized gain on investments | 1,101,524 | 5,376,303 | |||||
Net change in unrealized | |||||||
appreciation/depreciation of investments | (41,417,284 | ) | 33,754,276 | ||||
Net increase (decrease) in net assets resulting from operations | (26,225,170 | ) | 66,580,066 | ||||
Dividends and Distributions to Shareholders from: | |||||||
Net investment income: | |||||||
Class A | (13,275,941 | ) | (26,109,963 | ) | |||
Class B | (82,863 | ) | (265,094 | ) | |||
Class C | (564,431 | ) | (948,392 | ) | |||
Institutional Class | (167,355 | ) | (126,036 | ) | |||
(14,090,590 | ) | (27,449,485 | ) | ||||
Capital Share Transactions: | |||||||
Proceeds from shares sold: | |||||||
Class A | 127,953,088 | 61,819,342 | |||||
Class B | 5,491 | 87,469 | |||||
Class C | 3,691,506 | 9,773,385 | |||||
Institutional Class | 3,255,833 | 10,975,123 | |||||
Net asset value of shares issued upon reinvestment | |||||||
of dividends and distributions: | |||||||
Class A | 7,283,790 | 13,870,753 | |||||
Class B | 46,543 | 116,921 | |||||
Class C | 424,010 | 691,115 | |||||
Institutional Class | 88,045 | 69,762 | |||||
142,748,306 | 97,403,870 |
Six Months | Year | ||||||
Ended | Ended | ||||||
2/28/11 | 8/31/10 | ||||||
(Unaudited) | |||||||
Capital Share Transactions (continued): | |||||||
Cost of shares repurchased: | |||||||
Class A | $ | (78,916,661 | ) | $ | (67,005,588 | ) | |
Class B | (1,532,633 | ) | (3,446,173 | ) | |||
Class C | (4,370,362 | ) | (2,360,456 | ) | |||
Institutional Class | (5,108,477 | ) | (3,613,385 | ) | |||
(89,928,133 | ) | (76,425,602 | ) | ||||
Increase in net assets derived from | |||||||
capital share transactions | 52,820,173 | 20,978,268 | |||||
Net Increase in Net Assets | 12,504,413 | 60,108,849 | |||||
Net Assets: | |||||||
Beginning of period | 625,240,126 | 565,131,277 | |||||
End of period | $ | 637,744,539 | $ | 625,240,126 | |||
Undistributed net investment income | $ | 66,895 | $ | 66,895 |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 12,427,378 | $ | 20,922,589 | ||||
Net realized gain (loss) on investments | (7,958,103 | ) | 3,101,284 | |||||
Net change in unrealized | ||||||||
appreciation/depreciation of investments | (34,762,458 | ) | 31,454,823 | |||||
Net increase (decrease) in net assets resulting from operations | (30,293,183 | ) | 55,478,696 | |||||
Dividends and Distributions to Shareholders from: | ||||||||
Net investment income: | ||||||||
Class A | (7,828,367 | ) | (17,243,762 | ) | ||||
Class B | (5,109 | ) | (18,866 | ) | ||||
Class C | (822,894 | ) | (1,408,918 | ) | ||||
Institutional Class | (3,771,007 | ) | (2,251,043 | ) | ||||
(12,427,377 | ) | (20,922,589 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 93,327,649 | 240,540,308 | ||||||
Class B | 16,933 | 5,061 | ||||||
Class C | 9,529,794 | 32,062,484 | ||||||
Institutional Class | 91,009,854 | 201,735,695 | ||||||
Net asset value of shares issued upon reinvestment | ||||||||
of dividends and distributions: | ||||||||
Class A | 5,868,144 | 11,793,891 | ||||||
Class B | 3,087 | 12,602 | ||||||
Class C | 640,962 | 1,043,543 | ||||||
Institutional Class | 1,770,827 | 1,022,951 | ||||||
202,167,250 | 488,216,535 |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares repurchased: | ||||||||
Class A | $ | (109,596,729 | ) | $ | (257,852,688 | ) | ||
Class B | (151,511 | ) | (403,130 | ) | ||||
Class C | (10,428,040 | ) | (11,028,080 | ) | ||||
Institutional Class | (50,936,114 | ) | (15,480,558 | ) | ||||
(171,112,394 | ) | (284,764,456 | ) | |||||
Increase in net assets derived from | ||||||||
capital share transactions | 31,054,856 | 203,452,079 | ||||||
Net Increase (Decrease) in Net Assets | (11,665,704 | ) | 238,008,186 | |||||
Net Assets: | ||||||||
Beginning of period | 738,883,756 | 500,875,570 | ||||||
End of period | $ | 727,218,052 | $ | 738,883,756 | ||||
Undistributed net investment income | $ | 16,226 | $ | 16,225 |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 5,100,219 | $ | 5,970,302 | ||||
Net realized gain (loss) on investments | (1,871,180 | ) | 1,001,919 | |||||
Net change in unrealized | ||||||||
appreciation/depreciation of investments | (17,371,500 | ) | 13,240,902 | |||||
Net increase (decrease) in net assets resulting | ||||||||
from operations | (14,142,461 | ) | 20,213,123 | |||||
Dividends and Distributions to Shareholders from: | ||||||||
Net investment income: | ||||||||
Class A | (3,448,980 | ) | (4,828,032 | ) | ||||
Class B | (21,104 | ) | (63,201 | ) | ||||
Class C | (878,427 | ) | (793,575 | ) | ||||
Institutional Class | (733,724 | ) | (265,485 | ) | ||||
(5,082,235 | ) | (5,950,293 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 48,345,272 | 80,165,567 | ||||||
Class B | — | 25,758 | ||||||
Class C | 14,910,440 | 28,127,837 | ||||||
Institutional Class | 32,925,251 | 21,613,556 | ||||||
Net asset value of shares issued upon reinvestment | ||||||||
of dividends and distributions: | ||||||||
Class A | 2,516,663 | 3,020,007 | ||||||
Class B | 12,716 | 31,120 | ||||||
Class C | 672,100 | 528,580 | ||||||
Institutional Class | 396,301 | 144,889 | ||||||
99,778,743 | 133,657,314 |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares repurchased: | ||||||||
Class A | $ | (48,087,296 | ) | $ | (23,646,518 | ) | ||
Class B | (170,002 | ) | (553,592 | ) | ||||
Class C | (7,376,218 | ) | (2,204,078 | ) | ||||
Institutional Class | (12,875,861 | ) | (5,576,829 | ) | ||||
(68,509,377 | ) | (31,981,017 | ) | |||||
Increase in net assets derived from | ||||||||
capital share transactions | 31,269,366 | 101,676,297 | ||||||
Net Increase in Net Assets | 12,044,670 | 115,939,127 | ||||||
Net Assets: | ||||||||
Beginning of period | 193,970,240 | 78,031,113 | ||||||
End of period | $ | 206,014,910 | $ | 193,970,240 | ||||
Distributions in excess of net investment income | $ | (27,080 | ) | $ | (4,408 | ) |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$11.630 | $10.890 | $10.970 | $11.230 | $11.570 | $11.760 | |||||||||||||||
0.258 | 0.522 | 0.479 | 0.462 | 0.466 | 0.458 | |||||||||||||||
(0.760 | ) | 0.740 | (0.081 | ) | (0.260 | ) | (0.337 | ) | (0.186 | ) | ||||||||||
(0.502 | ) | 1.262 | 0.398 | 0.202 | 0.129 | 0.272 | ||||||||||||||
(0.258 | ) | (0.522 | ) | (0.478 | ) | (0.462 | ) | (0.469 | ) | (0.462 | ) | |||||||||
(0.258 | ) | (0.522 | ) | (0.478 | ) | (0.462 | ) | (0.469 | ) | (0.462 | ) | |||||||||
$10.870 | $11.630 | $10.890 | $10.970 | $11.230 | $11.570 | |||||||||||||||
(4.35% | ) | 11.85% | 3.91% | 1.82% | 1.08% | 2.42% | ||||||||||||||
$600,693 | $581,931 | $536,420 | $510,822 | $735,584 | $656,813 | |||||||||||||||
0.80% | 0.80% | 0.84% | 0.85% | 0.87% | 0.86% | |||||||||||||||
0.93% | 0.95% | 0.97% | 0.94% | 0.95% | 1.00% | |||||||||||||||
4.64% | 4.64% | 4.60% | 4.13% | 4.03% | 3.97% | |||||||||||||||
4.51% | 4.49% | 4.47% | 4.04% | 3.95% | 3.83% | |||||||||||||||
31% | 32% | 66% | 28% | 36% | 41% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$11.620 | $10.880 | $10.960 | $11.230 | $11.570 | $11.760 | |||||||||||||||
0.216 | 0.437 | 0.399 | 0.378 | 0.378 | 0.370 | |||||||||||||||
(0.750 | ) | 0.740 | (0.080 | ) | (0.270 | ) | (0.337 | ) | (0.186 | ) | ||||||||||
(0.534 | ) | 1.177 | 0.319 | 0.108 | 0.041 | 0.184 | ||||||||||||||
(0.216 | ) | (0.437 | ) | (0.399 | ) | (0.378 | ) | (0.381 | ) | (0.374 | ) | |||||||||
(0.216 | ) | (0.437 | ) | (0.399 | ) | (0.378 | ) | (0.381 | ) | (0.374 | ) | |||||||||
$10.870 | $11.620 | $10.880 | $10.960 | $11.230 | $11.570 | |||||||||||||||
(4.62% | ) | 11.01% | 3.13% | 0.96% | 0.32% | 1.63% | ||||||||||||||
$3,595 | $5,373 | $8,168 | $11,812 | $17,286 | $22,189 | |||||||||||||||
1.56% | 1.56% | 1.60% | 1.61% | 1.63% | 1.63% | |||||||||||||||
1.69% | 1.71% | 1.73% | 1.70% | 1.71% | 1.73% | |||||||||||||||
3.88% | 3.88% | 3.84% | 3.37% | 3.27% | 3.20% | |||||||||||||||
3.75% | 3.73% | 3.71% | 3.28% | 3.19% | 3.10% | |||||||||||||||
31% | 32% | 66% | 28% | 36% | 41% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$11.630 | $10.890 | $10.970 | $11.230 | $11.570 | $11.760 | |||||||||||||||
0.216 | 0.437 | 0.399 | 0.377 | 0.378 | 0.370 | |||||||||||||||
(0.750 | ) | 0.740 | (0.080 | ) | (0.260 | ) | (0.337 | ) | (0.186 | ) | ||||||||||
(0.534 | ) | 1.177 | 0.319 | 0.117 | 0.041 | 0.184 | ||||||||||||||
(0.216 | ) | (0.437 | ) | (0.399 | ) | (0.377 | ) | (0.381 | ) | (0.374 | ) | |||||||||
(0.216 | ) | (0.437 | ) | (0.399 | ) | (0.377 | ) | (0.381 | ) | (0.374 | ) | |||||||||
$10.880 | $11.630 | $10.890 | $10.970 | $11.230 | $11.570 | |||||||||||||||
(4.62% | ) | 11.00% | 3.13% | 0.96% | 0.41% | 1.63% | ||||||||||||||
$28,077 | $30,302 | $20,542 | $16,641 | $16,871 | $15,110 | |||||||||||||||
1.56% | 1.56% | 1.60% | 1.61% | 1.63% | 1.63% | |||||||||||||||
1.69% | 1.71% | 1.73% | 1.70% | 1.71% | 1.73% | |||||||||||||||
3.88% | 3.88% | 3.84% | 3.37% | 3.27% | 3.20% | |||||||||||||||
3.75% | 3.73% | 3.71% | 3.28% | 3.19% | 3.10% | |||||||||||||||
31% | 32% | 66% | 28% | 36% | 41% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
Six Months Ended | Year Ended | 12/31/082 | ||||||||||
2/28/111 | 8/31/10 | to | ||||||||||
(Unaudited) | 8/31/09 | |||||||||||
$11.720 | $10.890 | $10.020 | ||||||||||
0.273 | 0.549 | 0.322 | ||||||||||
(0.760 | ) | 0.830 | 0.870 | |||||||||
(0.487 | ) | 1.379 | 1.192 | |||||||||
(0.273 | ) | (0.549 | ) | (0.322 | ) | |||||||
(0.273 | ) | (0.549 | ) | (0.322 | ) | |||||||
$10.960 | $11.720 | $10.890 | ||||||||||
(4.18% | ) | 12.84% | 12.15% | |||||||||
$5,380 | $7,634 | $1 | ||||||||||
0.56% | 0.56% | 0.60% | ||||||||||
0.69% | 0.71% | 0.73% | ||||||||||
4.88% | 4.88% | 4.84% | ||||||||||
4.75% | 4.73% | 4.71% | ||||||||||
31% | 32% | 66% | 4 |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$12.110 | $11.460 | $11.250 | $11.210 | $11.470 | $11.610 | |||||||||||||||
0.198 | 0.423 | 0.388 | 0.383 | 0.414 | 0.408 | |||||||||||||||
(0.660 | ) | 0.650 | 0.210 | 0.041 | (0.260 | ) | (0.140 | ) | ||||||||||||
(0.462 | ) | 1.073 | 0.598 | 0.424 | 0.154 | 0.268 | ||||||||||||||
(0.198 | ) | (0.423 | ) | (0.388 | ) | (0.384 | ) | (0.414 | ) | (0.408 | ) | |||||||||
(0.198 | ) | (0.423 | ) | (0.388 | ) | (0.384 | ) | (0.414 | ) | (0.408 | ) | |||||||||
$11.450 | $12.110 | $11.460 | $11.250 | $11.210 | $11.470 | |||||||||||||||
(3.83% | ) | 9.53% | 5.49% | 3.83% | 1.34% | 2.38% | ||||||||||||||
$443,795 | $481,004 | $459,782 | $407,729 | $306,215 | $204,525 | |||||||||||||||
0.75% | 0.75% | 0.75% | 0.75% | 0.76% | 0.75% | |||||||||||||||
0.97% | 1.00% | 1.03% | 1.03% | 1.03% | 1.07% | |||||||||||||||
3.41% | 3.59% | 3.51% | 3.38% | 3.60% | 3.56% | |||||||||||||||
3.19% | 3.34% | 3.23% | 3.10% | 3.33% | 3.24% | |||||||||||||||
25% | 27% | 47% | 28% | 40% | 37% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$12.100 | $11.450 | $11.240 | $11.200 | $11.460 | $11.610 | |||||||||||||||
0.148 | 0.324 | 0.294 | 0.287 | 0.317 | 0.311 | |||||||||||||||
(0.670 | ) | 0.650 | 0.210 | 0.041 | (0.260 | ) | (0.150 | ) | ||||||||||||
(0.522 | ) | 0.974 | 0.504 | 0.328 | 0.057 | 0.161 | ||||||||||||||
(0.148 | ) | (0.324 | ) | (0.294 | ) | (0.288 | ) | (0.317 | ) | (0.311 | ) | |||||||||
(0.148 | ) | (0.324 | ) | (0.294 | ) | (0.288 | ) | (0.317 | ) | (0.311 | ) | |||||||||
$11.430 | $12.100 | $11.450 | $11.240 | $11.200 | $11.460 | |||||||||||||||
(4.33% | ) | 8.62% | 4.61% | 2.95% | 0.48% | 1.43% | ||||||||||||||
$356 | $511 | $861 | $1,272 | $1,786 | $2,413 | |||||||||||||||
1.60% | 1.60% | 1.60% | 1.60% | 1.61% | 1.60% | |||||||||||||||
1.67% | 1.70% | 1.73% | 1.73% | 1.73% | 1.77% | |||||||||||||||
2.56% | 2.74% | 2.66% | 2.53% | 2.75% | 2.71% | |||||||||||||||
2.49% | 2.64% | 2.53% | 2.40% | 2.63% | 2.54% | |||||||||||||||
25% | 27% | 47% | 28% | 40% | 37% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$12.110 | $11.450 | $11.240 | $11.200 | $11.470 | $11.610 | |||||||||||||||
0.148 | 0.323 | 0.294 | 0.287 | 0.317 | 0.311 | |||||||||||||||
(0.670 | ) | 0.660 | 0.210 | 0.041 | (0.270 | ) | (0.140 | ) | ||||||||||||
(0.522 | ) | 0.983 | 0.504 | 0.328 | 0.047 | 0.171 | ||||||||||||||
(0.148 | ) | (0.323 | ) | (0.294 | ) | (0.288 | ) | (0.317 | ) | (0.311 | ) | |||||||||
(0.148 | ) | (0.323 | ) | (0.294 | ) | (0.288 | ) | (0.317 | ) | (0.311 | ) | |||||||||
$11.440 | $12.110 | $11.450 | $11.240 | $11.200 | $11.470 | |||||||||||||||
(4.32% | ) | 8.70% | 4.60% | 2.95% | 0.39% | 1.52% | ||||||||||||||
$61,281 | $65,343 | $40,232 | $24,880 | $28,237 | $28,004 | |||||||||||||||
1.60% | 1.60% | 1.60% | 1.60% | 1.61% | 1.60% | |||||||||||||||
1.67% | 1.70% | 1.73% | 1.73% | 1.73% | 1.77% | |||||||||||||||
2.56% | 2.74% | 2.66% | 2.53% | 2.75% | 2.71% | |||||||||||||||
2.49% | 2.64% | 2.53% | 2.40% | 2.63% | 2.54% | |||||||||||||||
25% | 27% | 47% | 28% | 40% | 37% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
Six Months Ended | Year Ended | 12/31/082 to | ||||||||||
2/28/111 | 8/31/10 | 8/31/09 | ||||||||||
(Unaudited) | ||||||||||||
$12.230 | $11.460 | $10.800 | ||||||||||
0.208 | 0.424 | 0.269 | ||||||||||
(0.670 | ) | 0.770 | 0.660 | |||||||||
(0.462 | ) | 1.194 | 0.929 | |||||||||
(0.208 | ) | (0.424 | ) | (0.269 | ) | |||||||
(0.208 | ) | (0.424 | ) | (0.269 | ) | |||||||
$11.560 | $12.230 | $11.460 | ||||||||||
(3.79% | ) | 10.62% | 8.68% | |||||||||
$221,786 | $192,026 | $1 | ||||||||||
0.60% | 0.60% | 0.60% | ||||||||||
0.67% | 0.70% | 0.73% | ||||||||||
3.56% | 3.74% | 3.65% | ||||||||||
3.49% | 3.64% | 3.52% | ||||||||||
25% | 27% | 47% | 4 |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$10.090 | $8.920 | $9.510 | $10.030 | $10.320 | $10.380 | |||||||||||||||
0.242 | 0.513 | 0.505 | 0.484 | 0.482 | 0.477 | |||||||||||||||
(0.871 | ) | 1.169 | (0.595 | ) | (0.520 | ) | (0.290 | ) | (0.060 | ) | ||||||||||
(0.629 | ) | 1.682 | (0.090 | ) | (0.036 | ) | 0.192 | 0.417 | ||||||||||||
(0.241 | ) | (0.512 | ) | (0.500 | ) | (0.484 | ) | (0.482 | ) | (0.477 | ) | |||||||||
(0.241 | ) | (0.512 | ) | (0.500 | ) | (0.484 | ) | (0.482 | ) | (0.477 | ) | |||||||||
$9.220 | $10.090 | $8.920 | $9.510 | $10.030 | $10.320 | |||||||||||||||
(6.28% | ) | 19.29% | (0.38% | ) | (0.37% | ) | 1.82% | 4.15% | ||||||||||||
$129,683 | $139,628 | $68,812 | $67,762 | $65,143 | $68,663 | |||||||||||||||
0.85% | 0.85% | 0.90% | 0.90% | 0.91% | 0.90% | |||||||||||||||
1.00% | 1.04% | 1.08% | 1.04% | 1.03% | 1.02% | |||||||||||||||
5.06% | 5.24% | 6.06% | 4.94% | 4.66% | 4.66% | |||||||||||||||
4.91% | 5.05% | 5.88% | 4.80% | 4.54% | 4.54% | |||||||||||||||
37% | 37% | 67% | 24% | 37% | 73% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$10.110 | $8.940 | $9.530 | $10.050 | $10.350 | $10.400 | |||||||||||||||
0.207 | 0.442 | 0.440 | 0.410 | 0.404 | 0.400 | |||||||||||||||
(0.871 | ) | 1.169 | (0.592 | ) | (0.520 | ) | (0.300 | ) | (0.050 | ) | ||||||||||
(0.664 | ) | 1.611 | (0.152 | ) | (0.110 | ) | 0.104 | 0.350 | ||||||||||||
(0.206 | ) | (0.441 | ) | (0.438 | ) | (0.410 | ) | (0.404 | ) | (0.400 | ) | |||||||||
(0.206 | ) | (0.441 | ) | (0.438 | ) | (0.410 | ) | (0.404 | ) | (0.400 | ) | |||||||||
$9.240 | $10.110 | $8.940 | $9.530 | $10.050 | $10.350 | |||||||||||||||
(6.61% | ) | 18.37% | (1.11% | ) | (1.12% | ) | 0.96% | 3.47% | ||||||||||||
$872 | $1,118 | $1,448 | $3,135 | $5,972 | $9,519 | |||||||||||||||
1.60% | 1.60% | 1.65% | 1.65% | 1.66% | 1.65% | |||||||||||||||
1.75% | 1.79% | 1.83% | 1.79% | 1.78% | 1.77% | |||||||||||||||
4.31% | 4.49% | 5.31% | 4.19% | 3.91% | 3.91% | |||||||||||||||
4.16% | 4.30% | 5.13% | 4.05% | 3.79% | 3.79% | |||||||||||||||
37% | 37% | 67% | 24% | 37% | 73% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$10.130 | $8.960 | $9.550 | $10.070 | $10.360 | $10.420 | |||||||||||||||
0.207 | 0.442 | 0.441 | 0.410 | 0.404 | 0.400 | |||||||||||||||
(0.871 | ) | 1.169 | (0.592 | ) | (0.520 | ) | (0.290 | ) | (0.060 | ) | ||||||||||
(0.664 | ) | 1.611 | (0.151 | ) | (0.110 | ) | 0.114 | 0.340 | ||||||||||||
(0.206 | ) | (0.441 | ) | (0.439 | ) | (0.410 | ) | (0.404 | ) | (0.400 | ) | |||||||||
(0.206 | ) | (0.441 | ) | (0.439 | ) | (0.410 | ) | (0.404 | ) | (0.400 | ) | |||||||||
$9.260 | $10.130 | $8.960 | $9.550 | $10.070 | $10.360 | |||||||||||||||
(6.60% | ) | 18.33% | (1.11% | ) | (1.12% | ) | 1.06% | 3.36% | ||||||||||||
$40,684 | $36,384 | $7,770 | $6,998 | $4,848 | $5,332 | |||||||||||||||
1.60% | 1.60% | 1.65% | 1.65% | 1.66% | 1.65% | |||||||||||||||
1.75% | 1.79% | 1.83% | 1.79% | 1.78% | 1.77% | |||||||||||||||
4.31% | 4.49% | 5.31% | 4.19% | 3.91% | 3.91% | |||||||||||||||
4.16% | 4.30% | 5.13% | 4.05% | 3.79% | 3.79% | |||||||||||||||
37% | 37% | 67% | 24% | 37% | 73% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Date of commencement of operations; ratios have been annualized and total return has not been annualized.
|
3 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
4 Portfolio turnover is representative of the Fund for the entire year. |
Six Months Ended | Year Ended | 12/31/082 to | ||||||||
2/28/111 | 8/31/10 | 8/31/09 | ||||||||
(Unaudited) | ||||||||||
$10.190 | $8.930 | $7.590 | ||||||||
0.256 | 0.534 | 0.342 | ||||||||
(0.881 | ) | 1.259 | 1.338 | |||||||
(0.625 | ) | 1.793 | 1.680 | |||||||
(0.255 | ) | (0.533 | ) | (0.340 | ) | |||||
(0.255 | ) | (0.533 | ) | (0.340 | ) | |||||
$9.310 | $10.190 | $8.930 | ||||||||
(6.19% | ) | 20.55% | 22.55% | |||||||
$34,776 | $16,840 | $1 | ||||||||
0.60% | 0.60% | 0.65% | ||||||||
0.75% | 0.79% | 0.85% | ||||||||
5.31% | 5.49% | 6.41% | ||||||||
5.16% | 5.30% | 6.21% | ||||||||
37% | 37% | 67% | 4 |
Notes to financial statements | ||
Delaware National Tax-Free Funds | February 28, 2011 (Unaudited) |
Delaware Tax-Free | Delaware Tax-Free | Delaware National High-Yield | |||
USA Fund | USA Intermediate Fund | Municipal Bond Fund | |||
$474 | $577 | $124 |
Delaware Tax-Free | Delaware Tax-Free | Delaware National High-Yield | |||
USA Fund | USA Intermediate Fund | Municipal Bond Fund | |||
On the first $500 million | 0.550% | 0.500% | 0.550% | ||
On the next $500 million | 0.500% | 0.475% | 0.500% | ||
On the next $1.5 billion | 0.450% | 0.450% | 0.450% | ||
In excess of $2.5 billion | 0.425% | 0.425% | 0.425% |
Delaware Tax-Free | Delaware Tax-Free | Delaware National High-Yield | |||
USA Fund | USA Intermediate Fund | Municipal Bond Fund | |||
$15,212 | $18,269 | $5,121 |
Delaware Tax-Free | Delaware Tax-Free | Delaware National High-Yield | |||||||||||||
USA Fund | USA Intermediate Fund | Municipal Bond Fund | |||||||||||||
Investment management fees | |||||||||||||||
payable to DMC | $ | 207,416 | $ | 234,435 | $51,136 | ||||||||||
Dividend disbursing, transfer | |||||||||||||||
agent and fund accounting | |||||||||||||||
oversight fees and other | |||||||||||||||
expenses payable to DSC | 17,192 | 24,381 | 6,084 | ||||||||||||
Distribution fees payable | |||||||||||||||
to DDLP | 136,205 | 97,244 | 56,097 | ||||||||||||
Other expenses payable to | |||||||||||||||
DMC and affiliates* | 25,378 | 29,658 | 9,944 |
Delaware Tax-Free | Delaware Tax-Free | Delaware National High-Yield | ||||
USA Fund | USA Intermediate Fund | Municipal Bond Fund | ||||
$2,478 | $2,560 | $681 |
Delaware Tax-Free | Delaware Tax-Free | Delaware National High-Yield | ||||
USA Fund | USA Intermediate Fund | Municipal Bond Fund | ||||
$18,012 | $16,254 | $52,064 |
Delaware Tax-Free | Delaware Tax-Free | Delaware National High-Yield | |||||||||||||
USA Fund | USA Intermediate Fund | Municipal Bond Fund | |||||||||||||
Class A | $ | 0 | $ | 0 | $ | 0 | |||||||||
Class B | 706 | 0 | 20 | ||||||||||||
Class C | 282 | 5,836 | 3,448 |
Delaware Tax-Free | Delaware Tax-Free | Delaware National High-Yield | ||||||||
USA Fund | USA Intermediate Fund | Municipal Bond Fund | ||||||||
Purchases | $217,701,016 | $193,003,835 | $96,138,734 | |||||||
Sales | 186,737,006 | 183,968,684 | 74,365,878 |
Delaware Tax-Free | Delaware Tax-Free | Delaware National High-Yield | ||||||||||||||
USA Fund | USA Intermediate Fund | Municipal Bond Fund | ||||||||||||||
Cost of investments | $ | 636,324,171 | $ | 704,763,850 | $ | 210,828,404 | ||||||||||
Aggregate unrealized | ||||||||||||||||
appreciation | $ | 23,552,673 | $ | 20,231,427 | $ | 2,645,664 | ||||||||||
Aggregate unrealized | ||||||||||||||||
depreciation | (21,697,671 | ) | (8,921,992 | ) | (13,123,956 | ) | ||||||||||
Net unrealized appreciation | ||||||||||||||||
(depreciation) | $ | 1,855,002 | $ | 11,309,435 | $ | (10,478,292 | ) |
Level 1 | – | inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts) |
Level 2 | – | other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing) |
Level 3 | – | inputs are significant unobservable inputs (including the Funds’ own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities) |
Delaware Tax-Free | Delaware Tax-Free | Delaware National High-Yield | |||||
Municipal Bonds | USA Fund | USA Intermediate Fund | Municipal Bond Fund | ||||
Level 2 | $638,179,173 | $716,073,285 | $200,350,112 |
Delaware Tax-Free | Delaware Tax-Free | Delaware National High-Yield | |||||||||||||
USA Fund | USA Intermediate Fund | Municipal Bond Fund | |||||||||||||
Six months ended 2/28/11* | |||||||||||||||
Tax-exempt income | $ | 13,859,303 | $ | 12,424,433 | $ | 5,039,830 | |||||||||
Ordinary income | 231,287 | 2,944 | 42,405 | ||||||||||||
Total | $ | 14,090,590 | $ | 12,427,377 | $ | 5,082,235 | |||||||||
Year ended 8/31/10 | |||||||||||||||
Tax-exempt income | $ | 26,946,651 | $ | 20,788,197 | $ | 5,854,908 | |||||||||
Ordinary income | 502,834 | 134,392 | 95,385 | ||||||||||||
Total | $ | 27,449,485 | $ | 20,922,589 | $ | 5,950,293 |
Delaware Tax-Free | Delaware Tax-Free | Delaware National High-Yield | ||||||||||||||||
USA Fund | USA Intermediate Fund | Municipal Bond Fund | ||||||||||||||||
Shares of beneficial interest | $ | 642,172,250 | $ | 729,549,802 | $ | 220,729,679 | ||||||||||||
Distributions payable | (454,956 | ) | (372,905 | ) | (156,750 | ) | ||||||||||||
Undistributed tax-exempt | ||||||||||||||||||
income | 521,851 | 389,131 | 129,670 | |||||||||||||||
Realized gains | ||||||||||||||||||
9/1/10 – 2/28/11 | 3,694,309 | 270,354 | 442,974 | |||||||||||||||
Post-October losses | (2,592,785 | ) | (8,228,457 | ) | (2,310,166 | ) | ||||||||||||
Capital loss carryforward | ||||||||||||||||||
as of 8/31/10 | (7,451,132 | ) | (5,699,308 | ) | (2,342,205 | ) | ||||||||||||
Unrealized appreciation | ||||||||||||||||||
(depreciation) of investments | 1,855,002 | 11,309,435 | (10,478,292 | ) | ||||||||||||||
Net assets | $ | 637,744,539 | $ | 727,218,052 | $ | 206,014,910 |
Undistributed net investment income | $(40,656 | ) | |
Accumulated net realized loss | 40,656 |
Delaware Tax-Free | Delaware Tax-Free | Delaware National High-Yield | ||||||||||||||
Year of Expiration | USA Fund | USA Intermediate Fund | Municipal Bond Fund | |||||||||||||
2011 | $ | — | $ | — | $ | 631,027 | ||||||||||
2012 | — | — | 980,742 | |||||||||||||
2015 | — | — | 355,701 | |||||||||||||
2017 | 7,451,132 | 5,699,308 | 374,735 | |||||||||||||
Total | $ | 7,451,132 | $ | 5,699,308 | $ | 2,342,205 |
Delaware Tax-Free | Delaware Tax-Free | Delaware National High-Yield | |||
USA Fund | USA Intermediate Fund | Municipal Bond Fund | |||
$3,694,309 | $270,354 | $442,974 |
Delaware Tax-Free | Delaware Tax-Free | Delaware National High-Yield | ||||||||||||||||
USA Fund | USA Intermediate Fund | Municipal Bond Fund | ||||||||||||||||
Six Months | Year | Six Months | Year | Six Months | Year | |||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||
2/28/11 | 8/31/10 | 2/28/11 | 8/31/10 | 2/28/11 | 8/31/10 | |||||||||||||
Shares sold: | ||||||||||||||||||
Class A | 11,755,797 | 5,499,136 | 8,023,545 | 20,561,913 | 4,941,462 | 8,272,964 | ||||||||||||
Class B | 476 | 7,807 | 1,503 | 427 | — | 2,718 | ||||||||||||
Class C | 330,237 | 866,259 | 807,945 | 2,735,842 | 1,512,050 | 2,898,321 | ||||||||||||
Institutional Class | 287,822 | 962,114 | 7,670,773 | 16,911,847 | 3,405,245 | 2,202,319 | ||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||
Class A | 653,106 | 1,229,783 | 503,423 | 1,005,351 | 263,275 | 313,502 | ||||||||||||
Class B | 4,163 | 10,383 | 264 | 1,078 | 1,326 | 3,238 | ||||||||||||
Class C | 38,011 | 61,213 | 55,035 | 88,888 | 70,212 | 54,352 | ||||||||||||
Institutional Class | 7,846 | 6,078 | 150,721 | 85,605 | 41,408 | 14,620 | ||||||||||||
13,077,458 | 8,642,773 | 17,213,209 | 41,390,951 | 10,234,978 | 13,762,034 | |||||||||||||
Shares repurchased: | ||||||||||||||||||
Class A | (7,202,438 | ) | (5,953,210 | ) | (9,458,966 | ) | (21,987,886 | ) | (4,980,269 | ) | (2,460,064 | ) | ||||||
Class B | (136,142 | ) | (306,421 | ) | (12,877 | ) | (34,462 | ) | (17,553 | ) | (57,274 | ) | ||||||
Class C | (391,561 | ) | (208,581 | ) | (902,809 | ) | (941,095 | ) | (779,647 | ) | (228,990 | ) | ||||||
Institutional Class | (456,103 | ) | (316,816 | ) | (4,329,004 | ) | (1,298,699 | ) | (1,363,926 | ) | (563,836 | ) | ||||||
(8,186,244 | ) | (6,785,028 | ) | (14,703,656 | ) | (24,262,142 | ) | (7,141,395 | ) | (3,310,164 | ) | |||||||
Net increase | 4,891,214 | 1,857,745 | 2,509,553 | 17,128,809 | 3,093,583 | 10,451,870 |
Six Months Ended | Year Ended | |||||||||||||
2/28/11 | 8/31/10 | |||||||||||||
Class B | Class A | Class B | Class A | |||||||||||
Shares | Shares | Value | Shares | Shares | Value | |||||||||
Delaware Tax-Free | ||||||||||||||
USA Fund | 47,851 | 47,809 | $ | 542,517 | 104,388 | 104,295 | $ | 1,173,700 | ||||||
Delaware Tax-Free | ||||||||||||||
USA Intermediate Fund | 5,515 | 5,510 | 63,258 | 8,148 | 8,141 | 95,087 | ||||||||
Delaware National High-Yield | ||||||||||||||
Municipal Bond Fund | 1,909 | 1,913 | 18,818 | 8,566 | 8,583 | 81,217 |
Board of trustees
|
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Patrick P. Coyne
Chairman, President, and Chief Executive Officer Delaware Investments® Family of Funds Philadelphia, PA Thomas L. Bennett
Private Investor Rosemont, PA John A. Fry
President Drexel University Philadelphia, PA |
Anthony D. Knerr
Founder and Managing Director Anthony Knerr & Associates New York, NY Lucinda S. Landreth
Former Chief Investment Officer Assurant, Inc. Philadelphia, PA |
Ann R. Leven
Consultant ARL Associates New York, NY Thomas F. Madison
President and Chief Executive Officer MLM Partners, Inc. Minneapolis, MN |
Janet L. Yeomans
Vice President and Treasurer 3M Corporation St. Paul, MN J. Richard Zecher
Founder Investor Analytics Scottsdale, AZ |
Affiliated officers | |||
David F. Connor
Vice President, Deputy General Counsel, and Secretary Delaware Investments Family of Funds Philadelphia, PA |
Daniel V. Geatens
Vice President and Treasurer Delaware Investments Family of Funds Philadelphia, PA |
David P. O’Connor
Senior Vice President, General Counsel, and Chief Legal Officer Delaware Investments Family of Funds Philadelphia, PA |
Richard Salus
Senior Vice President and Chief Financial Officer Delaware Investments Family of Funds Philadelphia, PA |
This semiannual report is for the information of Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund shareholders, but it may be used with prospective investors when preceded or accompanied by a current prospectus for Delaware Tax-Free USA Fund, Delaware Tax-Free USA Intermediate Fund, and Delaware National High-Yield Municipal Bond Fund and the Delaware Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at www.delawareinvestments.com.
The prospectus sets forth details about charges, expenses, investment objectives, and operating policies of the investment company. You should read the prospectus carefully before you invest. The figures in this report represent past results that are not a guarantee of future results. The return and principal value of an investment in the investment company will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.
|
Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.
Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. Each Fund’s Forms N-Q, as well as a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s Web site at www.sec.gov. In addition, a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities and each Fund’s Schedule of Investments are available without charge on each Fund’s Web site at www.delawareinvestments.com. Each Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.
Information (if any) regarding how each Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through each Fund’s Web site at www.delawareinvestments.com; and (ii) on the SEC’s Web site at www.sec.gov.
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Semiannual report
Delaware Tax-Free Arizona Fund
Delaware Tax-Free California Fund Delaware Tax-Free Colorado Fund Delaware Tax-Free Idaho Fund Delaware Tax-Free New York Fund February 28, 2011
Fixed income mutual funds
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Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectuses and, if available, their summary prospectuses, which may be obtained by visiting www.delawareinvestments.com or calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.
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You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit www.delawareinvestments.com/edelivery. |
Manage your investments online
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Table of contents | |
Disclosure of Fund expenses | 1 |
Sector allocations | 4 |
Statements of net assets | 9 |
Statements of operations | 50 |
Statements of changes in net assets | 52 |
Financial highlights | 62 |
Notes to financial statements | 92 |
Other Fund information | 107 |
About the organization | 108 |
Beginning | Ending | Expenses | |||||||||||||
Account Value | Account Value | Annualized | Paid During Period | ||||||||||||
9/1/10 | 2/28/11 | Expense Ratio | 9/1/10 to 2/28/11* | ||||||||||||
Actual Fund return | |||||||||||||||
Class A | $ | 1,000.00 | $ | 952.10 | 0.90 | % | $ | 4.36 | |||||||
Class B | 1,000.00 | 949.50 | 1.65 | % | 7.98 | ||||||||||
Class C | 1,000.00 | 948.80 | 1.65 | % | 7.97 | ||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.33 | 0.90 | % | $ | 4.51 | |||||||
Class B | 1,000.00 | 1,016.61 | 1.65 | % | 8.25 | ||||||||||
Class C | 1,000.00 | 1,016.61 | 1.65 | % | 8.25 |
Beginning | Ending | Expenses | |||||||||||||
Account Value | Account Value | Annualized | Paid During Period | ||||||||||||
9/1/10 | 2/28/11 | Expense Ratio | 9/1/10 to 2/28/11* | ||||||||||||
Actual Fund return | |||||||||||||||
Class A | $ | 1,000.00 | $ | 938.30 | 0.82 | % | $ | 3.94 | |||||||
Class B | 1,000.00 | 936.00 | 1.57 | % | 7.54 | ||||||||||
Class C | 1,000.00 | 935.00 | 1.57 | % | 7.53 | ||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.73 | 0.82 | % | $ | 4.11 | |||||||
Class B | 1,000.00 | 1,017.01 | 1.57 | % | 7.85 | ||||||||||
Class C | 1,000.00 | 1,017.01 | 1.57 | % | 7.85 |
Beginning | Ending | Expenses | |||||||||||||
Account Value | Account Value | Annualized | Paid During Period | ||||||||||||
9/1/10 | 2/28/11 | Expense Ratio | 9/1/10 to 2/28/11* | ||||||||||||
Actual Fund return | |||||||||||||||
Class A | $ | 1,000.00 | $ | 950.30 | 0.91 | % | $ | 4.40 | |||||||
Class B | 1,000.00 | 946.80 | 1.66 | % | 8.01 | ||||||||||
Class C | 1,000.00 | 946.90 | 1.66 | % | 8.01 | ||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.28 | 0.91 | % | $ | 4.56 | |||||||
Class B | 1,000.00 | 1,016.56 | 1.66 | % | 8.30 | ||||||||||
Class C | 1,000.00 | 1,016.56 | 1.66 | % | 8.30 |
Beginning | Ending | Expenses | |||||||||||||
Account Value | Account Value | Annualized | Paid During Period | ||||||||||||
9/1/10 | 2/28/11 | Expense Ratio | 9/1/10 to 2/28/11* | ||||||||||||
Actual Fund return | |||||||||||||||
Class A | $ | 1,000.00 | $ | 954.00 | 0.93 | % | $ | 4.51 | |||||||
Class B | 1,000.00 | 950.30 | 1.68 | % | 8.12 | ||||||||||
Class C | 1,000.00 | 950.30 | 1.68 | % | 8.12 | ||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.18 | 0.93 | % | $ | 4.66 | |||||||
Class B | 1,000.00 | 1,016.46 | 1.68 | % | 8.40 | ||||||||||
Class C | 1,000.00 | 1,016.46 | 1.68 | % | 8.40 |
Beginning | Ending | Expenses | |||||||||||||
Account Value | Account Value | Annualized | Paid During Period | ||||||||||||
9/1/10 | 2/28/11 | Expense Ratio | 9/1/10 to 2/28/11* | ||||||||||||
Actual Fund return | |||||||||||||||
Class A | $ | 1,000.00 | $ | 949.80 | 0.80 | % | $ | 3.87 | |||||||
Class B | 1,000.00 | 946.10 | 1.55 | % | 7.48 | ||||||||||
Class C | 1,000.00 | 946.10 | 1.55 | % | 7.48 | ||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.83 | 0.80 | % | $ | 4.01 | |||||||
Class B | 1,000.00 | 1,017.11 | 1.55 | % | 7.75 | ||||||||||
Class C | 1,000.00 | 1,017.11 | 1.55 | % | 7.75 |
Sector allocations | |
Delaware Tax-Free Arizona Fund | As of February 28, 2011 |
Sector | Percentage of net assets | |
Municipal Bonds | 95.14 | % |
Corporate Revenue Bonds | 7.64 | % |
Education Revenue Bonds | 11.03 | % |
Electric Revenue Bonds | 6.27 | % |
Healthcare Revenue Bonds | 13.21 | % |
Lease Revenue Bonds | 10.89 | % |
Local General Obligation Bonds | 4.78 | % |
Pre-Refunded Bonds | 6.82 | % |
Special Tax Revenue Bonds | 12.46 | % |
State & Territory General Obligation Bonds | 6.67 | % |
Transportation Revenue Bonds | 5.78 | % |
Water & Sewer Revenue Bonds | 9.59 | % |
Short-Term Investments | 3.77 | % |
Total Value of Securities | 98.91 | % |
Receivables and Other Assets Net of Liabilities | 1.09 | % |
Total Net Assets | 100.00 | % |
Delaware Tax-Free California Fund | As of February 28, 2011 |
Sector | Percentage of net assets | |
Municipal Bonds | 95.45 | % |
Corporate Revenue Bonds | 4.82 | % |
Education Revenue Bonds | 9.07 | % |
Electric Revenue Bonds | 7.04 | % |
Healthcare Revenue Bonds | 12.46 | % |
Housing Revenue Bonds | 6.79 | % |
Lease Revenue Bonds | 7.52 | % |
Local General Obligation Bonds | 7.19 | % |
Pre-Refunded Bonds | 3.28 | % |
Resource Recovery Revenue Bond | 1.20 | % |
Special Tax Revenue Bonds | 17.19 | % |
State & Territory General Obligation Bonds | 12.21 | % |
Transportation Revenue Bonds | 3.41 | % |
Water & Sewer Revenue Bonds | 3.27 | % |
Short-Term Investments | 4.75 | % |
Total Value of Securities | 100.20 | % |
Liabilities Net of Receivables and Other Assets | (0.20 | %) |
Total Net Assets | 100.00 | % |
Sector allocations | |
Delaware Tax-Free Colorado Fund | As of February 28, 2011 |
Sector | Percentage of net assets | |
Municipal Bonds | 94.65 | % |
Corporate Revenue Bond | 1.14 | % |
Education Revenue Bonds | 10.72 | % |
Electric Revenue Bonds | 9.39 | % |
Healthcare Revenue Bonds | 21.00 | % |
Housing Revenue Bonds | 2.18 | % |
Lease Revenue Bonds | 3.61 | % |
Local General Obligation Bonds | 12.42 | % |
Pre-Refunded Bonds | 11.71 | % |
Special Tax Revenue Bonds | 8.86 | % |
State & Territory General Obligation Bonds | 7.39 | % |
Transportation Revenue Bonds | 4.89 | % |
Water & Sewer Revenue Bonds | 1.34 | % |
Short-Term Investments | 5.05 | % |
Total Value of Securities | 99.70 | % |
Receivables and Other Assets Net of Liabilities | 0.30 | % |
Total Net Assets | 100.00 | % |
Delaware Tax-Free Idaho Fund | As of February 28, 2011 |
Sector | Percentage of net assets | |
Municipal Bonds | 96.62 | % |
Corporate Revenue Bonds | 6.23 | % |
Education Revenue Bonds | 11.10 | % |
Electric Revenue Bonds | 4.23 | % |
Healthcare Revenue Bonds | 4.81 | % |
Housing Revenue Bonds | 6.74 | % |
Lease Revenue Bonds | 4.59 | % |
Local General Obligation Bonds | 21.35 | % |
Pre-Refunded Bonds | 4.43 | % |
Special Tax Revenue Bonds | 15.40 | % |
State General Obligation Bonds | 5.45 | % |
Transportation Revenue Bonds | 8.65 | % |
Water & Sewer Revenue Bonds | 3.64 | % |
Short-Term Investment | 2.19 | % |
Total Value of Securities | 98.81 | % |
Receivables and Other Assets Net of Liabilities | 1.19 | % |
Total Net Assets | 100.00 | % |
Sector allocations | |
Delaware Tax-Free New York Fund | As of February 28, 2011 |
Sector | Percentage of net assets | |
Municipal Bonds | 95.14 | % |
Corporate Revenue Bonds | 6.60 | % |
Education Revenue Bonds | 24.65 | % |
Electric Revenue Bonds | 3.55 | % |
Healthcare Revenue Bonds | 11.40 | % |
Housing Revenue Bonds | 1.36 | % |
Lease Revenue Bonds | 6.48 | % |
Local General Obligation Bonds | 3.35 | % |
Pre-Refunded Bonds | 2.83 | % |
Special Tax Revenue Bonds | 17.14 | % |
State & Territory General Obligation Bonds | 6.00 | % |
Transportation Revenue Bonds | 8.62 | % |
Water & Sewer Revenue Bonds | 3.16 | % |
Short-Term Investment | 3.33 | % |
Total Value of Securities | 98.47 | % |
Receivables and Other Assets Net of Liabilities | 1.53 | % |
Total Net Assets | 100.00 | % |
Statements of net assets | |
Delaware Tax-Free Arizona Fund | February 28, 2011 (Unaudited) |
Principal amount | Value | ||||||
Municipal Bonds – 95.14% | |||||||
Corporate Revenue Bonds – 7.64% | |||||||
Maricopa County Pollution Control (Palo Verde Project) | |||||||
Series A 5.05% 5/1/29 (AMBAC) | $ | 2,000,000 | $ | 1,927,280 | |||
•Series B 5.20% 6/1/43 | 1,500,000 | 1,485,765 | |||||
• | Navajo County Pollution Control Revenue | ||||||
(Arizona Public Services-Cholla) | |||||||
Series D 5.75% 6/1/34 | 1,500,000 | 1,637,610 | |||||
Pima County Industrial Development Authority Pollution | |||||||
Control Revenue (Tucson Electric Power San Juan) | |||||||
5.75% 9/1/29 | 750,000 | 731,415 | |||||
Series A 4.95% 10/1/20 | 1,450,000 | 1,398,322 | |||||
Puerto Rico Port Authority Revenue (American Airlines) | |||||||
Series A 6.25% 6/1/26 (AMT) | 1,115,000 | 919,897 | |||||
8,100,289 | |||||||
Education Revenue Bonds – 11.03% | |||||||
Arizona Board of Regents | |||||||
University of Arizona System Revenue | |||||||
Series A 5.00% 6/1/21 | 1,255,000 | 1,359,115 | |||||
Series C 5.50% 7/1/25 | 330,000 | 352,843 | |||||
Arizona Health Facilities Authority | |||||||
Healthcare Education Revenue (Kirksville College) | |||||||
5.125% 1/1/30 | 1,500,000 | 1,402,695 | |||||
Arizona State University Certificates of Participation | |||||||
(Research Infrastructure Project) | |||||||
5.00% 9/1/30 (AMBAC) | 2,000,000 | 1,968,180 | |||||
Arizona State University Energy Management Revenue | |||||||
(Arizona State University-Tempe Campus II Project) | |||||||
4.50% 7/1/24 | 1,385,000 | 1,372,590 | |||||
Energy Management Services Conservation Revenue | |||||||
(Arizona State University-Main Campus Project) | |||||||
5.25% 7/1/17 (NATL-RE) | 1,500,000 | 1,576,665 | |||||
Glendale Industrial Development Authority Revenue | |||||||
(Midwestern University) 5.125% 5/15/40 | 1,005,000 | 919,173 | |||||
Pima County Industrial Development Authority Educational | |||||||
Revenue (Tucson Country Day School Project) | |||||||
5.00% 6/1/37 | 1,000,000 | 719,210 | |||||
South Campus Group Student Housing Revenue | |||||||
(Arizona State University-South Campus Project) | |||||||
5.625% 9/1/35 (NATL-RE) | 1,000,000 | 941,790 |
Principal amount | Value | |||||
Municipal Bonds (continued) | ||||||
Education Revenue Bonds (continued) | ||||||
Tucson Industrial Development Authority Lease Revenue | ||||||
(University of Arizona-Marshall Foundation) | ||||||
Series A 5.00% 7/15/27 (AMBAC) | $ | 1,000,000 | $ | 993,870 | ||
University of Arizona Certificates of Participation | ||||||
(University of Arizona Project) | ||||||
Series A 5.125% 6/1/21 (AMBAC) | 85,000 | 88,173 | ||||
11,694,304 | ||||||
Electric Revenue Bonds – 6.27% | ||||||
Mesa Utilities System Revenue 5.00% 7/1/18 | ||||||
(NATL-RE) (FGIC) | 2,150,000 | 2,399,249 | ||||
Puerto Rico Electric Power Authority Revenue | ||||||
Series WW 5.00% 7/1/28 | 1,430,000 | 1,319,061 | ||||
Series ZZ 5.25% 7/1/26 | 1,500,000 | 1,456,830 | ||||
Salt River Project Agricultural Improvement & | ||||||
Power District Electric System Revenue | ||||||
Series B 5.00% 1/1/31 (NATL-RE) (IBC) | 1,460,000 | 1,468,439 | ||||
6,643,579 | ||||||
Healthcare Revenue Bonds – 13.21% | ||||||
Arizona Health Facilities Authority Revenue | ||||||
(Catholic Healthcare West) Series D 5.00% 7/1/28 | 1,500,000 | 1,411,950 | ||||
Glendale Industrial Development Authority Hospital | ||||||
Revenue (John C. Lincoln Health) 5.00% 12/1/42 | 2,500,000 | 2,018,275 | ||||
Maricopa County Industrial Development Authority Health | ||||||
Facilities Revenue (Catholic Healthcare West) Series A | ||||||
5.50% 7/1/26 | 1,000,000 | 990,220 | ||||
6.00% 7/1/39 | 2,500,000 | 2,504,625 | ||||
Scottsdale Industrial Development Authority | ||||||
Hospital Revenue (Scottsdale Healthcare) | ||||||
Series A 5.25% 9/1/30 | 1,250,000 | 1,236,463 | ||||
University Medical Center Hospital Revenue | ||||||
5.00% 7/1/35 | 1,500,000 | 1,293,735 | ||||
6.50% 7/1/39 | 2,500,000 | 2,556,174 | ||||
Yavapai County Industrial Development Authority | ||||||
Revenue (Yavapai Regional Medical Center) | ||||||
Series A 5.25% 8/1/21 (RADIAN) | 2,000,000 | 1,991,980 | ||||
14,003,422 |
Principal amount | Value | |||||
Municipal Bonds (continued) | ||||||
Lease Revenue Bonds – 10.89% | ||||||
Arizona Game & Fish Department & | ||||||
Community Beneficial Interest Certificates | ||||||
(Administration Building Project) | ||||||
5.00% 7/1/32 | $ | 1,000,000 | $ | 939,370 | ||
Arizona State Certificates of Participation Department | ||||||
Administration Series A 5.25% 10/1/25 (AGM) | 1,500,000 | 1,541,685 | ||||
Marana Municipal Property Facilities Revenue | ||||||
5.00% 7/1/28 (AMBAC) | 575,000 | 579,318 | ||||
Maricopa County Industrial Development Authority | ||||||
Correctional Contract Revenue (Phoenix West Prison) | ||||||
Series B 5.375% 7/1/22 (ACA) | 1,000,000 | 965,760 | ||||
Phoenix Industrial Development Authority Lease | ||||||
Revenue (Capitol Mall II, LLC Project) | ||||||
5.00% 9/15/28 (AMBAC) | 2,000,000 | 1,925,320 | ||||
Pima County Industrial Development Authority Lease | ||||||
Revenue Metro Police Facility (Nevada Project) Series A | ||||||
5.25% 7/1/31 | 1,500,000 | 1,509,960 | ||||
5.375% 7/1/39 | 1,500,000 | 1,471,005 | ||||
Pinal County Certificates of Participation | ||||||
5.00% 12/1/29 | 1,300,000 | 1,201,499 | ||||
Puerto Rico Public Buildings Authority Revenue | ||||||
(Guaranteed Government Facilities) | ||||||
Series D 5.25% 7/1/27 | 470,000 | 446,707 | ||||
University of Arizona Certificates of Participation | ||||||
(University of Arizona Project) | ||||||
Series B 5.00% 6/1/31 (AMBAC) | 1,000,000 | 970,180 | ||||
11,550,804 | ||||||
Local General Obligation Bonds – 4.78% | ||||||
Coconino & Yavapai Counties Joint Unified School | ||||||
District #9 (Sedona Oak Creek Project of 2007) | ||||||
Series A 4.50% 7/1/18 (AGM) | 1,520,000 | 1,713,040 | ||||
Series B 5.375% 7/1/28 | 1,350,000 | 1,402,758 | ||||
DC Ranch Community Facilities 5.00% 7/15/27 (AMBAC) | 1,000,000 | 933,610 | ||||
• | Gila County Unified School District #10 | |||||
(Payson School Improvement Project of 2006) Series A | ||||||
5.25% 7/1/27 (AMBAC) | 1,000,000 | 1,017,180 | ||||
5,066,588 |
Principal amount | Value | |||||
Municipal Bonds (continued) | ||||||
§Pre-Refunded Bonds – 6.82% | ||||||
Phoenix Variable Purpose Series B 5.00% 7/1/27-12 | $ | 2,435,000 | $ | 2,457,329 | ||
Pinal County Certificates of Participation | ||||||
5.125% 6/1/21-11 (AMBAC) | 2,000,000 | 2,044,440 | ||||
Puerto Rico Commonwealth Highway & Transportation | ||||||
Authority Revenue Series K
|
||||||
5.00% 7/1/35-15 | 750,000 | 865,215 | ||||
Puerto Rico Public Buildings Authority Revenue | ||||||
(Guaranteed Government Facilities) Series I | ||||||
5.25% 7/1/33-14 | 5,000 | 5,641 | ||||
Southern Arizona Capital Facilities Finance Revenue | ||||||
(University of Arizona Project) | ||||||
5.10% 9/1/33-12 (NATL-RE) | 1,250,000 | 1,335,800 | ||||
University of Arizona Certificates of Participation | ||||||
(University of Arizona Project) Series A | ||||||
5.125% 6/1/21-12 (AMBAC) | 500,000 | 528,105 | ||||
7,236,530 | ||||||
Special Tax Revenue Bonds – 12.46% | ||||||
Arizona Tourism & Sports Authority Tax Revenue | ||||||
(Multipurpose Stadium Facilities) Series A | ||||||
5.00% 7/1/28 (NATL-RE) | 1,345,000 | 1,284,085 | ||||
Flagstaff Aspen Place Sawmill Improvement District | ||||||
Revenue 5.00% 1/1/32 | 1,350,000 | 1,326,753 | ||||
Gilbert Public Facilities Municipal Property | ||||||
Revenue 5.00% 7/1/25 | 1,250,000 | 1,283,363 | ||||
Marana Tangerine Farm Road Improvement District | ||||||
Revenue 4.60% 1/1/26 | 872,000 | 826,246 | ||||
Mesa Street & Highway Revenue 5.00% 7/1/20 (AGM) | 1,000,000 | 1,109,760 | ||||
Phoenix Civic Improvement Excise Tax Revenue | ||||||
(Solid Waste Improvements) Series A | ||||||
5.00% 7/1/19 (NATL-RE) | 1,000,000 | 1,063,190 | ||||
Phoenix Civic Improvement Transition Excise Tax | ||||||
Revenue (Light Rail Project) | ||||||
5.00% 7/1/20 (AMBAC) | 1,570,000 | 1,663,321 | ||||
Puerto Rico Commonwealth Infrastructure Financing | ||||||
Authority Special Tax Revenue | ||||||
Series C 5.50% 7/1/25 (AMBAC) | 1,955,000 | 1,922,508 |
Principal amount | Value | |||||
Municipal Bonds (continued) | ||||||
Special Tax Revenue Bonds (continued) | ||||||
Puerto Rico Sales Tax Financing Corporation Revenue | ||||||
First Subordinate Series A
|
||||||
5.75% 8/1/37 | $ | 580,000 | $ | 576,073 | ||
Ω(Capital Appreciation) 6.75% 8/1/32 | 2,665,000 | 2,157,957 | ||||
13,213,256 | ||||||
State & Territory General Obligation Bonds – 6.67% | ||||||
Guam Government Series A | ||||||
6.75% 11/15/29 | 115,000 | 119,039 | ||||
7.00% 11/15/39 | 1,250,000 | 1,306,125 | ||||
Puerto Rico Commonwealth Public Improvement Series A | ||||||
5.50% 7/1/19 | 1,300,000 | 1,346,046 | ||||
5.50% 7/1/19 (NATL-RE) (IBC) | 1,000,000 | 1,038,870 | ||||
Un-Refunded Balance Series A | ||||||
5.125% 7/1/30 (AGM) | 480,000 | 459,245 | ||||
5.125% 7/1/31 | 2,000,000 | 1,896,980 | ||||
Virgin Islands Public Finance Authority Revenue | ||||||
(Gross Receipts Taxes Loan Note) | ||||||
5.00% 10/1/31 (ACA) | 1,000,000 | 902,290 | ||||
7,068,595 | ||||||
Transportation Revenue Bonds – 5.78% | ||||||
Arizona State Transportation Board Highway Revenue | ||||||
Subordinated Series A 5.00% 7/1/23 | 1,000,000 | 1,057,580 | ||||
Phoenix Civic Improvement Airport Revenue | ||||||
(Junior Lien) Series A 5.25% 7/1/33 | 1,250,000 | 1,233,725 | ||||
(Senior Lien) Series B | ||||||
5.25% 7/1/27 (NATL-RE) (FGIC) (AMT) | 1,000,000 | 988,580 | ||||
5.25% 7/1/32 (NATL-RE) (FGIC) (AMT) | 3,000,000 | 2,850,270 | ||||
6,130,155 | ||||||
Water & Sewer Revenue Bonds – 9.59% | ||||||
Guam Government Waterworks Authority | ||||||
5.625% 7/1/40 | 1,170,000 | 1,035,111 |
Principal amount | Value | |||||
Municipal Bonds (continued) | ||||||
Water & Sewer Revenue Bonds (continued) | ||||||
Phoenix Civic Improvement Wastewater Corporation | ||||||
Systems Revenue (Junior Lien) | ||||||
5.00% 7/1/19 (NATL-RE) | $ | 1,750,000 | $ | 1,925,315 | ||
5.00% 7/1/24 (NATL-RE) (FGIC) | 1,000,000 | 1,002,400 | ||||
5.00% 7/1/26 (NATL-RE) (FGIC) | 3,750,000 | 3,751,200 | ||||
Series A 5.00% 7/1/23 | 1,000,000 | 1,082,440 | ||||
Scottsdale Water & Sewer Revenue 5.25% 7/1/22 | 1,150,000 | 1,378,160 | ||||
10,174,626 | ||||||
Total Municipal Bonds (cost $101,147,707) | 100,882,148 | |||||
Short-Term Investments – 3.77% | ||||||
¤ | Variable Rate Demand Notes – 3.77% | |||||
Arizona Health Facilities Authority Revenue | ||||||
(Catholic West) | ||||||
Series A 0.25% 7/1/35 | 500,000 | 500,000 | ||||
Series F 0.24% 7/1/35 | 1,000,000 | 1,000,000 | ||||
(Southwest Health) 0.28% 12/1/24 | 1,000,000 | 1,000,000 | ||||
Phoenix Industrial Development Authority Multifamily | ||||||
Housing Revenue (Paradise Lakes Apartment) | ||||||
Series A 0.24% 11/1/42 | 1,500,000 | 1,500,000 | ||||
Total Short-Term Investments (cost $4,000,000) | 4,000,000 | |||||
Total Value of Securities – 98.91% | ||||||
(cost $105,147,707) | 104,882,148 | |||||
Receivables and Other Assets | ||||||
Net of Liabilities – 1.09% | 1,160,226 | |||||
Net Assets Applicable to 9,678,655 | ||||||
Shares Outstanding – 100.00% | $ | 106,042,374 |
Net Asset Value – Delaware Tax-Free Arizona Fund | ||
Class A ($97,407,649 / 8,892,230 Shares) | $10.95 | |
Net Asset Value – Delaware Tax-Free Arizona Fund | ||
Class B ($1,647,168 / 150,252 Shares) | $10.96 | |
Net Asset Value – Delaware Tax-Free Arizona Fund | ||
Class C ($6,987,557 / 636,173 Shares) | $10.98 |
Components of Net Assets at February 28, 2011: | |||
Shares of beneficial interest (unlimited authorization - no par) | $ | 106,431,188 | |
Undistributed net investment income | 26,196 | ||
Accumulated net realized loss on investments | (149,451 | ) | |
Net unrealized depreciation of investments | (265,559 | ) | |
Total net assets | $ | 106,042,374 |
• |
Variable rate security. The rate shown is the rate as of February 28, 2011. Interest rates reset periodically.
|
§ |
Pre-Refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 8 in “Notes to financial statements.”
|
Ω |
Step coupon bond. Indicates security that has a zero coupon that remains in effect until a predetermined date at which time the stated interest rate becomes effective.
|
¤ |
Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to such instrument.
|
Net Asset Value and Offering Price Per Share – | |||
Delaware Tax-Free Arizona Fund | |||
Net asset value Class A (A) | $ | 10.95 | |
Sales charge (4.50% of offering price) (B) | 0.52 | ||
Offering price | $ | 11.47 |
(A) | Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares. | |
(B) | See the current prospectus for purchases of $100,000 or more. |
Statements of net assets | |
Delaware Tax-Free California Fund | February 28, 2011 (Unaudited) |
Principal amount | Value | |||||
Municipal Bonds – 95.45% | ||||||
Corporate Revenue Bonds – 4.82% | ||||||
• | California Pollution Control Financing Authority | |||||
Environmental Improvement Revenue | ||||||
(BP West Coast Products, LLC) 2.60% 12/1/46 | $ | 500,000 | $ | 499,415 | ||
Chula Vista Industrial Development Revenue | ||||||
(San Diego Gas & Electric) Series D 5.875% 1/1/34 | 1,000,000 | 1,037,960 | ||||
Golden State Tobacco Securitization Corporate | ||||||
Settlement Revenue (Asset-Backed Senior Notes) | ||||||
Series A-1 5.75% 6/1/47 | 1,000,000 | 667,760 | ||||
M-S-R Energy Authority Gas Revenue Series A 6.50% 11/1/39 | 1,000,000 | 1,039,870 | ||||
Puerto Rico Ports Authority Special Facilities Revenue | ||||||
(American Airlines) Series A 6.30% 6/1/23 (AMT) | 825,000 | 699,996 | ||||
3,945,001 | ||||||
Education Revenue Bonds – 9.07% | ||||||
California Educational Facilities Authority Revenue | ||||||
(University of the Pacific) 5.50% 11/1/39 | 1,000,000 | 946,230 | ||||
(Woodbury University) 5.00% 1/1/36 | 1,000,000 | 776,580 | ||||
California Municipal Finance Authority Educational Revenue | ||||||
(American Heritage Education Foundation Project) | ||||||
Series A 5.25% 6/1/36 | 1,000,000 | 751,120 | ||||
California Statewide Communities Development | ||||||
Authority Revenue | ||||||
(California Baptist University Project) | ||||||
Series A 5.50% 11/1/38 | 1,000,000 | 820,660 | ||||
(Viewpoint School Project) 5.75% 10/1/33 (ACA) | 1,000,000 | 927,330 | ||||
California Statewide Communities Development Authority | ||||||
School Facility Revenue (Aspire Public Schools Project) | ||||||
6.00% 7/1/40 | 1,000,000 | 877,120 | ||||
California Statewide Communities Development Authority | ||||||
Student Housing Revenue (East Campus Apartments, LLC) | ||||||
Series A 5.625% 8/1/34 (ACA) | 1,000,000 | 888,830 | ||||
San Diego County Certificates of Participation | ||||||
(University of San Diego) 5.375% 10/1/41 | 1,000,000 | 869,680 | ||||
University of California Revenue (Multiple Purpose Projects) | ||||||
Series L 5.00% 5/15/19 | 500,000 | 558,435 | ||||
7,415,985 | ||||||
Electric Revenue Bonds – 7.04% | ||||||
Chino Basin Regional Financing Authority Revenue | ||||||
Series A 5.00% 11/1/24 (AMBAC) | 845,000 | 873,848 |
Principal amount | Value | |||||
Municipal Bonds (continued) | ||||||
Electric Revenue Bonds (continued) | ||||||
Imperial Irrigation District Electric System Revenue | ||||||
Series A 5.25% 11/1/24 | $ | 500,000 | $ | 521,425 | ||
Puerto Rico Electric Power Authority Revenue | ||||||
Series ZZ 5.00% 7/1/17 | 925,000 | 983,765 | ||||
Southern California Public Power Authority Revenue | ||||||
(Transmission Project) Series A 5.00% 7/1/22 | 1,000,000 | 1,060,090 | ||||
Turlock Irrigation District Revenue Series A 5.00% 1/1/30 | 1,335,000 | 1,290,625 | ||||
Vernon Electric System Revenue Series A 5.125% 8/1/21 | 1,000,000 | 1,028,970 | ||||
5,758,723 | ||||||
Healthcare Revenue Bonds – 12.46% | ||||||
Association Bay Area Governments Finance Authority for | ||||||
California Nonprofit Corporations | ||||||
(Sharp Health Care) Series B 6.25% 8/1/39 | 1,000,000 | 1,008,400 | ||||
California Health Facilities Financing Authority Revenue | ||||||
(Catholic Health Care West) | ||||||
Series A 6.00% 7/1/39 | 855,000 | 859,933 | ||||
Series E 5.625% 7/1/25 | 1,000,000 | 1,020,930 | ||||
Series G 5.25% 7/1/23 | 1,000,000 | 1,007,840 | ||||
(Children’s Hospital Orange County) Series A 6.50% 11/1/38 | 1,000,000 | 1,020,460 | ||||
(St. Joseph Health System) Series A 5.75% 7/1/39 | 1,000,000 | 1,003,850 | ||||
(The Episcopal Home) Series A 5.30% 2/1/32 (RADIAN) | 1,000,000 | 918,820 | ||||
California Infrastructure & Economic Development Bank | ||||||
Revenue (Kaiser Hospital Associates I, LLC) | ||||||
Series A 5.55% 8/1/31 | 1,000,000 | 961,010 | ||||
California Statewide Communities Development | ||||||
Authority Revenue | ||||||
(Kaiser Permanente) Series A 5.00% 4/1/19 | 1,000,000 | 1,050,160 | ||||
(Southern California Senior Living) 7.25% 11/15/41 | 500,000 | 523,565 | ||||
(Valleycare Health Systems) Series A 5.125% 7/15/31 | 1,000,000 | 817,590 | ||||
10,192,558 | ||||||
Housing Revenue Bonds – 6.79% | ||||||
California Housing Finance Agency Revenue (Home Mortgage) | ||||||
Series K 5.30% 8/1/23 (AMT) | 1,000,000 | 938,420 | ||||
California Municipal Finance Authority Mobilehome Park | ||||||
Revenue (Caritas Projects) Series A 6.40% 8/15/45 | 1,000,000 | 911,220 | ||||
California Statewide Communities Development | ||||||
Multifamily Housing Authority Revenue | ||||||
(Citrus Gardens Apartments) Series D-1 5.375% 7/1/32 | 1,000,000 | 817,410 | ||||
•(Silver Ridge Apartments) | ||||||
Series H 5.80% 8/1/33 (FNMA) (AMT) | 1,000,000 | 1,020,350 |
Principal amount | Value | |||||
Municipal Bonds (continued) | ||||||
Housing Revenue Bonds (continued) | ||||||
Palm Springs Mobile Home Park Revenue | ||||||
(Sahara Mobile Home Park) Series A 5.75% 5/15/37 | $ | 1,000,000 | $ | 925,310 | ||
Santa Clara County Multifamily Housing Authority Revenue | ||||||
(Rivertown Apartments Project) | ||||||
Series A 5.85% 8/1/31 (AMT) | 1,000,000 | 936,330 | ||||
5,549,040 | ||||||
Lease Revenue Bonds – 7.52% | ||||||
California State Public Works Board Lease Revenue | ||||||
(General Services) Series A 6.25% 4/1/34 | 1,000,000 | 1,015,450 | ||||
Elsinore Valley Municipal Water District Certificates of | ||||||
Participation Series A 5.00% 7/1/24 (BHAC) | 1,000,000 | 1,054,560 | ||||
Franklin-McKinley School District Certificates of Participation | ||||||
(Financing Project) Series B 5.00% 9/1/27 (AMBAC) | 1,060,000 | 1,017,971 | ||||
• | Puerto Rico Public Buildings Authority Revenue | |||||
(Guaranteed Government Facilities) | ||||||
Series M-2 5.50% 7/1/35 (AMBAC) | 700,000 | 734,657 | ||||
San Diego Public Facilities Financing Authority Lease | ||||||
Revenue (Master Project) Series A 5.25% 3/1/40 | 1,000,000 | 888,120 | ||||
San Mateo Joint Powers Financing Authority Lease | ||||||
Revenue (Capital Projects) Series A 5.25% 7/15/26 | 1,000,000 | 1,014,830 | ||||
Ω | San Mateo Unified High School District Certificates of | |||||
Participation Capital Appreciation (Partnership Phase I | ||||||
Projects) Series B 5.00% 12/15/43 (AMBAC) | 1,000,000 | 424,390 | ||||
6,149,978 | ||||||
Local General Obligation Bonds – 7.19% | ||||||
^ | Anaheim School District Election 2002 | |||||
4.58% 8/1/25 (NATL-RE) | 1,000,000 | 380,980 | ||||
Central Unified School District Election 2008 | ||||||
Series A 5.625% 8/1/33 (ASSURED GTY) | 1,000,000 | 1,011,310 | ||||
Cupertino Union School District Revenue | ||||||
Series A 5.00% 8/1/26 | 820,000 | 854,834 | ||||
Fairfield-Suisun Unified School District Election 2002 | ||||||
5.50% 8/1/28 (NATL-RE) | 500,000 | 511,735 | ||||
Grossmont Union High School District Election 2004 | ||||||
5.00% 8/1/23 (NATL-RE) | 1,000,000 | 1,028,510 |
Principal amount | Value | |||||
Municipal Bonds (continued) | ||||||
Local General Obligation Bonds (continued) | ||||||
Santa Barbara Community College District Election 2008 | ||||||
Series A 5.25% 8/1/33 | $ | 1,000,000 | $ | 1,014,380 | ||
Sierra Joint Community College Improvement District #2 | ||||||
(Western Nevada) Series A 5.25% 8/1/21 (BHAC) (FGIC) | 1,000,000 | 1,078,310 | ||||
5,880,059 | ||||||
§Pre-Refunded Bonds – 3.28% | ||||||
California Department of Water Resources (Central Valley | ||||||
Project) Series X | ||||||
5.00% 12/1/29-12 (NATL-RE) (FGIC) | 5,000 | 5,391 | ||||
Prerefunded 2010 (Water System) | ||||||
5.00% 12/1/29-12 (NATL-RE) (FGIC) | 255,000 | 274,709 | ||||
Commerce Joint Powers Financing Authority | ||||||
Revenue (Redevelopment Projects) | ||||||
Series A 5.00% 8/1/28-13 (RADIAN) | 60,000 | 66,118 | ||||
Golden State Tobacco Securitization | ||||||
Corporation Settlement Revenue | ||||||
(Asset-Backed Senior Notes) Series B | ||||||
5.50% 6/1/43-13 (RADIAN) | 1,000,000 | 1,105,630 | ||||
5.625% 6/1/33-13 | 1,000,000 | 1,108,430 | ||||
Port Oakland Revenue Series L 5.375% 11/1/27-12 | ||||||
(NATL-RE) (FGIC) (AMT) | 110,000 | 118,865 | ||||
2,679,143 | ||||||
Resource Recovery Revenue Bond – 1.20% | ||||||
South Bayside Waste Management Authority Revenue | ||||||
(Shoreway Environmental Center) Series A 6.00% 9/1/36 | 1,000,000 | 983,960 | ||||
983,960 | ||||||
Special Tax Revenue Bonds – 17.19% | ||||||
California State Economic Recovery Refunding | ||||||
Series A 5.25% 7/1/21 | 1,000,000 | 1,114,120 | ||||
Commerce Joint Powers Financing Authority Revenue | ||||||
(Redevelopment Projects) Un-Refunded Balance | ||||||
Series A 5.00% 8/1/28 (RADIAN) | 940,000 | 795,061 | ||||
Fremont Community Facilities District #1 (Special Tax Pacific | ||||||
Commons) 5.375% 9/1/36 | 1,000,000 | 800,990 | ||||
Glendale Redevelopment Agency Tax Allocation Revenue | ||||||
(Central Glendale Redevelopment Project) 5.50% 12/1/24 | 1,000,000 | 963,300 | ||||
Lammersville School District Community Facilities | ||||||
District #2002 (Mountain House) 5.125% 9/1/35 | 500,000 | 386,070 |
Principal amount | Value | |||||
Municipal Bonds (continued) | ||||||
Special Tax Revenue Bonds (continued) | ||||||
Lancaster Redevelopment Agency Tax Allocation Revenue | ||||||
(Combined Redevelopment Project Areas) 6.875% 8/1/39 | $ | 500,000 | $ | 514,755 | ||
@ | Modesto Special Tax Community Facilities | |||||
District #04-1 (Village 2) 5.15% 9/1/36 | 1,000,000 | 740,850 | ||||
Poway Redevelopment Agency Tax Allocation Revenue | ||||||
5.75% 6/15/33 (NATL-RE) | 270,000 | 250,638 | ||||
Poway Unified School District Community Facilities District #1 | ||||||
Special Tax Refunding 5.00% 10/1/17 (AGM) | 1,000,000 | 1,108,690 | ||||
Puerto Rico Sales Tax Financing Corporation | ||||||
Revenue First Subordinates Series A
|
||||||
5.25% 8/1/27 | 1,000,000 | 986,970 | ||||
ΩCapital Appreciation 6.75% 8/1/32 | 1,825,000 | 1,477,776 | ||||
Riverside County Redevelopment Agency Tax Allocation | ||||||
Housing Series A 6.00% 10/1/39 | 1,000,000 | 901,400 | ||||
Roseville Westpark Special Tax Public Community Facilities | ||||||
District #1 5.25% 9/1/37 | 500,000 | 390,210 | ||||
San Bernardino County Special Tax Community Facilities | ||||||
District #2002-1 5.90% 9/1/33 | 2,000,000 | 1,821,820 | ||||
San Diego Redevelopment Agency Tax Allocation Revenue | ||||||
(Naval Training Center) Series A 5.75% 9/1/40 | 1,000,000 | 863,100 | ||||
Virgin Islands Public Finance Authority Revenue (Senior | ||||||
Lien-Matching Fund Loan Note) | ||||||
Series A 5.00% 10/1/29 | 1,000,000 | 942,190 | ||||
14,057,940 | ||||||
State & Territory General Obligation Bonds – 12.21% | ||||||
California State Various Purposes | ||||||
5.25% 3/1/30 | 1,000,000 | 1,002,480 | ||||
6.00% 4/1/38 | 515,000 | 532,453 | ||||
Guam Government Series A 6.75% 11/15/29 | 1,755,000 | 1,816,636 | ||||
Puerto Rico Commonwealth Public Improvement Series A | ||||||
5.25% 7/1/15 | 1,000,000 | 1,048,950 | ||||
5.50% 7/1/19 (NATL-RE) (IBC) | 1,750,000 | 1,818,022 | ||||
State of California 5.25% 11/1/40 | 1,000,000 | 957,210 | ||||
State of California Revenue (Antic Notes) | ||||||
Series A-2 3.00% 6/28/11 | 1,750,000 | 1,761,865 | ||||
State of California Various Purposes 6.00% 3/1/33 | 1,000,000 | 1,051,450 | ||||
9,989,066 |
Principal amount | Value | |||||||
Municipal Bonds (continued) | ||||||||
Transportation Revenue Bonds – 3.41% | ||||||||
Port Oakland Revenue Series L 5.375% 11/1/27 | ||||||||
(NATL-RE) (FGIC) (AMT) | $ | 890,000 | $ | 806,972 | ||||
Sacramento County Airport Services Revenue (PFC/Grant) | ||||||||
Series C 6.00% 7/1/41 | 1,000,000 | 1,007,270 | ||||||
San Diego Redevelopment Agency (Centre City Redevelopment | ||||||||
Project) Series A 6.40% 9/1/25 | 1,000,000 | 977,860 | ||||||
2,792,102 | ||||||||
Water & Sewer Revenue Bonds – 3.27% | ||||||||
California State Department of Water Resources | ||||||||
Systems Revenue (Central Valley Project) | ||||||||
Series A 5.00% 12/1/24 | 1,000,000 | 1,075,240 | ||||||
Series AG 5.00% 12/1/28 | 815,000 | 858,953 | ||||||
Unrefunded 5.00% 12/1/29 (NATL-RE) (FGIC) | 740,000 | 741,421 | ||||||
2,675,614 | ||||||||
Total Municipal Bonds (cost $80,516,934) | 78,069,169 | |||||||
Number of shares | ||||||||
Short-Term Investments – 4.75% | ||||||||
Money Market Instrument – 0.45% | ||||||||
Federated California Municipal Cash Trust | 369,867 | 369,867 | ||||||
369,867 | ||||||||
Principal amount | ||||||||
¤Variable Rate Demand Notes – 4.30% | ||||||||
California Infrastructure & Economic Development Bank | ||||||||
Revenue (Los Angeles Museum) | ||||||||
Series A 0.17% 9/1/27 | $ | 500,000 | 500,000 | |||||
Series B 0.17% 9/1/37 | 1,015,000 | 1,015,000 | ||||||
Newport Beach Revenue (Hoag Memorial Hospital) | ||||||||
Series D 0.23% 12/1/40 | 2,000,000 | 2,000,000 | ||||||
3,515,000 | ||||||||
Total Short-Term Investments (cost $3,884,867) | 3,884,867 | |||||||
Total Value of Securities – 100.20% (cost $84,401,801) | 81,954,036 | |||||||
Liabilities Net of Receivables and | ||||||||
Other Assets – (0.20%) | (159,822 | ) | ||||||
Net Assets Applicable to 7,697,340 | ||||||||
Shares Outstanding – 100.00% | $ | 81,794,214 |
Net Asset Value – Delaware Tax-Free California Fund | ||||
Class A ($65,348,923 / 6,152,156 Shares) | $10.62 | |||
Net Asset Value – Delaware Tax-Free California Fund | ||||
Class B ($1,949,093 / 182,733 Shares) | $10.67 | |||
Net Asset Value – Delaware Tax-Free California Fund | ||||
Class C ($14,496,198 / 1,362,451 Shares) | $10.64 | |||
Components of Net Assets at February 28, 2011: | ||||
Shares of beneficial interest (unlimited authorization – no par) | $ | 85,660,742 | ||
Undistributed net investment income | 18,763 | |||
Accumulated net realized loss on investments | (1,437,526 | ) | ||
Net unrealized depreciation of investments | (2,447,765 | ) | ||
Total net assets | $ | 81,794,214 |
• |
Variable rate security. The rate shown is the rate as of February 28, 2011. Interest rates reset periodically.
|
Ω |
Step coupon bond. Indicates security that has a zero coupon that remains in effect until a predetermined date at which time the stated interest rate becomes effective.
|
^
|
Zero coupon security. The rate shown is the yield at the time of purchase.
|
§
|
Pre-Refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 8 in “Notes to financial statements.”
|
@ |
Illiquid security. At February 28, 2011, the aggregate amount of illiquid securities was $740,850, which represented 0.91% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”
|
¤
|
Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to such instrument.
|
Summary of abbreviations:
ACA — Insured by American Capital Access AGM — Insured by Assured Guaranty Municipal Corporation AMBAC — Insured by AMBAC Assurance Corporation AMT — Subject to Alternative Minimum Tax ASSURED GTY — Insured by Assured Guaranty Corporation BHAC — Insured by Berkshire Hathaway Assurance Company FGIC — Insured by Financial Guaranty Insurance Company FNMA — Federal National Mortgage Association Collateral IBC — Insured by Integrity Building Corporation NATL-RE — Insured by National Public Finance Guarantee Corporation RADIAN — Insured by Radian Asset Assurance |
Net Asset Value and Offering Price Per Share – | |||
Delaware Tax-Free California Fund | |||
Net asset value Class A (A) | $ | 10.62 | |
Sales charge (4.50% of offering price) (B) | 0.50 | ||
Offering price | $ | 11.12 |
(A) | Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares. | |
(B) | See the current prospectus for purchases of $100,000 or more. |
Statements of net assets | |
Delaware Tax-Free Colorado Fund |
February 28, 2011 (Unaudited)
|
Principal amount | Value | |||||
Municipal Bonds – 94.65% | ||||||
Corporate Revenue Bond – 1.14% | ||||||
Public Authority Energy National Gas Purpose | ||||||
Revenue Series 2008 6.50% 11/15/38 | $ | 2,500,000 | $ | 2,591,625 | ||
2,591,625 | ||||||
Education Revenue Bonds – 10.72% | ||||||
Boulder County Development Revenue | ||||||
(University Corporation for Atmospheric Research) | ||||||
5.00% 9/1/33 (NATL-RE) | 1,000,000 | 949,490 | ||||
5.00% 9/1/35 (AMBAC) | 1,000,000 | 955,140 | ||||
Colorado Educational & Cultural Facilities | ||||||
Authority Revenue | ||||||
(Charter School Project) 5.50% 5/1/36 (XLCA) | 2,280,000 | 2,120,126 | ||||
(Johnson & Wales University Project) | ||||||
Series A 5.00% 4/1/28 (XLCA) | 1,000,000 | 892,480 | ||||
(Liberty Common Charter School Project) | ||||||
5.125% 12/1/33 (XLCA) | 2,740,000 | 2,490,002 | ||||
(Montessori Districts Charter School Projects) | ||||||
6.125% 7/15/32 | 5,590,000 | 5,203,061 | ||||
(Pinnacle Charter School Project) 5.00% 6/1/33 (XLCA) | 2,170,000 | 1,940,631 | ||||
(University of Northern Colorado Student Housing Project) | ||||||
5.125% 7/1/37 (NATL-RE) | 3,795,000 | 3,279,411 | ||||
(Woodrow Wilson Charter School Project) | ||||||
5.25% 12/1/34 (XLCA) | 1,960,000 | 1,762,393 | ||||
Colorado School Mines Auxiliary Facilities | ||||||
5.00% 12/1/37 (AMBAC) | 425,000 | 391,472 | ||||
University of Colorado Enterprise System Revenue | ||||||
Series A 5.00% 6/1/30 (AMBAC) | 2,000,000 | 2,025,200 | ||||
University of Puerto Rico System Revenue Series Q | ||||||
5.00% 6/1/36 | 2,745,000 | 2,305,635 | ||||
24,315,041 | ||||||
Electric Revenue Bonds – 9.39% | ||||||
Colorado Springs Utilities Systems Improvement Revenue | ||||||
Series C 5.50% 11/15/48 | 3,250,000 | 3,325,335 | ||||
Colorado Springs Utilities Un-refunded Balance Revenue | ||||||
(Senior Lien) Series A 5.00% 11/15/29 | 3,895,000 | 3,862,009 | ||||
Platte River Power Authority Revenue Series HH | ||||||
5.00% 6/1/27 | 2,795,000 | 2,936,567 | ||||
5.00% 6/1/29 | 2,355,000 | 2,447,669 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Electric Revenue Bonds (continued) | |||||||
Puerto Rico Electric Power Authority Revenue | |||||||
Series TT 5.00% 7/1/37 | $ | 525,000 | $ | 446,093 | |||
Series WW 5.00% 7/1/28 | 2,400,000 | 2,213,808 | |||||
Series ZZ 5.00% 7/1/17 | 2,500,000 | 2,658,825 | |||||
Series ZZ 5.25% 7/1/26 | 3,500,000 | 3,399,270 | |||||
21,289,576 | |||||||
Healthcare Revenue Bonds – 21.00% | |||||||
Aurora Hospital Revenue | |||||||
(Children’s Hospital Association Project) | |||||||
Series A 5.00% 12/1/40 | 1,180,000 | 1,045,303 | |||||
Series D 5.00% 12/1/23 (AGM) | 2,775,000 | 2,873,651 | |||||
Colorado Health Facilities Authority Revenue | |||||||
•(Adventist Health/Sunbelt) 5.125% 11/15/24 | 1,375,000 | 1,387,430 | |||||
(Catholic Health Initiatives) | |||||||
Series A 4.75% 9/1/40 | 1,000,000 | 857,470 | |||||
Series A 5.00% 7/1/16 | 1,702,033 | 1,705,522 | |||||
Series A 5.00% 7/1/39 | 1,540,000 | 1,403,279 | |||||
Series D 6.25% 10/1/33 | 2,000,000 | 2,099,540 | |||||
(Christian Living Community Project) | |||||||
Series A 5.75% 1/1/37 | 1,500,000 | 1,235,760 | |||||
(Covenant Retirement Communities) | |||||||
Series A 5.50% 12/1/33 (RADIAN) | 5,000,000 | 4,314,199 | |||||
(Evangelical Lutheran) | |||||||
5.00% 6/1/35 | 2,000,000 | 1,804,900 | |||||
6.125% 6/1/38 | 5,250,000 | 5,276,249 | |||||
Series A 5.25% 6/1/34 | 2,750,000 | 2,538,195 | |||||
(Parkview Medical Center) 5.00% 9/1/25 | 1,000,000 | 955,950 | |||||
(Total Long-Term Care) Series A | |||||||
6.00% 11/15/30 | 100,000 | 93,843 | |||||
6.25% 11/15/40 | 750,000 | 704,813 | |||||
(Vail Valley Medical Center Project) 5.80% 1/15/27 | 3,475,000 | 3,453,386 | |||||
(Valley View Hospital Association) 5.50% 5/15/28 | 1,000,000 | 938,530 | |||||
Colorado Springs Hospital Revenue 6.25% 12/15/33 | 2,500,000 | 2,581,625 | |||||
Delta County Memorial Hospital District Enterprise | |||||||
Revenue 5.35% 9/1/17 | 4,000,000 | 4,028,920 | |||||
Denver Health & Hospital Authority Health Care Revenue | |||||||
5.625% 12/1/40 | 2,500,000 | 2,286,650 | |||||
Series A 4.75% 12/1/36 | 1,500,000 | 1,199,040 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds (continued) | |||||||
University of Colorado Hospital Authority Revenue Series A | |||||||
5.00% 11/15/37 | $ | 2,690,000 | $ | 2,330,643 | |||
6.00% 11/15/29 | 2,460,000 | 2,508,191 | |||||
47,623,089 | |||||||
Housing Revenue Bonds – 2.18% | |||||||
Colorado Housing & Finance Authority | |||||||
(Multifamily Housing Insured Mortgage) | |||||||
Series C3 6.15% 10/1/41 | 1,590,000 | 1,590,684 | |||||
(Single Family Mortgage) Series A 5.50% 11/1/29 | |||||||
(FHA) (VA) (HUD) | 1,270,000 | 1,299,515 | |||||
Puerto Rico Housing Finance Authority | |||||||
Subordinate (Capital Foundation of Modernization) | |||||||
5.125% 12/1/27 | 2,040,000 | 2,050,200 | |||||
4,940,399 | |||||||
Lease Revenue Bonds – 3.61% | |||||||
Aurora Certificates of Participation Refunding | |||||||
Series A 5.00% 12/1/30 | 2,370,000 | 2,383,177 | |||||
@ | Conejos & Alamosa Counties School #11J | ||||||
Certificates of Participation 6.50% 4/1/11 | 355,000 | 355,852 | |||||
El Paso County Certificates of Participation | |||||||
(Detention Facilities Project) | |||||||
Series B 5.00% 12/1/27 (AMBAC) | 1,500,000 | 1,501,635 | |||||
Puerto Rico Public Buildings Authority Revenue | |||||||
(Guaranteed Government Facilities) | |||||||
Series I 5.25% 7/1/33 | 1,475,000 | 1,349,876 | |||||
•Series M-2 5.50% 7/1/35 (AMBAC) | 1,000,000 | 1,049,510 | |||||
Regional Transportation District Certificates of | |||||||
Participation 5.375% 6/1/31 | 1,540,000 | 1,552,151 | |||||
8,192,201 | |||||||
Local General Obligation Bonds – 12.42% | |||||||
Adams & Arapahoe Counties Joint School | |||||||
District #28J (Aurora) 6.00% 12/1/28 | 2,500,000 | 2,775,050 | |||||
Arapahoe County Water & Wastewater Public | |||||||
Improvement District Refunding | |||||||
Series A 5.125% 12/1/32 (NATL-RE) | 2,555,000 | 2,462,305 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Local General Obligation Bonds (continued) | |||||||
Denver City & County Justice System | |||||||
5.50% 8/1/16 | $ | 2,000,000 | $ | 2,373,760 | |||
(Facilities & Zoo) 5.00% 8/1/19 | 1,020,000 | 1,126,621 | |||||
Denver City & County School District #1 | |||||||
Series A 5.00% 12/1/29 | 960,000 | 1,003,181 | |||||
Denver City & County Series A 5.00% 8/1/25 | 750,000 | 819,375 | |||||
Denver West Metropolitan District | |||||||
5.00% 12/1/33 (RADIAN) | 1,400,000 | 1,178,422 | |||||
Douglas County School District #1 | |||||||
(Douglas & Elbert Counties) | |||||||
Series B 5.00% 12/15/24 | 2,355,000 | 2,482,617 | |||||
Garfield County School District #2 | |||||||
5.00% 12/1/25 (AGM) | 2,280,000 | 2,405,332 | |||||
Grand County School District #2 (East Grand) | |||||||
5.25% 12/1/25 (AGM) | 2,485,000 | 2,611,014 | |||||
Gunnison Watershed School District #1J | |||||||
Series 2009 5.25% 12/1/33 | 1,400,000 | 1,461,026 | |||||
Jefferson County School District #R-001 | |||||||
5.25% 12/15/24 | 2,500,000 | 2,827,600 | |||||
La Plata County School District #9-R (Durango) | |||||||
5.125% 11/1/24 (NATL-RE) | 1,000,000 | 1,052,530 | |||||
@ | North Range Metropolitan | ||||||
District #1 4.50% 12/15/31 (ACA) | 1,500,000 | 977,550 | |||||
District #2 5.50% 12/15/37 | 1,200,000 | 951,984 | |||||
Sand Creek Metropolitan District Refunding & Improvement | |||||||
5.00% 12/1/31 (XLCA) | 500,000 | 419,400 | |||||
Weld County School District #4 5.00% 12/1/19 (AGM) | 1,085,000 | 1,225,518 | |||||
28,153,285 | |||||||
§Pre-Refunded Bonds – 11.71% | |||||||
Colorado Educational & Cultural Facilities | |||||||
Authority Revenue | |||||||
(Arapahoe County Littleton Academy Charter School | |||||||
Project) 6.125% 1/15/31-12 | 2,000,000 | 2,098,840 | |||||
(Stargate Charter School Project) 6.125% 5/1/33-13 | 2,000,000 | 2,228,140 | |||||
Colorado Health Facilities Authority Revenue | |||||||
(Adventist Health/Sunbelt) 5.125% 11/15/24-16 | 75,000 | 88,862 | |||||
(Catholic Health Initiatives) Series A 5.50% 3/1/32-12 | 5,000,000 | 5,247,549 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
§Pre-Refunded Bonds (continued) | |||||||
Douglas County School District #1 | |||||||
(Douglas & Elbert Counties) | |||||||
Series B 5.125% 12/15/25-12 (AGM) | $ | 2,000,000 | $ | 2,156,980 | |||
El Paso County School District #2 (Harrison) | |||||||
5.00% 12/1/27-12 (NATL-RE) | 2,115,000 | 2,276,819 | |||||
Fremont County School District #1 (Canon City) | |||||||
5.00% 12/1/24-13 (NATL-RE) | 1,735,000 | 1,937,839 | |||||
Garfield County School District #2 | |||||||
5.00% 12/1/25-12 (AGM) | 1,000,000 | 1,077,420 | |||||
Garfield Pitkin & Eagle County School District #Re-1 | |||||||
(Roaring Fork County) | |||||||
Series A 5.00% 12/15/27-14 (AGM) | 1,500,000 | 1,716,525 | |||||
Lincoln Park Metropolitan District 7.75% 12/1/26-11 | 2,500,000 | 2,669,425 | |||||
North Range Metropolitan District #1 7.25% 12/15/31-11 | 3,380,000 | 3,570,666 | |||||
Puerto Rico Commonwealth Series A 5.25% 7/1/30-16 | 1,235,000 | 1,465,920 | |||||
Puerto Rico Public Buildings Authority Revenue | |||||||
(Guaranteed Government Facilities) | |||||||
Series I 5.25% 7/1/33-14 | 25,000 | 28,206 | |||||
26,563,191 | |||||||
Special Tax Revenue Bonds – 8.86% | |||||||
Aspen Sales Tax Revenue (Parks & Open Spaces) | |||||||
Series B 5.25% 11/1/23 (AGM) | 2,040,000 | 2,145,937 | |||||
@ | Baptist Road Rural Transportation Authority Sales & | ||||||
Use Tax Revenue 5.00% 12/1/26 | 2,000,000 | 1,262,380 | |||||
Denver International Business Center | |||||||
Metropolitan District #1 | |||||||
5.00% 12/1/30 | 350,000 | 326,249 | |||||
5.375% 12/1/35 | 1,750,000 | 1,637,493 | |||||
Park Meadows Business Improvement District | |||||||
Shared Sales Tax Revenue | |||||||
5.30% 12/1/27 | 950,000 | 800,280 | |||||
5.35% 12/1/31 | 720,000 | 584,820 | |||||
Puerto Rico Commonwealth Highway & Transportation | |||||||
Authority Revenue | |||||||
Series K 5.00% 7/1/30 | 4,700,000 | 4,276,059 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Special Tax Revenue Bonds (continued) | |||||||
Puerto Rico Sales Tax Financing Corporation Revenue First | |||||||
Subordinate Series A | |||||||
5.25% 8/1/27 | $ | 1,100,000 | $ | 1,085,667 | |||
5.75% 8/1/37 | 2,620,000 | 2,602,263 | |||||
Ω(Capital Appreciation) 6.75% 8/1/32 | 3,750,000 | 3,036,525 | |||||
Regional Transportation District Sales Tax Revenue | |||||||
Series A 5.25% 11/1/18 | 2,000,000 | 2,326,480 | |||||
20,084,153 | |||||||
State & Territory General Obligation Bonds – 7.39% | |||||||
Guam Government Series A 7.00% 11/15/39 | 2,500,000 | 2,612,250 | |||||
Puerto Rico Commonwealth | |||||||
Series A 5.25% 7/1/30 | 765,000 | 718,090 | |||||
Series A 5.50% 7/1/15 | 1,000,000 | 1,058,820 | |||||
Series B 5.00% 7/1/35 | 190,000 | 162,163 | |||||
Puerto Rico Commonwealth Government Development | |||||||
Bank Senior Notes | |||||||
Series B 5.00% 12/1/15 | 1,000,000 | 1,038,050 | |||||
Puerto Rico Commonwealth Public Improvement Series A | |||||||
5.25% 7/1/15 | 1,650,000 | 1,730,768 | |||||
5.25% 7/1/21 | 4,000,000 | 3,993,400 | |||||
5.50% 7/1/19 (NATL-RE) (IBC) | 3,500,000 | 3,636,045 | |||||
Virgin Islands Public Finance Authority Revenue | |||||||
(Gross Receipts Taxes Loan Note) | |||||||
5.00% 10/1/31 (ACA) | 2,000,000 | 1,804,580 | |||||
16,754,166 | |||||||
Transportation Revenue Bonds – 4.89% | |||||||
Denver City & County Airport Revenue | |||||||
5.25% 11/15/36 | 2,500,000 | 2,465,075 | |||||
Series A 5.00% 11/15/25 (FGIC) (NATL-RE) | 2,000,000 | 2,041,680 | |||||
Series B 5.00% 11/15/33 (XLCA) | 2,000,000 | 1,878,440 | |||||
E-470 Public Highway Authority | |||||||
5.25% 9/1/25 | 690,000 | 637,808 | |||||
5.375% 9/1/26 | 2,000,000 | 1,850,220 | |||||
Regional Transportation District Private Activity | |||||||
Revenue (Denver Transfers Partners)
|
|||||||
6.00% 1/15/41 | 2,400,000 | 2,215,872 | |||||
11,089,095 |
Principal amount | Value | |||||||
Municipal Bonds (continued) | ||||||||
Water & Sewer Revenue Bonds – 1.34% | ||||||||
Eagle River Water & Sanitation District Enterprise Revenue | ||||||||
5.00% 12/1/29 (ASSURED GTY) | $ | 250,000 | $ | 262,365 | ||||
Guam Government Waterworks Authority 5.625% 7/1/40 | 1,955,000 | 1,729,608 | ||||||
Pueblo Board Waterworks Revenue 5.00% 11/1/21 (AGM) | 1,000,000 | 1,052,960 | ||||||
3,044,933 | ||||||||
Total Municipal Bonds (cost $219,335,312) | 214,640,754 | |||||||
Number of shares | ||||||||
Short-Term Investments – 5.05% | ||||||||
Money Market Instrument – 0.55% | ||||||||
Dreyfus Cash Management Fund | 1,236,788 | 1,236,788 | ||||||
1,236,788 | ||||||||
Principal amount | ||||||||
¤Variable Rate Demand Notes – 4.50% | ||||||||
Colorado Educational & Cultural Facilities Authority | ||||||||
Revenue (National Jewish Federation Bond Program)
|
||||||||
0.21% 2/1/35 | $ | 1,625,000 | 1,625,000 | |||||
Series A-8 0.21% 9/1/35 | 4,960,000 | 4,960,000 | ||||||
Series A-12 0.21% 2/1/38 | 910,000 | 910,000 | ||||||
Series D-3 0.21% 12/1/37 | 2,710,000 | 2,710,000 | ||||||
10,205,000 | ||||||||
Total Short-Term Investments (cost $10,531,788) | 11,441,788 | |||||||
Total Value of Securities – 99.70% | ||||||||
(cost $229,867,100) | 226,082,542 | |||||||
Receivables and Other Assets | ||||||||
Net of Liabilities – 0.30% | 676,177 | |||||||
Net Assets Applicable to 21,629,797 | ||||||||
Shares Outstanding – 100.00% | $ | 226,758,719 | ||||||
Net Asset Value – Delaware Tax-Free Colorado Fund | ||||||||
Class A ($212,237,818 / 20,248,001 Shares) | $10.48 | |||||||
Net Asset Value – Delaware Tax-Free Colorado Fund | ||||||||
Class B ($992,950 / 94,651 Shares) | $10.49 | |||||||
Net Asset Value – Delaware Tax-Free Colorado Fund | ||||||||
Class C ($13,527,951 / 1,287,145 Shares) | $10.51 |
Components of Net Assets at February 28, 2011: | ||||
Shares of beneficial interest (unlimited authorization – no par) | $ | 233,719,502 | ||
Distributions in excess of net investment income | (108 | ) | ||
Accumulated net realized loss on investments | (3,176,117 | ) | ||
Net unrealized depreciation of investments | (3,784,558 | ) | ||
Total net assets | $ | 226,758,719 |
• |
Variable rate security. The rate shown is the rate as of February 28, 2011. Interest rates reset periodically.
|
@ |
Illiquid security. At February 28, 2011, the aggregate amount of illiquid securities was $3,547,766, which represented 1.56% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”
|
§
|
Pre-Refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 8 in “Notes to financial statements.”
|
Ω |
Step coupon bond. Indicates security that has a zero coupon that remains in effect until a predetermined date at which time the stated interest rate becomes effective.
|
¤
|
Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to such instrument.
|
Net Asset Value and Offering Price Per Share – | |||
Delaware Tax-Free Colorado Fund | |||
Net asset value Class A (A) | $ | 10.48 | |
Sales charge (4.50% of offering price) (B) | 0.49 | ||
Offering price | $ | 10.97 |
(A) | Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares. | |
(B) | See the current prospectus for purchases of $100,000 or more. |
Delaware Tax-Free Idaho Fund | February 28, 2011 (Unaudited) |
Principal amount | Value | ||||||
Municipal Bonds – 96.62% | |||||||
Corporate Revenue Bonds – 6.23% | |||||||
Nez Perce County Pollution Control Revenue | |||||||
(Potlatch Project) 6.00% 10/1/24 | $ | 2,535,000 | $ | 2,372,735 | |||
Power County Industrial Development Revenue | |||||||
(FMC Project) 6.45% 8/1/32 (AMT) | 2,000,000 | 2,003,660 | |||||
Power County Pollution Control Revenue | |||||||
(FMC Project) 5.625% 10/1/14 | 2,475,000 | 2,476,237 | |||||
Puerto Rico Ports Authority Special Facilities Revenue | |||||||
(American Airlines) Series A 6.30% 6/1/23 (AMT) | 1,295,000 | 1,098,782 | |||||
7,951,414 | |||||||
Education Revenue Bonds – 11.10% | |||||||
Boise State University Revenue | |||||||
(General Refunding) Series A | |||||||
4.25% 4/1/32 (NATL-RE) | 750,000 | 681,728 | |||||
5.00% 4/1/18 (NATL-RE) (FGIC) | 1,500,000 | 1,586,910 | |||||
5.00% 4/1/39 | 1,000,000 | 985,110 | |||||
(Student Union & Housing System) | |||||||
5.00% 4/1/17 (AMBAC) | 500,000 | 522,610 | |||||
Un-Refunded Series 07 5.375% 4/1/22 (FGIC) | 10,000 | 10,318 | |||||
Idaho Housing & Financing Association Nonprofit | |||||||
Facilities Revenue (North Star Charter School Project) | |||||||
Series A 9.50% 7/1/39 | 1,000,000 | 1,087,300 | |||||
Idaho State University Revenue Refunding & Improvement | |||||||
5.00% 4/1/20 (AGM) | 1,130,000 | 1,197,179 | |||||
5.00% 4/1/23 (AGM) | 2,115,000 | 2,154,825 | |||||
University of Idaho (General Refunding) | |||||||
•Series 2011 5.25% 4/1/41 | 2,000,000 | 2,167,800 | |||||
Series A 5.00% 4/1/21 (AMBAC) | 1,150,000 | 1,208,029 | |||||
•Series B 4.50% 4/1/41 (AGM) | 1,000,000 | 1,044,900 | |||||
Series B 5.00% 4/1/28 | 1,000,000 | 1,024,180 | |||||
Series B 5.00% 4/1/32 | 500,000 | 500,340 | |||||
14,171,229 | |||||||
Electric Revenue Bonds – 4.23% | |||||||
Boise-Kuna Irrigation District Revenue | |||||||
(Arrowrock Hydroelectric Project) 6.30% 6/1/31 | 1,000,000 | 1,043,290 | |||||
Puerto Rico Electric Power Authority Revenue | |||||||
Series TT 5.00% 7/1/37 | 210,000 | 178,437 | |||||
Series XX 5.25% 7/1/40 | 2,000,000 | 1,744,460 | |||||
Series ZZ 5.25% 7/1/26 | 2,500,000 | 2,428,050 | |||||
5,394,237 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Healthcare Revenue Bonds – 4.81% | |||||||
Idaho Health Facilities Authority Revenue | |||||||
(St. Luke’s Health System Project) Series A | |||||||
6.50% 11/1/23 | $ | 250,000 | $ | 275,310 | |||
6.75% 11/1/37 | 1,250,000 | 1,338,563 | |||||
(St. Luke’s Regional Medical Center Project) | |||||||
5.00% 7/1/35 (AGM) | 2,500,000 | 2,379,875 | |||||
(Trinity Health Credit Group) | |||||||
Series B 6.125% 12/1/28 | 1,000,000 | 1,070,190 | |||||
Series D 4.50% 12/1/37 | 1,205,000 | 1,077,378 | |||||
6,141,316 | |||||||
Housing Revenue Bonds – 6.74% | |||||||
Idaho Housing Agency Single Family Mortgage Revenue | |||||||
Series A 6.05% 7/1/13 (AMBAC) (FHA) (VA) (AMT) | 10,000 | 10,020 | |||||
Series A 6.10% 7/1/16 (FHA) (VA) (AMT) | 20,000 | 20,032 | |||||
Series B 6.45% 7/1/15 (AMT) | 10,000 | 10,021 | |||||
Series C-2 6.35% 7/1/15 (AMT) | 5,000 | 5,010 | |||||
Series E 6.35% 7/1/15 (FHA) (AMT) | 15,000 | 15,030 | |||||
Series G-2 6.15% 7/1/15 (FHA) (VA) (AMT) | 45,000 | 45,083 | |||||
Idaho Housing & Finance Association Single Family | |||||||
Mortgage Revenue | |||||||
Series A Class II 4.375% 7/1/32 | 1,000,000 | 903,900 | |||||
Series B Class I 5.00% 7/1/37 (AMT) | 815,000 | 756,459 | |||||
Series B Class I 5.50% 7/1/38 | 800,000 | 807,928 | |||||
Series C Class II 4.95% 7/1/31 | 1,000,000 | 970,970 | |||||
Series C Class III 5.35% 1/1/25 (AMT) | 190,000 | 190,388 | |||||
Series D Class III 5.45% 7/1/23 (AMT) | 675,000 | 683,667 | |||||
Series E 4.85% 7/1/28 (AMT) | 1,385,000 | 1,316,289 | |||||
Series E Class III 4.875% 1/1/26 (AMT) | 130,000 | 125,921 | |||||
Series E Class III 5.00% 1/1/28 (AMT) | 795,000 | 782,415 | |||||
Series I Class I 5.45% 1/1/39 (AMT) | 1,000,000 | 953,180 | |||||
Puerto Rico Housing Finance Authority Subordinate- | |||||||
Capital Foundation Modernization 5.125% 12/1/27 | 1,000,000 | 1,004,999 | |||||
8,601,312 | |||||||
Lease Revenue Bonds – 4.59% | |||||||
Boise City Certificates of Participation 5.375% 9/1/20 | |||||||
(NATL-RE) (FGIC) (AMT) | 2,100,000 | 2,100,882 | |||||
Boise City Revenue Series A 5.375% 12/1/31 (NATL-RE) | 500,000 | 500,270 | |||||
Idaho Housing & Finance Association Revenue | |||||||
(TDF Facilities-PJ Recovery Zone) Series A 7.00% 2/1/36 | 1,500,000 | 1,503,075 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Lease Revenue Bonds (continued) | |||||||
Idaho State Building Authority Revenue | |||||||
Series A 5.00% 9/1/33 (XLCA) | $ | 1,000,000 | $ | 990,660 | |||
Series B 5.00% 9/1/21 (NATL-RE) | 750,000 | 763,403 | |||||
5,858,290 | |||||||
Local General Obligation Bonds – 21.35% | |||||||
Ada & Canyon Counties Joint School District #2 | |||||||
Meridian (School Board Guaranteed Program) | |||||||
4.50% 7/30/22 | 1,500,000 | 1,637,340 | |||||
4.75% 2/15/20 | 1,000,000 | 1,070,230 | |||||
5.50% 7/30/16 | 1,305,000 | 1,524,618 | |||||
Bannock County School District #25 Pocatello | |||||||
(School Board Guaranteed Program) | |||||||
5.00% 8/15/15 | 1,040,000 | 1,158,310 | |||||
5.00% 8/15/16 | 1,100,000 | 1,214,950 | |||||
Boise City Independent School District 5.00% 8/1/24 (AGM) | 1,500,000 | 1,605,870 | |||||
Canyon County School District #132 Caldwell | |||||||
5.00% 7/30/15 (NATL-RE) (FGIC) | 2,000,000 | 2,229,900 | |||||
Series A 5.00% 9/15/22 (AGM) | 1,725,000 | 1,896,983 | |||||
Series A 5.00% 9/15/23 (AGM) | 1,810,000 | 1,968,809 | |||||
Idaho Board Bank Authority Revenue | |||||||
Series A 5.00% 9/15/28 | 1,250,000 | 1,312,875 | |||||
Series A 5.25% 9/15/26 | 2,000,000 | 2,171,240 | |||||
Series C 4.00% 9/15/29 | 1,320,000 | 1,305,480 | |||||
Lemhi County 5.20% 8/1/27 (AGM) | 2,145,000 | 2,172,156 | |||||
Nampa City Series B 5.00% 8/1/21 (NATL-RE) (FGIC) | 2,475,000 | 2,603,402 | |||||
Power & Cassia Counties Joint School District #381 | |||||||
American Falls 5.00% 8/1/17 | 1,155,000 | 1,176,079 | |||||
Twin Falls County School District #413 | |||||||
Filer 5.25% 9/15/25 | 2,000,000 | 2,196,680 | |||||
27,244,922 | |||||||
§Pre-Refunded Bonds – 4.43% | |||||||
Ada & Canyon Counties Joint School District #2 | |||||||
Meridian (School Board Guaranteed Program) | |||||||
5.00% 7/30/20-12 | 1,555,000 | 1,651,426 | |||||
Un-Refunded 5.00% 7/30/20-12 | 600,000 | 637,206 | |||||
Boise State University Revenue Refunding & Improvement | |||||||
(Student Union & Housing System) | |||||||
5.125% 4/1/31-12 (FGIC) | 1,000,000 | 1,051,020 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
§Pre-Refunded Bonds (continued) | |||||||
Puerto Rico Commonwealth Highway & Transportation | |||||||
Authority Revenue Series D 5.25% 7/1/38-12 | $ | 1,000,000 | $ | 1,062,110 | |||
Puerto Rico Electric Power Authority Revenue | |||||||
Series NN 5.125% 7/1/29-13 | 105,000 | 115,733 | |||||
Puerto Rico Public Buildings Authority Revenue | |||||||
(Guaranteed Government Facilities) | |||||||
Series I 5.50% 7/1/23-14 | 1,000,000 | 1,136,360 | |||||
5,653,855 | |||||||
Special Tax Revenue Bonds – 15.40% | |||||||
Coeur d’Alene Local Improvement District #6 | |||||||
Series 1997 6.10% 7/1/12 | 40,000 | 40,520 | |||||
Series 1998 6.10% 7/1/14 | 45,000 | 45,455 | |||||
Idaho Board Bank Authority Revenue | |||||||
Series B 5.00% 9/15/30 (NATL-RE) | 725,000 | 742,429 | |||||
Ketchum Urban Renewal Agency 5.50% 10/15/34 | 1,500,000 | 1,400,430 | |||||
Nampa Development Corporation Revenue 5.90% 3/1/30 | 3,000,000 | 2,750,130 | |||||
Puerto Rico Commonwealth Highway & Transportation | |||||||
Authority Revenue | |||||||
Series K 5.00% 7/1/30 | 890,000 | 809,722 | |||||
Series W 5.50% 7/1/15 | 175,000 | 185,294 | |||||
Puerto Rico Sales Tax Financing Corporation Revenue | |||||||
First Subordinate | |||||||
Ω(Capital Appreciation) Series A 6.75% 8/1/32 | 2,040,000 | 1,651,870 | |||||
Series A 5.25% 8/1/27 | 3,000,000 | 2,960,909 | |||||
Series A 5.50% 8/1/28 | 1,400,000 | 1,393,728 | |||||
Series A 5.50% 8/1/42 | 1,500,000 | 1,408,485 | |||||
Series A 5.75% 8/1/37 | 2,660,000 | 2,641,992 | |||||
Series C 5.25% 8/1/41 | 1,000,000 | 904,660 | |||||
Virgin Islands Public Finance Authority Revenue | |||||||
(Senior Lien-Matching Fund Loan Note) Series A | 1,500,000 | 1,413,285 | |||||
5.00% 10/1/29 | |||||||
5.25% 10/1/20 | 500,000 | 508,885 | |||||
5.25% 10/1/24 | 800,000 | 797,040 | |||||
19,654,834 | |||||||
State General Obligation Bonds – 5.45% | |||||||
Guam Government Series A 6.75% 11/15/29 | 1,565,000 | 1,619,963 | |||||
Puerto Rico Commonwealth Government Development | |||||||
Bank Refunding Remarketed 4.75% 12/1/15 (NATL-RE) | 1,000,000 | 1,019,080 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
State General Obligation Bonds (continued) | |||||||
Puerto Rico Commonwealth Public Improvement | |||||||
Series A 5.25% 7/1/22 | $ | 1,000,000 | $ | 987,330 | |||
Un-Refunded Balance Series A | |||||||
5.00% 7/1/34 | 1,855,000 | 1,600,550 | |||||
5.125% 7/1/31 | 1,815,000 | 1,721,509 | |||||
6,948,432 | |||||||
Transportation Revenue Bonds – 8.65% | |||||||
Boise Airport Revenue (Air Terminal Facilities Project) | |||||||
5.75% 9/1/19 (AGM) (AMT) | 1,000,000 | 1,108,570 | |||||
5.75% 9/1/20 (AGM) (AMT) | 1,000,000 | 1,098,350 | |||||
Idaho Housing & Finance Association Grant Revenue | |||||||
(Anticipated Federal Highway Trust) | |||||||
4.00% 7/15/17 | 500,000 | 538,490 | |||||
4.75% 7/15/19 | 1,410,000 | 1,568,287 | |||||
5.00% 7/15/24 (NATL-RE) | 2,000,000 | 2,072,260 | |||||
5.25% 7/15/20 (ASSURED GTY) | 2,750,000 | 3,075,517 | |||||
5.25% 7/15/25 (ASSURED GTY) | 1,500,000 | 1,581,465 | |||||
11,042,939 | |||||||
Water & Sewer Revenue Bonds – 3.64% | |||||||
Guam Government Waterworks Authority | |||||||
(Water & Wastewater System) 5.625% 7/1/40 | 1,565,000 | 1,384,571 | |||||
Idaho Board Bank Authority Revenue | |||||||
Series C 5.375% 9/15/38 | 1,000,000 | 1,026,780 | |||||
Moscow Sewer Revenue 5.00% 11/1/22 (AGM) | 2,175,000 | 2,228,135 | |||||
4,639,486 | |||||||
Total Municipal Bonds (cost $122,467,619) | 123,302,266 | ||||||
Number of shares | |||||||
Short-Term Investment – 2.19% | |||||||
Money Market Instrument – 2.19% | |||||||
Dreyfus Cash Management Fund | 2,795,028 | 2,795,028 | |||||
Total Short-Term Investment | |||||||
(cost $2,795,028) | 2,795,028 |
Total Value of Securities – 98.81% | |||||
(cost $125,262,647) | $ | 126,097,294 | |||
Receivables and Other Assets | |||||
Net of Liabilities – 1.19% | 1,515,261 | ||||
Net Assets Applicable to 11,259,840 | |||||
Shares Outstanding – 100.00% | $ | 127,612,555 | |||
Net Asset Value – Delaware Tax-Free Idaho Fund | |||||
Class A ($90,434,903 / 7,977,516 Shares) | $11.34 | ||||
Net Asset Value – Delaware Tax-Free Idaho Fund | |||||
Class B ($1,609,366 / 142,233 Shares) | $11.31 | ||||
Net Asset Value – Delaware Tax-Free Idaho Fund | |||||
Class C ($35,568,286 / 3,140,091 Shares) | $11.33 | ||||
Components of Net Assets at February 28, 2011: | |||||
Shares of beneficial interest (unlimited authorization – no par) | $ | 127,284,338 | |||
Distributions in excess of net investment income | (11,301 | ) | |||
Accumulated net realized loss on investments | (495,129 | ) | |||
Net unrealized appreciation of investments | 834,647 | ||||
Total net assets | $ | 127,612,555 |
• | Variable rate security. The rate shown is the rate as of February 28, 2011. Interest rates reset periodically. |
§ | Pre-Refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 8 in “Notes to financial statements.” |
Ω | Step coupon bond. Indicates security that has a zero coupon that remains in effect until a predetermined date at which time the stated interest rate becomes effective. |
Net Asset Value and Offering Price Per Share – | |||
Delaware Tax-Free Idaho Fund | |||
Net asset value Class A (A) | $ | 11.34 | |
Sales charge (4.50% of offering price) (B) | 0.53 | ||
Offering price | $ | 11.87 |
(A) | Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares. | |
(B) | See the current prospectus for purchases of $100,000 or more. |
Statements of net assets
|
|
Delaware Tax-Free New York Fund | February 28, 2011 (Unaudited) |
Principal amount | Value | ||||||
Municipal Bonds – 95.14% | |||||||
Corporate Revenue Bonds – 6.60% | |||||||
Jefferson County Industrial Development Agency | |||||||
Solid Waste Disposal (International Paper) | |||||||
Series A 5.20% 12/1/20 (AMT) | $ | 350,000 | $ | 338,405 | |||
Liberty Development Corporation Revenue | |||||||
(Goldman Sachs Headquarters) 5.25% 10/1/35 | 750,000 | 735,749 | |||||
Nassau County Tobacco Settlement Refunding | |||||||
(Asset-Backed) Series A-3 5.125% 6/1/46 | 600,000 | 397,374 | |||||
• | New York City Industrial Development Agency | ||||||
Special Facilities Revenue (American Airlines-JFK | |||||||
International Airport) | |||||||
7.625% 8/1/25 (AMT) | 250,000 | 254,715 | |||||
7.75% 8/1/31 (AMT) | 250,000 | 255,765 | |||||
New York Energy Research & Development Authority | |||||||
Pollution Control Revenue (Central Hudson Gas) | |||||||
Series A 5.45% 8/1/27 (AMBAC) | 500,000 | 500,215 | |||||
New York Liberty Development Corporation Revenue | |||||||
(Second Priority-Bank American Tower) | |||||||
5.625% 7/15/47 | 500,000 | 480,190 | |||||
Suffolk County Industrial Development Agency Revenue | |||||||
(Keyspan-Port Jefferson Energy Center) | |||||||
5.25% 6/1/27 (AMT) | 250,000 | 238,870 | |||||
TSASC Tobacco Settlement Refunding (Asset-Backed) | |||||||
Series 1 5.125% 6/1/42 | 250,000 | 167,658 | |||||
3,368,941 | |||||||
Education Revenue Bonds – 24.65% | |||||||
Albany Industrial Development Agency Civic Facilities | |||||||
Revenue (Brighter Choice Charter School) | |||||||
Series A 5.00% 4/1/37 | 250,000 | 185,660 | |||||
Dutchess County Industrial Development Agency | |||||||
(Marist College) 5.00% 7/1/20 | 500,000 | 512,570 | |||||
Hempstead Town Local Development Corporation | |||||||
Revenue (Molloey College Project) | |||||||
5.75% 7/1/23 | 400,000 | 432,404 | |||||
Madison County Capital Resource Corporation | |||||||
Revenue (Colgate University Project) | |||||||
Series A 5.00% 7/1/28 | 400,000 | 416,796 | |||||
• | New York City Trust for Cultural Resources Revenue | ||||||
(Julliard School) Series C 2.10% 4/1/36 | 500,000 | 502,585 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
New York State Dormitory Authority Revenue | |||||||
(Brooklyn Law School) 5.75% 7/1/33 | $ | 340,000 | $ | 352,267 | |||
(Columbia University) | |||||||
5.00% 10/1/19 | 500,000 | 591,009 | |||||
Series A 5.00% 7/1/23 | 500,000 | 526,700 | |||||
(Cornell University) Series A | |||||||
4.75% 7/1/29 | 100,000 | 102,031 | |||||
5.00% 7/1/23 | 500,000 | 549,275 | |||||
5.00% 7/1/34 | 170,000 | 172,479 | |||||
(Manhattan Marymount) 5.00% 7/1/24 | 350,000 | 344,789 | |||||
(Mt. Sinai School Medicine) 5.125% 7/1/39 | 500,000 | 460,765 | |||||
Series A 5.00% 7/1/21 | 685,000 | 724,229 | |||||
(New York University) | |||||||
Series A 5.25% 7/1/34 | 500,000 | 506,875 | |||||
(Rockefeller University) Series A 5.00% 7/1/27 | 250,000 | 263,130 | |||||
•Series B 5.25% 11/15/23 | 250,000 | 262,005 | |||||
Series B 7.50% 5/15/11 | 125,000 | 126,866 | |||||
(Skidmore College) Series A 5.00% 7/1/21 | 325,000 | 360,133 | |||||
(St. Joseph’s College) 5.25% 7/1/25 | 500,000 | 501,565 | |||||
(Teachers College) 5.50% 3/1/39 | 250,000 | 253,065 | |||||
(University of Rochester) | |||||||
Series A 5.125% 7/1/39 | 250,000 | 246,308 | |||||
ΩSeries A-2 4.375% 7/1/20 | 250,000 | 252,795 | |||||
Onondaga Civic Development Corporation Revenue | |||||||
(Le Moyne College Project) 5.20% 7/1/29 | 500,000 | 477,215 | |||||
Onondaga County Trust for Cultural Research | |||||||
Revenue (Syracuse University Project) | |||||||
Series B 5.00% 12/1/19 | 350,000 | 393,533 | |||||
St. Lawrence County Industrial Development Agency | |||||||
Civic Facility Revenue (St. Lawrence University) | |||||||
Series A 5.00% 10/1/16 | 500,000 | 563,175 | |||||
Suffolk County Industrial Development Agency | |||||||
Civic Facility Revenue (New York Institute of | |||||||
Technology Project) 5.00% 3/1/26 | 600,000 | 583,643 | |||||
Tompkins County Industrial Development Agency Civic | |||||||
Facility Revenue (Cornell University) | |||||||
Series A 5.00% 7/1/20 | 500,000 | 579,600 |
Principal amount | Value | ||||||
Municipal Bonds (continued) | |||||||
Education Revenue Bonds (continued) | |||||||
Troy Capital Resource Corporation Revenue | |||||||
(Rensselaer Polytechnic) | |||||||
Series A 5.125% 9/1/40 | $ | 500,000 | $ | 466,580 | |||
Yonkers Economic Development Corporation Education | |||||||
Revenue (Charter School of Educational Excellence) | |||||||
Series A 6.25% 10/15/40 | 600,000 | 531,168 | |||||
Yonkers Industrial Development Agency Civic Facility Revenue | |||||||
(Sarah Lawrence) Series A 6.00% 6/1/29 | 325,000 | 335,420 | |||||
12,576,635 | |||||||
Electric Revenue Bonds – 3.55% | |||||||
Long Island Power Authority New York Electric | |||||||
System Revenue | |||||||
Series A 5.75% 4/1/39 | 350,000 | 360,003 | |||||
Series B 5.75% 4/1/33 | 250,000 | 259,475 | |||||
Puerto Rico Electric Power Authority Revenue | |||||||
Series WW 5.00% 7/1/28 | 190,000 | 175,260 | |||||
Series ZZ 5.00% 7/1/17 | 500,000 | 531,765 | |||||
Series ZZ 5.25% 7/1/26 | 500,000 | 485,610 | |||||
1,812,113 | |||||||
Healthcare Revenue Bonds – 11.40% | |||||||
Albany Industrial Development Agency Civic Facility | |||||||
Revenue (St. Peter’s Hospital Project) | |||||||
Series A 5.25% 11/15/32 | 500,000 | 449,175 | |||||
East Rochester Housing Authority Revenue | |||||||
(Senior Living-Woodland Village Project) | |||||||
5.50% 8/1/33 | 200,000 | 157,246 | |||||
Monroe County Industrial Development Corporation | |||||||
Insured Mortgage Revenue (University Hospital of | |||||||
Rochester Project) 5.50% 8/15/40 (FHA) | 600,000 | 610,392 | |||||
New York City Health & Hospital Corporation Revenue | |||||||
(Health System) Series A 5.00% 2/15/30 | 500,000 | 481,025 | |||||
New York Dormitory Authority Revenue | |||||||
(Catholic Health Long Island Obligation Group) | |||||||
5.00% 7/1/27 | 400,000 | 385,268 | |||||
(Chapel Oaks) 5.45% 7/1/26 (LOC, Allied Irish Bank) | 450,000 | 450,311 | |||||
(Winthrop South Nassau Hospital) | |||||||
Series B 5.50% 7/1/23 | 500,000 | 504,325 |
Principal amount | Value | |||||
Municipal Bonds (continued) | ||||||
Healthcare Revenue Bonds (continued) | ||||||
New York Dormitory Authority Revenue | ||||||
Non-State Supported Debt (Memorial Sloan-Kettering) | ||||||
Series 1 5.00% 7/1/35 | $ | 225,000 | $ | 222,487 | ||
Series A-2 5.00% 7/1/26 | 500,000 | 510,435 | ||||
(Mt. Sinai Hospital) Series A 5.00% 7/1/26 | 600,000 | 599,004 | ||||
(North Shore Long Island Jewish Group) | ||||||
Series A 5.50% 5/1/37 | 500,000 | 487,770 | ||||
(Orange Regional Medical Center) 6.125% 12/1/29 | 365,000 | 346,082 | ||||
Suffolk County Economic Development Corporation Revenue | ||||||
(Peconic Landing at Southhold) 6.00% 12/1/40 | 650,000 | 611,428 | ||||
5,814,948 | ||||||
Housing Revenue Bonds – 1.36% | ||||||
New York City Housing Development Multifamily Housing | ||||||
Revenue Series G-1 4.875% 11/1/39 (AMT) | 250,000 | 224,258 | ||||
New York Mortgage Agency Revenue 44th | ||||||
Series 4.35% 10/1/24 (AMT) | 500,000 | 468,670 | ||||
692,928 | ||||||
Lease Revenue Bonds – 6.48% | ||||||
Battery Park City Authority Revenue Series A 5.00% 11/1/26 | 250,000 | 257,870 | ||||
Erie County Industrial Development Agency | ||||||
School Faculty Revenue (City School District Buffalo) | ||||||
Series A 5.25% 5/1/25 | 500,000 | 526,080 | ||||
New York City Industrial Development Agency | ||||||
Revenue (Queens Baseball Stadium-Pilot) | ||||||
5.00% 1/1/46 (AMBAC) | 500,000 | 392,200 | ||||
New York City Industrial Development Agency | ||||||
Special Airport Facility Revenue (Airis JFK I Project) | ||||||
Series A 5.50% 7/1/28 (AMT) | 500,000 | 425,970 | ||||
Onondaga County Industrial Development Authority | ||||||
Revenue Subordinated | ||||||
(Air Cargo) 7.25% 1/1/32 (AMT) | 500,000 | 449,415 | ||||
Tobacco Settlement Financing Authority | ||||||
Revenue (Asset-Backed) Series B-1C | ||||||
5.50% 6/1/20 | 200,000 | 214,204 | ||||
5.50% 6/1/21 | 500,000 | 534,240 | ||||
United Nations Development Corporation | ||||||
Revenue Series A 5.00% 7/1/26 | 500,000 | 509,010 | ||||
3,308,989 |
Principal amount | Value | |||||
Municipal Bonds (continued) | ||||||
Local General Obligation Bonds – 3.35% | ||||||
New York City | ||||||
Series C-1 5.00% 10/1/19 | $ | 500,000 | $ | 553,465 | ||
Series D 5.00% 11/1/34 | 125,000 | 124,561 | ||||
Series I-1 5.375% 4/1/36
|
500,000 | 509,165 | ||||
New York State Dormitory Authority Revenue Non-State | ||||||
Supported Debt (School Districts-Financing Program)
|
||||||
Series A 5.00% 10/1/25 (AGM)
|
500,000 | 520,070 | ||||
1,707,261 | ||||||
§Pre-Refunded Bonds – 2.83% | ||||||
New York Dormitory Authority Revenue (North Shore | ||||||
Long Island Jewish Group Project) 5.50% 5/1/33-13
|
500,000 | 552,490 | ||||
Puerto Rico Commonwealth Highway & | ||||||
Transportation Authority Revenue
|
||||||
Series Y 5.50% 7/1/36-16
|
475,000 | 569,876 | ||||
Puerto Rico Commonwealth Series B 5.25% 7/1/32-16 | 155,000 | 183,982 | ||||
Puerto Rico Electric Power Authority Revenue | ||||||
Series NN 5.125% 7/1/29-13
|
125,000 | 137,778 | ||||
1,444,126 | ||||||
Special Tax Revenue Bonds – 17.14% | ||||||
Brooklyn Arena Local Development Corporation Pilot | ||||||
Revenue (Barclays Center Project) 6.50% 7/15/30
|
500,000 | 509,740 | ||||
Metropolitan Transportation Authority Revenue | ||||||
(Dedicated Tax Fund) Series B 5.00% 11/15/34
|
500,000 | 491,100 | ||||
New York City Transitional Finance Authority Revenue | ||||||
(Future Tax Secured)
|
||||||
(Fiscal 2011) Series D
|
||||||
5.00% 2/1/26
|
250,000 | 264,113 | ||||
5.25% 2/1/29
|
500,000 | 530,350 | ||||
Series B 5.00% 11/1/18
|
500,000 | 561,810 | ||||
Series C 5.25% 11/1/25
|
500,000 | 544,055 | ||||
New York City Trust for Cultural Resources Revenue | ||||||
(Museum Modern Art) Series A1
|
||||||
5.00% 10/1/17
|
450,000 | 512,105 | ||||
5.00% 4/1/31
|
250,000 | 253,855 | ||||
New York Dormitory Authority State Personal Income Tax | ||||||
Revenue Series C 5.00% 3/15/15
|
250,000 | 282,898 |
Principal amount | Value | |||||
Municipal Bonds (continued) | ||||||
Special Tax Revenue Bonds (continued) | ||||||
New York Dormitory Authority State Supported Debt | ||||||
Revenue (Consolidated Services Contract) | ||||||
5.00% 7/1/17 (AGM) | $ | 500,000 | $ | 557,675 | ||
New York Sales Tax Asset Receivables | ||||||
Series A 5.25% 10/15/27 (AMBAC) | 500,000 | 524,900 | ||||
New York State Thruway Authority State Personal | ||||||
Income Tax Revenue (Transportation) | ||||||
Series A 5.00% 3/15/30 | 500,000 | 515,495 | ||||
New York State Urban Development Revenue | ||||||
Personal Income Tax Series A-1 5.00% 12/15/22 | 250,000 | 271,190 | ||||
Puerto Rico Commonwealth Highway & Transportation | ||||||
Authority Revenue Series K 5.00% 7/1/30 | 735,000 | 668,702 | ||||
Puerto Rico Commonwealth Infrastructure Financing | ||||||
Authority Revenue Series B 5.00% 7/1/15 | 250,000 | 261,943 | ||||
Puerto Rico Sales Tax Financing Corporation Revenue | ||||||
First Subordinate Series A | ||||||
5.75% 8/1/37 | 600,000 | 595,938 | ||||
Ω(Capital Appreciation) 6.75% 8/1/32 | 510,000 | 412,967 | ||||
Schenectady Metroplex Development Authority Revenue | ||||||
Series A 5.375% 12/15/21 | 500,000 | 514,130 | ||||
Virgin Islands Public Finance Authority Revenue | ||||||
(Matching Fund Loan Note-Senior Lien) | ||||||
Series A 5.00% 10/1/29 | 500,000 | 471,095 | ||||
8,744,061 | ||||||
State & Territory General Obligation Bonds – 6.00% | ||||||
City of New York | ||||||
Series C 5.00% 8/1/16 | 500,000 | 566,100 | ||||
Series E 5.00% 8/1/28 | 125,000 | 128,640 | ||||
Guam Government Series A 7.00% 11/15/39 | 395,000 | 412,736 | ||||
New York State Series A | ||||||
5.00% 2/15/18 | 380,000 | 439,922 | ||||
5.00% 3/1/38 | 500,000 | 501,025 | ||||
Puerto Rico Commonwealth Government Development | ||||||
Bank Refunding Remarketed | ||||||
4.75% 12/1/15 (NATL-RE) | 230,000 | 234,388 | ||||
Puerto Rico Commonwealth Public Improvement | ||||||
Refunding Series A 5.50% 7/1/19 (NATL-RE) (IBC) | 750,000 | 779,153 | ||||
3,061,964 |
Principal amount | Value | |||||
Municipal Bonds (continued) | ||||||
Transportation Revenue Bonds – 8.62% | ||||||
Albany Parking Authority Revenue Series A 5.625% 7/15/25 | $ | 555,000 | $ | 558,175 | ||
Metropolitan Transportation Authority Revenue | ||||||
Series 2008C 6.50% 11/15/28 | 200,000 | 223,188 | ||||
•Series B 5.00% 11/15/27 | 200,000 | 216,666 | ||||
Series B 5.25% 11/15/22 | 500,000 | 547,035 | ||||
Series D 5.25% 11/15/27 | 500,000 | 507,370 | ||||
Series F 5.00% 11/15/15 | 150,000 | 165,617 | ||||
New York State Thruway Authority General Revenue | ||||||
(Bond Antics Notes) Series H | ||||||
5.00% 1/1/14 (NATL-RE) | 500,000 | 544,625 | ||||
5.00% 1/1/15 (NATL-RE) | 250,000 | 276,275 | ||||
Port Authority New York & New Jersey | ||||||
(Consolidated-One Hundred Fifty-Third) 5.00% 7/15/35 | 250,000 | 247,725 | ||||
(JFK International Air Terminal) 6.00% 12/1/42 | 700,000 | 682,289 | ||||
Triborough Bridge & Tunnel Authority Revenue | ||||||
•Series B-1 5.00% 11/15/25 | 200,000 | 218,002 | ||||
Series C 5.00% 11/15/24 | 200,000 | 211,504 | ||||
4,398,471 | ||||||
Water & Sewer Revenue Bonds – 3.16% | ||||||
Guam Government Waterworks Authority 5.625% 7/1/40 | 470,000 | 415,814 | ||||
New York City Municipal Water Finance Authority | ||||||
Water & Sewer System Revenue | ||||||
(Fiscal 2009) Series A 5.75% 6/15/40 | 200,000 | 211,376 | ||||
(Second General Resolution) Series FF 5.00% 6/15/31 | 500,000 | 510,590 | ||||
Series FF-2 5.50% 6/15/40 | 250,000 | 257,785 | ||||
New York State Environmental Facilities Corporation | ||||||
State Clean Water & Drinking Water Revolving Funds | ||||||
(New York City Municipal Project) Subordinated | ||||||
Series B 5.00% 6/15/21 | 200,000 | 218,456 | ||||
1,614,021 | ||||||
Total Municipal Bonds (cost $48,439,965) | 48,544,458 | |||||
Short-Term Investment – 3.33% | ||||||
¤Variable Rate Demand Note – 3.33% | ||||||
City of New York Series C 0.17% 10/1/23 | 1,700,000 | 1,700,000 | ||||
Total Short-Term Investment (cost $1,700,000) | 1,700,000 |
Total Value of Securities – 98.47% | ||||||
(cost $50,139,965) | $ | 50,244,458 | ||||
Receivables and Other Assets | ||||||
Net of Liabilities – 1.53% | 779,340 | |||||
Net Assets Applicable to 4,915,713 | ||||||
Shares Outstanding – 100.00% | $ | 51,023,798 | ||||
Net Asset Value – Delaware Tax-Free New York Fund | ||||||
Class A ($36,615,324 / 3,525,167 Shares) | $10.39 | |||||
Net Asset Value – Delaware Tax-Free New York Fund | ||||||
Class B ($587,091 / 56,646 Shares) | $10.36 | |||||
Net Asset Value – Delaware Tax-Free New York Fund | ||||||
Class C ($13,821,383 / 1,333,900 Shares) |
|
$10.36 | ||||
Components of Net Assets at February 28, 2011: | ||||||
Shares of beneficial interest (unlimited authorization – no par) | $ | 51,325,823 | ||||
Distributions in excess of net investment income | (651 | ) | ||||
Accumulated net realized loss on investments | (405,867 | ) | ||||
Net unrealized appreciation of investments | 104,493 | |||||
Total net assets | $ | 51,023,798 |
• |
Variable rate security. The rate shown is the rate as of February 28, 2011. Interest rates reset periodically.
|
Ω | Step coupon bond. Indicates security that has a zero coupon that remains in effect until a predetermined date at which time the stated interest rate becomes effective. |
§ |
Pre-Refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 8 in “Notes to financial statements.”
|
¤ |
Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee or insurance issued with respect to such instrument.
|
Net Asset Value and Offering Price Per Share – | |||
Delaware Tax-Free New York Fund | |||
Net asset value Class A (A) | $ | 10.39 | |
Sales charge (4.50% of offering price) (B) | 0.49 | ||
Offering price | $ | 10.88 |
(A) | Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares. | |
(B) | See the current prospectus for purchases of $100,000 or more. |
Statements of operations | |
Six Months Ended February 28, 2011 (Unaudited) |
Delaware Tax-Free | Delaware Tax-Free | Delaware Tax-Free | ||||||||||||||||
Arizona Fund | California Fund | Colorado Fund | ||||||||||||||||
Investment Income: | ||||||||||||||||||
Interest | $ | 2,716,539 | $ | 2,312,070 | $ | 6,046,066 | ||||||||||||
Expenses: | ||||||||||||||||||
Management fees | 276,860 | 242,532 | 654,431 | |||||||||||||||
Distribution expenses – Class A | 126,667 | 88,473 | 278,223 | |||||||||||||||
Distribution expenses – Class B | 10,327 | 11,867 | 5,959 | |||||||||||||||
Distribution expenses – Class C | 37,379 | 75,142 | 72,138 | |||||||||||||||
Dividend disbursing and transfer agent | ||||||||||||||||||
fees and expenses | 31,970 | 28,463 | 62,674 | |||||||||||||||
Accounting and administration expenses | 21,987 | 17,380 | 46,896 | |||||||||||||||
Audit and tax | 8,521 | 7,509 | 11,917 | |||||||||||||||
Registration fees | 7,843 | 4,112 | 4,243 | |||||||||||||||
Reports and statements to shareholders | 7,557 | 5,906 | 12,435 | |||||||||||||||
Legal fees | 7,256 | 4,163 | 10,719 | |||||||||||||||
Pricing fees | 4,279 | 5,071 | 5,702 | |||||||||||||||
Trustees’ fees | 3,065 | 2,437 | 6,618 | |||||||||||||||
Insurance fees | 2,939 | 1,791 | 5,624 | |||||||||||||||
Custodian fees | 1,172 | 812 | 2,463 | |||||||||||||||
Consulting fees | 708 | 434 | 1,380 | |||||||||||||||
Trustees’ expenses | 232 | 177 | 479 | |||||||||||||||
Dues and services | 90 | 178 | — | |||||||||||||||
548,852 | 496,447 | 1,181,901 | ||||||||||||||||
Less fees waived | (15,726 | ) | (68,477 | ) | (35,116 | ) | ||||||||||||
Less expense paid indirectly | (64 | ) | (45 | ) | (141 | ) | ||||||||||||
Total operating expenses | 533,062 | 427,925 | 1,146,644 | |||||||||||||||
Net Investment Income | 2,183,477 | 1,884,145 | 4,899,422 | |||||||||||||||
Net Realized and Unrealized Gain (Loss) | ||||||||||||||||||
on Investments: | ||||||||||||||||||
Net realized gain (loss) on investments | 84,334 | (937,387 | ) | (187,982 | ) | |||||||||||||
Net change in unrealized appreciation/ | ||||||||||||||||||
depreciation of investments | (7,848,679 | ) | (6,818,832 | ) | (17,330,960 | ) | ||||||||||||
Net Realized and Unrealized Loss | ||||||||||||||||||
on Investments | (7,764,345 | ) | (7,756,219 | ) | (17,518,942 | ) | ||||||||||||
Net Decrease in Net Assets | ||||||||||||||||||
Resulting from Operations | $ | (5,580,868 | ) | $ | (5,872,074 | ) | $ | (12,619,520 | ) |
Delaware Tax-Free | Delaware Tax-Free | |||||||||||
Idaho Fund | New York Fund | |||||||||||
Investment Income: | ||||||||||||
Interest | $ | 3,174,744 | $ | 1,210,255 | ||||||||
Expenses: | ||||||||||||
Management fees | 371,115 | 143,401 | ||||||||||
Distribution expenses – Class A | 121,432 | 46,967 | ||||||||||
Distribution expenses – Class B | 9,517 | 3,252 | ||||||||||
Distribution expenses – Class C | 179,695 | 69,090 | ||||||||||
Dividend disbursing and transfer agent | ||||||||||||
fees and expenses | 36,779 | 23,116 | ||||||||||
Accounting and administration expenses | 26,594 | 10,276 | ||||||||||
Reports and statements to shareholders | 9,139 | 4,614 | ||||||||||
Audit and tax | 8,930 | 6,661 | ||||||||||
Pricing fees | 5,537 | 6,541 | ||||||||||
Legal fees | 5,063 | 2,477 | ||||||||||
Trustees’ fees | 3,752 | 1,435 | ||||||||||
Registration fees | 3,459 | 6,202 | ||||||||||
Insurance fees | 3,233 | 771 | ||||||||||
Custodian fees | 1,360 | 598 | ||||||||||
Consulting fees | 679 | 167 | ||||||||||
Trustees’ expenses | 142 | 99 | ||||||||||
Dues and services | — | 1,895 | ||||||||||
786,426 | 327,562 | |||||||||||
Less fees waived | (17,265 | ) | (64,480 | ) | ||||||||
Less expense paid indirectly | (76 | ) | (28 | ) | ||||||||
Total operating expenses | 769,085 | 263,054 | ||||||||||
Net Investment Income | 2,405,659 | 947,201 | ||||||||||
Net Realized and Unrealized Loss | ||||||||||||
on Investments: | ||||||||||||
Net realized loss on investments | (438,472 | ) | (373,350 | ) | ||||||||
Net change in unrealized appreciation/ | ||||||||||||
depreciation of investments | (8,915,541 | ) | (3,476,164 | ) | ||||||||
Net Realized and Unrealized Loss | ||||||||||||
on Investments | (9,354,013 | ) | (3,849,514 | ) | ||||||||
Net Decrease in Net Assets | ||||||||||||
Resulting from Operations | $ | (6,948,354 | ) | $ | (2,902,313 | ) |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 2,183,477 | $ | 4,707,241 | ||||
Net realized gain on investments | 84,334 | 1,415,533 | ||||||
Net change in unrealized | ||||||||
appreciation/depreciation of investments | (7,848,679 | ) | 5,624,262 | |||||
Net increase (decrease) in net assets | ||||||||
resulting from operations | (5,580,868 | ) | 11,747,036 | |||||
Dividends and Distributions to Shareholders from: | ||||||||
Net investment income: | ||||||||
Class A | (2,020,269 | ) | (4,303,466 | ) | ||||
Class B | (33,247 | ) | (142,123 | ) | ||||
Class C | (121,013 | ) | (242,383 | ) | ||||
Net realized gain on investments: | ||||||||
Class A | (250,507 | ) | — | |||||
Class B | (5,139 | ) | — | |||||
Class C | (18,335 | ) | — | |||||
(2,448,510 | ) | (4,687,972 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 7,499,316 | 5,867,126 | ||||||
Class B | 395 | 66 | ||||||
Class C | 446,777 | 1,248,843 | ||||||
Net asset value of shares issued upon reinvestment | ||||||||
of dividends and distributions: | ||||||||
Class A | 1,252,864 | 2,128,544 | ||||||
Class B | 22,804 | 73,667 | ||||||
Class C | 87,940 | 150,229 | ||||||
9,310,096 | 9,468,475 |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares repurchased: | ||||||||
Class A | $ | (12,234,253 | ) | $ | (19,829,331 | ) | ||
Class B | (1,136,909 | ) | (3,923,060 | ) | ||||
Class C | (993,654 | ) | (1,103,623 | ) | ||||
(14,364,816 | ) | (24,856,014 | ) | |||||
Decrease in net assets derived from | ||||||||
capital share transactions | (5,054,720 | ) | (15,387,539 | ) | ||||
Net Decrease in Net Assets | (13,084,098 | ) | (8,328,475 | ) | ||||
Net Assets: | ||||||||
Beginning of period | 119,126,472 | 127,454,947 | ||||||
End of period1 | $ | 106,042,374 | $ | 119,126,472 | ||||
1Including undistributed net investment income | $ | 26,196 | $ | 26,196 |
Six Months | Year | ||||||
Ended | Ended | ||||||
2/28/11 | 8/31/10 | ||||||
(Unaudited) | |||||||
Increase (Decrease) in Net Assets from Operations: | |||||||
Net investment income | $ | 1,884,145 | $ | 3,591,752 | |||
Net realized loss on investments | (937,387 | ) | (292,440 | ) | |||
Net change in unrealized | |||||||
appreciation/depreciation of investments | (6,818,832 | ) | 7,517,014 | ||||
Net increase (decrease) in net assets | |||||||
resulting from operations | (5,872,074 | ) | 10,816,326 | ||||
Dividends and Distributions to Shareholders from: | |||||||
Net investment income: | |||||||
Class A | (1,560,712 | ) | (2,925,853 | ) | |||
Class B | (43,232 | ) | (146,321 | ) | |||
Class C | (275,196 | ) | (516,624 | ) | |||
(1,879,140 | ) | (3,588,798 | ) | ||||
Capital Share Transactions: | |||||||
Proceeds from shares sold: | |||||||
Class A | 9,407,032 | 15,942,030 | |||||
Class B | 26 | 140,364 | |||||
Class C | 2,381,082 | 3,335,303 | |||||
Net asset value of shares issued upon reinvestment | |||||||
of dividends and distributions: | |||||||
Class A | 962,914 | 1,696,001 | |||||
Class B | 32,465 | 105,254 | |||||
Class C | 198,851 | 357,093 | |||||
12,982,370 | 21,576,045 |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares repurchased: | ||||||||
Class A | $ | (11,688,627 | ) | $ | (11,521,238 | ) | ||
Class B | (1,128,838 | ) | (2,270,312 | ) | ||||
Class C | (2,301,060 | ) | (2,930,338 | ) | ||||
(15,118,525 | ) | (16,721,888 | ) | |||||
Increase (decrease) in net assets derived from | ||||||||
capital share transactions | (2,136,155 | ) | 4,854,157 | |||||
Net Increase (Decrease) in Net Assets | (9,887,369 | ) | 12,081,685 | |||||
Net Assets: | ||||||||
Beginning of period | 91,681,583 | 79,599,898 | ||||||
End of period1 | $ | 81,794,214 | $ | 91,681,583 | ||||
1Including undistributed net investment income | $ | 18,763 | $ | 18,763 |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 4,899,422 | $ | 10,219,749 | ||||
Net realized gain (loss) on investments | (187,982 | ) | 2,102,920 | |||||
Net change in unrealized | ||||||||
appreciation/depreciation of investments | (17,330,960 | ) | 12,877,406 | |||||
Net increase (decrease) in net assets | ||||||||
resulting from operations | (12,619,520 | ) | 25,200,075 | |||||
Dividends and Distributions to Shareholders from: | ||||||||
Net investment income: | ||||||||
Class A | (4,627,905 | ) | (9,708,463 | ) | ||||
Class B | (20,220 | ) | (71,622 | ) | ||||
Class C | (245,891 | ) | (467,286 | ) | ||||
(4,894,016 | ) | (10,247,371 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 5,309,558 | 15,893,257 | ||||||
Class B | 267 | — | ||||||
Class C | 1,266,904 | 4,043,038 | ||||||
Net asset value of shares issued upon reinvestment | ||||||||
of dividends and distributions: | ||||||||
Class A | 3,107,317 | 6,184,316 | ||||||
Class B | 12,824 | 36,966 | ||||||
Class C | 186,408 | 340,428 | ||||||
9,883,278 | 26,498,005 |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares repurchased: | ||||||||
Class A | $ | (17,373,904 | ) | $ | (24,936,523 | ) | ||
Class B | (358,483 | ) | (1,418,824 | ) | ||||
Class C | (2,007,808 | ) | (1,594,446 | ) | ||||
(19,740,195 | ) | (27,949,793 | ) | |||||
Decrease in net assets derived from | ||||||||
capital share transactions | (9,856,917 | ) | (1,451,788 | ) | ||||
Net Increase (Decrease) in Net Assets | (27,370,453 | ) | 13,500,916 | |||||
Net Assets: | ||||||||
Beginning of period | 254,129,172 | 240,628,256 | ||||||
End of period1 | $ | 226,758,719 | $ | 254,129,172 | ||||
1Including distributions in excess of | ||||||||
net investment income | $ | 108 | $ | — |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 2,405,659 | $ | 4,299,917 | ||||
Net realized gain (loss) on investments | (438,472 | ) | 89,825 | |||||
Net change in unrealized | ||||||||
appreciation/depreciation of investments | (8,915,541 | ) | 6,715,627 | |||||
Net increase (decrease) in net assets | ||||||||
resulting from operations | (6,948,354 | ) | 11,105,369 | |||||
Dividends and Distributions to Shareholders from: | ||||||||
Net investment income: | ||||||||
Class A | (1,825,908 | ) | (3,460,797 | ) | ||||
Class B | (28,483 | ) | (86,212 | ) | ||||
Class C | (542,646 | ) | (781,910 | ) | ||||
Net realized gain on investments: | ||||||||
Class A | (58,688 | ) | — | |||||
Class B | (1,213 | ) | — | |||||
Class C | (22,123 | ) | — | |||||
(2,479,061 | ) | (4,328,919 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 8,842,344 | 18,620,022 | ||||||
Class B | — | 9,917 | ||||||
Class C | 6,847,862 | 17,105,840 | ||||||
Net asset value of shares issued upon reinvestment | ||||||||
of dividends and distributions: | ||||||||
Class A | 1,400,641 | 2,431,970 | ||||||
Class B | 24,103 | 62,082 | ||||||
Class C | 447,300 | 568,025 | ||||||
17,562,250 | 38,797,856 |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares repurchased: | ||||||||
Class A | $ | (17,297,738 | ) | $ | (8,321,667 | ) | ||
Class B | (728,329 | ) | (1,131,494 | ) | ||||
Class C | (4,823,813 | ) | (2,773,980 | ) | ||||
(22,849,880 | ) | (12,227,141 | ) | |||||
Increase (decrease) in net assets derived from | ||||||||
capital share transactions | (5,287,630 | ) | 26,570,715 | |||||
Net Increase (Decrease) in Net Assets | (14,715,045 | ) | 33,347,165 | |||||
Net Assets: | ||||||||
Beginning of period | 142,327,600 | 108,980,435 | ||||||
End of period1 | $ | 127,612,555 | $ | 142,327,600 | ||||
1Including distributions in excess of | ||||||||
net investment income | $ | 11,301 | $ | 11,219 |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 947,201 | $ | 1,464,883 | ||||
Net realized loss on investments | (373,350 | ) | (26,599 | ) | ||||
Net change in unrealized | ||||||||
appreciation/depreciation of investments | (3,476,164 | ) | 2,648,873 | |||||
Net increase (decrease) in net assets | ||||||||
resulting from operations | (2,902,313 | ) | 4,087,157 | |||||
Dividends and Distributions to Shareholders from: | ||||||||
Net investment income: | ||||||||
Class A | (720,994 | ) | (1,144,578 | ) | ||||
Class B | (10,012 | ) | (25,736 | ) | ||||
Class C | (213,346 | ) | (290,855 | ) | ||||
(944,352 | ) | (1,461,169 | ) | |||||
Capital Share Transactions: | ||||||||
Proceeds from shares sold: | ||||||||
Class A | 6,857,330 | 16,389,706 | ||||||
Class B | — | 9,343 | ||||||
Class C | 3,067,254 | 8,918,180 | ||||||
Net asset value of shares issued upon reinvestment | ||||||||
of dividends and distributions: | ||||||||
Class A | 512,870 | 717,620 | ||||||
Class B | 7,365 | 15,971 | ||||||
Class C | 162,336 | 198,252 | ||||||
10,607,155 | 26,249,072 |
Six Months | Year | |||||||
Ended | Ended | |||||||
2/28/11 | 8/31/10 | |||||||
(Unaudited) | ||||||||
Capital Share Transactions (continued): | ||||||||
Cost of shares repurchased: | ||||||||
Class A | $ | (5,681,316 | ) | $ | (4,117,174 | ) | ||
Class B | (108,464 | ) | (362,784 | ) | ||||
Class C | (1,861,226 | ) | (1,929,785 | ) | ||||
(7,651,006 | ) | (6,409,743 | ) | |||||
Increase in net assets derived from | ||||||||
capital share transactions | 2,956,149 | 19,839,329 | ||||||
Net Increase (Decrease) in Net Assets | (890,516 | ) | 22,465,317 | |||||
Net Assets: | ||||||||
Beginning of period | 51,914,314 | 29,448,997 | ||||||
End of period1 | $ | 51,023,798 | $ | 51,914,314 | ||||
1Including distributions in excess of | ||||||||
net investment income | $ | 651 | $ | 651 |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain on investments |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
Six Months Ended | Year Ended | |||||||||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
$ | 11.760 | $ | 11.090 | $ | 10.930 | $ | 11.070 | $ | 11.350 | $ | 11.560 | |||||||||||||||
0.224 | 0.447 | 0.431 | 0.444 | 0.465 | 0.467 | |||||||||||||||||||||
(0.784 | ) | 0.668 | 0.158 | (0.140 | ) | (0.280 | ) | (0.210 | ) | |||||||||||||||||
(0.560 | ) | 1.115 | 0.589 | 0.304 | 0.185 | 0.257 | ||||||||||||||||||||
(0.223 | ) | (0.445 | ) | (0.429 | ) | (0.444 | ) | (0.465 | ) | (0.467 | ) | |||||||||||||||
(0.027 | ) | — | — | — | — | — | ||||||||||||||||||||
(0.250 | ) | (0.445 | ) | (0.429 | ) | (0.444 | ) | (0.465 | ) | (0.467 | ) | |||||||||||||||
$ | 10.950 | $ | 11.760 | $ | 11.090 | $ | 10.930 | $ | 11.070 | $ | 11.350 | |||||||||||||||
(4.79% | ) | 10.27% | 5.64% | 2.78% | 1.63% | 2.31% | ||||||||||||||||||||
$ | 97,408 | $ | 108,214 | $ | 113,689 | $ | 122,027 | $ | 125,636 | $ | 131,468 | |||||||||||||||
0.90% | 0.86% | 0.75% | 0.75% | 0.76% | 0.76% | |||||||||||||||||||||
0.93% | 0.92% | 0.91% | 0.91% | 0.91% | 0.91% | |||||||||||||||||||||
4.01% | 3.94% | 4.07% | 4.02% | 4.11% | 4.12% | |||||||||||||||||||||
3.98% | 3.88% | 3.91% | 3.86% | 3.96% | 3.97% | |||||||||||||||||||||
6% | 15% | 27% | 29% | 9% | 8% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain on investments |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$11.760 | $11.100 | $10.940 | $11.070 | $11.360 | $11.570 | |||||||||||||||
0.182 | 0.362 | 0.352 | 0.361 | 0.380 | 0.382 | |||||||||||||||
(0.774 | ) | 0.658 | 0.158 | (0.130 | ) | (0.290 | ) | (0.210 | ) | |||||||||||
(0.592 | ) | 1.020 | 0.510 | 0.231 | 0.090 | 0.172 | ||||||||||||||
(0.181 | ) | (0.360 | ) | (0.350 | ) | (0.361 | ) | (0.380 | ) | (0.382 | ) | |||||||||
(0.027 | ) | — | — | — | — | — | ||||||||||||||
(0.208 | ) | (0.360 | ) | (0.350 | ) | (0.361 | ) | (0.380 | ) | (0.382 | ) | |||||||||
$10.960 | $11.760 | $11.100 | $10.940 | $11.070 | $11.360 | |||||||||||||||
(5.05% | ) | 9.35% | 4.85% | 2.10% | 0.78% | 1.54% | ||||||||||||||
$1,647 | $2,917 | $6,509 | $9,620 | $12,407 | $16,413 | |||||||||||||||
1.65% | 1.61% | 1.50% | 1.50% | 1.51% | 1.51% | |||||||||||||||
1.68% | 1.67% | 1.66% | 1.66% | 1.66% | 1.66% | |||||||||||||||
3.26% | 3.19% | 3.32% | 3.27% | 3.36% | 3.37% | |||||||||||||||
3.23% | 3.13% | 3.16% | 3.11% | 3.21% | 3.22% | |||||||||||||||
6% | 15% | 27% | 29% | 9% | 8% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain on investments |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$11.790 | $11.120 | $10.960 | $11.090 | $11.380 | $11.580 | |||||||||||||||
0.182 | 0.363 | 0.352 | 0.361 | 0.380 | 0.381 | |||||||||||||||
(0.784 | ) | 0.668 | 0.158 | (0.130 | ) | (0.290 | ) | (0.200 | ) | |||||||||||
(0.602 | ) | 1.031 | 0.510 | 0.231 | 0.090 | 0.181 | ||||||||||||||
(0.181 | ) | (0.361 | ) | (0.350 | ) | (0.361 | ) | (0.380 | ) | (0.381 | ) | |||||||||
(0.027 | ) | — | — | — | — | — | ||||||||||||||
(0.208 | ) | (0.361 | ) | (0.350 | ) | (0.361 | ) | (0.380 | ) | (0.381 | ) | |||||||||
$10.980 | $11.790 | $11.120 | $10.960 | $11.090 | $11.380 | |||||||||||||||
(5.12% | ) | 9.43% | 4.84% | 2.09% | 0.77% | 1.63% | ||||||||||||||
$6,987 | $7,995 | $7,257 | $8,806 | $7,609 | $8,117 | |||||||||||||||
1.65% | 1.61% | 1.50% | 1.50% | 1.51% | 1.51% | |||||||||||||||
1.68% | 1.67% | 1.66% | 1.66% | 1.66% | 1.66% | |||||||||||||||
3.26% | 3.19% | 3.32% | 3.27% | 3.36% | 3.37% | |||||||||||||||
3.23% | 3.13% | 3.16% | 3.11% | 3.21% | 3.22% | |||||||||||||||
6% | 15% | 27% | 29% | 9% | 8% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$11.570 | $10.620 | $10.800 | $11.010 | $11.400 | $11.490 | |||||||||||||||
0.242 | 0.497 | 0.448 | 0.449 | 0.454 | 0.450 | |||||||||||||||
(0.951 | ) | 0.950 | (0.182 | ) | (0.210 | ) | (0.390 | ) | (0.090 | ) | ||||||||||
(0.709 | ) | 1.447 | 0.266 | 0.239 | 0.064 | 0.360 | ||||||||||||||
(0.241 | ) | (0.497 | ) | (0.446 | ) | (0.449 | ) | (0.454 | ) | (0.450 | ) | |||||||||
(0.241 | ) | (0.497 | ) | (0.446 | ) | (0.449 | ) | (0.454 | ) | (0.450 | ) | |||||||||
$10.620 | $11.570 | $10.620 | $10.800 | $11.010 | $11.400 | |||||||||||||||
(6.17% | ) | 13.92% | 2.74% | 2.21% | 0.51% | 3.24% | ||||||||||||||
$65,349 | $72,902 | $61,132 | $67,174 | $76,537 | $75,995 | |||||||||||||||
0.82% | 0.82% | 0.88% | 0.88% | 0.89% | 0.88% | |||||||||||||||
0.98% | 0.98% | 0.97% | 0.97% | 0.97% | 0.97% | |||||||||||||||
4.42% | 4.48% | 4.42% | 4.11% | 3.98% | 3.97% | |||||||||||||||
4.26% | 4.32% | 4.33% | 4.02% | 3.90% | 3.88% | |||||||||||||||
17% | 35% | 59% | 34% | 21% | 14% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$11.610 | $10.670 | $10.840 | $11.060 | $11.440 | $11.530 | |||||||||||||||
0.202 | 0.416 | 0.373 | 0.367 | 0.368 | 0.365 | |||||||||||||||
(0.941 | ) | 0.940 | (0.172 | ) | (0.220 | ) | (0.380 | ) | (0.090 | ) | ||||||||||
(0.739 | ) | 1.356 | 0.201 | 0.147 | (0.012 | ) | 0.275 | |||||||||||||
(0.201 | ) | (0.416 | ) | (0.371 | ) | (0.367 | ) | (0.368 | ) | (0.365 | ) | |||||||||
(0.201 | ) | (0.416 | ) | (0.371 | ) | (0.367 | ) | (0.368 | ) | (0.365 | ) | |||||||||
$10.670 | $11.610 | $10.670 | $10.840 | $11.060 | $11.440 | |||||||||||||||
(6.40% | ) | 12.93% | 2.07% | 1.34% | (0.15% | ) | 2.46% | |||||||||||||
$1,949 | $3,254 | $4,938 | $6,589 | $9,384 | $14,918 | |||||||||||||||
1.57% | 1.57% | 1.63% | 1.63% | 1.64% | 1.63% | |||||||||||||||
1.73% | 1.73% | 1.72% | 1.72% | 1.72% | 1.72% | |||||||||||||||
3.67% | 3.73% | 3.67% | 3.36% | 3.23% | 3.22% | |||||||||||||||
3.51% | 3.57% | 3.58% | 3.27% | 3.15% | 3.13% | |||||||||||||||
17% | 35% | 59% | 34% | 21% | 14% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$11.590 | $10.640 | $10.810 | $11.030 | $11.420 | $11.500 | |||||||||||||||
0.202 | 0.415 | 0.373 | 0.367 | 0.368 | 0.365 | |||||||||||||||
(0.951 | ) | 0.950 | (0.172 | ) | (0.220 | ) | (0.390 | ) | (0.080 | ) | ||||||||||
(0.749 | ) | 1.365 | 0.201 | 0.147 | (0.022 | ) | 0.285 | |||||||||||||
(0.201 | ) | (0.415 | ) | (0.371 | ) | (0.367 | ) | (0.368 | ) | (0.365 | ) | |||||||||
(0.201 | ) | (0.415 | ) | (0.371 | ) | (0.367 | ) | (0.368 | ) | (0.365 | ) | |||||||||
$10.640 | $11.590 | $10.640 | $10.810 | $11.030 | $11.420 | |||||||||||||||
(6.50% | ) | 13.06% | 2.07% | 1.35% | (0.24% | ) | 2.56% | |||||||||||||
$14,496 | $15,526 | $13,530 | $14,991 | $13,453 | $12,768 | |||||||||||||||
1.57% | 1.57% | 1.63% | 1.63% | 1.64% | 1.63% | |||||||||||||||
1.73% | 1.73% | 1.72% | 1.72% | 1.72% | 1.72% | |||||||||||||||
3.67% | 3.73% | 3.67% | 3.36% | 3.23% | 3.22% | |||||||||||||||
3.51% | 3.57% | 3.58% | 3.27% | 3.15% | 3.13% | |||||||||||||||
17% | 35% | 59% | 34% | 21% | 14% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$11.260 | $10.600 | $10.640 | $10.730 | $11.040 | $11.200 | |||||||||||||||
0.223 | 0.455 | 0.452 | 0.448 | 0.464 | 0.488 | |||||||||||||||
(0.780 | ) | 0.661 | (0.041 | ) | (0.089 | ) | (0.310 | ) | (0.160 | ) | ||||||||||
(0.557 | ) | 1.116 | 0.411 | 0.359 | 0.154 | 0.328 | ||||||||||||||
(0.223 | ) | (0.456 | ) | (0.451 | ) | (0.449 | ) | (0.464 | ) | (0.488 | ) | |||||||||
(0.223 | ) | (0.456 | ) | (0.451 | ) | (0.449 | ) | (0.464 | ) | (0.488 | ) | |||||||||
$10.480 | $11.260 | $10.600 | $10.640 | $10.730 | $11.040 | |||||||||||||||
(4.97% | ) | 10.74% | 4.11% | 3.38% | 1.38% | 3.03% | ||||||||||||||
$212,238 | $237,545 | $226,393 | $234,630 | $246,695 | $258,773 | |||||||||||||||
0.91% | 0.93% | 0.90% | 0.93% | 0.94% | 0.93% | |||||||||||||||
0.94% | 0.95% | 0.95% | 0.95% | 0.96% | 0.94% | |||||||||||||||
4.17% | 4.16% | 4.43% | 4.16% | 4.22% | 4.43% | |||||||||||||||
4.14% | 4.14% | 4.38% | 4.14% | 4.20% | 4.42% | |||||||||||||||
8% | 17% | 27% | 15% | 12% | 8% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$11.270 | $10.610 | $10.640 | $10.730 | $11.050 | $11.200 | |||||||||||||||
0.183 | 0.373 | 0.375 | 0.367 | 0.382 | 0.405 | |||||||||||||||
(0.780 | ) | 0.661 | (0.031 | ) | (0.089 | ) | (0.320 | ) | (0.150 | ) | ||||||||||
(0.597 | ) | 1.034 | 0.344 | 0.278 | 0.062 | 0.255 | ||||||||||||||
(0.183 | ) | (0.374 | ) | (0.374 | ) | (0.368 | ) | (0.382 | ) | (0.405 | ) | |||||||||
(0.183 | ) | (0.374 | ) | (0.374 | ) | (0.368 | ) | (0.382 | ) | (0.405 | ) | |||||||||
$10.490 | $11.270 | $10.610 | $10.640 | $10.730 | $11.050 | |||||||||||||||
(5.32% | ) | 9.91% | 3.43% | 2.60% | 0.53% | 2.35% | ||||||||||||||
$993 | $1,429 | $2,693 | $3,961 | $5,326 | $8,221 | |||||||||||||||
1.66% | 1.68% | 1.65% | 1.68% | 1.69% | 1.68% | |||||||||||||||
1.69% | 1.70% | 1.70% | 1.70% | 1.71% | 1.69% | |||||||||||||||
3.42% | 3.41% | 3.68% | 3.41% | 3.47% | 3.68% | |||||||||||||||
3.39% | 3.39% | 3.63% | 3.39% | 3.45% | 3.67% | |||||||||||||||
8% | 17% | 27% | 15% | 12% | 8% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$11.290 | $10.630 | $10.660 | $10.750 | $11.070 | $11.220 | |||||||||||||||
0.183 | 0.374 | 0.375 | 0.367 | 0.382 | 0.405 | |||||||||||||||
(0.780 | ) | 0.661 | (0.031 | ) | (0.089 | ) | (0.320 | ) | (0.150 | ) | ||||||||||
(0.597 | ) | 1.035 | 0.344 | 0.278 | 0.062 | 0.255 | ||||||||||||||
(0.183 | ) | (0.375 | ) | (0.374 | ) | (0.368 | ) | (0.382 | ) | (0.405 | ) | |||||||||
(0.183 | ) | (0.375 | ) | (0.374 | ) | (0.368 | ) | (0.382 | ) | (0.405 | ) | |||||||||
$10.510 | $11.290 | $10.630 | $10.660 | $10.750 | $11.070 | |||||||||||||||
(5.31% | ) | 9.90% | 3.43% | 2.60% | 0.53% | 2.34% | ||||||||||||||
$13,528 | $15,155 | $11,542 | $9,836 | $10,152 | $9,971 | |||||||||||||||
1.66% | 1.68% | 1.65% | 1.68% | 1.69% | 1.68% | |||||||||||||||
1.69% | 1.70% | 1.70% | 1.70% | 1.71% | 1.69% | |||||||||||||||
3.42% | 3.41% | 3.68% | 3.41% | 3.47% | 3.68% | |||||||||||||||
3.39% | 3.39% | 3.63% | 3.39% | 3.45% | 3.67% | |||||||||||||||
8% | 17% | 27% | 15% | 12% | 8% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain on investments |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$12.120 | $11.490 | $11.260 | $11.260 | $11.450 | $11.630 | |||||||||||||||
0.218 | 0.431 | 0.436 | 0.437 | 0.448 | 0.449 | |||||||||||||||
(0.774 | ) | 0.633 | 0.228 | — | (0.190 | ) | (0.180 | ) | ||||||||||||
(0.556 | ) | 1.064 | 0.664 | 0.437 | 0.258 | 0.269 | ||||||||||||||
(0.217 | ) | (0.434 | ) | (0.434 | ) | (0.437 | ) | (0.448 | ) | (0.449 | ) | |||||||||
(0.007 | ) | — | — | — | — | — | ||||||||||||||
(0.224 | ) | (0.434 | ) | (0.434 | ) | (0.437 | ) | (0.448 | ) | (0.449 | ) | |||||||||
$11.340 | $12.120 | $11.490 | $11.260 | $11.260 | $11.450 | |||||||||||||||
(4.60% | ) | 9.44% | 6.12% | 3.93% | 2.27% | 2.40% | ||||||||||||||
$90,435 | $104,287 | $86,445 | $72,237 | $69,931 | $62,808 | |||||||||||||||
0.93% | 0.94% | 0.88% | 0.85% | 0.86% | 0.85% | |||||||||||||||
0.96% | 0.96% | 0.96% | 0.96% | 0.98% | 0.98% | |||||||||||||||
3.78% | 3.66% | 3.94% | 3.87% | 3.92% | 3.95% | |||||||||||||||
3.75% | 3.64% | 3.86% | 3.76% | 3.80% | 3.82% | |||||||||||||||
16% | 7% | 10% | 11% | 8% | 15% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain on investments |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$12.100 | $11.470 | $11.240 | $11.240 | $11.430 | $11.610 | |||||||||||||||
0.175 | 0.343 | 0.353 | 0.353 | 0.363 | 0.364 | |||||||||||||||
(0.784 | ) | 0.633 | 0.228 | — | (0.190 | ) | (0.180 | ) | ||||||||||||
(0.609 | ) | 0.976 | 0.581 | 0.353 | 0.173 | 0.184 | ||||||||||||||
(0.174 | ) | (0.346 | ) | (0.351 | ) | (0.353 | ) | (0.363 | ) | (0.364 | ) | |||||||||
(0.007 | ) | — | — | — | — | — | ||||||||||||||
(0.181 | ) | (0.346 | ) | (0.351 | ) | (0.353 | ) | (0.363 | ) | (0.364 | ) | |||||||||
$11.310 | $12.100 | $11.470 | $11.240 | $11.240 | $11.430 | |||||||||||||||
(4.97% | ) | 8.64% | 5.34% | 3.17% | 1.51% | 1.64% | ||||||||||||||
$1,610 | $2,450 | $3,359 | $5,123 | $6,003 | $7,892 | |||||||||||||||
1.68% | 1.69% | 1.63% | 1.60% | 1.61% | 1.60% | |||||||||||||||
1.71% | 1.71% | 1.71% | 1.71% | 1.73% | 1.73% | |||||||||||||||
3.03% | 2.91% | 3.19% | 3.12% | 3.17% | 3.20% | |||||||||||||||
3.00% | 2.89% | 3.11% | 3.01% | 3.05% | 3.07% | |||||||||||||||
16% | 7% | 10% | 11% | 8% | 15% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain on investments |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$12.110 | $11.480 | $11.250 | $11.250 | $11.440 | $11.630 | |||||||||||||||
0.175 | 0.342 | 0.353 | 0.352 | 0.363 | 0.364 | |||||||||||||||
(0.774 | ) | 0.633 | 0.228 | — | (0.190 | ) | (0.190 | ) | ||||||||||||
(0.599 | ) | 0.975 | 0.581 | 0.352 | 0.173 | 0.174 | ||||||||||||||
(0.174 | ) | (0.345 | ) | (0.351 | ) | (0.352 | ) | (0.363 | ) | (0.364 | ) | |||||||||
(0.007 | ) | — | — | — | — | — | ||||||||||||||
(0.181 | ) | (0.345 | ) | (0.351 | ) | (0.352 | ) | (0.363 | ) | (0.364 | ) | |||||||||
$11.330 | $12.110 | $11.480 | $11.250 | $11.250 | $11.440 | |||||||||||||||
(4.97% | ) | 8.63% | 5.34% | 3.16% | 1.51% | 1.56% | ||||||||||||||
$35,568 | $35,591 | $19,176 | $11,490 | $11,535 | $13,430 | |||||||||||||||
1.68% | 1.69% | 1.63% | 1.60% | 1.61% | 1.60% | |||||||||||||||
1.71% | 1.71% | 1.71% | 1.71% | 1.73% | 1.73% | |||||||||||||||
3.03% | 2.91% | 3.19% | 3.12% | 3.17% | 3.20% | |||||||||||||||
3.00% | 2.89% | 3.11% | 3.01% | 3.05% | 3.07% | |||||||||||||||
16% | 7% | 10% | 11% | 8% | 15% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$11.150 | $10.450 | $10.300 | $10.300 | $10.550 | $10.700 | |||||||||||||||
0.204 | 0.429 | 0.409 | 0.411 | 0.435 | 0.449 | |||||||||||||||
(0.761 | ) | 0.700 | 0.148 | — | (0.250 | ) | (0.150 | ) | ||||||||||||
(0.557 | ) | 1.129 | 0.557 | 0.411 | 0.185 | 0.299 | ||||||||||||||
(0.203 | ) | (0.429 | ) | (0.407 | ) | (0.411 | ) | (0.435 | ) | (0.449 | ) | |||||||||
(0.203 | ) | (0.429 | ) | (0.407 | ) | (0.411 | ) | (0.435 | ) | (0.449 | ) | |||||||||
$10.390 | $11.150 | $10.450 | $10.300 | $10.300 | $10.550 | |||||||||||||||
(5.02% | ) | 11.02% | 5.65% | 4.04% | 1.75% | 2.90% | ||||||||||||||
$36,615 | $37,716 | $22,780 | $15,340 | $14,817 | $13,519 | |||||||||||||||
0.80% | 0.80% | 0.85% | 0.85% | 0.79% | 0.65% | |||||||||||||||
1.05% | 1.07% | 1.10% | 1.09% | 1.10% | 1.09% | |||||||||||||||
3.84% | 3.94% | 4.10% | 3.97% | 4.13% | 4.28% | |||||||||||||||
3.59% | 3.67% | 3.85% | 3.73% | 3.82% | 3.84% | |||||||||||||||
26% | 15% | 36% | 28% | 14% | 20% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$11.120 | $10.420 | $10.270 | $10.280 | $10.530 | $10.670 | |||||||||||||||
0.164 | 0.347 | 0.334 | 0.333 | 0.357 | 0.370 | |||||||||||||||
(0.761 | ) | 0.700 | 0.148 | (0.010 | ) | (0.250 | ) | (0.140 | ) | |||||||||||
(0.597 | ) | 1.047 | 0.482 | 0.323 | 0.107 | 0.230 | ||||||||||||||
(0.163 | ) | (0.347 | ) | (0.332 | ) | (0.333 | ) | (0.357 | ) | (0.370 | ) | |||||||||
(0.163 | ) | (0.347 | ) | (0.332 | ) | (0.333 | ) | (0.357 | ) | (0.370 | ) | |||||||||
$10.360 | $11.120 | $10.420 | $10.270 | $10.280 | $10.530 | |||||||||||||||
(5.39% | ) | 10.21% | 4.88% | 3.17% | 0.99% | 2.23% | ||||||||||||||
$587 | $736 | $1,018 | $1,549 | $2,164 | $2,858 | |||||||||||||||
1.55% | 1.55% | 1.60% | 1.60% | 1.54% | 1.40% | |||||||||||||||
1.80% | 1.82% | 1.85% | 1.84% | 1.85% | 1.84% | |||||||||||||||
3.09% | 3.19% | 3.35% | 3.22% | 3.38% | 3.53% | |||||||||||||||
2.84% | 2.92% | 3.10% | 2.98% | 3.07% | 3.09% | |||||||||||||||
26% | 15% | 36% | 28% | 14% | 20% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income |
Net realized and unrealized gain (loss) on investments |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets |
prior to fees waived and expense paid indirectly |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets |
prior to fees waived and expense paid indirectly |
Portfolio turnover |
1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
|
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
|
Six Months Ended | Year Ended | |||||||||||||||||||
2/28/111 | 8/31/10 | 8/31/09 | 8/31/08 | 8/31/07 | 8/31/06 | |||||||||||||||
(Unaudited) | ||||||||||||||||||||
$11.120 | $10.420 | $10.270 | $10.280 | $10.530 | $10.670 | |||||||||||||||
0.164 | 0.346 | 0.333 | 0.333 | 0.357 | 0.370 | |||||||||||||||
(0.761 | ) | 0.700 | 0.148 | (0.010 | ) | (0.250 | ) | (0.140 | ) | |||||||||||
(0.597 | ) | 1.046 | 0.481 | 0.323 | 0.107 | 0.230 | ||||||||||||||
(0.163 | ) | (0.346 | ) | (0.331 | ) | (0.333 | ) | (0.357 | ) | (0.370 | ) | |||||||||
(0.163 | ) | (0.346 | ) | (0.331 | ) | (0.333 | ) | (0.357 | ) | (0.370 | ) | |||||||||
$10.360 | $11.120 | $10.420 | $10.270 | $10.280 | $10.530 | |||||||||||||||
(5.39% | ) | 10.20% | 4.88% | 3.17% | 0.99% | 2.23% | ||||||||||||||
$13,822 | $13,462 | $5,651 | $2,049 | $2,131 | $2,068 | |||||||||||||||
1.55% | 1.55% | 1.60% | 1.60% | 1.54% | 1.40% | |||||||||||||||
1.80% | 1.82% | 1.85% | 1.84% | 1.85% | 1.84% | |||||||||||||||
3.09% | 3.19% | 3.35% | 3.22% | 3.38% | 3.53% | |||||||||||||||
2.84% | 2.92% | 3.10% | 2.98% | 3.07% | 3.09% | |||||||||||||||
26% | 15% | 36% | 28% | 14% | 20% |
Notes to financial statements | |
Delaware multiple state tax-free funds | February 28, 2011 (Unaudited) |
Delaware | Delaware | Delaware | Delaware | Delaware | ||||||
Tax-Free | Tax-Free | Tax-Free | Tax-Free | Tax-Free | ||||||
Arizona Fund | California Fund | Colorado Fund | Idaho Fund | New York Fund | ||||||
$64 | $45 | $141 | $76 | $28 |
Delaware | Delaware | Delaware | Delaware | Delaware | ||||||
Tax-Free | Tax-Free | Tax-Free | Tax-Free | Tax-Free | ||||||
Arizona Fund | California Fund | Colorado Fund | Idaho Fund | New York Fund | ||||||
On the first $500 million | 0.500% | 0.550% | 0.550% | 0.550% | 0.550% | |||||
On the next $500 million | 0.475% | 0.500% | 0.500% | 0.500% | 0.500% | |||||
On the next $1.5 billion | 0.450% | 0.450% | 0.450% | 0.450% | 0.450% | |||||
In excess of $2.5 billion | 0.425% | 0.425% | 0.425% | 0.425% | 0.425% |
Delaware | Delaware | Delaware | Delaware | Delaware | ||||||||||||||||
Tax-Free | Tax-Free | Tax-Free | Tax-Free | Tax-Free | ||||||||||||||||
Arizona Fund | California Fund | Colorado Fund | Idaho Fund | New York Fund | ||||||||||||||||
Effective December 29, 2010 | ||||||||||||||||||||
operating expense | ||||||||||||||||||||
limitation as a percentage | ||||||||||||||||||||
of average daily net assets | ||||||||||||||||||||
(per annum) | 0.59% | 0.57% | 0.59% | 0.63% | 0.55% | |||||||||||||||
Expiration date | 12/29/11 | 12/29/11 | 12/29/11 | 12/29/11 | 12/29/11 | |||||||||||||||
Through December 28, 2010, | ||||||||||||||||||||
operating expense | ||||||||||||||||||||
limitation as a percentage | ||||||||||||||||||||
of average daily net assets | ||||||||||||||||||||
(per annum) | —% | 0.57% | —% | —% | 0.55% |
Delaware | Delaware | Delaware | Delaware | Delaware | ||||||
Tax-Free | Tax-Free | Tax-Free | Tax-Free | Tax-Free | ||||||
Arizona Fund | California Fund | Colorado Fund | Idaho Fund | New York Fund | ||||||
$2,750 | $2,190 | $5,910 | $3,352 | $1,295 |
Delaware | Delaware | Delaware | Delaware | Delaware | ||||||
Tax-Free | Tax-Free | Tax-Free | Tax-Free | Tax-Free | ||||||
Arizona Fund | California Fund | Colorado Fund | Idaho Fund | New York Fund | ||||||
Investment management | ||||||||||
fee payable to DMC | $33,323 | $23,322 | $79,480 | $45,441 | $8,964 | |||||
Dividend disbursing, | ||||||||||
transfer agent and fund | ||||||||||
accounting oversight | ||||||||||
fees and other expenses | ||||||||||
payable to DSC | 2,157 | 1,772 | 4,773 | 2,743 | 1,344 | |||||
Distribution fees payable | ||||||||||
to DDLP | 25,095 | 25,164 | 51,420 | 45,429 | 17,838 | |||||
Other expenses payable to | ||||||||||
DMC and affiliates* | 3,921 | 3,601 | 8,172 | 4,417 | 3,149 |
Delaware | Delaware | Delaware | Delaware | Delaware | ||||||
Tax-Free | Tax-Free | Tax-Free | Tax-Free | Tax-Free | ||||||
Arizona Fund | California Fund | Colorado Fund | Idaho Fund | New York Fund | ||||||
$367 | $320 | $880 | $508 | $179 |
Delaware | Delaware | Delaware | Delaware | Delaware | ||||||
Tax-Free | Tax-Free | Tax-Free | Tax-Free | Tax-Free | ||||||
Arizona Fund | California Fund | Colorado Fund | Idaho Fund | New York Fund | ||||||
$3,505 | $16,636 | $14,513 | $16,891 | $10,370 |
Delaware | Delaware | Delaware | Delaware | Delaware | ||||||||||||||||
Tax-Free | Tax-Free | Tax-Free | Tax-Free | Tax-Free | ||||||||||||||||
Arizona Fund | California Fund | Colorado Fund | Idaho Fund | New York Fund | ||||||||||||||||
Class A | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
Class B | 350 | 688 | 49 | 150 | 0 | |||||||||||||||
Class C | 406 | 1,241 | 439 | 6,509 | 500 |
Delaware | Delaware | Delaware | Delaware | Delaware | |||||||||||||||||||
Tax-Free | Tax-Free | Tax-Free | Tax-Free | Tax-Free | |||||||||||||||||||
Arizona Fund | California Fund | Colorado Fund | Idaho Fund | New York Fund | |||||||||||||||||||
Purchases | $ | 6,515,149 | $ | 14,476,353 | $ | 18,798,976 | $ | 20,896,409 | $ | 15,641,733 | |||||||||||||
Sales | 15,976,455 | 17,897,905 | 37,207,508 | 28,250,503 | 13,293,029 |
Delaware | Delaware | Delaware | Delaware | Delaware | |||||||||||||||||
Tax-Free | Tax-Free | Tax-Free | Tax-Free | Tax-Free | |||||||||||||||||
Arizona Fund | California Fund | Colorado Fund | Idaho Fund | New York Fund | |||||||||||||||||
Cost of | |||||||||||||||||||||
investments | $ | 105,075,578 | $ | 84,393,586 | $ | 229,863,312 | $ | 125,241,395 | $ | 50,130,232 | |||||||||||
Aggregate | |||||||||||||||||||||
unrealized | |||||||||||||||||||||
appreciation | $ | 2,225,833 | $ | 1,587,462 | $ | 5,012,471 | $ | 3,098,920 | $ | 1,189,517 | |||||||||||
Aggregate | |||||||||||||||||||||
unrealized | |||||||||||||||||||||
depreciation | (2,419,263 | ) | (4,027,012 | ) | (8,793,241 | ) | (2,243,021 | ) | (1,075,291 | ) | |||||||||||
Net unrealized | |||||||||||||||||||||
appreciation | |||||||||||||||||||||
(depreciation) | $ | (193,430 | ) | $ | (2,439,550 | ) | $ | (3,780,770 | ) | $ | 855,899 | $ | 114,226 |
Level 1 – | inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts) |
Level 2 – |
other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)
|
Level 3 – |
inputs are significant unobservable inputs (including the Funds’ own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)
|
Delaware Tax-Free Arizona Fund | |||||||||
Level 1 | Level 2 | Total | |||||||
Municipal Bonds | $ | — | $ | 100,882,148 | $ | 100,882,148 | |||
Short-Term Investments | — | 4,000,000 | 4,000,000 | ||||||
Total | $ | — | $ | 104,882,148 | $ | 104,882,148 |
Delaware Tax-Free California Fund | |||||||||
Level 1 | Level 2 | Total | |||||||
Municipal Bonds | $ | — | $ | 78,069,169 | $ | 78,069,169 | |||
Short-Term Investments | 369,867 | 3,515,000 | 3,884,867 | ||||||
Total | $ | 369,867 | $ | 81,584,169 | $ | 81,954,036 | |||
Delaware Tax-Free Colorado Fund | |||||||||
Level 1 | Level 2 | Total | |||||||
Municipal Bonds | $ | — | $ | 214,640,754 | $ | 214,640,754 | |||
Short-Term Investments | 1,236,788 | 10,205,000 | 11,441,788 | ||||||
Total | $ | 1,236,788 | $ | 224,845,754 | $ | 226,082,542 | |||
Delaware Tax-Free Idaho Fund | |||||||||
Level 1 | Level 2 | Total | |||||||
Municipal Bonds | $ | — | $ | 123,302,266 | $ | 123,302,266 | |||
Short-Term Investment | 2,795,028 | — | 2,795,028 | ||||||
Total | $ | 2,795,028 | $ | 123,302,266 | $ | 126,097,294 |
Delaware Tax-Free New York Fund | |||||||||
Level 1 | Level 2 | Total | |||||||
Municipal Bonds | $ | — | $ | 48,544,458 | $ | 48,544,458 | |||
Short-Term Investment | — | 1,700,000 | 1,700,000 | ||||||
Total | $ | — | $ | 50,244,458 | $ | 50,244,458 |
Delaware | Delaware | Delaware | Delaware | Delaware | |||||||||||||||||||||
Tax-Free | Tax-Free | Tax-Free | Tax-Free | Tax-Free | |||||||||||||||||||||
Arizona Fund | California Fund | Colorado Fund | Idaho Fund | New York Fund | |||||||||||||||||||||
Six Months Ended 2/28/11* | |||||||||||||||||||||||||
Tax-exempt income | $ | 2,116,832 | $ | 1,829,739 | $ | 4,807,674 | $ | 2,330,162 | $ | 933,920 | |||||||||||||||
Ordinary income | 57,697 | 49,401 | 86,342 | 124,690 | 10,432 | ||||||||||||||||||||
Long-term capital gains | 273,981 | — | — | 24,209 | — | ||||||||||||||||||||
Total | $ | 2,448,510 | $ | 1,879,140 | $ | 4,894,016 | $ | 2,479,061 | $ | 944,352 | |||||||||||||||
Year Ended 8/31/10 | |||||||||||||||||||||||||
Tax-exempt income | $ | 4,579,114 | $ | 3,488,842 | $ | 10,068,514 | $ | 4,144,275 | $ | 1,443,380 | |||||||||||||||
Ordinary income | 108,858 | 99,956 | 178,857 | 184,644 | 17,789 | ||||||||||||||||||||
Total | $ | 4,687,972 | $ | 3,588,798 | $ | 10,247,371 | $ | 4,328,919 | $ | 1,461,169 |
Delaware | Delaware | Delaware | Delaware | Delaware | ||||||||||||||||||||||||||
Tax-Free | Tax-Free | Tax-Free | Tax-Free | Tax-Free | ||||||||||||||||||||||||||
Arizona Fund | California Fund | Colorado Fund | Idaho Fund | New York Fund | ||||||||||||||||||||||||||
Shares of beneficial | ||||||||||||||||||||||||||||||
interest | $ | 106,431,188 | $ | 85,660,742 | $ | 233,719,502 | $ | 127,284,338 | $ | 51,325,823 | ||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||
payable | (68,044 | ) | (56,579 | ) | (154,580 | ) | (78,370 | ) | (30,297 | ) | ||||||||||||||||||||
Undistributed | ||||||||||||||||||||||||||||||
tax-exempt | ||||||||||||||||||||||||||||||
income | 94,240 | 75,342 | 154,472 | 67,069 | 29,646 | |||||||||||||||||||||||||
Realized gains | ||||||||||||||||||||||||||||||
(losses) | ||||||||||||||||||||||||||||||
9/1/10- | ||||||||||||||||||||||||||||||
2/28/11 | 32,820 | (499,093 | ) | 201,062 | — | (4,824 | ) | |||||||||||||||||||||||
Post-October | ||||||||||||||||||||||||||||||
losses | (221,580 | ) | (936,431 | ) | (381,983 | ) | (516,381 | ) | (387,594 | ) | ||||||||||||||||||||
Capital loss | ||||||||||||||||||||||||||||||
carryforwards | ||||||||||||||||||||||||||||||
as of | ||||||||||||||||||||||||||||||
8/31/10 | (32,820 | ) | (10,217 | ) | (2,998,984 | ) | — | (23,182 | ) | |||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||
appreciation | ||||||||||||||||||||||||||||||
(depreciation) | ||||||||||||||||||||||||||||||
of investments | (193,430 | ) | (2,439,550 | ) | (3,780,770 | ) | 855,899 | 114,226 | ||||||||||||||||||||||
Net assets | $ | 106,042,374 | $ | 81,794,214 | $ | 226,758,719 | $ | 127,612,555 | $ | 51,023,798 |
Delaware | Delaware | Delaware | Delaware | Delaware | ||||||||||||||||||||||||||
Tax-Free | Tax-Free | Tax-Free | Tax-Free | Tax-Free | ||||||||||||||||||||||||||
Arizona Fund | California Fund | Colorado Fund | Idaho Fund | New York Fund | ||||||||||||||||||||||||||
Undistributed | ||||||||||||||||||||||||||||||
(distributions in excess of) | ||||||||||||||||||||||||||||||
net investment income | $ | (8,948 | ) | $ | (5,005 | ) | $ | (5,514 | ) | $ | (8,704 | ) | $ | (2,849 | ) | |||||||||||||||
Accumulated net realized | ||||||||||||||||||||||||||||||
gain (loss) | 9,835 | 5,005 | 5,514 | 14,046 | 2,849 | |||||||||||||||||||||||||
Paid-in capital | (887 | ) | — | — | (5,342 | ) | — |
Delaware | Delaware | Delaware | Delaware | ||||||||||||||||||
Year of | Tax-Free | Tax-Free | Tax-Free | Tax-Free | |||||||||||||||||
Expiration | Arizona Fund | California Fund | Colorado Fund | New York Fund | |||||||||||||||||
2012 | $ | 32,820 | $ | — | $ | 693,591 | $ | — | |||||||||||||
2013 | — | — | 57,695 | — | |||||||||||||||||
2014 | — | — | 2,203,520 | — | |||||||||||||||||
2016 | — | 10,217 | 44,178 | 14,929 | |||||||||||||||||
2018 | — | — | — | 8,253 | |||||||||||||||||
Total | $ | 32,820 | $ | 10,217 | $ | 2,998,984 | $ | 23,182 |
Delaware | Delaware | Delaware | Delaware | |||||
Tax-Free | Tax-Free | Tax-Free | Tax-Free | |||||
Arizona Fund | California Fund | Colorado Fund | New York Fund | |||||
$32,820 | $(499,093) | $201,062 | $(4,824) |
Delaware Tax-Free | Delaware Tax-Free | Delaware Tax-Free | ||||||||||||||||
Arizona Fund | California Fund | Colorado Fund | ||||||||||||||||
Six Months | Year | Six Months | Year | Six Months | Year | |||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||
2/28/11 | 8/31/10 | 2/28/11 | 8/31/10 | 2/28/11 | 8/31/10 | |||||||||||||
Shares sold: | ||||||||||||||||||
Class A | 677,496 | 515,840 | 838,112 | 1,434,211 | 491,212 | 1,455,185 | ||||||||||||
Class B | 34 | 6 | 13 | 12,712 | 26 | — | ||||||||||||
Class C | 39,479 | 109,633 | 217,053 | 298,932 | 114,899 | 370,563 | ||||||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||||||||
Class A | 111,861 | 187,152 | 87,759 | 152,556 | 289,079 | 566,146 | ||||||||||||
Class B | 2,030 | 6,483 | 2,942 | 9,449 | 1,191 | 3,385 | ||||||||||||
Class C | 7,834 | 13,172 | 18,114 | 32,069 | 17,305 | 31,073 | ||||||||||||
838,734 | 832,286 | 1,163,993 | 1,939,929 | 913,712 | 2,426,352 | |||||||||||||
Shares repurchased: | ||||||||||||||||||
Class A | (1,102,427 | ) | (1,748,428 | ) | (1,076,649 | ) | (1,038,915 | ) | (1,626,010 | ) | (2,288,864 | ) | ||||||
Class B | (99,784 | ) | (344,965 | ) | (100,415 | ) | (204,969 | ) | (33,410 | ) | (130,484 | ) | ||||||
Class C | (89,470 | ) | (97,006 | ) | ( 212,799 | ) | (262,607 | ) | (187,215 | ) | (145,599 | ) | ||||||
(1,291,681 | ) | (2,190,399 | ) | (1,389,863 | ) | (1,506,491 | ) | (1,846,635 | ) | (2,564,947 | ) | |||||||
Net increase | ||||||||||||||||||
(decrease) | (452,947 | ) | (1,358,113 | ) | (225,870 | ) | 433,438 | (932,923 | ) | (138,595 | ) |
Delaware Tax-Free | Delaware Tax-Free | |||||||||||
Idaho Fund | New York Fund | |||||||||||
Six Months | Year | Six Months | Year | |||||||||
Ended | Ended | Ended | Ended | |||||||||
2/28/11 | 8/31/10 | 2/28/11 | 8/31/10 | |||||||||
Shares sold: | ||||||||||||
Class A | 755,847 | 1,582,213 | 639,102 | 1,519,766 | ||||||||
Class B | — | 853 | — | 880 | ||||||||
Class C | 582,199 | 1,457,021 | 285,623 | 830,745 | ||||||||
Shares issued upon reinvestment of dividends and distributions: | ||||||||||||
Class A | 120,781 | 206,666 | 48,273 | 66,469 | ||||||||
Class B | 2,080 | 5,292 | 694 | 1,486 | ||||||||
Class C | 38,705 | 48,259 | 15,317 | 18,395 | ||||||||
1,499,612 | 3,300,304 | 989,009 | 2,437,741 | |||||||||
Shares repurchased: | ||||||||||||
Class A | (1,501,008 | ) | (709,358 | ) | (545,790 | ) | (383,035 | ) | ||||
Class B | (62,272 | ) | (96,566 | ) | (10,278 | ) | (33,835 | ) | ||||
Class C | (418,731 | ) | (237,236 | ) | (177,711 | ) | (180,662 | ) | ||||
(1,982,011 | ) | (1,043,160 | ) | (733,779 | ) | (597,532 | ) | |||||
Net increase (decrease) | (482,399 | ) | 2,257,144 | 255,230 | 1,840,209 |
Six Months Ended | Year Ended | |||||||||||||
2/28/11 | 8/31/10 | |||||||||||||
Class B | Class A | Class B | Class A | |||||||||||
Shares | Shares | Value | Shares | Shares | Value | |||||||||
Delaware Tax-Free | ||||||||||||||
Arizona Fund | 65,271 | 65,328 | $ | 745,118 | 202,963 | 203,104 | $ | 2,307,336 | ||||||
Delaware Tax-Free | ||||||||||||||
California Fund | 70,133 | 70,423 | 793,618 | 118,852 | 119,295 | 1,315,929 | ||||||||
Delaware Tax-Free | ||||||||||||||
Colorado Fund | 29,081 | 29,108 | 310,947 | 80,300 | 80,348 | 875,705 | ||||||||
Delaware Tax-Free | ||||||||||||||
Idaho Fund | 46,864 | 46,764 | 548,657 | 67,072 | 66,958 | 786,291 | ||||||||
Delaware Tax-Free | ||||||||||||||
New York Fund | 2,184 | 2,179 | 24,057 | 24,033 | 23,966 | 257,369 |
Delaware | Delaware | Delaware | Delaware | Delaware | ||||||
Tax-Free | Tax-Free | Tax-Free | Tax-Free | Tax-Free | ||||||
Arizona Fund | California Fund | Colorado Fund | Idaho Fund | New York Fund | ||||||
40.51% | 20.02% | 22.80% | 31.78% | 8.49% |
Board of trustees
|
|||
Patrick P. Coyne
Chairman, President, and Chief Executive Officer Delaware Investments® Family of Funds Philadelphia, PA Thomas L. Bennett
Private Investor Rosemont, PA John A. Fry
President Drexel University Philadelphia, PA |
Anthony D. Knerr
Founder and Managing Director Anthony Knerr & Associates New York, NY Lucinda S. Landreth
Former Chief Investment Officer Assurant, Inc. Philadelphia, PA |
Ann R. Leven
Consultant ARL Associates New York, NY Thomas F. Madison
President and Chief Executive Officer MLM Partners, Inc. Minneapolis, MN |
Janet L. Yeomans
Vice President and Treasurer 3M Corporation St. Paul, MN J. Richard Zecher
Founder Investor Analytics Scottsdale, AZ |
Affiliated officers | |||
David F. Connor
Vice President, Deputy General Counsel, and Secretary Delaware Investments Family of Funds Philadelphia, PA |
Daniel V. Geatens
Vice President and Treasurer Delaware Investments Family of Funds Philadelphia, PA |
David P. O’Connor
Senior Vice President, General Counsel, and Chief Legal Officer Delaware Investments Family of Funds Philadelphia, PA |
Richard Salus
Senior Vice President and Chief Financial Officer Delaware Investments Family of Funds Philadelphia, PA |
This semiannual report is for the information of Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free New York Fund shareholders, but it may be used with prospective investors when preceded or accompanied by a current prospectus for Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, and Delaware Tax-Free New York Fund and the Delaware Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at www.delawareinvestments.com.
The prospectus sets forth details about charges, expenses, investment objectives, and operating policies of the investment company. You should read the prospectus carefully before you invest. The figures in this report represent past results that are not a guarantee of future results. The return and principal value of an investment in the investment company will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.
|
Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.
Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. Each Fund’s Forms N-Q, as well as a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s Web site at www.sec.gov. In addition, a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities and each Fund’s Schedule of Investments are available without charge on each Fund’s Web site at www.delawareinvestments.com. Each Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.
Information (if any) regarding how each Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through each Fund’s Web site at www.delawareinvestments.com; and (ii) on the SEC’s Web site at www.sec.gov.
|
/s/ PATRICK P. COYNE | |
By: | Patrick P. Coyne |
Title: | Chief Executive Officer |
Date: | May 2, 2011 |
/s/ PATRICK P. COYNE | |
By: | Patrick P. Coyne |
Title: | Chief Executive Officer |
Date: | May 2, 2011 |
/s/ RICHARD SALUS | |
By: | Richard Salus |
Title: | Chief Financial Officer |
Date: | May 2, 2011 |
1. | I have reviewed this report on Form N-CSR of Voyageur Mutual Funds; | ||||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||||
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | ||||
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | ||||
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||||
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||||
(c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | ||||
(d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | ||||
5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | ||||
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | ||||
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: May 2, 2011 | |
/s/ PATRICK P. COYNE | |
By: | Patrick P. Coyne |
Title: | Chief Executive Officer |
1. | I have reviewed this report on Form N-CSR of Voyageur Mutual Funds; | ||||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||||
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | ||||
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | ||||
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||||
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||||
(c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | ||||
(d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | ||||
5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | ||||
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | ||||
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: May 2, 2011 | |
/s/ RICHARD SALUS | |
By: | Richard Salus |
Title: | Chief Financial Officer |
1. | The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and | |
2. | The information contained in the Report fairly represents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report. |
/s/ PATRICK P. COYNE | |
By: | Patrick P. Coyne |
Title: | Chief Executive Officer |
/s/ RICHARD SALUS | |
By: | Richard Salus |
Title: | Chief Financial Officer |
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