The securities in which the Funds typically invest. The risks of investing in the Funds. Disclosure of portfolio holdings information. Who manages the Funds. Investment manager. Portfolio managers. Manager of managers structure. Who's who. About your account.
Investing in the Funds. Choosing a share class. Dealer compensation. Payments to intermediaries. How to reduce your sales charge. Waivers of contingent deferred sales charges. How to buy shares. Calculating share price.
Fair valuation. Document delivery. Inactive accounts. How to redeem shares. Account minimums. Investor services. Frequent trading of Fund shares. Dividends, distributions, and taxes. Financial highlights. Additional information. What is the Fund's investment objective? Delaware Tax-Free Arizona Fund seeks as high a level of current income exempt from federal income tax and from the Arizona state personal income tax as is consistent with preservation of capital.
What are the Fund's fees and expenses? The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. If you redeem Class B shares during the first year after you bought them, you will pay a contingent deferred sales charge CDSC of 4. Class C shares redeemed within one year of purchase are subject to a 1. In addition, the Fund's distributor, Delaware Distributors, L. Distributor , has also contracted to limit the Fund's Class B shares' 12b-1 fees to no more than 0.
These waivers and reimbursements may only be terminated by agreement of the Manager or Distributor, as applicable, and the Fund. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Although your actual costs may be higher or lower, based on these assumptions your costs would be:.
Portfolio turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities or "turns over" its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.
These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. This is a fundamental investment policy that may not be changed without prior shareholder approval. Municipal debt obligations are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses.
Virgin Islands to the extent that these securities are also exempt from federal income taxes and Arizona state personal income taxes. The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions. The Fund's income level will vary depending on current interest rates and the specific securities in the portfolio.
The Fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors does not suit our investment needs. The Fund will generally have a dollar-weighted average effective maturity of between 5 and 30 years. Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio.
Principal risks include:. This risk is generally associated with bonds. High yield bonds are sometimes issued by municipalities with less financial strength and therefore less ability to make projected debt payments on the bonds. The Fund's past performance before and after taxes is not necessarily an indication of how it will perform in the future.
The returns reflect expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Fund's most recently available month-end performance by calling or by visiting our website at delawareinvestments. Year-by-year total return Class A. As of Sept. During the periods illustrated in this bar chart, Class A's highest quarterly return was 8. The maximum Class A sales charge of 4. If this fee were included, the returns would be less than those shown.
The average annual total returns in the table below do include the sales charge. Average annual total returns for periods ended December 31, After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor's individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored k plans and individual retirement accounts IRAs.
Who manages the Fund? Title with Delaware Management Company. Start date on the Fund. Joseph R. May Stephen J. July Gregory A. December Purchase and redemption of Fund shares. Shares may be purchased or redeemed: through your financial advisor; through the Fund's website at delawareinvestments. For Institutional Class shares except those shares purchased through an automatic investment plan , there is no minimum initial purchase requirement, but certain eligibility requirements must be met.
The eligibility requirements are described in the prospectus under "Choosing a share class" and on the Fund's website. We may reduce or waive the minimums or eligibility requirements in certain cases. No new or subsequent investments currently are allowed in the Fund's Class B shares, except through a reinvestment of dividends or capital gains or permitted exchanges.
Tax information. The Fund's distributions primarily are exempt from regular federal and state income tax for residents of Arizona. A portion of these distributions, however, may be subject to the federal alternative minimum tax. The Fund may also make distributions that are taxable to you as ordinary income or capital gains.
Ask your salesperson or visit your financial intermediary's website for more information. Delaware Tax-Free California Fund seeks as high a level of current income exempt from federal income tax and from the California state personal income tax as is consistent with preservation of capital. Municipal debt obligations may also include securities issued by U. Virgin Islands to the extent that these securities are also exempt from federal income taxes and California state personal income taxes.
Derivative contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to financial difficulties such as a bankruptcy or reorganization. During the periods illustrated in this bar chart, Class A's highest quarterly return was The Fund's distributions primarily are exempt from regular federal and state income tax for residents of California.
Virgin Islands to the extent that these securities are also exempt from federal income taxes and Colorado state personal income taxes. We will adjust the average maturity of the bonds in the portfolio to attempt to provide a high level of tax-exempt income consistent with preservation of capital.
The Fund's distributions primarily are exempt from regular federal and state income tax for residents of Colorado. During the periods illustrated in this bar chart, Class A's highest quarterly return was 7. The Fund's distributions primarily are exempt from regular federal and state income tax for residents of Idaho. Virgin Islands to the extent that these securities are also exempt from federal income taxes and New York state personal income taxes.
The Fund's distributions primarily are exempt from regular federal and state income tax for residents of New York. The Class A shares' distribution and service 12b-1 fees have been revised to reflect a permanent reduction in their fees to 0. Distributor , has contracted to limit the Fund's Class B shares' 12b-1 fees to no more than 0. The Fund's Class A shares also are subject to a blended 12b-1 fee of 0. The Fund will invest primarily in municipal bonds and notes that are exempt from federal and Pennsylvania state personal income taxes.
Municipal debt obligations are securities issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses. The Fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors does not suit its investment needs. The Fund's distributions primarily are exempt from regular federal and state income tax for residents of Pennsylvania.
If you redeem Class B shares during the first year after you buy them, you will pay a contingent deferred sales charge CDSC of 4. Under normal circumstances, the Fund will generally have a dollar-weighted average effective maturity of between 5 and 30 years. During the periods illustrated in this bar chart, Class A's highest quarterly return was 6. The Fund's distributions primarily are exempt from regular federal and state income tax for residents of Minnesota.
Accordingly, the Fund's Class B shares were eliminated effective May 30, and are no longer available for exchange. Delaware Tax-Free Minnesota Intermediate Fund seeks to provide investors with preservation of capital and, secondarily, current income exempt from federal income tax and Minnesota state personal income taxes, by maintaining a dollar-weighted average effective portfolio maturity of 10 years or less.
Distributor , has contracted to limit the Fund's Class A shares' 12b-1 fees to no more than 0. Under normal circumstances, the Fund will maintain a dollar-weighted average effective maturity of more than 3 years but less than 10 years. During the periods illustrated in this bar chart, Class A's highest quarterly return was 4. The maximum Class A sales charge of 2. The Fund may invest without limit in lower-rated municipal securities "junk bonds" , which typically offer higher income potential and involve greater risk than higher-quality securities.
During the periods illustrated in this bar chart, Class A's highest quarterly return was 9. We take a disciplined approach to investing, combining investment strategies and risk management techniques that we believe can help shareholders meet their goals. The Funds' investment manager, Delaware Management Company Manager or we , will analyze economic and market conditions, seeking to identify the securities or market sectors that we think are the best investments for a particular fund.
The Funds will invest primarily in tax-exempt obligations of issuers in their respective states. We will generally invest in securities for income rather than seeking capital appreciation through active trading. However, we may sell securities for a variety of reasons such as: to reinvest the proceeds in higher yielding securities; to eliminate investments not consistent with the preservation of capital; to honor redemption requests; or to address a weakening credit situation.
As a result, we may realize losses or capital gains that could be taxable to shareholders. Delaware Tax-Free Minnesota Intermediate Fund will generally have a dollar-weighted average effective maturity of more than 3 years but less than 10 years. This is a more conservative strategy than funds with longer dollar-weighted average effective maturities, which should result in the Fund experiencing less price volatility when interest rates rise or fall.
The remaining Funds described in this prospectus will generally have a dollar-weighted average effective maturity of between 5 and 30 years. Fixed income securities offer the potential for greater income payments than stocks, and also may provide capital appreciation. Municipal bond securities typically pay income free of federal income taxes and may also be free of state income taxes in the state where they are issued.
Please see the Funds' statement of additional information SAI for additional information about certain of the securities described below as well as other securities in which the Funds may invest. Tax-exempt obligations. Tax-exempt obligations are commonly known as municipal bonds. These are debt obligations issued by or for a state or territory, its agencies or instrumentalities, municipalities, or other political subdivisions.
The interest on these debt obligations can generally be excluded from federal income tax as well as personal income tax in the state where the bond is issued. Determination of a bond's tax-exempt status is based on the opinion of the bond issuer's legal counsel. Tax-exempt obligations may include securities subject to the alternative minimum tax. These bonds may include general obligation bonds and revenue bonds.
Delaware Minnesota High-Yield Municipal Bond Fund may invest in both investment grade and below-investment-grade debt obligations. Both investment grade and below-investment-grade bonds may include general obligation bonds and revenue bonds. High yield, high-risk municipal bonds junk bonds.
These securities are often referred to as "junk bonds" and are considered to be of poor standing and predominantly speculative. Delaware Minnesota High-Yield Municipal Bond Fund may invest without limit in high yield, high-risk fixed income securities. General obligation bonds. General obligation bonds are municipal bonds on which the payment of principal and interest is secured by the issuer's pledge of its full faith, credit, and taxing power.
How the Funds use them: Each Fund except for Delaware Minnesota High-Yield Municipal Bond Fund may invest without limit in general obligation bonds in the top four quality grades or bonds that are unrated, but which the Manager determines to be of equal quality.
Revenue bonds. Revenue bonds are municipal bonds on which principal and interest payments are made from revenues derived from a particular facility, from the proceeds of a special excise tax, or from revenue generated by an operating project. Principal and interest are not secured by the general taxing power. Tax-exempt industrial development bonds, in most cases, are a type of revenue bond that is not backed by the credit of the issuing municipality and may therefore involve more risk.
How the Funds use them: Each Fund except for Delaware Minnesota High-Yield Municipal Bond Fund may invest without limit in revenue bonds in the top four quality grades or bonds that are unrated, but which the Manager determines to be of equal quality. Insured municipal bonds. Various municipal issuers may obtain insurance for their obligations. In the event of a default, the insurer is required to make payments of interest and principal when due to the bondholders.
However, there is no assurance that the insurance company will meet its obligations. How the Funds use them: The Funds may invest without limit in insured bonds. It is possible that a substantial portion of a Fund's portfolio may consist of municipal bonds that are insured by a single insurance company. Insurance is available on uninsured bonds and a Fund may purchase such insurance directly.
We will generally do so only if we believe that purchasing and insuring a bond provides an investment opportunity at least comparable to owning other available insured securities. The purpose of insurance is to protect against credit risk.
It does not insure against market risk or guarantee the value of the securities in the portfolio or the value of shares of a Fund. Private activity or private placement bonds. Private activity bonds are municipal bonds whose proceeds are used to finance certain nongovernment activities, including some types of industrial revenue bonds and privately owned sports facilities.
Interest on certain private activity bonds, while exempt from regular federal income tax, is a tax preference item for taxpayers when determining their alternative minimum tax under the Internal Revenue Code of , as amended Internal Revenue Code. Private placement bonds are bonds sold directly to qualified institutional investors or accredited investors, such as banks, mutual funds, insurance companies, pension funds, and foundations.
Private placement bonds do not require registration with the U. Securities and Exchange Commission, provided the securities are bought for investment purposes rather than resale. Privately placed bonds encompass a wide variety of fixed income investments including corporate obligations, real estate related, project finance and asset-backed loans.
Inverse floaters. Inverse floaters are instruments with floating or variable interest rates that move in the opposite direction of short-term interest rates. Consequently, the market values of inverse floaters will generally be more volatile than other tax-exempt investments. Where a Fund has invested in inverse floaters that are deemed to be borrowings, the Fund will designate cash and liquid securities in an amount sufficient to terminate the inverse floater program, and will adjust the value of those designated assets on a daily basis.
Advance refunded bonds. In an advance refunding, the issuer will use the proceeds of a new bond issue to purchase high-grade interest-bearing debt securities that are deposited into an irrevocable escrow account held by a trustee bank to secure all future payments of principal and interest on pre-existing bonds, which are then considered to be "advance refunded bonds.
How the Funds use them: The Funds may invest without limit in advance refunded bonds. These bonds are generally considered to be of very high quality because of the escrow account, which typically holds U. Short-term tax-free instruments. Short-term tax-free instruments include instruments such as tax-exempt commercial paper and general obligation, revenue, and project notes, as well as variable floating-rate demand obligations.
Futures and options. Futures contracts are agreements for the purchase or sale of a security or a group of securities at a specified price, on a specified date. Unlike purchasing an option, a futures contract must be executed unless it is sold before the settlement date. Options represent a right to buy or sell a swap agreement or a security or a group of securities at an agreed-upon price at a future date. The purchaser of an option may or may not choose to go through with the transaction.
Certain options and futures may be considered derivative securities. How the Funds use them: The Funds may invest in futures, options, and closing transactions related thereto. We may only enter into these transactions for hedging purposes if it is consistent with a Fund's investment objective and policies. At times when we anticipate adverse conditions, we may want to protect gains on securities without actually selling them. We might use futures or options on futures to neutralize the effect of any price declines, without selling a bond or bonds.
Use of these strategies can increase the operating costs of the Funds and can lead to loss of principal. Restricted securities. Restricted securities are privately placed securities whose resale is restricted under U. How the Funds use them: Each Fund may invest in privately placed securities, including those that are eligible for resale only among certain institutional buyers without registration, commonly known as "Rule A Securities.
Illiquid securities. Illiquid securities are securities that do not have a ready market and cannot be readily sold within seven days at approximately the price at which a fund has valued them. Illiquid securities include repurchase agreements maturing in more than seven days.
Interest rate swap, index swap, and credit default swap agreements. In an interest rate swap, a fund receives payments from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An interest rate swap can also work in reverse with a fund receiving payments based on a fixed interest rate and making payments based on a variable or floating interest rate.
In an index swap, a fund receives gains or incurs losses based on the total return of a specified index, in exchange for making interest payments to another party. An index swap can also work in reverse with a fund receiving interest payments from another party in exchange for movements in the total return of a specified index.
In a credit default swap, a fund may transfer the financial risk of a credit event occurring a bond default, bankruptcy, or restructuring, for example on a particular security or basket of securities to another party by paying that party a periodic premium; likewise, a fund may assume the financial risk of a credit event occurring on a particular security or basket of securities in exchange for receiving premium payments from another party.
Interest rate swaps, index swaps, and credit default swaps may be considered illiquid. The Funds may also use interest rate swaps to hedge against changes in interest rates. We enter into credit default swaps in order to hedge against a credit event, to enhance total return, or to gain exposure to certain securities or markets.
At times when the Manager anticipates adverse conditions, the Manager may want to protect gains on securities without actually selling them. The Manager might use swaps to neutralize the effect of any price declines without selling a bond or bonds. Use of these strategies can increase the Funds' operating costs and lead to loss of principal. Municipal leases and certificates of participation. Certificates of participation COPs are widely used by state and local governments to finance the purchase of property and facilities.
COPs are like installment purchase agreements. A governmental corporation may create a COP when it issues long-term bonds to pay for the acquisition of property or facilities. The property or facilities are then leased to a municipality, which makes lease payments to repay interest and principal to the holders of the bonds. Once the lease payments are completed, the municipality gains ownership of the property for a nominal sum.
Delaware Minnesota High-Yield Municipal Bond Fund may invest without limit in below-investment-grade municipal lease obligations. Each Fund will rely on the opinion of the bond issuer's counsel for a determination of the bond's tax-exempt status. A feature that distinguishes COPs from municipal debt is that leases typically contain a "nonappropriation" or "abatement" clause. This means that the municipality leasing the property or facility must use its best efforts to make lease payments, but may terminate the lease without penalty if its legislature or other appropriating body does not allocate the necessary money.
In such a case, the creator of the COP, or its agent, is typically entitled to repossess the property. In many cases, however, the market value of the property will be less than the amount the municipality was paying. Zero coupon bonds. Therefore, they are issued and traded at a discount from their respective face amount or par value. How the Funds use them: The Funds may invest in zero coupon bonds.
The market prices of these bonds are generally more volatile than the market prices of securities that pay interest periodically and are likely to react to changes in interest rates to a greater degree than interest-paying bonds having similar maturities and credit quality. The bonds may have certain tax consequences which, under certain conditions, could be adverse to a Fund.
Repurchase agreements. A repurchase agreement is an agreement between a buyer of securities, such as a fund, and a seller of securities, in which the seller agrees to buy the securities back within a specified time at the same price the buyer paid for them, plus an amount equal to an agreed-upon interest rate.
Repurchase agreements are often viewed as equivalent to cash. How the Funds use them: Typically, each Fund uses repurchase agreements as a short-term investment for its cash position. A Fund will only enter into repurchase agreements in which the collateral comprises U. In the discretion of the Manager, a Fund may invest overnight cash balances in short-term discount notes issued or guaranteed by the U. Other investment strategies. Borrowing from banks. Each Fund may borrow money from banks as a temporary measure for extraordinary or emergency purposes or to facilitate redemptions.
The Funds will be required to pay interest to the lending banks on the amounts borrowed. As a result, borrowing money could result in the Funds being unable to meet their investment objectives. Purchasing securities on a when-issued or delayed-delivery basis. Each Fund may buy or sell securities on a when-issued or delayed-delivery basis; that is, paying for securities before delivery or taking delivery at a later date.
The Funds will designate cash or securities in amounts sufficient to cover their obligations, and will value the designated assets daily. Temporary defensive positions. In response to unfavorable market conditions, we may make temporary investments in cash or cash equivalents or other high-quality, short-term instruments. These investments may not be consistent with a Fund's investment objective.
To the extent that a Fund holds such instruments, it may be unable to achieve its investment objective. Downgraded quality ratings. A Fund may continue to hold a security whose quality rating has been lowered or, in the case of an unrated bond, after we have changed our assessment of its credit quality. Investing in any mutual fund involves risk, including the risk that you may receive little or no return on your investment, and the risk that you may lose part or all of the money you invest.
Because of the nature of the Funds, you should consider your investment to be a long-term investment that typically provides the best results when held for a number of years. You should also note that the failure of an issuer of a tax-exempt security to comply with certain legal or contractual requirements relating to the security could cause interest on the security, as well as Fund distributions derived from this interest, to become taxable, in some cases retroactively to the date the security was issued.
Please see the SAI for a further discussion of these risks and other risks not discussed here. Interest rate risk. Interest rate risk is the risk that securities will decrease in value if interest rates rise. The risk is greater for bonds with longer maturities than for those with shorter maturities. Swaps and inverse floaters may be particularly sensitive to interest rate changes. Depending on the actual movements of interest rates and how well the portfolio manager anticipates them, a fund could experience a higher or lower return than anticipated.
How the Funds strive to manage it: Interest rate risk is generally the most significant risk for these Funds. Because interest rate movements can be unpredictable, we do not try to increase return by aggressively capitalizing on interest rate moves.
We do attempt to manage the duration of a Fund in order to take advantage of our market outlook, especially on a longer term basis. Market risk. Index swaps are subject to the same market risks as the investment market or sector that the index represents. Depending on the actual movements of the index and how well the portfolio manager forecasts those movements, a fund could experience a higher or lower return than anticipated.
How the Funds strive to manage it: The Funds maintain a long-term investment approach and focus on securities that we believe can continue to provide returns over an extended time frame regardless of interim market fluctuations in the bond market. In evaluating the use of an index swap, the Manager carefully considers how market changes could affect the swap and how that compares to a Fund investing directly in the market the swap is intended to represent.
Industry and security risks. Industry risk is the risk that the value of securities in a particular industry such as financial services or manufacturing will decline because of changing expectations for the performance of that industry. Security risk is the risk that the value of an individual stock or bond will decline because of changing expectations for the performance of the individual company issuing the stock or bond due to situations that could range from decreased sales to events such as a pending merger or actual or threatened bankruptcy.
How the Funds strive to manage them: Each Fund spreads its assets across different types of municipal bonds and among bonds representing different industries and regions within a state. We also follow a rigorous selection process before choosing securities for the portfolios. We will generally concentrate our investments in a particular sector when the supply of bonds in other sectors does not suit our investment needs.
This will expose a Fund to greater industry and security risk. Credit risk. Credit risk is the risk that an issuer of a debt security, including a governmental issuer or an entity that insures the bond, may be unable to make interest payments and repay principal in a timely manner. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value, which would impact fund performance.
In the case of municipal bonds, issuers may be affected by poor economic conditions in their states. How the Funds strive to manage it: We conduct careful credit analysis of individual bonds and focus on high-quality bonds and limit our holdings of bonds rated below investment grade except for Delaware Minnesota High-Yield Municipal Bond Fund. We also hold a number of different bonds in each portfolio.
All of this is designed to help reduce credit risk. Delaware Minnesota High-Yield Municipal Bond Fund is subject to significant credit risk due to its investments in lower-quality, high yielding bonds. High yield, high-risk municipal bond junk bond risk. Investing in so-called "junk bonds" entails the risk of principal loss because they are rated below investment grade. Although experts disagree on the impact recessionary periods have had and will have on high yield municipal bonds, some analysts believe a protracted economic downturn would adversely affect the value of outstanding bonds and the ability of high yield issuers to repay principal and interest.
In particular, for a high yield revenue bond, adverse economic conditions to the particular project or industry that backs the bond would pose a significant risk. In striving to manage this risk, we hold a number of different bonds representing a variety of industries and municipal projects, seeking to minimize the effect that any one bond may have on the portfolio.
Call risk. Call risk is the risk that a bond issuer will prepay the bond during periods of low interest rates, forcing an investor to reinvest his or her money at interest rates that might be lower than rates on the called bond. How the Funds strive to manage it: We take into consideration the likelihood of prepayment when we select bonds and in certain environments may look for bonds that have protection against early prepayment.
Liquidity risk. Liquidity risk is the possibility that securities cannot be readily sold, within seven days, at approximately the price at which a fund has valued them. There is generally no established retail secondary market for high yield securities. As a result, the secondary market for high yield securities is more limited and less liquid than other secondary securities markets.
The high yield secondary market is particularly susceptible to liquidity problems when the institutions, such as mutual funds and certain financial institutions, which dominate it, temporarily stop buying bonds for regulatory, financial, or other reasons. Adverse publicity and investor perceptions may also disrupt the secondary market for high yield securities.
A less liquid secondary market may have an adverse effect on a Fund's ability to dispose of particular issues, when necessary, to meet the Fund's liquidity needs or in response to a specific economic event, such as the deterioration in the creditworthiness of the issuer. In striving to manage this risk, the Manager evaluates the size of a bond issuance as a way to anticipate its likely liquidity level. Swap agreements may be treated as illiquid securities, but swap dealers may be willing to repurchase interest rate swaps within seven days.
Geographic concentration risk. Geographic concentration risk is the risk that a fund that concentrates on investments from a particular state, region, or U. There is also the risk that an inadequate supply of municipal bonds exists in a particular state or U.
For the Funds that invest in municipal debt obligations issued by U. In striving to manage geographic concentration risk for the Funds, we carefully monitor the economies of each state, region, and U. In general, we believe they are broad enough to satisfy our investment needs. Alternative minimum tax risk.
Derivatives risk. Derivatives risk is the possibility that a fund may experience a significant loss if it employs a derivatives strategy including a strategy involving swaps such as interest rate swaps, index swaps, and credit default swaps related to a security or a securities index and that security or index moves in the opposite direction from what the portfolio management team had anticipated. Derivatives also involve additional expenses, which could reduce any benefit or increase any loss to a fund from using the strategy.
Counterparty risk. If a fund enters into a derivative contract such as a swap, futures, or options contract or a repurchase agreement, it will be subject to the risk that the counterparty to such a contract or agreement may fail to perform its obligations under the contract or agreement due to financial difficulties such as a bankruptcy or reorganization.
As a result, the fund may experience significant delays in obtaining any recovery, may obtain only a limited recovery, or may obtain no recovery at all. The Funds will hold collateral from counterparties consistent with applicable regulations. Government and regulatory risks. Governments or regulatory authorities have, from time to time, taken or considered actions that could adversely affect various sectors of the securities markets and significantly impact fund performance.
Government involvement in the private sector may, in some cases, include government investment in, or ownership of, companies in certain commercial business sectors; wage and price controls; or imposition of trade barriers and other protectionist measures. For example, an economic or political crisis may lead to price controls, forced mergers of companies, expropriation, the creation of government monopolies, foreign exchange controls, the introduction of new currencies and the redenomination of financial obligations into those currencies , or other measures that could be detrimental to the investments of a fund.
Such reclassifications or actions could cause interest from a security to become taxable, possibly retroactively, subjecting you to increased tax liability. In addition, such reclassifications or actions could cause the value of a security, and therefore the value of a fund's shares, to decline.
The Manager makes investment decisions for the Fund, manages the Fund's business affairs, and provides daily administrative services. For its services to the Funds, the Manager was paid an aggregate fee, net of fee waivers, during the last fiscal year as follows:. A discussion of the basis for the Boards' approval of the Funds' investment management agreements is available in the Funds' annual reports to shareholders for the period ended Aug.
Baxter, Stephen J. Czepiel, and Gregory A. Gizzi have an equal role in the management of the Funds. Baxter, Mr. Czepiel, and Mr. Gizzi assumed primary responsibility for making day-to-day investment decisions for the Funds in May , July , and December , respectively. Baxter is the head of the municipal bond department and is responsible for setting the department's investment strategy.
He is also a co-portfolio manager of the firm's municipal bond funds and several client accounts. Before joining Delaware Investments in as head municipal bond trader, he held investment positions with First Union, most recently as a municipal portfolio manager with the Evergreen Funds. Baxter received a bachelor's degree in finance and marketing from La Salle University.
Czepiel is a member of the firm's municipal fixed income portfolio management team with primary responsibility for portfolio construction and strategic asset allocation. He is a co-portfolio manager of the firm's municipal bond funds and client accounts. He joined Delaware Investments in July as a senior bond trader. He began his career in the securities industry in as a municipal bond trader at Kidder Peabody and now has more than 20 years of experience in the municipal securities industry.
Czepiel earned his bachelor's degree in finance and economics from Duquesne University. Gizzi is a member of the firm's municipal fixed income portfolio management team. Before joining Delaware Investments in January as head of municipal bond trading, he spent six years as a vice president at Lehman Brothers for the firm's tax-exempt institutional sales effort.
Prior to that, he spent two years trading corporate bonds for UBS before joining Lehman Brothers in a sales capacity. Gizzi has more than 20 years of trading experience in the municipal securities industry, beginning at Kidder Peabody in , where he started as a municipal bond trader and worked his way up to institutional block trading desk manager. He later worked in the same capacity at Dillon Read. Gizzi earned his bachelor's degree in economics from Harvard University. The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of Fund shares.
The Funds and the Manager have received an exemptive order from the U. Securities and Exchange Commission SEC to operate under a manager of managers structure that permits the Manager, with the approval of the Boards, to appoint and replace sub-advisers, enter into sub-advisory agreements, and materially amend and terminate sub-advisory agreements on behalf of the Funds without shareholder approval Manager of Managers Structure.
Under the Manager of Managers Structure, the Manager has ultimate responsibility, subject to oversight by the Funds' Boards, for overseeing the Funds' sub-advisers and recommending to the Boards their hiring, termination, or replacement. While the Manager does not currently expect to use the Manager of Managers Structure with respect to the Funds, the Manager may, in the future, recommend to the Funds' Boards the establishment of the Manager of Managers Structure by recommending the hiring of one or more sub-advisers to manage all or a portion of the Funds' portfolios.
The Manager of Managers Structure enables the Funds to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approvals for matters relating to sub-advisers or sub-advisory agreements.
The Manager of Managers Structure does not permit an increase in the overall management and advisory fees payable by the Funds without shareholder approval. Shareholders will be notified of any changes made to sub-advisers or sub-advisory agreements within 90 days of the change. Board of trustees: A mutual fund is governed by a board of trustees, which has oversight responsibility for the management of the fund's business affairs.
Trustees establish procedures and oversee and review the performance of the fund's service providers. Investment manager: An investment manager is a company responsible for selecting portfolio investments consistent with the objective and policies stated in the mutual fund's prospectus.
A written contract between a mutual fund and its investment manager specifies the services the investment manager performs and the fee the manager is entitled to receive. Portfolio managers: Portfolio managers make investment decisions for individual portfolios. Service agent: Mutual fund companies employ service agents sometimes called transfer agents to maintain records of shareholder accounts, calculate and disburse dividends and capital gains, and prepare and mail shareholder statements and tax information, among other functions.
Many service agents also provide customer service to shareholders. Financial advisors: Financial advisors provide advice to their clients. Because each share class has a different combination of sales charges, fees, and other features, you should consult your financial advisor to determine which class best suits your investment goals and time frame. Class A shares have an upfront sales charge of up to 4. You may qualify for other reduced sales charges, and, under certain circumstances, the sales charge may be waived, as described in "How to reduce your sales charge" below.
Class A shares are also subject to an annual 12b-1 fee no greater than 0. See "Dealer compensation" below for further information. The total 12b-1 fee to be paid by Class A shareholders of the Fund will be the sum of 0. All Class A shareholders will bear the Class A 12b-1 fee at the same rate, the blended rate based upon the allocation of the 0.
Class A shares generally are not subject to a CDSC except in the limited circumstances described in the table below. Class A shares generally are not available for purchase by anyone qualified to purchase Class B shares, except as described below. Class A sales charges. The table below details your sales charges on purchases of Class A shares. The offering price for Class A shares includes the front-end sales charge.
The sales charge as a percentage of the net amount invested is the maximum percentage of the amount invested rounded to the nearest hundredth. The actual sales charge that you pay as a percentage of the offering price and as a percentage of the net amount invested will vary depending on the then-current net asset value NAV , the percentage rate of the sales charge, and rounding.
In determining whether a Limited CDSC is payable, it will be assumed that shares not subject to the Limited CDSC are the first redeemed followed by other shares held for the longest period of time. See "Dealer compensation" below for a description of the amount of dealer compensation that is paid.
No new or subsequent investments, including investments through automatic investment plans, are allowed in the Funds' Class B shares if offered , except through a reinvestment of dividends or capital gains or permitted exchanges. Existing Class B shareholders wishing to make subsequent purchases in a Fund's shares will be permitted to invest in other classes of the Fund, subject to that class's pricing structure and eligibility requirements, if any. For Class B shares outstanding as of May 31, , and Class B shares acquired upon reinvestment of dividends or capital gains, all Class B share attributes, including the CDSC schedules, conversion to Class A schedule, and distribution and service 12b-1 fees, will continue in their current form.
Class B shares have no upfront sales charge, so the full amount of your purchase is invested. However, you will pay a CDSC if you redeem your shares within six years after you buy them. The CDSC is 3. In determining whether the CDSC applies to a redemption of Class B shares, it will be assumed that shares held for more than six years are redeemed first, followed by shares acquired through the reinvestment of dividends or distributions, and finally by shares held longest during the six-year period.
Under certain circumstances, the CDSC may be waived; please see "Waivers of contingent deferred sales charges" below for further information. For approximately eight years after you buy your Class B shares, they are subject to an annual 12b-1 fee no greater than 1. Because of their higher 12b-1 fee, Class B shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Class A shares.
Approximately eight years after you buy them, Class B shares automatically convert to Class A shares with a 12b-1 fee of no more than 0. Schmeck, Inc. Street Valet Service, Inc. Dasler, Inc. Finley, Inc. Farley, Inc. Washington, D. Heath-A Irving Smith, Inc. Ferrero, Inc. Albert Odell Corporation of Pittsburgh, Pa. Oil Company, The, J. Reilly and Company, Inc. Sheets, Inc. Knight Co. Sisler Co. Thompson Company, J. Stannard Lumber Co.
Lavery's Sons, Incorporated, James L. Allen Grain Company, Inc. Mott Company, Inc. Thomson, Inc. Heinze Cultivating Tractor Corporation, J. Phillips Dykes, Inc. Cranston Lumber Co. Dougherty, Inc. Brumby Co. John C. Cain Corporation, John G. Stevenson Co. Walker Investment Trust, Inc. Ornell Manufacturing Company, Inc.
Trainor, Inc. Cunningham, Inc. Automobile Association, Incorporated, K. Prichard, Inc. Harrison Petroleum Co. Bartlett, Inc. Meek Investment Corporation, L. Davis Company of California, L. Machintosh Advertising-Selling Service, Inc. Radiator Filter Co. Green, Inc.
Mellott Fur Farm, Inc. Schwartz's Miniature Soup Kitchens, Inc. Hines, Incorporated, Naborhood Delicatessen, Inc. Oasis Acres Incorporated, 0. Baied Engineering Laboratories, Inc. Decamp, Inc. Howard Company, Otis Garage, Inc. Company, Inc. Gordon, Inc. Minck and Co. Daemicke Company, Paul L. Smith Co. Amusement Company, Inc.
Anderson Shops, Incorporated, R. Smith, Inc. Martin, Inc. Corporation, The, R. Parkinson, Inc. Hunter, Inc. Hollingshead Corporation, R. Securities Corporation, Ralph W. Spurlock Investment Co. Lumber Company, Inc. Briody Co. Price, Inc. Company, Roosevelt Civic Legion, Inc. Safety Aircraft Corporation of America, S.
Di Simo Co. Industries, Inc. Rose, Inc. Frensdorf, Incorporated, S. Wilson Corporation, S. Crowen and Associates, Inc. Newport, Inc. String Company, Inc. Clair Carrousel Company, St. John's Lodge No. Kerschbaum, Inc. Gillespie Loading Company, T. Bruce Clark, Inc. Shannon Company, T. Corporation, T. Young, Inc. Vandoren, Inc. Gibbs Construction Company, Inc.
Management Corporation, U. Coal Machine Company, The, U. Movie Postage Service Corporation, U. Provision Company, Inc. Packing Company, U. Tire Service, Inc. Valley Arcade, Inc. Oilier Company, Valley Motor Co. Newman Corp. Floding Company, The, W. Noyes Co. Stearns Engineering Co. Early Sons Foundry Corp. O'Leary Company, The, W. Plumbing Supply Co.
In , the St. As described above, it was originally constructed as a coal-hauling route, and when that business declined, turning a profit proved difficult. The railroad's current prognosis is arguably better than it has been in a long time. Along with the NYC connection, haulage agreements with other railroads are greatly increasing traffic.
This is an indication of the increasing importance of reliable service. However, in July , the was sent to National Railway Equipment in Silvis, Illinois, for a complete rebuild and repaint. When emerged from the paint booth, it had been painted into Canadian Pacific's candy apple red paint. The and were scheduled for the same, but as of May , that has not happened. In , CPR finished installing an updated signaling system on the line.
In , CPR started doing extensive work on the line, possibly in preparation for increased traffic. The Delaware and Hudson was one of if not the longest-operating class I railroads in American history. While in independent operation, the railroad was well managed.
Loree ordered many of the railway's larger locomotives to be taken off the main line and serviced with the sole reasoning being to keep men working so they did not lose their jobs. Most of these engines were in excellent condition and did not need repairs.
From Wikipedia, the free encyclopedia. Railroad in the northeastern United States. This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. Main article: Delaware and Hudson Canal. See also: Delaware and Hudson Gravity Railroad. This section needs additional citations for verification.
August Learn how and when to remove this template message. Olyphant: David Wilcox: Leonor F. Loree : Thomas L. Hiltz, Jr. Dumaine, Jr. McCabe: John P. Fishwick: Gregory W. Maxwell: Carl B. Sterzing, Jr. Tobias: Interim CP E. Creel: Today CP. Railways portal Hudson Valley portal. There was no feasible way for a two-man barge crew to return such boat-trains against the current of the Delaware River over 60 miles back to the canal at Easton.
A portion of this cargo was sold to the managers of the water works, located in Center Square, where the city hall now stands. Nungesser, Harrisburg, PA Ancestry. Retrieved 12 June The Connecticut pioneers of the Wyoming Valley were the first to learn of the existence of coal in that portion of the region, while its presence was early suspected on the headwaters of the Schuylkill.
Times Union. Retrieved 8 October Archived from the original on Retrieved Warren County DPW. Warren County, NY. Retrieved 1 October National Register of Historic Places. National Park Service. July 9, Named trains of the Delaware and Hudson Railroad. Laurentian Montreal Limited. Class I railroads of North America.
Railroads in italics meet the revenue specifications for Class I status, but are not technically Class I railroads due to being passenger-only railroads with no freight component. Regional railroads of North America. Ferrero, Inc. Albert Odell Corporation of Pittsburgh, Pa. Oil Company, The, J. Reilly and Company, Inc. Sheets, Inc. Knight Co. Sisler Co. Thompson Company, J. Stannard Lumber Co. Lavery's Sons, Incorporated, James L.
Allen Grain Company, Inc. Mott Company, Inc. Thomson, Inc. Heinze Cultivating Tractor Corporation, J. Phillips Dykes, Inc. Cranston Lumber Co. Dougherty, Inc. Brumby Co. John C. Cain Corporation, John G. Stevenson Co. Walker Investment Trust, Inc. Ornell Manufacturing Company, Inc. Trainor, Inc. Cunningham, Inc. Automobile Association, Incorporated, K. Prichard, Inc. Harrison Petroleum Co. Bartlett, Inc. Meek Investment Corporation, L. Davis Company of California, L.
Machintosh Advertising-Selling Service, Inc. Radiator Filter Co. Green, Inc. Mellott Fur Farm, Inc. Schwartz's Miniature Soup Kitchens, Inc. Hines, Incorporated, Naborhood Delicatessen, Inc. Oasis Acres Incorporated, 0. Baied Engineering Laboratories, Inc. Decamp, Inc. Howard Company, Otis Garage, Inc. Company, Inc. Gordon, Inc. Minck and Co. Daemicke Company, Paul L. Smith Co. Amusement Company, Inc. Anderson Shops, Incorporated, R. Smith, Inc. Martin, Inc. Corporation, The, R.
Parkinson, Inc. Hunter, Inc. Hollingshead Corporation, R. Securities Corporation, Ralph W. Spurlock Investment Co. Lumber Company, Inc. Briody Co. Price, Inc. Company, Roosevelt Civic Legion, Inc. Safety Aircraft Corporation of America, S. Di Simo Co. Industries, Inc. Rose, Inc. Frensdorf, Incorporated, S. Wilson Corporation, S.
Crowen and Associates, Inc. Newport, Inc. String Company, Inc. Clair Carrousel Company, St. John's Lodge No. Kerschbaum, Inc. Gillespie Loading Company, T. Bruce Clark, Inc. Shannon Company, T. Corporation, T. Young, Inc. Vandoren, Inc. Gibbs Construction Company, Inc. Management Corporation, U. Coal Machine Company, The, U. Movie Postage Service Corporation, U.
Provision Company, Inc. Packing Company, U. Tire Service, Inc. Valley Arcade, Inc. Oilier Company, Valley Motor Co. Newman Corp. Floding Company, The, W. Noyes Co. Stearns Engineering Co. Early Sons Foundry Corp. O'Leary Company, The, W. Plumbing Supply Co.
Clark Company, Incorporated, W. Amusement Corporation, W. Beck, Inc. O'Donnell, Inc. Slattery Company, Inc. Pohle Music Co. BUCK, Governor of the State of Delaware, have hereunto set my hand and caused the Great Seal to be hereunto affixed this nineteenth day of January, in year of our Lord one thousand nine hundred and thirty-four and of the Independence of the United States of America, the one hundred and fifty-eighth.
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