Delaware National High-Yld Muni Bd A LW  CXHYX.LW
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
High Yield Muni Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
   Avg Duration
   8.80 Yrs
   Avg Credit Quality
   BBB
As of 2009-06-30
Day Change
$ 0.00
  
NAV (2009-11-20)
$ 9.32
  
YTD Return % (2009-11-20)
29.46%
  
Total Assets ($ mil)
88
View Data Definitions
  Performance    
Growth of $10,000 Fund: Delaware National High-Yld Muni Bd A LW
(from 1999-01-01 to 2009-10-31) Category: High Yield Muni
Index: Barcap Municipal!
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 1986-09-22 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-20
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 29.46 20.85 1.59 3.50 4.67 6.16
+/- Category -0.02 4.59 3.62 1.91 1.09 ---
+/- Barcap Municipal! --- --- --- --- --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 32.26 13.55 2.72 4.28 4.65 6.27
Month-End (as of 2009-10-31) 29.73 21.61 1.84 3.59 4.67 6.16
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 21.64 1.82 3.58 4.65 ---
On Distribution & Sale of Shares --- 16.29 2.29 3.79 4.74 ---
Morningstar Rating --- --- ---
# of compared funds covered (3 yrs : out of 129 funds), (5 yrs : out of 107 funds), (10 yrs : out of 85 funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is none.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
General Obligations 3.80
Advance Refunded 9.80
State Appropriated Tobacco ---
Non-state Appropriated Tobacco 3.48
Education 23.23
Health 8.08
Housing 0.81
Industrial 16.34
Transportation 0.83
Utilities ---
Water/Sewer ---
Misc. Revenue 33.64
Bond Quality % of Bonds
AAA 5.8
AA 2.8
A 14.7
BBB 39.3
BB 8.4
B 5.2
Below B 0.7
Not Rated 23.1
 
Asset Allocation
% of Net Assets
Cash 3.1
Stocks 0.0
Bonds 96.9
Other 0.0
Foreign Stocks 0.0
(as a % of Assets)
Data through 2009-06-30 Data through 2009-06-30
 
Holding Status
Total Number of Stock Holdings Turnover % 67
Total Number of Bond Holdings 94 30 Day SEC Yield % 4.24
% of Assets in Top 10 Holdings 18.77 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
Illinois Fin Auth 7% 2044-08-15 1,795 1,745 2.42
Mississippi Dev Bk Spl Obl Spl Obli 6.4% 2029-07-01 1,585 1,617 2.24
GUAM GOVT GO BDS 2029-11-15 1,565 1,548 2.14
De Soto Parish La Environmenta Env 6.35% 2025-02-01 1,650 1,478 2.05
PUERTO RICO SALES TAX FING COR REV BDS 2032-08-01 2,030 1,281 1.77
WASHINGTON ST HEALTH CARE FACS REV BDS 2039-08-15 1,250 1,274 1.76
Milledgeville-Baldwin Cnty Ga Rev Bds 6% 2033-09-01 1,000 1,201 1.66
Illinois Edl Facs Auth 6.25% 2030-05-01 1,000 1,146 1.59
Bexar Cnty Tex Health Facs Dev Rev 6.3% 2032-07-01 1,000 1,142 1.58
Louisiana Pub Facs Auth 5.5% 2032-05-15 1,000 1,128 1.56
Data through 2009-06-30
  Other Information
Fund Inception: 1986-09-22
Portfolio Manager  (Start Date)
Joseph R. Baxter  (2003-01-31)
Baxter is a senior vice president and senior portfolio manager with Delaware Investments. Prior to joining Delaware Investments in 1999, he held investment positions with First Union.
Stephen J. Czepiel  (2007-07-16)
Czepiel is a senior vice president, senior municipal bond trader and head of municipal bond trading with Delaware Investments, his employer since July 2004. Previously, he was vice president at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a municipal bond trader at Kidder Peabody and now has more than 20 years of experience in municipal securities trading.
Sales Charge %
(taken from prospectus dated 2009-09-09)
Front: None
Deferred: None
Expense Ratio % 0.90
based on net assets
(taken from annual report dated 2008-08-31)
Correspondence Information
One Commerce Square
2005 Market Street
Philadelphia,  PA  19103
Telephone:
800-523-1918
215-255-1241
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.