FITEX — Delaware Tax-Exempt Income Fund
Data updated: 2020-11-25
FITEX — Delaware Tax-Exempt Income Fund. Municipal - National Bond · $493.11M AUM · 0.62% expense ratio. Holdings, fees, performance and SEC filings.
FITEX Fund Overview
FITEX — Delaware Tax-Exempt Income Fund is a US mutual fund managed by Delaware Group Limited-Term Government Funds, categorised as Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Delaware Group Limited-Term Government Funds
- Category: Municipal - National Bond
- Assets under management: $493.11M
- Ticker: FITEX
- SEC CIK: 0000357059
- SEC series ID: S000065931
- Share class ID: C000212974
FITEX Investment Objective and Strategy
Delaware Tax-Exempt Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Delaware Group Limited-Term Government Funds.
Investment objective
Delaware Tax-Exempt Income Fund seeks a high level of interest income that is exempt from federal income tax.
Principal investment strategy
Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities the income from which is exempt from federal income tax, including the federal alternative minimum tax. This is a fundamental investment policy that may not be changed without prior shareholder approval (80% policy). However, the Fund typically attempts to invest all of its assets in securities that pay interest that is exempt from federal income tax, but may invest up to 20% of its net assets in securities that pay interest that is subject to the federal alternative minimum tax. The Fund diversifies its assets among municipal bonds and securities of different states, municipalities, and US territories. The Fund primarily invests in high quality municipal securities that are rated as, or, if unrated, are determined by the Funds investment manager, Delaware Management Company (Manager), to be, investment grade at the time of purchase.
The Fund may invest in securities insured against default by independent insurance companies and revenue bonds. To a lesser extent, the Fund may invest in high yield, below investment grade municipal bonds (commonly known as high yield or junk bonds). High yield bonds include those that are rated below Baa3 by Moodys Investors Service, Inc. or below BBB- by Standard & Poors and unrated bonds that are determined by the Manager to be of equivalent quality. When making investment decisions, the Manager focuses on bonds that it believes can generate attractive and consistent income. In selecting investments for the Fund, the Manager considers various factors, including: a securitys maturity, coupon, yield, credit quality, call protection and relative value and the outlook for interest rates and the economy.
The Manager may sell a security for various reasons, including to replace it with a security that offers a higher yield or better value, respond to a deterioration in credit quality, or raise cash. The Manager generally considers any capital gains or losses that may be incurred upon the sale of an investment. In addition, the Manager considers the duration of the Funds portfolio when deciding whether to buy or sell a security. The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions, but will typically have a dollar-weighted average effective maturity of between 3 and 10 years.
FITEX Costs and Fees
FITEX costs about $62 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.62%
- Gross expense ratio: 0.63%
- Portfolio turnover: 39%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
FITEX Cashflows
Over the 12 months to 2020-09, Delaware Tax-Exempt Income Fund had net inflows of $150.22M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-09 | $10.65M |
| 2020-08 | $7.91M |
| 2020-07 | $11.72M |
| 2020-06 | $9.20M |
| 2020-05 | $8.75M |
| 2020-04 | $8.20M |
FITEX Debt Constituents
No individual debt constituents are reported in Delaware Tax-Exempt Income Fund's latest SEC N-PORT filing.
FITEX Prospectus and SEC Filings
Official Delaware Tax-Exempt Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-05-15
- Prospectus (485BPOS) — filed 2019-10-25
- Prospectus supplement (497) — filed 2020-05-19
- Portfolio holdings (N-PORT) — filed 2020-11-25
- Portfolio holdings (N-PORT) — filed 2020-08-24
- Portfolio holdings (N-PORT) — filed 2020-05-28
- Annual census (N-CEN) — filed 2020-03-12
Related Funds
Other Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.