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Macquarie National Hi-Yld Muni Bd Instl (DVHIX)

9.75
-0.17
(-1.71%)
At close: 8:00:35 PM EDT

Fund Summary

Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities the income from which is exempt from federal income tax. It will invest primarily in lower-rated municipal securities, which typically offer higher income potential and involve greater risk than higher-quality securities.

Macquarie National Hi-Yld Muni Bd Instl

Minneapolis MN 55402-4115
2005 Market Street

Fund Overview

Category High Yield Muni
Fund Family Macquarie
Net Assets 3.64B
YTD Return -0.32%
Yield 4.92%
Morningstar Rating
Inception Date May 27, 1997

Fund Operations

Last Dividend 0.12
Last Cap Gain -6.00
Holdings Turnover 19.00%
Average for Category --

Fees & Expenses

Expense DVHIX Category Average
Annual Report Expense Ratio (net) 0.60% 0.92%
Prospectus Net Expense Ratio 0.60% --
Prospectus Gross Expense Ratio 0.62% --
Max 12b1 Fee -- --
Max Front End Sales Load -- 3.71%
Max Deferred Sales Load -- 1.38%
3 Yr Expense Projection 0 --
5 Yr Expense Projection 0 --
10 Yr Expense Projection 0 --

Management Information

Gregory A. Gizzi, Lead Manager since December 28, 2012
Gregory A. Gizzi is head of municipal bonds for Macquarie Asset Management Fixed Income (MFI) in the Americas, a role he assumed in February 2019. In this role, he is responsible for the overall operation of the strategy and is team lead on several of the tax-exempt strategies. Additionally, Gizzi continues to be responsible for MFI's taxable municipal business and the marketing efforts for the municipal product. Previously, Gizzi was co-portfolio manager of the firm's municipal bond funds and several client accounts, a role he held since November 2011. Before joining Macquarie Asset Management (MAM) in January 2008 as head of municipal bond trading, he spent six years as a vice president at Lehman Brothers for the firm's tax-exempt institutional sales effort. Prior to that, he spent two years trading corporate bonds for UBS before joining Lehman Brothers in a sales capacity. Gizzi has more than 20 years of trading experience in the municipal securities industry, beginning at Kidder Peabody in 1984, where he started as a municipal bond trader and worked his way up to institutional block trading desk manager. He later worked in the same capacity at Dillon Read. Gizzi earned his bachelor's degree in economics from Harvard University.

Morningstar Style Box

Morningstar Category

While the investment objective stated in a fund's prospectus may or may not reflect how the fund actually invests, the Morningstar category is assigned based on the underlying securities in each portfolio. Morningstar categories help investors and investment professionals make meaningful comparisons between funds. The categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing funds. We place funds in a given category based on their portfolio statistics and compositions over the past three years. If the fund is new and has no portfolio history, we estimate where it will fall before giving it a more permanent category assignment. When necessary, we may change a category assignment based on recent changes to the portfolio.

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