Nomura National High-Yield Municipal Bond Fund
Voyageur Mutual Funds · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Nomura National High-Yield Municipal Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Long duration
Fund profile
As filed in the prospectus · 2025 Q4
Nomura National High-Yield Municipal Bond Fund seeks a high level of current income exempt from federal income tax primarily through investment in medium- and lower-grade municipal obligations.
The fund invests at least 80% of assets in municipal securities exempt from federal income tax, with emphasis on lower-rated bonds that offer higher current income. The manager adjusts average maturity between 5 and 30 years based on market conditions to balance tax-exempt income with capital preservation, and may concentrate holdings in particular bond types or market segments as needed. Because the fund targets lower-rated municipal securities, it bears greater credit and default risk than higher-quality municipal bond funds.
| Share class | Expense ratio |
|---|---|
| CXHYX | 0.85% |
| DVHCX | 1.60% |
| DVHIX | 0.60% |
Portfolio turnover 34.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 98.84% |
| Stocks | 0.10% |
Latest quarter
What changed since the fund's previous filing
Largest new: HOUSTON (TX), CITY OF, BAY AREA TOLL AUTH CALIF, MARICOPA CNTY ARIZ INDL DEV AUTH, MASSACHUSETTS ST DEV FIN AGY, NEW YORK N Y CITY TRANSITIONAL FIN AUTH, NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY (NY), SIERRA VISTA ARIZ INDL DEV AUTH, CHICAGO ILL
Largest exited: PUERTO RICO COMWLTH, TARRANT CNTY TEX CULTURAL ED FACS FIN CORP, NEW YORK TRANSN DEV CORP, NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY (THE) (NY), CALIFORNIA MUN FIN AUTH, BUCKEYE OHIO TOB SETTLEMENT FING AUTH, INDIANA FIN AUTH, CAPITAL TR AGY FLA
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +4.18% | +12.12% | +3.73% | 5.81% | -8.69% | |
| +3.51% | +9.59% | -0.04% | 5.91% | -8.99% | |
| +4.45% | +12.99% | +5.03% | 5.89% | -8.62% |
These classes hold the same portfolio, so the 5.07pp spread over 5 years is the cost difference between them — roughly 1.01pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-29
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 81.3% |
| Zero-coupon or unclassified | 12.8% |
| Floating rate | 5.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.5% |
| 1-3y | 0.8% |
| 3-5y | 1.1% |
| 5-10y | 3.5% |
| 10y+ | 94.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 50% |
| Interest rates | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +7.65 yr |
| High yield | +1.65 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.32 yr | 3% |
| 5 yr | 1.22 yr | 13% |
| 10 yr | 3.67 yr | 40% |
| 30 yr | 3.94 yr | 43% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.11 yr | 1% |
| 5 yr | 1.31 yr | 14% |
| 10 yr | 6.02 yr | 65% |
| 30 yr | 1.84 yr | 20% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.01 | +0.00 | $2.7k | $425 |
| 1 yr | +0.32 | +0.09 | +0.02 | $25.4k | $6.4k |
| 5 yr | +1.22 | +1.09 | +0.22 | $307.9k | $63.7k |
| 10 yr | +3.67 | +4.88 | +1.14 | $1.38m | $324.3k |
| 30 yr | +3.94 | +1.58 | +0.26 | $447.6k | $73.8k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | PUERTO RICO, COMMONWEALTH OF4.00% · due 2046-07-01 | 1.89% | $53.46M | — |
| — | TOBACCO SETTLEMENT FINANCING CORP (VA)0.00% · due 2047-06-01 | 1.61% | $45.52M | — |
| — | GDB DEBT RECOVERY AUTHORITY7.50% · due 2040-08-20 | 1.60% | $45.34M | — |
| — | PUERTO RICO, COMMONWEALTH OF0.00% floating · due 2043-11-01 | 1.58% | $44.72M | — |
| — | PUERTO RICO SALES TAX FINANCING CORP0.00% · due 2046-07-01 | 1.38% | $38.97M | — |
| — | PUERTO RICO SALES TAX FINANCING CORP0.00% · due 2051-07-01 | 1.35% | $38.19M | — |
| — | GOLDEN STATE TOBACCO SECURITIZATION CORP (CA)0.00% · due 2066-06-01 | 1.12% | $31.80M | — |
| — | PUERTO RICO SALES TAX FINANCING CORP4.75% · due 2053-07-01 | 1.01% | $28.58M | — |
| — | TOBACCO SETTLEMENT FINANCING CORP (VA)0.00% · due 2047-06-01 | 0.87% | $24.69M | — |
| — | INLAND EMPIRE TOBACCO SECURIZA TOBA0.00% · due 2057-06-01 | 0.86% | $24.43M | — |
Top 10 positions are 13.26% of net assets, top 25 23.17%, across 320 issuers.
See more of this fund's book
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