||Number of funds
in category (Overall)
|Delaware National High-Yield Municipal Bond Fund (DVHIX)
||Morningstar High-Yield Muni Category
|Delaware Tax-Free USA Fund (DTFIX)
||Morningstar Muni National Long Category
|Delaware Tax-Free USA Intermediate Fund (DUSIX)
||Morningstar Muni National Intermediate Category
* as of 12/31/20
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than the performance quoted.
For use with financial professionals only.
This recording is intended for financial professionals and institutional investors only. This is not intended for use with the general public.
The views expressed in this podcast represent those of the speaker and are subject to change. Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy, and does not
constitute advice, an advertisement, an invitation, a confirmation, an offer or a solicitation to engage in any investment activity, or an offer of any banking or financial service.
Investing involves risk including the possible loss of principal. All examples herein are for illustrative purposes only and there can be no assurance that any particular investment objective will be realized or any investment
strategy seeking to achieve such objective will be successful. Past performance is not a reliable indication of future performance.
Before acting on any information, you should consider the appropriateness of it having regard to your particular objectives, financial situation and needs and seek advice.
No representation or warranty, express or implied, is made as to the accuracy or completeness of the information, opinions and conclusions presented. In preparing these recordings, reliance has been placed, without independent verification, on
the accuracy and completeness of all information available from external sources.
Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on
The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then
have to reinvest that money at a lower interest rate.
High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.
Substantially all dividend income derived from tax-free funds is exempt from federal income tax. Some income may be subject to state or local taxes and/or the federal alternative minimum tax (AMT) that applies to certain investors. Capital gains,
if any, are taxable.
Duration number will change as market conditions change. Therefore, duration should not be solely relied upon to indicate a municipal bond fund’s potential volatility.
The risk that all or a majority of the securities in a certain market — like the stock market or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor
confidence, or heavy institutional selling.
Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.
Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Institutional Class shares and Class R shares are available only to certain investors. See the prospectus for more information.
All third-party marks cited are the property of their respective owners.
Carefully consider the funds' investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the funds' prospectuses and their summary prospectuses. Obtain a prospectus and summary prospectus
by visiting delawarefunds.com/literature or calling 877 693-3546. Investors should read the prospectus and the summary prospectus carefully before investing.
The disruptions caused by natural disasters, pandemics, or similar events could prevent the strategy from executing advantageous investment decisions in a timely manner and could negatively impact the strategy’s ability to achieve its investment
objective and the value of the strategy’s investments.
Morningstar Rating is for the Institutional share class only; other classes may have different performance characteristics.
The Morningstar High-Yield Muni Category compares funds that typically invest a substantial portion of assets in high-income municipal securities that are not rated or that are rated at the level of or below BBB (considered high yield within the
municipal-bond industry) by a major ratings agency such as Standard & Poor's or Moody’s.
The Morningstar Muni National Intermediate Category compares funds that invest in bonds issued by various state and local governments to finance public projects. The income from these bonds is generally free from federal taxes. To lower risk,
these funds spread their assets across many states and sectors and have durations of 4.5 to 7.0 years (or, if duration is unavailable, average maturities of 5 to 12 years).
The Morningstar Muni National Long Category compares funds that invest in bonds issued by various state and local governments to finance public projects. The income from these bonds is generally free from federal taxes. To lower risk, these funds
spread their assets across many states and sectors, and have durations of more than 7.0 years (or, if duration is unavailable, average maturities of more than 12 years).
The Lipper High Yield Municipal Debt Funds Average compares funds that invest at least 50% of assets in lower-rated municipal debt issues.
The Lipper General & Insured Municipal Debt Funds Average compares funds that either invest primarily in municipal debt issues in the top four credit ratings or invest primarily in municipal debt issues insured as to timely payment.
The Lipper Intermediate Municipal Debt Funds Average compares funds that invest in municipal debt issues with dollar-weighted average maturities of 5 to 10 years.
The Bloomberg Barclays Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market.
The Bloomberg Barclays 3-15 Year Blend Municipal Bond Index measures the total return performance of investment grade, US tax-exempt bonds with maturities from 2 to 17 years.
© 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.
Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The Morningstar RatingTM for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at
least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in
a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35%
receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year
(if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20%
three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is
included in all three rating periods.