Think you’re getting enough credit?
Think again.
Think munis.

Credit research is critical to building an effective muni bond portfolio.

And at Macquarie Investment Management, in-depth, fundamental credit analysis has differentiated our process since 1977.

Plus sectors

We focus on sectors that provide investors with excess yield.

Dedicated credit analysts

Dedicated credit analysts with an average of 20 years' municipal industry experience.

Income-driven, risk-controlled approach

We stay true to our time-tested philosophy, which has yielded consistent results over more than, two decades.

Municipal bond solutions:
Pursuing income, managing risk

Delaware National High-Yield Municipal Bond Fund (DVHIX)
Morningstar Morningstar Morningstar Morningstar

Morningstar rating as of July 31st, 2020.

3.81%SEC 30-day yield
Prospectus
Delaware Tax-Free USA Fund (DTFIX)
Morningstar Morningstar Morningstar Morningstar

Morningstar rating as of July 31st, 2020.

2.51%SEC 30-day yield
Prospectus
Delaware Tax-Free USA Intermediate Fund (DUSIX)
Morningstar Morningstar Morningstar Morningstar

Morningstar rating as of as of July 31st, 2020.

1.83%SEC 30-day yield
Prospectus

Municipal fixed income quarterly update

July, 2020

Hear from Greg Gizzi, Managing Director, Head of Municipal Bonds, Senior Portfolio Manager, as he provides a timely update on recent market activity, performance and positioning, and an investment outlook.

View replay
Greg Gizzi

Greg Gizzi

  • Head of Municipal Bonds,

    Senior Portfolio Manager

Sector outlooks

March, 2020

In this video segment, Davie Kiefer shares what we expect to see within the municipal market sectors based on fundamental analysis our credit analyst team has done. A large majority of the sectors covered have stable outlooks in our view. Navigate through the video for a glimpse into our sector outlooks to gain some insight to our perspective on 2020.

Dave Kiefer

Dave Kiefer

  • Municipal credit analyst

State of the states

March, 2020

In the beginning of 2020, Colleen Spagnuolo provided insight into the current economic status of the states which the Municipal team covers. Navigate through the video for a more detailed look into the state of the states.

Colleen Spagnuolo

Colleen Spagnuolo

  • Senior Vice President,

    Senior Municipal Analyst

Capturing 6.9% more upside than the Lipper peer group

Delaware National High-Yield Municipal Bond Fund

Chart represents Class A Share data from Fund inception date (1986). At inception, Institutional Class Share for the Fund was not available.

Source: Lipper Lana and Morningstar Direct. Ratios versus the Bloomberg Barclays Municipal Bond Index since Fund’s inception (Oct. 1, 1986) An upside capture ratio more than 100 indicates a fund has generally outperformed the benchmark during periods of positive returns for the benchmark. Meanwhile, a downside capture ratio of less than 100 indicates that a fund has lost less than its benchmark in periods when the benchmark has been in the red. Chart is for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

View the fund standardized performance

More upside, less downside

Through an extensive credit research process, Delaware National High-Yield Municipal Bond Fund compared to its peers in the Lipper category has a history of participating more on the upside, with resilience during the downside, relative to the Fund’s benchmark (Oct. 1, 1986-June 30, 2020).

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Top quartile ranking for the 3-, 5- and 10-year

Average annual total returns (%) as of 6/30/2020

Delaware Tax-Free USA Fund

Lipper fund data for all time periods shown are as of the date shown. Although a Fund may outperform peers when compared to Lipper peer groups, the returns for that period may still be negative. Rankings shown are provided by Lipper, Inc., a leading independent analysis service. Rankings and performance for other time periods are available from Lipper.

Past performance is no guarantee of future results.

The Fund offers other share classes, and their performance and rankings may be lower than those of the class shown.

Lipper rankings reflect a fund's historical total return performance, excluding sales charges as applicable, relative to peers as of the above date. The ratings are subject to change every month and are based on equal-rated average of percentile ranks for the total return metrics over 1-, 3-, 5-, and 10-year periods, if applicable. Lipper rankings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information.

Expense waivers may have been in effect for some or all of the periods shown. Performance would have been lower if waivers did not apply or if sales charges were included. Lipper rankings may have been lower if waivers did not apply or if sales charges were included.

View the fund standardized performance

Outperforming benchmark and peers

2019 was a strong year for muni returns. It was no different for Delaware Tax-Free USA Fund.

In fact, DTFIX consistently performed in the top half or quartile of its Lipper peer group and outperformed its benchmark over every major trailing time period.

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A history of attractive relative yield

(as of 6/30/2020)

Delaware Tax-Free USA Intermediate Fund

Source: Lipper Lana and Bloomberg Barclays Live. Illustrated are the 12-month yields for Delaware Tax-Free USA Intermediate Fund and Lipper Average. Yield to worst is reported for the Index. Chart is for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

View the fund standardized performance

Top decile yield versus peers

Delaware Tax-Free USA Intermediate Fund has delivered an attractive yield relative to its benchmark and Lipper category over time.

As of 6/30/20, the Fund was top decile for the 12 months yield versus its Lipper peer group.

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Explore our tax-free, state-specific funds

Long-term, high-quality

Income-driven, risk-controlled approach

Seeks to add value

Disciplined, bottom-up, research-driven process

Experienced team

Experienced management team dedicated solely to municipal bond investing

Holdings are as of the date indicated and subject to change.

** as of 6/30/2020. Calculated on average offer. Distribution yields are calculated by multiplying dividend by (12) and dividing by the average offer or month end.

Interested in learning more?

We invite you to join the conversation

Solutions and capabilitiesContact us
Fund name Number of funds
in category (Overall)
Morningstar category
Delaware National High-Yield Municipal Bond Fund (DVHIX) 175 Morningstar High-Yield Muni Category
Delaware Tax-Free USA Fund (DTFIX) 146 Morningstar Muni National Long Category
Delaware Tax-Free USA Intermediate Fund (DUSIX) 240 Morningstar Muni National Intermediate Category

* as of 8/31/20

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.

Investing involves risk, including the possible loss of principal.

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 its debt.

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.

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.

© 2019 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.

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Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

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