Investing involves risk, including the possible loss of principal.
Diversification may not protect against market risk. • 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. This includes 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.
Funds that invest primarily in one state may be more susceptible to economic, regulatory, and other
factors of that state than geographically diversified funds. • Substantially all dividend income
derived from tax-free funds is exempt from federal income tax. Some income may be subject to state and
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. • IBOR risk is the risk that changes related to the use of the London interbank offered
rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that
reference these rates. The abandonment of these rates could affect the value and liquidity of
instruments that reference them and could affect investment strategy performance. • The disruptions
caused by natural disasters, pandemics, or similar events could prevent the Fund from executing
advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to
achieve its investment objective and the value of the Fund’s investments.
© 2024 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 does
not guarantee future results. The Morningstar Rating™ 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-end 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.
DVHIX rated 5, 4, 5, and 5 stars for the overall, 3-, 5-, and 10-year
periods among
187, 187, 176, and 115 US High Yield Muni funds, respectively. DTFIX rated 3, 5, and 5 stars for
the
3-, 5-, and 10-year periods among 163, 153, and 113, US Muni National Long funds respectively.
There
are 163 funds in the overall rating. DUSIX rated 4, 5, and 4 stars for the 3-, 5-, and 10-year
periods
among 259, 236 and 176 US Muni National Intermediate funds respectively. There are 259 funds in the
overall rating. The calculation is based on a Morningstar Risk-Adjusted Return measure
that accounts
for variation in a managed product’s monthly excess performance. Past performance does not
guarantee future results.
All third-party marks cited are the property of their respective owners.
Macquarie Asset Management (MAM) is the asset management division of Macquarie
Group. MAM is an integrated asset manager across public and private markets offering a diverse range
of capabilities, including real assets, real estate, credit, equities and multi-asset solutions.
Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.
Delaware Funds by Macquarie refers to certain investment solutions that MAM distributes, offers, or
advises. Investment advisory services are provided to the Delaware Funds by Delaware Management
Company, a series of Macquarie Investment Management Business Trust (MIMBT), a Securities and Exchange
Commission (SEC) registered investment adviser. The Delaware Funds are distributed by Delaware
Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory
Authority (FINRA) and an affiliate of MIMBT.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any
Macquarie Group entity noted in this document is not an authorised deposit-taking institution for the
purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie
Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does
not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie
Group entities. In addition, if this document relates to an investment, (a) the investor is subject to
investment risk including possible delays in repayment and loss of income and principal invested and
(b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of
return on or the performance of the investment, nor do they guarantee repayment of capital in respect
of the investment.
Document must be used in its entirety.
© 2024 Macquarie Management Holdings, Inc.