Delaware Investments® National Municipal Income Fund


The Fund seeks to provide current income exempt from regular federal income tax, consistent with the preservation of capital.


Under normal circumstances the Fund will invest at least 80% of its net assets in securities, the income from which is exempt from federal income taxes. The Fund will be able to invest up to 20% of its net assets in municipal bonds with an investment rating of Ba/BB or lower, or that are unrated but judged to be of comparable quality by the Fund's investment adviser. Investment in municipal bonds of below investment grade quality involves special risks as compared with investment in higher grade municipal bonds. These risks include greater sensitivity to general economic downturns. Securities rated below investment grade are commonly known as "junk bonds." These securities are regarded as predominantly speculative with respect to the issuer's ability to pay interest and repay principal owed.

Historic pricing
NAV dateNAVMarket pricePremium/Discount
Fund information as of 06/30/2017
Ticker symbol (NAV)XVFLX
Ticker symbolVFL
Trading ExchangeNYSE AMEX
SEC yield2.39%
YTD distributions declared$0.36
Expense ratio0.94%
Turnover ratio13%
Inception date02/26/1993

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

Joe Baxter

Joe Baxter  

Senior Vice President, Head of Municipal Bond Department, Senior Portfolio Manager — Macquarie Investment Management, Americas

Start date on the Fund: April 2004

Years of industry experience: 32

(View bio)

Steve Czepiel

Steve Czepiel  

Senior Vice President, Senior Portfolio Manager

Start date on the Fund: July 2007

Years of industry experience: 35

(View bio)

Denise Franchetti

Denise A. Franchetti, CFA

Vice President, Portfolio Manager, Senior Municipal Research Analyst

Start date on the Fund: January 2003

Years of industry experience: 29

(View bio)

Greg Gizzi

Greg Gizzi 

Senior Vice President, Senior Portfolio Manager

Start date on the Fund: March 2012

Years of industry experience: 33

(View bio)

Ratios and supplemental data
Year ended

  3/31/17 3/31/16 3/31/15 3/31/14 3/31/13
Net assets applicable to common shares, end of period (000 omitted) $64,792 $68,008 $67,804 $62,526 $67,876
Ratio of expenses to average net assets applicable to common shareholders1 1.73% 1.70% 1.60% 1.58% 1.56%
Ratio of net investment income to average net assets applicable to common shareholders2 4.45% 4.72% 4.86% 5.17% 4.86%
Portfolio turnover 13% 25% 38% 40% 42%

1The ratio of expenses to average net assets applicable to common shareholders excluding interest expense for the years ended March 31, 2017, 2016, 2015, 2014, and 2013 were 0.94%, 1.13%, 1.03%, 0.96%, and 0.96%, respectively.

2The ratio of net investment income excluding interest expense to average net assets for the years ended March 31, 2017, 2016, 2015, 2014, and 2013 were 5.24%, 5.29%, 5.44%, 5.79%, and 5.46%, respectively.

Investing in closed-end investment companies 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.

The Fund may experience portfolio turnover that approaches or exceeds 100%, which could result in higher transaction costs and tax liability.

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.

Closed-end funds, unlike open-end funds, are not continuously offered. After being issued during a one-time-only public offering, shares of closed-end funds are sold in the open market through a securities exchange. Net asset value (NAV) is calculated by subtracting total liabilities by total assets, then dividing by the number of shares outstanding. At the time of sale, your shares may have a market price that is above or below NAV, and may be worth more or less than your original investment.

The Fund may make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a Fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.

NAV, market price, and premium or discount will fluctuate with changes in market conditions. At the time of sale, your shares may have a market price that is above or below net asset value, and may be worth more or less than your original investment.

Market Price is the price an investor would pay for shares of a fund on the secondary market. Market price shown is the market closing price as of the previous business day.

Net asset value (NAV) is the total assets less total liabilities divided by the number of shares outstanding.

Premium/Discount is the amount by which the market price trades above or below the NAV.

All third-party marks cited are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Total net assets (as of 06/30/2017)

$66.0 million all share classes

Lipper ranking (as of 06/30/2017)

YTD ranking33 / 61
1 year31 / 61
3 years33 / 61
5 years39 / 57
10 years49 / 53
Lipper classificationCE Gen & Ins Leveraged

(View Lipper disclosure)

Benchmark, peer group

Bloomberg Barclays Municipal Bond Index (view definition)

Lipper Closed-end General and Insured Municipal Debt Funds Average (Leveraged) (view definition)

Additional information