Delaware Investments® National Municipal Income Fund

Objective

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

Strategy

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.

Total net assets as of 05/31/2020

All share classes
$61.9 million

Historic pricing

NAV dateNAVMarket pricePremium/Discount
07/02/2020$14.19$12.30-13.32%
07/01/2020$14.19$12.30-13.32%
06/30/2020$14.18$12.24-13.68%
06/29/2020$14.17$12.26-13.48%
06/26/2020$14.15$12.27-13.29%

Portfolio

Fund information as of 06/30/2020
Ticker symbol (NAV)XVFLX
Ticker symbolVFL
Trading ExchangeNYSE AMEX
SEC yieldn/a
YTD distributions declared$0.26
Expense ratio1.11%
Turnover ratio33%
Inception date02/26/1993

For Fund distributions declared please see the fact sheet and/or dividend press releases.

List of monthly holdingsList of quarterly holdings

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

Management

Gregory Gizzi

Greg Gizzi 

  • Managing Director, Head of Municipal Bonds, Senior Portfolio Manager
  • Start date on the Fund: March 2012
  • Years of industry experience: 36
  • Read bio
Stephen Czepiel

Steve Czepiel 

  • Managing Director, Head of Municipal Bonds Portfolio Management, Senior Portfolio Manager
  • Start date on the Fund: July 2007
  • Years of industry experience: 38
  • Read bio
Jake van Roden

Jake van Roden 

  • Senior Vice President, Head of Municipal Trading, Portfolio Manager
  • Start date on the Fund: February 2019
  • Years of industry experience: 16
  • Read bio

Supplemental data

Ratios and supplemental data
Year ended

  3/31/20 3/31/19 3/31/18 3/31/17 3/31/16
Net assets applicable to common shares, end of period (000 omitted) $62,085 $65,339 $64,924 $64,792 $68,008
Ratio of expenses to average net assets applicable to common shareholders1 2.27% 2.31% 1.97% 1.73% 1.70%
Ratio of net investment income to average net assets applicable to common shareholders2 3.69% 4.19% 4.36% 4.45% 4.72%
Portfolio turnover 33% 16% 50% 13% 25%

1The ratio of expenses to average net assets applicable to common shareholders excluding interest expense for the years ended March 31, 2020, 2019, 2018, 2017, and 2016 were 1.11%, 1.05%, 0.98%, 0.94%, and 1.13%, respectively.

2The ratio of net investment income excluding interest expense to average net assets for the years ended March 31, 2020, 2019, 2018, 2017, and 2016 were 4.84%, 5.45%, 5.35%, 5.24%, and 5.29%, respectively.

Resources

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 and/or the federal alternative minimum tax (AMT) that applies to certain investors. Capital gains, if any, are taxable.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions 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. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

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 fund shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation or any other government agency.

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.

LIBOR risk is the risk that potential changes related to the use of the London Interbank Offered Rate (LIBOR) could have adverse impacts on financial instruments which reference LIBOR. The potential abandonment of LIBOR could affect the value and liquidity of instruments which reference LIBOR.

Not FDIC Insured • No Bank Guarantee • May Lose Value

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

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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