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.

Historic pricing
NAV dateNAVMarket pricePremium/Discount
04/23/2014$14.02$12.54-10.56%
04/22/2014$14.00$12.51-10.64%
04/21/2014$13.99$12.45-11.01%
04/20/2014$14.00$12.42-11.29%
04/19/2014$14.00$12.42-11.29%
04/18/2014$14.00$12.42-11.29%
04/17/2014$14.00$12.42-11.29%
Fund information as of 03/31/2014
Ticker symbol (NAV)XVFLX
Ticker symbolVFL
Trading ExchangeNYSE AMEX
SEC yield4.90%
YTD distributions declared$0.24
Expense ratio0.96%
Turnover ratio42%
Inception date02/26/1993

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

Joe Baxter

Joe Baxter  

Head of Municipal Bond Department, Senior Portfolio Manager

Start date on the Fund: April 2004

(View bio)


Steve Czepiel

Steve Czepiel  

Senior Portfolio Manager

Start date on the Fund: July 2007

(View bio)


Denise Franchetti

Denise A. Franchetti, CFA

Portfolio Manager, Senior Research Analyst

Start date on the Fund: January 2003

(View bio)


Greg Gizzi

Greg Gizzi 

Senior Portfolio Manager

Start date on the Fund: March 2012

(View bio)


Ratios and supplemental data
Year ended

  3/31/13 3/31/12 3/31/11 3/31/10 3/31/09
Net assets applicable to common shares, end of period (000 omitted) $67,876 $63,487 $30,559 $31,650 $28,967
Ratio of expenses to average net assets applicable to common shares1 0.96% 0.99% 0.65% 0.63% 1.06%
Ratio of net investment income to average net assets applicable to common shares1 5.46% 3.99% 4.64% 4.48% 5.63%
Ratio of net investment income to average net assets applicable to common shares net of dividends to preferred shares2 4.86% 3.96% 4.64% 4.48% 4.25%
Portfolio turnover 42% 101% 50% 69% 36%

1Ratios do not reflect the effect of dividend payments to preferred shareholders.

2Ratio reflects total net investment income less dividends paid to preferred shareholders divided by average net assets applicable to common shareholders.

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 fixed income security that is held by the Fund may be prepaid prior to maturity, potentially forcing the Fund to reinvest that money at a lower interest rate.

High yielding, noninvestment 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 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.

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.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Total net assets (as of 03/31/2014)

$62.5 million all share classes

Additional information