CEF Advisors

7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

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Delaware Investments National Municipal Income Fund (VFL)

National Muni Bond Funds - National Municipal (tax-free) Bond

Data as of June 18, 2019
Current
Market Price $13.17 (+ $0.02)
NAV (June 18, 2019) $14.70 (+ $0.01)
Premium / Discount -10.41% (+0.08%)
Fund Info
Inception Feb. 26, 1993
Sponsor Delaware Management Company
Website https://www.delawarefu...
Phone 866 437-0252
NAV Symbol XVFLX
Objective: Current income exempt from regular federal income tax; Income securities, municipal bonds
Capital & Leverage
Outstanding Shares 4,528,443
Total Assets (Reported: March 31, 2019) $98M
Estimated Total Assets $97M
Net Assets $67M
Market Cap $60M
Purchases Turnover 51.80%
Sales Turnover 50.21%
Total Leverage 31.45%
Structural Leverage (out of total) 100.00%
Portfolio Leverage (out of total) 0.00%
Expense Ratio 2.31%
Non Lev Exp Ratio 1.05%
Rel Lev Cost 2.66%
Discount Data
Average Discount (3 Yr) -10.08%
Discount Low(3 Yr) -16.51%
Discount High(3 Yr) -3.92%
Discount Rel Range 48.46%
Comp Discount -5.38
Discount St Dev (1Yr) 1.56
Z-Stat
Z-Stat (6mo) 0.93
Z-Stat (1Yr) 1.44
Z-Stat (3Yr) -0.12
Comp Z-Stat (6mo) 0.29
Comp Z-Stat (3Yr) -0.14
Distribution Data
Market Yield 4.56%
Income Yield 4.56%
Lev Adj NAV Yield 3.11%
Distribution Frequency M
Current Distribution $0.050
Current Income $0.050
Ex-Date 6/20/19
Payable Date 6/28/19
Div Growth (3yr) -16.67%
Dividend Change -9.1% on 3/6/17
Expected Div 7/2/19
RoC (1yr) 0.00%
RoC (3yr) 0.00%
Volume & Liquidity
Average Daily $ (M) $182
Avg Volume 30 day 18,234
Avg Volume 90 day 13,820
Volume Trend 31.94%
Comp Volume Trend 39.77%
Correlation & Volatility
Price Correlation (1yr)
vs. S&P 500 (TR)
5.0%
Price Correlation (1yr)
vs. CEFA's 12 Major CEF Sectors Index
33.0%
Price Correlation (1yr)
vs. CEFA's National Municipal Bond Index
57.0%
Most Correlated Peer (Mk Pr): BFK 63.0%
NAV - Price Correlation (30 d) -68.7%
NAV - Price Correlation (90 d) 91.5%
NAV - Price Correlation (1 Yr) 93.5%
Price St Dev (1Yr) 7.5%
NAV St Dev (1Yr) 2.2%
Earnings
Earnings / Share (3/31/19) $0.048
Earn Coverage 96.60%
Earnings Trend Down
UNII / Share (3/31/19) $0.242
Rel UNII 40.33
UNII Trend Up
Bond Specific Data
Maturity 6.44
Duration 5.08
Credit Rating (rbo) A
Investment Grade 83.20%
Non Investment Grade 4.69%
Unrated Bonds 12.11%
Average Bond Price 113.01
Discount vs Price 2.60
Coupon 5.42%
Zero Coupon 0.00%
AMT 7.66%
AMT Yield 4.46%
Bond Calls Risk 10.46%
Performance
NAV Beta (2yr)
vs. S&P 500 (TR)
-0.02
NAV Beta (2yr)
vs. CEFA's 12 Major CEF Sectors Index
0.03
NAV Beta (2yr)
vs. CEFA's National Municipal Bond Index
0.69

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CEFData.com makes data for the universe of closed-end funds (CEFs) and business development companies (BDCs) available to its users. This material is not intended to be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. This site does not list all the risks associated with each fund. Investors should contact a fund’s sponsor for fund-specific risk information and/or contact a financial advisor before investing.

NOTES: Distribution type sourced from CEFdata.com. For specific information about a fund's distribution sources, visit the fund sponsor's website.

The following information applies to closed-end funds and business development companies in general: Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation (FDIC). Shares of closed-end funds (CEFs) and business development companies (BDCs) are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds and business development companies frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.

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