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abrdn National Municipal Income Fund (NYSE American: VFL) is a reputable closed-end management investment company that aims to provide current income exempt from regular federal income tax. Managed by abrdn Inc., the Fund focuses on preserving capital for its investors by investing in high-quality municipal bonds. The Fund has a diverse portfolio including mutual funds, exchange-traded funds, private markets, Delaware Funds by Macquarie Premier Models, managed accounts, closed-end funds, and variable insurance products.
Since abrdn took over the management on July 7, 2023, the Fund has shifted towards higher-yielding securities while reducing its exposure to below-investment-grade securities. This strategic move has enhanced the Fund's monthly earnings and improved the credit quality of its portfolio. In a recent performance report, the Fund ranked in the top quintile within the US closed-end high-yield Morningstar category over the last three months, placing 5th out of 24 funds in its peer group as of November 30, 2023.
On December 14, 2023, abrdn National Municipal Income Fund announced a significant increase in its monthly distribution by 15%, from $0.0325 per share to $0.0375 per share, effective January 31, 2024. This decision reflects the Fund’s enhanced financial condition and commitment to providing sustainable income to its shareholders. Based on the NAV of $11.46 as of November 30, 2023, the distribution rate increased from 3.4% to 3.9%. Similarly, with a share price of $9.51, the share price distribution rate rose from 4.1% to 4.7%.
The Fund distributes a portion of its net investment income monthly to common shareholders, aimed at reducing its current discount to NAV. However, it is important to note that past performance does not guarantee future results. Investment returns and principal values will fluctuate, and shares may be worth more or less than their original cost when sold. Shareholders will receive a Form 1099-DIV at the end of each calendar year, detailing the amount and composition of distributions for accurate tax reporting.
With a well-rounded investment approach, abrdn National Municipal Income Fund remains a significant player in delivering tax-exempt income while focusing on capital preservation. Investors seeking reliable performance and consistent distributions may find this Fund an attractive option.
The Delaware Investments National Municipal Income Fund (NYSE American: VFL) declared a monthly distribution of $0.0450 per share, payable on September 30, 2022, to shareholders on record as of September 23, 2022. The ex-dividend date is September 22, 2022. The fund aims to provide current income exempt from federal income tax while preserving capital. It uses leverage to potentially enhance returns but does not guarantee achievement of investment objectives.
Delaware Investments National Municipal Income Fund (NYSE American: VFL) declared a monthly distribution of $0.0450 per share, payable on August 26, 2022. Shareholders of record will be noted as of August 19, 2022, with an ex-dividend date set for August 18, 2022. The Fund aims to provide current income exempt from federal income tax, while also employing leveraging techniques to enhance returns. However, there’s no assurance that the Fund will achieve its investment objectives.
Delaware Investments National Municipal Income Fund (VFL) announced an issuer tender offer to repurchase up to 10,478,347 common shares, amounting to 50% of its outstanding shares. The offer starts on November 14, 2022, and shares will be bought at 99% of the Fund's net asset value as of the close of trading following the offer's expiration. The tender offer follows an agreement with Saba Capital Management, which has agreed to certain standstill covenants. The Fund's shares have been trading at a discount to their net asset value.
The Delaware Investments National Municipal Income Fund (NYSE: VFL) has announced a significant cash tender offer for up to 50% of its outstanding shares at 99% of the Fund's net asset value (NAV). This agreement was reached with Saba Capital Management and aims to benefit shareholders by allowing them to sell their shares close to NAV. Saba's Partner, Paul Kazarian, expressed optimism that the Tender Offer will positively impact all shareholders, reflecting a constructive engagement with the Fund’s board.
The Delaware Investments National Municipal Income Fund (NYSE: VFL) has declared a monthly distribution of $0.0450 per share, payable on July 29, 2022, to shareholders recorded by July 22, 2022. The ex-dividend date is July 21, 2022. The fund aims to provide tax-exempt income while preserving capital and is utilizing leverage via variable-rate preferred shares to potentially enhance returns. However, successful achievement of its investment goals is not guaranteed.
The Delaware Investments National Municipal Income Fund (VFL) has announced a monthly distribution of $0.0450 per share, payable on June 24, 2022, to shareholders of record on June 17, 2022. The ex-dividend date is June 16, 2022. The fund aims to provide tax-exempt income while preserving capital and utilizes leverage through variable-rate preferred shares. However, there is no guarantee that it will achieve its investment objectives.
Delaware Investments National Municipal Income Fund (NYSE American: VFL) has declared a monthly distribution of $0.0450 per share. This payment will be made on May 27, 2022, to shareholders who hold shares as of May 20, 2022, with an ex-dividend date of May 19, 2022. The fund's objective is to provide tax-exempt current income while preserving capital, and it utilizes leverage to potentially enhance returns. However, there is no guarantee that the fund will meet its investment goals.
The Delaware Investments National Municipal Income Fund (NYSE: VFL) announced a monthly distribution of $0.0450 per share, payable on April 29, 2022, to shareholders of record as of April 22, 2022. The ex-dividend date is set for April 21, 2022. The fund aims to provide current income exempt from federal income tax while preserving capital. It employs leveraging techniques to seek higher returns, though there is no guarantee it will meet its investment objectives.
Delaware Investments National Municipal Income Fund (NYSE American: VFL) announced a monthly distribution of $0.0450 per share, payable on March 25, 2022, to shareholders recorded by March 18, 2022. The ex-dividend date is March 17, 2022. The fund aims to provide current income exempt from federal income tax while preserving capital and may employ leverage for higher returns. However, achieving investment objectives is not guaranteed.
The Delaware Investments National Municipal Income Fund (VFL) has completed the acquisition of substantially all assets of the Delaware Investments Colorado Municipal Income Fund (VCF) and the Delaware Investments Minnesota Municipal Income Fund (VMM) as of February 14, 2022. The acquisition, approved by shareholders in late 2021, was structured as tax-free and involves a conversion ratio for existing preferred shares. This consolidation aims to streamline operations and enhance returns through leveraging, with current assets for the National Muni Fund valued at approximately $300.75 million.
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