Plain English Meaning
It means the nearest navigation aid is a combined VOR and DME station, and it sits on a bearing of 11 degrees from the aircraft's current position.
Full Definition
A label shown on a GPS nearest-airport or navigation display indicating that the referenced airport or facility is equipped with a co-located VOR (VHF Omnidirectional Range) and DME (Distance Measuring Equipment), and that the bearing or course shown to it is 011 degrees. The number following the facility type is the bearing in degrees, with leading zeros sometimes dropped on the display.
Context Anchor
Seen on instrument approach charts and in GPS pages that list for an airport.