Today, Delaware Investments National Municipal Income Fund (the “Fund”), a New York Stock Exchange American-listed closed-end fund trading under the symbol “VFL”, announced that its Board of Trustees (the “Board”) approved a new investment management agreement with abrdn Inc. and the nomination of four new trustees who are currently trustees of existing abrdn funds (collectively, the “abrdn fund adoption”), subject to the conditions discussed below.

The Fund’s investment objective and principal investment policies will not change as a result of the proposed change in investment manager to abrdn Inc., an experienced manager of US registered closed-end funds and municipal bond funds.

It is currently expected that the abrdn fund adoption will be completed in the second quarter of 2023 subject to (i) Fund shareholder approval of the new investment management agreement with abrdn Inc., (ii) Fund shareholder election of four trustees for the Fund, constituting a new Fund board of trustees, each to take office only if the investment management agreement proposal is approved by Fund shareholders and upon the resignation of the current trustees of the Fund, and (iii) the satisfaction of customary closing conditions.

Delaware Management Company, a series of Macquarie Investment Management Business Trust, is currently the investment manager of the Fund.

The initial proxy statement describing these shareholder proposals in further detail has been filed with the US Securities and Exchange Commission (the “SEC”) today, but will not be distributed to shareholders of the Fund unless and until the proxy statement is declared effective by the SEC and a “definitive Proxy Statement” is filed.

This press release is not intended to be, and does not constitute, an offer to purchase or sell shares of the Fund nor is this press release intended to solicit a proxy from any shareholder of the Fund. The solicitation of proxies to effect the abrdn fund adoption will only be made by a definitive Proxy Statement of the Fund.

SHAREHOLDERS OF THE FUND ARE URGED TO READ CAREFULLY THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS IN THEIR ENTIRETY WHEN THEY ARE FILED WITH THE SEC AND BECOME AVAILABLE BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE ABRDN FUND ADOPTION.

The proxy statement will not constitute an offer to buy or sell securities, in any state where such offer or sale is not permitted.

About the Fund

The Fund’s investment objective is to provide current income exempt from regular federal income tax consistent with the preservation of capital. In addition, the Fund has the ability to use leveraging techniques in an attempt to obtain a higher return for the Fund. Currently, the Fund has outstanding the variable-rate Preferred Shares as leverage. There is no assurance that the Fund will achieve its investment objective.

The Fund’s investment return and principal value may fluctuate so that an investor’s common shares may be worth more or less than the original cost. Common shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund’s portfolio. Past performance does not guarantee future results. The above is for informational purposes only and should not be considered as an offer, or solicitation, to deal in any of the investments mentioned herein. The Preferred Shares have not been registered under the Securities Act of 1933 or any state securities laws, and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act of 1933 and applicable state securities laws.

The proxy materials and other documents filed by the Fund with the SEC, including the Fund’s annual report for the fiscal year ended March 31, 2022, are available without cost at the SEC’s website (sec.gov) or by calling the Fund’s registrar and share transfer agent, Computershare, Inc. Listed closed-end funds are traded on the secondary market through one of the stock exchanges.

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage more than $US508 billion in assets globally,¹ we provide access to specialist investment expertise across a range of capabilities including infrastructure, green investments and renewables, real estate, agriculture and natural assets, asset finance, private credit, equities, fixed income and multi asset solutions.

Advisory services are provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust, a registered investment adviser. Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory and risk and capital solutions across debt, equity, and commodities. Founded in 1969, Macquarie Group employs more than 19,000 people in 33 markets and is listed on the Australian Securities Exchange. For more information about Delaware Funds by Macquarie^®, visit delawarefunds.com or call 800 523-1918.

Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this press release is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this press release relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

¹ As of September 30, 2022

© 2022 Macquarie Management Holdings, Inc.

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