Today, Delaware Investments National Municipal Income Fund (the “Fund”), a US closed-end fund listed on the NYSE and trading under the symbol “VFL”, filed with the Securities and Exchange Commission a notice of intention to redeem up to 1,350 shares of all one or more series of outstanding Muni-MultiMode preferred shares of the Fund (the “Preferred Shares”). The redemption price of the preferred shares will be the liquidation preference of $100,000 per share, plus an additional amount representing the final accrued dividend amounts due. The Fund expects to fund preferred share redemptions with cash and portfolio sales. The purpose of the buyback is to manage leverage levels in connection with the Fund’s tender offer for its common shares announced on July 22, 2022, commencing November 14, 2022 and expiring, unless extended, December 13 2022. The Fund expects to determine the actual amount of preferred shares to be repurchased based on, among other things, the results of the tender offer.

The scheduled redemption date (the actual date may be earlier or later) and the maximum number of preferred shares for each series to be redeemed are as follows:

Fund and common stock symbol

Series

Share amount

Prefer

Share CUSIP

anticipated

Repayment date

Delaware Investments National Municipal Revenue Fund (NYSE American: VFL)

Series 1

Up to 300

2461T603

On or about

20/12/2022

Delaware Investments National Municipal Revenue Fund (NYSE American: VFL)

Series 2

Up to 750

24610T702

On or about

20/12/2022

Delaware Investments National Municipal Revenue Fund (NYSE American: VFL)

Series 3

Up to 300

24610T801

On or about

20/12/2022

The Fund will determine the applicable series and the actual amount of Preferred Shares to be redeemed (which may be less than the maximum amount indicated above for the applicable series) at a later date. Formal notice of redemption by the Fund will be delivered to holders of the applicable series of preferred shares at a later date through The Depository Trust Company (DTC).

The address of the depository and paying agent for the preferred shares is The Bank of New York Mellon, 240 Greenwich Street, 7E, New York, New York 10007.

The preferred shares to be redeemed have not been registered under the Securities Act of 1933 or any state securities law and, unless so registered, they may not be offered or sold in the States. United States, except pursuant to an exemption from title registration requirements. 1933 Act and applicable state securities laws.

The Fund’s investment objective is to provide current income exempt from federal regular income tax while preserving capital. In addition, the Fund has the ability to use leverage techniques with the aim of obtaining a higher return for the Fund. Currently, the Fund has floating rate preferred shares outstanding as leverage. There can be no assurance that the Fund will achieve its investment objective.

The offer to purchase common stock and other documents filed by the Fund with the United States Securities and Exchange Commission (“SEC”), including the Fund’s annual report for the year ended March 31 2022, are or will be available free of charge at the SEC’s website (sec.gov) or by calling the Fund Information Agent. Listed closed-end funds are traded on the secondary market through one of the exchanges. Investment returns and the capital value of the Fund may fluctuate, so an investor’s common stock 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 foregoing is provided for informational purposes only and should not be considered an offer or solicitation to deal with any of the investments referred to herein.

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager that aims to deliver positive impact to everyone. Recognized by institutions, pension funds, governments and individuals for managing over $508 billion in assets worldwide,1 we provide access to specialist investment expertise across a range of capabilities, including infrastructure, green investments and renewable energy, 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, financing, banking, advisory and risk and capital solutions for debt, equities and commodities. Founded in 1969, Macquarie Group employs over 18,000 people in 33 markets and is listed on the Australian Securities Exchange. For more information on Macquarie’s Delaware Funds®visit delawarefunds.com or call 800 523-1918.

With the exception of Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any entity of the Macquarie group mentioned in this press release is not an authorized depository institution for the purposes of the Banking Act 1959 (Commonwealth from 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 provide any other assurance with respect to the obligations of such other Macquarie group entities. In addition, if this press release relates to an investment, (a) the investor is subject to investment risk, including delays in repayment and loss of income and invested capital and (b) none of Macquarie Bank or any other entity of the Macquarie group does not guarantee any particular rate of return or performance of the investment, nor do they guarantee the return of principal in respect of the investment.

1 As of September 30, 2022