Delaware Investments National Municipal Income Fund Announces Results of the Special Shareholder Meeting Relating to the Proposed New Investment Management Agreement with abrdn Inc. and Nomination of Four New Trustees

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 it held its Special Meeting of Shareholders (the “Meeting”) on March 8, 2023. At the Meeting, Fund shareholders voted to approve the following two proposals (together, the “fund adoption”): (1) a new investment management agreement with abrdn Inc. and (2) the election of four new trustees who are currently trustees of existing abrdn funds.

As of the record date, December 22, 2022, the Fund had outstanding 12,278,003.15 common shares and 990 preferred shares. At the Meeting, 8,072,934 of outstanding common shares and 990 of outstanding preferred shares were voted representing quorum.

Proposal 1 (New Investment Management Agreement with abrdn Inc.):

Proposal 2 (Election of Four New Trustees):

Common Shares and Preferred Shares voting together

Stephen Bird

Todd Reit

Preferred Shares only

Nancy Yao Maasbach

C. William Maher

It is currently expected that the fund adoption will be completed on or about June 9, 2023 (the “Fund Adoption Date”), subject to the satisfaction of customary closing conditions. The four new trustees will take office only after the resignation of the current trustees on the Fund Adoption Date.

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

The information in this press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

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.

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 & renewables, real estate, agriculture & 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 advisor. 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 18,000 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©

2023 Macquarie Management Holdings, Inc.

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