Delaware Investments National Municipal Income Fund Announces Additional Information Regarding Its Tender Offer for Up to Fifty Percent of Its Common Stock


PHILADELPHIA CREAM–(BUSINESS WIRE)–Today, Delaware Investments National Municipal Income Fund (the “Fund”), a US closed-end fund listed on the NYSE and trading under the symbol “VFL”, announced additional information regarding its public offering of cash purchase purchase of up to 10,478,347 of its common shares, representing fifty percent of its issued and outstanding common shares, with a par value of $0.01 per share. The tender offer will begin on November 14, 2022 and will expire, unless extended, at 5:00 p.m. ET on Tuesday, December 13, 2022. Subject to various terms and conditions described in the offering documents which will be distributed to shareholders ordinary. , purchases will be made at a price per share equal to 99% of the net asset value per share of the Fund at the close of business on the first business day following the expiration of the offer. If more shares are deposited than the board of directors of the Fund has authorized to purchase, the Fund will purchase a number of shares equal to the amount of the pro rata offer.

The Fund’s common shares recently traded at a discount to their net asset value per share. During the term of the tender offer, the current net asset value per share will be available on the Fund’s website at

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 objectives.

Common shareholders are urged to read the offer to purchase when it becomes available because it contains important information.

The offer to purchase and other documents filed by the Fund with the United States Securities and Exchange Commission (“SEC”), including the Fund’s annual report for the fiscal year ended March 31, 2022, are or will be available free of charge on the SEC’s website. ( or by calling the Information Agent of the Fund.

Listed closed-end funds are traded on the secondary market through one of the exchanges. The return on investment and the value of the principal of the Fund may fluctuate so that an investor’s shares may be worth more or less than the original cost. Closed-end fund shares 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 $534 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 approximately 18,000 people in 33 markets and is listed on the Australian Securities Exchange. For more information on Macquarie’s Delaware Funds®visit or call 800 523-1918.

With the exception of Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie group entity listed herein is not an authorized depository 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 provide any other assurance with respect to the obligations of such other Macquarie group entities. In addition, if this document 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 within the Macquarie group does not guarantee any rate of return or return on the investment, nor guarantee the return of capital on the investment.

1 As of June 30, 2022

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