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Delaware Investments National Municipal Income Fund is a diversified closed-end management investment company. The investment objective of the Fund is to provide current income exempt from federal income tax, consistent with the preservation of capital. The Fund invests approximately 80% of its net assets in securities the income from, which is exempt from federal income tax. The Fund will be able to invest over 20% of its net assets in municipal bonds with an investment rating of Ba/BB or lower, or that are unrated but judged to be of comparable quality by the Fund's investment advisor. It invests in corporate-backed revenue bonds, education revenue bonds, electric revenue bonds, healthcare revenue bonds, lease revenue bonds, local general obligation bonds, pre-refunded/escrowed to maturity bonds, special tax revenue bonds, state general obligation bonds, transportation revenue bonds, and water and sewer revenue bonds. The Fund's investment manager is Delaware Management Company.

Morgan Creek Capital Management, LLC is an SEC-registered investment adviser founded with a vision of offering institutional and family office investors the same forward-looking strategies that made the large university endowments its leadership had previously managed so successful: integrating alternative investments into traditional equity and fixed income portfolios. Morgan Creek provides a customized outsourced investment office to clients in need of a targeted solution, as well as discretionary strategies to assist clients in building investment programs based on the University Endowment Model. Many members of our senior investment team have a fiduciary pedigree, having previously worked at some of the top university endowment programs in the country (Notre Dame, UNC-Chapel Hill, Duke and Stanford), and with this experience of allocating capital across all asset classes, the firm has built a global network with access to what we believe to be top-tier investment managers. Our headquarters are located in Chapel Hill, North Carolina, with an investment research office in Shanghai and investment professionals located in various cities in the US. Solutions Morgan Creek’s solutions assist clients with global allocations to: hedge funds, traditional equity and fixed income, absolute return, emerging markets, credit, private equity, real estate/real assets, venture capital, energy & natural resources. Please visit www.morgancreekcap.com to view important disclaimers.