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United States

Delaware Investments National Municipal Income Fund (VFL)

VFL on American Stock Exchange

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Summary

Name Age Since Current Position

Thomas Bennett

68 2015 Chairman of the Board, Independent Trustee

Roger Early

62 2015 President, Chief Executive Officer Head of Fixed Income Investments, Co-Chief Investment Officer - Total Return Fixed Income Strategy

Richard Salus

52 Chief Financial Officer, Senior Vice President

David Connor

52 2015 Senior Vice President, General Counsel, Chief Legal Officer

Daniel Geatens

43 2007 Vice President, Treasurer

Ann Borowiec

58 2015 Independent Trustee

Joseph Chow

63 2013 Independent Trustee

John Fry

55 2001 Independent Trustee

Lucinda Landreth

68 2005 Independent Trustee

Frances Sevilla-Sacasa

60 2011 Independent Trustee

Thomas Whitford

60 2013 Independent Trustee

Janet Yeomans

67 1999 Independent Trustee

Biographies

Name Description

Thomas Bennett

Mr. Thomas L. Bennett serves as Chairman of the Board, Independent Trustee of Delaware Investments National Municipal Income Fund. Mr. Bennett, in consultation with Fund management, legal counsel, and the other Trustees, participates in developing Board agendas and ensures that appropriate and timely information is provided to the Board in connection with Board meetings. Mr. Bennett also conducts meetings of the Independent Trustees. He also generally serves as a liaison among outside Trustees, Fund officers, and legal counsel, and is an ex officio member of the Nominating and Corporate Governance Committee.

Roger Early

Mr. Roger A. Early is President, Chief Executive Officer, Head of Fixed Income Investments and Co-Chief Investment Officer - Total Return Fixed Income Strategy of the company. He has served in various capacities, including portfolio manager, at different times at Delaware Investments.

Richard Salus

Mr. Richard Salus, CPA, serves as Chief Financial Officer, Senior Vice President of the Company. He is responsible for accounting and reporting, treasury, compensation and benefits, general ledger, financial operations, Sarbanes-Oxley compliance, and leadership and participation in many special projects for Delaware Investments. He is chief financial officer of the Delaware Investments® Family of Funds and Optimum Funds. Prior to joining the firm in 1996 as vice president, assistant controller, he worked for 10 years with Ernst & Young as a senior manager with a primary focus on the banking and investment company sector. He earned his bachelor’s degree in accounting from Franklin & Marshall College, and he is a member of the American Institute of Certified Public Accountants and the Pennsylvania Institute of Certified Public Accountants.

David Connor

Mr. David F. Connor, Esq., serves as Senior Vice President, General Counsel and Chief Legal Officer of the Company. He joined Delaware Investments’ legal department in 2000. From 1998 to 2000, Mr. Connor was in the legal department of Prudential Investments. Prior thereto, Mr. Connor was an associate with the law firm of Drinker Biddle & Reath, LLP, where he focused on investment management work. Mr. Connor earned his B.A. degree from Washington & Lee University and his J.D. degree from Vanderbilt University School of Law.

Daniel Geatens

Mr. Daniel V. Geatens serves as Vice President and Treasurer of the Company. He is responsible for the financial administration of the Delaware Investments Family of Funds and the Optimum Fund Trust. He joined Delaware Investments in February 1997 as an investment accountant and has held various management positions within the investment accounting group, including vice president of investment accounting from February 2001 to November 2004. He also served for two years in the institutional client services group as a performance analyst. In November 2006, Mr. Geatens joined the fund accounting and fund administration oversight team as director of financial administration for the Delaware Investments Family of Funds and the Optimum Fund Trust. Mr. Geatens graduated from Rutgers University-Camden with a bachelor’s degree in finance and received an MBA degree with a concentration in finance from La Salle University.

Ann Borowiec

Ms. Ann D. Borowiec is a Independent Trustee of the Company. She has over 25 years of experience in the banking and wealth management industry. Ms. Borowiec also serves as a board member on several nonprofit organizations. In nominating her to the Board in 2015, the Independent Trustees of the Trust found that her experience as a Chief Executive Officer in the private wealth management business at a leading global asset manager and private bank, including the restructuring of business lines and defining client recruitment strategies, complemented the skills of existing board members. Her experience would also provide additional oversight skill in the area of fund distribution. Ms. Borowiec holds a B.B.A. from Texas Christian University and an M.B.A. from Harvard University. Ms. Borowiec joined the Board in March 2015.

Joseph Chow

Mr. Joseph W. Chow is an Independent Trustee of Delaware Investments National Municipal Income Fund., since January 1, 2013. Mr. Chow has over 30 years of experience in the banking and financial services industry. In electing him in 2013, the Independent Directors of the Funds found that his extensive experience in business strategy in non-U.S. markets complemented the skills of existing Board members and also reflected the increasing importance of global financial markets in investment management. The Independent Directors also found that Mr. Chow’s management responsibilities as a former Executive Vice President of a leading global asset servicing and investment management firm as well as his experience as Chief Risk and Corporate Administration Officer would add helpful oversight skills to the Board’s expertise. Mr. Chow holds a B.A. degree from Brandeis and M.C.P. and M.S. in Management degree from MIT.

John Fry

Mr. John A. Fry serves as an Independent Trustee of Delaware Investments National Municipal Income Fund., since January 2001. Mr. Fry has over 25 years of experience in higher education. He has served in senior management for three major institutions of higher learning. Mr. Fry has also served as a board member of many nonprofit organizations and several for-profit companies. Mr. Fry has extensive experience in overseeing areas such as finance, investments, risk-management, internal audit and information technology. He holds a B.A. degree in American Civilization from Lafayette College and an M.B.A. from New York University.

Lucinda Landreth

Ms. Lucinda S. Landreth serves as an Independent Trustee of Delaware Investments National Municipal Income Fund. Ms. Landreth has over 35 years of experience in the investment management industry, particularly with equity management and analysis. She has served as Chief Investment Officer for a variety of money management firms including a bank, a broker, and an insurance company. Ms. Landreth has advised mutual funds, pension funds, and family wealth managers and has served on the board and executive committees of her college, two foundations and several nonprofit institutions. In addition to her B.A., she is a Chartered Financial Analyst.

Frances Sevilla-Sacasa

Ms. Frances Aldrich Sevilla-Sacasa serves as an Independent Trustee of Delaware Investments National Municipal Income Fund., since September 1, 2011. Ms. Sevilla-Sacasa has over 30 years of experience in banking and wealth management. In electing her in 2011, the Independent Directors of the Board found that her extensive international wealth management experience, in particular, complemented the skills of existing Board members and also reflected the increasing importance of international investment management not only for dollar-denominated investors but also for investors outside the U.S. The Independent Directors also found that Ms. Sevilla-Sacasa’s management responsibilities as the former President and Chief Executive Officer of a major trust and wealth management company would add a helpful oversight skill to the Board’s expertise, and her extensive nonprofit board experience gave them confidence that she would make a meaningful, experienced contribution to the Board. Finally, in electing Ms. Sevilla-Sacasa to the Board, the Independent Directors valued her perceived dedication to client service as a result of her overall career experience. Ms. Sevilla-Sacasa holds B.A. and M.B.A. degrees.

Thomas Whitford

Mr. Thomas K. Whitford is an Independent Trustee of Delaware Investments National Municipal Income Fund., since January 1, 2013. Mr. Whitford has over 25 years of experience in the banking and financial services industry, and served as Vice Chairman of a major banking, asset management, and residential mortgage banking institution. In electing him in 2013, the Independent Directors of the Funds found that Mr. Whitford’s senior management role in wealth management and experience in the mutual fund servicing business would provide valuable current management and financial industry insight, in particular, and complemented the skills of existing Board members. The Independent Directors also found that his senior management role in integrating company acquisitions, technology and operations and his past role as Chief Risk Officer would add a helpful oversight skill to the Board’s expertise. Mr. Whitford holds a B.S. degree from the University of Massachusetts and an M.B.A. degree from the University of Pennsylvania’s Wharton School.

Janet Yeomans

Ms. Janet L. Yeomans serves as an Independent Trustee of Delaware Investments National Municipal Income Fund. Ms. Yeomans has over 28 years of business experience with a large global diversified manufacturing company, including service as Treasurer for this company. In this role, Ms. Yeomans had significant broad-based financial experience, including global financial risk-management and mergers and acquisitions. She also serves as a board member of a for-profit company. She holds degrees in mathematics and physics from Connecticut College, an M.S. in mathematics from Illinois Institute of Technology, and an M.B.A. from the University of Chicago.