Toronto Dominion Investments, Inc. - 20 Dec 2022 Form 4 Insider Report for Delaware Investments National Municipal Income Fund (VFL)

Role: 10%+ Owner
Signature: /s/ Christina Petrou on behalf of Toronto Dominion Investments, Inc.
Issuer symbol: VFL
Transactions as of: 20 Dec 2022
Net transactions value: $0
Form type: 4
Filing time: 22 Dec 2022, 14:51:43 UTC
Previous filing: 05 Jul 2022
Next filing: 24 Jul 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	VFL	Muni-MultiMode Preferred Shares	Other		-360	-27%		990	20 Dec 2022	Direct	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The 360 Muni-MultiMode Preferred Shares reported as disposed of in Table I represent Muni-MultiMode Preferred Shares of the Issuer (the "MMP Shares") that were beneficially owned by Toronto Dominion Investments, Inc. ("TDI"). The MMP Shares were disposed of as a result of a redemption by the Issuer for a redemption price of $100,029.7351667 per share (which includes a liquidation preference of $100,000 per share and accrued dividends of $29.7351667 per share). TDI is a wholly owned indirect subsidiary of The Toronto-Dominion Bank ("TD Bank").
F2	This statement is jointly filed by TD Bank, TDI, Toronto Dominion Holdings (U.S.A.), Inc. ("TDH"), and TD Group US Holdings LLC ("TD GUS"). The MMP Shares are owned directly by TDI. Toronto Dominion Holdings (U.S.A.), Inc. ("TDH") is the sole owner of TDI and TD Group US Holdings LLC ("TD GUS") is the sole owner of TDH. TD Bank is the sole owner of TD GUS. TD Bank, TDH, and TD GUS hold an indirect interest in the MMP Shares by virtue of their ownership of TDI.
F3	Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

Remarks:

Exhibits Index Exhibit 99.1 - Joint Filing Agreement Exhibit 99.2 - Joint Filer Information