Delaware Investments National Municipal Income Fund to Commence Significant Tender Offer

Saba Capital Management, L.P. and certain associated parties (collectively “Saba” or “we”) today announced that it has reached an agreement with Delaware Investments National Municipal Income Fund (NYSE: VFL) (the “Fund”).

Under the terms of the agreement, the Fund will commence a significant cash tender offer for up to 50% of the Fund’s outstanding shares of common stock at a price per share equal to 99% of the Fund’s net asset value (“NAV”) per share (the “Tender Offer”). The Fund will repurchase shares tendered and accepted in the Tender Offer in exchange for cash. In exchange for the Tender Offer, Saba agreed to certain customary standstill provisions.

“Saba is pleased to have reached this agreement through constructive engagement with the Fund’s board and Delaware Management Company, a series of Macquarie Investment Management Business Trust,” said Paul Kazarian, Partner and Portfolio Manager at Saba. “We believe all shareholders will benefit from the Tender Offer contemplated by the agreement as it enables shareholders to tender their shares at a price close to the Fund’s net asset value.”

About Saba Capital

Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of institutional clients. The firm, which is a pioneer of credit relative value and capital structure trading, currently invests across four core strategies: Credit Relative Value, Tail Hedge, SPACs and Closed-End Funds. Founded in 2009 by Boaz Weinstein, Saba is privately held by its partnership and headquartered in New York City. Learn more at www.sabacapital.com.

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