Delaware Investments® National Municipal Income Fund Announces Board Approval of New Investment Management Agreement with abrdn Inc. and Nomination of Four New Trustees
22 Diciembre 2022 - 5:06PM
Business Wire
Today, Delaware Investments National Municipal Income Fund (the
“Fund”), a New York Stock Exchange American-listed closed-end fund
trading under the symbol “VFL”, announced that its Board of
Trustees (the “Board”) approved a new investment management
agreement with abrdn Inc. and the nomination of four new trustees
who are currently trustees of existing abrdn funds (collectively,
the “abrdn fund adoption”), subject to the conditions discussed
below.
The Fund’s investment objective and principal investment
policies will not change as a result of the proposed change in
investment manager to abrdn Inc., an experienced manager of US
registered closed-end funds and municipal bond funds.
It is currently expected that the abrdn fund adoption will be
completed in the second quarter of 2023 subject to (i) Fund
shareholder approval of the new investment management agreement
with abrdn Inc., (ii) Fund shareholder election of four trustees
for the Fund, constituting a new Fund board of trustees, each to
take office only if the investment management agreement proposal is
approved by Fund shareholders and upon the resignation of the
current trustees of the Fund, and (iii) the satisfaction of
customary closing conditions.
Delaware Management Company, a series of Macquarie Investment
Management Business Trust, is currently the investment manager of
the Fund.
The initial proxy statement describing these shareholder
proposals in further detail has been filed with the US Securities
and Exchange Commission (the “SEC”) today, but will not be
distributed to shareholders of the Fund unless and until the proxy
statement is declared effective by the SEC and a “definitive Proxy
Statement” is filed.
This press release is not intended to be, and does not
constitute, an offer to purchase or sell shares of the Fund nor is
this press release intended to solicit a proxy from any shareholder
of the Fund. The solicitation of proxies to effect the abrdn fund
adoption will only be made by a definitive Proxy Statement of the
Fund.
SHAREHOLDERS OF THE FUND ARE URGED TO READ CAREFULLY THE
DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS IN THEIR ENTIRETY
WHEN THEY ARE FILED WITH THE SEC AND BECOME AVAILABLE BECAUSE THESE
DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE ABRDN FUND
ADOPTION.
The proxy statement will not constitute an offer to buy or sell
securities, in any state where such offer or sale is not
permitted.
About the Fund
The Fund’s investment objective is to provide current income
exempt from regular federal income tax consistent with the
preservation of capital. In addition, the Fund has the ability to
use leveraging techniques in an attempt to obtain a higher return
for the Fund. Currently, the Fund has outstanding the variable-rate
Preferred Shares as leverage. There is no assurance that the Fund
will achieve its investment objective.
The Fund’s investment return and principal value may fluctuate
so that an investor’s common shares may be worth more or less than
the original cost. Common shares of closed-end funds 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 above is for informational purposes only and should
not be considered as an offer, or solicitation, to deal in any of
the investments mentioned herein. The Preferred Shares have not
been registered under the Securities Act of 1933 or any state
securities laws, and, unless so registered, may not be offered or
sold in the United States except pursuant to an exemption from the
registration requirements of the Securities Act of 1933 and
applicable state securities laws.
The proxy materials and other documents filed by the Fund
with the SEC, including the Fund’s annual report for the fiscal
year ended March 31, 2022, are available without cost at the SEC’s
website (sec.gov) or by calling the Fund’s registrar and share
transfer agent, Computershare, Inc. Listed closed-end funds are
traded on the secondary market through one of the stock
exchanges.
About Macquarie Asset Management
Macquarie Asset Management is a global asset manager that aims
to deliver positive impact for everyone. Trusted by institutions,
pension funds, governments, and individuals to manage more than
$US508 billion in assets globally,1 we provide access to specialist
investment expertise across a range of capabilities including
infrastructure, green investments and renewables, 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, finance, banking, advisory and risk and
capital solutions across debt, equity, and commodities. Founded in
1969, Macquarie Group employs more than 19,000 people in 33 markets
and is listed on the Australian Securities Exchange. For more
information about Delaware Funds by Macquarie®, visit
delawarefunds.com or call 800 523-1918.
Other than Macquarie Bank Limited ABN 46 008 583 542
(“Macquarie Bank”), any Macquarie Group entity noted in this press
release is not an authorised deposit-taking 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 otherwise provide assurance in
respect of the obligations of these other Macquarie Group entities.
In addition, if this press release relates to an investment, (a)
the investor is subject to investment risk including possible
delays in repayment and loss of income and principal invested and
(b) none of Macquarie Bank or any other Macquarie Group entity
guarantees any particular rate of return on or the performance of
the investment, nor do they guarantee repayment of capital in
respect of the investment.
1 As of September 30, 2022
© 2022 Macquarie Management Holdings, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20221222005569/en/
Investors Computershare 866 437-0252
delawarefunds.com/closed-end
Media Lee Lubarsky 347 302-3000
Lee.Lubarsky@macquarie.com
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