Delaware Investments National Municipal Income Fund, Delaware Investments Colorado Municipal Income Fund, Inc. and Delaware Investments Minnesota Municipal Income Fund II, Inc. Announce Completion of Merger

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PHILADELPHIA CREAM – (COMMERCIAL THREAD) – The boards of directors / directors of Delaware Investments National Municipal Income Fund (NYSE American: VFL) (the “Acquisition Fund”), Delaware Investments Colorado Municipal Income Fund, Inc. (NYSE American: VCF) (the “Colorado Muni Fund”) and Delaware Investments Minnesota Municipal Income Fund II, Inc. (NYSE American: VMM) (the “Minnesota Muni Fund”) announced today that the expected closing date for the acquisition of Colorado Muni Fund and the Minnesota Muni Fund by the Acquiring Fund (the “Transaction”) is on February 11, 2022, at approximately 5:00 pm Eastern Daylight Time. The transaction is expected to be tax-exempt and is in accordance with a acquisition agreement and plan (the “Acquisition Plan”) approved by the shareholders at the joint annual meeting of shareholders (the “Annual Meeting” held). October 11, 2021, postponed to November 9, 2021.

As part of the acquisition plan, the Colorado Muni Fund and the Minnesota Muni Fund will make a final distribution of substantially all of their tax-exempt undistributed interest income, ordinary income and net capital gains income, where applicable, earned and anticipated. up for grabs until close of business on February 1, 2022, payable February 4, 2022 to common shareholders of record on February 1, 2022. The Colorado Muni Fund and Minnesota Muni Fund are currently planning to issue another press release by February 4, 2022 showing the exact amount of the final distribution, if any. In early 2023, common shareholders of Colorado Muni Fund and Minnesota Muni Fund will receive a Form 1099-DIV for the 2022 calendar year that will tell you how to report these distributions for federal income tax purposes.

Each Fund is a closed-end fund managed by Delaware Management Company, a series of Macquarie Investment Management Business Trust. The investment objective of the Acquiring Fund is to provide current income exempt from regular federal income tax while preserving capital. The investment objective of the Colorado Muni Fund is to provide current income exempt from federal income tax and Colorado personal income tax, where applicable, in accordance with capital preservation. The investment objective of the Minnesota Muni Fund is to provide current income exempt from federal income tax and Minnesota personal income tax, if applicable, in accordance with capital preservation. As of October 31, 2021, the total assets of the Acquiring Fund, Colorado Muni Fund and Minnesota Muni Fund were approximately $ 68.1 million, $ 74.2 million and $ 172.2 million, respectively.

In connection with the Acquisition Plan, each Fund has filed relevant documents with the United States Securities and Exchange Commission, including a combined proxy circular for each Fund and a registration statement on Form N-14 for the Acquiring Fund which contained a prospectus. The foregoing does not constitute an offer to sell, or the solicitation of an offer to buy, shares of a fund.

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager focused on delivering positive impact for everyone. Recognized by institutions, pension funds, governments and individuals to manage more than $ 531 billion in assets worldwide as of September 30, 2021, we offer access to specialized investment expertise in a range of capabilities, including fixed income, equities and multi-asset solutions, private credit, infrastructure, renewable energy, natural assets, real estate and transportation finance.

Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, financing, banking, advisory, risk and capital solutions for debt, stocks and commodities. . Founded in 1969, Macquarie Group employs approximately 16,400 people in 31 markets and is listed on the Australian Securities Exchange.

With the exception of Macquarie Bank Limited (MBL), none of the entities mentioned is an authorized deposit institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or provide any assurance regarding the obligations of these entities, unless otherwise stated.

© 2021 Macquarie Management Holdings, Inc.


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