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

The Boards of Trustees / Directors of Delaware Investments National Municipal Income Fund (NYSE American: VFL) (the “Acquiring 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”) today announced that the anticipated closing date of the acquisition of the Colorado Muni Fund and the Minnesota Muni Fund by the Acquiring Fund (the “Transaction”), is February 11, 2022, at approximately 5:00 p.m. Eastern daylight savings time. The transaction is expected to be tax-free and is pursuant to an Agreement and Plan of Acquisition (the “Plan of Acquisition”) approved by shareholders at the Joint Annual Meeting of Shareholders (the “Annual Meeting”) held on October 11, 2021, adjourned to November 9, 2021.

In connection with the Plan of Acquisition, each of the Colorado Muni Fund and the Minnesota Muni Fund will make a final distribution of substantially all of its undistributed tax-exempt interest income, ordinary income and capital gain net income, if any, earned and anticipated to be earned through close of business on February 1, 2022, payable on February 4, 2022 to common shareholders of record on February 1, 2022. Each of the Colorado Muni Fund and the Minnesota Muni Fund currently anticipates issuing another press release prior to February 4, 2022 stating the exact amount of the final distribution, if any. In early 2023, common shareholders of both Colorado Muni Fund and Minnesota Muni Fund will receive a Form 1099-DIV for the calendar year 2022 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 consistent with the preservation of capital. The investment objective of the Colorado Muni Fund is to provide current income exempt from federal income tax and from the personal income tax of Colorado, if any, consistent with the preservation of capital. The investment objective of the Minnesota Muni Fund is to provide current income exempt from federal income tax and from the personal income tax of Minnesota, if any, consistent with the preservation of capital. 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 Plan of Acquisition, each Fund has filed relevant materials with the U.S. Securities and Exchange Commission, including a combined proxy statement for each Fund and a Form N-14 registration statement for the Acquiring Fund that contained a prospectus. The foregoing is not an offer to sell, nor a solicitation of an offer to buy, shares of any fund.

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 $US531 billion in assets globally as at September 30, 2021, we provide access to specialist investment expertise across a range of capabilities including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and transportation finance.

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 approximately 16,400 people in 31 markets and is listed on the Australian Securities Exchange.

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions 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 otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

© 2021 Macquarie Management Holdings, Inc.

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