Delaware Investments National Municipal Income Fund, Delaware Investments Colorado Municipal Income Fund and Delaware Investments Minnesota Municipal Income Fund II Announce Approval of Plan of Acquisition and Election of Boards of Trustees/Directors

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 the final results of voting at the Joint Annual Meeting of Shareholders (the “Annual Meeting”) held on October 11, 2021, adjourned to November 9, 2021. Shareholders of each Fund approved an Agreement and Plan of Acquisition (the “Plan of Acquisition”) providing for (i) the acquisition by the Acquiring Fund of substantially all of the property, assets and goodwill of each the Colorado Muni Fund and the Minnesota Muni Fund in exchange solely for (a) full and fractional shares of common stock, par value $0.01 per share, of the Acquiring Fund; and (b) Muni-MultiMode Preferred Shares, Series 2049, liquidation preference $100,000 per share, of the Acquiring Fund; (ii) the pro rata distribution of such shares of the Acquiring Fund to the shareholders of each the Colorado Muni Fund and the Minnesota Muni Fund according to their respective interests in liquidation, and (iii) the dissolution of each of the Colorado Muni Fund and the Minnesota Muni Fund as soon as is practicable after the closing. In addition, all of the nominees for the Boards of Trustees/Directors were elected.

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 Investment Management

Macquarie Investment Management, a member of Macquarie Group, is a global asset manager with offices in the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the team level in pursuit of opportunities that matter for clients. Macquarie Investment Management is supported by the resources of Macquarie Group (ASX: MQG; ADR: MQBKY), a global provider of asset management, investment, banking, financial and advisory services.

Advisory services are provided by Macquarie Investment Management Business Trust, a registered investment advisor. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. For more information about Delaware Funds by Macquarie®, visit delawarefunds.com or call 800 523-1918.

Other than Macquarie Bank Limited (MBL), none of the entities referred to in this document 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, a subsidiary of Macquarie Group Limited and an affiliate of Macquarie Investment Management. 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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