Delaware Investments National Municipal Income Fund Announces Completion of Acquisition

Delaware Investments National Municipal Income Fund (NYSE American: VFL) (“National Muni Fund”) today announced that the acquisition of substantially all of the assets of 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”) was completed prior to the open of the New York Stock Exchange on Monday, February 14, 2022 (the "Acquisition"). The Acquisition of substantially all of the assets of the Colorado Muni Fund and the Minnesota Muni Fund in exchange for newly issued shares of the National Muni Fund was approved by shareholders of each Fund at a Joint Annual Meeting of Shareholders held on October 11, 2021, adjourned to November 9, 2021, and was structured as a tax-free transaction. Relevant details as of the closing of the acquisition are as follows:

FUND

NAV/COMMON

SHARE ($)

CONVERSION

RATIO

Delaware Investments National Municipal Income Fund (VFL)

$14.35

N/A

Delaware Investments Colorado Municipal Income Fund, Inc. (VCF)

$14.82

1.0328

Delaware Investments Minnesota Municipal Income Fund II, Inc. (VMM)

$14.26

0.9937

In connection with the Acquisition, the National Muni Fund today issued 300 and 750 preferred shares of Series 2049-2 and Series 2049-3 (the “New Preferred Shares”), respectively, in exchange on a one-for-one basis for the Series 2049 preferred shares of the Colorado Muni Fund and the Series 2049 preferred shares of the Minnesota Muni Fund, respectively. The New Preferred Shares are the same amount and value as the Series 2049 preferred shares for which they were exchanged, and have substantially similar terms. The New Preferred Shares are held by a qualified institutional buyer. The New Preferred Shares, together with the National Muni Fund’s existing Series 2049 preferred shares, will be utilized for leverage in an effort to obtain a higher return for the National Muni Fund.

Delaware Investments National Municipal Income Fund (VFL) Preferred Shares Outstanding Upon Closing of the Acquisition

Amount

Series 2049

$30 million

Series 2049-2

$30 million

Series 2049-3

$75 million

The National Muni Fund common shares will continue to be listed on the New York Stock Exchange trading under the ticker symbol of “VFL”. From this point forward, however, the Colorado Muni Fund and the Minnesota Muni Fund will no longer trade or be listed on the New York Stock Exchange, and the Colorado Muni Fund and the Minnesota Muni Fund will be dissolved. In early 2023, former shareholders of Colorado Muni Fund and the Minnesota Muni Fund will receive Forms 1099 for the calendar year 2022 that will tell them how to report any Fund distributions for federal income tax purposes. Questions regarding the exchange of common shares in connection with the Acquisition should be directed to the National Muni Fund’s transfer agent, Computershare, Inc. by calling them at 866 437-0252, or you may write them at 480 Washington Boulevard, 29-130, Jersey City, NJ 07310.

The National Muni Fund is a closed-end fund managed by Delaware Management Company, a series of Macquarie Investment Management Business Trust. The investment objective of the National Muni Fund is to provide current income exempt from regular federal income tax consistent with the preservation of capital. The National Muni Fund has the ability to utilize leveraging techniques in an attempt to obtain a higher return for the Fund . Currently the National Muni Fund has outstanding three series of variable-rate preferred shares as leverage. The total assets of the National Muni Fund were approximately $300,752,655 million as of February 14, 2022.

No preferred shares have been registered, or are expected to be registered, under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, preferred shares may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This document is not an offer to sell any security and is not soliciting an offer to buy any security.

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 $US545 billion in assets globally1, 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 ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this material 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 document 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 at 31 December 2021

View source version on businesswire.com: https://www.businesswire.com/news/home/20220214005542/en/

Investors Computershare 866 437-0252 delawarefunds.com/closed-end

Media Lee Lubarsky 347 302-3000 Lee.Lubarsky@macquarie.com

Sarah Stein 212 231-0323 Sarah.Stein@macquarie.com

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