PHILADELPHIA CREAM–(BUSINESS WIRE)–Today, Delaware Investments National Municipal Income Fund (NYSE American: VFL) (the “National Muni Fund”), a closed-end fund listed on the New York Stock Exchange and trading under the symbol “VFL”, announced declared a monthly distribution of $0.0450. per share. The monthly distribution is payable on February 25, 2022 to shareholders of record at the close of business on February 18, 2022. The ex-dividend date will be February 17, 2022.

The investment objective of the National Muni Fund is to provide current income exempt from regular federal income tax, while preserving capital. In addition, the National Muni Fund has the ability to use leverage techniques to attempt to achieve a higher return for the National Muni Fund. Currently, the National Muni Fund has a series of floating rate preferred shares outstanding as leverage. There can be no assurance that the National Muni Fund will achieve its investment objectives.

At the joint annual meeting of shareholders held on October 11, 2021, adjourned until November 9, 2021, shareholders of Delaware Investments Colorado Municipal Income Fund, Inc. (NYSE American: VCF) (the “Colorado Muni Fund”), Delaware Investments Minnesota Municipal Income Fund II, Inc. (NYSE American: VMM) (the “Minnesota Muni Fund”) and the National Muni Fund have approved an agreement and an acquisition plan (the “Acquisition Plan”) providing for (i) the acquisition by National Muni Fund of substantially all of the assets of Colorado Muni Fund and Minnesota Muni Fund, in exchange for newly issued common stock of National Muni Fund; (ii) the distribution of such newly issued shares of National Muni Fund common stock to holders of common stock of the Colorado Muni Fund and to holders of common stock of the Minnesota Muni Fund; and (iii) the dissolution of the Colorado Muni Fund and the Minnesota Muni Fund thereafter. This acquisition is currently expected to close on February 11, 2022 at approximately 5:00 p.m. Eastern Daylight Time and is further described in the Funds’ press release dated December 21, 2021. As part of the acquisition plan, the Colorado Muni Fund and Minnesota Muni Fund have made a final distribution of substantially all of their undistributed ordinary income and net undistributed capital gain income, if any, earned through the close of business on April 4 February 2022, to common shareholders of record on February 1, 2022. Following completion of the Acquisition, both the Colorado Muni Fund and the Minnesota Muni Fund will be delisted.

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager that aims to deliver positive impact to everyone. Recognized by institutions, pension funds, governments and individuals for managing over $531 billion in assets worldwide1we provide access to specialist investment expertise across a range of capabilities including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewable energy, natural assets, real estate and transportation funding.

Advisory services are provided by 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, financing, banking, advisory and risk and capital solutions for debt, equities and commodities. Founded in 1969, Macquarie Group employs approximately 16,400 people in 31 markets and is listed on the Australian Securities Exchange. For more information on Macquarie’s Delaware Funds®visit delawarefunds.com or call 800 523-1918.

With the exception of Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any entity of the Macquarie group mentioned in this document is not an authorized depository 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 provide any other assurance with respect to the obligations of such other Macquarie group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk, including delays in repayment and loss of income and invested capital and (b) none of Macquarie Bank or any other entity within the Macquarie group does not guarantee any rate of return or return on the investment, nor guarantee the return of capital on the investment.

1 As of September 30, 2021

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