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Delaware Investments National Municipal Income Fund Announces Dividend Distribution

Today, Delaware Investments National Municipal Income Fund (NYSE American: VFL) (the “National Muni Fund”) a New York Stock Exchange–listed closed-end fund trading under the symbol “VFL,” declared a monthly distribution of $0.0450 per share. The monthly distribution is payable 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 consistent with the preservation of capital. In addition, the National Muni Fund has the ability to use leveraging techniques in an attempt to obtain a higher return for the National Muni Fund. Currently, the National Muni Fund has outstanding a series of variable-rate preferred shares as leverage. There is no assurance that the National Muni Fund will achieve its investment objectives.

At the Joint Annual Meeting of Shareholders held October 11, 2021, adjourned to November 9, 2021, the 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 approved an Agreement and Plan of Acquisition (the “Plan of Acquisition”) providing for (i) the acquisition by National Muni Fund of substantially all of the assets of both Colorado Muni Fund and Minnesota Muni Fund, in exchange for newly issued common shares of the National Muni Fund; (ii) the distribution of such newly issued common shares of the National Muni Fund to holders of common shares of Colorado Muni Fund and holders of common shares of Minnesota Muni Fund; and (iii) the dissolution of both Colorado Muni Fund and Minnesota Muni Fund thereafter. This acquisition is currently anticipated to close on February 11, 2022, at approximately 5:00 p.m. Eastern daylight time and is described in more detail in the Funds' press release of December 21, 2021. In connection with the Plan of Acquisition, the Colorado Muni Fund and Minnesota Muni Fund made a final distribution of substantially all of its undistributed ordinary income and undistributed capital gain net income, if any, earned through close of business on February 4, 2022, to common shareholders of record on February 1, 2022. Following completion of the acquisition, the Colorado Muni Fund and Minnesota Muni Fund will both be delisted.

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 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.

Advisory services are provided by Macquarie Investment Management Business Trust, a registered investment advisor. 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. For more information about Delaware Funds by Macquarie®, visit or call 800 523-1918.

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 30 September 2021

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