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PHILADELPHIA--(BUSINESS WIRE)--Today, the following three municipal income funds, all closed-end management investment companies, declare their monthly income dividends: Delaware Investments Colorado Municipal Income Fund, Inc.; Delaware Investments National Municipal Income Fund; and Delaware Investments Minnesota Municipal Income Fund II, Inc. (together, the Funds). In addition, Delaware Investments Colorado Municipal Income Fund, Inc. and Delaware Investments National Municipal Income Fund declare capital gains distributions. The investment objective of Delaware Investments Colorado Municipal Income Fund, Inc. and Delaware Investments Minnesota Municipal Income Fund II, Inc. is to provide current income exempt from federal income tax and from the personal income tax of its state, if any, consistent with the preservation of capital. The investment objective of Delaware Investments National Municipal Income Fund is to provide current income exempt from regular federal income tax consistent with the preservation of capital. In addition, each Fund has the ability to use leveraging techniques in an attempt to obtain a higher return for the Fund. Currently, each Fund has outstanding a series of variable-rate preferred shares as leverage. The following dates apply to the above dividend announcement: Declaration date: 12/01/2020 Ex-date: 12/17/2020 Record date: 12/18/2020 Payable date: 12/28/2020 The dividend distributions are as follows: FUND Dividends and capital gains per share Delaware Investments Colorado Municipal Income Fund, Inc. (VCF) $0.0400 Delaware Investments Colorado Municipal Income Fund, Inc (VCF)1 (Capital gains long term) $0.0590 Delaware Investments National Municipal Income Fund (VFL) $0.0425 Delaware Investments National Municipal Income Fund (VFL)1 (Capital gains long term) $0.0590 Delaware Investments Minnesota Municipal Income Fund II, Inc. (VMM) $0.0325 (1) The capital gain is subject to federal tax and may be subject to state income tax. About Macquarie Investment Management Macquarie Investment Management, a member of Macquarie Group, includes the former Delaware Investments and is a global asset manager with offices throughout 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. 2020 Macquarie Management Holdings, Inc.

Answer: Delaware Funds by Macquarie Municipal Income Funds Announce Dividends and Capital Gains Distributions