Delaware Funds® by Macquarie Municipal Income Funds Announce Intent to Redeem Outstanding Preferred Shares and Offer New Leverage

PHILADELPHIA–(BUSINESS WIRE)–The Delaware Investments Colorado Municipal Income Fund, Inc. (NYSEAM:
VCF), Delaware Investments Minnesota Municipal Income Fund II, Inc.
(NYSEAM: VMM) and Delaware Investments National Municipal Income Fund
(NYSEAM: VFL) have each filed with the Securities and Exchange
Commission a notice of intention to redeem the outstanding Variable Rate
MuniFund Term Preferred Shares, Series 2021 (VMTP). The VMTP redemption
price will be the $100,000 liquidation preference per share, plus an
additional amount representing the final accumulated distribution
amounts owed.

The Funds expect to finance the VMTP share redemptions with the proceeds
from the issuance of new privately placed Muni-MultiMode Preferred
Shares (MMP), which is expected to occur in April 2019. The new
Muni-MultiMode Preferred Shares Series 2049 to be issued by each of the
Funds will have a 30-year tenor and are expected to provide leverage at
attractive borrowing costs relative to the existing VMTP shares
outstanding. Redemption of the existing VMTP shares is contingent upon
the issuance of the new preferred shares by the Funds, which may not
occur as planned. Official notification of the redemption will be
delivered to VMTP shareholders at a later date through the Depository
Trust Company (DTC).

The anticipated date of redemption of the outstanding VMTP shares are as






Anticipated Redemption

Delaware Investments Colorado
Municipal Income Fund, Inc.



      April 29, 2019

Delaware Investments Minnesota
Municipal Income Fund II, Inc.

      750       2410V 707       April 29, 2019

Delaware Investments National
Municipal Income Fund (NYSEAM:



      April 29, 2019

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 press release is neither an offer to sell
nor a solicitation of an offer to buy any of these securities.

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 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


Certain statements made or referenced in this release may be
forward-looking statements. Actual future results or occurrences may
differ significantly from those anticipated in any forward-looking
statements due to numerous factors. These include, but are not limited

  • Market developments, including the sale of new preferred shares, by
    the funds identified in this press release;
  • Legal and regulatory developments; and
  • Other additional risks and uncertainties.

Macquarie Investment Management and the closed-end funds managed by
Macquarie Investment Management and its affiliates undertake no
responsibility to update publicly or revise any forward looking

© 2019 Macquarie Management Holdings, Inc.


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215 255-8878

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