Delaware Investments Colorado Municipal Income Fund, Inc. (the “Colorado Muni Fund”) and Delaware Investments Minnesota Municipal Income Fund II, Inc. (the “Minnesota Muni Fund”) today announce that the Colorado Muni Fund and Minnesota Muni Fund will make final distributions in connection with the acquisition described in the second paragraph below.
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The final Colorado Muni Fund and Minnesota Muni Fund distributions will consist of substantially all of each fund’s undistributed tax-exempt interest income, ordinary income and capital gain net income, if any, earned and anticipated to be earned through close of business on February 1, 2022. In early 2023, common shareholders of Colorado Muni Fund and common shareholders of Minnesota Muni Fund will receive a Form 1099-DIV for the calendar year 2022 that will tell shareholders how to report these distributions for federal income tax purposes.
Each fund’s final distribution is being made in connection with an Agreement and Plan of Acquisition (the “Plan of Acquisition”) providing for (i) the acquisition by Delaware Investments National Municipal Income Fund (NYSE American: VFL) (“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. The Plan of Acquisition was approved by shareholders at the Joint Annual Meeting of Shareholders (the “Annual Meeting”) held on October 11, 2021, adjourned to November 9, 2021, and the transaction is currently anticipated to close on February 11, 2022, at approximately 5:00 p.m. Eastern daylight time. Following completion of the acquisition, the Colorado Muni Fund and Minnesota Muni Fund will both be delisted.
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Each 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 investment objective of the Colorado Muni Fund is to provide current income exempt from federal income tax and from the personal income tax of Colorado, if any, consistent with the preservation of capital. The investment objective of the Minnesota Muni Fund is to provide current income exempt from federal income tax and from the personal income tax of Minnesota, if any, consistent with the preservation of capital. As of December 31, 2021, the total assets of the National Muni Fund, Colorado Muni Fund and Minnesota Muni Fund were approximately $68.8 million, $74.9 million and $173.6 million, respectively.
In connection with the Plan of Acquisition, each Fund has filed relevant materials with the U.S. Securities and Exchange Commission, including a combined proxy statement for each Fund and a Form N-14 registration statement for the National Muni Fund that contained a prospectus. The foregoing is not an offer to sell, nor a solicitation of an offer to buy, shares of any fund.
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