Dividend Declarations: Delaware Investments(R) Municipal Income Funds Announce Dividends

PHILADELPHIA, Nov. 2 /PRNewswire-FirstCall/ -- Today, the following four Delaware Investments municipal income funds, all closed-end management investment companies, declare their monthly income dividends: Delaware Investments Arizona Municipal Income Fund, Inc., 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"). The investment objective of each Fund, other than Delaware Investments National Municipal Income Fund, 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 utilize leveraging techniques in an attempt to obtain a higher return for the Fund. At present, the Funds do not have any outstanding leverage.

The following dates apply to today's dividend announcement:

    Declaration date:  11/02/2009
    Ex-date:           11/10/2009
    Record date:       11/13/2009
    Payable date:      11/27/2009

The dividend distributions(1) are as follows:

                                       Dividend per
    FUND                                  Share
    -----------------------------       ---------
    Delaware Investments
     Arizona Municipal Income
     Fund, Inc. (VAZ)(2)                $0.040000
    -----------------------------       ---------
    Delaware Investments
     Colorado Municipal Income
     Fund, Inc. (VCF)(3)                $0.047500
    -----------------------------       ---------
    Delaware Investments National
     Municipal Income Fund (VFL)        $0.042500
    -----------------------------       ---------
    Delaware Investments
     Minnesota Municipal Income
     Fund II, Inc. (VMM)(4)             $0.047500
    -----------------------------       ---------

    (1) The dividends are exempt from federal income tax.
    (2) The dividend is exempt from Arizona state personal income tax.
    (3) The dividend is exempt from Colorado state personal income tax.
    (4) The dividend is exempt from Minnesota state personal income tax.

About Delaware Investments:
Delaware Investments, an affiliate of Lincoln Financial Group, is a Philadelphia-based diversified asset management firm with more than $135 billion in assets under management as of September 30, 2009. Through a broad range of managed accounts and portfolios, mutual funds, retirement accounts, sub-advised funds and other investment products, Delaware Investments provides investment services to individual investors and to institutional investors such as private and public pension funds, foundations, and endowment funds. Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries. For more information on Delaware Investments, visit the company at www.delawareinvestments.com or for shareholder related questions, call 800 523-1918. Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. For more information on Lincoln Financial Group, visit www.lincolnfinancial.com.

On August 18, 2009, Lincoln National Corporation and Macquarie Group ("Macquarie") entered into an agreement pursuant to which Delaware Investments, including Delaware Management Company, investment adviser to Delaware Investments Arizona Municipal Income Fund, Inc., Delaware Investments Colorado Municipal Income Fund, Inc., Delaware Investments National Municipal Income Fund and Delaware Investments Minnesota Municipal Income Fund II, Inc., will be acquired by Macquarie, an Australia-based global provider of banking, financial, advisory, investment and funds management services. The transaction is expected to close on or around December 31, 2009, subject to regulatory approvals and other customary closing conditions.