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Delaware Investments(R) Municipal Income Funds Announce Dividends

PHILADELPHIA, Sept. 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. (formerly Delaware Investments Colorado Insured Municipal Income Fund, Inc.), Delaware Investments National Municipal Income Fund (formerly Delaware Investments Florida Insured 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 utilizes leveraging techniques in an attempt to obtain a higher return for the Fund.

    The following dates apply to today's dividend announcement:
    Declaration date:  9/2/2008
    Ex-date:           9/10/2008
    Record date:       9/12/2008
    Payable date:      9/26/2008

    The dividend distributions(1) are as follows:

    FUND                                           Dividend per Share
    Delaware Investments Arizona Municipal
    Income Fund, Inc. (ASE: VAZ)(2)                       $0.050000
    Delaware Investments Colorado Municipal
    Income Fund, Inc. (ASE: VCF)(3)                       $0.053500
    Delaware Investments National Municipal
    Income Fund (ASE: VFL)                                $0.047500
    Delaware Investments Minnesota Municipal
    Income Fund II, Inc. (ASE: VMM)(4)                    $0.055000

    (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 June 30, 2008. 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 http://www.delawareinvestments.com. Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. For more information on Lincoln Financial Group, visit http://www.lincolnfinancial.com.

SOURCE Delaware Investments

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Delaware Investments(R) Municipal Income Funds Announce Dividends