Delaware Investments® Municipal Income Funds Announce Dividends

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:
        
        
           
        
        
           
        
        
          3/1/2011
        
      
      
        
          Ex-date:
        
        
        
        
        
        
          3/9/2011
        
      
      
        
          Record date:
        
        
        
        
        
        
          3/11/2011
        
      
      
        
          Payable date:
        
        
        
        
        
        
          3/25/2011
        
      
    
    
      
        
          

The dividend distributions1 are as follows:

 

FUND

Dividend per

Share

        
      
      
        
          Delaware Investments Arizona Municipal Income Fund, Inc. (VAZ)2
        
        
           
        
        
           
        
        
          $0.045000
        
      
      
        
          Delaware Investments Colorado Municipal Income Fund, Inc. (VCF)3
        
        
           
        
        
           
        
        
          $0.047500
        
      
      
        
          Delaware Investments National Municipal Income Fund (VFL)
        
        
           
        
        
           
        
        
          $0.045000
        
      
      
        
          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, a member of Macquarie Group, is a U.S.-based diversified asset management firm with more than $150 billion in assets under management (as of Dec. 31, 2010). Through a team of talented investment professionals, the firm manages assets across all major asset classes for a wide range of institutional and individual investors. Delaware Investments is supported by the resources of Macquarie Group (ASX: MQG; ADR: MQBKY), a global provider of asset management, investment, banking, financial and advisory services with approximately US $307 billion in assets under management as of Oct. 29, 2010.

Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries. Advisory services provided by Delaware 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 Investments, visit www.delawareinvestments.com or call 800 523-1918.

Investments in the Funds are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (the "Macquarie Group"), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Funds, the repayment of capital from the Funds, or any particular rate of return.

© 2011 Delaware Management Holdings, Inc.