PHILADELPHIA, May 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: 5/2/2008 Ex-date: 5/14/2008 Record date: 5/16/2008 Payable date: 5/30/2008 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) $0.060000 Delaware Investments National Municipal Income Fund (ASE:VFL) $0.052500 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 $140 billion in assets under management as of March 31, 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/. DATASOURCE: Delaware Investments CONTACT: Ayele Ajavon, +1-215-255-1632, , or Laurel O'Brien, +1-215-255-1520, , both Corporate Communications for Delaware Investments Web site: http://www.delawareinvestments.com/ http://www.lincolnfinancial.com/

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