PHILADELPHIA, Jan. 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, 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. Each of the Funds has decreased its monthly dividend, beginning with the dividend to be paid on January 30, 2009. These dividends were decreased to more closely reflect the net investment income currently expected to be generated by each of the Funds. Each Fund continues to evaluate its monthly distribution in light of ongoing economic and market conditions and may take further action in the future. The following dates apply to today's dividend announcement: Declaration date: 1/2/2009 Ex-date: 1/14/2009 Record date: 1/16/2009 Payable date: 1/30/2009 The dividend distributions(1) are as follows: FUND Dividend per Share Delaware Investments Arizona Municipal $0.040000 Income Fund, Inc. (ASE:VAZ)(2) Delaware Investments Colorado Municipal $0.047500 Income Fund, Inc. (ASE:VCF)(3) Delaware Investments National Municipal $0.042500 Income Fund (ASE:VFL) Delaware Investments Minnesota Municipal $0.047500 Income Fund II, Inc. (ASE:VMM)(4) (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 $125 billion in assets under management as of September 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/ 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 http://www.lincolnfinancial.com/. DATASOURCE: Delaware Investments CONTACT: Ayele Ajavon, +1-215-255-1632, , or Christopher Allen, +1-215-255-1520, , both of Delaware Investments, Media Relations Web site: http://www.delawareinvestments.com/ http://www.lincolnfinancial.com/

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