Delaware Investments® Municipal Income Funds Announce Dividends

Today, the following three Delaware Investments municipal income funds, all closed-end management investment companies, declare their monthly income dividends: 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”). In addition, Delaware Investments Colorado Municipal Income Fund, Inc. and Delaware Investments Minnesota Municipal Income Fund, Inc. declare capital gain distributions. The investment objective of Delaware Investments Colorado Municipal Income Fund, Inc. and Delaware Investments Minnesota Municipal Income Fund II, Inc. 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. Currently, each Fund has outstanding a series of variable rate preferred shares as leverage.

The following dates apply to the above dividend announcement:
Declaration date:         12/03/2012
Ex-date: 12/12/2012
Record date: 12/14/2012
Payable date: 12/28/2012

The dividend distributions 1 are as follows:
           
FUND        

Dividend per share

Delaware Investments ColoradoMunicipal Income Fund, Inc. (VCF) 2
        $0.057500

Delaware Investments ColoradoMunicipal Income Fund, Inc. (VCF) 4(Capital Gains - Long Term)
        $0.003000

Delaware Investments ColoradoMunicipal Income Fund, Inc. (VCF) 4(Capital Gains – Short Term)
        $0.004000

Delaware Investments NationalMunicipal Income Fund (VFL)
        $0.055000

Delaware Investments MinnesotaMunicipal Income Fund II, Inc. (VMM) 3
        $0.057500

Delaware Investments MinnesotaMunicipal Income Fund II, Inc. (VMM) 4(Capital Gains - Long Term)
        $0.010000

Delaware Investments MinnesotaMunicipal Income Fund II, Inc. (VMM) 4(Capital Gains – Short Term)
        $0.030000
       

(1) The dividends are exempt from federal income tax.

(2) The dividend is exempt from Colorado state personal income tax.

(3) The dividend is exempt from Minnesota state personal income tax.

(4) The capital gain is subject to federal tax and may be subject to state income tax.

About Delaware Investments

Delaware Investments, a member of Macquarie Group, is a global asset management firm that offers a wide variety of equity and fixed income solutions for individual and institutional investors. Through teams of disciplined and talented investment professionals, the firm is committed to delivering long-term, consistent performance. In an ever-changing global marketplace, Delaware Investments, with more than US $175 billion in assets under management as of Sept. 30, 2012, has helped its clients move steadily forward for more than 80 years. 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 $353 billion in assets under management as of Sep. 30, 2012.

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