Each of the Funds has two or more series of preferred shares issued, eachwith a liquidation preference of $50,000 plus any accrued and undistributedcapital gains through the dividend payable date. The redemption plan isintended to better position each Fund to pursue its investment objectives inlight of current and unprecedented market volatility, which has resulted inhigher short-term interest rates. Preferred Shareholders of each series ofthe Funds listed in the table below are subject to redemption on the dates andin the amounts listed. The implementation of the redemption plan, includingthe amounts and the frequency with which Management may seek to redeem shares,remains subject to market conditions as well as the discretion of the Funds'investment managers.

Number of Number of Preferred Preferred Shares Shares Outstanding Redemption to be Fund Name Series CUSIP Currently Date Redeemed Delaware Investments Colorado Municipal Income Fund, Inc (ASE: VCF) A 246101208 400 Oct. 22, 2008 270 B 246101307 400 Oct. 22, 2008 270 Delaware Investments Minnesota Municipal Income Fund II, Inc (ASE: VMM) B 24610V304 600 Oct. 22, 2008 355 Management recommended the redemption of the Funds' preferred shares basedon its expectation that the current environment may become increasinglydifficult for the Funds to invest the assets attributable to the preferredshares in securities that provide a sufficient rate of return compared to thedividend rates payable on the preferred shares, which have remained elevatedin recent remarketings. These higher costs, in conjunction with currentmarket conditions, could cause the Funds to realize an overall lower rate ofreturn than if the Funds were not leveraged. The Funds' Board of Directors mayconsider adding some form of leverage to the Funds in the future if warrantedby economic conditions at that time.

Under the Statements Fixing the Rights and Preferences of each Fund'spreferred shares, Depository Trust Company (DTC), the securities' holder ofrecord, determines by lot how partial series redemptions will be allocatedamong each participant broker-dealer account. DTC then notifies Deutsche BankTrust Company Americas (DBTCA), the Funds' paying agent, of its determinationand DBTCA determines by lot the number of shares to be redeemed from preferredshareholder accounts held by each participant broker-dealer. DBTCA maydetermine that shares will be redeemed from the accounts of some preferredshareholders, which may include the Funds' remarketing agents, without sharesbeing redeemed from the accounts of other preferred shareholders.

About Delaware Investments:

Delaware Investments, an affiliate of Lincoln Financial Group, is aPhiladelphia-based diversified asset management firm with more than $135billion in assets under management as of June 30, 2008. Through a broad rangeof managed accounts and portfolios, mutual funds, retirement accounts, sub-advised funds and other investment products, Delaware Investments providesinvestment services to individual investors and to institutional investorssuch 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, visitthe company at http://www.delawareinvestments.com. Lincoln Financial Group isthe marketing name for Lincoln National Corporation (NYSE: LNC) and itsaffiliates. For more information on Lincoln Financial Group, visithttp://www.lincolnfinancial.com.

SOURCE Delaware Investments