-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NE3L34ndv7mTGrge5V+R2wd0X18MRCAzCON2JFnQW09sfOETzguZ8i/gklGwL6nC jsJ/AzqTeMoFyz0m/0yyag== 0001206774-08-001928.txt : 20081126 0001206774-08-001928.hdr.sgml : 20081126 20081126114308 ACCESSION NUMBER: 0001206774-08-001928 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20080930 FILED AS OF DATE: 20081126 DATE AS OF CHANGE: 20081126 EFFECTIVENESS DATE: 20081126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DELAWARE INVESTMENTS ARIZONA MUNICIPAL INCOME FUND INC CENTRAL INDEX KEY: 0000895577 IRS NUMBER: 411737155 STATE OF INCORPORATION: MN FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-07412 FILM NUMBER: 081216307 BUSINESS ADDRESS: STREET 1: ONE COMMERCE SQUARE STREET 2: 2005 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 2152552127 MAIL ADDRESS: STREET 1: ONE COMMERCE SQUARE STREET 2: 2005 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19103 FORMER COMPANY: FORMER CONFORMED NAME: VOYAGEUR ARIZONA MUNICIPAL INCOME FUND INC DATE OF NAME CHANGE: 19930519 N-CSR 1 diarizonamunicipal_ncsr.htm CERTIFIED SHAREHOLDER REPORT

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number: 811-07412

Exact name of registrant as specified in charter:
Delaware Investments^® Arizona Municipal Income Fund, Inc.

Address of principal executive offices:
2005 Market Street
Philadelphia, PA 19103

Name and address of agent for service:
David F. Connor, Esq.
2005 Market Street
Philadelphia, PA 19103

Registrant’s telephone number, including area code: (800) 523-1918

Date of fiscal year end: March 30

Date of reporting period: September 30, 2008

Item 1. Reports to Stockholders





Semiannual Report	Delaware Investments Closed-End Municipal Bond Funds

	September 30, 2008
















	Closed-end funds

Table of contents

> Sector/State allocations and credit quality breakdowns		1

> Statements of net assets		4

> Statements of operations		18

> Statements of changes in net assets		19

> Financial highlights		20

> Notes to financial statements		24

> Other Fund information		31

> About the organization		33

Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.

Mutual fund advisory services provided by Delaware Management Company, a series of Delaware Management
Business Trust, which is a registered investment advisor.

All third-party trademarks are the property of their respective owners.

Sector/State allocations and credit quality
breakdowns

As of September 30, 2008

Sector designations may be different than the sector designations presented in other Fund materials.

Delaware Investments
Arizona Municipal Income Fund, Inc.

	Percentage
Sector	of Net Assets
Municipal Bonds	152.58	%
Education Revenue Bonds	16.51	%
Electric Revenue Bonds	9.06	%
Escrowed to Maturity Bond	6.60	%
Health Care Revenue Bonds	19.35	%
Housing Revenue Bonds	2.65	%
Lease Revenue Bonds	6.60	%
Local General Obligation Bonds	14.64	%
Pre-Refunded Bonds	40.92	%
Special Tax Revenue Bonds	19.96	%
State General Obligation Bond	0.74	%
Transportation Revenue Bonds	7.63	%
Water & Sewer Revenue Bonds	7.92	%
Total Value of Securities	152.58	%
Receivables and Other Assets Net of Liabilities	13.00	%
Liquidation Value of Preferred Stock	(65.58	%)
Total Net Assets	100.00	%

Credit Quality Breakdown
(as a % of fixed income investments)
AAA	36.56	%
AA	38.75	%
A	10.69	%
BBB	14.00	%
Total	100.00	%

Delaware Investments
Colorado Municipal Income Fund, Inc.

	Percentage
Sector	of Net Assets
Municipal Bonds	146.06	%
Education Revenue Bonds	24.21	%
Electric Revenue Bond	1.29	%
Health Care Revenue Bonds	6.78	%
Housing Revenue Bonds	1.93	%
Lease Revenue Bonds	5.72	%
Local General Obligation Bonds	13.26	%
Pre-Refunded Bonds	63.58	%
Special Tax Revenue Bonds	13.48	%
State General Obligation Bond	3.50	%
Transportation Revenue Bond	1.43	%
Water & Sewer Revenue Bonds	10.88	%
Short-Term Investments	1.94	%
Total Value of Securities	148.00	%
Receivables and Other Assets Net of Liabilities	14.63	%
Liquidation Value of Preferred Stock	(62.63	%)
Total Net Assets	100.00	%

Credit Quality Breakdown
(as a % of fixed income investments)
AAA	31.80	%
AA	48.81	%
A	8.18	%
BBB	5.57	%
Not Rated	5.64	%
Total	100.00	%

(continues) 1

Sector/State allocations and credit quality
breakdowns

As of September 30, 2008

Sector designations may be different than the sector designations presented in other Fund materials.

Delaware Investments
Minnesota Municipal Income Fund II, Inc.



	Percentage
Sector	of Net Assets
Municipal Bonds	144.72	%
Corporate-Backed Revenue Bonds	6.33	%
Education Revenue Bonds	5.52	%
Electric Revenue Bonds	20.98	%
Escrowed to Maturity Bonds	17.90	%
Health Care Revenue Bonds	14.25	%
Housing Revenue Bonds	9.36	%
Lease Revenue Bonds	9.56	%
Local General Obligation Bonds	22.70	%
Pre-Refunded Bonds	22.53	%
Special Tax Revenue Bonds	4.43	%
State General Obligation Bonds	3.30	%
Transportation Revenue Bonds	7.86	%
Short-Term Investment	0.20	%
Total Value of Securities	144.92	%
Receivables and Other Assets Net of Liabilities	18.01	%
Liquidation Value of Preferred Stock	(62.93	%)
Total Net Assets	100.00	%

Credit Quality Breakdown
(as a % of fixed income investments)
AAA	31.72	%
AA	33.66	%
A	18.08	%
BBB	11.54	%
BB	2.26	%
B	0.40	%
Not Rated	2.34	%
Total	100.00	%

Delaware Investments
National Municipal Income Fund

	Percentage
Sector	of Net Assets
Municipal Bonds	151.63	%
Corporate-Backed Revenue Bonds	7.66	%
Education Revenue Bonds	3.45	%
Electric Revenue Bond	3.22	%
Health Care Revenue Bonds	20.91	%
Housing Revenue Bonds	14.78	%
Lease Revenue Bonds	20.02	%
Local General Obligation Bonds	9.64	%
Pre-Refunded Bonds	9.05	%
Special Tax Revenue Bonds	26.52	%
State General Obligation Bonds	5.10	%
Transportation Revenue Bonds	13.09	%
Water & Sewer Revenue Bonds	18.19	%
Short-Term Investments	5.29	%
Total Value of Securities	156.92	%
Receivables and Other Assets Net of Liabilities	11.35	%
Liquidation Value of Preferred Stock	(68.27	%)
Total Net Assets	100.00	%

State
(as a % of fixed income investments)
Arizona	2.58	%
California	2.60	%
Florida	68.22	%
Georgia	0.47	%
Indiana	0.58	%
Iowa	1.09	%
Maryland	1.02	%
Massachusetts	1.11	%
New York	6.42	%
Ohio	1.02	%
Pennsylvania	1.13	%
Puerto Rico	4.56	%
South Carolina	0.64	%
Texas	7.47	%
Virginia	1.09	%
Total	100.00	%

Credit Quality Breakdown
(as a % of fixed income investments)
AAA	30.22	%
AA	53.96	%
A	9.61	%
BBB	3.39	%
BB	0.47	%
Not Rated	2.35	%
Total	100.00	%

Statements of net assets

Delaware Investments Arizona Municipal Income Fund, Inc.

September 30, 2008 (Unaudited)

	Principal
	Amount		Value
Municipal Bonds – 152.58%
Education Revenue Bonds – 16.51%
Arizona Board Regents System
Revenue (Arizona State University)
Series 8-A
5.00% 6/1/18	$	200,000	$	205,154
5.00% 6/1/19		375,000		380,288
Arizona State University Certificates
of Participation (Research
Infrastructure Project)
5.00% 9/1/30 (AMBAC)		1,000,000		929,510
Arizona Student Loan Acquisition
Authority Revenue Refunding
Series A-1 5.90% 5/1/24 (AMT)		1,500,000		1,411,125
Glendale Industrial Development
Authority Revenue Refunding
(Midwestern University)
5.00% 5/15/31		350,000		307,741
Northern Arizona University Certificates
of Participation (Northern Arizona
University Research Project)
5.00% 9/1/30 (AMBAC)		1,000,000		906,010
Pima County Industrial Development
Authority Educational Revenue
Refunding (Tucson County Day
School Project) 5.00% 6/1/37		500,000		373,045
South Campus Group Student
Housing Revenue (Arizona State
University -South Campus Project)
5.625% 9/1/35 (MBIA)		1,000,000		923,900
University of Puerto Rico Revenue
Series Q 5.00% 6/1/36		1,000,000		857,340
				6,294,113
Electric Revenue Bonds – 9.06%
Salt River Project Agricultural
Improvement & Power District
Electric System Revenue
(Salt River Project)
Series A
5.00% 1/1/16		500,000		530,855
5.00% 1/1/31		1,765,000		1,696,147
Series B 5.00% 1/1/25		1,250,000		1,225,388
				3,452,390
Escrowed to Maturity Bond – 6.60%
Puerto Rico Commonwealth
Infrastructure Financing Authority
Series A 5.50% 10/1/40		2,500,000		2,517,150
				2,517,150
Health Care Revenue Bonds – 19.35%
Arizona Health Facilities Authority
Revenue (Banner Health) Series D
5.50% 1/1/21		500,000		487,780
Glendale Industrial Development
Authority Hospital Refunding
Revenue (John C. Lincoln Health)
5.00% 12/1/42		1,500,000		1,158,975
Maricopa County Industrial
Development Authority Revenue
(Catholic Healthcare West) Series A
5.25% 7/1/32		400,000		349,456
5.50% 7/1/26		430,000		403,099
Scottsdale Industrial Development
Authority Hospital Revenue
Refunding (Scottsdale Healthcare)
Series A 5.25% 9/1/30		500,000		439,650
Show Low Industrial Development
Authority Hospital Revenue
(Navapache Regional Medical Center)
Series A 5.50% 12/1/17 (ACA)		1,600,000		1,537,744
University Medical Center
Hospital Revenue
5.00% 7/1/33		1,000,000		800,920
5.00% 7/1/35		500,000		397,445
Yavapai County Industrial
Development Authority Revenue
(Yavapai Regional Medical Center)
Series A 5.25% 8/1/21 (RADIAN)		2,000,000		1,802,160
				7,377,229
Housing Revenue Bonds – 2.65%
Phoenix Industrial Development
Authority Single Family
Statewide Revenue
Series A 5.35% 6/1/20 (GNMA)
(FNMA) (FHLMC) (AMT)		435,000		414,634
Series C 5.30% 4/1/20 (GNMA)
(FNMA) (FHLMC) (AMT)		370,000		371,746
Pima County Industrial Development
Authority Single Family
Mortgage Revenue Series A-1
6.125% 11/1/33 (GNMA)
(FNMA) (FHLMC) (AMT)		40,000		40,301
Puerto Rico Housing Finance
Authority Sub-Cap Foundation
Modernization 5.50% 12/1/18		175,000		182,250
				1,008,931
Lease Revenue Bonds – 6.60%
Arizona Game & Fishing Department
& Commission Beneficial Interest
Certificates (AGF Administration
Building Project) 5.00% 7/1/26		640,000		581,018
Coconino County Unified School
District #8 (Page Impact Aid
Revenue Project of 2004) Series A
5.00% 7/1/15 (MBIA)		1,000,000		1,043,820
Nogales Development Authority
Municipal Facilities Revenue
5.00% 6/1/30 (AMBAC)		500,000		423,165
Prescott Valley Municipal Property
5.00% 1/1/27 (FGIC)		500,000		468,650
				2,516,653

			Principal
			Amount		Value
Municipal Bonds (continued)
Local General Obligation Bonds – 14.64%
	Coconino & Yavapai Counties Joint
	Unified School District #9
	(Sedona Oak Creek Project 2007)
	Series A 4.25% 7/1/20 (FSA)	$	900,000	$	851,607
Φ	Gila County Unified School
	District #10 (Payson Step Coupon
	Project of 2006) Series A
	1.00% 7/1/27 (AMBAC)		500,000		449,260
	Maricopa County School
	District #6 (Washington
	Elementary) Refunding Series A
	5.375% 7/1/13 (FSA)		3,000,000		3,238,710
	(School Improvement Project of
	2001) Series B
	5.00% 7/1/17 (FSA)		1,000,000		1,040,920
					5,580,497
§Pre-Refunded Bonds – 40.92%
	Arizona School Facilities Board
	Certificates of Participation
	Series B 5.25% 9/1/19-14 (FSA)		1,000,000		1,087,680
	Arizona School Facilities
	Board Revenue
	(State School Improvement)
	Series 2001 5.00% 7/1/19-11		2,000,000		2,108,360
	(State School Trust) Series A
	5.75% 7/1/18-14 (AMBAC)		500,000		554,970
	Arizona Water Infrastructure Finance
	Authority Revenue (Water Quality)
	Series A 5.05% 10/1/20-11		1,500,000		1,588,335
	Oro Valley Municipal Property Excise
	Tax 5.00% 7/1/20-11 (FGIC)		1,000,000		1,063,410
	Phoenix Civic Improvement Excise Tax
	(Senior Lien Municipal Courthouse
	Project) Series A 5.25% 7/1/24-09		1,000,000		1,029,660
	Puerto Rico Commonwealth Public
	Improvement Revenue Series A
	5.125% 7/1/31-11		250,000		264,775
	Puerto Rico Highway &
	Transportation Authority Series D
	5.00% 7/1/32-12 (FSA)		3,475,000		3,712,759
	Scottsdale Industrial Development
	Authority Hospital Revenue
	(Scottsdale Healthcare)
	5.80% 12/1/31-11		1,000,000		1,089,680
	Southern Arizona Capital Facilities
	Finance (University of Arizona
	Project) 5.00% 9/1/23-12 (MBIA)		1,150,000		1,225,440
	University of Arizona Certificates
	of Participation (University
	of Arizona Project) Series B
	5.125% 6/1/22-12 (AMBAC)		500,000		532,965
	Virgin Islands Public Finance
	Authority Revenue (Gross
	Receipts Tax Loan Note) Series A
	6.125% 10/1/29-10 (ACA)		1,250,000		1,340,575
					15,598,609
Special Tax Revenue Bonds – 19.96%
	Arizona State Transportation Board
	Excise Tax Revenue (Maricopa
	County Regional Area Road
	Foundation) 5.00% 7/1/19		750,000		761,100
	Arizona Tourism & Sports Authority
	(Multipurpose Stadium Facilities)
	Series A 5.00% 7/1/31 (MBIA)		1,000,000		905,390
	Flagstaff Aspen Place Sawmill
	Improvement District
	5.00% 1/1/32		385,000		350,943
	Glendale Municipal Property Series A
	5.00% 7/1/33 (AMBAC)		3,000,000		2,844,809
	Marana Tangerine Farm Road
	Improvement District Revenue
	4.60% 1/1/26		1,000,000		809,020
	Peoria Municipal Development
	Authority Sales Tax & Excise
	Shared Revenue (Senior Lien &
	Sub Lien) 5.00% 1/1/18		1,085,000		1,114,035
	Queen Creek Improvement District #1
	5.00% 1/1/32		1,000,000		823,350
					7,608,647
State General Obligation Bond – 0.74%
	Puerto Rico Commonwealth
	Refunding Series C-7
	6.00% 7/1/27 (MBIA)		285,000		280,870
					280,870
Transportation Revenue Bonds – 7.63%
	Arizona Transportation Broad Grant
	Anticipation Notes 5.00% 7/1/14		250,000		265,888
	Phoenix Civic Improvement Airport
	Revenue Series B 5.25% 7/1/27
	(FGIC) (AMT)		2,000,000		1,713,659
	Puerto Rico Commonwealth Highway
	& Transportation Authority
	Un-Refunded Balance Series D
	5.00% 7/1/32 (FSA)		1,025,000		930,926
					2,910,473
Water & Sewer Revenue Bonds – 7.92%
	Phoenix Civic Improvement
	Wastewater Systems Revenue
	Junior Lien
	5.00% 7/1/19 (MBIA)		850,000		860,761
	5.00% 7/1/24 (FGIC)		1,590,000		1,539,343
	Scottsdale Water & Sewer Revenue
	Refunding 5.00% 7/1/19		600,000		618,084
					3,018,188
Total Municipal Bonds
	(cost $60,694,265)				58,163,750

(continues) 5

Statements of net assets

Delaware Investments Arizona Municipal Income Fund, Inc.



Total Value of Securities – 152.58%
(cost $60,694,265)	$	58,163,750
Receivables and Other Assets
Net of Liabilities – 13.00%z		4,955,852
Liquidation Value of Preferred Stock – (65.58%)		(25,000,000	)
Net Assets Applicable to 2,982,200
Shares Outstanding – 100.00%	$	38,119,602

Net Asset Value Per Common Share
($38,119,602 / 2,982,200 Shares)	$	12.78

Components of Net Assets at September 30, 2008:
Common stock, $0.01 par value, 200 million shares
authorized to the Fund	$	40,780,234
Distributions in excess of net investment income		(3,697	)
Accumulated net realized loss on investments		(126,420	)
Net unrealized depreciation of investments		(2,530,515	)
Total net assets	$	38,119,602

Φ	Step coupon bond. Coupon increases periodically based on a predetermined schedule. Stated rate in effect at September 30, 2008.

§	Pre-Refunded Bonds. Municipals that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded Bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 8 in “Notes to financial statements.”

z	Of this amount, $4,127,684 represents receivables for securities sold as of September 30, 2008.

Summary of Abbreviations:
ACA — Insured by American Capital Access
AMBAC — Insured by the AMBAC Assurance Corporation
AMT — Subject to Alternative Minimum
FGIC — Insured by the Financial Guaranty Insurance Company
FHLMC — Insured by the Federal Home Loan Mortgage Corporation
FNMA — Insured by Federal National Mortgage Association
FSA — Insured by Financial Security Assurance
GNMA — Insured by Government National Mortgage Association
MBIA — Insured by the Municipal Bond Insurance Association
RADIAN — Insured by Radian Asset Assurance

See accompanying notes

Delaware Investments Colorado Municipal Income Fund, Inc.

September 30, 2008 (Unaudited)

		Principal
		Amount		Value
Municipal Bonds – 146.06%
Education Revenue Bonds – 24.21%
	Boulder County Development
	Revenue (University Corporation
	for Atmospheric Research)
	5.00% 9/1/26 (MBIA)	$	4,500,000	$	4,299,749
	Colorado Educational & Cultural
	Facilities Authority Revenue
	(Bromley Charter School Project)
	Refunding 5.25% 9/15/32 (XLCA)		1,000,000		917,160
	(Campus Village Apartments)
	5.00% 6/1/23		1,065,000		964,879
	(Johnson & Wales University Project)
	Series A 5.00% 4/1/28 (XLCA)		3,000,000		2,583,690
	(Littleton Charter School Project)
	Refunding 4.375% 1/15/36 (CIFG)		1,200,000		929,412
	(University of Northern Colorado)
	Series A 5.00% 7/1/31 (MBIA)		2,500,000		2,275,275
	Colorado State Board of Governors
	(Colorado University) Series B
	5.00% 3/1/35 (AMBAC)		1,800,000		1,638,054
	University of Northern Colorado
	Revenue Refunding
	5.00% 6/1/35 (FSA)		2,000,000		1,852,920
					15,461,139
Electric Revenue Bond – 1.29%
	Arkansas River Power Authority
	Revenue Improvement
	5.25% 10/1/32 (XLCA)		1,000,000		824,990
					824,990
Health Care Revenue Bonds – 6.78%
	Colorado Health Facilities
	Authority Revenue
	(Evangelical Lutheran) 5.25% 6/1/23		1,000,000		899,450
	(North Colorado Medical Center)
	Refunding 5.95% 5/15/12 (MBIA)		880,000		894,529
	(Porter Place) Series A
	6.00% 1/20/36 (GNMA)		2,515,000		2,536,428
					4,330,407
Housing Revenue Bonds – 1.93%
	Puerto Rico Housing Finance
	Authority Sub-Cap
	Foundation Modernization
	5.125% 12/1/27		1,000,000		920,260
	5.50% 12/1/18		300,000		312,429
					1,232,689
Lease Revenue Bonds – 5.72%
	Glendale Certificates of Participation
	5.00% 12/1/25 (XLCA)		1,500,000		1,392,060
	Puerto Rico Public Buildings
	Authority Revenue (Guaranteed
	Government Facilities) Series M-2
	5.50% 7/1/35 (AMBAC)		700,000		699,937
	Westminster Building Authority
	Certificates of Participation
	5.25% 12/1/22 (MBIA)		1,555,000		1,559,385
					3,651,382
Local General Obligation Bonds – 13.26%
	Adams & Arapahoe Counties Joint
	School District #28J (Aurora)
	5.25% 12/1/25 (MBIA)		2,000,000		1,959,960
	Adams County School District #14
	5.125% 12/1/31 (FSA)		500,000		478,090
	Arapahoe County Water &
	Wastewater Public Improvement
	District Refunding Series A
	5.125% 12/1/32 (MBIA)		1,000,000		952,680
	Bowles Metropolitan District
	Refunding 5.00% 12/1/33 (FSA)		2,000,000		1,867,020
	Centennial Downs Metropolitan
	District Refunding
	5.00% 12/1/28 (AMBAC)		215,000		201,236
	Green Valley Ranch Metropolitan
	District Refunding
	5.75% 12/1/19 (AMBAC)		1,000,000		1,024,340
	Larimer County School District # R1
	Poudre Refunding
	5.00% 12/15/16		500,000		524,420
	Sand Creek Metropolitan District
	Refunding & Improvement
	5.00% 12/1/31 (XLCA)		500,000		422,370
	Weld County School District #Re-4
	5.00% 12/1/18 (FSA)		1,000,000		1,042,130
					8,472,246
§Pre-Refunded Bonds – 63.58%
	Auraria Higher Education Center
	Parking Facilities System
	5.50% 4/1/26-10 (AMBAC)		2,485,000		2,595,980
	Aurora Certificates of Participation
	5.50% 12/1/30-10 (AMBAC)		2,000,000		2,119,360
	Burlingame Multifamily
	Housing Revenue Series A
	6.00% 11/1/29-09 (MBIA)		2,290,000		2,402,439
	Colorado Educational & Cultural
	Facilities Authority
	(University of Colorado
	Foundation Project)
	5.00% 7/1/27-12 (AMBAC)		4,000,000		4,248,880
	(University of Denver Project)
	Refunding & Improvement
	5.50% 3/1/21-11 (AMBAC)		3,200,000		3,395,136
	Series B 5.25% 3/1/35-16 (FGIC)		1,500,000		1,625,805
	Colorado Water Resources & Power
	Development Authority Revenue
	Series A 5.80% 11/1/20-10 (FGIC)		1,220,000		1,298,690
	Denver City & County Excise
	Tax Revenue (Colorado
	Convention Center Project)
	5.00% 9/1/20-11 (FSA)		3,500,000		3,672,795
	Denver Convention Center
	Hotel Authority Series A
	5.00% 12/1/33-13 (XLCA)		3,000,000		3,158,010

(continues) 7

Statements of net assets

Delaware Investments Colorado Municipal Income Fund, Inc.

		Principal
		Amount		Value
Municipal Bonds (continued)
§Pre-Refunded Bonds (continued)
	E-470 Public Highway Authority
	Series A
	5.75% 9/1/29-10 (MBIA)	$	3,000,000	$	3,219,960
	5.75% 9/1/35-10 (MBIA)		1,700,000		1,824,644
	Eagle County Certificates of Participation
	5.40% 12/1/18-09 (MBIA)		1,000,000		1,045,360
	Garfield Pitkin & Eagle County
	School District #Re-1 (Roaring
	Fork County) Series A
	5.00% 12/15/27-14 (FSA)		1,500,000		1,614,705
	Northwest Parkway Public
	Highway Authority Series A
	5.25% 6/15/41-11 (FSA)		4,150,000		4,424,481
	Pueblo County (Library District Project)
	5.80% 11/1/19-09 (AMBAC)		1,395,000		1,447,368
	Puerto Rico Commonwealth
	Highway & Transportation
	Authority Revenue Series K
	5.00% 7/1/40-15		500,000		536,180
	Puerto Rico Electric Power
	Authority Revenue Series RR
	5.00% 7/1/35-15 (FGIC)		1,000,000		1,079,170
	Weld & Adams Counties
	School District #Re-3J
	5.00% 12/15/24-14 (FSA)		830,000		893,470
					40,602,433
Special Tax Revenue Bonds – 13.48%
	Broomfield Sales & Use Tax Revenue
	Refunding & Improvement
	Series A 5.00% 12/1/31 (AMBAC)		650,000		591,058
	Denver Convention Center Hotel
	Authority Revenue Refunding
	5.00% 12/1/35 (XLCA)		1,690,000		1,301,537
	Golden Sales & Use Tax Revenue
	Improvement Series B
	5.10% 12/1/20 (AMBAC)		1,000,000		1,001,960
	Gypsum Sales Tax & General
	Funding Revenue 5.25% 6/1/30
	(Assured Gty)		1,000,000		992,250
	Regional Transportation District
	Colorado Sales Tax Revenue
	(Fastracks Project) Series A
	4.375% 11/1/31 (AMBAC)		1,250,000		1,043,688
	4.50% 11/1/36 (FSA)		3,000,000		2,526,210
	Westminster Supply Purpose Sales
	& Use Tax Revenue Post Project
	Series D 5.00% 12/1/22 (FSA)		1,180,000		1,152,069
					8,608,772
State General Obligation Bond – 3.50%
	Puerto Rico Commonwealth
	Refunding (Public Improvement)
	Series A 5.50% 7/1/19 (MBIA)		2,250,000		2,233,575
					2,233,575
Transportation Revenue Bond – 1.43%
	Denver City & County
	Airport Revenue Series A
	5.00% 11/15/25 (FGIC)		1,000,000		912,800
					912,800
Water & Sewer Revenue Bonds – 10.88%
	Aurora Water Improvement Revenue
	First Lien Series A
	5.00% 8/1/32 (AMBAC)		750,000		703,305
	Colorado Water Resources & Power
	Development Authority Revenue
	Un-Refunded Balance Series A
	5.80% 11/1/20 (FGIC)		780,000		781,225
	Colorado Water Resources & Power
	Development Authority Water
	Resources Revenue (Parker Water
	& Sanitation District) Series D
	5.125% 9/1/34 (MBIA)		1,500,000		1,387,680
	5.25% 9/1/43 (MBIA)		2,000,000		1,864,480
	Ute Water Conservancy District
	Revenue 5.75% 6/15/20 (MBIA)		2,155,000		2,209,974
					6,946,664
Total Municipal Bonds
	(cost $95,523,910)				93,277,097

·Short-Term Investments – 1.94%
Variable Rate Demand Notes – 1.94%
	Colorado Educational & Cultural
	Facilities Authority Revenue
	(National Jewish Federation)
	Series D3 4.25% 12/1/37
	(LOC – JP Morgan Chase Bank)		700,000		700,000
	Series D6 4.25% 9/1/38
	(LOC – JP Morgan Chase Bank)		300,000		300,000
	Colorado Health Facilities Authority
	Revenue (Sisters Charity Health
	Systems) Series B 7.95% 12/1/38
	(SPA - JP Morgan Chase Bank)		240,000		240,000
Total Short-Term Investments
	(cost $1,240,000)				1,240,000

Total Value of Securities – 148.00%
	(cost $96,763,910)				94,517,097
Receivables and Other Assets
	Net of Liabilities – 14.63%z				9,347,412
Liquidation Value of Preferred Stock – (62.63%)					(40,000,000	)
Net Assets Applicable to 4,837,100
	Shares Outstanding – 100.00%			$	63,864,509

Net Asset Value Per Common Share
	($63,864,509 / 4,837,100 Shares)				$13.20


Components of Net Assets at September 30, 2008:
Common stock, $0.01 par value, 200 million shares
authorized to the Fund	$	67,202,571
Distribution in excess of net investment income		(152,248	)
Accumulated net realized loss on investments		(939,001	)
Net unrealized depreciation of investments		(2,246,813	)
Total net assets	$	63,864,509

§	Pre-Refunded Bonds. Municipals that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded Bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 8 in “Notes to financial statements.”

·	Variable rate security. The rate shown is the rate as of September 30, 2008.

z	Of this amount, $5,907,627 represents receivables for securities sold as of September 30, 2008.

Summary of Abbreviations:
AMBAC — Insured by the AMBAC Assurance Corporation
Assured Gty — Insured by the Assured Guaranty Corporation
CIFG — CDC IXIS Financial Guaranty
FGIC — Insured by the Financial Guaranty Insurance Company
FSA — Insured by Financial Security Assurance
GNMA — Insured by Government National Mortgage Association
LOC — Letter of Credit
MBIA — Insured by the Municipal Bond Insurance Association
SPA — Stand by Purchase Agreement
XLCA — Insured by XL Capital Assurance

See accompanying notes

(continues) 9

Statements of net assets

Delaware Investments Minnesota Municipal Income Fund II, Inc.

September 30, 2008 (Unaudited)

		Principal
		Amount		Value
Municipal Bonds – 144.72%
Corporate-Backed Revenue Bonds – 6.33%
	Anoka County Solid Waste
	Disposal (National Rural Utility)
	Series A 6.95% 12/1/08 (AMT)	$	155,000	$	155,646
	Cloquet Pollution Control Revenue
	Refunding (Potlatch Project)
	5.90% 10/1/26		5,500,000		4,850,341
	Laurentian Energy Authority I
	Cogeneration Revenue Series A
	5.00% 12/1/21		3,325,000		2,893,182
	Minneapolis Community Development
	Agency Supported (Limited Tax
	Common Bond Fund)
	Series A 6.75% 12/1/25 (AMT)		865,000		868,806
	Sartell Environmental Improvement
	Revenue Refunding
	(International Paper) Series A
	5.20% 6/1/27		1,000,000		788,340
					9,556,315
Education Revenue Bonds – 5.52%
	Minnesota State Higher Education
	Facilities Authority Revenue
	(Augsburg College) Series 6-J1
	5.00% 5/1/28		1,500,000		1,276,245
	(College of St. Benedict) Series 5-W
	5.00% 3/1/20		2,000,000		1,878,460
	5.25% 3/1/24		300,000		275,574
	(St. Catherine College) Series 5-N1
	5.375% 10/1/32		1,500,000		1,319,370
	(St. Mary‘s University) Series 5-U
	4.80% 10/1/23		1,400,000		1,230,040
	(St. Thomas University) Series 5-Y
	5.00% 10/1/24		1,000,000		936,120
	St. Cloud Housing &
	Redevelopment Authority
	Revenue (State University
	Foundation Project)
	5.00% 5/1/23		1,000,000		972,710
	University of the Virgin Islands Series A
	5.375% 6/1/34		500,000		434,640
					8,323,159
Electric Revenue Bonds – 20.98%
	Chaska Electric Revenue Refunding
	(Generating Facilities) Series A
	5.25% 10/1/25		250,000		241,015
	Minnesota State Municipal Power
	Agency Electric Revenue Series A
	5.00% 10/1/34		4,500,000		3,997,620
	5.25% 10/1/19		1,610,000		1,612,045
	Southern Minnesota Municipal
	Power Agency Supply System
	Revenue Series A
	5.25% 1/1/14 (AMBAC)		14,000,000		14,841,260
	5.25% 1/1/15 (AMBAC)		3,000,000		3,185,010
	5.25% 1/1/16 (AMBAC)		1,500,000		1,588,845
	Western Minnesota Municipal
	Power Agency Supply Revenue
	Series A 5.00% 1/1/30 (MBIA)		6,790,000		6,208,097
					31,673,892
Escrowed to Maturity Bonds – 17.90%
	Dakota-Washington Counties
	Housing & Redevelopment
	Authority Revenue
	(Bloomington Single Family
	Residential Mortgage)
	8.375% 9/1/21 (GNMA)
	(FHA) (VA) (AMT)		8,055,000		10,222,762
	Southern Minnesota Municipal
	Power Agency Supply System
	Revenue Series B
	5.75% 1/1/11 (FGIC)		770,000		790,282
	Refunding 5.50% 1/1/15 (AMBAC)		390,000		405,085
	St. Paul Housing & Redevelopment
	Authority Sales Tax
	(Civic Center Project)
	5.55% 11/1/23		2,300,000		2,365,412
	5.55% 11/1/23 (MBIA)		4,200,000		4,319,448
	University of Minnesota Hospital &
	Clinics 6.75% 12/1/16		2,580,000		2,938,362
	University of Minnesota Series A
	5.50% 7/1/21		4,000,000		4,262,080
	Western Minnesota Municipal
	Power Agency Supply Revenue
	Series A 6.625% 1/1/16		1,535,000		1,721,303
					27,024,734
Health Care Revenue Bonds – 14.25%
	Bemidji Health Care Facilities First
	Mortgage Revenue (North
	Country Health Services)
	5.00% 9/1/24 (RADIAN)		1,500,000		1,353,180
	Glencoe Health Care Facilities
	Revenue (Glencoe Regional
	Health Services Project)
	5.00% 4/1/25		2,000,000		1,706,280
	Maple Grove Health Care
	Facilities Revenue
	(Maple Grove Hospital)
	5.25% 5/1/37		1,750,000		1,501,605
	(North Memorial Health Care)
	5.00% 9/1/29		1,515,000		1,324,307

		Principal
		Amount		Value
Municipal Bonds (continued)
Health Care Revenue Bonds (continued)
	Minneapolis Health Care
	System Revenue (Fairview
	Health Services) Series D
	5.00% 11/15/34 (AMBAC)	$	3,250,000	$	2,796,982
	Minnesota Agricultural & Economic
	Development Board Revenue
	Un-Refunded Balance (Fairview
	Health Care System) Series A
	5.75% 11/15/26 (MBIA)		100,000		100,273
	6.375% 11/15/29		195,000		197,369
	North Oaks Senior Housing
	Revenue (Presbyterian Homes)
	6.25% 10/1/47		1,500,000		1,353,915
	Northfield Hospital Revenue
	5.375% 11/1/31		750,000		633,255
	Shakopee Health Care Facilities
	Revenue (St. Francis Regional
	Medical Center) 5.25% 9/1/34		1,560,000		1,301,789
	St. Louis Park Health Care
	Facilities Revenue Refunding
	(Park Nicollet Health Services)
	Series C 5.50% 7/1/23		1,000,000		942,070
	St. Paul Housing & Redevelopment
	Authority Health Care Facilities
	Revenue (Allina Health System)
	Series A 5.00% 11/15/18 (MBIA)		2,380,000		2,362,697
	(Health Partners Obligation
	Group Project) 5.25% 5/15/36		2,000,000		1,645,720
	(Regions Hospital Project)
	5.30% 5/15/28		1,000,000		872,920
	St. Paul Housing & Redevelopment
	Authority Revenue (Franciscan
	Health Project-Elderly)
	5.40% 11/20/42 (GNMA) (FHA)		2,700,000		2,528,658
	Winona Health Care Facilities
	Revenue Refunding (Winona
	Health Obligation Group)
	5.00% 7/1/23		1,010,000		890,265
					21,511,285
Housing Revenue Bonds – 9.36%
	Chanhassen Multifamily Housing
	Revenue Refunding (Heritage
	Park Apartments Project)
	6.20% 7/1/30 (FHA) (AMT)
	(HUD Section 8)		1,105,000		1,081,132
	Dakota County Housing &
	Redevelopment Authority
	Single Family Mortgage
	Revenue 5.85% 10/1/30
	(GNMA) (FNMA) (AMT)		11,000		10,333
@	Harmony Multifamily Housing
	Revenue Refunding (Zedakah
	Foundation Project) Series A
	5.95% 9/1/20 (HUD Section 8)		1,000,000		877,750
	Minneapolis Multifamily
	Housing Revenue
	·(Gaar Scott Loft Project)
	5.95% 5/1/30 (AMT)
	(LOC - U.S Bank N.A.)		930,000		933,971
	(Olson Townhomes Project)
	6.00% 12/1/19 (AMT)		845,000		845,025
	(Seward Towers Project)
	5.00% 5/20/36 (GNMA)		2,000,000		1,798,520
	(Sumner Housing Project)
	Series A 5.15% 2/20/45
	(GNMA) (AMT)		3,575,000		2,917,271
·	Minnesota Housing Finance
	Agency Residential Housing
	Series D 4.75% 7/1/32 (AMT)		1,000,000		788,580
	Minnesota State Housing Finance
	Agency Revenue
	(Rental Housing)
	Series A 5.00% 2/1/35 (AMT)		1,000,000		811,950
	Series D 5.95% 2/1/18 (MBIA)		130,000		130,277
	(Residential Housing)
	Series B-1 5.35% 1/1/33 (AMT)		1,770,000		1,548,325
	Series I 5.15% 7/1/38 (AMT)		1,000,000		839,180
	(Single Family Mortgage)
	Series J 5.90% 7/1/28 (AMT)		935,000		887,100
	Washington County Housing &
	Redevelopment Authority
	Revenue Refunding (Woodland
	Park Apartments Project)
	4.70% 10/1/32		750,000		664,733
					14,134,147
Lease Revenue Bonds – 9.56%
	Andover Economic Development
	Authority Public Facilities
	Lease Revenue (Andover
	Community Center)
	5.125% 2/1/24		202,294		215,268
	5.20% 2/1/29		402,370		432,804
	Puerto Rico Public Buildings
	Authority Revenue Un-Refunded
	Balance (Guaranteed
	Government Facilities Bonds)
	Series D 5.25% 7/1/27		530,000		480,026
	St. Paul Port Authority
	Lease Revenue
	(Cedar Street Office
	Building Project)
	5.00% 12/1/22		2,385,000		2,330,884
	5.25% 12/1/27		4,800,000		4,697,472
	(Robert Street Office
	Building Project)
	Series 3-11 5.00% 12/1/27		3,045,000		2,910,929
	Series 9 5.25% 12/1/27		2,000,000		1,957,280

(continues) 11

Statements of net assets

Delaware Investments Minnesota Municipal Income Fund II, Inc.

		Principal
		Amount		Value
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	Virginia Housing & Redevelopment
	Authority Health Care Facility
	Lease Revenue
	5.25% 10/1/25	$	680,000	$	590,777
	5.375% 10/1/30		965,000		817,944
					14,433,384
Local General Obligation Bonds – 22.70%
	Anoka-Hennepin Minnesota
	Independent School District #11
	Refunding Series A 5.00% 2/1/17		1,000,000		1,055,360
	Centennial Independent
	School District #12 Series A
	5.00% 2/1/20 (FSA)		800,000		833,752
	Dakota County Community
	Development Agency
	Governmental Housing
	Refunding (Senior Housing
	Facilities) Series A
	5.00% 1/1/23		1,100,000		1,070,410
	Duluth Independent School
	District #709 Revenue
	Certificates of Participation
	Series A 4.25% 2/1/20 (FSA)		1,000,000		948,680
	Farmington Independent School
	District #192
	Series A 5.00% 2/1/23 (FSA)		2,280,000		2,234,149
	Series B 5.00% 2/1/27 (FSA)		1,500,000		1,457,805
	Hennepin County Regional
	Railroad Authority
	5.00% 12/1/26		2,000,000		1,953,200
	Hennepin County Series B
	5.00% 12/1/18		2,300,000		2,350,968
	Metropolitan Council Minneapolis-
	St. Paul Metropolitan Area
	Waste Water Treatment
	Series C 5.00% 3/1/28		500,000		489,640
	Minneapolis Refunding (Sports
	Arena Project) 5.125% 10/1/20		750,000		750,915
	Minneapolis Special School District #1
	5.00% 2/1/19 (FSA)		1,175,000		1,192,296
	Moorhead Economic Development
	Authority Tax Increment Revenue
	Series A 5.25% 2/1/25 (MBIA)		1,000,000		1,002,760
	Moorhead Improvement Series B
	5.00% 2/1/33 (MBIA)		3,250,000		3,066,440
	Morris Independent School
	District #769 5.00% 2/1/28 (MBIA)		3,750,000		3,924,038
	Mounds View Independent
	School District #621 Series A
	5.00% 2/1/23 (FSA)		2,020,000		1,999,497
	Robbinsdale Independent School
	District #281 5.00% 2/1/21 (FSA)		500,000		501,030
	St. Michael Independent School
	District #885
	5.00% 2/1/22 (FSA)		2,000,000		2,084,380
	5.00% 2/1/24 (FSA)		1,125,000		1,172,464
	Washington County Housing &
	Redevelopment Authority
	Refunding Series B
	5.50% 2/1/22 (MBIA)		1,705,000		1,707,950
	5.50% 2/1/32 (MBIA)		2,140,000		2,082,263
	Willmar (Rice Memorial Hospital
	Project) 5.00% 2/1/32 (FSA)		2,500,000		2,393,600
					34,271,597
§Pre-Refunded Bonds – 22.53%
	Andover Economic Development
	Authority Public Facilities
	Lease Revenue (Andover
	Community Center)
	5.125% 2/1/24-14		291,106		309,777
	5.20% 2/1/29-14		579,021		622,816
	Duluth Economic Development
	Authority Health Care Facilities
	Revenue (Benedictine Health
	System-St. Mary‘s Hospital)
	5.25% 2/15/33-14		5,000,000		5,396,649
	Metropolitan Council Minneapolis-
	St. Paul Metropolitan Area
	Transportation Revenue
	Series C 5.00% 2/1/22-11		1,000,000		1,040,320
	Minneapolis Community
	Development Agency (Limited
	Tax Common Bond Fund)
	Series G-1 5.70% 12/1/19-11		1,100,000		1,170,290
	Series G-3 5.45% 12/1/31-11		1,000,000		1,065,140
	Minneapolis Health Care
	System Revenue
	(Allina Health Systems) Series A
	5.75% 11/15/32-12		3,200,000		3,497,984
	(Fairview Health Services) Series A
	5.625% 5/15/32-12		2,750,000		2,984,190
	Minnesota Agricultural & Economic
	Development Board Revenue
	(Fairview Health Care System)
	Series A 6.375% 11/15/29-10		6,105,000		6,626,732
	Puerto Rico Commonwealth
	Highway & Transportation
	Authority Revenue Series D
	5.25% 7/1/38-12		1,000,000		1,067,700
	Puerto Rico Commonwealth Public
	Improvement Revenue Series A
	5.00% 7/1/27-12		1,250,000		1,326,863
	Puerto Rico Public Buildings
	Authority Revenue (Guaranteed
	Government Facilities) Series D
	5.25% 7/1/27-12		1,470,000		1,553,555

		Principal
		Amount		Value
Municipal Bonds (continued)
§Pre-Refunded Bonds (continued)
	Rochester Electric Utility Revenue
	5.25% 12/1/30-10 (AMBAC)	$	600,000	$	632,670
	Southern Minnesota Municipal
	Power Agency Supply
	Revenue Refunding Series A
	5.75% 1/1/18-13		3,715,000		3,889,642
	St. Louis Park Health Care
	Facilities Revenue (Park Nicollet
	Health Services) Series B
	5.25% 7/1/30-14		1,250,000		1,351,850
	Waconia Health Care Facilities
	Revenue (Ridgeview Medical
	Center Project) Series A
	6.10% 1/1/19-10 (RADIAN)		1,405,000		1,467,565
					34,003,743
Special Tax Revenue Bonds – 4.43%
	Minneapolis Art Center Facilities
	Revenue (Walker Art Center
	Project) 5.125% 7/1/21		4,250,000		4,250,722
	Minneapolis Community
	Development Agency
	Supported Common Bond Fund
	Series 5 5.70% 12/1/27		375,000		372,848
	Minneapolis Development Revenue
	(Limited Tax Supported
	Common Bond Fund) Series 1
	5.50% 12/1/24 (AMT)		1,000,000		926,090
	Puerto Rico Commonwealth
	Infrastructure Financing
	Authority Special Tax Revenue
	Series B 5.00% 7/1/46		800,000		673,448
	Virgin Islands Public Finance
	Authority Revenue (Senior Lien
	Matching Fund Loan Notes)
	Series A 5.25% 10/1/23		500,000		454,950
					6,678,058
State General Obligation Bonds – 3.30%
	Puerto Rico Commonwealth Public
	Improvement Refunding Series A
	5.00% 7/1/16 (Assured Gty)		750,000		762,473
	5.25% 7/1/15		1,100,000		1,113,310
	5.50% 7/1/17		1,100,000		1,109,405
	Refunding 5.50% 7/1/19 (MBIA)		1,000,000		992,700
	Puerto Rico Government
	Development Bank Senior
	Notes Series B 5.00% 12/1/14		1,000,000		1,006,630
					4,984,518
Transportation Revenue Bonds – 7.86%
	Minneapolis-St. Paul Metropolitan
	Airports Commission Revenue
	Series A
	5.00% 1/1/22 (MBIA)		3,000,000		2,887,200
	5.00% 1/1/28 (MBIA)		2,120,000		1,964,053
	5.25% 1/1/16 (MBIA)		1,000,000		1,035,320
	Series B
	5.00% 1/1/35 (AMBAC)		2,000,000		1,820,480
	5.25% 1/1/24 (FGIC) (AMT)		1,000,000		885,390
	St. Paul Housing & Redevelopment
	Authority Parking Revenue
	(Block 19 Ramp Project)
	Series A 5.35% 8/1/29 (FSA)		3,350,000		3,271,643
					11,864,086
Total Municipal Bonds
	(cost $225,454,462)				218,458,918

·Short-Term Investment – 0.20%
Variable Rate Demand Note – 0.20%
	St. Paul Housing & Redevelopment
	Authority Revenue
	(Pur-Cretin-Derham Hall Project)
	8.07% 2/1/26		300,000		300,000
Total Short-Term Investment
	(cost $300,000)				300,000

Total Value of Securities – 144.92%
	(cost $225,754,462)				218,758,918
Receivables and Other Assets
	Net of Liabilities – 18.01%z				27,191,459
Liquidation Value of Preferred Stock – (62.93%)					(95,000,000	)
Net Assets Applicable to 11,504,975
	Shares Outstanding – 100.00%			$	150,950,377

Net Asset Value Per Common Share
	($150,950,377 / 11,504,975 Shares)				$ 13.12

Components of Net Assets at September 30, 2008:
Common stock, $0.01 par value, 200 million shares
	authorized to the Fund			$	158,750,422
Distributions in excess of net investment income					(39,949	)
Accumulated net realized loss on investments					(764,552	)
Net unrealized depreciation of investments					(6,995,544	)
Total net assets				$	150,950,377

§	Pre-Refunded bonds. Municipals that are generally backed or secured by U.S. Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 8 in “Notes to financial statements.”

·	Variable rate security. The rate shown is the rate as of September 30, 2008.

z	Of this amount, $42,418,567 represents receivables for securities sold and $18,400,524 represents payables for securities purchased as of September 30, 2008.

@	Illiquid Security. At September 30, 2008 the aggregate amount of illiquid securities was $877,750, which represented 0.58% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”

(continues) 13

Statements of net assets

Delaware Investments Minnesota Municipal Income Fund II, Inc.

Summary of Abbreviations:

AMBAC — Insured by the AMBAC Assurance Corporation

AMT — Subject to Alternative Minimum Tax

Assured Gty — Insured by Assured Guaranty Corporation

FGIC — Insured by the Financial Guaranty Insurance Company

FHA — Insured by the Federal Housing Administration

FNMA — Insured by Federal National Mortgage Association

FSA — Insured by Financial Security Assurance

GNMA — Insured by Government National Mortgage Association

HUD — Housing and Urban Development

LOC — Letter of Credit

MBIA — Insured by the Municipal Bond Insurance Association

RADIAN — Insured by Radian Asset Assurance

VA — Insured by the Veterans Administration

See accompanying notes

Delaware Investments National Municipal Income Fund

September 30, 2008 (Unaudited)

		Principal
		Amount		Value
Municipal Bonds – 151.63%
Corporate-Backed Revenue Bonds – 7.66%
·	Brazos, Texas Harbor Industrial
	Development Environmental
	Facilities Revenue (Dow Chemical
	Project) 5.90% 5/1/38	$	250,000	$	221,390
·	Chesapeake, Virginia Economic
	Development Authority Pollution
	Control Revenue (Virginia
	Electric & Power Project) Series A
	3.60% 2/1/32		500,000		490,625
	Iowa Finance Authority Pollution
	Control Facilities Revenue
	Refunding (Interstate Power)
	5.00% 7/1/14 (FGIC)		500,000		491,875
	Jasper County, Indiana Pollution
	Control Revenue Refunding
	Series B 5.60% 11/1/16 (MBIA)		265,000		261,468
	Tobacco Settlement Financing
	Revenue, New York
	(Asset-Backed) Series A-1
	5.25% 6/1/21 (AMBAC)		500,000		496,309
	Tobacco Settlement Revenue
	Management Authority,
	South Carolina Refunding
	5.00% 6/1/18		295,000		283,153
					2,244,820
Education Revenue Bonds – 3.45%
	California Statewide Communities
	Development Authority
	Student Housing Revenue
	(Irvine, LLC - UCI East Campus)
	6.00% 5/15/23		470,000		460,562
	Marietta, Georgia Development
	Authority Revenue Refunding
	(Life University Income Project)
	7.00% 6/15/39		230,000		211,612
	Maryland State Economic
	Development Student Housing
	Revenue (University of
	Maryland College Park Projects)
	5.75% 6/1/33		370,000		339,046
					1,011,220
Electric Revenue Bond – 3.22%
	JEA Florida Electric Systems Revenue
	Series 3-A 5.00% 10/1/34 (FSA)		1,000,000		944,460
					944,460
Health Care Revenue Bonds – 20.91%
	Albany, New York Industrial
	Development Agency Civic
	Facility Revenue (St. Peter‘s
	Hospital Project) Series A
	5.25% 11/15/32		500,000		425,970
	Allegheny County, Pennsylvania
	Hospital Development Authority
	Revenue (University of Pittsburgh
	Medical Center) Series A
	5.00% 9/1/14		500,000		507,655
	Arizona Health Facilities Authority
	Revenue (Banner Health) Series A
	5.00% 1/1/17		310,000		306,063
	Escambia County, Florida Health
	Facilities Authority
	(VHA Loan Program)
	5.95% 7/1/20 (AMBAC)		355,000		360,392
	Lee Memorial Health System Board
	of Directors Florida Revenue
	Refunding Series A
	5.00% 4/1/20 (FSA)		1,000,000		986,670
·	Maryland State Health & Higher
	Education Facilities Authority
	Revenue (Johns Hopkins Health
	Systems) 5.00% 5/15/48		115,000		119,123
	Massachusetts State Health &
	Education Facilities Authority
	Revenue (Caregroup) Refunding
	Series E-2 5.375% 7/1/19		500,000		491,355
	Ohio State Higher Education Facility
	Commission Revenue (Cleveland
	Clinic Health System Obligation
	Group) Series A 5.25% 1/1/21		475,000		460,361
	Orange County, Florida Health
	Facilities Authority Revenue
	(Orlando Regional Healthcare)
	Series A 6.25% 10/1/18 (MBIA)		2,000,000		2,142,999
	Scottsdale, Arizona Industrial
	Development Authority
	Hospital Revenue Refunding
	(Scottsdale Healthcare)
	Series A 5.00% 9/1/23		360,000		324,821
					6,125,409
Housing Revenue Bonds – 14.78%
	California Housing Finance Agency
	Revenue (Home Mortgage)
	Series M 5.95% 8/1/25 (AMT)		250,000		238,038
	Florida Housing Finance Agency
	(Homeowner Mortgage) Series 2
	5.90% 7/1/29 (MBIA) (AMT)		330,000		333,746
	Leigh Meadows Apartments)
	Series N 6.30% 9/1/36 (AMBAC)
	(AMT) (HUD Section 8)		2,510,000		2,439,267
	Volusia County, Florida Multifamily
	Housing Finance Authority
	(San Marco Apartments) Series A
	5.60% 1/1/44 (FSA) (AMT)		1,500,000		1,317,270
					4,328,321
Lease Revenue Bonds – 20.02%
	Broward County, Florida School
	Board Certificates of Participation
	Series A 5.25% 7/1/24 (FSA)		1,000,000		955,530
	Florida State Municipal Loan
	Council Revenue Series A
	5.00% 2/1/35 (MBIA)		2,000,000		1,792,620

(continues) 15

Statements of net assets

Delaware Investments National Municipal Income Fund

		Principal
		Amount		Value
Municipal Bonds (continued)
Lease Revenue Bonds (continued)
	New York State Dormitory Authority
	Revenues State Supported
	Debt (Mental Health Services
	Facilities Improvement) Series B
	5.00% 2/15/19 (FSA)	$	550,000	$	553,548
	Orange County, Florida School
	Board Certificates of Participation
	Series A 5.00% 8/1/27 (MBIA)		1,250,000		1,160,550
	Palm Beach County, Florida School
	Board Certificates of Participation
	Series D 5.00% 8/1/28 (FSA)		1,500,000		1,403,130
					5,865,378
Local General Obligation Bonds – 9.64%
	Harris County, Texas Flood Control
	District Refunding Series A
	5.25% 10/1/18		1,000,000		1,043,900
	New York City, New York Fiscal 2009
	Sub-Series A-1 5.25% 8/15/21		250,000		248,783
	Northside, Texas Independent School
	District 5.25% 8/15/21
	(PSF Guaranteed)		1,000,000		1,015,960
	Waco, Texas Independent
	School District Refunding
	5.25% 8/15/19 (PSF Guaranteed)		500,000		514,730
					2,823,373
§Pre-Refunded Bonds – 9.05%
	Florida State Board of Education
	(Capital Outlay Public Education)
	Series C 6.00% 6/1/21-10 (FGIC)		1,000,000		1,066,110
	Puerto Rico Commonwealth
	Highway & Transportation
	Authority Revenue Series K
	5.00% 7/1/40-15		500,000		536,180
	Tampa, Florida Utility Tax
	Improvement Series A
	6.125% 10/1/19-09 (AMBAC)		1,000,000		1,047,530
					2,649,820
Special Tax Revenue Bonds – 26.52%
	Florida State Department of
	Transportation (Right of Way)
	5.00% 7/1/31 (FGIC)		1,525,000		1,451,266
	Jacksonville, Florida Sales Tax
	Revenue (Better Jacksonville)
	5.00% 10/1/30 (MBIA)		1,500,000		1,434,450
	Jacksonville, Florida Transportation
	Revenue 5.25% 10/1/29 (MBIA)		2,000,000		1,979,919
W	Miami-Dade County, Florida
	Special Obligation (Capital
	Appreciation & Income) Series B
	5.00% 10/1/35 (MBIA)		2,000,000		1,563,080
	New York State Toll Way Authority
	(State Personal Income Tax
	Revenue - Transportation)
	Series A 5.00% 3/15/22		425,000		419,178
	Seminole County, Florida Sales
	Tax Revenue Series A
	5.00% 10/1/31 (MBIA)		1,000,000		920,510
					7,768,403
State General Obligation Bonds – 5.10%
	Puerto Rico Commonwealth
	Refunding (Public Improvement)
	Series A
	5.00% 7/1/16 (Assured Gty)		250,000		254,158
	5.50% 7/1/19 (MBIA)		1,250,000		1,240,875
					1,495,033
Transportation Revenue Bonds – 13.09%
	Florida Ports Financing Commission
	Revenue (State Transportation
	Trust Fund) 5.375% 6/1/27
	(MBIA) (AMT)		1,000,000		874,860
	Miami-Dade County, Florida
	Aviation Revenue (Miami
	International Airport) Series B
	5.00% 10/1/37 (FGIC)		1,960,000		1,721,291
	North Texas Tollway Authority
	Revenue (First Tier) Refunding
	Series A 6.00% 1/1/19		500,000		523,055
	Triborough, New York Bridge &
	Tunnel Authority
	Series A 5.00% 11/15/17		335,000		349,931
	·Series B-3 5.00% 11/15/38		350,000		365,166
					3,834,303
Water & Sewer Revenue Bonds – 18.19%
	Arizona Water Quality Infrastructure
	Finance Authority Series A
	5.00% 10/1/19		500,000		517,920
	California State Department Water
	Resources (Central Valley Project)
	Series AE 5.00% 12/1/20		450,000		460,085
	Cape Coral, Florida Water &
	Sewer Revenue
	4.75% 10/1/31 (AMBAC)		1,000,000		876,760
	JEA Florida Water & Sewer Systems
	Revenue Sub-Second Crossover
	Series B 5.00% 10/1/25 (MBIA)		1,000,000		941,020
	Riviera Beach, Florida Utility Special
	District Water & Sewer Revenue
	5.00% 10/1/34 (FGIC)		1,200,000		1,031,747
	Village Center Community
	Development District, Florida
	Utility Revenue
	5.00% 10/1/36 (MBIA)		670,000		582,103
	Winter Haven, Florida Utility Systems
	Revenue 5.00% 10/1/30 (MBIA)		1,000,000		919,900
					5,329,535
	Total Municipal Bonds
	(cost $47,629,193)				44,420,075

		Principal
		Amount		Value
·Short-Term Investments – 5.29%
Variable Rate Demand Notes – 5.29%
	Allegheny County, Pennsylvania
	Industrial Development Authority
	Revenue (Oakland Catholic High
	School Project) 8.25% 6/1/38
	(LOC – PNC Bank N.A.)	$	250,000	$	250,000
	Colorado Educational & Cultural
	Facilities Authority (National
	Jewish Federation)
	Series D-3 4.25% 12/1/37
	(LOC - JP Morgan Chase Bank)		200,000		200,000
	Series D-6 4.25% 9/1/38
	(LOC – JP Morgan Chase Bank)		500,000		500,000
	Massachusetts State Health &
	Educational Facilities Authority
	(Harvard University) Series R
	3.75% 11/1/49		600,000		600,000
Total Short-Term Investments
(cost $1,550,000)					1,550,000

Total Value of Securities – 156.92%
(cost $49,179,193)					45,970,075
Receivables and Other Assets
Net of Liabilities – 11.35%z					3,324,366
Liquidation Value of Preferred Stock – (68.27%)					(20,000,000		)
Net Assets Applicable to 2,422,200
Shares Outstanding – 100.00%				$	29,294,441

Net Asset Value Per Common Share
($29,294,441 / 2,422,200 Shares)						$12.09

Components of Net Assets at September 30, 2008:
Common stock, $0.01 par value, unlimited shares
authorized to the Fund				$	33,300,621
Distributions in excess of net investment income					(13,608		)
Accumulated net realized loss on investments					(783,454		)
Net unrealized depreciation of investments					(3,209,118		)
Total net assets				$	29,294,441

W	Step coupon bond. Indicates security that has a zero coupon that remains in effect until a predetermined date at which time the stated interest rate becomes effective.

§	Pre-Refunded bonds. Municipals that are generally backed or secured by U.S. Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded. See Note 8 in “Notes to financial statements.”

·	Variable rate security. The rate shown is the rate as of September 30, 2008.

z	Of this amount, $3,006,598 represents receivables for securities sold as of September 30, 2008.

Summary of Abbreviations:

AMBAC — Insured by the AMBAC Assurance Corporation

AMT — Subject to Alternative Minimum Tax

Assured Gty — Insured by Assured Guaranty Corporation

FGIC — Insured by the Financial Guaranty Insurance Company

FSA — Insured by Financial Security Assurance

HUD — Housing and Urban Development

LOC — Letter of Credit

MBIA — Insured by the Municipal Bond Insurance Association

PSF — Permanent School Fund

VHA — Veterans Health Administration

See accompanying notes

Statements of operations

Delaware Investments Closed-End Municipal Bond Funds

Six Months Ended September 30, 2008 (Unaudited)

	Delaware			Delaware			Delaware			Delaware
	Investments			Investments			Investments			Investments
	Arizona			Colorado			Minnesota			National
	Municipal			Municipal			Municipal			Municipal
	Income			Income			Income			Income
	Fund, Inc.			Fund, Inc.			Fund II, Inc.			Fund
Investment Income:
Interest	$	1,555,451		$	2,575,189		$	6,424,846		$	1,243,783

Expenses:
Management fees		132,685			217,369			516,499			104,893
Interest and related expenses		—			—			152,154			—
Remarketing agent fees		31,772			51,389			120,729			25,833
Legal fees		14,345			24,151			41,493			13,744
Accounting and administration expenses		13,269			21,737			51,652			10,490
Reports and statements to shareholders		9,782			13,405			28,034			6,783
Dividend disbursing and transfer agent fees and expenses		8,708			12,938			35,956			15,026
Rating agency fees		6,713			6,400			17,081			6,713
Audit and tax		6,537			7,244			9,672			6,335
Taxes (other than taxes on income)		3,000			4,763			2,251			—
Pricing fees		2,229			2,614			5,827			1,609
Stock exchange fees		1,371			2,224			5,698			1,114
Directors’/Trustees’ fees		1,070			1,780			4,228			842
Insurance fees		722			951			7,815			460
Custodian fees		443			646			1,399			438
Registration fees		254			254			254			254
Dues and services		247			647			1,448			362
Consulting fees		187			308			738			143
Directors’/Trustees’ expenses		80			133			315			63
		233,414			368,953			1,003,243			195,102
Less expense paid indirectly		(420	)		(606	)		(1,352	)		(416	)
Total operating expenses		232,994			368,347			1,001,891			194,686
Net Investment Income		1,322,457			2,206,842			5,422,955			1,049,097

Net Realized and Unrealized Loss on Investments:
Net realized loss on investments		(115,854	)		(701,187	)		(815,802	)		(582,764	)
Net change in unrealized appreciation/depreciation of investments		(3,066,599	)		(4,190,499	)		(11,537,797	)		(2,487,064	)
Net Realized and Unrealized Loss on Investments		(3,182,453	)		(4,891,686	)		(12,353,599	)		(3,069,828	)

Dividends on Preferred Stock		(419,715	)		(713,832	)		(1,627,191	)		(335,772	)
Net Decrease in Net Assets Resulting from Operations	$	(2,279,711	)	$	(3,398,676	)	$	(8,557,835	)	$	(2,356,503	)

See accompanying notes

Statements of changes in net assets

Delaware Investments Closed-End Municipal Bond Funds

	Delaware Investments						Delaware Investments
	Arizona Municipal						Colorado Municipal
	Income Fund, Inc.						Income Fund, Inc.

	Six Months			Year			Six Months			Year
	Ended			Ended			Ended			Ended
	9/30/08			3/31/08			9/30/08			3/31/08
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,322,457		$	2,702,193		$	2,206,842		$	4,531,590
Net realized gain (loss) on investments		(115,854	)		(28,897	)		(701,187	)		258,749
Net change in unrealized appreciation/depreciation of investments		(3,066,599	)		(2,303,717	)		(4,190,499	)		(3,201,151	)
Dividends on preferred stock		(419,715	)		(999,630	)		(713,832	)		(1,516,756	)
Net increase (decrease) in net assets resulting from operations		(2,279,711	)		(630,051	)		(3,398,676	)		72,432

Dividends and Distributions to Common Shareholders from:
Net investment income		(894,660	)		(1,819,142	)		(1,709,915	)		(3,482,712	)
Net realized gain on investments		—			(172,967	)		—			(672,357	)
		(894,660	)		(1,992,109	)		(1,709,915	)		(4,155,069	)

Net Decrease in Net Assets		(3,174,371	)		(2,622,160	)		(5,108,591	)		(4,082,637	)

Net Assets:
Beginning of period		41,293,973			43,916,133			68,973,100			73,055,737
End of period	$	38,119,602		$	41,293,973		$	63,864,509		$	68,973,100

Undistributed (Distributions in excess of) net investment income	$	(3,697	)	$	(15,481	)	$	(152,248	)	$	37,773

		Delaware Investments						Delaware Investments
		Minnesota Municipal						National Municipal
		Income Fund II, Inc.						Income Fund

	Six Months			Year			Six Months			Year
	Ended			Ended			Ended			Ended
	9/30/08			3/31/08			9/30/08			3/31/08
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	5,422,955		$	11,067,616		$	1,049,097		$	2,225,929
Net realized gain (loss) on investments		(815,802	)		95,113			(582,764	)		(200,690	)
Net change in unrealized appreciation/depreciation of investments		(11,537,797	)		(7,753,436	)		(2,487,064	)		(2,402,718	)
Dividends on preferred stock		(1,627,191	)		(3,654,473	)		(335,772	)		(789,957	)
Net decrease in net assets resulting from operations		(8,557,835	)		(245,180	)		(2,356,503	)		(1,167,436	)

Dividends and Distributions to Common Shareholders from:
Net investment income		(3,796,642	)		(7,593,284	)		(714,549	)		(1,616,819	)
Net realized gain on investments		—			—			—			(106,577	)
		(3,796,642	)		(7,593,284	)		(714,549	)		(1,723,396	)

Net Decrease in Net Assets		(12,354,477	)		(7,838,464	)		(3,071,052	)		(2,890,832	)

Net Assets:
Beginning of period		163,304,854			171,143,318			32,365,493			35,256,325
End of period	$	150,950,377		$	163,304,854		$	29,294,441		$	32,365,493

Distributions in excess of net investment income	$	(39,949	)	$	(58,932	)	$	(13,608	)	$	(12,384	)

See accompanying notes

Financial highlights

Delaware Investments Arizona Municipal Income Fund, Inc.

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended		Year Ended
	9/30/08¹		3/31/08		3/31/07		3/31/06		3/31/05		3/31/04
	(Unaudited)
Net asset value, beginning of period	$13.850		$14.730		$14.730		$15.070		$15.570		$15.480

Income (loss) from investment operations:
Net investment income	0.444		0.906		0.932		0.951		0.956		1.020
Net realized and unrealized gain (loss) on investments	(1.073	)	(0.783	)	0.160		(0.177	)	(0.332	)	0.276
Dividends on preferred stock from:
Net investment income	(0.141	)	(0.312	)	(0.297	)	(0.232	)	(0.118	)	(0.075	)
Net realized gain on investments	—		(0.023	)	(0.013	)	(0.002	)	(0.003	)	(0.016	)
Total dividends on preferred stock	(0.141	)	(0.335	)	(0.310	)	(0.234	)	(0.121	)	(0.091	)
Total from investment operations	(0.770	)	(0.212	)	0.782		0.540		0.503		1.205

Less dividends and distributions to common shareholders from:
Net investment income	(0.300	)	(0.610	)	(0.750	)	(0.860	)	(0.960	)	(0.960	)
Net realized gain on investments	—		(0.058	)	(0.032	)	(0.020	)	(0.043	)	(0.155	)
Total dividends and distributions	(0.300	)	(0.668	)	(0.782	)	(0.880	)	(1.003	)	(1.115	)

Net asset value, end of period	$12.780		$13.850		$14.730		$14.730		$15.070		$15.570

Market value, end of period	$12.050		$12.390		$14.790		$15.980		$15.390		$16.560

Total investment return based on:²
Market value	(0.37%	)	(11.86%	)	(2.58%	)	9.74%		(0.78%	)	14.64%
Net asset value	(5.47%	)	(1.08%	)	5.26%		3.31%		3.34%		7.86%

Ratios and supplemental data:
Net assets applicable to common shares, end of period (000 omitted)	$38,120		$41,294		$43,916		$43,923		$44,936		$46,429
Ratio of expenses to average net assets applicable to common shares³	1.12%		1.07%		1.05%		1.03%		1.18%		1.05%
Ratio of net investment income to average net assets
applicable to common shares³	6.38%		6.34%		6.34%		6.28%		6.34%		6.63%
Ratio of net investment income to average net assets
applicable to common shares net of dividends to preferred shares⁴	4.35%		3.99%		4.23%		4.72%		5.54%		6.04%
Portfolio turnover	5%		18%		17%		2%		8%		30%

Leverage analysis:
Value of preferred shares outstanding (000 omitted)	$25,000		$25,000		$25,000		$25,000		$25,000		$25,000
Net asset coverage per share of preferred shares, end of period	$126,239		$132,588		$137,832		$137,847		$139,872		$142,858
Liquidation value per share of preferred shares⁵	$50,000		$50,000		$50,000		$50,000		$50,000		$50,000

¹ Ratios and portfolio turnover have been annualized and total return has not been annualized.

² Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or a decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods.

³ Ratios do not reflect the effect of dividend payments to preferred shareholders.

⁴ Ratio reflects total net investment income less dividends paid to preferred shareholders divided by average net assets applicable to common shareholders.

⁵ Excluding any accumulated but unpaid dividends.

See accompanying notes

Delaware Investments Colorado Municipal Income Fund, Inc.

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended		Year Ended
	9/30/08¹		3/31/08		3/31/07		3/31/06		3/31/05		3/31/04
	(Unaudited)
Net asset value, beginning of period	$14.260		$15.100		$15.260		$15.580		$16.110		$15.920

Income (loss) from investment operations:
Net investment income	0.456		0.937		0.985		1.018		1.019		1.043
Net realized and unrealized gain (loss) on investments	(1.015	)	(0.604	)	0.069		(0.129	)	(0.432	)	0.324
Dividends on preferred stock from:
Net investment income	(0.148	)	(0.264	)	(0.274	)	(0.213	)	(0.124	)	(0.077	)
Net realized gain on investments	—		(0.050	)	(0.019	)	(0.006	)	(0.003	)	(0.013	)
Total dividends on preferred stock	(0.148	)	(0.314	)	(0.293	)	(0.219	)	(0.127	)	(0.090	)
Total from investment operations	(0.707	)	0.019		0.761		0.670		0.460		1.277

Less dividends and distributions to common shareholders from:
Net investment income	(0.353	)	(0.720	)	(0.850	)	(0.960	)	(0.960	)	(0.960	)
Net realized gain on investments	—		(0.139	)	(0.071	)	(0.030	)	(0.030	)	(0.127	)
Total dividends and distributions	(0.353	)	(0.859	)	(0.921	)	(0.990	)	(0.990	)	(1.087	)

Net asset value, end of period	$13.200		$14.260		$15.100		$15.260		$15.580		$16.110

Market value, end of period	$12.550		$15.060		$15.940		$18.650		$17.180		$16.960

Total investment return based on:²
Market value	(14.61%	)	(0.14%	)	(9.86%	)	14.64%		7.42%		8.76%
Net asset value	(5.15%	)	(0.19%	)	4.35%		3.44%		2.56%		8.05%

Ratios and supplemental data:
Net assets applicable to common shares, end of period (000 omitted)	$63,865		$68,973		$73,056		$73,833		$75,364		$77,903
Ratio of expenses to average net assets applicable to common shares³	1.07%		1.03%		1.01%		0.95%		1.03%		1.01%
Ratio of net investment income to average net assets
applicable to common shares³	6.41%		6.37%		6.49%		6.51%		6.51%		6.54%
Ratio of net investment income to average net assets
applicable to common shares net of dividends to preferred shares⁴	4.34%		4.23%		4.56%		5.11%		5.69%		5.98%
Portfolio turnover	9%		16%		11%		12%		5%		13%

Leverage analysis:
Value of preferred shares outstanding (000 omitted)	$40,000		$40,000		$40,000		$40,000		$40,000		$40,000
Net asset coverage per share of preferred shares, end of period	$129,831		$136,216		$141,320		$142,291		$144,205		$147,379
Liquidation value per share of preferred shares⁵	$50,000		$50,000		$50,000		$50,000		$50,000		$50,000

¹ Ratios and portfolio turnover have been annualized and total return has not been annualized.

³ Ratios do not reflect the effect of dividend payments to preferred shareholders.

⁴ Ratio reflects total net investment income less dividends paid to preferred shareholders divided by average net assets applicable to common shareholders.

⁵ Excluding any accumulated but unpaid dividends.

See accompanying notes

(continues) 21

Financial highlights

Delaware Investments Minnesota Municipal Income Fund II, Inc.

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended		Year Ended
	9/30/08¹		3/31/08		3/31/07		3/31/06		3/31/05		3/31/04
	(Unaudited)
Net asset value, beginning of period	$14.190		$14.880		$14.730		$14.890		$15.280		$15.060

Income (loss) from investment operations:
Net investment income	0.471		0.962		0.963		0.971		1.025		1.093
Net realized and unrealized gain (loss) on investments	(1.070	)	(0.674	)	0.225		0.012		(0.237	)	0.207
Dividends on preferred stock from:
Net investment income	(0.141	)	(0.318	)	(0.298	)	(0.243	)	(0.128	)	(0.082	)
Total dividends on preferred stock	(0.141	)	(0.318	)	(0.298	)	(0.243	)	(0.128	)	(0.082	)
Total from investment operations	(0.740	)	(0.030	)	0.890		0.740		0.660		1.218

Less dividends to common shareholders from:
Net investment income	(0.330	)	(0.660	)	(0.740	)	(0.900	)	(1.050	)	(0.998	)
Total dividends	(0.330	)	(0.660	)	(0.740	)	(0.900	)	(1.050	)	(0.998	)

Net asset value, end of period	$13.120		$14.190		$14.880		$14.730		$14.890		$15.280

Market value, end of period	$11.670		$13.450		$14.640		$16.200		$16.370		$16.800

Total investment return based on:²
Market value	(11.05%	)	(3.58%	)	(5.13%	)	4.73%		4.02%		16.87%
Net asset value	(5.22%	)	0.08%		6.05%		4.69%		4.03%		7.99%

Ratios and supplemental data:
Net assets applicable to common shares, end of period (000 omitted)	$150,950		$163,305		$171,143		$169,481		$107,958		$110,828
Ratio of expenses to average net assets
applicable to common shares^{3, 5}	1.22%		1.18%		1.20%		1.07%		1.00%		0.93%
Ratio of net investment income to average net assets
applicable to common shares³	6.63%		6.61%		6.52%		6.45%		6.85%		7.23%
Ratio of net investment income to average net assets
applicable to common shares net of dividends to preferred shares⁴	4.64%		4.43%		4.50%		4.86%		6.00%		6.69%
Portfolio turnover	20%		6%		3%		8%		15%		34%

Leverage analysis:
Value of preferred shares outstanding (000 omitted)	$95,000		$95,000		$95,000		$95,000		$60,000		$60,000
Net asset coverage per share of preferred shares, end of period	$129,448		$135,950		$140,075		$139,200		$139,965		$142,357
Liquidation value per share of preferred shares⁶	$50,000		$50,000		$50,000		$50,000		$50,000		$50,000

¹ Ratios and portfolio turnover have been annualized and total return has not been annualized.

³ Ratios do not reflect the effect of dividend payments to preferred shareholders.

⁴ Ratio reflects total net investment income less dividends paid to preferred shareholders divided by average net assets applicable to common shareholders.

⁵ The ratio of expenses to average net assets applicable to common shares includes interest and related expenses which include, but are not limited to, interest expense, remarketing fees, liquidity fees, and trustees’ fees in connection with the Fund’s participation in inverse floater programs for the period ended September 30, 2008 and years ended March 31, 2008 and 2007. See Notes 1 and 7 in “Notes to financial statements”.

⁶ Excluding any accumulated but unpaid dividends.

See accompanying notes

Delaware Investments National Municipal Income Fund

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended		Year Ended
	9/30/08¹		3/31/08		3/31/07		3/31/06		3/31/05		3/31/04
	(Unaudited)
Net asset value, beginning of period	$13.360		$14.560		$14.650		$15.340		$16.200		$16.370

Income (loss) from investment operations:
Net investment income	0.433		0.919		0.960		1.017		1.057		1.088
Net realized and unrealized gain (loss) on investments	(1.269	)	(1.081	)	0.141		(0.236	)	(0.675	)	(0.130	)
Dividends on preferred stock from:
Net investment income	(0.139	)	(0.311	)	(0.285	)	(0.202	)	(0.114	)	(0.082	)
Net realized gain on investments	—		(0.015	)	(0.018	)	(0.055	)	(0.009	)	(0.005	)
Total dividends on preferred stock	(0.139	)	(0.326	)	(0.303	)	(0.257	)	(0.123	)	(0.087	)
Total from investment operations	(0.975	)	(0.488	)	0.798		0.524		0.259		0.871

Less dividends and distributions to common shareholders from:
Net investment income	(0.295	)	(0.668	)	(0.820	)	(0.970	)	(1.020	)	(0.995	)
Net realized gain on investments	—		(0.044	)	(0.068	)	(0.244	)	(0.099	)	(0.046	)
Total dividends and distributions	(0.295	)	(0.712	)	(0.888	)	(1.214	)	(1.119	)	(1.041	)

Net asset value, end of period	$12.090		$13.360		$14.560		$14.650		$15.340		$16.200

Market value, end of period	$9.350		$11.950		$14.530		$16.050		$15.050		$16.650

Total investment return based on:²
Market value	(19.74%	)	(13.11%	)	(4.12%	)	14.75%		(3.02%	)	18.04%
Net asset value	(7.18%	)	(3.05%	)	5.27%		2.76%		1.59%		5.59%

Ratios and supplemental data:
Net assets applicable to common shares, end of period (000 omitted)	$29,294		$32,365		$35,256		$35,492		$37,166		$39,244
Ratio of expenses to average net assets
applicable to common shares³	1.20%		1.16%		1.10%		1.07%		1.24%		1.11%
Ratio of net investment income to average net assets
applicable to common shares³	6.45%		6.54%		6.58%		6.70%		6.75%		6.70%
Ratio of net investment income to average net assets
applicable to common shares net of dividends to preferred shares⁴	4.38%		4.22%		4.51%		5.01%		5.97%		6.16%
Portfolio turnover	40%		17%		9%		28%		11%		3%

Leverage analysis:
Value of preferred shares outstanding (000 omitted)	$20,000		$20,000		$20,000		$20,000		$20,000		$20,000
Net asset coverage per share of preferred shares, end of period	$123,236		$130,914		$138,141		$138,731		$142,915		$148,110
Liquidation value per share of preferred shares⁵	$50,000		$50,000		$50,000		$50,000		$50,000		$50,000

¹ Ratios and portfolio turnover have been annualized and total return has not been annualized.

³ Ratios do not reflect the effect of dividend payments to preferred shareholders.

⁴ Ratio reflects total net investment income less dividends paid to preferred shareholders divided by average net assets applicable to common shareholders.

⁵ Excluding any accumulated but unpaid dividends.

See accompanying notes

Notes to financial statements

Delaware Investments Closed-End Municipal Bond Funds

September 30, 2008 (Unaudited)

Delaware Investments Arizona Municipal Income Fund, Inc. (Arizona Municipal Fund), Delaware Investments Colorado Municipal Income Fund, Inc. (Colorado Municipal Fund) and Delaware Investments Minnesota Municipal Income Fund II, Inc. (Minnesota Municipal Fund II) are organized as Minnesota corporations and Delaware Investments National Municipal Income Fund, (National Municipal Fund) is organized as a Massachusetts Business Trust (each referred to as a Fund and collectively as the Funds). Arizona Municipal Fund, Colorado Municipal Fund, Minnesota Municipal Fund II and National Municipal Fund are considered diversified closed-end management investment companies under the Investment Company Act of 1940, as amended. The Funds’ common shares trade on the NYSE Alternext, the successor to the American Stock Exchange. The Funds’ preferred shares are traded privately through a remarketing agent.

The investment objective of each Fund is to provide high current income exempt from federal income tax and from the personal income tax of its state, if any, consistent with the preservation of capital. Each Fund, except National Municipal Income Fund, will seek to achieve its investment objective by investing substantially all of its net assets in investment grade, tax-exempt municipal obligations of its respective state.

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles and are consistently followed by the Funds.

Security Valuation — Long-term debt securities are valued by an independent pricing service or broker. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Short-term debt securities having less than 60 days to maturity are valued at amortized cost, which approximates market value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of each Fund’s Board of Directors/Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures, or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities at 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading or news events, may have occurred in the interim. To account for this, the Fund may frequently value many foreign securities at one time using fair value prices based on third-party vendor modeling tools (“international fair value pricing”).

Federal Income Taxes — The Funds intend to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Accordingly, no provision for federal income taxes has been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax benefit or expense in the current period.

Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Interest and Related Expenses — Interest and related expenses include, but are not limited to, interest expense, remarketing fees, liquidity fees, and trustees’ fees from the Minnesota Municipal Fund II’s participation in inverse floater programs where the Fund has transferred its own bonds to a trust that issues floating rate securities with an aggregate principal amount equal to the principal of the transferred bonds. In conveyance of the bond, the Fund receives the inverse floating rate securities and cash from the trust. As a result of certain rights retained by the Fund, the transfer of the bond is not considered a sale, but rather a form of financing for accounting purposes whereby the cash received is recorded as a liability and interest expense is recorded based on the interest rate of the floating rate securities. Remarketing fees, liquidity fees, and trustees’ fees expenses are recorded on the accrual basis.

The Minnesota Municipal Fund II sold out of its inverse floater positions on September 29, 2008. As of the period ended September 29, 2008, the Fund had an average daily liability from the participation in inverse floater programs of $8,500,000 and recorded interest expense at an average rate of 3.57%.

Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Investments^® Family of Funds are generally allocated amongst such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Discounts and premiums are amortized to interest income over the lives of the respective securities. Each Fund declares and pays dividends from net investment income monthly and distributions from net realized gain on investments, if any, annually.

In addition, in order to satisfy certain distribution requirements of the Tax Reform Act of 1986, the Funds may declare special year-end dividend and capital gains distributions during November or December to shareholders of record on a date in such month. Such distributions, if received by shareholders by January 31, are deemed to have been paid by the Funds and received by shareholders on the earlier of the date paid or December 31 of the prior year.

The Funds receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custody fees. The expense paid under this arrangement is included in custodian fees and on the statements of operations with the corresponding expense offset shown as “expense paid indirectly.”

2. Investment Management Administration Agreements and Other Transactions with Affiliates

In accordance with the terms of its respective investment management agreement, each Fund pays Delaware Management Company (DMC), a series of Delaware Management Business Trust and the investment manager, an annual fee of 0.40% which is calculated daily based on the average weekly net assets of each Fund, excluding the liquidation value of the preferred stock.

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Funds. For these services, the Funds pay DSC fees based on the aggregate daily net assets of the Delaware Investments^® Family of Funds at the following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% o of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments^® Family of Funds on a relative net asset value basis. For the six months ended September 30, 2008, the Funds were charged as follows:

Arizona	Colorado	Minnesota	National
Municipal	Municipal	Municipal	Municipal
Fund	Fund	Fund II	Fund
$1,659	$2,717	$6,456	$1,311

At September 30, 2008, each Fund had liabilities payable to affiliates as follows:

	Arizona	Colorado	Minnesota	National
	Municipal	Municipal	Municipal	Municipal
	Fund	Fund	Fund II	Fund
Investment management fee payable to DMC	$21,837	$35,762	$84,980	$17,142
Accounting administration and other expenses
payable to DSC	10,950	9,767	1,325	12,353
Other expenses payable to DMC and affiliates*	11,261	17,546	31,086	14,595

* DMC as part of its administrative services pays operating expenses on behalf of each Fund and is reimbursed on a periodic basis. Such expenses include items such as printing of shareholder reports, fees for audit, legal and tax services, stock exchange fees, custodian fees and directors/trustees’ fees.

As provided in the investment management agreement, each Fund bears the cost of certain legal and tax services, including internal legal and tax services provided to each Fund by DMC and/or its affiliates’ employees. For the six months ended September 30, 2008, each Fund was charged for internal legal and tax services provided by DMC and/or its affiliates’ employees as follows:

Arizona	Colorado	Minnesota	National
Municipal	Municipal	Municipal	Municipal
Fund	Fund	Fund II	Fund
$1,362	$2,264	$5,379	$1,066

Directors’/Trustees’ fees include expenses accrued by the Funds for each Director’s/Trustee’s retainer and meeting fees. Certain officers of DMC and DSC are officers and/or Directors/Trustees of the Funds. These officers and Directors/Trustees are paid no compensation by the Funds.

3. Investments

For the six months ended September 30, 2008, the Funds made purchases and sales of investment securities other than short-term investments as follows:

	Arizona		Colorado		Minnesota		National
	Municipal		Municipal		Municipal		Municipal
	Fund		Fund		Fund II		Fund
Purchases		$1,482,740	$	4,588,214	$	24,648,090	$	9,881,545
Sales		5,101,590		13,253,928		46,346,191		12,649,207

(continues) 25

Notes to financial statements

Delaware Investments Closed-End Municipal Bond Funds

3. Investments (continued)

At September 30, 2008, the cost of investments for federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. At September 30, 2008, the cost of investments and unrealized appreciation (depreciation) for federal income tax purposes for each Fund were as follows:

	Arizona				Colorado				Minnesota				National
	Municipal				Municipal				Municipal				Municipal
	Fund				Fund				Fund II				Fund
Cost of investments		$	60,680,342			$	96,762,126			$	225,403,588			$	49,179,193
Aggregate unrealized appreciation		$	1,235,962			$	2,656,116			$	4,916,577			$	165,686
Aggregate unrealized depreciation			(3,752,554	)			(4,901,145	)			(11,561,247	)			(3,374,804	)
Net unrealized depreciation		$	(2,516,592	)		$	(2,245,029	)		$	(6,644,670	)		$	(3,209,118	)

Effective April 1, 2008, the Funds adopted Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157 defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. FAS 157 also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. The Funds’ investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 – inputs are quoted prices in active markets

Level 2 – inputs that are observable, directly or indirectly

Level 3 – inputs are unobservable and reflect assumptions on the part of the reporting entity

The following table summarizes the valuation of the Funds’ investments by the above FAS 157 fair value hierarchy levels as of September 30, 2008:

	Arizona			Colorado			Minnesota			National
	Municipal			Municipal			Municipal			Municipal
	Fund			Fund			Fund II			Fund
Level 1		$	—		$	—		$	—		$	—
Level 2			58,163,750			94,517,097			218,758,918			45,970,075
Level 3			—			—			—			—
Total		$	58,163,750		$	94,517,097		$	218,758,918		$	45,970,075

There were no Level 3 securities at the beginning or end of the period.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the six months ended September 30, 2008 and the year ended March 31, 2008 was as follows:

	Arizona			Colorado			Minnesota			National
	Municipal			Municipal			Municipal			Municipal
	Fund			Fund			Fund II			Fund
Six Months Ended 9/30/08*
Total Tax-exempt income		$	1,314,375		$	2,423,747		$	5,423,833		$	1,050,321
Year Ended 3/31/08
Ordinary income		$	58,659		$	—		$	32,679		$	60,768
Tax-exempt income			2,700,762			4,758,605			11,215,078			2,310,133
Long-term capital gain			232,318			913,220			—			142,452
Total		$	2,991,739		$	5,671,825		$	11,247,757		$	2,513,353

*Tax information for the six months ended September 30, 2008 is an estimate and the tax character of dividends and distributions may be redesignated at fiscal year end.

5. Components of Net Assets on a Tax Basis

The components of net assets are estimated since final tax characteristics cannot be determined until fiscal year end. As of September 30, 2008, the estimated components of net assets on a tax basis were as follows:

	Arizona			Colorado			Minnesota			National
	Municipal			Municipal			Municipal			Municipal
	Fund			Fund			Fund II			Fund
Shares of beneficial interest		$40,780,234			$67,202,571			$158,750,422			$33,300,621
Distributions payable		(58,785	)		(152,248	)		(267,027	)		(47,028	)
Undistributed tax-exempt income		55,088			—			227,078			33,420
Realized loss 4/1/08 – 9/30/08		(140,343	)		(940,785	)		(921,380	)		(764,858	)
Capital loss carryforwards as of 3/31/08		—			—			(194,046	)		(18,596	)
Unrealized depreciation of investments		(2,516,592	)		(2,245,029	)		(6,644,670	)		(3,209,118	)
Net assets		$38,119,602			$63,864,509			$150,950,377			$29,294,441

The difference between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and tax treatment of market discount on debt instruments.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of dividends and distributions, and tax treatment of market discount on debt instruments. Results of operations and net assets were not affected by these reclassifications. For the six months ended September 30, 2008, the Funds recorded an estimate of these differences since the final tax characteristics cannot be determined until fiscal year end.

	Arizona			Colorado			Minnesota
	Municipal			Municipal			Municipal
	Fund			Fund			Fund II
Paid-in capital	$	—		$	(35,539	)	$	—
Distributions in excess of net investment income		3,702			26,884			19,861
Accumulated net realized gain (loss)		(3,702	)		8,655			(19,861	)

(continues) 27

Notes to financial statements

Delaware Investments Closed-End Municipal Bond Funds

5. Components of Net Assets on a Tax Basis (continued)

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Capital loss carryforwards remaining at March 31, 2008 will expire as follows:

	Minnesota		National
	Municipal		Municipal
	Fund II		Fund
2009		$175,804		$ —
2010		8,416		—
2013		9,826		—
2016		—		18,596
Total		$194,046		$18,596

6. Capital Stock

Pursuant to their articles of incorporation, Arizona Municipal Fund, Colorado Municipal Fund and Minnesota Municipal Fund II each have 200 million shares of $0.01 par value common shares authorized. National Municipal Fund has been authorized to issue an unlimited amount of $0.01 par value common shares. The Funds did not repurchase any shares under the Share Repurchase Program during the six months ended September 30, 2008. Shares issuable under the Funds’ dividend reinvestment plan are purchased by the Funds’ transfer agent, Mellon Investor Services, LLC, in the open market.

For the six months ended September 30, 2008, the Funds did not have any transactions in common shares.

The Funds each have one million shares of $0.01 par value preferred shares authorized, except for National Municipal Fund, which has an unlimited amount of $0.01 par value preferred shared authorized. As of September 30, 2008, the Arizona Municipal Fund currently has 250 Series A and 250 Series B preferred shares issued. Colorado Municipal Fund has 400 Series A and 400 Series B preferred shares issued, Minnesota Municipal Fund II has 600 Series A, 600 Series B, 400 Series C, and 300 Series D Preferred Shares issued, and National Municipal Fund has 200 Series A and Series B Shares issued. The preferred shares of each Fund have a liquidation preference of $50,000 per share plus an amount equal to accumulated but unpaid dividends.

Dividends for the outstanding preferred shares of each Fund are cumulative at a rate established at the initial public offering and are reset based on the results of an auction.

Dividend rates (adjusted for any capital gain distributions) ranged during the six months ended September 30, 2008 as follows:

Fund	Low		High
Arizona Municipal Fund	2.46%	to	12.26%
Colorado Municipal Fund	2.54%	to	11.65%
Minnesota Municipal Fund II	2.46%	to	12.26%
National Municipal Fund	2.46%	to	12.26%

Citigroup Global Markets, Inc., and Merrill Lynch Pierce, Fenner & Smith Inc. (Colorado Municipal Fund only), as the remarketing agents, receive an annual fee from each of the Funds of 0.25% of the average amount of preferred stock outstanding.

Under the 1940 Act, the Funds may not declare dividends or make other distributions on common shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding preferred stock is less than 200%. The preferred shares are redeemable at the option of the Funds, in whole or in part, on any dividend payment date at $50,000 per share plus any accumulated but unpaid dividends whether or not declared. The preferred shares are also subject to mandatory redemption at $50,000 per share plus any accumulated but unpaid dividends whether or not declared, if certain requirements relating to the composition of the assets and liabilities of each Fund are not satisfied.

The holders of preferred shares have voting rights equal to the holders of common shares (one vote per share) and will vote together with holders of common shares as a single class. However, holders of preferred shares are also entitled to elect two of each Fund’s Directors. In addition, the 1940 Act requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding preferred shares, voting separately as a class would be required to (a) adopt any plan of reorganization that would adversely affect the preferred shares, and (b) take any action requiring a vote of security holders pursuant to Section 13(a) of the 1940 Act, including, among other things, changes in each of the Fund’s subclassification as a closed-end investment company or (c) changes in their fundamental investment restrictions.

7. Inverse Floaters

The Funds may participate in inverse floater programs where a fund transfers its own bonds to a trust that issues floating rate securities and inverse floating rate securities (inverse floaters) with an aggregate principal amount equal to the principal of the transferred bonds. The inverse floaters received by the Funds are derivative tax-exempt obligations with floating or variable interest rates that move in the opposite direction of short-term interest rates, usually at an accelerated speed. Consequently, the market values of the inverse floaters will generally be more volatile than other tax-exempt investments. The Funds typically use inverse floaters to adjust the duration of its portfolio. Duration measures a portfolio’s sensitivity to changes in interest rates. By holding inverse floaters with a different duration than the underlying bonds that a Fund transferred to the trust, the Fund seeks to adjust its portfolio’s sensitivity to changes in interest rates. The Funds may also invest in inverse floaters to add additional income to the Funds or to adjust the Funds’ exposure to a specific segment of the yield curve. At September 30, 2008, the Funds had no inverse floater securities outstanding.

8. Credit and Market Risk

The Funds use leverage in the form of preferred shares. Leveraging may result in a higher degree of volatility because each Fund’s net asset value could be more sensitive to fluctuations in short-term interest rates and changes in market value of portfolio securities attributable to the leverage.

The Funds concentrate their investments in securities issued by municipalities. The value of these investments may be adversely affected by new legislation within the states, regional or local and national economic conditions, as applicable, and differing levels of supply and demand for municipal bonds. Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in the Funds. At September 30, 2008, the percentages of each Fund’s net assets, including liquidation value of preferred stock, insured by bond insurers were as follows:

Arizona Municipal Fund	36%
Colorado Municipal Fund	46%
Minnesota Municipal Fund	30%
National Municipal Fund	64%

These securities have been identified in the statements of net assets.

The Funds may invest in advanced refunded bonds, escrow secured bonds or defeased bonds. Under current federal tax laws and regulations, state and local government borrowers are permitted to refinance outstanding bonds by issuing new bonds. The issuer refinances the outstanding debt to either reduce interest costs or to remove or alter restrictive covenants imposed by the bonds being refinanced. A refunding transaction where the municipal securities are being refunded within 90 days from the issuance of the refunding issue is known as a “current refunding.” “Advance refunded bonds” are bonds in which the refunded bond issue remains outstanding for more than 90 days following the issuance of the refunding issue. In an advance refunding, the issuer will use the proceeds of a new bond issue to purchase high grade interest bearing debt securities which are then deposited in an irrevocable escrow account held by an escrow agent to secure all future payments of principal and interest and bond premium of the advance refunded bond. Bonds are “escrowed to maturity” when the proceeds of the refunding issue are deposited in an escrow account for investment sufficient to pay all of the principal and interest on the original interest payment and maturity dates.

Bonds are considered “pre-refunded” when the refunding issue’s proceeds are escrowed only until a permitted call date or dates on the refunded issue with the refunded issue being redeemed at the time, including any required premium. Bonds become “defeased” when the rights and interests of the bondholders and of their lien on the pledged revenues or other security under the terms of the bond contract are substituted with an alternative source of revenues (the escrow securities) sufficient to meet payments of principal and interest to maturity or to the first call dates. Escrowed secured bonds will often receive a rating of AAA from Moody’s Investors Service, Inc., Standard & Poor’s Ratings Group, and/or Fitch Ratings due to the strong credit quality of the escrow securities and the irrevocable nature of the escrow deposit agreement.

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, each Fund’s Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of each Fund’s limitation on investments in illiquid assets. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds 15% limit on investments in illiquid securities. As of September 30, 2008, there were no Rule 144A securities. Illiquid securities have been identified on the statements of net assets.

(continues) 29

Notes to financial statements

Delaware Investments Closed-End Municipal Bond Funds

9. Contractual Obligations

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

10.

Delaware Investments National Municipal Income Fund (formerly Delaware Investments Florida Insured Municipal Income Fund) – Investments in Municipal Securities Issued by the State of Florida

On September 13, 2007, shareholders of Delaware Investments Florida Insured Municipal Income Fund (renamed Delaware Investments National Municipal Income Fund) (the “Fund”) approved (1) the elimination of the Fund’s fundamental investment policy that required the Fund to invest primarily in insured municipal securities issued by the State of Florida and (2) the adoption of a new fundamental investment policy permitting the Fund to invest in un-insured municipal securities issued by states other than Florida. The Fund’s portfolio managers began to transition the Fund’s portfolio to include un-insured municipal bonds issued by other states and territories on October 15, 2007. As of September 30, 2008, municipal bonds issued by the State of Florida constitute approximately 68% of the Fund’s portfolio. These investments could make the Fund more sensitive to economic conditions in Florida than other more geographically diversified national municipal income funds.

11. Recent Developments Regarding Bond Insurance Companies

Starting in January 2008, Standard and Poor’s, Moody’s Investors Service and Fitch Ratings began to take negative actions against a number of municipal bond insurers. These actions included actual rating downgrades, assigning negative outlooks, and/or placing the insurer financial strength rating on credit watch for possible downgrade.

Through early November 2008, five (AMBAC, FGIC, CGIC, MBIA and XLCA) of the first tier monoline insurers have been downgraded by one or more of the rating agencies. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in the Funds. On November 14, 2008, Assured Guaranty, Ltd and Dexia SA, the parent for financial guarantor Financial Security Assurance, Inc. (FSA) announced a definitive agreement for Assured Guaranty to acquire all of Dexia’s shares of FSA. Insurer financial strength ratings for the municipal bond insurers may continue to change.

12. Redemption of Preferred Shares

On October 7, 2008, the Funds’ Board of Directors/Trustees approved a plan to redeem all or a significant portion of outstanding preferred shares issued by the Funds. The plan is intended to better position each Fund to pursue its investment objectives in light of current and unprecedented market volatility, which has resulted in higher short-term interest rates. Management recommended the redemption of the Funds’ preferred shares based on its expectation that in the current environment it may become increasingly difficult for the Funds to invest the assets attributable to the preferred shares in securities that provide a sufficient rate of return compared to the dividend rates payable on the preferred shares, which had remained elevated in recent remarketings. These higher costs, in conjunction with current market conditions, could cause the Funds to realize an overall lower rate of return than if the Funds were not leveraged. The Funds’ Board of Directors/Trustees may consider adding some form of leverage to the Funds in the future if warranted by economic conditions at that time.

Effective November 7, 2008, each Fund redeemed all of its preferred shares at par plus accumulated dividends amounting to $25,024,395, $40,042,778, $95,083,577, and $20,019,516 in the Arizona Municipal Income Fund, Colorado Municipal Income Fund, Minnesota Municipal Income Fund II, and National Municipal Income Fund, respectively. In connection with these transactions, each Fund liquidated a corresponding amount of its investments to fund the redemptions.

Other Fund information
(Unaudited)

Delaware Investments^® Closed-End Municipal Bond Funds

Board Consideration of Delaware Investments Arizona Municipal Income Fund, Inc., Delaware Investments Colorado Municipal Income Fund, Inc., Delaware Investments National Municipal Income Fund, Delaware Investments Minnesota Municipal Income Fund II, Inc. Investment Advisory Agreement

At a meeting held on May 20-22, 2008 (the “Annual Meeting”), the Board of Trustees/Directors (“Trustees”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory Agreements for 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. (each a “Fund” and collectively, the “Funds”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory contracts. Information furnished specifically in connection with the renewal of the Investment Advisory Agreement with Delaware Management Company (“DMC”) included materials provided by DMC and its affiliates (“Delaware Investments”) concerning, among other things, the nature, extent and quality of services provided to the Funds, the costs of such services to the Funds, economies of scale and the financial condition and profitability of Delaware Investments. In addition, in connection with the Annual Meeting, the Board separately received and reviewed in February 2008 independent historical and comparative reports prepared by Lipper Inc. (“Lipper”), an independent statistical compilation organization. The Lipper reports compared each Fund’s investment performance and expenses with those of other comparable mutual funds. The independent Trustees reviewed the Lipper reports with Counsel to the Independent Trustees at the February 2008 Board Meeting and discussed such reports further with counsel earlier in the Annual Meeting. The Board requested and received certain information regarding Management’s policy with respect to advisory fee levels and its philosophy with respect to breakpoints; the structure of portfolio manager compensation; the investment manager’s profitability; and any constraints or limitations on the availability of securities in certain investment styles which might inhibit DMC’s ability to invest fully in accordance with Fund policies.

In considering information relating to the approval of each Fund’s advisory agreement, the independent Trustees received assistance and advice from and met separately with independent counsel. Although the Trustees gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board in its contract renewal considerations.

Nature, Extent and Quality of Service. The Board considered the services provided by Delaware Investments to the Funds and their shareholders. In reviewing the nature, extent and quality of services, the Board emphasized reports furnished to it throughout the year at regular Board meetings covering matters such as the compliance of portfolio managers with the investment policies, strategies and restrictions for the Funds, the compliance of management personnel with the Code of Ethics adopted throughout the Delaware Investments^® Family of Funds complex and the adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Funds’ investment advisor and the emphasis placed on research in the investment process. Favorable consideration was given to DMC’s efforts to maintain expenditures and, in some instances, increase financial and human resources committed to Fund matters. During 2007 Management commenced the outsourcing of certain investment accounting functions that are expected to improve the quality and the cost of delivering investment accounting services to the Funds. The Board was satisfied with the nature, extent and quality of the overall services provided by Delaware Investments.

Investment Performance. The Board considered the investment performance of DMC and the Funds. The Board placed significant emphasis on the investment performance of the Funds in view of its importance to shareholders. Although the Board gave appropriate consideration to performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Lipper reports furnished for the Annual Meeting. The Lipper reports prepared for each Fund showed the investment performance of its shares in comparison to a group of similar funds as selected by Lipper (the “Performance Universe”). A fund with the highest performance ranked first, and a fund with the lowest ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the lowest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for each Fund was shown for the past one-, three-, five- and ten-year periods ended December 31, 2007. The Board’s objective is that each Fund’s performance for the periods considered be at or above the median of its Performance Universe. The following paragraphs summarize the performance results for the Funds and the Board’s view of such performance.

Delaware Investments Arizona Municipal Income Fund, Inc. – The Performance Universe for the Fund consisted of the Fund and all leveraged closed-end other state municipal debt funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one-year period was in the third quartile of its Performance Universe. The report further showed that the Fund’s total return for the three- and five-year periods was in the fourth quartile and the Fund’s total return for the ten-year period was in the second quartile. The Board noted that the Fund’s performance results were not in line with the Board’s objective. In evaluating the Fund’s performance, the Board considered investment strategy changes implemented in late 2006. The Board was satisfied that Management was taking action to enhance Fund performance and meet the Board’s performance objective.

Delaware Investments Colorado Municipal Income Fund, Inc. – The Performance Universe for the Fund consisted of the Fund and all leveraged closed-end other state municipal debt funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one- and ten-year periods was in the first quartile of its Performance Universe. The report further showed that the Fund’s total return for the three- and five-year periods was in the third quartile and fourth quartile, respectively. The Board noted that the Fund’s performance results were mixed but overall tended toward median, which was acceptable especially since one year performance was in the first quartile.

(continues) 31

Other Fund information
(Unaudited)

Delaware Investments^® Closed-End Municipal Bond Funds

Delaware Investments National Municipal Income Fund – Lipper currently classifies the Fund as a leveraged general municipal debt fund. However, prior to the implementation of strategy changes in late 2007, the Fund had been classified as a Florida municipal debt fund. Accordingly, the Lipper report prepared for the Fund compares the Fund’s performance to two separate Performance Universes consisting of the Fund and all leveraged closed-end general municipal debt funds plus the Fund and all leveraged closed-end Florida municipal debt funds as selected by Lipper. When compared to other general municipal debt funds, the Lipper report comparison showed that the Fund’s total return for the one-year period was in the first quartile of its Performance Universe. The report further showed that the Fund’s total return for the three- and five-year periods was in the fourth quartile and the Fund’s total return for the ten-year period was in the third quartile. When compared to other Florida municipal debt funds, the Lipper report comparison showed that the Fund’s total return for the one-year period was in the second quartile of its Performance Universe. The report further showed that the Fund’s total return for the three-and five-year periods was in the fourth quartile and the Fund’s total return for the ten-year period was in the third quartile. The Board noted that the Fund’s performance results were not in line with the Board’s objective. In evaluating the Fund’s performance, the Board considered the strategy changes implemented in late 2007 and was satisfied that Management was taking effective action to enhance Fund performance and meet the Board’s performance objective.

Delaware Investments Minnesota Municipal Income Fund II, Inc. – The Performance Universe for the Fund consisted of the Fund and all leveraged closed-end other state municipal debt funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one- and three-year periods was in the second quartile of its Performance Universe. The report further showed that the Fund’s total return for the five- and ten-year periods was in the first quartile. The Board was satisfied with performance.

Comparative Expenses. The Board considered expense comparison data for the Delaware Investments^® Family of Funds. Management provided the Board with information on pricing levels and fee structures for the Funds as of October 31, 2007 and the most recent fiscal year end for each comparative fund as of August 31, 2007 or earlier. For any fund with a fiscal year end after August 31, 2007, such fund’s expense data were measured as of its fiscal year end for 2006. The Board focused particularly on the comparative analysis of the management fees and total expense ratios of each Fund and the effective management fees and expense ratios of a group of similar leveraged closed-end funds as selected by Lipper (the “Expense Group”). In reviewing comparative costs, each Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) of other funds within the Expense Group, taking into account any applicable breakpoints and fee waivers. Each Fund’s total expenses were also compared with those of its Expense Group. The Board also considered fees paid to Delaware Investments for non-management services. The Board noted its objective to limit each Fund’s total expense ratio to be competitive with that of the Expense Group. The following paragraphs summarize the expense results for the Funds and the Board’s view of such expenses.

Delaware Investments Arizona Municipal Income Fund, Inc. – The expense comparisons for the Fund showed that its actual management fee was in the quartile with the second lowest expenses of its Expense Group and its total expenses were in the quartile with the lowest expenses of its Expense Group. The Board was satisfied with the management fee and total expenses of the Fund in comparison to its Expense Group.

Delaware Investments Colorado Municipal Income Fund, Inc. – The expense comparisons for the Fund showed that its actual management fee and total expenses were in the quartile with the lowest expenses of its Expense Group. The Board was satisfied with the management fee and total expenses of the Fund in comparison to its Expense Group.

Delaware Investments National Municipal Income Fund – When compared to other general municipal debt funds, the expense comparisons for the Fund showed that its actual management fee and total expenses were in the quartile with the lowest expenses of its Expense Group. When compared to other Florida municipal debt Funds, the expense comparisons for the Fund showed that its actual management was ranked third (second highest) of the four funds in the Expense Group and total expenses were ranked second (second lowest) of the four funds in the Expense Group. The Board was satisfied with the management fee and total expenses of the Fund in comparison to its Expense Group.

Delaware Investments Minnesota Municipal Income Fund II, Inc. – The expense comparisons for the Fund showed that its management fee and total expenses were in the quartile with the lowest expenses of its Expense Group. The Board was satisfied with the management fee and total expenses of the Fund in comparison to its Expense Group.

Management Profitability. The Board considered the level of profits, if any, realized by Delaware Investments in connection with the operation of the Funds. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of Delaware Investments’ business in providing management and other services to each of the individual funds and the Delaware Investments Family of Funds as a whole. Specific attention was given to the methodology followed in allocating costs for the purpose of determining profitability. Management stated that the level of profits of Delaware Investments, to a certain extent, reflect operational cost savings and efficiencies initiated by Delaware Investments. The Board considered Delaware Investments’ efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide SEC initiatives. The Board also considered the extent to which Delaware Investments might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Investments Family of Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. The Board found that the level of management fees was reasonable in light of the services rendered and the profitability of Delaware Investments.

Economies of Scale. As closed-end funds, the Funds do not issue shares on a continuous basis. Fund assets increase only to the extent that the values of the underlying securities in the Fund increase. Accordingly, the Board determined that the Funds were not likely to experience significant economies of scale due to asset growth and, therefore, a fee schedule with breakpoints to pass the benefit of economies of scale on to shareholders was not likely to provide the intended effect.

About the organization

This semiannual report is for the information of Delaware Investments Closed-End Municipal Bond Funds shareholders. Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Funds may, from time-to-time, purchase shares of their common stock on the open market at market prices.

Board of trustees

Patrick P. Coyne
Chairman, President,
and Chief Executive Officer
Delaware Investments^® Family of Funds
Philadelphia, PA

Thomas L. Bennett
Private Investor
Rosemont, PA

John A. Fry
President
Franklin & Marshall College
Lancaster, PA

Anthony D. Knerr
Founder and Managing Director
Anthony Knerr & Associates
New York, NY

Lucinda S. Landreth
Former Chief Investment Officer
Assurant, Inc.
Philadelphia, PA

Ann R. Leven
Consultant
ARL Associates
New York, NY

Thomas F. Madison
President and Chief Executive Officer
MLM Partners, Inc.
Minneapolis, MN

Janet L. Yeomans
Vice President and Treasurer
3M Corporation
St. Paul, MN

J. Richard Zecher
Founder
Investor Analytics
Scottsdale, AZ

Affiliated officers

David F. Connor
Vice President, Deputy General Counsel,
and Secretary
Delaware Investments Family of Funds
Philadelphia, PA

Daniel V. Geatens
Vice President and Treasurer
Delaware Investments Family of Funds
Philadelphia, PA

David P. O’Connor
Senior Vice President, General Counsel,
and Chief Legal Officer
Delaware Investments Family of Funds
Philadelphia, PA

Richard Salus
Senior Vice President and
Chief Financial Officer
Delaware Investments Family of Funds
Philadelphia, PA

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. Each Fund’s Forms N-Q, as well as a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the Commission’s Web site at http://www.sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and each Fund’s Schedule of Investments are available without charge on the Fund’s Web site at http://www.delawareinvestments.com. Each Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how each Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through each Fund’s Web site at http://www.delawareinvestments.com; and (ii) on the Commission’s Web site at http://www.sec.gov.

Contact information

Investment manager
Delaware Management Company,
a series of Delaware Management
Business Trust
Philadelphia, PA

Principal office of the Funds
2005 Market Street
Philadelphia, PA 19103-7057

Independent registered public
accounting firm
Ernst & Young LLP
2001 Market Street
Philadelphia, PA 19103

Registrar and stock transfer
agent
BNY Mellon Shareowner Services
480 Washington Blvd.
Jersey City, NJ 07310
800 851-9677

For securities dealers
and financial institutions
representatives
800 362-7500

Web site
www.delawareinvestments.com

Delaware Investments is the marketing
name of Delaware Management Holdings,
Inc. and its subsidiaries.

Number of recordholders as of
Sept. 30, 2008:

Arizona Municipal Income Fund		58
Colorado Municipal Income Fund		134
Minnesota Municipal Income Fund II		637
National Municipal Income Fund		115

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

The registrant has formally delegated to its investment adviser(s) (the “Adviser”) the ability to make all proxy voting decisions in relation to portfolio securities held by the registrant. If and when proxies need to be voted on behalf of the registrant, the Adviser will vote such proxies pursuant to its Proxy Voting Policies and Procedures (the “Procedures”). The Adviser has established a Proxy Voting Committee (the “Committee”) which is responsible for overseeing the Adviser’s proxy voting process for the registrant. One of the main responsibilities of the Committee is to review and approve the Procedures to ensure that the Procedures are designed to allow the Adviser to vote proxies in a manner consistent with the goal of voting in the best interests of the registrant.

In order to facilitate the actual process of voting proxies, the Adviser has contracted with Institutional Shareholder Services (“ISS”) to analyze proxy statements on behalf of the registrant and other Adviser clients and vote proxies generally in accordance with the Procedures. The Committee is responsible for overseeing ISS’s proxy voting activities. If a proxy has been voted for the registrant, ISS will create a record of the vote. By no later than August 31 of each year, information (if any) regarding how the registrant voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the registrant’s website at http://www.delawareinvestments.com; and (ii) on the Commission’s website at http://www.sec.gov.

The Procedures contain a general guideline that recommendations of company management on an issue (particularly routine issues) should be given a fair amount of weight in determining how proxy issues should be voted. However, the Adviser will normally vote against management’s position when it runs counter to its specific Proxy Voting Guidelines (the “Guidelines”), and the Adviser will also vote against management’s recommendation when it believes that such position is not in the best interests of the registrant.

As stated above, the Procedures also list specific Guidelines on how to vote proxies on behalf of the registrant. Some examples of the Guidelines are as follows: (i) generally vote for shareholder proposals asking that a majority or more of directors be independent; (ii) generally vote against proposals to require a supermajority shareholder vote; (iii) votes on mergers and acquisitions should be considered on a case-by-case basis, determining whether the transaction enhances shareholder value; (iv) generally vote against proposals to create a new class of common stock with superior voting rights; (v) generally vote re-incorporation proposals on a case-by-case basis; (vi) votes with respect to equity-based compensation plans are generally determined on a case-by-case basis; and (vii) generally vote for proposals requesting reports on the level of greenhouse gas emissions from a company’s operations and products.

Because the registrant has delegated proxy voting to the Adviser, the registrant is not expected to encounter any conflict of interest issues regarding proxy voting and therefore does not have procedures regarding this matter. However, the Adviser does have a section in its Procedures that addresses the possibility of conflicts of interest. Most proxies which the Adviser receives on behalf of the registrant are voted by ISS in accordance with the Procedures. Because almost all registrant proxies are voted by ISS pursuant to the pre-determined Procedures, it normally will not be necessary for the Adviser to make an actual determination of how to vote a particular proxy, thereby largely eliminating conflicts of interest for the Adviser during the proxy voting process. In the very limited instances where the Adviser is considering voting a proxy contrary to ISS’s recommendation, the Committee will first assess the issue to see if there is any possible conflict of interest involving the Adviser or affiliated persons of the Adviser. If a member of the Committee has actual knowledge of a conflict of interest, the Committee will normally use another independent third party to do additional research on the particular proxy issue in order to make a recommendation to the Committee on how to vote the proxy in the best interests of the registrant. The Committee will then review the proxy voting materials and recommendation provided by ISS and the independent third party to determine how to vote the issue in a manner which the Committee believes is consistent with the Procedures and in the best interests of the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Applicable to Form N-CSRs filed after fiscal years ending on or after December 31, 2005.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by the report to stockholders included herein (i.e., the registrant’s second fiscal quarter) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)	(1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

Name of Registrant: Delaware Investments^® Arizona Municipal Income Fund, Inc.

PATRICK P. COYNE

By: Patrick P. Coyne

Title: Chief Executive Officer

Date:
November 26, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer
Date:	November 26, 2008

RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	November 26, 2008

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M<:/J%G=>/=!O!%YM]H?CNX\2Z5=SS74LUHS75QYOWI10%WM?3L96A:#H?A?1 M]-\.^&M&TKP[X?T:S@T[1]"T+3K/2='TG3[9!';6.FZ980V]E8V=O&!'!;6L M$4$2`+&BJ`*U:**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* ..***`"BBB@`HHHH`__]D_ ` end EX-99.CERT 4 exhibit99-cert.htm CERTIFICATION

EXHIBIT 99.CERT

CERTIFICATION

I, Patrick P. Coyne, certify that:

1.	I have reviewed this report on Form N-CSR of Delaware Investments^®Arizona Municipal Income Fund, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

	(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

	(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 26, 2008

PATRICK P. COYNE

By: Patrick P. Coyne

Title: Chief Executive Officer

CERTIFICATION

I, Richard Salus, certify that:

1.	I have reviewed this report on Form N-CSR of Delaware Investments^®Arizona Municipal Income Fund, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	(a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

	(c)	evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

	(d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	(a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

	(b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 26, 2008

RICHARD SALUS

By:		Richard Salus
Title:		Chief Financial Officer

EX-99.906CERT 5 exhibit99_906cert.htm CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

EXHIBIT 99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the attached report of the registrant on Form N-CSR to be filed with the Securities and Exchange Commission (the “Report”), each of the undersigned officers of the registrant does hereby certify, to the best of such officer’s knowledge, that:

1.	The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Report fairly represents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.

Date: November 26, 2008

PATRICK P. COYNE

By:		Patrick P. Coyne
Title:		Chief Executive Officer

RICHARD SALUS

By:		Richard Salus
Title:		Chief Financial Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.

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