Delaware Investments Fixed Income Team Promotes Municipal Group Members

  Delaware Investments Fixed Income Team Promotes Municipal Group Members

Business Wire

PHILADELPHIA -- January 14, 2013

Delaware Investments recently announced promotions for two municipal fixed
income investment professionals, Greg Gizzi and Jake van Roden:

  *Greg Gizzi is named co-portfolio manager on the firm’s 12 open-end
    municipal bond funds and municipal institutional accounts, as of Dec. 28,
    2012. Gizzi has been with Delaware Investments since 2008 as head of
    municipal bond trading, and is currently co-portfolio manager of
    institutional convertibles strategy and municipal closed-end funds. As of
    Dec. 28, 2012, he relinquishes his duties as head of municipal bond
  *Jake van Roden is named head of municipal bond trading. He has been in the
    municipal fixed income group as a trader and prior to that as a
    generalist, since joining Delaware Investments in 2004.

“Greg and Jake have continuously added value to our municipal group, and this
is a natural progression that recognizes their contributions.” said Joseph
Baxter, head of the municipal bond group and senior portfolio manager at
Delaware Investments. “On the Delaware Investments fixed income team, our flat
organizational structure enables us to retain top talent across a
‘three-legged stool’ – portfolio management, research, and trading. We highly
value each member of the team, and each is an equal partner within our
investment process.”

Delaware Investments open-end municipal bond funds:

Fund                                               Class A
Delaware National High-Yield Municipal Bond Fund   CXHYX
Delaware Tax-Free USA Fund                         DMTFX
Delaware Tax-Free USA Intermediate Fund            DMUSX
Delaware Minnesota High-Yield Municipal Bond Fund  DVMHX
Delaware Tax-Free Arizona Fund                     VAZIX
Delaware Tax-Free California Fund                  DVTAX
Delaware Tax-Free Colorado Fund                    VCTFX
Delaware Tax-Free Idaho Fund                       VIDAX
Delaware Tax-Free Minnesota Fund                   DEFFX
Delaware Tax-Free Minnesota Intermediate Fund      DXCCX
Delaware Tax-Free New York Fund                    FTNYX
Delaware Tax-Free Pennsylvania Fund                DELIX

Photographs available upon request.


Investing involves risk, including the possible loss of principal.

Carefully consider the Fund’s investment objectives, risk factors, charges,
and expenses before investing. This and other information can be found in the
Fund’s prospectus and, if available, its summary prospectus, which may be
obtained by visiting or calling 800 523-1918.
Investors should read the prospectus and, if available, the summary prospectus
carefully before investing.

Fixed income securities and bond funds can lose value, and investors can lose
principal, as interest rates rise. They also may be affected by economic
conditions that hinder an issuer’s ability to make interest and principal
payments on its debt. • The Funds may also be subject to prepayment risk, the
risk that the principal of a fixed income security that is held by the Funds
may be prepaid prior to maturity, potentially forcing the Funds to reinvest
that money at a lower interest rate. • High yielding, noninvestment grade
bonds (junk bonds) involve higher risk than investment grade bonds. The high
yield secondary market is particularly susceptible to liquidity problems when
institutional investors, such as mutual funds and certain other financial
institutions, temporarily stop buying bonds for regulatory, financial, or
other reasons. In addition, a less liquid secondary market makes it more
difficult for the Funds to obtain precise valuations of the high yield
securities in its portfolio. The Funds may invest in derivatives, which may
involve additional expenses and are subject to risk, including the risk that a
security or securities index to which the derivative is associated moves in
the opposite direction from what the portfolio manager anticipated. A
derivative transaction depends upon the counterparties’ ability to fulfill
their contractual obligations.

About Delaware Investments

Delaware Investments, a member of Macquarie Group, is a global asset
management firm that offers a wide variety of equity and fixed income
solutions for individual and institutional investors. Through teams of
disciplined and talented investment professionals, the firm is committed to
delivering long-term, consistent performance. In an ever-changing global
marketplace, Delaware Investments, with more than US $175 billion in assets
under management as of Sept. 30, 2012, has helped its clients move steadily
forward for more than 80 years. Delaware Investments is supported by the
resources of Macquarie Group (ASX: MQG; ADR: MQBKY), a global provider of
asset management, investment, banking, financial and advisory services with
approximately US $353 billion in assets under management as of September 30,

Delaware Investments refers to Delaware Management Holdings, Inc. and its
subsidiaries, including the Delaware Investments Family of Funds' distributor,
Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited
and its subsidiaries and affiliates worldwide.

Delaware Investments is not an authorized deposit-taking institution for the
purposes of the Banking Act 1959 (Commonwealth of Australia) and the firm’s
obligations do not represent deposits or other liabilities of Macquarie Bank
Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide
assurancein respect of the obligations of Delaware Investments.



Shareholder contact
Delaware Distributors, L.P.
Media contact
Marlene Petter or Amy Ponticello
Delaware Investments
215 255-1427 / 215 255-1313
Media contact
Paula Chirhart
Macquarie Group
212 231-1310
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