Delaware Investments Appoints Robert Collins as Co-Manager of Delaware Investments Municipal Income Funds PHILADELPHIA, June 28 /PRNewswire-FirstCall/ -- Delaware Investments announced today that Robert Collins has been appointed as a co-manager for Delaware Investments Arizona Municipal Income Fund, Inc., Delaware Investments Colorado Insured Municipal Fund, Inc., Delaware Investments Florida Insured Municipal Income Fund, Delaware Investments Minnesota Municipal Income Fund, Inc., Delaware Investments Minnesota Municipal Income Fund II, Inc. and Delaware Investments Minnesota Municipal Income Fund III, Inc. (the "Funds"), which are closed-end funds trading under the symbols of "VAZ," "VCF," "VFL," "VMN," "VMM," and "VYM," respectively, on the American Stock Exchange. Mr. Collins joins Patrick P. Coyne, Joseph R. Baxter and Denise Franchetti in making day-to-day investment decisions for VMN, VMM, VYM and VFL, and joins Andrew M. McCullagh and Mr. Baxter in making day-to-day investment decisions for VAZ and VCF. Mr. Collins has recently been appointed to the position of Vice President and Senior Portfolio Manager of municipal bond development. He received a bachelor of arts degree in economics from Ursinus College in Collegeville, PA. He is Chartered Financial Analyst and an active member of the Financial Analysts of Philadelphia. Prior to joining Delaware Investments, Mr. Collins was a Senior Vice President and Director of Portfolio Management in the Municipal Investment Group within PNC Advisors. Each Fund's primary investment objective is to seek to provide current income exempt from both regular federal income tax and from the personal income tax of its state. In addition, Delaware Investments Florida Insured Municipal Income Fund seeks to maintain its portfolio so that the Fund's shares will be exempt from Florida's intangible personal property tax. Preservation of capital is a secondary objective of the Funds. There is no assurance that the Funds will achieve their investment objective. Delaware Investments is a diversified asset management organization. As of March 31, 2004, Delaware Investments had more than $106.2 billion in assets under management. Delaware Investments provides investment products and services to individual investors through a broad line of mutual funds, retirement plan services, college savings plans and other investment products; and to institutional investors, primarily private and public pension funds, foundations, endowment funds, banks and insurance companies. Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries. DATASOURCE: Delaware Investments CONTACT: Thomas Gariepy, Corporate Communications, Delaware Investments, +1-215-255-1495 Web site: http://www.delawareinvestments.com/

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