Delaware Investments Appoints Joseph R. Baxter as Co-Manager of Delaware Investments Municipal Income Funds PHILADELPHIA, April 26 /PRNewswire-FirstCall/ -- Delaware Investments announced today that Joseph R. Baxter 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. Baxter joins Patrick P. Coyne and Denise Franchetti in making day-to- day investment decisions for VMN, VMM, VYM and VFL, and joins Andrew M. McCullagh in making day-to-day investment decisions for VAZ and VCF. Mr. Baxter replaces M.L. Conery. Mr. Baxter is Vice President/Portfolio Manager. He is a graduate of La Salle University, where he earned his undergraduate degree in Finance and Marketing. Prior to joining Delaware Investments in 1999, he held investment positions with First Union, most recently as a municipal portfolio manager for the Evergreen Funds. Mr. Baxter assumed the role of head municipal bond trader for the fixed income department before becoming Portfolio Manager in January 2003. 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 December 31, 2003, Delaware Investments had more than $101 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; or Investor Relations: Priscilla Brown, Lincoln Financial Group, +1-215-448-1422 Web site: http://www.delawareinvestments.com/

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