Delaware Investments Municipal Income Funds Announce Dividends PHILADELPHIA, May 3 /PRNewswire-FirstCall/ -- Six Delaware Investments Municipal Income Funds, all closed-end management investment companies, today declare income dividends. Delaware Investments Minnesota Municipal Income Fund, Inc., Delaware Investments Minnesota Municipal Income Fund II, Inc., Delaware Investments Minnesota Municipal Income Fund III, Inc., Delaware Investments Arizona Municipal Income Fund, Inc., Delaware Investments Florida Insured Municipal Income Fund and Delaware Investments Colorado Insured Municipal Income Fund, Inc. declare their regular monthly dividends.(1) The dividend distributions are as follows: Declaration Record Payable Dividend SEC FUND Date Ex-Date Date Date per Share Yield(6) Delaware Investments Minnesota Municipal Income Fund, Inc. (ASE:VMN) (2) 5/3/2004 5/12/2004 5/14/2004 5/28/2004 $0.082500 5.57% Delaware Investments Minnesota Municipal Income Fund II, Inc. (ASE:VMM) (2) 5/3/2004 5/12/2004 5/14/2004 5/28/2004 $0.087500 6.04% Delaware Investments Minnesota Municipal Income Fund III, Inc. (ASE:VYM) (2) 5/3/2004 5/12/2004 5/14/2004 5/28/2004 $0.080000 5.34% Delaware Investments Arizona Municipal Income Fund, Inc. (ASE:VAZ) (3) 5/3/2004 5/12/2004 5/14/2004 5/28/2004 $0.080000 5.25% Delaware Investments Florida Insured Municipal Income Fund (ASE:VFL) (4) 5/3/2004 5/12/2004 5/14/2004 5/28/2004 $0.085000 4.13% Delaware Investments Colorado Insured Municipal Income Fund, Inc. (ASE:VCF) (5) 5/3/2004 5/12/2004 5/14/2004 5/28/2004 $0.080000 4.90% (1) The dividends are exempt from Federal income tax. (2) The dividend is exempt from Minnesota state personal income tax. (3) The dividend is exempt from Arizona state personal income tax. (4) The dividend is exempt from the Florida intangible personal property tax. (5) The dividend is exempt from Colorado state personal income tax. (6) Each Fund's SEC 30-day yield is for the month of April 2004 and is based on the market value of each Fund's shares on 4/30/04. 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 Priscilla Brown, Investor Relations, Lincoln Financial Group, +1-215-448-1422 Web site: http://www.delawareinvestments.com/

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