Delaware Investments Municipal Income Funds Announce Dividends

PHILADELPHIA, Jan. 31  /PRNewswire-FirstCall/ -- Today, the following six Delaware Investments municipal income funds, all closed-end management investment companies, declare their monthly income dividends(1):  Delaware Investments Arizona Municipal Income Fund, Inc., Delaware Investments Colorado Insured Municipal Income 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 investment objective of each Fund is to provide current income exempt from federal income tax and from the personal income tax of its state, if any, consistent with the preservation of capital.  In addition, each Fund utilizes leveraging techniques in an attempt to obtain a higher return for the Fund.

  The following dates apply to the today's dividend announcement:

  Declaration Date:    1/31/2006
  Ex-Date:             2/8/2006
  Record Date:         2/10/2006
  Payable Date:        2/24/2006

  The dividend distributions and are as follows:

  FUND                                            Dividend per Share

  Delaware Investments Arizona Municipal              $0.070000
  Income Fund, Inc. (ASE:VAZ)(2)

  Delaware Investments Colorado Insured               $0.080000
  Municipal Income Fund, Inc. (ASE:VCF)(3)

  Delaware Investments Florida Insured                $0.080000
  Municipal Income Fund (ASE:VFL)(4)

  Delaware Investments Minnesota Municipal            $0.065000
  Income Fund, Inc. (ASE:VMN)(5)

  Delaware Investments Minnesota Municipal            $0.072500
  Income Fund II, Inc. (ASE:VMM)(5)

  Delaware Investments Minnesota Municipal            $0.065000
  Income Fund III, Inc. (ASE:VYM)(5)

  (1) The dividends are exempt from Federal income tax.
  (2) The dividend is exempt from Arizona state personal income tax.
  (3) The dividend is exempt from Colorado state personal income tax.
  (4) The dividend is exempt from the Florida intangible personal property
      tax.
  (5) The dividend is exempt from Minnesota state personal income tax.

  About Delaware Investments:


Delaware Investments, an affiliate of Lincoln Financial Group, is a Philadelphia-based diversified asset management firm with more than $110 billion in assets under management as of September 30, 2005. Through a broad range of managed accounts and portfolios, mutual funds, retirement plan services, subadvised funds, college savings plans and other investment products, Delaware Investments provides investment services to individual investors and to institutional investors such as private and public pension funds, foundations, and endowment funds. Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries. For more information on Delaware Investments, visit the company at http://www.delawareinvestments.com/. Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. For more information on Lincoln Financial Group, visit http://www.lfg.com/. 

First Call Analyst: 

FCMN Contact: 

DATASOURCE: Delaware Investments



CONTACT:  Ayele Ajavon, [phone], or  and

Laurel O'Brien, [phone], or , both of Corporate

Communications, Delaware Investments



Web site:  http://www.delawareinvestments.com/

http://www.lfg.com/ 

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