Delaware Investments Municipal Income Funds Announce Dividends

Delaware Investments Municipal Income Funds Announce Dividends 


PHILADELPHIA, March 1  /PRNewswire-FirstCall/ -- Six Delaware Investments
Municipal Income Funds, all closed-end management investment companies, today
declare income dividends.  DelawareInvestments 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:

  FUND            Declaration               Record Payable    Dividend
                      Date      Ex-Date      Date       Date      per Share
  Delaware
   Investments
   Minnesota
   Municipal
   Income Fund,
   Inc.
   (AMEX:VMN)
   (2)             3/1/2004    3/10/2004  3/12/2004   3/26/2004$0.082500
  Delaware
   Investments
   Minnesota
   Municipal
   Income Fund II,
   Inc. (AMEX:VMM)
   (2)             3/1/2004    3/10/2004  3/12/2004   3/26/2004  $0.087500
  Delaware
   Investments
   Minnesota
   Municipal
   Income Fund III,
   Inc. (AMEX:VYM)
   (2)             3/1/2004    3/10/2004  3/12/2004   3/26/2004  $0.080000
  Delaware
   Investments
   Arizona
   Municipal
   Income Fund,
   Inc. (AMEX:VAZ)
   (3)             3/1/2004    3/10/2004  3/12/2004   3/26/2004  $0.080000
  Delaware
   Investments
   Florida
   Insured
   Municipal
   Income Fund
   (AMEX:VFL)
   (4)             3/1/2004    3/10/2004  3/12/2004   3/26/2004  $0.085000
  Delaware
   Investments
   Colorado
   Insured
   Municipal
   Income Fund,
   Inc. (AMEX:VCF)
   (5)             3/1/2004    3/10/2004  3/12/2004   3/26/2004  $0.080000


 (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.



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,

[phone]; or Investor Relations: Priscilla Brown, Lincoln Financial

Group, [phone]



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

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