Delaware Investments Municipal Income Funds Announce Dividends

Delaware Investments Municipal Income Funds Announce Dividends



PHILADELPHIA, June 1  /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:

      FUND       Declaration           Record   Payable    Dividend    SEC
                     Date    Ex-Date    Date      Date     per Share  Yield
                                                                       (6)
  Delaware Investments
   Minnesota Municipal
   Income Fund, Inc.
   (AMEX:VMN)(2)  6/1/2004  6/9/2004 6/11/2004  6/25/2004  $0.082500  6.19%

  Delaware Investments
   Minnesota Municipal
   Income Fund II, Inc.
   (AMEX:VMM)(2)  6/1/2004  6/9/2004 6/11/2004  6/25/2004  $0.087500  6.46%

  Delaware Investments
   Minnesota Municipal
   Income Fund III, Inc.
   (AMEX:VYM)(2)  6/1/2004  6/9/2004 6/11/2004  6/25/2004  $0.080000  6.13%

  Delaware Investments
   Arizona Municipal
   Income Fund, Inc.
   (AMEX:VAZ)(3)  6/1/2004  6/9/2004 6/11/2004  6/25/2004  $0.080000  6.49%

  Delaware Investments
   Florida Insured
   Municipal Income Fund
   (AMEX:VFL)(4)  6/1/2004  6/9/2004 6/11/2004  6/25/2004  $0.085000  4.70%

  Delaware Investments
   Colorado Insured
   Municipal Income
   Fund, Inc.
   (AMEX:VCF)(5)  6/1/2004  6/9/2004 6/11/2004  6/25/2004  $0.080000  5.59%


  (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 May 2004 and is
       based on the market value of each Fund's shares on 5/28/04.




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 of Delaware

Investments, [phone], or Priscilla Brown, Investor Relations of

Lincoln Financial Group, [phone]



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

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