PHILADELPHIA, Aug. 1 /PRNewswire-FirstCall/ -- Delaware Investments Arizona Municipal Income Fund, Inc. (AMEX:VAZ), Delaware Investments Colorado Insured Municipal Income Fund, Inc. (AMEX:VCF), Delaware Investments Florida Insured Municipal Income Fund (AMEX:VFL) and Delaware Investments Minnesota Municipal Income Fund II, Inc. (AMEX:VMM), all closed-end investment management companies (each, a "Fund"), today announced that the Funds' Board of Directors/Trustees (the "Board") has elected Patrick P. Coyne as president and chief executive officer of each Fund, effective August 1, 2006. Mr. Coyne has been with Delaware Investments, the parent company of the Funds' investment manager, for more than 17 years and is currently the firm's president. Mr. Coyne is also president and chief executive officer of all funds in the Delaware Investments(R) Family of Funds. The team responsible for managing each Fund's assets remains in its role at Delaware Investments.
The Funds also announced additional information related to their upcoming Annual Meeting of Shareholders (the "Meeting"). A Combined Proxy Statement dated July 10, 2006 (the "Proxy Statement") related to the Meeting was mailed to each Fund's shareholders on or about July 12, 2006. The sole proposal to be presented to shareholders at the Meeting is the election of the Board. Subsequent to the mailing of the proxy materials, Jude T. Driscoll, a Director/Trustee and one of the nominees for election to the Board, resigned from the Board, effective August 1, 2006. As a result, Mr. Driscoll has withdrawn from the election described in the Proxy Statement, and any votes received with respect to Mr. Driscoll will therefore not be counted.
At a regularly scheduled meeting on August 16, 2006, the Board's Nominating Committee is expected to recommend substituting Patrick P. Coyne for Mr. Driscoll as a nominee for election to the Board and, if Mr. Coyne is recommended by the Nominating Committee, the Board is expected to recommend Mr. Coyne as a substitute nominee for election to the Board. As previously disclosed in the Proxy Statement, in the case of the withdrawal of a nominee for election, the power given by shareholders in the Proxy Card may be used by the persons named as proxies to vote for a substitute nominee or nominees as recommended by the existing Board. Accordingly, if Mr. Coyne is recommended by the Board as a substitute nominee, the named proxies are expected to exercise their discretion to vote for Mr. Coyne at the Meeting.
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.
About Delaware Investments: Delaware Investments, an affiliate of Lincoln Financial Group, is a Philadelphia-based diversified asset management firm with more than $120 billion in assets under management as of March 31, 2006. Through a broad range of managed accounts and portfolios, mutual funds, retirement accounts, sub-advised funds, education 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/. DATASOURCE: Delaware Investments CONTACT: Ayele Ajavon, +1-215-255-1632, ; or Laurel O'Brien, +1-215-255-1520, , both of Corporate Communications, Delaware Investments Web site: http://www.delawareinvestments.com/ http://www.lfg.com/
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