PHILADELPHIA, Nov. 23 /PRNewswire-FirstCall/ -- Delaware Investments Arizona Municipal Income Fund, Inc. (AMEX:VAZ) and Delaware Investments Colorado Insured Municipal Income Fund, Inc. (AMEX:VCF) (the "Funds") announced today that one of their co-managers, Andrew M. McCullagh, Jr., will no longer manage the Funds effective immediately; they will continue to be co- managed by the portfolio management team of Joe Baxter, head of municipal fixed-income at Delaware Investments, Rob Collins and Denise Franchetti. They will continue to act as co-managers and are responsible for making day-to-day investment decisions for the Funds. Mr. McCullagh will remain on staff at Delaware Investments through December in order to ensure a smooth transition.
Delaware Investments Arizona Municipal Income Fund, Inc. and Delaware Investments Colorado Insured Municipal Income Fund, Inc. are closed-end funds trading on the American Stock Exchange under the symbols of "VAZ" and "VCF," respectively. 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, the Funds utilize leveraging techniques in an attempt to obtain a higher return for the Funds. There is no assurance that the Funds will achieve their investment objective.
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, sub-advised 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/. DATASOURCE: Delaware Investments CONTACT: Laurel O'Brien, Corporate Communications, Delaware Investments, +1-215-255-1520, , or Priscilla Brown, Investor Relations, Lincoln Financial Group, +1-215-448-1422 Web site: http://www.delawareinvestments.com/ http://www.lfg.com/
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