Stephen J. Czepiel has been named as a co-manager for Delaware Investments Arizona Municipal Income Fund. He joins Joseph R. Baxter, Robert F. Collins and Denise A. Franchetti in making day-to-day investment decisions for the fund. Czepiel currently hold the titles of senior vice president, senior municipal bond trader, head of municipal bond trading.

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Delaware Investments announced today that Stephen J. Czepiel has been appointed as a co-manager for Delaware Investments Arizona Municipal Income Fund, Inc., Delaware Investments Colorado Insured Municipal Fund, Inc., Delaware Investments Florida Insured Municipal Income Fund and Delaware Investments Minnesota Municipal Income Fund, Inc. (collectively, the "Funds"), which are closed-end funds trading under the symbols of (AMEX:VAZ)(AMEX:VCF)(AMEX:VFL)(AMEX:VMM) respectively, on the American Stock Exchange.

Mr. Czepiel joins Joseph R. Baxter, Robert F. Collins and Denise A. Franchetti in making day-to-day investment decisions for the Funds.

Stephen J. Czepiel, Senior Vice President/Senior Municipal Bond Trader/Head of Municipal Bond Trading, is a member of the firm's municipal trading team. He currently heads up the municipal bond trading staff, after joining Delaware Investments in July 2004 as a senior bond trader in the municipal bond department. Previously, he was vice president at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a municipal bond trader at Kidder Peabody and now has more than 20 years of experience in municipal securities trading. Mr. Czepiel earned a bachelor's degree in finance and economics from Duquesne University.

About Delaware Investments:

Delaware Investments, an affiliate of Lincoln Financial Group, is a Philadelphia-based diversified asset management firm with more than $160 billion in assets under management as of March 31, 2007. 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/.  

Edited by: Erin Kello


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