PHILADELPHIA, July 18 /PRNewswire-FirstCall/ -- Delaware Investments Arizona Municipal Income Fund, Inc. , Delaware Investments Colorado Insured Municipal Income Fund, Inc. , Delaware Investments Florida Insured Municipal Income Fund and Delaware Investments Minnesota Municipal Income Fund II, Inc. , all closed-end investment management companies (each, a "Fund"), today announced that Jude T. Driscoll has resigned as chairman of the board, director/trustee, chief executive officer and president of each Fund, effective on or about August 1, 2006. The Funds' Board of Directors/Trustees has not yet elected a successor. Mr. Driscoll has also resigned as president of Delaware Investments, each Fund's investment manager. Effective immediately, Patrick P. Coyne will replace Mr. Driscoll as president of Delaware Investments. Mr. Coyne has been with Delaware Investments for more than 17 years, and most recently served as executive vice president, managing director and head of equity investments. Mr. Driscoll will remain with Delaware Investments for a short period of time to help to ensure a smooth transition. The team responsible for managing each Fund's assets remains in its role at Delaware Investments.
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 and its affiliates. For more information on Lincoln Financial Group, visit http://www.lfg.com/.
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