Definitive Additional Materials as filed September 13, 2007
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Delaware Investments Colorado Insured Municipal Income Fund, Inc.
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DELAWARE INVESTMENTS(R)
A member of Lincoln Financial Group
2005 Market Street
Philadelphia, PA 19103-7094
FOR IMMEDIATE RELEASE
Contact: Ayele Ajavon Laurel O'Brien
Corporate Communications Corporate Communications
Delaware Investments Delaware Investments
215-255-1632 215-255-1520
aajavon@delinvest.com lobrien@delinvest.com
Delaware Investments Colorado Insured Municipal Income Fund, Inc. Adjourns
Annual Shareholder Meeting with Respect to a Proposal to Change Certain
Fundamental Investment Policies
PHILADELPHIA, September 13, 2007 - Delaware Investments Colorado Insured
Municipal Income Fund, Inc. (ASE: VCF) (the "Fund") today announced the
adjournment of its Annual Meeting of Shareholders (the "Annual Meeting") until
September 27, 2007 at 3:00 p.m., local time, at which time it will be reconvened
at the offices of Delaware Investments, One Commerce Square, 2005 Market Street,
30th Floor Board Room, Philadelphia, PA. The Annual Meeting was adjourned to
give the Fund additional time to solicit proxies for a proposal to change
certain of its fundamental investment policies.
Shareholders of the Fund are being asked to vote on a proposal to eliminate a
fundamental investment policy requiring the Fund to invest primarily in insured
Colorado municipal securities rated AAA, and permitting the Fund, as a
non-fundamental investment policy, to invest without limitation in uninsured,
investment grade Colorado municipal securities (including those rated below
AAA). If these changes to the fundamental investment policy are approved, the
Fund may invest up to 20% of its net assets in non-investment grade Colorado
municipal securities as a non-fundamental investment policy. If the proposed
changes are approved by shareholders, the Fund will be renamed the Delaware
Investments Colorado Municipal Income Fund, Inc., consistent with its new,
uninsured investment strategy.
If these changes are approved by the Fund's shareholders, the investment
objective of the Fund, which is non-fundamental, will continue to be to provide
current income exempt from regular federal income tax and Colorado state income
tax, consistent with the preservation of capital. Under normal circumstances,
the Fund will invest at least 80% of its net assets in investment grade quality
Colorado municipal bonds. The Fund will be able to invest up to 20% of its net
assets in municipal obligations issued by or on behalf of territories of the
United States - such as Guam, the U.S. Virgin Islands or Puerto Rico - that are
exempt from Colorado and federal income tax, subject to the Fund's fundamental
investment policy to invest 80% of its net assets in Colorado municipal
obligations. Additionally, the Fund will be able to invest up to 20% of its net
assets in municipal bonds with an investment rating of Ba/BB or lower, or that
are unrated but judged to be of comparable quality by the Fund's investment
adviser. Investment in municipal bonds of below investment grade quality
involves special risks as compared with investment in higher grade municipal
bonds. These risks include greater sensitivity to economic downturns in Colorado
or in the United States generally. Securities rated below investment grade are
commonly known as "junk bonds." These securities are regarded as predominantly
speculative with respect to the issuer's ability to pay interest and repay
principal owed.
The management of the Fund believe that permitting the Fund to invest without
limitation in investment grade Colorado municipal securities (those rated BBB or
above) and up to 20% of its net assets in non-investment grade municipal
securities will allow the portfolio managers and research analysts to take
greater advantage of investment opportunities that may generate higher current
yield for the Fund's shareholders. Management believes that broadening the
Fund's authority to invest in this area will improve the portfolio managers'
flexibility in meeting the Fund's investment objective.
About Delaware Investments:
Delaware Investments, an affiliate of Lincoln Financial Group, is a
Philadelphia-based diversified asset management firm with more than $164 billion
in assets under management as of June 30, 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 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 www.lfg.com.
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