Definitive Additional Materials as filed September 27, 2007
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Delaware Investments Colorado Insured Municipal Income Fund, Inc.
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(Name of Registrant as Specified In Its Charter)
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Denise Franchetti
Delaware Management Company
One Commerce Square
Philadelphia, PA 19103
[PHONE NUMBER]
[DATE]
[SHAREHOLDER ADDRESS]
Re: Delaware Investments Colorado Insured Municipal Income Fund, Inc.
Dear [SHAREHOLDER]:
As you know, several officers of the Fund have been trying to reach you. We need
all preferred shareholders (including those who have disposed of their shares
since the record date) to vote their shares in order to permit the Fund to make
certain changes in its investment policies.
I am sure you understand the need to adapt to changing market conditions. It is
in pursuit of the best possible return for all shareholders that I and my fellow
portfolio managers on your Fund recommended that you approve changes to your
Fund's investment strategy as described in the proxy statement dated July 2,
2007. As discussed in more detail below, these proposed changes will not change
the rating on your preferred shares of the Fund.
The Fund's common shares have voted overwhelmingly for these changes. However,
as it now stands, these progressive proposals will be defeated because of the
lack of votes by the preferred shares. If that happens, the Fund's common
shareholders will be unable to benefit from these proposals. That is why I am
asking you to vote in favor of this proposal.
I think it is important to stress that these proposed changes will allow us to
continue to offer competitive yields on the preferred shares, while at the same
time maintaining the shares' AAA credit rating. Standard & Poor's and Moody's
Investors Service, Inc. have both reviewed pro forma portfolios reflecting the
proposed changes and have confirmed that the proposed changes would not impact
the rating on the preferred shares.
We strongly urge you to vote in favor of the proposal. If you have any further
questions on the effects of these proposed changes, please do not hesitate to
call me at the above number.
I thank you for your consideration and support and would welcome the opportunity
to speak with you.
Very truly yours,
s/ Denise Franchetti
Denise Franchetti
Vice President, Portfolio Manager & Senior Credit Analyst