NOTES TO FINANCIAL STATEMENTS
Voyageur Minnesota Municipal Income Fund, Inc. ("Minnesota Municipal"); Voyageur Minnesota Municipal
Income Fund II, Inc. ("Minnesota Municipal II"); Voyageur Minnesota Municipal Income Fund III, Inc.
("Minnesota Municipal III"); Voyageur Arizona Municipal Income Fund, Inc. ("Arizona Municipal"); Voyageur
Florida Insured Municipal Income Fund ("Florida Insured Municipal"); and Voyageur Colorado Insured
Municipal Income Fund, Inc. ("Colorado Insured Municipal") (collectively the "Funds") are registered under the
Investment Company Act of 1940 (as amended) ("1940 Act") as closed-end diversified management investment
companies (except Minnesota Municipal, Minnesota Municipal III and Colorado Insured Municipal, which are
non-diversified management investment companies). Minnesota Municipal III and Colorado Insured Municipal
had no operations until October 19, 1993 and July 16, 1993 when they sold 7,200 and 7,100 common shares
for $100,980 and $100,110, respectively, to Voyageur Fund Managers, Inc. (the "Adviser"). Shares of the
Funds are listed on the American Stock Exchange.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies followed by the Funds are as follows:
Investments in Securities
The values of fixed-income securities are determined using pricing services or prices quoted by independent
brokers. When market quotations are not readily available, securities are valued at fair value according to
methods selected in good faith by the Board of Directors or Trustees. Short-term securities with maturities less
than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued at amortized cost
which approximates market value.
Securities transactions are accounted for on the date the securities are purchased or sold. Realized gains and
losses are calculated on the identified cost basis. Interest income, including level-yield amortization of premium
and original issue discount, is accr