VYM Vanguard High Dividend Yield

New Directors Appointed to Board of Delaware Investments Municipal Income Funds PHILADELPHIA, March 28 /PRNewswire-FirstCall/ -- Delaware Investments Arizona Municipal Income Fund, Inc., Delaware Investments Colorado Insured Municipal Income Fund, Inc., Delaware Investments Florida Insured Municipal Income Fund, Delaware Investments Minnesota Municipal Income Fund, Inc., Delaware Investments Minnesota Municipal Income Fund II, Inc. and Delaware Investments Minnesota Municipal Income Fund III, Inc. (each a "Fund", and together, the "Funds") announced today that Thomas L. Bennett, Lucinda S. Landreth and J. Richard Zecher have been appointed to the Board of Directors/Trustees for the Funds. In addition, the Funds announced today that Walter P. Babich and John H. Durham have resigned as members of the Boards. Messrs. Bennett and Zecher and Ms. Landreth join Jude T. Driscoll, John A. Fry, Anthony D. Knerr, Ann R. Leven, Thomas F. Madison and Janet L. Yeomans on the Funds' reconstituted Board of Directors/Trustees. Delaware Investments Arizona Municipal Income Fund, Inc. (AMEX:VAZ), Delaware Investments Colorado Insured Municipal Income Fund, Inc. (AMEX:VCF), Delaware Investments Florida Insured Municipal Income Fund (AMEX:VFL), Delaware Investments Minnesota Municipal Income Fund, Inc. (AMEX:VMN), Delaware Investments Minnesota Municipal Income Fund II, Inc. (AMEX:VMM) and Delaware Investments Minnesota Municipal Income Fund III, Inc. (AMEX:VYM) are closed-end funds trading on the American Stock Exchange under the symbols of "VAZ", "VCF", "VFL", "VMN", "VMM" and "VYM", respectively. 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, the Funds utilize leveraging techniques in an attempt to obtain a higher return for the Funds. There is no assurance that the Funds will achieve their investment objective. Delaware Investments is a diversified asset management organization. Providing investment products and services to financial intermediaries and their clients and to institutional investors such as private and public pension funds, foundations, endowment funds, banks and insurance companies, Delaware Investments has in excess of $95 billion in assets under management as of December 31, 2004. Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries. DATASOURCE: Delaware Investments CONTACT: Christina Ward, Corporate Communications, Delaware Investments, +1-215-255-1388, ; or Priscilla Brown, Investor Relations, Lincoln Financial Group, +1-215-448-1422 Web site: http://www.delawareinvestments.com/

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