VYM Vanguard High Dividend Yield

Delaware Investments Municipal Income Funds Announce Dividends PHILADELPHIA, May 2 /PRNewswire-FirstCall/ -- Six Delaware Investments Municipal Income Funds, all closed-end management investment companies, today declare income dividends. 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. declare their regular monthly dividends.(1) 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. The dividend distributions are as follows: FUND Declaration Record Payable Dividend SEC Date Ex-Date Date Date per Share Yield(6) Delaware Investments Arizona Municipal Income Fund, Inc. (AMEX:VAZ) (2) 05/2/2005 05/11/2005 05/13/2005 05/27/2005 $0.080000 5.10% Delaware Investments Colorado Insured Municipal Income Fund, Inc. (AMEX:VCF) (3) 05/2/2005 05/11/2005 05/13/2005 05/27/2005 $0.080000 4.66% Delaware Investments Florida Insured Municipal Income Fund (AMEX:VFL) (4) 05/2/2005 05/11/2005 05/13/2005 05/27/2005 $0.085000 4.73% Delaware Investments Minnesota Municipal Income Fund, Inc. (AMEX:VMN) (5) 05/2/2005 05/11/2005 05/13/2005 05/27/2005 $0.07000 5.70% Delaware Investments Minnesota Municipal Income Fund II, Inc. (AMEX:VMM) (5) 05/2/2005 05/11/2005 05/13/2005 05/27/2005 $0.087500 5.33% Delaware Investments Minnesota Municipal Income Fund III, Inc. (AMEX:VYM) (5) 05/2/2005 05/11/2005 05/13/2005 05/27/2005 $0.080000 4.90% (1) The dividends are exempt from Federal income tax. (2) The dividend is exempt from Arizona state personal income tax. (3) The dividend is exempt from Colorado state personal income tax. (4) The dividend is exempt from the Florida intangible personal property tax. (5) The dividend is exempt from Minnesota state personal income tax. (6) Each Fund's SEC 30-day yield is for the month of April 2005 and is based on the market value of each Fund's shares on 04/30/05. 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 more than $95 billion in assets under management as of March 31, 2005. DATASOURCE: Delaware Investments CONTACT: Christina Ward, Corporate Communications, Delaware Investments, +1-215-255-1388 or , or Priscilla Brown, Investor Relations, Lincoln Financial Group, +1-215-448-1422 Web site: http://www.delawareinvestments.com/

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