VYM Vanguard High Dividend Yield

Delaware Investments Municipal Income Funds Announce Dividends PHILADELPHIA, May 31 /PRNewswire-FirstCall/ -- Today the following six Delaware Investments municipal income funds, all closed-end management investment companies, declare their monthly income dividends(1): 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. 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 Date Ex-Date Date Date per Share Delaware Investments Arizona Municipal Income Fund, Inc. (AMEX:VAZ) (2) 5/31/2005 06/08/2005 06/10/2005 06/24/2005 $0.070000 Delaware Investments Colorado Insured Municipal Income Fund, Inc. (AMEX:VCF) (3) 5/31/2005 06/08/2005 06/10/2005 06/24/2005 $0.080000 Delaware Investments Florida Insured Municipal Income Fund (AMEX:VFL) (4) 5/31/2005 06/08/2005 06/10/2005 06/24/2005 $0.080000 Delaware Investments Minnesota Municipal Income Fund, Inc. (AMEX:VMN) (5) 5/31/2005 06/08/2005 06/10/2005 06/24/2005 $0.065000 Delaware Investments Minnesota Municipal Income Fund II, Inc. (AMEX:VMM) (5) 5/31/2005 06/08/2005 06/10/2005 06/24/2005 $0.072500 Delaware Investments Minnesota Municipal Income Fund III, Inc. (AMEX:VYM) (5) 5/31/2005 06/08/2005 06/10/2005 06/24/2005 $0.065000 (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. 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 $100 billion in assets under management as of March 31, 2005. DATASOURCE: Delaware Investments CONTACT: Christina Ward, Corporate Communications of Delaware Investments, +1-215-255-1388, ; or Priscilla Brown, Investor Relations of Lincoln Financial Group, +1-215-448-1422 Web site: http://www.delawareinvestments.com/

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