VYM Vanguard High Dividend Yield

PHILADELPHIA, Nov. 2 /PRNewswire-FirstCall/ -- Yesterday, the following six Delaware Investments municipal income funds, all closed-end management investment companies, declared 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, each Fund utilizes leveraging techniques in an attempt to obtain a higher return for the Fund. The dividend distributions are as follows: FUND Declaration Record Date Ex-Date Date(7) Delaware Investments Arizona Municipal Income Fund, Inc. (AMEX:VAZ)(2) 11/1/2005 11/9/2005 11/14/2005 Delaware Investments Colorado Insured Municipal Income Fund, Inc. (AMEX:VCF)(3) 11/1/2005 11/9/2005 11/14/2005 Delaware Investments Florida Insured Municipal Income Fund (AMEX:VFL)(4) 11/1/2005 11/9/2005 11/14/2005 Delaware Investments Minnesota Municipal Income Fund, Inc. (AMEX:VMN)(5) 11/1/2005 11/9/2005 11/14/2005 Delaware Investments Minnesota Municipal Income Fund II, Inc. (AMEX:VMM)(5) 11/1/2005 11/9/2005 11/14/2005 Delaware Investments Minnesota Municipal Income Fund III, Inc. (AMEX:VYM)(5) 11/1/2005 11/9/2005 11/14/2005 FUND Payable Dividend SEC Date per Share Yield(6) Delaware Investments Arizona Municipal Income Fund, Inc. (AMEX:VAZ)(2) 11/25/2005 $0.070000 4.96% Delaware Investments Colorado Insured Municipal Income Fund, Inc. (AMEX:VCF)(3) 11/25/2005 $0.080000 4.28% Delaware Investments Florida Insured Municipal Income Fund (AMEX:VFL)(4) 11/25/2005 $0.080000 5.15% Delaware Investments Minnesota Municipal Income Fund, Inc. (AMEX:VMN)(5) 11/25/2005 $0.065000 5.55% Delaware Investments Minnesota Municipal Income Fund II, Inc. (AMEX:VMM)(5) 11/25/2005 $0.072500 5.57% Delaware Investments Minnesota Municipal Income Fund III, Inc. (AMEX:VYM)(5) 11/25/2005 $0.065000 5.59% (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 October 2005 and is based on the market value of each Fund's shares on 10/31/2005. (7) Please note that the record date for each Fund is November 14, 2005, and not the previously disclosed date of November 11, 2005. About Delaware Investments: Delaware Investments, an affiliate of Lincoln Financial Group, is a Philadelphia-based diversified asset management firm with more than $110 billion in assets under management as of September 30, 2005. Through a broad range of managed accounts and portfolios, mutual funds, retirement plan services, subadvised funds, college savings plans and other investment products, Delaware Investments provides investment services to individual investors and to institutional investors such as private and public pension funds, foundations, and endowment funds. Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries. For more information on Delaware Investments, visit the company at http://www.delawareinvestments.com/. Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. For more information on Lincoln Financial Group, visit http://www.lfg.com/. DATASOURCE: Delaware Investments CONTACT: Laurel O'Brien, Corporate Communications of Delaware Investments, +1-215-255-1520, , or Priscilla Brown, Investor Relations of Lincoln Financial Group, +1-215-448-1422 Web site: http://www.delawareinvestments.com/

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