VYM Vanguard High Dividend Yield

PHILADELPHIA, Jan. 3 /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 following dates apply to the today's dividend announcement: Declaration Date: 1/3/2006 Ex-Date: 1/11/2006 Record Date: 1/13/2006 Payable Date: 1/27/2006 The dividend distributions are as follows: FUND Dividend per Share Delaware Investments Arizona Municipal Income Fund, Inc. (AMEX:VAZ)(2) $0.070000 Delaware Investments Colorado Insured Municipal Income Fund, Inc. (AMEX:VCF)(3) $0.080000 Delaware Investments Florida Insured Municipal Income Fund (AMEX:VFL)(4) $0.080000 Delaware Investments Minnesota Municipal Income Fund, Inc. (AMEX:VMN)(5) $0.065000 Delaware Investments Minnesota Municipal Income Fund II, Inc. (AMEX:VMM)(5) $0.072500 Delaware Investments Minnesota Municipal Income Fund III, Inc. (AMEX:VYM)(5) $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. 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, +1-215-255-1520, , or Ayele Ajavon, Corporate Communications, +1-215-255-1632, , both of Delaware Investments Web site: http://www.delawareinvestments.com/ http://www.lfg.com/

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