VYM Vanguard High Dividend Yield

Delaware Investments Municipal Income Funds Announce Dividends PHILADELPHIA, Dec. 8 /PRNewswire-FirstCall/ -- Six Delaware Investments Municipal Income Funds, all closed-end management investment companies, declared income dividends on December 3rd. 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) In addition, Delaware Investments Arizona Municipal Income Fund, Inc., Delaware Investments Colorado Insured Municipal Income Fund, Inc., Delaware Investments Florida Insured Municipal Fund, Inc. and Delaware Investments Minnesota Municipal Income Fund, Inc. today declare capital gains distributions. In addition, the Fund utilizes leveraging techniques in an attempt to obtain a higher return for the Fund. The dividend and long-term capital gains 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) 12/3/2004 12/15/2004 12/17/2004 12/31/2004 $0.080000 4.96% Delaware Investments Arizona Municipal Income Fund, Inc. (AMEX:VAZ) (Capital Gains - Long Term)(7) 12/3/2004 12/15/2004 12/17/2004 12/31/2004 $0.005000 N/A Delaware Investments Colorado Insured Municipal Income Fund, Inc. (AMEX:VCF)(3) 12/3/2004 12/15/2004 12/17/2004 12/31/2004 $0.080000 4.19% Delaware Investments Colorado Insured Municipal Income Fund, Inc. (AMEX:VCF) (Capital Gains - Long Term)(7) 12/3/2004 12/15/2004 12/17/2004 12/31/2004 $0.015000 N/A Delaware Investments Florida Insured Municipal Income Fund (AMEX:VFL)(4) 12/3/2004 12/15/2004 12/17/2004 12/31/2004 $0.085000 4.04% Delaware Investments Florida Insured Municipal Income Fund (AMEX:VFL) (Capital Gains - Long Term)(7) 12/3/2004 12/15/2004 12/17/2004 12/31/2004 $0.099000 N/A Delaware Investments Minnesota Municipal Income Fund, Inc. (AMEX:VMN)(5) 12/3/2004 12/15/2004 12/17/2004 12/31/2004 $0.082500 4.54% Delaware Investments Minnesota Municipal Income Fund, Inc. (AMEX:VMN) (Capital Gains - Long Term)(7) 12/3/2004 12/15/2004 12/17/2004 12/31/2004 $0.011000 N/A Delaware Investments Minnesota Municipal Income Fund II, Inc. (AMEX:VMM)(5) 12/3/2004 12/15/2004 12/17/2004 12/31/2004 $0.087500 5.18% Delaware Investments Minnesota Municipal Income Fund III, Inc. (AMEX:VYM)(5) 12/3/2004 12/15/2004 12/17/2004 12/31/2004 $0.080000 4.81% (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 November 2004 and is based on the market value of each Fund's shares on 11/30/04. (7) The capital gain is subject to Federal and state 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 approximately $93 billion in assets under management as of September 30, 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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