Delaware Investments Minnesota Municipal Income Funds Announce Closing Date of Acquisition

PHILADELPHIA, Feb. 7  /PRNewswire-FirstCall/ -- Delaware Investments Minnesota Municipal Income Fund, Inc. (AMEX:VMN) ("Minnesota I"), Delaware Investments Minnesota Municipal Income Fund II, Inc. (AMEX:VMM) ("Minnesota II") and Delaware Investments Minnesota Municipal Income Fund III, Inc. (AMEX: VYM) ("Minnesota III") (each, a "Fund") announced a closing date of February 24, 2006 at 5:00 p.m. Eastern Time for the acquisition by Minnesota II of substantially all of the assets of Minnesota I and Minnesota III in exchange for shares of Minnesota II (the "Acquisition"). Common shares will be exchanged based on the respective net asset values of each of Minnesota I's and Minnesota III's common stock and Minnesota II's common stock. Holders of each of Minnesota I's and Minnesota III's preferred shares will receive an equal number of a corresponding series of preferred shares of Minnesota II having the same liquidation preference as Minnesota I's and Minnesota III's preferred shares. The Acquisition was approved by shareholders of the three closed-end funds at the reconvened Special Meeting of Shareholders held on January 12, 2006.

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, sub-advised 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:  Ayele Ajavon, Corporate Communications, [phone],

, or Laurel O'Brien, Corporate Communications, +1-215-

255-1520, , both of Delaware Investments



Web site:  http://www.delawareinvestments.com/

http://www.lfg.com/ 

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