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PHILADELPHIA, Feb. 16 /PRNewswire-FirstCall/ -- Delaware Investments Minnesota Municipal Income Fund, Inc. (AMEX:VMN) ("Minnesota I") and Delaware Investments Minnesota Municipal Income Fund III, Inc. (AMEX:VYM) ("Minnesota III") (each, a "Fund") today announced that each Fund will make a final distribution of substantially all of its undistributed ordinary income and undistributed capital gain net income, if any, earned and anticipated to be earned through close of business on February 24, 2006 (after taking into account dividends payable to preferred shares), payable on March 10, 2006 to common shareholders of record on February 24, 2006. The final distribution is being made in connection with the acquisition by Delaware Investments Minnesota Municipal Income Fund II, Inc. (AMEX:VMM) ("Minnesota II") of substantially all of the assets of Minnesota I and Minnesota III in exchange for common and preferred shares, as applicable, of Minnesota II (the "Acquisition"). The Acquisition was approved by shareholders of the three closed-end funds at the reconvened Special Meeting of Shareholders held on January 12, 2006 and is expected to close on February 24, 2006 at 5:00 p.m. Eastern Time. In January 2007, shareholders of each Fund will receive Form 1099-DIV that will report the amount and character of each Fund's distributions paid in calendar year 2006. The Funds currently anticipate issuing another press release on February 21, 2006 stating the exact amount of the final distribution, if any. 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 December 31, 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/. First Call Analyst: DATASOURCE: Delaware Investments CONTACT: Ayele Ajavon, Corporate Communications, +1-215-255-1632, , 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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