VYM Vanguard High Dividend Yield

PHILADELPHIA, Feb. 27 /PRNewswire-FirstCall/ -- Delaware Investments Minnesota Municipal Income Fund II, Inc. (AMEX:VMM) ("Minnesota II") today announced that the acquisition of substantially all of the assets of Delaware Investments Minnesota Municipal Income Fund, Inc. (AMEX:VMN) ("Minnesota I") and Delaware Investments Minnesota Municipal Income Fund III, Inc. (AMEX:VYM) ("Minnesota III") was completed after close of business on Friday, February 24, 2006. The acquisition of substantially all of the assets of Minnesota I and Minnesota III in exchange for common and preferred shares, as applicable, of Minnesota II was approved by shareholders of the three closed-end funds at the reconvened Special Meeting of Shareholders held on January 12, 2006 and was structured as a tax-free transaction. Minnesota II will continue trade and to be listed on the American Stock Exchange. From this point forward, however, Minnesota I and Minnesota III will no longer trade or be listed on the American Stock Exchange, and their corporate existence will be liquidated and dissolved. In January 2007, shareholders of Minnesota I and Minnesota III will receive Form 1099-DIV that will report the amount and character of each fund's distributions paid in calendar year 2006. Questions regarding the exchange of common shares in connection with the acquisition should be directed to Minnesota II's transfer agent, Mellon Investor Services, LLC, by calling them at 1-800-777-3674, or writing them at 480 Washington Boulevard, Jersey City, NJ 07310. 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, +1-215-255-1632, or , or Laurel O'Brien, +1-215-255-1520, or , both Corporate Communications of Delaware Investments Web site: http://www.delawareinvestments.com/ http://www.lfg.com/

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