Delaware Investments Minnesota Municipal Income Fund II, Inc.

Holdings as of 12/31/2009 (all share classes)

Portfolio holdings are as of the date noted above and are subject to change at any time. Holdings may not be representative of current or future investments and may not include the entire investment portfolio. Holdings information is made available to the public 30 calendar days after the most recent quarter-end.

Holdings data is for informational purposes only, and is not intended as a recommendation, offer, or solicitation for the purchase or sale of any specific security. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or part. In no event shall the Delaware Family of Funds or its affiliates have any liability relating to the use of the portfolio holdings.

Unlike the Fund's regulatory filings, the portfolio data and its presentation in this document is not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it may differ from that provided in the complete portfolio of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete portfolio of investments filed in the first and third quarter on Form N-Q.

SEC description	# Holdings	Portfolio %	Market value	Income rate	Maturity date	Nasdaq symbol
ANDOVER MINN ECONOMIC DEV AUTH	205,000.00	0.14	$227,047.75	5.12	02/01/2024	ANDDEV
ANDOVER MINN ECONOMIC DEV AUTH	295,000.00	0.20	$326,727.25	5.12	02/01/2024	ANDDEV
ANDOVER MINN ECONOMIC DEV AUTH	410,000.00	0.28	$455,284.50	5.20	02/01/2029	ANDDEV
ANDOVER MINN ECONOMIC DEV AUTH	590,000.00	0.41	$655,165.50	5.20	02/01/2029	ANDDEV
BEMIDJI MINN HEALTH CARE FACS	1,500,000.00	0.91	$1,472,385.00	5.00	09/01/2024	BEMMED
CASH	844,027.17	0.52	$844,027.17	0.00	12/15/2038	US-CASH
CHANHASSEN MINN MULTIFAMILY RE	1,105,000.00	0.68	$1,105,850.85	6.20	07/01/2030	CHNMFH
CHASKA MINN ELEC REV	250,000.00	0.16	$260,417.50	5.25	10/01/2025	CHAPWR
CLOQUET MINN POLLUTN CTL REV	5,500,000.00	3.06	$4,941,475.00	5.90	10/01/2026	CLOPOL
DAKOTA & WASH CNTYS MINN HSG &	7,055,000.00	6.36	$10,258,393.30	8.38	09/01/2021	DAKHSG
DAKOTA CNTY MINN CMNTY DEV AGY	1,100,000.00	0.72	$1,162,161.00	5.00	01/01/2023	DAKHSG
DAKOTA CNTY MINN HSG & REDEV A	10,000.00	0.01	$10,004.80	5.85	10/01/2030	DAKSFH
GLENCOE MINN HEALTH CARE FACS	2,000,000.00	1.19	$1,919,420.00	5.00	04/01/2025	GLEMED
HENNEPIN CNTY MINN	2,300,000.00	1.49	$2,398,670.00	5.00	12/01/2018	HEN
LAURENTIAN ENERGY AUTH I LLC	3,325,000.00	1.96	$3,166,962.75	5.00	12/01/2021	LREPWR
LONG TERM RECEIVABLES	-133,065.92	-0.08	-$133,065.92	0.00	N/A	SECNCAHUS
MAPLE GROVE MINN HEALTH CARE	1,000,000.00	0.59	$945,890.00	5.25	05/01/2037	MGRMED
MINNEAPOLIS & ST PAUL MINN MET	1,000,000.00	0.62	$1,004,830.00	5.25	01/01/2024	MINAPT
MINNEAPOLIS & ST PAUL MINN MET	1,000,000.00	0.66	$1,062,030.00	5.25	01/01/2016	MINAPT
MINNEAPOLIS & ST PAUL MINN MET	2,000,000.00	1.23	$1,985,880.00	5.00	01/01/2035	MINAPT
MINNEAPOLIS & ST PAUL MINN MET	2,120,000.00	1.33	$2,141,136.40	5.00	01/01/2028	MINAPT
MINNEAPOLIS & ST PAUL MINN MET	3,000,000.00	1.90	$3,072,090.00	5.00	01/01/2022	MINAPT
MINNEAPOLIS MINN CMNTY DEV AGY	375,000.00	0.23	$376,605.00	5.70	12/01/2027	MINDEV
MINNEAPOLIS MINN CMNTY DEV AGY	865,000.00	0.54	$869,281.75	6.75	12/01/2025	MINDEV
MINNEAPOLIS MINN CMNTY DEV AGY	1,100,000.00	0.73	$1,176,494.00	5.70	12/01/2019	MINDEV
MINNEAPOLIS MINN DEV REV	1,000,000.00	0.63	$1,011,480.00	5.50	12/01/2024	MINDEV
MINNEAPOLIS MINN HEALTH CARE	295,000.00	0.20	$329,512.05	6.50	11/15/2038	MINMED
MINNEAPOLIS MINN HEALTH CARE	600,000.00	0.42	$676,470.00	6.62	11/15/2028	MINMED
MINNEAPOLIS MINN HEALTH CARE	2,000,000.00	1.19	$1,925,500.00	5.00	11/15/2034	MINMED
MINNEAPOLIS MINN MULTIFAMILY R	755,000.00	0.47	$755,022.65	6.00	12/01/2019	MINMFH
MINNEAPOLIS MINN MULTIFAMILY R	900,000.00	0.56	$910,692.00	5.95	05/01/2030	MINMFH
MINNEAPOLIS MINN MULTIFAMILY R	2,000,000.00	1.21	$1,949,160.00	5.15	02/20/2045	MINMFH
MINNEAPOLIS MINN MULTIFAMILY R	2,000,000.00	1.24	$2,008,320.00	5.00	05/20/2036	MINMFH
MINNEAPOLIS MINN SPL SCH DIST	1,175,000.00	0.78	$1,263,865.25	5.00	02/01/2019	MINSCD
MINNESOTA AGRIC & ECONOMIC DEV	100,000.00	0.06	$100,031.00	5.75	11/15/2026	MNSAGR
MINNESOTA AGRIC & ECONOMIC DEV	195,000.00	0.12	$198,361.80	6.38	11/15/2029	MNSAGR
MINNESOTA ST HIGHER ED FACS	1,000,000.00	0.62	$1,000,380.00	5.00	10/01/2039	MNSHGR
MINNESOTA ST HIGHER ED FACS	1,000,000.00	0.66	$1,062,260.00	5.00	01/01/2028	MNSHGR
MINNESOTA ST HIGHER ED FACS	1,400,000.00	0.87	$1,408,974.00	4.80	10/01/2023	MNSHGR
MINNESOTA ST HIGHER ED FACS	1,500,000.00	0.93	$1,503,375.00	5.00	05/01/2028	MNSHGR
MINNESOTA ST HIGHER ED FACS	2,000,000.00	1.26	$2,035,580.00	5.00	03/01/2020	MNSHGR
MINNESOTA ST HIGHER ED FACS	2,250,000.00	1.43	$2,308,972.50	5.00	04/01/2029	MNSHGR
MINNESOTA ST HSG FIN AGY	120,000.00	0.07	$120,520.80	5.95	02/01/2018	MNSHSG
MINNESOTA ST HSG FIN AGY	745,000.00	0.45	$728,662.15	5.15	07/01/2038	MNSHSG
MINNESOTA ST HSG FIN AGY	1,000,000.00	0.58	$939,460.00	4.75	07/01/2032	MNSHSG
MINNESOTA ST HSG FIN AGY	1,000,000.00	0.59	$957,250.00	5.00	02/01/2035	MNSHSG
MINNESOTA ST HSG FIN AGY	1,495,000.00	0.89	$1,442,779.65	5.10	07/01/2038	MNSHSG
MINNESOTA ST HSG FIN AGY	1,555,000.00	0.96	$1,556,990.40	5.35	01/01/2033	MNSHSG
MINNESOTA ST MUN PWR AGY ELEC	1,610,000.00	1.06	$1,706,889.80	5.25	10/01/2019	MNSPWR
MINNESOTA ST MUN PWR AGY ELEC	1,900,000.00	1.19	$1,922,268.00	5.00	10/01/2034	MNSPWR
MORRIS MINN INDPT SCH DIST NO	3,750,000.00	2.55	$4,114,912.50	5.00	02/01/2028	MRRSCD
PUERTO RICO COMWLTH	1,010,000.00	0.63	$1,014,353.10	6.00	07/01/2039	PRC
PUERTO RICO COMWLTH	1,100,000.00	0.71	$1,142,405.00	5.50	07/01/2017	PRC
PUERTO RICO COMWLTH GOVT DEV B	1,000,000.00	0.64	$1,033,290.00	5.00	12/01/2014	PRCDEV
PUERTO RICO COMWLTH INFRASTRUC	800,000.00	0.42	$680,008.00	5.00	07/01/2046	PRCFAC
PUERTO RICO PUB BLDGS AUTH REV	530,000.00	0.32	$510,045.50	5.25	07/01/2027	PRCFAC
PUERTO RICO SALES TAX FING	1,415,000.00	0.91	$1,467,680.45	5.75	08/01/2037	PRCGEN
ROCHESTER MINN HEALTH CARE &	1,220,000.00	0.75	$1,208,788.20	7.38	12/01/2041	ROCMED
ROCORI AREA SCHS MINN INDPT SC	1,010,000.00	0.70	$1,138,714.40	5.00	02/01/2022	RCOSCD
ROCORI AREA SCHS MINN INDPT SC	1,075,000.00	0.74	$1,199,775.25	5.00	02/01/2024	RCOSCD
ROCORI AREA SCHS MINN INDPT SC	1,115,000.00	0.77	$1,238,096.00	5.00	02/01/2025	RCOSCD
ROCORI AREA SCHS MINN INDPT SC	1,155,000.00	0.79	$1,278,827.55	5.00	02/01/2026	RCOSCD
SARTELL MINN ENVIRONMENTAL	1,000,000.00	0.57	$916,250.00	5.20	06/01/2027	SARPOL
SECURITIZED NET CASH - ACR1	2,523,416.16	1.56	$2,523,416.16	0.00	N/A	SECCASHAC
SHAKOPEE MINN HEALTH CARE FACS	1,560,000.00	0.90	$1,449,973.20	5.25	09/01/2034	SHAMED
SOUTHERN MINN MUN PWR AGY PWR	390,000.00	0.26	$413,247.90	5.50	01/01/2015	SOUPWR
SOUTHERN MINN MUN PWR AGY PWR	3,715,000.00	2.48	$4,004,584.25	5.75	01/01/2018	SOUPWR
SOUTHERN MINN MUN PWR AGY PWR	5,250,000.00	3.65	$5,892,022.50	5.25	01/01/2014	SOUPWR
ST CLOUD MINN HEALTH CARE REV	1,500,000.00	0.95	$1,540,080.00	5.50	05/01/2039	SUDMED
ST LOUIS PARK MINN HEALTH CARE	1,000,000.00	0.63	$1,017,650.00	5.50	07/01/2023	SLPMED
ST LOUIS PARK MINN HEALTH CARE	1,250,000.00	0.89	$1,438,825.00	5.25	07/01/2030	SLPMED
ST LOUIS PARK MINN HEALTH CARE	1,500,000.00	0.92	$1,485,285.00	5.75	07/01/2039	SLPMED
ST PAUL MINN HSG & REDEV AUTH	1,000,000.00	0.59	$947,120.00	5.30	05/15/2028	STPHSG
ST PAUL MINN HSG & REDEV AUTH	1,380,000.00	0.89	$1,437,311.40	5.00	11/15/2018	STPMED
ST PAUL MINN HSG & REDEV AUTH	1,395,000.00	0.87	$1,399,171.05	5.25	11/15/2029	STPMED
ST PAUL MINN HSG & REDEV AUTH	2,000,000.00	1.11	$1,797,560.00	5.25	05/15/2036	STPHSG
ST PAUL MINN HSG & REDEV AUTH	2,300,000.00	1.55	$2,498,950.00	5.55	11/01/2023	STPHSG
ST PAUL MINN HSG & REDEV AUTH	2,700,000.00	1.68	$2,705,535.00	5.40	11/20/2042	STPHSG
ST PAUL MINN HSG & REDEV AUTH	3,350,000.00	2.11	$3,403,901.50	5.35	08/01/2029	STPHSG
ST PAUL MINN HSG & REDEV AUTH	4,200,000.00	2.83	$4,563,300.00	5.55	11/01/2023	STPHSG
ST PAUL MINN PORT AUTH LEASE R	2,000,000.00	1.28	$2,069,580.00	5.00	12/01/2027	STPTRN
ST PAUL MINN PORT AUTH LEASE R	2,385,000.00	1.53	$2,468,904.30	5.00	12/01/2022	STPTRN
ST PAUL MINN PORT AUTH LEASE R	2,800,000.00	1.79	$2,893,016.00	5.25	12/01/2027	STPTRN
ST PAUL MINN SWR REV	1,325,000.00	0.92	$1,489,432.50	5.00	12/01/2021	STPUTL
UNIVERSITY MINN	1,000,000.00	0.68	$1,105,160.00	5.25	04/01/2029	UNIHGR
UNIVERSITY MINN	1,290,000.00	0.92	$1,476,675.90	5.00	12/01/2019	UNIHGR
UNIVERSITY MINN	4,000,000.00	2.88	$4,655,160.00	5.50	07/01/2021	UNIHGR
UNIVERSITY MINN UNIV HOSP & CL	2,580,000.00	1.97	$3,177,837.60	6.75	12/01/2016	UNIMED
UNIVERSITY VIRGIN ISLANDS	500,000.00	0.29	$469,310.00	5.38	06/01/2034	UVI
VIRGIN ISLANDS PUB FIN AUTH RE	500,000.00	0.31	$502,460.00	5.25	10/01/2023	VITGEN
VIRGINIA MINN HSG & REDEV AUTH	680,000.00	0.40	$648,407.20	5.25	10/01/2025	VIRMED
VIRGINIA MINN HSG & REDEV AUTH	965,000.00	0.57	$915,785.00	5.38	10/01/2030	VIRMED
WASHINGTON CNTY MINN HSG & RED	750,000.00	0.46	$750,217.50	4.70	10/01/2032	WASHSG
WASHINGTON CNTY MINN HSG & RED	1,705,000.00	1.09	$1,759,287.20	5.50	02/01/2022	WASHSG
WASHINGTON CNTY MINN HSG & RED	2,140,000.00	1.35	$2,178,605.60	5.50	02/01/2032	WASHSG
WESTERN MINN MUN PWR AGY MINN	1,535,000.00	1.11	$1,785,819.00	6.62	01/01/2016	WESPWR
WESTERN MINN MUN PWR AGY MINN	5,000,000.00	3.14	$5,062,450.00	5.00	01/01/2030	WESPWR
WINONA MINN HEALTH CARE FACS R	1,010,000.00	0.59	$953,126.90	5.00	07/01/2023	WINMED