About Delaware Investments Minnesota Municipal Income Fund II, Inc. (VMM) — Dividend Analysis 2026
Delaware Investments Minnesota Municipal Income Fund II, Inc. is a closed ended fixed income mutual fund launched by Delaware Management Holdings, Inc. The fund is managed by Delaware Management Business Trust. It invests in fixed income markets of the United States. The fund primarily invests in investment grade municipal bonds, which include airport revenue bonds, city general obligation bonds, continuing care and retirement revenue bonds, corporate backed revenue bonds, escrowed to maturity bonds, higher education revenue bonds, hospital revenue bonds, multifamily housing revenue bonds, municipal lease revenue bonds, parking revenue bonds, political subdivision general obligation bonds, pre-refunded bonds, public power revenue bonds, school district general obligation bonds, single family housing revenue bonds, state general obligation bonds, tax increment and special assessment bonds, territorial general obligation bonds, and territorial revenue bonds. It benchmarks the performance of its portfolio against the Barclays Municipal Bond Index. The fund was previously known as Voyageur Minnesota Municipal Income Fund II, Inc. Delaware Investments Minnesota Municipal Income Fund II, Inc. was formed in 1992 and is domiciled in the United States.
Is VMM a good dividend investment in 2026?
VMM offers a 152.33% forward yield with a 50% payout ratio. Strand Safety Score: N/A. The 5-year dividend CAGR of 0% is modest — investors should weigh current income against growth alternatives.
VMM DRIP calculator — what's the difference?
With DRIP on a $10,000 investment over 10 years, your VMM portfolio grows to $104.64M vs $162.3K without reinvestment. This is the compound interest effect in action.
VMM dividend growth history & forecast
VMM has grown its dividend by 0% over the last year and 0% annually over 5 years. At this pace, an investor who holds for 10+ years will see their yield on cost grow substantially above the current 152.33%.
ETFs do not file income statements or cash flow statements. Their dividend safety depends on the underlying index quality, fund methodology, and holdings composition. Use the Holdings page to analyze individual stocks in this fund.
🌍 VMM Yield by Country & Account Type
Real after-tax yield depends on where you live and how you hold VMM.
Gross yield
152.33%
Tax rate
15.00%
After-tax yield
129.48%
Real yield (−CPI)
126.68%
Account/Country
Tax Rate
After-tax Yield
Real Yield
$10K Annual Income
🇺🇸 Roth IRA / 401k
0%
152.33%
149.53%
$15,233 / yr
🇺🇸 US Taxable (15%) ✓
15%
129.48%
126.68%
$12,948 / yr
🇺🇸 US Taxable (20%)
20%
121.86%
119.06%
$12,186 / yr
🇬🇧 UK ISA
0%
152.33%
149.53%
$15,233 / yr
🇬🇧 UK Taxable
8.75%
139.00%
136.20%
$13,900 / yr
🇨🇦 TFSA
0%
152.33%
149.53%
$15,233 / yr
🇨🇦 CA Taxable
25%
114.25%
111.45%
$11,425 / yr
🇦🇺 Super (pension)
15%
129.48%
126.68%
$12,948 / yr
🇦🇺 AU Taxable
30%
106.63%
103.83%
$10,663 / yr
🇩🇪 DE Taxable
26.375%
112.15%
109.35%
$11,215 / yr
🇫🇷 FR Taxable
30%
106.63%
103.83%
$10,663 / yr
Real yield = after-tax yield minus US CPI of 2.8%. 12-month CPI (US BLS via FMP economic-indicators). Click any row to select. US withholding tax (30%, reducible by treaty) applies to non-US residents holding US stocks in taxable accounts.
🎯 VMM Income Goal & Break-Even
Dividend Break-Even
1yr
Years for dividends to fully repay your VMM investment of $13.34/share (🇺🇸 US Taxable (15%) · 15.00% tax)
$10K invested · 10 Years
Dividends earned (DRIP)
$40.49M
Lost to inflation (2.8% CPI)
−$2.5K
Real purchasing power gain
$40.49M
12-month CPI (US BLS via FMP economic-indicators).
How much do I need to invest in VMM for:
Shares needed
1,390
Capital required
$18,543
Monthly income
$2,000
Based on current dividend of $20.32/share/yr · 🇺🇸 US Taxable (15%) · static projection (no growth assumed).
📅 VMM Dividend Payment Schedule
VMM pays quarterly — 4 times per year. Next ex-div: TBD.
Jan
Feb
Mar
💰
Apr
May
Jun
💰
Jul
Aug
Sep
💰
Oct
Nov
Dec
💰
10 shares
$43.18 / payment
$172.73 / year after tax
100 shares
$431.82 / payment
$1727.27 / year after tax
1,000 shares
$4318.17 / payment
$17272.68 / year after tax
📊 VMM vs Financial Services Benchmarks
How VMM compares to typical Financial Services averages.
Benchmark: Financial Services
Dividend Yield▲+149.43% vs sectorBetter
VMM
152.33%
avg
2.90%
5Y Dividend CAGR▼-7.10% vs sectorBelow avg
VMM
0.00%
avg
7.10%
Payout Ratio▼+12.00% vs sectorBelow avg
VMM
50.00%
avg
38.00%
Benchmarks: S&P 500 sector averages (2024–2026). Sources: Morningstar, Bloomberg, NAREIT. 5Y CAGR for VMM sourced from FMP /financial-growth endpoint — real data, not estimates.
🏛️ VMM Insider Activity
▲ 9 Buys
When executives buy their own stock, it's a signal they believe in the dividend's sustainability.
Insider
Title
Type
Date
Shares
Price
Total Value
Toronto Dominion Investments, Inc.
10 percent owner
J-Other
2022-02-11
750
—
—
Saba Capital Management, L.P.
10 percent owner
Buy
2022-01-20
191,083
$13.83
$2.64M
Saba Capital Management, L.P.
10 percent owner
Buy
2022-01-19
4,348
$13.85
$60.2K
Saba Capital Management, L.P.
10 percent owner
Buy
2021-12-17
3
$14.01
$42.00
Saba Capital Management, L.P.
10 percent owner
Buy
2021-12-15
829
$13.94
$11.6K
Saba Capital Management, L.P.
10 percent owner
Buy
2021-12-14
134,148
$13.93
$1.87M
Saba Capital Management, L.P.
10 percent owner
Buy
2021-12-13
4,802
$14.04
$67.4K
Saba Capital Management, L.P.
10 percent owner
Buy
2021-12-10
110
$13.98
$1.5K
Saba Capital Management, L.P.
10 percent owner
Buy
2021-12-09
12
$13.91
$167.00
Saba Capital Management, L.P.
10 percent owner
Buy
2021-12-08
13,447
$13.91
$187.0K
Insider transactions sourced from SEC Form 4 filings via Financial Modeling Prep. See disclaimer.
📊 About This Data
Dividend yields, payout ratios, and financial metrics are sourced from Financial Modeling Prep (FMP) and cross-referenced with SEC EDGAR filings. Data is cached and updated every 24 hours via our nightly refresh. DRIP projections are forward-looking estimates, not guarantees.
Educational purposes only. Not financial advice. DividendFlow is not a registered investment advisor. Projections generated by the VMM dividend calculator are estimates based on historical data and user inputs. Actual future returns, stock prices, and dividend payments will vary. Dividends can be cut or suspended at any time. All investments carry risk, including the loss of principal. Please consult a qualified financial professional before making any investment decisions. Full disclaimer →