UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC 20549

                                  FORM N-PX

          ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT
                             INVESTMENT COMPANIES


Investment Company Act File Number:       811-07938

Exact Name of Registrant as
Specified in Charter:                     Delaware Investments Minnesota
                                          Municipal Income Fund III, Inc.

Address of principal executive offices:   2005 Market Street
                                          Philadelphia, PA 19103

Name and address of agent for service:    Richelle S. Maestro
                                          2005 Market Street
                                          Philadelphia, PA 19103

Registrant's telephone number:            (800) 523-1918

Date of fiscal year end:                  March 31

Date of reporting period:                 July 1, 2003 - June 30, 2004



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ITEM 1. PROXY VOTING RECORD.
================================================================================

The Portfolio did not hold any underlying securities in which it was entitled
to vote a proxy in regards to an issuer's shareholder meeting held during the
period covered by this Form N-PX. Therefore, no proxy voting record is listed
below for this Portfolio.

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                                    SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND III, INC.


By:     Jude T. Driscoll
        ------------------------
Name:   Jude T. Driscoll
Title:  Chairman/President/
        Chief Executive Officer

Date:   August 27, 2004