Delaware Investments Announces Fourth Quarter Lincoln National Closed-end Fund Update; Delaware Closed-end Municipal Fund Update; Delaware Closed- end Non-municipal Fund Update PHILADELPHIA, Feb. 10 /PRNewswire-FirstCall/ -- Delaware Investments presents the following information: Fourth Quarter Lincoln National Closed-end Fund Update Fund Information Update Lincoln National Income Fund Fund Information * NYSE Symbol LND NAV $13.370 Market Price $12.650 Premium/(Discount) -5.39% Total Net Assets (000) $139,925 Common Shares Outstanding 7,476,103 Inception Date November 10, 1972 % Leveraged to Total Net Assets 28.59% Dividends** Paid Quarterly Income Dividend Declared $0.186 Short-Term Capital Gain $0.024 Long-Term Capital Gain $0.000 Ex-Dividend Date December 22, 2004 Record Date December 27, 2004 Payment Date December 31, 2004 Total Distributions 2004 $1.048 Total Distributions 2003 $1.73 Total Distributions 2002 $1.17 Total Distributions 2001 $0.76 Total Distributions 2000 $0.91 Total Distributions 1999 $0.99 Total Distributions 1998 $1.04 Total Distributions 1997 $0.95 Total Distributions 1996 $1.21 Total Distributions 1995 $0.84 Total Distributions 1994 $1.28 Asset Allocation* % of Total Net Assets Public Preferred 1.64% Public Debt 94.02% Private Debt 2.27% Short Term 0.00% Other Assets/(Liabilities) 2.07% Portfolio Statistics* Average Coupon Rate 6.30% Average Maturity 11.70 Dividend Yield (annualized) 5.88% Quality Breakdown* % of Total Net Assets AAA 11.64% AA 5.99% A 23.84% BBB 39.76% BB 12.27% B 2.88% CCC+ or Lower 0.27% Not Rated 3.35% Top 5 Sectors* % of Total Net Assets Finance 31.14% Telecommunication Serv. 16.39% Utilities 13.03% Energy 9.55% Consumer Non-Cyclical 8.20% Top Ten Holdings* % of Total Net Assets SBC COMMUNICATIONS 2.95% SPRINT CAPITAL 2.81% GOLDMAN SACHS 2.66% QWEST COMM BANK LOAN TRANCH 2.58% AVISTA CORP 2.20% FORD MOTOR 2.12% GENERAL MOTORS 2.10% KRAFT FOODS 1.85% US TREASURY NOTES 1.77% PACIFICORP MTN 1.77% *Data as of December 31, 2004 **Data as of December 31, 2004 Lincoln National Convertible Securities Fund Fund Information * NYSE Symbol LNV NAV $15.020 Market Price $13.4700 Premium/(Discount) -10.32% Total Net Assets (000) $87,634 Shares Outstanding 5,832,823 Inception Date June 19, 1986 Leverage No Dividends** Paid Quarterly Income Dividend Declared $0.170 Return of Capital $0.000 Total Dividend Declared $0.170 Ex-Dividend Date December 22, 2004 Record Date December 27, 2004 Payment Date December 31, 2004 Total Distributions 2004 $0.680 Total Distributions 2003 $0.840 Total Distributions 2002 $0.930 Total Distributions 2001 $0.778 Total Distributions 2000 $0.88 Total Distributions 1999 $0.86 Total Distributions 1998 $0.96 Total Distributions 1997 $1.00 Total Distributions 1996 $0.98 Total Distributions 1995 $0.96 Total Distributions 1994 $1.08 Asset Allocation* % of Total Net Assets Convertible Bonds 53.07% Convertible Preferred Stock 29.51% Common Stock 12.20% Preferred Stock 3.75% Short-Term Investments 2.51% Other Assets/(Liabilities) -1.04% Portfolio Statistics* Average Coupon Rate 2.99% Average Maturity 13.38 Dividend Yield (annualized) 5.05% Quality Breakdown* % of Total Net Assets A 13.15% BBB 28.79% BB 10.89% B and Lower 24.17% Not Rated 5.88% Equities 15.55% Short-Term Investments 2.51% Other Assets/Liabilities -0.94% Top 5 Sectors* % of Total Net Assets Retail 7.58% REITS 7.39% Oil&Gas 7.34% Media 7.34% Pharmaceuticals 6.68% Top Ten Holdings* % of Total Net Assets INT'L PAPER CNV PFD 5.25% 3.75% AMERICAN HOME MORTGAGE INVES 3.69% CENTERPOINT ENERGY CNV 144A 3.31% BUNGE CNV 144A 3.08% CHUBB CNV PFD 7.00% 2.91% MEDIACOM COMMUNICATIONS CNV 2.82% WASHNGTN MUT 5.375% CV PF 14 2.57% TEMPLE-INLAND CNV PFD 7.50% 2.37% CV THERAPEUTICS CNV 144A 2.36% SL GREEN REALTY PFD 7.625% 2.36% *Data as of December 31, 2004 **Data as of December 31, 2004 Delaware Closed-end Municipal Fund Update Fund Information Update Delaware Investments Arizona Municipal Income Fund (VAZ) Fund Information* Net Asset Value $15.33 Market Price $15.14 Premium (Discount) -1.24% Total Net Assets $70.7 million Shares Outstanding 2,982,200 Inception Date February 26, 1993 % Leveraged to Total Net Assets 35.36% Dividends** Paid Monthly Last Dividend Declared $0.080000 Ex-Dividend Date January 12, 2005 Record Date January 14, 2005 Payment Date January 28, 2005 YTD Distributions $0.0800 Total Distributions 2004 $0.9600 Total Distributions 2003 $0.9600 Total Distributions 2002 $0.9100 Total Distributions 2001 $0.8000 Total Distributions 2000 $0.7725 Total Distributions 1999 $0.7725 Undistributed Income* $870,128 Call Schedule* 2004 0.00% 2005 4.11% 2006 2.71% 2007 5.53% 2008 5.87% Portfolio Statistics* Average Effective Maturity 6.53 years Average Duration 5.43 years Average Coupon 5.32% Average Price $106.62 Percentage AMT 10.74% Current Yield (NAV) 6.26% Current Yield (Market) 6.34% Credit Quality* AAA 79.60% AA 9.26% A 10.49% BBB 0.64% BB 0.00% Top Holdings* Puerto Rico Hwy D 5.00% 7/1/2032 12.40% PR Infrastructure A 5.50% 10/1/2040 6.93% Maricopa County Sch Dist #6 5.375% 7/1/2013 4.84% Glendale Ariz Muni Pty 5.00% 7/1/2033 4.36% Ariz Trans Highway Rev 5.75% 7/1/2018 3.77% Top Sectors* Territorial Revenue 23.39% Hospitals 18.97% School District 17.40% Pre-Refunded 13.04% Municipal Lease 10.78% Delaware Investments Colorado Insured Municipal Income Fund (VCF) Fund Information* Net Asset Value $15.87 Market Price $17.92 Premium (Discount) 12.92% Total Net Assets $116.8 million Shares Outstanding 4,837,100 Inception Date July 29, 1993 % Leveraged to Total Net Assets 34.25% Dividends** Paid Monthly Last Dividend Declared $0.080000 Ex-Dividend Date January 12, 2005 Record Date January 14, 2005 Payment Date January 28, 2005 YTD Distributions $0.0800 Total Distributions 2004 $0.9600 Total Distributions 2003 $0.9600 Total Distributions 2002 $0.9100 Total Distributions 2001 $0.8025 Total Distributions 2000 $0.7350 Total Distributions 1999 $0.7350 Undistributed Income* $1,805,940 Call Schedule* 2004 0.00% 2005 1.28% 2006 11.29% 2007 6.96% 2008 0.94% Portfolio Statistics* Average Effective Maturity 5.75 years Average Duration 4.90 years Average Coupon 5.36% Average Price $106.92 Percentage AMT 0.00% Current Yield (NAV) 6.05% Current Yield (Market) 5.36% Credit Quality* AAA 100.00% AA 0.00% A 0.00% BBB 0.00% BB 0.00% Top Holdings* Denver Co City & Cnty Arpt 5.25% 11/15/2023 6.86% Denver Co City & Cnty 5.00% 9/1/2020 5.96% Co Springs Revenue 5.375% 6/1/2032 4.59% N W Parkway SR-Series A 5.25% 6/15/2041 4.48% Boulder Dev Univ of Co 5.00% 9/1/2026 3.98% Top Sectors* Higher Education 32.78% Municipal Lease 15.69% Pre-Refunded 13.84% Turnpike/Toll Roads 13.71% Water and Sewer 12.34% Delaware Investments Florida Insured Municipal Income Fund (VFL) Fund Information* Net Asset Value $15.58 Market Price $17.15 Premium (Discount) 10.08% Total Net Assets $57.7 million Shares Outstanding 2,422,200 Inception Date February 26, 1993 % Leveraged to Total Net Assets 34.64% Dividends** Paid Monthly Last Dividend Declared $0.085000 Ex-Dividend Date January 12, 2005 Record Date January 14, 2005 Payment Date January 28, 2005 YTD Distributions $0.0850 Total Distributions 2004 $1.0200 Total Distributions 2003 $0.9800 Total Distributions 2002 $0.9100 Total Distributions 2001 $0.7845 Total Distributions 2000 $0.7575 Total Distributions 1999 $0.7575 Undistributed Income* $859,636 Call Schedule* 2004 0.00% 2005 14.33% 2006 37.55% 2007 3.17% 2008 0.00% Portfolio Statistics* Average Effective Maturity 4.73 years Average Duration 3.82 years Average Coupon 5.62% Average Price $105.68 Percentage AMT 18.53% Current Yield (NAV) 6.55% Current Yield (Market) 5.95% Credit Quality* AAA 100.00% AA 0.00% A 0.00% BBB 0.00% BB 0.00% Top Holdings* Escambia FL Sch Cop 5.50% 2/1/2022 9.08% Orange Co FL-Pub Srvc Tax 6.00% 10/1/2024 5.45% Escambia Health VHA Prog 5.95% 7/1/2020 5.44% Sunrise FL Utility System 5.75% 10/1/2026 4.63% Leigh FL HFA Section 8 6.30% 9/1/2036 4.50% Top Sectors* Dedicated Taxes & Fees 25.04% Municipal Lease 24.23% Housing Multi-Family 23.00% Pre-Refunded 22.05% Hospitals 21.75% Delaware Investments Minnesota Municipal Income Fund (VMN) Fund Information* Net Asset Value $14.87 Market Price $16.67 Premium (Discount) 12.10% Total Net Assets $58.6 million Shares Outstanding 2,594,700 Inception Date May 1, 1992 % Leveraged to Total Net Assets 34.14% Dividends** Paid Monthly Last Dividend Declared $0.070000 Ex-Dividend Date January 12, 2005 Record Date January 14, 2005 Payment Date January 28, 2005 YTD Distributions $0.0700 Total Distributions 2004 $0.9850 Total Distributions 2003 $0.9200 Total Distributions 2002 $0.8750 Total Distributions 2001 $0.8400 Total Distributions 2000 $0.8450 Total Distributions 1999 $0.9250 Undistributed Income* $423,839 Call Schedule* 2004 0.00% 2005 2.44% 2006 2.26% 2007 2.54% 2008 1.43% Portfolio Statistics* Average Effective Maturity 7.76 years Average Duration 6.53 years Average Coupon 5.65% Average Price $109.97 Percentage AMT 10.77% Current Yield (NAV) 6.62% Current Yield (Market) 5.91% Credit Quality* AAA 65.10% AA 14.86% A 14.38% BBB 5.66% BB 0.00% Top Holdings* Dakota & Washington Cty 8.375% 9/1/2021 6.52% So Minn Power Agency Rol II 8.69% 1/1/2014 5.36% Minneapolis Airport 5.25% 1/1/2032 4.48% Western Minn Muni Power Agy 5.000% 1/1/2030 3.35% Minn Agric Board 6.375% 11/15/2029 3.28% Top Sectors* Public Power 30.76% Hospitals 17.12% School District 15.58% Escrowed to Maturity 13.55% Airports 10.19% Delaware Investments Minnesota Municipal Income Fund II (VMM) Fund Information* Net Asset Value $15.19 Market Price $16.75 Premium (Discount) 10.27% Total Net Assets $170.2 million Shares Outstanding 7,252,200 Inception Date February 26, 1993 % Leveraged to Total Net Assets 35.26% Dividends** Paid Monthly Last Dividend Declared $0.087500 Ex-Dividend Date January 12, 2005 Record Date January 14, 2005 Payment Date January 28, 2005 YTD Distributions $0.0875 Total Distributions 2004 $1.0450 Total Distributions 2003 $0.9800 Total Distributions 2002 $0.9100 Total Distributions 2001 $0.8325 Total Distributions 2000 $0.8175 Total Distributions 1999 $0.8175 Undistributed Income* $2,620,113 Call Schedule* 2004 0.00% 2005 12.75% 2006 6.91% 2007 5.57% 2008 4.28% Portfolio Statistics* Average Effective Maturity 7.36 years Average Duration 5.66 years Average Coupon 5.63% Average Price $107.86 Percentage AMT 14.00% Current Yield (NAV) 6.88% Current Yield (Market) 6.24% Credit Quality* AAA 56.16% AA 18.33% A 16.47% BBB 2.58% BB 6.46% Top Holdings* Dakota & Washington Cty 8.375% 9/01/2021 4.83% Minn Agric Health A 5.75% 11/15/2026 3.57% Minn State Muni Power Agy 5.00% 10/1/2034 3.43% Duluth Minn Econ Dev 5.25% 2/15/2033 2.98% Cloquet Minn Poll Cont 5.90% 10/1/2026 2.67% Top Sectors* Hospitals 24.43% Pre-Refunded 15.46% Escrowed to Maturity 14.82% Public Power 11.92% Municipal Lease 11.05% Delaware Investments Minnesota Municipal Income Fund III (VYM) Fund Information* Net Asset Value $14.28 Market Price $15.25 Premium (Discount) 6.79% Total Net Assets $41.2 Million Shares Outstanding 1,837,200 Inception Date October 29, 1993 % Leveraged to Total Net Assets 36.38% Dividends** Paid Monthly Last Dividend Declared $0.080000 Ex-Dividend Date January 12, 2005 Record Date January 14, 2005 Payment Date January 28, 2005 YTD Distributions $0.7900 Total Distributions 2004 $0.9500 Total Distributions 2003 $0.8600 Total Distributions 2002 $0.8150 Total Distributions 2001 $0.7594 Total Distributions 2000 $0.7575 Total Distributions 1999 $0.7575 Undistributed Income* $603,692 Call Schedule* 2004 0.00% 2005 11.24% 2006 10.69% 2007 0.00% 2008 6.49% *Data as of December 31, 2004 **Data as of January 31, 2005 Portfolio Statistics* Average Effective Maturity 7.59 years Average Duration 5.85 years Average Coupon 5.76% Average Price $107.36 Percentage AMT 10.12% Current Yield (NAV) 6.65% Current Yield (Market) 6.23% Credit Quality* AAA 57.43% AA 13.96% A 19.48% BBB 5.16% BB 3.97% Top Holdings* Univ of Minn Hospital 6.75% 12/1/2016 7.78% Minn Public Facilities 5.40% 3/1/2015 5.53% Burnsville Minn Mtg Revenue 7.10% 1/1/2030 4.73% St. Paul Housing & Redev Auth 5.40% 11/20/24 4.60% So Minn Power Agency Rol II 8.69% 1/1/2014 4.57% Top Sectors* Escrowed to Maturity 12.22% Hospitals 20.81% Housing Multi-Family 15.02% Municipal Lease 10.00% Public Power 22.00% *Data as of December 31, 2004 **Data as of January 31, 2005 Delaware Closed-end Non-municipal Fund Update Delaware Investments Dividend and Income Fund, Inc. Fund Information * NYSE Symbol DDF Net Asset Value $13.38 Market Price $12.130 Premium (Discount) -9.34% Total Net Assets $227,285,089 Shares Outstanding 12,876,300 Inception Date March 26, 1993 % Leveraged to Total Net Assets 24.20% Dividends** Paid Monthly Last Dividend Declared $0.08000 Ex-Dividend Date January 12, 2005 Record Date January 14, 2005 Payment Date January 28, 2005 Total Distributions 2004 $0.9600 Total Distributions 2003 $1.1200 Total Distributions 2002 $0.0815 Total Distributions 2001 $1.5000 Total Distributions 2000 $1.5000 Total Distributions 1999 $1.5000 Total Distributions 1998 $2.2550 Total Distributions 1997 $1.9080 Total Distributions 1996 $1.6250 Total Distributions 1995 $1.1810 Total Distributions 1994 $1.2600 Asset Allocation * % of Total Net Assets Common Stocks 60.00% Preferred Stocks 3.14% Mortgage Backed Securities 0.00% Convertible Preferred Stock 4.53% Revenue Bonds 0.11% Convertible Bonds 1.30% Foreign Bonds 0.00% Corporate Bonds 28.75% Short-Term Instruments & Other Assets 2.18% Credit Quality Breakdown* % of Fixed Inc. Assets A 0.00% AAA 2.06% B 17.44% BB 6.03% BBB 0.87% C 0.19% C, CC 3.87% D 0.00% N/R 69.54% Top 5 Holdings - Common Stock* % of Total Net Assets DOW CHEMICAL 2.18% STARWOOD HOTELS & RESORTS WOR 1.64% ALLTEL 1.58% BCE 1.40% CHEVRONTEXACO 1.34% Top 5 Holdings - Convertible Securities* % of Total Net Assets NEWELL TRUST CNV PFD 5.25% 1.01% PUBLIC SERVICE ENTERPRISE GRP 0.70% LUCENT 7.75% CNV PFD 0.64% NATL AUST BK 7.875% CNV PFD 0.60% CRESCENT REAL 6.75% CNV PFD 0.58% Top 5 Holdings - Corporate Bonds* % of Total Net Assets NEWELL TRUST CNV PFD 5.25% 1.09% GAP CNV 144A 1.07% NEXTEL PARTNERS CNV 144A 0.92% PUBLIC SERVICE ENTERPRISE GRP 0.81% LUCENT 7.75% CNV PFD 0.68% Top 5 Sectors BANKING & FINANCE 12.89% REAL ESTATE 7.80% TELECOMMUNICATIONS 6.56% UTILITIES 6.27% HEALTHCARE & PHARMACEUTICALS 5.14% *Data as of December 31, 2004 **Data as of January 31, 2005 Delaware Investments Global Dividend and Income Fund, Inc. Fund Information * NYSE Symbol DGF Net Asset Value $14.07 Market Price $12.570 Premium (Discount) -10.66% Total Net Assets $109,223,536 Shares Outstanding 5,985,582 Inception Date March 4, 1994 % Leveraged to Total Net Assets 24.78% Dividends** Paid Monthly Last Dividend Declared $0.08000 Ex-Dividend Date January 12, 2005 Record Date January 14, 2005 Payment Date January 28, 2005 Total Distributions 2004 $0.9600 Total Distributions 2003 $1.0700 Total Distributions 2002 $1.1040 Total Distributions 2001 $1.5000 Total Distributions 2000 $1.5000 Total Distributions 1999 $1.5000 Total Distributions 1998 $1.6450 Total Distributions 1997 $1.7790 Total Distributions 1996 $1.6250 Total Distributions 1995 $1.1928 Total Distributions 1994 $0.9520 Asset Allocation * % of Total Net Assets US Equity 39.63% US Fixed Income 16.71% International Equity 22.73% International Fixed Income 16.66% Short-term Instruments & Other Assets 4.28% Credit Quality Breakdown* % of Fixed Inc. Assets A 1.05% AA 3.15% AAA 19.49% B 7.51% BB 2.76% BBB 0.48% C 0.08% CC, CCC or Lower 1.78% N/R 63.69% Top 5 Holdings - US Equity* % of Total Net Assets GENERAL GROWTH PROPERTIES 2.42% PFIZER 1.16% DOW CHEMICAL 1.16% ALLTEL 1.05% MBNA 0.94% Top 5 Holdings - Foreign Equity* % of Total Net Assets BCE 1.02% RWE AG 0.86% HBOS PLC 0.81% FOSTER'S GROUP LTD 0.80% TELEFONICA SA 0.79% Top 5 Holdings - US Fixed Income* % of Total Net Assets FANNIE MAE - GLOBAL 1.03% KFW INTERNATIONAL FINANCE 0.99% INTERAMERICAN DEVEL BK 0.66% GAP CNV 144A 0.61% INTL BANK RECON & DEVELOPMENT 0.48% Top 5 Holdings - Foreign Fixed Income* % of Total Net Assets DEUTSCHLAND REPUBLIC 1.59% GOVERNMENT OF FRANCE 1.47% DEUTSCHLAND REPUBLIC 1.24% OESTERREICH KONTROLLBANK 1.16% DEVELOPMENT BANK OF JAPAN 0.90% Top 5 Countries* % of Total Net Assets United Kingdom 7.81% Germany 5.20% Australia 3.84% France 3.71% Italy 2.74% Top 5 Sectors* BANKING & FINANCE 14.58% UTILITIES 6.27% ENERGY 6.12% HEALTHCARE & PHARMACEUTICALS 5.20% TELECOMMUNICATIONS 4.37% *Data as of December 31, 2004 **Data as of January 31, 2005 DATASOURCE: Delaware Investments CONTACT: Christina Ward, Delaware Investments - Corporate Communications, +1-215-255-1388, or Priscilla Brown, Investor Relations of Lincoln Financial Group, +1-215-448-1422 Web site: http://www.delawareinvestments.com/

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