Delaware Investments Announces Quarterly Updates for Ten Closed-End Funds PHILADELPHIA, Dec. 15 /PRNewswire-FirstCall/ -- Delaware Investments presents the following information: Fund Information Update Lincoln National Income Fund Fund Information * NYSE Symbol LND NAV $14.190 Market Price $13.350 Premium/(Discount) -5.92% Total Net Assets (000) $143,292 Common Shares Outstanding 7,281,092 Inception Date November 10, 1972 % Leveraged to Total Net Assets 27.92% Dividends** Paid Quarterly Dividend Declared $0.265 Ex-Dividend Date October 15, 2003 Record Date October 11, 2003 Payment Date October 25, 2003 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 1.56% Public Debt 94.35% Private Debt 3.78% Short Term 0.91% Other Assets/(Liabilities) -0.60% Portfolio Statistics* Average Coupon Rate 6.59% Average Maturity 12.51 Dividend Yield (annualized) 7.94% Quality Breakdown* % of Total Net Assets AAA 8.54% AA 9.88% A 23.22% BBB 37.22% BB 9.56% B 7.05% CCC+ or Lower 0.70% Not Rated 3.83% Top 5 Sectors* % of Total Net Assets Financials 36.99% Miscellaneous 24.32% Utilities- Electric, Gas, Other 16.79% Foreign Bonds 9.89% Energy 7.90% Top Ten Holdings* % of Total Net Assets U.S. TREASURY NOTE 2.57% UFJ FINANCE ARUB 2.57% FORD MOTOR 1.91% GMAC 1.88% ILLINOIS ST TXBL 1.71% CAPITAL ONE BANK 1.71% CENTAUR FUNDING PFD 1.71% GOLDMAN SACHS 1.70% SPRINT CAP 1.62% REPUBLIC OF SOUTH AFRICA 1.49% *Data as of September 30, 2003 **Data as of October 31, 2003 Lincoln National Convertible Securities Fund Fund Information * NYSE Symbol LNV NAV $14.150 Market Price $12.9800 Premium/(Discount) -8.27% Total Net Assets (000) $82,508 Shares Outstanding 5,832,823 Inception Date June 19, 1986 Leverage No Dividends** Paid Quarterly Dividend Declared $0.250 Ex-Dividend Date October 15, 2003 Record Date October 11, 2003 Payment Date October 25, 2003 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 55.49% Convertible Preferred Stock 29.26% Common Stock 9.34% Preferred Stock 0.00% Short-Term Investments 6.18% Other Assets/(Liabilities) -0.27% Portfolio Statistics* Average Coupon Rate 3.13% Average Maturity 9.45 Dividend Yield (annualized) 7.70% Quality Breakdown* % of Total Net Assets AAA 0.00% AA 3.15% A 10.19% BBB 26.74% BB 4.06% B and Lower 27.72% Not Rated 12.89% Equities 15.25% Top 5 Sectors* % of Total Net Assets Retail 11.31% Insurance 8.82% Pharmaceuticals 7.77% Media 6.79% Electric 5.63% Top Ten Holdings* % of Total Net Assets AMKOR TECHNOLOGY 3.50% CHUBB CNV PFD 2.92% MEDIACOM COMMUNICATIONS 2.91% WASHNGTN MUT 5.375% 2.82% EASYLINK - (RESTRICTED) 2.75% GENERAL MILLS CNV 2.59% SCHOOL SPECIALTY CNV 2.49% TOWER AUTO 6.75% CNV PFD 2.47% CENTERPOINT ENERGY CNV 2.35% SOVEREIGN BANCORP 2.32% *Data as of September 30, 2003 **Data as of October 31, 2003 Fund Information Update Delaware Investments Arizona Municipal Income Fund (VAZ) Fund Information* Net Asset Value $15.26 Market Price $15.45 Premium (Discount) 1.25% Total Net Assets $70.5 million Shares Outstanding 2,982,200 Inception Date February 26, 1993 % Leveraged to Total Net Assets 35.46% Dividends** Paid Monthly Last Dividend Declared $0.080000 Ex-Dividend Date October 15, 2003 Record Date October 11, 2003 Payment Date October 25, 2003 YTD Distributions $0.7200 Total Distributions 2002 $0.9100 Total Distributions 2001 $0.8000 Total Distributions 2000 $0.7725 Total Distributions 1999 $0.7725 Total Distributions 1998 $0.7725 Undistributed Income* $1,117,400 Call Schedule* 2003 0.00% 2004 1.00% 2005 4.06% 2006 3.50% 2007 7.14% Portfolio Statistics* Average Effective Maturity 8.57 years Average Duration 6.37 years Average Coupon 5.41% Average Price $104.97 Percentage AMT 9.99% Current Yield (NAV) 6.29% Current Yield (Market) 6.21% Credit Quality* AAA 72.69% AA 10.66% A 11.38% BBB 5.28% BB 0.00% Top Holdings* Puerto Rico Hwy D 5.00% 7/1/2032 12.35% PR Infrastructure A 5.50% 10/1/2040 6.92% Glendale Ariz Muni Pty 5.00% 7/1/2033 4.97% Maricopa County Sch Dist #6 5.375% 7/1/2013 4.90% Ariz Trans Highway Rev 5.75% 7/1/2018 3.91% Top Sectors* Territorial Revenue 22.17% Hospitals 18.27% School Districts 14.06% Miscellaneous 11.23% Escrowed to Maturity 10.72% Delaware Investments Colorado Insured Municipal Income Fund (VCF) Fund Information* Net Asset Value $15.86 Market Price $16.05 Premium (Discount) 1.20% Total Net Assets $116.7 million Shares Outstanding 4,837,100 Inception Date July 29, 1993 % Leveraged to Total Net Assets 34.28% Dividends** Paid Monthly Last Dividend Declared $0.080000 Ex-Dividend Date October 15, 2003 Record Date October 11, 2003 Payment Date October 25, 2003 YTD Distributions $0.7200 Total Distributions 2002 $0.9100 Total Distributions 2001 $0.8025 Total Distributions 2000 $0.7350 Total Distributions 1999 $0.7350 Total Distributions 1998 $0.7350 Undistributed Income* $1,961,922 Call Schedule* 2003 0.00% 2004 5.84% 2005 2.67% 2006 11.76% 2007 6.87% Portfolio Statistics* Average Effective Maturity 6.36 years Average Duration 5.19 years Average Coupon 5.41% Average Price $106.28 Percentage AMT 0.00% Current Yield (NAV) 6.05% Current Yield (Market) 5.98% 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 6.76% Denver Co City & Cnty 5.00% 9/1/2020 5.84% Co Springs Revenue 5.375% 6/1/2032 4.51% N W Parkway SR-Series A 5.25% 6/15/2041 4.43% Boulder Dev Univ of Co 5.00% 9/1/2026 3.92% Top Sectors* Higher Education 34.74% Municipal Lease 22.11% School District 17.42% Turnpike/Toll Roads 13.50% Dedicated Tax and Fees 11.25% Delaware Investments Florida Insured Municipal Income Fund (VFL) Fund Information* Net Asset Value $16.21 Market Price $15.40 Premium (Discount) -5.00% Total Net Assets $59.3 million Shares Outstanding 2,422,200 Inception Date February 26, 1993 % Leveraged to Total Net Assets 33.75% Dividends** Paid Monthly Last Dividend Declared $0.085000 Ex-Dividend Date October 15, 2003 Record Date October 11, 2003 Payment Date October 25, 2003 YTD Distributions $0.7250 Total Distributions 2002 $0.9100 Total Distributions 2001 $0.7845 Total Distributions 2000 $0.7575 Total Distributions 1999 $0.7575 Total Distributions 1998 $0.7575 Undistributed Income* $1,027,015 Call Schedule* 2003 0.00% 2004 0.00% 2005 14.32% 2006 41.50% 2007 3.64% Portfolio Statistics* Average Effective Maturity 5.75 years Average Duration 4.50 years Average Coupon 5.66% Average Price $107.96 Percentage AMT 18.78% Current Yield (NAV) 6.05% Current Yield (Market) 6.36% 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% 02/01/2022 9.14% Escambia Health VHA Prog 5.95% 07/01/2020 5.59% Orange Co FL-Pub Srvc Tax 6.00% 10/01/2024 5.56% Sunrise FL Utility System 5.75% 10/01/2026 4.80% Venice FL Bon Secours 5.60% 08/15/2016 4.49% Top Sectors* Hospitals 28.25% Municipal Leases 23.58% Housing Multi-family 23.06% Dedicated Tax and Fees 22.72% Pre-Refunded 22.44% Delaware Investments Minnesota Municipal Income Fund (VMN) Fund Information* Net Asset Value $15.18 Market Price $15.15 Premium (Discount) -0.20% Total Net Assets $59.4 million Shares Outstanding 2,594,700 Inception Date May 1, 1992 % Leveraged to Total Net Assets 33.68% Dividends** Paid Monthly Last Dividend Declared $0.080000 Ex-Dividend Date October 15, 2003 Record Date October 11, 2003 Payment Date October 25, 2003 YTD Distributions $0.6800 Total Distributions 2002 $0.8750 Total Distributions 2001 $0.8400 Total Distributions 2000 $0.8450 Total Distributions 1999 $0.9250 Total Distributions 1998 $0.9300 Undistributed Income* $828,742 Call Schedule* 2003 3.95% 2004 7.59% 2005 7.05% 2006 2.38% 2007 2.85% Portfolio Statistics* Average Effective Maturity 8.96 years Average Duration 6.76 years Average Coupon 5.93% Average Price $107.84 Percentage AMT 14.72% Current Yield (NAV) 6.06% Current Yield (Market) 6.07% Credit Quality* AAA 62.48% AA 11.12% A 18.11% BBB 2.85% BB 5.44% Top Holdings* Dakota & Washington Cty 8.375% 9/1/2021 6.33% So Minn Power Agency 8.96% 1/1/2014 5.34% Minn Agric Board Rev 6.375% 11/15/2029 4.54% Minneapolis Airport 5.25% 1/1/2032 4.33% Western Minn Muni Power Agy 5.000% 1/1/2030 4.28% Top Sectors* Public Power 25.46% Hospitals 20.60% Escrowed to Maturity 13.16% School District 13.15% Housing Multi-Family 10.07% Delaware Investments Minnesota Municipal Income Fund II (VMM) Fund Information* Net Asset Value $15.04 Market Price $15.59 Premium (Discount) 3.66% Total Net Assets $169.1 million Shares Outstanding 7,252,200 Inception Date February 26, 1993 % Leveraged to Total Net Assets 35.48% Dividends** Paid Monthly Last Dividend Declared $0.085000 Ex-Dividend Date October 15, 2003 Record Date October 11, 2003 Payment Date October 25, 2003 YTD Distributions $0.7250 Total Distributions 2002 $0.9100 Total Distributions 2001 $0.8325 Total Distributions 2000 $0.8175 Total Distributions 1999 $0.8175 Total Distributions 1998 $0.8175 Undistributed Income* $3,507,215 Call Schedule* 2003 6.31% 2004 13.36% 2005 14.27% 2006 7.52% 2007 5.57% Portfolio Statistics* Average Effective Maturity 7.27 years Average Duration 5.34 years Average Coupon 5.94% Average Price $106.57 Percentage AMT 16.67% Current Yield (NAV) 6.52% Current Yield (Market) 6.29% Credit Quality* AAA 55.88% AA 18.73% A 15.40% BBB 1.10% BB 8.90% Top Holdings* Dakota & Washington Cty 8.375% 9/01/2021 4.78% Bass Brook Minn Poll Cont 6.00% 7/1/2022 4.53% Duluth Minn EDA Health 6.00% 2/15/2020 3.63% Minn Agric Health A 5.75% 11/15/2026 3.54% St. Paul Civic Center 5.55% 11/01/2023 2.54% Top Sectors* Hospitals 24.41% Pre-Refunded 16.31% Escrowed to Maturity 13.17% Housing Multi-Family 12.64% School District 8.31% Delaware Investments Minnesota Municipal Income Fund III (VYM) Fund Information* Net Asset Value $14.31 Market Price $13.96 Premium (Discount) -2.45% Total Net Assets $41.3 Million Shares Outstanding 1,837,200 Inception Date October 29, 1993 % Leveraged to Total Net Assets 36.33% Dividends** Paid Monthly Last Dividend Declared $0.075000 Ex-Dividend Date October 15, 2003 Record Date October 11, 2003 Payment Date October 25, 2003 YTD Distributions $0.6350 Total Distributions 2002 $0.8150 Total Distributions 2001 $0.7594 Total Distributions 2000 $0.7575 Total Distributions 1999 $0.7575 Total Distributions 1998 $0.7575 Undistributed Income* $762,838 Call Schedule* 2003 6.05% 2004 6.99% 2005 13.04% 2006 13.44% 2007 0.00% *Data as of September 30, 2003 **Data as of October 31, 2003 Portfolio Statistics* Average Effective Maturity 8.86 years Average Duration 6.06 years Average Coupon 6.00% Average Price $106.64 Percentage AMT 12.65% Current Yield (NAV) 6.01% Current Yield (Market) 6.16% Credit Quality* AAA 59.24% AA 10.08% A 17.32% BBB 5.81% BB 7.55% Top Holdings* Univ of Minn Hospital 6.75% 12/1/2016 7.93% Minn Public Facilities 5.40% 3/1/2015 5.72% Esko Minn Indpt School Dist 5.75% 4/1/2017 5.54% Burnsville Minn Mtg Revenue 7.10% 1/1/2030 4.97% So Minn Power Agency 8.96% 1/1/2014 4.61% Top Sectors* Pre-Refunded 18.29% Hospitals 14.50% Escrowed to Maturity 12.45% Public Power 11.94% Continuing Care/Retirement 11.77% Fund Information Update Delaware Investments Dividend and Income Fund, Inc. Fund Information * NYSE Symbol DDF Net Asset Value $11.21 Market Price $11.180 Premium (Discount) -0.27% Total Net Assets $199,331,761 Shares Outstanding 12,876,300 Inception Date March 26, 1993 % Leveraged to Total Net Assets 27.55% Dividends* Paid Monthly Last Dividend Declared $0.08000 Ex-Dividend Date October 15, 2003 Record Date October 11, 2003 Payment Date October 25, 2003 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 55.95% Preferred Stocks 2.98% Convertible Preferred Stock 4.12% Foreign Bonds 0.00% Convertible Bonds 2.94% Corporate Bonds 30.80% Short-Term Instruments & Other Assets 3.21% Credit Quality Breakdown* % of Fixed Income Assets A 0.16% AAA 2.49% B 16.91% BB 8.64% BBB 1.93% CC 0.11% CCC 5.10% N/R 64.66% Common Stock - Top Five Holdings* % of Total Net Assets DOW CHEMICAL 1.63% MORGAN STANLEY 1.45% GENERAL MILLS 1.39% BANK OF AMERICA 1.34% STARWOOD HOTELS & RESORTS 1.33% Convertible Preferred Stocks & Bonds % of Total Net Assets Top Five Holdings* NEWELL TRUST CNV PFD 5.25% 1.11% PUBLIC SERVICE ENTERPRISE GRP 0.82% NATL AUST BK 7.875% CNV PFD 0.72% CRESCENT REAL 6.75% CNV PFD 0.64% NORTHROP GRUMMAN 7.25% CNV PFD 0.52% Corporate Bonds - Top Five Holdings* % of Total Net Assets CHARTER COMMUNICATIONS 0.74% GEORGIA-PACIFIC 0.54% INSIGHT COMMUNICATIONS 0.46% UNITED COMPONENT 0.46% WARNACO INC 144A 0.42% Top Sectors* BANKING & FINANCE 11.96% ENERGY 6.55% REAL ESTATE 6.11% UTILITIES 6.02% HEALTHCARE & PHARMACEUTICALS 5.39% *Data as of September 30, 2003 **Data as of October 31, 2003 Delaware Investments Global Dividend and Income Fund, Inc. Fund Information * NYSE Symbol DGF Net Asset Value $11.43 Market Price $11.300 Premium (Discount) -1.14% Total Net Assets $89,412,558 Shares Outstanding 5,985,582 Inception Date March 4, 1994 % Leveraged to Total Net Assets 23.49% Dividends* Paid Monthly Last Dividend Declared $0.08000 Ex-Dividend Date October 15, 2003 Record Date October 11, 2003 Payment Date October 25, 2003 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 36.05% US Fixed Income 19.14% International Equity 19.05% International Fixed Income 18.15% Short-term Instruments & Other Assets 7.60% Credit Quality Breakdown* % of Fixed Income Assets A 1.38% AA 3.57% AAA 23.11% B 8.01% BB 4.02% BBB 2.18% CC 0.05% CCC 2.52% N/R 55.16% U.S. Equity -Top Five Holdings* % of Total Net Assets GENERAL GROWTH PROPERTIES 1.95% SOVEREIGN BANCORP 1.44% DOW CHEMICAL 0.93% MORGAN STANLEY 0.89% RAMCO-GERSHENSON PROPERTIES 0.89% Foreign Equity - Top Five Holdings* % of Total Net Assets HBOS PLC 0.69% BAYER 0.67% ROYAL DUTCH PETROLEUM 0.67% BOOTS GROUP PLC 0.67% LLOYDS TSB GROUP 0.67% U.S. Fixed Income - Top Five Holdings* % of Total Net Assets FANNIE MAE GLOBAL 1.00% MASCOTECH CNV 0.76% GAP CNV 144A 0.67% MERISTAR HOSPITALITY 0.34% MERCURY INTERACTIVE CNV 144A 0.31% Foreign Fixed Income - Top Five Holdings* % of Total Net Assets DEUTSCHLAND REPUBLIC 2.18% REPUBLIC OF ITALY 1.80% KINGDOM OF BELGIUM 1.76% OESTERREICH KONTROLLBANK 1.59% CANADA GOVERNMENT 1.52% Top Five Foreign Countries* % of Total Net Assets United Kingdom 5.86% Germany 5.17% Australia 4.51% France 3.46% Italy 2.39% Top Sectors* BANKING & FINANCE 13.85% ENERGY 5.98% UTILITIES 5.26% HEALTHCARE & PHARMACEUTICALS 4.44% FOOD, BEVERAGE & TOBACCO 3.73% *Data as of September 30, 2003 **Data as of October 31, 2003 DATASOURCE: Delaware Investments CONTACT: Tom Gariepy of Delaware Investments, +1-215-255-1495 Web site: http://www.delawareinvestments.com/

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