Lincoln Financial Distributors is the wholesaling organization for Lincoln Financial Group's retail products and services, including Delaware Investments' investment products. With the support of a large, customer-focused wholesaling force, LFD offers financial professionals a single source for a broad array of competitive products, business-building resources and customized solutions for their affluent and business owner clients.

Securities and investment advisory services distributed by Lincoln Financial Distributors, Inc., a broker/dealer, and registered investment advisor. Insurance offered through Lincoln affiliates.

COMMUNITY INVOLVEMENT :

Delaware Investments is an active contributor to the community. In addition to providing financial assistance to local and national organizations, Delaware's employees are actively involved in volunteerism and connected to the community throughout the year. Delaware Investments is committed to improving the quality of life and making a difference for the community.

Delaware Investments and its employees have provided a wide variety of services for the community which include the donation of care packages for the men and women serving in Iraq, rebuilding of communities through Habitat for Humanity, the United Way Campaign and fund-raising for Fragile X research. In addition, Delaware is consistently involved in annual fund-raising and community events. These include successful initiatives such as Philadelphia Cares Day, Holiday Toy Drive and Career-Shadowing day, which is an annual event where Delaware Investments employees mentor local Philadelphia area high school students. Six times during the year, Delaware Investment employees participate in "Jeans Day", where employees who donate through Delaware to different non-profit organizations can wear jeans to work. Contributions have included toys, clothes and money to support the different groups. Recent "Jeans Day" drives have benefited the Armed Services and the Red Cross. The employees also sponsor silent auctions to support organizations like the Fox Chase Cancer Center.

Delaware Investments is a member of the Lincoln Financial Group, the marketing name for the Lincoln National Corporation. Throughout its history, Lincoln's employees have been active to those communities in which they reside.

Since its inception Delaware Investments has continually received awards and recognition from many reputable organizations. Delaware's excellence in the financial services industry has not gone unnoticed, as exemplified by its awards and recognition in areas such as superior service, operational excellence.

Highlights of some of the most recent awards and recognition received by Delaware Investments and its distribution partner, Lincoln Financial Distributors (LFD) are featured below.

Delaware Investments superior investment performance in 2003 was widely recognized as it received a #4 ranking (out of 75 firms) by the weekly investment publication, Barron's. Barron's used data from Lipper, Inc., which tracks mutual fund performance data.

The Crystal Pyramid is awarded to those firms that achieve the highest scores in the DALBAR Financial Professionals Program, an annual survey of operations managers from broker/dealer firms. 2003 marked the fourth year that Delaware Investments captured this award.

Delaware Investments received honors from The League of American Communications Professionals (LACP) for its online newsletter, "What's News." The LACP is an organization that encourages excellence in the practice of communications for all organizations, which include corporations, small businesses, non-profit organizations, educational institutions and government entities.

Lincoln Financial Distributors (LFD), the wholesaling organization for Delaware Investments' investment products received the Morgan Stanley Access Sales Manager Awards for its support for Morgan Stanley's managed account sales initiative. The award is given annually to one of over 60 firms that offer their portfolio strategies to Access, Morgan Stanley's managed accounts program.

Delaware Investments website ranked in the Top 25 for Mutual Fund Industry Websites during the First Quarter of 2004. Additionally, , which provides extensive Delaware product information for financal professionals, is ranked #3 by Dalbar. DALBAR's WebMonitor Program tracks web site innovations across the financial services industry and identifies the industry's best sites for financial professionals and consumers. DALBAR evaluates web sites on a daily basis and scores them using criteria such as: Finance, Usability, Freshness Of Content and Consistency.