Lincoln National Income Fund, Inc. 425 filed 6/2/06
Filing by Delaware Group Income Funds
Pursuant to Rule 425 under the
Securities Act of 1933
Subject Company: Lincoln National
Income Fund, Inc.
Commission File No. 811-02264
[DELAWARE INVESTMENTS LOGO]
2005 Market Street
Philadelphia, PA 19103-7094
FOR IMMEDIATE RELEASE
Contact: Ayele Ajavon Laurel O'Brien
Corporate Communications Corporate Communications
Delaware Investments Delaware Investments
215-255-1632 215-255-1520
aajavon@delinvest.com lobrien@delinvest.com
LINCOLN NATIONAL INCOME FUND, INC.
ANNOUNCES RESULTS OF SPECIAL SHAREHOLDERS' MEETING
PHILADELPHIA, June 1, 2006 - Lincoln National Income Fund, Inc. (NYSE: LND) (the
"Fund") announced the final results of voting at the Special Meeting of
Shareholders held today. Shareholders of the Fund approved an Agreement and Plan
of Acquisition (the "Plan of Acquisition") that provides for: (i) the
acquisition of substantially all of the assets of the Fund by Delaware Corporate
Bond Fund ("Corporate Bond Fund"), an open-end series of Delaware Group Income
Funds, in exchange for Class A shares of Corporate Bond Fund; (ii) the pro rata
distribution of such shares to the Fund's shareholders in exchange for their
shares of the Fund; and (iii) the subsequent liquidation and dissolution of the
Fund.
The transaction, which is expected to be a tax-free reorganization, is currently
anticipated to become effective after the close of trading on June 16, 2006 (the
"Closing Date"). As set forth in the Plan of Acquisition, shareholders of the
Fund will receive Class A shares of Corporate Bond Fund having the same
aggregate net asset value as their shares of the Fund. The exchange of shares
will be based on each fund's net asset value per share determined as of 4:00
p.m. Eastern time on the Closing Date. For the three months after the Closing
Date, former Fund shareholders who redeem or exchange shares of Corporate Bond
Fund received in connection with the transaction will pay a 2% redemption fee.
The Fund is a closed-end, non-diversified investment management company managed
by Delaware Management Company. Delaware Management Company is a series of
Delaware Management Business Trust, a subsidiary of Lincoln National
Corporation. The Fund's primary objective is to seek to produce increasing
dollar amounts of income for distribution to its shareholders over the long
term. As of May 31, 2006, the Fund had total assets of approximately $91.1
million.
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Delaware Investments is the marketing name for Delaware Management Holdings,
inc. and its subsidiaries.
www.delawareinvestments.com
About Delaware Investments
Delaware Investments, an affiliate of Lincoln Financial Group, is a
Philadelphia-based diversified asset management firm with more than $120 billion
in assets under management as of March 31, 2006. Through a broad range of
managed accounts and portfolios, mutual funds, retirement accounts, subadvised
funds, education savings plans and other investment products, Delaware
Investments provides investment services to individual investors and to
institutional investors such as private and public pension funds, foundations,
and endowment funds. Delaware Investments is the marketing name for Delaware
Management Holdings, Inc. and its subsidiaries. For more information on Delaware
Investments, visit the company at www.delawareinvestments.com. Lincoln Financial
Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its
affiliates. For more information on Lincoln Financial Group, visit www.lfg.com.
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