Landore Resources (LSE:LND)
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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/