Filing by Delaware Group Equity Funds V Pursuant to Rule 425 under the Securities Act of 1933 Subject Company: Lincoln National Convertible Securities Fund, Inc. Commission File No. 811-04659 LINCOLN NATIONAL CONVERTIBLE SECURITIES FUND, INC. One Commerce Square 2005 Market Street Philadelphia, PA 19103 May 17, 2005 SPECIAL MEETING OF SHAREHOLDERS YOUR VOTE IS IMPORTANT DEAR SHAREHOLDER: We previously sent you proxy materials for the Special Meeting of Shareholders of Lincoln National Convertible Securities Fund, Inc. (the "Company") to be held on June 2, 2005. To date, we have not yet received your proxy for this important meeting. Please vote your shares today by signing, dating and mailing the enclosed proxy. The Special Meeting will be held to approve a transaction (the "Transaction") that will result in your Company being acquired by the Delaware Dividend Income Fund, an open-end fund that is a series of Delaware Group Equity Funds V. If approved, you will receive, in exchange for your shares in the Company, Class A Shares of the Delaware Dividend Income Fund equal in value to the aggregate net asset value of your shares in the Company. Your Board of Directors recommends that shareholders vote "FOR" the merger proposal. Your Board is recommending the merger primarily because: o Company shareholders will benefit from significantly lower operating expenses; o the discount at which the Company's shares are currently trading would be eliminated; o reorganizing the Company into an open-end fund will provide the Company's shareholders with more liquidity; o the Delaware Dividend Income Fund has an investment objective similar to the Company's, but has achieved a stronger performance track record than the Company over the one-year, three-year and five-year periods ended December 31, 2004. (Of course, past performance is no guarantee of future results.); and o Company shareholders may benefit from an investment in a fund with a broader investment mandate, lower overall risk and lower volatility. For these reasons and others discussed in the Proxy Statement/Prospectus previously distributed to you, the Board of Directors of the Company believes that the proposed Transaction is in the best interest of the Company's shareholders and urges a vote "FOR" the proposed Transaction. YOUR VOTE IS IMPORTANT To make certain that your shares are represented and voted at the Special Meeting, please vote today by signing, dating and mailing the enclosed proxy in the postage-paid envelope provided. Telephone and Internet voting are also available. Please refer to your proxy. Remember, regardless of the number of shares you own, your vote is important, so please vote at your earliest convenience. We appreciate your participation and continued support. Sincerely, /s/PATRICK P. COYNE PATRICK P. COYNE PRESIDENT IMPORTANT If you have any questions or need assistance, please call D. F. King & Co., Inc., which is assisting your Company, toll-free, at 1-800-549-6746.
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Filed: 17 May 05, 12:00am