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Delaware High-Yield Opportunities Fund - Performance


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Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

An investor should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus contains this and other important information about the investment company. A printed copy of any prospectus may be downloaded from our website or obtained upon request by calling 800 523-1918. Please read it carefully before you invest or send money.

 Average annual returns


As of Month-End
(10/31/09)


As of Quarter-End
(09/30/09)


Quarterly Total Returns

Cumulative Data (as of 11/20/09)     Average Annualized (as of 10/31/09)
  Price Net Chg YTD   1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
Inception
Date
 Class A
        At NAV $3.79 no chg 44.82%   41.41% 3.48% 5.24% 6.28% 6.32% 12/30/96
        At offer $3.97 -- --   34.96% 1.87% 4.30% 5.79% 5.94%  
 
 Class B
        At NAV $3.79 no chg 43.93%   40.44% 2.85% 4.52% 5.65% 4.56% 02/17/98
        At offer $3.79 -- --   36.44% 2.23% 4.30% 5.65% 4.56%  
 
 Class C
        At NAV $3.80 no chg 44.30%   40.80% 2.85% 4.56% 5.56% 4.34% 02/17/98
        At offer $3.80 -- --   39.80% 2.85% 4.56% 5.56% 4.34%  
 
 Class R
        At NAV $3.80 no chg 44.42%   41.38% 3.44% 5.11% n/a 7.31% 06/02/03
        At offer $3.80 -- --   41.38% 3.44% 5.11% n/a 7.31%  
 

Click here for Gross Expense Ratio

Current performance may be lower or higher than the performance data quoted. Please obtain the most recent month-end performance by calling 800 523-1918 or visiting our website at www.delawareinvestments.com/performance. An investor should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus contains this and other important information about the investment company. A printed copy of any prospectus may be downloaded from our website or obtained upon request by calling 800 523-1918. Please read it carefully before you invest or send money.

Performance "at NAV" assumes that no front-end or contingent deferred sales charge applied or the investment was not redeemed. Performance "at offer" assumes that a front-end or contingent deferred sales charge applied to the extent applicable.

Class A shares have a current maximum up-front sales charge of 4.50% and are subject to an annual distribution fee. Class B shares are subject to a 1.00% annual distribution and service fee and will be subject to a contingent deferred sales charge of up to 4.00% if redeemed before the end of the 6th year. Class C shares are subject to a 1.00% annual distribution and service fee and will be subject to a contingent deferred sales charge of 1.00% if redeemed within the first 12 months. Class I shares and Class R shares are only available to certain eligible investors. Please see the prospectus and statement of additional information for a more complete explanation.

Please be sure to consult your financial advisor when making investments. Mutual funds, annuities, and other investment products: are not insured by the FDIC or any other government agency; are not deposits or other obligations of, or guaranteed by, any bank or affiliate; and are subject to investment risks, including the possible loss of principal amount invested.

Quoted performance data represents past performance.

Please keep in mind that high double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that recent returns were primarily achieved during favorable market conditions.

High-yielding, non-investment grade bonds involve higher risk than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities.

The portfolio may be invested in foreign high-yield corporate bonds which have special risks that include currency fluctuations, economic and political change and different accounting standards.

Effective at the close of business on May 31, 2007, no new or subsequent investments will be allowed in Class B shares of the Delaware Investments® Family of Funds except through a reinvestment of dividends or capital gains or permitted exchanges. http://www.delawareinvestments.com/Corporate/shareholder/supp_bclass.pdf

Mr. Loome regularly consults with Chuck M. Devereux, Senior Vice President, Director of Credit Research, when making decisions for the Fund.

This Fund will be affected primarily by declines in bond prices, which can be caused by an adverse change in interest rates, adverse economic conditions or poor performance from specific industries or bond issuers.

A rise/fall in the interest rates can have a significant impact on bond prices and the NAV (net asset value) of the fund. Funds that invest in bonds can lose their value as interest rates rise and an investor can lose principal.

The Delaware information provided herein may be used in conjunction with the offering of shares only if preceded or accompanied by a prospectus. All Delaware Funds are offered by prospectus only. The prospectus contains more complete information on advisory fees, distribution charges, and other expenses and should be read carefully before investing or sending money. A printed copy of any Delaware Investments fund prospectus may be obtained by calling Delaware Investments at 800 523-1918.

Distributed by Delaware Distributors L.P.

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