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Lipper Rankings


Delaware Investments Funds Ranked in Top Half of Lipper Category, According to 1-Year Rankings

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Lipper has ranked the following Delaware Investments mutual funds in the top half of their respective categories, according to 1-year rankings.

Rankings represent each fund's percentile ranking within its Lipper peer group. Lipper fund data for all time periods shown is as of October 30, 2009. Although a fund may outperform peers within the peer group, its returns for that time period may still be negative. Rankings shown include management fees and are provided by Lipper Inc., a leading independent performance analysis service. Rankings and performance for other time periods are available from Lipper.

For a detailed overview of an individual fund, click on its name below.

Delaware Investments Fixed Income Funds

(Lipper Rankings as of October 30, 2009)

Fund YTD Ranking 1 year 3 years 5 years 10 years or lifetime Lipper classification
Cash Reserve - Class A
121 / 299 133 / 296 124 / 273 111 / 259 93 / 203 Money Market Funds
Core Plus Bond Fund - Class A
47 / 552 34 / 546 64 / 443 74 / 382 66 / 211 Intermediate Investment Grade Debt Funds
Corporate Bond - Class A
34 / 149 24 / 149 22 / 123 20 / 100 13 / 62 Corporate Debt Funds BBB-Rated
Diversified Income - Class A
103 / 154 71 / 151 3 / 107 4 / 96 2 / 73 Multi-Sector Income Funds
Extended Duration Bond - Class A
59 / 149 2 / 149 9 / 123 8 / 100 6 / 62 Corporate Debt Funds BBB-Rated
High-Yield Opportunities - Class A
190 / 462 101 / 460 168 / 387 67 / 332 26 / 209 High Current Yield Funds
Inflation Protected Bond - Class A
37 / 130 85 / 128 6 / 112 N/A N/A Treasury Inflation Protected Securities
Minnesota High Yield Municipal Bond - Class A
5 / 39 4 / 39 22 / 35 2 / 32 1 / 31 Minnesota Municipal Debt Funds
National High Yield Muni Bond - Class A
42 / 114 9 / 112 9 / 95 12 / 78 5 / 60 High Yield Municipal Debt Funds
Tax-Free California - Class A
41 / 124 13 / 123 29 / 111 7 / 103 1 / 78 California Municipal Debt Funds
Tax-Free Colorado - Class A
13 / 20 7 / 20 2 / 18 2 / 18 5 / 15 Colorado Municipal Debt Funds
Tax-Free Idaho - Class A
80 / 129 55 / 129 1 / 123 5 / 115 9 / 105 Other States Municipal Debt Funds
Tax-Free Minnesota Intermediate - Class A
30 / 114 22 / 114 40 / 112 12 / 108 9 / 80 Other States Intermediate Muni Debt Funds
Tax-Free Money - Class A
26 / 104 45 / 101 63 / 90 58 / 82 58 / 63 Tax-Exempt Money Market Funds
Tax-Free New York - Class A
60 / 95 45 / 94 8 / 88 3 / 86 1 / 71 New York Municipal Debt Funds
Tax-Free Pennsylvania - Class A
22 / 57 17 / 57 7 / 52 6 / 46 9 / 44 Pennsylvania Municipal Debt Funds
Tax-Free USA - Class A
115 / 247 87 / 245 103 / 219 49 / 203 35 / 162 General Municipal Debt Funds
Tax-Free USA Intermediate - Class A
65 / 159 35 / 157 72 / 144 17 / 126 7 / 74 Intermediate Municipal Debt Funds

Past performance is no guarantee of future results. Click on a fund name for more recent performance information.

Expense waivers were in effect for the periods shown. Performance would have been lower if waivers did not apply. Lipper rankings may have been lower if waivers did not apply.

Lipper rankings reflect each funds' historical total return performance relative to its peers as of October 30, 2009. The ratings are subject to change every month and are based on an equal-rated average of percentile ranks for the total return metrics over three-, five-, and ten-year periods (as applicable). Lipper rankings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information.

The information provided herein may be used in conjunction with the offering of shares only if preceded or accompanied by a prospectus. All Delaware Investments mutual funds are offered by prospectus only. Prospectuses contain more complete information on fees and expenses and should be read carefully before investing. A prospectus may be downloaded from this Web site or obtained via U.S. mail by calling the Delaware Investments Shareholder Service at 800 523-1918. Delaware Investments funds are distributed by Delaware Distributors L.P.

Delaware Investments Equity Funds

(Lipper Rankings as of October 30, 2009)

Fund YTD Ranking 1 year 3 years 5 years 10 years or lifetime Lipper classification
American Services - Class A
177 / 464 173 / 462 336 / 370 250 / 308 N/A Multi-Cap Growth Funds
Dividend Income - Class A
4 / 507 5 / 503 361 / 402 233 / 310 14 / 147 Income Funds
Emerging Markets - Class A
187 / 373 169 / 353 19 / 237 56 / 176 14 / 104 Emerging Markets Funds
Foundation® Growth Allocation Fund - Class A
118 / 654 36 / 651 225 / 540 108 / 442 127 / 246 Mixed-Asset Target Alloc Growth Funds
Foundation® Conservative Allocation Fund - Class A
77 / 457 22 / 445 36 / 362 10 / 236 23 / 75 Mixed-Asset Target Alloc Consv Funds
Foundation® Moderate Allocation Fund - Class A
114 / 507 21 / 503 68 / 402 34 / 310 53 / 147 Mixed-Asset Target Alloc Moderate Funds
Global Value - Class A
19 / 63 14 / 63 36 / 45 27 / 35 10 / 15 Global Multi-Cap Core
Growth Opportunities - Class A
144 / 492 124 / 491 151 / 432 173 / 358 90 / 173 Mid-Cap Growth Funds
International Value Equity - Class A
39 / 131 27 / 130 53 / 94 43 / 72 16 / 41 International Large-Cap Value
Mid Cap Value - Class A
153 / 362 131 / 358 N/A N/A N/A Multi-Cap Value Funds
Large Cap Value - Class A
412 / 544 155 / 534 351 / 461 285 / 389 125 / 180 Large-Cap Value Funds
Small Cap Growth - Class A
45 / 562 112 / 557 300 / 475 261 / 392 N/A Small-Cap Growth Funds
Select Growth - Class A
21 / 464 27 / 462 131 / 370 97 / 308 103 / 161 Multi-Cap Growth Funds
U.S. Growth - Class A
163 / 834 207 / 832 440 / 708 277 / 589 191 / 304 Large-Cap Growth Funds
Trend - Class A
40 / 562 98 / 557 200 / 475 229 / 392 138 / 213 Small-Cap Growth Funds
Value - Class A
420 / 544 151 / 534 306 / 461 153 / 389 93 / 180 Large-Cap Value Funds

Past performance is no guarantee of future results. Click on a fund name for more recent performance information.

Expense waivers were in effect for the periods shown. Performance would have been lower if waivers did not apply. Lipper rankings may have been lower if waivers did not apply.

Lipper rankings reflect each fund's historical total return performance relative to its peers as of October 30, 2009. The ratings are subject to change every month and are based on an equal-rated average of percentile ranks for the total return metrics over three-, five-, and ten-, year periods (as applicable). Lipper rankings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information.

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 Investments mutual funds are offered by prospectus only. Prospectuses contain more complete information on fees and expenses and should be read carefully before investing. A prospectus may be downloaded from the web site or obtained via U.S. Mail by calling the Delaware Investments Shareholder Service Center at 800 523-1918. Delaware Investments funds are distributed by Delaware Distributors L.P.

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