Delaware Core Plus Bond Fund - Overview

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Fund profile
Objective		Portfolio manager(s)
The Fund seeks maximum long-term total return, consistent with reasonable risk.		Kevin P. Loome (2007) Paul Grillo (1997) Roger A. Early (2007) Thomas H. Chow (2007) Delaware Management Company
Main investment strategies
Under normal circumstances, we will invest at least 80% of the Fund's net assets in fixed income securities (the 80% policy). This is not a fundamental policy and can be changed without shareholder approval. However, shareholders would be given notice at least 60 days prior to any change in the 80% Policy. The Fund will invest at least 65% of its net assets in domestic (U.S.) investment grade debt securities (the "core" portion of the portfolio). Such securities may include, but are not limited to, debt securities issued by the U.S. Government and its agencies, high-quality corporate bonds, mortgage-backed and asset-backed securities. In addition to this core allocation, the Fund may also invest in high yielding, lower quality corporate bonds (also called "junk bonds") and foreign securities. However, the Fund may invest no more than 20% of its net assets in high yield securities and no more than 20% of its net assets in foreign securities. Moreover, the Fund's total non-U.S. dollar currency exposure will be limited, in aggregate, to no more than 10% of net assets, and the Fund's investments in emerging markets securities will be limited to no more than 5% of the Fund's net assets. Due to the manner in which the Fund is managed, it may be subject to a high rate of portfolio turnover. The Fund may hold a substantial portion of its assets in cash or short-term fixed income obligations in unusual market conditions, to meet redemption requests, for temporary defensive purposes, and pending investment. The Fund may also use a wide range of derivative instruments, including options, futures contracts, options on futures contracts and swaps, subject to certain limitations. The Fund will limit its investments in derivative instruments to 20% of net assets. The Fund will use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, to affect diversification or to earn additional income. The Fund will not use derivatives for reasons inconsistent with its investment objective.
Fund information (As of 10/31/09)
Fixed Income style		Total net assets $83.1 million       Class A $68.3 million       Class B $4.0 million       Class C $6.9 million       Class I $3.5 million       Class R $0.3 million Inception date         Class A 08/16/85       Class B 05/02/94       Class C 11/29/95       Class I 06/01/92       Class R 06/02/03 Dividends Mid Month Capital gains November

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

Effective August 24, 2007, Kevin P. Loome was added to the Fund and is head of the Delaware Investments High Yield fixed income team. Please see the Fund's prospectus, as supplemented, for more information.

The Fund will also be affected by prepayment risk due to its holdings of mortgage-backed securities. With prepayment risk, when homeowners prepay mortgages during periods of low interest rates, the Fund may be forced to re-deploy its assets in lower yielding securities. Derivatives risk is the possibility that a fund may experience a significant loss if it employs a derivatives strategy related to a security or a securities index and that security or index moves in the opposite direction from what the portfolio manager had anticipated. Another risk of derivative transactions is the creditworthiness of the counterparty because the transaction depends on the willingness and ability of the counterparty to fulfill its contractual obligations. Derivatives may also involve additional expenses.

Please see the Fund's prospectus, which contains important information regarding the investment manager for the Fund.

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.

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