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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 August, 31, 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 August, 31, 2009)
Fund YTD Ranking
1 year 3 years 5 years 10 years or Lifetime Lipper Classification
Cash Reserve - Class A
125 / 306 134 / 299 126 / 278 113 / 262 92 / 195 Money Market Funds
Core Plus Bond Fund - Class A
50 / 576 44 / 562 118 / 454 121 / 394 76 / 215 Intermediate Investment Grade Debt Funds
Corporate Bond - Class A
34 / 149 16 / 143 26 / 122 21 / 99 14 / 62 Corporate Debt Funds BBB-Rated
Diversified Income - Class A
101 / 159 9 / 150 2 / 111 3 / 94 2 / 73 Multi-Sector Income Funds
Extended Duration Bond - Class A
62 / 149 2 / 143 11 / 122 9 / 99 5 / 62 Corporate Debt Funds BBB-Rated
High-Yield Opportunities - Class A
175 / 462 196 / 459 163 / 382 63 / 329 28 / 201 High Current Yield Funds
Inflation Protected Bond - Class A
41 / 133 7 / 131 8 / 111 N / A N / A Treasury Inflation Protected Securities
Limited-Term Diversified - Class A
61 / 151 7 / 148 8 / 134 4 / 126 19 / 71 Short-Intermediate Investment Grade Debt Funds
National High Yield Muni Bond - Class A
41 / 114 16 / 111 12 / 92 13 / 78 7 / 58 High Yield Municipal Debt Funds
Tax-Free Arizona - Class A
24 / 33 2 / 33 5 / 27 3 / 26 3 / 21 Arizona Municipal Debt Funds
Tax-Free California - Class A
47 / 124 33 / 123 46 / 108 18 / 100 11 / 78 California Municipal Debt Funds
Tax-Free Colorado - Class A
13 / 20 1 / 20 2 / 18 3 / 18 5 / 15 Colorado Municipal Debt Funds
Tax-Free Idaho - Class A
86 / 138 8 / 138 3 / 129 6 / 121 12 / 111 Other States Municipal Debt Funds
Tax-Free Minnesota - Class A
27 / 39 9 / 39 9 / 34 5 / 32 4 / 31 Minnesota Municipal Debt Funds
Tax-Free New York - Class A
63 / 95 9 / 94 9 / 86 3 / 86 3 / 70 New York Municipal Debt Funds
Tax-Free Pennsylvania - Class A
23 / 57 7 / 57 10 / 47 8 / 46 10 / 44 Pennsylvania Municipal Debt Funds
Tax-Free USA - Class A
124 / 247 92 / 242 113 / 218 61 / 202 31 / 160 General Municipal Debt Funds
Tax-Free USA Intermediate - Class A
72 / 159 38 / 156 71 / 142 17 / 126 7 / 73 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 August, 31, 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 August, 31, 2009)
Fund YTD Ranking
1 year 3 years 5 years 10 years or Lifetime Lipper Classification
Emerging Markets - Class A
131 / 375 84 / 330 16 / 232 50 / 177 13 / 104 Emerging Markets Funds
Aggressive Allocation - Class A
172 / 669 58 / 652 244 / 532 118 / 436 134 / 240 Mixed-Asset Target Alloc Growth Funds
Conservative Allocation - Class A
100 / 464 13 / 444 43 / 358 14 / 228 25 / 75 Mixed-Asset Target Alloc Consv Funds
Moderate Allocation - Class A
177 / 510 3 / 504 76 / 383 40 / 290 58 / 146 Mixed-Asset Target Alloc Moderate Funds
Growth Opportunities - Class A
257 / 492 175 / 489 214 / 431 209 / 358 86 / 173 Mid-Cap Growth Funds
International Value Equity - Class A
46 / 154 13 / 151 70 / 114 64 / 91 29 / 51 International Large-Cap Value
Large Cap Value - Class A
451 / 579 252 / 567 331 / 484 286 / 410 144 / 196 Large-Cap Value Funds
REIT - Class A
202 / 239 109 / 233 42 / 195 105 / 169 44 / 77 Real Estate Funds
Small Cap Growth - Class A
39 / 577 117 / 562 296 / 485 280 / 401 N / A Small-Cap Growth Funds
Select Growth - Class A
28 / 490 38 / 472 126 / 378 113 / 313 99 / 156 Multi-Cap Growth Funds
U.S. Growth - Class A
231 / 844 380 / 829 533 / 709 308 / 594 200 / 309 Large-Cap Growth Funds
Trend - Class A
50 / 577 252 / 562 227 / 485 276 / 401 120 / 209 Small-Cap Growth Funds
Value - Class A
466 / 579 213 / 567 285 / 484 172 / 410 88 / 196 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 August, 31, 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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