Distribution and asset information
In most states, income from U.S. Treasury securities and other direct U.S. government obligations is generally exempt from state income taxes. To determine if this income is exempt in the state where you reside, please consult your tax advisor.
Listed here for your information is the percentage of income earned from U.S. Treasury securities and other direct U.S. government obligations for the following funds during calendar year 2008.
| Delaware Investments Fund |
Percentage of interest income from U.S. Treasury securities and other direct U.S. obligations |
Other |
Total income |
| Balanced Fund1 |
3.84% |
96.16% |
100% |
| Core Plus Bond Fund2 |
3.80% |
96.20% |
100% |
| Corporate Bond Fund |
1.94% |
98.06% |
100% |
| Diversified Income Fund |
4.18% |
95.82% |
100% |
| Dividend Income Fund |
0.34% |
99.66% |
100% |
| Emerging Markets Fund |
0.30% |
99.70% |
100% |
| Extended Duration Bond Fund |
2.31% |
97.69% |
100% |
| Conservative Allocation Portfolio3 |
4.21% |
95.79% |
100% |
| Moderate Allocation Portfolio3 |
3.91% |
96.09% |
100% |
| Global Value Fund4 |
0.02% |
99.98% |
100% |
| Healthcare Fund |
0.24% |
99.76% |
100% |
| High-Yield Opportunities Fund |
0.57% |
99.43% |
100% |
| Inflation Protected Bond Fund |
87.21% |
12.79% |
100% |
| International Value Equity Fund5 |
0.19% |
99.81% |
100% |
| Large Cap Core Fund |
0.29% |
99.71% |
100% |
| Large Cap Value Fund |
0.09% |
99.91% |
100% |
| Limited-Term Diversified Income Fund |
18.27% |
81.73% |
100% |
| REIT Fund |
0.76% |
99.24% |
100% |
| Small Cap Core Fund6 |
0.71% |
99.29% |
100% |
| Small Cap Value Fund |
0.33% |
99.67% |
100% |
| U.S. Growth Fund |
0.70% |
99.30% |
100% |
| Value Fund |
0.17% |
99.83% |
100% |
1
On Nov. 19, 2008, the Board of Trustees responsible for Delaware Balanced Fund approved a proposal to reorganize the Fund with and into Delaware Moderate Allocation Portfolio, subject to shareholder approval. Effective as of the close of business on Dec. 8, 2008, Delaware Balanced Fund was closed to new investors. The Fund will continue to accept purchases from existing shareholders (including reinvested dividends or capital gains) until the last business day before the proposed reorganization into Delaware Moderate Allocation Portfolio. If approved, the reorganization is expected to take place in April 2009. Please read the prospectus and supplement for important information. Please request a prospectus by calling 800 523-1918 or by visiting the prospectuses & shareholder reports section of www.delawareinvestments.com.
2
Prior to Feb. 1, 2007, Delaware Core Plus Bond Fund was named Delaware American Government Bond Fund. At the close of business on Jan. 31, 2007, the Fund's investment goal, strategies, and policies changed. This conversion to a "Core Plus" investment program essentially created a different fund that does not primarily invest in U.S. government fixed income securities. These changes are significant, impact fees, and present additional investment risk. In addition, these changes may impact future performance and create tax implications. For more information about the Fund, please obtain a copy of the Fund's prospectus by calling 800 523-1918 or by visiting the prospectuses & shareholder reports section of www.delawareinvestments.com.
3
Effective Sept. 20, 2008, the "fund of funds" structure for each Portfolio has changed to a multi-sleeve, multi-portfolio manager approach. The portfolio management team and the Portfolio's fee structure changed. For more information about these changes, please obtain a copy of the Portfolio's prospectus by calling 800 523-1918 or by visiting the prospectuses & shareholder reports section of www.delawareinvestments.com.
4
Effective Feb. 1, 2008, the investment strategies and portfolio management responsibilities for the domestic equity segment of Delaware Global Value Fund changed. For more information about these changes, please obtain a copy of the Fund's prospectus by calling 800 523-1918 or by visiting the prospectuses & shareholder reports section of www.delawareinvestments.com.
Please see the supplement to the Fund's prospectus, which contains important information regarding the investment manager for the Fund.
5
Please see the supplement to the Fund's prospectus, which contains important information regarding the investment manager for the Fund. Please obtain a copy of the Fund's prospectus by calling 800 523-1918 or by visiting the prospectuses & shareholder reports section of www.delawareinvestments.com.
6
Before Nov. 1, 2004, Delaware Small Cap Core Fund was named Delaware Small Cap Contrarian Fund. On Nov. 1, 2004, the Fund's strategy and management changed. The new management team retained the Fund's small-cap focus by investing primarily in stocks in small companies that we believe to have a combination of attractive valuations, growth prospects, and strong cash flows. Securities that were determined to no longer meet the Fund's investment objective or to be inconsistent with the new team's investment strategies have been sold. Please request a prospectus by calling 800 523-1918 or by visiting the prospectuses & shareholder reports section of www.delawareinvestments.com.
The information contained in the Tax Center is not intended to be legal or tax advice. If you need assistance preparing your tax return, please consult a tax advisor.
Information may be abridged and therefore incomplete. Any discussion pertaining to taxes in this communication (including attachments) may be part of the promotion or marketing of a product. As provided for in government regulations, advice (if any) related to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code. Individuals should seek advice based on their own particular circumstances from an independent tax advisor.
Investors should consider the investment objectives, risks and charges and expenses of a Fund carefully before investing. Each Fund's prospectus contains this and other important information about the Fund. Please request a prospectus by calling 800 523-1918 or by visiting the prospectuses & shareholder reports section of www.delawareinvestments.com. Read it carefully before investing or sending money. Delaware Distributors, L.P. is the distributor for all open-end investment companies within the Delaware Investments Family of Funds.
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