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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 February 28, 2010. 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 February 28, 2010)

Fund YTD Ranking 1 year 3 years 5 years 10 years or lifetime Lipper classification
Cash Reserve - Class A
10 / 301 98 / 295 122 / 275 112 / 258 93 / 205 Money Market Funds
Core Plus Bond Fund - Class A
253 / 575 79 / 540 41 / 449 64 / 384 48 / 222 Intermediate Investment Grade Debt Funds
Corporate Bond - Class A
38 / 165 32 / 157 22 / 136 15 / 108 13 / 66 Corporate Debt Funds BBB-Rated
Extended Duration Bond - Class A
27 / 165 26 / 157 9 / 136 9 / 108 4 / 66 Corporate Debt Funds BBB-Rated
High-Yield Opportunities - Class A
310 / 488 201 / 458 175 / 392 93 / 341 53 / 217 High Current Yield Funds
Inflation Protected Bond - Class A
3 / 150 26 / 130 5 / 117 9 / 81 N/A Treasury Inflation Protected Securities
Limited-Term Diversified - Class A
132 / 156 58 / 151 3 / 138 4 / 131 24 / 69 Short-Intermediate Investment Grade Debt Funds
Minnesota High Yield Municipal Bond - Class A
4 / 43 5 / 41 25 / 40 2 / 34 1 / 33 Minnesota Municipal Debt Funds
National High Yield Muni Bond - Class A
24 / 122 27 / 113 5 / 95 10 / 79 4 / 57 High Yield Municipal Debt Funds
Tax-Free Arizona - Class A
6 / 30 15 / 30 4 / 28 4 / 23 3 / 23 Arizona Municipal Debt Funds
Tax-Free California - Class A
44 / 122 20 / 122 33 / 110 11 / 101 1 / 78 California Municipal Debt Funds
Tax-Free Minnesota - Class A
25 / 43 20 / 41 10 / 40 4 / 34 2 / 33 Minnesota Municipal Debt Funds
Tax-Free Minnesota Intermediate - Class A
75 / 102 26 / 102 42 / 101 15 / 100 6 / 73 Other States Intermediate Muni Debt Funds
Tax-Free Money - Class A
5 / 103 17 / 102 64 / 93 59 / 83 58 / 63 Tax-Exempt Money Market Funds
Tax-Free New York - Class A
8 / 94 37 / 90 8 / 83 4 / 81 1 / 68 New York Municipal Debt Funds
Tax-Free Pennsylvania - Class A
12 / 63 16 / 62 5 / 57 5 / 51 9 / 50 Pennsylvania Municipal Debt Funds
Tax-Free USA - Class A
73 / 258 94 / 237 89 / 208 57 / 192 29 / 157 General Municipal Debt Funds
Tax-Free USA Intermediate - Class A
61 / 168 44 / 162 80 / 147 36 / 130 7 / 75 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 February 28, 2010. 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 February 28, 2010)

Fund YTD Ranking 1 year 3 years 5 years 10 years or lifetime Lipper classification
American Services - Class A
320 / 500 225 / 457 346 / 383 243 / 297 3 / 172 Multi-Cap Growth Funds
Dividend Income - Class A
285 / 550 27 / 521 402 / 443 237 / 335 17 / 169 Mixed-Asset Target Alloc Moderate Funds
Emerging Markets - Class A
179 / 409 104 / 377 12 / 243 31 / 182 9 / 104 Emerging Markets Funds
Foundation® Growth Allocation Fund - Class A
558 / 621 181 / 597 237 / 503 146 / 396 115 / 217 Mixed-Asset Target Alloc Growth Funds
Foundation® Conservative Allocation Fund - Class A
428 / 481 81 / 460 30 / 379 14 / 235 23 / 80 Mixed-Asset Target Alloc Consv Funds
Foundation® Moderate Allocation Fund - Class A
520 / 550 188 / 521 72 / 443 46 / 335 64 / 169 Mixed-Asset Target Alloc Moderate Funds
Global Value - Class A
54 / 77 22 / 63 35 / 45 27 / 34 9 / 13 Global Multi-Cap Core
Healthcare - Class A
101 / 103 4 / 101 N/A N/A N/A Health/Biotechnology Funds
International Value Equity - Class A
121 / 146 61 / 135 39 / 102 38 / 73 17 / 48 International Large-Cap Value
Mid Cap Value - Class A
32 / 355 122 / 333 N/A N/A N/A Multi-Cap Value Funds
Small Cap Growth - Class A
120 / 570 54 / 541 194 / 476 202 / 394 N/A Small-Cap Growth Funds
Select Growth - Class A
108 / 500 12 / 457 116 / 383 87 / 297 140 / 172 Multi-Cap Growth Funds
Small Cap Value - Class A
94 / 315 127 / 299 102 / 258 98 / 205 36 / 98 Small-Cap Value Funds
U.S. Growth - Class A
716 / 903 131 / 826 516 / 719 275 / 599 261 / 317 Large-Cap Growth Funds
Trend - Class A
96 / 570 26 / 541 104 / 476 135 / 394 131 / 219 Small-Cap Growth 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 February 28, 2010. 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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