Delaware Investments Mutual Funds

Prices and Performance — as of month-end

Core

Fixed Income

Growth

International

Value

Prices and performance can be viewed either alphabetically or by objective:

�

Quoted performance data represent past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

�

Current performance may be lower or higher than the performance data quoted. Please obtain the most recent month-end performance by calling 800 523-1918 or visiting our Web site at www.delawareinvestments.com/performance. An investor should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus contains this and other important information about the investment company. A printed copy of any prospectus may be downloaded from our Web site or obtained upon request by calling 800 523-1918. Please read it carefully before you invest or send money.

Core

View performance as of most recent quarter-end

�	�	Daily Data as of 3/19/2010			�	Average Annual Total Return as of 2/28/2010
�					�	NAV			�	Max Offer Price
�	�	NAV	Change	YTD @ NAV	�	1 yr	5 yr	10 yr or Lifetime	�	1 yr	5 yr	10 yr or Lifetime
�
Foundation® Conservative Allocation�^138,^250,^251,^252,^253,^254,^255,^256,^257,^258,^259,²⁶⁰
(Click here for gross expense ratio)
Class A	�	9.71	-0.03	2.53%	�	33.77%	4.66%	4.17%	�	26.12%	3.44%	3.55%
Class B	�	9.77	-0.04	2.52%	�	32.96%	3.89%	3.54%	�	28.96%	3.50%	3.54%
Class C	�	9.71	-0.03	2.32%	�	32.87%	3.86%	3.36%	�	31.87%	3.86%	3.36%
Class I	�	9.73	-0.03	2.64%	�	34.03%	4.91%	4.42%	�	34.03%	4.91%	4.42%
Class R	�	9.70	-0.03	2.43%	�	33.53%	4.37%	5.47%	�	33.53%	4.37%	5.47%
�
Foundation® Equity�^267,^268,^269,^270,^271,^272,^273,²⁷⁴
(Click here for gross expense ratio)
Class A	�	9.53	-0.06	1.93%	�	n/a	n/a	n/a	�	n/a	n/a	n/a
Class C	�	9.50	-0.06	1.71%	�	n/a	n/a	n/a	�	n/a	n/a	n/a
Class I	�	9.53	-0.06	1.93%	�	n/a	n/a	n/a	�	n/a	n/a	n/a
Class R	�	9.52	-0.06	1.82%	�	n/a	n/a	n/a	�	n/a	n/a	n/a
�
Foundation® Growth Allocation�^138,^250,^251,^252,^253,^254,^255,^256,^257,^258,^259,²⁶⁰
(Click here for gross expense ratio)
Class A	�	9.16	-0.05	2.35%	�	46.18%	2.18%	1.72%	�	37.86%	0.98%	1.12%
Class B	�	8.98	-0.06	2.16%	�	45.10%	1.40%	1.11%	�	41.10%	1.01%	1.11%
Class C	�	8.99	-0.05	2.16%	�	45.03%	1.40%	0.96%	�	44.03%	1.40%	0.96%
Class I	�	9.20	-0.05	2.34%	�	46.50%	2.41%	1.97%	�	46.50%	2.41%	1.97%
Class R	�	9.11	-0.05	2.24%	�	45.75%	1.89%	5.28%	�	45.75%	1.89%	5.28%
�
Foundation® Moderate Allocation�^138,^250,^251,^252,^253,^254,^255,^256,^257,^258,^259,²⁶⁰
(Click here for gross expense ratio)
Class A	�	10.24	-0.05	2.50%	�	39.39%	3.52%	3.21%	�	31.40%	2.31%	2.60%
Class B	�	10.23	-0.04	2.40%	�	38.33%	2.73%	2.59%	�	34.33%	2.33%	2.59%
Class C	�	10.25	-0.05	2.29%	�	38.22%	2.73%	2.43%	�	37.22%	2.73%	2.43%
Class I	�	10.24	-0.05	2.50%	�	39.68%	3.77%	3.46%	�	39.68%	3.77%	3.46%
Class R	�	10.21	-0.05	2.41%	�	39.04%	3.24%	5.44%	�	39.04%	3.24%	5.44%
�
Large Cap Core�¹³⁰
(Click here for gross expense ratio)
Class A	�	7.45	-0.04	4.05%	�	46.15%	n/a	-3.17%	�	37.64%	n/a	-4.80%
Class I	�	7.45	-0.03	4.05%	�	46.15%	n/a	-3.17%	�	46.15%	n/a	-3.17%
�
Small Cap Core�⁶
(Click here for gross expense ratio)
Class A	�	10.22	-0.11	8.49%	�	57.28%	-0.09%	8.60%	�	48.21%	-1.26%	7.96%
Class C	�	9.88	-0.10	8.33%	�	56.12%	n/a	-2.96%	�	55.12%	n/a	-2.96%
Class I	�	10.27	-0.12	8.45%	�	57.68%	0.14%	8.73%	�	57.68%	0.14%	8.73%
Class R	�	10.12	-0.11	8.47%	�	56.93%	n/a	-2.47%	�	56.93%	n/a	-2.47%

Fixed Income

View performance as of most recent quarter-end

�	�	Daily Data as of 3/19/2010			�	Average Annual Total Return as of 2/28/2010
�					�	NAV			�	Max Offer Price
�	�	NAV	Change	YTD @ NAV	�	1 yr	5 yr	10 yr or Lifetime	�	1 yr	5 yr	10 yr or Lifetime
�
Cash Reserve®�^53,^58,¹³⁸
(Click here for gross expense ratio)
Class A	�	1.00	No Chg	0.01%	�	0.09%	2.74%	2.51%	�	0.09%	2.74%	2.51%
Class B	�	1.00	No Chg	0.01%	�	0.09%	1.98%	1.82%	�	-3.91%	1.56%	1.82%
Class C	�	1.00	No Chg	0.01%	�	0.09%	1.98%	1.73%	�	-0.91%	1.98%	1.73%
�
Core Bond�^275,^276,^277,^278,^279,^280,^284,²⁸⁵
(Click here for gross expense ratio)
Class A	�	10.46	-0.01	2.08%	�	15.70%	5.38%	6.18%	�	10.54%	4.41%	5.70%
Class C	�	10.50	-0.01	2.00%	�	n/a	n/a	n/a	�	n/a	n/a	n/a
Class I	�	10.54	-0.01	2.41%	�	n/a	n/a	n/a	�	n/a	n/a	n/a
Class R	�	10.57	No Chg	2.59%	�	n/a	n/a	n/a	�	n/a	n/a	n/a
�
Core Plus Bond�^58,^138,^145,^227,²⁶⁴
(Click here for gross expense ratio)
Class A	�	8.04	No Chg	2.85%	�	22.94%	5.69%	6.30%	�	17.45%	4.73%	5.82%
Class B	�	8.04	No Chg	2.69%	�	22.03%	4.93%	5.70%	�	18.03%	4.68%	5.70%
Class C	�	8.05	No Chg	2.68%	�	22.18%	4.95%	5.55%	�	21.18%	4.95%	5.55%
Class I	�	8.05	No Chg	2.90%	�	23.55%	6.03%	6.63%	�	23.55%	6.03%	6.63%
Class R	�	8.06	-0.01	2.66%	�	23.09%	5.49%	4.47%	�	23.09%	5.49%	4.47%
�
Corporate Bond�^58,^138,²²⁵
(Click here for gross expense ratio)
Class A	�	5.96	No Chg	4.03%	�	33.97%	6.17%	7.90%	�	27.96%	5.21%	7.41%
Class B	�	5.95	No Chg	3.70%	�	32.99%	5.39%	7.26%	�	28.99%	5.14%	7.26%
Class C	�	5.96	No Chg	3.87%	�	32.99%	5.38%	7.10%	�	31.99%	5.38%	7.10%
Class I	�	5.96	No Chg	3.91%	�	34.31%	6.44%	8.18%	�	34.31%	6.44%	8.18%
Class R	�	5.96	No Chg	3.80%	�	33.65%	5.90%	5.77%	�	33.65%	5.90%	5.77%
�
Extended Duration Bond�^58,^138,²²⁵
(Click here for gross expense ratio)
Class A	�	6.12	No Chg	4.33%	�	36.44%	6.63%	9.11%	�	30.38%	5.65%	8.60%
Class B	�	6.12	0.01	4.34%	�	35.50%	5.81%	8.46%	�	31.50%	5.57%	8.46%
Class C	�	6.12	No Chg	4.17%	�	35.72%	5.84%	8.30%	�	34.72%	5.84%	8.30%
Class I	�	6.12	0.01	4.56%	�	36.84%	6.87%	9.38%	�	36.84%	6.87%	9.38%
Class R	�	6.13	No Chg	4.27%	�	36.33%	n/a	6.88%	�	36.33%	n/a	6.88%
�
High-Yield Opportunities�^3,^4,^58,^138,^141,²²⁴
(Click here for gross expense ratio)
Class A	�	3.97	0.01	4.37%	�	46.69%	5.33%	6.17%	�	39.89%	4.36%	5.68%
Class B	�	3.96	No Chg	3.96%	�	45.68%	4.60%	5.54%	�	41.68%	4.38%	5.54%
Class C	�	3.97	No Chg	3.95%	�	46.05%	4.64%	5.45%	�	45.05%	4.64%	5.45%
Class I	�	3.97	0.01	4.44%	�	47.49%	5.70%	6.52%	�	47.49%	5.70%	6.52%
Class R	�	3.98	0.01	4.32%	�	46.64%	5.20%	7.77%	�	46.64%	5.20%	7.77%
�
Inflation Protected Bond�^3,^119,^138,²²⁶
(Click here for gross expense ratio)
Class A	�	10.56	0.01	2.19%	�	14.08%	5.21%	5.29%	�	8.98%	4.26%	4.37%
Class B	�	10.55	No Chg	1.97%	�	13.27%	4.45%	4.57%	�	9.27%	4.20%	4.41%
Class C	�	10.56	0.01	2.07%	�	13.27%	4.45%	4.56%	�	12.27%	4.45%	4.56%
Class I	�	10.56	No Chg	2.13%	�	14.36%	5.46%	5.53%	�	14.36%	5.46%	5.53%
�
Limited-Term Diversified Income�^50,^58,^138,^222,²²³
(Click here for gross expense ratio)
Class A	�	8.97	No Chg	1.74%	�	13.16%	5.60%	5.59%	�	10.09%	5.01%	5.29%
Class B	�	8.97	No Chg	1.67%	�	12.09%	4.69%	5.12%	�	10.09%	4.69%	5.12%
Class C	�	8.96	-0.01	1.56%	�	12.07%	4.68%	4.68%	�	11.07%	4.68%	4.68%
Class I	�	8.97	No Chg	1.89%	�	13.21%	5.74%	5.74%	�	13.21%	5.74%	5.74%
Class R	�	8.97	-0.01	1.66%	�	12.77%	5.22%	4.12%	�	12.77%	5.22%	4.12%
�
Minnesota High-Yield Municipal Bond�^3,^52,^58,¹³⁸
(Click here for gross expense ratio)
Class A	�	10.36	0.01	2.34%	�	15.06%	4.21%	6.07%	�	9.89%	3.25%	5.59%
Class B	�	10.37	No Chg	2.17%	�	14.19%	3.43%	5.44%	�	10.19%	3.17%	5.44%
Class C	�	10.38	0.01	2.17%	�	14.18%	3.42%	5.29%	�	13.18%	3.42%	5.29%
�
National High-Yield Municipal Bond�^3,^58,^138,¹⁹²
(Click here for gross expense ratio)
Class A	�	9.60	No Chg	3.20%	�	26.25%	3.89%	5.17%	�	20.55%	2.94%	4.69%
Class B	�	9.62	No Chg	3.03%	�	25.43%	3.11%	4.53%	�	21.43%	2.86%	4.53%
Class C	�	9.65	No Chg	3.13%	�	25.37%	3.12%	4.38%	�	24.37%	3.12%	4.38%
Class I	�	9.70	No Chg	3.44%	�	27.63%	n/a	30.61%	�	27.63%	n/a	30.61%
�
Tax-Free Arizona�^51,^52,^58,^134,^138,¹⁹³
(Click here for gross expense ratio)
Class A	�	11.36	-0.01	1.92%	�	10.96%	3.89%	5.28%	�	5.98%	2.93%	4.80%
Class B	�	11.37	No Chg	1.75%	�	10.24%	3.11%	4.65%	�	6.24%	2.85%	4.65%
Class C	�	11.39	-0.01	1.75%	�	10.22%	3.12%	4.51%	�	9.22%	3.12%	4.51%
�
Tax-Free California�^52,^58,^134,^138,¹⁹⁴
(Click here for gross expense ratio)
Class A	�	11.08	No Chg	2.36%	�	14.42%	3.77%	5.91%	�	9.23%	2.82%	5.42%
Class B	�	11.12	No Chg	2.20%	�	13.53%	2.98%	5.26%	�	9.53%	2.72%	5.26%
Class C	�	11.09	No Chg	2.11%	�	13.56%	2.99%	5.12%	�	12.56%	2.99%	5.12%
�
Tax-Free Colorado�^52,^58,^134,^138,¹⁹⁵
(Click here for gross expense ratio)
Class A	�	10.91	No Chg	1.94%	�	12.22%	4.02%	5.37%	�	7.14%	3.07%	4.89%
Class B	�	10.92	No Chg	1.77%	�	11.28%	3.23%	4.73%	�	7.28%	2.96%	4.73%
Class C	�	10.94	No Chg	1.77%	�	11.37%	3.24%	4.59%	�	10.37%	3.24%	4.59%
�
Tax-Free Idaho�^52,^58,^134,^138,¹⁹⁷
(Click here for gross expense ratio)
Class A	�	11.76	No Chg	1.74%	�	9.84%	4.29%	5.64%	�	4.93%	3.34%	5.15%
Class B	�	11.74	No Chg	1.58%	�	9.04%	3.50%	5.00%	�	5.04%	3.24%	5.00%
Class C	�	11.75	No Chg	1.58%	�	9.03%	3.50%	4.86%	�	8.03%	3.50%	4.86%
�
Tax-Free Minnesota�^58,^134,^138,¹⁹⁸
(Click here for gross expense ratio)
Class A	�	12.46	No Chg	1.74%	�	10.07%	4.14%	5.60%	�	5.15%	3.19%	5.11%
Class B	�	12.47	No Chg	1.58%	�	9.25%	3.36%	4.96%	�	5.25%	3.10%	4.96%
Class C	�	12.50	No Chg	1.57%	�	9.24%	3.37%	4.81%	�	8.24%	3.37%	4.81%
�
Tax-Free Minnesota Intermediate�^52,^58,^134,^138,¹⁹⁹
(Click here for gross expense ratio)
Class A	�	11.00	No Chg	1.47%	�	7.60%	4.14%	5.08%	�	4.63%	3.55%	4.78%
Class B	�	11.03	No Chg	1.38%	�	6.69%	3.25%	4.63%	�	4.69%	3.25%	4.63%
Class C	�	11.03	0.01	1.38%	�	6.69%	3.25%	4.19%	�	5.69%	3.25%	4.19%
�
Tax-Free Money Fund®�^53,^58,¹³⁴
(Click here for gross expense ratio)
Class A	�	1.00	No Chg	0.01%	�	0.20%	1.76%	1.49%	�	0.20%	1.76%	1.49%
�
Tax-Free New York�^52,^58,^134,^138,²⁰⁰
(Click here for gross expense ratio)
Class A	�	10.79	0.01	2.39%	�	11.94%	4.51%	5.94%	�	6.92%	3.55%	5.45%
Class B	�	10.76	No Chg	2.13%	�	11.02%	3.72%	5.30%	�	7.02%	3.45%	5.30%
Class C	�	10.76	No Chg	2.23%	�	11.02%	3.72%	5.15%	�	10.02%	3.72%	5.15%
�
Tax-Free Pennsylvania�^52,^58,^134,¹³⁸
(Click here for gross expense ratio)
Class A	�	7.95	No Chg	2.24%	�	13.15%	4.09%	5.40%	�	8.04%	3.14%	4.92%
Class B	�	7.95	No Chg	2.08%	�	12.15%	3.27%	4.74%	�	8.15%	3.01%	4.74%
Class C	�	7.95	No Chg	1.95%	�	12.14%	3.29%	4.58%	�	11.14%	3.29%	4.58%
�
Tax-Free USA�^58,^138,²⁰¹
(Click here for gross expense ratio)
Class A	�	11.26	-0.01	2.09%	�	13.59%	3.66%	5.47%	�	8.46%	2.71%	4.99%
Class B	�	11.26	No Chg	1.92%	�	12.64%	2.86%	4.80%	�	8.64%	2.60%	4.80%
Class C	�	11.27	No Chg	1.92%	�	12.63%	2.88%	4.66%	�	11.63%	2.88%	4.66%
Class I	�	11.35	No Chg	2.13%	�	14.47%	n/a	16.33%	�	14.47%	n/a	16.33%
�
Tax-Free USA Intermediate�^58,^138,²⁰²
(Click here for gross expense ratio)
Class A	�	11.75	No Chg	1.91%	�	9.85%	4.08%	5.51%	�	6.86%	3.51%	5.23%
Class B	�	11.74	No Chg	1.73%	�	8.93%	3.19%	5.05%	�	6.93%	3.19%	5.05%
Class C	�	11.75	No Chg	1.81%	�	8.82%	3.19%	4.62%	�	7.82%	3.19%	4.62%
Class I	�	11.87	No Chg	2.42%	�	10.93%	n/a	12.30%	�	10.93%	n/a	12.30%
�
Diversified Floating Rate
(Click here for gross expense ratio)
Class A	�	8.54	-0.01	n/a	�	n/a	n/a	n/a	�	n/a	n/a	n/a
Class C	�	8.55	No Chg	n/a	�	n/a	n/a	n/a	�	n/a	n/a	n/a
Class I	�	8.55	No Chg	n/a	�	n/a	n/a	n/a	�	n/a	n/a	n/a
Class R	�	8.55	No Chg	n/a	�	n/a	n/a	n/a	�	n/a	n/a	n/a
�
Diversified Income�^�
(Click here for gross expense ratio)
Class A	�	9.46	-0.01	2.78%	�	28.26%	7.02%	9.03%	�	22.46%	6.04%	8.52%
Class B	�	9.45	-0.01	2.73%	�	27.38%	6.18%	7.84%	�	23.38%	5.95%	7.84%
Class C	�	9.46	-0.01	2.61%	�	27.31%	6.22%	7.85%	�	26.31%	6.22%	7.85%
Class I	�	9.47	-0.01	2.94%	�	28.58%	7.28%	8.91%	�	28.58%	7.28%	8.91%
Class R	�	9.46	-0.01	2.83%	�	27.98%	6.72%	7.00%	�	27.98%	6.72%	7.00%

Growth

View performance as of most recent quarter-end

�	�	Daily Data as of 3/19/2010			�	Average Annual Total Return as of 2/28/2010
�					�	NAV			�	Max Offer Price
�	�	NAV	Change	YTD @ NAV	�	1 yr	5 yr	10 yr or Lifetime	�	1 yr	5 yr	10 yr or Lifetime
�
American Services�^7,¹³⁸
(Click here for gross expense ratio)
Class A	�	14.00	-0.10	3.02%	�	54.45%	-0.80%	5.90%	�	45.53%	-1.97%	5.27%
Class B	�	13.01	-0.09	2.85%	�	53.33%	-1.53%	5.87%	�	49.33%	-1.93%	5.87%
Class C	�	13.01	-0.09	2.85%	�	53.33%	-1.53%	5.78%	�	52.33%	-1.53%	5.78%
Class I	�	14.34	-0.10	3.09%	�	54.75%	-0.55%	6.12%	�	54.75%	-0.55%	6.12%
Class R	�	13.84	-0.10	2.98%	�	53.96%	n/a	-1.97%	�	53.96%	n/a	-1.97%
�
Growth Opportunities�^6,¹³⁸
(Click here for gross expense ratio)
Class A	�	17.32	-0.15	3.96%	�	55.00%	2.27%	-2.79%	�	46.13%	1.07%	-3.36%
Class B	�	13.89	-0.11	3.81%	�	53.87%	1.58%	-3.33%	�	49.87%	1.28%	-3.33%
Class C	�	14.35	-0.12	3.84%	�	53.80%	1.52%	-3.49%	�	52.80%	1.52%	-3.49%
Class I	�	19.48	-0.16	4.06%	�	55.37%	2.57%	-2.50%	�	55.37%	2.57%	-2.50%
Class R	�	16.98	-0.14	3.92%	�	54.51%	2.05%	5.75%	�	54.51%	2.05%	5.75%
�
Healthcare�^288,^289,^290,^293,^294,²⁹⁵
(Click here for gross expense ratio)
Class A	�	10.65	No Chg	7.25%	�	83.84%	n/a	16.02%	�	73.31%	n/a	13.21%
Class C	�	10.65	No Chg	n/a	�	n/a	n/a	n/a	�	n/a	n/a	n/a
Class I	�	10.66	0.01	7.35%	�	84.03%	n/a	16.07%	�	84.03%	n/a	16.07%
Class R	�	10.65	No Chg	n/a	�	n/a	n/a	n/a	�	n/a	n/a	n/a
�
Select Growth�^6,¹³⁸
(Click here for gross expense ratio)
Class A	�	26.97	-0.19	4.90%	�	76.97%	3.46%	-5.38%	�	66.84%	2.24%	-5.94%
Class B	�	23.92	-0.16	4.77%	�	75.62%	2.68%	-5.95%	�	71.62%	2.27%	-5.95%
Class C	�	23.66	-0.16	4.74%	�	75.66%	2.68%	-6.09%	�	74.66%	2.68%	-6.09%
Class I	�	27.88	-0.19	4.97%	�	77.39%	3.71%	-5.15%	�	77.39%	3.71%	-5.15%
Class R	�	26.48	-0.18	4.87%	�	76.59%	3.19%	4.66%	�	76.59%	3.19%	4.66%
�
Small Cap Growth�^6,¹³⁸
(Click here for gross expense ratio)
Class A	�	8.93	No Chg	6.00%	�	75.46%	0.65%	3.66%	�	65.32%	-0.54%	2.95%
Class B	�	8.29	-0.01	5.82%	�	74.24%	-0.06%	3.00%	�	70.24%	-0.40%	3.00%
Class C	�	8.28	No Chg	5.83%	�	73.80%	-0.11%	2.92%	�	72.80%	-0.11%	2.92%
Class I	�	9.14	No Chg	6.10%	�	75.75%	0.85%	3.88%	�	75.75%	0.85%	3.88%
Class R	�	8.73	-0.01	5.89%	�	74.79%	0.38%	3.45%	�	74.79%	0.38%	3.45%
�
Trend®�^6,¹³⁸
(Click here for gross expense ratio)
Class A	�	14.74	-0.12	5.59%	�	80.72%	1.63%	-2.50%	�	70.42%	0.43%	-3.08%
Class B	�	12.05	-0.10	5.42%	�	79.41%	0.91%	-3.06%	�	75.41%	0.64%	-3.06%
Class C	�	12.40	-0.10	5.44%	�	79.51%	0.91%	-3.19%	�	78.51%	0.91%	-3.19%
Class I	�	16.07	-0.13	5.65%	�	81.21%	1.93%	-2.22%	�	81.21%	1.93%	-2.22%
Class R	�	14.42	-0.12	5.49%	�	80.34%	1.40%	4.06%	�	80.34%	1.40%	4.06%
�
U.S. Growth�¹³⁸
(Click here for gross expense ratio)
Class A	�	12.56	-0.07	1.54%	�	55.48%	1.26%	-5.40%	�	46.59%	0.07%	-5.96%
Class B	�	11.02	-0.06	1.38%	�	54.45%	0.54%	-5.94%	�	50.45%	0.09%	-5.94%
Class C	�	11.94	-0.06	1.36%	�	54.24%	0.53%	-6.07%	�	53.24%	0.53%	-6.07%
Class I	�	13.26	-0.07	1.61%	�	55.80%	1.53%	-5.12%	�	55.80%	1.53%	-5.12%
Class R	�	12.36	-0.07	1.48%	�	55.03%	1.03%	2.38%	�	55.03%	1.03%	2.38%

International

View performance as of most recent quarter-end

�	�	Daily Data as of 3/19/2010			�	Average Annual Total Return as of 2/28/2010
�					�	NAV			�	Max Offer Price
�	�	NAV	Change	YTD @ NAV	�	1 yr	5 yr	10 yr or Lifetime	�	1 yr	5 yr	10 yr or Lifetime
�
Emerging Markets�^1,^2,^138,¹⁸¹
(Click here for gross expense ratio)
Class A	�	13.70	-0.10	0.88%	�	96.43%	11.84%	12.62%	�	85.17%	10.52%	11.96%
Class B	�	13.05	-0.09	0.69%	�	94.78%	11.01%	11.95%	�	90.78%	10.77%	11.95%
Class C	�	13.02	-0.09	0.70%	�	94.92%	10.99%	11.78%	�	93.92%	10.99%	11.78%
Class I	�	13.78	-0.10	0.95%	�	96.68%	12.12%	12.90%	�	96.68%	12.12%	12.90%
Class R	�	13.82	-0.10	0.88%	�	n/a	n/a	n/a	�	n/a	n/a	n/a
�
Global Real Estate Securities�¹⁴⁸
(Click here for gross expense ratio)
Class A	�	5.02	-0.04	2.45%	�	70.03%	n/a	-17.90%	�	60.03%	n/a	-19.88%
Class I	�	5.02	-0.04	2.45%	�	70.03%	n/a	-17.90%	�	70.03%	n/a	-17.90%
�
Global Value�^2,^6,^138,²³²
(Click here for gross expense ratio)
Class A	�	8.18	-0.05	1.87%	�	59.25%	0.95%	5.55%	�	50.13%	-0.24%	4.93%
Class B	�	8.09	-0.05	1.63%	�	58.49%	0.23%	7.16%	�	54.49%	-0.08%	7.16%
Class C	�	8.09	-0.05	1.63%	�	58.17%	0.21%	7.14%	�	57.17%	0.21%	7.14%
Class I	�	8.20	-0.05	1.99%	�	59.67%	1.19%	5.79%	�	59.67%	1.19%	5.79%
�
International Value Equity�^2,^138,²³²
(Click here for gross expense ratio)
Class A	�	11.44	-0.08	0.88%	�	56.83%	0.72%	4.19%	�	47.74%	-0.47%	3.58%
Class B	�	11.31	-0.08	0.71%	�	55.55%	0.01%	3.60%	�	51.55%	-0.27%	3.60%
Class C	�	11.29	-0.08	0.71%	�	55.49%	0.01%	3.45%	�	54.49%	0.01%	3.45%
Class I	�	11.47	-0.08	0.88%	�	57.20%	1.02%	4.49%	�	57.20%	1.02%	4.49%
Class R	�	11.41	-0.08	0.79%	�	56.56%	0.52%	7.00%	�	56.56%	0.52%	7.00%
�
Macquarie Global Infrastructure�^287,^288,^289,^290,^291,²⁹²
(Click here for gross expense ratio)
Class A	�	8.46	-0.07	n/a	�	n/a	n/a	n/a	�	n/a	n/a	n/a
Class C	�	8.45	-0.07	n/a	�	n/a	n/a	n/a	�	n/a	n/a	n/a
Class I	�	8.46	-0.07	-0.47%	�	n/a	n/a	n/a	�	n/a	n/a	n/a
Class R	�	8.46	-0.07	n/a	�	n/a	n/a	n/a	�	n/a	n/a	n/a

Value

View performance as of most recent quarter-end

�	�	Daily Data as of 3/19/2010			�	Average Annual Total Return as of 2/28/2010
�					�	NAV			�	Max Offer Price
�	�	NAV	Change	YTD @ NAV	�	1 yr	5 yr	10 yr or Lifetime	�	1 yr	5 yr	10 yr or Lifetime
�
Dividend Income�^�
(Click here for gross expense ratio)
Class A	�	9.65	-0.03	3.21%	�	48.29%	1.58%	5.41%	�	39.83%	0.39%	4.79%
Class B	�	9.65	-0.02	3.10%	�	47.04%	0.80%	3.16%	�	43.04%	0.43%	3.16%
Class C	�	9.65	-0.03	3.10%	�	47.19%	0.82%	3.18%	�	46.19%	0.82%	3.18%
Class I	�	9.66	-0.02	3.32%	�	48.42%	1.82%	5.59%	�	48.42%	1.82%	5.59%
Class R	�	9.65	-0.02	3.21%	�	47.76%	1.30%	3.65%	�	47.76%	1.30%	3.65%
�
Large Cap Value�¹³⁸
(Click here for gross expense ratio)
Class A	�	13.53	-0.08	2.81%	�	41.04%	-1.23%	2.54%	�	32.92%	-2.39%	1.94%
Class B	�	13.42	-0.08	2.68%	�	40.08%	-1.94%	1.93%	�	36.08%	-2.28%	1.93%
Class C	�	13.52	-0.09	2.58%	�	39.95%	-1.95%	1.79%	�	38.95%	-1.95%	1.79%
Class I	�	13.53	-0.08	2.81%	�	41.34%	-0.97%	2.81%	�	41.34%	-0.97%	2.81%
Class R	�	13.51	-0.09	2.74%	�	40.68%	-1.46%	2.32%	�	40.68%	-1.46%	2.32%
�
Mid Cap Value�²³³
(Click here for gross expense ratio)
Class A	�	7.85	-0.06	7.39%	�	61.15%	n/a	-5.52%	�	52.02%	n/a	-8.18%
Class C	�	7.82	-0.05	7.27%	�	59.87%	n/a	-6.01%	�	58.87%	n/a	-6.01%
Class I	�	7.86	-0.05	7.52%	�	61.72%	n/a	-5.30%	�	61.72%	n/a	-5.30%
Class R	�	7.86	-0.05	7.52%	�	61.04%	n/a	-5.39%	�	61.04%	n/a	-5.39%
�
REIT�^5,^7,¹³⁸
(Click here for gross expense ratio)
Class A	�	9.32	-0.09	8.50%	�	82.77%	-0.01%	9.70%	�	72.14%	-1.19%	9.06%
Class B	�	9.30	-0.09	8.27%	�	81.35%	-0.76%	9.04%	�	77.35%	-0.96%	9.04%
Class C	�	9.31	-0.08	8.38%	�	81.35%	-0.78%	8.88%	�	80.35%	-0.78%	8.88%
Class I	�	9.35	-0.08	8.59%	�	83.04%	0.22%	9.96%	�	83.04%	0.22%	9.96%
Class R	�	9.32	-0.09	8.50%	�	82.09%	-0.29%	6.02%	�	82.09%	-0.29%	6.02%
�
Small Cap Value�^6,¹³⁸
(Click here for gross expense ratio)
Class A	�	32.01	-0.24	8.62%	�	72.57%	1.55%	9.55%	�	62.63%	0.36%	8.90%
Class B	�	28.53	-0.21	8.48%	�	71.25%	0.80%	8.92%	�	67.25%	0.46%	8.92%
Class C	�	28.51	-0.22	8.44%	�	71.18%	0.81%	8.77%	�	70.18%	0.81%	8.77%
Class I	�	33.19	-0.25	8.68%	�	72.93%	1.81%	9.86%	�	72.93%	1.81%	9.86%
Class R	�	31.46	-0.24	8.56%	�	72.12%	1.30%	7.34%	�	72.12%	1.30%	7.34%
�
Value®�¹³⁸
(Click here for gross expense ratio)
Class A	�	9.33	-0.06	2.87%	�	39.78%	-0.51%	2.68%	�	31.77%	-1.68%	2.08%
Class B	�	9.31	-0.06	2.76%	�	38.58%	-1.26%	1.33%	�	34.58%	-1.66%	1.33%
Class C	�	9.31	-0.06	2.65%	�	38.74%	-1.26%	1.31%	�	37.74%	-1.26%	1.31%
Class I	�	9.33	-0.06	2.98%	�	40.09%	-0.25%	2.89%	�	40.09%	-0.25%	2.89%
Class R	�	9.33	-0.06	2.87%	�	39.48%	n/a	-1.38%	�	39.48%	n/a	-1.38%

Results reflect past performance and are not a guarantee of future results. Performance for each class will differ due to differences in sales charge structure and class expenses. Total returns reflect reinvestment of distributions, changes in net asset value and any applicable sales charges as noted below. Investment returns will vary. Return and share prices will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

Please be sure to consult your financial advisor when making investments. Mutual funds, annuities, and other investment products: are not insured by the FDIC or any other government agency; are not deposits or other obligations of, or guaranteed by, any bank or affiliate; and are subject to investment risks, including the possible loss of principal amount invested.

Performance "at NAV" assumes that no front-end or contingent deferred sales charge applied or the investment was not redeemed. Performance "at offer" assumes that a front-end or contingent deferred sales charge applied to the extent applicable.

Class A shares of Limited-Term Diversified Income Fund, Tax-Free Minnesota Intermediate Fund, and Tax-Free USA Intermediate Fund have a 2.75% maximum front-end sales charge. Long-term tax-exempt municipal bond funds have a maximum sales charge of 4.50%. Long-term bond funds have a maximum front-end sales charge of 4.50%. Equity funds and Foundation funds have a maximum front end sales charge of 5.75%. Class B shares are subject to a 1.00% annual distribution and service fee and will be subject to a contingent deferred sales charge of up to 4.00% if redeemed before the end of the 6th year. Class C shares are subject to a 1.00% annual distribution and service fee and will be subject to a contingent deferred sales charge of 1.00% if redeemed within the first 12 months. All funds have 12b-1 distribution fees. The impact of a 12b-1 plan is reflected in performance after June 1, 1992, for Class A shares of Trend Fund, Tax-Free USA Fund, Tax-Free Pennsylvania Fund, and Core Plus Bond Fund, and after May 2, 1994, for Large Cap Value Fund. Sales charges have varied over fund lifetimes. Class I shares are only available to certain eligible investors. Please see the prospectus and statement of additional information for a more complete explanation. To view a list of prospectuses for Class I funds, please click here.

The performance figure shown in the "10 year or lifetime" column is the shorter of the fund's 10-year performance record or lifetime period based on the fund's inception date. Lifetime performance figures for funds that have been in existence for more than 10 years can be obtained by calling 800 523-1918.

Amounts designated as "n/a" are not available.

Some funds may have had expenses subsidized. Had they not, performance would have been lower. For more information, please call 800 523-1918.

Investing involves risk, including the possible loss of principal.

Carefully consider the Fund's investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund's prospectus, which may be obtained by clicking on the prospectus link above or calling 800 523-1918. Investors should read the prospectus carefully before investing.

The Fund is distributed by Delaware Distributors, L.P., an affiliate of DMHI, and Lincoln National Corporation.

1 Investing in emerging markets can be riskier than investing in well-established foreign markets.

2 Foreign investments are subject to risks not ordinarily associated with domestic investments, such as currency, economic and political risks and different accounting standards.

3 High-yielding, non-investment grade bonds involve higher risk than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities.

4 The portfolio may be invested in foreign high-yield corporate bonds which have special risks that include currency fluctuations, economic and political change and different accounting standards.

5 Funds that invest in REITs are subject to many of the risks associated with direct real estate ownership and, as such, may be adversely affected by declines in real estate values, and general and local economic conditions.

6 Funds that invest small and/or mid-size company stocks typically involve greater risk, particularly in the short term, than those investing in larger, more established companies.

7 Funds that invest a significant portion of their assets in one industry or in related industries may involve greater risks than more diversified funds, including greater potential for volatility.

50 While the U.S. Government or its agencies guarantees the principal and interest on the underlying U.S. Government and agency securities in these funds, the U.S. Government does not guarantee the shares of the funds, which will fluctuate in value, primarily due to changes in interest rates.

51 The purpose of insurance is to protect against credit risk. It does not insure against market risk or guarantee the value of the securities in the portfolio or the value of shares of any of the Funds.

52 Substantially all dividends are exempt from federal income tax and may be subject to AMT that applies to certain taxpayers. Capital gains, if any, are taxable.

53 An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in the Fund.

55 Before July 30, 2004, the Delaware Value Fund was named the Delaware Diversified Value Fund. On July 30, 2004, the Fund's objective, strategy and management changed. The new management team will continue to retain the Fund's large-cap value focus by investing primarily in investments of large-capitalization companies that they believe have long-term appreciation potential. The Fund will no longer seek current income as a secondary objective. Securities that they determine no longer contribute to meeting the Fund's investment objective or to be inconsistent with the new team's investment strategies will be sold. This could result in significant turnover in the portfolio initially. For more complete information regarding these changes, please obtain a copy of the Fund's prospectus, which contains a supplement dated May 28, 2004. These changes are significant and may impact future performance, as well as create tax implications. A prospectus, along with the supplement, may be obtained by calling 800 523-1918.

56 Effective on September 24, 2004, as approved by the Funds' Board of Trustees, Delaware Management Company ("DMC") will serve as the investment manager of each Fund pursuant to an Investment Management Agreement. DMC will provide overall management of the daily business affairs of each Fund. Mondrian Investment Partners Ltd. (formerly Delaware International Advisers Ltd.) will continue to provide investment services to each Fund as sub-advisor to DMC pursuant to a sub-advisory agreement. Please see the Fund's prospectus as supplemented for more information. For your convenience, both the prospectus and supplement are available on this website or by calling 800 523-1918.

58 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.

119 Inflation-protected debt securities tend to react to changes in interest rates, that is, the expected impact of inflation on interest rates. In general, the price of an inflation-protected debt security can fall when interest rates rise, and can rise when interest rates fall. Interest payments on inflation-protected debt securities will vary as the principal and/or interest is adjusted for inflation.

121 Effective March 30, 2006, the name of the International Small Cap Value Fund changed to "Delaware Global Value Fund." The Fund's investment policies were also changed to allow the Fund to invest a significant portion of its assets in U.S. equity securities; and to allow the Fund to invest in securities of issuers of all sizes, thereby eliminating the Fund's previous focus on the securities of small capitalization issuers. Accordingly, the Fund no longer invests at least 80% of its net assets in the securities of small capitalization issuers. In connection with the investment strategy changes noted above, the maximum annual investment advisory fee with respect to the Fund was reduced from 1.25% to 0.85% (expressed as a percentage of the Fund's average daily net assets) and contingent deferred sales charges ("CDSCs") applicable to redemptions of the Fund's Class A, Class B and Class C Shares purchased prior to January 2, 2006 were waived through the end of business on March 29, 2006. Class A, Class B and Class C Fund Shares purchased on or after January 2, 2006 are subject to the CDSCs described in the Fund's Prospectus. In addition, all Class A, Class B and Class C Fund Shares (including those purchased prior to January 2, 2006) are subject to the CDSCs described in the Funds Prospectus beginning on March 30, 2006. For more complete information regarding these changes, please obtain a copy of the Fund's prospectus. These changes are significant and may impact future performance, as well as create tax implications. A prospectus, along with the supplement, may be obtained by calling 800 523-1918.

124 Mondrian Investment Partners, Ltd, ("Mondrian") the fund's current sub-advisor, will have portfolio management responsibilities for the fund until September 24th, 2006. Effective Sept 25th, 2006 Delaware Management Company, a series of Delaware Management Business Trust, will assume portfolio management responsibilities and Mondrian will no longer be the fund's sub-advisor. Please see the Fund's prospectus as supplemented for more information. For your convenience, both the prospectus and the supplement to the prospectus are available on this Web site or by calling 800-523-1918.

125

Delaware Management Company, a series of Delaware Management Business Trust, assumed portfolio management responsibilities on September 25, 2006. Prior to September 25, 2006, Mondrian Investment Partners Limited was responsible for the Fund's portfolio management. Please see the Fund's prospectus, as supplemented, for more information. For your convenience, both the prospectus and the supplements to the prospectus are available on this Web site or by calling 800-523-1918.

126

127

Effective August 25, 2005, the Fund closed to all new investors. If you were a shareholder of record at that time, you can continue to add to your existing account through new purchases, including purchases through reinvestment of dividends or capital gains distributions, and exchanges.

130 *Delaware Large-Cap Core Fund is only available to certain residents of certain states.

131 Prior to February 1, 2007, the Delaware Core Plus Bond Fund was named the Delaware American Government Bond Fund. At the close of business on January 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 http://lfg.cfgweb.com/lfgpdf.cfm?sku=PR-023

132 Effective as of the close of business on March 1, 2007, the Delaware Tax-Free Florida Insured Fund is 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 reorganization into the Delaware Tax-Free USA Fund. Please read the prospectus and supplement for important information. For your convenience, the prospectus is available by calling 800 362-7500 or by visiting our Web site at www.delawareinvestments.com.

133 On September 1, 2006, the Delaware Tax-Free Minnesota Insured 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 reorganization into the Delaware Tax-Free Minnesota Fund. Please read the prospectus and supplement for important information. For your convenience, the prospectus is available by calling 800 362-7500 or by visiting our Web site at www.delawareinvestments.com.

134 The Fund invests primarily in a specific state and may be more susceptible to the economic, regulatory, and other factors of that state than a fund that invests more broadly.

135 Delaware Investment Advisers ("DIA") has announced that it has entered into discussions with Logan Circle Partners about a possible transaction involving certain members of the taxable fixed income team. This team is also part of Delaware Management Company ("DMC"), the investment manager to each Fund listed above. Regardless of whether this transaction is consummated, DIA and DMC anticipate that they will continue to have substantial fixed income teams in place to support their commitment to managing fixed income strategies. Although the precise scope of the expected transaction is still under consideration, the desire of the involved parties is to structure this transaction in a manner that minimizes any potential disruption to clients. It is anticipated that there would be an appropriate transition period which would allow for continued and consistent management of the fixed income products.

136

138 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

139

Effective at the close of business on July 31, 2007, no new or subsequent investments will be allowed in Class B shares of each portfolio Optimum Fund Trust, except through a reinvestment of dividends or permitted exchanges. Click here for a link to the prospectus supplement.

141

Mr. Loome regularly consults with Chuck M. Devereux, Senior Vice President, Director of Credit Research, when making decisions for the Fund.

142 The U.S. Supreme Court is reviewing the constitutionality of state tax laws that provide preferential tax treatment to in-state municipal bonds versus out-of state municipal bonds. A ruling against such state tax laws could impact the state tax treatment of municipal bond interest, and by extension, the interest earned within a municipal bond fund. States may be compelled to change their statutes and provide equal treatment to interest earned from all municipal bonds, in-state as well as out-of-state. These changes could include either exempting interest earned on all municipal bonds from state taxes or subjecting interest earned on all municipal bonds to state taxes — regardless of the issuer's state. A decision is expected mid-2008. Please see the Fund's prospectus, as supplemented, for a further discussion on the risks to the Fund.

143 Effective as of the close of business on September 5, 2007, the Delaware Large Cap Growth 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 U.S. Growth Fund. If approved, the reorganization is expected to take place in February 2008. Please read the prospectus and supplement for important information. For your convenience, the prospectus is available by calling 1 800 523-1918 or by visiting our Web site at www.delawareinvestments.com.

144 On August 15, 2007, the Board of Trustees of Delaware Group Limited Term Government Funds unanimously voted to approve changes in the Fund's investment objectives, investment strategies, and policies to reposition the Fund as a limited-term fixed income fund that does not primarily invest in U.S. Government fixed income securities. These changes are expected to take effect approximately 60 days after shareholders receive a complete description of such changes in the early fall of 2007. The new investment strategies and policies would broaden the types of fixed income securities the Fund may invest in, and permit the Fund to invest up to 20% of its net assets in foreign securities and up to 20%; of its assets in high-yield securities. The Fund's current investment objective seeks to provide a high stable level of income, while attempting to minimize fluctuations in principal, and provide maximum liquidity. The Fund's new investment objective will seek maximum total return, consistent with reasonable risk. In connection with these changes, the Fund is expected to change its name to the Delaware Limited-Term Diversified Income Fund. The proposed changes to the Fund's investment objectives, investment strategies, and policies will essentially create a different fund that does not primarily invest in U.S. Government fixed income securities. For more information about these changes, please obtain a copy of the Fund's prospectus by calling 800-523-1918 or by visiting www.delawareinvestments.com.

145 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.

146 Prior to Dec. 1, 2007, Delaware Limited-Term Diversified Income Fund was named Delaware Limited-Term Government Fund. At the close of business on Nov. 30, 2007, the Fund's investment objectives, strategies, and policies changed, and the Fund became a limited-term fixed income fund; it is no longer a fund that primarily invests in U.S. government fixed income securities. These changes are significant and present additional investment risks. Also, these changes may affect future performance and a shareholder's tax liability. For more information about the Fund, please obtain a copy of the Fund's prospectus by calling 800 523-1918 or by visiting the http://www.lfg.com/lfg/del/shr/rpt/srp/index.html on DelawareInvestments.com.

147 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 Funds prospectus, as supplemented on Dec. 3, 2007, by calling 800 523-1918 or by visiting the http://www.lfg.com/lfg/del/shr/rpt/srp/index.html on DelawareInvestments.com.

148 There are risks involved with investing in mutual funds, including loss of principal. Funds that invest in REITs are subject to many of the risks associated with direct real estate ownership and, as such, may be adversely affected by declines in real estate values and general and local economic conditions. Funds that invest a significant portion of their assets in one industry or in related industries may involve greater risks than more diversified funds, including greater potential for volatility. Foreign investments are subject to risks not ordinarily associated with domestic investments, such as currency, economic and political risks, and different accounting standards.

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Funds that invest in REITs are subject to many of the same risks associated with direct real estate ownership and, as such, may be adversely affected by declines in real estate values, and general and local economic conditions. If the Fund invests in real estate investment trusts that hold fixed rate obligations, we would expect the value of those trusts to decrease if interest rates rise and increase if interest rates decline.

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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.

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Investing in emerging markets can be riskier than investing in well-established foreign markets.

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Investing in emerging markets can be riskier than investing in well-established foreign markets.

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Foreign investments are subject to risks not ordinarily associated with domestic investments such as currency, economic, and political risks, and different accounting standards.

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Investing in emerging markets can be riskier than investing in well-established foreign markets.

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Foreign investments are subject to risks not ordinarily associated with domestic investments such as currency, economic, and political risks, and different accounting standards.

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High-yielding, non-investment grade bonds (junk bonds) involve higher risk than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities.

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Investing in emerging markets can be riskier than investing in well-established foreign markets.

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Investing in emerging markets can be riskier than investing in well-established foreign markets.

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The U.S. Supreme Court is reviewing the constitutionality of state tax laws that provide preferential tax treatment to in-state municipal bonds versus out-of-state municipal bonds. A ruling against such state tax laws could impact the state tax treatment of municipal bond interest, and by extension, the interest earned within a municipal bond fund. States may be compelled to change their statutes and provide equal treatment to interest earned from all municipal bonds, in-state as well as out-of-state. These changes could include either exempting interest earned on all municipal bonds from state taxes or subjecting interest earned on all municipal bonds to state taxes - regardless of the issuer's state. A decision is expected mid-2008.

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The Fund has been assigned to a specific style box based on its investment focus and portfolios. Large-cap companies are those with a market capitalization over $10 billion; mid-cap $2-$10 billion; and small-cap less than $2 billion. Funds focused primarily on value stocks companies believed to be selling below their true worth), growth stocks (companies believed to be fairly valued by that are expected to continue growing), or a blend of both types of stocks are assigned to those respective boxes. The Fund's portfolio is subject to change and may not always reflect the characteristics of that box.

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The Fund has been assigned to a specific style box based on its investment focus and portfolio as of. Large-cap companies are those with a market capitalization over $7.6 billion; medium-cap $1.1 - 7.6 billion; and small-cap less than $1.1 billion. Funds focused primarily on value stocks (companies believed to be selling below their true worth), growth stocks (companies believed to be fairly valued but that are expected to continue growing), or a blend of both types of stocks are assigned to those respective boxes. The Fund's portfolio is subject to change and may not always reflect the characteristics of that box.

181 Delaware Investments has assigned the Fund to a specific style box based on its investment focus and portfolios. Large-cap companies are those with a market capitalization over $10 billion, mid-cap $2-$10 billion, and small-cap less than $2 billion. The Fund's portfolio is subject to change and may not always reflect the characteristics of that box.

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The Fund has been assigned to a specific style box based on its investment focus and portfolio. Large-cap companies are those with a market capitalization over $5 billion; medium-cap $1.0 - 5 billion; and small-cap less than $1.0 billion. Funds focused primarily on value stocks (companies believed to be selling below their true worth), growth stocks (companies believed to be fairly valued but that are expected to continue growing), or a blend of both types of stocks are assigned to those respective boxes. The Fund's portfolio is subject to change and may not always reflect the characteristics of that box.

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The Fund has been assigned to a specific style box based on its investment focus and portfolio. In the fixed-income style grid, low quality is defined as bonds rated BB or lower; medium as bonds rated BBB through A; and high as AA or better. Maturity for taxable bond funds is based on the following ranges: short is up to 3.5 years; intermediate is 3.5 to 6 years; and long is greater than 6 years. The Fund's portfolio is subject to change and may not always reflect the characteristics of that box.

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192 The Fund has been assigned to a specific style box based on its investment focus and portfolio. In the fixed-income style grid, low quality is defined as bonds rated BB or lower; medium as bonds rated BBB through A; and high as AA or better. Maturity for taxable bond funds is based on the following ranges: short is up to 3.5 years; intermediate is 3.5 to 6 years; and long is greater than 6 years. The Fund's portfolio is subject to change and may not always reflect the characteristics of that box.

193 The Fund has been assigned to a specific style box based on its investment focus and portfolio. In the fixed-income style grid, low quality is defined as bonds rated BB or lower; medium as bonds rated BBB through A; and high as AA or better. Maturity for taxable bond funds is based on the following ranges: short is up to 3.5 years; intermediate is 3.5 to 6 years; and long is greater than 6 years. The Fund's portfolio is subject to change and may not always reflect the characteristics of that box.

194 The Fund has been assigned to a specific style box based on its investment focus and portfolio. In the fixed-income style grid, low quality is defined as bonds rated BB or lower; medium as bonds rated BBB through A; and high as AA or better. Maturity for taxable bond funds is based on the following ranges: short is up to 3.5 years; intermediate is 3.5 to 6 years; and long is greater than 6 years. The Fund's portfolio is subject to change and may not always reflect the characteristics of that box.

195 The Fund has been assigned to a specific style box based on its investment focus and portfolio. In the fixed-income style grid, low quality is defined as bonds rated BB or lower; medium as bonds rated BBB through A; and high as AA or better. Maturity for taxable bond funds is based on the following ranges: short is up to 3.5 years; intermediate is 3.5 to 6 years; and long is greater than 6 years. The Fund's portfolio is subject to change and may not always reflect the characteristics of that box.

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197 The Fund has been assigned to a specific style box based on its investment focus and portfolio. In the fixed-income style grid, low quality is defined as bonds rated BB or lower; medium as bonds rated BBB through A; and high as AA or better. Maturity for taxable bond funds is based on the following ranges: short is up to 3.5 years; intermediate is 3.5 to 6 years; and long is greater than 6 years. The Fund's portfolio is subject to change and may not always reflect the characteristics of that box.

198 The Fund has been assigned to a specific style box based on its investment focus and portfolio. In the fixed-income style grid, low quality is defined as bonds rated BB or lower; medium as bonds rated BBB through A; and high as AA or better. Maturity for taxable bond funds is based on the following ranges: short is up to 3.5 years; intermediate is 3.5 to 6 years; and long is greater than 6 years. The Fund's portfolio is subject to change and may not always reflect the characteristics of that box.

199 The Fund has been assigned to a specific style box based on its investment focus and portfolio. In the fixed-income style grid, low quality is defined as bonds rated BB or lower; medium as bonds rated BBB through A; and high as AA or better. Maturity for taxable bond funds is based on the following ranges: short is up to 3.5 years; intermediate is 3.5 to 6 years; and long is greater than 6 years. The Fund's portfolio is subject to change and may not always reflect the characteristics of that box.

200 The Fund has been assigned to a specific style box based on its investment focus and portfolio. In the fixed-income style grid, low quality is defined as bonds rated BB or lower; medium as bonds rated BBB through A; and high as AA or better. Maturity for taxable bond funds is based on the following ranges: short is up to 3.5 years; intermediate is 3.5 to 6 years; and long is greater than 6 years. The Fund's portfolio is subject to change and may not always reflect the characteristics of that box.

201 The Fund has been assigned to a specific style box based on its investment focus and portfolio. In the fixed-income style grid, low quality is defined as bonds rated BB or lower; medium as bonds rated BBB through A; and high as AA or better. Maturity for taxable bond funds is based on the following ranges: short is up to 3.5 years; intermediate is 3.5 to 6 years; and long is greater than 6 years. The Fund's portfolio is subject to change and may not always reflect the characteristics of that box.

202 The Fund has been assigned to a specific style box based on its investment focus and portfolio. In the fixed-income style grid, low quality is defined as bonds rated BB or lower; medium as bonds rated BBB through A; and high as AA or better. Maturity for taxable bond funds is based on the following ranges: short is up to 3.5 years; intermediate is 3.5 to 6 years; and long is greater than 6 years. The Fund's portfolio is subject to change and may not always reflect the characteristics of that box.

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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.

222 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.

223 If, and to the extent that, we invest in forward foreign currency contracts or use other investments to hedge against currency risks, the Fund will be subject to the special risks associated with those activities.

224 This Fund will be affected primarily by declines in bond prices, which can be caused by an adverse change in interest rates, adverse economic conditions or poor performance from specific industries or bond issuers.

225 The Fund may be affected by economic conditions which may hinder a company's ability to make interest and principal payments on its debt.

226 The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability for investors.

227 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.

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The information on this Web site is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person.

230

Performance results reflect past performance and are no guarantee of future results. Current yields may be higher or lower than performance quoted. The market value and net asset value (NAV) of a fund's shares will fluctuate with market conditions. Closed-end funds may trade at a premium to NAV but often trade at a discount.

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Investment return, price, yields and NAV will fluctuate with changes in market conditions. At the time of sale, your shares may have a market price that is above or below net asset value, and may be worth more or less than your original investment. There is no assurance that a fund will meet its investment objective.

Some funds may utilize leveraging to seek to enhance the yield and net asset value of its common stock, through bank borrowings, issuance of short-term debt securities or shares of preferred stock, or a combination thereof. However, these objectives cannot be achieved in all interest rate environments. While leverage may result in a higher yield for the fund, the use of leverage involves risk, including the potential for higher volatility of the NAV, fluctuations of dividends and other distributions paid by the fund and the market price of the fund's common stock, among others. Certain funds may invest assets in securities of issuers domiciled outside the United States, including issuers from emerging markets. Foreign investing involves special risks, including foreign currency risk and the possibility of substantial volatility due to adverse political, economic or other developments.

Some Delaware Investments funds make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.

Note that all dividend and yield data is based on the current month's distributions.

Net asset value (NAV) is total assets less total liabilities divided by the number of shares outstanding.

Premium/Discount is the amount by which the market price trades above or below the NAV.

Yield on stock price is calculated by dividing the most recent rate at which the Fund distributed dividend and interest income by the Fund's current stock price and annualizing the results.

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

233 Prior to July 31, 2008, the Fund had not engaged in a broad distribution of its shares and had been subject to limited redemption requests. The returns reflect expense limitations that were in effect during certain periods and which may have been lower than the Fund's current expenses. The returns would have been lower without expense limitations.

234 Effective September 22, 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 clicking the prospectus link above or calling 800 523-1918.

235 Effective September 22, 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 clicking the prospectus link above or calling 800 523-1918.

236 Investing in mutual funds involves risk, including the possible loss of principal.

237 Effective September 22, 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 clicking the prospectus link above or calling 800 523-1918.

238 Investing in mutual funds involves risk, including the possible loss of principal.

239 This Portfolio is subject to the same risks as the underlying investment styles in which it invests.

240 Effective September 22, 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 clicking the prospectus link above or calling 800 523-1918.

241 Investing in mutual funds involves risk, including the possible loss of principal.

242 This Portfolio is subject to the same risks as the underlying investment styles in which it invests.

243 Funds that invest in small- and/or medium-sized company stocks are subject to greater risk, particularly in the short term, than those that invest in larger, more established companies.

244 Foreign investments are subject to risks not ordinarily associated with domestic investments, such as currency, economic and political risks, and different accounting standards.

245 Investing in emerging markets can be riskier then investing in well-established foreign markets.

246 This Portfolio will be particularly affected by declines in stock prices, which tend to fluctuate more than bond prices. Stock prices may be negatively affected by a drop in the stock market or poor performance in specific companies or industries.

247 A rise or fall in interest rates can have a significant impact on bond prices and the net asset value of the Portfolio. Funds that invest in bonds can lose their value as interest rates rise and an investor can lose principal.

248 The Portfolio 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 Portfolio may be forced to redeploy its assets in lower yielding securities.

249 High-yielding, noninvestment grade bonds (junk bonds) involve higher risk than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities.

250 Effective Sep. 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 clicking the prospectus link above or calling 800 523-1918.

251 Investing in mutual funds involves risk, including the possible loss of principal.

252 This Portfolio is subject to the same risks as the underlying investment styles in which it invests.

253 Funds that invest in small- and/or medium-sized company stocks are subject to greater risk, particularly in the short term, than those that invest in larger, more established companies.

254 Foreign investments are subject to risks not ordinarily associated with domestic investments, such as currency, economic and political risks, and different accounting standards.

255 Investing in emerging markets can be riskier then investing in well-established foreign markets.

256 This Portfolio will be particularly affected by declines in stock prices, which tend to fluctuate more than bond prices. Stock prices may be negatively affected by a drop in the stock market or poor performance in specific companies or industries.

257 A rise or fall in interest rates can have a significant impact on bond prices and the net asset value of the Portfolio. Funds that invest in bonds can lose their value as interest rates rise and an investor can lose principal.

258 The Portfolio 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 Portfolio may be forced to redeploy its assets in lower yielding securities.

259 High-yielding, noninvestment grade bonds (junk bonds) involve higher risk than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities.

260 The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the Portfolio to obtain precise valuations of the high yield securities it holds.

261 On November 19, 2008, the Board of Trustees responsible for Delaware Delchester Fund approved a proposal to reorganize the Fund with and into Delaware High-Yield Opportunities Fund, subject to shareholder approval. Effective as the close of business on December 12, 2008, the Delaware Delchester 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 High-Yield Opportunities Fund. 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 www.delawareinvestments.com.

262 On November 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 the close of business on December 8, 2008, the 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 www.delawareinvestments.com.

263 Prior to May 1, 2002, the Fund had not engaged in a broad distribution effort of its shares and had been subject to limited redemptions requests. The returns reflected expense limitations that were in effect during certain periods and which may have been lower than the Fund's current expenses. The returns would have been lower without expense limitations.

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

267 Risk controls and asset allocation models do not promise any level of performance or guarantee against loss of principal.

268 Diversification may not protect against market risk.

269 Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

270 International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.

271

Investing involves risk, including the possible loss of principal.

272 Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

273 REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

274 Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

275 The Fund will primarily be affected by changes in bond prices.

276 Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer's ability to make interest and principal payments on its debt.

277 The Fund may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Fund may be prepaid prior to maturity, potentially forcing the Fund to reinvest that money at a lower interest rate.

278 The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivative transaction depends upon the counterparties' ability to fulfill their contractual obligations.

279 International investments are subject to risks not ordinarily associated with U.S. investments including capital loss from unfavorable fluctuation in currency values, differences in generally accepted accounting principles, or economic or political instability in other nations.

280 The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

282 This fund is closed

284 Diversification may not protect against market risk.

285 The letter ratings are provided by S&P and describe the credit-worthiness of the underlying bonds in the portfolio and generally range from AAA (highest quality) to CCC (lowest; highly speculative). Moody's also provides ratings that describe the credit-worthiness of bonds that range from Aaa (highest quality, smallest degree of investment risk) to C (lowest rated, extremely poor prospects of ever attaining investment standing).

287 Macquarie Capital Investment Management LLC is the Fund's sub-adviser. The sub-adviser is responsible for the investment management of the Fund's assets.

288 International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.

289 Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

290 Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

291 Because the Fund concentrates its investments in securities issued by companies principally engaged in the infrastructure industry, the Fund has greater exposure to the potential adverse economic, regulatory, political, and other changes affecting such entities.

292 Class I and R shares are only available to certain investors. See the applicable prospectus for more information.

293 Healthcare companies are subject to extensive government regulation and their profitability can be affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, and malpractice or other litigation.

294 Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

295 Nondiversified funds may allocate more of their net assets to investments in single securities than diversified funds. Resulting adverse effects may subject these funds to greater risks and volatility.

� On October 28, 2002, the Delaware Diversified Income Fund acquired all of the assets and assumed all the liabilities of the Diversified Core Fixed Income Portfolio of Delaware Pooled Trust (the "Predecessor Fund") which had identical investment objectives and policies as the Fund. The Fund had no operations prior to October 28, 2002. Shareholders of the Predecessor Fund received Class A shares of the Fund in connection with this transaction. As a result of this transaction, Class A shares of the Fund assumed the performance history of the Predecessor Fund for periods prior to the closing date of the transaction. In accordance with current Securities and Exchange Commission requirements, the average annual total returns of the Fund for periods prior to October 28,2002 have been restated to reflect the maximum sales charge applicable to Class A shares, but do not reflect the distribution and service (12b-1) fees and higher management and transfer agency fees borne by Class A shares of the Fund. Class A shares of the Fund currently bear the cost and service fees at the annual rate of up to 0.30% of the average daily net assets of the Class A shares. Shares of the Predecessor Fund were not subject to distribution and service fees. The Fund bears the expense of management fees at the maximum annual rate of 0.55% of the Fund's average daily net assets. The Predecessor Fund had a management fee at the annual rate of 0.43% of its average daily net assets. For transfer agency services, the Fund currently pays an annual dollar charge per account generally ranging from $3.00 to $19.00 (depending on the type of account), as well as per transaction fees. By contrast, the Predecessor Fund paid a fee at the annual rate of 0.01% of its average daily net assets for transfer agency services. If the current higher expenses of the Fund had been in effect for the Predecessor Fund, the total returns represented in performance information for this fund would have been lower for all periods.

� The returns reflect voluntary expense caps and would be lower without the voluntary caps.