PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO.)
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[_] Preliminary Proxy Statement Pursuant to Section 14(a)
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DELAWARE GROUP ADVISER FUNDS
[ ] Definitive Additional Materials
[ ] Soliciting Material under §240.14a–12
DELAWARE GROUP CASH RESERVE
DELAWARE GROUP EQUITY FUNDS I
DELAWARE GROUP EQUITY FUNDS II
DELAWARE GROUP EQUITY FUNDS III
DELAWARE GROUP EQUITY FUNDS IV
(NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE GROUP EQUITY FUNDS VDELAWARE GROUP FOUNDATION FUNDSDELAWARE GROUP GLOBAL & INTERNATIONAL FUNDSDELAWARE GROUP GOVERNMENT FUNDDELAWARE GROUP INCOME FUNDSDELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDSDELAWARE GROUP TAX FREE FUNDDELAWARE GROUP TAX-FREE MONEY FUNDDELAWARE POOLED TRUST1VOYAGEUR INSURED FUNDSVOYAGEUR INTERMEDIATE TAX FREE FUNDSVOYAGEUR MUTUAL FUNDSVOYAGEUR MUTUAL FUNDS IIVOYAGEUR MUTUAL FUNDS IIIVOYAGEUR TAX FREE FUNDS(Namof Registrant as Specified In Its Charter)
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1Solely on behalf of Delaware REIT Fund (also known as The Real Estate Investment Trust Portfolio), a series of Delaware Pooled Trust
| | |
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PROXY MATERIALS
DELAWARE INVESTMENTS®FAMILY OF FUNDS
| |
Delaware Group®Adviser Funds | Delaware Group Limited-Term Government Funds |
Delaware Group Cash Reserve | Delaware Group State Tax-Free Income Trust |
Delaware Group Equity Funds I | Delaware Group Tax-Free Fund |
Delaware Group Equity Funds II | Delaware Group Tax-Free Money Fund |
Delaware Group Equity Funds III | Delaware Pooled®Trust1 |
Delaware Group Equity Funds IV | Voyageur Insured Funds |
Delaware Group Equity Funds V | Voyageur Intermediate Tax Free Funds |
Delaware Group Foundation®Funds | Voyageur Mutual Funds |
Delaware Group Global & International Funds | Voyageur Mutual Funds II |
Delaware Group Government Fund | Voyageur Mutual Funds III |
Delaware Group Income Funds | Voyageur Tax Free Funds |
1) Amount Previously Paid:
Dear Shareholder:
2) Form, Schedule or Registration Statement No.:
I am writing to let you know that
3) Filing Party:
4) Date Filed:
DELAWARE GLOBAL REAL ESTATE SECURITIES FUND
a joint special meeting (the “Meeting”)series of shareholders of the Delaware Investments funds mentioned above (the “Trusts”) will be held at the offices Stradley Ronon Stevens & Young,
DELAWARE GROUP® EQUITY FUNDS IV
2005 Market Street 21stFloor,
Philadelphia, Pennsylvania 19103 on November 12, 2009, at 3:00 p.m., Eastern time. The purpose of the special meeting
April 7, 2010
Dear Shareholder:
We are writing to vote on severalprovide you with some important proposals that affect the Trusts and each of their separate series (each, a “Fund” and collectively, the “Funds”) andinformation concerning your investment in one or more of them. Meeting will be held concurrently with the meetings of shareholders of other funds within the Delaware Investments®Family of Funds.investment. As a shareholder of Delaware Global Real Estate Securities Fund (the “Fund”), a series of Delaware Group Equity Funds IV (the “Trust”), we wish to inform you havethat the opportunityBoard of Trustees (the “Board”) of the Trust has approved the addition of Macquarie Capital Investment Management LLC (“MCIM”) as subadviser to voice your opinionthe Fund, subject to shareholder approval.
This solicitation is being made on the
mattersterms and subject to the conditions set forth in the accompanying Consent Solicitation Statement that
affect your Funds. This package contains information about proposals anddescribes the
materials to use when voting by mail, telephone or through the Internet.Please read the enclosed materials and cast your vote on the proxy card(s) or by telephone or via the Internet.Please vote your shares promptly. Your vote is extremely important, no matter how large or small your holdings may be.
The proposals have been carefully reviewed by the Boards of Trusteesterms of the Trusts. Trustees, all but one of whom are not affiliated with Delaware Investments, are responsible for protectingproposed subadvisory agreement. Also enclosed you will find your interests as a shareholder. The Trustees believe these proposals are in the best interests of shareholders.
The Trustees recommend that you vote FOR each proposal.
The enclosed Q&A is provided to assist you in understanding the proposals. Each of the proposals is described in greater detail in the enclosed Proxy Statement.
Voting is quickwritten consent card and easy. Everything you need is enclosed.To cast your vote, simplyreturn envelope. Please complete, the proxy card(s) enclosed in this package. Be sure todate and sign the card(s) before mailing it
1 | Solely on behalf of Delaware REIT Fund (also known as The Real Estate Investment Trust Portfolio), a series of Delaware Pooled Trust. |
in the postage-paid envelope. You may also vote your shares by touch-tone telephone or through the Internet. Simply call the toll-free number or visit the website indicated on your proxy card(s), enter the control number found on the card(s), and follow the recorded or online instructions.
If you have any questions before you vote, please call Computershare Fund Services, Inc. (“Computershare”), the Fund’s proxy solicitor, at 877 520-8548. Computershare will help you get your vote in quickly. You may also receive a telephone call from Computershare reminding you to vote your shares. Thank you for your participation in this important initiative.
Sincerely,
/s/ Patrick P. Coyne
Patrick P. Coyne
Chairman, President, and Chief Executive Officer
NOTICE OF JOINT SPECIAL MEETING OF SHAREHOLDERS
To be held on November 12, 2009
To the Shareholders of:
| |
Delaware Group®Adviser Funds | Delaware Group Limited-Term Government Funds |
Delaware Group Cash Reserve | Delaware Group State Tax-Free Income Trust |
Delaware Group Equity Funds I | Delaware Group Tax-Free Fund |
Delaware Group Equity Funds II | Delaware Group Tax-Free Money Fund |
Delaware Group Equity Funds III | Delaware Pooled®Trust1 |
Delaware Group Equity Funds IV | Voyageur Insured Funds |
Delaware Group Equity Funds V | Voyageur Intermediate Tax Free Funds |
Delaware Group Foundation®Funds | Voyageur Mutual Funds |
Delaware Group Global & International Funds | Voyageur Mutual Funds II |
Delaware Group Government Fund | Voyageur Mutual Funds III |
Delaware Group Income Funds | Voyageur Tax Free Funds |
NOTICE IS HEREBY GIVEN that a joint special meeting (the “Meeting”) of shareholders of the open-end registered investment companies listed above (each, a “Trust” and collectively, the “Trusts”), along with certain other funds within the Delaware Investments®Family of Funds, each of which is issuing proxy solicitation materials, will be held at the offices of Stradley Ronon Stevens & Young, 2005 Market Street, 21stFloor, Philadelphia, Pennsylvania 19103 on November 12, 2009, at 3:00 p.m., Eastern time. The Meeting is being called to vote on the following proposals:
1. | To elect a Board of Trustees for each of the Trusts. The nominees for election to the Boards of Trustees, all of whom are presently members of the Boards, are: |
| |
Thomas L. Bennett | Ann R. Leven |
Patrick P. Coyne | Thomas F. Madison |
John A. Fry | Janet L. Yeomans |
Anthony D. Knerr | J. Richard Zecher |
Lucinda S. Landreth | |
2. | To approve a new investment advisory agreement for each separate series of the Trusts (each, a “Fund” and collectively, the “Funds”). |
Shareholders of record of the Trusts as of the close of business on September 18, 2009 are entitled to notice of, and to vote at, the Meeting or any adjournment thereof.Whether or not you plan to attend the Meeting, please vote your shares by returning the proxy card(s) by mail in the enclosed postage-paid envelope provided, or by voting by telephone or over the Internet. Your vote is important.
By order of the Boards of Trustees,
/s/ Patrick P. Coyne
Patrick P. Coyne
Chairman, President and Chief Executive Officer
1 | Solely on behalf of Delaware REIT Fund (also known as The Real Estate Investment Trust Portfolio), a series of Delaware Pooled Trust. |
[September 21], 2009
To secure the largest possible representation and to save the expense of further mailings, please mark your proxywritten consent card sign it, and return it in the enclosed, postage-prepaid envelope which requires no postage if mailedor by facsimile. Consent cards must be submitted to the Secretary of the Trust by 3:00 p.m., Eastern time, on April 9, 2010.
Your response to this solicitation is important. Failure to return the enclosed written consent card will have the effect of a vote against the approval of the subadvisory agreement. The Board recommends that all shareholders consent to the subadvisory agreement.
Your continued interest in and support of the Fund is greatly appreciated.
Sincerely,
/s/ Patrick P. Coyne
Patrick P. Coyne
President
Delaware Group Equity Funds IV
DELAWARE GLOBAL REAL ESTATE SECURITIES FUND
a series of
DELAWARE GROUP® EQUITY FUNDS IV
2005 Market Street
Philadelphia, Pennsylvania 19103
_____________________________
NOTICE OF SOLICITATION OF CONSENTS
To the Shareholders of Delaware Global Real Estate Securities Fund (the “Fund”):
This Notice of Solicitation of Consents and accompanying Consent Solicitation Statement are being furnished to you by Delaware Group Equity Funds IV (the “Trust”) in connection with the solicitation, on behalf of the Trust’s Board of Trustees (the “Board”), of written consents from the United States. holders of the Fund’s outstanding shares to take action that requires shareholder approval.
The Board is requesting that the shareholders of the Fund approve a subadvisory agreement (the “Subadvisory Agreement”) pursuant to which Macquarie Capital Investment Management LLC will be responsible for the day-to-day investment management of the Fund’s assets.
Please complete, date and sign the enclosed written consent card and promptly return it in the enclosed postage-prepaid envelope or fax it to the Secretary of the Trust at (215) 255-1640. To be counted, a shareholder’s properly completed written consent card must be received at or before 3:00 p.m., Eastern time, on April 9, 2010 (the “Expiration Date”), subject to extension by the Board.
Your response is important. The Board recommends that all shareholders consent to the Subadvisory Agreement. You can do so by marking the box entitled “CONSENT” with respect to the proposal on the enclosed written consent card. If you prefer,do not return the enclosed written consent card, the Fund may fail to approve the Subadvisory Agreement. If you sign and send in the written consent card but do not indicate that you want to consent to the Subadvisory Agreement, we will treat this as a consent to the approval of the Subadvisory Agreement.
Consents may
instead votebe revoked by
telephone or the Internet. You may revoke your proxyshareholders at any time
before or atprior to the
Meeting or vote in person if you attenddeadline for the
Meeting, as provided inreceipt of written consents of the
attached Proxy Statement.SOME SHAREHOLDERS HOLD SHARES IN MORE THAN ONE FUNDholders of a majority of the outstanding shares of the Fund entitled to act.
IT IS VERY IMPORTANT THAT EVERY SHAREHOLDER RETURN A CONSENT CARD. WE URGE YOU TO SIGN, DATE AND MAY RECEIVE PROXY CARDS AND/OR PROXY MATERIALS FOR EACH FUND OWNED. PLEASE SIGN ANDRETURN THE ENCLOSED WRITTEN CONSENT AS PROMPTLY RETURN EACH PROXY CARD IN THE SELF-ADDRESSED ENVELOPE REGARDLESS OF THE NUMBER OF SHARES OWNED.AS POSSIBLE.
By Order of the Board of Trustees,
/s/ David F. Connor
Philadelphia, Pennsylvania David F. Connor
April 7, 2010 Secretary
CONSENT SOLICITATION STATEMENT
Table of Contents
Page
| |
PROXY STATEMENT |
TABLE OF CONTENTS |
|
| | Page INTRODUCTION 3 |
| |
PROPOSAL 1:HOW TO ELECT A BOARD OF TRUSTEESSUBMIT
| CONSENTS 4 |
Introduction to Proposal 1 | 4 |
Who are the Trustee Nominees? | 4 |
How are Nominees for Trustee Selected? | 5 |
How Often Do the Boards Meet and What Are the Trustees Paid? | 6 |
Who are the Principal Officers of the Trust? | 6 |
What are the Standing Committees of the Board? | 6 |
Who are the Trusts’ Independent Auditors? | 7 |
What is the Required Vote to Elect Trustees? | 8 |
| | EXPIRATION DATE OF SOLICITATION 4 |
| PROPOSAL 2:REVOCATION OF CONSENTS 4
|
| PROPOSAL: TO APPROVE A NEW INVESTMENT ADVISORYSUBADVISORY AGREEMENT FOR THE FUND 5 |
| | The Proposed Subadviser 5 |
AGREEMENT | 9 |
Description | Portfolio Managers of the TransactionMCIM 6 |
| | 9 MCIM’s Investment Methodology 6 |
| | The New Investment Advisory Agreements | 12 Subadvisory Agreement 6 |
Additional Information about DMC | 14 |
Board Considerations in Approving the New Investment Advisory Agreements | 15 Subadvisory Agreement 8 |
Required Vote | 22 |
Section 15(f) of the 1940 Act | 22 |
More Information about the Funds | 23 |
| |
VOTING INFORMATIONAccompanying Changes to the Fund’s
| 24Disclosures 10 |
How will shareholder voting be handled? | 25 |
How do I ensure my vote is accurately recorded? | 25 |
May I revoke my proxy? | 25 |
What other matters will be voted upon at the Meeting? | 25 |
Who is entitled to vote? | 25 |
What is the Quorum Requirement? | 25 |
Who will pay the expenses of the Meeting? | 25 |
What other solicitations will be made? | 25 |
Why did my household receive only one copy of this Proxy Statement? | 26 |
How do I submit a shareholder proposal for inclusion in a Trust's proxy | |
statement and form of proxy for Trust's next annual meeting? | 26 |
How may I communicate with the Boards? | 27 |
| |
PRINCIPAL HOLDERS OF SHARESADDITIONAL INFORMATION ABOUT THE
| 27FUND 10 |
| | PRINCIPAL SHAREHOLDERS 11 |
| APPENDIXCONTROL PERSONS 12
|
| EXHIBIT A – TRUSTS AND SERIES USING THIS PROXY STATEMENT | A-1 |
|
APPENDIX B - TRUSTEESFORM OF THE TRUSTSSUBADVISORY | B-1AGREEMENT 13 |
|
APPENDIX C – PRINCIPAL OFFICERS OF THE TRUSTS | C-1 |
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APPENDIX D – NOMINATING AND CORPORATE GOVERNANCE | |
COMMITTEE CHARTER | D-1 |
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APPENDIX E – FUND SHARE BENEFICIAL OWNERSHIP BY TRUSTEE | |
NOMINEES | E-1 |
|
APPENDIX F — TRUSTEE COMPENSATION | F-1 |
|
APPENDIX G – AUDITOR INFORMATION | G-1 |
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APPENDIX H - PRE-APPROVAL POLICIES AND PROCEDURES | H-1 |
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APPENDIX I—FORM OF NEW INVESTMENT ADVISORY AGREEMENTS | I-1 |
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APPENDIX J- CURRENT INVESTMENT ADVISORY AGREEMENTS: DATES | |
OF APPROVALS; FEES | J-1 |
| |
APPENDIX K - FUNDS ADVISED BY DMC: FEES PAID TO DMC AND | |
AFFILIATES | K-1 |
| |
APPENDIX L – TRUSTEES AND OFFICERS OF DMC | L-1 |
| |
APPENDIX M – NUMBER OF SHARES OF EACH FUND OUTSTANDING AS | |
OF JULY 31, 2009 | M-1 |
| |
APPENDIX N — 1% SHARE OWNERSHIP | N-1 |
| |
APPENDIX O — 5% SHARE OWNERSHIP | O-1 |
DELAWARE GLOBAL REAL ESTATE SECURITIES FUND
a series of
DELAWARE INVESTMENTSGROUP® EQUITY FUNDS IV
2005 Market Street
Philadelphia, Pennsylvania 19103
________________________
CONSENT SOLICITATION STATEMENT
____________________________
INTRODUCTION
FAMILY OF FUNDSJOINT PROXY STATEMENT
Dated September[21]This Consent Solicitation Statement is being furnished in connection with the solicitation of written consents of the shareholders of Delaware Global Real Estate Securities Fund (the “Fund”), 2009
| |
Delaware Group®Adviser Funds | Delaware Group Limited-Term Government Funds |
Delaware Group Cash Reserve | Delaware Group State Tax-Free Income Trust |
Delaware Group Equity Funds I | Delaware Group Tax-Free Fund |
Delaware Group Equity Funds II | Delaware Group Tax-Free Money Fund |
Delaware Group Equity Funds III | Delaware Pooled®Trust1 |
Delaware Group Equity Funds IV | Voyageur Insured Funds |
Delaware Group Equity Funds V | Voyageur Intermediate Tax Free Funds |
Delaware Group Foundation®Funds | Voyageur Mutual Funds |
Delaware Group Global & International Funds | Voyageur Mutual Funds II |
Delaware Group Government Fund | Voyageur Mutual Funds III |
Delaware Group Income Funds | Voyageur Tax Free Funds |
Important notice regarding the availabilitya series of proxy materialsDelaware Group Equity Funds IV (the “Trust”), to approve a subadvisory agreement (the “Subadvisory Agreement”) pursuant to which Macquarie Capital Investment Management LLC (“MCIM”) will be responsible for the shareholder meeting
to be held on November 12, 2009: this proxy statement is available
at www. delawareinvestments.com.
This joint proxy statement (the “Proxy Statement”) solicits proxies to be voted at a Joint Special Meeting of Shareholders (the “Meeting”)day-to-day investment management of the registered open-end management investment companies listed above (each, a “Trust” and collectively, the “Trusts”), along with other funds in the Delaware Investments Family of Funds, each of whichFund’s assets. This solicitation is issuing proxy solicitation materials. Each of the separate funds within a Trust is referred to as a “Fund” and all of the Funds are collectively referred to as the “Funds.” The Meeting was calledbeing made by the Boards of Trustees of the Trusts (each, a “Board” and collectively, the “Boards”)Trust. This Consent Solicitation Statement contains important information for you to consider when deciding how to vote on the following proposals, eachthis matter. Please read it carefully and keep it for future reference.
The Trust’s Board of which is described more fully below: | | |
| Proposal | Who votes on the proposal? |
1. | To elect a Board of Trustees. | Shareholders of each Trust, with shareholders |
| | of all Funds of such Trust voting collectively. |
2. | To approve a new investment | Shareholders of each Fund, voting separately |
| advisory agreement for each Fund. | from shareholders of each other Fund. |
The principal officesTrustees (the “Board”) has resolved to obtain shareholder approval of the Trusts are located at 2005 Market Street, Philadelphia, Pennsylvania 19103. You can reachSubadvisory Agreement by written consent, rather than by calling a special meeting of shareholders because the officesFund has only two shareholders as of the Trusts by telephone by calling (800) 523-1918. Eachdate of this consent solicitation statement. Written consents are being solicited from the Fund’s shareholders pursuant to the Trust’s Agreement and Declaration of Trust isand Amended and Restated By-Laws.
Voting materials, which include this Consent Solicitation Statement and a Delaware statutory trust registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). A list of the Funds of each Trust is set forth in Appendix A.
1 | Solely on behalf of Delaware REIT Fund (also known as The Real Estate Investment Trust Portfolio), a series of Delaware Pooled Trust. |
3
The Meeting will be held at the offices of Stradley Ronon Stevens & Young, 2005 Market Street, 21stFloor, Philadelphia, Pennsylvania 19103 on November 12, 2009, at 3:00 p.m., Eastern time. The Boards, on behalf of each Fund,written consent card, are soliciting these proxies. This Proxy Statement will first bebeing sent to all Fund shareholders on or about September [21], 2009.April 8, 2010.
This Proxy Statement gives you information about the Trustees, the new advisory agreement, and other matters that you should know before voting.
The Board of each Trust has determined that the joint use ofis sending you this ProxyConsent Solicitation Statement for the Meeting is in the best interests of each Fund and its shareholders in light of the similar matters being considered and voted on by the shareholders of all of the Funds.Each Fund’s annual report to shareholders is sent to shareholders of record following the Fund’s fiscal year end. Each Fund will furnish, without charge, a copy of its most recent annual report and most recent succeeding semiannual report, if any, to a shareholder upon request. Such requests should be directed to a Fund by calling 800 523-1918 or by writing to the Fund at Attention: Account Services, P.O. Box 219691, Kansas City, MO 64121-9691 by regular mail or 430 W. 7th Street, Kansas City, MO 64105 by overnight courier service.
Two or more shareholders of a Fund who share an address might receive only one annual report or Proxy Statement, unless the Fund has received instructions to the contrary. Each Fund will promptly send a separate copy of such documents to any shareholder upon request. To request a separate copy of an annual report or the Proxy Statement, shareholders should contact their Fund at the address and phone number set forth above.
PROPOSAL 1: TO ELECT A BOARD OF TRUSTEES
Introduction to Proposal 1
In Proposal 1, shareholders of each Trust are being asked to elect nine Trustees (together, the “Trustee Nominees”) to the Boards. All of the Trustee Nominees are currently members of the Boards.
Each Trust is governed by a Board, which has oversight responsibility for the management of the Trust’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the Trust. Each Trust has a Board comprised of the same Trustees, and each Trust is served by the same Officers.
Who are the Trustee Nominees?
The Trustees of the Boards (each, a “Trustee” and collectively, the “Trustees”) are responsible for supervising the management of the Trusts and serving the needs and best interests of Fund shareholders. As noted above, all of the Trustee Nominees standing for election are currently members of the Boards. The nine Trustee Nominees are Thomas L. Bennett, Patrick P. Coyne, John A. Fry, Anthony D. Knerr, Lucinda S. Landreth, Ann R. Leven, Thomas F. Madison, Janet L. Yeomans, and J. Richard Zecher.
4
Each Board is comprised of the same nine Board members, eight of whom are not “interested persons” of the Trusts, as that term is defined in the 1940 Act (together, the “Independent Trustees”). Only Mr. Coyne is deemed to be an “Interested Trustee” of the Trusts, because he is an executive officer of the Funds’ investment adviser. Appendix B includes a list of the Trustees with certain background and related information.
If elected, each Trustee Nominee will hold office for an indefinite term until his or her successor is elected and qualified, or until his or her earlier death, resignation, or removal. Each Trustee Nominee currently is available and has consented to serve if elected. If any of the Trustee Nominees should become unavailable before the Meeting, the designated proxy holders will have the authority to vote in their discretion for another person or persons who may be nominated as Trustees. Ann R. Leven serves as Coordinating Trustee for each Trust. Although Mr. Coyne, the Chairman, President, and CEO of the Funds’ investment adviser, currently serves as a Trustee, he is standing for election by Fund shareholders for the first time. Mr. Coyne was appointed to the Boards in 2006, and was recommended for appointment to the Boards by the Nominating and Corporate Governance Committee, which consists solely of Independent Trustees.
How are Nominees for Trustee Selected?
Each Board’s Nominating and Corporate Governance Committee recommends Board members, fills vacancies, and considers the qualifications of prospective Board members. The committee also monitors the performance of counsel for the Independent Trustees. The committee will consider shareholder recommendations for Trustee nominations only in the event that there is a vacancy on a Board. Shareholders who wish to submit recommendations for nominations to fill a vacancy on a Board must submit their recommendations in writing to the Nominating and Corporate Governance Committee, c/o Delaware Investments®Funds at 2005 Market Street, Philadelphia, Pennsylvania 19103-7094. Shareholders should include appropriate information on the background and qualifications of any persons recommended (e.g., a resume), as well as the candidate’s contact information and a written consent from the candidate to serve if nominated and elected. Shareholder recommendations for nominations to a Board will be kept on file for consideration when there is a vacancy on the Board. The committee consists of John A. Fry, Chairman; Anthony D. Knerr; Lucinda S. Landreth; and Ann R. Leven (ex officio), all of whom are Independent Trustees. Each Trust’s Nominating and Corporate Governance Committee held five meetings during the 12-month period ended June 30, 2009. Each Board has adopted and approved a formal written charter for the Nominating and Corporate Governance Committee, which is attached as Appendix D to this Proxy Statement.
The Nominating and Corporate Governance Committee met on September 3, 2009, to evaluate candidates for positions on the Boards, including evaluating candidates’ qualifications for Board membership and their independence from the Funds’ investment adviser and other affiliates and principal service providers, as well as such other information as the Committee deemed relevant to their considerations. The Nominating and Corporate Governance Committee recommended the Trustee Nominees for nomination by the Independent Trustees, and at their meeting on September 3, 2009, the Independent Trustees selected and nominated the Trustee Nominees for election by the shareholders of each Trust.
5
How Often Do the Boards Meet and What Are the Trustees Paid?
Each Board is responsible for establishing its Trust’s policies and for overseeing the management of the Trust. The Boards held six meetings during the 12-month period ended June 30, 2009. Each Trustee Nominee attended at least 75% of the aggregate total number of meetings of the Boards held during each Trust’s last fiscal year, and attended at least 75% of the total number of meetings held during that year by all committees of the Boards on which he or she served. The Trusts do not have a formal policy regarding Trustee attendance at shareholders’ meetings but they encourage Trustees to do so. The Trusts do not hold annual meetings at which Trustees are elected.
None of the Independent Trustees owns, beneficially or of record, securities issued by any investment adviser or principal underwriter of any of the Funds, or a person directly or indirectly controlling, controlled by, or under common control with any of the foregoing. The table in Appendix E shows the dollar range of shares of the Funds and the aggregate dollar range of shares of the Delaware Investments Family of Funds that are beneficially owned by each Trustee Nominee as of June 30, 2009.
Each Independent Trustee is compensated by the Trusts. Mr. Coyne, the sole Trustee who is not an Independent Trustee, is not compensated by the Trusts for serving as Trustee. Trust officers are not compensated by the Trust. The table in Appendix F shows the amount of compensation that each Trustee received from each Trust during the 12-month period ended June 30, 2009, and the aggregate amount of compensation that each Trustee received from the Delaware Investments Family of Funds during that period. In addition, the Independent Trustees received separate compensation form the Trusts for the meetings held in connection with their reviewits solicitation of consents to approve the transaction described under Proposal 2 below.
Who are the Principal Officers of the Trust?
Officers of each Trust are appointed by the Trust’s Board and serve at the pleasure of the Board. Appendix C to this Proxy Statement identifies the principalSubadvisory Agreement. Certain Trustees or officers of the Trusts, and provides the officers’ names, birth dates, addresses, positions and length of service with the Trusts, and principal occupations during the past five years.
What are the Standing Committees of the Board?
Each Trust’s Board has four standing committees: the Audit Committee, the Nominating and Corporate Governance Committee, the Independent Trustees Committee, and the Investments Committee.
Audit Committee.This committee monitors accounting and financial reporting policies and practices and internal controls for a Trust. It also oversees the quality and objectivity of a Trust’s financial statements and the independent audit thereof, and acts as a liaison between the Trust’s independent registered public accounting firm and the full Board. Each Trust’s Audit Committee consists of the following Independent Trustees: Thomas F. Madison, Chairman; Thomas L. Bennett; John A. Fry;and J. Richard Zecher. Each Trust’s Audit Committee held six meetings during the 12-month period ended June 30, 2009.
6
Nominating and Corporate Governance Committee.Information on the Nominating and Corporate Governance Committee is provided above under “How are Nominees for Trustee Selected?”
Independent Trustees Committee. This committee develops and recommends to the Boards a set of corporate governance principles and oversees the evaluation of the Boards, the committees, and Board activities. The committee is comprised of all of the Independent Trustees. Each Trust’s Independent Trustees Committee held four meetings during the 12-month period ended June 30, 2009.
Investments Committee.The primary purposes of the Investments Committee are to: (i) assist the Boards, upon request, in oversight of the investment advisory services provided to the Funds by their investment adviser as well as any sub-advisers; (ii) review all proposed advisory and sub-advisory agreements for new Funds or proposed amendments to existing agreements and to recommend what action the full Boards and the Independent Trustees should take regarding the approval of all such proposed agreements; and (iii) review from time to time reports supplied by the Funds’ investment adviser regarding investment performance and expenses and suggest changes to such reports. Each Board’s Investments Committee consists of the following Independent Trustees: Thomas L. Bennett, Chairman; Anthony D. Knerr; Lucinda S. Landreth; Ann R. Leven (ex officio); Janet L. Yeomans; and J. Richard Zecher. Each Investments Committee held four meetings during the 12-month period ended June 30, 2009.
Who are the Trusts’ Independent Auditors?
Selection of Auditors. For each Trust, the Audit Committee and the Board have selected the firm of Ernst & Young LLP (“E&Y”) to serve as the Funds’ independent registered public accounting firm. Representatives of E&Y are not expected to be present at the Meeting, but will be available to answer any questions or if otherwise necessary.
Audit Fees. Appendix G shows for each Trust the aggregate fees billed for each of the last two fiscal years for professional services rendered by E&Y for the audit of the Trust’s annual financial statements and for review of the financial statements included in the Trust’s annual reports or for services that normally are provided by E&Y in connection with statutory and regulatory filings or engagements for those fiscal years.
Audit-Related Fees.No Trust was billed during its last two fiscal years for assurance and related services rendered by E&Y that were reasonably related to the audit or review of the Trust’s financial statements but where such services were not reported under “Audit Fees” above. Appendix G shows for the last two fiscal years of each Trust the aggregate fees billed by E&Y for providing such services to the Funds’ investment adviser or other service providers that are under common control with the Funds’ investment adviser. These services included the issuance of reports concerning the Funds’ transfer agent’s system of internal accounting control pursuant to Rule 17Ad-13 of the Securities Exchange Act of 1934, as amended.
Tax Fees. Appendix G also shows for each Trust the aggregate fees billed in each of the last two fiscal years for professional services rendered by E&Y to the Trust for tax compliance, tax advice, and tax planning. E&Y did not during any Trust’s last two fiscal years provide any such
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services to the Funds’ investment adviser or other service providers under common control with the Funds’ investment adviser. The tax-related services provided to the Trusts included the review of income tax returns and annual excise distribution calculations and, for certain of the Trusts, tax compliance services with respect to investments in foreign securities.
Aggregate Non-Audit Fees. Appendix G also shows, for each Trust’s last two fiscal years, the aggregate non-audit fees billed by E&Y for services rendered to the Trust, its investment adviser, and any entity controlling, controlled by, or under common control with its investment adviser that provides ongoing services to the Trust.
For each Trust, the Audit Committee has considered whether the provision of non-audit services that were rendered to the Trust’s investment adviser, and any entity controlling, controlled by, or under common control with the Trust’s investment adviser that provides ongoing services to the Trust, is compatible with maintaining the independence of E&Y. The Audit Committee has determined that E&Y’s provision of these services is compatible with maintaining E&Y’s independence. E&Y currently is analyzing whether its independence will be affected after the transaction described in Proposal 2 as a result of services provided by E&Y to Macquarie Group Limited and its affiliates.
All Other Fees.There were no additional fees paid by any Trust or to the Funds’ investment adviser or other service providers under common control with the Funds’ investment adviser during such Trust’s last two fiscal years for products and services provided by E&Y, other than the services reported above.
Pre-Approval Policies and Procedures. Each Trust’s Audit Committee has adopted Pre-Approval Policies and Procedures, which are set forth in Appendix H to this Proxy Statement. Allemployees of the fees disclosed above were pre-approved pursuant to the Pre-Approval Policies and Procedures. The Audit Committee for each Trust did not approve any of the services described above pursuant to thede minimisexceptions set forth in Rule 2-01(c)(7)(1)(C) and Rule 2-01(c)(7)(ii) of Regulation S-X.
What is the Required Vote to Elect Trustees?
Provided that “Quorum” requirements (as defined below in “Voting Information”) have been satisfied, the Trustee Nominees will be elected to the Board of each Trust by the affirmative vote of a plurality of votes cast collectively by shareholders of all of the Funds of such Trust. This means that the nine Trustee Nominees receiving the largest number of votes will be elected. For a Trust that is made up of more than one Fund, the votes of all the Funds of that Trust will be counted together in determining the results of the voting for Proposal 1.
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PROPOSAL 2: TO APPROVE A NEW INVESTMENT ADVISORY AGREEMENT
In Proposal 2, you are being asked to approve a new investment advisory agreement between your Fund and Delaware Management Company (“DMC”) (each, a “New Investment Advisory Agreement”).may solicit consents by mail, telephone, facsimile or in person. DMC currently serves as investment adviser for each Fund, but, for the reasons discussed below, a new investment advisory agreement will be required if the Transaction is completed. For a general descriptionpay all of the proposed New Investment Advisory Agreements and a general comparisoncosts of this solicitation.
The Fund’s current investment management agreement, dated January 4, 2010, was last submitted to security holders of the
proposed New Investment Advisory Agreements and the investment advisory agreements currentlyFund in
effect for each Fund (each, a “Current Investment Advisory Agreement”), see “The New Investment Advisory Agreements” below. The formSeptember, 2009 because of
the New Investment Advisory Agreements is included in Appendix I. The date of each Fund’s Current Investment Advisory Agreement and the date on which it was last approved by shareholders and approved for continuance by the Board are provided in Appendix J. The Boards are proposing New Investment Advisory Agreements because the Current Investment Advisory Agreements will terminate upon completion of the Transaction, which is defined and discussed below. As required by the 1940 Act, each Current Investment Advisory Agreement terminates automatically upon its “assignment.” Under the 1940 Act, a change in control of an investment adviser constitutes an “assignment.” The consummation of the Transaction will result in a change of control of DMC, and thus, theconsequent assignment and automatic termination of the Current Investment Advisory Agreements. then-existing investment management agreement.
REQUIRED VOTE
To become effective, the Subadvisory Agreement must be approved by a 1940 Act Majority vote of the Fund’s outstanding voting securities. In order to approve the Subadvisory Agreement, the Fund must receive the written consent of a majority of the outstanding Shares (the “Requisite Consent”). Each shareholder of record on the Record Date will be entitled to one vote for each full share and a fractional vote for each fractional share that they hold. Because none of the Fund’s outstanding Shares are held in a
brokerage account, there will not be any broker non-votes. Abstentions will be treated as votes against the proposal. If you do not consent to the Subadvisory Agreement or if you do not vote at all (abstain), and we do not otherwise obtain enough consents to approve the Subadvisory Agreement, the Subadvisory Agreement will not be approved. If the Subadvisory Agreement is not approved, the Board will decide on a course of action for the Fund, which may include continuing the Fund’s current management arrangements, liquidating the Fund, or such other course of action as the Board concludes is appropriate.
The Board recommends that you CONSENT to the Subadvisory Agreement.
HOW TO SUBMIT CONSENTS
All written consents that are properly completed, signed and delivered prior to the Expiration Date, and not revoked prior to acceptance, will be accepted. If you have any questions about this consent solicitation or how to vote or revoke your consent, or if you need additional copies of this Consent Solicitation Statement or voting materials, please contact Kathryn Williams at (215) 255-8547.
Shareholders of each Fund are therefore being askedrecord who desire to approve a New Investment Advisoryconsent to the Subadvisory Agreement for their Fund. Each New Investment Advisory Agreement would become effective only if approvedmay do so by mailing or delivering the shareholderswritten consent to the Secretary of the applicable FundTrust using the enclosed, postage pre-paid envelope and ifin accordance with the Transactioninstructions contained in the written consent.
If the written consent is completed. Whileproperly completed and signed, the closing of the Transaction (the “Closing”) is currently expected to take place on or about December 31, 2009, if the Transaction is not completed or the Transaction Agreement (as hereinafter defined) is terminated, the New Investment Advisory Agreements will not go into effect and the Current Investment Advisory Agreements will continue in effect.Description of the Transaction
Lincoln National Corporation (“LNC”) and its indirect, wholly-owned subsidiary, Lincoln National Investment Companies, Inc. (“LNIC”) entered into a definitive agreement (the “Transaction Agreement”), dated as of August 18, 2009, with Macquarie Bank Limited, whereby LNIC will sell all of the capital stock of Delaware Management Holdings, Inc. (“DMHI”) to Macquarie Bank Limited (the “Transaction”). Certain Fund service providers are subsidiaries of DMHI andshareholder will be included in the Transaction, including DMC, Delaware Service Company, Inc. (“DSC”), the fund accounting and financial administration oversight provider for the Funds, and Delaware Distributors, L.P. (“DDLP”), the principal underwriter for the Funds. DMHI and its various affiliates are sometimes referreddeemed to herein as “Delaware Investments.”
Macquarie Group Limited and its various subsidiaries (including Macquarie Bank Limited) are referred to herein as “Macquarie Group.” The Transaction Agreement requires Macquarie Bank Limited to pay LNC approximately $428 million in cash at the Closing to acquire DMHI and its subsidiaries, such amount subject to certain specified closing adjustments
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at and after the Closing. As noted above, the Closing is currently expected to take place on or about December 31, 2009. The Closing is subject to the satisfaction or waiver of customary closing conditions, including (i) annualized advisory fees payable to DMC by all clients that have consented to the assignment of their advisory agreements or approvedSubadvisory Agreement. Failure to return the enclosed written consent card will have the same effect as a new advisory agreement (including the Trusts) not being less than 75% of annualized advisory fees payable to DMC as of April 30, 2009 and (ii) the parties obtaining certain domestic and international regulatory approvals (including expirationvote against approval of the required waiting period underSubadvisory Agreement.
Written consents must be executed in exactly the Hart-Scott-Rodino Antitrust Improvements Actsame manner as a shareholder’s name appears on the share certificates or account registration. If shares to which a written consent relates are held of 1976,record by two or more joint holders, all such holders must sign the written consent. If a signature is by a trustee, executor, administrator, guardian, proxy, attorney-in-fact, officer of a corporation, or other holder of record acting in a fiduciary or representative capacity, such person must so indicate when signing and submit proper evidence satisfactory to the Fund of such person’s authority to so act. If shares are registered in different names, separate written consents must be executed covering each form of registration.
A SHAREHOLDER MUST COMPLETE, SIGN, DATE AND DELIVER THE WRITTEN CONSENT (OR PHOTOCOPY THEREOF) FOR SUCH HOLDER’S SHARES TO THE SECRETARY OF THE TRUST. SUCH WRITTEN CONSENT MAY BE DELIVERED TO THE SECRETARY OF THE TRUST BY HAND, MAIL, FACSIMILE OR BY OVERNIGHT COURIER.
EXPIRATION DATE OF SOLICITATION
The term “Expiration Date” means 3:00 p.m., Eastern time, on April 9, 2010, unless the Requisite Consent is received prior to such date, in which case, this solicitation will expire on the date that the Requisite Consent is obtained. Notwithstanding anything to the contrary set forth in this Consent Solicitation Statement, the Trust reserves the right, at any time prior to the Expiration Date, to amend or terminate the solicitation, or to delay accepting consent cards.
REVOCATION OF CONSENTS
Written consents may be revoked or withdrawn by a shareholder at any time prior to the date we have received the Requisite Consent and have accepted them or prior to 3:00 p.m., Eastern time, on the
Expiration Date. To be effective, a written or facsimile revocation or withdrawal of the written consent card must be received by the Secretary of the Trust prior to such time and addressed as amended). DMC managesfollows: Secretary, Delaware Group Equity Funds IV, 2005 Market Street, 29th Floor, Philadelphia, PA 19103; or by facsimile to (215) 255-1640. A notice of revocation or withdrawal must specify the assetsshareholder’s name and the number of each Fundshares for which consent is being withdrawn. As of the Expiration Date, all written consents previously executed and makes each Fund’s investment decisions,delivered and not revoked will become irrevocable.
PROPOSAL: TO APPROVE A SUBADVISORY AGREEMENT FOR THE FUND
You are being asked to provide approval of the Subadvisory Agreement, pursuant to which MCIM will, subject to the supervision of the Board and of each Trust. DMC, be responsible for the day-to-day investment management of the Fund’s assets. On February 17, 2010, the Board voted to approve the appointment of MCIM as subadviser to the Fund, and hereby submits the Subadvisory Agreement for shareholder approval.
Management of the Trust believes that the appointment of MCIM as subadviser to the Fund would allow the Fund to take advantage of Macquarie’s established reputation in real estate investing, which is discussed below under “The Proposed Subadviser.” In addition, Management of the Trust believes that there is a seriessignificant demand for exposure to the global real estate asset class given investors’ demand for diversification, inflation-linked assets, income, global exposure and the potential to capitalize on a long-term recovery in the real estate sector.
The Proposed Subadviser
MCIM, 125 West 55th Street, Level 10, New York, New York 10019, was founded in 2004 and registered as an investment adviser with the U.S. Securities and Exchange Commission in 2004. MCIM is one of Delaware Management Business Trustthe legal entities in the United States within the Macquarie Funds Group (“DMBT”MFG”), which is. MFG Global Real Estate Securities, a subsidiarydivision of DMHI. Delaware InvestmentsMFG, operates in the United States, Australia, United Kingdom and Hong Kong, and is the marketing namebusiness group within MFG responsible for DMHImanaging all real estate securities mandates on a global basis. MFG’s Global Real Estate Securities team has advised various types of pooled accounts since 1993, including funds domiciled in Australia, the Cayman Islands and its subsidiaries. DMC is located at 2005 Market Street, Philadelphia, Pennsylvania 19103. Delaware Investments has been managing mutual funds since 1938. As of June 30, 2009, DMC and its affiliates managed, in the aggregate, more than $120 billion in assets in various institutional, separately managed, investment company, and insurance accounts. DMHI, a Delaware corporation formed in 1992, is a holding company that, through its subsidiaries and affiliates,United Kingdom. MCIM provides investment advisory assetservices for mandates managed by the MFG Infrastructure Securities team, the MFG Global Real Estate Securities team and the MFG Emerging Markets team. MFG’s Global Real Estate Securities team had approximately $1.3 billion under management administrative, broker-dealer,for institutional and related productsretail investors as of December 31, 2009.
The President of MCIM is Richard Butt. Mr. Butt, Stephen Darke, and services. DMHI’s asset management capabilities include the ability to manage equity, fixed income, and money market securities, whichMark Torline are offered through vehicles such as mutual funds, closed-end funds, privately managed accounts, and institutional separate accounts. DMHIdirectors of MCIM. Their address is 125 West 55th Street, Level 10, New York, New York 10019.
MFG’s Real Estate Securities Team is a subsidiaryboutique-like structure with the support of a large financial institution. The Real Estate Securities Team manages global, region-specific, long-only, true index and subject to ultimate majority controllong-short strategies for clients. MCIM has sixteen years of LNC, which is a publicly traded corporation. LNC is a diversified organizationexperience managing real estate securities, with operationssixteen investment professionals in many aspects of the financial services industry, including insurancefour countries.
MCIM and
investment management. LNIC is an Indiana corporation and anDMC are affiliates because both advisers are indirect, wholly owned
subsidiary of LNC. LNIC owns 100% of the issued and outstanding common stock of DMHI. After the Transaction, DMHI will be an indirect wholly owned subsidiarysubsidiaries of Macquarie Group
Limited. Macquarie GroupLimited (“Macquarie”), which, through its affiliates and subsidiaries, is a global provider of banking, financial, advisory, investment and fund management services. Macquarie Group Limited, No. 1 Martin Place, Sydney, New South Wales 2000, Australia, is listed on the Australian Securities Exchange (ASX:MQG) and is regulated by the Australian Prudential Regulation Authority, the Australian banking regulator, as the owner of Macquarie Bank Limited, an authorized deposit taker. Founded in 1969, Macquarie Group now operates in more than 70 office locations in over 26 countries. Macquarie Group employed approximately 12,500 people and had assets under management of $190 billion
During the Fund’s last fiscal year, it paid commissions to brokers affiliated with MCIM, as
of July 31, 2009. Macquarie Group has been active in North America for over a decade. Macquarie Group currently has more than 1,900 professionals in offices in 25 North American locations. Macquarie Funds Group, the asset management arm of Macquarie Group, is a full service global fund manager with over 25 years’ experience and offers a range of investments for retail and institutional investors across a variety of asset classes including fixed income, cash, currencies, equities, commodities, emerging markets, listed infrastructure and listed real estate as well as private equity and hedge fund of funds. Macquarie Funds Group employs over 600 staff across 19 locations globally with assets under management of approximately $67 billion as of July 31, 2009. More information on Macquarie Group’s operations is available at www.macquarie.com.au and at www.macquarie.com/us.10
Australian Banking Regulations require the following disclaimer to be made:
Investmentsreflected in the Funds are not andchart below.
Percentage of Aggregate
Broker Name Amount Paid Commissions Paid
Fox-Pitt Cochran $6.00 0.0472%
Caronia Waller LLC
Macquarie Capital USA, Inc. $50.59 0.398%
Portfolio Managers of MCIM
The portfolio managers of MCIM who will
not be
deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies including their subsidiaries or related companies, and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of any Fund, the repayment of capital from any Fund, or any particular rate of return. The Transaction is part of Macquarie Group’s strategy to develop a global asset management capability through building a highly regarded team of investment professionals, offering an attractive suite of investment products and gaining broader access to markets in the United States. Macquarie Group values DMC’s focus on the advisory segment of the U.S. market, its significant investment management capabilities, and its experienced management team. The Transaction is not expected to result in a change in the personsprimarily responsible for the day-to-day management of the Funds or in the operation of the Funds.
It is currently anticipated that following the closing of the Transaction, DMHI, DMC, DDLP, and DSC will continue to operate, and the Funds will continue to operate, and the Delaware brand will remain with the business. Upon completion of the Transaction, the combined assets under management of Macquarie Group and DMHI and their affiliates are expected to be over $300 billion. After the Transaction, DMHI and its subsidiaries (including DMC) will remain headquartered in Philadelphia. Investment management professionals serving DMC’s clients are not expected to change as a result of the Transaction. Clients of DMC may be offered opportunities to invest in new products with access to Macquarie Group’s investment strategies, notably in real assets, global fixed income securities, and alternative investments. Macquarie Group clients across its global network may be offered investment products involving Delaware’s investment strategies, in structures designed specifically for them. Macquarie Group also currently anticipates providing additional funding to support the growth of DMC and its affiliates, for example through potential investment in operations and distribution and a commitment to expanding its multi-boutique approach.
In anticipation of the Transaction, the Boards have had a number of telephonic and in-person meetings and met both formally and in informational sessions between April 16, 2009, and September 3, 2009, for purposes of, among other things, considering whether it would be in the best interests of each Fund and its shareholders to approve a New Investment Advisory Agreement. The 1940 Act requires that each Fund’s New Investment Advisory Agreement be approved by the Fund’s shareholders in order to become effective. At the in-person meetings held on September 3, 2009, and for the reasons discussed below (see “Board Considerations in Approving the New Investment Advisory Agreements” below), each Board, including a majority of its Independent Trustees, approved the New Investment Advisory Agreements as being in the best interests of the Funds and their shareholders and recommended their approval by shareholders. In the event shareholders of a Fund do not approve a New Investment Advisory Agreement, the Fund’s Board will take such action as it deems to be in the best interestsactivities of the Fund are David Kivell and its shareholders, including entering into an interim advisory agreement with DMC pursuant to Rule 15a-4 ofCharles Song. Biographical information for the 1940 Act.
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The New Investment Advisory Agreements
Each Fund’s New Investment Advisory Agreement will be substantially similar to its Current Investment Advisory Agreement. Appendix I includes a form of the New Investment Advisory Agreement. A discussion of the basis for a Board’s approval of each Fund’s Current Investment Advisory Agreementportfolio managers is available in the Fund’s most recent annual or semi-annual reportprospectus, as supplemented.
MCIM’s Investment Methodology
MCIM believes that the publicly traded real estate securities market is a separate and distinct asset class with unique investment characteristics. Although a handful of real estate companies operate and invest in foreign markets, over 90% of such companies are regionally focused and as such returns are primarily driven by local and regional economic and real estate conditions. For this reason, MCIM believes that local expertise is extremely beneficial when making investment decisions in a particular geographic area.
From a top-down perspective, MCIM considers each region’s economy, including current economic conditions, interest rates, job growth, and capital flows. MCIM’s bottom-up analysis is tailored for each region with stock selection methodology being determined according to shareholders. Appendix J providesmarket depth and industry fundamentals. Core elements of their fundamental research are real estate valuations, evaluation of company management, security-level research, and capital structure analysis. Real estate factors that are important to MCIM’s analysis include, but are not limited to, supply/demand, vacancy rates, and rental growth in a particular market. This market-by-market research is coupled with an overview of a company’s financials, cash flow, dividend growth rates, and management strategy.
More information on the Current Investment Advisory Agreements, including their dates, date of last shareholder approval, the reasonMCIM’s investment strategies for the most recent submissionFund are in the Fund’s prospectus, as supplemented.
The Subadvisory Agreement
Under the Subadvisory Agreement, DMC will delegate to shareholders, andMCIM the ratesresponsibility for the Funds payday-to-day investment management of the Fund’s assets. DMC has ultimate responsibility for fund administrative services. Exhibit A to Appendix I discloses the rate of compensation of DMC under both the Current Investment Advisory Agreement and the New Investment Advisory Agreement. Appendix K describes for each Fund the aggregate amount of DMC’s fee and the amount and purpose of any other material payments to DMC (including any affiliated person of DMC) forall investment advisory services provided to eachthe Fund duringand will supervise MCIM’s performance as subadviser. MCIM will select investments for the last fiscal yearFund based on its own investment style and strategy.
MCIM intends to use its own method of
the Fund. These services will continue to be provided if the New Investment Advisory Agreements are approved. DMC providesreal estate investment
advisory services to certain other funds that have investment objectives and policies similar to those of the Funds. Appendix K lists such other mutual funds advised by DMC, the net assets of those funds, andmanagement, which differs in some respects from the management
fee schedule pursuant to which DMC received advisory fees from those funds during the fiscal years ended on the dates noted.Fees.There will be no change in the fee schedule applicable to any Fund under its New Investment Advisory Agreement. All currently effective contractual fee waivers or reimbursements will remain in place after the Transaction until the end of their respective terms, and Macquarie Group has no present intention to cause DMC to alter any voluntary expense waivers or reimbursementsmethodology currently in effect for the Funds.
Investment Advisory Services.Each New Investment Advisory Agreement requires DMC to provideFund. The Fund’s prospectus, as supplemented, includes a discussion of the sameFund’s investment strategy under MCIM.
Fees. For MCIM’s services to the applicable Funds as it does underFund, DMC will pay MCIM a fee based on the corresponding Current Investment Advisory Agreement. Each Fund’s New Investment Advisoryfollowing percentages (on an annual basis) of the average daily net assets of the Fund: 0.495% of the first $100 million, 0.45% of the next $150 million, and 0.40% excess of $250 million. DMC, and not the Fund, will pay such fees.
Sub-Advisory Services. The Subadvisory Agreement generally provides that, subject to the direction and control of the Fund’sTrust’s Board and DMC, MCIM shall (i) regularly make decisions as to what securities and other instruments to purchase and sell on behalf of the Fund; (ii) effect the purchase and sale of those investments in furtherance of the Fund’s objectives and policies; and (iii) furnish the Board with information and reports regarding the Fund’s investments as DMC deems appropriate or as the Board may reasonably request.investments. Subject to the primary objective of obtaining best execution,
DMCMCIM may,
in compliance with applicable law and the policies and procedures of the Fund, place orders for the purchase and sale of portfolio securities and other instruments with broker/dealers that provide
statistical, factual, or financial informationbrokerage and
research services to
a Fund, to DMC,
MCIM, and/or
to other clients of DMC. Both the Current and New Investment AdvisoryFund.
The Subadvisory Agreement
for each Fund provideprovides that the services of
DMCMCIM are not exclusive to the Fund, and
DMC and its affiliatesMCIM may render services to others.
The New Investment Advisory Agreements provide that DMC may, to the extent permitted by applicable law, appoint at its own expense one or more sub-advisers, including affiliates of DMC, to perform investment advisory services for the Fund. DMC may terminate a
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sub-adviser in its sole discretion at any time to the extent permitted by applicable law. A similar provision is included in the Current Investment Advisory Agreements.
Fund Administration Services.DMC and Macquarie Group have advised the Boards that they anticipate and intend that the nature and level of administrative services provided to the Funds under their Current Investment Advisory Agreements, in combination with any administrative services agreements, will not be diminished as a result of the Transaction or the implementation of the New Investment Advisory Agreements. In addition, any fees for administrative services, whether payable under a Current Investment Advisory Agreement or a separate administrative agreement, will not increase as a direct result of the Transaction or the New Investment Advisory Agreement.Payment of Expenses.The provisions contained in each Fund’s New Investment Advisory Agreement addressing allocation of expenses is substantially similar in all material respects to those contained in that Fund’s Current Investment Advisory Agreement. Both the Current and New Investment Advisory Agreements provide that each Fund is responsible for its own expenses, including costs incurred in the maintenance of a Fund’s corporate existence; the maintenance of the Fund’s books, records and procedures; dealing with the Fund’s shareholders; the payment of dividends; transfer of shares, including issuance, redemption and repurchase of shares; preparation of share certificates; reports and notices to shareholders; calling and holding of shareholders’ meetings; miscellaneous office expenses; brokerage commissions; custodian fees; legal and accounting fees; taxes; and federal and state registration fees. In addition, to avoid uncertainty, certain other expenses that are paid by the Funds under the Current Investment Advisory Agreement are listed expressly as Fund expenses in the New Investment Advisory Agreement. These expenses include auditing, fund accounting and financial administration fees, and other costs and expenses approved by the Board. Except as expressly provided for in the Current and New Investment Advisory Agreements, DMC is not responsible for a Fund’s expenses.
Directors, officers, and employees of DMC may be Trustees and officers of the Trusts, but directors, officers, and employees of DMC who are Trustees, officers and/or employees of the Trusts do not receive any compensation from the Trusts for acting in a dual capacity. DMC may share facilities common to each Fund, which may include legal and accounting personnel, with appropriate proration of expenses between the applicable Fund and DMC.
Limitation on Liability.Liability. Under the Current and New Investment Advisory Agreements,Subadvisory Agreement, in the absence of willful misfeasance, bad faith, gross negligence, or a reckless disregard of the performance of its duties as subadviser to the investment adviser to a Fund, DMCMCIM shall not be liable to athe Trust, the Fund, DMC, or to any shareholder for any action or omission arising in the course of, or connected with, rendering its services under the Subadvisory Agreement or for any losses arising fromthat may be sustained in the purchase, holding or sale of any security, or otherwise.
Indemnity. Under the Subadvisory Agreement, DMC shall indemnify MCIM, its affiliates, and their controlling persons, officers, directors, employees, agents, legal representatives and persons controlled by them, to the fullest extent permitted by law against any and all loss, damage, judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys’ fees, incurred by such persons arising from or in connection with the Subadvisory Agreement or the performance by such persons of the duties under the Subadvisory Agreement, as long as such losses arise out of DMC’s willful misfeasance, bad faith, gross negligence, or reckless disregard in performing its responsibilities under the Subadvisory Agreement, including, without limitation, such lo sses arising under any applicable law or that may be based upon any untrue statement of a material fact contained in the Trust’s Registration Statement, or any amendment thereof or any supplement thereto, or the omission to state therein a material fact that was known or that should have been known and was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reasonable reliance upon information furnished to DMC or the Trust by such persons specifically for inclusion in the Trust’s registration statement or any amendment thereof or supplement thereto.
Term and Continuance.ContinuanceIf approved. The Subadvisory Agreement may be terminated by shareholdersDMC or the Trust at any time, without the payment of a Fund,penalty, on written notice to MCIM of DMC’s or the New Investment Advisory Agreement forTrust’s intention to do so, in the Fund will terminate two years from the date of implementation, and will continue in effect from year to year if its continuance is specifically approved at least annually by both (i) the vote of a majoritycase of the Fund’sTrust pursuant to action by the Board or pursuant to the vote of a 1940 Act Majority (as defined below) of the outstanding voting securities of the Fund and (ii)Fund. MCIM may terminate this Agreement at any time, without the votepayment of a majoritypenalty, on sixty (60) days’ written notice to the Investment Manager and the Trust of13
the Independent Trustees cast in person at a meeting called for the purpose of voting on the approval. The Current Investment Advisory Agreements have similar provisions for their term and continuance, although the initial dates of the Agreements differ. The initial two year period has elapsed for most of the Current Investment Advisory Agreements. Each of the Current Investment Advisory Agreements was most recently approved by each Fund’s Board in May 2009.
its intention to do so. A “1940 Act Majority” of the outstanding voting securities of a Fund means the lesser of (i) 67% or more of the voting securities of the Fund that are present in person or by proxy at a meeting called for the purpose of voting on the approval if holders of shares representing more thantha n 50% of the outstanding voting securities of the Fund are present in person or by proxy or (ii) more than 50% of the outstanding voting securities of the Fund.
Termination.TerminationEach Fund’s New Investment Advisory. The Subadvisory Agreement generally provides that the Agreementit may be terminated at any time, without the payment of any penalty, (i) by the FundMCIM upon giving DMC 60sixty days’ written notice to DMC and the Trust, or (ii) by the Trust upon giving written notice to MCIM, provided that the termination by the FundTrust is directed or approved by the vote of a majority of the Fund’s Board or by the vote of a 1940 Act Majority of the Fund’s outstanding voting securities. The New Investment Advisory Agreements may also be terminated by DMC on 60 days’ written notice.shareholders. As required by the 1940 Act, each New Investment Advisorythe Subadvisory Agreement will also immediately terminate in the event of its “assignment” (as defined in the 1940 Act). The Current Investment Advisory Agreements contain similarFurthermore, the Subadvisory Agreement will terminate upon termination provisions.Proxy Voting.Each Fund’s New Investment Advisory Agreement provides explicitly that DMC shall be responsible for voting proxies of portfolio securities of each Fund, a service currently provided by DMC but not provided for explicitly in the Current Investment Advisory Agreement.
Amendments.To incorporate explicitly the requirements of the 1940 Act, each Fund’s New Investment Advisory Agreement provides that it may not be amended without a shareholder vote and a vote of the Independent Trustees, but that it may be amended without shareholder approval if the amendment relates solely to a change for which applicable laws and regulations do not require shareholder approval. Each Fund’s Current Investment Advisory Agreement does not contain a similar provision.
Other Changes.Each Fund’s New Investment Advisory Agreement conforms the Current Investment Advisory AgreementTrust ’s investment management agreement with currently applicable laws and regulations and includes a number of minor wording changes that clarify non-material ambiguities in the Current Investment Advisory Agreement.DMC.
Additional Information about DMC
Appendix L provides the name, address and principal occupation of each executive officer and each trustee of DMC, and each individual who is an officer or Trustee of the Trusts and who is also an officer, employee or shareholder of DMC. The following Trustee Nominee and executive officers of the Trusts may receive a portion of the consideration described above as a result of the accelerated vesting of equity interests (the “Equity Interests”) in Delaware
14
7
Investments U.S., Inc. (“DIUS”), a subsidiary of DMHI and indirect parent of DMC, brought about by the Transaction: Patrick P. Coyne ____%; Michael J. Hogan ____%; See Yeng Quek ____%; Brian L. Murray, Jr. ____%; David P. O’Connor ____%; and Richard Salus ____%. ____%. See Appendix L for a list of the executive officer positions with the Trusts of each of the above named individuals. Generally, the Equity Interests will be fully vested and may be put back to DIUS or called by DIUS not later than thirteen months following the closing of the Transaction. The holders of the Equity Interests will only obtain a portion of the consideration described above if they put their vested Equity Interests back to DIUS or their Equity Interests is called by DIUS, and the dollar value of the Equity Interests will be ascertained at the time of the put or call, as the case may be. Certain other officers of DMC who are also officers of the Trusts own or hold vested or unvested stock or options on stock of LNC.
Board Considerations in Approving the
New Investment Advisory AgreementsSubadvisory Agreement
At an in-person meeting held on September 3, 2009,February 16-18, 2010, the Boards,Board, including the Independent Trustees, discussed and unanimously approved the New Investment Advisory Agreement between each Fund and DMC.Subadvisory Agreement. Concluding that approval of the New Investment AdvisorySubadvisory Agreement would be in the best interests of eachthe Fund and its shareholders, the BoardsBoard also directed that each New Investment Advisorythe Subadvisory Agreement be submitted to the applicable Fund shareholders for approval, and recommended that shareholders vote “FOR”“CONSENT” to the approval of each New Investment Advisorythe Subadvisory Agreement. Prior to their
approvalconsideration of the
New Investment AdvisorySubadvisory Agreement,
between each Fund and DMC, pursuant to letters from their independent legal counsel addressed to Macquarie Group and DMC, the
Independent Trustees requested
extensive materials about
the TransactionMCIM and matters related to the proposed
approvals.Subadvisory Agreement. To assist the
BoardsBoard in considering the
New Investment Advisory Agreements, Macquarie GroupSubadvisory Agreement, MCIM provided materials and information about
Macquarie Group, including detailed written responses to the questions posed to it by the Independent Trustees. DMC also provided materials and information about the Transaction, including detailed written responses to the questions posed to it by the Independent Trustees. The Coordinating Trustee and the Chair of each committee of the Boards, together with their independent legal counsel and Fund counsel, met with representatives of DMC and Macquarie Group to discuss the Transaction in very preliminary terms. Thereafter, the Independent Trustees, together with their independent legal counsel and Fund counsel, participated in a combination of four separate in-person meetings and telephone conference calls with representatives of DMC and Macquarie Group. In addition, meetings in person or by telephone were held between management of DMC and certain Independent Trustees on four occasions during the months preceding the Board’s in-person meeting. At these meetings and on these telephone calls, the Transaction and future plans for DMC and the Funds were discussed at length. Finally, the Independent Trustees consulted with their independent legal counsel in executive sessions on numerous occasions during the time period covered by the negotiation of the Transaction and discussed, among other things, the legal standards applicable to their review of the New Investment Advisory Agreements and certain other contracts and considerations relevant to their deliberations on whether to approve such New Investment Advisory Agreements.
MCIM.
At the
in-person meetings and telephonic conference calls,Meeting, the Trustees discussed the
TransactionSubadvisory Agreement with DMC management and
with key Macquarie GroupMCIM representatives. The
meetingsMeeting included discussions of the strategic rationale for the
TransactionSubadvisory Agreement, as discussed above,
under “Descriptionand MCIM’s plans regarding portfolio management of the
Transaction,” and Macquarie Group’s general plans and intentions regarding the Funds and DMC. On these occasions, representatives of DMC and Macquarie Group made presentations to and responded to questions from the Trustees.Fund’s assets. The
Board members also inquired about the plans for, and anticipated roles and responsibilities of, key employees and officers of DMHI and DMC in connection with the Transaction.15
In connection with the Trustees’ review of the New Investment Advisory Agreements, DMC and/or Macquarie Group emphasized that:
Macquarie Group and DMC have assured the Trustees that there will be no adversechanges in the nature, quality, or extent of services currently provided to the Funds andtheir shareholders, including investment management, distribution, or other shareholderservices.
No material changes in personnel or operations are contemplated in the operation ofDMC under Macquarie Group as a result of the Transaction and no material changes arecurrently contemplated in connection with third party service providers to the Funds.
Macquarie Group has no present intention to cause DMC to alter the voluntary expensewaivers and reimbursements currently in effect for the Funds and, therefore, the advisoryand administrative fees would not increase by virtue of the Transaction or the NewAdvisory Agreements.
Under the Transaction Agreement, Macquarie Group has agreed to conduct, and usereasonable best efforts to cause its affiliates to conduct, their respective businesses incompliance with the conditions of Section 15(f) of the 1940 Act with respect to theFunds, including maintaining Board composition of at least 75% of the Board membersqualifying as Independent Trustees and not imposing any “unfair burden” on the Fundsfor at least two years from the Closing.
In addition to the information provided by DMC and Macquarie Group as described above, the Trustees also considered all other factors they believed to be relevant to evaluating the New Advisory Agreements, including the specific matters discussed below. In their deliberations, the Trustees did not identify any particular information that was controlling, and different Trustees may have attributed different weights to the various factors. However, for each Fund, the Trustees determined that the overall proposed subadvisory arrangements between the Fund, DMC, and DMC, as provided in the New Advisory Agreements,MCIM, including the proposed advisory feesubadvisory fees and the related administration arrangements between the FundsFund, DMC, and DMC,MCIM, were fair and reasonable in light of the services to be performed, expenses incurred and such other matters as the Trustees considered relevant. Factors evaluated included:
The potential for expanding distributionIn making this determination, the Board considered a number of Fund shares through access to MacquarieGroup’s existing distribution channels as well as the strengthening of DelawareInvestments’ distribution capabilities through the acquisition of an exclusive wholesalingsales force from LNC.
The reputation, financial strength, and resources of Macquarie Group as well as itshistoric and ongoing commitment to the asset management business in Australia as wellas other parts of the world.
The terms and conditions of the New Investment Advisory Agreements, including thateach Fund’s total fees will not increase as a result of the New Investment AdvisoryAgreements, but rather will remain the same. (See “The New Investment AdvisoryAgreements” above).
16
At its in-person meeting in May 2009, each Board had performed a full annual review of,or initially approved, the Current Investment Advisory Agreement as required by the1940 Act and determined that DMC has the capabilities, resources, and personnelnecessary to provide the advisory and administrative services currently provided to eachFund. Each Board also determined that the advisory and/or management fees paid byeach Fund, taking into account any applicable fee waivers and breakpoints, representreasonable compensation to DMC in light of the services provided, the costs to DMC ofproviding those services, economies of scale, and the fees and other expenses paid bysimilar funds (including information provided by Lipper Inc. (“Lipper”, an independentstatistical compilation organization) and such other matters that the Boards consideredrelevant in the exercise of their reasonable judgment.
The portfolio management teams for the Funds would not change as a result of theTransaction.
LNC and Macquarie Group executed an agreement with the Trusts pursuant towhich LNC and Macquarie Group have agreed to pay all expenses of the Funds inconnection with the Boards’ consideration of the Transaction, the New InvestmentAdvisory Agreements and related agreements, and all costs related to this proxysolicitation. The agreement also provides for indemnification by LNC or Macquarie Group, as applicable, of the Funds and the Trustees for any losses arising from claims that certain information provided by LNC or Macquarie Group for this Proxy Statement is untrue or misleading. As a result, the Funds will bear no costs in evaluating the Transaction orseeking or obtaining shareholder approval of the New Investment Advisory Agreements.
The likelihood that Macquarie Group would invest in DMC, resulting in potentialbenefits to the Funds and the shareholders,factors, including the possibility of increased assetsunder management which would allow some Funds the potential opportunity to achieve economies ofscale and lower fees.following:
| · | The reputation, financial strength, and resources of MCIM; |
| · | The terms and conditions of the Subadvisory Agreement, including that the Fund’s contractual fee rate and expense cap would remain the same and that DMC, rather than the Fund, would pay the subadvisory fees under the Subadvisory Agreement; |
| · | The Board’s determination that (i) MCIM had the capabilities, resources, and, based on an in-person presentation by MCIM, personnel necessary to provide satisfactory advisory and administrative services to the Fund and (ii) the advisory and/or management fees paid by the Fund represented reasonable compensation to MCIM in light of the services provided, the costs to MCIM of providing those services, economies of scale, and the fees and other expenses paid by similar funds and such other matters that the Board considered relevant in the exercise of its reasonable judgment; |
| · | Shareholders of the Fund are more to likely benefit from economies of scale as a result of marketing opportunities for the Fund under MCIM’s management; |
| · | Shareholders of the Fund are not expected to experience material adverse tax consequences as a result of transitioning the Fund’s portfolio under MCIM’s management; |
| · | The compliance and regulatory history of MCIM and its affiliates; and |
The compliance and regulatory history of Macquarie Group and its affiliates.
Certain of these considerations are discussed in more detail below.
| · | DMC’s representation to the Board that the Fund’s shareholders will not bear any costs of this solicitation. |
In making
itstheir decision relating to the approval of
each Fund’s New Investment Advisorythe Subadvisory Agreement, the Independent Trustees gave attention to all information
furnished, however, thefurnished. The following discussion identifies the primary factors taken into account by the Trustees
and the conclusions reached in approving the
New Investment Advisory Agreements.Subadvisory Agreement.
Nature, Extent, and Quality of ServiceService. . The TrusteesBoard considered the nature, extent, and quality of services historicallyto be provided by DMCMCIM to the FundsFund and theirits shareholders. In reviewing the nature, extent and quality of services, the BoardsBoard considered that the New Investment Advisory Agreements will be substantially similarreports supplied to the Current Investment Advisory Agreements (as discussed under "The New Investment Advisory Agreements"), and therefore, considered the many reports furnishedit in response to them throughout the 2008 and 2009 at regular Board meetings coveringinformation requests, which covered matters such as the relative performance of MCIM’s strategy, the Funds;measures MCIM intended to implement to ensure that appropriate personnel and resources would be devoted to performing services for the Fund, compliance of portfolio managers with the investment policies, strategies and restrictions for the Funds;other funds managed by MCIM, and the compliance history, methodologies, and capabilities of management personnel withMCIM. 60; The Board reviewed information regarding how MCIM planned to select and evaluate brokers to execute trades for the CodeFund, monitor the ongoing performance of Ethics adopted throughout the Delaware Investments®FamilyFund, allocate trades between the Fund and other accounts, value the Fund’s assets, prepare and maintain books and records as required for registered investment advisers, and report to the Board on various aspects of Funds complex;the Fund’s performance and operations. The Board reviewed information regarding conflicts of interest and the adherencepolicies and procedures according to fair value pricing procedures as establishedwhich they would be addressed by MCIM. The Board reviewed information regarding MCIM’s proposed investment decision-making process for the Boards. The Trustees were pleased with the current staffing of DMCFund and the emphasis placedsources of information that MCIM anticipated relying on research17
and risk management in the investment process. Favorable consideration was given to DMC’s efforts to maintain expenditures and, in some instances, increase financial and human resources committed to Fund matters. The Boards also considered the transfer agent and shareholder services that would continue to be provided to Fund shareholders by DMC’s affiliate, Delaware Service Company, Inc. (“DSC”).doing so. The Board routinely reviews and has been impressed by DSC’s performance. The Trustees noted, in particular, DSC’s commitment to maintain a high level of service as well as DMC’s expenditures to improve the delivery of shareholder services. The Boards were assured that shareholders would continue to receive the benefits provided to Fund shareholders by being part of the Delaware Investments Family of Funds, including each shareholder’s ability to exchange an investment in one Delaware Investments Fund for the same class of shares in another Delaware Investments Fund without a sales charge, to reinvest Fund dividends into additional shares of any of the Funds, and the privilege to combine holdings in other Funds to obtain a reduced sales charge. For the foregoing reasons, the Boards werewas satisfied with the nature, extent and quality of the overall services anticipated to be provided by DMC.
MCIM.
Investment Performance.The
TrusteesBoard reviewed information regarding the performance of accounts managed by MCIM that are similar to the Fund. The Board noted that such performance compared favorably to the Fund’s benchmark index. The Board met with the investment personnel who would be managing the Fund and examined and considered the
overall investment performanceexperience of
DMC andsuch personnel. The Board was satisfied with the
Funds. The Trustees placed significant emphasis on the investment performance of the
Fundsstrategy anticipated to be utilized by MCIM in
view of its importance to shareholders. Althoughmanaging the
Trustees give appropriate consideration to performance reports and discussions with portfolio managers at Board meetings throughout the year, the Trustees gave particular weight to the approval of the Current Investment Advisory Agreements at the in-person meeting in May 2009. At that meeting, the Trustees reviewed Lipper reports prepared for each Fund showing the investment performance in comparison to a group of funds selected by Lipper as being similar to such Fund (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest, ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25% make up the second quartile; the next 25% make up the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for each Fund was shown for the past 1-, 3 , 5-, and 10-year periods. The Boards’ objective was that each Fund’s
performance for the periods considered be at or above the median of its Performance Universe.assets. During the May 2009 agreement review process, the Trustees observed the significant improvements to relative investment performance of the funds in the Delaware Investments Family of Funds compared to the information presented at the May 2008 meeting. At their meeting on September 3, 2009, the Trustees examined the investment performance of all of the funds in the Delaware Investments Family of Funds and compared the performance of each fund in the Delaware Investments Family of Funds relative to that of its respective peer group for the 1-, 3 , 5-, and 10-year periods ended June 30, 2009 against the corresponding relative investment performance of the Funds for such time periods ended December 31, 2008. As of June 30, 2009, 29 of the funds in the Delaware Investments Family of Funds had investment performance relative to that of the respective peer groups that was as good as or better than the corresponding relative investment performance at December 31, 2008 for all four time periods. At June 30, 2009, an additional 9 funds in the Delaware Investments Family of Funds had investment performance relative to that of their respective peer group that was better than the corresponding relative investment performance at December 31, 2008 for three of the four time periods. At June 30, 2009, 19 additional funds in the Delaware Investments Family of Funds had investment performance relative to that of their respective peer group that was approximately the same as that of the corresponding relative performance at December 31, 2008 and only 22 funds in the Delaware Investments Family of Funds had poorer relative investment performance at June 30, 2009 compared to that at December 31, 2008. The Trustees, therefore, concluded that investment performance of the funds in the Delaware Investments Family of Funds on an aggregate basis had continued to improve relative to their respective peer groups since the data reviewed at the May 2009 meeting. The Trustees also noted that the proposed continuity of DMC’s operations after the Transaction would be expected to mitigate any adverse impact on Fund performance arising from the Transaction.
Comparative Expenses. The Trustees also evaluatedBoard considered expense comparison data for the Delaware Investments®Family of Funds previously considered in May 2009. AtFund and other accounts managed by MCIM that meeting, DMC had providedare similar to the Boards withFund. The Board reviewed information on pricing levelsregarding the nature and fee structures for the Funds and comparative funds. The Trustees focused on the comparative analysisquality of the effective management fees and total expense ratiosservices to be provided by MCIM, the perceived value of eachMCIM’s services to the Fund, versus the effective management fees and expense ratios of a group of funds selected by Lipper as being similar to each Fund (the “Expense Group”). In reviewing comparative costs, each Fund’s contractual management feecompetitive environment for such services, and the actual management fee incurred bynature of the Fund were comparedFund. The Board noted that it annually reviewed the Fund’s expenses and had at its last annual review been satisfied with the18
contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) of other funds within the Expense Group, taking into account any applicable breakpoints and fee waivers. Each Fund’s total expenses were also compared with those of its Expense Group. The Trustees also considered fees paid to Delaware Investments for non-management services. The Trustees' objective was for each Fund’s total expense ratio and that the Fund’s current expense cap would remain in place. The Board noted that, although the Fund was expected to experience heightened turnover for a short period after the appointment of MCIM as the Fund’s portfolio is transitioned to match MCIM’s investment methodology, the Fund’s typical expense ratio is not expected to increase under the Subadvisory Agreement. The Board concluded that the subadvisory fees to be competitive with that of the Expense Group. At the September 3, 2009 meeting, the Boards noted that the more recent comparative expenses for the Funds remained consistent with the previous review in May 2009. paid to MCIM would be fair and reasonable.
Ancillary Benefits. The Boards were assured that there was no current intentionBoard considered whether “fall-out” or ancillary benefits would accrue to change DMC’s existing voluntary expense waivers and reimbursement policyMCIM as a result of its relationship with the Transaction,Fund. The Board noted that the Fund’s policy with regard to the use of soft dollars would not change under the Subadvisory Agreement, and that consistentalthough MCIM’s profitability might be lower without the benefit of practices with Section 15(f) ofrespect to allocating portfolio brokerage for brokerage and research services, at the 1940 Act, no “unfair burden” would be imposed onsame time the Funds for the first two years after the closing of the Transaction.Management Profitability.Fund could benefit from soft dollar expenditures by other funds managed by MCIM that have similar investment strategies but larger asset bases. The Boards once againBoard also considered the level of profits realized by DMC in connection with the operation of the Funds. The Boards previously considered the level of profits realized by DMC in connection with the operation of the Funds at their May 2009 meeting. At that meeting, the Boards reviewed the Investment Management Profitability Analysis addressing the overall profitability of Delaware Investments’ business in providing managementMCIM may derive reputational, strategic and other services to each ofbenefits from managing the FundsFund, and the Delaware Investments Family of Funds as a whole. Specific attention was given to the methodology followed in allocating costs for the purpose of determining profitability.
At the May 2009 meeting, representatives of DMC had stated that the level of profits of DMC, to a certain extent, reflect operational cost savings and efficiencies initiated by Delaware Investments (including DMC and its affiliates that provide services to the Funds). The Boards considered Delaware Investments’ efforts to improve services provided to Fund shareholders, to meet additional regulatory and compliance requirements resulting from recent industry-wide SEC initiatives and the extent to which Delaware InvestmentsMCIM might derive ancillary benefits from Fund
operations, including the potential for procuring additional business as a result of the prestige and visibility associated with
itsMCIM’s role as service provider to
a Fund in the Delaware Investments Family of Funds and the benefits from allocation of Fund brokerage to improve trading efficiencies.
The Boards foundHowever, the Board concluded that (i) any such benefits under the Subadvisory Agreement would not be dissimilar from those existing under the Fund’s investment management agreement with DMC, an affiliate of MCIM, (ii) such benefits did not impose a cost or burden on the Fund or its shareholders, and (iii) such benefits would probably have an indirectly beneficial effect on the Fund and its shareholders because of the added importance that MCIM might attach to the Fund as a result of the fall-out benefits that the
management fees were reasonable in light of the services rendered and the level of profitability of DMC. At the September 3, 2009 meeting, DMC advised the Boards that DMC did not expect the Transaction to affect materially the profitability of Delaware Investments compared to the level of profitability considered during the May 2009 review. The Boards also noted Macquarie Group’s commitment to maintain sufficient capitalization of DMC and Delaware Investments to continue the same level and quality of services to the Funds.Fund c onveyed.
Economies of ScaleScale. . The TrusteesBoard considered whether economies of scale would be realized by Delaware InvestmentsMCIM as eachthe Fund’s assets increase and the extent to which any economies of scale would be reflected in the management fees charged. The Trustees took into account DMC's practice of maintaining the competitive nature of management fees based on its benchmarking analysis for the Funds. Management believed, and the Boards agreed,Board noted that the Funds were priced with relatively low management feesFund’s current advisory and subadvisory fee schedules include breakpoints that are intended to reflect potentialresult in fee reductions to shareholders over time as assets increase, so that a mechanism is already in place to allow shareholders to benefit from any economies of scale. The Board noted that the allocation of the benefits of economies of scale up front.to shareholders would not change under the Subadvisory Agreement because the subadvisory fee will be paid by DMC and n ot by the Fund. The Boards alsoBoard acknowledged Macquarie Group’s statement that the TransactionSubadvisory Agreement would not by itself immediately provide additional economies of scale, given Macquarie Group’s limited presence in the U.S. mutual fund market. Nonetheless, the Trustees believedbut concluded that additionalpotential economies of scale could potentially be achieved in the future if DMC were owned19
by Macquarie Group as a result of Macquarie Group’s willingnessthe expanded distribution possibilities arising from the hiring of MCIM to invest further in DMC’s asset management business, particularlysubadvise the Fund.
Conclusion. Having considered and been satisfied with respect to distribution.Fall-Out Benefits.The Trustees considered that DMC would continue to benefit from soft dollar arrangements using portfolio brokerage of each Fund that invests in equity securities. They reviewed information about practices with respect to allocating portfolio brokerage for brokerage and research services. The Trustees recognized that DMC’s profitability would be somewhat lower without these benefits. The Trustees noted that DMC may derive reputational and other benefits from their association with each Fund.
Other Board Considerations.As previously noted atMCIM’s investment capabilities, the May 2009 meeting, the Boards separately received and reviewed independent historical and comparative reports prepared by Lipper. The Lipper reports compared each Fund’s investment performance and expenses with those of other comparable mutual funds in the peer group. The Independent Trustees discussed such reports with independent legal counsel at the meeting. The Boards requested and received certain information regarding the policies of DMC with respect to advisory fee levels and its philosophy with respect to breakpoints; the structure of portfolio manager compensation; DMC’s profitability; as well as any constraints or limitations on the availability of securities in certain investment styles that might inhibit DMC’s ability to invest fully in accordance with Fund policies. At the in-person meeting on September 3, 2009, the Boards noted that there had been no significant changes to the Lipper or other information reported at the May 2009 meeting. The Board was told that the Transaction and Macquarie Group’s acquisition of Delaware Investments would not, by itself, be expected to materially change this information.
The Transaction.The Trustees received and reviewed the Transaction Agreement. The Trustees considered the purchase price to be paid and noted the conditions for the closing of the Transaction, including the requirements for obtaining consents to the change in control from DMC’s advisory clients, such as the Funds. The Trustees were told that DMC would continue to manage LNC’s general account assets. The Trustees also considered the representations, warranties, and covenants made by the parties to the Transaction, including those related Section 15(f) of the 1940 Act.
Board Review of Macquarie Group.The Trustees reviewed detailed information supplied by Macquarie Group about its operations as well as other information regarding Macquarie Group provided by their independent legal counsel. By reviewing a pro forma balance sheet of Delaware Investments as of the closing of the Transaction (which was provided by Macquarie Group in response to the Trustees’ request), the Trustees considered Macquarie Group’s projections of Delaware Investments’ capitalization following the Transaction and Delaware Investments’ ability to continue to provide the same levelnature, extent, and quality of servicesservice proposed to be provided, the investment performance of MCIM’s accounts that are similar to the Funds. The Trustees notedFund, the proposed expense and fee levels for the Fund, the possibility of economies of scale benefitting Fund shareholders, and the fall-out benefits that there would be a transition period during which some services previously provided by LNCmight accrue to Delaware Investments would be provided by Macquarie Group after the Closing. Macquarie Group described its proposed changes to Delaware Investments’ corporate governance, primarily through the anticipated addition of certain Macquarie Group officers to DMHI’s board of directors and to Delaware Investments’ distribution and product management affiliates.
The Trustees considered favorably Macquarie Group’s statement that there would be no significant changeMCIM as subadviser to the executive, administrative, investment or support staff of Delaware Investments. Macquarie Group describedFund, the proposed harmonization of the compensation system in use at Delaware Investments with the compensation plan used by Macquarie Group,
20
including short-term and long-term incentive compensation and equity interests for executive officers and investment personnel as well as support staff. Macquarie Group described its current intention to enhance certain administrative and operation areas of DMC following the Transaction, including information technology, product management, and risk management.
The Trustees also considered Macquarie Group’s support for Delaware Investments’ plans for Fund distribution by transferring wholesalers from Lincoln Financial Distributors, LNC’s retail distributor, to Delaware Investments and Macquarie Group’s intention to leave the Funds’ other service providers in place.
Noting that asset management is one of its core businesses, Macquarie Group described for the Boards’ consideration its current strategic plans to grow its asset management activities, particularly in the Northern Hemisphere. The Boards considered Macquarie Group’s representation that the acquisition of DMC is an important component of this strategic growth and the establishment of a significant presence in the United States.
As a subsidiary of an Australian bank, Delaware Investments would be subject to certain Australian bank regulations following the Transaction. The Boards reviewed material supplied by Macquarie Group describing the new requirements to which Delaware Investments would be subject, including those related to disclosure, fund holdings, affiliated transactions, advisory agreements, and fee waivers. The Boards further considered certain exemptive relief that had been provided to Macquarie Group by the Australian bank regulator in anticipation of the Transaction as well as the nature of future relief that may be required. Macquarie Group represented, and the Boards concurred, that the Australian bank regulatory requirements would not have a material effect on the operations of DMC or the Funds, including DMC’s ability to continue to provide voluntary expense waivers and reimbursements to the Funds or to contribute appropriate levels of seed capital to new Funds.
The Trustees noted that DMC has placed brokerage transactions with a broker-dealer affiliate of Macquarie Group and received research in connection with those transactions. In addition, certain other Macquarie Group affiliates participate as underwriters for securities offerings outside of the United States. The Boards determined to regularly monitor brokerage transactions with Macquarie Group affiliates for compliance with the requirements of Section 15(f) and Section 17(e) of the 1940 Act, and to ensure compliance with the Funds’ procedures under Rule 10f-3 promulgated under the 1940 Act for offerings in which a Macquarie Group affiliate is a member of the underwriting syndicate.
Conclusion. The Independent Trustees of each Fund deliberated in executive session; the entire Board, of each Fund, including the Independent Trustees, then approved each New Investment Advisory Agreement. The Boards concluded that the advisory fee rate under each New Investment AdvisorySubadvisory Agreement is reasonable in relation to the services provided and that execution of the New Investment Advisory Agreement iswould be in the best interests of the shareholders. For each Fund and its shareholders, and approved the Trustees noted that they had concludedSubadvisory Agreement.
Accompanying Changes to the Fund’s Disclosures
The Board has approved additional changes to the Fund if shareholders approve the Subadvisory Agreement. These changes are discussed in theirthe Fund’s prospectus, as supplemented.
ADDITIONAL INFORMATION ABOUT THE FUND More information about the Fund is included in: (i) the Fund’s Prospectus dated January 28, 2010, as supplemented, which is incorporated by reference herein and considered a part of this Consent Solicitation Statement; (ii) the Fund’s Statement of Additional Information dated January 28, 2010, as supplemented, relating to the Fund’s Prospectus. You may request free copies of the Fund’s Prospectus or Statement of Additional (including any supplement) by calling (800) 523-1918 or by writing via U.S. mail to Delaware Group Equity Funds IV, 2005 Market Street, Philadelphia, PA 19103-7094.
The Fund’s most recent advisory agreement continuance considerations in May,annual shareholder report, including financial statements, for the fiscal year ended September 30, 2009 thatis available on the management feesInternet at www.delawareinvestments.com and total expense ratios were at acceptable levels in lighthas been previously mailed to shareholders. If you would like to receive additional copies of the qualityannual shareholder report free of services providedcharge, please contact Delaware Investments by writing to the Funds andaddress set forth on the first page of this Consent Solicitation Statement or by calling (800) 523-1918.
This Consent Solicitation Statement omits certain information contained in
comparison to thosethe registration statement of the
Funds’ peer group; thatFund. Reference is hereby made to such registration statement, including the
advisory fee would not be increasedexhibits and
would stay the sameamendments thereto, for
all of the Funds; that the total expense ratio had not changed materially since that determination; and that DMC had represented that the overall expenses for each Fund were not expected to be adversely affected by the Transaction. On that basis, the Trustees concluded that the total expense ratio and proposed advisory fee for each such Fund anticipated to result from the Transaction was acceptable. The Trustees also noted,further information with respect to the
Funds that currently hadFund. Statements contained herein concerning the
benefitprovisions of
voluntary fee waivers, that Macquarie presently intendeddocuments are necessarily summaries of such documents, and each such statement is qualified in its entirety by reference to
continue such waivers. In approving each New Investment Advisory Agreement, each Board stated that it anticipated reviewing the
continuance of the agreement in advance of the expiration of the initial two-year period.21
Required Vote
To become effective with respect to a particular Fund, the New Investment Advisory Agreement for that Fund must be approved by a 1940 Act Majority vote of the Fund’s outstanding voting securities. The approval of one Fund’s New Investment Advisory Agreement is not contingent on the approval of any other Fund’s New Investment Advisory Agreement. Each New Investment Advisory Agreement was approved separately by the Independent Trustees, and by the Boardcopy of the applicable Trust as a whole, after considerationdocument filed with the Commission.
The Fund files proxy materials, reports, and other information with the Commission in accordance with the informational requirements of
all factors that it determined tothe Securities Act of 1933, Securities Exchange Act of 1934 and the 1940 Act. These materials can be
relevant to its deliberations, including those discussed above. The Board of each Trust also determined to submit each applicable Fund’s New Investment Advisory Agreement for considerationinspected and copied at the public reference facilities maintained by the
shareholders of the Fund. If the shareholders of a Fund do not approve the Fund’s New Investment Advisory Agreement, the BoardCommission in Washington, DC located at Room 1580, 100 F Street, N.E., Washington, D.C. 20549. Copies of such
Fund will consider other possible courses of action for the Fund.FOR THE REASONS DISCUSSED ABOVE, THE BOARD OF
EACH FUND UNANIMOUSLY RECOMMENDS THAT YOU VOTE FOR THE
APPROVAL OF THE NEW INVESTMENT ADVISORY AGREEMENT.
Section 15(f) of the 1940 Act
The Boards have been advised that the parties intend to rely on Section 15(f) of the 1940 Act, which provides that an owner (such as LNC and LNIC) of an investment adviser (such as DMC) to an investment company (such as a Fund) may receive payment or benefit in connection with the sale of an interest in the investment adviser only if two conditions are satisfied. The first condition is that during the three-year period following the transaction, at least 75% of the investment company’s board must not be “interested persons” (as defined in the 1940 Act) of the investment adviser or its predecessor. Each Fund’s Board currently meets this test and is expected to do so after the Transaction is completed. Second, no “unfair burden”material can be imposedobtained at prescribed rates from the Public Reference Branch, Office of Consumer Affairs and Information Services, SEC, Washington DC 20549, or obtained electronically from the EDGAR database on the investment company as a result of the transaction. An “unfair burden” includes any arrangement during the two-year period after the transaction where the investment adviser (or predecessor or successor adviser), or any of its “interested persons” (as defined in the 1940 Act), receive or is entitled to receive any compensation, directly or indirectly, (i) from any person in connection with the purchase or sale of securities or other property to, from or on behalf of the investment company (other than bona fide ordinary compensation as principal underwriter for the investment company) or (ii) from the investment company or its shareholders (other than fees for bona fide investment advisory or other services)Commission’s website (www.sec.gov). Macquarie Group has agreed under the Transaction Agreement that, following the Closing, to the extent within its control, it will not take or fail to take (or cause its affiliates to take or fail to take) any action that would have the effect, directly or indirectly, of causing the requirements of Section 15(f) of the 1940 Act not to be met in respect of the Transaction. In that regard, from and after the Closing date and to the extent within its control, the Macquarie Group has agreed to conduct its business (and to cause each of its affiliates to conduct its business) so as to assure that the two aforementioned conditions are satisfied.
22
More Information about the FundsInvestment Manager.Transfer Agency Services.DSC, DMC, located at 2005 Market Street, Philadelphia, Pennsylvania 19103,PA 19103-7094, furnishes investment management services to the Fund, subject to the supervision and direction of the Board.
Distributor. Delaware Distributors, L.P. (“DDLP”), located at 2005 Market Street, Philadelphia, PA 19103-7094, serves as the Distributor of the shares of the Fund. Under a Distribution Agreement with the Fund, DDLP sells shares of the Fund upon the terms and at the current offering price described in the Fund’s prospectus. DDLP is not obligated to sell any certain number of shares of the Fund. DDLP is an indirect, wholly owned subsidiary of Delaware Management Holdings, Inc. (“DMHI”). DMHI, in turn, is a wholly owned subsidiary of Macquarie, and DDLP is, therefore, an affiliate of DMC and MCIM.
Transfer Agent. Delaware Service Company, Inc. (“DSC”), an affiliate of DMC, is located at 2005 Market Street, Philadelphia, PA 19103-7094, and serves as the Fund’s shareholder servicing, dividend disbursing, and transfer agent (the “Transfer Agent”) pursuant to separate Shareholder Services Agreements. The Transfer Agent also acts as the shareholder servicing, dividend disbursing, and transfer agent for the other Delaware Investments® Funds. For its shareholder servicing, dividend disbursing services, and transfer agency services, DSC is paid an annual per account chargeindirect, wholly owned subsidiary of $11.00 for each open account and $6.50 for each closed account on its records and each account held on a sub-accounting system maintained by firms that hold accounts on an omnibus basis. These charges are assessed monthly on a pro rata basis and determined by using the number of shareholder and retirement accounts maintained as of the last calendar day of each month. Compensation is fixed each year and approved by each Board, including a majority of the Independent Trustees.DST Systems,Delaware Management Holdings, Inc. (“DST”DMHI”), 430 W. 7thStreet, Kansas City, Missouri 64105, provides subtransfer agency services to the Funds. In connection with these services, DST administers the overnight investment. DMHI, in turn, is a wholly owned subsidiary of cash pending investment in the Fund or paymentMacquarie, and DSC is, th erefore, an affiliate of redemptions. The proceeds of this investment program are used to offset the Fund’s transfer agency expenses.DMC, DDLP and MCIM.
Fund Accountants. The Bank of New York Mellon (“BNY Mellon”), One Wall Street, New York, New YorkNY 10286-0001, provides fund accounting and financial administration services to eachthe Fund. Those services include performing functions related to calculating each Fund’s net asset value (“NAV”) and providing financial reporting information, regulatory compliance testing, and other related accounting services. For these services, the Funds pay BNY Mellon an asset-based fee, subject to certain fee minimums plus certain out-of-pocket expenses and transactional charges.DSC provides fund accounting and financial administration oversight services to the Funds. Those services include overseeing the Fund’s pricing process, the calculation and payment of fund expenses, and financial reporting in shareholder reports, registration statements and other regulatory filings. DSC also manages the process for the payment of dividends and distributions and the dissemination of Fund NAVs and performance data. For these services, the Funds pay DSC an asset-based fee, plus certain out-of-pocket expenses and transactional charges. The fees payable to Fund.
Custodian. BNY Mellon and DSC for the services described above are allocated among all funds in the Delaware Investments®Family of Funds on a relative NAV basis.Distribution Services. Pursuant to underwriting agreements relating to each of the Funds, DDLP, 2005 Market Street, Philadelphia, Pennsylvania 19103,also serves as the national distributor for the Funds. DDLP pays the expensescustodian of the promotionFund’s securities and distribution of the Funds’ shares, except for payments by the Funds on behalf of Class A Shares, Class B Shares, Class C, and Class R Shares, as applicable under their respective 12b-1 Plans. DDLP also receives sales loads in connection with the purchase and redemption of certain classes of shares. DDLP is an indirect subsidiary of DMHI and is an affiliate of DMC.cash.
Following the Transaction, DDLP will be primarily responsible for promoting the sale of Fund shares through broker/dealers, financial advisors and other financial intermediaries. This function is currently provided by Lincoln Financial Distributors, Inc. (“LFD”), 130 N. Radnor-
23
PRINCIPAL SHAREHOLDERS
Chester Road, Radnor, PA 19087-5221, pursuant to a contractual arrangement with DDLP. LFD is owned by LNC and is an affiliate of DDLP and DMC.
No Fund paid any brokerage commissions for portfolio securities to any broker that is an affiliate (or an affiliate of an affiliate) of the Funds, DMC, DDLP, or DSC during the Fund’s most recently completed fiscal year.
VOTING INFORMATION
How will shareholder voting be handled?
Only shareholders of record of the Funds at the close of business on September 18, 2009 (the “Record Date”), will be entitled to notice of and to vote at the Meeting on the matters described in this Proxy Statement. Shareholders will be entitled to one vote for each full share and a fractional vote for each fractional share that they hold. If sufficient votes to approve a Proposal for a Fund are not received by the date of the Meeting, the Meeting may be adjourned for that Fund or for that Proposal to permit further solicitations of proxies. The persons named as proxies on the enclosed proxy cards will vote their proxies in accordance with the recommendations of Management on questions of adjournment and any items other than the Proposals that properly come before the Meeting. A majority of the votes cast by shareholders of a Fund present in person or by proxy at the Meeting (whether or not sufficient to constitute a quorum for the Fund) may adjourn the Meeting with respect to that Fund. The Meeting may also be adjourned by the Chairperson of the Meeting.
Abstentions and broker non-votes will be counted for purposes of determining whether a quorum is present at the Meeting. Abstentions and broker non-votes will have no effect on Proposal 1 but will have the same effect as a vote “against” Proposal 2. Broker non-votes are proxies from brokers or nominees indicating that they have not received voting instructions from the beneficial owner or other person entitled to vote shares on a particular matter for which the brokers or nominees do not have discretionary authority to vote. This generally occurs only when there is another matter at the meeting for which the brokers or nominees do have discretionary authority to vote, such as Proposal 1.
How do I ensure my vote is accurately recorded?
You may attend the Meeting and vote in person. You may also vote by completing, signing, and returning the enclosed proxy card in the enclosed postage paid envelope, or by telephone or through the Internet. If you return your signed proxy card or vote by telephone or through the Internet, your vote will be officially cast at the Meeting by the persons appointed as proxies. A proxy card is, in essence, a ballot. If you sign and date the proxy card but give no voting instructions, your shares will be voted in favor of all the Trustee Nominees in Proposal 1 and “For” Proposal 2. Your proxies will also be voted in accordance with the recommendations of Management on any matters that properly come before the Meeting or any adjournment of the Meeting, although management of the Funds does not expect any such matters to come before the Meeting. If your shares are held of record by a broker/dealer and you wish to vote in person at the Meeting, you must obtain a legal proxy from the broker of record and present it at the Meeting.
24
May I revoke my proxy?
Shareholders may revoke their proxy for a Fund at any time before it is voted by sending a written notice to the Fund expressly revoking their proxy, by signing and forwarding to the Fund a later-dated proxy, or by attending the Meeting and voting in person. If your shares are held in the name of your broker, you will have to make arrangements with your broker to revoke a previously executed proxy and, if you wish to vote in-person at the Meeting, you must obtain a legal proxy from your broker of record and present it at the Meeting.
What other matters will be voted upon at the Meeting?
The Boards do not intend to bring any matters before the Meeting other than as described in this Proxy Statement. Because this is a Special Meeting, the Boards do not anticipate that any other matters will be brought before the Meeting by others. If any other matter legally comes before the Meeting, proxies for which discretion has been granted will be voted in accordance with the recommendations of Management of each Fund.
Who is entitled to vote?
Only shareholders of record on the Record Date will be entitled to vote at the Meeting on the matters described in this Proxy Statement. The table in Appendix M shows as of July 31, 2009, as to each class of voting securities of the Funds, the number of shares outstanding.
What is the Quorum Requirement?
A “Quorum” for a Trust or a particular Fund means one-third (33 1/3%) of the shares of that Trust or Fund that are entitled to vote at the Meeting, present in person or represented by proxy.
Who will pay the expenses of the Meeting?
Any out-of-pocket costs and expenses incurred by the Funds related to the Meeting, including the costs of preparing proxy solicitation materials and soliciting proxies in connection with the Meeting, will not be borne by the Funds. Macquarie Group and LNC have agreed to bear any such costs and expenses equally as provided in the Transaction Agreement. The Funds have engaged Computershare Fund Services, Inc. (“Computershare”) to solicit proxies from brokers, banks, other institutional holders and individual shareholders at an anticipated cost of approximately $750,000. Fees and expenses may be greater depending on the effort necessary to obtain shareholder votes. The agreement with Computershare provides that Computershare shall be indemnified against certain liabilities and expenses, including liabilities under the federal securities laws.
What other solicitations will be made?
This proxy solicitation is being made by the Board of each Fund for use at the Meeting. In addition to solicitations by mail, solicitations also may be made by advertisement, telephone, telegram, facsimile transmission or other electronic media, or personal contacts. The Funds will request broker/dealer firms, custodians, nominees, and fiduciaries to forward proxy materials to the beneficial owners of the shares of record. Reasonable out-of-pocket expenses of broker/dealer firms, custodians, nominees, and fiduciaries for their reasonable expenses incurred
25
in connection with such proxy solicitation will be shared equally by LNC and Macquarie Group as provided above. In addition to solicitations by mail, officers and employees of the Funds, DMC, and their affiliates may, without extra pay, conduct additional solicitations by telephone, telecopy, and personal interviews. The Funds expect that any solicitations will be primarily by mail, but also may include telephone, telecopy, or oral solicitations.
As the Meeting date approaches, you may receive a telephone call from a representative of Computershare if your votes have not yet been received. Proxies that are obtained telephonically will be recorded in accordance with the procedures described below. These procedures are designed to ensure that both the identity of the shareholder casting the vote and the voting instructions of the shareholder are accurately determined.
In all cases where a telephonic proxy is solicited, the Computershare representative is required to ask for each shareholder’s full name and address, and to confirm that the shareholder has received the proxy materials in the mail. If the shareholder is a corporation or other entity, the Computershare representative is required to ask for the person’s title and confirmation that the person is authorized to direct the voting of the shares. If the information elicited matches the information previously provided to Computershare, then the Computershare representative has the responsibility to explain the voting process, read the Proposals listed on the proxy card, and ask for the shareholder’s instructions on the Proposals. Although the Computershare representative is permitted to answer questions about the process, he or she is not permitted to recommend to the shareholder how to vote, other than to read any recommendation set forth in this Proxy Statement. Computershare will record the shareholder’s instructions on the card. Within 72 hours, the shareholder will be sent a letter or mailgram to confirm his or her vote and asking the shareholder to call Computershare immediately if his or her instructions are not correctly reflected in the confirmation.
Why did my household receive only one copy of this Proxy Statement?
Unless you have instructed the Funds not to do so, only one copy of this Proxy Statement will be mailed to multiple Fund shareholders sharing an address (a “Household”), even if more than one shareholder in a Household is a Fund shareholder of record. If you need additional copies of this Proxy Statement, if you do not want the mailing of proxy solicitation materials to be combined with those of other members of your Household in the future, or if you are receiving multiple copies and would rather receive just one copy for the Household, please contact your participating broker-dealer firm or other financial intermediary or, if you hold Fund shares directly with the Funds, you may write to the Funds by regular mail to P.O. Box 219691, Kansas City, MO 64121-9691, by overnight courier service to 430 W. 7th Street, Kansas City, MO 64105, or by calling toll-free 1-800-523-1918.
How do I submit a shareholder proposal for inclusion in a Trust’s proxy statement and form of proxy for a Trust’s next annual meeting?
The governing instruments of the Trusts do not require that the Funds hold annual meetings of shareholders. Each Fund will, however, be required to call meetings of shareholders in accordance with the requirements of the 1940 Act to seek approval of new or material amendments to advisory arrangements or of a change in the fundamental investment policies,
26
objectives or restrictions of the Funds. Each Fund also would be required to hold an annual shareholders meeting to elect new Trustees at such time as less than a majority of the Trustees holding office have been elected by shareholders. The Trusts’ governing instruments generally provide that a shareholder meeting may be called by a majority of the Trustees, the Chairperson of the Board, the President of the Trust, or on the written request of a specified percentage of the outstanding shares of a Trust (or of a particular Fund if the meeting relates solely to that Fund).
Shareholders of a Fund wishing to submit proposals for inclusion in a proxy statement for a subsequent shareholder meeting must send their written proposal to that Fund a reasonable time before the Board’s solicitation relating to such meeting is to be made. Shareholder proposals must meet certain legal requirements established by the U.S. Securities and Exchange Commission, so there is no guarantee that a shareholder’s proposal will actually be included in the next proxy statement. The persons named as proxies in future proxy materials of a Fund may exercise discretionary authority with respect to any shareholder proposal presented at any subsequent shareholder meeting if written notice of that proposal has not been received by that Fund a reasonable period of time before the Board’s solicitation relating to such meeting is made. Written proposals with regard to a Fund should be sent to the Secretary of the Fund, David F. Connor, at the address of the Funds given above.
How may I communicate with the Boards?
Shareholders who wish to communicate to the full Boards may address correspondence to Ann R. Leven, Coordinating Trustee for the Trusts, c/o the applicable Trust at 2005 Market Street, Philadelphia, Pennsylvania, 19103. Shareholders may also send correspondence to the Coordinating Trustee or any individual Trustee c/o the applicable Trust at 2005 Market Street, Philadelphia, Pennsylvania 19103. Without opening any such correspondence, Trust management will promptly forward all such correspondence to the intended recipient(s).
PRINCIPAL HOLDERS OF SHARES
As of July 31, 2009,March 17, 2010, the officers and Trustees of the Trusts,Fund as a group owned or controlled less than 1% of the outstanding voting sharesFund. As of any Fundthe same date, the following shareholders owned, of record, or class thereof, except as noted in Appendix N.
Toto the best knowledge of the Trusts, as of July 31, 2009, no person, except as set forth in Appendix O, owned of recordAcquired Fund, beneficially, 5% or more of the outstanding shares of any class of anythe Acquired Fund. Except as noted in Appendix O,disclosed below, the Trusts haveTrust has no knowledge of beneficial ownership.
27
| Name and Address of Record or Beneficial Owner | Class | Shares | Percentage of Fund |
DMH Corp. 2005 Market Street Philadelphia, PA 19103 | A | 339526 | 99% |
11
APPENDICES TO
PROXY STATEMENT
APPENDIX A – TRUSTS AND SERIES USING THIS PROXY STATEMENT
APPENDIX B - TRUSTEES OF THE TRUSTS
APPENDIX C – PRINCIPAL OFFICERS OF THE TRUSTS
APPENDIX D – NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER
APPENDIX E – FUND SHARE BENEFICIAL OWNERSHIP BY TRUSTEE NOMINEES
APPENDIX F — TRUSTEE COMPENSATION
APPENDIX G – AUDITOR INFORMATION
APPENDIX H - PRE-APPROVAL POLICIES AND PROCEDURES
APPENDIX I—FORM OF NEW INVESTMENT ADVISORY AGREEMENTS
APPENDIX J- CURRENT INVESTMENT ADVISORY AGREEMENTS: DATES OF APPROVALS; FEES
APPENDIX K - FUNDS ADVISED BY DMC: FEES PAID TO DMC AND AFFILIATES
APPENDIX L – TRUSTEES AND OFFICERS OF DMC
APPENDIX M – NUMBER OF SHARES OF EACH FUND OUTSTANDING AS OF JULY 31, 2009
APPENDIX N — 1% SHARE OWNERSHIP
APPENDIX O — 5% SHARE OWNERSHIP
28
APPENDIX A – TRUSTS AND SERIES USING THIS PROXY STATEMENT
| |
Trust | Funds |
Delaware Group Adviser Funds | Delaware Diversified Income Fund |
| Delaware U.S. Growth Fund |
Delaware Group Cash Reserve | Delaware Cash Reserve Fund |
Delaware Group Equity Funds I | Delaware Mid Cap Value Fund |
Delaware Group Equity Funds II | Delaware Large Cap Value Fund |
| Delaware Value®Fund |
Delaware Group Equity Funds III | Delaware American Services Fund |
| Delaware Small Cap Growth Fund |
| Delaware Trend®Fund |
Delaware Group Equity Funds IV | Delaware Global Real Estate Securities Fund |
| Delaware Growth Opportunities Fund |
| Delaware Healthcare Fund |
Delaware Group Equity Funds V | Delaware Dividend Income Fund |
| Delaware Small Cap Core Fund |
| Delaware Small Cap Value Fund |
Delaware Group Foundation Funds | Delaware Foundation Equity Fund |
| Delaware Aggressive Allocation Portfolio1 |
| Delaware Conservative Allocation Portfolio2 |
| Delaware Moderate Allocation Portfolio3 |
Delaware Group Global & International Funds | Delaware Emerging Markets Fund |
| Delaware Focus Global Growth Fund |
| Delaware Global Value Fund |
| Delaware International Value Equity Fund |
Delaware Group Government Fund | Delaware Core Plus Bond Fund |
| Delaware Inflation Protected Bond Fund |
Delaware Group Income Funds | Delaware Corporate Bond Fund |
| Delaware Extended Duration Bond Fund |
| Delaware High-Yield Opportunities Fund |
Delaware Group Limited-Term Government Funds | Delaware Limited-Term Diversified Income Fund |
Delaware Group State Tax-Free Income Trust | Delaware Tax-Free Pennsylvania Fund |
Delaware Group Tax-Free Fund | Delaware Tax-Free USA Fund |
| Delaware Tax-Free USA Intermediate Fund |
Delaware Group Tax-Free Money Fund | Delaware Tax-Free Money Fund |
Delaware Pooled®Trust | Delaware REIT Fund |
| (also known as The Real Estate Investment Trust Portfolio) |
Voyageur Insured Funds | Delaware Tax-Free Arizona Fund |
Voyageur Intermediate Tax Free Funds | Delaware Tax-Free Minnesota Intermediate Fund |
Voyageur Mutual Funds | Delaware Minnesota High-Yield Municipal Bond Fund |
| Delaware National High-Yield Municipal Bond Fund |
| Delaware Tax-Free California Fund |
| Delaware Tax-Free Idaho Fund |
| Delaware Tax-Free New York Fund |
Voyageur Mutual Funds II | Delaware Tax-Free Colorado Fund |
Voyageur Mutual Funds III | Delaware Large Cap Core Fund |
| Delaware Select Growth Fund |
Voyageur Tax Free Funds | Delaware Tax-Free Minnesota Fund |
1 | On October 21, 2009, the name will be changed to Delaware Foundation®Growth Allocation Fund. |
2 | On October 21, 2009, the name will be changed to Delaware Foundation Conservative Allocation Fund. |
3 | On October 21, 2009, the name will be changed to Delaware Foundation Moderate Allocation Fund. |
A-1
| | | | | |
APPENDIX B - TRUSTEES OF THE TRUSTS |
|
|
| | | | Number of Portfolios | |
Name, Address, and | Position(s) Held | Length of Time | Principal Occupation(s) During | in Fund Complex | Other Directorships |
Birth Date | with the Trusts | Served | Past 5 Years | Overseen by Trustee | Held by Trustee |
|
Interested Trustee | | | | | |
|
Patrick P. Coyne1 | Chairman, | Chairman and | Patrick P. Coyne has served in | 81 | Director — Kaydon |
2005 Market Street | President, Chief | Trustee since | various executive capacities at | | Corp. |
Philadelphia, PA 19103 | Executive Officer, | August 16, | different times at Delaware | | |
| and Trustee | 2006 | Investments.2 | | |
April 1963 | | | | | |
| | President and | | | |
| | Chief Executive | | | |
| | Officer since | | | |
| | August 1, 2006 | | | |
| | | | | |
|
| | | | Number of Portfolios | |
Name, Address, and | Position(s) Held | Length of Time | Principal Occupation(s) During | in Fund Complex | Other Directorships |
Birth Date | with the Trusts | Served | Past 5 Years | Overseen by Trustee | Held by Trustee |
Independent Trustees | | | | | |
Thomas L. Bennett | Trustee | Since March | Private Investor — | 81 | Director — Bryn |
2005 Market Street | | 2005 | (March 2004 – Present) | | Mawr Bank Corp. |
Philadelphia, PA | | | | | (BMTC) |
19103 | | | Investment Manager — | | (April 2007 – |
| | | Morgan Stanley & Co. | | Present) |
October 1947 | | | (January 1984 – March 2004) | | |
| | | | | |
| | | | | |
| | | | | |
B-1
| | | | | |
John A. Fry | Trustee | Since January | President — | 81 | Director — |
2005 Market Street | | 2001 | Franklin & Marshall College | | Community Health |
Philadelphia, PA | | | (June 2002 – Present) | | Systems |
19103 | | | | | |
| | | Executive Vice President — | | |
May 1960 | | | University of Pennsylvania | | |
| | | (April 1995 – June 2002) | | |
Anthony D. Knerr | Trustee | Since April | Founder and Managing Director | 81 | None |
2005 Market Street | | 1990 | — Anthony Knerr & Associates | | |
Philadelphia, PA | | | (Strategic Consulting) | | |
19103 | | | (1990 – Present) | | |
|
December 1938 | | | | | |
Lucinda S. Landreth | Trustee | Since March | Chief Investment Officer — | 81 | None |
2005 Market Street | | 2005 | Assurant, Inc. | | |
Philadelphia, PA | | | (Insurance) | | |
19103 | | | (2002 – 2004) | | |
|
June 1947 | | | | | |
Ann R. Leven | Coordinating | Since October | Consultant — | 81 | Director and Audit |
2005 Market Street | Trustee | 1989 | ARL Associates | | Committee Chair — |
Philadelphia, PA | | | (Financial Planning) | | Systemax Inc. |
19103 | | | (1983 – Present) | | |
|
November 1940 | | | | | |
Thomas F. Madison | Trustee | Since May | President and Chief Executive | 81 | Director and Chair |
2005 Market Street | | 19973 | Officer — MLM Partners, Inc. | | of Compensation |
Philadelphia, PA | | | (Small Business Investing & | | Committee, |
19103 | | | Consulting) | | Governance |
| | | (January 1993 – Present) | | Committee Member |
February 1936 | | | | | — CenterPoint |
| | | | | Energy |
|
| | | | | Lead Director and |
| | | | | Chair of Audit and |
| | | | | Governance |
| | | | | Committees, |
| | | | | Member of |
| | | | | Compensation |
| | | | | Committee — |
| | | | | Digital River Inc. |
|
| | | | | Director and Chair |
| | | | | of Governance |
| | | | | Committee, Audit |
| | | | | Committee Member |
| | | | | — |
| | | | | Rimage Corporation |
|
| | | | | Director and Chair |
| | | | | of Compensation |
| | | | | Committee — |
| | | | | Spanlink |
| | | | | Communications |
|
| | | | | Lead Director and |
| | | | | Member |
| | | | | Compensation and |
| | | | | Governance |
| | | | | Committees – |
| | | | | Valmont Industries, |
| | | | | Inc. |
B-2
| | | | | |
Janet L. Yeomans | Trustee | Since April | Vice President and Treasurer | 81 | None |
2005 Market Street | | 1999 | (January 2006 – Present), | | |
Philadelphia, PA | | | Vice President — Mergers & | | |
19103 | | | Acquisitions | | |
| | | (January 2003 – January 2006), | | |
July 1948 | | | and Vice President | | |
| | | (July 1995 – January 2003) | | |
| | | 3M Corporation | | |
J. Richard Zecher | Trustee | Since March | Founder — | 81 | Director and Audit |
2005 Market Street | | 2005 | Investor Analytics | | Committee Member |
Philadelphia, PA | | | (Risk Management) | | — |
19103 | | | (May 1999 – Present) | | Investor Analytics |
|
July 1940 | | | Founder — | | |
| | | Sutton Asset Management | | |
| | | (Hedge Fund) | | |
| | | (September 1996 – Present) | | |
1 | Mr. Coyne is considered to be an “Interested Trustee” because he is an executive officer of DMC. |
2 | Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries, including DMC, the Funds’ principal underwriter, and the Funds’ transfer agent. |
3 | In 1997, several funds managed by Voyageur Fund Managers, Inc. (the “Voyageur Funds”) were incorporated into the Delaware Investments®Family of Funds. Mr. Madison served as a director of the Voyageur Funds from 1993 until 1997. |
B-3
| | | | | |
| APPENDIX C – PRINCIPAL OFFICERS OF THE TRUSTS |
|
|
|
| | | | | Number of Portfolios | |
| Name, Address, and | Position(s) Held | Length of | Principal Occupation(s) During | in Fund Complex | Other Directorships |
| Birth Date | with the Trusts | Time Served | Past 5 Years | Overseen by Officer | Held by Officer |
| Patrick P. Coyne | Chairman, | Chairman and | Patrick P. Coyne has served in | 81 | Director — Kaydon |
| 2005 Market Street | President, Chief | Trustee since | various executive capacities at | | Corp. |
| Philadelphia, PA | Executive Officer, | August 16, | different times at Delaware | | |
| 19103 | and Trustee | 2006 | Investments.1 | | |
| | | | | | |
| April 1963 | | President and | | | |
| | | Chief Executive | | | |
| | | Officer since | | | |
| | | August 1, 2006 | | | |
| | | | | | |
| David F. Connor | Vice President, | Vice President | David F. Connor has served as | 81 | None2 |
| 2005 Market Street | Deputy General | since | Vice President and Deputy | | |
| Philadelphia, PA | Counsel, and | September | General Counsel at Delaware | | |
| 19103 | Secretary | 2000 and | Investments since 2000. | | |
| | | Secretary since | | | |
| December 1963 | | October 2005 | | | |
| |
| Daniel V. Geatens | Vice President and | Treasurer since | Daniel V. Geatens has served in | 81 | None2 |
| 2005 Market Street | Treasurer | October 2007 | various capacities at different | | |
| Philadelphia, PA | | | times at Delaware Investments. | | |
| 19103 | | | | | |
| |
| October 1972 | | | | | |
| David P. O’Connor | Senior Vice | Senior Vice | David P. O’Connor has served in | 81 | None2 |
| 2005 Market Street | President, General | President, | various executive and legal | | |
| Philadelphia, PA | Counsel, and Chief | General | capacities at different times at | | |
| 19103 | Legal Officer | Counsel, and | Delaware Investments. | | |
| | | Chief Legal | | | |
| February 1966 | | Officer since | | | |
| | | October 2005 | | | |
| Richard Salus | Senior Vice | Chief Financial | Richard Salus has served in | 81 | None2 |
| 2005 Market Street | President and | Officer since | various executive capacities at | | |
| Philadelphia, PA | Chief Financial | November | different times at Delaware | | |
| 19103 | Officer | 2006 | Investments. | | |
| |
| October 1963 | | | | | |
C-1
1 | Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries, including DMC, the Funds’ principal underwriter, and the Funds’ transfer agent. |
2 | David F. Connor, Daniel V. Geatens, David P. O’Connor, and Richard Salus serve in capacities for the six portfolios of the Optimum Fund Trust that are virtually identical to the capacities in which they serve for the Funds, as set forth above. The Optimum Fund Trust has the same investment manager, principal underwriter, and transfer agent as the Funds. |
C-2
APPENDIX D – NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER
DELAWARE INVESTMENTS FAMILY OF FUNDS
Nominating and Corporate Governance Committee Membership
The Nominating and Corporate Governance Committee (the “Committee”) shall be composed of not less than three members, each of whom shall be independent as defined in Rule 10A-3(b) under the Securities Exchange Act of 1934 and the listing standards of any national securities exchange on which any fund of the Delaware Investments Family of Funds (each a “Fund”) is listed, and the Coordinating Trustee, as an ex officio member. One member of the Committee shall be designated by the Board as Chairperson. The Chairperson and members of the Committee shall have one year terms, renewable for a maximum of six (6) terms. The Chairperson and members of the Committee shall receive such compensation for their service on the Committee as the Board may determine from time to time.
Board Nominations
1. | Independent Directors/Trustees.Independent Directors/Trustees for the open and closed- end Funds are to be selected and nominated solely by incumbent independent Directors/Trustees. The Committee shall make recommendations for nominations for independent director/trustee membership on the Board of Directors/Trustees to the incumbent independent Directors/Trustees. The Committee shall also be responsible for nominating qualified candidates for independent Director/Trustee membership in connection with filling vacancies that arise in between meetings of shareholders. The Committee shall evaluate candidates’ qualifications for Board membership and their independence from the Funds’ manager and other affiliates and principal service providers. Persons selected must be independent in terms of both the letter and spirit of the governing rules, regulations and listing standards. The Committee shall also consider the effect of any relationships beyond those delineated in the governing rules, regulations and listing standards that might impair independence, e.g., business, financial or family relationships with managers or service providers. |
| |
2. | Chair of the Board.The Committee shall nominate the Chair of the Board. |
| |
3. | Committees.The Committee shall annually review the membership of and annually recommend persons to serve as members of each committee of the Board. The Committee shall also review the continued appropriateness of existing committees and consider the addition of new committees. The Committee shall also make recommendations for members of any new committee established by the Board. |
D-1
4. | Affiliated Directors/ Trustees.The Committee shall evaluate candidates’ qualifications and make recommendations for affiliated director/trustee membership on the Board of Directors/Trustees to the full Board. |
| |
5. | Shareholder Recommendations.The Committee shall respond to shareholders who communicate with the Board. |
| |
6. | Board Composition.The Committee shall periodically review the composition of the Board of Directors/Trustees, including the number of Directors/Trustees, to determine whether it may be appropriate to add individuals with different backgrounds or skill sets from those already on the Board. |
Corporate Governance
1. | The Committee shall evaluate annually the ability to each Director/Trustee to function effectively in the discharge of his/her oversight and fiduciary responsibilities as a Director/Trustee. The Chairman of the Committee shall undertake appropriate action as required based on the Committee’s evaluation. |
| |
2. | The Committee shall at least annually conduct a review of Director/Trustee education on current industry issues. |
| |
3. | At least annually, the Committee shall review the amount of compensation payable to the independent Directors/Trustees and report its findings and recommendations to the Board. Compensation shall be based on the responsibilities and duties of the independent Directors/Trustees and the time required to perform these duties. Every year, the Committee shall invite an independent consultant to review the Board’s compensation structure. |
| |
4. | The Committee shall monitor the performance of counsel for the independent Directors/Trustees. |
| |
5. | The Committee shall establish procedures to facilitate shareholder communications to the Funds’ Board of Directors/Trustees. |
Other Powers and Responsibilities
1. | The Committee shall have the resources and authority appropriate to discharge its responsibilities, including authority to retain special counsel and other experts or consultants at the expense of the appropriate Fund(s). |
| |
2. | The Committee shall review this Charter at least annually and recommend any changes to the full Board of Directors/Trustees. |
| |
3. | The Committee shall review annually the Board of Directors/Trustees Policies and Practices. |
D-2
4. | The Committee shall review annually a summary and report of Director/Trustee expenses reimbursed in accordance with the Travel and Entertainment Policy. |
| |
5. | The Committee shall perform such other functions that shall be delegated to it from time to time by the Board. |
D-3
APPENDIX E – FUND SHARE BENEFICIAL OWNERSHIP BY TRUSTEE NOMINEES
The following tableshowsthe dollar range of shares of the Funds and the aggregate dollar range of shares of the Delaware Investments Family of Funds that are
CONTROL PERSONS
Persons or organizations beneficially
owned by each Trustee Nominee as of June 30, 2009. | | | | | | | | | |
| Fund | Thomas L.
Bennett | Patrick P.
Coyne | John A. Fry | Anthony D.
Knerr | Lucinda S.
Landreth | Ann R. Leven | Thomas F.
Madison | Janet L.
Yeomans | J. Richard
Zecher |
|
|
| Delaware Foundation®Equity Fund | - | - | - | - | - | - | - | - | - |
| Delaware Aggressive Allocation Portfolio1 | - | - | - | - | - | - | - | - | - |
| Delaware American Services Fund | | | | | $10,001 - | | | | |
| | - | - | - | - | $50,000 | - | - | - | - |
| Delaware Cash Reserve Fund | | $50,000 - | | Over $100,000 | $10,001 - | | | | |
| | - | $100,000 | - | | $50,000 | - | - | - | - |
| Delaware Conservative Allocation Portfolio2 | - | - | - | - | - | - | - | - | - |
| Delaware Core Plus Bond Fund | - | $10,001 - | - | - | - | - | - | - | - |
| | | $50,000 | | | | | | | |
| Delaware Corporate Bond Fund | - | - | - | - | - | - | - | - | - |
| Delaware Diversified Income Fund | | $10,001 - | | | $10,001 - | | | | |
| | - | $50,000 | - | - | $50,000 | - | - | - | - |
| Delaware Dividend Income Fund | - | - | - | - | - | $10,001 - | $1 - $10,001 | - | - |
| | | | | | | $50,000 | | | |
| Delaware Emerging Markets Fund | - | - | - | - | - | - | $1 - $10,001 | $10,001 - | - |
| | | | | | | | | $50,000 | |
| Delaware Extended Duration Bond Fund | | $10,001 - | | | | | | | |
| | - | $50,000 | - | - | - | - | - | - | - |
| Delaware Focus Global Growth Fund | - | - | - | - | - | - | - | - | - |
| Delaware Global Real Estate Securities Fund | - | - | - | - | - | - | - | - | - |
| Delaware Global Value Fund | - | - | - | - | $1 - $10,001 | - | - | - | - |
| Delaware Growth Opportunities Fund | - | - | - | - | - | - | - | - | - |
| Delaware Healthcare Fund | - | - | - | - | - | - | - | - | - |
| Delaware High-Yield Opportunities Fund | - | - | - | - | - | - | - | - | - |
| Delaware Inflation Protected Bond Fund | - | - | - | - | - | - | - | - | - |
| Delaware International Value Equity Fund | | $50,000 - | | | | $10,001 - | | | |
| | - | $100,000 | - | - | - | $50,000 | $1 - $10,001 | - | - |
| Delaware Large Cap Core Fund | - | - | - | - | - | - | - | - | - |
| Delaware Large Cap Value Fund | $10,001 - | $50,000 - | | | $10,001 - | $50,000 - | | | |
| | $50,000 | $100,000 | Over $100,000 | - | $50,000 | $100,000 | $1 - $10,001 | - | - |
| Delaware Limited-Term Diversified Income | | | | | | | | | |
| Fund | - | Over $100,000 | - | - | - | - | - | - | - |
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| | | | | | | | | |
| Delaware Mid Cap Value Fund | - | - | - | - | - | - | - | - | - |
| Delaware Minnesota High-Yield Municipal | | | | | | | | | |
| Bond Fund | - | - | - | - | - | - | - | - | - |
| Delaware Moderate Allocation Portfolio3 | | $10,001 - | | | | | $1 - $10,001 | | |
| | - | $50,000 | - | - | - | - | | - | - |
| Delaware National High-Yield Municipal | | | | | | | | | |
| Bond Fund | - | - | - | - | - | - | - | - | - |
| Delaware REIT Fund | | | | | | | | | |
| (also known as The Real Estate Investment | - | $10,001 - | $1 - $10,001 | - | - | - | $1 - $10,001 | - | - |
| Trust Portfolio) | | $50,000 | | | | | | | |
| Delaware Select Growth Fund | | | | $10,001 - | | $10,001 - | $1 - $10,001 | $10,001 - | |
| | - | - | - | $50,000 | - | $50,000 | | $50,000 | - |
| Delaware Small Cap Core Fund | | | | | $10,001 - | | | | |
| | - | - | - | - | $50,000 | - | - | - | - |
| Delaware Small Cap Growth Fund | - | - | - | - | - | - | - | - | - |
| Delaware Small Cap Value Fund | | $50,000 - | $1 - $10,001 | $1 - $10,001 | | $10,001 - | | | |
| | - | $100,000 | | | - | $50,000 | - | - | - |
| Delaware Tax-Free Arizona Fund | - | - | - | - | - | - | - | - | - |
| Delaware Tax-Free California Fund | - | - | - | - | - | - | - | - | - |
| Delaware Tax-Free Colorado Fund | - | - | - | - | - | - | - | - | - |
| Delaware Tax-Free Idaho Fund | - | - | - | - | - | - | - | - | - |
| Delaware Tax-Free Minnesota Fund | - | - | - | - | - | - | - | - | - |
| Delaware Tax-Free Minnesota Intermediate | | | | | | | | | |
| Fund | - | - | - | - | - | - | - | - | - |
| Delaware Tax-Free Money Fund | - | Over $100,000 | - | - | - | - | - | - | - |
| Delaware Tax-Free New York Fund | - | - | - | - | - | - | - | - | - |
| Delaware Tax-Free Pennsylvania Fund | - | - | - | - | - | - | - | - | - |
| Delaware Tax-Free USA Fund | - | - | - | - | - | - | - | - | - |
| Delaware Tax-Free USA Intermediate Fund | - | - | - | - | - | - | - | - | - |
| Delaware Trend®Fund | - | - | - | - | - | - | - | - | - |
| Delaware U.S. Growth Fund | - | - | - | - | - | - | - | - | - |
| Delaware Value®Fund | - | - | - | - | - | - | - | - | - |
| TOTAL: | $10,001 - | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | $10,001 - | Over $100,000 | $10,001 - |
| | $50,000 | | | | | | $50,000 | | $50,000 |
1 | On October 21, 2009, the name will be changed to Delaware Foundation®Growth Allocation Fund. |
2 | On October 21, 2009, the name will be changed to Delaware Foundation Conservative Allocation Fund. |
3 | On October 21, 2009, the name will be changed to Delaware Foundation Moderate Allocation Fund. |
E-2
APPENDIX F — TRUSTEE COMPENSATION
The following table describes the aggregate compensation received by the Trustees from each Trust and the aggregate compensation received from the Delaware Investments®Funds for which he or she served as a Trustee for the 12-month period ended June 30, 2009. Only the Independent Trustees received compensation from the Trust.
| | | | | | | | |
| Trust | Thomas L. | John A. | Anthony D. | Lucinda S. | Ann R. | Thomas F. | Janet L. | J. Richard |
| | Bennett | Fry | Knerr | Landreth | Leven | Madison | Yeomans | Zecher |
| Delaware Group Adviser®Funds | $39,430 | $33,839 | $37,907 | $34,772 | $44,904 | $38,304 | $33,159 | $35,323 |
| Delaware Group Cash Reserve | $4,600 | $3,950 | $4,426 | $4,064 | $5,246 | $4,473 | $3,876 | $4,122 |
| Delaware Group Equity Funds I | $1,409 | $1,234 | $1,063 | $1,182 | $1,101 | $1,207 | $1,061 | $1,102 |
| Delaware Group Equity Funds II | $9,968 | $8,569 | $9,594 | $8,838 | $11,397 | $9,748 | $8,475 | $8,957 |
| Delaware Group Equity Funds III | $5,289 | $4,546 | $5,075 | $4,704 | $6,047 | $5,167 | $4,524 | $4,756 |
| Delaware Group Equity Funds IV | $2,155 | $1,854 | $2,073 | $1,914 | $2,465 | $2,106 | $1,836 | $1,938 |
| Delaware Group Equity Funds V | $7,545 | $6,482 | $7,246 | $6,696 | $8,618 | $7,368 | $6,429 | $6,776 |
| Delaware Group Foundation Funds | $1,644 | $1,411 | $1,592 | $1,443 | $1,877 | $1,600 | $1,369 | $1,481 |
| Delaware Group Global & International Funds | $8,992 | $7,728 | $8,634 | $7,995 | $10,289 | $8,805 | $7,700 | $8,091 |
| Delaware Group Government Fund | $2,144 | $1,849 | $2,070 | $1,899 | $2,452 | $2,091 | $1,810 | $1,928 |
| Delaware Group Income Funds | $9,618 | $8,235 | $9,230 | $8,457 | $10,932 | $9,337 | $8,073 | $8,604 |
| Delaware Group Limited-Term Government Funds | $3,235 | $2,794 | $3,145 | $2,852 | $3,708 | $3,157 | $2,699 | $2,918 |
| Delaware Group State Tax-Free Income Trust | $4,619 | $3,957 | $4,431 | $4,067 | $5,250 | $4,477 | $3,877 | $4,129 |
| Delaware Group Tax-Free Fund | $9,079 | $7,780 | $8,719 | $7,987 | $10,323 | $8,805 | $7,610 | $8,118 |
| Delaware Group Tax-Free Money Fund | $164 | $139 | $156 | $143 | $184 | $157 | $136 | $145 |
| Delaware Pooled Trust | $29,434 | $25,305 | $28,273 | $26,154 | $33,638 | $28,771 | $25,133 | $26,450 |
| Voyageur Insured Funds | $1,198 | $1,027 | $1,150 | $1,056 | $1,363 | $1,162 | $1,008 | $1,072 |
| Voyageur Intermediate Tax-Free Funds | $663 | $569 | $638 | $583 | $754 | $643 | $555 | $593 |
| Voyageur Mutual Funds | $3,731 | $3,201 | $3,582 | $3,289 | $4,244 | $3,619 | $3,137 | $3,338 |
| Voyageur Mutual Funds II | $2,205 | $1,889 | $2,115 | $1,941 | $2,506 | $2,137 | $1,851 | $1,971 |
| Voyageur Mutual Funds III | $1,834 | $1,581 | $1,771 | $1,631 | $2,104 | $1,798 | $1,563 | $1,654 |
| Voyageur Tax Free Funds | $5,549 | $4,759 | $5,330 | $4,890 | $6,314 | $5,383 | $4,660 | $4,965 |
| TOTAL – 12-month period ended June 30, 2009 | $195,000 | $167,500 | $187,500 | $172,500 | $222,500 | $190,000 | $165,000 | $175,000 |
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APPENDIX G – AUDITOR INFORMATION
The following table shows, for each Trust:
Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by E&Y for the audit of the Trust’s annual financial statements and for review of the financial statements included in the Trust’s annual reports or for services that normally are provided by E&Y in connection with statutory and regulatory filings or engagements for those fiscal years.
Non-Audit Fees.The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under “Audit Fees.”
Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by E&Y for tax compliance, tax advice and tax planning.
Affiliate Audit-Related Fees.The aggregate fees billed by E&Y for services relating to the performance of the audit of the financial statements of DMC and other service providers under common control with DMC and that relate directly to the operations or financial reporting of the Trusts.
Aggregate Non-Audit Fees.The aggregate non-audit fees billed by E&Y for services rendered to the Trusts and to DMC and other service providers under common control with DMC.
| | | | |
| Trust | Audit
Fees | Tax
Fees1 | Affiliate
Audit-
Related Fees | Aggregate
Non-Audit
Fees |
|
|
| Delaware Group Adviser Funds | | | | |
| 10/31/08 | $174,400 | $72,465 | $19,074 | $324,467 |
| 10/31/07 | $117,000 | $46,900 | $19,074 | $301,262 |
| Delaware Group Cash Reserve | | | | |
| 3/31/09 | $27,000 | $9,150 | $19,074 | $261,152 |
| 3/31/08 | $23,800 | $8,650 | $19,074 | $263,012 |
| Delaware Group Equity Funds I | | | | |
| 10/31/08 | $25,700 | $6,300 | $19,074 | $258,302 |
| 10/31/07 | $17,100 | $5,350 | $19,074 | $259,712 |
| Delaware Group Equity Funds II | | | | |
| 11/30/08 | $91,800 | $34,300 | $19,074 | $288,302 |
| 11/30/07 | $86,100 | $35,600 | $19,074 | $289,962 |
| Delaware Group Equity Funds III | | | | |
| 6/30/09 | $49,100 | $14,950 | $19,074 | $264,064 |
| 6/30/08 | $64,700 | $20,550 | $19,074 | $274,912 |
| Delaware Group Equity Funds IV | | | | |
| 9/30/08 | $40,900 | $10,350 | $19,074 | $262,352 |
| 9/30/07 | $40,500 | $13,800 | $19,074 | $268,162 |
| Delaware Group Equity Funds V | | | | |
| 11/30/08 | $93,200 | $32,650 | $19,074 | $286,652 |
| 11/30/07 | $89,800 | $34,650 | $19,074 | $289,012 |
1 | Except as otherwise noted, these tax-related services were the review of income tax returns and review of annual excise distribution calculations. |
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| | | | |
| Trust | Audit
Fees | Tax
Fees1 | Affiliate
Audit-
Related Fees | Aggregate
Non-Audit
Fees |
|
|
| Delaware Group Foundation Funds | | | | |
| 9/30/08 | $49,000 | $14,380 | $19,074 | $266,382 |
| 9/30/07 | $32,700 | $7,250 | $19,074 | $261,612 |
| Delaware Group Global & International Funds | | | | |
| 11/30/08 | $94,100 | $44,490 | $19,074 | $298,492 |
| 11/30/07 | $96,400 | $47,485 | $19,074 | $301,847 |
| Delaware Group Government Fund | | | | |
| 7/31/09 | $26,600 | $6,700 | $19,074 | $258,702 |
| 7/31/08 | $23,600 | $5,700 | $19,074 | $260,062 |
| Delaware Group Income Funds | | | | |
| 7/31/08 | $80,700 | $25,000 | $19,074 | $277,002 |
| 7/31/07 | $79,200 | $26,700 | $19,074 | $281,062 |
| Delaware Group Limited-Term Government Funds | | | | |
| 12/31/08 | $17,200 | $4,950 | $19,074 | $258,952 |
| 12/31/07 | $15,900 | $4,750 | $19,074 | $259,112 |
| Delaware Group State Tax-Free Income Trust | | | | |
| 2/28/09 | $28,000 | $9,550 | $19,074 | $261,552 |
| 2/29/08 | $26,900 | $10,050 | $19,074 | $264,412 |
| Delaware Group Tax-Free Fund | | | | |
| 8/31/08 | $54,600 | $18,500 | $19,074 | $270,502 |
| 8/31/07 | $62,400 | $22,200 | $13,400 | $270,888 |
| Delaware Group Tax-Free Money Fund | | | | |
| 4/30/09 | $9,900 | $1,950 | $19,074 | $253,952 |
| 4/30/08 | $10,000 | $1,950 | $19,074 | $256,312 |
| Delaware Pooled Trust | | | | |
| 10/31/08 | $372,800 | $147,505 | $19,074 | $399,507 |
| 10/31/07 | $368,500 | $129,520 | $19,074 | $383,882 |
| Voyageur Insured Funds | | | | |
| 8/31/08 | $14,300 | $3,750 | $19,074 | $255,752 |
| 8/31/07 | $14,000 | $3,950 | $13,400 | $252,638 |
| Voyageur Intermediate Tax-Free Funds | | | | |
| 8/31/08 | $11,500 | $2,550 | $19,074 | $254,552 |
| 8/31/07 | $11,000 | $2,450 | $13,400 | $251,138 |
| Voyageur Mutual Funds | | | | |
| 8/31/08 | $61,700 | $14,650 | $19,074 | $266,652 |
| 8/31/07 | $60,200 | $14,850 | $13,400 | $263,538 |
| Voyageur Mutual Funds II | | | | |
| 8/31/08 | $18,200 | $5,450 | $19,074 | $257,452 |
| 8/31/07 | $17,900 | $5,750 | $13,400 | $254,438 |
| Voyageur Mutual Funds III | | | | |
| 4/30/09 | $29,400 | $7,900 | $19,074 | $259,902 |
| 4/30/08 | $30,600 | $9,000 | $19,074 | $263,362 |
| Voyageur Tax-Free Funds | | | | |
| 8/31/08 | $31,300 | $10,950 | $19,074 | $262,952 |
| 8/31/07 | $45,700 | $14,650 | $13,400 | $263,338 |
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APPENDIX H - PRE-APPROVAL POLICIES AND PROCEDURES
The Trust’s Audit Committee has adopted Pre-Approval Policies and Procedures, which are set forth below.
AUDIT COMMITTEE OF THE DELAWARE INVESTMENTS FAMILY OF FUNDS
PROCEDURES FOR ENGAGEMENT
OF
INDEPENDENT AUDITORS
FOR AUDIT AND NON-AUDIT SERVICES
I.Objective
These procedures (the “Procedures”) set forth the understanding of the Audit Committee of the Delaware Investments Family of Funds (the “Funds”) regarding the retention of the Funds’ independent auditors (the “Auditors”) to provide: (i) audit and permissible non-audit services to the Funds; (ii) non-audit services to the Funds’ investment advisers, and to any “control affiliates” (as defined below) of such investment advisers, that relate directly to the Funds’ operations or financial reporting; and (iii) certain other non-audit services to the Funds’ investment advisers and their control affiliates. The purpose of these Procedures is to ensure the Auditors’ independence and objectivity with respect to their audit services to the Funds.
II.Approval Procedures
A.Services provided to the Funds.
The engagement of the Auditors to provide audit or non-audit services to the Funds (referred to herein as “Fund Services”) shall be approved by the Funds’ Audit Committee prior to the commencement of any such engagement.
The engagement of the Auditors to provide the Fund Services listed on Annex I-A hereto, which include services customarily required by oneowning 25% or more of the Funds inoutstanding shares of a fund are presumed to “control” the ordinary coursefund. As of their operations, is hereby approved by the Audit Committee.
The engagementMarch 17, 2010, DMH Corp., an affiliate of DMC, was record owner of 99% of the Auditors to provide any other Fund Services shall require prior approval by the Audit Committee and/or by the Chairperson or another memberoutstanding shares of the Audit Committee in accordance with Section IV of these Procedures.
The Auditors shall report to the Audit Committee at each of its regular meetings regarding all Fund Services initiated since the last such report was rendered, including a general description of the services and projected fees, and the means by which such Fund Services were approved by the Audit Committee (i.e., whether listed on Annex I-A or specifically approved in accordance with Section IV).
B.Fund-related services provided to Adviser entities.
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The engagement of the Auditors to provide non-audit services to the Funds’ investment advisers, or to any control affiliates of such investment advisers, that relate directly to the Funds’ operations or financial reporting (referred to herein as “Fund-Related Adviser Services”) shall be approved by the Funds’ Audit Committee prior to the commencement of any such engagement. For purposes of these Procedures, the term “control affiliate” means any entity controlling, controlled by, or under common control with a Fund’s investment adviser that provides ongoing services to a Fund, and the term “investment adviser”Fund. Accordingly, DMH Corp. is deemed to exclude any unaffiliated sub-adviser whose role“control” the Fund, as that term is primarily portfolio management and is sub-contracted or overseen by a Fund’s investment adviser. Attached as Annex II is a listdefined in the 1940 Act. Because of parties deemedits ownership of Fund shares, DMH Corp. has the ability to be either an investment adviser to a Fund or a control affiliate of any such investment adviser (collectively referred to herein as “Adviser entities”) for purposes of these Procedures.
The engagementdictate the outcome of the Auditorsproposed written consent. DMH Corp. intends to providevote its shares in favor of the Fund-Related Adviser Services listed on Annex I-B, which include services customarily requiredproposal, as recommended by one or more Adviser entitiesthe Board. DMC recommended that the Board approve the Subadvisory Agreement because it believed that doing so is in the ordinary course of their operations, is hereby approved by the Audit Committee.
The engagementbest interest of the Auditors to provide any other Fund-Related Adviser Services shall require prior approval by the Audit Committee and/or by the Chairperson or another member of the Audit Committee in accordance with Section IV of these Procedures.
The Auditors shall report to the Audit Committee at each ofFund and its regular meetings regarding all Fund-Related Adviser Services initiated since the last such report was rendered, including a general description of the services and projected fees, and the means by which such Fund-Related Adviser Services were approved by the Audit Committee (i.e., whether listed on Annex I-B or specifically approved in accordance with Section IV).
C.Certain other services provided to Adviser entities.
The Audit Committee recognizes that there are cases where services proposed to be provided by the Auditors to Adviser entities are not Fund-Related Adviser Services within the meaning of these Procedures, but nonetheless may be relevant to the Committee’s ongoing evaluation of the Auditors’ independence and objectivity with respect to their audit services to the Funds. As a result, in all cases where an Adviser entity engages the Auditors to provide non-audit services that are not Fund Services or Fund-Related Adviser Services and the projected fees for such engagement exceed $25,000, the Auditors will notify the Audit Committee not later than its next meeting. Such notification shall include a general description of the services to be provided, the entity that is to be the recipient of such services and the projected fees.
III.Internal Controls
The Audit Committee expects the Auditors to implement and maintain effective internal controls to: (A) monitor the Auditors’ independence; (B) prevent the Auditors from providing any impermissible non-audit services to the Funds; (C) prevent the Auditors from providing any Fund Services or Fund-Related Adviser Services without first obtaining assurances that any pre-approval required by these Procedures has been obtained; and (D) tabulate and calculate its fees
H-2
that are required to be disclosed annually in compliance with Independence Standards Board No. 1.
The Audit Committee also expects Delaware Management Company (“DMC”) to develop, implement and maintain effective internal controls with respect to (B) and (C) above.
IV.Pre-Approval Process
Pre-approval procedures for the engagement of the Auditors to provide any Fund Services not listed on Annex I-A to these Procedures or any Fund-Related Adviser Services not listed Annex I-B to these Procedures shall be as follows:
a brief written request shall be prepared detailing the proposed engagement withexplanation as to why the work is proposed to be performed by the Auditors (e.g.particular expertise, timing, etc.);shareholders.
the request should be addressed to the Audit Committee with copies to the Funds’ ChiefFinancial Officer and Chief Legal Officer;if time reasonably permits, the request shall be included in the meeting materials for theupcoming Audit Committee meeting when the Committee will consider the proposedengagement and approve or deny the request;
should the request require more immediate action, the written request should be e-mailed,faxed or otherwise delivered to the Audit Committee Chairperson, with copies to theFunds’ Chief Financial Officer and Chief Legal Officer, followed by a telephone call tothe Chairperson of the Audit Committee. The Chairperson of the Audit Committee mayapprove or deny the request on behalf of the Audit Committee, or, in the Chairperson’sdiscretion, determine to call a special meeting of the Audit Committee for the purpose ofconsidering the proposal. Should the Chairperson of the Audit Committee beunavailable, any other member of the Audit Committee may serve as an alternate for thepurpose of approving or denying the request.V.Scope of Procedures
These Procedures shall apply to both direct and indirect engagements of the Auditors. Indirect engagements are situations where the Auditors are engaged by a service provider to a Fund or Adviser entity at an Adviser entity’s explicit or implicit direction or recommendation (e.g., the engagement of the Auditors by counsel to an Adviser entity to provide services relating to a Fund or Adviser entity).
VI.Periodic Certification by Auditors
In connection with each regular Audit Committee meeting, the Auditors shall certify in writing to the Audit Committee that they have complied with all provisions of these Procedures.
VII.Amendments; Annual Approval by Audit Committee
H-3
These Procedures may be amended from time to time by the Audit Committee. Prompt notice of any amendments will be provided to the Auditors and DMC. These Procedures shall be reviewed and approved at least annually by the Audit Committee. Each approval of these Procedures shall be deemed to constitute a new prospective approval of those services listed above as of the date of such approval.
Initially Approved: December 15, 2005 Last Approved: November 20, 2008
ANNEX I-A - Pre-Approved Fund Services
| |
Service | Range of Fees |
Audit Services | |
Statutory audits or financial audits for new Funds | up to $25,000 per Fund |
|
Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, | |
etc.), periodic reports and other documents filed with the SEC or other documents issued | |
in connection with securities offerings (e.g., comfort letters for closed-end Fund | up to $10,000 per Fund |
offerings, consents), and assistance in responding to SEC comment letters | |
|
Consultations by Fund management as to the accounting or disclosure treatment of | |
transactions or events and/or the actual or potential impact of final or proposed rules, | |
standards or interpretations by the SEC, FASB, or other regulatory or standard-setting | up to $25,000 in the aggregate |
bodies (Note: Under SEC rules, some consultations may be considered “audit-related | |
services” rather than “audit services”) | |
|
Audit-Related Services | |
Consultations by Fund management as to the accounting or disclosure treatment of | |
transactions or events and /or the actual or potential impact of final or proposed rules, | |
standards or interpretations by the SEC, FASB, or other regulatory or standard-setting | up to $25,000 in the aggregate |
bodies (Note: Under SEC rules, some consultations may be considered “audit services” | |
rather than “audit-related services”) | |
|
Tax Services | |
U.S. federal, state and local and international tax planning and advice (e.g., consulting | |
on statutory, regulatory or administrative developments, evaluation of Funds’ tax | up to $25,000 in the aggregate |
compliance function, etc.) | |
|
U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.) | up to $5,000 per Fund |
|
Review of federal, state, local and international income, franchise and other tax returns | up to $5,000 per Fund |
ANNEX I-B - Pre-Approved Fund-Related Adviser Services
| |
Service | Range of Fees |
Non-Audit Services | |
Services associated with periodic reports and other documents filed with the SEC and | up to $10,000 in the aggregate |
assistance in responding to SEC comment letters | |
ANNEX II - Adviser Entities
Delaware Management Business Trust; Delaware Distributors, L.P.; Lincoln Financial Distributors, Inc.; Delaware Service Company, Inc.; Retirement Financial Services, Inc.
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APPENDIX I—EXHIBIT A – FORM OF
NEW INVESTMENT ADVISORY AGREEMENTSSUBADVISORY AGREEMENT
SUB-ADVISORY AGREEMENT
AGREEMENT made by and between[NAME OF INVESTMENT COMPANY], a Delaware statutory trust (the “Trust”), on behalf of each series of shares of beneficial interest of the Trust that is listed on Exhibit A to this Agreement, as that Exhibit may be amended from time to time (each such series of shares is hereinafter referred to as a “Fund” and, together with other series of shares listed on such Exhibit, the “Funds”), andDELAWARE MANAGEMENT COMPANY, a series of Delaware Management Business Trust, a Delaware statutory trustDELAWARE MANAGEMENT BUSINESS TRUST (the “Investment Manager”) and MACQUARIE CAPITAL INVESTMENT MANAGEMENT LLC (the “Sub-Adviser”).
WITNESSETH:
WITNESSETH:WHEREAS, DELAWARE GROUP EQUITY FUNDS IV (the Trust has been organized and operates as“Trust”) is an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”);
, and is organized as a statutory trust under the laws of the State of Delaware; and
WHEREAS, each Fund engages in DELAWARE MACQUARIE GLOBAL REAL ESTATE SECURITIES FUND (the business“Fund”) is a series of investingthe Trust; and reinvesting its assets in securities; WHEREAS, the Investment Manager isand the Trust, on behalf of the Fund, have entered into an agreement (the “Investment Management Agreement”) whereby the Investment Manager will provide investment advisory services to the Trust with respect to the Fund; and
WHEREAS, the Investment Manager has the authority under the Investment Management Agreement to retain one or more sub-advisers to assist the Investment Manager in providing investment advisory services to the Trust with respect to the Fund; and
WHEREAS, the Investment Manager and the Sub-Adviser are registered
investment advisers under the Investment Advisers Act of 1940, as amended (the “Advisers Act”),
as an investment adviser and
engagesengage in the business of providing investment
managementadvisory services; and
WHEREAS, the
Trust, on behalfBoard of
each Fund,Trustees (the “Board” or the “Trustees”) of the Trust and the Investment Manager desire
to enter into this Agreement so that the Investment Manager
may provideretain the Sub-Adviser to render investment
managementadvisory and other services
with respect to
each Fund.that portion of the Fund as the Investment Manager shall from time to time allocate to the Sub-Adviser (the “Managed Portion”) in the manner, for the period, and on the terms hereinafter set forth;
NOW, THEREFORE, in consideration of the mutual covenants herein contained, and each of the parties hereto intending to be legally bound, it is agreed as follows:
1. (a) The Trust hereby employsSub-Adviser will supervise and direct the investments of the assets of the Managed Portion of each Fund listed on Schedule A attached hereto in accordance with the Fund's investment objectives, policies, and restrictions as provided in the Fund's Prospectus and Statement of Additional Information, as currently in effect and as the same may be hereafter modified, amended and/or supplemented from time to time (hereinafter referred to as the “Prospectus and SAI”), and such other limitations as the Fund may impose by notice in writing to the Sub-Adviser, subject always to the supervision and control of the Investment Manager and the Boa rd.
(b) As part of the services it will provide hereunder, the Sub-Adviser is authorized and directed, in its discretion and without prior consultation with the Fund or the Investment Manager to:
(i) obtain and evaluate information relating to manageinvestment recommendations, asset allocation advice, industries, businesses, securities markets, research, economic analysis, and other investment services with respect to the securities that are included in the Managed Portion or that are under consideration for inclusion in the Managed Portion and invest the Managed Portion in accordance with the Investment Manager's and the Board's written direction as more fully set forth herein and as otherwise directed;
(ii) regularly make decisions as to what securities to purchase and sell on behalf of the Fund with respect to the Managed Portion, effect the purchase and sale of such investments in furtherance of the Fund’s objectives and policies, and furnish the Board with such information and reports regarding the Sub-Adviser’s activities in the performance of its duties and obligations under this Agreement as the Investment Manager deems appropriate or as the Board may reasonably request, including such reports, information, and certifications as the officers of the Trust may reasonably require in order to comply with applicable federal and state laws and regulations and Trust policies and procedures;
(iii) provide any and all material composite or other performance information, records and supporting documentation about accounts or funds the Sub-Adviser manages, if appropriate, that are relevant to the Managed Portion and that have investment objectives, policies, and reinvestmentstrategies substantially similar to those employed by the Sub-Adviser in managing the Managed Portion that may be reasonably necessary, under applicable laws, to allow the Fund or its agent to present information concerning the Sub-Adviser’s prior performance in the Fund’s Prospectus and SAI, and any permissible reports and materials prepared by the Fund or its agent;
(iv) provide information as reasonably requested by the Investment Manager or the Board to assist them or their delegate in the determination of eachthe fair value of certain portfolio securities when market quotations are not readily available for the purpose of calculating the Fund’s net asset value in accordance with procedures and methods established by the Board;
(v) vote proxies, exercise conversion or subscription rights, and respond to tender offers and other consent solicitations (“Corporate Actions”) with respect to the issuers of securities in which Fund assets may be invested, provided materials relating to such Corporate Actions have been forwarded to the Sub-Adviser in a timely fashion by the Fund's custodian or otherwise known to the Sub-Adviser, and to administersubmit reports regarding such Corporate Actions, including a copy of any policies regarding such Corporate Actions, in a form reasonably satisfactory to the Investment Manager and the Fund in order to comply with any applicable federal or state reporting requirements;
(vi) provide performance and other information as reasonably requested by the Investment Manager or the Board to assist them or their delegate in conducting ongoing due diligence and performance monitoring; and
(vii) except as the Investment Manager and the Sub-Adviser may agree in writing from time to time, maintain all accounts, books, and records with respect to the Managed Portion as are required of an investment adviser of a registered investment company pursuant to the 1940 Act and the Advisers Act and the rules thereunder. The Sub-Adviser shall furnish to the Investment Manager copies of all such accounts, books, and records as the Investment Manager may reasonably request. The Sub-Adviser agrees that such accounts, books, and records are the property of the Trust, and will be surrendered to the Trust promptly upon request, with the understanding that the Sub-Adviser may retain its investment affairsown copy of all records.
,(c) The Sub-Adviser shall not consult with any other sub-adviser of the Fund or of any fund that is an “affiliated person” of the Fund concerning transactions for the Fund in securities or other assets. In no instance will any portfolio securities of the Fund be purchased from, or sold to, the Investment Manager, the Sub-Adviser, the Trust’s principal underwriter, or any affiliated persons of the Trust, the Investment Manager, the Sub-Adviser or the Trust’s principal underwriter, acting as principal in the transaction, except to the extent permitted by the Securities and Exchange Commission (the “SEC”) and the 1940 Act, including Rule 17a-7 thereunder. The Sub-Adviser acknowledges that the Investment Manager and the Trust may rely on Rule 17a-7, Rule 17a-10, Rule 10f-3, Rule 12d3-1 and Rule 17e-1 under the 1940 Act.
(d) In furnishing services hereunder, the Sub-Adviser shall be subject to, and shall perform in accordance with, the directionfollowing: (i) the Trust’s Agreement and Declaration of Trust, as the same may be hereafter modified, amended, and/or supplemented from time to time; (ii) the Trust’s By-Laws, as the same may be hereafter modified, amended, and/or supplemented from time to time; (iii) the Fund’s Prospectus and SAI; (iv) the 1940 Act and the Advisers Act and the rules under each and all other federal and state securities laws or regulations applicable to the Trust and the Fund; (v) the Trust’s compliance policies and procedures adopted from time to time by the Board for compliance by the Trust with the Federal Securities Laws (as that term is defined in Rule 38a-1(e)(1) under the 1940 Act) (together, the “Trust Compliance Procedures”) and any other Trust policies and procedures adopted from time to time by the Board; and (vi) the written instructions of the Investment Manager. The Investment Manager agrees to provide the Sub-Adviser with current copies of the Trust’s and the Fund’s documents mentioned above and all changes made to such documents.
(e) In order to assist the Trust and the Trust’s chief compliance officer (the “Trust CCO”) and the Investment Manager and the Investment Manager’s Chief Compliance Officer (the “IM CCO”) in satisfying the requirements contained in Rule 38a-1 under the 1940 Act and Rule 206(4)-7 under the Adviser Act, respectively, the Sub-Adviser shall provide to the Trust CCO and/or IM CCO: (i) direct access to the Sub-Adviser’s chief compliance officer (the “Sub-Adviser CCO”) and its officers and employees, as reasonably requested by the Trust
CCO and/or IM CCO; (ii) quarterly reports confirming that the Sub-Adviser has complied with the Trust Compliance Procedures in managing the Managed Portion; and (iii) quarterly certifications with respect to Material Compliance Matters (as that term is defined in Rule 38a-1(e)(2) under the 1940 Act) related to the Sub-Adviser’s management of the Managed Portion.
The Sub-Adviser shall promptly provide the Trust CCO and IM CCO with copies and summaries of: (i) the Sub-Adviser’s policies and procedures for compliance by the Sub-Adviser with the Federal Securities Laws and to prevent violation of the Advisers Act (together, the “Sub-Adviser Compliance Procedures”); and (ii) any material changes to the Sub-Adviser Compliance Procedures. The Sub-Adviser shall cooperate fully with the Trust CCO and IM CCO so as to facilitate the Trust CCO’s and IM CCO’s performance of their respective responsibilities under Rule 38a-1 and Rule 206(4)-7, including to review, evaluate and report to the Board on the operation of Trusteesthe Sub-Adviser Compliance Procedures, and shall promptly report to the Trust CCO and IM CCO any Material Compl iance Matter arising under the Sub-Adviser Compliance Procedures involving the Managed Portion. The Sub-Adviser shall allow the Trust CCO and/or the IM CCO, as reasonably requested from time to time, access to examine and review the Sub-Adviser’s Compliance Procedures and the Sub-Adviser’s adherence thereto. The Sub-Adviser shall provide to the Trust CCO and IM CCO: (i) quarterly reports confirming the Sub-Adviser’s compliance with the Sub-Adviser Compliance Procedures in managing the Managed Portion; and (ii) certifications that there were no Material Compliance Matters involving the Sub-Adviser that arose under the Sub-Adviser Compliance Procedures that affected the Managed Portion. At least annually, the Sub-Adviser shall provide a certification to the Trust CCO and IM CCO to the effect that the Sub-Adviser has in place and has implemented policies and procedures that are reasonably designed to ensure compliance by the Sub-Adviser with the Fede ral Securities Laws, including the conduct and results of our annual review for adequacy and effectiveness.
(f) The Sub-Adviser shall assist the Fund in the preparation of the Trust’s registration statement, the Prospectus and SAI, shareholder reports and other regulatory filings, or any amendment or supplement thereto (collectively, “Regulatory Filings”), and shall provide the Fund with disclosure for use in the Fund’s Regulatory Filings, including, without limitation, disclosure related to the Sub-Adviser’s investment management personnel, portfolio manager compensation, investment management strategies and techniques, and proxy voting policies. The Sub-Adviser shall provide such certifications regarding the Fund as the Trust’s officers may reasonably request for purposes of the prep aration of any Regulatory Filings.
(g) The Sub-Adviser hereby agrees during the period and on the terms hereinafter set forth. The Investment Manager hereby accepts such employment and agrees during such periodforth to render the services and assume the obligations herein set forth for the compensation herein provided. The Investment ManagerSub-Adviser shall for all purposes herein be deemed to be an independent contractor, and shall, unless otherwise expressly provided and authorized, have no authority to act for or represent the Trust or the Funds in any way, or in any way be deemed an agent of the Trust orTrust.
2. (a) Under the
Funds. The Investment Manager shall regularly make decisions as to what securities and other instruments to purchase and sell on behalf of each Fund and shall effect the purchase and sale of such investments in furtherance of each Fund’s investment objectives and policies and shall furnish the Board of Trusteesterms of the
Trust with such information and reports regarding each Fund’s investments asInvestment Management Agreement, the
Investment Manager deems appropriate or as the Trustees of the Trust may reasonably request. Such decisions and services shall include exercising discretion regarding any voting rights, rights to consent to corporate actions and any other rights pertaining to each Fund’s investment securities. 2. The Trust shall conduct its own business and affairs and shall bear the expenses and salaries necessary and incidental thereto including, but not in limitation of the foregoing, the costs incurred in: the maintenance of its corporate existence;existence as a statutory trust organized under the laws of the State of Delaware; the maintenance of its own books, records, and procedures; dealing with its own shareholders; the payment of dividends; transfer of shares, including
I-1
issuance redemption and repurchase of shares; preparation of share certificates;certificates, if any; reports and notices to shareholders; calling and holding of shareholders’ and trustees’ meetings; miscellaneous office expenses; brokerage commissions; custodian fees; legal auditing, fundand accounting and financial administration fees; taxes; and federal and state registration fees; and other costs and expenses approved by the Board of Trustees. Trustees,fees.
(b) Directors, officers and employees of the Investment ManagerSub-Adviser may be directors, trustees, officers and employees of any ofother funds that have employed the Sub-Adviser as sub-adviser or investment companies within the Delaware Investments family of funds (including the Trust). Trustees,manager. Directors, officers and employees of the Investment ManagerSub-Adviser who are directors, trustees,Trustees, officers and/or employees of these investment companiesthe Trust, shall not receive any compensation from such companiesthe Trust for acting in such dual capacity. (c) In the conduct of the respective businessesbusiness of the parties hereto and in the performance of this Agreement, the Trust, andthe Investment Manager, and the Sub-Adviser may share facilities common to each, which may include legal and accounting personnel, with appropriate proration of expenses between and among them. 3. (a) SubjectThe Sub-Adviser will select brokers and dealers to effect all Fund transactions subject to the primary objective of obtainingconditions set forth herein. The Sub-Adviser will place all necessary orders with brokers, dealers, or issuers, and will negotiate brokerage commissions, if applicable. The Sub-Adviser is directed at all times to seek to execute
transactions for the best execution,Managed Portion (i) in accordance with any written policies, practices or procedures that may be established by the Board or the Investment Manager may place orders forfrom time to time, and (ii) as described in the purchaseFund’s Prospectus and sale of portfolio securities and other instruments with such broker/dealers selected by the Investment Manager who provide statistical, factual and financial information and services to the Trust, to the Investment Manager, toSAI. In placing any sub-adviser (as defined in Paragraph 5 hereof, a “Sub-Adviser”) or to any other fund or account for which the Investment Manager or any Sub-Adviser provides investment advisory services and/or with broker/dealers who sell shares of the Trust or who sell shares of any other investment company (or series thereof) for which the Investment Manager or any Sub-Adviser provides investment advisory services. Broker/dealers who sell shares of any investment companies or series thereof for which the Investment Manager or Sub-Adviser provides investment advisory services shall only receive orders for the purchase or sale of portfolio securitiesinvestments for the Fund, with respect to the Managed Portion, the Sub-Adviser shall use its best efforts to obtain for the Managed Portion “best execution,” considering all of the circumstances, and shall maintain records adequate to demonstrate compliance with this requirement. (b) Subject to the appropriate policies and procedures approved by the Board, the Sub-Adviser may, to the extent that the placing of such orders is in compliance with the rulesauthorized by Section 28(e) of the Securities and Exchange CommissionAct of 1934, as amended (the “SEC”“Exchange Act”) and Financial Industry Regulatory Authority, Inc. (“FINRA”) and does not take into account such broker/dealer’s promotion, cause the Managed Portion to pay a broker or sale of such shares. (b) Notwithstanding the provisions of subparagraph (a) above and subjectdealer that provides brokerage or research services to such policies and procedures as may be adopted by the Board of Trustees and officers of the Trust, the Investment Manager, may cause a Fund to pay a member of an exchange, broker or dealerthe Sub-Adviser and the Managed Portion an amount of commission for effecting a securitiesFund transaction in excess of the amount of commission another member of an exchange, broker or dealer would have charged for effecting that transaction in such instances whereif the Investment Manager has determinedSub-Adviser determines, in good faith, that such amount of commission wasis reasonable in relation to the value of thesuch brokerage andor research services provided by such member, broker or dealer, viewed in termst erms of either that particular transaction or the Investment Manager’sSub-Adviser’s overall responsibilities with respect to the Trust and to other investment companies (or series thereof) andFund or its other advisory accountsclients for which the Investment Manager or the Sub-Adviser exercises investment discretion.
To the extent authorized by Section 28(e) and the Board, the Sub-Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of such action. Subject to seeking best execution and compliance with applicable federal and state securities laws and regulations, the Board or the Investment Manager may direct the Sub-Adviser to effect transactions in Fund securities through broker-dealers in a manner that will help generate resources to pay the cost of certain expenses that the Trust is required to pay or for which the Trust is required to arrange payment.
(c) Any entity or person associated with the Investment Manager or the Sub-Adviser that is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Fund to the extent and as permitted by Section 11(a)(1)(H) of the Exchange Act.
4. As compensation for the
investment services to be rendered to
a particularthe Trust for the benefit of the Fund by the
Investment ManagerSub-Adviser under the provisions of this Agreement, the
TrustInvestment Manager shall pay
monthly to the
Investment Manager exclusively from that Fund’s assets,Sub-Adviser a fee
based on the average daily net assets of that Fund during the month. Such fee shall be calculatedas provided in
accordance with the fee schedule applicable to that Fund as set forth in ExhibitSchedule A
attached hereto.
If this Agreement is terminated prior to the end of any calendar month with respect to a particular Fund, the management fee for such Fund shall be prorated for the portion of any month in which this Agreement is in effect with respect to such Fund according to the proportion which the number of calendar days during which the Agreement is in effect bears to the number of calendar days in the month, and shall be payable within 10 calendar days after the date of termination.
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5.
The Investment Manager may, at its expense, select and contract with one or more investment advisers registered under the Advisers Act (“Sub-Advisers”) to perform some or all of the services for a Fund for which it is responsible under this Agreement. The Investment Manager will compensate any Sub-Adviser for its services to the Fund. The Investment Manager may terminate the services of any Sub-Adviser at any time in its sole discretion, and shall at such time assume the responsibilities of such Sub-Adviser unless and until a successor Sub-Adviser is selected and the requisite approval of the Fund’s shareholders, if required, is obtained. The Investment Manager will continue to have responsibility for all advisory services furnished by any Sub-Adviser. 6. The services to be rendered by the Investment ManagerSub-Adviser to the Trust for the benefit of the Fund under the provisions of this Agreement are not to be deemed to be exclusive. The Investment Manager,exclusive, and the Sub-Adviser shall be free to render similar or different services to others so long as its trustees,ability to render the services provided for in this Agreement shall not be impaired thereby.
6. (a) Subject to the limitation set forth in Paragraph 5, the Sub-Adviser, its directors, officers, employees, agents, and shareholders may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm or individual, and may render underwriting services to the Trust or to any other investment company, corporation, association, firm or individual, so longindividual.
(b) Neither the Investment Manager, the Trust nor the Fund shall use the Sub-Adviser’s actual or fictitious name(s), mark, derivative and/or logo (or that of any affiliate of the Sub-Adviser, other than that of the Fund, the Trust, or any affiliate of the Investment Manager that is an affiliate of the Sub-Adviser solely by reason of the Sub-Adviser’s provision of services pursuant to this Agreement) or otherwise refer to the Sub-Adviser in any materials distributed to third parties, including the Fund’s shareholders, without prior review and written approval by the Sub-Adviser, which may not be unreasonably withheld or delayed. Upon termination of this Agreement, the Investment Manager, the Trust and the Fund, shall, to the extent applicable and as soon as is reasonably possible, cease to use the Sub-Adviser's actual or fictitious name(s), mark, derivative and/or logo.
(c) The Sub-Adviser shall not use the Investment Manager’s other activities do not impair its abilityname (or that of any affiliate of the Investment Manager) or otherwise refer to render the services provided for in this Agreement. 7. It is understood and agreed that so long as the Investment Manager and/or its investment advisory affiliates shall continuein any materials distributed to serve asthird parties, including the Trust’s investment adviser, other investment companies as may be sponsored or advisedFund’s shareholders, without prior review and written approval by the Investment Manager, which may not be unreasonably withheld or its affiliates may havedelayed. Upon termination of this Agreement, the right permanentlySub-Adviser, shall, to adoptthe extent applicable and as soon as is reasonably possible, cease to use the words “Delaware,” “Delaware Investments”actual or “Delaware Group” in their namesfictitious name(s), mark, derivative and/or logo of the Investment Manager, the Trust and in the names of any series or class of shares of such funds.
8.Fund.
7. (a) In the absence of willful misfeasance, bad faith, gross negligence, or a reckless disregard ofin the performance of its duties as Sub-Adviser to the Investment ManagerTrust on behalf of the Fund, the Sub-Adviser shall not be liable to the Trust, the Fund, the Investment Manager shall not be subject to liability to the Trust or to any shareholder of the Trust for any action or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase,
holding or sale of any security, or otherwise.
9. The Sub-Adviser makes no representation or warranty, express or implied, that any level of performance or investment results will be achieved by the Managed Portion or the Fund, or that the Managed Portion or the Fund will perform comparably with any standard or index, including other clients of Sub-Adviser, whether public or private.
(b) The Investment Manager shall indemnify the Sub-Adviser and its affiliates and its or their controlling persons, officers, directors, employees, agents, legal representatives and persons controlled by it (which shall not include the Trust or the Fund) (collectively, “Sub-Adviser Related Persons”) to the fullest extent permitted by law against any and all loss, damage, judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys’ fees, (collectively “Losses”) incurred by the Sub-Adviser or Sub-Adviser Related Persons arising from or in connection with this Agreement or the performance by the Sub-Adviser or Sub-Adviser Related Persons of its or their duties hereunder so long as such Losses arise out of the Investment Manager’s willful misfeasance, bad faith, gross negligence, or reckless disregard in performing its responsibilities hereunder, including, without limitation, such Losses arising under any applicable law or that may be based upon any untrue statement of a material fact contained in the Trust’s Registration Statement, or any amendment thereof or any supplement thereto, or the omission to state therein a material fact that was known or that should have been known and was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reasonable reliance upon information furnished to the Investment Manager or the Trust by the Sub-Adviser or a Sub-Adviser Related Person specifically for inclusion in the Registration Statement or any amendment thereof or supplement thereto, except to the extent any such Losses referred to in this paragraph (b) result from willful misfeasance, bad faith, gross negligence or reckless disregard on the part of the Sub-Adviser or a Sub-Adviser Related Person in the performance of any of its duties under, or in connection with, this Agreement.
(c) The Sub-Adviser shall indemnify the Investment Manager and its affiliates and its or their controlling persons, officers, directors, employees, agents, legal representatives and persons controlled by it (collectively, “Investment Manager Related Persons”) to the fullest extent permitted by law against any and all Losses incurred by the Investment Manager or Investment Manager Related Persons arising from or in connection with this Agreement or the performance by the Investment Manager or Investment Manager Related Persons of its or their duties hereunder so long as such Losses arise out of the Sub-Adviser’s willful misfeasance, bad faith, gross negligence, or reckless disregard in performing its responsi bilities hereunder, including, without limitation, such Losses arising under any applicable law or that may be based upon any untrue statement of a material fact contained in the Trust’s Registration Statement that was furnished by the Sub-Adviser to the Investment Manager for inclusion in the Trust’s Registration Statement, or any amendment thereof or any supplement thereto, or the omission to state therein a material fact that was known or that should have been known by the Sub-Adviser and was required to be stated therein or necessary to make the statements provided by the Sub-Adviser not misleading, if such statement or omission was made in reasonable reliance upon information furnished to the Investment Manager or the Trust by the Sub-Adviser or a Sub-Adviser Related Person specifically for inclusion in the Registration Statement or any amendment thereof or supplement thereto, except to the extent any such Losses referred to in this paragraph (c) result from willful misfeasance, bad faith, g ross negligence or reckless disregard on the part of the Investment Manager or an Investment Manager Related Person in the performance of any of its duties under, or in connection with, this Agreement.
8. (a) This Agreement shall be executed and become effective as of the date written below, andbelow; provided, however, that this Agreement shall not become effective with respect to a particularthe Fund as ofunless it has first been approved in the effective date set forth in Exhibit A for that Fund, only if approvedmanner required by the vote of a majority of1940 Act and the outstanding voting securities of that Fund. Itrules thereunder or in accordance with exemptive or other relief granted by the SEC or its staff. This Agreement shall continue in effect for an initiala period of two (2) years for each Fund and may be renewed thereafter only so long as such renewal and continuance is specifically approved at least annually by the Board of Trustees or by the vote ofo f a majority of the outstanding voting securities of thatthe Fund and only if the terms and the renewal hereof have been approved by the vote of a majority of thethose Trustees of the Trust who are not parties hereto or interested persons“interested persons” of the Trust, the Fund, or any such party (“Independent Trustees”),hereto, cast in person at a meeting called for the purpose of voting on such approval. (b) ThisNo amendment to this Agreement (and Exhibit A hereto) mayshall be amended withouteffective unless approved in the approval of a majority ofmanner required by the outstanding voting securities of1940 Act and the Fund if the amendment relates solely to a management fee reductionrules thereunder or in accordance with exemptive or other change that is permitted or not prohibited under then current federal law, rule, regulation or SEC staff interpretation thereof to be made without shareholder approval. This Agreement may be amended from time to time pursuant to a written agreement executedrelief granted by the Trust, on behalf of the applicable Fund, and the Investment Manager.SEC or its staff.
(c) This Agreement may be terminated as to any Fund by the Investment Manager or the Trust at any time, without the payment of a penalty, on sixty days’ written notice to the Sub-Adviser of the Investment Manager ofManager’s or the Trust’s intention to do so, in the case of the Trust pursuant to action by the Board of Trustees of the Trust or pursuant to the vote of a majority of the outstanding voting securities of the affected Fund. The Investment ManagerSub-Adviser may terminate this Agreement at any time, without the payment of a penalty, on sixty (60) days’ written notice toI-3
the Investment Manager and the Trust of its intention to do so. Upon termination of this Agreement, the obligations of all the parties hereunder shall cease and terminate as of the date of such termination,ter mination, except for (i) any obligation to respond for a breach of this Agreement committed prior to such termination, and except for(ii) the obligation of the TrustInvestment Manager to pay to the Investment ManagerSub-Adviser the fee provided in Paragraph 4 hereof, prorated to the date of termination.termination, and (iii) any indemnification obligation provided in Paragraph 7 hereof. This Agreement shall automatically terminate in the event of its assignment.
This Agreement shall automatically terminate upon the termination of the Investment Management Agreement.
9. Any information and advice furnished by any party to this Agreement to the other party or parties, including material non-public information with respect to the Fund (which includes the portfolio holdings of the Fund), shall be treated as confidential and shall not be disclosed to third parties without the consent of the other party hereto except as required by law, rule or regulation. Notwithstanding the foregoing, information shall not be subject to such confidentiality obligations if it:
| (i) | is already known to the receiving party at the time it is obtained; |
| (ii) | is or becomes publicly known or available through no wrongful act of the receiving party; |
| (iii) | is rightfully received from a third party who, to the best of the receiving party's knowledge, is not under a duty of confidentiality; |
| (iv) | is released by the protected party to a third party without restriction; |
| (v) | is required to be disclosed by the receiving party pursuant to a requirement of a court order, subpoena, governmental or regulatory agency or law (provided the receiving party will provide the other party written notice of such requirement, to the extent such notice is permitted); |
| (vi) | is relevant to the defense of any claim or cause of action asserted against the receiving party; or |
| (vii) | has been or is independently developed or obtained by the receiving party. |
The Sub-Adviser shall not disclose any “nonpublic personal information” (as such term is defined in Regulation S-P, including any amendments thereto) pertaining to the customers of the Trust or a client of the Investment Manager to any third party or use such information other than for the purpose of providing the services contemplated by this Agreement.
10. The Sub-Adviser represents, warrants and agrees that:
(a) The Sub-Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement; (iii) to the best of its knowledge, has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform t he services contemplated by this Agreement; and (v) will promptly notify the Investment Manager of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Sub-Adviser will also promptly notify the Fund and the Investment Manager if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of the Fund.
(b) The Sub-Adviser has adopted policies and procedures and a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, and will provide the Investment Manager and the Board with copies of such policies and procedures and code of ethics, together with evidence of its adoption. In accordance with the requirements of Rule 17j-1, the Sub-Adviser shall certify to the Investment Manager that the Sub-Adviser has complied in all material respects with the requirements of Rule 17j-1 during the previous year and that there has been no material violation of the Sub-Adviser’s code of ethics relating to the services the Sub-Adviser performs under this Agreement or, if such a material violation has occurred, that appropriate action was taken in response to such violation. Upon the written request of the Investment Manager, the Sub-Adviser shall provide to the Investment Manager, its employees or its agents all information required by Rule 17j-1(c)(1) relating to the approval by the Fund's Board of Trustees of the Sub-Adviser’s code of ethics relating to the services the Sub-Adviser performs under this Agreement.
(c) The Sub-Adviser has provided the Trust and the Investment Manager with a copy of its Form ADV at least forty-eight (48) hours prior to execution of this Agreement, which as of the date of this Agreement is its Form ADV as most recently filed with the SEC and promptly will furnish a copy of all amendments to the Trust and the Investment Manager at least annually. Such amendments shall reflect all changes in the Sub-Adviser’s organizational structure, professional staff or other significant developments affecting the Sub-Adviser, as required by the Advisers Act.
(d) The Sub-Adviser will notify the Trust and the Investment Manager of any assignment of this Agreement or change of control of the Sub-Adviser, as applicable, and any changes in the key personnel who are the portfolio manager(s) of the Managed Portion prior to or promptly after such change. The Sub-Adviser agrees to bear all reasonable expenses of the Fund, if any, arising out of an assignment or change in control of the Sub-Adviser. In the event that there is a proposed change in control of the Sub-Adviser that would act to terminate this Agreement, and if a vote of shareholders to approve continuation of this Agreement is at that time deemed by counsel to the Trust to be required by the 1940 Act or a ny rule or regulation thereunder, the Sub-Adviser agrees to assume all reasonable costs associated with soliciting shareholders of the Fund to approve continuation of this Agreement. Such expenses include the costs of preparation and mailing of a proxy statement, and of soliciting proxies. In the event that such proposed change in control of the Sub-Adviser shall occur following either: (i) receipt by the Investment Manager and the Trust of an exemptive order issued by the SEC with respect to the appointment of sub-advisers absent shareholder approval, or (ii) the adoption of proposed Rule 15a-5 under the 1940 Act, the Sub-Adviser agrees to assume all reasonable costs and expenses (including the costs of mailing) associated with the preparation of a statement, required by the exemptive order or Rule 15a-5, containing all information that would be included in a proxy statement (an “Information Statement”). In addition, if the Sub-Adviser shall resign, th e Sub-Adviser agrees to assume all reasonable costs and expenses (including the costs of mailing) associated with the preparation of a proxy statement and soliciting materials or an Information Statement, as applicable.
(e) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage.
(f) The Sub-Adviser has implemented policies and procedures that will prevent the disclosure by the Sub-Adviser, its employees or agents of the Fund’s portfolio holdings to any person or entity other than the Investment Manager, the Trust’s custodian, or other persons expressly designated by the Investment Manager.
11. This Agreement shall extend to and bind the
administrators, successors
and permitted assigns of the parties hereto.
11.
12. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
13. All written notices, requests or other communications to any party hereunder shall be given to the following addresses and telecopy numbers, or such other address and telecopy number communicated to the other parties from time to time:
If to the Sub-Adviser: Chief Compliance Officer 125 West 55th St, 10th FL
New York, NY 10019;
with a copy to General Counsel at the same address
If to the Fund: Patrick P. Coyne
2005 Market Street
Philadelphia, PA 19103;
with a copy to General Counsel at same address
If to the Investment Manager: David P. O’Connor
2005 Market Street
Philadelphia, PA 19103;
with a copy to General Counsel at same address
14. For the purposes of this Agreement,
(i) the terms “vote of a majority of the outstanding voting
securities”;securities,” “interested
persons”;person,” “affiliated person,” and “assignment” shall have the
meaning ascribed tomeanings given them in the 1940
Act, and (ii) references to the SEC and FINRA shall be deemed to include any successor regulators.Act.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed by their duly authorized officers and duly attested as of the ________ day of _________, ____.[___], 2010.
| MACQUARIE CAPITAL INVESTMENT | |
DELAWARE MANAGEMENT COMPANY, a series of Delaware Management Business Trust | [NAME OF INVESTMENT COMPANY] on behalf of the Funds listed on Exhibit A
|
By | By |
Name | Name |
Title | Title |
|
|
|
I-4
EXHIBIT A
THIS EXHIBIT to the Investment Management Agreement betweenDELAWARE [FUND NAME]andDELAWARE
MANAGEMENT COMPANY,LLC a series of Delaware Management Business Trust (the “Investment Manager”), entered intoDELAWARE MANAGEMENT
BUSINESS TRUST
By: _________________________ By: _________________________
Name: Name: David P. O’Connor
Title: Title: Senior Vice President
Attest: _________________________ Attest: _________________________
By: _________________________
Name:
Title:
Attest: _________________________
Agreed to and accepted as of the ___ day and year first above written:
DELAWARE GROUP® EQUITY FUNDS IV
on behalf of __________, _____ (the “Agreement”) lists the FundsDelaware Macquarie Global Estate Securities Fund
By: _________________________
Name: Patrick P. Coyne
Title: President
Attest: _________________________
SCHEDULE A
TO
SUB-ADVISORY AGREEMENT
______________
FEE SCHEDULE
______________
The compensation payable to Sub-Adviser for
which the Investment Manager provides investment managementits services
hereunder, pursuant to
this Agreement, along with the management fee rate schedule for each Fund and the date on which the Agreement became effective for each Fund. | | |
| | Management Fee Schedule (as a |
Fund Name (Trust Name) | Effective Date | percentage of average daily net assets) |
| | Annual Rate |
|
| | 0.55% on first $500 million |
Delaware Diversified Income Fund | _______, 200__ | 0.50% on next $500 million |
(Delaware Group Adviser Funds) | | 0.45% on next $1.5 billion |
| | 0.425% on assets in excess of $2.5 billion |
| | 0.65% on first $500 million |
Delaware U.S. Growth Fund (Delaware | _______, 200__ | 0.60% on next $500 million |
Group Adviser Funds) | | 0.55% on next $1.5 billion |
| | 0.50% on assets in excess of $2.5 billion |
| | 0.45% on first $500 million |
Delaware Cash Reserve Fund (Delaware | | 0.40% on next $500 million |
Group Cash Reserve) | _______, 200__ | 0.35% on next $1.5 billion |
| | 0.30% on assets in excess of $2.5 billion |
| | 0.75% on first $500 million |
Delaware Mid Cap Value Fund (Delaware | _______, 200__ | 0.70% on next $500 million |
Group Equity Funds I) | | 0.65% on next $1.5 billion |
| | 0.60% on assets in excess of $2.5 billion |
| | 0.65% on first $500 million |
Delaware Large Cap Value Fund | _______, 200__ | 0.60% on next $500 million |
(Delaware Group Equity Funds II) | | 0.55% on next $1.5 billion |
| | 0.50% on assets in excess of $2.5 billion |
| | 0.65% on first $500 million |
Delaware Value Fund (Delaware Group | _______, 200__ | 0.60% on next $500 million |
Equity Funds II) | | 0.55% on next $1.5 billion |
| | 0.50% on assets in excess of $2.5 billion |
| | 0.75% on first $500 million |
Delaware American Services Fund | _______, 200__ | 0.70% on next $500 million |
(Delaware Group Equity Funds III) | | 0.65% on next $1.5 billion |
| | 0.60% on assets in excess of $2.5 billion |
| | 1.00% on first $250 million |
Delaware Small Cap Growth Fund | _______, 200__ | 0.90% on next $250 million |
(Delaware Group Equity Funds III) | | 0.75% on assets in excess of $500 million |
| | 0.75% on first $500 million |
Delaware Trend Fund (Delaware Group | _______, 200__ | 0.70% on next $500 million |
Equity Funds III) | | 0.65% on next $1.5 billion |
| | 0.60% on assets in excess of $2.5 billion |
| | 0.99% on first $100 million |
Delaware Global Real Estate Securities | _______, 200__ | 0.90% on next $150 million |
Fund (Delaware Group Equity Funds IV) | | 0.80% on assets in excess of $250 million |
| | 0.75% on first $500 million |
Delaware Growth Opportunities Fund | _______, 200__ | 0.70% on next $500 million |
(Delaware Group Equity Funds IV) | | 0.65% on next $1.5 billion |
| | 0.60% on assets in excess of $2.5 billion |
I-5
| | |
| | Management Fee Schedule (as a |
Fund Name (Trust Name) | Effective Date | percentage of average daily net assets) |
| | Annual Rate |
|
| | 0.85% on first $500 million |
Delaware Healthcare Fund (Delaware | _______, 200__ | 0.80% on next $500 million |
Group Equity Funds IV) | | 0.75% on next $1.5 billion |
| | 0.70% on assets in excess of $2.5 billion |
| | 0.65% on first $500 million |
Delaware Dividend Income Fund | _______, 200__ | 0.60% on next $500 million |
(Delaware Group Equity Funds V) | | 0.55% on next $1.5 billion |
| | 0.50% on assets in excess of $2.5 billion |
| | 0.75% on first $500 million |
Delaware Small Cap Core Fund (Delaware | _______, 200__ | 0.70% on next $500 million |
Group Equity Funds V) | | 0.65% on next $1.5 billion |
| | 0.60% on assets in excess of $2.5 billion |
| | 0.75% on first $500 million |
Delaware Small Cap Value Fund | _______, 200__ | 0.70% on next $500 million |
(Delaware Group Equity Funds V) | | 0.65% on next $1.5 billion |
| | 0.60% on assets in excess of $2.5 billion |
| | 0.65% on first $500 million |
Delaware Foundation Equity Fund | _______, 200__ | 0.60% on next $500 million |
(Delaware Group Foundation Funds) | | 0.55% on next $1.5 billion |
| | 0.50% on assets in excess of $2.5 billion |
| | 0.65% on first $500 million |
Delaware Aggressive Allocation Portfolio | _______, 200__ | 0.60% on next $500 million |
(Delaware Group Foundation Funds) | | 0.55% on next $1.5 billion |
| | 0.50% on assets in excess of $2.5 billion |
| | 0.65% on first $500 million |
Delaware Conservative Allocation | | 0.60% on next $500 million |
Portfolio (Delaware Group Foundation | _______, 200__ | 0.55% on next $1.5 billion |
Funds) | | 0.50% on assets in excess of $2.5 billion |
| | 0.65% on first $500 million |
Delaware Moderate Allocation Portfolio | _______, 200__ | 0.60% on next $500 million |
(Delaware Group Foundation Funds) | | 0.55% on next $1.5 billion |
| | 0.50% on assets in excess of $2.5 billion |
| | 1.25% on first $500 million |
Delaware Emerging Markets Fund | | 1.20% on next $500 million |
(Delaware Group Global and International | _______, 200__ | 1.15% on next $1.5 billion |
Funds) | | 1.10% on assets in excess of $2.5 billion |
|
Delaware Focus Global Growth Fund | | 0.85% on first $500 million |
(Delaware Group Global and International | _______, 200__ | 0.80% on next $500 million |
Funds) | | 0.75% on next $1.5 billion |
| | 0.70% on assets in excess of $2.5 billion |
| | 0.85% on first $500 million |
Delaware Global Value Fund (Delaware | _______, 200__ | 0.80% on next $500 million |
Group Global and International Funds) | | 0.75% on next $1.5 billion |
| | 0.70% on assets in excess of $2.5 billion |
|
Delaware International Value Equity Fund | | 0.85% on first $500 million |
(Delaware Group Global and International | _______, 200__ | 0.80% on next $500 million |
Funds) | | 0.75% on next $1.5 billion |
| | 0.70% on assets in excess of $2.5 billion |
| | 0.55% on first $500 million |
Delaware Core Plus Bond Fund (Delaware | _______, 200__ | 0.50% on next $500 million |
Group Government Fund) | | 0.45% on next $1.5 billion |
| | 0.425% on assets in excess of $2.5 billion |
I-6
| | |
| | Management Fee Schedule (as a |
Fund Name (Trust Name) | Effective Date | percentage of average daily net assets) |
| | Annual Rate |
|
| | 0.45% on first $500 million |
Delaware Inflation Protected Bond Fund | _______, 200__ | 0.40% on next $500 million |
(Delaware Group Government Fund) | | 0.35% on next $1.5 billion |
| | 0.30% on assets in excess of $2.5 billion |
| | 0.50% on first $500 million |
Delaware Corporate Bond Fund (Delaware | _______, 200__ | 0.475% on next $500 million |
Group Income Funds) | | 0.45% on next $1.5 billion |
| | 0.425% on assets in excess of $2.5 billion |
| | 0.55% on first $500 million |
Delaware Extended Duration Bond Fund | _______, 200__ | 0.50% on next $500 million |
(Delaware Group Income Funds) | | 0.45% on next $1,500 million |
| | 0.425% on assets in excess of $2,500 million |
| | 0.65% on first $500 million |
Delaware High-Yield Opportunities Fund | _______, 200__ | 0.60% on next $500 million |
(Delaware Group Income Funds) | | 0.55% on next $1.5 billion |
| | 0.50% on assets in excess of $2.5 billion |
| | 0.50% on first $500 million |
Delaware Limited-Term Diversified | | 0.475% on next $500 million |
Income Fund (Delaware Group Limited- | _______, 200__ | |
Term Government Funds) | | 0.45% on next $1.5 billion |
| | 0.425% on assets in excess of $2.5 billion |
| | 0.55% on first $500 million |
Delaware Tax-Free Pennsylvania Fund | | 0.50% on next $500 million |
(Delaware Group State Tax-Free Income | _______, 200__ | 0.45% on next $1.5 billion |
Trust) | | 0.425% on assets in excess of $2.5 billion |
| | 0.55% on first $500 million |
Delaware Tax-Free USA Fund (Delaware | _______, 200__ | 0.50% on next $500 million |
Group Tax-Free Fund) | | 0.45% on next $1.5 billion |
| | 0.425% on assets in excess of $2.5 billion |
| | 0.50% on first $500 million |
Delaware Tax-Free USA Intermediate | _______, 200__ | 0.475% on next $500 million |
Fund (Delaware Group Tax-Free Fund) | | 0.45% on next $1.5 billion |
| | 0.425% on assets in excess of $2.5 billion |
| | 0.45% on first $500 million |
Delaware Tax-Free Money Fund (Delaware | _______, 200__ | 0.40% on next $500 million |
Group Tax-Free Money Fund) | | 0.35% on next $1.5 billion |
| | 0.30% on assets in excess of $2.5 billion |
|
Delaware REIT Fund (also known as The | | 0.75% on first $500 million |
Real Estate Investment Trust Portfolio ) | _______, 200__ | 0.70% on next $500 million |
(Delaware Pooled Trust) | | 0.65% on next $1.5 billion |
| | 0.60% on assets in excess of $2.500 billion |
| | 0.50% on first $500 million |
Delaware Tax-Free Arizona Fund | | 0.475% on next $500 million |
_______, 200__ |
(Voyageur Insured Funds) | | 0.45% on next $1.5 billion |
| | 0.425% on assets in excess of $2.5 billion |
|
Delaware Tax-Free Minnesota Intermediate | | 0.50% on first $500 million |
Fund (Voyageur Intermediate Tax Free | _______, 200__ | 0.475% on next $500 million |
Funds) | | 0.45% on next $1.5 billion |
| | 0.425% on assets in excess of $2.5 million |
| | 0.55% on first $500 million |
Delaware Minnesota High-Yield Municipal | _______, 200__ | 0.50% on next $500 million |
Bond Fund (Voyageur Mutual Funds) | | 0.45% on next $1.5 billion |
| | 0.425% on assets in excess of $2.5 billion |
I-7
| | |
| | Management Fee Schedule (as a |
Fund Name (Trust Name) | Effective Date | percentage of average daily net assets) |
| | Annual Rate |
|
| | 0.55% on first $500 million |
Delaware National High-Yield Municipal | _______, 200__ | 0.50% on next $500 million |
Bond Fund (Voyageur Mutual Funds) | | 0.45% on next $1.5 billion |
| | 0.425% on assets in excess of $2.5 billion |
| | 0.55% on first $500 million |
Delaware Tax-Free California Fund | _______, 200__ | 0.50% on next $500 million |
(Voyageur Mutual Funds) | | 0.45% on next $1.5 billion |
| | 0.425% on assets in excess of $2.5 billion |
| | 0.55% on first $500 million |
Delaware Tax-Free Idaho Fund (Voyageur | _______, 200__ | 0.50% on next $500 million |
Mutual Funds) | | 0.45% on next $1.5 billion |
| | 0.425% on assets in excess of $2.5 billion |
| | 0.55% on first $500 million |
Delaware Tax-Free New York Fund | _______, 200__ | 0.50% on next $500 million |
(Voyageur Mutual Funds) | | 0.45% on next $1.5 billion |
| | 0.425% on assets in excess of $2.5 billion |
| | 0.55% on first $500 million |
Delaware Tax-Free Colorado Fund | _______, 200__ | 0.50% on next $500 million |
(Voyageur Mutual Funds II) | | 0.45% on next $1.5 billion |
| | 0.425% on assets in excess of $2.5 billion |
| | 0.75% on first $500 million |
Delaware Select Growth Fund (Voyageur | _______, 200__ | 0.70% on next $500 million |
Mutual Funds III) | | 0.65% on next $1.5 billion |
| | 0.60% on assets in excess of $2.5 billion |
| | 0.65% on the first $500 million |
Delaware Large Cap Core Fund (Voyageur | _______, 200__ | 0.60% on the next $500 million |
Mutual Funds III) | | 0.55% on the next $1.5 billion |
| | 0.50% on assets in excess of $2.5 billion |
| | 0.55% on first $500 million |
Delaware Tax-Free Minnesota Fund | _______, 200__ | 0.50% on next $500 million |
(Voyageur Tax Free Funds) | | 0.45% on next $1.5 billion |
| | 0.425% on assets in excess of $2.5 billion |
I-8
APPENDIX J- CURRENT INVESTMENT ADVISORY AGREEMENTS: DATES OF APPROVALS; FEES
| | |
Fund (Trust) | Date of Current
Investment Advisory
Agreement | Date Last Approved by
Shareholders* |
|
|
Delaware Diversified Income Fund (Delaware Group Adviser Funds) | June 28, 2002 | June 28, 2002 |
Delaware U.S. Growth Fund (Delaware Group Adviser Funds) | November 23, 1999 | November 23, 1999 |
Delaware Cash Reserve Fund (Delaware Group Cash Reserve) | December 15, 1999 | December 15, 1999 |
Delaware Mid Cap Value Fund (Delaware Group Equity Funds I) | January 30, 2008 | January 30, 2008 |
Delaware Large Cap Value Fund (Delaware Group Equity Funds II) | November 23, 1999 | November 23, 1999 |
Delaware Value Fund (Delaware Group Equity Funds II) | November 23,1999 | November 23,1999 |
Delaware American Services Fund (Delaware Group Equity Funds III) | December 22, 1999 | December 22, 1999 |
Delaware Small Cap Growth Fund (Delaware Group Equity Funds III) | June 26, 2001 | June 26, 2001 |
Delaware Trend Fund (Delaware Group Equity Funds III) | August 27, 1999 | August 27, 1999 |
Delaware Global Real Estate Securities Fund (Delaware Group Equity | | |
Funds IV) | September 28, 2007 | September 28, 2007 |
Delaware Growth Opportunities Fund (Delaware Group Equity Funds IV) | April 19, 2001 | April 19, 2001 |
Delaware Healthcare Fund (Delaware Group Equity Funds IV) | September 28, 2007 | September 28, 2007 |
Delaware Dividend Income Fund (Delaware Group Equity Funds V) | November 23, 1999 | November 23, 1999 |
Delaware Small Cap Core Fund (Delaware Group Equity Funds V) | November 23, 1999 | November 23, 1999 |
Delaware Small Cap Value Fund (Delaware Group Equity Funds V) | November 23, 1999 | November 23, 1999 |
Delaware Foundation Equity Fund (Delaware Group Foundation Funds) | May 21, 2009 | May 21, 2009 |
Delaware Aggressive Allocation Portfolio (Delaware Group Foundation | | |
Funds)1 | September 17, 2008 | March 17, 1999 |
Delaware Conservative Allocation Portfolio (Delaware Group Foundation | | |
Funds)2 | September 17, 2008 | March 17, 1999 |
Delaware Moderate Allocation Portfolio (Delaware Group Foundation | | |
Funds)3 | September 17, 2008 | March 17, 1999 |
Delaware Emerging Markets Fund (Delaware Group Global and | | |
International Funds) | September 24, 2004 | August 31, 2004 |
Delaware Focus Global Growth Fund (Delaware Group Global and | | |
International Funds) | December 29, 2008 | December 29, 2008 |
Delaware Global Value Fund (Delaware Group Global and International | | |
Funds) | March 30, 2006 | August 31, 2004 |
Delaware International Value Equity Fund (Delaware Group Global and | | |
International Funds) | September 24, 2004 | August 31, 2004 |
Delaware Core Plus Bond Fund (Delaware Group Government Fund) | September 29, 1999 | September 29, 1999 |
Delaware Inflation Protected Bond Fund (Delaware Group Government | November 29, 2004 | November 29, 2004 |
Fund) | | |
J-1
| | |
Fund (Trust) | Date of Current
Investment Advisory
Agreement | Date Last Approved by
Shareholders* |
|
|
Delaware Corporate Bond Fund (Delaware Group Income Funds) | September 29, 1999 | September 29, 1999 |
Delaware Extended Duration Bond Fund (Delaware Group Income Funds) | September 29, 1999 | September 29, 1999 |
Delaware High-Yield Opportunities Fund (Delaware Group Income | September 29, 1999 | September 29, 1999 |
Funds) | | |
Delaware Limited-Term Diversified Income Fund (Delaware Group | December 15, 1999 | December 15, 1999 |
Limited-Term Government Funds) | | |
Delaware Tax-Free Pennsylvania Fund (Delaware Group State Tax-Free | May 1, 2000 | May 1, 2000 |
Income Trust) | | |
Delaware Tax-Free USA Fund (Delaware Group Tax-Free Fund) | November 1, 1999 | November 1, 1999 |
Delaware Tax-Free USA Intermediate Fund (Delaware Group Tax-Free | | |
Fund) | November 1, 1999 | November 1, 1999 |
Delaware Tax-Free Money Fund (Delaware Group Tax-Free Money | August 27, 1999 | August 27, 1999 |
Fund) | | |
The Real Estate Investment Trust Portfolio (also known as Delaware | | |
REIT Fund) (Delaware Pooled Trust) | December 15, 1999 | March 17, 1999 |
Delaware Tax-Free Arizona Fund (Voyageur Insured Funds) | November 1, 1999 | November 1, 1999 |
Delaware Tax-Free Minnesota Intermediate Fund (Voyageur Intermediate | November 1, 1999 | November 1, 1999 |
Tax Free Funds) | | |
Delaware Minnesota High-Yield Municipal Bond Fund (Voyageur Mutual | November 1, 1999 | November 1, 1999 |
Funds) | | |
Delaware National High-Yield Municipal Bond Fund (Voyageur Mutual | | |
Funds) | November 1, 1999 | November 1, 1999 |
Delaware Tax-Free California Fund (Voyageur Mutual Funds) | November 1, 1999 | November 1, 1999 |
Delaware Tax-Free Idaho Fund (Voyageur Mutual Funds) | November 1, 1999 | November 1, 1999 |
Delaware Tax-Free New York Fund (Voyageur Mutual Funds) | November 1, 1999 | November 1, 1999 |
Delaware Tax-Free Colorado Fund (Voyageur Mutual Funds II) | November 1, 1999 | November 1, 1999 |
Delaware Select Growth Fund (Voyageur Mutual Funds III) | December 15, 1999 | December 15, 1999 |
Delaware Large Cap Core Fund (Voyageur Mutual Funds III) | August 31, 2006 | August 31, 2006 |
Delaware Tax-Free Minnesota Fund (Voyageur Tax Free Funds) | November 1, 1999 | November 1, 1999 |
1 | On October 21, 2009, the name will be changed to Delaware Foundation®Growth Allocation Fund. |
2 | On October 21, 2009, the name will be changed to Delaware Foundation Conservative Allocation Fund. |
3 | On October 21, 2009, the name will be changed to Delaware Foundation Moderate Allocation Fund. |
J-2
* In general, each Current Investment Advisory Agreement was last approved by shareholders (or, to the extent applicable, the initial shareholder)Paragraph 4 of the relevant Fund eitherSub-Advisory Agreement, shall be calculated and paid as follows in connection withregards to Delaware Macquarie Global Real Estate Securities Fund:
The total fee will be the
initial approvalsum of
such agreement or in connection with any later amendment requiring such approval. Each Fund’s advisory fee under the New Investment Advisory Agreement and the Current Investment Advisory Agreement is identical. Exhibit A to Appendix C-1 lists the advisory fees for each Fund.
Each Fund’s fund administration fees will remain identical after the Transaction. For fund accounting and financial administration services, each Fund pays BNY Mellon an asset-based fee, subject to certain fee minimums plus certain out-of-pocket expenses and transactional charges. The asset based fee, which is allocated among all funds in the Delaware Investments® Family of Funds on a relative NAV basis, is calculated as follows:
| |
Average Daily Net Assets of Family of Funds | Annual Fees |
First $30 billion of average daily net assets | 0.035% |
Next $10 billion of average daily net assets | 0.0325% |
Next $10 billion of average daily net assets | 0.030% |
Over $50 billion of average daily net assets | 0.020% |
For fund accounting and financial administration oversight services, each Fund pays DSC an asset-based fee, plus certain out-of-pocket expenses and transactional charges. The asset based fee, which is allocated among all funds in the Delaware Investments Family of Funds on a relative NAV basis, is calculated as follows:
| |
Average Daily Net Assets of Family of Funds | Annual Fees |
First $30 billion of average daily net assets | 0.0050% |
Next $10 billion of average daily net assets | 0.0045% |
Next $10 billion of average daily net assets | 0.0040% |
Over $50 billion of average daily net assets | 0.0025% |
J-3
APPENDIX K - FUNDS ADVISED BY DMC: FEES PAID TO DMC AND AFFILIATES
The following table lists by investment objective the mutual funds that are advised by DMC, and includes (i) for the Funds, the amounts paid by each to DMC during the fiscal year indicated, (ii) for the Funds, the amounts paid by each to affiliates of DMC during the fiscal year indicated, (iii) the net assets of each mutual fund advised by DMC as of July 31, 2009, (iv) the management fee schedule for each, aspercentages (on an annual rate based on a percentagebasis) of the average daily net assets and (v) whether DMC has waivedwithin the Managed Portion(s) sub-advised by Sub-Adviser:
0.495% of the first $100 million within the Managed Portion(s)
0.45% of the next $150 million within the Managed Portion(s)
0.40% of assets in excess of $250 million within the Managed Portion(s)
The fee shall be payable on the Managed Portion’s average daily net assets monthly to the Sub-Adviser on or
agreed to waive its feesbefore the tenth (10th) day of the next succeeding calendar month. If this Agreement becomes effective or terminates before the end of any month, the sub-advisory fee for the
applicable mutual fund. All fees shown are netperiod from the effective date to the end of
any applicable waivers and reimbursements. | | | | | | | | |
| Fund | Fiscal
Year
Ended | Advisory
Fees
(after
waivers,
ifany) ($) | Waiver
(Y/N) | Administration
Fees ($) | Distribution
Fees ($) | Transfer
Agency
Fees ($) | Fund Net
Assets
(asof 7/31/09)
($) | Management Fee Schedule
(as a percentage of average daily net assets)
Annual Rate |
|
|
|
|
|
|
| EQUITY | | | | | | | | |
| Delaware Aggressive Allocation | | | | | | | | |
| Portfolio | 9/30/08 | 1,475 | Y | 2,380 | 215,282 | 86,139 | 49,597,075 | See Exhibit A to Appendix I |
| Delaware American Services Fund | 6/30/09 | 1,346,875 | Y | 71,414 | 1,016,499 | 831,687 | 165,871,237 | “ |
| Delaware Conservative Allocation | | | | | | | | |
| Portfolio | 9/30/08 | 15,724 | Y | 2,222 | 147,491 | 18,751 | 51,620,209 | “ |
| Delaware Emerging Markets Fund | 11/30/08 | 10,061,603 | N | 40,925 | 3,475,970 | 1,403,351 | 566,312,347 | “ |
| Delaware Focus Global Growth Fund | 11/30/08 | N/A | N/A | N/A | N/A | N/A | 4,867,071 | “ |
| Delaware Global Value Fund | 11/30/08 | 477,200 | Y | 4,015 | 447,088 | 252,427 | 38,943,506 | “ |
| Delaware Growth Opportunities Fund | 9/30/08 | 3,141,092 | Y | 24,661 | 1,592,074 | 1,709,076 | 221,862,433 | “ |
| Delaware Healthcare Fund | 9/30/08 | (30,345) | Y | 121 | - | 269 | 3,391,264 | “ |
| Delaware International Value Equity | | | | | | | | |
| Fund | 11/30/08 | 5,845,743 | Y | 38,948 | 2,303,609 | 1,553,386 | 359,015,223 | “ |
| Delaware Large Cap Core Fund | 4/30/09 | (257) | Y | 85 | - | 231 | 1,625,300 | “ |
| Delaware Large Cap Value Fund | 11/30/08 | 5,949,985 | Y | 49,455 | 3,135,809 | 1,900,663 | 655,924,118 | “ |
| Delaware Mid Cap Value Fund | 10/31/08 | (36,366) | Y | 103 | 37 | 143 | 8,888,367 | “ |
| Delaware Moderate Allocation Portfolio | 9/30/08 | 32,834 | Y | 2,614 | 213,510 | 55,166 | 235,959,745 | “ |
| Delaware Select Growth Fund | 4/30/09 | 822,062 | Y | 10,668 | 942,443 | 1,427,081 | 238,312,832 | “ |
| Delaware Small Cap Core Fund | 11/30/08 | 441,475 | Y | 3,923 | 229,562 | 203,528 | 60,932,993 | “ |
| Delaware Small Cap Growth Fund | 6/30/09 | (10,211) | Y | 559 | 63,447 | 71,843 | 11,390,960 | “ |
| Delaware Small Cap Value Fund | 11/30/08 | 3,412,713 | Y | 23,590 | 2,009,720 | 1,350,774 | 316,722,748 | “ |
| Delaware Trend®Fund | 6/30/09 | N/A | Y | 17,781 | 1,426,134 | 1,367,689 | 345,331,552 | “ |
| Delaware U.S. Growth Fund | 10/31/08 | 4,418,044 | Y | 43,260 | 843,673 | 937,742 | 577,585,096 | “ |
| Delaware Value®Fund | 11/30/08 | 2,216,064 | Y | 175,852 | 1,400,382 | 924,320 | 359,029,563 | “ |
| | | | | | | | | 1.25% on first $500 million |
| Delaware VIP®Emerging Markets | | | | | | | | 1.20% on next $500 million |
| Series | 12/31/08 | N/A | N | N/A | N/A | N/A | 442,609,293 | 1.15% on next $1.5 billion |
| | | | | | | | | 1.10% on assets in excess of$2.5 billion |
| | | | | | | | | 0.75% on first $500 million |
| Delaware VIP®Growth Opportunities | | | | | | | | 0.70% on next $500 million |
| Series | 12/31/08 | N/A | N | N/A | N/A | N/A | 24,047,567 | 0.65% on next $1.5 billion |
| | | | | | | | | 0.60% on assets in excess of$2.5 billion |
| | | | | | | | | 0.85% on first $500 million |
| Delaware VIP®International Value | | | | | | | | 0.80% on next $500 million |
| Equity Series | 12/31/08 | N/A | Y | N/A | N/A | N/A | 97,145,078 | 0.75% on next $1.5 billion |
| | | | | | | | | 0.70% on assets in excess of$2.5 billion |
K-1
| | | | | | | | |
| Fund | Fiscal
Year
Ended | Advisory
Fees
(after
waivers, if
any) ($) | Waiver
(Y/N) | Administration
Fees ($) | Distribution
Fees ($) | Transfer
Agency
Fees ($) | Fund Net
Assets
(asof 7/31/09)
($) | Management Fee Schedule
(as a percentage of average
daily net assets)
Annual Rate |
|
|
|
|
|
|
| | | | | | | | | 0.75%on first$500million |
| Delaware VIP®Small Cap Value Series | 12/31/08 | N/A | N | N/A | N/A | N/A | 691,218,393 | 0.70% on next$500million |
| | | | | | | | | 0.65% on next$1.5 billion |
| | | | | | | | | 0.60% on assets in excess of$2.5 billion |
| | | | | | | | | 0.75%on first$500million |
| Delaware VIP®Trend Series | 12/31/08 | N/A | N | N/A | N/A | N/A | 281,638,575 | 0.70% on next$500million |
| | | | | | | | | 0.65% on next$1.5 billion |
| | | | | | | | | 0.60% on assets in excess of$2.5 billion |
| | | | | | | | | 0.65% on first$500million |
| Delaware VIP®U.S. Growth Series | 12/31/08 | N/A | N | N/A | N/A | N/A | 166,486,594 | 0.60% on next$500million |
| | | | | | | | | 0.55% on next$1.5 billion |
| | | | | | | | | 0.50% on assets in excess of$2.5 billion |
| | | | | | | | | 0.65% on first$500million |
| Delaware VIP®Value Series | 12/31/08 | N/A | Y | N/A | N/A | N/A | 452,864,697 | 0.60% on next$500million |
| | | | | | | | | 0.55% on next$1.5 billion |
| | | | | | | | | 0.50% on assets in excess of$2.5 billion |
| Delaware Pooled Trust - The Emerging | | | | | | | | |
| Markets Portfolio | 10/31/08 | N/A | N | N/A | N/A | N/A | 608,767,439 | 1.00% |
| Delaware Pooled Trust - The | | | | | | | | |
| International Equity Portfolio | 10/31/08 | N/A | N | N/A | N/A | N/A | 901,424,861 | 0.75% |
| Delaware Pooled Trust - The Labor | | | | | | | | |
| Select International Equity Portfolio | 10/31/08 | N/A | N | N/A | N/A | N/A | 747,573,551 | 0.75% |
| Delaware Pooled Trust - The Large-Cap | | | | | | | | |
| Growth Equity Portfolio | 10/31/08 | N/A | Y | N/A | N/A | N/A | 245,411,670 | 0.55% |
| Delaware Pooled Trust - The Large-Cap | | | | | | | | |
| Value Equity Portfolio | 10/31/08 | N/A | Y | N/A | N/A | N/A | 9,686,377 | 0.55% |
| Delaware Pooled Trust - The Mid-Cap | | | | | | | | |
| Growth Equity Portfolio | 10/31/08 | N/A | Y | N/A | N/A | N/A | 4,065,931 | 0.75% |
| Delaware Pooled Trust - The Select 20 | | | | | | | | |
| Portfolio | 10/31/08 | N/A | Y | N/A | N/A | N/A | 9,816,096 | 0.75% |
| Delaware Pooled Trust - The Small-Cap | | | | | | | | |
| Growth Equity Portfolio | 10/31/08 | N/A | Y | N/A | N/A | N/A | 507,668 | 0.75% |
| Delaware Pooled Trust - The Smid-Cap | | | | | | | | |
| Growth Equity Portfolio | 10/31/08 | N/A | Y | N/A | N/A | N/A | - | 0.75% |
| | | | | | | | | 0.8750% up to $50 million |
| | | | | | | | | 0.8000% from$50 millionto $100 million |
| Optimum International Fund | 3/31/09 | N/A | Y | N/A | N/A | N/A | 162,317,432 | 0.7800% from$100 millionto $300 million |
| | | | | | | | | 0.7650% from$300 millionto $400 million |
| | | | | | | | | 0.7300% over $400 million |
| | | | | | | | | 0.8000% up to $250 million |
| | | | | | | | | 0.7875% from$250 millionto $300 million |
| Optimum Large Cap Growth Fund | 3/31/09 | N/A | Y | N/A | N/A | N/A | 614,887,900 | 0.7625% from$300 millionto $400 million |
| | | | | | | | | 0.7375% from$400 millionto $500 million |
| | | | | | | | | 0.7250% from$500 millionto $1 billion |
| | | | | | | | | 0.7100% from$1 billionto $1.5 billion |
| | | | | | | | | 0.7000% over $1.5 billion |
K-2
| | | | | | | | |
| Fund | Fiscal
Year
Ended | Advisory
Fees
(after
waivers, if
any) ($) | Waiver
(Y/N) | Administration
Fees ($) | Distribution
Fees ($) | Transfer
Agency
Fees ($) | Fund Net
Assets (as
of 7/31/09)
($) | Management Fee Schedule
(as a percentage of average
daily net assets)
Annual Rate |
|
|
|
|
|
|
| | | | | | | | | 0.8000% upto $100million |
| | | | | | | | | 0.7375% from $100 million to $250 million |
| Optimum Large Cap Value Fund | 3/31/09 | N/A | Y | N/A | N/A | N/A | 548,159,133 | 0.7125% from $250 million to $500 million |
| | | | | | | | | 0.6875% from $500 million to $1 billion |
| | | | | | | | | 0.6675% from $1 billion to $1.5 billion |
| | | | | | | | | 0.6475%over $1.5 billion |
| Optimum Small-Mid Cap Growth Fund | 3/31/09 | N/A | Y | N/A | N/A | N/A | 163,600,949 | 1.1000% |
| | | | | | | | | 1.0500% upto $75million |
| Optimum Small-Mid Cap Value Fund | 3/31/09 | N/A | Y | N/A | N/A | N/A | 133,415,186 | 1.0250% from $75 million to $150 million |
| | | | | | | | | 1.0000% over $150 million |
| Consulting Group Capital Markets | | | | | | | | |
| Funds - Large Capitalization Growth | n/a | N/A | N | N/A | N/A | N/A | $421,150,657 | 0.40% |
| Investments | | | | | | | | |
| Consulting Group Capital Markets | | | | | | | | |
| Funds - Small Capitalization Value | n/a | N/A | N | N/A | N/A | N/A | $90,675,085 | 0.50% |
| Equities Investments | | | | | | | | |
| PNC Funds, Inc - PNC Small Cap Core | n/a | N/A | N | N/A | N/A | N/A | $5,186,059 | 0.50% upto $100million |
| Fund | | | | | | | | 0.45% over $100million |
| Northern Funds - Northern Multi- | n/a | N/A | N | N/A | N/A | N/A | $141,442,959 | 0.35% upto $200million |
| Manager Large Cap Fund | | | | | | | | 0.20% over $200million |
| MassMutual Select Funds - MassMutual | | | | | | | | |
| Select Aggressive Growth Fund | n/a | N/A | N | N/A | N/A | N/A | $138,929,930 | 0.45% |
| SEI Institutional Investments Trust - | n/a | N/A | N | N/A | N/A | N/A | $26,740,544 | 0.40% upto $200million |
| Large Cap Diversified Alpha Fund | | | | | | | | 0.35% over $200million |
| SEI Institutional Investments Trust - | n/a | N/A | N | N/A | N/A | N/A | $66,390,469 | 0.40% upto $200million |
| Large Cap Fund | | | | | | | | 0.35% over $200million |
| SEI Institutional Managed Trust - Large | | | | | | | | |
| Cap Growth Fund | n/a | N/A | N | N/A | N/A | N/A | $299,933,951 | 0.20% |
| UBS Pace Large Co Growth Equity | | | | | | | | |
| Investments | n/a | N/A | N | N/A | N/A | N/A | $201,788,849 | 0.40% |
| Lincoln Variable Insurance Products | | | | | | | | |
| Trust - LVIP Delaware Social | n/a | N/A | N | N/A | N/A | N/A | $638,932,185 | 0.20% |
| Awareness Fund | | | | | | | | |
| Lincoln Variable Insurance Products | | | | | | | | |
| Trust - LVIP Delaware Foundation | n/a | N/A | N | N/A | N/A | N/A | $275,580,815 | 0.35% |
| Aggressive Allocation Fund | | | | | | | | |
| Lincoln Variable Insurance Products | | | | | | | | |
| Trust - LVIP Delaware Foundation | n/a | N/A | N | N/A | N/A | N/A | $74,309,777 | 0.35% |
| Moderate Allocation Fund | | | | | | | | |
K-3
| | | | | | | | |
| Fund | Fiscal
Year
Ended | Advisory
Fees
(after
waivers, if
any) ($) | Waiver
(Y/N) | Administration
Fees ($) | Distribution
Fees ($) | Transfer
Agency
Fees ($) | Fund Net
Assets (as
of 7/31/09)
($) | Management Fee Schedule
(as a percentage of average daily
net assets)
Annual Rate |
|
|
|
|
|
|
| Lincoln Variable Insurance Products | | | | | | | | |
| Trust - LVIP Delaware Growth and | n/a | N/A | N | N/A | N/A | N/A | $1,110,154,464 | 0.20% |
| Income Fund | | | | | | | | |
| Lincoln Variable Insurance Products | | | | | | | | |
| Trust - LVIP Delaware Special | n/a | N/A | N | N/A | N/A | N/A | $469,430,328 | 0.20% |
| Opportunities Fund | | | | | | | | |
| SEI Institutional Managed Trust - Large | n/a | N/A | N | N/A | N/A | N/A | $80,390,330 | 0.40% up to$200million |
| Cap Diversified Alpha Fund | | | | | | | | 0.35% over$200million |
| SEI Institutional Managed Trust - Tax- | | | | | | | | |
| Managed Large Cap Fund | n/a | N/A | N | N/A | N/A | N/A | $158,593,379 | 0.20% |
| REAL ESTATE | | | | | | | | |
| Delaware Global Real Estate Securities | | | | | | | | |
| Fund | 9/30/08 | (56,829) | Y | 126 | - | 134 | 1,675,227 | See Exhibit A to Appendix I |
| Delaware REIT Fund (also known as | | | | | | | | |
| The Real Estate Investment Trust | 10/31/08 | 2,106,027 | Y | 15,159 | 976,866 | 1,057,506 | 178,921,674 | “ |
| Portfolio) | | | | | | | | |
| | | | | | | | | 0.75% on first $500million |
| Delaware VIP®REIT Series | 12/31/08 | N/A | N | N/A | N/A | N/A | 228,392,747 | 0.70%on next $500million |
| | | | | | | | | 0.65% on next $1.5 billion |
| | | | | | | | | 0.60% on assets in excess of$2.5 billion |
| | | | | | | | | 0.99% on first $100million |
| Delaware Pooled Trust - The Global | 10/31/08 | N/A | Y | N/A | N/A | N/A | 53,791,075 | 0.90% on the next $150million |
| Real Estate Securities Portfolio | | | | | | | | 0.80% on assets in excess of$250million |
| Delaware Pooled Trust - The Real Estate | | | | | | | | |
| Investment Trust Portfolio II | 10/31/08 | N/A | Y | N/A | N/A | N/A | 4,612,395 | 0.75% |
| FIXED INCOME TAXABLE | | | | | | | | |
| Delaware Core Plus Bond Fund | 7/31/08 | 378,075 | Y | 12,530 | 294,515 | 163,769 | 78,586,956 | See Exhibit A to Appendix I |
| Delaware Corporate Bond Fund | 7/31/08 | 2,192,286 | Y | 65,520 | 1,701,318 | 836,390 | 654,556,423 | “ |
| Delaware Diversified Income Fund | 10/31/08 | 14,912,383 | N | 159,256 | 13,466,559 | 3,480,627 | 4,681,464,435 | “ |
| Delaware Dividend Income Fund | 11/30/08 | 2,904,878 | Y | 33,367 | 4,204,502 | 1,278,360 | 376,294,484 | “ |
| Delaware Enhanced Global Dividend | | | | | | | | |
| and Income Fund | 11/31/08 | 2,029,426 | N | 35,904 | - | 71,030 | 143,626,698 | “ |
| Delaware Extended Duration Bond Fund | 7/31/08 | 733,052 | Y | 29,162 | 730,900 | 578,387 | 231,448,785 | “ |
| Delaware High-Yield Opportunities | | | | | | | | |
| Fund | 7/31/08 | 793,631 | Y | 18,588 | 680,157 | 294,012 | 367,625,492 | “ |
| Delaware Inflation Protected Bond Fund | 7/31/08 | 207,493 | Y | 6,770 | 64,555 | 22,691 | 221,063,870 | “ |
| Delaware Investments Dividend and | | | | | | | | |
| Income Fund, Inc. | 11/31/08 | N/A | N | N/A | N/A | N/A | 59,683,630 | 0.55% |
| Delaware Investments Global Dividend | | | | | | | | |
| and Income Fund, Inc. | 11/31/08 | N/A | N | N/A | N/A | N/A | 31,563,148 | 0.70% |
| Delaware Limited-Term Diversified | | | | | | | | |
| Income Fund | 12/31/08 | 897,830 | Y | 12,087 | 638,764 | 363,217 | 734,042,615 | See |
| | | | | | | | | 0.65% on first $500million |
| Delaware VIP®Diversified Income | | | | | | | | 0.60% on next $500million |
| Series | 12/31/08 | N/A | N | N/A | N/A | N/A | 1,154,626,147 | 0.55% on next $1.5 billion |
| | | | | | | | | 0.50% on assets in excess of$2.5 billion |
| | | | | | | | | 0.65% on first $500million |
| Delaware VIP®High Yield Series | 12/31/08 | N/A | Y | N/A | N/A | N/A | 406,179,335 | 0.60% on next $500million |
| | | | | | | | | 0.55% on next $1.5 billion |
| | | | | | | | | 0.50% on assets in excess of$2.5 billion |
K-4
| | | | | | | | |
| Fund | Fiscal
Year
Ended | Advisory
Fees
(afterwaivers,
ifany) ($) | Waiver
(Y/N) | Administration
Fees ($) | Distribution
Fees ($) | Transfer
Agency
Fees ($) | Fund Net
Assets (as
of 7/31/09)
($) | Management Fee Schedule
(as a percentage of average daily
net assets)
Annual Rate |
|
|
|
|
|
|
| | | | | | | | | 0.50% on first$500 million |
| Delaware VIP®Limited-Term | | | | | | | | 0.475% on next$500 million |
| Diversified Income Series | 12/31/08 | N/A | Y | N/A | N/A | N/A | 250,708,066 | 0.45%on next$1.5 billion |
| | | | | | | | | 0.425% on assets in excess of$2.5 billion |
| Delaware Pooled Trust - The Core Focus | | | | | | | | |
| Fixed Income Portfolio | 10/31/08 | N/A | Y | N/A | N/A | N/A | 18,548,833 | 0.40% |
| Delaware Pooled Trust - The Core Plus | | | | | | | | |
| Fixed Income Portfolio | 10/31/08 | N/A | Y | N/A | N/A | N/A | 57,825,157 | 0.43% |
| Delaware Pooled Trust - The Global | | | | | | | | |
| Fixed Income Portfolio | 10/31/08 | N/A | Y | N/A | N/A | N/A | 137,581,483 | 0.50% |
| Delaware Pooled Trust - The High-Yield | | | | | | | | |
| Bond Portfolio | 10/31/08 | N/A | Y | N/A | N/A | N/A | 21,849,485 | 0.45% |
| Delaware Pooled Trust - The | | | | | | | | |
| Intermediate Fixed Income Portfolio | 10/31/08 | N/A | Y | N/A | N/A | N/A | 7,181,598 | 0.40% |
| Delaware Pooled Trust - The | | | | | | | | |
| International Fixed Income Portfolio | 10/31/08 | N/A | N | N/A | N/A | N/A | 18,576,967 | 0.50% |
| | | | | | | | | 0.7000% up to$25 million |
| | | | | | | | | 0.6500% from$25 million to $100 million |
| Optimum Fixed Income Fund | 3/31/09 | N/A | Y | N/A | N/A | N/A | 692,576,469 | 0.6000% from$100 million to $500 million |
| | | | | | | | | 0.5500% from$500 million to $1 billion |
| | | | | | | | | 0.5000% over $1 billion |
| Lincoln Variable Insurance Products | n/a | N/A | N | N/A | N/A | N/A | $1,934,214,482 | 0.18% |
| Trust - LVIP Delaware Bond Fund | | | | | | | | |
| SEI Institutional Investments Trust - | n/a | N/A | N | N/A | N/A | N/A | $258,981,042 | 0.28% |
| High Yield Bond Fund | | | | | | | | |
| SEI Institutional Management Trust - | | | | | | | | |
| High Yield Bond Fund | n/a | N/A | N | N/A | N/A | N/A | $225,986,783 | 0.28% |
| Lincoln Variable Insurance Products | | | | | | | | |
| Trust - LVIP Delaware Foundation | n/a | N/A | N | N/A | N/A | N/A | $371,403,316 | 0.35% |
| Conservative Allocation Fund | | | | | | | | |
| FIXED INCOME TAX EXEMPT | | | | | | | | |
| Delaware Investments Arizona | | | | | | | | |
| Municipal Income Fund, Inc. | 3/31/09 | N/A | N | N/A | N/A | N/A | 39,569,293 | 0.40% |
| Delaware Investments Colorado | | | | | | | | |
| Municipal Income Fund, Inc. | 3/31/09 | N/A | N | N/A | N/A | N/A | 65,158,068 | 0.40% |
| Delaware Investments Minnesota | | | | | | | | |
| Municipal Income Fund II, Inc. | 3/31/09 | N/A | N | N/A | N/A | N/A | 156,068,269 | 0.40% |
| Delaware Investments National | | | | | | | | |
| Municipal Income Fund | 3/31/09 | N/A | N | N/A | N/A | N/A | 30,101,448 | 0.40% |
| Delaware Minnesota High-Yield | | | | | | | | |
| Municipal Bond Fund | 8/31/08 | 695,090 | Y | 11,502 | 621,530 | 90,277 | 136,173,985 | See Exhibit A to Appendix I |
| Delaware National High-Yield | | | | | | | | |
| Municipal Bond Fund | 8/31/08 | 313,283 | Y | 5,946 | 263,703 | 52,373 | 74,306,095 | “ |
| Delaware Tax-Free Arizona Fund | 8/31/08 | 483,562 | Y | 11,292 | 499,209 | 59,338 | 124,554,577 | “ |
| Delaware Tax-Free California Fund | 8/31/08 | 434,758 | Y | 7,605 | 402,450 | 41,824 | 78,089,669 | “ |
| Delaware Tax-Free Colorado Fund | 8/31/08 | 1,374,394 | Y | 20,604 | 750,906 | 128,035 | 235,014,874 | “ |
| Delaware Tax-Free Idaho Fund | 8/31/08 | 385,385 | Y | 6,910 | 344,475 | 40,265 | 101,869,779 | “ |
| Delaware Tax-Free Minnesota Fund | 8/31/08 | 3,340,865 | Y | 48,918 | 1,850,281 | 298,962 | 603,258,720 | “ |
| Delaware Tax-Free Minnesota | | | | | | | | |
| Intermediate Fund | 8/31/08 | 233,696 | Y | 4,531 | 147,019 | 34,723 | 85,783,562 | “ |
| Delaware Tax-Free Money Fund | 4/30/09 | (13,812) | Y | 878 | - | 13,919 | 13,020,741 | “ |
K-5
| | | | | | | | |
| Fund | Fiscal
Year
Ended | Advisory
Fees
(after
waivers, if
any) ($) | Waiver
(Y/N) | Administration
Fees ($) | Distribution
Fees ($) | Transfer
Agency
Fees ($) | Fund Net
Assets (as
of 7/31/09)
($) | Managment Fee Schedule
(as a percentage of average daily
net assets)
Annual Rate |
|
|
|
|
|
|
| Delaware Tax-Free New York Fund | 8/31/08 | 59,322 | Y | 1,496 | 76,712 | 14,095 | 28,054,946 | “ |
| Delaware Tax-Free Pennsylvania Fund | 2/28/09 | 2,646,922 | Y | 25,159 | 1,304,013 | 280,994 | 502,398,994 | “ |
| Delaware Tax-Free USA Fund | 8/31/08 | 3,038,078 | Y | 55,881 | 1,857,104 | 419,011 | 554,012,527 | “ |
| Delaware Tax-Free USA Intermediate | | | | | | | | |
| Fund | 8/31/08 | 1,455,004 | Y | 29,234 | 819,000 | 389,646 | 481,653,858 | “ |
| | | | | | | | | 0.23% up to $25 million |
| AssetMark Tax-Exempt Fixed Income | | | | | | | | 0.20%from$25 million to $100 million |
| Fund | n/a | N/A | N | N/A | N/A | N/A | $82,621,889 | 0.17%from$100 million to $200 million |
| | | | | | | | | 0.125% over $200 million |
| SEI Tax Exempt Trust - Intermediate- | | | | | | | | |
| Term Municipal Fund | n/a | N/A | N | N/A | N/A | N/A | $321,920,551 | 0.15% |
| MONEY MARKET TAXABLE | | | | | | | | |
| Delaware Cash Reserve Fund | 3/31/09 | 2,090,836 | Y | 25,006 | 201,131 | 549,206 | 442,391,631 | See Exhibit A to Appendix I |
| | | | | | | | | 0.45% on first $500 million |
| Delaware VIP®Cash Reserve Series | 12/31/08 | N/A | N | N/A | N/A | N/A | 15,598,306 | 0.40% on next $500 million |
| | | | | | | | | 0.35%on next $1,500 million |
| | | | | | | | | 0.30%on assets in excess of$2.5billion |
| Lincoln Variable Insurance Products | n/a | N/A | N | N/A | N/A | N/A | $1,315,433,023 | 0.18% |
| Trust - LVIP Money Market Fund | | | | | | | | |
K-6
APPENDIX L – TRUSTEES AND OFFICERS OF DMC
The following persons have heldsuch month or from the following positionsbeginning of such month to the date of termination, as the case may be, shall be prorated according to the proration which such period bears to the full month in which such effectiveness or termination occurs. Each month, the Investment Manager will provide the Sub-Adviser with a worksheet accompanying payment of the Trusts and with DMC duringsub-advisory fee that sets forth the past two years. The principal business addresscomputation of each is such sub-advisory fee.
DELAWARE GROUP EQUITY FUNDS IV
2005 Market Street
Philadelphia, Pennsylvania 19103-7094.19103
| | |
Name | Positions and Offices with the Trusts | Positions and Offices with |
| | Delaware Management Company |
Patrick P. Coyne | Trustee, Chairman/President/Chief Executive | President |
| Officer | |
David P. O’Connor | Trustee, Senior Vice President/Strategic | Senior Vice President/Strategic |
| Investment Relationships and Initiatives/General | Investment Relationships and |
| Counsel | Initiatives/General Counsel |
See Yeng Quek | Trustee, Executive Vice President/Managing | Executive Vice President/Managing |
| Director, Fixed Income | Director/Chief Investment Officer, |
| | Fixed Income |
Michael J. Hogan | Executive Vice President/Head of Equity | Executive Vice President/Head of |
| Investments | Equity Investments |
Marshall T. Bassett | Senior Vice President/Chief Investment Officer | Senior Vice President/Chief |
| — Emerging Growth Equity | Investment Officer — Emerging |
| | Growth Equity |
Joseph R. Baxter | Senior Vice President/Head of Municipal Bond | Senior Vice President/Head of |
| Investments | Municipal Bond Investments |
Christopher S. Beck | Senior Vice President/Senior Portfolio Manager | Senior Vice President/Senior |
| | Portfolio Manager |
Michael P. Buckley | Senior Vice President/Director of Municipal | Senior Vice President/Director of |
| Research | Municipal Research |
Stephen J. Busch | Senior Vice President– Investment Accounting | Senior Vice President – Investment |
| | Accounting |
Michael F. Capuzzi | Senior Vice President — | Senior Vice President — |
| Investment Systems | Investment Systems |
Lui-Er Chen | Senior Vice President/Senior Portfolio | Senior Vice President/Senior |
| Manager/Chief Investment Officer, Emerging | Portfolio Manager/Chief Investment |
| Markets | Officer, Emerging Markets |
Thomas H. Chow | Senior Vice President/Senior Portfolio Manager | Senior Vice President/Senior |
| | Portfolio Manager |
Stephen J. Czepiel | Senior Vice President/Portfolio Manager/Head | Senior Vice President/Portfolio |
| Municipal Bond Trader | Manager/Senior Municipal Bond |
| | Trader |
Chuck M. Devereux | Senior Vice President/Senior Research Analyst | Senior Vice President/Senior |
| | Research Analyst |
|
Roger A. Early | Senior Vice President/Senior Portfolio Manager | Senior Vice President/Senior |
| | Portfolio Manager |
Stuart M. George | Senior Vice President/Head of Equity Trading | Senior Vice President/Head of Equity |
| | Trading |
Paul Grillo | Senior Vice President/Senior Portfolio Manager | Senior Vice President/Senior |
| | Portfolio Manager |
William F. Keelan | Senior Vice President/Director of Quantitative | Senior Vice President/Director of |
| Research | Quantitative Research |
Kevin P. Loome | Senior Vice President/Senior Portfolio | Senior Vice President/Senior |
| Manager/Head of High Yield Investments | Portfolio Manager/Head of High |
| | Yield Investments |
Francis X. Morris | Senior Vice President/Chief Investment Officer | Senior Vice President/Chief |
|
L-1 |
| |
_____________________________
| | |
Name | Positions and Offices with the Trusts | Positions and Offices with |
| | Delaware Management Company |
| — Core Equity | Investment Officer — Core Equity |
Brian L. Murray, Jr. | Senior Vice President/ Chief Compliance | Senior Vice President/Chief |
| Officer | Compliance Officer |
D. Tysen Nutt | Senior Vice President/Chief Investment Officer, | Senior Vice President/Chief |
| Large Cap Value Equity | Investment Officer, Large Cap Value |
| | Equity |
Philip O. Obazee | Senior Vice President/Derivatives Manager | Senior Vice President/Derivatives |
| | Manager |
Richard Salus | Senior Vice President/Chief Financial Officer | Senior Vice President/ |
| | Controller/Treasurer |
Jeffrey S. Van Harte | Senior Vice President/Chief Investment Officer | Senior Vice President/Chief |
| — | Investment Officer — Focus Growth |
| Focus Growth Equity | Equity |
Babak Zenouzi | Senior Vice President/Senior Portfolio Manager | Senior Vice President/Senior |
| | Portfolio Manager |
Gary T. Abrams | Vice President/Senior Equity Trader | Vice President/Senior Equity Trader |
Christopher S. Adams | Vice President/Portfolio Manager/Senior Equity | Vice President/Portfolio |
| Analyst | Manager/Senior Equity Analyst |
Damon J. Andres | Vice President/Senior Portfolio Manager | Vice President/Senior Portfolio |
| | Manager |
Wayne A. Anglace | Vice President/Credit Research Analyst | Vice President/Credit Research |
| | Analyst |
Margaret MacCarthy | Vice President/Investment Specialist | Vice President/Investment Specialist |
Bacon | | |
Kristen E. Bartholdson | Vice President | Vice President/Portfolio Manager |
Todd Bassion | Vice President/Portfolio Manager | Vice President/ Portfolio Manager |
Jo Anne Bennick | Vice President/15(c) Reporting | Vice President/15(c) Reporting |
Richard E. Biester | Vice President/Equity Trader | Vice President/Equity Trader |
Christopher J. Bonavico | Vice President/Senior Portfolio Manager/Equity | Vice President/Senior Portfolio |
| Analyst | Manager/Equity Analyst |
Vincent A. Brancaccio | Vice President/Senior Equity Trader | Vice President/Senior Equity Trader |
Kenneth F. Broad | Vice President/Senior Portfolio Manager/Equity | Vice President/Senior Portfolio |
| Analyst | Manager/Equity Analyst |
Kevin J. Brown | Vice President/ | Vice President/ |
| Senior Investment Specialist | Senior Investment Specialist |
Mary Ellen M. | Vice President/Client Services | Vice President/Client Services |
Carrozza | | |
Stephen G. Catricks | Vice President/Portfolio Manager | Vice President/Portfolio Manager |
Wen-Dar Chen | Vice President/Portfolio Manager | Vice President/Portfolio Manager |
Anthony G. Ciavarelli | Vice President/Associate General | Vice President/ Associate General |
| Counsel/Assistant Secretary | Counsel/Assistant Secretary |
David F. Connor | Vice President/Deputy General | Vice President/Deputy General |
| Counsel/Secretary | Counsel/Secretary |
Michael Costanzo | Vice President/Performance Analyst Manager | Vice President/Performance Analyst |
| | Manager |
Kishor K. Daga | Vice President/Derivatives Operations | Vice President/Derivatives |
| | Operations |
Cori E. Daggett | Vice President/Associate General | Vice President/Counsel/ Assistant |
| Counsel/Assistant Secretary | Secretary |
Craig C. Dembek | Vice President/Senior Research Analyst | Vice President/Senior Research |
| | Analyst |
Camillo D’Orazio | Vice President/Investment Accounting | Vice President/Investment |
|
|
L-2 |
| |
| | |
Name | Positions and Offices with the Trusts | Positions and Offices with |
| | Delaware Management Company |
| | Accounting |
Christopher M. | Vice President/Portfolio Manager/Equity | Vice President/Portfolio |
Ericksen | Analyst | Manager/Equity Analyst |
Joel A. Ettinger | Vice President – Taxation | Vice President – Taxation |
Devon K. Everhart | Vice President/Senior Research Analyst | Vice President/Senior Research |
| | Analyst |
Joseph Fiorilla | Vice President – Trading Operations | Vice President – Trading Operations |
Charles E. Fish | Vice President/Senior Equity Trader | Vice President/Senior Equity Trader |
Clifford M. Fisher | Vice President/Senior Municipal Bond Trader | Vice President/Senior Municipal |
| | Bond Trader |
Patrick G. Fortier | Vice President/Portfolio Manager/Equity | Vice President/Portfolio |
| Analyst | Manager/Equity Analyst |
Denise A. Franchetti | Vice President/Portfolio Manager/Municipal | Vice President/Portfolio |
| Bond Credit Analyst | Manager/Municipal Bond Credit |
| | Analyst |
Lawrence G. Franko | Vice President/ Senior Equity Analyst | Vice President/ Senior Equity |
| | Analyst |
Daniel V. Geatens | Vice President/Treasurer | Vice President/Director of Financial |
| | Administration |
Gregory A. Gizzi | Vice President/ Head Municipal Bond Trader | Vice President/ Head Municipal |
| | Bond Trader |
Barry S. Gladstein | Vice President/Portfolio Manager | Vice President/Portfolio Manager |
Gregg J. Gola | Vice President/Senior High Yield Trader | Vice President/Senior High Yield |
| | Trader |
Christopher Gowlland | Vice President/Senior Quantitative Analyst | Vice President/Senior Quantitative |
| | Analyst |
Edward Gray | Vice President/Senior Portfolio Manager | Vice President/Senior Portfolio |
| | Manager |
David J. Hamilton | Vice President/Credit Research Analyst | Vice President/Fixed Income Analyst |
Brian Hamlet | Vice President/Senior Corporate Bond Trader | Vice President/Senior Corporate |
| | Bond Trader |
Lisa L. Hansen | Vice President/Head of Focus Growth Equity | Vice President/Head of Focus |
| Trading | Growth Equity Trading |
|
Gregory M. Heywood | Vice President/Portfolio Manager/Equity | Vice President/Portfolio |
| Analyst | Manager/Equity Analyst |
Sharon Hill | Vice President/Head of Equity Quantitative | Vice President/Head of Equity |
| Research and Analytics | Quantitative Research and Analytics |
J. David Hillmeyer | Vice President | Vice President/Corporate Bond |
| | Trader |
Christopher M. Holland | Vice President/Portfolio Manager | Vice President/Portfolio Manager |
Chungwei Hsia | Vice President/ Senior Research Analyst | Vice President/ Senior Research |
| | Analyst |
Michael E. Hughes | Vice President/Senior Equity Analyst | Vice President/Senior Equity Analyst |
Jordan L. Irving | Vice President/Senior Portfolio Manager | Vice President/Senior Portfolio |
| | Manager |
Cynthia Isom | Vice President/Portfolio Manager | Vice President/Portfolio Manager |
Kenneth R. Jackson | Vice President/Equity Trader | Vice President/Quantitative Analyst |
Stephen M. | Vice President/Structured Products | Vice President/Structured Products |
Juszczyszyn | Analyst/Trader | Analyst/Trader |
Anu B. Kothari | Vice President/ Equity Analyst | Vice President/ Equity Analyst |
Roseanne L. Kropp | Vice President/Senior Fund Analyst – High | Vice President/ Senior Fund Analyst |
|
|
L-3 |
| |
CONSENT
| | |
Name | Positions and Offices with the Trusts | Positions and Offices with |
| | Delaware Management Company |
| Grade | II - High Grade |
Nikhil G. Lalvani | Vice President/Portfolio Manager | Vice President/Senior Equity |
| | Analyst/Portfolio Manager |
Brian R. Lauzon | Vice President/ Chief Operating Officer, Equity | Vice President/Chief Operating |
| Investments | Officer, Equity Investments |
Anthony A. Lombardi | Vice President/Senior Portfolio Manager | Vice President/Senior Portfolio |
| | Manager |
Francis P. Magee | Vice President/Portfolio Analyst | Vice President/Portfolio Analyst |
John P. McCarthy | Vice President/Senior Research Analyst/Trader | Vice President/Senior Research |
| | Analyst/Trader |
Brian McDonnell | Vice President/Structured Products | Vice President/Structured Products |
| Analyst/Trader | Analyst/Trader |
Michael S. Morris | Vice President/Portfolio Manager/Senior Equity | Vice President/Portfolio |
| Analyst | Manager/Senior Equity Analyst |
Terrance M. O’Brien | Vice President/ Fixed Income Reporting Analyst | Vice President/ Fixed Income |
| | Reporting Analyst |
Donald G. Padilla | Vice President/Portfolio Manager/Senior Equity | Vice President/Portfolio |
| Analyst | Manager/Senior Equity Analyst |
Daniel J. Prislin | Vice President/Senior Portfolio Manager/Equity | Vice President/Senior Portfolio |
| Analyst | Manager/Equity Analyst |
Gretchen Regan | Vice President/Quantitative Analyst | Vice President/Quantitative Analyst |
Carl Rice | Vice President/Senior Investment Specialist, | Vice President/Senior Investment |
| Large Cap Value Focus Equity | Specialist, Large Cap Value Focus |
| | Equity |
Joseph T. Rogina | Vice President/Equity Trader | Vice President/Equity Trader |
Debbie A. Sabo | Vice President/Equity Trader – Focus Growth | Vice President/Equity Trader – Focus |
| Equity | Growth Equity |
Kevin C. Schildt | Vice President/Senior Municipal Credit Analyst | Vice President/Senior Municipal |
| | Credit Analyst |
Bruce Schoenfeld | Vice President/Equity Analyst | Vice President/Equity Analyst |
Nancy E. Smith | Vice President — Investment Accounting | Vice President — Investment |
| | Accounting |
Brenda L. Sprigman | Vice President/Business Manager – Fixed | Vice President/Business Manager – |
| Income | Fixed Income |
Junee Tan-Torres | Vice President/ Structured Solutions | Vice President/ Structured Solutions |
Rudy D. Torrijos, III | Vice President/ Portfolio Manager | Vice President/ Portfolio Manager |
Michael J. Tung | Vice President/ Portfolio Manager | Vice President/ Portfolio Manager |
Robert A. Vogel, Jr. | Vice President/Senior Portfolio Manager | Vice President/Senior Portfolio |
| | Manager |
Lori P. Wachs | Vice President/Portfolio Manager | Vice President/Portfolio Manager |
Jeffrey S. Wang | Vice President/ Equity Analyst | Vice President/ Equity Analyst |
Michael G. Wildstein | Vice President/ Senior Research Analyst | Vice President/ Senior Research |
| | Analyst |
Kathryn R. Williams | Vice President/Associate General | Vice President/Associate General |
| Counsel/Assistant Secretary | Counsel/Assistant Secretary |
Nashira Wynn | Vice President/Portfolio Manager | Vice President/Senior Equity |
| | Analyst/Portfolio Manager |
Guojia Zhang | Vice President/Equity Analyst | Vice President/Equity Analyst |
Douglas R. Zinser | Vice President/Credit Research Analyst | Vice President/Credit Research |
| | Analyst |
L-4
APPENDIX M – NUMBER OF SHARES OF EACH FUND OUTSTANDING
AS OF JULY 31, 2009
| | |
| | Shares |
Fund Name | Class | Outstanding |
Delaware American Services Fund | A | 8,307,110.73 |
Delaware American Services Fund | B | 1,967,195.99 |
Delaware American Services Fund | C | 3,391,198.18 |
Delaware American Services Fund | I | 922,813.72 |
Delaware American Services Fund | R | 236,624.35 |
Delaware Cash Reserve Fund | A | 409,648,027.42 |
Delaware Cash Reserve Fund | B | 7,571,200.61 |
Delaware Cash Reserve Fund | C | 11,999,635.87 |
Delaware Cash Reserve Fund | CC | 13,352,167.66 |
Delaware Core Plus Bond Fund | A | 8,499,313.53 |
Delaware Core Plus Bond Fund | B | 590,047.37 |
Delaware Core Plus Bond Fund | C | 762,595.96 |
Delaware Core Plus Bond Fund | I | 421,213.94 |
Delaware Core Plus Bond Fund | R | 30,797.35 |
Delaware Corporate Bond Fund | A | 84,164,830.28 |
Delaware Corporate Bond Fund | B | 2,185,573.07 |
Delaware Corporate Bond Fund | C | 22,304,687.11 |
Delaware Corporate Bond Fund | I | 9,192,140.79 |
Delaware Corporate Bond Fund | R | 2,053,525.00 |
Delaware Diversified Income Fund | A | 356,131,697.99 |
Delaware Diversified Income Fund | B | 5,635,860.95 |
Delaware Diversified Income Fund | C | 123,919,293.56 |
Delaware Diversified Income Fund | I | 27,333,904.45 |
Delaware Diversified Income Fund | R | 13,651,297.12 |
Delaware Dividend Income Fund | A | 22,944,114.03 |
Delaware Dividend Income Fund | B | 3,920,949.20 |
Delaware Dividend Income Fund | C | 17,648,139.72 |
Delaware Dividend Income Fund | I | 309,723.23 |
Delaware Dividend Income Fund | R | 313,635.21 |
Delaware Emerging Markets Fund | A | 28,477,236.53 |
Delaware Emerging Markets Fund | B | 1,696,559.45 |
Delaware Emerging Markets Fund | C | 11,639,314.09 |
Delaware Emerging Markets Fund | I | 9,094,544.14 |
Delaware Extended Duration Bond Fund | A | 32,965,118.99 |
Delaware Extended Duration Bond Fund | B | 714,353.37 |
Delaware Extended Duration Bond Fund | C | 3,416,477.09 |
Delaware Extended Duration Bond Fund | I | 4,690,859.62 |
Delaware Extended Duration Bond Fund | R | 118,595.09 |
Delaware Focus Global Growth Fund | A | 196,781.95 |
Delaware Focus Global Growth Fund | I | 235,297.12 |
M-1
| | |
Delaware Aggressive Allocation Portfolio | A | 3,465,604.00 |
Delaware Aggressive Allocation Portfolio | B | 459,043.89 |
Delaware Aggressive Allocation Portfolio | C | 582,869.61 |
Delaware Aggressive Allocation Portfolio | I | 1,394,609.32 |
Delaware Aggressive Allocation Portfolio | R | 221,889.37 |
Delaware Conservative Allocation Portfolio | A | 4,308,791.41 |
Delaware Conservative Allocation Portfolio | B | 78,613.11 |
Delaware Conservative Allocation Portfolio | C | 340,275.07 |
Delaware Conservative Allocation Portfolio | I | 1,007,016.76 |
Delaware Conservative Allocation Portfolio | R | 88,789.27 |
Delaware Moderate Allocation Portfolio | A | 20,011,562.38 |
Delaware Moderate Allocation Portfolio | B | 642,801.03 |
Delaware Moderate Allocation Portfolio | C | 1,022,400.14 |
Delaware Moderate Allocation Portfolio | I | 3,847,726.70 |
Delaware Moderate Allocation Portfolio | R | 162,904.97 |
Delaware Global Real Estate Securities Fund | A | 182.265 |
Delaware Global Real Estate Securities Fund | I | 359,843.89 |
Delaware Global Value Fund | A | 3,236,022.17 |
Delaware Global Value Fund | B | 569,699.44 |
Delaware Global Value Fund | C | 1,516,051.68 |
Delaware Global Value Fund | I | 191,341.19 |
Delaware Growth Opportunities Fund | A | 14,818,145.62 |
Delaware Growth Opportunities Fund | B | 347,682.92 |
Delaware Growth Opportunities Fund | C | 435,124.36 |
Delaware Growth Opportunities Fund | I | 261,740.86 |
Delaware Growth Opportunities Fund | R | 56,155.55 |
Delaware Healthcare Fund | A | 120,909.07 |
Delaware Healthcare Fund | I | 256,109.18 |
Delaware High-Yield Opportunities Fund | A | 73,450,305.52 |
Delaware High-Yield Opportunities Fund | B | 3,364,718.10 |
Delaware High-Yield Opportunities Fund | C | 8,815,757.03 |
Delaware High-Yield Opportunities Fund | I | 12,694,132.20 |
Delaware High-Yield Opportunities Fund | R | 4,294,740.65 |
Delaware Inflation Protected Bond Fund | A | 8,312,339.23 |
Delaware Inflation Protected Bond Fund | B | 188,301.72 |
Delaware Inflation Protected Bond Fund | C | 4,027,833.86 |
Delaware Inflation Protected Bond Fund | I | 9,419,003.59 |
Delaware International Value Equity Fund | A | 14,840,111.11 |
Delaware International Value Equity Fund | B | 1,067,080.39 |
Delaware International Value Equity Fund | C | 5,175,961.29 |
Delaware International Value Equity Fund | I | 13,666,903.65 |
Delaware International Value Equity Fund | R | 251,795.05 |
Delaware Large Cap Core Fund | A | 1,541.21 |
Delaware Large Cap Core Fund | I | 252,689.79 |
M-2
| | |
Delaware Large Cap Value Fund | A | 49,886,593.44 |
Delaware Large Cap Value Fund | B | 1,438,363.18 |
Delaware Large Cap Value Fund | C | 1,320,509.62 |
Delaware Large Cap Value Fund | I | 2,229,686.76 |
Delaware Large Cap Value Fund | R | 111,520.19 |
Delaware Limited-Term Diversified Income Fund | A | 63,645,553.57 |
Delaware Limited-Term Diversified Income Fund | B | 407,345.24 |
Delaware Limited-Term Diversified Income Fund | C | 18,200,945.79 |
Delaware Limited-Term Diversified Income Fund | I | 2,071,289.06 |
Delaware Limited-Term Diversified Income Fund | R | 365,963.82 |
Delaware Mid Cap Value Fund | A | 34,392.69 |
Delaware Mid Cap Value Fund | C | 9,428.66 |
Delaware Mid Cap Value Fund | I | 1,341,173.84 |
Delaware Mid Cap Value Fund | R | 3.224 |
Delaware Minnesota High-Yield Municipal Bond Fund | A | 10,927,247.96 |
Delaware Minnesota High-Yield Municipal Bond Fund | B | 509,394.77 |
Delaware Minnesota High-Yield Municipal Bond Fund | C | 2,507,347.47 |
Delaware National High-Yield Municipal Bond Fund | A | 7,632,607.68 |
Delaware National High-Yield Municipal Bond Fund | B | 167,569.47 |
Delaware National High-Yield Municipal Bond Fund | C | 850,944.11 |
Delaware National High-Yield Municipal Bond Fund | I | 138.63 |
Delaware REIT Fund | A | 8,434,200.70 |
Delaware REIT Fund | I | 13,643,975.31 |
Delaware REIT Fund | R | 504,554.78 |
Delaware REIT Fund | B | 1,611,608.58 |
Delaware REIT Fund | C | 2,222,726.92 |
Delaware Select Growth Fund | A | 5,716,873.40 |
Delaware Select Growth Fund | B | 950,262.41 |
Delaware Select Growth Fund | C | 1,324,332.74 |
Delaware Select Growth Fund | R | 34,564.97 |
Delaware Select Growth Fund | I | 3,144,775.77 |
Delaware Small Cap Core Fund | A | 2,422,168.04 |
Delaware Small Cap Core Fund | C | 985,111.48 |
Delaware Small Cap Core Fund | I | 3,287,676.99 |
Delaware Small Cap Core Fund | R | 457,544.70 |
Delaware Small Cap Growth Fund | I | 69.533 |
Delaware Small Cap Growth Fund | R | 127,035.78 |
Delaware Small Cap Growth Fund | A | 786,109.32 |
Delaware Small Cap Growth Fund | B | 186,462.19 |
Delaware Small Cap Growth Fund | C | 484,411.67 |
Delaware Small Cap Value Fund | A | 8,967,675.27 |
Delaware Small Cap Value Fund | B | 826,429.50 |
Delaware Small Cap Value Fund | C | 1,916,299.16 |
Delaware Small Cap Value Fund | I | 460,530.57 |
M-3
| | |
Delaware Small Cap Value Fund | R | 603,477.76 |
Delaware Tax-Free Arizona Fund | A | 10,203,952.88 |
Delaware Tax-Free Arizona Fund | B | 588,318.73 |
Delaware Tax-Free Arizona Fund | C | 654,557.17 |
Delaware Tax-Free California Fund | A | 5,799,662.70 |
Delaware Tax-Free California Fund | B | 472,859.80 |
Delaware Tax-Free California Fund | C | 1,289,320.83 |
Delaware Tax-Free Colorado Fund | A | 21,197,643.71 |
Delaware Tax-Free Colorado Fund | B | 263,399.13 |
Delaware Tax-Free Colorado Fund | C | 1,050,445.66 |
Delaware Tax-Free Idaho Fund | A | 7,268,912.69 |
Delaware Tax-Free Idaho Fund | B | 292,637.86 |
Delaware Tax-Free Idaho Fund | C | 1,436,225.92 |
Delaware Tax-Free Minnesota Fund | A | 46,448,175.64 |
Delaware Tax-Free Minnesota Fund | B | 788,675.50 |
Delaware Tax-Free Minnesota Fund | C | 2,745,470.03 |
Delaware Tax-Free Minnesota Intermediate Fund | A | 6,938,349.18 |
Delaware Tax-Free Minnesota Intermediate Fund | B | 29,185.30 |
Delaware Tax-Free Minnesota Intermediate Fund | C | 987,735.57 |
Delaware Tax-Free Money Fund | A | 12,469,760.07 |
Delaware Tax-Free Money Fund | CC | 558,180.71 |
Delaware Tax-Free New York Fund | A | 2,122,756.76 |
Delaware Tax-Free New York Fund | B | 99,781.27 |
Delaware Tax-Free New York Fund | C | 517,334.96 |
Delaware Tax-Free Pennsylvania Fund | A | 63,182,671.89 |
Delaware Tax-Free Pennsylvania Fund | B | 681,507.22 |
Delaware Tax-Free Pennsylvania Fund | C | 1,642,484.51 |
Delaware Tax-Free USA Fund | A | 49,516,664.15 |
Delaware Tax-Free USA Fund | B | 757,392.82 |
Delaware Tax-Free USA Fund | C | 1,855,403.30 |
Delaware Tax-Free USA Fund | I | 104.593 |
Delaware Tax-Free USA Intermediate Fund | A | 39,157,223.47 |
Delaware Tax-Free USA Intermediate Fund | B | 76,500.53 |
Delaware Tax-Free USA Intermediate Fund | C | 3,439,848.28 |
Delaware Tax-Free USA Intermediate Fund | I | 96.512 |
Delaware Trend Fund | A | 22,941,115.49 |
Delaware Trend Fund | B | 1,803,600.98 |
Delaware Trend Fund | C | 3,258,227.52 |
Delaware Trend Fund | I | 1,850,379.41 |
Delaware Trend Fund | R | 187,363.74 |
Delaware U.S. Growth Fund | A | 11,918,929.41 |
Delaware U.S. Growth Fund | B | 644,208.92 |
Delaware U.S. Growth Fund | C | 1,311,758.06 |
Delaware U.S. Growth Fund | I | 38,881,699.89 |
M-4
| | |
Delaware U.S. Growth Fund | R | 303,428.38 |
Delaware Value Fund | B | 378,120.36 |
Delaware Value Fund | C | 2,839,247.86 |
Delaware Value Fund | I | 7,570,791.16 |
Delaware Value Fund | R | 211,514.86 |
M-5
APPENDIX N — 1% SHARE OWNERSHIP
As of July 31, 2009, the officers and Trustees of the Trusts, as a group, owned 1% or more of the outstanding voting shares of the following Funds and classes:
| | |
Fund | Class | Percentage |
Delaware Large Cap Value Fund | Institutional Class | 5.64% |
Delaware Trend®Fund | Institutional Class | 1.58% |
Delaware Growth Opportunities Fund | Institutional Class | 2.25% |
Delaware Small Cap Value Fund | Institutional Class | 8.79% |
Delaware Moderate Allocation Portfolio5 | Institutional Class | 2.56% |
Delaware Aggressive Allocation Portfolio6 | Institutional Class | 2.13% |
Delaware Emerging Markets Fund | Institutional Class | 1.33% |
Delaware Core Plus Bond Fund | Institutional Class | 8.84% |
Delaware Limited-Term Diversified Income Fund | Institutional Class | 2.63% |
Delaware Select Growth Fund | Class A | 1.20% |
Delaware Select Growth Fund | Institutional Class | 1.10% |
Delaware Tax-Free Money Fund | Class A | 1.39% |
Delaware Healthcare Fund | Class A | 86.24% |
Delaware Focus Global Growth Fund | Institutional Class | 99.99% |
5 | On October 21, 2009, the name will be changed to Delaware Foundation Moderate Allocation Fund. |
6 | On October 21, 2009, the name will be changed to Delaware Foundation Aggressive Allocation Fund. |
N-1
APPENDIX O — 5% SHARE OWNERSHIP
The following table shows, as of July 31, 2009, the accounts of each class of each Fund that own 5% or more of such class.
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Aggressive | A | MLPF&S FOR THE SOLE | 433,735.130 | 12.65% |
| Allocation Portfolio | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Aggressive | A | PIMS/PRUDENTIAL RETIREMENT AS | 985,508.511 | 28.73% |
| Allocation Portfolio | | NOMINEE FOR THE TTEE/CUST PL | | |
| | | HOAG SHELTERED SAVS PLAN | | |
| | | 1 HOAG DR | | |
| | | NEWPORT BEACH CA 92663-4162 | | |
| |
| Delaware Aggressive | C | MLPF&S FOR THE SOLE | 49,567.034 | 8.58% |
| Allocation Portfolio | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Aggressive | I | C/O MUTUAL FUNDS | 164,199.066 | 11.97% |
| Allocation Portfolio | | WILMINGTON TRUST CO TTEE | | |
| FBO DELAWARE MGMT HOLDINGS |
| | | INC | | |
| | | EMP 401K ACCOUNT | | |
| | | PO BOX 8880 | | |
| | | WILMINGTON DE 19899-8880 | | |
| Delaware Aggressive | I | C/O MUTUAL FUNDS | 190,469.430 | 13.89% |
| Allocation Portfolio | | WILMINGTON TRUST CO TTEE | | |
| | | FBO LINCOLN NTL LIFE INS CO | | |
| | | AGT SVGS PL | | |
| | | PO BOX 8880 | | |
| | | WILMINGTON DE 19899-8880 | | |
| Delaware Aggressive | I | C/O MUTUAL FUNDS | 954,399.024 | 69.58% |
| Allocation Portfolio | | WILMINGTON TRUST CO TTEE | | |
| | | FBO LINCOLN NATL CORP | | |
| | | EMP SVGS & RET PL | | |
| | | PO BOX 8880 | | |
| | | WILMINGTON DE 19899-8880 | | |
| Delaware Aggressive | R | KIMBERLY CLARK | 11,697.464 | 5.43% |
| Allocation Portfolio | | FBO C U LEASING CORP | | |
| | | 401K PSP & TRUST | | |
| | | 3570 CAMINO DEL RIO N #300 | | |
| | | SAN DIEGO CA 92108-1747 | | |
| Delaware Aggressive | R | MLPF&S FOR THE SOLE | 163,339.414 | 75.84% |
| Allocation Portfolio | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
O-1
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware American | A | MLPF&S FOR THE SOLE | 455,360.539 | 5.41% |
| Services Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware American | C | CITIGROUP GLOBAL | 377,347.679 | 10.85% |
| Services Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware American | C | MLPF&S FOR THE SOLE | 617,630.193 | 17.76% |
| Services Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware American | I | PRUDENTIAL INVESTMENT MGMT | 52,779.705 | 5.58% |
| Services Fund | | SVC | | |
| | | FBO MUTUAL FUND CLIENTS | | |
| | | MAIL STOP NJ 05-11-20 | | |
| | | 3 GATEWAY CTR FL 11 | | |
| | | 100 MULBERRY ST | | |
| | | NEWARK NJ 07102 | | |
| Delaware American | I | COUNSEL TRUST DBA MATC | 54,643.058 | 5.77% |
| Services Fund | | FBO KETCHUM WOOD & BURGERT | | |
| | | CHARTERED PSP | | |
| | | 1251 WATERFRONT PL STE 525 | | |
| | | PITTSBURGH PA 15222-4228 | | |
| Delaware American | I | ICMA-RC SERVICES LLC | 739,042.996 | 78.08% |
| Services Fund | | 777 N CAPITOL ST NE | | |
| | | WASHINGTON DC 20002-4239 | | |
| Delaware American | R | GPC SECURITIES INC AGENT FOR | 15,786.007 | 6.50% |
| Services Fund | | RELIANCE TRUST CO | | |
| | | FBO PREMIER COOPERATIVE | | |
| | | PO BOX 79377 | | |
| | | ATLANTA GA 30357-7377 | | |
| Delaware American | R | COUNSEL TRUST | 17,715.154 | 7.29% |
| Services Fund | | FBO JENNINGS REALTY, INC. | | |
| | | EMPLOYEES PSP | | |
| | | 1251 WATERFRONT PL STE 525 | | |
| | | PITTSBURGH PA 15222-4228 | | |
| Delaware American | R | STATE STREET BANK & | 55,526.147 | 22.85% |
| Services Fund | | TRUST CO | | |
| | | FBO VARIOUS SYMETRA | | |
| | | RETIREMENT PLANS | | |
| | | PO BOX 12770 | | |
| | | OVERLAND PARK KS 66282-2770 | | |
| Delaware Cash Reserve | A | DELAWARE MANAGEMENT | 63,529,356.600 | 15.14% |
| Fund | | BUSINESS TRUST - DMC | | |
| | | ATTN RICK SALUS | | |
| | | 2005 MARKET ST FL 9 | | |
| | | PHILADELPHIA PA 19103-7007 | | |
O-2
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Cash Reserve | B | CITIGROUP GLOBAL | 432,686.848 | 5.61% |
| Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Cash Reserve | C | CITIGROUP GLOBAL | 930,597.680 | 7.20% |
| Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Cash Reserve | CC | MCB TRUST SERVICES TTEE | 693,747.960 | 5.26% |
| Fund | | FBO VISITING NURSE | | |
| | | SERVICE P/S | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Cash Reserve | CC | MCB TRUST SERVICES TRUSTEE | 734,256.520 | 5.56% |
| Fund | | FBO ECOLOGY CONTROL INDSTRS | | |
| | | 401(K) | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Cash Reserve | CC | MCB TRUST SERVICES TTEE | 795,677.170 | 6.03% |
| Fund | | FBO SAGELINK CREDIT UNION | | |
| | | 401(K) PLAN | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Cash Reserve | CC | MCB TRUST SERVICES TTEE | 979,059.910 | 7.42% |
| Fund | | FBO TRIDENT ANESTHESIA 401(K) | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| |
| Delaware Conservative | A | MLPF&S FOR THE SOLE | 247,401.940 | 5.73% |
| Allocation Portfolio | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Conservative | A | PIMS/PRUDENTIAL RETIREMENT AS | 2,992,055.268 | 69.29% |
| Allocation Portfolio | | NOMINEE FOR THE TTEE/CUST PL | | |
| | | 006 | | |
| | | HOAG SHELTERED SAVS PLAN | | |
| | | 1 HOAG DR | | |
| | | NEWPORT BEACH CA 92663-4162 | | |
| Delaware Conservative | B | JUNIE L KELTON & | 4,767.351 | 6.34% |
| Allocation Portfolio | | JOYCE A WENDLANDT & | | |
| | | NOMA HENDERSON | | |
| | | STIGLER OK 74462 | | |
| Delaware Conservative | B | RAYMOND JAMES & ASSOC INC | 5,328.988 | 7.08% |
| Allocation Portfolio | | CUST FBO ANTHONY J | | |
| | | SARDO IRA | | |
| | | 3 ROSS WAY | | |
| | | WINDSOR LOCKS CT 06096-1267 | | |
O-3
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Conservative | B | MLPF&S FOR THE SOLE | 15,926.231 | 21.17% |
| Allocation Portfolio | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Conservative | C | MLPF&S FOR THE SOLE | 119,773.952 | 34.53% |
| Allocation Portfolio | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Conservative | I | C/O MUTUAL FUNDS | 95,134.913 | 9.52% |
| Allocation Portfolio | | WILMINGTON TRUST CO TTEE | | |
| FBO DELAWARE MGMT HOLDINGS |
| | | INC 401K PL | | |
| | | PO BOX 8880 | | |
| | | WILMINGTON DE 19899-8880 | | |
| Delaware Conservative | I | C/O MUTUAL FUNDS | 110,968.514 | 11.11% |
| Allocation Portfolio | | WILMINGTON TRUST CO TTEE | | |
| | | FBO LINCOLN NTL LIFE INS CO | | |
| | | AGT SVGS PL | | |
| | | PO BOX 8880 | | |
| | | WILMINGTON DE 19899-8880 | | |
| Delaware Conservative | I | C/O MUTUAL FUNDS | 754,578.708 | 75.53% |
| Allocation Portfolio | | WILMINGTON TRUST CO TTEE | | |
| | | FBO LINCOLN NATL CORP | | |
| | | EMP SVGS & RET PL | | |
| | | PO BOX 8880 | | |
| | | WILMINGTON DE 19899-8880 | | |
| Delaware Conservative | R | MG TRUST CO TRUSTEE | 4,679.186 | 5.08% |
| Allocation Portfolio | | UNITED COMMUNITY BANK | | |
| | | 401K PS PLAN | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Conservative | R | MG TRUST CO | 10,211.566 | 11.09% |
| Allocation Portfolio | | CUST FBO JOHN | | |
| | | CIPOLLONE INC | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Conservative | R | MLPF&S FOR THE SOLE | 71,667.126 | 77.85% |
| Allocation Portfolio | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Core Plus Bond | A | MLPF&S FOR THE SOLE | 518,249.367 | 6.11% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2NDFL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Core Plus Bond | B | MLPF&S FOR THE SOLE | 71,046.733 | 12.01% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
O-4
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Core Plus Bond | C | CITIGROUP GLOBAL | 44,617.313 | 5.85% |
| Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Core Plus Bond | C | MLPF&S FOR THE SOLE | 165,360.232 | 21.67% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Core Plus Bond | I | BOSCIA FAMILY FOUNDATION | 23,859.147 | 5.77% |
| Fund | | 951 IDLEWILD RD | | |
| | | GLADWYNE PA 19035-1437 | | |
| Delaware Core Plus Bond | I | CITY OF DASSEL | 36,698.556 | 8.88% |
| Fund | | GENERAL ACCOUNT | | |
| | | ATTN MARY ANN DANIELSON | | |
| | | PO BOX 391 | | |
| | | DASSEL MN 55325-0391 | | |
| Delaware Core Plus Bond | I | MCB TRUST SERVICES | 38,557.197 | 9.33% |
| Fund | | CUST FBO SOUTHWEST GRAPHICS, | | |
| | | P/S 401(K) | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Core Plus Bond | I | RS DMC EMPLOYEE MPP PLAN | 279,147.561 | 67.54% |
| Fund | | DELAWARE MANAGEMENT CO | | |
| | | EMPLOYEE MONEY PURCHASE | | |
| | | PENSION | | |
| | | C/O RICK SEIDEL | | |
| | | 2005 MARKET ST | | |
| | | PHILADELPHIA PA 19103-7042 | | |
| Delaware Core Plus Bond | R | MLPF&S FOR THE SOLE | 30,626.201 | 88.97% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Corporate Bond | A | MLPF&S FOR THE SOLE | 26,365,039.125 | 33.70% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Corporate Bond | B | MLPF&S FOR THE SOLE | 172,509.480 | 7.82% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Corporate Bond | C | CITIGROUP GLOBAL | 1,923,038.412 | 9.09% |
| Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
O-5
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Corporate Bond | C | MLPF&S FOR THE SOLE | 10,883,754.182 | 51.47% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Corporate Bond | R | LINCOLN NATIONAL LIFE | 116,064.933 | 5.70% |
| Fund | | INS COMPANY | | |
| | | 1300 S CLINTON ST | | |
| | | FORT WAYNE IN 46802-3506 | | |
| Delaware Corporate Bond | R | FRONTIER TRUST CO | 126,825.921 | 6.23% |
| Fund | | FBO OMNIBUS-VARIOUS | | |
| | | RETIREMENT PLANS | | |
| | | PO BOX 10758 | | |
| | | FARGO ND 58106-0758 | | |
| Delaware Corporate Bond | R | STATE STREET BANK & | 341,907.431 | 16.80% |
| Fund | | TRUST CO | | |
| | | FBO VARIOUS SYMETRA | | |
| | | RETIREMENT PLANS | | |
| | | PO BOX 12770 | | |
| | | OVERLAND PARK KS 66282-2770 | | |
| Delaware Corporate Bond | R | MLPF&S FOR THE SOLE | 671,816.598 | 33.01% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Diversified | A | MLPF&S FOR THE SOLE | 58,186,086.749 | 16.89% |
| Income Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Diversified | B | MLPF&S FOR THE SOLE | 638,853.308 | 11.26% |
| Income Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Diversified | C | CITIGROUP GLOBAL | 11,130,630.122 | 9.47% |
| Income Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Diversified | C | MLPF&S FOR THE SOLE | 45,512,999.943 | 38.74% |
| Income Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Diversified | I | CHARLES SCHWAB & CO INC | 1,883,727.633 | 12.32% |
| Income Fund | | SPECIAL CUSTODY ACCT | | |
| | | FBO CUSTOMERS | | |
| | | ATTN MUTUAL FUNDS | | |
| | | 101 MONTGOMERY ST | | |
| | | SAN FRANCISCO CA 94104-4151 | | |
O-6
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Diversified | I | THE NORTHERN TRUST COMPANY | 2,039,593.431 | 13.34% |
| Income Fund | | TTEE | | |
| | | CIBA SPECIALTY CHEMICALS | | |
| | | 401K DV PLAN | | |
| | | PO BOX 92994 | | |
| | | CHICAGO IL 60675-0001 | | |
| Delaware Diversified | I | ATTN TRUST OPS | 2,506,840.650 | 16.39% |
| Income Fund | | MIDTRUSCO | | |
| | | 5901 COLLEGE BLVD STE 100 | | |
| | | OVERLAND PARK KS 66211-1834 | | |
| Delaware Diversified | R | MLPF&S FOR THE SOLE | 6,532,468.517 | 48.64% |
| Income Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Dividend | A | CITIGROUP GLOBAL | 1,537,351.944 | 6.63% |
| Income Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Dividend | A | MLPF&S FOR THE SOLE | 2,180,501.697 | 9.40% |
| Income Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Dividend | B | CITIGROUP GLOBAL | 294,850.174 | 7.40% |
| Income Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Dividend | B | MLPF&S FOR THE SOLE | 787,123.973 | 19.76% |
| Income Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Dividend | C | CITIGROUP GLOBAL | 2,510,401.261 | 14.01% |
| Income Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Dividend | C | MLPF&S FOR THE SOLE | 5,801,767.165 | 32.38% |
| Income Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Dividend | I | COUNSEL TRUST DBA MATC FBO | 34,749.740 | 11.17% |
| Income Fund | | TTI INC 401K PSP | | |
| | | 1251 WATERFRONT PL STE 525 | | |
| | | PITTSBURGH PA 15222-4228 | | |
O-7
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Dividend | I | GPC SECURITIES INC AGENT FOR | 174,653.729 | 56.13% |
| Income Fund | | RELIANCE TRUST CO | | |
| | | FBO GOODMAN & CO LLP | | |
| | | 401K P/S PLAN | | |
| | | PO BOX 79377 | | |
| | | ATLANTA GA 30357-7377 | | |
| Delaware Dividend | R | GPC SECURITIES INC AGENT FOR | 16,809.557 | 5.40% |
| Income Fund | | RELIANCE TRUST CO | | |
| | FBO ANIMAS SURGICAL HOSPITAL, | | |
| | | LLC 401K | | |
| | | PO BOX 79377 | �� | |
| | | ATLANTA GA 30357-7377 | | |
| Delaware Dividend | R | ING | 21,445.035 | 6.89% |
| Income Fund | | ENHANCED K-CHOICE | | |
| | | TRUSTEE: RELIANCE TRUST CO | | |
| | | 400 ATRIUM DRIVE | | |
| | | SOMERSET NJ 08873 | | |
| Delaware Dividend | R | GPC SECURITIES INC AGENT FOR | 22,988.381 | 7.39% |
| Income Fund | | RELIANCE TRUST CO | | |
| | FBO FERTILITY & GYNECOLOGY | | |
| | | 401(K) PLAN | | |
| | | PO BOX 79377 | | |
| | | ATLANTA GA 30357-7377 | | |
| Delaware Dividend | R | GPC SECURITIES INC AGENT FOR | 33,004.570 | 10.61% |
| Income Fund | | RELIANCE TRUST CO | | |
| | FBO WEST HILLS DEVELOPMENT | | |
| | | CO 401K PLAN | | |
| | | PO BOX 79377 | | |
| | | ATLANTA GA 30357-7377 | | |
| Delaware Dividend | R | GPC SECURITIES INC AGENT FOR | 35,001.670 | 11.25% |
| Income Fund | | RELIANCE TRUST CO | | |
| | FBO BOGHT VETERINARY CLINIC | | |
| | | 401K | | |
| | | PO BOX 79377 | | |
| | | ATLANTA GA 30357-7377 | | |
| |
| Delaware Dividend | R | GPC AS AGENT FOR | 37,244.780 | 11.97% |
| Income Fund | | RELIANCE TRUST COMPANY | | |
| | | FBO FRUIT CENTER INC | | |
| | | PSP PLAN | | |
| | | PO BOX 79377 | | |
| | | ATLANTA GA 30357-7377 | | |
| Delaware Dividend | R | MLPF&S FOR THE SOLE | 41,346.499 | 13.29% |
| Income Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Emerging | A | CITIGROUP GLOBAL | 1,959,107.478 | 7.08% |
| Markets Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
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| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Emerging | A | MLPF&S FOR THE SOLE | 4,544,610.153 | 16.42% |
| Markets Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Emerging | B | CITIGROUP GLOBAL | 158,963.904 | 9.27% |
| Markets Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Emerging | B | MLPF&S FOR THE SOLE | 218,906.047 | 12.76% |
| Markets Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Emerging | C | CITIGROUP GLOBAL | 2,398,958.695 | 20.99% |
| Markets Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Emerging | C | MLPF&S FOR THE SOLE | 3,166,315.306 | 27.70% |
| Markets Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Emerging | I | DINGLE & CO | 513,228.000 | 6.01% |
| Markets Fund | | C/O COMERICA BANK | | |
| | | PO BOX 75000 | | |
| | | DETROIT MI 48275-0001 | | |
| Delaware Emerging | I | ATTN DC PLAN ADMIN MS N6G | 660,115.934 | 7.73% |
| Markets Fund | | MERCER TRUST COMPANY | | |
| | | FBO CLARIANT INVMNT PLAN | | |
| | | 1 INVESTORS WAY | | |
| | | NORWOOD MA 02062-1599 | | |
| Delaware Emerging | I | JP MORGAN CHASE BANK TTEE | 679,648.757 | 7.96% |
| Markets Fund | | FBO VIASAT INC | | |
| | | 401K PROFIT SHARING PLAN | | |
| | | C/O JPMORGAN RPS 5500 TEAM | | |
| | | 9300 WARD PKWY | | |
| | | KANSAS CITY MO 64114-3317 | | |
| Delaware Emerging | I | STRAFE & CO | 756,144.531 | 8.86% |
| Markets Fund | | FBO E L & THELMA GAYLORD | | |
| | | FOUNDA | | |
| | | PO BOX 160 | | |
| | | WESTERVILLE OH 43086-0160 | | |
| Delaware Emerging | I | RS DMC EMPLOYEE MPP PLAN | 796,016.037 | 9.32% |
| Markets Fund | | DELAWARE MANAGEMENT CO | | |
| | | EMPLOYMENT P/S TRUST | | |
| | | C/O RICK SEIDEL | | |
| | | 2005 MARKET ST | | |
| | | PHILADELPHIA PA 19103-7042 | | |
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| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Emerging | I | NFS LLC | 1,146,232.048 | 13.42% |
| Markets Fund | | FEBO FIDUCIARY TRUST CO | | |
| | | PO BOX 55806 | | |
| | | BOSTON MA 02205-5806 | | |
| Delaware Emerging | I | CHARLES SCHWAB & CO INC | 1,190,100.051 | 13.94% |
| Markets Fund | | SPECIAL CUSTODY ACCT | | |
| | | FBO CUSTOMERS | | |
| | | ATTN MUTUAL FUNDS | | |
| | | 101 MONTGOMERY ST | | |
| | | SAN FRANCISCO CA 94104-4151 | | |
| Delaware Extended | A | MLPF&S FOR THE SOLE | 2,265,367.372 | 6.95% |
| Duration Bond Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Extended | A | MASSACHUSETTS MUTUAL LIFE | 5,003,802.168 | 15.36% |
| Duration Bond Fund | | INS CO | | |
| | | 1295 STATE ST MIP C105 | | |
| | | SPRINGFIELD MA 01111-0001 | | |
| Delaware Extended | B | CITIGROUP GLOBAL | 59,455.509 | 8.27% |
| Duration Bond Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Extended | B | MLPF&S FOR THE SOLE | 119,915.846 | 16.69% |
| Duration Bond Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Extended | C | CITIGROUP GLOBAL | 203,261.601 | 6.03% |
| Duration Bond Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Extended | C | MLPF&S FOR THE SOLE | 1,078,101.764 | 31.97% |
| Duration Bond Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Extended | I | STATE STREET BANK & | 2,265,201.014 | 31.29% |
| Duration Bond Fund | | TRUST CO TTEE | | |
| | | INTERCONTINENTAL HOTELS | | |
| | | MASTER TR | | |
| | | ATTN STEVE CHILES KC 1/5 | | |
| | | 801 PENNSYLVANIA AVE | | |
| | | KANSAS CITY MO 64105-1307 | | |
| Delaware Extended | R | ING | 16,197.838 | 14.37% |
| Duration Bond Fund | | ENHANCED K-CHOICE | | |
| | | TRUSTEE: RELIANCE TRUST CO | | |
| | | 400 ATRIUM DRIVE | | |
| | | SOMERSET NJ 08873 | | |
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| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Extended | R | FIRST CLEARING CORP | 37,455.899 | 33.24% |
| Duration Bond Fund | | FBO COMPETITION CAMS PSP | | |
| | | RONALD L COLEMAN TTEE | | |
| | | FBO COMPETITION CAMS | | |
| | | 3408 DEMOCRAT RD | | |
| | | MEMPHIS TN 38118 | | |
| Delaware Extended | R | MASSACHUSETTS MUTUAL LIFE | 48,330.140 | 42.89% |
| Duration Bond Fund | | INS CO | | |
| | | 1295 STATE ST - MIP C105 | | |
| | | SPRINGFIELD MA 01111-0001 | | |
| Delaware Focus Global | A | GREGORY MARK HEYWOOD & | 14,117.647 | 7.17% |
| Growth Fund | | KRISTEN PEN-FONG KWAN | | |
| | | OAKLAND CA 94618 | | |
| Delaware Focus Global | A | PATRICK G FORTIER & | 29,178.173 | 14.83% |
| Growth Fund | | ANNEMARIE S FORTIER | | |
| | | SAN FRANCISCO CA 94118 | | |
| Delaware Focus Global | A | CHRISTOPHER BONAVICO | 29,411.765 | 14.95% |
| Growth Fund | | SAN FRANCISCO CA 94126 | | |
| Delaware Focus Global | A | KENNETH F BROAD & JACLYN | 29,411.764 | 14.95% |
| Growth Fund | | JAFARIAN BROAD JT WROS | | |
| | | MILL VALLEY CA 94941 | | |
| Delaware Focus Global | A | DANIEL J PRISLIN & | 29,411.765 | 14.95% |
| Growth Fund | | JOELLE M PRISLIN TTEES | | |
| | | DANIEL AND JOELLE PRISLIN | | |
| | | FAMILY TR | | |
| | | ALAMEDA CA 94502 | | |
| Delaware Focus Global | A | VAN HARTE-SMITH FAMILY | 57,012.543 | 28.97% |
| Growth Fund | | REVOCABLE TRUST | | |
| | | 70 CLUB DR | | |
| | | SAN CARLOS CA 94070-1647 | | |
| Delaware Focus Global | I | DMH CORP | 235,294.118 | 100.00% |
| Growth Fund | | ATTN RICK SALUS | | |
| | | 2005 MARKET ST FL 9 | | |
| | | PHILADELPHIA PA 19103-7007 | | |
| Delaware Global Real | A | JAMES C MORROW | 179.211 | 98.32% |
| Estate Securities Fund | | CONSHOHOCKEN PA 19428 | | |
| Delaware Global Real | I | DMH CORP | 359,840.833 | 100.00% |
| Estate Securities Fund | | ATTN RICK SALUS | | |
| | | 2005 MARKET ST FL 9 | | |
| | | PHILADELPHIA PA 19103-7007 | | |
| Delaware Global Value | A | MLPF&S FOR THE SOLE | 205,034.243 | 6.24% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Global Value | B | MLPF&S FOR THE SOLE | 46,491.289 | 8.01% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
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| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Global Value | C | MLPF&S FOR THE SOLE | 303,628.872 | 19.15% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Growth | A | MLPF&S FOR THE SOLE | 1,113,699.355 | 7.46% |
| Opportunities Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Growth | C | MLPF&S FOR THE SOLE | 57,253.143 | 13.01% |
| Opportunities Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Growth | I | MCB TRUST SERVICES TTEE | 21,696.071 | 8.55% |
| Opportunities Fund | | FBO WOOLDRIDGE HEATING & AIR | | |
| | | 401K | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Growth | I | MCB TRUST SERVICES | 38,052.554 | 14.99% |
| Opportunities Fund | | CUST FBO GRTR PHILA CHAMBER | | |
| | | OF COM 401K | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Growth | I | RS DMC EMPLOYEE MPP PLAN | 171,679.544 | 67.64% |
| Opportunities Fund | | DELAWARE MANAGEMENT CO | | |
| | | EMPLOYEE MONEY PURCHASE | | |
| | | PENSION | | |
| | | C/O RICK SEIDEL | | |
| | | 2005 MARKET ST | | |
| | | PHILADELPHIA PA 19103-7042 | | |
| Delaware Growth | R | RELIANCE TRUST COMPANY CUST | 4,222.383 | 7.98% |
| Opportunities Fund | | FBO YERBA BUENA CENTER FOR | | |
| | | THE ARTS403B ANNUITY | | |
| | | MATCHING PLAN PO BOX 48529 | | |
| | | ATLANTA GA 30362-1529 | | |
| Delaware Growth | R | MG TRUSTCO TRUSTEE | 4,748.503 | 8.97% |
| Opportunities Fund | | STUDIOCOM | | |
| | | 401K PS PL | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Growth | R | FRONTIER TRUST CO | 6,753.171 | 12.76% |
| Opportunities Fund | | FBO HIGHLAND ENGINEERING INC | | |
| | | SAFE HAR | | |
| | | PO BOX 10758 | | |
| | | FARGO ND 58106-0758 | | |
| Delaware Growth | R | MG TRUST COMPANY | 13,579.396 | 25.66% |
| Opportunities Fund | | CUST. FBO ADVANCED FUEL | | |
| | | RESEARCH, INC | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
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| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Growth | R | MLPF&S FOR THE SOLE | 20,498.368 | 38.74% |
| Opportunities Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Healthcare | A | DONALD G PADILLA | 6,311.360 | 5.22% |
| Fund | | PHILADELPHIA PA 19103 | | |
| Delaware Healthcare | A | MICHAEL S TUNG | 13,193.980 | 10.92% |
| Fund | | PHILADELPHIA PA 19103 | | |
| Delaware Healthcare | A | KATHY K WANG & ROBERT T | 13,760.414 | 11.39% |
| Fund | | WANG JT WROS | | |
| | | LYNNFIELD MA 01940 | | |
| Delaware Healthcare | A | LIU-ER CHEN & | 80,536.820 | 66.67% |
| Fund | | DAWN DING JT WROS | | |
| | | NEEDHAM MA 02494 | | |
| Delaware Healthcare | I | DMH CORP | 256,106.019 | 100.00% |
| Fund | | ATTN RICK SALUS | | |
| | | 2005 MARKET ST FL 9 | | |
| | | PHILADELPHIA PA 19103-7007 | | |
| Delaware High-Yield | A | GENWORTH FINANCIAL | 8,643,492.819 | 13.67% |
| Opportunities Fund | | TRUST CO | | |
| FBO GENWORTH FINANCIAL ASSET |
| | | MGMT | | |
| | | FBO THEIR MUTUAL CLIENTS | | |
| | | 3200 N CENTRAL AVE FL 7 | | |
| | | PHOENIX AZ 85012-2468 | | |
| Delaware High-Yield | B | MLPF&S FOR THE SOLE | 179,582.292 | 5.29% |
| Opportunities Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware High-Yield | B | CITIGROUP GLOBAL | 276,728.365 | 8.15% |
| Opportunities Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware High-Yield | C | CITIGROUP GLOBAL | 875,594.909 | 10.11% |
| Opportunities Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware High-Yield | C | MLPF&S FOR THE SOLE | 1,104,702.018 | 12.75% |
| Opportunities Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware High-Yield | I | ICMA-RC SERVICES LLC | 849,890.857 | 5.08% |
| Opportunities Fund | | 777 N CAPITOL ST NE | | |
| | | WASHINGTON DC 20002-4239 | | |
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| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware High-Yield | I | RS DMC EMPLOYEE MPP PLAN | 869,258.717 | 5.19% |
| Opportunities Fund | | DELAWARE MANAGEMENT CO MPP | | |
| | | TRUST | | |
| | | C/O RICK SEIDEL | | |
| | | 2005 MARKET ST | | |
| | | PHILADELPHIA PA 19103-7042 | | |
| Delaware High-Yield | I | PRUDENTIAL INVESTMENT MGMT | 1,077,334.581 | 6.44% |
| Opportunities Fund | | SVC FBO MUTUAL | | |
| | | FUND CLIENTS | | |
| | | MAIL STOP NJ 05-11-20 | | |
| | | 3 GATEWAY CTR FL 11 | | |
| | | 100 MULBERRY ST | | |
| | | NEWARK NJ 07102 | | |
| Delaware High-Yield | I | SEI PRIVATE TRUST CO | 2,076,598.106 | 12.40% |
| Opportunities Fund | | FBO HALE & DORR LLP | | |
| | | ONE FREEDOM VALLEY DRIVE | | |
| | | OAKS PA 19456-9989 | | |
| Delaware High-Yield | I | NFS LLC | 2,515,675.488 | 15.03% |
| Opportunities Fund | | FEBO COUNTRY TRUST | | |
| | | PO BOX 2020 | | |
| | | BLOOMINGTON IL 61702-2020 | | |
| Delaware High-Yield | R | STATE STREET BANK & | 226,658.134 | 5.57% |
| Opportunities Fund | | TRUST CO | | |
| | | FBO VARIOUS SYMETRA | | |
| | | RETIREMENT PLANS | | |
| | | PO BOX 12770 | | |
| | | OVERLAND PARK KS 66282-2770 | | |
| Delaware High-Yield | R | MLPF&S FOR THE SOLE | 594,065.249 | 14.59% |
| Opportunities Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware High-Yield | R | ING | 630,617.353 | 15.49% |
| Opportunities Fund | | ENHANCED K-CHOICE | | |
| | | TRUSTEE: RELIANCE TRUST CO | | |
| | | 400 ATRIUM DRIVE | | |
| | | SOMERSET NJ 08873 | | |
| Delaware Inflation | A | MLPF&S FOR THE SOLE | 1,472,594.793 | 18.52% |
| Protected Bond Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Inflation | B | PTC | 16,953.025 | 8.32% |
| Protected Bond Fund | | CUST SEP IRA | | |
| | | FBO WILL L SKINNER | | |
| | | 11707 LEANING PINE DR | | |
| | | HOUSTON TX 77070-2517 | | |
| Delaware Inflation | B | MLPF&S FOR THE SOLE | 19,067.541 | 9.35% |
| Protected Bond Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
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| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Inflation | C | MLPF&S FOR THE SOLE | 803,418.927 | 21.77% |
| Protected Bond Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Inflation | I | CONSERVATIVE PROFILE FUND OF | 1,483,730.487 | 15.79% |
| Protected Bond Fund | | LINCOLN VIP TRUST | | |
| | | 1300 SOUTH CLINTON STREET | | |
| | | MAIL-STOP 2H17 | | |
| | | FORT WAYNE IN 46802-3506 | | |
| Delaware Inflation | I | MODERATELY AGGRESSIVE | 2,117,866.162 | 22.55% |
| Protected Bond Fund | | PROFILE FUND | | |
| | | OF LINCOLN VIP TRUST | | |
| | | 1300 S CLINTON ST | | |
| | | FORT WAYNE IN 46802-3506 | | |
| Delaware Inflation | I | MODERATE PROFILE FUND | 4,270,970.454 | 45.47% |
| Protected Bond Fund | | OF LINCOLN VIP TRUST | | |
| | | 1300 SOUTH CLINTON STREET | | |
| | | MAIL STOP 2H17 | | |
| | | FORT WAYNE IN 46802-3506 | | |
| Delaware International | A | PRUDENTIAL INVESTMENT MGMT | 1,577,439.139 | 8.78% |
| Value Equity Fund | | SVC | | |
| | | FBO MUTUAL FUND CLIENTS | | |
| | | MAIL STOP NJ 05-11-20 | | |
| | | 3 GATEWAY CENTER FL 11 | | |
| | | 100 MULBERRY ST | | |
| | | NEWARK NJ 07102 | | |
| Delaware International | A | CITIGROUP GLOBAL | 1,838,253.233 | 10.24% |
| Value Equity Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware International | B | CITIGROUP GLOBAL | 138,430.875 | 12.81% |
| Value Equity Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware International | C | MLPF&S FOR THE SOLE | 364,428.230 | 6.88% |
| Value Equity Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware International | C | CITIGROUP GLOBAL | 1,931,259.495 | 36.46% |
| Value Equity Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware International | I | CITIGROUP GLOBAL | 11,541,747.620 | 82.42% |
| Value Equity Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
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| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware International | R | FRONTIER TRUST CO | 89,699.133 | 35.09% |
| Value Equity Fund | | FBO SINGLETON ASSOCIATES | | |
| | | 401K PLAN | | |
| | | PO BOX 10758 | | |
| | | FARGO ND 58106-0758 | | |
| Delaware International | R | MLPF&S FOR THE SOLE | 92,584.160 | 36.21% |
| Value Equity Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Large Cap Core | A | CRAIG P BROWN | 373.754 | 21.86% |
| Fund | | ARDMORE PA 19003 | | |
| Delaware Large Cap Core | A | BRUCE A GREEN | 1,165.346 | 68.17% |
| Fund | | AND LYNN H GREEN JT WROS | | |
| | | NASHVILLE TN 37221 | | |
| Delaware Large Cap Core | I | DMH CORP | 252,687.677 | 100.00% |
| Fund | | ATTN RICK SALUS | | |
| | | 2005 MARKET ST FL 9 | | |
| | | PHILADELPHIA PA 19103-7007 | | |
| Delaware Large Cap | C | MLPF&S FOR THE SOLE | 200,740.265 | 15.05% |
| Value Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Large Cap | I | MCB TRUST SERVICES TTEE | 117,540.405 | 5.27% |
| Value Fund | | FBO DEFENSE SUPPORT | | |
| | | SVS LLC RET PLAN | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Large Cap | I | MCB TRUST SERVICES TTEE | 134,279.043 | 6.01% |
| Value Fund | | FBO DAY & ZIMMERMANN | | |
| | | HAWTHORNE 401K PL | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Large Cap | I | RS DMC EMPLOYEE MPP PLAN | 550,221.767 | 24.65% |
| Value Fund | | DELAWARE MANAGEMENT CO | | |
| | | EMPLOYEE MONEY PURCHASE | | |
| | | PENSION C/O RICK SEIDEL | | |
| | | 2005 MARKET ST | | |
| | | PHILADELPHIA PA 19103-7042 | | |
| Delaware Large Cap | I | MCB TRUST SERVICES TTEE | 1,097,451.108 | 49.16% |
| Value Fund | | FBO DAY & ZIMMERMANN 401(K) | | |
| | | PLAN | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Large Cap | R | GPC AS AGENT FOR | 5,979.336 | 5.16% |
| Value Fund | | RELIANCE TRUST COMPANY | | |
| | FBO DAVID S WILLIAMS DMD PA | | |
| | | 401K PLAN | | |
| | | PO BOX 79377 | | |
| | | ATLANTA GA 30357-7377 | | |
O-16
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Large Cap | R | MG TRUST COMPANY TRUSTEE | 18,918.307 | 16.32% |
| Value Fund | | MEMORIAL & ST ELIZABETH HC | | |
| | | LLP | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Large Cap | R | GPC AS AGENT FOR | 20,329.284 | 17.54% |
| Value Fund | | RELIANCE TRUST COMPANY | | |
| | | FBO THERAPEUTIC RADIATION | | |
| | | ONCOLOGY 401K | | |
| | | PO BOX 79377 | | |
| | | ATLANTA GA 30357-7377 | | |
| Delaware Large Cap | R | MLPF&S FOR THE SOLE | 40,123.147 | 34.61% |
| Value Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Limited-Term | A | CITIGROUP GLOBAL | 4,298,135.109 | 7.70% |
| Diversified Income Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Limited-Term | A | MLPF&S FOR THE SOLE | 7,379,518.664 | 13.23% |
| Diversified Income Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Limited-Term | B | MLPF&S FOR THE SOLE | 61,076.009 | 15.18% |
| Diversified Income Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Limited-Term | C | CITIGROUP GLOBAL | 1,411,270.070 | 9.66% |
| Diversified Income Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Limited-Term | C | MLPF&S FOR THE SOLE | 5,087,712.746 | 34.84% |
| Diversified Income Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Limited-Term | I | RS DMC EMPLOYEE MPP PLAN | 309,926.611 | 17.05% |
| Diversified Income Fund | | DELAWARE MANAGEMENT CO | | |
| | | EMPLOYEE MONEY PURCHASE | | |
| | | PENSION | | |
| | | C/O RICK SEIDEL | | |
| | | 2005 MARKET ST | | |
| | | PHILADELPHIA PA 19103-7042 | | |
| Delaware Limited-Term | I | LINCOLN FINANCIAL GROUP | 461,369.380 | 25.39% |
| Diversified Income Fund | | FOUNDATION INC | | |
| | | 1300 S CLINTON ST | | |
| | | FORT WAYNE IN 46802-3506 | | |
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| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Limited-Term | I | LA84 FOUNDATION | 470,243.443 | 25.87% |
| Diversified Income Fund | | 2141 W ADAMS BLVD | | |
| | | LOS ANGELES CA 90018-2040 | | |
| Delaware Limited-Term | R | FIRST CLEARING LLC | 20,585.478 | 5.89% |
| Diversified Income Fund | | SUTTON ORTHOPAEDICS | | |
| | | PSP 401K | | |
| | | J CARL SUTTON TTEE | | |
| | | 3320 LOST VALLEY DR | | |
| | | JONESBORO GA 30236-4126 | | |
| Delaware Limited-Term | R | LINCOLN NATIONAL LIFE | 27,785.371 | 7.95% |
| Diversified Income Fund | | INS COMPANY | | |
| | | 1300 S CLINTON ST | | |
| | | FORT WAYNE IN 46802-3506 | | |
| Delaware Limited-Term | R | COUNSEL TRUST DBA MATC | 30,424.631 | 8.70% |
| Diversified Income Fund | | FBO MILAN SUPPLY CO PSP | | |
| | | 1251 WATERFRONT PL STE 525 | | |
| | | PITTSBURGH PA 15222-4228 | | |
| Delaware Limited-Term | R | MLPF&S FOR THE SOLE | 151,766.439 | 43.40% |
| Diversified Income Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Mid Cap Value | A | DMTC TTEE | 1,626.353 | 5.07% |
| | | PERSONAL(K) PL | | |
| | | JAMES SCHIEFER | | |
| | | CONSULTING INC | | |
| | | FBO JAMES SCHIEFER | | |
| | | 3850 ALDER WOODS CT | | |
| | | FAIRFAX VA 22033-2441 | | |
| Delaware Mid Cap Value | A | CLAIRE L DENENBERG TTEE | 1,629.991 | 5.08% |
| | | CLAIRE L DENENBERG | | |
| | | REV LIV TR | | |
| | | C/O LYNNE WARREN | | |
| | | 8754 VIA ANCHO RD | | |
| | | BOCA RATON FL 33433 | | |
| Delaware Mid Cap Value | A | IRA FBO PAUL L FIDEL | 1,664.145 | 5.19% |
| | | PERSHING LLC | | |
| | | CUST ROLLOVER ACCOUNT | | |
| | | 140 B N SPRING VALLEY RD | | |
| | | MCMURRAY PA 15317-2820 | | |
| Delaware Mid Cap Value | A | IRA FBO PAUL A VOTH | 2,524.124 | 7.87% |
| | | PTC AS CUSTODIAN | | |
| | | 43683 MARIGOLD DR | | |
| | | PALM DESERT CA 92260-2603 | | |
| Delaware Mid Cap Value | A | NFS LLC | 2,559.099 | 7.98% |
| | | FEBO JOHN A SCARF | | |
| | | 13915 SAN SABA CANYON LN | | |
| | | CYPRESS TX 77429 | | |
| Delaware Mid Cap Value | A | NFS LLC | 2,700.642 | 8.42% |
| | | FEBO NFS/FMTC ROLL IRA | | |
| | | FBO MICHAEL OHATA | | |
| | | 225 LINDEN AVE | | |
| | | OAK PARK IL 60302-2214 | | |
| Delaware Mid Cap Value | A | DOUGLAS R GLENNON | 5,892.662 | 18.37% |
O-18
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| | | NAPLES FL 34119 | | |
| Delaware Mid Cap Value | A | PERSHING LLC | 7,245.869 | 22.59% |
| | | PO BOX 2052 | | |
| | | JERSEY CITY NJ 07303 | | |
| Delaware Mid Cap Value | C | HOME FEDERAL SAVINGS & LN | 520.073 | 5.52% |
| | | JONATHAN FRIEND | | |
| | | 500 12TH S PO BOX 190 | | |
| | | NAMPA ID 83653-0190 | | |
| Delaware Mid Cap Value | C | DMTC CUSTODIAN FOR THE IRA OF | 2,338.844 | 24.81% |
| | | BEATRIZ W THIELEN | | |
| | | LORTON VA 22079 | | |
| Delaware Mid Cap Value | C | DMTC C/F THE CONVERSION ROTH | 2,616.753 | 27.75% |
| | | IRA OF ROSS SCHEINBAUM | | |
| | | 1095 REMAGEN RD | | |
| | | SEASIDE CA 93955-7417 | | |
| Delaware Mid Cap Value | C | DMTC C/F THE CONVERSION ROTH | 3,596.186 | 38.14% |
| | | IRA OF JENNIFER SCHEINBAUM | | |
| | | 1095 REMAGEN RD | | |
| | | SEASIDE CA 93955-7417 | | |
| |
| Delaware Mid Cap Value | I | C/O MUTUAL FUNDS | 138,795.912 | 10.35% |
| | | WILMINGTON TRUST CO TTEE | | |
| | FBO DELAWARE MGMT HOLDINGS | | |
| | | INC | | |
| | | EMP 401K ACCOUNT | | |
| | | PO BOX 8880 | | |
| | | WILMINGTON DE 19899-8880 | | |
| Delaware Mid Cap Value | I | C/O MUTUAL FUNDS | 225,477.509 | 16.82% |
| | | WILMINGTON TRUST CO TTEE | | |
| | | FBO LINCOLN NTL LIFE INS CO | | |
| | | AGT SVGS PL | | |
| | | PO BOX 8880 | | |
| | | WILMINGTON DE 19899-8880 | | |
| Delaware Mid Cap Value | I | C/O MUTUAL FUNDS | 942,782.041 | 70.32% |
| | | WILMINGTON TRUST CO TTEE | | |
| | | FBO LINCOLN NATL CORP | | |
| | | EMP SVGS & RET PL | | |
| | | PO BOX 8880 | | |
| | | WILMINGTON DE 19899-8880 | | |
| Delaware Mid Cap Value | R | DELAWARE MANAGEMENT | 1.006 | 31.20% |
| | | BUSINESS TRUST - DIA | | |
| | | ATTN RICK SALUS | | |
| | | 2005 MARKET ST FL 9 | | |
| | | PHILADELPHIA PA 19103-7007 | | |
| Delaware Mid Cap Value | R | DELAWARE SERVICE CO | 1.106 | 34.31% |
| | | CONTROL ACCOUNT | | |
| | | ATTN PATRICK DWYER | | |
| | | 2005 MARKET ST | | |
| | | PHILADELPHIA PA 19103-7042 | | |
| Delaware Mid Cap Value | R | DELAWARE SERVICE CO | 1.112 | 34.49% |
| | | CONTROL ACCOUNT | | |
| | | ATTN PATRICK DWYER | | |
| | | 2005 MARKET ST | | |
| | | PHILADELPHIA PA 19103-7042 | | |
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| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Minnesota | C | MLPF&S FOR THE SOLE | 145,763.514 | 5.76% |
| High-Yield Municipal | | BENEFIT OF ITS CUSTOMERS | | |
| Bond Fund | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Moderate | A | PIMS/PRUDENTIAL RETIREMENT AS | 1,776,824.575 | 8.81% |
| Allocation Portfolio | | NOMINEE FOR THE TTEE/CUST PL | | |
| | | HOAG SHELTERED SAVS PLAN 1 | | |
| | | HOAG DR | | |
| | | NEWPORT BEACH CA 92663-4162 | | |
| |
| Delaware Moderate | B | MLPF&S FOR THE SOLE | 45,923.205 | 7.05% |
| Allocation Portfolio | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Moderate | C | MLPF&S FOR THE SOLE | 102,108.604 | 9.84% |
| Allocation Portfolio | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Moderate | I | C/O MUTUAL FUNDS | 311,722.768 | 8.33% |
| Allocation Portfolio | | WILMINGTON TRUST CO TTEE | | |
| | | FBO LINCOLN NTL LIFE INS CO | | |
| | | AGT SVGS PL | | |
| | | PO BOX 8880 | | |
| | | WILMINGTON DE 19899-8880 | | |
| Delaware Moderate | I | RS DMC EMPLOYEE MPP PLAN | 360,672.708 | 9.64% |
| Allocation Portfolio | | DELAWARE MANAGEMENT CO MPP | | |
| | | TRUST | | |
| | | C/O RICK SEIDEL | | |
| | | 2005 MARKET ST | | |
| | | PHILADELPHIA PA 19103-7042 | | |
| Delaware Moderate | I | C/O MUTUAL FUNDS | 2,901,653.077 | 77.54% |
| Allocation Portfolio | | WILMINGTON TRUST CO TTEE | | |
| | | FBO LINCOLN NATL CORP | | |
| | | EMP SVGS & RET PL | | |
| | | PO BOX 8880 | | |
| | | WILMINGTON DE 19899-8880 | | |
| Delaware Moderate | R | MG TRUST CO TRUSTEE | 10,753.386 | 6.39% |
| Allocation Portfolio | | UNITED COMMUNITY BANK 401K | | |
| | | PS PLAN | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Moderate | R | FRONTIER TRUST CO | 11,241.773 | 6.69% |
| Allocation Portfolio | | FBO OMNIBUS-VARIOUS | | |
| | | RETIREMENT PLANS | | |
| | | PO BOX 10758 | | |
| | | FARGO ND 58106-0758 | | |
| Delaware Moderate | R | MG TRUST CO CUST | 21,272.341 | 12.65% |
| Allocation Portfolio | | FBO JOHN CIPOLLONE INC | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
O-20
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Moderate | R | MLPF&S FOR THE SOLE | 108,109.957 | 64.29% |
| Allocation Portfolio | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware National High- | A | MLPF&S FOR THE SOLE | 460,900.745 | 6.15% |
| Yield Municipal Bond | | BENEFIT OF ITS CUSTOMERS | | |
| Fund | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware National High- | A | FIRST CLEARING, LLC | 491,982.027 | 6.56% |
| Yield Municipal Bond | | JUANITA DALY & | | |
| Fund | | CARLO TORESANI JT WROS | | |
| | | 1200 RANCHO CIR | | |
| | | LAS VEGAS NV 89107 | | |
| Delaware National High- | B | CITIGROUP GLOBAL | 17,029.211 | 9.91% |
| Yield Municipal Bond | | MARKETS, INC. | | |
| Fund | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware National High- | B | MLPF&S FOR THE SOLE | 50,308.132 | 29.27% |
| Yield Municipal Bond | | BENEFIT OF ITS CUSTOMERS | | |
| Fund | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware National High- | C | CITIGROUP GLOBAL | 84,495.021 | 10.10% |
| Yield Municipal Bond | | MARKETS, INC. | | |
| Fund | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware National High- | C | MLPF&S FOR THE SOLE | 214,824.839 | 25.69% |
| Yield Municipal Bond | | BENEFIT OF ITS CUSTOMERS | | |
| Fund | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware National High- | I | DMH CORP | 136.513 | 98.95% |
| Yield Municipal Bond | | ATTN RICK SALUS | | |
| Fund | | 2005 MARKET ST FL 9 | | |
| | | PHILADELPHIA PA 19103-7007 | | |
| Delaware REIT Fund | A | WILMINGTON TRUST CO TTEE | 791,631.516 | 9.35% |
| | | FBO VIRTUA 401(K) SAVS PLN | | |
| | | C/O MUTUAL FUNDS | | |
| | | P O BOX 8880 | | |
| | | WILMINGTON DE 19899-8880 | | |
| Delaware REIT Fund | C | MLPF&S FOR THE SOLE | 224,397.521 | 9.93% |
| | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware REIT Fund | C | CITIGROUP GLOBAL | 247,756.670 | 10.96% |
| | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
O-21
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware REIT Fund | R | RELIANCE TRUST CO | 26,006.691 | 5.13% |
| | | FBO PARKER MCCAY & CRISCU | | |
| | | 401K | | |
| | | PO BOX 48529 | | |
| | | ATLANTA GA 30362-1529 | | |
| Delaware REIT Fund | R | MLPF&S FOR THE SOLE | 28,637.318 | 5.64% |
| | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware REIT Fund | R | MG TRUST COMPANY | 39,857.674 | 7.85% |
| | | CUST FBO PRICE RIVER WATER | | |
| | | IMPROVEMENT | | |
| | | DISTRICT RETIREMENT PLAN | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Select Growth | A | CITIGROUP GLOBAL | 322,565.776 | 5.58% |
| Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Select Growth | A | MLPF&S FOR THE SOLE | 338,085.449 | 5.85% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Select Growth | C | CITIGROUP GLOBAL | 115,089.170 | 8.52% |
| Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Select Growth | C | MLPF&S FOR THE SOLE | 267,526.144 | 19.81% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Select Growth | I | RS DMC EMPLOYEE MPP PLAN | 266,226.705 | 9.53% |
| Fund | | DELAWARE MANAGEMENT CO MPP | | |
| | | TRUST | | |
| | | C/O RICK SEIDEL | | |
| | | 2005 MARKET ST | | |
| | | PHILADELPHIA PA 19103-7042 | | |
| Delaware Select Growth | I | GPC AS AGENT FOR | 378,404.844 | 13.55% |
| Fund | | RELIANCE TRUST COMPANY | | |
| | | FBO DEAN FOODS 401K PLAN | | |
| | | PO BOX 79377 | | |
| | | ATLANTA GA 30357-7377 | | |
| Delaware Select Growth | I | EDWARD D JONES & CO | 2,346,971.458 | 84.04% |
| Fund | | ATTN MUTUAL FUND | | |
| | | SHAREHOLDER ACCOUNTING | | |
| | | 201 PROGRESS PKWY | | |
| | | MARYLAND HTS MO 63043 | | |
O-22
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Select Growth | R | MG TRUST COMPANY TRUSTEE | 1,965.947 | 5.52% |
| Fund | | KINGS OF NEW CASTLE | | |
| | | 700 17TH STREET - SUITE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Select Growth | R | MG TRUST CO TRUSTEE | 3,160.773 | 8.88% |
| Fund | | UNITED COMMUNITY BANK | | |
| | | 401K PS PLAN | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Select Growth | R | RELIANCE TRUST CO FBO | 3,363.365 | 9.45% |
| Fund | | RELIANCE TRADING CORP | | |
| | | 401K | | |
| | | PO BOX 48529 | | |
| | | ATLANTA GA 30362-1529 | | |
| Delaware Select Growth | R | RELIANCE TRUSTCO | 4,478.672 | 12.58% |
| Fund | | FBO FIRST MED IMMEDIATE MED | | |
| | | 401K | | |
| | | PO BOX 48529 | | |
| | | ATLANTA GA 30362-1529 | | |
| Delaware Select Growth | R | MG TRUST CO | 5,156.870 | 14.49% |
| Fund | | CUST FBO OMAHA NEON | | |
| | | SIGN INC | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Select Growth | R | MLPF&S FOR THE SOLE | 12,623.771 | 35.46% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Small Cap Core | A | MLPF&S FOR THE SOLE | 338,437.179 | 14.04% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Small Cap Core | C | MLPF&S FOR THE SOLE | 312,373.501 | 31.76% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Small Cap Core | I | HOD CARRIERS LOCAL #270 | 203,292.627 | 6.03% |
| Fund | | PENSION TRUST FUND | | |
| | | 633 BATTERY ST FL 2 | | |
| | | SAN FRANCISCO CA 94111-1815 | | |
| Delaware Small Cap Core | I | WACHOVIA BANK | 214,397.419 | 6.36% |
| Fund | | FBO VARIOUS | | |
| | | RETIREMENT PLANS | | |
| | | 1525 WEST WT HARRIS BLVD | | |
| | | CHARLOTTE NC 28288-0001 | | |
| Delaware Small Cap Core | I | UNION BANK TR NOMINEE | 432,234.293 | 12.82% |
| Fund | | FBO CITRUS AVOCADO PENSION | | |
| | | FUND | | |
| | | TAFT HARTLEY RET PLAN | | |
| | | PO BOX 85484 | | |
| | | SAN DIEGO CA 92186-5484 | | |
O-23
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Small Cap Core | I | LINCOLN NATIONAL LIFE | 505,204.886 | 14.98% |
| Fund | | INS COMPANY | | |
| | | 1300 S CLINTON ST | | |
| | | FORT WAYNE IN 46802-3506 | | |
| Delaware Small Cap Core | I | UBATCO & CO | 1,176,793.386 | 34.89% |
| Fund | | FBO COLLEGE SAVINGS GROUP | | |
| | | PO BOX 82535 | | |
| | | LINCOLN NE 68501-2535 | | |
| Delaware Small Cap Core | R | GPC AGENT FOR | 26,326.572 | 5.89% |
| Fund | | RELIANCE TRUST CO | | |
| | FBO DAVID K & ELLENM SCHMITZ | | |
|
| | | 401K PLAN | | |
| | | PO BOX 79377 | | |
| | | ATLANTA GA 30357-7377 | | |
| Delaware Small Cap Core | R | FRONTIER TRUST CO | 40,949.210 | 9.17% |
| Fund | | FBO NAGEL PRECISION INC | | |
| | | PS 401K PLAN | | |
| | | PO BOX 10758 | | |
| | | FARGO ND 58106-0758 | | |
| Delaware Small Cap Core | R | ING | 45,452.151 | 10.17% |
| Fund | | ENHANCED K-CHOICE | | |
| | | TRUSTEE: RELIANCE TRUST CO | | |
| | | 400 ATRIUM DRIVE | | |
| | | SOMERSET NJ 08873 | | |
| Delaware Small Cap Core | R | LINCOLN NATIONAL LIFE | 61,155.360 | 13.69% |
| Fund | | INS COMPANY | | |
| | | 1300 S CLINTON ST | | |
| | | FORT WAYNE IN 46802-3506 | | |
| Delaware Small Cap Core | R | STATE STREET BANK & | 68,001.652 | 15.22% |
| Fund | | TRUST CO | | |
| | | FBO VARIOUS SYMETRA | | |
| | | RETIREMENT PLANS | | |
| | | PO BOX 12770 | | |
| | | OVERLAND PARK KS 66282-2770 | | |
| Delaware Small Cap | A | FRONTIER TRUST CO | 54,439.229 | 7.14% |
| Growth Fund | | FBO VALERUS | | |
| | | 401K SAVS PLAN | | |
| | | PO BOX 10758 | | |
| | | FARGO ND 58106-0758 | | |
| Delaware Small Cap | A | MLPF&S FOR THE SOLE | 54,638.434 | 7.17% |
| Growth Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Small Cap | B | FIRST CLEARING LLC | 9,336.495 | 5.03% |
| Growth Fund | | LAUREN M NISWENDER IRA | | |
| | | FCC AS CUSTODIAN | | |
| | | 6615 STEINBECK CT | | |
| | | N RIDGEVILLE OH 44039-3363 | | |
| Delaware Small Cap | C | MLPF&S FOR THE SOLE | 120,379.051 | 24.94% |
| Growth Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
O-24
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Small Cap | I | DMTC C/F THE ROLLOVER IRA OF | 65.445 | 94.12% |
| Growth Fund | | PATRICIA POLONY | | |
| | | WHITEHALL PA 18052 | | |
| Delaware Small Cap | R | GPC AS AGENT FOR | 6,795.422 | 5.47% |
| Growth Fund | | RELIANCE TRUST COMPANY | | |
| | | FBO OB-GYNE OF LAKE FOREST | | |
| | | EES PS & SAV T | | |
| | | PO BOX 79377 | | |
| | | ATLANTA GA 30357-7377 | | |
| Delaware Small Cap | R | RELIANCE TRUST CO | 8,995.554 | 7.24% |
| Growth Fund | | CUST FBO DRESILKER ELECTRIC | | |
| | | MOTORS | | |
| | | PO BOX 48529 | | |
| | | ATLANTA GA 30362-1529 | | |
| Delaware Small Cap | R | GPC SECURITIES INC AGENT FOR | 9,924.912 | 7.99% |
| Growth Fund | | RELIANCE TRUST CO | | |
| | FBO GILSANZ MURRAY & STEFICEK | | |
| | | 401K PLAN | | |
| | | PO BOX 79377 | | |
| | | ATLANTA GA 30357-7377 | | |
| Delaware Small Cap | R | MLPF&S FOR THE SOLE | 10,216.590 | 8.23% |
| Growth Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Small Cap | R | FRONTIER TRUST CO | 11,413.575 | 9.19% |
| Growth Fund | | FBO SBWV ARCHITECTS INC 401K | | |
| | | PLAN | | |
| | | PO BOX 10758 | | |
| | | FARGO ND 58106-0758 | | |
| Delaware Small Cap | R | RON BECKER | 16,519.338 | 13.30% |
| Growth Fund | | FBO ALL SEASONS | | |
| | | MARKETING INC | | |
| | | 401K PSP & TRUST | | |
| | | 10001 W ROOSEVELT RD STE 308 | | |
| | | WESTCHESTER IL 60154-2662 | | |
| Delaware Small Cap | A | MLPF&S FOR THE SOLE | 546,365.178 | 6.04% |
| Value Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Small Cap | C | CITIGROUP GLOBAL | 163,385.511 | 8.38% |
| Value Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Small Cap | C | MLPF&S FOR THE SOLE | 502,256.118 | 25.77% |
| Value Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
O-25
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Small Cap | I | NFS LLC | 34,727.072 | 7.54% |
| Value Fund | | FEBO RELIANCE TRUST TTEE | | |
| | | PHILADELPHIA GAS WORKS | | |
| | | DEFERRED COMP PL | | |
| | | 800 W MONTGOMERY AVE | | |
| | | PHILADELPHIA PA 19122 | | |
| Delaware Small Cap | I | NY LIFE TRUST COMPANY | 143,381.142 | 31.15% |
| Value Fund | | 169 LACKAWANNA AVE | | |
| | | PARSIPPANY NJ 07054-1007 | | |
| Delaware Small Cap | I | RS DMC EMPLOYEE MPP PLAN | 210,578.743 | 45.75% |
| Value Fund | | DELAWARE MANAGEMENT CO | | |
| | | EMPLOYEE MONEY PURCHASE | | |
| | | PENSION | | |
| | | C/O RICK SEIDEL | | |
| | | 2005 MARKET ST | | |
| | | PHILADELPHIA PA 19103-7042 | | |
| Delaware Small Cap | R | MLPF&S FOR THE SOLE | 216,746.044 | 34.94% |
| Value Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free | A | MLPF&S FOR THE SOLE | 582,846.383 | 5.73% |
| Arizona Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free | B | MLPF&S FOR THE SOLE | 76,735.280 | 12.83% |
| Arizona Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free | C | MLPF&S FOR THE SOLE | 179,853.329 | 27.78% |
| Arizona Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free | A | MLPF&S FOR THE SOLE | 656,398.363 | 11.06% |
| California Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free | A | CITIGROUP GLOBAL | 824,212.722 | 13.89% |
| California Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Tax-Free | B | WELLS FARGO INVSTMNTS LLC | 25,886.056 | 5.48% |
| California Fund | | 625 MARQUETTE AVE FL 13 | | |
| | | MINNEAPOLIS MN 55402 | | |
O-26
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Tax-Free | B | RBC CAPITAL MARKETS CORP | 33,421.165 | 7.08% |
| California Fund | | FBO BEVERLY | | |
| | | FISCHGRUND TTEE | | |
| | | FISCHGRUND TRUST | | |
| | | 1025 N CRESCENT DR | | |
| | | BEVERLY HILLS CA 90210 | | |
| Delaware Tax-Free | B | WELLS FARGO INVSTMNTS LLC | 45,388.933 | 9.62% |
| California Fund | | 608 2ND AVE S FL 8 | | |
| | | MINNEAPOLIS MN 55402 | | |
| Delaware Tax-Free | B | CITIGROUP GLOBAL | 83,964.999 | 17.79% |
| California Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Tax-Free | C | CHARLES SCHWAB & CO INC | 95,960.272 | 7.50% |
| California Fund | | SPECIAL CUSTODY ACCT | | |
| | | FBO CUSTOMERS | | |
| | | ATTN MUTUAL FUNDS | | |
| | | 101 MONTGOMERY ST | | |
| | | SAN FRANCISCO CA 94104-4151 | | |
| Delaware Tax-Free | C | CITIGROUP GLOBAL | 121,714.838 | 9.51% |
| California Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Tax-Free | C | MLPF&S FOR THE SOLE | 379,533.779 | 29.67% |
| California Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free | B | MS&CO | 14,444.904 | 5.24% |
| Colorado Fund | | FBO PATRICK C ALLEN | | |
| | | 2468 LOGAN DR | | |
| | | LOVELAND CO 80538 | | |
| Delaware Tax-Free | B | MLPF&S FOR THE SOLE | 20,466.733 | 7.43% |
| Colorado Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free | B | ESTELLE R GOLDSTEIN TTEE OF | 23,508.305 | 8.54% |
| Colorado Fund | | THE GOLDSTEIN | | |
| | | FAMILY TRUST A | | |
| | | 3260 NORTH 12TH STREET | | |
| | | GRAND JUNCTION CO 81506 | | |
| Delaware Tax-Free | B | NFS LLC | 27,004.545 | 9.80% |
| Colorado Fund | | FEBO FORREST & ANNETTE MEYER | | |
| | | REVOC | | |
| | | EDWARD R MEYER | | |
| | | 6250 S IOLA CT | | |
| | | ENGLEWOOD CO 80111 | | |
| Delaware Tax-Free | C | MLPF&S FOR THE SOLE | 175,947.437 | 16.93% |
| Colorado Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
O-27
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| | | JACKSONVILLE FL 32246-6484 | | |
|
|
|
| Delaware Tax-Free Idaho | A | UBS FINANCIAL SERVICES INC. | 371,884.662 | 5.16% |
| Fund | | FBO GROSS FAMILY | | |
| | | LIMITED PARTNERSHIP | | |
| | | 2455 E WOODSTONE DR | | |
| | | HAYDEN ID 83835 | | |
| Delaware Tax-Free Idaho | A | MLPF&S FOR THE SOLE | 377,329.797 | 5.24% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free Idaho | B | WELLS FARGO INVSTMNTS LLC | 15,808.100 | 5.40% |
| Fund | | 608 2ND AVE S FL 8 | | |
| | | MINNEAPOLIS MN 55402 | | |
| Delaware Tax-Free Idaho | C | MLPF&S FOR THE SOLE | 130,152.903 | 9.48% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free | B | MLPF&S FOR THE SOLE | 81,972.288 | 10.36% |
| Minnesota Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free | C | MLPF&S FOR THE SOLE | 283,401.592 | 10.48% |
| Minnesota Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free | B | U S BANCORP INVSTMNTS INC | 2,230.909 | 7.66% |
| Minnesota Intermediate | | 60 LIVINGSTON AVE | | |
| Fund | | SAINT PAUL MN 55107 | | |
| Delaware Tax-Free | B | IRENE EILBERT REV TR | 4,361.373 | 14.97% |
| Minnesota Intermediate | | NORTH MANKATO MN 56003 | | |
| Fund | | | | |
| Delaware Tax-Free | B | U S BANCORP INVSTMNTS INC | 4,970.089 | 17.05% |
| Minnesota Intermediate | | 60 LIVINGSTON AVE | | |
| Fund | | SAINT PAUL MN 55107 | | |
| Delaware Tax-Free | B | U S BANCORP INVSTMNTS INC | 11,116.519 | 38.15% |
| Minnesota Intermediate | | 60 LIVINGSTON AVE | | |
| Fund | | SAINT PAUL MN 55107 | | |
| Delaware Tax-Free | A | BARBARA GOODFRIEND | 1,180,225.060 | 9.39% |
| Money Fund | | AND ELLIOTT GOODFRIEND | | |
| | | VOORHEES NJ 08043 | | |
| Delaware Tax-Free | CC | NANCY RHOADES | 29,488.200 | 5.40% |
| Money Fund | | ATLANTA GA 30309 | | |
| Delaware Tax-Free | CC | GREGORY OBRIEN | 49,876.580 | 9.14% |
| Money Fund | | AND SHARON OBRIEN | | |
| | | MEDIA PA 19063 | | |
| Delaware Tax-Free | CC | GARY A THOMAS | 83,399.070 | 15.28% |
O-28
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Money Fund | | CAMP HILL PA 17011 | | |
| Delaware Tax-Free | CC | EDWARD J NOLAN AND GERTRUDE | 199,164.920 | 36.50% |
| Money Fund | | J NOLAN JT WROS | | |
| | | GLENSIDE PA 19038 | | |
| Delaware Tax-Free New | A | MLPF&S FOR THE SOLE | 172,397.464 | 8.30% |
| York Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free New | A | ROBERTA B WENDEL | 191,883.491 | 9.24% |
| York Fund | | ITHACA NY 14850 | | |
| Delaware Tax-Free New | B | FIRST CLEARING, LLC | 6,231.980 | 6.23% |
| York Fund | | BRYNA COOK SERRAO & | | |
| | | JOSEPH SERRAO JT TEN | | |
| | | 450 CLINTON ST | | |
| | | BROOKLYN NY 11231 | | |
| Delaware Tax-Free New | B | CHARLES SCHWAB & CO INC | 7,216.165 | 7.21% |
| York Fund | | SPECIAL CUSTODY ACCT | | |
| | | FBO CUSTOMERS | | |
| | | ATTN MUTUAL FUNDS | | |
| | | 101 MONTGOMERY ST | | |
| | | SAN FRANCISCO CA 94104-4151 | | |
| Delaware Tax-Free New | B | MS&CO | 8,264.442 | 8.26% |
| York Fund | | FBO PETER M HOROWITZ | | |
| | | 376 PRESIDENT ST | | |
| | | BROOKLYN NY 11231 | | |
| Delaware Tax-Free New | B | ALLISON DESALVO | 9,376.457 | 9.37% |
| York Fund | | SMITHTOWN NY 11787 | | |
| Delaware Tax-Free New | B | EDWARD H NELSON | 10,774.465 | 10.76% |
| York Fund | | STATEN ISLAND NY 10312 | | |
| Delaware Tax-Free New | B | NFS LLC | 16,460.973 | 16.45% |
| York Fund | | FEBO PAT PASSLOF | | |
| | | 80 FORSYTH ST | | |
| | | NEW YORK NY 10002 | | |
| Delaware Tax-Free New | B | MLPF&S FOR THE SOLE | 21,969.776 | 21.95% |
| York Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free New | C | NFS LLC | 67,552.600 | 14.37% |
| York Fund | | FEBO BANK OF AMERICA NA | | |
| | | IM JANE STEIN | | |
| | | PO BOX 831575 | | |
| | | DALLAS TX 75283-1575 | | |
| Delaware Tax-Free New | C | MLPF&S FOR THE SOLE | 265,829.154 | 56.55% |
| York Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free | A | MLPF&S FOR THE SOLE | 3,535,263.144 | 5.59% |
| Pennsylvania Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
O-29
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Tax-Free | A | CITIGROUP GLOBAL | 3,786,672.511 | 5.99% |
| Pennsylvania Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Tax-Free | B | CITIGROUP GLOBAL | 51,148.441 | 7.45% |
| Pennsylvania Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Tax-Free | C | DAVID N ARMS AND | 86,377.509 | 5.25% |
| Pennsylvania Fund | | JANET E ARMS JT WROS | | |
| | | PERKIOMENVLLE PA 18074 | | |
| Delaware Tax-Free | C | MLPF&S FOR THE SOLE | 164,296.944 | 9.99% |
| Pennsylvania Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free USA | A | CITIGROUP GLOBAL | 3,183,822.607 | 6.45% |
| Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Tax-Free USA | B | CITIGROUP GLOBAL | 60,119.978 | 7.93% |
| Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Tax-Free USA | B | MLPF&S FOR THE SOLE | 104,465.691 | 13.79% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free USA | C | CITIGROUP GLOBAL | 104,007.241 | 5.68% |
| Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Tax-Free USA | C | MLPF&S FOR THE SOLE | 656,711.145 | 35.84% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free USA | I | DMH CORP | 102.392 | 98.28% |
| Fund | | ATTN RICK SALUS | | |
| | | 2005 MARKET ST FL 9 | | |
| | | PHILADELPHIA PA 19103-7007 | | |
| Delaware Tax-Free USA | A | MLPF&S FOR THE SOLE | 8,580,822.267 | 22.28% |
| Intermediate Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free USA | B | CARMEN S OEFINGER | 3,994.781 | 5.23% |
| Intermediate Fund | | THE VILLAGES FL 32162 | | |
O-30
| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Tax-Free USA | B | RICHARD J POSTHAUER | 4,819.433 | 6.31% |
| Intermediate Fund | | ELEANOR P POSTHAUER | | |
| | | BABYLON NY 11702 | | |
| Delaware Tax-Free USA | B | CITIGROUP GLOBAL | 14,855.685 | 19.45% |
| Intermediate Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Tax-Free USA | B | MLPF&S FOR THE SOLE | 16,985.453 | 22.24% |
| Intermediate Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free USA | C | CITIGROUP GLOBAL | 332,432.239 | 9.95% |
| Intermediate Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Tax-Free USA | C | MLPF&S FOR THE SOLE | 1,253,729.520 | 37.54% |
| Intermediate Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Tax-Free USA | I | DMH CORP | 94.476 | 98.18% |
| Intermediate Fund | | ATTN RICK SALUS | | |
| | | 2005 MARKET ST FL 9 | | |
| | | PHILADELPHIA PA 19103-7007 | | |
| Delaware Trend Fund | A | MLPF&S FOR THE SOLE | 1,803,920.632 | 7.80% |
| | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Trend Fund | B | MLPF&S FOR THE SOLE | 214,663.705 | 11.69% |
| | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Trend Fund | C | CITIGROUP GLOBAL | 169,468.197 | 5.08% |
| | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Trend Fund | C | MLPF&S FOR THE SOLE | 914,183.401 | 27.41% |
| | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Trend Fund | I | RS DMC EMPLOYEE MPP PLAN | 311,233.476 | 17.67% |
| | | DELAWARE MANAGEMENT CO | | |
| | | EMPLOYEE MONEY PURCHASE | | |
| | | PENSION | | |
| | | C/O RICK SEIDEL | | |
| | | 2005 MARKET ST | | |
| | | PHILADELPHIA PA 19103-7042 | | |
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| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Trend Fund | I | MLPF&S FOR THE SOLE | 514,839.061 | 29.24% |
| | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Trend Fund | I | NFS LLC FEBO FIIOC AGENT FBO | 991,776.021 | 56.32% |
| | | QUALIFIED EMPLOYEE | | |
| | | PLANS 401K FINOPS-IC FUNDS | | |
| | | 100 MAGELLAN WAY #KW1C | | |
| | | COVINGTON KY 41015-1987 | | |
| Delaware Trend Fund | R | GPC SECURITIES INC AGENT FOR | 11,100.466 | 5.74% |
| | | RELIANCE TRUST CO | | |
| | FBO TRANSITION PARTNERS | | |
| | | 401K PLAN | | |
| | | PO BOX 79377 | | |
| | | ATLANTA GA 30357-7377 | | |
| Delaware Trend Fund | R | MLPF&S FOR THE SOLE | 129,970.646 | 67.22% |
| | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware U.S. Growth | A | PRUDENTIAL INVESTMENT MGMT | 3,875,753.446 | 32.17% |
| Fund | | SVC | | |
| | | FBO MUTUAL FUND CLIENTS | | |
| | | MAIL STOP NJ 05-11-20 | | |
| | | 3 GATEWAY CTR FL 11 | | |
| | | 100 MULBERRY ST | | |
| | | NEWARK NJ 07102-4000 | | |
| Delaware U.S. Growth | B | CITIGROUP GLOBAL | 63,383.338 | 9.73% |
| Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware U.S. Growth | C | CITIGROUP GLOBAL | 105,861.260 | 8.03% |
| Fund | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| |
| Delaware U.S. Growth | C | MLPF&S FOR THE SOLE | 170,818.354 | 12.96% |
| Fund | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware U.S. Growth | I | FIRST CLEARING LLC | 2,140,117.213 | 5.25% |
| Fund | | O’MELVENY & MYERS LLP | | |
| | | RET COMM TTEE DB PLAN | | |
| | | 400 SOUTH HOPE STREET | | |
| | | LOS ANGELES CA 90071 | | |
| Delaware U.S. Growth | I | C/O M&I TRUST CO NA | 4,384,349.676 | 10.76% |
| Fund | | ATTN MF VALLEE & CO | | |
| | | FBO VA | | |
| | | 11270 W PARK PL STE 400 | | |
| | | MILWAUKEE WI 53224-3638 | | |
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| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware U.S. Growth | I | PRUDENTIAL INVESTMENT MGMT | 11,270,617.295 | 27.67% |
| Fund | | SVC | | |
| | | FBO MUTUAL FUND CLIENTS | | |
| | | MAIL STOP NJ 05-11-20 | | |
| | | 3 GATEWAY CTR FL 11 | | |
| | | 100 MULBERRY ST | | |
| | | NEWARK NJ 07102 | | |
| Delaware U.S. Growth | R | ING | 19,691.074 | 6.26% |
| Fund | | ENHANCED K-CHOICE | | |
| | | TRUSTEE: RELIANCE TRUST CO | | |
| | | 400 ATRIUM DRIVE | | |
| | | SOMERSET NJ 08873 | | |
| Delaware U.S. Growth | R | FRONTIER TRUST CO | 23,537.445 | 7.49% |
| Fund | | FBO OMNIBUS-VARIOUS | | |
| | | RETIREMENT PLANS | | |
| | | PO BOX 10758 | | |
| | | FARGO ND 58106-0758 | | |
| Delaware U.S. Growth | R | LINCOLN LIFE & ANNUITY | 26,031.073 | 8.28% |
| Fund | | CO OF NY | | |
| | | 1300 S CLINTON ST | | |
| | | FORT WAYNE IN 46802-3506 | | |
| Delaware U.S. Growth | R | LINCOLN NATIONAL LIFE | 53,401.884 | 16.98% |
| Fund | | INS COMPANY | | |
| | | 1300 S CLINTON ST | | |
| | | FORT WAYNE IN 46802-3506 | | |
| Delaware U.S. Growth | R | STATE STREET BANK & | 134,650.077 | 42.82% |
| Fund | | TRUST CO | | |
| | | FBO VARIOUS SYMETRA | | |
| | | RETIREMENT PLANS | | |
| | | PO BOX 12770 | | |
| | | OVERLAND PARK KS 66282-2770 | | |
| Delaware Value Fund | A | MLPF&S FOR THE SOLE | 1,766,846.486 | 5.21% |
| | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Value Fund | B | CITIGROUP GLOBAL | 23,132.298 | 5.91% |
| | | MARKETS, INC. | | |
| | | ATTN: PETER BOOTH, 7TH FL | | |
| | | 333 W 34TH ST | | |
| | | NEW YORK NY 10001-2402 | | |
| Delaware Value Fund | B | MLPF&S FOR THE SOLE | 128,158.877 | 32.77% |
| | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
| Delaware Value Fund | C | MLPF&S FOR THE SOLE | 1,694,544.475 | 58.97% |
| | | BENEFIT OF ITS CUSTOMERS | | |
| | | ATTENTION: FUND ADMIN | | |
| | | 4800 DEER LAKE DR E, 2ND FL | | |
| | | JACKSONVILLE FL 32246-6484 | | |
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| | | | |
| Fund Name | Class | Shareholders Name and Address | Total Shares | Percentage |
| Delaware Value Fund | I | PATTERSON & CO | 1,780,688.774 | 23.96% |
| | | OMNIBUS CASH ACCOUNT | | |
| | | 1525 WEST W T HARRIS BLVD | | |
| | | CHARLOTTE NC 28288 | | |
| Delaware Value Fund | I | PRUDENTIAL INVESTMENT MGMT | 4,832,329.743 | 65.01% |
| | | SVC | | |
| | | FBO MUTUAL FUND CLIENTS | | |
| | | MAIL STOP NJ 05-11-20 | | |
| | | 3 GATEWAY CTR FL 11 | | |
| | | 100 MULBERRY ST | | |
| | | NEWARK NJ 07102 | | |
| Delaware Value Fund | R | GPC AS AGENT FOR | 12,299.524 | 5.85% |
| | | RELIANCE TRUST COMPANY | | |
| | FBO WILLIAMS MACHINE & TOOL | | |
| | | 401(K) PLAN | | |
| | | PO BOX 79377 | | |
| | | ATLANTA GA 30357-7377 | | |
| Delaware Value Fund | R | GPC SECURITIES INC AGENT FOR | 12,815.720 | 6.09% |
| | | RELIANCE TRUST CO | | |
| | | FBO ENGLAND THIMS & MILLER | | |
| | | INC 401K | | |
| | | PO BOX 79377 | | |
| | | ATLANTA GA 30357-7377 | | |
| Delaware Value Fund | R | GPC SECURITIES INC AGENT FOR | 14,146.063 | 6.72% |
| | | RELIANCE TRUST CO | | |
| | FBO WEST HILLS DEVELOPMENT | | |
| | | CO 401K PLAN | | |
| | | PO BOX 79377 | | |
| | | ATLANTA GA 30357-7377 | | |
| Delaware Value Fund | R | MG TRUST CO CUST FBO AZUR | 14,909.927 | 7.09% |
| | | PHARMA 401K PS PLAN | | |
| | | 700 17TH ST STE 300 | | |
| | | DENVER CO 80202-3531 | | |
| Delaware Value Fund | R | LINCOLN NATIONAL LIFE | 41,369.727 | 19.66% |
| | | INS COMPANY | | |
| | | 1300 S CLINTON ST | | |
| | | FORT WAYNE IN 46802-3506 | | |
| Delaware Value Fund | R | GPC SECURITIES INC AGENT FOR | 48,619.364 | 23.11% |
| | | RELIANCE TRUST CO | | |
| | | FBO BLACK STONE ENERGY CO | | |
| | | 401(K) PLAN | | |
| | | PO BOX 79377 | | |
| | | ATLANTA GA 30357-7377 | | |
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[Form of Proxy Card]
DELAWARE INVESTMENTS
2005 MARKET STREET
PHILADELPHIA, PA 19103
JOINT SPECIAL MEETING OF SHAREHOLDERS – NOVEMBER 12, 2009
[Registrant Listed on Schedule A]
THIS PROXYCONSENT IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES
The undersigned hereby
revokes all previous proxies for his/her shares and appoints A n t h o n y G . C i a v a r e l l i , David F. Connor, E m i l i a P . W a n g , a n d Kathryn R. Williams, or any of them, with the right of substitution, proxies(i) acknowledges receipt of the
undersigned atnotice dated April 7, 2010 of the
Joint SpecialMeeting solicitation of Shareholdersconsents from the shareholders of [ Ea ch F un d Lis te d on S ch ed ul e A] ( the “Fund”),Delaware Global Real Estate Securities Fund, a series of [Each Registrant Listed on Schedule A] (the “Trust”), indicated onDelaware Group Equity Funds IV, a Delaware statutory trust, and the reverse sideConsent Solicitation Statement related thereto and (ii) votes all of this proxy card to behis/her/their shares of Delaware Global Real Estate Securities Fund held at th e o ff ice s of St ra dl ey R on on St ev en s & Yo un g, LL P, O ne Commerce Square, 2005 Market Street, 21st Floor, Philadelphia, Pennsylvania 19103, on Thursday, November 12, 2009 at 3 :00 p.m. Eastern time, or at any postponement or adjournments thereof, with all the powers whichrecord by the undersigned, would possess if personally present, and instructs them to vote upon any matters which may properly be acted upon at this Meeting and specifically as indicated onin the reverse side of this proxy card. Please refer to the proxy statement for a discussion of these matters.RECEIPTmanner designated herein.
THIS CONSENT, WHEN PROPERLY EXECUTED, WILL BE VOTED IN ACCORDANCE WITH THE SPECIFICATION MADE HEREIN. IF NO SPECIFICATION IS MADE, THIS CONSENT WILL BE COUNTED AS A “CONSENT” IN FAVOR OF THE NOTICEPROPOSAL.
THE BOARD OF TRUSTEES RECOMMENDS THAT SHAREHOLDERS PROVIDE THEIR CONSENT TO THE JOINT SPECIAL MEETING OF SHAREHOLDERSPROPOSAL. PLEASE CAREFULLY REVIEW THE CONSENT SOLICITATION STATEMENT DELIVERED WITH THIS CONSENT.
PROPOSAL: To approve a new subadvisory agreement between Delaware Group Equity Funds IV, on behalf of Delaware Global Real Estate Securities Fund, Delaware Management Company, and Macquarie Capital Investment Management LLC.
CONSENT CONSENT WITHHELD ABSTAIN
o o o
Name: _________________________
Date: _________________________
Name: _________________________
Date:_________________________
PLEASE DATE THIS CONSENT AND
THE ACCOMPANYING PROXY STATEMENT, WHICH DESCRIBES THE MATTER TO BE CONSIDERED AND VOTED ON, IS HEREBY ACKNOWLEDGED.BY SIGNING AND DATING THIS PROXY CARD, YOU AUTHORIZE THE PROXIES TO VOTE ON THE PROPOSALS DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF NOT MARKED, TO VOTE "FOR" THE PROPOSAL, AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT MAY PROPERLY COME BEFORE THE MEETING. PLEASE COMPLETE AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED ENVELOPE.
Important notice regarding the availability of proxy materials for the shareholder meeting to be held on November 12, 2009: this proxy statement is available at www.delawareinvestments.com.
PLEASE SIGNAND DATE ON THE REVERSE SIDE.
PROXY TABULATOR
P.O. BOX 9112
FARMINGDALE, NY 11735
To vote by Internet
1) | Read the Proxy Statement and have the proxy card below at hand. |
2) | Go to websitewww.proxyvote.com. |
3) | Follow the instructions provided on the website. |
To vote by Telephone
1) | Read the Proxy Statement and have the proxy card below at hand. |
2) | Call1-800-690-6903. |
3) | Follow the instructions. |
To vote by Mail
1) | Read the Proxy Statement |
2) | Check the appropriate boxes on the proxy card below. |
3) | Sign and date the proxy card. |
4) | Return the proxy card in the envelope provided. |
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: KEEP THIS PORTION FOR YOURRECORDS.
DETACH AND RETURN THIS PORTION ONLY
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.
| | | | | | | | |
| | Vote on Trustees | | | | | | |
| |
| 1. | To elect a Board of Trustees for each of the Trusts | | FOR | WITHHOLD | FOR ALL |
| | | | | | | ALL | ALL | EXCEPT |
| | | Nominees: | | | | | | |
| |
| | 01) | THOMAS L. BENNETT | 04) | ANTHONY D. KNERR | 07) | THOMAS F. MADISON | | |
| | 02) | PATRICK P. COYNE | 05) | LUCINDAS. LANDRETH | 08) | JANET L. YEOMANS 0 | 0 | 0 |
| | 03) | JOHN A. FRY | 06) | ANN R. LEVEN | 09) | J. RICHARD ZECHER | | |
| |
| | To withhold authority to vote for any individual nominee(s), mark “For All Except” and write the number(s) of the nominee(s) on |
| | the line below. | | | | | | |
| | | |
| Vote on Approval of Investment Advisory Agreement | FOR | AGAINST | ABSTAIN |
| |
| 2. To approve a new investment advisory agreement between each Fund and Delaware | 0 | 0 | 0 |
| Management Company, a series of Delaware Management Business Trust | | | |
THIS PROXYCARDISONLY VALID WHEN SIGNEDAND DATED.PLEASE DATEAND SIGN YOUR NAME OR NAMESBELOWNAMES EXACTLY AS PRINTEDABOVETOAUTHORIZE THE VOTING OF YOURSET FORTH HEREON. FOR JOINTLY OWNED SHARES, AS INDICATED ABOVE. WHERE SHARES ARE REGISTERED WITH JOINT OWNERS, ALL JOINT OWNERSEACH OWNER SHOULD SIGN. PERSONSIF SIGNING AS ATTORNEY, EXECUTOR,ADMINISTRATOR,TRUSTEE OROTHERREPRESENTATIVESHOULD GIVE FULL TITLE AS SUCH.
_________________________________________________ OR GUARDIAN, PLEASE INDICATE THE CAPACITY IN WHICH YOU ARE ACTING. CONSENTS EXECUTED BY CORPORATIONS SHOULD BE SIGNED BY A DULY AUTHORIZED OFFICER AND SHOULD BEAR THE CORPORATE SEAL.
Signature [PLEASE
PLEASE DATE AND SIGN
WITHIN BOX] Date Signature (Joint Owners) Date
SCHEDULE A
THIS CONSENT AND FAX IT PROMPTLY TO (215) 255-1640. | |
Trust | Funds |
Delaware Group Adviser Funds | Delaware Diversified Income Fund |
| Delaware U.S. Growth Fund |
Delaware Group Cash Reserve | Delaware Cash Reserve Fund |
Delaware Group Equity Funds I | Delaware Mid Cap Value Fund |
Delaware Group Equity Funds II | Delaware Large Cap Value Fund |
| Delaware Value®Fund |
Delaware Group Equity Funds III | Delaware American Services Fund |
| Delaware Small Cap Growth Fund |
| Delaware Trend®Fund |
Delaware Group Equity Funds IV | Delaware Global Real Estate Securities Fund |
| Delaware Growth Opportunities Fund |
| Delaware Healthcare Fund |
Delaware Group Equity Funds V | Delaware Dividend Income Fund |
| Delaware Small Cap Core Fund |
| Delaware Small Cap Value Fund |
Delaware Group Foundation Funds | Delaware Foundation®Equity Fund |
| Delaware Aggressive Allocation Portfolio1 |
| Delaware Conservative Allocation Portfolio2 |
| Delaware Moderate Allocation Portfolio3 |
Delaware Group Global & International Funds | Delaware Emerging Markets Fund |
| Delaware Focus Global Growth Fund |
| Delaware Global Value Fund |
| Delaware International Value Equity Fund |
Delaware Group Government Fund | Delaware Core Plus Bond Fund |
| Delaware Inflation Protected Bond Fund |
Delaware Group Income Funds | Delaware Corporate Bond Fund |
| Delaware Extended Duration Bond Fund |
| Delaware High-Yield Opportunities Fund |
Delaware Group Limited-Term Government Funds | Delaware Limited-Term Diversified Income Fund |
Delaware Group State Tax-Free Income Trust | Delaware Tax-Free Pennsylvania Fund |
Delaware Group Tax-Free Fund | Delaware Tax-Free USA Fund |
| Delaware Tax-Free USA Intermediate Fund |
Delaware Group Tax-Free Money Fund | Delaware Tax-Free Money Fund |
Delaware Pooled®Trust | Delaware REIT Fund |
| (also known as The Real Estate Investment Trust Portfolio) |
Voyageur Insured Funds | Delaware Tax-Free Arizona Fund |
Voyageur Intermediate Tax Free Funds | Delaware Tax-Free Minnesota Intermediate Fund |
Voyageur Mutual Funds | Delaware Minnesota High-Yield Municipal Bond Fund |
| Delaware National High-Yield Municipal Bond Fund |
| Delaware Tax-Free California Fund |
| Delaware Tax-Free Idaho Fund |
| Delaware Tax-Free New York Fund |
Voyageur Mutual Funds II | Delaware Tax-Free Colorado Fund |
Voyageur Mutual Funds III | Delaware Large Cap Core Fund |
| Delaware Select Growth Fund |
Voyageur Tax Free Funds | Delaware Tax-Free Minnesota Fund |