Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities the income from which is exempt from federal income tax. It will invest primarily in lower-rated municipal securities, which typically offer higher income potential and involve greater risk than higher-quality securities.

Nasdaq

CXHYX

The fund invests primarily in stocks of small companies that its investment manager believes have a combination of attractive valuations, growth prospects, and strong cash flows. Under normal circumstances, at least 80% of the fund's net assets, plus the amount of any borrowings for investment purposes, will be in investments of small-capitalization companies (80% policy). The fund's manager considers small-capitalization companies to be companies within the market capitalization range of the Russell 2000  Index at the time of purchase.

DCCIX

Under normal circumstances, at least 50% of the fund's total assets will be invested in income-generating equity securities, including real estate investment trusts (REITs). It invests primarily in income-generating securities (debt and equity), which may include equity securities of large, well-established companies, and debt securities, including high yield, high-risk corporate bonds, investment grade fixed income securities, and U.S. government securities.

DDIIX

Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of large-capitalization companies (the 80% policy). It invests primarily in securities of large-capitalization companies that the Manager believes have long-term capital appreciation potential. The fund's advisor currently defines large-capitalization stocks as those with market capitalizations of $5 billion or greater at the time of purchase.

DDVIX

Under normal circumstances, the fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in emerging markets corporate debt securities (80% policy). It may also use a wide variety of derivatives instruments, including credit linked notes, interest rate, index and credit default swaps, forward foreign currency contracts, futures, and options.

DEDIX

The investment seeks long-term growth without undue risk to principal. The fund invests primarily in equity securities that provide the potential for capital appreciation. Under normal circumstances, it will invest at least 65% of its total assets in equity securities of issuers that are organized, have a majority of their assets, or generate the majority of their operating income outside the United States. The fund may invest more than 25% of its total assets in the securities of issuers located in the same country. It may invest up to 15% of its total assets in emerging markets securities. It is non-diversified.

DEGIX

Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities that provide income that is exempt from federal income tax, including the federal alternative minimum tax, and the personal income taxes of the Commonwealth of Pennsylvania. It will invest its assets in securities with maturities of various lengths, depending on market conditions.

DELIX

The fund invests primarily in a broad range of equity securities of companies located in emerging market countries. Emerging market countries include those currently considered to be developing by the World Bank, the United Nations, or the countries' governments. These countries typically are located in the Asia-Pacific region, Eastern Europe, the Middle East, Central America, South America, and Africa. Under normal circumstances, at least 80% of the fund's net assets, plus any borrowings for investment purposes, will be invested in emerging market issuers (80% policy).

DEMIX

The investment seeks capital appreciation. Under normal circumstances, at least 80% of the fund's net assets, plus the amount of any borrowings for investment purposes, will be in investments of small-capitalization companies. It invests primarily in investments of small companies whose stock prices, in the portfolio managers' opinion, appear low relative to their underlying value or future potential.

DEVLX

The investment seeks long-term capital appreciation. The fund invests primarily in common stocks of growth-oriented companies that the manager believes have long-term capital appreciation potential and expects to grow faster than the U.S. economy. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small- and mid-capitalization companies (80% policy).

DFCIX

Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in corporate bonds (80% policy). It may also invest up to 20% of its net assets in high yield corporate bonds ("junk bonds"). In addition, the fund may invest up to 40% of its total assets in foreign securities, but the fund's total non-U.S.-dollar currency exposure will be limited, in the aggregate, to no more than 25% of net assets.

DGCIX

The fund seeks to achieve its investment objective by investing primarily in common stocks of non-U.S. companies, which may include companies located or operating in developed or emerging markets. Under normal circumstances, it will invest at least 80% of its net assets, plus any borrowings for investment purposes, in small-capitalization equity securities (80% policy). The fund will invest at least 40% of its net assets in non-U.S. securities. While the fund invests primarily in developed markets (ex-U.S.), it may invest up to 30% of its net assets in emerging markets.

DGGIX

Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed income securities rated at the time of purchase lower than BBB- by Standard & Poor's Financial Services LLC, Baa3 by Moody's Investors Services, Inc. (Moody's), or similarly rated by another nationally recognized statistical rating organization (NRSRO). It may also invest in U.S. and foreign government securities and corporate bonds of foreign issuers. The fund may invest up to 40% of its net assets in foreign securities.

DHOIX

The fund will invest all of its net assets, plus the amount of any borrowings for investment purposes, in investment grade fixed income securities at the time of purchase, including, but not limited to, fixed income securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, and by U.S. and non-U.S. corporations. It may invest up to 30% of its net assets in foreign securities, including up to 10% of its net assets in securities of issuers located in emerging markets.

DLTLX

The fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities the income from which is exempt from federal income tax, including the federal alternative minimum tax. It will invest primarily in municipal debt obligations that are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses.

DMTFX

The investment seeks as high a level of current interest income exempt from federal income tax as is available from municipal obligations and as is consistent with prudent investment management and preservation of capital. The fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities the income from which is exempt from federal income tax, including the federal alternative minimum tax. It will invest primarily in municipal debt obligations that are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses.

DMUSX

The fund invests in the following four sectors of the fixed income securities markets: the U.S. investment grade sector, the U.S. high yield sector, the international developed markets sector, and the emerging markets sector. It normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed income securities. The fund's investments in emerging markets will, in the aggregate, be limited to no more than 20% of the fund's net assets.

DPDFX

Under normal market conditions, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Real Assets Securities (80% policy). It will invest at least 30% of its net assets in foreign securities, including emerging markets issuers. The fund may purchase both equity and fixed income securities. It may invest in securities of companies or issuers of any size market capitalization.

DPREX

The fund invests primarily in common stocks of growth-oriented companies that its investment manager, Delaware Management Company (Manager) believes have long-term capital appreciation potential and expect to grow faster than the U.S. economy. It invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small-capitalization companies (80% policy). The fund may invest in both domestic and foreign small-capitalization companies.

DSGGX

Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade fixed income securities, including, but not limited to, fixed income securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, and by U.S. corporations. The fund may invest up to 20% of its net assets in below-investment-grade securities.

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