SEC Info - Delaware Group Government Fund, et al.

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		Alternative Formats (Word, et al.) About your account Additional information Buying Class A shares at net asset value Calculating share price Certain management considerations Choosing a share class Dealer compensation Delaware Core Plus Bond Fund Delaware Emerging Markets Debt Fund Delaware Inflation Protected Bond Fund Disclosure of portfolio holdings information Dividends, distributions, and taxes Document delivery Fair valuation Financial highlights Frequent trading of Fund shares Fund summary How to buy shares How to redeem shares How to reduce your sales charge How we manage the Fund Inactive accounts Investing in the Fund Investment manager Investor services Low balance accounts Manager of managers structure Other investment strategies Payments to intermediaries Portfolio manager Portfolio managers Retirement plans Risks of investing in the Fund, The Securities in which the Fund typically invests, The The risks of investing in the Fund The securities in which the Fund typically invests Waivers of contingent deferred sales charges Who manages the Fund Who's who
1	1st Page - Filing Submission
"	Fund summary
"	Delaware Inflation Protected Bond Fund
"	Delaware Core Plus Bond Fund
"	Delaware Emerging Markets Debt Fund
"	How we manage the Fund
"	The securities in which the Fund typically invests
"	Other investment strategies
"	The risks of investing in the Fund
"	Disclosure of portfolio holdings information
"	Who manages the Fund
"	Investment manager
"	Portfolio managers
"	Portfolio manager
"	Manager of managers structure
"	Who's who
"	About your account
"	Investing in the Fund
"	Choosing a share class
"	Dealer compensation
"	Payments to intermediaries
"	How to reduce your sales charge
"	Buying Class A shares at net asset value
"	Waivers of contingent deferred sales charges
"	How to buy shares
"	Calculating share price
"	Fair valuation
"	Retirement plans
"	Document delivery
"	Inactive accounts
"	How to redeem shares
"	Low balance accounts
"	Investor services
"	Frequent trading of Fund shares
"	Dividends, distributions, and taxes
"	Certain management considerations
"	Financial highlights
"	Additional information

This Post-Effective Amendment No. 50 to Registration File No. 002-97889 includes the following:

Supplement to the Fund’s Statement of Additional Information
dated November 28, 2014

On Nov. 19, 2014, the Board of Trustees of Delaware Group Government Fund voted to eliminate the minimum credit quality restrictions related to the Fund’s investment in structured products. These changes will be effective sixty (60) days after the date of this Supplement (the “Effective Date”).

Until the Effective Date, the following information replaces the first paragraph in the section entitled, “Investment Strategies and Risks – Mortgage-Backed Securities”:

Mortgage-Backed Securities
Delaware Inflation Protected Bond Fund may invest in: (i) government related mortgage-backed securities; (ii) privately issued mortgage-backed securities if they are 100% collateralized at the time of issuance by securities issued or guaranteed by the U.S. government, its agencies and instrumentalities (the Delaware Inflation Protected Bond Fund invests in government-backed privately issued CMOs and REMICs only if they are rated in the two highest grades by an NRSRO at the time of purchase); and (iii) privately issued mortgage-backed securities that are not collateralized by U.S. government securities and are not directly guaranteed by the U.S. government in any way only if they are rated in the highest quality category by an NRSRO. Delaware Core Plus Bond Fund may invest in mortgage-backed securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, or by government-sponsored corporations and may also invest up to 20% of its net assets in CMOs and REMICs issued by private entities that are not collateralized by securities issued or guaranteed by the U.S. government, its agencies or instrumentalities. There are no ratings restrictions on these investments.

Until the Effective Date, the following information replaces the section entitled, “How we manage the Fund – The securities in which the Fund typically invests – Mortgage-backed securities”:

Mortgage-backed securities are fixed income securities that represent pools of mortgages, with investors receiving principal and interest payments as the underlying mortgage loans are paid back. Many are issued and guaranteed against default by the U.S. government or its agencies or instrumentalities, such as Freddie Mac, Fannie Mae, and Ginnie Mae. Others are issued by private financial institutions, with some fully collateralized by certificates issued or guaranteed by the U.S. government or its agencies or instrumentalities.

How the Fund uses them: The Fund may invest in government-related mortgage-backed securities and in privately issued mortgage-backed securities if they are 100% collateralized at the time of issuance by securities issued or guaranteed by the U.S. government, its agencies, or instrumentalities. The privately issued mortgage-backed securities we invest in are either collateralized mortgage obligations (CMOs) or real estate mortgage investment conduits (REMICs). The Fund currently invests in these government-backed privately issued CMOs and REMICs only if they are rated in the two highest grades by an NRSRO at the time of purchase.

The Fund may also invest in privately issued mortgage-backed securities that are not collateralized by U.S. government securities and are not directly guaranteed by the U.S. government in any way. Such securities are secured by the underlying collateral of the private issuer. These include CMOs, REMICs, and commercial mortgage-backed securities. The Fund may invest in these securities only if they are rated in the highest quality category by an NRSRO.

Until the Effective Date, the following information replaces the section entitled, “How we manage the Fund – The securities in which the Fund typically invests – Asset-backed securities”:

Asset-backed securities are bonds or notes backed by accounts receivable, including home equity, automobile, or credit loans.

How the Fund uses them: The Fund may invest only in asset-backed securities rated BBB- or higher by an NRSRO.

Investments in the Fund are not and 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 (the “Macquarie Group”), 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 the Fund, the repayment of capital from the Fund, or any particular rate of return.

Until the Effective Date, the following information replaces the section entitled, “How we manage the Fund – The securities in which the Fund typically invests – Asset-backed securities”:

Asset-backed securities are bonds or notes backed by accounts receivable, including home equity, automobile, or credit loans.

How the Fund uses them: The Fund may invest in asset-backed securities that are rated investment grade.

Investments in the Fund are not and 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 (the "Macquarie Group"), 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 the Fund, the repayment of capital from the Fund, or any particular rate of return.

Until the Effective Date, the following information replaces the section entitled, “How we manage the Fund – The securities in which the Fund typically invests – Asset-backed securities”:

Asset-backed securities are bonds or notes backed by accounts receivable, including home equity, automobile, or credit loans.

How the Fund uses them: The Fund may invest in asset-backed securities rated in one of the four highest rating categories by an NRSRO.

Investments in the Fund are not and 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 (the "Macquarie Group"), 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 the Fund, the repayment of capital from the Fund, or any particular rate of return.

Prospectus

Fixed income mutual fund

Fixed income mutual fund

Delaware Inflation Protected Bond Fund

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November 28, 2014

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Nasdaq ticker symbols
Class A	DIPAX
Class C	DIPCX
Institutional Class	DIPIX

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The U.S. Securities and Exchange Commission has not approved or disapproved these
securities or passed upon the adequacy of this Prospectus. Any representation to the
contrary is a criminal offense.

Get shareholder reports and prospectuses online instead of in the mail.
Visit delawareinvestments.com/edelivery.

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Table of contents
Fund summary	1
Delaware Inflation Protected Bond Fund	1
How we manage the Fund	5
Our investment strategies	5
The securities in which the Fund typically invests	5
Other investment strategies	8
The risks of investing in the Fund	9
Disclosure of portfolio holdings information	12
Who manages the Fund	13
Investment manager	13
Portfolio managers	13
Manager of managers structure	13
Who's who	14
About your account	15
Investing in the Fund	15
Choosing a share class	15
Dealer compensation	17
Payments to intermediaries	17
How to reduce your sales charge	18
Buying Class A shares at net asset value	18
Waivers of contingent deferred sales charges	19
How to buy shares	20
Calculating share price	20
Fair valuation	21
Retirement plans	21
Document delivery	21
Inactive accounts	21
How to redeem shares	21
Low balance accounts	23
Investor services	23
Frequent trading of Fund shares	24
Dividends, distributions, and taxes	26
Certain management considerations	27
Financial highlights	28
Additional information	33

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Fund summary

Delaware Inflation Protected Bond Fund

What are the Fund's investment objectives?

Delaware Inflation Protected Bond Fund seeks to provide inflation protection and current income.

What are the Fund's fees and expenses?

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The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Delaware Investments^® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

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The Fund's investment manager, Delaware Management Company (Manager) , has voluntarily agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.65% of the Fund's average daily net assets from Nov. 28, 2014 until such time as the voluntary expense cap is discontinued. The Manager's waivers and/or reimbursements may be discontinued at any time because they are voluntary.

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Shareholder fees (fees paid directly from your investment)
Class	A	C	Inst.
Maximum sales charge (load) imposed on purchases as a percentage of offering price	4.50%	none	none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower	none	1.00%¹	none
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Class	A	C	Inst.
Management fees	0.45%	0.45%	0.45%
Distribution and service (12b-1) fees	0.25%	1.00%	none
Other expenses	0.39%	0.39%	0.39%
Total annual fund operating expenses	1.09%	1.84%	0.84%

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1	Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (CDSC).

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Example

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This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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		(if not
		redeemed)
Class	A	C	C	Inst.
1 year	$556	$187	$287	$86
3 years	$781	$579	$579	$268
5 years	$1,024	$995	$995	$466
10 years	$1,719	$2,159	$2,159	$1,037

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Portfolio turnover

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The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 128% of the average value of its portfolio.

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What are the Fund's principal investment strategies?

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Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in inflation-indexed bonds issued by the U.S. government, its agencies or instrumentalities, foreign governments, and corporations, and in synthetic investments such as options, forwards, futures contracts, or swap agreements that, when combined with non-inflation-indexed bonds, have economic characteristics similar to inflation-indexed bonds. We will seek to maintain the Fund's interest rate sensitivity at a level approximating that of the Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index. Subject to liquidity restrictions, the Fund may invest assets in derivatives instruments that have economic characteristics that are similar to inflation-protected bonds.

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The 80% policy is not a fundamental policy and may be changed without shareholder approval. However, shareholders would be given notice at least 60 days prior to any change in this policy.

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What are the principal risks of investing in the Fund?

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. Principal risks include:

Investments not guaranteed by Delaware Management Company (Manager) or its affiliates — Investments in the Fund are not and 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 (Macquarie Group), 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 the Fund, the repayment of capital from the Fund, or any particular rate of return.

Market risk — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

Interest rate risk — The risk that securities will decrease in value if interest rates rise. This risk is generally associated with bonds.

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Inflation risk — The risk that interest payments on inflation-protected debt securities will vary as the principal and/or interest is adjusted for inflation.

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Credit risk — The risk that a bond's issuer will be unable to make timely payments of interest and principal. Investing in so-called "junk" or "high yield" bonds entails greater risk of principal loss than the risk involved in investment grade bonds.

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Liquidity risk — The possibility that securities cannot be readily sold within seven days at approximately the price at which a portfolio has
valued them.

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Loans and other indebtedness risk — The risk that the portfolio will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution.

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Prepayment risk — The risk that the principal on a bond that is held by a portfolio will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

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Foreign risk — The risk that foreign securities (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards.

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Forward foreign currency risk — The use of forward foreign currency exchange contracts may substantially change a portfolio's exposure to currency exchange rates and could result in losses to the fund if currencies do not perform as the portfolio manager expects. The use of these investments as a hedging technique to reduce a portfolio's exposure to currency risks may also reduce its ability to benefit from favorable changes in currency exchange rates.

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Counterparty risk — The risk that a counterparty to a derivatives contract (such as a swap, futures, or options contract) or a repurchase agreement may fail to perform its obligations under the contract or agreement due to financial difficulties (such as a bankruptcy or reorganization).

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Government and regulatory risk — The risk that governments or regulatory authorities have, from time to time, taken or considered actions that could adversely affect various sectors of the securities markets and significantly affect fund performance.

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How has Delaware Inflation ProtectedBond Fund performed?

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The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the 1-year, 5-year, and lifetime periods compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Fund's most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawareinvestments.com/performance.

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Year-by-year total return (Class A)

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As of Sept. 30, 2014, the Fund's Class A shares had a calendar year-to-date return of 1.07%. During the periods illustrated in this bar chart, Class A's highest quarterly return was 6.02% for the quarter ended March 31, 2008 and its lowest quarterly return was -8.89% for the quarter ended June 30, 2013. The maximum Class A sales charge of 4.50%, which is normally assessed when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

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Average annual total returns for periods ended December 31, 2013

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	1 year	5 years	Lifetime (12/1/04- 12/31/13)
Class A return before taxes	-17.24%	2.50%	3.10%
Class A return after taxes on distributions	-17.24%	1.11%	1.55%
Class A return after taxes on distributions and saleof Fund shares	-9.76%	1.72%	1.98%
Class C return before taxes	-14.77%	2.69%	2.88%
Institutional Class return before taxes	-13.11%	3.69%	3.86%
Barclays U.S. TIPS Index (reflects no deduction for fees, expenses, or taxes)	6.98%	7.04%	6.37%

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After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor's individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Delaware Management Business Trust

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Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Roger A. Early, CPA, CFA	Senior Vice President, Co-Chief Investment Officer — Total Return Fixed Income Strategy	May 2007
Paul Grillo, CFA	Senior Vice President, Co-Chief Investment Officer — Total Return Fixed Income Strategy	May 2007

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Purchase and redemption of Fund shares

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial advisor; through the Fund's website at delawareinvestments.com; by calling 800 523-1918; by regular mail (c/o Delaware Investments, P.O. Box 9876, Providence, RI 02940-8076); by overnight courier service (c/o Delaware Service Center, 4400 Computer Drive, Westborough, MA 01581-1722); or by wire.

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For Class A and Class C shares, the minimum initial investment is generally $1,000 and subsequent investments can be made for as little as $100. The minimum initial investment for IRAs, Uniform Gifts/Transfers to Minors Act accounts, direct deposit purchase plans, and automatic investment plans is $250 and through Coverdell Education Savings Accounts is $500, and subsequent investments in these accounts can be made for as little as $25. For Institutional Class shares (except those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in the prospectus under "Choosing a share class" and on the Fund's website. We may reduce or waive the minimums or eligibility requirements in certain cases.

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Tax information

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The Fund's distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA, in which case your distributions generally will be taxed when withdrawn from the tax-deferred account.

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Payments to broker/dealersand other financial intermediaries

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If you purchase shares of the Fund through a broker/dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

How we manage the Fund

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We take a disciplined approach to investing, combining investment strategies and risk-management techniques that we believe can help shareholders meet their goals.

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Our investment strategies

We analyze economic and market conditions, seeking to identify the securities or market sectors that we think are the best investments for the Fund. Following are descriptions of how the portfolio managers pursue the Fund's investment objectives.

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Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in inflation-indexed bonds issued by the U.S. government, its agencies or instrumentalities, foreign governments, and corporations, and in synthetic investments such as options, forwards, futures contracts, or swap agreements that, when combined with non-inflation-indexed bonds, have economic characteristics similar to inflation-indexed bonds. This policy is not a fundamental policy and can be changed without shareholder approval. However, shareholders would be given at least 60 days' notice prior to any change in this policy. The Fund invests in a mix of fixed income securities.

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In selecting bonds for the Fund, the portfolio managers conduct a careful analysis of economic and market conditions, analyzing a security's structural features and current price relative to its value, short-term trading opportunities resulting from market inefficiencies, and the credit quality of the issuer, seeking to identify securities or market sectors that they think are the best investments for the Fund. The portfolio managers would then allocate the Fund's assets in different market sectors (government or corporate), different issuers (domestic or foreign), and different maturities based on their view of the relative value of each sector, issuer, or maturity. The portfolio managers' overall strategy is to select investments that they believe have the potential for inflation protection and current income.

The weighted average maturity of the Fund will typically be between 5 and 20 years. This is considered an intermediate-range maturity. By keeping the average maturity in this intermediate range, we aim to reduce the Fund's sensitivity to changes in interest rates. When interest rates rise, prices of bonds and bond funds generally decline and when interest rates decline, prices generally rise. We believe intermediate-maturity bonds generally offer the Fund attractive income potential with lower price fluctuations than longer-term bonds.

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The Fund may also invest up to 10% of its net assets in high yield securities, corporate bonds rated lower than BBB- by Standard & Poor's Financial Services LLC (S&P) or lower than Baa3 by Moody's Investors Service, Inc. (Moody's) or similarly rated by another nationally recognized statistical rating organization (NRSRO). The Fund may also invest up to 10% of its net assets in securities denominated in foreign currencies and may invest up to 25% of its net assets in U.S. dollar-denominated securities of foreign issuers.

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While management believes that the Fund's investment objectives would best be attained by investing in inflation-indexed bonds issued by the U.S. government, its agencies or instrumentalities, and corporations, the Fund also invests in other investments including, but not limited to, nominal bonds (non-inflation-indexed bonds), mortgage- and asset-backed securities, commercial mortgage-backed securities, options, futures contracts, forward contracts, swap agreements, commodity linked notes, and loan participations.

The Fund's investment objectives are nonfundamental. This means that the Board may change the objectives without obtaining shareholder approval. If an objective were changed, shareholders would receive at least 60 days' notice before the change in the objective became effective.

The securities in which the Fund typically invests

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Fixed income securities offer the potential for greater income payments than stocks, and also may provide capital appreciation. Please see the Fund's SAI for additional information about certain of the securities described below as well as other securities in which the Fund may invest.

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Inflation-protected debt securities

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Inflation-protected debt securities (also referred to as inflation-indexed bonds) are securities whose principal and/or interest payments are adjusted for inflation, unlike traditional debt securities that make fixed principal and interest payments. Inflation-protected debt securities include inflation-indexed bonds, which are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation.

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How the Fund uses them: Under normal circumstances, the Fund will invest at least 80% of its net assets in inflation-protected bonds issued by the U.S. government, its agencies or instrumentalities, foreign governments, and corporations, and in synthetic investments such as options, forwards, futures contracts, or swap agreements that, when combined with non-inflation-indexed bonds, have economic characteristics similar to inflation-indexed bonds.

Corporate bonds

Corporate bonds are debt obligations issued by a corporation.

Debt securities within the top three rating categories comprise what are known as high-grade bonds and are regarded as having a strong ability to pay principal and interest. Securities in the fourth rating category are known as medium-grade bonds and are regarded as having an adequate capacity to pay principal and interest but with greater vulnerability to adverse economic conditions and speculative characteristics.

How the Fund uses them: The Fund may invest in corporate bonds if the Manager believes they will help meet the Fund's objectives.

U.S. government securities

U.S. government securities are direct U.S. obligations that include bills, notes, and bonds, as well as other debt securities, issued by the U.S. Treasury, and securities of U.S. government agencies or instrumentalities. U.S. Treasury securities are backed by the "full faith and credit" of the United States. Securities issued or guaranteed by federal agencies and U.S. government-sponsored instrumentalities may or may not be backed by the "full faith and credit" of the United States. In the case of securities not backed by the "full faith and credit" of the United States, investors in such securities look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment.

How the Fund uses them: The Fund may invest in direct U.S. government obligations; however, these securities will typically be a smaller percentage of the portfolio because they generally do not offer as high a level of current income as other fixed income securities in which the Fund may invest.

Mortgage-backed securities

Asset-backed securities

Asset-backed securities are bonds or notes backed by accounts receivable, including home equity, automobile, or credit loans.

How the Fund uses them: The Fund may invest only in asset-backed securities rated BBB- or higher by an NRSRO.

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Certificates of deposit and obligations of U.S. and foreign banks

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Certificates of deposit and obligations of both U.S. and foreign banks are debt instruments issued by banks that pay interest.

How the Fund uses them: The Fund may invest in certificates of deposit and obligations from banks that have assets of at least $1 billion.

Corporate commercial paper

Corporate commercial paper is a short-term debt obligation with maturities ranging from 2 to 270 days, issued by companies.

How the Fund uses it: The Fund may invest in commercial paper that is rated P-1 by Moody's and/or A-1 by S&P.

Repurchase agreements

A repurchase agreement is an agreement between a buyer of securities, such as a fund, and a seller of securities, in which the seller agrees to buy the securities back within a specified time at the same price the buyer paid for them, plus an amount equal to an agreed-upon interest rate. Repurchase agreements are often viewed as equivalent to cash.

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How the Fund uses them: Typically, the Fund uses repurchase agreements as short-term investments for its cash position. In order to enter into these repurchase agreements, the Fund must have collateral of at least 102% of the repurchase price. The Fund will only enter into repurchase agreements in which the collateral is composed of U.S. government securities. At the Manager's discretion, the Fund may invest overnight cash balances in short-term discount notes issued or guaranteed by the U.S. government, its agencies or instrumentalities, or government-sponsored enterprises.

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Futures and options

Futures contracts are agreements for the purchase or sale of a security or a group of securities at a specified price, on a specified date. Unlike purchasing an option, a futures contract must be executed unless it is sold before the settlement date.

Options represent a right to buy or sell a swap agreement or a security or a group of securities at an agreed-upon price at a future date. The purchaser of an option may or may not choose to go through with the transaction. The seller of an option, however, must go through with the transaction if the purchaser exercises the option.

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Certain options and futures may be considered derivatives securities.

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How the Fund uses them: At times when it anticipates adverse conditions, the Manager may want to protect gains on securities without actually selling them. The Fund might use options or futures to neutralize the effect of any price declines, without selling a bond or bonds, or as a hedge against changes in interest rates. We may also sell an option contract (often referred to as "writing" an option) to earn additional income.

Use of these strategies can increase the operating costs of the Fund and can lead to loss of principal.

The Fund has claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act (CEA) and, therefore, is not subject to registration or regulation as a commodity pool operator under the CEA.

Restricted securities

Restricted securities are privately placed securities whose resale is restricted under U.S. securities laws.

How the Fund uses them: The Fund may invest in privately placed securities, including those that are eligible for resale only among certain institutional buyers without registration, which are commonly known as "Rule 144A Securities." Restricted securities that are determined to be illiquid may not exceed the Fund's limit on investments in illiquid securities.

Bank loans

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A bank loan represents an interest in a loan or other direct indebtedness, such as an assignment, that entitles the acquiror of such interest to payments of interest, principal, and/or other amounts due under the structure of the loan or other direct indebtedness. In addition to being structured as secured or unsecured loans, such investments could be structured as novations or assignments or represent trade or other claims owed by a company to a supplier.

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How the Fund uses them: The Fund may invest without restriction in bank loans that meet the credit standards established by the Manager. The Manager performs its own independent credit analysis on each borrower and on the collateral securing each loan, considers the nature of the industry in which the borrower operates, the nature of the borrower's assets, and the general quality and creditworthiness of the borrower. The Fund may invest in bank loans in order to enhance total return, to affect diversification, or to earn additional income. The Fund will not use bank loans for reasons inconsistent with its investment objective.

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Interest rate swap, index swap, inflation swap, and credit default swap agreements

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In an interest rate swap, a fund receives payments from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An interest rate swap can also work in reverse with a fund receiving payments based on a fixed interest rate and making payments based on a variable or floating interest rate.

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In an index swap, a fund receives gains or incurs losses based on the total return of a specified index, in exchange for making fixed or floating rate interest payments to another party. An index swap can also work in reverse with a fund receiving interest payments from another party in exchange for movements in the total return of a specified index.

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In an inflation swap, a fund exchanges with another party their respective commitments to pay or receive a fixed or variable rate in exchange for the rate of change of an inflation index with respect to a notional amount of principal.

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In a credit default swap, a fund may transfer the financial risk of a credit event occurring (a bond default, bankruptcy, or restructuring, for example) on a particular security or basket of securities to another party by paying that party a periodic premium; likewise, a fund may assume the financial risk of a credit event occurring on a particular security or basket of securities in exchange for receiving premium payments from another party.

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Interest rate swaps, index swaps, inflation swaps, and credit default swaps may be considered illiquid.

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How the Fund uses them: The Fund may use interest rate swaps to adjust its sensitivity to interest rates or to hedge against changes in interest rates. Index swaps may be used to gain exposure to markets that the Fund invests in, such as the corporate bond market. The Fund may also use index swaps as a substitute for futures or options contracts if such contracts are not directly available to the Fund on favorable terms. The Fund may enter into credit default swaps in order to hedge against a credit event, to enhance total return, or to gain exposure to certain securities or markets. Inflation swaps may be used to hedge the inflation risk in nominal bonds, thereby creating synthetic inflation-indexed bonds. The Fund will usually enter into inflation swaps on a zero coupon basis, that is, the two rates will compound until the swap termination date at which point payments are netted.

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At times when the Manager anticipates adverse conditions, the Manager may want to protect gains on securities without actually selling them. The Manager might use swaps to neutralize the effect of any price declines without selling a bond or bonds.

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If the Fund has any financial obligation under a swap agreement, it will designate cash and liquid assets sufficient to cover the obligation and will value the designated assets daily as long as the obligation is outstanding. Use of these strategies can increase the operating costs of the Fund and lead to loss of principal.

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Illiquid securities

Illiquid securities are securities that do not have a ready market and cannot be readily sold within seven days at approximately the price at which a fund has valued them. Illiquid securities include repurchase agreements maturing in more than seven days.

How the Fund uses them: The Fund may invest up to 15% of its net assets in illiquid securities.

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Forward foreign currency exchange contracts

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A forward foreign currency exchange contract involves an obligation to purchase or sell a specific currency on a fixed future date at a price that is set at the time of the contract. The future date may be any number of days from the date of the contract as agreed by the parties involved.

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How the Fund uses them: Although the Fund values its assets daily in terms of U.S. dollars, it does not intend to convert its holdings of foreign currencies into U.S. dollars on a daily basis. It may, however, from time to time, purchase or sell foreign currencies and/or engage in forward foreign currency transactions in order to facilitate or expedite settlement of Fund transactions and to minimize currency value fluctuations.

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High yield corporate bonds (junk bonds)

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High yield corporate (junk) bonds are debt obligations issued by a corporation and rated lower than BBB- by S&P and Baa3 by Moody's, or similarly rated by another NRSRO. High yield bonds, also known as "junk bonds," are issued by corporations that have lower credit quality and may have difficulty repaying principal and interest.

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How the Fund uses them: The Fund may invest up to 10% of its net assets in high yield securities, corporate bonds rated lower than BBB- by S&P or lower than Baa3 by Moody's or similarly rated by another NRSRO. The Manager carefully evaluates an individual company's financial situation, its management, the prospects for its industry and the technical factors related to its bond offering. Our goal is to identify those companies that it believes will be able to repay their debt obligations in spite of poor ratings. The Fund invests in unrated bonds if the Manager believes their credit quality is comparable to the rated bonds we are permitted to invest in. Unrated bonds may be more speculative in nature than rated bonds.

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Other investment strategies

Borrowing from banks

The Fund may borrow money from banks as a temporary measure for extraordinary or emergency purposes or to facilitate redemptions. The Fund will be required to pay interest to the lending banks on the amounts borrowed. As a result, borrowing money could result in the Fund being unable to meet its investment objectives.

Lending securities

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The Fund may lend up to 25% of its assets to qualified broker/dealers or institutional investors for their use in securities transactions. Borrowers of the Fund's securities must provide collateral to the Fund and adjust the amount of collateral each day to reflect changes in the value of the loaned securities. These transactions, if any, may generate additional income for the Fund.

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Temporary defensive positions

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In response to unfavorable market conditions, the Fund may make temporary investments in cash or cash equivalents or other high-quality, short-term instruments. These investments may not be consistent with the Fund's investment objectives. To the extent that the Fund holds such instruments, it may be unable to achieve its investment objectives.

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The risks of investing in the Fund

Investing in any mutual fund involves risk, including the risk that you may receive little or no return on your investment, and the risk that you may lose part or all of the money you invest. Before you invest in the Fund, you should carefully evaluate the risks. Because of the nature of the Fund, you should consider your investment to be a long-term investment that typically provides the best results when held for a number of years. The information below describes the principal risks you assume when investing in the Fund. Please see the SAI for a further discussion of certain of these risks and other risks not discussed here.

Market risk

Market risk is the risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of economic conditions, future expectations, investor confidence, or heavy institutional selling.

Index swaps are subject to the same market risks as the investment market or sector that the index represents. Depending on the actual movements of the index and how well the portfolio manager forecasts those movements, a fund could experience a higher or lower return than anticipated.

How the Fund strives to manage it: The Fund maintains a long-term investment approach and focuses on high-quality individual bonds that the Manager believes can provide a steady stream of income regardless of interim fluctuations in the bond market. The Fund generally does not buy and sell securities for short-term purposes.

In evaluating the use of an index swap, the Manager carefully considers how market changes could affect the swap and how that compares to investing directly in the market the swap is intended to represent.

Interest rate risk

Interest rate risk is the risk that securities will decrease in value if interest rates rise. The risk is greater for bonds with longer maturities than for those with shorter maturities.

Inflation-protected debt securities tend to react to changes in real interest rates. Real interest rates represent nominal (stated) interest rates adjusted by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

Swaps may be particularly sensitive to interest rate changes. Depending on the actual movements of interest rates and how well the portfolio managers anticipate them, a fund could experience a higher or lower return than anticipated.

How the Fund strives to manage it: Interest rate risk is a significant risk for this Fund. In striving to manage this risk, the Manager monitors economic conditions and the interest rate environment and may adjust the Fund's duration or average maturity as a defensive measure against interest rate risk.

Each Business Day the Manager will calculate the amount the Fund must pay for swaps it holds and will segregate enough cash or other liquid securities to cover that amount.

The Fund will seek to maintain its interest rate sensitivity at a level approximating that of the Barclays U.S. TIPS Index.

Credit risk

Credit risk is the risk that an issuer of a debt security, including a governmental issuer or an entity that insures the bond, may be unable to make interest payments and repay principal in a timely manner. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value, which would impact fund performance.

How the Fund strives to manage it: As most inflation-protected securities are issued by the U.S. Treasury, a focus on U.S. Treasury securities and other securities that are backed by the U.S. government may minimize the possibility that any of the securities in our portfolio will not pay interest or principal. U.S. government securities are generally considered to be of the highest quality.

When selecting nongovernment securities and the dealers with whom the Fund executes interest rate swaps, the Manager focuses on those with high quality ratings and does careful credit analysis before investing.

Liquidity risk

Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

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How the Fund strives to manage it: The Fund limits its exposure to illiquid securities to no more than 15% of its net assets.

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Prepayment risk

Prepayment risk is the risk that the principal on a bond that a fund owns will be prepaid prior to maturity at a time when interest rates are lower than what that bond was paying. The Fund would then have to reinvest that money at a lower interest rate.

How the Fund strives to manage it: Homeowners or others who have mortgages are more likely to prepay them when interest rates are relatively low. In order to manage this risk, when interest rates are low or when the Manager anticipates that rates will be declining, it will look for mortgage securities that it believes are less likely to be prepaid, such as those that have interest rates lower than current rates or low remaining loan balances.

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Loans and other direct indebtedness risk

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Loans and other direct indebtedness risk involves the risk that a fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer a fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower's obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by a fund may involve revolving credit facilities or other standby financing commitments that obligate a fund to pay additional cash on a certain date or on demand. These commitments may require a fund to increase its investment in a company at a time when that fund might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). To the extent that a fund is committed to advance additional funds, it will at all times hold and maintain, in a segregated account, cash or other high-grade debt obligations in an amount sufficient to meet such commitments.

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As a fund may be required to rely upon another lending institution to collect and pass on to the fund amounts payable with respect to the loan and to enforce the fund's rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the fund from receiving such amounts. The highly leveraged nature of such loans and other direct indebtedness may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the fund.

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How the Fund strives to manage it: These risks may not be completely eliminated, but the Manager will attempt to reduce them through portfolio diversification, credit analysis, and attention to trends in the economy, industries, and financial markets. Should the Manager determine that any of these securities may be illiquid, they would be subject to the Fund's restriction on illiquid securities.

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Forward foreign currency risk

The use of forward foreign currency exchange contracts may substantially change a fund's exposure to currency exchange rates and could result in losses to the fund if currencies do not perform as the Manager expects. The use of these investments as a hedging technique to reduce a fund's exposure to currency risks may also reduce its ability to benefit from favorable changes in currency exchange rates.

How the Fund strives to manage it: The Fund is subject to this risk and may try to hedge currency risk by purchasing foreign currency exchange contracts. By agreeing to purchase or sell foreign securities at a preset price on a future date, the Fund strives to protect the value of the securities it owns from future changes in currency rates.

Derivatives risk

Derivatives risk is the possibility that a fund may experience a significant loss if it employs a derivatives strategy (including a strategy involving futures, options, forward foreign currency exchanges, and swaps) related to a security or a securities index and that security or index moves in the opposite direction from what the portfolio management team had anticipated. Derivatives also involve additional expenses, which could reduce any benefit or increase any loss to a fund from using the strategy.

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How the Fund strives to manage it: The Fund will use derivatives for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, to neutralize the impact of interest rate changes, to effect diversification, or to earn additional income.

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Counterparty risk

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Counterparty risk is the risk that if a fund enters into a derivatives contract (such as an equity linked security, a swap, futures, or options contract) or a repurchase agreement, it will be subject to the risk that the counterparty to such a contract or agreement may fail to perform its obligations under the contract or agreement due to financial difficulties (such as a bankruptcy or reorganization). As a result, the fund may experience significant delays in obtaining any recovery, may obtain only a limited recovery, or may obtain no recovery at all.

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How the Fund strives to manage it: The Manager seeks to minimize this risk by considering the creditworthiness of all counterparties before the Fund enters into transactions with them. The Fund may hold collateral from counterparties consistent with applicable regulations.

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Foreign risk

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As described in more detail below, foreign risk is the risk that foreign securities may be adversely affected by political instability, changes in currency exchange rates, foreign economic or government conditions, the imposition of economic or trade sanctions, increased transaction costs, or inadequate regulatory and accounting standards. In addition, there is the possibility of expropriation, nationalization, or confiscatory taxation, taxation of income earned in foreign nations, or other taxes imposed with respect to investments in foreign nations, foreign exchange controls, which may include suspension of the ability to transfer currency from a given country, and default in foreign government securities. As a result of these factors, foreign securities markets may be less liquid and more volatile than U.S. markets and a portfolio may experience difficulties and delays in converting foreign currencies back into U.S. dollars. Such events may cause the value of certain foreign securities to fluctuate widely and may make it difficult to accurately value foreign securities.

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Foreign investment risk includes these specific risks:

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Currency risk is the risk that the value of an investment may be negatively affected by changes in foreign currency exchange rates. Adverse changes in exchange rates may reduce or eliminate any gains produced by investments that are denominated in foreign currencies and may increase losses.
Political risk is the risk that countries or an entire region may experience political instability. This may cause greater fluctuation in the value and liquidity of investments due to changes in currency exchange rates, governmental seizures, or nationalization of assets.
Information risk is the risk that foreign companies may be subject to different accounting, auditing, and financial reporting standards than U.S. companies. There may be less information available about foreign issuers than domestic issuers. Furthermore, regulatory oversight of foreign issuers may be less stringent or less consistently applied than in the U.S.
Inefficient market risk is the risk that foreign markets may be less liquid, have greater price volatility, less regulation, and higher transaction costs than U.S. markets.
Transaction costs risk is the risk that the cost of buying, selling, and holding foreign securities, including brokerage, tax, and custody costs, may be higher than those involved in domestic transactions.

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How the Funds strive to manage it: The Manager attempts to reduce the risks presented by such investments by conducting worldwide fundamental research. In addition, the Manager monitors current economic and market conditions and trends, the political and regulatory environment, and the value of currencies in different countries in an effort to identify the most attractive countries and securities.

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Government and regulatory risks

Governments or regulatory authorities have, from time to time, taken or considered actions that could adversely affect various sectors of the securities markets and significantly impact fund performance. Government involvement in the private sector may, in some cases, include government investment in, or ownership of, companies in certain commercial business sectors; wage and price controls; or imposition of trade barriers and other protectionist measures. For example, an economic or political crisis may lead to price controls, forced mergers of companies, expropriation, the creation of government monopolies, foreign exchange controls, the introduction of new currencies (and the redenomination of financial obligations into those currencies), or other measures that could be detrimental to the investments of a fund.

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How the Fund strives to manage them: The Manager evaluates the economic and political climate in the relevant jurisdictions before selecting securities for the Fund. The Fund typically invests in a number of different securities in a variety of sectors in order to minimize the impact to the Fund of any legislative or regulatory development affecting particular issuers or market sectors.

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High yield (junk) bond risk

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High yield, high-risk securities (also known as junk bonds), while generally having higher yields, are subject to reduced creditworthiness of issuers, increased risks of default, and a more limited and less liquid secondary market than higher-rated securities. These securities are subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. Lower-rated and unrated fixed income securities tend to reflect short-term corporate and market developments to a greater extent than higher-rated fixed income securities, which react primarily to fluctuations in the general level of interest rates. Fixed income securities of this type are considered to be of poor standing and primarily speculative. Such securities are subject to a substantial degree of credit risk.

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How the Fund strives to manage it: The Fund limits investments in high-risk, high-yield fixed income securities to 10% of its net assets. The Manager also attempts to reduce the risk associated with investment in high yield debt securities through portfolio diversification, credit analysis, and attention to trends in the economy and financial markets.

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Disclosure of portfolio holdings information

A description of the Fund's policies and procedures with respect to the disclosure of its portfolio securities is available in the SAI.

Who manages the Fund

Investment manager

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The Manager, located at 2005 Market Street, Philadelphia, PA, 19103, is the Fund's investment manager. Together, the Manager and the subsidiaries of Delaware Management Holdings, Inc. (DMHI) manage, as of Sept. 30, 2014 , more than $180 billion in assets, including mutual funds, separate accounts, and other investment vehicles. The Manager and its predecessors have been managing the Delaware Investments ^® Funds since 1938. The Manager is a series of Delaware Management Business Trust, which is a subsidiary of DMHI. DMHI is a wholly owned subsidiary of Macquarie Group Ltd. The Manager makes investment decisions for the Fund, manages the Fund's business affairs, and provides daily administrative services. For its services to the Fund, the Manager was paid an aggregate fee, net of fee waivers, of 0.20% of average daily net assets during the last fiscal year.

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A discussion of the basis for the Board's approval of the Fund's investment advisory contract is available in the Fund's semiannual report to shareholders for the period ended Jan. 31, 2014 .

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Portfolio managers

Roger A. Early and Paul Grillo have primary responsibility for making day-to-day investment decisions for the Fund.

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Roger A. Early, CPA, CFA, Senior Vice President, Co-Chief Investment Officer — Total Return Fixed Income Strategy
Roger A. Early rejoined Delaware Investments in March 2007 as a member of the firm's taxable fixed income portfolio management team, with primary responsibility for portfolio construction and strategic asset allocation. During his previous time at the firm, from 1994 to 2001, he was a senior portfolio manager in the same area, and he left Delaware Investments as head of its U.S. investment grade fixed income group. In recent years, Early was a senior portfolio manager at Chartwell Investment Partners and Rittenhouse Financial and was the chief investment officer for fixed income at Turner Investments. Prior to joining Delaware Investments in 1994, he worked for more than 10 years at Federated Investors where he managed more than $25 billion in mutual fund and institutional portfolios in the short-term and investment grade markets. He left the firm as head of institutional fixed income management. Earlier in his career, he held management positions with the Federal Reserve Bank, PNC Financial, Touche Ross, and Rockwell International. Early earned his bachelor's degree in economics from The Wharton School of the University of Pennsylvania and an MBA with concentrations in finance and accounting from the University of Pittsburgh. He is a member of the CFA Society of Philadelphia.

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Paul Grillo, CFA, Senior Vice President, Co-Chief Investment Officer — Total Return Fixed Income Strategy
Paul Grillo is a member of the firm's taxable fixed income portfolio management team with primary responsibility for portfolio construction and strategic asset allocation. He is also a member of the firm's asset allocation committee, which is responsible for building and managing multi-asset class portfolios. He joined Delaware Investments in 1992 as a mortgage-backed and asset-backed securities analyst, assuming portfolio management responsibilities in the mid-1990s. Grillo serves as lead portfolio manager for the firm's Diversified Income products and has been influential in the growth and distribution of the firm's multisector strategies. Prior to joining Delaware Investments, Grillo was a mortgage strategist and trader at Dreyfus Corporation. He also worked as a mortgage strategist and portfolio manager at Chemical Investment Group and as a financial analyst at Chemical Bank. Grillo holds a bachelor's degree in business management from North Carolina State University and an MBA with a concentration in finance from Pace University.

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The SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager, and each portfolio manager's ownership of Fund shares.

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Manager of managers structure

The Fund and the Manager have received an exemptive order from the U.S. Securities and Exchange Commission (SEC) to operate under a manager of managers structure that permits the Manager, with the approval of the Board, to appoint and replace sub-advisors, enter into sub-advisory agreements, and materially amend and terminate sub-advisory agreements on behalf of the Fund without shareholder approval (Manager of Managers Structure). Under the Manager of Managers Structure, the Manager has ultimate responsibility, subject to oversight by the Board, for overseeing the Fund's sub-advisors and recommending to the Board their hiring, termination, or replacement. The SEC order does not apply to any sub-advisor that is affiliated with the Fund or the Manager. While the Manager does not currently expect to use the Manager of Managers Structure with respect to the Fund, the Manager may, in the future, recommend to the Board the establishment of the Manager of Managers Structure by recommending the hiring of one or more sub-advisors to manage all or a portion of the Fund's portfolio.

The Manager of Managers Structure enables the Fund to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approvals for matters relating to sub-advisors or sub-advisory agreements. The Manager of Managers Structure does not permit an increase in the overall management and advisory fees payable by the Fund without shareholder approval. Shareholders will be notified of any changes made to sub-advisors or sub-advisory agreements within 90 days of the changes.

Who's who

Board of trustees: A mutual fund is governed by a board of trustees, which has oversight responsibility for the management of the fund's business affairs. Trustees establish procedures and oversee and review the performance of the fund's service providers.

Investment manager: An investment manager is a company responsible for selecting portfolio investments consistent with the objective and policies stated in the mutual fund's prospectus. A written contract between a mutual fund and its investment manager specifies the services the investment manager performs and the fee the manager is entitled to receive.

Portfolio managers: Portfolio managers make investment decisions for individual portfolios.

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Distributor: Most mutual funds continuously offer new shares to the public through distributors that are regulated as broker/dealers and are subject to the Financial Industry Regulatory Authority (FINRA) rules governing mutual fund sales practices.

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Service agent: Mutual fund companies employ service agents (sometimes called transfer agents) to maintain records of shareholder accounts, calculate and disburse dividends and capital gains, and prepare and mail shareholder statements and tax information, among other functions. Many service agents also provide administrative services to a fund and oversight of other fund service providers.

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Custodian/Fund accountant: Mutual funds are legally required to protect their portfolio securities, and most funds place them with a qualified bank custodian that segregates fund securities from other bank assets. The fund accountant provides services such as calculating a fund's net asset value (NAV) and providing financial reporting information for the fund.

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Financial advisors: Financial advisors provide advice to their clients. They are associated with securities broker/dealers who have entered into selling and/or service arrangements with the distributor. Selling broker/dealers and financial advisors are compensated for their services generally through sales commissions, and through 12b-1 fees and/or service fees deducted from a fund's assets.

Shareholders: Mutual fund shareholders have specific voting rights on matters such as material changes in the terms of a fund's management contract and changes to fundamental investment policies.

About your account

Investing in the Fund

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You can choose from a number of share classes for the Fund. Because each share class has a different combination of sales charges, fees, and other features, you should consult your financial intermediary or your financial advisor (hereinafter collectively referred to as the "financial intermediary") to determine which class best suits your investment goals and time frame. It is the responsibility of your financial intermediary to assist you in determining the most appropriate share class and to communicate such determination to us.

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Choosing a share class

Each share class may be eligible for purchase through programs sponsored by financial intermediaries that require the purchase of a specific class of shares.

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Class A and Class C shares have each adopted a separate 12b-1 plan that allows them to pay distribution fees for the sale and distribution of their shares. Because these fees are paid out of the Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

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Class A

Class A shares have an upfront sales charge of up to 4.50% that you pay when you buy the shares.
If you invest $100,000 or more, your front-end sales charge will be reduced.
You may qualify for other reduced sales charges, and, under certain circumstances, the sales charge may be waived, as described in "How to reduce your sales charge" below.
Class A shares are also subject to an annual 12b-1 fee no greater than 0.25% of average daily net assets. See "Dealer compensation" below for further information.
Class A shares generally are not subject to a CDSC except in the limited circumstances described in the table below.

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Because of the higher 12b-1 fee, Class A shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Institutional Class shares.

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Class A sales charges

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The table below details your sales charges on purchases of Class A shares. The offering price for Class A shares includes the front-end sales charge. The sales charge as a percentage of the net amount invested is the maximum percentage of the amount invested rounded to the nearest hundredth. The actual sales charge that you pay as a percentage of the offering price and as a percentage of the net amount invested will vary depending on the then-current NAV, the percentage rate of the sales charge, and rounding.

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Amount of purchase	Sales charge as a % of offering price		Sales charge as a % of net amount invested
Less than $100,000		4.50%		5.13%
$100,000 but less than $250,000		3.50%		4.00%
$250,000 but less than $500,000		2.50%		3.00%
$500,000 but less than $1 million		2.00%		2.44%
$1 million or more		none*		none*

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* There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (Distributor) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem shares within the second year, unless a specific waiver of the Limited CDSC applies. The Limited CDSC will be paid to the Distributor and will be assessed on an amount equal to the lesser of: (1) the NAV at the time the Class A shares being redeemed were purchased; or (2) the NAV of such Class A shares at the time of redemption. For purposes of this formula, the "NAV at the time of purchase" will be the NAV at purchase of the Class A shares even if those shares are later exchanged for shares of another Delaware Investments^® Fund and, in the event of an exchange of Class A shares, the "NAV of such shares at the time of redemption" will be the NAV of the shares acquired in the exchange. In determining whether a Limited CDSC is payable, it will be assumed that shares not subject to the Limited CDSC are the first redeemed followed by other shares held for the longest period of time. See "Dealer compensation" below for a description of the dealer commission that is paid.

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Class C

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Class C shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund. However, you will pay a CDSC of 1.00% if you redeem your shares within 12 months after you buy them.
In determining whether the CDSC applies to a redemption of Class C shares, it will be assumed that shares held for more than 12 months are redeemed first followed by shares acquired through the reinvestment of dividends or distributions, and finally by shares held for 12 months or less. For further information on how the CDSC is determined, please see "Calculation of contingent deferred sales charges — Class C" below.
Under certain circumstances, the CDSC may be waived; please see "Waivers of contingent deferred sales charges" below for further information.
Class C shares are subject to an annual 12b-1 fee no greater than 1.00% of average daily net assets (of which 0.25% is a service fee) paid to the Distributor, dealers, or others for providing services and maintaining shareholder accounts.
Class C shares do not automatically convert to another class.
You may purchase only up to $1 million of Class C shares at any one time. Orders that exceed $1 million will be rejected.

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Because of their higher 12b-1 fee, Class C shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Class A and Institutional Class shares.

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Calculation of contingent deferred sales charges — Class C
CDSCs are charged as a percentage of the dollar amount subject to the CDSC. The charge will be assessed on an amount equal to the lesser of the NAV at the time the shares being redeemed were purchased or the NAV of those shares at the time of redemption. No CDSC will be imposed on increases in NAV above the initial purchase price, nor will a CDSC be assessed on redemptions of shares acquired through reinvestment of dividends or capital gains distributions. For purposes of this formula, the "NAV at the time of purchase" will be the NAV at purchase of Class C shares of the Fund, even if those shares are later exchanged for shares of another Delaware Investments^® Fund. In the event of an exchange of the shares, the "NAV of such shares at the time of redemption" will be the NAV of the shares that were acquired in the exchange.

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Institutional Class

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Institutional Class shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund.
Institutional Class shares do not assess a CDSC or a 12b-1 fee.
Institutional Class shares are available for purchase only by the following:
- rollover IRAs from retirement plans and retirement plans introduced by persons not associated with brokers or dealers that are primarily engaged in the retail securities business;
- retirement plans or certain other programs that are maintained on platforms sponsored by financial intermediary firms, provided the financial intermediary firms or their trust companies (or entities performing similar trading/clearing functions) have entered into an agreement with the Distributor (or its affiliate) related to such plans or programs;
- tax-exempt employee benefit plans of the Manager, its affiliates, and securities dealers that have a selling agreement with the Distributor;
- institutional advisory clients (including mutual funds) of the Manager or its affiliates, as well as those clients' affiliates, and their corporate sponsors, subsidiaries, related employee benefit plans, and rollover IRAs of, or from, such institutional advisory clients;
- a bank, trust company, or similar financial institution investing for its own account or for the account of its trust customers for whom the financial institution is exercising investment discretion in purchasing Institutional Class shares, except where the investment is part of a program that requires payment to the financial institution of a Rule 12b-1 Plan fee;
- registered investment advisors (RIAs) investing on behalf of clients that consist solely of institutions and high net worth individuals entrusted to an RIA for investment purposes for accounts requiring Institutional Class shares (use of the Institutional Class shares is restricted to RIAs who are not affiliated or associated with a broker or dealer and who derive compensation for their services exclusively from their advisory clients);
- programs sponsored by, controlled by, and/or clearing transactions submitted through a financial intermediary where: (1) such programs allow or require the purchase of Institutional Class shares; (2) a financial intermediary has entered into an agreement with the Distributor and/or the transfer agent allowing certain purchases of Institutional Class shares; and (3) a financial intermediary (i) charges clients an ongoing fee for advisory, investment consulting or similar services, or (ii) offers the Institutional Class shares through a no-commission network or platform; or
- private investment vehicles, including, but not limited to, foundations and endowments.

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Dealer compensation

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The financial advisor that sells you shares of the Fund may be eligible to receive the following amounts as compensation for your investment in the Fund. These amounts are paid by the Distributor to the securities dealer with whom your financial advisor is associated. Institutional Class shares do not have a 12b-1 fee or sales charge so they are not included in the table below.

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	Class A¹	Class C ²
Commission (%)	—	1.00%
Investment less than $100,000	4.00%	—
$100,000 but less than $250,000	3.00%	—
$250,000 but less than $500,000	2.00%	—
$500,000 but less than $1 million	1.60%	—
$1 million but less than $5 million	1.00%	—
$5 million but less than $25 million	0.50%	—
$25 million or more	0.25%	—
12b-1 fee to dealer	0.25%	1.00%

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¹ On sales of Class A shares, the Distributor reallows to your securities dealer a portion of the front-end sales charge depending upon the amount you invested. Your securities dealer may be eligible to receive up to 0.25% of the 12b-1 fee applicable to Class A shares.
² On sales of Class C shares, the Distributor may pay your securities dealer an upfront commission of 1.00%. The upfront commission includes an advance of the first year's 12b-1 service fee of up to 0.25%. During the first 12 months, the Distributor retains the full 1.00% 12b-1 fee to partially offset the upfront commission and the prepaid 0.25% service fee advanced at the time of purchase. Starting in the 13th month, your securities dealer may be eligible to receive the full 1.00% 12b-1 fee applicable to Class C. shares. Alternatively, certain intermediaries may not be eligible to receive the upfront commission of 1.00%, but may receive the 12b-1 fee for sales of Class C shares from the date of purchase.

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Payments to intermediaries

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The Distributor and its affiliates may pay additional compensation at their own expense and not as an expense of the Fund to certain affiliated or unaffiliated brokers, dealers, or other financial intermediaries (Financial Intermediaries) in connection with the sale or retention of Fund shares and/or shareholder servicing, including providing the Fund with "shelf space" or a higher profile with the Financial Intermediaries' consultants, salespersons, and customers (distribution assistance). For example, the Distributor or its affiliates may pay additional compensation to Financial Intermediaries for various purposes, including, but not limited to, promoting the sale of Fund shares, maintaining share balances and/or for sub-accounting, administrative, or shareholder processing services, marketing, educational support, and ticket charges. Such payments are in addition to any distribution fees, service fees, sub-accounting fees, and/or transfer agency fees that may be payable by the Fund. The additional payments may be based on factors, including level of sales (based on gross or net sales or some specified minimum sales or some other similar criteria related to sales of the Fund and/or some or all other Delaware Investments ^® Funds), amount of assets invested by the Financial Intermediary's customers (which could include current or aged assets of the Fund and/or some or all other Delaware Investments ^® Funds), the Fund's advisory fees, some other agreed-upon amount, or other measures as determined from time to time by the Distributor. The level of payments made to a qualifying Financial Intermediary in any given year may vary. To the extent permitted by SEC and FINRA rules and other applicable laws and regulations, the Distributor may pay, or allow its affiliates to pay, other promotional incentives or payments to Financial Intermediaries.

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If a mutual fund sponsor or distributor makes greater payments for distribution assistance to your Financial Intermediary with respect to distribution of shares of that particular mutual fund than sponsors or distributors of other mutual funds make to your Financial Intermediary with respect to the distribution of the shares of their mutual funds, your Financial Intermediary and its salespersons may have a financial incentive to favor sales of shares of the mutual fund making the higher payments over shares of other mutual funds or over other investment options. In addition, depending on the arrangements in place at any particular time, a Financial Intermediary may also have a financial incentive for recommending a particular share class over other share classes. You should consult with your Financial Intermediary and review carefully any disclosure provided by such Financial Intermediary as to compensation it receives in connection with investment products it recommends or sells to you. A significant purpose of these payments is to increase sales of the Fund's shares. The Manager or its affiliates may benefit from the Distributor's or its affiliates' payment of compensation to Financial Intermediaries through increased fees resulting from additional assets acquired through the sale of Fund shares through Financial Intermediaries. In certain instances, the payments could be significant and may cause a conflict of interest for your Financial Intermediary. Any such payments will not change the NAV or the price of the Fund's shares.

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How to reduce your sales charge

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We offer a number of ways to reduce or eliminate the front-end sales charge on Class A shares. Please refer to the SAI for detailed information and eligibility requirements. You can also get additional information from your financial intermediary. You or your financial intermediary must notify us at the time you purchase shares if you are eligible for any of these programs. You may also need to provide information to your financial intermediary or the Fund in order to qualify for a reduction in sales charges. Such information may include your Delaware Investments^® Funds holdings in any other accounts, including retirement accounts, held indirectly or through an intermediary, and the names of qualifying family members and their holdings. We reserve the right to determine whether any purchase is entitled, by virtue of the foregoing, to the reduced sales charge. Institutional Class shares have no upfront sales charge or CDSC so they are not included in the chart below.

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Letter of intent and rights of accumulation

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Through a letter of intent you agree to invest a certain amount in Delaware Investments ^® Funds (except money market funds with no sales charge) over a 13-month period to qualify for reduced front-end sales charges. Delaware Investments® Funds no longer accept retroactive letters of intent.

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You can combine your holdings or purchases of Class A and Class C shares of Delaware Investments ^® Funds (as set forth in the SAI) as well as the holdings and purchases of your spouse — or equivalent, if recognized under local law — and children under the age of 21 to qualify for reduced front-end sales charges.

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Class A	Class C
Available	Although the letter of intent does not apply to the purchase of Class C shares, you can combine your purchase of Class C shares with your purchase of Class A shares to fulfill your letter of intent. Although the rights of accumulation do not apply to the purchase of Class C shares, you can combine the value of your Class C shares with the value of your Class A shares to receive a reduced sales charge.

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Reinvestment of redeemed shares

Up to 12 months after you redeem shares, you can reinvest the proceeds without paying a sales charge.

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Class A	Class C
Available.	Not available.

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SIMPLE IRA, SEP, SARSEP, 401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans

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These investment plans may qualify for reduced sales charges by combining the purchases of all members of the group. Members of these groups may also qualify to purchase shares without a front-end sales charge and may qualify for a waiver of any CDSCs on Class A shares.

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Class A	Class C
Available.	Not available.

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Buying Class A shares at net asset value

Class A shares of the Fund may be purchased at NAV under the following circumstances, provided that you notify the Fund in advance that the trade qualifies for this privilege. The Fund reserves the right to modify or terminate these arrangements at any time.

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Shares purchased under the Delaware Investments ^® dividend reinvestment plan and, under certain circumstances, the exchange privilege and the 12-month reinvestment privilege.
Purchases by: (i) current and former officers, Trustees/Directors, and employees of any Delaware Investments ^® Fund, the Manager, or any of the Manager's current affiliates and those that may in the future be created; (ii) current employees of legal counsel to the Delaware Investments ^® Funds; and (iii) registered representatives, employees, officers, and directors of broker/dealers who have entered into dealer's agreements with the Distributor. At the direction of such persons, their family members (regardless of age), and any employee benefit plan, trust, or other entity directly owned by, controlled by, or established by any of the foregoing may also purchase shares at NAV.
Shareholders who own Class A shares of Delaware Cash Reserve ^® Fund as a result of a liquidation of a Delaware Investments ^® Fund may exchange into Class A shares of another Delaware Investments ^® Fund at NAV.
Purchases by bank employees who provide services in connection with agreements between the bank and unaffiliated brokers or dealers concerning sales of shares of the Delaware Investments ^® Funds.
Purchases by certain officers, trustees, and key employees of institutional clients of the Manager or any of its affiliates.
Purchases by programs sponsored by, controlled by, and/or clearing transactions submitted through a financial intermediary where: (i) such programs allow or require the purchase of Class A shares; (ii) a financial intermediary has entered into an agreement with the Distributor and/or the transfer agent allowing certain purchases of Class A shares; and (iii) a financial intermediary (1) charges clients an ongoing fee for advisory, investment consulting, or similar services, or (2) offers the Class A shares through a no-commission network or platform. Investors may be charged a fee by their financial intermediary when effecting transactions in Class A shares through a financial intermediary that offers these programs.
Purchases for the benefit of the clients of brokers, dealers, and other financial intermediaries if such brokers, dealers, or other financial intermediaries have entered into an agreement with the Distributor providing for the purchase of Class A shares at NAV through self-directed brokerage service platforms or programs. Investors may be charged a fee by their financial intermediary when effecting transactions in Class A shares at NAV through a self-directed investment brokerage service platform or program.
Purchases by financial institutions investing for the accounts of their trust customers if they are not eligible to purchase shares of the Fund's Institutional Class, if applicable.
Purchases by retirement plans or certain other programs that are maintained or sponsored by financial intermediary firms, provided the financial intermediary firms or their trust companies (or entities performing similar trading/clearing functions) have entered into an agreement with the Distributor (or its affiliate) related to such plans or programs.
Purchases by certain legacy bank-sponsored retirement plans and certain legacy retirement assets that meet requirements set forth in the SAI.
Investments made by plan level and/or participant retirement accounts that are for the purpose of repaying a loan taken from such accounts.
Purchases by certain participants in defined contribution plans and members of their households whose plan assets will be rolled over into IRA accounts (IRA Program) where the financial intermediary has entered into an agreement specifically relating to such IRA Program with the Distributor and/or the transfer agent.
Purchases by certain participants of particular group retirement plans as described in the SAI.

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Waivers of contingent deferred sales charges

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Certain sales charges may be based on historical cost. Therefore, you should maintain any records that substantiate these costs because the Fund, its transfer agent, and financial intermediaries may not maintain this information. Information about existing sales charges and sales charge reductions and waivers is available in this Prospectus, in the SAI, which is available upon request, and free of charge on the Delaware Investments ^® Funds' website at delawareinvestments.com. Institutional Class shares do not have CDSCs so they are not included in the list below.

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CDSCs for Class A and Class C shares may be waived under the following circumstances: ¹

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Redemptions in accordance with a systematic withdrawal plan: Redemptions in accordance with a systematic withdrawal plan, provided the annual amount selected to be withdrawn under the plan does not exceed 12% of the value of the account on the date that the systematic withdrawal plan was established or modified.

Redemptions that result from the right to liquidate a shareholder's account: Redemptions that result from the right to liquidate a shareholder's account if the aggregate NAV of the shares held in the account is less than the then-effective minimum account size.

Section 401(a) qualified retirement plan distributions: Distributions to participants or beneficiaries from a retirement plan trading on a recordkeeping platform qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended (Internal Revenue Code).

Section 401(a) qualified retirement plan redemptions: Redemptions pursuant to the direction of a participant or beneficiary of a retirement plan trading on a recordkeeping platform qualified under Section 401(a) of the Internal Revenue Code with respect to that retirement plan.

Periodic distributions or systematic withdrawals from a retirement account or qualified plan: Periodic distributions or systematic withdrawals from an individual retirement account (traditional IRA, Roth IRA, SIMPLE IRA, SEP, SARSEP, and Coverdell ESA) or a qualified plan² (401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans) not subject to a penalty under Section 72(t)(2)(A) of the Internal Revenue Code or a hardship or unforeseen emergency provision in the qualified plan as described in Treas. Reg. §1.401(k)-1(d)(3) and Section 457(d)(1)(A)(iii) of the Internal Revenue Code.

Returns of excess contributions due to any regulatory limit: Returns of excess contributions due to any regulatory limit from an individual retirement account (traditional IRA, Roth IRA, SIMPLE IRA, SEP, SARSEP, and Coverdell ESA) or a qualified plan² (401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans).

Distributions by other employee benefit plans: Distributions by other employee benefit plans to pay benefits.\

Distributions from an account of a redemption resulting from death or disability: Distributions from an account of a redemption resulting from the death or disability (as defined in Section 72(t)(2)(A) of the Internal Revenue Code) of a registered owner or a registered joint owner occurring after the purchase of the shares being redeemed. In the case of accounts established under the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act or trust accounts, the waiver applies upon the death of all beneficial owners.

Redemptions by certain legacy retirement assets: Redemptions by certain legacy retirement assets that meet the requirements set forth in the SAI.

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¹Please note that you or your financial intermediary will have to notify us at the time of the redemption that the trade qualifies for such waiver.
²Qualified plans that are fully redeemed at the direction of the plan's fiduciary may be subject to any applicable CDSC or Limited CDSC, unless the redemption is due to the termination of the plan.

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How to buy shares

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Through your financial intermediary

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Your financial intermediary can handle all the details of purchasing shares, including opening an account. Your financial intermediary may charge a separate fee for this service.

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By mail

Complete an investment slip and mail it with your check, made payable to the fund and class of shares you wish to purchase, to Delaware Investments at P.O. Box 9876, Providence, RI 02940-8076 for investments by regular mail or 4400 Computer Drive, Westborough, MA 01581-1722 for investments by overnight courier service. If you are making an initial purchase by mail, you must include a completed investment application (or an appropriate retirement plan application if you are opening a retirement account) with your check.

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Please note that purchase orders submitted by mail will not be considered accepted until such purchase orders are received in good order by Delaware Investments at P.O. Box 9876, Providence, RI 02940-8076 for investments by regular mail or 4400 Computer Drive, Westborough, MA 01581-1722 for investments by overnight courier service. Purchase orders will not be accepted at any other address. The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agent. Therefore, deposits in the mail or with such services or receipt at the Fund's post office box, of purchase orders or redemption requests, do not constitute receipt by the Fund or its agent.

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By wire

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Ask your bank to wire the amount you want to invest to The Bank of New York Mellon, ABA #011001234, bank account #000073-6910. Include your account number, the name of the fund, registered account name, and class of shares in which you want to invest. If you are making an initial purchase by wire, you must first call the Shareholder Service Center at 800 523-1918 so we can assign you an account number.

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By exchange

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You may exchange all or part of your investment in one or more Delaware Investments ^® Funds for shares of other Delaware Investments ^® Funds. Please keep in mind, however, that under most circumstances you may exchange between like classes of shares only. To open an account by exchange, call the Shareholder Service Center at 800 523-1918.

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Through automated shareholder services

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You may purchase or exchange shares through our automated telephone service (for Class A and Class C shares only), or through our website, delawareinvestments.com (for Class A and Class C shares only). For more information about how to sign up for these services, call our Shareholder Service Center at 800 523-1918.

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Calculating share price

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The price you pay for shares will depend on when we receive your purchase order. If your order is received by an authorized agent or us before the close of regular trading on the New York Stock Exchange (NYSE) (normally 4:00 p.m. Eastern time), you will pay that day's closing share price, which is based on a fund's NAV. If your order is received after the close of regular trading on the NYSE, you will pay the next Business Day's price. We reserve the right to reject any purchase order.

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We determine the NAV per share for each class of a Delaware Investments ^® Fund at the close of regular trading on the NYSE on each Business Day. The NAV per share for each class of a fund is calculated by subtracting the liabilities of each class from its total assets and dividing the resulting number by the number of shares outstanding for that class. We generally price securities and other assets for which market quotations are readily available at their market value. The value of foreign securities may change on days when a shareholder will not be able to purchase or redeem fund shares because foreign markets are open at times and on days when U.S. markets are not. We price fixed income securities on the basis of valuations provided to us by an independent pricing service that uses methods approved by the Board. For all other securities, we use methods approved by the Board that are designed to price securities at their fair market values.

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Fair valuation

When the Fund uses fair value pricing, it may take into account any factors it deems appropriate. The Fund may determine fair value based upon developments related to a specific security, current valuations of foreign stock indices (as reflected in U.S. futures markets), and/or U.S. sector or broad stock market indices. The prices of securities used by the Fund to calculate its NAV may differ from quoted or published prices for the same securities. Fair value pricing may involve subjective judgments and it is possible that the fair value determined for a security is materially different than the value that could be realized upon the sale of that security.

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The Fund anticipates using fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances, such as the early closing of the exchange on which a security is traded or suspension of trading in the security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, normally at 4:00 p.m. Eastern time or the close of the NYSE. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. To account for this, the Fund may frequently value many foreign equity securities using fair value prices based on third-party vendor modeling tools to the extent available.

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The Board has delegated responsibility for valuing the Fund's assets to a Pricing Committee of the Manager, which operates under the policies and procedures approved by the Board and is subject to the Board's oversight.

Retirement plans

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In addition to being an appropriate investment for your IRA, Roth IRA, and Coverdell Education Savings Account, the Fund may be suitable for group retirement plans. You may establish your IRA account even if you are already a participant in an employer-sponsored retirement plan. For more information on how the Fund can play an important role in your retirement planning or for details about group plans, please consult your financial intermediary or call the Shareholder Service Center at 800 523-1918.

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Document delivery

To reduce fund expenses, we try to identify related shareholders in a household and send only one copy of a fund's financial reports and prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call the Shareholder Service Center at 800 523-1918. At any time you may view current prospectuses and financial reports on our website.

Inactive accounts

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Please note that your account may be required to transfer to the appropriate state if no activity occurs in the account within the time period specified by state law.

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How to redeem shares

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Availability of these services may be limited by your financial intermediary and by the way your account is registered with Delaware Investments ^® .

When you send us a completed request in good order to redeem or exchange shares and the request is received by an authorized agent or us before the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time), you will receive the NAV next determined after we receive your request. If we receive your request after the close of regular trading on the NYSE, you will receive the NAV next determined on the next Business Day. We will deduct any applicable CDSCs. You may also have to pay taxes on the proceeds from your sale of shares. We will send you a check, normally the next Business Day, but no later than seven days after we receive your request to sell your shares. If you purchased your shares by check and sell them before your check has cleared, which can take up to 15 days, we will wait until your check has cleared before we send you your redemption proceeds.

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If you are required to pay a CDSC when you redeem your shares, the amount subject to the fee will be based on the shares' NAV when you purchased them or their NAV when you redeem them, whichever is less. This arrangement ensures that you will not pay a CDSC on any increase in the value of your shares. You also will not pay the charge on any shares acquired by reinvesting dividends or capital gains. If you exchange shares of one fund for shares of another, you do not pay a CDSC at the time of the exchange. If you later redeem those shares, the purchase price for purposes of the CDSC formula will be the price you paid for the original shares, not the exchange price. The redemption price for purposes of this formula will be the NAV of the shares you are actually redeeming.

If you hold your shares in certificates, you must submit the certificates with your request to sell the shares. We recommend that you send your certificates by certified mail.

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Redemption proceeds will be distributed promptly (except as noted above), but not later than seven days after receipt of a redemption request (except as noted above). Please see the SAI for additional information.

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Through your financial intermediary

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Your financial intermediary can handle all the details of redeeming your shares (selling them back to a Fund). Your financial intermediary may charge a separate fee for this service.

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By mail

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You may redeem your shares by mail by writing to: Delaware Investments at P.O. Box 9876, Providence, RI 02940-8076 for redemption requests by regular mail or 4400 Computer Drive, Westborough, MA 01581-1722 for redemption requests by overnight courier service. All owners of the account must sign the request. For redemptions of more than $100,000, you must include a signature guarantee for each owner. Signature guarantees are also required when redemption proceeds are going to an address other than the address of record on the account. Please contact the Shareholder Service Center at 800 523-1918 for more information about the signature guarantee requirements.

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Please note that redemption orders submitted by mail will not be considered accepted until such orders are received by Delaware Investments at P.O. Box 9876, Providence, RI 02940-8076 for redemptions by regular mail or 4400 Computer Drive, Westborough, MA 01581-1722 for redemptions by overnight courier service. Redemption requests will not be accepted at any other address. The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposits in the mail or with such services or receipt at the Fund's post office box, of purchase orders or redemption requests, do not constitute receipt by the transfer agent.

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By telephone

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You may redeem up to $100,000 of your shares by telephone. You may have the proceeds sent to you in the following ways:

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By check — Sent to your address of record, provided there has not been an address change in the last 30 days.
By wire — Sent directly to your bank by wire, if you redeem at least $1,000 of shares. If you request a wire transfer, a bank wire fee may be deducted from your proceeds.
By ACH — Sent via Automated Clearing House (ACH), subject to a $25 minimum.

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Bank information must be on file before you request a wire or ACH redemption. Your bank may charge a fee for these services.

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Through automated shareholder services

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You may redeem shares through our automated telephone service or through our website, delawareinvestments.com. For more information about how to sign up for these services, call our Shareholder Service Center at 800 523-1918.

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Redemptions-in-kind

The Fund has reserved the right to pay for redemptions with portfolio securities under certain conditions. See the SAI for more information on redemptions-in-kind.

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Low balance accounts

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For Class A and Class C shares, if you redeem shares and your account balance falls below the required account minimum of $1,000 ($250 for IRAs, Roth IRAs, Uniform Gifts to Minors Act and Uniform Transfers to Minors Act accounts, or accounts with automatic investing plans, and $500 for Coverdell Education Savings Accounts) for three or more consecutive months, you will have until the end of the current calendar quarter to raise the balance to the minimum.

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For Institutional Class shares, if you redeem shares and your account balance falls below $500, your shares may be redeemed after 60 days' written notice to you.

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If your account is not at the minimum for low balance purposes by the required time, you may be charged a $9 fee for that quarter and each quarter after that until your account reaches the minimum balance, or it may be redeemed after 60 days' written notice to you. Any CDSC that would otherwise be applicable will not apply to such a redemption.

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Certain accounts held in omnibus, advisory, or asset-allocation programs or programs covered by certain intermediaries may be opened below the minimum stated account balance and may maintain balances that are below the minimum stated account balance without incurring a service fee or being subject to involuntary redemption.

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If the applicable account falls below the minimum due to market fluctuation, a Fund still reserves the right to liquidate the account.

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Investor services

To help make investing with us as easy as possible, and to help you build your investments, we offer the following investor services.

Automatic investment plan

The automatic investment plan allows you to make regular monthly or quarterly investments directly from your bank account.

Direct deposit

With direct deposit, you can make additional investments through payroll deductions, recurring government or private payments such as Social Security, or direct transfers from your bank account.

Electronic delivery

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With Delaware eDelivery, you can receive your fund documents electronically instead of via U.S. mail. When you sign up for eDelivery, you can access your account statements, shareholder reports, and other fund materials online, in a secure internet environment at any time.

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Online account access

Online account access is a password-protected area of the Delaware Investments ^® Funds' website that gives you access to your account information and allows you to perform transactions in a secure internet environment.

Systematic exchange option

With the systematic exchange option, you can arrange automatic monthly exchanges between your shares in one or more Delaware Investments ^® Funds. These exchanges are subject to the same rules as regular exchanges (see below) and require a minimum monthly exchange of $100 per fund.

Dividend reinvestment plan

Through the dividend reinvestment plan, you can have your distributions reinvested in your account or the same share class in another Delaware Investments ^® Fund. The shares that you purchase through the dividend reinvestment plan are not subject to a front-end sales charge or to a CDSC. Under most circumstances, you may reinvest dividends only into like classes of shares.

Exchanges

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You may generally exchange all or part of your shares for shares of the same class of another Delaware Investments ^® Fund without paying a front-end sales charge or a CDSC at the time of the exchange. However, if you exchange shares from a money market fund that does not have a sales charge, you will pay any applicable sales charge on your new shares. When exchanging Class C shares of one fund for the same class of shares in other funds, your new shares will be subject to the same CDSC as the shares you originally purchased. The holding period for the CDSC will also remain the same, with the amount of time you held your original shares being credited toward the holding period of your new shares. In certain other circumstances, you may also be permitted to exchange your shares for shares of a different class of the Fund, but such exchange may be subject to a sales charge for the new shares. (Please refer to the SAI for more details.) You do not pay sales charges on shares that you acquired through the reinvestment of dividends. You may have to pay taxes on your exchange. When you exchange shares, you are purchasing shares in another fund, so you should be sure to get a copy of the fund's prospectus and read it carefully before buying shares through an exchange. We may refuse the purchase side of any exchange request if, in the Manager's judgment, a fund would be unable to invest effectively in accordance with its investment objective and policies or would otherwise potentially be adversely affected.

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On demand service

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The on demand service allows you or your financial advisor to transfer money between your Fund account and your predesignated bank account by telephone request. There is a minimum transfer of $25 and a maximum transfer of $100,000. Delaware Investments does not charge a fee for this service; however, your bank may assess one.

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Direct deposit service

Through the direct deposit service, you can have $25 or more in dividends and distributions deposited directly into your bank account. Delaware Investments does not charge a fee for this service; however, your bank may assess one. This service is not available for retirement plans.

Systematic withdrawal plan

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You can arrange a regular monthly or quarterly payment from your account made to you or someone you designate. If the value of your account is $5,000 or more, you can make withdrawals of at least $25 monthly, or $75 quarterly. You may also have your withdrawals deposited directly to your bank account through the direct deposit service.

The applicable Limited CDSC for Class A shares and the CDSC for Class C shares redeemed via a systematic withdrawal plan will be waived if the annual amount withdrawn in each year is less than 12% of the account balance on the date that the plan is established. If the annual amount withdrawn in any year exceeds 12% of the account balance on the date that the systematic withdrawal plan is established, all redemptions under the plan will be subject to the applicable CDSC, including an assessment for previously redeemed amounts under the plan.

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Frequent trading of Fund shares

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The Fund discourages purchases by market timers and purchase orders (including the purchase side of exchange orders) by shareholders identified as market timers may be rejected. The Board has adopted policies and procedures designed to detect, deter, and prevent trading activity detrimental to the Fund and its shareholders, such as market timing and disruptive trading. The Fund will consider anyone who follows a pattern of market timing in any Delaware Investments ^® Fund or the Optimum Fund Trust to be a market timer and may consider anyone who has followed a similar pattern of market timing at an unaffiliated fund family to be a market timer.

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Market timing of a fund occurs when investors make consecutive, rapid, short-term "round trips" — that is, purchases into a fund followed quickly by redemptions out of that fund. A short-term round trip is considered any redemption of fund shares within 20 Business Days of a purchase of that fund's shares. If you make a second such short-term round trip in a fund within 90 rolling calendar days of a previous short-term round trip in that fund, you may be considered a market timer. In determining whether market timing has occurred, the Fund will consider short-term round trips to include rapid purchases and sales of Fund shares through the exchange privilege. The Fund reserves the right to consider other trading patterns to be market timing.

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Your ability to use the Fund's exchange privilege may be limited if you are identified as a market timer. If you are identified as a market timer, we will execute the redemption side of your exchange order but may refuse the purchase side of your exchange order. The Fund reserves the right to restrict or reject, without prior notice, any purchase order or exchange order for any reason, including any purchase order or exchange order accepted by any shareholder's financial intermediary or in any omnibus-type account. Transactions placed in violation of the Fund's market timing policy are not necessarily deemed accepted by the Fund and may be rejected by the Fund on the next Business Day following receipt by the Fund.

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Redemptions will continue to be permitted in accordance with the Fund's then-current prospectus. A redemption of shares under these circumstances could be costly to a shareholder if, for example, the shares have declined in value, the shareholder recently paid a front-end sales charge, the shares are subject to a CDSC, or the sale results in adverse tax consequences. To avoid this risk, a shareholder should carefully monitor the purchases, sales, and exchanges of Fund shares and avoid frequent trading in Fund shares.

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The Fund reserves the right to modify this policy at any time without notice, including modifications to the Fund's monitoring procedures and the procedures to close accounts to new purchases. Although the implementation of this policy involves certain judgments that are inherently subjective and may be selectively applied, we seek to make judgments and applications that are consistent with the interests of the Fund's shareholders. While we will take actions designed to detect and prevent market timing, there can be no assurance that such trading activity will be completely eliminated. Moreover, the Fund's market timing policy does not require the Fund to take action in response to frequent trading activity. If the Fund elects not to take any action in response to frequent trading, such frequent trading activity could continue.

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Risks of market timing

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By realizing profits through short-term trading, shareholders who engage in rapid purchases and sales or exchanges of the Fund's shares dilute the value of shares held by long-term shareholders. Volatility resulting from excessive purchases and sales or exchanges of Fund shares, especially involving large dollar amounts, may disrupt efficient portfolio management. In particular, the Fund may have difficulty implementing its long-term investment strategies if it is forced to maintain a higher level of its assets in cash to accommodate significant short-term trading activity. Excessive purchases and sales or exchanges of the Fund's shares may also force the Fund to sell portfolio securities at inopportune times to raise cash to accommodate short-term trading activity. This could adversely affect the Fund's performance, if, for example, the Fund incurs increased brokerage costs and realization of taxable capital gains without attaining any investment advantage.

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Any fund may be subject to disruptive activity. However, a fund that invests significantly in foreign securities may be particularly susceptible to short-term trading strategies. This is because foreign securities are typically traded on markets that close well before the time a fund calculates its NAV (normally 4:00 p.m. Eastern time or the close of the NYSE). Developments that occur between the closing of the foreign market and a fund's NAV calculation may affect the value of these foreign securities. The time-zone differences among international stock markets can allow a shareholder engaging in a short-term trading strategy to exploit differences in fund share prices that are based on closing prices of foreign securities established some time before a fund calculates its own share price.

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Any fund that invests in securities that are thinly traded, traded infrequently, or relatively illiquid has the risk that the securities prices used to calculate the fund's NAV may not accurately reflect current market values. A shareholder may seek to engage in short-term trading to take advantage of these pricing differences. Funds that may be adversely affected by such arbitrage include, in particular, funds that significantly invest in small-cap securities, technology, and other specific industry sector securities, and in certain fixed income securities, such as high yield bonds, asset-backed securities, or municipal bonds.

Transaction monitoring procedures

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The Fund, through its transfer agent, maintains surveillance procedures designed to detect excessive or short-term trading in Fund shares. This monitoring process involves several factors, which include scrutinizing transactions in Fund shares for violations of the Fund's market timing policy or other patterns of short-term or excessive trading. For purposes of these transaction monitoring procedures, the Fund may consider trading activity by multiple accounts under common ownership, control, or influence to be trading by a single entity. Trading activity identified by these factors, or as a result of any other available information, will be evaluated to determine whether such activity might constitute market timing. These procedures may be modified from time to time to help improve the detection of excessive or short-term trading or to address other concerns. Such changes may be necessary or appropriate, for example, to deal with issues specific to certain retirement plans; plan exchange limits; U.S. Department of Labor regulations; certain automated or pre-established exchange, asset-allocation, or dollar-cost-averaging programs; or omnibus account arrangements.

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Omnibus account arrangements are common forms of holding shares of the Fund, particularly among certain broker/dealers and other financial intermediaries, including sponsors of retirement plans and variable insurance products. The Fund will attempt to have financial intermediaries apply the Fund's monitoring procedures to these omnibus accounts and to the individual participants in such accounts. However, to the extent that a financial intermediary is not able or willing to monitor or enforce the Fund's frequent trading policy with respect to an omnibus account, the Fund's transfer agent may work with certain intermediaries (such as investment dealers holding shareholder accounts in street name, retirement plan recordkeepers, insurance company separate accounts and bank trust companies) to apply their own procedures, provided that the Fund's transfer agent believes the intermediary's procedures are reasonably designed to enforce the Fund's frequent trading policies. You should refer to disclosures provided by the intermediaries with which you have an account to determine the specific trading restrictions that apply to you. If the Fund's transfer agent identifies any activity that may constitute frequent trading, it reserves the right to contact the intermediary and request that the intermediary either provide information regarding an account owner's transactions or restrict the account owner's trading. If the Fund's transfer agent is not satisfied that the intermediary has taken appropriate action, the transfer agent may terminate the intermediary's ability to transact in Fund shares.

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Limitations on ability to detect and curtail market timing

Shareholders seeking to engage in market timing may employ a variety of strategies to avoid detection and, despite the efforts of the Fund and its agents to detect market timing in Fund shares, there is no guarantee that the Fund will be able to identify these shareholders or curtail their trading practices. In particular, the Fund may not be able to detect market timing attributable to a particular investor who effects purchase, redemption, and/or exchange activity in Fund shares through omnibus accounts. The difficulty of detecting market timing may be further compounded if these entities utilize multiple tiers or omnibus accounts.

Dividends, distributions, and taxes

Dividends and distributions

The Fund intends to qualify each year as a regulated investment company under the Internal Revenue Code. As a regulated investment company, the Fund generally pays no federal income tax on the income and gains it distributes to you. The Fund expects to declare and distribute all of its net investment income, if any, to shareholders as dividends monthly. The Fund will distribute net realized capital gains, if any, at least annually, usually in December. The Fund may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund. The amount of any distribution will vary, and there is no guarantee the Fund will pay either an income dividend or a capital gains distribution. We automatically reinvest all dividends and any capital gains, unless you direct us to do otherwise.

Annual statements

Each year, the Fund will send you an annual statement (Form 1099) of your account activity to assist you in completing your federal, state and local tax returns. Distributions declared in December to shareholders of record in such month, but paid in January, are taxable as if they were paid in December. Prior to issuing your statement, the Fund makes every effort to reduce the number of corrected forms mailed to you. However, if the Fund finds it necessary to reclassify its distributions or adjust the cost basis of any covered shares (defined below) sold or exchanged after you receive your tax statement, the Fund will send you a corrected Form 1099.

Avoid "buying a dividend"

At the time you purchase your Fund shares, the Fund's NAV may reflect undistributed income, undistributed capital gains, or net unrealized appreciation in value of portfolio securities held by the Fund. For taxable investors, a subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable. Buying shares in the Fund just before it declares an income dividend or capital gains distribution is sometimes known as "buying a dividend."

Tax considerations

Fund distributions . The Fund expects, based on its investment objective and strategies, that its distributions, if any, will be taxable as ordinary income, capital gains, or some combination of both. This is true whether you reinvest your distributions in additional Fund shares or receive them in cash.

For federal income tax purposes, Fund distributions of short-term capital gains are taxable to you as ordinary income. Fund distributions of long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your shares. A portion of income dividends reported by the Fund may be qualified dividend income eligible for taxation by individual shareholders at long-term capital gain rates provided certain holding period requirements are met. Because the income of the Fund is primarily derived from investments earning interest rather than dividend income, generally none or only a small portion of the income dividends paid to you by the Fund is anticipated to be qualified dividend income eligible for taxation by individuals at long-term capital gain tax rates.

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Sale or redemption of Fund shares . A sale or redemption of Fund shares is a taxable event and, accordingly, a capital gain or loss may be recognized. For tax purposes, an exchange of your Fund shares for shares of a different Delaware Investments® Fund is the same as a sale. The Fund is required to report to you and the Internal Revenue Service (IRS) annually on Form 1099-B not only the gross proceeds of Fund shares you sell or redeem but also the cost basis for shares purchased or acquired on or after Jan. 1, 2012 ("covered shares"). Cost basis will be calculated using the Fund's default method, unless you instruct the Fund to use a different calculation method. Shareholders should carefully review the cost basis information provided by the Fund and make any additional basis, holding period, or other adjustments that are required when reporting these amounts on their federal income tax returns. If your account is held by your investment representative (financial advisor or other broker), please contact that representative with respect to reporting of cost basis and available elections for your account. Tax-advantaged retirement accounts will not be affected. Additional information and updates regarding cost basis reporting and available shareholder elections will be on the Delaware Investments website at delawareinvestments.com as the information becomes available.

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Medicare tax . An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount. This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

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Backup withholding . By law, if you do not provide the Fund with your proper taxpayer identification number and certain required certifications, you may be subject to backup withholding on any distributions of income, capital gains, or proceeds from the sale of your shares. The Fund also must withhold if the IRS instructs it to do so. When withholding is required, the amount will be 28% of any distributions or proceeds paid.

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State and local taxes . Fund distributions and gains from the sale or exchange of your Fund shares generally are subject to state and local taxes.

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Non-U.S. investors . Non-U.S. investors may be subject to U.S. withholding tax at a 30% or lower treaty rate and U.S. estate tax and are subject to special U.S. tax certification requirements to avoid backup withholding and claim any treaty benefits. An exemption from U.S. withholding tax is provided for capital gain dividends paid by the Fund from long-term capital gains, if any. The exemptions from U.S. withholding for interest-related dividends paid by the Fund from its qualified net interest income from U.S. sources and short-term capital gain dividends have expired for taxable years of the Fund that begin on or after Jan. 1, 2014. It is unclear as of the date of this prospectus whether Congress will reinstate the exemptions for interest-related and short-term capital gain dividends or, if reinstated, whether such exemptions would have retroactive effect. However, notwithstanding such exemptions from U.S. withholding at the source, any such dividends and distributions of income and capital gains will be subject to backup withholding at a rate of 28% if you fail to properly certify that you are not a U.S. person.

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Other reporting and withholding requirements . Under the Foreign Account Tax Compliance Act (FATCA), the Fund will be required to withhold a 30% tax on (a) income dividends paid by the Fund after June 30, 2014, and (b) certain capital gain distributions and the proceeds arising from the sale of Fund shares paid by the Fund after Dec. 31, 2016, to certain foreign entities, referred to as foreign financial institutions or non-financial foreign entities, that fail to comply (or be deemed compliant) with extensive new reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. The Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of the Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

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This discussion of "Dividends, distributions, and taxes" is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax professional about federal, state, local, or foreign tax consequences before making an investment in the Fund.

Certain management considerations

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Investments by fund of funds and similar investment vehicles

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The Fund may accept investments from funds of funds, as well as from similar investment vehicles, such as 529 Plans. A "529 Plan" is a college savings program that operates under Section 529 of the Internal Revenue Code. From time to time, the Fund may experience large investments or redemptions due to allocations or rebalancings by these funds of funds and/or similar investment vehicles. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on portfolio management. For example, the Fund may be required to sell securities or invest cash at times when it would not otherwise do so. These transactions could also have tax consequences if sales of securities result in gains, and could also increase transaction costs or portfolio turnover.

Financial highlights

Delaware Inflation Protected Bond Fund

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The financial highlights table is intended to help you understand the Fund's financial performance for the past 5 years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm, whose report, along with the Fund's financial statements, is included in the Fund's annual report, which is available upon request by calling 800 523-1918.

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					Year ended
Class A shares	7/31/14	7/31/13	7/31/12	7/31/11	7/31/10
Net asset value, beginning of period	$9.190	$11.330	$11.040	$10.630	$10.080
Income (loss) from investment operations:
Net investment income (loss) ¹	0.019	(0.048)	0.025	0.291	0.314
Net realized and unrealized gain (loss)	0.112	(1.189)	0.860	0.787	0.603
Total from investment operations	0.131	(1.237)	0.885	1.078	0.917
Less dividends and distributions from:
Net investment income	—²	(0.099)	(0.192)	(0.325)	(0.367)
Net realized gain	—	(0.803)	(0.403)	(0.343)	—
Return of capital	(0.091)	(0.001)	—	—	—
Total dividends and distributions	(0.091)	(0.903)	(0.595)	(0.668)	(0.367)



Net asset value, end of period	$9.230	$9.190	$11.330	$11.040	$10.630

Total return³	1.44%	(11.80%)	8.35%	10.55%	9.25%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$35,232	$106,686	$259,303	$189,624	$156,345
Ratio of expenses to average net assets	0.84%	0.82%	0.81%	0.80%	0.78%
Ratio of expenses to average net assets prior to fees waived	1.09%	0.97%	0.94%	0.97%	0.94%
Ratio of net investment income (loss) to average net assets	0.21%	(0.46%)	0.23%	2.72%	3.00%
Ratio of net investment income (loss) to average net assets prior to fees waived	(0.04%)	(0.61%)	0.10%	2.55%	2.84%
Portfolio turnover	128%	322%	225%	157%	118%

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1	The average shares outstanding method has been applied for per share information.

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2	For the year ended July 31, 2014, dividends from net investment income were calculated to a de minimis amount of $0.000 per share.

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Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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Delaware Inflation Protected Bond Fund

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					Year ended
Class C shares	7/31/14	7/31/13	7/31/12	7/31/11	7/31/10
Net asset value, beginning of period	$9.140	$11.310	$11.030	$10.620	$10.020
Income (loss) from investment operations:
Net investment income (loss)¹	(0.049)	(0.127)	(0.058)	0.210	0.235
Net realized and unrealized gain (loss)	0.109	(1.175)	0.857	0.789	0.600
Total from investment operations	0.060	(1.302)	0.799	0.999	0.835
Less dividends and distributions from:
Net investment income	—	(0.064)	(0.116)	(0.246)	(0.235)
Net realized gain	—	(0.803)	(0.403)	(0.343)	—
Return of capital	—	(0.001)	—	—	—
Total dividends and distributions	—	(0.868)	(0.519)	(0.589)	(0.235)



Net asset value, end of period	$9.200	$9.140	$11.310	$11.030	$10.620
Total return²	0.66%	(12.39%)	7.52%	9.74%	8.40%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$23,071	$47,629	$93,561	$89,740	$71,866
Ratio of expenses to average net assets	1.59%	1.58%	1.56%	1.55%	1.53%
Ratio of expenses to average net assets prior to fees waived	1.84%	1.73%	1.69%	1.72%	1.69%
Ratio of net investment income (loss) to average net assets	(0.54%)	(1.22%)	(0.52%)	1.97%	2.25%
Ratio of net investment income (loss) to average net assets prior to fees waived	(0.79%)	(1.37%)	(0.65%)	1.80%	2.09%
Portfolio turnover	128%	322%	225%	157%	118%

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1	The average shares outstanding method has been applied for per share information.

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Delaware Inflation Protected Bond Fund

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					Year ended
Institutional Class shares	7/31/14	7/31/13	7/31/12	7/31/11	7/31/10
Net asset value, beginning of period	$9.210	$11.340	$11.040	$10.630	$10.100
Income (loss) from investment operations:
Net investment income (loss) ¹	0.041	(0.023)	0.053	0.317	0.339
Net realized and unrealized gain (loss)	0.119	(1.192)	0.867	0.788	0.603
Total from investment operations	0.160	(1.215)	0.920	1.105	0.942
Less dividends and distributions from:
Net investment income	—²	(0.111)	(0.217)	(0.352)	(0.412)
Net realized gain	—	(0.803)	(0.403)	(0.343)	—
Return of capital	(0.130)	(0.001)	—	—	—
Total dividends and distributions	(0.130)	(0.915)	(0.620)	(0.695)	(0.412)



Net asset value, end of period	$9.240	$9.210	$11.340	$11.040	$10.630
Total return³	1.75%	(11.51%)	8.59%	10.83%	9.51%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$27,228	$109,284	$162,400	$140,221	$42,418
Ratio of expenses to average net assets	0.59%	0.58%	0.56%	0.55%	0.53%
Ratio of expenses to average net assets prior to fees waived	0.84%	0.73%	0.69%	0.72%	0.69%
Ratio of net investment income (loss) to average net assets	0.46%	(0.22%)	0.48%	2.97%	3.25%
Ratio of net investment income (loss) to average net assets prior to fees waived	0.21%	(0.37%)	0.35%	2.80%	3.09%
Portfolio turnover	128%	322%	225%	157%	118%

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1	The average shares outstanding method has been applied for per share information.

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2	For the year ended July 31, 2014, dividends from net investment income were calculated to a de minimis amount of $0.000 per share.

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Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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How to read the financial highlights

Net investment income (loss)
Net investment income (loss) includes dividend and interest income earned from a fund's investments; it is calculated after expenses have been deducted.

Net realized and unrealized gain (loss) on investments
A realized gain occurs when we sell an investment at a profit, while a realized loss occurs when we sell an investment at a loss. When an investment increases or decreases in value but we do not sell it, we record an unrealized gain or loss. The amount of realized gain per share, if any, that we pay to shareholders would be listed under "Less dividends and distributions from: Net realized gain."

Net asset value (NAV)
This is the value of a mutual fund share, calculated by dividing the net assets by the number of shares outstanding.

Total return
This represents the rate that an investor would have earned or lost on an investment in a fund. In calculating this figure for the financial highlights table, we include applicable fee waivers, exclude front-end sales charges and contingent deferred sales charges, and assume the shareholder has reinvested all dividends and realized gains.

Net assets
Net assets represent the total value of all the assets in a fund's portfolio, less any liabilities, that are attributable to that class of the fund.

Ratio of expenses to average net assets
The expense ratio is the percentage of net assets that a fund pays annually for operating expenses and management fees. These expenses include accounting and administration expenses, services for shareholders, and similar expenses.

Ratio of net investment income (loss) to average net assets
We determine this ratio by dividing net investment income (loss) by average net assets.

Portfolio turnover
This figure tells you the amount of trading activity in a fund's portfolio. A turnover rate of 100% would occur if, for example, a fund bought and sold all of the securities in its portfolio once in the course of a year or frequently traded a single security. A high rate of portfolio turnover in any year may increase brokerage commissions paid and could generate taxes for shareholders on realized investment gains.

Additional information

Contact information

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Website: delawareinvestments.com
Shareholder Service Center: 800 523-1918 (representatives available weekdays from 8:30 a.m. to 6:00 p.m. Eastern time)
- For fund information, literature, price, yield, and performance figures.
- For information on existing regular investment accounts and retirement plan accounts including wire investments, wire redemptions,
  telephone redemptions, and telephone exchanges.
Automated telephone service: 800 523-1918 (seven days a week, 24 hours a day)
- For convenient access to account information or current performance information on all Delaware Investments ^® Funds, use this touch-tone service.
Written correspondence: P.O. Box 9876, Providence, RI 02940-8076 (by regular mail) or 4400 Computer Drive, Westborough, MA 01581-1722 (by overnight courier service).

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Additional information about the Fund's investments is available in its annual and semiannual shareholder reports. In the Fund's annual shareholder report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during the period covered by the report. You can find more information about the Fund in its current SAI, which is filed electronically with the SEC, and which is legally a part of this Prospectus (it is incorporated by reference). To receive a free copy of the SAI, or the annual or semiannual report, or if you have any questions about investing in the Fund, write to us at P.O. Box 9876, Providence, RI 02940-8076 by regular mail or 4400 Computer Drive, Westborough, MA 01581-1722 by overnight courier service, or call toll-free 800 523-1918. The SAI and shareholder reports are available,
free of charge, through the Fund's website (delawareinvestments.com). You may also obtain additional information about the Fund from your
financial advisor.

You can find reports and other information about the Fund on the EDGAR database on the SEC website (sec.gov). You may obtain copies of this information, after paying a duplication fee, by e-mailing the SEC at publicinfo@sec.gov or by writing to the Public Reference Section of the SEC, 100 F Street, NE, Washington, DC 20549-1520. Information about the Fund, including its SAI, can be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. For information on the Public Reference Room, call the SEC at 202 551-8090.

PR-556 [7/14] PDF 20046 [11/14]

Investment Company Act number: 811-04304

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Prospectus

Fixed income mutual fund

Fixed income mutual fund

Delaware Core Plus Bond Fund

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November 28, 2014

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Nasdaq ticker symbols
Class A	DEGGX
Class C	DUGCX
Class R	DUGRX
Institutional Class	DUGIX

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The U.S. Securities and Exchange Commission has not approved or disapproved these
securities or passed upon the adequacy of this Prospectus. Any representation to the
contrary is a criminal offense.

Get shareholder reports and prospectuses online instead of in the mail.
Visit delawareinvestments.com/edelivery.

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Graphic -- Picture -- pr883img000.jpg

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Table of contents
Fund summary	1
Delaware Core Plus Bond Fund	1
How we manage the Fund	6
Our investment strategies	6
The securities in which the Fund typically invests	7
Other investment strategies	10
The risks of investing in the Fund	11
Disclosure of portfolio holdings information	15
Who manages the Fund	16
Investment manager	16
Portfolio managers	16
Manager of managers structure	17
Who's who	18
About your account	19
Investing in the Fund	19
Choosing a share class	19
Dealer compensation	21
Payments to intermediaries	21
How to reduce your sales charge	22
Buying Class A shares at net asset value	23
Waivers of contingent deferred sales charges	24
How to buy shares	24
Calculating share price	25
Fair valuation	25
Retirement plans	26
Document delivery	26
Inactive accounts	26
How to redeem shares	26
Low balance accounts	27
Investor services	27
Frequent trading of Fund shares	29
Dividends, distributions, and taxes	30
Certain management considerations	32
Financial highlights	33
Additional information	41

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Fund summary

Delaware Core Plus Bond Fund

What is the Fund's investment objective?

Delaware Core Plus Bond Fund seeks maximum long-term total return, consistent with reasonable risk.

What are the Fund's fees and expenses?

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Shareholder fees (fees paid directly from your investment)
Class	A	C	R	Inst.
Maximum sales charge (load) imposed on purchases as a percentage of offering price	4.50%	none	none	none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower	none	1.00%¹	none	none
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Class	A	C	R	Inst.
Management fees	0.55%	0.55%	0.55%	0.55%
Distribution and service (12b-1) fees	0.25%	1.00%	0.50%	none
Other expenses	0.38%	0.38%	0.38%	0.38%
Total annual fund operating expenses	1.18%	1.93%	1.43%	0.93%
Fee waivers and expense reimbursements	(0.28%) ²	(0.28%) ²	(0.28%) ²	(0.28%) ²
Total annual fund operating expenses after fee waivers and expense reimbursements	0.90%	1.65%	1.15%	0.65%

</R> <R>

1	Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (CDSC).

</R> <R></R> <R>

The Fund's investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.65% of the Fund's average daily net assets from Nov. 28, 2014 through Nov. 30, 2015. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund. Additionally, the Fund's Class A shares are subject to a blended 12b-1 fee of 0.10% on all shares acquired prior to
June 1, 1992, and 0.25% on all shares acquired on or after June 1, 1992. All Class A shares currently bear 12b-1 fees at the same rate, the blended rate based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Fund's Board of Trustees (Board).

</R>

Example

<R>

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

</R> <R>

		(if not
		redeemed)
Class	A	C	C	R	Inst.
1 year	$538	$168	$268	$117	$66
3 years	$781	$579	$579	$425	$268
5 years	$1,044	$1,016	$1,016	$755	$487
10 years	$1,794	$2,231	$2,231	$1,689	$1,117

</R>

Portfolio turnover

<R>

</R>

What are the Fund's principal investment strategies?

<R>

Under normal circumstances, the Manager will invest at least 80% of the Fund's net assets, plus the amount of any borrowings for investment purposes, in fixed income securities (80% policy).

</R>

The Fund will invest at least 50% of its net assets in domestic (U.S.) investment grade debt securities (the "core" portion of the portfolio). Such securities may include, but are not limited to, debt securities issued by the U.S. government and its agencies, high-quality corporate bonds, and mortgage-backed and asset-backed securities. In addition to this core allocation, the Fund may also invest in high yielding, lower-quality corporate bonds (also called "junk bonds") and foreign securities. However, the Fund may invest no more than 30% of its net assets in high yield securities and no more than 30% of its net assets in foreign securities. Moreover, the Fund's total non-U.S. dollar currency exposure will be limited, in aggregate, to no more than 10% of net assets, and the Fund's investments in emerging markets securities will be limited to no more than 15% of the Fund's net assets. Due to the manner in which the Fund is managed, it may be subject to a high rate of portfolio turnover.

<R>

The Fund may hold a substantial portion of its assets in cash or short-term fixed income obligations in unusual market conditions to meet redemption requests, for temporary defensive purposes, and pending investment. The Fund may also use a wide range of derivatives instruments, typically including options, futures contracts, options on futures contracts, and swaps. The Fund will use derivatives for both hedging and nonhedging purposes. For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against bond defaults, to manage credit exposure or to enhance total return; and index swaps to enhance return or to affect diversification. The Fund will not use derivatives for reasons inconsistent with its investment objective and will limit its investments in derivatives instruments to 20% of net assets.

</R> <R>

The 80% policy is not a fundamental policy and may be changed without shareholder approval. However, shareholders would be given notice at least 60 days prior to any change in the 80% policy.

</R>

What are the principal risks of investing in the Fund?

Interest rate risk — The risk that securities will decrease in value if interest rates rise. This risk is generally associated with bonds.

<R>

High yield (junk bond) risk — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers; increased risk of default and a more limited and less liquid secondary market; and greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities with less financial strength and therefore have less ability to make projected debt payments on the bonds.

</R>

Credit risk — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and repay principal in a timely manner.

<R>

Liquidity risk — The possibility that securities cannot be readily sold within seven days at approximately the price at which a portfolio has
valued them.

</R> <R>

</R>

<R>

Derivatives risk — Derivatives contracts, such as options, futures, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, or a securities index to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to financial difficulties (such as a bankruptcy or reorganization).

</R>

Mortgage-backed and asset-backed securities risk — The risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value.

<R>

</R>

Valuation risk — The risk that a less liquid secondary market may make it more difficult for a fund to obtain precise valuations of certain securities in its portfolio.

How has Delaware Core Plus Bond Fund performed?

<R>

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Fund's most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawareinvestments.com/performance.

</R>

On Jan. 31, 2007, the Fund's investment objective and strategy changed from seeking high current income by investing primarily in U.S. government debt obligations to seeking maximum long-term total return by investing in U.S. investment grade bonds, corporate junk bonds, and foreign bonds.

Year-by-year total return (Class A)

<R>

Graphic -- Picture -- pr883img001.jpg

</R> <R>

As of Sept. 30, 2014, the Fund's Class A shares had a calendar year-to-date return of 4.53%. During the periods illustrated in this bar chart, Class A's highest quarterly return was 8.30% for the quarter ended Sept. 30, 2009 and its lowest quarterly return was -3.49% for the quarter ended Sept. 30, 2008. The maximum Class A sales charge of 4.50%, which is normally assessed when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual returns in the table below do include the sales charge.

</R> <R>

Average annual total returns for periods ended December 31, 2013

</R> <R>

	1 year	5 years	10 years
Class A return before taxes	-5.96%	6.69%	4.53%
Class A return after taxes on distributions	-7.19%	5.23%	2.97%
Class A return after taxes on distributions and sale of Fund shares	-3.37%	4.66%	2.90%
Class C return before taxes	-3.22%	6.88%	4.26%
Class R return before taxes	-1.88%	7.44%	4.77%
Institutional Class return before taxes	-1.27%	7.95%	5.30%
Barclays U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)	-2.02%	4.44%	4.55%

</R>

Who manages the Fund?

Investment manager

Delaware Management Company, a series of Delaware Management Business Trust

<R>

Portfolio managers	Title with Delaware Management Company	Start date on the Fund
Roger A. Early, CPA, CFA	Senior Vice President, Co-Chief Investment Officer — Total Return Fixed Income Strategy	May 2007
Paul Grillo, CFA	Senior Vice President, Co-Chief Investment Officer — Total Return Fixed Income Strategy	February 1997
J. David Hillmeyer, CFA	Vice President, Senior Portfolio Manager	November 2011
Paul A. Matlack, CFA	Senior Vice President, Senior Portfolio Manager, Fixed Income Strategist	December 2012
Craig C. Dembek, CFA	Senior Vice President, Co-Head of Credit Research, Senior Research Analyst	December 2012
John P. McCarthy, CFA	Senior Vice President, Co-Head of Credit Research, Senior Research Analyst	December 2012
Christopher M. Testa, CFA	Senior Vice President, Senior Portfolio Manager	June 2014

</R>

Purchase and redemption of Fund shares

<R>

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial advisor; through the Fund's website at delawareinvestments.com; by calling 800 523-1918; by regular mail (c/o Delaware Investments, P.O. Box 9876, Providence, RI 02940-8076); by overnight courier service (c/o Delaware Service Center,
4400 Computer Drive, Westborough, MA 01581-1722); or by wire.

</R>

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933		/X/

Pre-Effective Amendment No.		/ /

Post-Effective Amendment No.	50	/X/

		and/or

2005 Market Street, Philadelphia, Pennsylvania	19103-7094
(Address of Principal Executive Offices)	(Zip Code)

/ /		immediately upon filing pursuant to paragraph (b)
/X/		on November 28, 2014 pursuant to paragraph (b)
/ /		60 days after filing pursuant to paragraph (a)(1)
/ /		on (date) pursuant to paragraph (a)(1)
/ /		75 days after filing pursuant to paragraph (a)(2)
/ /		on (date) pursuant to paragraph (a)(2) of Rule 485.

Class A shares	7/31/14	7/31/13	7/31/12	7/31/11	Year ended 7/31/10
Net asset value, beginning of period	$8.340	$8.750	$8.420	$8.220	$7.620
Income (loss) from investment operations:
Net investment income¹	0.226	0.202	0.205	0.264	0.366
Net realized and unrealized gain (loss)	0.233	(0.328)	0.375	0.244	0.606
Total from investment operations	0.459	(0.126)	0.580	0.508	0.972

Less dividends and distributions from:
Net investment income	(0.234)	(0.265)	(0.250)	(0.308)	(0.372)
Return of capital	(0.035)	—	—	—	—
Net realized gain	—	(0.019)	—	—	—
Total dividends and distributions	(0.269)	(0.284)	(0.250)	(0.308)	(0.372)

Net asset value, end of period	$8.530	$8.340	$8.750	$8.420	$8.220

Total return²	5.60%	(1.51%)	7.01%	6.32%	13.03%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$65,466	$81,042	$91,099	$74,107	$72,618
Ratio of expenses to average net assets	0.90%	0.90%	0.90%	0.90%	0.91%
Ratio of expenses to average net assets prior to feeswaived	1.19%	1.17%	1.18%	1.29%	1.34%
Ratio of net investment income to average net assets	2.70%	2.33%	2.41%	3.20%	4.60%
Ratio of net investment income to average net assets prior to fees waived	2.41%	2.06%	2.13%	2.81%	4.17%
Portfolio turnover	273%	340%	422%	293%	264%

Class C shares	7/31/14	7/31/13	7/31/12	7/31/11	Year ended 7/31/10
Net asset value, beginning of period	$8.350	$8.760	$8.430	$8.230	$7.620
Income (loss) from investment operations:
Net investment income¹	0.164	0.137	0.142	0.203	0.307
Net realized and unrealized gain (loss)	0.232	(0.328)	0.374	0.244	0.616
Total from investment operations	0.396	(0.191)	0.516	0.447	0.923

Less dividends and distributions from:
Net investment income	(0.171)	(0.200)	(0.186)	(0.247)	(0.313)
Return of capital	(0.035)	—	—	—	—
Net realized gain	—	(0.019)	—	—	—
Total dividends and distributions	(0.206)	(0.219)	(0.186)	(0.247)	(0.313)

Net asset value, end of period	$8.540	$8.350	$8.760	$8.430	$8.230

Total return²	4.81%	(2.24%)	6.20%	5.53%	12.32%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$8,572	$10,990	$12,989	$10,147	$10,022
Ratio of expenses to average net assets	1.65%	1.65%	1.65%	1.65%	1.66%
Ratio of expenses to average net assets prior to feeswaived	1.93%	1.87%	1.88%	1.99%	2.04%
Ratio of net investment income to average net assets	1.95%	1.58%	1.66%	2.45%	3.85%
Ratio of net investment income to average net assets prior to fees waived	1.67%	1.36%	1.43%	2.11%	3.47%
Portfolio turnover	273%	340%	422%	293%	264%

Delaware Group Government Fund, et al. – ‘485BPOS’ on 11/26/14

On: Wednesday, 11/26/14, at 3:55pm ET · Effective: 11/28/14 · Accession #: 1206774-14-3408 · File #s: 2-97889, 811-04304

Previous ‘485BPOS’: ‘485BPOS’ on 12/19/13 · Next: ‘485BPOS’ on 12/18/14 · Latest: ‘485BPOS’ on 4/9/24 · 8 References:

Post-Effective Amendment
Filing Table of Contents

485BPOS — Post-Effective Amendment Filed Pursuant to Securities Act Rule 485(B)
Document Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

8 Subsequent Filings that Reference this Filing


REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940				/X/

	Class A¹	Class C ²	Class R ³
Commission (%)	—	1.00%	—
Investment less than $100,000	4.00%	—	—
$100,000 but less than $250,000	3.00%	—	—
$250,000 but less than $500,000	2.00%	—	—
$500,000 but less than $1 million	1.60%	—	—
$1 million but less than $5 million	1.00%	—	—
$5 million but less than $25 million	0.50%	—	—
$25 million or more	0.25%	—	—
12b-1 fee to dealer	0.25%	1.00%	0.50%

Class R shares	7/31/14	7/31/13	7/31/12	7/31/11	Year ended 7/31/10
Net asset value, beginning of period	$8.370	$8.780	$8.450	$8.240	$7.630
Income (loss) from investment operations:
Net investment income¹	0.206	0.181	0.185	0.244	0.350
Net realized and unrealized gain (loss)	0.233	(0.328)	0.374	0.255	0.613
Total from investment operations	0.439	(0.147)	0.559	0.499	0.963

Less dividends and distributions from:
Net investment income	(0.214)	(0.244)	(0.229)	(0.289)	(0.353)
Return of capital	(0.035)	—	—	—	—
Net realized gain	—	(0.019)	—	—	—
Total dividends and distributions	(0.249)	(0.263)	(0.229)	(0.289)	(0.353)
Net asset value, end of period	$8.560	$8.370	$8.780	$8.450	$8.240
Total return²	5.32%	(1.74%)	6.73%	6.17%	12.87%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$7,793	$8,077	$9,180	$6,789	$6,031
Ratio of expenses to average net assets	1.15%	1.15%	1.15%	1.15%	1.16%
Ratio of expenses to average net assets prior to feeswaived	1.45%	1.47%	1.48%	1.59%	1.64%
Ratio of net investment income to average net assets	2.45%	2.08%	2.16%	2.95%	4.35%
Ratio of net investment income to average net assets prior to fees waived	2.15%	1.76%	1.83%	2.51%	3.87%
Portfolio turnover	273%	340%	422%	293%	264%

Nasdaq ticker symbols
Class A	DEDAX
Class C	DEDCX
Class R	DEDRX
Institutional Class	DEDIX

	1 year	Lifetime (11/3/10- 12/31/13)
Class A return before taxes	-1.42%	6.81%
Class A return after taxes on distributions	-1.87%	6.65%
Class A return after taxes on distributions and sale of Fund shares	-0.81%	5.20%
Class C return before taxes	1.45%	7.56%
Class R return before taxes	2.96%	8.10%
Institutional Class return before taxes	3.48%	8.64%
J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (reflects no deduction for fees, expenses, or taxes)	-0.60%	6.55%

Portfolio manager	Title with Delaware Management Company	Start date on the Fund
Steven A. Landis	Vice President, Senior Portfolio Manager — Emerging Markets Debt	Since inception

	Class A¹	Class C²	Class R³
Commission (%)	—	1.00%	—
Investment less than $100,000	2.35%	-	-
$100,000 but less than $250,000	1.75%	—	—
$250,000 but less than $1 million	0.75%	—	—
$1 million but less than $5 million	0.75%	—	—
$5 million but less than $25 million	0.50%	—	—
$25 million or more	0.25%	—	—
12b-1 fee to dealer	0.25%	1.00%	0.50%

	Period from 9/30/13¹ to
Class A shares	7/31/14
Net asset value, beginning of period	$8.500
Income from investment operations:
Net investment income²	0.323
Net realized and unrealized gain	0.333
Total from investment operations	0.656

Less dividends and distributions from:
Net investment income	(0.316)
Total dividends and distributions	(0.316)


Net asset value, end of period	$8.840

Total return³	7.86%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$2
Ratio of expenses to average net assets excluding interest expenses	1.31%
Ratio of expenses to average net assets	1.50%
Ratio of expenses to average net assets prior to fees waived	2.48%
Ratio of net investment income to average net assets excluding interest expenses	4.66%
Ratio of net investment income to average net assets	4.47%
Ratio of net investment income to average net assets prior to fees waived	3.49%
Portfolio turnover	152%

	Nasdaq ticker symbols
				Institutional
	Class A	Class C	Class R	Class
Delaware Core Plus Bond Fund	DEGGX	DUGCX	DUGRX	DUGIX
Delaware Inflation Protected Bond Fund	DIPAX	DIPCX	—	DIPIX
Delaware Emerging Markets Debt Fund	DEDAX	DEDCX	DEDRX	DEDIX

TABLE OF CONTENTS
	Page		Page
Organization and Classification	1	Purchasing Shares	58
Investment Objectives, Restrictions, and Policies	1	Investment Plans	67
Investment Strategies and Risks	3	Determining Offering Price and Net Asset Value	70
Disclosure of Portfolio Holdings Information	38	Redemption and Exchange	71
Management of the Trust	39	Distributions and Taxes	77
Investment Manager and Other Service Providers	48	Performance	92
Portfolio Managers	53	Financial Statements	92
Trading Practices and Brokerage	55	Principal Holders	92
Capital Structure	57	Appendix A – Description of Ratings	97

	2013	2014
Delaware Core Plus Bond Fund	340%	273%
Delaware Inflation Protected Bond Fund	322%	128%
Delaware Emerging Markets Debt Fund*	n/a	152%
* Delaware Emerging Markets Debt Fund commenced operations on Sept. 30, 2013. The 2014 portfolio turnover shown is for the period from Sept. 30, 2013 through July 30, 2014.

					*Other*
				*Number of Funds*	*Directorships*
			*Principal Occupation(s)*	*in Fund Complex*	*Held by Trustee*
*Name, Address, and*	*Position(s) Held*	*Length of*	*During the Past Five*	*Overseen by*	*During the Past*
*Birthdate*	*with the Trust*	*Time Served*	*Years*	*Trustee*	*Five Years*
*Interested Trustee*
Patrick P. Coyne¹	Chairman,	Chairman and	Patrick P. Coyne has	65	Board of Governors
2005 Market Street	President, Chief	Trustee since	served in various		Member —
Philadelphia, PA	Executive	Aug. 16, 2006	executive capacities at		Investment
19103	Officer, and		different times at		Company Institute
	Trustee	President and	Delaware Investments.²		(ICI)
April 1963		Chief
		Executive			Director and Audit
		Officer since			Committee Member
		Aug. 1, 2006			— Kaydon Corp.
					(2007–2013)
*Independent Trustees*
Thomas L. Bennett	Trustee	Since March	Private Investor —	65	Director — Bryn
2005 Market Street		2005	(March 2004–Present)		Mawr Bank Corp.
Philadelphia, PA					(BMTC)
19103					(2007–2011)

Oct. 1947
Joseph W. Chow	Trustee	Since January	Executive Vice President	65	Director and Audit
2005 Market Street		2013	(Emerging Economies		Committee Member
Philadelphia, PA			Strategies, Risk and		— Hercules
19103			Corporate		Technology Growth
			Administration)		Capital, Inc. (2004–
Jan. 1953			State Street Corporation		2014)
			(July 2004–March 2011)
John A. Fry	Trustee	Since January	President — Drexel	65	Director — Hershey
2005 Market Street		2001	University (August 2010–		Trust Company
Philadelphia, PA			Present)
19103					Director, Audit
			President —		Committee, and
May 1960			Franklin & Marshall		Governance
			College		Committee Member
			(July 2002–July 2010)		— Community
					Health Systems

		Aggregate Dollar Range of Equity Securities in All
	Dollar Range of Equity Securities	Registered Investment Companies Overseen by
Name	in the Funds	Trustee in Family of Investment Companies
*Interested Trustee*
Patrick P. Coyne	$1 – $10,000	Over $100,000
	Delaware Core Plus Bond Fund
*Independent Trustees*
Thomas L. Bennett	None	Over $100,000
Joseph W. Chow	None	None
John A. Fry	None	Over $100,000
Lucinda S. Landreth	$10,001 – $50,000	Over $100,000
	Delaware Inflation Protected Bond
	Fund
Frances A. Sevilla-Sacasa	None	$50,001 – $100,000
Thomas K. Whitford	None	Over $100,000
Janet L. Yeomans	None	Over $100,000
J. Richard Zecher	None	Over $100,000

			Total Compensation
			from the Investment
	Aggregate	Retirement Benefits	Companies in the
	Compensation from	Accrued as Part of	Delaware Investments^®
Trustees	the Trust	Fund Expenses	Complex¹
Thomas L. Bennett	$1,890	None	$264,917
Joseph W. Chow	$1,559	None	$218,917
John A. Fry	$1,548	None	$215,583
Anthony D. Knerr²	$1,300	None	$158,167
Lucinda S. Landreth	$1,597	None	$222,250
Frances A. Sevilla-Sacasa	$1,570	None	$218,917
Thomas K. Whitford	$1,522	None	$212,917
Janet L. Yeomans	$1,730	None	$240,917
J. Richard Zecher	$1,552	None	$216,917

¹		Effective Jan. 1, 2014, each Independent Trustee/Director will receive an annual retainer fee of $145,000 for serving as a Trustee/Director for all 26 investment companies in the Delaware Investments^®family, plus $10,000 per meeting for attending each Board Meeting in person held on behalf of all investment companies in the complex. Each Trustee shall also receive a $5,000 fee for attending telephonic meetings on behalf of the investment companies in the complex. Effective Jan. 1, 2014, members of the Nominating and Corporate Governance Committee, Audit Committee, and Investments Committee receive additional compensation of $3,000 for each Committee meeting attended. The Trustees may receive an additional fee if a committee meeting exceeds 4 hours. In addition, the chairperson of the Audit Committee receives an annual retainer of $25,000, the chairperson of the Investments Committee receives an annual retainer of $20,000, and the chairperson of the Nominating and Corporate Governance Committee receives an annual retainer of $20,000. The Coordinating Trustee/Director of the Delaware Investments^®Funds receives an additional annual retainer of $40,000.

²		Mr. Knerr retired from the Board effective Feb. 20, 2014.

	Management Fee
	(annual rate as a percentage of average daily
Fund Name	net assets)

Delaware Core Plus Bond Fund	0.55% on the first $500 million
	0.50% on the next $500 million
	0.45% on the next $1.5 billion
	0.425% on assets in excess of $2.5 billion

Delaware Inflation Protected Bond Fund	0.45% on the first $500 million
	0.40% on the next $500 million
	0.35% on the next $1.5 billion
	0.30% on assets in excess of $2.5 billion
Delaware Emerging Markets Debt Fund	0.75% on the first $500 million
	0.70% on the next $500 million
	0.65% on the next $1.5 billion
	0.60% on assets in excess of $2.5 billion

Delaware Core Plus Bond Fund
Investment Management Fees
Fiscal Year Ended	Incurred	Paid	Waived
07/31/14	$641,384	$311,566	$329,818
07/31/13	$1,009,201	$600,158	$409,043
07/31/12	$877,230	$508,927	$368,303

Delaware Core Plus Bond Fund
	Total Amount of	Amounts Reallowed	Net Commission
Fiscal Year Ended	Underwriting Commissions	to Dealers	to Distributor
07/31/14	$20,195	$17,372	$2,823
07/31/13	$38,265	$33,133	$5,132
07/31/12	$155,343	$134,283	$21,060

Delaware Inflation Protected Bond Fund
	Total Amount of	Amount Reallowed	Net Commission
Fiscal Year Ended	Underwriting Commissions	to Dealers	to Distributor
07/31/14	$10,994	$9,720	$1,274
07/31/13	$117,809	$102,139	$15,670
07/31/12	$429,354	$375,955	$53,399

Delaware Emerging Markets Debt Fund
	Total Amount of	Amount Reallowed	Net Commission
Fiscal Year Ended	Underwriting Commissions	to Dealers	to Distributor
07/31/14*	$0	$0	$0
* Delaware Emerging Markets Debt Fund commenced operations on Sept. 30, 2013. The net commissions shown after re-allowances to dealers are for the period from Sept. 30, 2013 through July 30, 2014.

			No. of Accounts	Total Assets in
			with	Accounts with
	No. of	Total Assets	Performance-	Performance-
	Accounts	Managed	Based Fees	Based Fees
Craig C. Dembek
Registered investment companies	11	$4.4 billion	0	$0
Other pooled investment vehicles	1	$16.9 million	1	$16.9 million
Other accounts	2	Less than $1 million	0	$0
Roger A. Early
Registered Investment Companies	17	$23. 8 billion	0	$0
Other Pooled Investment Vehicles	4	$603.4 million	0	$0
Other Accounts	48	$6.1 billion	0	$0
Paul Grillo
Registered Investment Companies	18	$22.6 billion	0	$0
Other Pooled Investment Vehicles	8	$992.1 million	0	$0
Other Accounts	20	$1.1 billion	0	$0
J. David Hillmeyer
Registered Investment Companies	7	$11.8 billion	0	$0
Other Pooled Investment Vehicles	1	$229.8 million	0	$0
Other Accounts	10	$15.9 million	0	$0
Steven A. Landis
Registered Investment Companies	4	$9.7 billion	0	$0
Other Pooled Investment Vehicles	1	$16.9 million	0	$0
Other Accounts	8	Less than $1 million	0	$0
Paul A. Matlack
Registered investment companies	13	$5.1 billion	0	$0
Other pooled investment vehicles	7	$844.6 million	0	$0
Other accounts	4	$111.9 million	0	$0
John P. McCarthy
Registered investment companies	11	$4.4 billion	0	$0
Other pooled investment vehicles	0	$0	0	$0
Other accounts	3	Less than $1 million	0	$0
Christopher M. Testa
Registered investment companies	19	$23.0 billion	0	$0
Other pooled investment vehicles	7	844.6 million	0	$0
Other accounts	22	$4.8 billion	1	$606.4 million

Delaware Group Government Fund, et al. – ‘485BPOS’ on 11/26/14

On: Wednesday, 11/26/14, at 3:55pm ET · Effective: 11/28/14 · Accession #: 1206774-14-3408 · File #s: 2-97889, 811-04304

Post-Effective AmendmentFiling Table of Contents

485BPOS — Post-Effective Amendment Filed Pursuant to Securities Act Rule 485(B)Document Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

8 Subsequent Filings that Reference this Filing

Post-Effective Amendment
Filing Table of Contents

485BPOS — Post-Effective Amendment Filed Pursuant to Securities Act Rule 485(B)
Document Table of Contents

	Dollar Range of Fund Shares
Portfolio Manager	Owned¹	Fund
Paul Grillo	$50,001-$100,000	Delaware Core Plus Bond Fund
J. David Hillmeyer	$1-$10,000	Delaware Core Plus Bond Fund
¹ Includes Fund shares beneficially owned by portfolio manager and immediate family members sharing the same household.

Brokerage Commissions

	7/31/14	7/31/13	7/31/12
Delaware Core Plus Bond Fund	$647	$2,069	$2,720
Delaware Inflation Protected Bond Fund	$0	$4,649	$7,577
Delaware Emerging Markets Debt Fund*	$0	n/a	n/a
* Delaware Emerging Markets Debt Fund commenced operations on Sept. 30, 2013. The brokerage commissions paid by the Fund shown are for the period from Sept. 30, 2013 through July 30, 2014.

Fund	Portfolio Transactions	Brokerage Commissions
	Amount	Amount
Delaware Emerging Markets Debt Fund*	$3,211,683	$2,002
* Delaware Emerging Markets Debt Fund commenced operations on Sept. 30, 2013. The brokerage commissions directed to brokers for brokerage and research services shown are for the period from Sept. 30, 2013 through July 30, 2014.

	Regular Broker/Dealer	Value
Delaware Core Plus Bond Fund	CITIGROUP/MORGAN STANLEY	$783,699.50
	WELLS FARGO & CO	$579,078.99
	BANK OF AMERICA CORP	$297,622.81
	REGIONS FINANCIAL CORP	$81,440.00

	(i)	any net capital loss, net long-term capital loss, or net short-term capital loss incurred after Oct. 31 of the current taxable year (“post-October losses”), and

	(ii)	the excess, if any, of (1) the sum of (a) specified losses incurred after Oct. 31 of the current taxable year, and (b) other ordinary losses incurred after Dec. 31 of the current taxable year, over (2) the sum of (a) specified gains incurred after Oct. 31 of the current taxable year, and (b) other ordinary gains incurred after Dec. 31 of the current taxable year.

Fund Name	Shareholders Name and Address	Percentage

DELAWARE CORE PLUS BOND FUND	CHARLES SCHWAB & CO INC	17.34%
CLASS A	SPEC CUSTODY ACCT FOR THE
	EXCL BNFT OF CUSTS
	ATTN MUT FDS
	211 MAIN ST
	SAN FRANCISCO CA 94105-1905
DELAWARE CORE PLUS BOND FUND	PERSHING LLC	7.86%
CLASS A	1 PERSHING PLAZA
	JERSEY CITY NJ 07399-0002

Fund Name	Shareholders Name and Address	Percentage

DELAWARE CORE PLUS BOND FUND	FIRST CLEARING LLC	5.13%
CLASS C	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMER
	2801 MARKET ST
	SAINT LOUIS MO 63103-2523
DELAWARE CORE PLUS BOND FUND	MLPF&S FOR THE SOLE BENEFIT OF ITS	29.03%
CLASS C	CUSTOMERS
	ATTENTION: FUND ADMIN SEC
	4800 DEER LAKE DRIVE EAST, 2ND FL
	JACKSONVILLE FL 32246-6484
DELAWARE CORE PLUS BOND FUND	MORGAN STANLEY SMITH BARNEY	16.10%
CLASS C	HARBORSIDE FINANCIAL CENTER
	PLAZA 2 3RD FL
	JERSEY CITY NJ 07311
DELAWARE CORE PLUS BOND FUND	NATIONAL FINANCIAL SERVICES LLC	7.26%
CLASS C	(FBO) OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPARTMENT
	499 WASHINGTON BLVD FL4
	JERSEY CITY NJ 07310
DELAWARE CORE PLUS BOND FUND	PERSHING LLC	8.90%
CLASS C	1 PERSHING PLAZA
	JERSEY CITY NJ 07399-0002
DELAWARE CORE PLUS BOND FUND	RAYMOND JAMES	6.85%
CLASS C	OMNIBUS FOR MUTUAL FUNDS
	ATTN COURTNEY WALLER
	880 CARILLON PARKWAY
	ST PETERSBURG FL 33716
DELAWARE CORE PLUS BOND FUND	DRAPER & CO	13.90%
CLASS I	801 LANCASTER AVE
	BRYN MAWR, PA 19010
DELAWARE CORE PLUS BOND FUND	CHARLES SCHWAB & CO INC	6.90%
CLASS I	SPEC CUSTODY ACCT FOR THE
	EXCL BNFT OF CUSTS
	ATTN MUT FDS
	211 MAIN ST
	SAN FRANCISCO CA 94105-1905
DELAWARE CORE PLUS BOND FUND	FIRST CLEARING LLC	5.67
CLASS I	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMER
	2801 MARKET ST
	SAINT LOUIS MO 63103-2523
DELAWARE CORE PLUS BOND FUND	NATIONAL FINANCIAL SERVICES LLC	35.29%
CLASS I	(FBO) OUR CUSTOMERS
	ATTN MUTUAL FUNDS DEPARTMENT
	499 WASHINGTON BLVD FL 4
	JERSEY CITY NJ 07310

Item 28.	Exhibits. The following exhibits are incorporated by reference to the Registrant’s previously filed documents indicated below, except as noted:

	(a)	Articles of Incorporation.

		(1)	Executed Agreement and Declaration of Trust (December 17, 1998) incorporated into this filing by reference to Post-Effective Amendment No. 21 filed July 29, 1999.

			(i)	Executed Certificate of Amendment (November 15, 2006) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 35 filed November 28, 2007.

			(ii)	Executed Certificate of Amendment (February 26, 2009) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 37 filed November 25, 2009.

			(iii)	Executed Certificate of Amendment (August 18, 2009) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 37 filed November 25, 2009.

		(2)	Executed Certificate of Trust (December 17, 1998) incorporated into this filing by reference to Post-Effective Amendment No. 21 filed July 29, 1999.

	(b)	By-Laws. Amended and Restated By-Laws (November 16, 2006) incorporated into this filing by reference to Post-Effective Amendment No. 35 filed November 28, 2007.

	(c)	Instruments Defining Rights of Security Holders.

		(1)	Agreement and Declaration of Trust. Articles III, IV, V and VI of the Agreement and Declaration of Trust (December 17, 1998) incorporated into this filing by reference to Post-Effective Amendment No. 21 filed July 29, 1999.

		(2)	By-Laws. Article II of the Amended and Restated By-Laws (November 16, 2006) incorporated into this filing by reference to Post-Effective Amendment No. 35 filed November 28, 2007.

	(d)	Investment Advisory Contracts.

		(1)	Executed Investment Management Agreement (January 4, 2010) between Delaware Management Company (a series of Delaware Management Business Trust) and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 38 filed September 30, 2010.

			(i)	Executed Amendment No. 1 (August 30, 2013) to Exhibit A of the Investment Management Agreement incorporated into this filing by reference to Post-Effective Amendment No. 46 filed September 27, 2013.

		(2)	Executed Investment Advisory Expense Limitation Letter (November 2014) between Delaware Management Company (a series of Delaware Management Business Trust) and the Registrant attached as Exhibit No. EX-99.d.2.

(e)	Underwriting Contracts.

	(1)	Distribution Agreements.

		(i)	Executed Amended and Restated Distribution Agreement (January 4, 2010) between Delaware Distributors, L.P. and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 38 filed September 30, 2010.

		(ii)	Executed Amendment No. 3 (September 25, 2014) to Schedule I to the Distribution Agreement attached as Exhibit No. EX-99.e.1.ii.

	(2)	Form of Dealer's Agreement incorporated into this filing by reference to Post-Effective Amendment No. 40 filed November 28, 2011.

	(3)	Form of Registered Investment Advisers Agreement incorporated into this filing by reference to Post-Effective Amendment No. 40 filed November 28, 2011.

	(4)	Form of Bank/Trust Agreement incorporated into this filing by reference to Post-Effective Amendment No. 40 filed November 28, 2011.

(f)	Bonus or Profit Sharing Contracts. Not applicable.

(g)	Custodian Agreements.

	(1)	Executed Mutual Fund Custody and Services Agreement (July 20, 2007) between The Bank of New York Mellon (formerly, Mellon Bank, N.A.) and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 36 filed November 26, 2008.

		(i)	Executed Amendment (January 1, 2014) to the Mutual Fund Custody and Services Agreement attached as Exhibit No. EX-99.g.1.i.

	(2)	Executed Securities Lending Authorization Agreement (July 20, 2007) between The Bank of New York Mellon (formerly, Mellon Bank, N.A.) and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 35 filed November 28, 2007.

		(i)	Executed Amendment (September 22, 2009) to the Securities Lending Authorization Agreement incorporated into this filing by reference to Post-Effective Amendment No. 38 filed September 30, 2010.

		(ii)	Executed Amendment No. 2 (January 1, 2010) to the Securities Lending Authorization Agreement incorporated into this filing by reference to Post-Effective Amendment No. 38 filed September 30, 2010.

(h)	Other Material Contracts.

	(1)	Executed Shareholder Services Agreement (April 19, 2001) between Delaware Service Company, Inc. and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 34 filed November 28, 2006.

		(i)	Executed Letter Amendment (August 23, 2002) to the Shareholder Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 27 filed September 30, 2003.

		(ii)	Executed Schedule B (July 18, 2011) to the Shareholder Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 40 filed November 28, 2011.

		(iii)	Executed Amendment No. 2 (September 30, 2013) to Schedule A to the Shareholder Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 46 filed September 27, 2013.

		(iv)	Executed Assignment and Assumption Agreement (November 1, 2014) between Delaware Service Company, Inc. and Delaware Investments Fund Services Company, Inc. relating to the Shareholder Services Agreement attached as Exhibit No. EX-99.h.1.iv.

	(2)	Executed Amended and Restated Fund Accounting and Financial Administration Services Agreement (January 1, 2014) between The Bank of New York Mellon (formerly, Mellon Bank, N.A.) and the Registrant attached as Exhibit No. EX-99.h.2.

	(3)	Executed Amended and Restated Fund Accounting and Financial Administration Oversight Agreement (January 1, 2014) between Delaware Service Company, Inc. and the Registrant attached as Exhibit No. EX-99.h.3.

		(i)	Executed Assignment and Assumption Agreement (November 1, 2014) between Delaware Service Company, Inc. and Delaware Investments Fund Services Company, Inc. relating to the Oversight Agreement attached as Exhibit No. EX-99.h.3.i.

(i)	Legal Opinion.

	(1)	Opinion and Consent of Counsel (November 24, 2004) with respect to Delaware Core Plus Bond Fund (formerly, Delaware American Government Bond Fund) and Delaware Inflation Protected Bond Fund incorporated into this filing by reference to Post-Effective Amendment No. 30 filed November 29, 2004.

	(2)	Opinion and Consent of Counsel (September 27, 2013) with respect to Delaware Emerging Markets Debt Fund incorporated into this filing by reference to Post-Effective Amendment No. 46 filed September 27, 2013.

(j)	Other Opinions. Consent of Independent Registered Public Accounting Firm (November 2014) attached as Exhibit No. EX-99.j.

(k)	Omitted Financial Statements. Not applicable.

(l)	Initial Capital Agreements. Not applicable.

(m)	Rule 12b-1 Plan.

	(1)	Plan under Rule 12b-1 for Class A (April 19, 2001) incorporated into this filing by reference to Post-Effective Amendment No. 24 filed September 28, 2001.

	(2)	Plan under Rule 12b-1 for Class B (April 19, 2001) incorporated into this filing by reference to Post-Effective Amendment No. 24 filed September 28, 2001.