Edgar Filing: DELAWARE GROUP EQUITY FUNDS II

delaware17g-1.htm

DELAWARE INVESTMENTS FAMILY OF FUNDS

CERTIFIED RESOLUTIONS

The resolutions set forth below were duly adopted by the Boards of Trustees/Directors of those investment companies covered by the enclosed fidelity bond for the period from October 1, 2009 through October 31, 2010 and remain in full force and effect as of the date hereof:

Resolutions Adopted at a Meeting of the Board of Trustees/Directors Held on October 26, 2009

Approval of Fidelity Bond Coverage

WHEREAS, this Board of Trustees/Directors has considered the form of the joint insured broker's blanket bond for the Delaware Investments Family of Funds, and the amount of such joint insured broker's blanket bond, and has considered the value of the aggregate assets of the Funds to which any covered person may have access, the type and terms of the arrangements made for the custody and safekeeping of the assets of the Fund's Series, the nature of the securities in such Series' portfolios and the higher cost that would have to be paid to purchase a comparable single insured bond for each Fund; and

WHEREAS, the Board, including all of the Trustees/Directors who were not then interested persons with respect to the Fund, has concluded that the Fund’s participation in the proposed joint insured broker’s blanket bond is in the best interest of the Fund.

NOW, THEREFORE, IT IS RESOLVED, that the officers of the Fund are authorized and directed to cause each of its Series to participate in the joint insured broker's blanket bonds in the aggregate amount of $40,000,000, which also covers the other Delaware Investments Funds, and that the Fund shall pay its share of the premium determined in accordance with the allocation methodology discussed with the Trustees/Directors; and it is further

RESOLVED, that the officers of the Fund are hereby authorized and directed to execute an agreement under Section 17(g) of the 1940 Act with the other insureds listed on the broker's blanket bond (the "Agreement"), whereby the Fund will bear its proportionate share of the premium and coverage of the bond, and the share of the premium and coverage of the other Funds shall, if appropriate, be proportionately adjusted; and it is further

RESOLVED, that the Secretary of the Fund is hereby authorized and directed to file with the Securities and Exchange Commission (“SEC”) a copy of the bond and a copy of the resolutions approving the amount, type, form and coverage of the bond and the portion of the premium to be paid by each of the Fund's Series, a statement showing the amount of the single insured bond which the Fund would have provided and maintained had it not been named as an insured under the broker's blanket bond described herein, a statement of the period for which premiums have been paid and a copy of the Agreement, all pursuant to Section 17(g) of the 1940 Act, and that the Secretary of the Fund be designated as the officers directed to make all necessary filings; and it is further

RESOLVED, that this Board, including those Trustees/Directors who do not have control over or access to any of the portfolio securities, funds or other assets of the Fund's Series, hereby conclude that the amount, scope and coverage of the fidelity bond of the Fund are adequate; and it is further

RESOLVED, that this Board, taking all relevant factors into consideration, hereby determines that it is in the best interest of the Fund and the Fund’s shareholders for the Fund and each Series to participate in the joint insured broker’s blanket bond described at this meeting, and that the proposed premium allocation to the Fund and to each Series is fair and reasonable to the Fund and each Series based upon a consideration of the relative higher premium that would have been paid if comparable insurance coverage were purchased separately by the insured parties.

/s/ David F. Connor

David F. Connor

Vice President/Deputy General Counsel/ Secretary

p81951478.htm - Generated by SEC Publisher for SEC Filing

Chubb Group of Insurance Companies DECLARATIONS

FINANCIAL INSTITUTION INVESTMENT

15 Mountain View Road, Warren, New Jersey 07059COMPANY ASSET PROTECTION

BOND

NAME OF ASSURED (including its Subsidiaries): Bond Number: 81951478

DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

FEDERAL INSURANCE COMPANY

2005 MARKET STREET Incorporated under the laws of Indiana

PHILADELPHIA, PA 19103 a stock insurance company herein called the

COMPANY

Capital Center, 251 North Illinois, Suite 1100

Indianapolis, IN 46204-1927

ITEM 1.BOND PERIOD:from12:01 a.m. onOctober 31, 2009

to12:01 a.m. onOctober 31, 2010

ITEM 2.LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:

If “Not Covered” is inserted below opposite any specified INSURING

CLAUSE, such INSURING CLAUSE

and any other reference shall be deemed to be deleted. There shall be no

deductible applicable to any

loss under INSURING CLAUSE 1. sustained by any Investment Company.

DEDUCTIBLE

INSURING CLAUSE LIMIT OF LIABILITYAMOUNT

1.Employee $20,000,000$0

2.On Premises $20,000,000$50,000

3.In Transit $20,000,000$50,000

4.Forgery or Alteration $20,000,000$50,000

5.Extended Forgery $20,000,000$50,000

6.Counterfeit Money $20,000,000$50,000

7.Threats to Person $Not Covered$N/A

8.Computer System $20,000,000$50,000

9.Voice Initiated Funds Transfer Instruction$20,000,000$50,000

10.Uncollectible Items of Deposit $50,000$10,000

11.Audit Expense $100,000$0

ITEM 3.THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE

FOLLOWING

ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:

1-15

IN WITNESS WHEREOF, THE COMPANY has caused this Bond to be signed by its

authorized officers, but it shall not be

valid unless also signed by an authorized representative of the Company.

ICAP Bond (5-98) - Federal

Form 17-02-1421 (Ed. 5-98)Page 1 of 1

The COMPANY, in consideration of payment of the required premium, and in

reliance

on the APPLICATION and all other statements made and information

furnished to the

COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of

this

Bond and to all other terms and conditions of this Bond, agrees to pay

the ASSURED

for:

Insuring Clauses

Employee1.Loss resulting directly from Larceny or Embezzlement committed

by any

Employee, alone or in collusion with others.

On Premises2.Loss of Property resulting directly from robbery, burglary,

false pretenses,

common law or statutory larceny, misplacement, mysterious unexplainable

disappearance, damage, destruction or removal, from the possession,

custody or

control of the ASSURED, while such Property is lodged or deposited at

premises

located anywhere.

In Transit3.Loss of Property resulting directly from common law or

statutory larceny,

misplacement, mysterious unexplainable disappearance, damage or

destruction,

while the Property is in transit anywhere:

a.in an armored motor vehicle, including loading and unloading thereof,

b.in the custody of a natural person acting as a messenger of the

ASSURED,

c.in the custody of a Transportation Company and being transported in a

conveyance other than an armored motor vehicle provided, however, that

covered Property transported in such manner is limited to the

following:

(1)written records,

(2)securities issued in registered form, which are not endorsed or are

restrictively endorsed, or

(3)negotiable instruments not payable to bearer, which are not

endorsed

or are restrictively endorsed.

Coverage under this INSURING CLAUSE begins immediately on the receipt

such Property by the natural person or Transportation Company and ends

immediately on delivery to the premises of the addressee or to any

representative

of the addressee located anywhere.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 1 of 19

Insuring Clauses

(continued)

Forgery Or Alteration4.Loss resulting directly from:

a.Forgery on, or fraudulent material alteration of, any bills of

exchange,

checks, drafts, acceptances, certificates of deposits, promissory

notes, due

bills, money orders, orders upon public treasuries, letters of credit,

other

written promises, orders or directions to pay sums certain in money,

receipts for the withdrawal of Property, or

b.transferring, paying or delivering any funds or other Property, or

establishing

any credit or giving any value in reliance on any written

instructions, advices

or applications directed to the ASSURED authorizing or acknowledging

the

transfer, payment, delivery or receipt of funds or other Property,

which

instructions, advices or applications fraudulently purport to bear the

handwritten signature of any customer of the ASSURED, or shareholder

subscriber to shares of an Investment Company, or of any financial

institution or Employee but which instructions, advices or

applications either

bear a Forgery or have been fraudulently materially altered without

the

knowledge and consent of such customer, shareholder, subscriber,

financial

institution or Employee;

excluding, however, under this INSURING CLAUSE any loss covered under

INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING

CLAUSE 5. is provided for in the DECLARATIONS of this Bond.

For the purpose of this INSURING CLAUSE, a mechanically reproduced

facsimile

signature is treated the same as a handwritten signature.

Extended Forgery5.Loss resulting directly from the ASSURED having, in good

faith, and in the

ordinary course of business, for its own account or the account of

others in any

capacity:

a.acquired, accepted or received, accepted or received, sold or

delivered, or

given value, extended credit or assumed liability, in reliance on any

original

Securities, documents or other written instruments which prove to:

(1)bear a Forgery or a fraudulently material alteration,

(2)have been lost or stolen, or

(3)be Counterfeit, or

b.guaranteed in writing or witnessed any signatures on any transfer,

assignment, bill of sale, power of attorney, guarantee, endorsement or

other

obligation upon or in connection with any Securities, documents or

other

written instruments.

Actual physical possession, and continued actual physical possession if

taken as

collateral, of such Securities, documents or other written instruments

by an

Employee, Custodian, or a Federal or State chartered deposit

institution of the

ASSURED is a condition precedent to the ASSURED having relied on such

items.

Release or return of such collateral is an acknowledgment by the

ASSURED that it

no longer relies on such collateral.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 2 of 19

Insuring Clauses

Extended Forgery For the purpose of this INSURING CLAUSE, a mechanically

reproduced facsimile

(continued) signature is treated the same as a handwritten signature.

Counterfeit Money6.Loss resulting directly from the receipt by the ASSURED

in good faith of any

Counterfeit money.

Threats To Person7.Loss resulting directly from surrender of Property away

from an office of the

ASSURED as a result of a threat communicated to the ASSURED to do

bodily

harm to an Employee as defined in Section 1.e. (1), (2) and (5), a

Relative or

invitee of such Employee, or a resident of the household of such

Employee, who

is, or allegedly is, being held captive provided, however, that prior

to the surrender

of such Property:

a.the Employee who receives the threat has made a reasonable effort to

notify an officer of the ASSURED who is not involved in such threat,

and

b.the ASSURED has made a reasonable effort to notify the Federal Bureau

Investigation and local law enforcement authorities concerning such

threat.

It is agreed that for purposes of this INSURING CLAUSE, any Employee of

the

ASSURED, as set forth in the preceding paragraph, shall be deemed to be

ASSURED hereunder, but only with respect to the surrender of money,

securities

and other tangible personal property in which such Employee has a legal

equitable interest.

Computer System8.Loss resulting directly from fraudulent:

a.entries of data into, or

b.changes of data elements or programs within,

a Computer System, provided the fraudulent entry or change causes:

(1)funds or other property to be transferred, paid or delivered,

(2)an account of the ASSURED or of its customer to be added, deleted,

debited or credited, or

(3)an unauthorized account or a fictitious account to be debited or

credited.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 3 of 19

Insuring Clauses

(continued)

Voice Initiated Funds9.Loss resulting directly from Voice Initiated Funds

Transfer Instruction directed

Transfer Instruction to the ASSURED authorizing the transfer of dividends

or redemption proceeds of

Investment Company shares from a Customer's account, provided such

Voice

Initiated Funds Transfer Instruction was:

a.received at the ASSURED'S offices by those Employees of the ASSURED

specifically authorized to receive the Voice Initiated Funds Transfer

Instruction,

b.made by a person purporting to be a Customer, and

c.made by said person for the purpose of causing the ASSURED or

Customer

to sustain a loss or making an improper personal financial gain for

such

person or any other person.

In order for coverage to apply under this INSURING CLAUSE, all Voice

Initiated

Funds Transfer Instructions must be received and processed in

accordance with

the Designated Procedures outlined in the APPLICATION furnished to the

COMPANY.

Uncollectible Items of10.Loss resulting directly from the ASSURED having

credited an account of a

Deposit customer, shareholder or subscriber on the faith of any Items of

Deposit which

prove to be uncollectible, provided that the crediting of such account

causes:

a.redemptions or withdrawals to be permitted,

b.shares to be issued, or

c.dividends to be paid,

from an account of an Investment Company.

In order for coverage to apply under this INSURING CLAUSE, the ASSURED

must hold Items of Deposit for the minimum number of days stated in the

APPLICATION before permitting any redemptions or withdrawals, issuing

any

shares or paying any dividends with respect to such Items of Deposit.

Items of Deposit shall not be deemed uncollectible until the ASSURED'S

standard collection procedures have failed.

Audit Expense11.Expense incurred by the ASSURED for that part of the cost

of audits or

examinations required by any governmental regulatory authority or

self-regulatory

organization to be conducted by such authority, organization or their

appointee by

reason of the discovery of loss sustained by the ASSURED and covered by

this

Bond.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 4 of 19

General Agreements

Additional CompaniesA.If more than one corporation, or Investment Company,

or any combination of

Included As Assured them is included as the ASSURED herein:

(1)The total liability of the COMPANY under this Bond for loss or losses

sustained by any one or more or all of them shall not exceed the limit

for

which the COMPANY would be liable under this Bond if all such loss

were

sustained by any one of them.

(2)Only the first named ASSURED shall be deemed to be the sole agent of

the

others for all purposes under this Bond, including but not limited to

the giving

or receiving of any notice or proof required to be given and for the

purpose of

effecting or accepting any amendments to or termination of this Bond.

The

COMPANY shall furnish each Investment Company with a copy of the

Bond and with any amendment thereto, together with a copy of each

formal

filing of claim by any other named ASSURED and notification of the

terms of

the settlement of each such claim prior to the execution of such

settlement.

(3)The COMPANY shall not be responsible for the proper application of

any

payment made hereunder to the first named ASSURED.

(4)Knowledge possessed or discovery made by any partner, director,

trustee,

officer or supervisory employee of any ASSURED shall constitute

knowledge

or discovery by all the ASSUREDS for the purposes of this Bond.

(5)If the first named ASSURED ceases for any reason to be covered under

this

Bond, then the ASSURED next named on the APPLICATION shall thereafter

be considered as the first named ASSURED for the purposes of this

Bond.

Representation Made ByB.The ASSURED represents that all information it has

furnished in the

Assured APPLICATION for this Bond or otherwise is complete, true and

correct. Such

APPLICATION and other information constitute part of this Bond.

The ASSURED must promptly notify the COMPANY of any change in any fact

circumstance which materially affects the risk assumed by the COMPANY

under

this Bond.

Any intentional misrepresentation, omission, concealment or incorrect

statement of

a material fact, in the APPLICATION or otherwise, shall be grounds for

recision of

this Bond.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 5 of 19

General Agreements

(continued)

Additional Offices OrC.If the ASSURED, other than an Investment Company,

while this Bond is in force,

Employees - Consolidation, merges or consolidates with, or purchases or

acquires assets or liabilities of

Merger Or Purchase Or another institution, the ASSURED shall not have the

coverage afforded under this

Acquisition Of Assets Or Bond for loss which has:

Liabilities - Notice To (1)occurred or will occur on premises, or

Company

(2)been caused or will be caused by an employee, or

(3)arisen or will arise out of the assets or liabilities,

of such institution, unless the ASSURED:

a. gives the COMPANY written notice of the proposed consolidation,

merger or

purchase or acquisition of assets or liabilities prior to the proposed

effective

date of such action, and

b. obtains the written consent of the COMPANY to extend some or all of

the

coverage provided by this Bond to such additional exposure, and

c. on obtaining such consent, pays to the COMPANY an additional premium.

Change Of Control -D.When the ASSURED learns of a change in control (other

than in an Investment

Notice To Company Company), as set forth in Section 2(a) (9) of the

Investment Company Act of

1940, the ASSURED shall within sixty (60) days give written notice to

the

COMPANY setting forth:

(1)the names of the transferors and transferees (or the names of the

beneficial

owners if the voting securities are registered in another name),

(2)the total number of voting securities owned by the transferors and

the

transferees (or the beneficial owners), both immediately before and

after the

transfer, and

(3)the total number of outstanding voting securities.

Failure to give the required notice shall result in termination of

coverage for any

loss involving a transferee, to be effective on the date of such change

in control.

Court Costs AndE.The COMPANY will indemnify the ASSURED for court costs

and reasonable

Attorneys’ Fees attorneys' fees incurred and paid by the ASSURED in

defense, whether or not

successful, whether or not fully litigated on the merits and whether or

not settled,

of any claim, suit or legal proceeding with respect to which the ASSURED

would

be entitled to recovery under this Bond. However, with respect to

INSURING

CLAUSE 1., this Section shall only apply in the event that:

(1)an Employee admits to being guilty of Larceny or Embezzlement,

(2)an Employee is adjudicated to be guilty of Larceny or Embezzlement,

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 6 of 19

General Agreements

Court Costs And(3)in the absence of 1 or 2 above, an arbitration panel

agrees, after a review of

Attorneys’ Fees an agreed statement of facts between the COMPANY and the

ASSURED,

(continued) that an Employee would be found guilty of Larceny or

Embezzlement if

such Employee were prosecuted.

The ASSURED shall promptly give notice to the COMPANY of any such suit or

legal proceeding and at the request of the COMPANY shall furnish copies

of all

pleadings and pertinent papers to the COMPANY. The COMPANY may, at its

sole option, elect to conduct the defense of all or part of such legal

proceeding.

The defense by the COMPANY shall be in the name of the ASSURED through

attorneys selected by the COMPANY. The ASSURED shall provide all

reasonable

information and assistance as required by the COMPANY for such defense.

If the COMPANY declines to defend the ASSURED, no settlement without the

prior written consent of the COMPANY nor judgment against the ASSURED

shall

determine the existence, extent or amount of coverage under this Bond.

If the amount demanded in any such suit or legal proceeding is within the

DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court

costs and attorney's fees incurred in defending all or part of such suit

or legal

proceeding.

If the amount demanded in any such suit or legal proceeding is in excess

of the

LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the

applicable

INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's

fees

incurred in defending all or part of such suit or legal proceedings is

limited to the

proportion of such court costs and attorney's fees incurred that the

LIMIT OF

LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable

INSURING

CLAUSE bears to the total of the amount demanded in such suit or legal

proceeding.

If the amount demanded is any such suit or legal proceeding is in excess

of the

DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in

ITEM

2.of the DECLARATIONS for the applicable INSURING CLAUSE, the

COMPANY'S liability for court costs and attorney's fees incurred in

defending all or

part of such suit or legal proceedings shall be limited to the proportion

of such

court costs or attorney's fees that the amount demanded that would be

payable

under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the

total

amount demanded.

Amounts paid by the COMPANY for court costs and attorneys' fees shall be

addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 7 of 19

Conditions And

Limitations

Definitions1.As used in this Bond:

a.Computer System means a computer and all input, output, processing,

storage, off-line media libraries, and communication facilities which

are

connected to the computer and which are under the control and

supervision

of the operating system(s) or application(s) software used by the

ASSURED.

b.Counterfeit means an imitation of an actual valid original which is

intended

to deceive and be taken as the original.

c.Custodian means the institution designated by an Investment Company

maintain possession and control of its assets.

d.Customer means an individual, corporate, partnership, trust customer,

shareholder or subscriber of an Investment Company which has a written

agreement with the ASSURED for Voice Initiated Funds Transfer

Instruction.

e.Employee means:

(1)an officer of the ASSURED,

(2)a natural person while in the regular service of the ASSURED at any

the ASSURED'S premises and compensated directly by the ASSURED

through its payroll system and subject to the United States Internal

Revenue Service Form W-2 or equivalent income reporting plans of

other countries, and whom the ASSURED has the right to control and

direct both as to the result to be accomplished and details and

means

by which such result is accomplished in the performance of such

service,

(3)a guest student pursuing studies or performing duties in any of the

ASSURED'S premises,

(4)an attorney retained by the ASSURED and an employee of such

attorney while either is performing legal services for the ASSURED,

(5)a natural person provided by an employment contractor to perform

employee duties for the ASSURED under the ASSURED'S supervision

at any of the ASSURED'S premises,

(6)an employee of an institution merged or consolidated with the

ASSURED prior to the effective date of this Bond,

(7)a director or trustee of the ASSURED, but only while performing

acts

within the scope of the customary and usual duties of any officer or

other employee of the ASSURED or while acting as a member of any

committee duly elected or appointed to examine or audit or have

custody of or access to Property of the ASSURED, or

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 8 of 19

Conditions And

Limitations

Definitions(8)each natural person, partnership or corporation authorized

by written

(continued) agreement with the ASSURED to perform services as electronic

data

processor of checks or other accounting records related to such checks

but

only while such person, partnership or corporation is actually

performing

such services and not:

a.creating, preparing, modifying or maintaining the ASSURED'S

computer software or programs, or

b.acting as transfer agent or in any other agency capacity in issuing

checks, drafts or securities for the ASSURED,

(9)any partner, officer or employee of an investment advisor, an

underwriter

(distributor), a transfer agent or shareholder accounting recordkeeper,

or an

administrator, for an Investment Company while performing acts coming

within the scope of the customary and usual duties of an officer or

employee

of an Investment Company or acting as a member of any committee duly

elected or appointed to examine, audit or have custody of or access to

Property of an Investment Company.

The term Employee shall not include any partner, officer or employee of

transfer agent, shareholder accounting recordkeeper or administrator:

a.which is not an "affiliated person" (as defined in Section 2(a) of

the

Investment Company Act of 1940) of an Investment Company or of

the investment advisor or underwriter (distributor) of such Investment

Company, or

b.which is a "bank" (as defined in Section 2(a) of the Investment

Company Act of 1940).

This Bond does not afford coverage in favor of the employers of

persons as set forth in e. (4), (5) and (8) above, and upon payment to

the ASSURED by the COMPANY resulting directly from Larceny or

Embezzlement committed by any of the partners, officers or

employees of such employers, whether acting alone or in collusion with

others, an assignment of such of the ASSURED'S rights and causes of

action as it may have against such employers by reason of such acts

so committed shall, to the extent of such payment, be given by the

ASSURED to the COMPANY, and the ASSURED shall execute all

papers necessary to secure to the COMPANY the rights provided for

herein.

Each employer of persons as set forth in e.(4), (5) and (8) above and

the

partners, officers and other employees of such employers shall

collectively

be deemed to be one person for all the purposes of this Bond;

excepting,

however, the fifth paragraph of Section 13.

Independent contractors not specified in e.(4), (5) or (8) above,

intermediaries, agents, brokers or other representatives of the same

general

character shall not be considered Employees.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 9 of 19

Conditions And

Limitations

Definitionsf.Forgery means the signing of the name of another natural

person with the

(continued) intent to deceive but does not mean a signature which consists

in whole or in

part of one's own name, with or without authority, in any capacity for

any

purpose.

g.Investment Company means any investment company registered under the

Investment Company Act of 1940 and listed under the NAME OF ASSURED

on the DECLARATIONS.

h.Items of Deposit means one or more checks or drafts drawn upon a

financial institution in the United States of America.

i.Larceny or Embezzlement means larceny or embezzlement as defined in

Section 37 of the Investment Company Act of 1940.

j.Property means money, revenue and other stamps; securities; including

any

note, stock, treasury stock, bond, debenture, evidence of indebtedness,

certificate of deposit, certificate of interest or participation in any

profit-

sharing agreement, collateral trust certificate, preorganization

certificate or

subscription, transferable share, investment contract, voting trust

certificate,

certificate of deposit for a security, fractional undivided interest in

oil, gas, or

other mineral rights, any interest or instruments commonly known as a

security under the Investment Company Act of 1940, any other certificate

interest or participation in, temporary or interim certificate for,

receipt for,

guarantee of, or warrant or right to subscribe to or purchase any of the

foregoing; bills of exchange; acceptances; checks; withdrawal orders;

money

orders; travelers' letters of credit; bills of lading; abstracts of

title; insurance

policies, deeds, mortgages on real estate and/or upon chattels and

interests

therein; assignments of such policies, deeds or mortgages; other

valuable

papers, including books of accounts and other records used by the

ASSURED in the conduct of its business (but excluding all electronic

data

processing records); and, all other instruments similar to or in the

nature of

the foregoing in which the ASSURED acquired an interest at the time of

the

ASSURED'S consolidation or merger with, or purchase of the principal

assets of, a predecessor or which are held by the ASSURED for any

purpose or in any capacity and whether so held gratuitously or not and

whether or not the ASSURED is liable therefor.

k.Relative means the spouse of an Employee or partner of the ASSURED

and any unmarried child supported wholly by, or living in the home of,

such

Employee or partner and being related to them by blood, marriage or

legal

guardianship.

l.Securities, documents or other written instruments means original

(including original counterparts) negotiable or non-negotiable

instruments, or

assignments thereof, which in and of themselves represent an equitable

interest, ownership, or debt and which are in the ordinary course of

business

transferable by delivery of such instruments with any necessary

endorsements or assignments.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 10 of 19

Conditions And

Limitations

Definitions m.Subsidiary means any organization that, at the inception

date of this Bond,

(continued) is named in the APPLICATION or is created during the BOND

PERIOD and

of which more than fifty percent (50%) of the outstanding securities

or voting

rights representing the present right to vote for election of

directors is owned

or controlled by the ASSURED either directly or through one or more of

its

subsidiaries.

n.Transportation Company means any organization which provides its own

or its leased vehicles for transportation or which provides freight

forwarding

or air express services.

o.Voice Initiated Election means any election concerning dividend

options

available to Investment Company shareholders or subscribers which is

requested by voice over the telephone.

p.Voice Initiated Redemption means any redemption of shares issued by

Investment Company which is requested by voice over the telephone.

q.Voice Initiated Funds Transfer Instruction means any Voice Initiated

Redemption or Voice Initiated Election.

For the purposes of these definitions, the singular includes the plural

and the

plural includes the singular, unless otherwise indicated.

General Exclusions -2.This bond does not directly or indirectly cover:

Applicable to All Insuring a.loss not reported to the COMPANY in writing

within sixty (60) days after

Clauses termination of this Bond as an entirety;

b.loss due to riot or civil commotion outside the United States of

America and

Canada, or any loss due to military, naval or usurped power, war or

insurrection. This Section 2.b., however, shall not apply to loss

which occurs

in transit in the circumstances recited in INSURING CLAUSE 3.,

provided

that when such transit was initiated there was no knowledge on the

part of

any person acting for the ASSURED of such riot, civil commotion,

military,

naval or usurped power, war or insurrection;

c.loss resulting from the effects of nuclear fission or fusion or

radioactivity;

d.loss of potential income including, but not limited to, interest and

dividends

not realized by the ASSURED or by any customer of the ASSURED;

e.damages of any type for which the ASSURED is legally liable, except

compensatory damages, but not multiples thereof, arising from a loss

covered under this Bond;

f.costs, fees and expenses incurred by the ASSURED in establishing the

existence of or amount of loss under this Bond, except to the extent

covered

under INSURING CLAUSE 11.;

g.loss resulting from indirect or consequential loss of any nature;

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 11 of 19

Conditions And

Limitations

General Exclusions - h.loss resulting from dishonest acts by any member

of the Board of Directors

Applicable to All Insuring or Board of Trustees of the ASSURED who is

not an Employee, acting

Clauses alone or in collusion with others;

(continued) i.loss, or that part of any loss, resulting solely from any

violation by the

ASSURED or by any Employee:

(1)of any law regulating:

a.the issuance, purchase or sale of securities,

b.securities transactions on security or commodity exchanges or

the over the counter market,

c.investment companies,

d.investment advisors, or

(2)of any rule or regulation made pursuant to any such law; or

j.loss of confidential information, material or data;

k.loss resulting from voice requests or instructions received over the

telephone, provided however, this Section 2.k. shall not apply to

INSURING

CLAUSE 7. or 9.

Specific Exclusions -3.This Bond does not directly or indirectly cover:

Applicable To All Insuring a.loss caused by an Employee, provided,

however, this Section 3.a. shall not

Clauses Except Insuring apply to loss covered under INSURING CLAUSE 2.

or 3. which results

Clause 1. directly from misplacement, mysterious unexplainable

disappearance, or

damage or destruction of Property;

b.loss through the surrender of property away from premises of the

ASSURED

as a result of a threat:

(1)to do bodily harm to any natural person, except loss of Property in

transit in the custody of any person acting as messenger of the

ASSURED, provided that when such transit was initiated there was no

knowledge by the ASSURED of any such threat, and provided further

that this Section 3.b. shall not apply to INSURING CLAUSE 7., or

(2)to do damage to the premises or Property of the ASSURED;

c.loss resulting from payments made or withdrawals from any account

involving erroneous credits to such account;

d.loss involving Items of Deposit which are not finally paid for any

reason

provided however, that this Section 3.d. shall not apply to INSURING

CLAUSE 10.;

e.loss of property while in the mail;

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 12 of 19

Conditions And

Limitations

Specific Exclusions - f.loss resulting from the failure for any reason of

a financial or depository

Applicable To All Insuring institution, its receiver or other liquidator

to pay or deliver funds or other

Clauses Except Insuring Property to the ASSURED provided further that

this Section 3.f. shall not

Clause 1. apply to loss of Property resulting directly from robbery,

burglary,

(continued) misplacement, mysterious unexplainable disappearance,

damage,

destruction or removal from the possession, custody or control of the

ASSURED.

g.loss of Property while in the custody of a Transportation Company,

provided however, that this Section 3.g. shall not apply to INSURING

CLAUSE 3.;

h.loss resulting from entries or changes made by a natural person with

authorized access to a Computer System who acts in good faith on

instructions, unless such instructions are given to that person by a

software

contractor or its partner, officer, or employee authorized by the

ASSURED to

design, develop, prepare, supply, service, write or implement programs

for

the ASSURED's Computer System; or

i.loss resulting directly or indirectly from the input of data into a

Computer

System terminal, either on the premises of the customer of the ASSURED

or under the control of such a customer, by a customer or other person

who

had authorized access to the customer's authentication mechanism.

Specific Exclusions -4.This bond does not directly or indirectly cover:

Applicable To All Insuring a.loss resulting from the complete or partial

non-payment of or default on any

Clauses Except Insuring loan whether such loan was procured in good

faith or through trick, artifice,

Clauses 1., 4., And 5. fraud or false pretenses; provided, however, this

Section 4.a. shall not apply

to INSURING CLAUSE 8.;

b.loss resulting from forgery or any alteration;

c.loss involving a counterfeit provided, however, this Section 4.c.

shall not

apply to INSURING CLAUSE 5. or 6.

Limit Of Liability/Non-5.At all times prior to termination of this Bond,

this Bond shall continue in force for

Reduction And Non- the limit stated in the applicable sections of ITEM 2.

of the DECLARATIONS,

Accumulation Of Liability notwithstanding any previous loss for which the

COMPANY may have paid or be

liable to pay under this Bond provided, however, that the liability of

the COMPANY

under this Bond with respect to all loss resulting from:

a.any one act of burglary, robbery or hold-up, or attempt thereat, in

which no

Employee is concerned or implicated, or

b.any one unintentional or negligent act on the part of any one person

resulting in damage to or destruction or misplacement of Property, or

c.all acts, other than those specified in a. above, of any one person,

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 13 of 19

Conditions And

Limitations

Limit Of Liability/Non- d.any one casualty or event other than those

specified in a., b., or c. above,

Reduction And Non- shall be deemed to be one loss and shall be limited to

the applicable LIMIT OF

Accumulation Of Liability LIABILITY stated in ITEM 2. of the DECLARATIONS

of this Bond irrespective of

(continued) the total amount of such loss or losses and shall not be

cumulative in amounts

from year to year or from period to period.

All acts, as specified in c. above, of any one person which

i.directly or indirectly aid in any way wrongful acts of any other

person or

persons, or

ii.permit the continuation of wrongful acts of any other person or

persons

whether such acts are committed with or without the knowledge of the

wrongful

acts of the person so aided, and whether such acts are committed with

or without

the intent to aid such other person, shall be deemed to be one loss

with the

wrongful acts of all persons so aided.

Discovery6.This Bond applies only to loss first discovered by an officer

of the ASSURED

during the BOND PERIOD. Discovery occurs at the earlier of an officer

of the

ASSURED being aware of:

a.facts which may subsequently result in a loss of a type covered by

this Bond,

b.an actual or potential claim in which it is alleged that the ASSURED

is liable

to a third party,

regardless of when the act or acts causing or contributing to such loss

occurred,

even though the amount of loss does not exceed the applicable

DEDUCTIBLE

AMOUNT, or the exact amount or details of loss may not then be known.

Notice To Company -7.a.The ASSURED shall give the COMPANY notice thereof

at the earliest

Proof - Legal Proceedings practicable moment, not to exceed sixty (60)

days after discovery of loss, in

Against Company an amount that is in excess of 50% of the applicable

DEDUCTIBLE

AMOUNT, as stated in ITEM 2. of the DECLARATIONS.

b.The ASSURED shall furnish to the COMPANY proof of loss, duly sworn

to,

with full particulars within six (6) months after such discovery.

c.Securities listed in a proof of loss shall be identified by

certificate or bond

numbers, if issued with them.

d.Legal proceedings for the recovery of any loss under this Bond shall

not be

brought prior to the expiration of sixty (60) days after the proof of

loss is filed

with the COMPANY or after the expiration of twenty-four (24) months

from

the discovery of such loss.

e.This Bond affords coverage only in favor of the ASSURED. No claim,

suit,

action or legal proceedings shall be brought under this Bond by anyone

other than the ASSURED.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 14 of 19

Conditions And

Limitations

Notice To Company - f.Proof of loss involving Voice Initiated Funds

Transfer Instruction shall

Proof - Legal Proceedings include electronic recordings of such

instructions.

Against Company

(continued)

Deductible Amount8.The COMPANY shall not be liable under any INSURING

CLAUSES of this Bond

on account of loss unless the amount of such loss, after deducting the

net amount

of all reimbursement and/or recovery obtained or made by the ASSURED,

other

than from any Bond or policy of insurance issued by an insurance

company and

covering such loss, or by the COMPANY on account thereof prior to

payment by

the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth

ITEM 3. of the DECLARATIONS, and then for such excess only, but in no

event

for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of

the

DECLARATIONS.

There shall be no deductible applicable to any loss under INSURING

CLAUSE 1.

sustained by any Investment Company.

Valuation9.BOOKS OF ACCOUNT OR OTHER RECORDS

The value of any loss of Property consisting of books of account or

other records

used by the ASSURED in the conduct of its business shall be the amount

paid by

the ASSURED for blank books, blank pages, or other materials which

replace the

lost books of account or other records, plus the cost of labor paid by

the

ASSURED for the actual transcription or copying of data to reproduce

such books

of account or other records.

The value of any loss of Property other than books of account or other

records

used by the ASSURED in the conduct of its business, for which a claim

is made

shall be determined by the average market value of such Property on the

business day immediately preceding discovery of such loss provided,

however,

that the value of any Property replaced by the ASSURED with the consent

of the

COMPANY and prior to the settlement of any claim for such Property

shall be the

actual market value at the time of replacement.

In the case of a loss of interim certificates, warrants, rights or

other securities, the

production of which is necessary to the exercise of subscription,

conversion,

redemption or deposit privileges, the value of them shall be the market

value of

such privileges immediately preceding their expiration if said loss is

not discovered

until after their expiration. If no market price is quoted for such

Property or for

such privileges, the value shall be fixed by agreement between the

parties.

OTHER PROPERTY

The value of any loss of Property, other than as stated above, shall be

the actual

cash value or the cost of repairing or replacing such Property with

Property of

like quality and value, whichever is less.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 15 of 19

Conditions And

Limitations

(continued)

Securities Settlement10.In the event of a loss of securities covered under

this Bond, the COMPANY may,

at its sole discretion, purchase replacement securities, tender the

value of the

securities in money, or issue its indemnity to effect replacement

securities.

The indemnity required from the ASSURED under the terms of this Section

against all loss, cost or expense arising from the replacement of

securities by the

COMPANY'S indemnity shall be:

a.for securities having a value less than or equal to the applicable

DEDUCTIBLE AMOUNT - one hundred (100%) percent;

b.for securities having a value in excess of the DEDUCTIBLE AMOUNT but

within the applicable LIMIT OF LIABILITY - the percentage that the

DEDUCTIBLE AMOUNT bears to the value of the securities;

c.for securities having a value greater than the applicable LIMIT OF

LIABILITY

- the percentage that the DEDUCTIBLE AMOUNT and portion in excess of

the applicable LIMIT OF LIABILITY bears to the value of the

securities.

The value referred to in Section 10.a., b., and c. is the value in

accordance with

Section 9, VALUATION, regardless of the value of such securities at the

time the

loss under the COMPANY'S indemnity is sustained.

The COMPANY is not required to issue its indemnity for any portion of a

loss of

securities which is not covered by this Bond; however, the COMPANY may

do so

as a courtesy to the ASSURED and at its sole discretion.

The ASSURED shall pay the proportion of the Company's premium charge

for the

Company's indemnity as set forth in Section 10.a., b., and c. No

portion of the

LIMIT OF LIABILITY shall be used as payment of premium for any

indemnity

purchased by the ASSURED to obtain replacement securities.

Subrogation - Assignment - 11. In the event of a payment under this Bond,

the COMPANY shall be subrogated to

Recovery all of the ASSURED'S rights of recovery against any person or

entity to the extent

of such payment. On request, the ASSURED shall deliver to the COMPANY

assignment of the ASSURED'S rights, title and interest and causes of

action

against any person or entity to the extent of such payment.

Recoveries, whether effected by the COMPANY or by the ASSURED, shall be

applied net of the expense of such recovery in the following order:

a.first, to the satisfaction of the ASSURED'S loss which would

otherwise have

been paid but for the fact that it is in excess of the applicable

LIMIT OF

LIABILITY,

b.second, to the COMPANY in satisfaction of amounts paid in settlement

the ASSURED'S claim,

c.third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE

AMOUNT, and

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 16 of 19

Conditions And

Limitations

Subrogation - Assignment - d.fourth, to the ASSURED in satisfaction of

any loss suffered by the

Recovery ASSURED which was not covered under this Bond.

(continued) Recovery from reinsurance or indemnity of the COMPANY shall

not be deemed a

recovery under this section.

Cooperation Of Assured12.At the COMPANY'S request and at reasonable times

and places designated by

the COMPANY, the ASSURED shall:

a.submit to examination by the COMPANY and subscribe to the same under

oath,

b.produce for the COMPANY'S examination all pertinent records, and

c.cooperate with the COMPANY in all matters pertaining to the loss.

The ASSURED shall execute all papers and render assistance to secure to

the

COMPANY the rights and causes of action provided for under this Bond.

The

ASSURED shall do nothing after loss to prejudice such rights or causes

of action.

Termination13.If the Bond is for a sole ASSURED, it shall not be

terminated unless written notice

shall have been given by the acting party to the affected party and to

the

Securities and Exchange Commission, Washington, D.C., not less than

sixty (60)

days prior to the effective date of such termination.

If the Bond is for a joint ASSURED, it shall not be terminated unless

written notice

shall have been given by the acting party to the affected party, and by

the

COMPANY to all ASSURED Investment Companies and to the Securities and

Exchange Commission, Washington, D.C., not less than sixty (60) days

prior to

the effective date of such termination.

This Bond will terminate as to any one ASSURED, other than an

Investment

Company:

a.immediately on the taking over of such ASSURED by a receiver or other

liquidator or by State or Federal officials, or

b.immediately on the filing of a petition under any State or Federal

statute

relative to bankruptcy or reorganization of the ASSURED, or assignment

for

the benefit of creditors of the ASSURED, or

c.immediately upon such ASSURED ceasing to exist, whether through

merger

into another entity, disposition of all of its assets or otherwise.

The COMPANY shall refund the unearned premium computed at short rates

accordance with the standard short rate cancellation tables if

terminated by the

ASSURED or pro rata if terminated for any other reason.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 17 of 19

Conditions And

Limitations

Termination If any partner, director, trustee, or officer or supervisory

employee of an

(continued) ASSURED not acting in collusion with an Employee learns of

any dishonest act

committed by such Employee at any time, whether in the employment of

the

ASSURED or otherwise, whether or not such act is of the type covered

under this

Bond, and whether against the ASSURED or any other person or entity,

the

ASSURED:

a.shall immediately remove such Employee from a position that would

enable

such Employee to cause the ASSURED to suffer a loss covered by this

Bond; and

b.within forty-eight (48) hours of learning that an Employee has

committed

any dishonest act, shall notify the COMPANY, of such action and

provide full

particulars of such dishonest act.

The COMPANY may terminate coverage as respects any Employee sixty (60)

days after written notice is received by each ASSURED Investment

Company

and the Securities and Exchange Commission, Washington, D.C. of its

desire to

terminate this Bond as to such Employee.

Other Insurance14.Coverage under this Bond shall apply only as excess over

any valid and collectible

insurance, indemnity or suretyship obtained by or on behalf of:

a.the ASSURED,

b.a Transportation Company, or

c.another entity on whose premises the loss occurred or which employed

the

person causing the loss or engaged the messenger conveying the

Property

involved.

Conformity15.If any limitation within this Bond is prohibited by any law

controlling this Bond's

construction, such limitation shall be deemed to be amended so as to

equal the

minimum period of limitation provided by such law.

Change or Modification16.This Bond or any instrument amending or affecting

this Bond may not be changed

or modified orally. No change in or modification of this Bond shall be

effective

except when made by written endorsement to this Bond signed by an

authorized

representative of the COMPANY.

If this Bond is for a sole ASSURED, no change or modification which

would

adversely affect the rights of the ASSURED shall be effective prior to

sixty (60)

days after written notice has been furnished to the Securities and

Exchange

Commission, Washington, D.C., by the acting party.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 18 of 19

Conditions And

Limitations

Change or ModificationIf this Bond is for a joint ASSURED, no charge or

modification which would

(continued)adversely affect the rights of the ASSURED shall be effective

prior to sixty (60)

days after written notice has been furnished to all insured Investment

Companies

and to the Securities and Exchange Commission, Washington, D.C., by the

COMPANY.

ICAP Bond (5-98)

Form 17-02-1421 (Ed. 5-98)Page 19 of 19

FEDERAL INSURANCE COMPANY

Endorsement No:1Bond

Bond Number:81951478

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

NAME OF ASSURED ENDORSEMENT

It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to

read as follows:

DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

FUND

Delaware Group Adviser Funds

Delaware Group Cash Reserve

Delaware Group Equity Funds I

Delaware Group Equity Funds II

Delaware Group Equity Funds III

Delaware Group Equity Funds IV

Delaware Group Equity Funds V

Delaware Group Foundation Funds

Delaware Group Limited-Term Government Funds

Delaware Group Global & International Funds

Delaware Group Government Fund

Delaware Group Income Funds

Delaware VIP Trust

Delaware Group State Tax-Free Income Trust

Delaware Group Tax-Free Fund

Delaware Group Tax-Free Money Fund

Delaware Pooled Trust

Voyageur Insured Funds

Voyageur Intermediate Tax Free Funds

Delaware Investments Municipal Trust

Voyageur Mutual Funds

Voyageur Mutual Funds II

Voyageur Mutual Funds III

Voyageur Tax-Free Funds

Delaware Investments Dividend and Income Fund, Inc.

Delaware Investments Global Dividend and Income Fund, Inc.

Delaware Investments Arizona Municipal Income Fund, Inc.

Delaware Investments Colorado Insured Municipal Income Fund, Inc.

Delaware Investments Florida Insured Municipal Income Fund, Inc.

Delaware Investments Minnesota Municipal Income Fund II, Inc.

Delaware Enhanced Global Dividend and Income Fund

ICAP Bond

Form 17-02-0949 (Rev. 1-97)Page 1

This Endorsement applies to loss discovered after 12:01 a.m. on October

31, 2009.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: December 9, 2009

ICAP Bond

Form 17-02-0949 (Ed. 1-97)Page 2

FEDERAL INSURANCE COMPANY

Endorsement No.: 2 Bond

Bond Number:81951478

NAME OF ASSURED:DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT

It is agreed that this Bond is amended as follows:

1.By adding the following INSURING CLAUSE:

12.Telefacsimile Instruction

Loss resulting directly from the ASSURED having transferred, paid or

delivered any

funds or other Property or established any credit, debited any account

or given any

value on the faith of any fraudulent instructions sent by a Customer,

financial institution

or another office of the ASSURED by Telefacsimile directly to the

ASSURED authorizing

or acknowledging the transfer, payment or delivery of funds or

Property or the

establishment of a credit or the debiting of an account or the giving

of value by the

ASSURED where such Telefacsimile instructions:

a.bear a valid test key exchanged between the ASSURED and a Customer

another financial institution with authority to use such test key for

Telefacsimile

instructions in the ordinary course of business, but which test key

has been

wrongfully obtained by a person who was not authorized to initiate,

make,

validate or authenticate a test key arrangement, and

b.fraudulently purport to have been sent by such Customer or financial

institution

when such Telefacsimile instructions were transmitted without the

knowledge

or consent of such Customer or financial institution by a person

other than such

Customer or financial institution and which bear a Forgery of a

signature,

provided that the Telefacsimile instruction was verified by a direct

call back to

an employee of the financial institution, or a person thought by the

ASSURED to

be the Customer, or an employee of another financial institution.

2.By deleting from Section 1., Definitions, the definition of Customer in

its entirety, and substituting

the following:

d. Customer means an individual, corporate, partnership, trust customer,

shareholder or

subscriber of an Investment Company which has a written agreement with

the ASSURED

for Voice Initiated Funds Transfer Instruction or Telefacsimile

Instruction.

ICAP Bond

Form 17-02-2367 (Rev. 10-03)Page 1

3.By adding to Section 1., Definitions, the following:

r.Telefacsimile means a system of transmitting written documents by

electronic signals

over telephone lines to equipment maintained by the ASSURED for the

purpose of

reproducing a copy of said document. Telefacsimile does not mean

electronic

communication sent by Telex or similar means of communication, or

through an

electronic communication system or through an automated clearing house.

4.By adding to Section 3., Specific Exclusions Applicable to All Insuring

Clauses Except Insuring

Clause 1. the following:

j.loss resulting directly or indirectly from Telefacsimile instructions

provided, however, this

exclusion shall not apply to this INSURING CLAUSE.

This Endorsement applies to loss discovered after 12:01 a.m. on October

31, 2009.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: December 9, 2009

ICAP Bond

Form 17-02-2367 (Rev. 10-03)Page 2

FEDERAL INSURANCE COMPANY

Endorsement No.: 3 Bond

Bond Number:81951478

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

AUTOMATED TELEPHONE TRANSACTION ENDORSEMENT

It is agreed that this Bond is amended as follows:

1.By adding the following INSURING CLAUSE:

13. Automated Telephone System Transaction

Loss resulting directly from the ASSURED having transferred funds on the

faith of any

Automated Phone System (APS) Transaction, where the request for such APS

Transaction is unauthorized or fraudulent and is made with the intent to

deceive. In order for

coverage to apply under this INSURING CLAUSE the ASSURED shall maintain

and follow all

APS Designated Procedures. A single failure of the ASSURED to maintain

and follow a

particular APS Designated Procedure in a particular APS Transaction will

not preclude

coverage under this INSURING CLAUSE.

2.By adding to Section 1., Definitions, the following:

s. APS Designated Procedures means all of the following procedures:

(1)No APS Transaction shall be executed unless the shareholder or

unitholder to whose

account such an APS Transaction relates has previously elected to APS

Transactions. (Election in Application)

(2)All APS Transactions shall be logged or otherwise recorded and the

records shall be

retained for at least six (6) months. (Logging)

Information contained in the records shall be capable of being

retrieved and produced

within a reasonable time after retrieval of specific information is

requested, at a success

rate of no less than 85 percent.

(3)The caller in any request for an APS Transaction, before executing

that APS

Transaction must enter a personal identification number (PIN), social

security number

and account number. (Identity Test)

If the caller fails to enter a correct PIN within three (3) attempts,

the caller must not be

allowed additional attempts during the same telephone call to enter

the PIN. The caller

may either be instructed to redial a customer service representative

or may be

immediately connected to such a representative. (Limited attempts to

Enter PIN)

ICAP Bond

Form 17-02-2345 (Ed. 10-00)Page 1

(4)A written confirmation of any APS Transaction or change of address

shall be mailed to

the shareholder or unitholder to whose account such transaction

relates, at the record

address, by the end of the insured's next regular processing cycle,

but in no event later

than five (5) business days following such APS Transaction. (Written

Confirmation)

(5)Access to the equipment which permits the entity receiving the APS

Transaction

request to process and effect the transaction shall be limited in the

following manner:

(Access to APS Equipment)

t.APS Election means any election concerning various account features

available to the

shareholder or unitholder which is made through the Automated Phone

System by means of

information transmitted by an individual caller through use of a

Automated Phone System.

These features include account statements, auto exchange, auto asset

builder, automatic

withdrawal, dividend/capital gain options, dividend sweep, telephone

balance consent and

change of address.

u.APS Exchange means any exchange of shares or units in a registered

account of one fund

into shares or units in an account with the same tax identification

number and same

ownership-type code of another fund in the same complex pursuant to

exchange privileges of

the two funds, which exchange is requested through the Automated Phone

System by

means of information transmitted by an individual caller through use of

an Automated Phone

System.

v.APS Purchase means any purchase of shares or units issued by an

Investment Company

which is requested through an Automated Phone System.

w.APS Redemption means any redemption of shares or units issued by an

Investment

Company which it requested through the telephone by means of

information transmitted by

an individual caller through use of a Automated Phone System.

x.APS Transaction means any APS Purchase, APS Redemption, APS Election

or APS

Exchange.

y.Automated Phone System means an automated system which receives and

converts to

executable instructions transmissions through the Automated Phone

System through use of

a touch-tone keypad or other tone system; and always excluding

transmissions from a

computer system or part thereof.

3.By adding the following Section after Section 4., Specific

Exclusions-Applicable To All Insuring

Clauses Except 1., 4., 5.:

Section 4.A Specific Exclusion-Applicable to Insuring Clause 13

This Bond does not directly or indirectly cover under Insuring Clause

13:

Loss resulting from:

a.the redemption of shares or units, where the proceeds of such

redemption are made payable

to other than:

(1)the shares or units of record,

(2)a person designated to receive redemption proceeds, or

(3)a bank account designated to receive redemption proceeds, or

b.the redemption of shares or units, where the proceeds of such

redemption are paid by check

mailed to any address, unless such address has either been designated

the shareholder or

unitholder by voice through an Automated Phone System or in writing, at

least thirty (30)

days prior to such redemption, or

ICAP Bond

Form 17-02-2345 (Ed. 10-00)Page 2

c.the redemption of shares or units, where shareholder or

unitholderoftheASSURED

designated bank account of record.

This Endorsement applies to loss discovered after 12:01 a.m. on October

31, 2009.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: December 9, 2009

ICAP Bond

Form 17-02-2345 (Ed. 10-00)Page 3

FEDERAL INSURANCE COMPANY

Endorsement No.:4Bond

Bond Number:81951478

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT

It is agreed that this Bond is amended as follows:

1. By adding the following INSURING CLAUSE:

“14.Stop Payment Order or Refusal to Pay Check

Loss resulting directly from the ASSURED being legally liable to pay

compensatory damages

for:

a. complying or failing to comply with notice from any customer of

the ASSURED or any

authorized representative of such customer, to stop payment on any

check or draft made or

drawn upon or against the ASSURED by such customer or by any

authorized

representative of such customer, or

b. refusing to pay any check or draft made or drawn upon or against

the ASSURED by any

customer of the ASSURED or by any authorized representative of such

customer.”

2. By adding the following Specific Exclusion:

“Section 4.A. Specific Exclusions – Applicable to INSURING CLAUSE 14

This Bond does not directly or indirectly cover:

a. liability assumed by the ASSURED by agreement under any contract,

unless such liability would

have attached to the ASSURED even in the absence of such agreement,

b. loss arising out of:

(1)libel, slander, wrongful entry, eviction, defamation, false

arrest, false imprisonment,

malicious prosecution, assault or battery,

(2)sickness, disease, physical bodily harm, mental or emotional

distress or anguish, or death of

any person, or

(3)discrimination.”

This Endorsement applies to loss discovered after 12:01 a.m. on October

31, 2009.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: December 9, 2009

ICAP Bond

Form 17-02-2365 (Ed. 10-00)

FEDERAL INSURANCE COMPANY

Endorsement No.: 5 Bond

Bond Number:81951478

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

UNAUTHORIZED SIGNATURE ENDORSEMENT

It is agreed that this Bond is amended as follows:

1.By adding the following INSURING CLAUSE:

15.Unauthorized Signature

Loss resulting directly from the ASSURED having accepted, paid or

cashed any check or

Withdrawal Order made or drawn on or against the account of the

ASSURED’S customer which

bears the signature or endorsement of one other than a person whose

name and signature is on

file with the ASSURED as a signatory on such account.

It shall be a condition precedent to the ASSURED'S right of recovery

under this INSURING

CLAUSE that the ASSURED shall have on file signatures of all the

persons who are signatories

on such account.

2.By adding to Section 1., Definitions, the following:

z. Instruction means a written order to the issuer of an Uncertificated

Security requesting that the

transfer, pledge or release from pledge of the specified

Uncertificated Security be registered.

aa. Uncertificated Security means a share, participation or other

interest in property of or an

enterprise of the issuer or an obligation of the issuer, which is:

(1)not represented by an instrument and the transfer of which is

registered on books

maintained for that purpose by or on behalf of the issuer, and

(2)of a type commonly dealt in on securities exchanges or markets, and

(3)either one of a class or series or by its terms divisible into a

class or series of shares,

participations, interests or obligations.

ICAP Bond

Form 17-02-5602 (Ed. 10-03)Page 1

bb.Withdrawal Order means a non-negotiable instrument, other than an

Instruction, signed by a

customer of the ASSURED authorizing the ASSURED to debit the customer’s

account in the

amount of funds stated therein.

This Endorsement applies to loss discovered after 12:01 a.m. on October

31, 2009.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: December 9, 2009

ICAP Bond

Form 17-02-5602 (Ed. 10-03)Page 2

FEDERAL INSURANCE COMPANY

Endorsement No.: 6 Bond

Bond Number:81951478

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

EXTENDED COMPUTER SYSTEMS ENDORSEMENT

It is agreed that this Bond is amended as follows:

1.By adding the following INSURING CLAUSE:

16. Extended Computer Systems

A. Electronic Data, Electronic Media, Electronic Instruction

Loss resulting directly from:

(1)the fraudulent modification of Electronic Data, Electronic Media or

Electronic

Instruction being stored within or being run within any system covered

under this

INSURING CLAUSE,

(2)robbery, burglary, larceny or theft of Electronic Data, Electronic

Media or

Electronic Instructions,

(3)the acts of a hacker causing damage or destruction of Electronic

Data,

Electronic Media or Electronic Instruction owned by the ASSURED or for

which

the ASSURED is legally liable, while stored within a Computer System

covered

under this INSURING CLAUSE, or

(4)the damage or destruction of Electronic Data, Electronic Media or

Electronic

Instruction owned by the ASSURED or for which the ASSURED is legally

liable

while stored within a Computer System covered under INSURING CLAUSE

16,

provided such damage or destruction was caused by a computer program

similar instruction which was written or altered to intentionally

incorporate a hidden

instruction designed to damage or destroy Electronic Data, Electronic

Media, or

Electronic Instruction in the Computer System in which the computer

program

or instruction so written or so altered is used.

ICAP2 Bond

Form 17-02-2976 (Ed. 1-02)Page 1

B.Electronic Communication

Loss resulting directly from the ASSURED having transferred, paid or

delivered any

funds or property, established any credit, debited any account or given

any value on the

faith of any electronic communications directed to the ASSURED, which

were

transmitted or appear to have been transmitted through:

(1)an Electronic Communication System,

(2)an automated clearing house or custodian, or

(3)a Telex, TWX, or similar means of communication,

directly into the ASSURED'S Computer System or Communication Terminal,

and

fraudulently purport to have been sent by a customer, automated clearing

house,

custodian, or financial institution, but which communications were either

not sent by said

customer, automated clearing house, custodian, or financial institution,

or were

fraudulently modified during physical transit of Electronic Media to the

ASSURED or

during electronic transmission to the ASSURED'S Computer System or

Communication Terminal.

C.Electronic Transmission

Loss resulting directly from a customer of the ASSURED, any automated

clearing house,

custodian, or financial institution having transferred, paid or delivered

any funds or property,

established any credit, debited any account or given any value on the

faith of any electronic

communications, purporting to have been directed by the ASSURED to such

customer,

automated clearing house, custodian, or financial institution initiating,

authorizing, or

acknowledging, the transfer, payment, delivery or receipt of funds or

property, which

communications were transmitted through:

(1)an Electronic Communication System,

(2)an automated clearing house or custodian, or

(3)a Telex, TWX, or similar means of communication,

directly into a Computer System or Communication Terminal of said

customer,

automated clearing house, custodian, or financial institution, and

fraudulently purport to

have been directed by the ASSURED, but which communications were either

not sent

by the ASSURED, or were fraudulently modified during physical transit of

Electronic

Media from the ASSURED or during electronic transmission from the

ASSURED'S

Computer System or Communication Terminal, and for which loss the ASSURED

held to be legally liable.

ICAP2 Bond

Form 17-02-2976 (Ed. 1-02)Page 2

2.By adding to Section 1., Definitions, the following:

cc.Communication Terminal means a teletype, teleprinter or video display

terminal, or similar

device capable of sending or receiving information electronically.

Communication Terminal

does not mean a telephone.

dd.Electronic Communication System means electronic communication

operations by

Fedwire, Clearing House Interbank Payment System (CHIPS), Society of

Worldwide

International Financial Telecommunication (SWIFT), similar automated

interbank

communication systems, and Internet access facilities.

ee.Electronic Data means facts or information converted to a form usable

in Computer

Systems and which is stored on Electronic Media for use by computer

programs.

ff.Electronic Instruction means computer programs converted to a form

usable in a Computer

System to act upon Electronic Data.

gg.Electronic Media means the magnetic tape, magnetic disk, optical

disk, or any other bulk

media on which data is recorded.

3.By adding the following Section after Section 4., Specific

Exclusions-Applicable to All INSURING

CLAUSES except 1., 4., and 5.:

Section 4.A. Specific Exclusions-Applicable to INSURING CLAUSE 16

This Bond does not directly or indirectly cover:

a.loss resulting directly or indirectly from Forged, altered or

fraudulent negotiable instruments,

securities, documents or written instruments used as source

documentation in the preparation

of Electronic Data;

b.loss of negotiable instruments, securities, documents or written

instruments except as

converted to Electronic Data and then only in that converted form;

c.loss resulting from mechanical failure, faulty construction, error in

design, latent defect, wear

or tear, gradual deterioration, electrical disturbance, Electronic

Media failure or breakdown or

any malfunction or error in programming or error or omission in

processing;

d.loss resulting directly or indirectly from the input of Electronic

Data at an authorized

electronic terminal of an Electronic Funds Transfer System or a

Customer

Communication System by a person who had authorized access from a

customer to that

customer's authentication mechanism; or

e.liability assumed by the ASSURED by agreement under any contract,

unless such liability would

have attached to the ASSURED even in the absence of such agreement; or

f.loss resulting directly or indirectly from:

(1)written instruction unless covered under this INSURING CLAUSE; or

(2)instruction by voice over the telephone, unless covered under this

INSURING CLAUSE.

ICAP2 Bond

Form 17-02-2976 (Ed. 1-02)Page 3

4.By adding to Section 9., Valuation, the following:

Electronic Data, Electronic Media, Or Electronic Instruction

In case of loss of, or damage to, Electronic Data, Electronic Media or

Electronic Instruction used by

the ASSURED in its business, the COMPANY shall be liable under this Bond

only if such items are

actually reproduced form other Electronic Data, Electronic Media or

Electronic Instruction of the

same kind or quality and then for not more than the cost of the blank

media and/or the cost of labor for

the actual transcription or copying of data which shall have been

furnished by the ASSURED in order to

reproduce such Electronic Data, Electronic Media or Electronic

Instruction subject to the applicable

SINGLE LOSS LIMIT OF LIABILITY.

However, if such Electronic Data can not be reproduced and said

Electronic Data represents

Securities or financial instruments having a value, then the loss will

be valued as indicated in the

SECURITIES and OTHER PROPERTY paragraphs of this Section.

This Endorsement applies to loss discovered after 12:01 a.m. on October

31, 2009.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: December 9, 2009

ICAP2 Bond

Form 17-02-2976 (Ed. 1-02)Page 4

FEDERAL INSURANCE COMPANY

Endorsement No.: 7 Bond

Bond Number:81951478

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

NON-CUMULATIVE ENDORSEMENT

It is agreed that in the event of a loss covered under this Bond and also

covered under FEDERAL

INSURANCE COMPANY'S Bond No. 81951477 issued to DELAWARE MANAGEMENT

HOLDINGS, INC.,

the SINGLE LOSS LIMIT OF LIABILITY under this Bond shall be reduced by any

payment under Bond No.

81951477 and only the remainder, if any, shall be applicable to such loss

hereunder.

Name and Address of Assured:

DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

2005 MARKET STREET

PHILADELPHIA, PA 19103

Signature of Assured’s Representative

Position/Title

Date

This Endorsement applies to loss discovered after 12:01 a.m. on October

31, 2009.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: December 9, 2009

ICAP Bond

Form 17-02-0955 (Rev. 1-97)

FEDERAL INSURANCE COMPANY

Endorsement No.:8

Bond Number:81951478Bond

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

AMEND DISCOVERY ENDORSEMENT

It is agreed that this Bond is amended by deleting Section 6., Discovery,

in its entirety and substituting the

following:

6.Discovery

This Bond applies only to loss first discovered by the General Counsel

or Risk Management

Department of the ASSURED during the BOND PERIOD. Discovery occurs at

the earlier of the

General Counsel or Risk Management Department of the ASSURED being aware

of:

a.facts which may subsequently result in a loss of a type covered by

this Bond, or

b.an actual or potential claim in which it is alleged that the ASSURED

is liable to a third party,

regardless of when the act or acts causing or contributing to such loss

occurred, even though the

amount of loss does not exceed the applicable DEDUCTIBLE AMOUNT, or the

exact amount or

details of loss may not then be known.

This Endorsement applies to loss discovered after 12:01 a.m. on October

31, 2009.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: December 9, 2009

ICAP Bond

Form 17-02-6260 (Ed. 6-04)

FEDERAL INSURANCE COMPANY

Endorsement No.:9Bond

Bond Number:81951478

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

CLAIMS EXPENSE ENDORSEMENT

It is agreed that this Bond is amended as follows:

1.By adding the following INSURING CLAUSE:

17. Claims Expense

Reasonable expense incurred by the ASSURED, solely for independent firms

or individuals to

determine the amount of loss where:

(1)the loss is covered under the Bond, and

(2)the loss is in excess of the applicable DEDUCTIBLE AMOUNT.

2.Under General Exclusions-Applicable To All Insuring Clauses, Section

2.f. does not apply to loss

covered under this INSURING CLAUSE.

This Endorsement applies to loss discovered after 12:01 a.m. on October

31, 2009.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: December 9, 2009

ICAP Bond

Form 17-02-6282 (Ed. 11-04)

FEDERAL INSURANCE COMPANY

Endorsement No. 10 Bond

Bond Number:81951478

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

REVISE ITEM 2. ENDORSEMENT

It is agreed that this Bond is amended by deleting ITEM 2. in its entirety

on the DECLARATIONS and

substituting the following:

ITEM 2. LIMITS OF LIABILITY-DEDUCTIBLE AMOUNTS:

If "Not Covered" is inserted below opposite any specified INSURING CLAUSE,

such INSURING CLAUSE

and any other reference to such INSURING CLAUSE in this Bond shall be

deemed to be deleted. There

shall be no deductible applicable to any loss under INSURING CLAUSE 1

sustained by any

Investment Company.

SINGLE LOSSDEDUCTIBLE

INSURING CLAUSELIMIT OF LIABILITYAMOUNT

1.Employee$20,000,000$0

2.On Premises$20,000,000$50,000

3.In Transit$20,000,000$50,000

4.Forgery or Alteration$20,000,000$50,000

5.Extended Forgery$20,000,000$50,000

6.Counterfeit Money$20,000,000$50,000

7.Threats to Person$Not Covered$n/a

8.Computer System$20,000,000$50,000

9.Voice Initiated Funds Transfer Instruction$20,000,000$50,000

10.Uncollectible Items of Deposit$50,000$10,000

11.Audit Expense$100,000$0

12.Telefacsimile Instruction$20,000,000$50,000

13.Automated Telephone Transaction$20,000,000$50,000

14.Stop Payment Order or Refusal to Pay Check$20,000,000$50,000

15.Unauthorized Signature$50,000$10,000

16.Extended Computer System$20,000,000$50,000

17.Claims Expense$100,000$0

This Endorsement applies to loss discovered after 12:01 a.m. on October

31, 2009.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

ICAP Bond

Form 17-02-1582 (Ed. 5-98)Page 1

Date: December 9, 2009

ICAP Bond

Form 17-02-1582 (Ed. 5-98)Page 2

FEDERAL INSURANCE COMPANY

Endorsement No.:11Bond

Bond Number:81951478

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

AUTOMATIC ACQUISITION PERCENTAGE THRESHOLD ENDORSEMENT

It is agreed that this Bond is amended by deleting in its entirety General

Agreement C., Additional Offices

or Employees-Consolidation, Merger or Purchase or Acquisition of Assets or

Liabilities-Notice To

Company, and substituting the following:

C. Additional Offices or Employees-Consolidation, Merger or Purchase or

Acquisition Of Assets or

Liabilities-Notice to Company

If the ASSURED, other than an Investment Company, while this Bond is in

force, merges or

consolidates with, or purchases or acquires assets or liabilities of

another institution, the ASSURED

shall not have the coverage afforded under this Bond for loss which has:

(1)occurred or will occur on premises,

(2)been caused or will be caused by an employee, or

(3)arisen or will arise out of the assets or liabilities,

of such institution, unless the ASSURED:

a. gives the COMPANY written notice of the proposed consolidation, merger

or purchase or

acquisition of assets or liabilities prior to the proposed effective

date of such action, and

b. obtains the written consent of the COMPANY to extend some or all of the

coverage provided

by this Bond to such additional exposure, and

c. on obtaining such consent, pays to the COMPANY an additional premium.

Notwithstanding anything stated above to the contrary, the COMPANY hereby

agrees to provide

coverage which shall be effective on the date of acquisition under this

Bond for those acquired

institutions in which the ASSURED owns greater than fifty percent (50%) of

the voting stock or

voting rights either directly or through one or more of its subsidiaries

for the remainder of the BOND

PERIOD, with no additional premium, provided the acquired institution

meets all of the following

conditions:

i. the assets shall not exceed twenty five percent (25%) of the ASSURED’S

assets,

ii. there shall be neither any paid nor pending Bond claim for the three

(3) year period prior to

the date of acquisition, and

iii. the ASSURED is not aware of any disciplinary action or proceeding by

State or Federal

officials involving the acquired institution as of the date of

acquisition.

ICAP Bond

Form 17-02-6247 (Ed. 3-04)Page 1

The COMPANY further agrees that as respects any acquisition that involves

a State or Federal

regulatory assisted acquisition or assumption of assets and/or

liabilities, coverage shall be provided

under this Bond for the remainder of the BOND PERIOD as long as conditions

i. and ii. above are

met. As respects such acquisition or assumption of assets and/or

liabilities, coverage applies only

to a Single Loss fully sustained by the ASSURED on or after the date of

such acquisition or

assumption. All of the circumstances, conditions or acts causing or

contributing to a Single Loss

must occur on or after the date of such acquisition or assumption for

coverage to apply regardless

of the time such loss is discovered by the ASSURED.

This Endorsement applies to loss discovered after 12:01 a.m. on October

31, 2009.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: December 9, 2009

ICAP Bond

Form 17-02-6247 (Ed. 3-04)Page 2

FEDERAL INSURANCE COMPANY

Endorsement No.: 12 Bond

Bond Number:81951478

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

AMENDING DEFINITION OF EMPLOYEE-FORMER EMPLOYEES ENDORSEMENT

It is agreed that this Bond is amended by adding to the definition of

Employee in Section 1., Definitions, the

following:

(10)a natural person who resigns, retires or is terminated from the

service of the ASSURED during the

BOND PERIOD provided that this applies:

a.for a period of ninety (90) days subsequent to such resignation,

retirement or termination but

not beyond the date of expiration or termination of the Bond; and

b.if such resignation, retirement or termination has not arisen from or

in connection with the

discovery by the ASSURED of any actual or alleged dishonest, fraudulent

or criminal act(s) of

such person.

This Endorsement applies to loss discovered after 12:01 a.m. on October

31, 2009.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: December 9, 2009

ICAP Bond

Form 17-02-2335 (Ed. 10-00)

Effective date of

this endorsement: October 31, 2009FEDERAL INSURANCE COMPANY

Endorsement No.: 13 Bond

To be attached to and form a part of Bond

Number:81951478

Issued to: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS RIDER

It is agreed that this insurance does not apply to the extent that trade

or economic sanctions or other laws

or regulations prohibit the coverage provided by this insurance.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: December 9, 2009

Form 14-02-9228 (Ed. 4/2004)

ENDORSEMENT/RIDER

Effective date of

this endorsement/rider: October 31, 2009FEDERAL INSURANCE COMPANY

Endorsement/Rider No.14Bond

To be attached to and

form a part of Bond No.81951478

Issued to: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION

ENDORSEMENT

In consideration of the premium charged, it is agreed that this Bond is

amended as follows:

1.The paragraph titled Other Property in Section 9, Valuation, is deleted

in its entirety.

2.The third paragraph in Section 16, Change or Modification, is deleted in

its entirety and replaced

with the following:

If this Bond is for a joint ASSURED, no change or modification which

would adversely affect the

rights of the ASSURED shall be effective prior to sixty (60) days after

written notice has been

furnished to all insured Investment Companies and the Securities and

Exchange Commission,

Washington, D.C., by the COMPANY.

The title and any headings in this endorsement/rider are solely for

convenience and form no part of the

terms and conditions of coverage.

All other terms, conditions and limitations of this Bond shall remain

unchanged.

17-02-2437 (12/2006) rev.

Page 1

ENDORSEMENT/RIDER

Effective date of

this endorsement/rider: October 31, 2009FEDERAL INSURANCE COMPANY

Endorsement/Rider No.15

To be attached to and

form a part of Bond No.81951478

Issued to: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

AUTOMATIC INCREASE IN LIMITS ENDORSEMENT

In consideration of the premium charged, it is agreed that GENERAL

AGREEMENTS, Section C. Additional

Offices Or Employees-Consolidation, Merger Or Purchase Or Acquisition Of

Assets Or Liabilities-Notice To

Company, is amended by adding the following subsection:

Automatic Increase in Limits for Investment Companies

If an increase in bonding limits is required pursuant to rule 17g-1 of the

Investment Company Act of 1940

(“the Act”), due to:

(i)the creation of a new Investment Company, other than by consolidation

or merger with, or purchase or

acquisition of assets or liabilities of, another institution; or

(ii)an increase in asset size of current Investment Companies covered

under this Bond,

then the minimum required increase in limits shall take place

automatically without payment of additional

premium for the remainder of the BOND PERIOD.

The title and any headings in this endorsement/rider are solely for

convenience and form no part of the terms

and conditions of coverage.

All other terms, conditions and limitations of this Bond shall remain

unchanged.

14-02-14098 (04/2008)

Page 1

POLICYHOLDER

DISCLOSURE NOTICE OF

TERRORISM INSURANCE COVERAGE

(for policies with no terrorism exclusion or sublimit)

You are hereby notified that, under the Terrorism Risk Insurance Act (the

“Act”), effective

December 26, 2007, this policy makes available to you insurance for losses

arising out of

certain acts of terrorism. Terrorism is defined as any act certified by

the Secretary of the

Treasury, in concurrence with the Secretary of State and the Attorney

General of the

United States, to be an act of terrorism; to be a violent act or an act

that is dangerous to

human life, property or infrastructure; to have resulted in damage within

the United

States, or outside the United States in the case of an air carrier or

vessel or the premises

of a United States Mission; and to have been committed by an individual or

individuals as

part of an effort to coerce the civilian population of the United States

or to influence the

policy or affect the conduct of the United States Government by coercion.

You should know that the insurance provided by your policy for losses

caused by acts of

terrorism is partially reimbursed by the United States under the formula

set forth in the

Act. Under this formula, the United States pays 85% of covered terrorism

losses that

exceed the statutorily established deductible to be paid by the insurance

company

providing the coverage.

However, if aggregate insured losses attributable to terrorist acts

certified under the Act

exceed $100 billion in a Program Year (January 1 through December 31), the

Treasury

shall not make any payment for any portion of the amount of such losses

that exceeds

$100 billion.

10-02-1281 (Ed. 1/2003)

If aggregate insured losses attributable to terrorist acts certified under

the Act exceed

$100 billion in a Program Year (January 1 through December 31) and we have

met our

insurer deductible under the Act, we shall not be liable for the payment

of any portion of

the amount of such losses that exceeds $100 billion, and in such case

insured losses up

to that amount are subject to pro rata allocation in accordance with

procedures

established by the Secretary of the Treasury.

The portion of your policy’s annual premium that is attributable to

insurance for such acts

of terrorism is: $ -0-.

If you have any questions about this notice, please contact your agent or

broker.

10-02-1281 (Ed. 1/2003)

IMPORTANT NOTICE TO POLICYHOLDERS

All of the members of the Chubb Group of Insurance companies doing

business in the United

States (hereinafter “Chubb”) distribute their products through licensed

insurance brokers and agents

(“producers”). Detailed information regarding the types of compensation

paid by Chubb to producers on

US insurance transactions is available under the Producer Compensation

link located at the bottom of the

page at www.chubb.com, or by calling 1-866-588-9478. Additional

information may be available from

your producer.

Thank you for choosing Chubb.

10-02-1295 (ed. 6/2007)

Important Notice:

The SEC Requires Proof of Your Fidelity Insurance Policy

Your company is now required to file an electronic copy of your fidelity

insurance coverage

(Chubb’s ICAP Bond policy) to the Securities and Exchange Commission

(SEC), according to

rules adopted by the SEC on June 12, 2006.

Chubb is in the process of providing your agent/broker with an electronic

copy of your insurance

policy as well as instructions on how to submit this proof of fidelity

insurance coverage to the

SEC. You can expect to receive this information from your agent/broker

shortly.

The electronic copy of your policy is provided by Chubb solely as a

convenience and does not

affect the terms and conditions of coverage as set forth in the paper

policy you receive by mail.

The terms and conditions of the policy mailed to you, which are the same

as those set forth in

the electronic copy, constitute the entire agreement between your company

and Chubb.

If you have any questions, please contact your agent or broker.

Form 14-02-12160 (ed. 7/2006)

DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

2005 MARKET STREET

PHILADELPHIA, PA 19103

Re: Financial Strength

Insuring Company: FEDERAL INSURANCE COMPANY

Dear DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

Chubb continues to deliver strong financial performance. Our financial

strength, as reflected in

our published reports and our ratings, should give you peace of mind that

Chubb will be there

for you when you need us most.

•Chubb’s financial results during calendar year 2009 stand out in the

industry.

•Chubb’s balance sheet is backed with investments that we believe

emphasize quality,

safety, and liquidity, with total invested assets of $42.0 billion as of

September 30, 2009

•With 127 years in the business, Chubb is here for the long term, which is

why we vigorously

guard our financial strength and take what we believe is a prudent

approach to assuming

risk - on both the asset and liability sides of our balance sheet.

•Chubb is one of the most highly rated property and casualty companies in

the industry,

which is a reflection of our overall quality, strong financial condition,

and strong capital

position.

oChubb’s financial strength rating is “A++” from A.M. Best Company, “AA”

from Fitch,

“Aa2” from Moody’s, and “AA” from Standard & Poor’s – the leading

independent

evaluators of the insurance industry.

oChubb’s senior unsecured corporate debt rating from Standard & Poor’s

was upgraded

from “A” to “A+” on December 15, 2008. Standard & Poor’s also reaffirmed

all of

Chubb’s ratings with a “stable” outlook.

oA.M. Best, Fitch, and Moody’s recently affirmed all of Chubb’s ratings

with a “stable”

outlook. (For reference, A.M. Best reaffirmed us on 12/23/08, Fitch on

2/13/09, and

Moody’s on 2/4/09.)

oFor more than 50 years, Chubb has remained part of an elite group of

insurers that have

maintained A.M. Best’s highest ratings.

•Chubb was named to Standard & Poor’s list of S&P 500 Dividend

Aristocrats, one of 52

companies in the S&P 500 index that have increased dividends every year

for at least 25

consecutive years.

•Chubb’s investment portfolio has held up extremely well. Chubb takes what

we believe is a

conservative approach to selecting and managing our assets. Furthermore,

Chubb does not

have any direct exposure to the subprime mortgage-backed securities

market, and we

stopped doing new credit derivative business in 2003 and put existing

business in runoff.

99-10-0100 (11/2009)

Rarely has Chubb’s business philosophy – to underwrite conservatively and

invest judiciously –

been more important than it is today. By adhering to this philosophy, we

now have the capacity

and flexibility to respond to opportunities, especially when you engage us

in fully understanding

your business risks.

We want you to know that Chubb is well-positioned to continue serving your

needs with our

underwriting expertise; broad underwriting appetite across all property,

casualty, and specialty

lines; and claim services. If you have any questions, feel free to call

your agent or broker or

your local Chubb underwriter. As always, we appreciate the trust you place

in us as your

insurance partner.

99-10-0100 (06/2009)

p81951478_2009endt.htm - Generated by SEC Publisher for SEC Filing

FEDERAL INSURANCE COMPANY

Endorsement No:1Bond

Bond Number:81951478

NAME OF ASSURED: DELAWARE INVESTMENT ADVISERS

NAME OF ASSURED ENDORSEMENT

It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to

read as follows:

DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

FUND

Delaware Group Adviser Funds

Delaware Group Cash Reserve

Delaware Group Equity Funds I

Delaware Group Equity Funds II

Delaware Group Equity Funds III

Delaware Group Equity Funds IV

Delaware Group Equity Funds V

Delaware Group Foundation Funds

Delaware Group Limited-Term Government Funds

Delaware Group Global & International Funds

Delaware Group Government Fund

Delaware Group Income Funds

Delaware VIP Trust

Delaware Group State Tax-Free Income Trust

Delaware Group Tax-Free Fund

Delaware Group Tax-Free Money Fund

Delaware Pooled Trust

Voyageur Insured Funds

Voyageur Intermediate Tax Free Funds

Delaware Investments Municipal Trust

Voyageur Mutual Funds

Voyageur Mutual Funds II

Voyageur Mutual Funds III

Voyageur Tax-Free Funds

Delaware Investments Dividend and Income Fund, Inc.

Delaware Investments National Municipal Income Fund

Delaware Investments Global Dividend and Income Fund, Inc.

Delaware Investments Arizona Municipal Income Fund, Inc.

Delaware Investments Colorado Insured Municipal Income Fund, Inc.

Delaware Investments Florida Insured Municipal Income Fund, Inc.

Delaware Investments Minnesota Municipal Income Fund II, Inc.

Delaware Enhanced Global Dividend and Income Fund

ICAP Bond

Form 17-02-0949 (Rev. 1-97)Page 1

This Endorsement applies to loss discovered after 12:01 a.m. on October

31, 2009.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: December 31, 2009

ICAP Bond

Form 17-02-0949 (Ed. 1-97)Page 2

IMPORTANT NOTICE - INDEPENDENT AGENT AND BROKER COMPENSATION

NO COVERAGE IS PROVIDED BY THIS NOTICE. THIS NOTICE DOES NOT AMEND ANY PROVISION

OF YOUR POLICY. YOU SHOULD REVIEW YOUR ENTIRE POLICY CAREFULLY FOR COMPLETE

INFORMATION ON THE COVERAGES PROVIDED AND TO DETERMINE YOUR RIGHTS AND DUTIES

UNDER YOUR POLICY. PLEASE CONTACT YOUR AGENT OR BROKER IF YOU HAVE ANY QUESTIONS

ABOUT THIS NOTICE OR ITS CONTENTS. IF THERE IS ANY CONFLICT BETWEEN YOUR POLICY

AND THIS NOTICE, THE PROVISIONS OF YOUR POLICY PREVAIL.

For information about how Travelers compensates independent agents and brokers,

please visit www.travelers.com, call our toll-free telephone number,

1-866-904-8348, or you may request a written copy from Marketing at One Tower

Square, 2GSA, Hartford, CT 06183.

The following spaces preceded by an (*) need not be completed if this

endorsement or rider and the Bond or Policy have the same inception date.

412BD0786 ATTACHED TO AND FORMING PART OF BOND OR POLICY NO. 12/16/09 DATE

ENDORSEMENT OR RIDER EXECUTED 10/31/09 * EFFECTIVE DATE OF ENDORSEMENT OR

RIDER 12:01 A.M. LOCAL TIME AS SPECIFIED IN THE BOND OR POLICY

* ISSUED TO

DELAWARE INVESTMENT COMPANY FAMILY

The hard copy of the bond issued by the Underwriter will be referenced in the

event of a loss

PENNSYLVANIA NOTICE

An Insurance Company, its agents, employees, or service contractors acting on

its behalf, may provide services to reduce the likelihood of injury, death or

loss. These services may include any of the following or related services

incident to the application for, issuance, renewal or continuation of, a policy

of insurance:

(1)

surveys;

(2)

consultation or advice; or

(3)

inspections.

The "Insurance Consultation Services Exemption Act" of Pennsylvania provides

that the insurance company, its agents, employees or service contractors acting

on its behalf, is not liable for damages from injury, death or loss occurring as

a result of any act or omission by any person in the furnishing of or the

failure to furnish these services.

The Act does not apply:

(1)

if the injury, death or loss occurred during the actual performance of the

services and was caused by the negligence of the insurance company, its

agents, employees or service contractors;

(2)

to consultation services required to be performed under a written service

contract not related to a policy of insurance; or

(3)

if any acts or omissions of the insurance company, its agents, employees or

service contractors are judicially determined to constitute a crime, actual

malice or gross negligence.

Nothing herein contained shall be held to vary, alter, waive, or extend any of

the terms, conditions, provisions, agreements or limitations of the above

mentioned Bond or Policy, other than as above stated.

Authorized Representative

INSURED

HOW TO REPORT LOSSES, CLAIMS, OR POTENTIAL CLAIMS TO TRAVELERS

Reporting new losses, claims, or potential claims promptly can be critical. It

helps to resolve covered losses or claims as quickly as possible and often

reduces the overall cost. Prompt reporting:

’ better protects the interests of all parties;

’ helps Travelers to try to resolve losses or claims more quickly; and

’ often reduces the overall cost of a loss or claim - losses or claims reported

more than five days after they happen cost on average 35% more than those

reported earlier.

Report losses, claims, or potential claims to Travelers easily and quickly by

fax, U S mail, or email.

FAX

Use this number to report a loss, claim, or potential claim by fax toll free.

1-888-460-6622

US MAIL

Use this address to report a loss, claim, or potential claim by U S Mail.

Bond-FPS Claims Department Travelers Mail Code NB08F 385 Washington Street Saint

Paul, Minnesota 55102

Use this address to report a loss, claim, or potential claim by email.

Pro.E&O.Claim.Reporting@SPT.com

This is a general description of how to report a loss, claim, or potential claim

under this policy or bond. This description does not replace or add to the terms

of this policy or bond. The policy or bond alone determines the scope of

coverage. Please read it carefully for complete information on coverage. Contact

your agent or broker if you have any questions about coverage.

X ST. PAUL FIRE AND MARINE INSURANCE COMPANY ST. PAUL MERCURY INSURANCE COMPANY

ST. PAUL GUARDIAN INSURANCE COMPANY

A Capital Stock Company

EXCESS FOLLOW FORM TRAVELERS FORM

DECLARATIONS: Excess Follow Form Number: 412BD0786

The Company designated above (herein called Underwriter) issues this Excess

Follow Form to:

Item 1. Named Insured:

Delaware Investment Company Family of Funds 2005 Market Street Philadelphia,

Pennsylvania 19103-7094

(herein called Insured).

Item 2. Excess Follow Form Period: The Excess Follow Form Period shall be

effective at 12:01 A.M. on 10/31/2009 and expire at 12:01 A.M. on 10/31/2010

local time as to each of said dates, subject to Section 5. of the Terms,

Conditions and Limitations of this Excess Follow Form.

Item 3. Single Loss Limit of Liability:

$20,000,000

Item 4. Aggregate Limit of Liability:

$20,000,000

Item 5. Schedule of Underlying Insurance:

(A) 1. Underlying Insurer: Federal Insurance Company

Bond or Policy Number: 81951478

Bond or Policy Period: From: 10/31/2009 To: 10/31/2010

Limit of Liability: Single Loss Limit of Liability 20,000,000 Aggregate Limit

of Liability

20,000,000

5. Single Loss Deductible: 50,000

1. Underlying Insurer:

Bond or Policy Number:

Bond or Policy Period: From: To:

Limit of Liability: Single Loss Limit of Liability Aggregate Limit of

Liability

1. Underlying Insurer:

Bond or Policy Number:

Bond or Policy Period: From: To:

Limit of Liability: Single Loss Limit of Liability Aggregate Limit of

Liability

1. Underlying Insurer:

Bond or Policy Number:

Bond or Policy Period: From: To:

Limit of Liability: Single Loss Limit of Liability Aggregate Limit of

Liability

Item 6. Total amount of Underlying Single Loss Limit of Liability

The total amount of Underlying Single Loss Limit of Liability is $20,000,000

plus any Single Loss Deductible under the Bond or Policy identified in Item 5.

(A) of the Declarations of this Excess Follow Form.

Item 7. Total amount of Underlying Aggregate Limit of Liability each Excess

Follow Form Period

The total amount of Underlying Aggregate Limit of Liability each Excess Follow

Form Period is $20,000,000 plus any Single Loss Deductible under the Bond or

Policy identified in Item 5. (A) of the Declarations of this Excess Follow Form.

Item 8. Subject to the Declarations, Insuring Clause, Terms, Conditions and

Limitations and Endorsements of this Excess Follow Form and as excepted below,

this Excess Follow Form follows the form of:

Insurer's Name: Federal Insurance Company

Bond or Policy Number: 81951478 Effective Date: 10/31/2009:

Except as provided below:

Item 9. The Insured, by acceptance of this Excess Follow Form, gives notice to

the Underwriter terminating or canceling prior Bond or Policy Numbers 490PB2084

such termination or cancellation to be effective as of the time this Excess

Follow Form becomes effective.

Item 10. The liability of the Underwriter is subject to the terms of the

following endorsements attached hereto:

XS203 ED. 05-05

/s/Brian MacLean, President

/s/Wendy C. Skjerven, Secretary Executed this 16THday of DECEMBER, 2009

.Countersigned

XS100 Ed. 5-05

Page 2 of 5 2005 The Travelers Companies, Inc.

EXCESS FOLLOW FORM Travelers Form

INSURING CLAUSE

In consideration of the payment of the premium, and in reliance upon

completeness and accuracy of the statements and disclosures made to the

Underwriter and any issuer of Underlying Insurance by application, including all

attachments, subject to the Declarations, Insuring Clause, Terms, Conditions and

Limitations and Endorsements of this Excess Follow Form, this Excess Follow Form

is subject to the same Insuring Clause(s), Terms, Conditions and Limitations and

Endorsements as provided by the Bond or Policy identified in Item 8. of the

Declarations of this Excess Follow Form. In no event shall this Excess Follow

Form provide broader coverage than would be provided by the most restrictive

Underlying Insurance.

This Excess Follow Form is not subject to the same premium or the Limit of

Liability of the Bond or Policy identified in Item 8. of the Declarations.

TERMS, CONDITIONS AND LIMITATIONS

Section 1. Underlying Coverage

A. The Insured(s) shall notify the Underwriter in writing, as soon as

practicable, of a failure to maintain in full force and effect, without

alteration, the coverage and provisions of the Bond(s) or Policy(ies) identified

in Item 5. of the Declarations.

B. In the event there is no recovery available to the Insured as a result of the

insolvency of any Underlying Insurer or the Insured's failure to comply with the

maintenance of any Underlying Insurance, the coverage hereunder shall apply as

excess of the amount of all Underlying Insurance plus the amount of any

applicable deductible to the same extent as if the Underlying Insurance were

maintained in full force and effect.

C. If the coverage and provisions of the Bond or Policy identified in Item 8. of

the Declarations are altered, the Insured shall, as soon as practicable, give

the Underwriter written notice of such alteration(s); and upon receipt of

written consent to such alteration(s) from the Underwriter, the Insured shall

pay any additional premium required by the Underwriter. This Excess Follow Form

shall not follow the form of any alteration(s) to the Bond or Policy identified

in Item 8. of the Declarations unless such written notice thereof is given by

the Insured(s) to the Underwriter, the Underwriter gives written consent to such

alteration(s) and the Insured(s) pay(s) any additional premium required by the

Underwriter.

D. Except as provided in Sections 2.D. and 2.E. below, in no event shall the

Underwriter be liable to pay loss under this Excess Follow Form until the total

amount of the Underlying Single Loss Limit of Liability as stated in Item 6. of

the Declarations has been exhausted solely by reason of the payment of loss by

the Underlying Insurer(s) as covered loss under the applicable Underlying

Insurance.

E. Any claim, loss or coverage that is subject to a Sublimit in any Underlying

Insurance shall not be considered covered loss under this Excess Follow Form,

but shall, for purposes of this Excess Follow Form, reduce or exhaust the

Underlying Limit of Liability to the extent such payment reduces or exhausts the

aggregate limit(s) of liability of such Underlying Insurance.

Section 2. Limit of Liability

A. Payment by the Underwriter of l osscovered under this Excess Follow Form

shall reduce the Aggregate Limit of Liability of this Excess Follow Form set

forth in Item 4. of the Declarations. In the event of exhaustion of the

Aggregate Limit of Liability of this Excess Follow Form set forth in Item 4. of

the Declarations, the Underwriter shall be relieved of all further liability

under this Excess Follow Form.

B. The Underwriter's maximum liability for a Single Loss covered under this

Excess Follow Form shall not exceed the amount of the Single Loss Limit of

Liability stated in Item 3. of the Declarations. Also, the Underwriter's maximum

liability for all loss(es) in the aggregate covered under this Excess Follow

Form shall not exceed the amount of the Aggregate Limit of Liability stated in

Item 4. of the Declarations, which shall be the maximum liability of the

Underwriter in the Excess Follow Form Period stated in Item 2. of the

Declarations.

C. Except as provided in Sections 2.D. and 2.E. below, the Underwriter shall

only be liable to make payment for a Single Loss covered under this Excess

Follow Form after the total amount of the Underlying Single Loss Limit of

Liability as stated in Item 6. of the Declarations has been paid solely by

reason of the payment of loss by the Underlying Insurer(s) as covered loss under

the applicable Underlying Insurance.

D. In the event the total amount of the Underlying Aggregate Limit of Liability

as stated in Item 7. of the Declarations is reduced solely by reason of the

payment of covered loss by any Underlying Insurer to an amount less than the

total amount of the Underlying Single Loss Limit of Liability as stated in Item

6. of the Declarations, this Excess Follow Form shall pay covered loss excess of

the reduced total amount of Underlying Aggregate Limit of Liability, but not to

exceed the amount of the Single Loss Limit of Liability stated in Item 3. of the

Declarations, and subject always to the remaining Aggregate Limit of Liability

of this Excess Follow Form.

E. In the event of exhaustion of the total amount of Underlying Aggregate Limit

of Liability as set forth in Item 7. of the Declarations, solely by reason of

the payment of covered loss by the Underlying Insurer(s), this Excess Follow

Form shall continue in force as primary insurance, provided always that this

policy shall only pay covered loss excess over any retention or deductible

amount otherwise applicable under the Underlying Insurance scheduled in Item 5.

(A) of the Declarations, such amount not to exceed the Single Loss Limit of

Liability stated in Item 3. of the Declarations and subject always to the

remaining Aggregate Limit of Liability of this Excess Follow Form.

Section 3. Joint Insureds

If two or more Insureds are covered under this Excess Follow Form, the first

named Insured shall act for all Insureds. Payment by the Underwriter to the

first named Insured or to any named Insured of loss covered under this Excess

Follow Form shall fully release the Underwriter on account of such loss. The

liability of the Underwriter for loss(es) sustained by all Insureds shall not

exceed the amount for which the Underwriter would have been liable had all such

loss(es) been sustained by one Insured.

Section 4. Notice / Proof of Loss - Legal Proceedings Against Underwriter

A. The Insured(s) shall, within the time and manner prescribed in the Bond or

Policy identified in Item

8. of the Declarations, give the Underwriter notice of any loss of the kind

covered by this Excess Follow Form, whether or not the Underwriter is liable

therefor in whole or in part, and upon request of the Underwriter, the

Insured(s) shall file with the Underwriter a written statement of such loss and

a copy of all correspondence between the Insured(s) and any Insurer identified

in Item 5. of the Declarations. Notice given to any Insurer identified in Item

5. of the Declarations of this Excess Follow Form shall not constitute notice as

required under Section 4. of the Terms, Conditions and Limitations of this

Excess Follow Form.

B. The Insured(s) shall, within the time and manner prescribed in the Bond or

Policy identified in Item

8. of the Declarations, file with the Underwriter a proof of loss for any loss

of the kind covered by this Excess Follow Form, whether or not the Underwriter

is liable therefore in whole or in part, and upon request of the Underwriter the

Insured(s) shall furnish a copy of all documents provided to or made available

to any Insurer identified in Item 5. of the Declarations in support of any proof

of loss filed with such Insurer. Filing of a proof of loss with any Insurer

identified in Item 5. of the Declarations shall not constitute filing a proof of

loss with the Underwriter as required in Section 4. of the Terms, Conditions and

Limitations of this Excess Follow Form.

C. Legal proceedings against the Underwriter shall be commenced within the time

prescribed in the Bond or Policy identified in Item 8. of the Declarations and

only after complying with all the Terms, Conditions and Limitations of this

Excess Follow Form.

D. Notice and proof of loss under this Excess Follow Form shall be given to the

Professional E&O Claim Unit, Mail Code 508F, 385 Washington Street, St. Paul, MN

55102.

Section 5. Excess Follow Form Period

A. The term Excess Follow Form Period as used in this Excess Follow Form shall

mean the lesser of the period stated in Item 2. of the Declarations or the time

between the effective date and the termination date of this Excess Follow Form.

B. The Aggregate Limit of Liability set forth in Item.

4. of the Declarations shall not be cumulated regardless of the number of Excess

Follow Form Periods this Excess Follow Form has been in force; the number of

renewals of this Excess Follow Form by the Underwriter; any extensions of the

Excess Follow Form Period of this Excess Follow Form by the Underwriter; the

number of and amount of premiums paid by the Insured, or the number of Excess

Follow Form Periods of this Excess Follow Form in which the acts giving rise to

a loss(es) were committed or occurred.

Section 6. Single Loss Defined

As used herein, Single Loss shall be defined as that term, or any similar term,

as defined in the Bond or Policy identified in Item 8. of the Declarations.

Section 7. Cancellation of this Excess Follow Form by the Underwriter or the

Insured

This Excess Follow Form terminates as an entirety upon occurrence of any of the

following: (a) after the receipt by the Insured of a written notice from the

Underwriter of its desire to cancel this Excess Follow Form in accordance with

the conditions and limitations of any Bond or Policy identified in Item 5. of

the Declarations, (b) immediately upon the receipt by the Underwriter of a

written notice from the Insured of its desire to cancel this Excess Follow Form,

or (c) immediately upon cancellation, termination or nonrenewal of the

Underlying Bond or Policy identified in Item 8. of the Declarations, whether by

the Insured or the applicable Underwriter.

In witness whereof, the Underwriter has caused this Excess Follow Form to be

executed on the Declarations page.

JOINT INSURANCE AGREEMENT

THIS JOINT INSURANCE AGREEMENT, dated as of October 31, 2009, is by and among the funds comprising the Delaware Investments Family of Funds (listed on Schedule A hereto) (the "Funds").

BACKGROUND

THIS AGREEMENT is entered into with the following background:

A. Section 17(g) of the Investment Company Act of 1940 (the "Act") authorizes the Securities and Exchange Commission ("SEC") to require that the officers and employees of registered management investment companies be bonded against larceny and embezzlement, and the SEC has promulgated Rule 17g-1 requiring such coverage in specified minimum amounts.

B. The Funds have obtained and maintain the bonds and policies of insurance providing coverage against larceny and embezzlement by their officers and employees set forth in Attachment I hereto (the “Joint Bonds”).

C. The Board of Trustees/Directors of each Fund, by vote of a majority of its members including a majority of those members of the Board of each Fund who are not "interested persons" as defined by Section 2 (a) (19) of the Act, has given due consideration to all factors relevant to the amount, type, form, coverage and apportionment of recoveries and premiums on the Joint Bonds and has approved the form, term and amount of the Joint Bonds, the portion of the premiums payable by each Fund, and the manner in which recovery on the Joint Bonds ("Joint Bond Proceeds"), if any, shall be shared by and among the parties hereto as hereinafter set forth.

NOW, THEREFORE, IT IS HEREBY AGREED by and among the parties hereto as follows:

1. ALLOCATION OF PROCEEDS

a. In the event a single party suffers a loss or losses covered under the Joint Bonds, the party suffering such loss or losses shall be entitled to be indemnified up to the full amount of the Joint Bond Proceeds.

b. If more than one party is damaged in a single loss for which Joint Bond Proceeds are received, each such party shall receive that portion of the Joint Bond Proceeds which represents the loss sustained by that party, unless the recovery is inadequate to indemnify fully each such party. If the recovery is inadequate to indemnify fully each such party sustaining a loss, the Joint Bond Proceeds shall be allocated among such parties as follows:

(1)

Each party sustaining a loss shall be allocated an amount equal to the lesser of its actual loss or the minimum amount of bond coverage then allocated to such party in accordance with Rule 17g-1. Any party not fully indemnified for its insurable losses as a result of this allocation is hereafter referred to as an "Unindemnified Party".

(2)

The remaining portion of the Joint Bond Proceeds, if any, shall be allocated to each Unindemnified Party in the same proportion as such party's allocation of minimum bond coverage (in accordance with Rule 17g-1) bears to the aggregate of the minimum bond coverage amounts for all Unindemnified Parties, provided that no party shall receive Joint Bond Proceeds in excess of its actual insurable losses.

ALLOCATION OF PREMIUMS

a. The premiums payable with respect to the Joint Bonds shall be allocated to each of the parties hereto on an annual basis (and, in the event any increased or additional premium is required to be paid during the year, as of the date such increased or additional premium is due) in the same proportion as each party's minimum amount of bond coverage as then reflected on Attachment II hereto shall bear to the total of such minimum coverage.

3. BOND COVERAGE REQUIREMENTS AND CHANGES

a. Each party hereto has determined that the minimum amount of fidelity bond coverage deemed appropriate to be maintained by it as of the date of this Agreement is as set forth opposite its name in Attachment II hereto. Each of the Funds represents and warrants to each of the other parties hereto that the minimum amount of coverage required of it under Rule 17g-1(d)(1) as of the date hereof is not more than the amount reflected opposite its name in Attachment II hereto. Each of the Funds further agrees that it will promptly take such steps as may be necessary, from time to time, to increase its minimum coverage as set forth in Attachment II hereto (and, if necessary, the face amount of the Joint Bonds) so that its minimum coverage as therein set forth shall at no time be less than the minimum coverage required of it under Rule 17g-1(d)(1).

b. The parties hereto may, from time to time hereafter, agree to modify Attachment II hereto to reflect changes in allocation of premium and coverage. All references in this Agreement to "Attachment II" shall be to such Attachment as amended as of the relevant date on which premiums are to be allocated or losses are sustained.

4. ADDITION OF NEW FUNDS AND OTHER ENTITIES

The parties to this Agreement contemplate that additional funds or other related entities permitted by Rule 17g-1 ("Additional Entities") may be added to Delaware

Investments from time to time after the date of this Agreement. In the event an Additional Entity is organized, such Entity may be included as an additional party to this Agreement if the Board of Trustees/Directors of each of the Funds (including an Additional Fund if it is being added) approve such addition and establish a revised minimum allocation of bond coverage. The inclusion of an Additional Entity as a party to this Agreement shall be evidenced by such Entity's execution of the Addendum to this Agreement and all references herein to the "Funds" shall include any such Additional Entities.

5. TERM OF AGREEMENT

This Agreement shall apply to the present fidelity bond coverage and any renewals or replacements thereof and shall continue until terminated by any party hereto upon the giving of not less than sixty days written notice to the other parties.

6. DISPUTES

Any dispute arising under this Agreement shall be submitted to arbitration in the City of Philadelphia, Pennsylvania under the Rules of the American Arbitration Association, and the decision rendered therein shall be final and binding upon the parties hereto.

7. GOVERNING LAW

This Agreement shall be governed by, and construed in accordance with the laws of the Commonwealth of Pennsylvania, to the extent not inconsistent with applicable provisions of the Act and the rules and regulations promulgated thereunder by the SEC.

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have caused this Agreement to be executed by a duly authorized officer or representative as of the date first written above.

DELAWARE INVESTMENTS FAMILY OF FUNDS on behalf of those Funds listed

on Schedule A

By: /s/Patrick P. Coyne

Patrick P. Coyne

President

SCHEDULE A TO

JOINT INSURANCE AGREEMENT

DATED AS OF OCTOBER 31, 2009

DELAWARE INVESTMENT FAMILY OF FUNDS

FUND

Delaware Group Adviser Funds

Delaware Diversified Income Fund

Delaware U.S. Growth Fund

Delaware Group Cash Reserve

Delaware Cash Reserve Fund

Delaware Group Equity Funds I

Delaware Mid Cap Value Fund

Delaware Group Equity Funds II

Delaware Large Cap Value Fund

Delaware Value Fund

Delaware Group Equity Funds III

Delaware American Services Fund

Delaware Small Cap Growth Fund

Delaware Trend Fund

Delaware Group Equity Funds IV

Delaware Growth Opportunities Fund

Delaware Global Real Estate Securities Fund

Delaware Healthcare Fund

Delaware Group Equity Funds V

Delaware Dividend Income Fund

Delaware Small Cap Core Fund

Delaware Small Cap Value Fund

Delaware Group Foundation Funds

Delaware Foundation Growth Allocation Fund (formerly Delaware Aggressive Allocation Portfolio)

Delaware Foundation Conservative Allocation Fund (formerly Delaware Conservative Allocation Portfolio)

Delaware Foundation Moderate Allocation Fund (formerly Delaware Moderate Allocation Portfolio)

Delaware Foundation Equity Fund

Delaware Group Global & International Funds

Delaware Emerging Markets Fund

Delaware Global Value Fund

Delaware International Value Equity Fund

Delaware Focus Global Growth Fund

Delaware Group Government Fund

Delaware Core Plus Bond Fund

Delaware Inflation Protected Bond Fund

FUND

Delaware Group Income Funds

Delaware Corporate Bond Fund

Delaware Extended Duration Bond Fund

Delaware High-Yield Opportunities Fund

Delaware Core Bond Fund

Delaware Group Limited-Term Government Funds

Delaware Limited-Term Diversified Income Fund

Delaware Group State Tax-Free Income Trust

Delaware Tax-Free Pennsylvania Fund

Delaware Group Tax Free Fund

Delaware Tax-Free USA Fund

Delaware Tax-Free USA Intermediate Fund

Delaware Group Tax-Free Money Fund

Delaware Tax-Free Money Fund

Delaware Pooled Trust

The Core Focus Fixed Income Portfolio

The Core Plus Fixed Income Portfolio

The Emerging Markets Portfolio

The Focus Smid-Cap Growth Equity Portfolio

The Global Fixed Income Portfolio

The Global Real Estate Securities Portfolio

The High-Yield Bond Portfolio

The International Equity Portfolio

The International Fixed Income Portfolio

The Labor Select International Equity Portfolio

The Large-Cap Growth Equity Portfolio

The Large-Cap Value Equity Portfolio

The Mid-Cap Growth Equity Portfolio

The Real Estate Investment Trust Portfolio

The Real Estate Investment Trust Portfolio II

The Select 20 Portfolio

The Small-Cap Growth Equity Portfolio

FUND

Delaware VIP Trust

Delaware VIP Cash Reserve Series

Delaware VIP Diversified Income Series

Delaware VIP Emerging Markets Series

Delaware VIP Growth Opportunities Series

Delaware VIP High Yield Series

Delaware VIP International Value Equity Series

Delaware VIP Limited-Term Diversified Income Series

Delaware VIP REIT Series

Delaware VIP Small Cap Value Series

Delaware VIP Trend Series

Delaware VIP U.S. Growth Series

Delaware VIP Value Series

Voyageur Insured Funds

Delaware Tax-Free Arizona Fund

Voyageur Intermediate Tax Free Funds

Delaware Tax-Free Minnesota Intermediate Fund

Voyageur Mutual Funds

Delaware Minnesota High-Yield Municipal Bond Fund

Delaware National High-Yield Municipal Bond Fund

Delaware Tax-Free California Fund

Delaware Tax-Free Idaho Fund

Delaware Tax-Free New York Fund

Voyageur Mutual Funds II

Delaware Tax-Free Colorado Fund

Voyageur Mutual Funds III

Delaware Select Growth Fund

Delaware Large Cap Core Fund

Voyageur Tax Free Funds

Delaware Tax-Free Minnesota Fund

FUND

Delaware Investments Dividend and Income Fund, Inc.

Delaware Investments Global Dividend and Income Fund, Inc.

Delaware Investments Arizona Municipal Income Fund, Inc.

Delaware Investments Colorado Municipal Income Fund, Inc.

Delaware Investments National Municipal Income Fund

Delaware Investments Minnesota Municipal Income Fund II, Inc.

Delaware Enhanced Global Dividend and Income Fund

ATTACHMENT II TO

JOINT INSURANCE AGREEMENT

DATED AS OF OCTOBER 31, 2009

DELAWARE INVESTMENTS FAMILY OF FUNDS

FUND	MINIMUM AMOUNT OF FIDELITY BOND COVERAGE
Delaware Group Adviser Funds
Delaware Diversified Income Fund	$2,500,000
Delaware U.S. Growth Fund

Delaware Group Cash Reserve
Delaware Cash Reserve Fund	$750,000

Delaware Group Equity Funds I
Delaware Mid Cap Value Fund	$175,000

Delaware Group Equity Funds II
Delaware Large Cap Value Fund	$1,250,000
Delaware Value Fund

Delaware Group Equity Funds III
Delaware American Services Fund	$900,000
Delaware Small Cap Growth Fund
Delaware Trend Fund

Delaware Group Equity Funds IV
Delaware Growth Opportunities Fund	$600,000
Delaware Global Real Estate Securities Fund Delaware Healthcare Fund

Delaware Group Equity Funds V
Delaware Dividend Income Fund	$1,000,000
Delaware Small Cap Core Fund
Delaware Small Cap Value Fund

Delaware Group Foundation Funds
Delaware Foundation Growth Allocation Fund (formerly Delaware Aggressive Allocation Portfolio)	$750,000
Delaware Foundation Conservative Allocation Fund (formerly Delaware Conservative Allocation Portfolio)
Delaware Foundation Moderate Allocation Fund (formerly Delaware Moderate Allocation Portfolio)
Delaware Foundation Equity Fund
Delaware Group Global & International Funds
Delaware Emerging Markets Fund	$1,250,000
Delaware Global Value Fund
Delaware International Value Equity Fund
Delaware Focus Global Growth Fund
Delaware Group Government Fund
Delaware Core Plus Bond Fund	$750,000
Delaware Inflation Protected Bond Fund

FUND	MINIMUM AMOUNT OF FIDELITY BOND COVERAGE
Delaware Group Income Funds
Delaware Corporate Bond Fund
Delaware Extended Duration Bond Fund	$1,250,000
Delaware High-Yield Opportunities Fund
Delaware Core Bond Fund

Delaware Group Limited-Term Government Funds
Delaware Limited-Term Diversified Income Fund	$1,250,000

Delaware Group State Tax-Free Income Trust
Delaware Tax-Free Pennsylvania Fund	$900,000

Delaware Group Tax Free Fund
Delaware Tax-Free USA Fund	$1,250,000
Delaware Tax-Free USA Intermediate Fund

Delaware Group Tax-Free Money Fund
Delaware Tax-Free Money Fund	$200,000

Delaware Pooled Trust
The Core Focus Fixed Income Portfolio
The Core Plus Fixed Income Portfolio
The Emerging Markets Portfolio
The Focus Smid-Cap Growth Equity Portfolio	$2,100,000
The Global Fixed Income Portfolio
The Global Real Estate Securities Portfolio
The High-Yield Bond Portfolio
The International Equity Portfolio
The International Fixed Income Portfolio
The Labor Select International Equity Portfolio
The Large-Cap Growth Equity Portfolio
The Large-Cap Value Equity Portfolio
The Mid-Cap Growth Equity Portfolio
The Real Estate Investment Trust Portfolio
The Real Estate Investment Trust Portfolio II
The Select 20 Portfolio
The Small-Cap Growth Equity Portfolio

FUND	MINIMUM AMOUNT OF FIDELITY BOND COVERAGE
Delaware VIP Trust
Delaware VIP Cash Reserve Series
Delaware VIP Diversified Income Series
Delaware VIP Emerging Markets Series	$2,500,000
Delaware VIP Growth Opportunities Series
Delaware VIP High Yield Series
Delaware VIP International Value Equity Series
Delaware VIP Limited-Term Diversified Income Series
Delaware VIP REIT Series
Delaware VIP Small Cap Value Series
Delaware VIP Trend Series
Delaware VIP U.S. Growth Series
Delaware VIP Value Series

Voyageur Insured Funds
Delaware Tax-Free Arizona Fund	$525,000

Voyageur Intermediate Tax Free Funds
Delaware Tax-Free Minnesota Intermediate Fund	$450,000

Voyageur Mutual Funds
Delaware Minnesota High-Yield Municipal Bond Fund
Delaware National High-Yield Municipal Bond Fund	$750,000
Delaware Tax-Free California Fund
Delaware Tax-Free Idaho Fund
Delaware Tax-Free New York Fund

Voyageur Mutual Funds II
Delaware Tax-Free Colorado Fund	$750,000

Voyageur Mutual Funds III
Delaware Select Growth Fund Delaware Large Cap Core Fund	$750,000

Voyageur Tax Free Funds
Delaware Tax-Free Minnesota Fund	$900,000

FUND	MINIMUM AMOUNT OF FIDELITY BOND COVERAGE
Delaware Investments Dividend and Income Fund, Inc.	$450,000

Delaware Investments Global Dividend and Income Fund, Inc.	$400,000

Delaware Investments Arizona Municipal Income Fund, Inc.	$350,000

Delaware Investments Colorado Municipal Income Fund, Inc.	$400,000

Delaware Investments National Municipal Income Fund	$300,000

Delaware Investments Minnesota Municipal Income Fund II, Inc.	$600,000
Delaware Enhanced Global Dividend and Income Fund	$600,000


Total	$26,600,000