diffdefa14a022020152nd.htm

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

(Amendment No. __)

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Delaware Group® Adviser Funds
Delaware Group® Cash Reserve
Delaware Group® Equity Funds I
Delaware Group® Equity Funds II
Delaware Group® Equity Funds IV
Delaware Group® Equity Funds V
Delaware Group Foundation Funds®
Delaware Group® Global & International Funds
Delaware Group® Government Fund
Delaware Group® Income Funds
Delaware Group® Limited-Term Government Funds
Delaware Group® State Tax-Free Income Trust
Delaware Group® Tax-Free Fund
Delaware Pooled® Trust
Delaware VIP® Trust
Voyageur Insured Funds
Voyageur Intermediate Tax Free Funds
Voyageur Mutual Funds
Voyageur Mutual Funds II
Voyageur Mutual Funds III
Voyageur Tax Free Funds
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FAQ: February 2015 shareholder proxy vote

RETAIL MUTUAL FUNDS, DPT, VIP

FOR INTERNAL USE ONLY. DO NOT DISTRIBUTE.

Q: What’s happening?

Delaware Investments is seeking shareholder approval on several proposals for all of its retail mutual funds, Delaware Pooled Trust Portfolios (DPT), and Variable Insurance Products (VIP).

In late February 2015, a third-party vendor will begin mailing a proxy statement describing these proposals, and proxy cards (ballots for the vote) to shareholders.

Shareholders of all Delaware OPEN-END FUNDS will receive a proxy statement and a proxy card:

Retail mutual funds:

·Delaware Core Plus Bond Fund

·Delaware Corporate Bond Fund

·Delaware Diversified Floating Rate Fund

·Delaware Diversified Income Fund

·Delaware Extended Duration Bond Fund

·Delaware Emerging Markets Debt Fund

·Delaware High-Yield Opportunities Fund

·Delaware Limited-Term Diversified Income Fund

·Delaware Minnesota High-Yield Municipal Bond Fund

·Delaware National High-Yield Municipal Bond Fund

·Delaware Tax-Free Arizona Fund

·Delaware Tax-Free California Fund

·Delaware Tax-Free Colorado Fund

·Delaware Tax-Free Idaho Fund

·Delaware Tax-Free Minnesota Fund

·Delaware Tax-Free Minnesota Intermediate Fund

·Delaware Tax-Free New York Fund

·Delaware Tax-Free Pennsylvania Fund

·Delaware Tax-Free USA Fund

·Delaware Tax-Free USA Intermediate Fund

·Delaware Cash Reserve® Fund

·Delaware Foundation® Conservative Allocation Fund

·Delaware Foundation® Growth Allocation Fund

·Delaware Foundation® Moderate Allocation Fund

·Delaware Select Growth Fund

·Delaware Smid Cap Growth Fund

·Delaware U.S. Growth Fund

·Delaware Mid Cap Value Fund

·Delaware Small Cap Value Fund

·Delaware Value® Fund

·Delaware Small Cap Core Fund

·Delaware Dividend Income Fund

·Delaware Emerging Markets Fund

·Delaware Focus Global Growth Fund

·Delaware Global Value Fund

·Delaware International Value Equity Fund

·Delaware Global Real Estate Opportunities Fund

·Delaware Healthcare Fund

·Delaware REIT Fund

Delaware Pooled® Trust:

·The Core Plus Fixed Income Portfolio

·The Emerging Markets Portfolio

·The Emerging Markets II Portfolio

·The Focus Smid-Cap Growth Equity Portfolio

·The High-Yield Bond Portfolio

·The International Equity Portfolio

·The Labor Select International Equity Portfolio

·The Large-Cap Growth Equity Portfolio

·The Large-Cap Value Equity Portfolio

·The Select 20 Portfolio

Variable Insurance Product:

·Delaware VIP® Diversified Income Series

·Delaware VIP® Emerging Markets 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® Smid Cap Growth Series (Closed to new investors)

·Delaware VIP® U.S. Growth Series

·Delaware VIP® Value Series

Q: What are the proposals shareholders are being asked to vote on?

There are several proposals being put forth to Delaware shareholders. The chart below is a brief summary:

Proposal	Who votes on the Proposal?
1. To elect a Board of Trustees.	Shareholders of each Trust, with shareholders of all Funds of such Trust voting collectively.
2. To approve the implementation of a new “manager of managers” order. Note: Please see additional detail below specifically pertaining to shareholders of The International Equity Portfolio of the Delaware Pooled Trust.	Shareholders of each Fund, voting separately from shareholders of each other Fund.
3. To revise the fundamental investment restriction relating to lending.	Shareholders of each Fund, voting separately from shareholders of each other Fund.
4. To revise the fundamental concentration restriction to remove the reference to banking instruments. Note: only applicable to Delaware Cash Reserve Fund, not other retail mutual funds, DPT or VIP.	Shareholders of the Delaware Cash Reserve® Fund, a series of Delaware Group® Cash Reserve.
5. (a) To revise provisions of the Agreement and Declaration of Trust related to documenting the transfer of shares. (b) To revise provisions of the Agreement and Declaration of Trust related to shareholder disclosure of certain information upon board demand. (c) To revise provisions of the By-Laws so that Delaware law will apply to matters related to proxies.	Shareholders of each Trust, with shareholders of all Funds of such Trust voting collectively.

Below is a brief overview of each of these proposals. The Proposals are described in greater detail in the proxy statement mailed to shareholders.

Proposal 1: To elect a Board of Trustees

What is the role of the Board of Trustees?

Each Trust is governed by a Board of Trustees, which has oversight responsibility for the management of the Trust’s business affairs. Trustees establish procedures and oversee and review the performance of the investment advisor, the distributor, and others who perform services for the Trust. Each of the Trusts’ Board of Trustees is comprised of the same Trustees.

Who are the Trustee Nominees and how were they selected?

9 of the 10 Trustee Nominees standing for election are presently members of the Board of Trustees for the Trusts. Each Board of Trustees has nominated and selected the Trustee Nominees and recommends that the Trustee Nominees be elected.

Proposal 2: To approve the implementation of a new “manager of managers” order.

A “manager of managers” order allows funds to hire sub-advisors, and to make certain material changes to sub-advisory agreements without shareholder approval. Under this structure, an investment advisor has the ultimate responsibility, subject to oversight by the Board of Trustees, for overseeing funds’ sub-advisors and making recommendations to the board regarding their hiring, termination, or replacement.

The Funds, except for The International Equity Portfolio of the Delaware Pooled Trust, have been previously granted a “manager of managers” order that allows them to hire unaffiliated sub-advisors and to make material amendments to the related sub-advisory contracts. It is proposed that the Funds seek a new “manager of managers” order that would give them authority to hire both affiliated and unaffiliated sub-advisors, and to make material amendments to the related sub-advisory contracts.

For shareholders of The International Equity Portfolio of the Delaware Pooled Trust, a vote to approve a new “manager of managers” order under Proposal 2 will apply to the new “manager of managers” order related to both affiliated and unaffiliated sub-advisors as described above, as well as to the “manager of managers” order related only to unaffiliated sub-advisors that the rest of the Funds have already adopted.