40-17G

                      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 31, 2006 through  October 31, 2007 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, 2006


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'  portfolio  and the relative  higher cost of a  comparable  single
insured bond for each Fund; and

WHEREAS,  the  Board,   including  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 and its shareholders.

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 respective
share of the premium; 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 officers of the Fund are 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 or any Assistant  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
                                                     Secretary









                       Chubb Group of Insurance Companies
                 15 Mountain View Road, Warren, New Jersey 07059

                            FEDERAL INSURANCE COMPANY
                     Incorporated under the laws of Indiana
               a stock insurance company herein called the COMPANY
                 Capital Center, 251 North Illinois, Suite 1100
                           Indianapolis, IN 46204-1927

                                  DECLARATIONS
        ________________________________________________________________

FINANCIAL INSTITUTION INVESTMENT COMPANY ASSET PROTECTION BOND

Bond Number: 81951478

NAME OF ASSURED (including its Subsidiaries):

DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

1 COMMERCE SQUARE
PHILADELPHIA, PA 19103

ITEM 1. BOND PERIOD: from 12:01 a.m. on October 31, 2006
                       to 12:01 a.m. on October 31, 2007

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 LIABILITY      AMOUNT
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:
17-02-0949 Name of Assured Endorsement
17-02-2367 Telefacsimile Transaction Endorsement
17-02-2345 Automatic Phone Systems
17-02-2365 Stop Payment
17-02-5602 Unauthorized Signature
17-02-2976 Extended Computer Crime
17-02-0955 Non-Cumulative Endorsement
17-02-6260 Amend Discovery to Specific Person
17-02-1582 Revise Item 2 of Dec Page
14-02-9228 Compliance with Applicable Trade Sanction Laws
Endorsement
14-02-12160 Important Notice to Insurer
10-02-1281 Terrorism

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.

/S/ W. Andrew Macan
W. Andrew Macan
Secretary

/s/ Thomas F. Motamed
Thomas F. Motamed
President

/s/ Robert Hamburger
Robert Hamburger
Authorized Representative

=================================================================

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

Employee

1. Loss  resulting  directly  from  Larceny  or  Embezzlement  committed  by any
Employee, alone or in collusion with others.

On Premises

2. 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 Transit

3. 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, or

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 of 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.

Forgery Or Alteration

4.       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, or 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 or
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 Forgery

5. 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.

     For  the  purpose  of  this  INSURING  CLAUSE,  a  mechanically  reproduced
facsimile signature is treated the same as a handwritten signature.

Counterfeit Money

6. Loss resulting  directly from the receipt by the ASSURED in good faith of any
Counterfeit money.

Threats To Person

7. 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 of
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 an
ASSURED hereunder,  but only with respect to the surrender of money,  securities
and other  tangible  personal  property  in which such  Employee  has a legal or
equitable interest.

Computer System

8. 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.

Voice Initiated Funds Transfer Instruction

9. Loss  resulting  directly from Voice  Initiated  Funds  Transfer  Instruction
directed 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 of Deposit

10. Loss  resulting  directly from the ASSURED  having  credited an account of a
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 Expense

11.  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.

General Agreements

Additional Companies Included As Assured

A. If more than one corporation,  or Investment  Company,  or any combination of
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 By Assured

B.  The  ASSURED  represents  that  all  information  it  has  furnished  in the
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 or
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.

Additional  Offices  Or  Employees  -  Consolidation,   Merger  Or  Purchase  Or
Acquisition Of Assets Or Liabilities - Notice To Company

C. 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, or

(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 - Notice To Company

D. When the ASSURED  learns of a change in control  (other than in an Investment
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 And Attorneys' Fees

E. The  COMPANY  will  indemnify  the  ASSURED  for court  costs and  reasonable
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, or

(3) in the absence of 1 or 2 above, an arbitration panel agrees,  after a review
of an agreed  statement of facts  between the COMPANY and the  ASSURED,  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 in
addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.

Conditions And Limitations

Definitions

1. 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 to
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 of 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

(8) each  natural  person,  partnership  or  corporation  authorized  by written
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 a
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.

f.  Forgery  means the  signing of the name of another  natural  person with the
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 of 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.

m. Subsidiary means any  organization  that, at the inception date of this Bond,
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 an
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 - Applicable to All Insuring Clauses

2. This bond does not directly or indirectly cover:

a. loss not  reported  to the  COMPANY in writing  within  sixty (60) days after
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;

h. loss resulting from dishonest acts by any member of the Board of Directors or
Board of  Trustees of the ASSURED  who is not an  Employee,  acting  alone or in
collusion with others;

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 - Applicable To All Insuring Clauses Except
Insuring Clause 1.

3. This Bond does not directly or indirectly cover:

a. loss caused by an Employee,  provided,  however,  this Section 3.a. shall not
apply to loss covered under INSURING CLAUSE 2. or 3. which results 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;

f. loss  resulting  from the failure for any reason of a financial or depository
institution,  its receiver or other  liquidator to pay or deliver funds or other
Property to the ASSURED  provided further that this Section 3.f. shall not apply
to loss of Property  resulting  directly from robbery,  burglary,  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 - Applicable To All Insuring Clauses Except
Insuring Clauses 1., 4., And 5.

4. This bond does not directly or indirectly cover:

a. loss resulting from the complete or partial  non-payment of or default on any
loan whether such loan was  procured in good faith or through  trick,  artifice,
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-Reduction And Non-Accumulation Of Liability

5. At all times prior to termination  of this Bond,  this Bond shall continue in
force  for  the  limit  stated  in the  applicable  sections  of  ITEM 2. of the
DECLARATIONS,  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, or

d. any one casualty or event other than those specified in a., b., or c. above,

shall be deemed to be one loss and shall be limited to the  applicable  LIMIT OF
LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of 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.

Discovery

6. 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,
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.

Notice To Company - Proof - Legal Proceedings Against Company

7. a. The  ASSURED  shall  give  the  COMPANY  notice  thereof  at the  earliest
practicable moment, not to exceed sixty (60) days after discovery of loss, in 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.

f. Proof of loss involving  Voice  Initiated  Funds Transfer  Instruction  shall
include electronic recordings of such instructions.

Deductible Amount

8. 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 in 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.

Valuation

9. 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.

Securities Settlement

10. 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 - Recovery

11. In the event of a payment  under this Bond,  the COMPANY shall be subrogated
to 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 an
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 of the
ASSURED'S claim,

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

d. fourth,  to the ASSURED in  satisfaction  of any loss suffered by the ASSURED
which was not covered under this Bond.

     Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a
recovery under this section.

Cooperation Of Assured

12. 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.

Termination

13. 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 in
accordance with the standard short rate cancellation tables if terminated by the
ASSURED or pro rata if terminated for any other reason.

     If any partner, director, trustee, or officer or supervisory employee of an
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 Insurance

14.  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.

Conformity
15.      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 Modification

16.  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.

If this  Bond is for a joint  ASSURED,  no charge 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 to the Securities and Exchange  Commission,  Washington,  D.C., by
the COMPANY.

================================================================================

                                   FEDERAL INSURANCE COMPANY

                                   Endorsement No: 1 BOND

                                   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.

This Endorsement applies to loss discovered after 12:01 a.m. on
October 31, 2006.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date:  November 29, 2006

By
/s/ Robert Hamburger
Authorized Representative

================================================================================

                                      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 or 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.

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,
2006.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date:  November 29, 2006

By
/s/ Robert Hamburger
Authorized Representative

================================================================================

                                      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)

(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

c. the  redemption of shares or units,  where  shareholder  or unitholder of the
ASSURED designated bank account of record.


This  Endorsement  applies to loss  discovered  after  12:01 a.m. on October 31,
2006.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date:  November 29, 2006

By
/s/ Robert Hamburger
Authorized Representative

================================================================================

                                     FEDERAL INSURANCE COMPANY

                                     Endorsement No.:   4 BOND

                                     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,
2006.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date:  November 29, 2006

By
/s/ Robert Hamburger
Authorized Representative

================================================================================

                                      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.

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,
2006.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date:  November 29, 2006

By
/s/ Robert Hamburger
Authorized Representative

================================================================================

                                      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  or  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.

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 is
held to be legally liable.

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.

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,
2006.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date:  November 29, 2006

By
/s/ Robert Hamburger
Authorized Representative

================================================================================

                                      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. 81951478 issued to DELAWARE
MANAGEMENT  HOLDINGS,  INC., the SINGLE LOSS LIMIT OF LIABILITY  under this Bond
shall be reduced by any payment under BOND No.  81951478 and only the remainder,
if any, shall be applicable to such loss hereunder.

                         Name and Address of Assured:
                         DELAWARE INVESTMENT COMPANY FAMILY OF
                         FUNDS

                         1 COMMERCE SQUARE
                         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,
2006.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date:  November 29, 2006

By
/s/ Robert Hamburger
Authorized Representative

================================================================================

                                   FEDERAL INSURANCE COMPANY

                                   Endorsement No.: 8

                                   Bond Number: 81951478 BOND

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,
2006.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date:  November 29, 2006

By
/s/ Robert Hamburger
Authorized Representative

================================================================================

                                        FEDERAL INSURANCE COMPANY

                                        Endorsement No.  9 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 LOSS         DEDUCTIBLE
INSURING CLAUSE                     LIMIT OF LIABILITY  AMOUNT
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 Currency             $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        $    50,000         $10,000
13. Automated Telephone Transaction  $    50,000         $10,000
14. Stop Payment Order or Refusal
     to Pay Check                    $20,000,000         $50,000
15. Unauthorized Signature           $20,000,000         $50,000
16. Extended Computer Systems        $20,000,000         $50,000

This  Endorsement  applies to loss  discovered  after  12:01 a.m. on October 31,
2006.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date:  November 29, 2006

By
/s/ Robert Hamburger
Authorized Representative

================================================================================

Effective date of
this endorsement: October 31, 2006 FEDERAL INSURANCE COMPANY

                                   Endorsement No.:10 BOND

                                   To be attached to and form
                                   a part of Policy
                                   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:  November 29, 2006

By
/s/ Robert Hamburger
Authorized Representative

================================================================================

Chubb & Son, div. of Federal Insurance Company as manager of the member insurers
of the Chubb Group of Insurance Companies


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 of 2002
(the "Act")  effective  November  26, 2002,  this policy makes  available to you
insurance  for losses  arising out of certain acts of  international  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 acting on behalf of any foreign person
or foreign interest,  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 90% of covered
terrorism losses that exceed the statutorily  established  deductible to be paid
by the insurance  company  providing the coverage.  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.

================================================================================

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.





POLICY FORM LIST

Here's a list of all forms  included in your  policy,  on the date shown  below.
These forms are listed in the same order as they appear in your policy.

Title                                       Form Number       Edition Date

Policy Form List                            40705             05-84

Excess Follow Form Financial Institution    XSFFFIB           04-96
Bond - St. Paul Form



Name of Insured
DELAWARE INVESTMENT CO. FAMILY OF FUND

Policy Number
476BD0431

Effective Date
10/31/06

Processing Date
12/11/06   13:27   001

* This is not a certified  copy of any policy form. * Actual  policy  provisions
may differ.*

40705 Ed.5-84                                          Form List         Page 1
(c) St. Paul Fire and Marine Insurance Co. 1995





* This is not a certified  copy of any policy form. * Actual  policy  provisions
may differ.*


Page 2
(c) St. Paul Fire and Marine Insurance Co. 1995





St. Paul Travelers

/X/  ST. PAUL FIRE AND MARINE INSURANCE COMPANY (St. Paul, MN)

/_/  ST. PAUL MERCURY INSURANCE COMPANY (St. Paul, MN)

/_/  THE ST. PAUL INSURANCE COMPANY (A Texas Corporation)

/_/  THE ST PAUL INSURANCE COMPANY OF ILLIONIS (An Illinois Corporation)

/_/  ST. PAUL FIRE AND CASUALTY INSURANCE COMPANY (A Wisconsin
     Corporation)

/_/  ST. PAUL PROPERTY AND CASUALTY INSURANCE COMPANY (A Nebraska Corporation)

/_/  ST. PAUL INSURANCE COMPANY OF NORTH DAKOTA (A North Dakota Corporation)

/_/  ST. PAUL INDEMNITY INSURANCE COMPANY (An Indiana Company)
                                   A Capital Stock Company

                  EXCESS FOLLOW FORM FINANCIAL INSTITUTION BOND
                                  ST. PAUL FORM

DECLARATIONS:                                                 Bond No. 476BD0431

The Company designated above (herein called Underwriter) issues this Bond to:

Item 1. Named Insured:
        Delaware Investment Company Family of Funds
        1 Commerce Square
        Philadelphia, PA 19103-7094

                                                        (herein called Insured).

Item 2. Bond  Period:  The Bond  Period  shall be  effective  at 12:01  A.M.  on
10/31/06 and expire at 12:01 A.M. on 10/31/07  standard  time as to each of said
dates,  subject to Section 5 of the Terms,  Conditions  and  Limitations of this
Bond.

Item 3. Single Loss Limit of Liability: $20,000,000

Item 4. Aggregate Limit of Liability:   $20,000,000

Item 5. Single Loss Deductible Amount:

Item 6. Schedule of Underlying Insurers:

(A)  1. Underlying Insurer: Federal Insurance Company
     2.   Bond Number: 81951478
     3.   Bond Period: From 10/31/06        To 10/31/07
     4.   Limit of Liability:
          Single Loss Limit of Liability    $20,000,000
          Aggregate Limit of Liability      $20,000,000
     5.   Single Loss Deductible:           $50,000

(B)  1. Underlying Insurer:
     2.   Bond Number:
     3.   Bond Period: From                To
     4.   Limit of Liability:
          Single Loss Limit of Liability
          Aggregate Limit of Liability

* This is not a certified  copy of any policy form. * Actual  policy  provisions
may differ.*

XSFFIB Ed. 4-96
(c) 2004 St. Paul Travelers Companies, Inc. All Rights Reserved





(C)  1. Underlying Insurer:
     2.   Bond Number:
     3.   Bond Period: From                To
     4.   Limit of Liability:
          Single Loss Limit of Liability
          Aggregate Limit of Liability

(D)  1. Underlying Insurer:
     2.   Bond Number:
     3.   Bond Period: From                To
     4.   Limit of Liability:
          Single Loss Limit of Liability
          Aggregate Limit of Liability

Item 7. 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  identified in Item 6(A) of the
Declarations of this Bond.

Item 8. Total amount of Underlying Aggregate Limit of Liability each Bond Period

The total amount of Underlying  Aggregate Limit of Liability each Bond Period is
$20,000,000  plus any Single Loss  Deductible  under the Bond identified in Item
6(A) of the Declarations of this Bond.

Item 9. Subject to the  Declarations,  Insuring  Clause,  Terms,  Conditions and
Limitations  and  Endorsements  of this Bond and as  excepted  below,  this Bond
follows the form of

         Insurer's Name: Federal Insurance Company
         Bond Number: 81951478
         Effective Date: 10/31/06

         Except as provided below:

Item  10.  The  Insured,  by  acceptance  of  this  Bond,  gives  notice  to the
Underwriter terminating or canceling prior Bond(s) No.(s) 476BD0338

such  termination  or  cancellation  to be  effective  as of the time  this Bond
becomes effective.

Item 11.  The  liability  of the  Underwriter  is  subject  to the  terms of the
following riders attached hereto: None


              /s/Jay S. Fishman                  /s/Bruce A. Backberg
              President                          Secretary


Executed this _______ day of

Countersigned

* This is not a certified  copy of any policy form. * Actual  policy  provisions
may differ.*

XSFFIB Ed. 4-96
(c) 2004 St. Paul Travelers Companies, Inc. All Rights Reserved





                  EXCESS FOLLOW FORM FINANCIAL INSTITUTION BOND
                                  St. Paul Form

INSURING CLAUSE

In  consideration  of the payment of the premium;  subject to the  Declarations,
Insuring  Clause,  Terms,  Conditions and Limitations  and  Endorsements of this
Bond;  and except as  provided  in this  Bond,  this Bond is subject to the same
Insuring  Clause(s),  Terms,  Conditions and  Limitations  and  Endorsements  as
provided by the Bond identified in Item 9 of the Declarations of this Bond.

This  Bond is not  subject  to the  same  premium  or the  amount  and  Limit of
Liability of the Bond identified in Item 9 of the Declarations of this Bond.

TERMS, CONDITIONS AND LIMITATIONS

Section 1. Underlying Coverage

It is a condition precedent to the Insured's rights under this Bond that:

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) identified in Item 6
     of the  Declarations of this Bond.  Except as provided in Section 1B below,
     failure to  maintain  in full force and  effect,  without  alteration,  the
     coverage  and  provisions  of  the  Bond(s)  identified  in  Item  6 of the
     Declarations  of this Bond shall not affect  coverage  under this Bond; but
     except as  provided  in  Sections  2D and 2E below,  the  liability  of the
     Underwriter  for loss under this Bond shall  apply only to the same  extent
     the Underwriter would have been liable had the Bond(s) identified in Item 6
     of the  Declarations  of this Bond been maintained in full force and effect
     without alteration.

B.   If the  coverage and  provisions  of the Bond  identified  in Item 9 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 Bond
     shall not follow the form of any  alteration(s)  to the Bond  identified in
     Item 9 of the  Declarations of this Bond 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.

C.   Except as  provided  in  Sections  2D and 2E below,  in no event  shall the
     Underwriter be liable to pay loss under this Bond until the total amount of
     the  Underlying  Single Loss Limit of  Liability as stated in Item 7 of the
     Declarations  of this  Bond has been  exhausted  solely  by  reason  of the
     payment of loss.

Section 2. Limit of Liability

A.   Payment by the Underwriter of loss covered under this Bond shall reduce the
     Aggregate  Limit  of  Liability  of this  Bond  set  forth in Item 4 of the
     Declarations  of this Bond.  In the event of  exhaustion  of the  Aggregate
     Limit of Liability of this Bond set forth in Item 4 of the  Declarations of
     this Bond, the Underwriter shall be relieved of all further liability under
     this Bond.

B.   The  Underwriter's  maximum  liability for a Single Loss covered under this
     Bond shall not exceed  the  amount of the  Single  Loss Limit of  Liability
     stated  in  Item  3 of  the  Declarations  of  this  Bond,  nor  shall  the
     Underwriter's  maximum  liability for all loss(es) in the aggregate covered
     under  this Bond  exceed  the amount of the  Aggregate  Limit of  Liability
     stated  in Item 4 of the  Declarations  of this  Bond,  which  shall be the
     maximum liability of the Underwriter in the Bond Period stated in Item 2 of
     the Declarations of this Bond.

C.   Except as provided in Sections 2D and 2E below, the Underwriter  shall only
     be liable to make payment for a Single Loss  covered  under this Bond after
     the total amount of the Underlying Single Loss Limit of Liability as stated
     in Item 7 of the  Declarations  of this Bond has been paid solely by reason
     of the payment of loss.

D.   In the  event  the  total  amount  of the  Underlying  Aggregate  Limit  of
     Liability as stated in Item 8 of the  Declarations  of this Bond is reduced
     solely by reason of the  payment  of loss to an amount  less than the total
     amount of the Underlying Single Loss Limit of Liability as stated in Item 7
     of the Declarations of this Bond, this Bond shall pay 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  of this Bond, and subject  always to the remaining  Aggregate
     Limit of Liability of this Bond.

E.   In the event of  exhaustion  of the total  amount of  Underlying  Aggregate
     Limit of Liability as set forth in Item 8 of the Declarations of this Bond,
     solely by reason of the payment of loss,  this Bond shall


* This is not a certified  copy of any policy form. * Actual  policy  provisions
may differ.*

XSFFIB Ed. 4-96
(c) 2004 St. Paul Travelers Companies, Inc. All Rights Reserved





     continue in force provided  always that this Bond shall only pay the excess
     over the  Deductible  amount stated in Item 5 of the  Declarations  of this
     Bond as respects a Single Loss covered  under this Bond,  but not to exceed
     the amount of the Single  Loss Limit of  Liability  stated in Item 3 of the
     Declarations  of this Bond and subject  always to the  remaining  Aggregate
     Limit of Liability of this Bond.

Section 3. Joint Insureds

If two or more  Insureds are covered  under this Bond,  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 Bond 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
     identified in Item 9 of the Declarations of this Bond, give the Underwriter
     notice of any loss of the kind  covered  by this  Bond,  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 6 of the Declarations of this
     Bond. Notice given to any Insurer  identified in Item 6 of the Declarations
     of this Bond shall not constitute notice as required under Section 4 of the
     Terms, Conditions and Limitations of this Bond.

B.   The  Insured(s)  shall,  within the time and manner  prescribed in the Bond
     identified  in  Item 9 of the  Declarations  of this  Bond  file  with  the
     Underwriter  a proof of loss for any loss of the kind covered by this Bond,
     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 6
     of the Declarations of this Bond in support of any proof of loss filed with
     such Insurer. Filing of a proof of loss with any Insurer identified in Item
     6 of the  Declarations  of his Bond shall not constitute  filing a proof of
     loss with the Underwriter as required in Section 4 of the Terms, Conditions
     and Limitations of this Bond.

C.   Legal  proceedings  against the Underwriter of this Bond shall be commenced
     within  the  time  prescribed  in  the  Bond  identified  in  Item 9 of the
     Declarations  of this Bond and only  after  complying  with all the  Terms,
     Conditions and Limitations of this Bond.

D.   Notice and proof of loss under this Bond shall be given to the  Underwriter
     at 385 Washington Street, St. Paul, MN 55102.

Section 5. Bond Period

The term Bond  Period as used in this Bond  shall  mean the lesser of the period
stated  in Item 2 of the  Declarations  of this  Bond or the  time  between  the
effective date and the termination date of this Bond.

Section 6. Single Loss Defined

As used  herein,  Single  Loss  shall be defined  as in the Bond  identified  in
Section 9 of the Declarations of this Bond.

Section 7. Cancellation of this Bond by the Underwriter or the Insured

This Bond terminates as an entirety upon occurrence of any of the following: (a)
90  days  after  the  receipt  by the  Insured  of a  written  notice  from  the
Underwriter  of its desire to cancel  this  Bond,  or (b)  immediately  upon the
receipt by the Underwriter of a written notice from the Insured of its desire to
cancel this Bond.

In witness  whereof,  the Underwriter has caused this Bond to be executed on the
Declarations Page.

* This is not a certified  copy of any policy form. * Actual  policy  provisions
may differ.*

XSFFIB Ed. 4-96
(c) 2004 St. Paul Travelers Companies, Inc. All Rights Reserved

EX-1

                            JOINT INSURANCE AGREEMENT


     THIS JOINT  INSURANCE  AGREEMENT,  dated as of October 31, 2006,  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  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. 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  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.

     2. 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
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 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





[DELAWARE INVESTMENTS LOGO}


                                  SCHEDULE A TO
                            JOINT INSURANCE AGREEMENT
                          DATED AS OF OCTOBER 31, 2006

                      DELAWARE INVESTMENTS 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 Balanced Fund

- ---------------------------------------------------
Delaware Group Equity Funds II
   Delaware Value Fund
   Delaware Large Cap 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 Large Cap Growth Fund
   Delaware Growth Opportunities 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 Aggressive Allocation Portfolio
   Delaware Moderate Allocation Portfolio
   Delaware Conservative Allocation Portfolio

- ---------------------------------------------------
Delaware Group Global & International Funds
   Delaware Emerging Markets Fund
   Delaware Global Value Fund
   Delaware International Value Equity Fund

- ---------------------------------------------------
Delaware Group Government Fund
   Delaware American Government Bond Fund
   Delaware Inflation Protected Bond Fund

- ---------------------------------------------------





- ---------------------------------------------------
                       FUND
- ---------------------------------------------------
Delaware Group Income Funds
   Delaware Corporate Bond Fund
   Delaware Delchester Fund
   Delaware Extended Duration Bond Fund
   Delaware High-Yield Opportunities Fund

- ---------------------------------------------------
Delaware Group Limited-Term Government Funds
   Delaware Limited-Term Government 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 All-Cap Growth Equity Portfolio
   The Core Focus Fixed Income Portfolio
   The Core Plus Fixed Income Portfolio
   The Emerging Markets Portfolio
   The Global Fixed Income Portfolio
   The High-Yield Bond Portfolio
   The Intermediate Fixed Income 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 Small-Cap Growth Equity Portfolio
   The Smid-Cap Growth Equity Portfolio
   The Focus Smid-Cap Growth Equity Portfolio

- ---------------------------------------------------





- ---------------------------------------------------
                       FUND
- ---------------------------------------------------
Delaware VIP Trust
   Delaware VIP Balanced Series
   Delaware VIP Capital Reserves Series
   Delaware VIP Cash Reserve Series
   Delaware VIP Diversified Income Series
   Delaware VIP Emerging Markets Series
   Delaware VIP Global Bond Series
   Delaware VIP Growth Opportunities Series
   Delaware VIP High Yield Series
   Delaware VIP International Value Equity Series
   Delaware VIP REIT Series
   Delaware VIP Select Growth 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 Insured Fund
   Delaware Tax-Free Minnesota Insured Fund

- ---------------------------------------------------
Voyageur Intermediate Tax Free Funds
   Delaware Tax-Free Minnesota Intermediate Fund

- ---------------------------------------------------
Delaware Investments Municipal Trust
   Delaware Tax-Free Florida Insured 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 Insured Municipal Income Fund, Inc.

- ------------------------------------------------------------------
Delaware Investments Florida Insured Municipal Income Fund

- ------------------------------------------------------------------
Delaware Investments Minnesota Municipal Income Fund II, Inc.

- -------------------------------------------------------------------





                                ATTACHMENT II TO
                            JOINT INSURANCE AGREEMENT
                          DATED AS OF OCTOBER 31, 2006

                      DELAWARE INVESTMENTS FAMILY OF FUNDS



- ------------------------------------------ --------------------------------
                  FUND                            MINIMUM AMOUNT OF
                                               FIDELITY BOND COVERAGE
- ------------------------------------------ --------------------------------
Delaware Group Adviser Funds
   Delaware Diversified Income Fund
   Delaware U.S. Growth Fund                         $1,700,000

- ------------------------------------------ --------------------------------
Delaware Group Cash Reserve
Delaware Cash Reserve Fund                            $750,000

- ------------------------------------------ --------------------------------
Delaware Group Equity Funds I
   Delaware Balanced Fund                             $750,000

- ------------------------------------------ --------------------------------
Delaware Group Equity Funds II
   Delaware Value Fund
   Delaware Large Cap Value Fund                     $1,500,000

- ------------------------------------------ --------------------------------
Delaware Group Equity Funds III
   Delaware American Services Fund
   Delaware Small Cap Growth Fund
   Delaware Trend Fund                               $1,500,000

- ------------------------------------------ --------------------------------
Delaware Group Equity Funds IV
   Delaware Large Cap Growth Fund
   Delaware Growth Opportunities Fund                 $900,000

- ------------------------------------------ --------------------------------
Delaware Group Equity Funds V
   Delaware Dividend Income Fund
   Delaware Small Cap Core Fund
   Delaware Small Cap Value Fund                     $1,250,000

- ------------------------------------------ --------------------------------
Delaware Group Foundation Funds
   Delaware Aggressive Allocation
Portfolio
   Delaware Moderate Allocation Portfolio
   Delaware Conservative Allocation                   $525,000
Portfolio

- ------------------------------------------ --------------------------------
Delaware Group Global & International
Funds
   Delaware Emerging Markets Fund
   Delaware Global Value Fund
   Delaware International Value Equity               $1,500,000
Fund

- ------------------------------------------ --------------------------------
Delaware Group Government Fund
   Delaware American Government Bond Fund
   Delaware Inflation Protected Bond Fund             $600,000

- ------------------------------------------ --------------------------------





- ------------------------------------------------------ -------------------------
                        FUND                              MINIMUM AMOUNT OF
                                                        FIDELITY BOND COVERAGE
- ------------------------------------------------------ -------------------------
Delaware Group Income Funds
   Delaware Corporate Bond Fund
   Delaware Delchester Fund
   Delaware Extended Duration Bond Fund
   Delaware High-Yield Opportunities Fund                     $1,250,000

- ------------------------------------------------------ -------------------------
Delaware Group Limited-Term Government Funds
   Delaware Limited-Term Government Fund                       $750,000

- ------------------------------------------------------ -------------------------
Delaware Group State Tax-Free Income Trust
   Delaware Tax-Free Pennsylvania Fund                         $900,000

- ------------------------------------------------------ -------------------------
Delaware Group Tax Free Fund
   Delaware Tax-Free USA Fund
   Delaware Tax-Free USA Intermediate Fund                    $1,000,000

- ------------------------------------------------------ -------------------------
Delaware Group Tax Free Money Fund
   Delaware Tax-Free Money Fund                                $250,000

- ------------------------------------------------------ -------------------------
Delaware Pooled Trust
   The All-Cap Growth Equity Portfolio
   The Core Focus Fixed Income Portfolio
   The Core Plus Fixed Income Portfolio
   The Emerging Markets Portfolio
   The Global Fixed Income Portfolio
   The High-Yield Bond Portfolio
   The Intermediate Fixed Income Portfolio
   The International Equity Portfolio
   The International Fixed Income Portfolio                   $2,500,000
   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 Small-Cap Growth Equity Portfolio
   The Smid-Cap Growth Equity Portfolio
   The Focus Smid-Cap Growth Equity Portfolio

- ------------------------------------------------------ -------------------------





- ------------------------------------------------------ -------------------------
                        FUND                              MINIMUM AMOUNT OF
                                                        FIDELITY BOND COVERAGE
- ------------------------------------------------------ -------------------------
Delaware VIP Trust
   Delaware VIP Balanced Series
   Delaware VIP Capital Reserves Series
   Delaware VIP Cash Reserve Series
   Delaware VIP Diversified Income Series
   Delaware VIP Emerging Markets Series
   Delaware VIP Global Bond Series
   Delaware VIP Growth Opportunities Series                   $2,500,000
   Delaware VIP High Yield Series
   Delaware VIP International Value Equity Series
   Delaware VIP REIT Series
   Delaware VIP Select Growth 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 Insured Fund
   Delaware Tax-Free Minnesota Insured Fund                    $750,000

- ------------------------------------------------------ -------------------------
Voyageur Intermediate Tax Free Funds
   Delaware Tax-Free Minnesota Intermediate Fund               $400,000

- ------------------------------------------------------ -------------------------
Delaware Investments Municipal Trust
   Delaware Tax-Free Florida Insured Fund                      $525,000

- ------------------------------------------------------ -------------------------
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                             $750,000

- ------------------------------------------------------ -------------------------
Voyageur Mutual Funds II
   Delaware Tax-Free Colorado Fund                             $750,000

- ------------------------------------------------------ -------------------------
Voyageur Mutual Funds III
   Delaware Select Growth Fund                                 $750,000
   Delaware Large Cap Core Fund

- ------------------------------------------------------ -------------------------
Voyageur Tax Free Funds
   Delaware Tax-Free Minnesota Fund                            $750,000

- ------------------------------------------------------ -------------------------





- ------------------------------------------------------ -------------------------
                        FUND                              MINIMUM AMOUNT OF
                                                        FIDELITY BOND COVERAGE
- ------------------------------------------------------ -------------------------
Delaware Investments Dividend and Income Fund, Inc.
                                                               $600,000

- ------------------------------------------------------ -------------------------
Delaware Investments Global Dividend and Income
Fund, Inc.                                                     $450,000

- ------------------------------------------------------ -------------------------
Delaware Investments Arizona Municipal Income Fund,
Inc.                                                           $400,000

- ------------------------------------------------------ -------------------------
Delaware Investments Colorado Insured Municipal
Income Fund, Inc.                                              $525,000

- ------------------------------------------------------ -------------------------
Delaware Investments Florida Insured Municipal
Income Fund                                                    $400,000

- ------------------------------------------------------ -------------------------
Delaware Investments Minnesota Municipal Income Fund
II, Inc.                                                       $750,000

- ------------------------------------------------------ -------------------------



                    Total Minimum                            $27,925,000
                                Joint Fidelity Bond =
                                                       -------------------------