dgof17g1112010.htm

DELAWARE INVESTMENTS FAMILY OF FUNDS

CERTIFIED RESOLUTIONS

The resolutions set forth below were duly adopted by the Boards of Trustees/Directors of those investment companies covered by the enclosed fidelity bond for the period from October 1, 2010 through October 31, 2011 and remain in full force and effect as of the date hereof:

Resolutions Adopted pursuant to a written consent of the Board of Trustees/Directors dated as of October 19, 2010

Approval of Fidelity Bond Coverage

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

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

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

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

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

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

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

/s/Deidre A. Downes

Deidre A. Downes

Assistant Vice President/Assistant Secretary


			Chubb Group of Insurance Companies				DECLARATIONS
							FINANCIAL INSTITUTION INVESTMENT
			15 Mountain View Road, Warren, New Jersey 07059				COMPANY ASSET PROTECTION BOND


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

DELAWARE INVESTMENT ADVISERS
							FEDERAL INSURANCE COMPANY


2005 MARKET STREET							Incorporated under the laws of Indiana
PHILADELPHIA, PA 19103							a stock insurance company herein called the COMPANY
							Capital Center, 251 North Illinois, Suite 1100
							Indianapolis, IN 46204-1927


ITEM 1.	BOND PERIOD:			from	12:01 a.m. on	October 31, 2010
				to	12:01 a.m. on	October 31, 2011

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:
	1-16

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.


	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.


Insuring Clauses
(continued)


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.


Insuring Clauses


Extended Forgery			For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
(continued)			signature is treated the same as a handwritten signature.


Counterfeit 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.


Insuring Clauses
(continued)


Voice Initiated Funds	9	.	Loss resulting directly from Voice Initiated Funds Transfer Instruction directed
Transfer Instruction			to the ASSURED authorizing the transfer of dividends or redemption proceeds of
			Investment Company shares from a Customer's account, provided such Voice
			Initiated Funds Transfer Instruction was:

			a.	received at the ASSURED'S offices by those Employees of the ASSURED
				specifically authorized to receive the Voice Initiated Funds Transfer
				Instruction,

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

			c.	made by said person for the purpose of causing the ASSURED or Customer
				to sustain a loss or making an improper personal financial gain for such
				person or any other person.

			In order for coverage to apply under this INSURING CLAUSE, all Voice Initiated
			Funds Transfer Instructions must be received and processed in accordance with
			the Designated Procedures outlined in the APPLICATION furnished to the
			COMPANY.


Uncollectible Items of	10	.	Loss resulting directly from the ASSURED having credited an account of a
Deposit			customer, shareholder or subscriber on the faith of any Items of Deposit which
			prove to be uncollectible, provided that the crediting of such account causes:

			a.	redemptions or withdrawals to be permitted,

			b.	shares to be issued, or

			c.	dividends to be paid, from an account of an Investment Company.



			In order for coverage to apply under this INSURING CLAUSE, the ASSURED
			must hold Items of Deposit for the minimum number of days stated in the
			APPLICATION before permitting any redemptions or withdrawals, issuing any
			shares or paying any dividends with respect to such Items of Deposit.

			Items of Deposit shall not be deemed uncollectible until the ASSURED'S
			standard collection procedures have failed.


Audit 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	A.	If more than one corporation, or Investment Company, or any combination of
Included As Assured		them is included as the ASSURED herein:
		(1	)	The total liability of the COMPANY under this Bond for loss or losses
				sustained by any one or more or all of them shall not exceed the limit for
				which the COMPANY would be liable under this Bond if all such loss were
				sustained by any one of them.

		(2	)	Only the first named ASSURED shall be deemed to be the sole agent of the
				others for all purposes under this Bond, including but not limited to the giving
				or receiving of any notice or proof required to be given and for the purpose of
				effecting or accepting any amendments to or termination of this Bond. The
				COMPANY shall furnish each Investment Company with a copy of the
				Bond and with any amendment thereto, together with a copy of each formal
				filing of claim by any other named ASSURED and notification of the terms of
				the settlement of each such claim prior to the execution of such settlement.

		(3	)	The COMPANY shall not be responsible for the proper application of any
				payment made hereunder to the first named ASSURED.

		(4	)	Knowledge possessed or discovery made by any partner, director, trustee,
				officer or supervisory employee of any ASSURED shall constitute knowledge
				or discovery by all the ASSUREDS for the purposes of this Bond.

		(5	)	If the first named ASSURED ceases for any reason to be covered under this
				Bond, then the ASSURED next named on the APPLICATION shall thereafter
				be considered as the first named ASSURED for the purposes of this Bond.


Representation Made By	B.	The ASSURED represents that all information it has furnished in the
Assured		APPLICATION for this Bond or otherwise is complete, true and correct. Such
		APPLICATION and other information constitute part of this Bond.

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


General Agreements
(continued)

Additional Offices Or	C.	If the ASSURED, other than an Investment Company, while this Bond is in force,
Employees - Consolidation,		merges or consolidates with, or purchases or acquires assets or liabilities of
Merger Or Purchase Or		another institution, the ASSURED shall not have the coverage afforded under this
Acquisition Of Assets Or		Bond for loss which has:
Liabilities - Notice To		(1	)	occurred or will occur on premises, or
Company
		(2	)	been caused or will be caused by an employee, or
		(3	)	arisen or will arise out of the assets or liabilities, of such institution, unless the ASSURED:

		a.		gives the COMPANY written notice of the proposed consolidation, merger or
				purchase or acquisition of assets or liabilities prior to the proposed effective
				date of such action, and
		b.		obtains the written consent of the COMPANY to extend some or all of the
				coverage provided by this Bond to such additional exposure, and
		c.		on obtaining such consent, pays to the COMPANY an additional premium.


Change Of Control -	D.	When the ASSURED learns of a change in control (other than in an Investment
Notice To Company		Company), as set forth in Section 2(a) (9) of the Investment Company Act of
		1940, the ASSURED shall within sixty (60) days give written notice to the COMPANY setting forth:

		(1	)	the names of the transferors and transferees (or the names of the beneficial
				owners if the voting securities are registered in another name),
		(2	)	the total number of voting securities owned by the transferors and the
				transferees (or the beneficial owners), both immediately before and after the
				transfer, and
		(3	)	the total number of outstanding voting securities.
		Failure to give the required notice shall result in termination of coverage for any
		loss involving a transferee, to be effective on the date of such change in control.


Court Costs And	E.	The COMPANY will indemnify the ASSURED for court costs and reasonable
Attorneys’ Fees		attorneys' fees incurred and paid by the ASSURED in defense, whether or not
		successful, whether or not fully litigated on the merits and whether or not settled,
		of any claim, suit or legal proceeding with respect to which the ASSURED would
		be entitled to recovery under this Bond. However, with respect to INSURING
		CLAUSE 1., this Section shall only apply in the event that:
		(1	)	an Employee admits to being guilty of Larceny or Embezzlement,
		(2	)	an Employee is adjudicated to be guilty of Larceny or Embezzlement, or


General Agreements


Court Costs And	(3)	in the absence of 1 or 2 above, an arbitration panel agrees, after a review of
Attorneys’ Fees		an agreed statement of facts between the COMPANY and the ASSURED,
(continued)		that an Employee would be found guilty of Larceny or Embezzlement if such Employee were prosecuted.


	The ASSURED shall promptly give notice to the COMPANY of any such suit or
	legal proceeding and at the request of the COMPANY shall furnish copies of all
	pleadings and pertinent papers to the COMPANY. The COMPANY may, at its
	sole option, elect to conduct the defense of all or part of such legal proceeding.
	The defense by the COMPANY shall be in the name of the ASSURED through
	attorneys selected by the COMPANY. The ASSURED shall provide all reasonable
	information and assistance as required by the COMPANY for such defense.

	If the COMPANY declines to defend the ASSURED, no settlement without the
	prior written consent of the COMPANY nor judgment against the ASSURED shall
	determine the existence, extent or amount of coverage under this Bond.

	If the amount demanded in any such suit or legal proceeding is within the
	DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court
	costs and attorney's fees incurred in defending all or part of such suit or legal
	proceeding.

	If the amount demanded in any such suit or legal proceeding is in excess of the
	LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable
	INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees
	incurred in defending all or part of such suit or legal proceedings is limited to the
	proportion of such court costs and attorney's fees incurred that the LIMIT OF
	LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING
	CLAUSE bears to the total of the amount demanded in such suit or legal
	proceeding.

	If the amount demanded is any such suit or legal proceeding is in excess of the
	DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM
	2. of the DECLARATIONS for the applicable INSURING CLAUSE, the
	COMPANY'S liability for court costs and attorney's fees incurred in defending all or
	part of such suit or legal proceedings shall be limited to the proportion of such
	court costs or attorney's fees that the amount demanded that would be payable
	under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total
	amount demanded.

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


Conditions And
Limitations


Definitions	(8	)	each natural person, partnership or corporation authorized by written
(continued)			agreement with the ASSURED to perform services as electronic data
			processor of checks or other accounting records related to such checks but
			only while such person, partnership or corporation is actually performing
			such services and not:

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

			b.	acting as transfer agent or in any other agency capacity in issuing
				checks, drafts or securities for the ASSURED,

	(9	)	any partner, officer or employee of an investment advisor, an underwriter
			(distributor), a transfer agent or shareholder accounting recordkeeper, or an
			administrator, for an Investment Company while performing acts coming
			within the scope of the customary and usual duties of an officer or employee
			of an Investment Company or acting as a member of any committee duly
			elected or appointed to examine, audit or have custody of or access to
			Property of an Investment Company.

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


Conditions And
Limitations


Definitions	f.	Forgery means the signing of the name of another natural person with the
(continued)		intent to deceive but does not mean a signature which consists in whole or in
		part of one's own name, with or without authority, in any capacity for any
		purpose.

	g.	Investment Company means any investment company registered under the
		Investment Company Act of 1940 and listed under the NAME OF ASSURED
		on the DECLARATIONS.

	h.	Items of Deposit means one or more checks or drafts drawn upon a
		financial institution in the United States of America.

	i.	Larceny or Embezzlement means larceny or embezzlement as defined in
		Section 37 of the Investment Company Act of 1940.

	j.	Property means money, revenue and other stamps; securities; including any
		note, stock, treasury stock, bond, debenture, evidence of indebtedness,
		certificate of deposit, certificate of interest or participation in any profit-
		sharing agreement, collateral trust certificate, preorganization certificate or
		subscription, transferable share, investment contract, voting trust certificate,
		certificate of deposit for a security, fractional undivided interest in oil, gas, or
		other mineral rights, any interest or instruments commonly known as a
		security under the Investment Company Act of 1940, any other certificate 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.


Conditions And
Limitations


Definitions			m.	Subsidiary means any organization that, at the inception date of this Bond,
(continued)				is named in the APPLICATION or is created during the BOND PERIOD and
				of which more than fifty percent (50%) of the outstanding securities or voting
				rights representing the present right to vote for election of directors is owned
				or controlled by the ASSURED either directly or through one or more of its
				subsidiaries.

			n.	Transportation Company means any organization which provides its own
				or its leased vehicles for transportation or which provides freight forwarding
				or air express services.

			o.	Voice Initiated Election means any election concerning dividend options
				available to Investment Company shareholders or subscribers which is
				requested by voice over the telephone.

			p.	Voice Initiated Redemption means any redemption of shares issued by 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 -	2	.	This bond does not directly or indirectly cover:
Applicable to All Insuring			a.	loss not reported to the COMPANY in writing within sixty (60) days after
Clauses				termination of this Bond as an entirety;

			b.	loss due to riot or civil commotion outside the United States of America and
				Canada, or any loss due to military, naval or usurped power, war or
				insurrection. This Section 2.b., however, shall not apply to loss which occurs
				in transit in the circumstances recited in INSURING CLAUSE 3., provided
				that when such transit was initiated there was no knowledge on the part of
				any person acting for the ASSURED of such riot, civil commotion, military,
				naval or usurped power, war or insurrection;

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

			d.	loss of potential income including, but not limited to, interest and dividends
				not realized by the ASSURED or by any customer of the ASSURED;

			e.	damages of any type for which the ASSURED is legally liable, except
				compensatory damages, but not multiples thereof, arising from a loss
				covered under this Bond;

			f.	costs, fees and expenses incurred by the ASSURED in establishing the
				existence of or amount of loss under this Bond, except to the extent covered
				under INSURING CLAUSE 11.;

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


Conditions And
Limitations

General Exclusions -			h.	loss resulting from dishonest acts by any member of the Board of Directors
Applicable to All Insuring				or Board of Trustees of the ASSURED who is not an Employee, acting
Clauses				alone or in collusion with others;
(continued)			i.	loss, or that part of any loss, resulting solely from any violation by the ASSURED or by any Employee:

				(1	)	of any law regulating:
						a.	the issuance, purchase or sale of securities,
						b.	securities transactions on security or commodity exchanges or
							the over the counter market,
						c.	investment companies,
						d.	investment advisors, or
				(2	)	of any rule or regulation made pursuant to any such law; or
			j.	loss of confidential information, material or data;
			k.	loss resulting from voice requests or instructions received over the
				telephone, provided however, this Section 2.k. shall not apply to INSURING
				CLAUSE 7. or 9.


Specific Exclusions -	3	.	This Bond does not directly or indirectly cover:
Applicable To All Insuring			a.	loss caused by an Employee, provided, however, this Section 3.a. shall not
Clauses Except Insuring				apply to loss covered under INSURING CLAUSE 2. or 3. which results
Clause 1.				directly from misplacement, mysterious unexplainable disappearance, or
damage or destruction of Property;
			b.	loss through the surrender of property away from premises of the ASSURED
				as a result of a threat:
				(1	)	to do bodily harm to any natural person, except loss of Property in
						transit in the custody of any person acting as messenger of the
						ASSURED, provided that when such transit was initiated there was no
						knowledge by the ASSURED of any such threat, and provided further
						that this Section 3.b. shall not apply to INSURING CLAUSE 7., or
				(2	)	to do damage to the premises or Property of the ASSURED;
			c.	loss resulting from payments made or withdrawals from any account
				involving erroneous credits to such account;
			d.	loss involving Items of Deposit which are not finally paid for any reason
				provided however, that this Section 3.d. shall not apply to INSURING
				CLAUSE 10.;
			e.	loss of property while in the mail;


Conditions And
Limitations


Specific Exclusions -			f.	loss resulting from the failure for any reason of a financial or depository
Applicable To All Insuring				institution, its receiver or other liquidator to pay or deliver funds or other
Clauses Except Insuring				Property to the ASSURED provided further that this Section 3.f. shall not
Clause 1.				apply to loss of Property resulting directly from robbery, burglary,
(continued)				misplacement, mysterious unexplainable disappearance, damage,
				destruction or removal from the possession, custody or control of the
				ASSURED.

			g.	loss of Property while in the custody of a Transportation Company,
				provided however, that this Section 3.g. shall not apply to INSURING
				CLAUSE 3.;

			h.	loss resulting from entries or changes made by a natural person with
				authorized access to a Computer System who acts in good faith on
				instructions, unless such instructions are given to that person by a software
				contractor or its partner, officer, or employee authorized by the ASSURED to
				design, develop, prepare, supply, service, write or implement programs for
				the ASSURED's Computer System; or

			i.	loss resulting directly or indirectly from the input of data into a Computer
				System terminal, either on the premises of the customer of the ASSURED
				or under the control of such a customer, by a customer or other person who
				had authorized access to the customer's authentication mechanism.


Specific Exclusions -	4	.	This bond does not directly or indirectly cover:
Applicable To All Insuring			a.	loss resulting from the complete or partial non-payment of or default on any
Clauses Except Insuring				loan whether such loan was procured in good faith or through trick, artifice,
Clauses 1., 4., And 5.				fraud or false pretenses; provided, however, this Section 4.a. shall not apply
				to INSURING CLAUSE 8.;

			b.	loss resulting from forgery or any alteration;

			c.	loss involving a counterfeit provided, however, this Section 4.c. shall not
				apply to INSURING CLAUSE 5. or 6.


Limit Of Liability/Non-	5	.	At all times prior to termination of this Bond, this Bond shall continue in force for
Reduction And Non-			the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,
Accumulation Of Liability			notwithstanding any previous loss for which the COMPANY may have paid or be
			liable to pay under this Bond provided, however, that the liability of the COMPANY
			under this Bond with respect to all loss resulting from:

			a.	any one act of burglary, robbery or hold-up, or attempt thereat, in which no
				Employee is concerned or implicated, or

			b.	any one unintentional or negligent act on the part of any one person
				resulting in damage to or destruction or misplacement of Property, or

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


Conditions And
Limitations


Limit Of Liability/Non-			d. any one casualty or event other than those specified in a., b., or c. above,
Reduction And Non-			shall be deemed to be one loss and shall be limited to the applicable LIMIT OF
Accumulation Of Liability			LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of
(continued)			the total amount of such loss or losses and shall not be cumulative in amounts
			from year to year or from period to period.

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

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

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

			whether such acts are committed with or without the knowledge of the wrongful
			acts of the person so aided, and whether such acts are committed with or without
			the intent to aid such other person, shall be deemed to be one loss with the
			wrongful acts of all persons so aided.


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 -	7	.	a.	The ASSURED shall give the COMPANY notice thereof at the earliest
Proof - Legal Proceedings				practicable moment, not to exceed sixty (60) days after discovery of loss, in
Against Company				an amount that is in excess of 50% of the applicable DEDUCTIBLE
				AMOUNT, as stated in ITEM 2. of the DECLARATIONS.

			b.	The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,
				with full particulars within six (6) months after such discovery.

			c.	Securities listed in a proof of loss shall be identified by certificate or bond
				numbers, if issued with them.

			d.	Legal proceedings for the recovery of any loss under this Bond shall not be
				brought prior to the expiration of sixty (60) days after the proof of loss is filed
				with the COMPANY or after the expiration of twenty-four (24) months from
				the discovery of such loss.

			e.	This Bond affords coverage only in favor of the ASSURED. No claim, suit,
				action or legal proceedings shall be brought under this Bond by anyone
				other than the ASSURED.


Conditions And
Limitations


Notice To Company -			f.	Proof of loss involving Voice Initiated Funds Transfer Instruction shall
Proof - Legal Proceedings				include electronic recordings of such instructions.
Against Company
(continued)


Deductible 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.


Conditions And
Limitations
(continued)


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 - 11.			In the event of a payment under this Bond, the COMPANY shall be subrogated to
Recovery			all of the ASSURED'S rights of recovery against any person or entity to the extent
			of such payment. On request, the ASSURED shall deliver to the COMPANY 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


Conditions And
Limitations


Subrogation - Assignment -			d.	fourth, to the ASSURED in satisfaction of any loss suffered by the
Recovery				ASSURED which was not covered under this Bond.
(continued)			Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a
			recovery under this section.


Cooperation Of 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.


Conditions And
Limitations


Termination			If any partner, director, trustee, or officer or supervisory employee of an
(continued)			ASSURED not acting in collusion with an Employee learns of any dishonest act
			committed by such Employee at any time, whether in the employment of the
			ASSURED or otherwise, whether or not such act is of the type covered under this
			Bond, and whether against the ASSURED or any other person or entity, the
			ASSURED:

			a.	shall immediately remove such Employee from a position that would enable
				such Employee to cause the ASSURED to suffer a loss covered by this
				Bond; and

			b.	within forty-eight (48) hours of learning that an Employee has committed
				any dishonest act, shall notify the COMPANY, of such action and provide full
particulars of such dishonest act.

			The COMPANY may terminate coverage as respects any Employee sixty (60)
			days after written notice is received by each ASSURED Investment Company
			and the Securities and Exchange Commission, Washington, D.C. of its desire to
			terminate this Bond as to such Employee.


Other 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.


					FEDERAL INSURANCE COMPANY

					Endorsement No.: 2 Bond

					Bond Number: 81951478



NAME OF ASSURED:					DELAWARE INVESTMENT ADVISERS

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.


				FEDERAL INSURANCE COMPANY

				Endorsement No.: 3 Bond

				Bond Number: 81951478



NAME OF ASSURED: DELAWARE INVESTMENT ADVISERS

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


							FEDERAL INSURANCE COMPANY
							Endorsement No.: 4 Bond
							Bond Number: 81951478


NAME OF ASSURED: DELAWARE INVESTMENT ADVISERS
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, 2010.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.


						FEDERAL INSURANCE COMPANY
						Endorsement No.: 5 Bond
						Bond Number: 81951478


NAME OF ASSURED: DELAWARE INVESTMENT ADVISERS
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.


				FEDERAL INSURANCE COMPANY

				Endorsement No.: 6 Bond

				Bond Number: 81951478



NAME OF ASSURED: DELAWARE INVESTMENT ADVISERS

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.


				FEDERAL INSURANCE COMPANY

				Endorsement No. 10 Bond

				Bond Number: 81951478

NAME OF ASSURED: DELAWARE INVESTMENT ADVISERS



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 Money	$	20,000,000	$	50,000
7	.	Threats to Person	$	Not covered	$	n/a
8	.	Computer System	$	20,000,000	$	50,000
9	.	Voice Initiated Funds Transfer Instruction	$	20,000,000	$	50,000
10	.	Uncollectible Items of Deposit	$	50,000	$	10,000
11	.	Audit Expense	$	100,000	$	0
12	.	Telefacsimile Instruction Fraud	$	20,000,000	$	50,000
13	.	Automated Telephone Transaction	$	20,000,000	$	50,000
14	.	Stop Payment Order or Refusal to Pay Check	$	20,000,000	$	50,000
15	.	Unauthorized Signature	$	50,000	$	10,000
16	.	Extended Computer Systems	$	20,000,000	$	50,000
17	.	Claims Expense	$	100,000	$	0



This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2010.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.


		FEDERAL INSURANCE COMPANY
		Endorsement No.: 11 Bond
		Bond Number: 81951478


NAME OF ASSURED: DELAWARE INVESTMENT ADVISERS
AUTOMATIC ACQUISITION PERCENTAGE THRESHOLD ENDORSEMENT
It is agreed that this Bond is amended by deleting in its entirety General Agreement C., Additional Offices
or Employees-Consolidation, Merger or Purchase or Acquisition of Assets or Liabilities-Notice To
Company, and substituting the following:
C. Additional Offices or Employees-Consolidation, Merger or Purchase or Acquisition Of Assets or
Liabilities-Notice to Company
If the ASSURED, other than an Investment Company, while this Bond is in force, merges or
consolidates with, or purchases or acquires assets or liabilities of another institution, the ASSURED
shall not have the coverage afforded under this Bond for loss which has:
(1	)	occurred or will occur on premises,
(2	)	been caused or will be caused by an employee, or
(3	)	arisen or will arise out of the assets or liabilities,
of such institution, unless the ASSURED:
a.		gives the COMPANY written notice of the proposed consolidation, merger or purchase or
		acquisition of assets or liabilities prior to the proposed effective date of such action, and
b.		obtains the written consent of the COMPANY to extend some or all of the coverage provided
		by this Bond to such additional exposure, and
c.		on obtaining such consent, pays to the COMPANY an additional premium.
Notwithstanding anything stated above to the contrary, the COMPANY hereby agrees to provide
coverage which shall be effective on the date of acquisition under this Bond for those acquired
institutions in which the ASSURED owns greater than fifty percent (50%) of the voting stock or
voting rights either directly or through one or more of its subsidiaries for the remainder of the BOND
PERIOD, with no additional premium, provided the acquired institution meets all of the following
conditions:
i.		the assets shall not exceed twenty five percent (25%) of the ASSURED’S assets,
ii.		there shall be neither any paid nor pending Bond claim for the three (3) year period prior to
		the date of acquisition, and
iii.		the ASSURED is not aware of any disciplinary action or proceeding by State or Federal
		officials involving the acquired institution as of the date of acquisition.

POLICYHOLDER

DISCLOSURE NOTICE OF

TERRORISM INSURANCE COVERAGE

(for policies with no terrorism exclusion or sublimit)

You are hereby notified that, under the Terrorism Risk Insurance Act (the “Act”), effective

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

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

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

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

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

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

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

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

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

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

terrorism is partially reimbursed by the United States under the formula set forth in the

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

exceed the statutorily established deductible to be paid by the insurance company

providing the coverage.

However, if aggregate insured losses attributable to terrorist acts certified under the Act

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

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

$100 billion.


DELAWARE INVESTMENT ADVISERS
2005 MARKET STREET
PHILADELPHIA, PA 19103


Re: Financial Strength
Insuring Company: FEDERAL INSURANCE COMPANY

Dear DELAWARE INVESTMENT ADVISERS

Chubb continues to deliver strong financial performance. Our financial strength, as reflected in
our published reports and our ratings, should give you peace of mind that Chubb will be there
for you when you need us most.
ƒ	Chubb’s financial results during 2009 stand out in the industry.
ƒ	Chubb’s balance sheet is backed with investments that we believe emphasize quality,
	safety, and liquidity, with total invested assets of $42.0 billion as of September 30, 2009.
ƒ	With 127 years in the business, Chubb is here for the long term, which is why we
	vigorously guard our financial strength and take what we believe is a prudent approach
	to assuming risk –on both the asset and liability sides of our balance sheet.
ƒ	Chubb is one of the most highly rated property and casualty companies in the industry,
	which is a reflection of our overall quality, strong financial condition, and strong capital
	position.
	o	Chubb’s financial strength rating is “A++” from A.M. Best Company, “AA” from
		Fitch, “Aa2” from Moody’s, and “AA” from Standard & Poor’s – the leading
		independent evaluators of the insurance industry.
	o	Chubb’s senior unsecured corporate debt rating from Standard & Poor’s was
		upgraded from “A” to “A+” on December 15, 2008. Standard & Poor’s also
		reaffirmed all of Chubb’s ratings with a “stable” outlook
	o	A.M. Best, Fitch, and Moody’s recently affirmed all of Chubb’s ratings with a
		“stable” outlook. (For reference, A.M. Best reaffirmed us on 12/23/08, Moody’s on
		2/4/09, and Fitch on 2/13/09.)
	o	For more than 50 years, Chubb has remained part of an elite group of insurers
		that have maintained A.M. Best’s highest ratings.
ƒ	Chubb was named to Standard & Poor’s list of S&P 500 Dividend Aristocrats, one of 52
	companies in the S&P 500 index that have increased dividends every year for at least 25
	consecutive years.
ƒ	Chubb’s investment portfolio has held up extremely well. Chubb takes what we believe
	is a conservative approach to selecting and managing our assets. Furthermore, Chubb
	does not have any direct exposure to the subprime mortgage-backed securities market,
	and we stopped doing new credit derivative business in 2003 and put existing business
	in runoff.

Rarely has Chubb’s business philosophy – to underwrite conservatively and invest judiciously –
been more important than it is today. By adhering to this philosophy, we now have the capacity
and flexibility to respond to opportunities, especially when you engage us in fully understanding
your business risks.

We want you to know that Chubb is well-positioned to continue serving your needs with our
underwriting expertise; broad underwriting appetite across all property, casualty, and specialty
lines; and claim services. If you have any questions, feel free to call your agent or broker or your
local Chubb underwriter. As always, we appreciate the trust you place is us as your insurance
partner.

JOINT INSURANCE AGREEMENT

THIS JOINT INSURANCE AGREEMENT, dated as of October 31, 2010, is by and among the funds comprising the Delaware Investments Family of Funds (listed on Schedule A hereto) (the "Funds").

BACKGROUND

THIS AGREEMENT is entered into with the following background:

A. Section 17(g) of the Investment Company Act of 1940 (the "Act") authorizes the Securities and Exchange Commission ("SEC") to require that the officers and employees of registered management investment companies be bonded against larceny and embezzlement, and the SEC has promulgated Rule 17g-1 requiring such coverage in specified minimum amounts.

B. The Funds have obtained and maintain the bonds and policies of insurance providing coverage against larceny and embezzlement by their officers and employees set forth in Attachment I hereto (the “Joint Bonds”).

C. The Board of Trustees/Directors of each Fund, by vote of a majority of its members including a majority of those members of the Board of each Fund who are not "interested persons" as defined by Section 2 (a) (19) of the Act, has given due consideration to all factors relevant to the amount, type, form, coverage and apportionment of recoveries and premiums on the Joint Bonds and has approved the form, term and amount of the Joint Bonds, the portion of the premiums payable by each Fund, and the manner in which recovery on the Joint Bonds ("Joint Bond Proceeds"), if any, shall be shared by and among the parties hereto as hereinafter set forth.

NOW, THEREFORE, IT IS HEREBY AGREED by and among the parties hereto as follows:

1. ALLOCATION OF PROCEEDS

a. In the event a single party suffers a loss or losses covered under the Joint Bonds, the party suffering such loss or losses shall be entitled to be indemnified up to the full amount of the Joint Bond Proceeds.

b. If more than one party is damaged in a single loss for which Joint Bond Proceeds are received, each such party shall receive that portion of the Joint Bond Proceeds which represents the loss sustained by that party, unless the recovery is inadequate to indemnify fully each such party. If the recovery is inadequate to indemnify fully each such party sustaining a loss, the Joint Bond Proceeds shall be allocated among such parties as follows:

(1)

Each party sustaining a loss shall be allocated an amount equal to the lesser of its actual loss or the minimum amount of bond coverage then allocated to such party in accordance with Rule 17g-1. Any party not fully indemnified for its insurable losses as a result of this allocation is hereafter referred to as an "Unindemnified Party".

(2)

The remaining portion of the Joint Bond Proceeds, if any, shall be allocated to each Unindemnified Party in the same proportion as such party's allocation of minimum bond coverage (in accordance with Rule 17g-1) bears to the aggregate of the minimum bond coverage amounts for all Unindemnified Parties, provided that no party shall receive Joint Bond Proceeds in excess of its actual insurable losses.

ALLOCATION OF PREMIUMS

a. The premiums payable with respect to the Joint Bonds shall be allocated to each of the parties hereto on an annual basis (and, in the event any increased or additional premium is required to be paid during the year, as of the date such increased or additional premium is due) in the same proportion as each party's minimum amount of bond coverage as then reflected on Attachment II hereto shall bear to the total of such minimum coverage.

3. BOND COVERAGE REQUIREMENTS AND CHANGES

a. Each party hereto has determined that the minimum amount of fidelity bond coverage deemed appropriate to be maintained by it as of the date of this Agreement is as set forth opposite its name in Attachment II hereto. Each of the Funds represents and warrants to each of the other parties hereto that the minimum amount of coverage required of it under Rule 17g-1(d)(1) as of the date hereof is not more than the amount reflected opposite its name in Attachment II hereto. Each of the Funds further agrees that it will promptly take such steps as may be necessary, from time to time, to increase its minimum coverage as set forth in Attachment II hereto (and, if necessary, the face amount of the Joint Bonds) so that its minimum coverage as therein set forth shall at no time be less than the minimum coverage required of it under Rule 17g-1(d)(1).

b. The parties hereto may, from time to time hereafter, agree to modify Attachment II hereto to reflect changes in allocation of premium and coverage. All references in this Agreement to "Attachment II" shall be to such Attachment as amended as of the relevant date on which premiums are to be allocated or losses are sustained.

4. ADDITION OF NEW FUNDS AND OTHER ENTITIES

The parties to this Agreement contemplate that additional funds or other related entities permitted by Rule 17g-1 ("Additional Entities") may be added to Delaware Investments from time to time after the date of this Agreement. In the event an Additional Entity is organized, such Entity may be included as an additional party to this Agreement if the Board of Trustees/Directors of each of the Funds (including an Additional Fund if it is being added) approve such addition and establish a revised minimum allocation of bond coverage. The inclusion of an Additional Entity as a party to this Agreement shall be evidenced by such Entity's execution of the Addendum to this Agreement and all references herein to the "Funds" shall include any such Additional Entities.

5. TERM OF AGREEMENT

This Agreement shall apply to the present fidelity bond coverage and any renewals or replacements thereof and shall continue until terminated by any party hereto upon the giving of not less than sixty days written notice to the other parties.

6. DISPUTES

Any dispute arising under this Agreement shall be submitted to arbitration in the City of Philadelphia, Pennsylvania under the Rules of the American Arbitration Association, and the decision rendered therein shall be final and binding upon the parties hereto.

7. GOVERNING LAW

This Agreement shall be governed by, and construed in accordance with the laws of the Commonwealth of Pennsylvania, to the extent not inconsistent with applicable provisions of the Act and the rules and regulations promulgated thereunder by the SEC.

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have caused this Agreement to be executed by a duly authorized officer or representative as of the date first written above.

DELAWARE INVESTMENTS FAMILY OF FUNDS on behalf of those Funds listed

on Schedule A

By: /s/Patrick P. Coyne

Patrick P. Coyne

President

SCHEDULE A TO

JOINT INSURANCE AGREEMENT

DATED AS OF OCTOBER 31, 2010

DELAWARE INVESTMENT FAMILY OF FUNDS

FUND

Delaware Group Adviser Funds

Delaware Diversified Income Fund

Delaware U.S. Growth Fund

Delaware Group Cash Reserve

Delaware Cash Reserve Fund

Delaware Group Equity Funds I

Delaware Mid Cap Value Fund

Delaware Group Equity Funds II

Delaware Large Cap Value Fund

Delaware Value Fund

Delaware Group Equity Funds III

(no funds)

Delaware Group Equity Funds IV

Delaware Smid Cap Growth Fund

(formerly, Delaware Growth Opportunities Fund)

Delaware Macquarie Global Real Estate Fund

(formerly, Delaware Global Real Estate Securities Fund)

Delaware Healthcare Fund

Delaware Group Equity Funds V

Delaware Dividend Income Fund

Delaware Small Cap Core Fund

Delaware Small Cap Value Fund

Delaware Group Foundation Funds

Delaware Foundation Growth Allocation Fund (formerly Delaware Aggressive Allocation Portfolio)

Delaware Foundation Conservative Allocation Fund (formerly Delaware Conservative Allocation Portfolio)

Delaware Foundation Moderate Allocation Fund (formerly Delaware Moderate Allocation Portfolio)

Delaware Foundation Equity Fund

Delaware Group Global & International Funds

Delaware Emerging Markets Fund

Delaware Global Value Fund

Delaware International Value Equity Fund

Delaware Focus Global Growth Fund

Delaware Macquarie Global Infrastructure Fund

Delaware Group Government Fund

Delaware Core Plus Bond Fund

Delaware Inflation Protected Bond Fund

FUND

Delaware Group Income Funds

Delaware Corporate Bond Fund

Delaware Extended Duration Bond Fund

Delaware High-Yield Opportunities Fund

Delaware Core Bond Fund

Delaware Diversified Floating Rate Fund

Delaware Group Limited-Term Government Funds

Delaware Limited-Term Diversified Income Fund

Delaware Group State Tax-Free Income Trust

Delaware Tax-Free Pennsylvania Fund

Delaware Group Tax Free Fund

Delaware Tax-Free USA Fund

Delaware Tax-Free USA Intermediate Fund

Delaware Group Tax-Free Money Fund

(no funds)

Delaware Pooled Trust

The Core Focus Fixed Income Portfolio

The Core Plus Fixed Income Portfolio

The Delaware Macquarie Real Estate Portfolio

The Emerging Markets Portfolio

The Emerging Markets Portfolio II

The Focus Smid-Cap Growth Equity Portfolio

The Global Fixed Income Portfolio

The Global Real Estate Securities Portfolio

The High-Yield Bond Portfolio

The International Equity Portfolio

The International Fixed Income Portfolio

The Labor Select International Equity Portfolio

The Large-Cap Growth Equity Portfolio

The Large-Cap Value Equity Portfolio

The Real Estate Investment Trust Portfolio

(also known as Delaware REIT Fund)

The Real Estate Investment Trust Portfolio II

The Select 20 Portfolio

FUND

Delaware VIP Trust

Delaware VIP Cash Reserve Series

Delaware VIP Diversified Income Series

Delaware VIP Emerging Markets Series

Delaware VIP Smid Cap Growth Series

(formerly, Delaware VIP Growth Opportunities Series)

Delaware VIP High Yield Series

Delaware VIP International Value Equity Series

Delaware VIP Limited-Term Diversified Income Series

(formerly, Delaware VIP Capital Reserves Series)

Delaware VIP REIT Series

Delaware VIP Small Cap Value Series

Delaware VIP U.S. Growth Series

Delaware VIP Value Series

Voyageur Insured Funds

Delaware Tax-Free Arizona Fund

Voyageur Intermediate Tax Free Funds

Delaware Tax-Free Minnesota Intermediate Fund

Voyageur Mutual Funds

Delaware Minnesota High-Yield Municipal Bond Fund

Delaware National High-Yield Municipal Bond Fund

Delaware Tax-Free California Fund

Delaware Tax-Free Idaho Fund

Delaware Tax-Free New York Fund

Voyageur Mutual Funds II

Delaware Tax-Free Colorado Fund

Voyageur Mutual Funds III

Delaware Select Growth Fund

Delaware Large Cap Core Fund

Voyageur Tax Free Funds

Delaware Tax-Free Minnesota Fund

FUND

Delaware Investments Dividend and Income Fund, Inc.

Delaware Investments Global Dividend and Income Fund, Inc.

Delaware Investments Arizona Municipal Income Fund, Inc.

Delaware Investments Colorado Municipal Income Fund, Inc.

Delaware Investments National Municipal Income Fund

Delaware Investments Minnesota Municipal Income Fund II, Inc.

Delaware Enhanced Global Dividend and Income Fund

ATTACHMENT II TO

JOINT INSURANCE AGREEMENT

DATED AS OF OCTOBER 31, 2010

DELAWARE INVESTMENTS FAMILY OF FUNDS

FUND	MINIMUM AMOUNT OF FIDELITY BOND COVERAGE
Delaware Group Adviser Funds
Delaware Diversified Income Fund	$	2,500,000
Delaware U.S. Growth Fund

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

Delaware Group Equity Funds I
Delaware Mid Cap Value Fund	$	200,000

Delaware Group Equity Funds II
Delaware Large Cap Value Fund	$	1,250,000
Delaware Value Fund

Delaware Group Equity Funds III
(no funds)		0



Delaware Group Equity Funds IV
Delaware Smid Cap Growth Fund (formerly, Delaware Growth Opportunities Fund)	$	1,000,000
Delaware Macquarie Global Real Estate Fund (formerly, Delaware Global Real Estate Securities Fund) Delaware Healthcare Fund

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

Delaware Group Foundation Funds
Delaware Foundation Growth Allocation Fund (formerly Delaware Aggressive Allocation Portfolio)	$	900,000
Delaware Foundation Conservative Allocation Fund (formerly Delaware Conservative Allocation Portfolio)
Delaware Foundation Moderate Allocation Fund (formerly Delaware Moderate Allocation Portfolio)
Delaware Foundation Equity Fund
Delaware Group Global & International Funds
Delaware Emerging Markets Fund	$	1,500,000
Delaware Global Value Fund
Delaware International Value Equity Fund
Delaware Focus Global Growth Fund Delaware Macquarie Global Infrastructure Fund
Delaware Group Government Fund
Delaware Core Plus Bond Fund	$	750,000
Delaware Inflation Protected Bond Fund

FUND	MINIMUM AMOUNT OF FIDELITY BOND COVERAGE
Delaware Group Income Funds
Delaware Corporate Bond Fund
Delaware Extended Duration Bond Fund	$	1,500,000
Delaware High-Yield Opportunities Fund
Delaware Core Bond Fund Delaware Diversified Floating Rate Fund

Delaware Group Limited-Term Government Funds
Delaware Limited-Term Diversified Income Fund	$	1,950,000

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

Delaware Group Tax Free Fund
Delaware Tax-Free USA Fund	$	1,250,000
Delaware Tax-Free USA Intermediate Fund

Delaware Group Tax-Free Money Fund
(no funds)		0

Delaware Pooled Trust
The Core Focus Fixed Income Portfolio
The Core Plus Fixed Income Portfolio The Delaware Macquarie Real Estate Portfolio
The Emerging Markets Portfolio The Emerging Markets Portfolio II
The Focus Smid-Cap Growth Equity Portfolio	$	2,100,000
The Global Fixed Income Portfolio
The Global Real Estate Securities Portfolio
The High-Yield Bond Portfolio
The International Equity Portfolio
The International Fixed Income Portfolio
The Labor Select International Equity Portfolio
The Large-Cap Growth Equity Portfolio
The Large-Cap Value Equity Portfolio
The Real Estate Investment Trust Portfolio
(also known as Delaware REIT Fund)
The Real Estate Investment Trust Portfolio II
The Select 20 Portfolio

FUND	MINIMUM AMOUNT OF FIDELITY BOND COVERAGE
Delaware VIP Trust
Delaware VIP Cash Reserve Series
Delaware VIP Diversified Income Series
Delaware VIP Emerging Markets Series	$	2,500,000
Delaware VIP Smid Cap Growth Series (formerly, Delaware VIP Growth Opportunities Series)
Delaware VIP High Yield Series
Delaware VIP International Value Equity Series
Delaware VIP Limited-Term Diversified Income Series (formerly, Delaware VIP capital Reserves Series)
Delaware VIP REIT Series
Delaware VIP Small Cap Value Series
Delaware VIP U.S. Growth Series
Delaware VIP Value Series

Voyageur Insured Funds
Delaware Tax-Free Arizona Fund	$	525,000

Voyageur Intermediate Tax Free Funds
Delaware Tax-Free Minnesota Intermediate Fund	$	525,000

Voyageur Mutual Funds
Delaware Minnesota High-Yield Municipal Bond Fund
Delaware National High-Yield Municipal Bond Fund	$	900,000
Delaware Tax-Free California Fund
Delaware Tax-Free Idaho Fund
Delaware Tax-Free New York Fund

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

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

Voyageur Tax Free Funds
Delaware Tax-Free Minnesota Fund	$	900,000

FUND	MINIMUM AMOUNT OF FIDELITY BOND COVERAGE
Delaware Investments Dividend and Income Fund, Inc.	$	450,000

Delaware Investments Global Dividend and Income Fund, Inc.	$	400,000

Delaware Investments Arizona Municipal Income Fund, Inc.	$	350,000

Delaware Investments Colorado Municipal Income Fund, Inc.	$	400,000

Delaware Investments National Municipal Income Fund	$	300,000

Delaware Investments Minnesota Municipal Income Fund II, Inc.	$	600,000
Delaware Enhanced Global Dividend and Income Fund	$	600,000


Total	$	27,500,000


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, 2010.


ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.


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, 2010.


ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.


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, 2010.


ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.


FEDERAL INSURANCE COMPANY
Endorsement No.: 7 Bond
Bond Number: 81951478

NAME OF ASSURED: DELAWARE INVESTMENT ADVISERS
NON-CUMULATIVE ENDORSEMENT
It is agreed that in the event of a loss covered under this Bond and also covered under FEDERAL
INSURANCE COMPANY'S bond No. 81951477 issued to DELAWARE MANAGEMENT HOLDINGS, INC.,
the SINGLE LOSS LIMIT OF LIABILITY under this Bond shall be reduced by any payment under bond No.
81951477 and only the remainder, if any, shall be applicable to such loss hereunder.
Name and Address of Assured:
DELAWARE INVESTMENT ADVISERS
2005 MARKET STREET
PHILADELPHIA, PA 19103

Signature of Assured’s Representative

Position/Title

Date
This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2010.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.


			FEDERAL INSURANCE COMPANY
			Endorsement No.: 12 Bond
			Bond Number: 81951478


NAME OF ASSURED: DELAWARE INVESTMENT ADVISERS
AMENDING DEFINITION OF EMPLOYEE-FORMER EMPLOYEES ENDORSEMENT
It is agreed that this Bond is amended by adding to the definition of Employee in Section 1., Definitions, the
following:
(10	)	a natural person who resigns, retires or is terminated from the service of the ASSURED during the
		BOND PERIOD provided that this applies:
		a.	for a period of ninety (90) days subsequent to such resignation, retirement or termination but
			not beyond the date of expiration or termination of the Bond; and
		b.	if such resignation, retirement or termination has not arisen from or in connection with the
			discovery by the ASSURED of any actual or alleged dishonest, fraudulent or criminal act(s) of
			such person.




This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2010.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.


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


FEDERAL INSURANCE COMPANY

Endorsement No: 1 Bond

Bond Number: 81951478

NAME OF ASSURED: DELAWARE INVESTMENT ADVISERS



NAME OF ASSURED ENDORSEMENT

It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows:

Delaware Group Advisor 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 Funds
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
Voyageur Mutual Funds
Voyageur Mutual Funds II
Voyageur Mutual Funds III
Voyageur Tax-Free Funds
Dividend & Income
Global Dividend & Income
Arizona Municipal Income
Colorado Municipal Income
National Municipal Income
Minnesota Municipal Income II
Enhanced Global Dividend and Income


This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2010.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.


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, 2010.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.


			FEDERAL INSURANCE COMPANY
			Endorsement No.: 8
			Bond Number: 81951478 Bond
NAME OF ASSURED: DELAWARE INVESTMENT ADVISERS


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 of the
		ASSURED during the BOND PERIOD. Discovery occurs at the earlier of the General Counsel or
		Risk Management 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, 2010.


ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.


				FEDERAL INSURANCE COMPANY
				Endorsement No.: 9 Bond
				Bond Number: 81951478


NAME OF ASSURED: DELAWARE INVESTMENT ADVISERS
CLAIMS EXPENSE ENDORSEMENT
It is agreed that this Bond is amended as follows:
1	.	By adding the following INSURING CLAUSE:
		17. Claims Expense
		Reasonable expense incurred by the ASSURED, solely for independent firms or individuals to
		determine the amount of loss where:
		(1	)	the loss is covered under the Bond, and
		(2	)	the loss is in excess of the applicable DEDUCTIBLE AMOUNT.
2	.	Under General Exclusions-Applicable To All Insuring Clauses, Section 2.f. does not apply to loss
		covered under this INSURING CLAUSE.



This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2010.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.


		ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: October 31, 2010	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No.	13	Bond
	To be attached to and
	form a part of Bond No.	81951478

Issued to: DELAWARE INVESTMENT ADVISERS
COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS
It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other
similar laws or regulations prohibit the coverage provided by this insurance.



The title and any headings in this endorsement/rider are solely for convenience and form no part of the
terms and conditions of coverage.
All other terms, conditions and limitations of this Bond shall remain unchanged.