State tax information

View the percentage of interest income earned on municipal obligations, on a state-by-state basis, for the following funds:

• National tax-free funds
• State-specific tax-free funds

For the calendar year 2011, income dividends received from investments in all classes of the Delaware Investments national and state-specific tax-free funds were generally exempt from federal income tax. However, these dividends may or may not be exempt from state or local taxes. Please contact your tax advisor for details.

Funds that derived income from U.S. government obligations

In most states, income from U.S. Treasury securities and other U.S. government obligations is exempt from state income taxes. Please contact your tax advisor for details. The link above lists Delaware Investments funds and the percentage of ordinary dividends they derived from U.S. government obligations.

Investing involves risk, including the possible loss of principal.

Carefully consider the Funds' investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds' prospectuses and if available, their summary prospectuses, which may be obtained by visiting the fund literature page or calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.

The information contained in the Tax Center is not intended to be legal or tax advice. Please consult a tax advisor if you need assistance preparing your tax return.

Information may be abridged and therefore incomplete. Any discussion pertaining to taxes in this communication (including attachments) may be part of the promotion or marketing of a product. As provided for in government regulations, advice (if any) related to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code. Individuals should seek advice based on their own particular circumstances from an independent tax advisor.