Dividend notice

If a Fund/Portfolio/Series makes a distribution from any source other than net income, it is required to provide shareholders with a notice disclosing the source of such distribution (each a "Notice"). The amounts and sources of distributions reported in each Notice are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax purposes will depend on a Fund's/Portfolio's/Series' investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Each Fund/Portfolio/Series will send each shareholder a Form 1099 DIV for the calendar year that will provide definitive information on how to report the Fund's/Portfolio's/Series' distributions for federal income tax purposes. The information in the attached Notices will not be updated to reflect any subsequent recharacterization of dividends and distributions.


Fund Dividend Payable Date Corresponding Notice on Source of Distribution
Healthcare 12/09/2013 December 2013
Healthcare 12/08/2014 December 2014
Macquarie Global Infrastructure 12/24/2012 December 2012
Macquarie Global Infrastructure 12/23/2013 December 2013
Macquarie Global Infrastructure 10/28/2014 October 2014
REIT 09/24/2012 September 2012
REIT 06/24/2013 June 2013
REIT 09/23/2013 September 2013
REIT 12/23/2013 December 2013
REIT 09/23/2014 September 2014
REIT 12/23/2014 December 2014
REIT 03/23/2015 March 2015
Fund Dividend Payable Date Corresponding Notice on Source of Distribution
Core Bond 11/23/2012 November 2012
Core Plus Bond 11/23/2012 November 2012
Corporate Bond 11/23/2012 November 2012
Corporate Bond 11/25/2013 November 2013
Corporate Bond 11/24/2014 November 2014
Diversified Income 12/24/2012 November 2012
Diversified Income 12/23/2014 December 2014
Extended Duration Bond 11/23/2012 November 2012
Extended Duration Bond 11/24/2014 November 2014
High-Yield Opportunities 11/24/2014 November 2014
Inflation Protected Bond 11/23/2012 November 2012
Limited-Term Diversified Income 11/23/2012 November 2012
Tax-Free Arizona 11/23/2012 November 2012
Tax-Free Arizona 11/25/2013 November 2013
Tax-Free Minnesota 11/23/2012 November 2012
Tax-Free Minnesota 11/25/2013 November 2013
Tax-Free Minnesota Intermediate 11/23/2012 November 2012
Tax-Free Minnesota Intermediate 11/25/2013 November 2013
Tax-Free New York 11/23/2012 November 2012
Tax-Free Pennsylvania 06/24/2013 June 2013
Tax-Free USA 11/23/2012 November 2012
Fund Dividend Payable Date Corresponding Notice on Source of Distribution
Focus Global Growth 12/23/2013 December 2013
Emerging Markets 12/23/2014 December 2014
Fund Dividend Payable Date Corresponding Notice on Source of Distribution
Foundation Conservative Allocation 12/24/2012 December 2012
Foundation Conservative Allocation 12/23/2013 December 2013
Foundation Conservative Allocation 12/23/2014 December 2014
Foundation Growth Allocation 12/24/2012 December 2012
Foundation Growth Allocation 12/23/2013 December 2013
Foundation Growth Allocation 12/23/2014 December 2014
Foundation Moderate Allocation 12/23/2013 December 2013
Foundation Moderate Allocation 12/23/2014 December 2014
Fund Dividend Payable Date Corresponding Notice on Source of Distribution
Mid Cap Value 12/24/2012 December 2012
Mid Cap Value 12/23/2013 December 2013
Mid Cap Value 12/23/2014 December 2014
Select Growth 12/09/2013 December 2013
Select Growth 12/08/2014 December 2014
Small Cap Core 12/23/2013 December 2013
Small Cap Core 12/23/2014 December 2014
Small Cap Value 12/24/2012 December 2012
Small Cap Value 12/23/2013 December 2013
Small Cap Value 12/23/2014 December 2014
Smid Cap Growth 12/07/2012 December 2012
Smid Cap Growth 12/09/2013 December 2013
Smid Cap Growth 12/08/2014 December 2014
U.S. Growth 12/23/2014 December 2014

Any Macquarie Group entity noted on this page is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and that entity's obligations do not represent deposits or other liabilities of Macquarie Bank Limited (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise. 

Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Fund's investment manager (DMC) and the Fund's distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. DMC, a series of Delaware Management Business Trust, is a U.S. registered investment advisor.

© 2015 Delaware Management Holdings, Inc.

[6541] 1