Delaware Inflation Protected Bond Fund

Holdings as of 12/31/2009 (all share classes)

Portfolio holdings are as of the date noted above and are subject to change at any time. Holdings may not be representative of current or future investments and may not include the entire investment portfolio. Holdings information is made available to the public 30 calendar days after the most recent quarter-end.

Holdings data is for informational purposes only, and is not intended as a recommendation, offer, or solicitation for the purchase or sale of any specific security. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or part. In no event shall the Delaware Family of Funds or its affiliates have any liability relating to the use of the portfolio holdings.

Unlike the Fund's regulatory filings, the portfolio data and its presentation in this document is not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it may differ from that provided in the complete portfolio of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete portfolio of investments filed in the first and third quarter on Form N-Q.

SEC description	# Holdings	Portfolio %	Market value	Income rate	Maturity date	Nasdaq symbol
10 YR ZERO CPN CPI SWAP 1/7/19	1,300,000.00	0.03	$103,147.01	0.00	01/07/2019	SL6A1BYM
5 YR ZERO COUPON CPI SWAP 04/2	2,600,000.00	0.02	$88,153.99	0.00	04/22/2014	SL331F61
AES CORP/THE	285,000.00	0.08	$293,550.00	8.75	05/15/2013	AES
ALGOMA ACQUISITION CORP	75,000.00	0.02	$64,218.75	9.88	06/15/2015	AGACN
ARAMARK CORP	465,000.00	0.14	$481,275.00	8.50	02/01/2015	RMK
ARCELORMITTAL	1,000,000.00	0.30	$1,033,525.00	6.12	06/01/2018	MTNA
BANK OF AMERICA NA	1,000,000.00	0.29	$981,535.00	5.30	03/15/2017	BAC
BELO CORP	715,000.00	0.22	$738,237.50	8.00	11/15/2016	BLC
CABLEVISION SYSTEMS CORP	125,000.00	0.04	$130,781.25	8.62	09/15/2017	CVC
CALPINE CONSTRUCTION FINANCE C	315,000.00	0.10	$326,025.00	8.00	06/01/2016	CPN
CAPITAL ONE BANK USA NA	1,045,000.00	0.36	$1,236,909.03	8.80	07/15/2019	COF
CASH	2,802,861.48	0.82	$2,802,861.48	0.00	12/15/2038	US-CASH
CCI 2006-1A B	450,000.00	0.13	$461,250.00	5.36	11/15/2036	CCI
CFAT 2007-A A3A	41,032.57	0.01	$41,767.03	5.34	06/25/2012	CFAT
CFAT 2008-A A3	150,000.00	0.04	$153,515.24	4.94	04/25/2014	CFAT
CHESAPEAKE ENERGY CORP	905,000.00	0.29	$997,762.50	9.50	02/15/2015	CHK
CINCINNATI BELL INC	245,000.00	0.07	$243,162.50	7.00	02/15/2015	CBB
CITIZENS COMMUNICATIONS CO	615,000.00	0.17	$584,250.00	7.12	03/15/2019	CZN
COMMUNITY HEALTH SYSTEMS INC	835,000.00	0.25	$866,312.50	8.88	07/15/2015	CYH
CORRECTIONS CORP OF AMERICA	220,000.00	0.07	$227,700.00	7.75	06/01/2017	CXW
CRICKET COMMUNICATIONS INC	265,000.00	0.08	$267,650.00	9.38	11/01/2014	LEAP
CRICKET COMMUNICATIONS INC	350,000.00	0.10	$350,875.00	7.75	05/15/2016	LEAP
CROWN CASTLE INTERNATIONAL COR	625,000.00	0.20	$668,750.00	9.00	01/15/2015	CCI
CSC HOLDINGS	76,000.00	0.02	$78,850.00	6.75	04/15/2012	126304AR5
DISH DBS CORP	650,000.00	0.20	$667,062.50	7.12	02/01/2016	DISH
EL PASO CORP	425,000.00	0.12	$423,636.60	7.00	06/15/2017	EP
ESSAR STEEL ALGOMA INC	625,000.00	0.18	$619,531.25	9.38	03/15/2015	ALGCN
FGLMC A45798	3,819.04	0.00	$4,380.19	8.00	05/01/2031	FG
FHLB DN 1/4/10	293,000.00	0.08	$292,999.98	0.00	01/04/2010	0104PFDIS
FNW 2001-W2 AS5	5,189.63	0.00	$5,171.49	6.47	10/25/2031	FNW
FORD MOTOR CREDIT CO LLC	1,250,000.00	0.38	$1,284,663.75	8.00	06/01/2014	F
FORDO 2008-A A3B	127,923.07	0.04	$128,181.78	1.03	04/15/2012	FORDO
FOREST OIL CORP	250,000.00	0.07	$248,125.00	7.25	06/15/2019	FST
FREEPORT-MCMORAN C & G	235,000.00	0.08	$257,677.74	8.38	04/01/2017	35671DAS4
FREESCALE SEMICONDUCTOR INC	465,000.00	0.12	$428,962.50	8.88	12/15/2014	FSL
FTI CONSULTING INC	615,000.00	0.18	$626,531.25	7.62	06/15/2013	FCN
GENERAL ELECTRIC CAPITAL CORP	1,000,000.00	0.30	$1,031,832.00	5.62	09/15/2017	GE
GEORGIA-PACIFIC LLC	220,000.00	0.07	$234,300.00	8.25	05/01/2016	GP
GOODYEAR TIRE & RUBBER CO/THE	260,000.00	0.08	$288,600.00	10.50	05/15/2016	GT
GRAHAM PACKAGING CO LP/GPC CAP	990,000.00	0.29	$982,575.00	8.25	01/01/2017	GRAHAM
GRAPHIC PACKAGING INTERNATIONA	210,000.00	0.06	$217,875.00	9.50	08/15/2013	GPK
HARRAH'S OPERATING ESCROW LLC/	675,000.00	0.21	$709,593.75	11.25	06/01/2017	HET
HCA INC/DE	870,000.00	0.27	$936,337.50	9.25	11/15/2016	HCA
ILLINOIS POWER CO	10,000.00	0.00	$12,454.15	9.75	11/15/2018	AEE
INMARSAT FINANCE PLC	210,000.00	0.06	$215,775.00	7.38	12/01/2017	ISATLN
INTELSAT JACKSON HLDG	90,000.00	0.03	$97,875.00	11.25	06/15/2016	INTEL
INTERNATIONAL LEASE FINANCE CO	370,000.00	0.09	$298,083.47	6.62	11/15/2013	AIG
INTERNATIONAL LEASE FINANCE CO	375,000.00	0.09	$298,286.63	5.88	05/01/2013	AIG
INTERNATIONAL LEASE FINANCE CO	625,000.00	0.14	$490,642.50	5.62	09/20/2013	AIG
INTERPUBLIC GROUP OF COS INC	215,000.00	0.07	$239,725.00	10.00	07/15/2017	IPG
INTERPUBLIC GROUP OF COS INC	425,000.00	0.14	$473,875.00	10.00	07/15/2017	IPG
INVERNESS MEDICAL INNOVATIONS	205,000.00	0.06	$210,637.50	9.00	05/15/2016	IMA
INVISTA	175,000.00	0.05	$178,500.00	9.25	05/01/2012	INVSTA
IPALCO ENTERPRISES INC	45,000.00	0.01	$47,250.00	8.12	11/14/2011	AES
IRON MOUNTAIN INC	555,000.00	0.16	$566,100.00	8.00	06/15/2020	IRM
JP MORGAN CHASE CAPITAL XXV	210,000.00	0.06	$209,294.61	6.80	10/01/2037	JPM
JPMC CAPITAL XVIII	55,000.00	0.02	$53,593.10	6.95	08/17/2036	481227AA4
KINDER MORGAN ENER PART	55,000.00	0.02	$61,123.32	6.85	02/15/2020	KMP
KINDER MORGAN ENER PART	165,000.00	0.06	$203,362.67	9.00	02/01/2019	KMP
KOPPERS INC	525,000.00	0.16	$532,875.00	7.88	12/01/2019	KOP
KOREA DEVELOPMENT BANK/REPUBLI	120,000.00	0.04	$126,183.00	5.30	01/17/2013	KDB
LABRANCHE & CO INC	575,000.00	0.16	$555,593.75	11.00	05/15/2012	LAB
LONG TERM RECEIVABLES	-198,166.65	-0.06	-$198,166.65	0.00	N/A	SECNCAHUS
MACY'S RETAIL HOLDINGS INC	105,000.00	0.03	$116,287.50	8.88	07/15/2015	M
MACY'S RETAIL HOLDINGS INC	700,000.00	0.22	$743,750.00	10.62	11/01/2010	M
MASSEY ENERGY CO	960,000.00	0.28	$963,600.00	6.88	12/15/2013	MEE
METROPCS WIRELESS INC	295,000.00	0.09	$300,162.50	9.25	11/01/2014	GWIR
MGM MIRAGE	80,000.00	0.02	$87,200.00	10.38	05/15/2014	MGM
MGM MIRAGE	105,000.00	0.03	$116,812.50	11.12	11/15/2017	MGM
MGM MIRAGE	155,000.00	0.05	$178,637.50	13.00	11/15/2013	MGM
MORGAN STANLEY	500,000.00	0.12	$426,250.00	0.91	03/05/2018	MS
MORGAN STANLEY	1,000,000.00	0.30	$1,034,533.00	5.38	10/15/2015	61746SBR9
NEWPAGE CORP	425,000.00	0.13	$431,375.00	11.38	12/31/2014	NEWPAG
NOBLE ENERGY INC	580,000.00	0.20	$695,058.66	8.25	03/01/2019	NBL
NRG ENERGY INC	455,000.00	0.13	$456,706.25	7.38	02/01/2016	NRG
OWENS BROCKWAY GLASS CONTAINER	210,000.00	0.06	$217,875.00	7.38	05/15/2016	OI
PETROHAWK ENERGY CORP	140,000.00	0.04	$147,000.00	9.12	07/15/2013	HAWK
PRUDENTIAL FINANCIAL INC	400,000.00	0.10	$357,300.00	1.72	06/10/2015	PRU
QWEST CORP	205,000.00	0.06	$220,887.50	8.38	05/01/2016	QUS
RABOBANK NEDERLAND NV	1,315,000.00	0.47	$1,607,771.60	11.00	12/29/2049	RABOBK
RANGE RESOURCES CORP	235,000.00	0.07	$252,625.00	8.00	05/15/2019	RRC
REGIONS FINANCIAL CORP	1,340,000.00	0.39	$1,322,849.34	7.75	11/10/2014	RF
RSC EQUIPMENT RENTAL INC/RSC H	680,000.00	0.20	$685,950.00	10.25	11/15/2019	RRR
RYLAND GROUP INC	120,000.00	0.04	$129,000.00	8.40	05/15/2017	RYL
SECURITIZED NET CASH - ACR1	3,004,085.37	0.88	$3,004,085.37	0.00	N/A	SECCASHAC
SELECT MEDICAL CORP	135,000.00	0.04	$131,625.00	7.62	02/01/2015	SELMED
SPRINT NEXTEL CORP	1,060,000.00	0.28	$972,550.00	6.00	12/01/2016	852061AD2
SUPERVALU INC	480,000.00	0.14	$488,400.00	7.50	11/15/2014	868536AS2
TECK RESOURCES LTD	130,000.00	0.04	$152,100.00	10.25	05/15/2016	TCKCN
TECK RESOURCES LTD	375,000.00	0.13	$450,000.00	10.75	05/15/2019	TCKCN
TELECOM ITALIA CAPITAL	1,000,000.00	0.31	$1,046,840.00	5.25	10/01/2015	87927VAQ1
TIME WARNER CABLE INC	175,000.00	0.06	$208,790.93	8.25	04/01/2019	TWC
TSY INFL IX N/B	4,140,860.00	1.50	$5,132,078.36	3.38	04/15/2032	912810FQ6
TSY INFL IX N/B	12,271,295.00	3.81	$13,015,242.26	2.00	07/15/2014	TII
TSY INFL IX N/B	19,958,512.00	6.28	$21,483,462.07	3.00	07/15/2012	TII
TSY INFL IX N/B	21,117,612.00	6.68	$22,835,065.15	2.38	01/15/2017	TII
TSY INFL IX N/B	21,956,891.10	6.88	$23,511,021.81	3.38	01/15/2012	TII
TSY INFL IX N/B	41,552,217.00	12.85	$43,931,746.26	2.00	01/15/2016	TII
TSY INFL IX N/B	45,961,485.75	14.23	$48,661,723.04	2.00	01/15/2014	TII
TSY INFL IX N/B	50,267,016.00	15.31	$52,340,530.41	1.62	01/15/2015	TII
US TREASURY N/B	5,440,000.00	1.53	$5,234,329.92	3.38	11/15/2019	T
US TREASURY N/B	6,880,000.00	1.97	$6,726,280.16	4.50	08/15/2039	T
USB CAPITAL IX	2,360,000.00	0.56	$1,920,450.00	6.19	04/15/2049	USB
VIDEOTRON LTEE	315,000.00	0.10	$348,075.00	9.12	04/15/2018	QBRCN
WELLS FARGO CAPITAL XIII	1,000,000.00	0.28	$975,000.00	7.70	12/29/2049	WFC
WFMBS 2004-EE 3A1	51,115.79	0.01	$49,829.31	4.00	12/25/2034	WFMBS
WIND ACQUISITION FINANCE SA	825,000.00	0.26	$905,437.50	11.75	07/15/2017	WINDIM

4.56 of the fund was hedged out of US 10YR NOTE MAR 10 FUTURE

10.26 of the fund was hedged out of US LONG BOND MAR10 FUTURE