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, 2008 through October 31, 2009 and remain in full force and effect as of the date hereof:

Resolutions Adopted at a Meeting of the Board of Trustees/Directors Held on October 28, 2008

Approval of Fidelity Bond Coverage

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

WHEREAS, the Board, including a majority 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/ David F. Connor_______________________
David F. Connor
Secretary

JOINT INSURANCE AGREEMENT

     THIS JOINT INSURANCE AGREEMENT, dated as of October 31, 2008, 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.

2.     ALLOCATION OF PREMIUMS 

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

JOINT INSURANCE AGREEMENT

DATED AS OF OCTOBER 31, 2008

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 Balanced Fund 

               Delaware Mid Cap Value Fund 

           Delaware Group Equity Funds II 

               Delaware Large Cap Value Fund 

               Delaware Value Fund 

           Delaware Group Equity Funds III 

               Delaware American Services Fund 

               Delaware Small Cap Growth Fund 

               Delaware Trend Fund 

           Delaware Group Equity Funds IV 

               Delaware Growth Opportunities Fund 

               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 Aggressive Allocation Portfolio 

               Delaware Conservative Allocation Portfolio 

               Delaware Moderate Allocation Portfolio 

           Delaware Group Global & International Funds 

               Delaware Emerging Markets Fund 

               Delaware Global Value Fund 

               Delaware International Value Equity Fund 

           Delaware Group Government Fund 

               Delaware Core Plus Bond Fund 

               Delaware Inflation Protected Bond Fund 

                          FUND 

Delaware Group Income Funds 

   Delaware Corporate Bond Fund 

   Delaware Delchester Fund 

   Delaware Extended Duration Bond Fund 

   Delaware High-Yield Opportunities Fund 

Delaware Group Limited-Term Government Funds 

   Delaware Limited-Term 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 

   Delaware Tax-Free Money Fund 

Delaware Pooled Trust 

   The Select 20 Portfolio 

   The Core Focus Fixed Income Portfolio 

   The Core Plus Fixed Income Portfolio 

   The Emerging Markets Portfolio 

   The Focus Smid-Cap Growth Equity Portfolio 

   The Global Fixed Income Portfolio 

   The Global Real Estate Securities Portfolio 

   The High-Yield Bond Portfolio 

   The Intermediate Fixed Income Portfolio 

   The International Equity Portfolio 

   The International Fixed Income Portfolio 

   The Labor Select International Equity Portfolio 

   The Large-Cap Growth Equity Portfolio 

   The Large-Cap Value Equity Portfolio 

   The Mid-Cap Growth Equity Portfolio 

   The Real Estate Investment Trust Portfolio 

   The Real Estate Investment Trust Portfolio II 

   The Small-Cap Growth Equity Portfolio 

   The Smid-Cap Growth Equity Portfolio 

FUND

  

Delaware VIP Trust
Delaware VIP Balanced Series
Delaware VIP Capital Reserves Series
Delaware VIP Cash Reserve Series
Delaware VIP Diversified Income Series
Delaware VIP Emerging Markets Series
Delaware VIP Growth Opportunities Series
Delaware VIP High Yield Series
Delaware VIP International Value Equity Series
Delaware VIP REIT Series
Delaware VIP Select Growth Series
Delaware VIP Small Cap Value Series
Delaware VIP Trend Series
Delaware VIP U.S. Growth Series
Delaware VIP Value Series
Voyageur Insured Funds
Delaware Tax-Free Arizona Fund

Voyageur Intermediate Tax Free Funds

Delaware Tax-Free Minnesota Intermediate Fund

Delaware Investments Municipal Trust
No Funds

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

Chubb Group of Insurance Companies	DECLARATIONS FINANCIAL INSTITUTION
15 Mountain View Road, Warren, New Jersey 07059	COMPANY ASSET PROTECTION BOND
NAME OF ASSURED (including its Subsidiaries):	Bond Number: 81951478
DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS
	FEDERAL INSURANCE COMPANY
2005 MARKET STREET PHILADELPHIA, PA 19103	Incorporated under the laws of Indiana a stock insurance company herein called the COMPANY Capital Center, 251 North Illinois, Suite 1100 Indianapolis, IN 46204-1927

ITEM 1.	BOND PERIOD:	from	12:01 a.m. on	October 31, 2008
		to	12:01 a.m. on	October 31, 2009
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 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:
	1-15

IN WITNESS WHEREOF, THE COMPANY has caused this Bond to be signed by its authorized officers, but it shall valid unless also signed by an authorized representative of the Company.

ICAP Bond (5-98) - Federal

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

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.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 1 of 19

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.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 2 of 19

Insuring Clauses

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

Counterfeit Money	6.	Loss resulting directly from the receipt by the ASSURED in good faith of any
		Counterfeit money.
Threats To Person	7.	Loss resulting directly from surrender of Property away from an office of the
		ASSURED as a result of a threat communicated to the ASSURED to do bodily
		harm to an Employee as defined in Section 1.e. (1), (2) and (5), a Relative or
		invitee of such Employee, or a resident of the household of such Employee, who
		is, or allegedly is, being held captive provided, however, that prior to the surrender
		of such Property:
		a.	the Employee who receives the threat has made a reasonable effort to
			notify an officer of the ASSURED who is not involved in such threat, and
		b.	the ASSURED has made a reasonable effort to notify the Federal Bureau of
			Investigation and local law enforcement authorities concerning such threat.
		It is agreed that for purposes of this INSURING CLAUSE, any Employee of the
		ASSURED, as set forth in the preceding paragraph, shall be deemed to be an

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

Computer System	8.	Loss resulting directly from fraudulent:
		a.	entries of data into, or
		b.	changes of data elements or programs within,
		a Computer System, provided the fraudulent entry or change causes:
			(1)	funds or other property to be transferred, paid or delivered,
			(2)	an account of the ASSURED or of its customer to be added, deleted,
				debited or credited, or
			(3)	an unauthorized account or a fictitious account to be debited or
				credited.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 3 of 19

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.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 4 of 19
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
				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
				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.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 5 of 19

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
			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
			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

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 6 of 19

General Agreements
Court Costs And	(3)	in the absence of 1 or 2 above, an arbitration panel agrees, after a review
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.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 7 of 19

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             

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 8 of 19

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.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 9 of 19

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 whe ther so held gratuitously or not and whether or not the ASSURED is liable therefor.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 10 of 19

Conditions And
Limitations
	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.
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;
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 11 of 19
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;
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 12 of 19
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
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 13 of 19
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.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 14 of 19

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.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 15 of 19

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. Recovery In the event of a payment under this Bond, the COMPANY shall be subrogated to all of the ASSURED'S rights of recovery against any person or entity to the extent of such payment. On request, the ASSURED shall deliver to the COMPANY an assignment of the ASSURED'S rights, title and interest and causes of action against any person or entity to the extent of such payment.

		Recoveries, whether effected by the COMPANY or by the ASSURED, shall be
		applied net of the expense of such recovery in the following order:
		a.	first, to the satisfaction of the ASSURED'S loss which would otherwise have
			been paid but for the fact that it is in excess of the applicable LIMIT OF
			LIABILITY,
		b.	second, to the COMPANY in satisfaction of amounts paid in settlement of
			the ASSURED'S claim,
		c.	third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE
			AMOUNT, and
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 16 of 19
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
		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.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)	Page 17 of 19
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.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 18 of 19
Conditions And
Limitations
Change or Modification		If this Bond is for a joint ASSURED, no charge or modification which would
(continued)		adversely affect the rights of the ASSURED shall be effective prior to sixty (60)
		days after written notice has been furnished to all insured Investment Companies
		and to the Securities and Exchange Commission, Washington, D.C., by the
		COMPANY.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 19 of 19

FEDERAL INSURANCE COMPANY
Endorsement No: 1 Bond
Bond Number: 81951478

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

NAME OF ASSURED ENDORSEMENT

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

DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

FUND

Delaware Group Adviser Funds 

Delaware Group Cash Reserve 

Delaware Group Equity Funds I 

Delaware Group Equity Funds II 

Delaware Group Equity Funds III 

Delaware Group Equity Funds IV 

Delaware Group Equity Funds V 

Delaware Group Foundation Funds 

Delaware Group Limited-Term Government Funds 

Delaware Group Global & International Funds 

Delaware Group Government Fund 

Delaware Group Income Funds 

Delaware VIP Trust 

Delaware Group State Tax-Free Income Trust 

Delaware Group Tax-Free Fund 

Delaware Group Tax-Free Money Fund 

Delaware Pooled Trust 

Voyageur Insured Funds 

Voyageur Intermediate Tax Free Funds 

Delaware Investments Municipal Trust 

Voyageur Mutual Funds 

Voyageur Mutual Funds II 

Voyageur Mutual Funds III 

Voyageur Tax-Free Funds 

Delaware Investments Dividend and Income Fund, Inc. 

Delaware Investments Global Dividend and Income Fund, Inc. 

Delaware Investments Arizona Municipal Income Fund, Inc. 

Delaware Investments Colorado Insured Municipal Income Fund, Inc. 

Delaware Investments Florida Insured Municipal Income Fund, Inc. 

Delaware Investments Minnesota Municipal Income Fund II, Inc. 

Delaware Enhanced Global Dividend and Income Fund 

ICAP Bond 

Form 17-02-0949 (Rev. 1-97) Page 1 

This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2008.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: October 31, 2008

ICAP Bond 

Form 17-02-0949 (Ed. 1-97) Page 2 

FEDERAL INSURANCE COMPANY
 Endorsement No.: 2 Bond
Bond Number: 81951478

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT

It is agreed that this Bond is amended as follows:

1.	By adding the following INSURING CLAUSE:
	12.	Telefacsimile Instruction
		Loss resulting directly from the ASSURED having transferred, paid or delivered any funds or other Property or established any credit, debited any account or given any value on the faith of any fraudulent instructions sent by a Customer, financial institution or another office of the ASSURED by Telefacsimile directly to the ASSURED authorizing or acknowledging the transfer, payment or delivery of funds or Property or the establishment of a credit or the debiting of an account or the giving of value by the ASSURED where such Telefacsimile instructions:
		a.	bear a valid test key exchanged between the ASSURED and a Customer or another financial institution with authority to use such test key for Telefacsimile instructions in the ordinary course of business, but which test key has been wrongfully obtained by a person who was not authorized to initiate, make, validate or authenticate a test key arrangement, and
		b.	fraudulently purport to have been sent by such Customer or financial institution when such Telefacsimile instructions were transmitted without the knowledge

or consent of such Customer or financial institution by a person other than such Customer or financial institution and which bear a Forgery of a signature, provided that the Telefacsimile instruction was verified by a direct call back to an employee of the financial institution, or a person thought by the ASSURED to be the Customer, or an employee of another financial institution.

2.	By deleting from Section 1., Definitions, the definition of Customer in its entirety, and substituting the following:
	d.	Customer means an individual, corporate, partnership, trust customer, shareholder or subscriber of an Investment Company which has a written agreement with the ASSURED for Voice Initiated Funds Transfer Instruction or Telefacsimile Instruction.

ICAP Bond 

Form 17-02-2367 (Rev. 10-03) Page 1 

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, 2008.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: October 31, 2008

ICAP Bond

Form 17-02-2367 (Rev. 10-03) Page 2

FEDERAL INSURANCE COMPANY
Endorsement No.: 3 Bond
Bond Number: 81951478

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

AUTOMATED TELEPHONE TRANSACTION ENDORSEMENT

It is agreed that this Bond is amended as follows:

1.      By adding the following INSURING CLAUSE:
13. Automated Telephone System Transaction

Loss resulting directly from the ASSURED having transferred funds on the faith of any Automated Phone System (APS) Transaction, where the request for such APS Transaction is unauthorized or fraudulent and is made with the intent to deceive. In order for coverage to apply under this INSURING CLAUSE the ASSURED shall maintain and follow all APS Designated Procedures. A single failure of the ASSURED to maintain and follow a particular APS Designated Procedure in a particular APS Transaction will not preclude coverage under this INSURING CLAUSE.

2.	By adding to Section 1., Definitions, the following:
	s.	APS Designated Procedures means all of the following procedures:
		(1)	No APS Transaction shall be executed unless the shareholder or unitholder to whose account such an APS Transaction relates has previously elected to APS Transactions. (Election in Application)
		(2)	All APS Transactions shall be logged or otherwise recorded and the records shall be retained for at least six (6) months. (Logging) Information contained in the records shall be capable of being retrieved and produced within a reasonable time after retrieval of specific information is requested, at a success rate of no less than 85 percent.
		(3)	The caller in any request for an APS Transaction, before executing that APS Transaction must enter a personal identification number (PIN), social security number and account number. (Identity Test) If the caller fails to enter a correct PIN within three (3) attempts, the caller must not be allowed additional attempts during the same telephone call to enter the PIN. The caller may either be instructed to redial a customer service representative or may be immediately connected to such a representative. (Limited attempts to Enter PIN)
ICAP Bond Form 17-02-2345 (Ed. 10-00) Page 1
		(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

ICAP Bond

Form 17-02-2345 (Ed. 10-00) Page 2

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, 2008. ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: October 31, 2008

ICAP Bond 

Form 17-02-2345 (Ed. 10-00) Page 3 

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

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

STOP PAYMENT ORDER OR REFUSAL TO PAY CHECK ENDORSEMENT

It is agreed that this Bond is amended as follows:

1.	By adding the following INSURING CLAUSE: “14. Stop Payment Order or Refusal to Pay Check
	Loss resulting directly from the ASSURED being legally liable to pay compensatory damages for:

a.	complying or failing to comply with notice from any customer of the ASSURED or any authorized representative of such customer, to stop payment on any check or draft made or drawn upon or against the ASSURED by such customer or by any authorized representative of such customer, or
b.	refusing to pay any check or draft made or drawn upon or against the ASSURED by any customer of the ASSURED or by any authorized representative of such customer.”

2.	By adding the following Specific Exclusion:
	“Section 4.A. Specific Exclusions – Applicable to INSURING CLAUSE 14
	This Bond does not directly or indirectly cover:
	a.	liability assumed by the ASSURED by agreement under any contract, unless such liability would have attached to the ASSURED even in the absence of such agreement,
	b.	loss arising out of:
		(1)	libel, slander, wrongful entry, eviction, defamation, false arrest, false imprisonment, malicious prosecution, assault or battery,

(2)	sickness, disease, physical bodily harm, mental or emotional distress or anguish, or death of any person, or
(3)	discrimination.”

This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2008. ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: October 31, 2008

ICAP Bond
Form 17-02-2365 (Ed. 10-00)

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

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

UNAUTHORIZED SIGNATURE ENDORSEMENT

It is agreed that this Bond is amended as follows:

1.	By adding the following INSURING CLAUSE:
	15.	Unauthorized Signature
		Loss resulting directly from the ASSURED having accepted, paid or cashed any check or Withdrawal Order made or drawn on or against the account of the ASSURED’S customer which bears the signature or endorsement of one other than a person whose name and signature is on file with the ASSURED as a signatory on such account.
		It shall be a condition precedent to the ASSURED'S right of recovery under this INSURING CLAUSE that the ASSURED shall have on file signatures of all the persons who are signatories on such account.
2.	By adding to Section 1., Definitions, the following: z.     Instruction means a written order to the issuer of an Uncertificated Security requesting that the transfer, pledge or release from pledge of the specified Uncertificated Security be registered.

aa.   Uncertificated Security means a share, participation or other interest in property of or an enterprise of the issuer or an obligation of the issuer, which is:
(1)	not represented by an instrument and the transfer of which is registered on books maintained for that purpose by or on behalf of the issuer, and
(2)	of a type commonly dealt in on securities exchanges or markets, and
(3)	either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations.

ICAP Bond 

Form 17-02-5602 (Ed. 10-03) Page 1 

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, 2008.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: October 31, 2008

ICAP Bond 

Form 17-02-5602 (Ed. 10-03) Page 2 

FEDERAL INSURANCE COMPANY
Endorsement No.: 6 Bond
Bond Number: 81951478

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

EXTENDED COMPUTER SYSTEMS ENDORSEMENT

It is agreed that this Bond is amended as follows:

1.	By adding the following INSURING CLAUSE:
	16.	Extended Computer Systems
		A.	Electronic Data, Electronic Media, Electronic Instruction Loss resulting directly from:
			(1)	the fraudulent modification of Electronic Data, Electronic Media or Electronic Instruction being stored within or being run within any system covered under this INSURING CLAUSE,
			(2)	robbery, burglary, larceny or theft of Electronic Data, Electronic Media or

Electronic Instructions,

(3)

the acts of a hacker causing damage or destruction of Electronic Data, Electronic Media or Electronic Instruction owned by the ASSURED or for which the ASSURED is legally liable, while stored within a Computer System covered under this INSURING CLAUSE, or

(4)

the damage or destruction of Electronic Data, Electronic Media or Electronic Instruction owned by the ASSURED or for which the ASSURED is legally liable while stored within a Computer System covered under INSURING CLAUSE 16, provided such damage or destruction was caused by a computer program or similar instruction which was written or altered to intentionally incorporate a hidden instruction designed to damage or destroy Electronic Data, Electronic Media, or Electronic Instruction in the Computer System in which the computer program or instruction so written or so altered is used.

ICAP2 Bond 

Form 17-02-2976 (Ed. 1-02) Page 1 

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.

ICAP2 Bond 

Form 17-02-2976 (Ed. 1-02) Page 2 

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.

ICAP2 Bond 

Form 17-02-2976 (Ed. 1-02) Page 3 

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 transcri ption 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, 2008.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: October 31, 2008

ICAP2 Bond 

Form 17-02-2976 (Ed. 1-02) Page 4 

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

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

NON-CUMULATIVE ENDORSEMENT

It is agreed that in the event of a loss covered under this Bond and also covered under FEDERAL INSURANCE COMPANY'S Bond No. 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 COMPANY FAMILY
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, 2008. ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: October 31, 2008

ICAP Bond 

Form 17-02-0955 (Rev. 1-97) 

FEDERAL INSURANCE COMPANY
 Endorsement No.: 8
Bond Number: 81951478 Bond

 NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS 

AMEND DISCOVERY ENDORSEMENT

It is agreed that this Bond is amended by deleting Section 6., Discovery, in its entirety and substituting the following:

6.	Discovery
	This Bond applies only to loss first discovered by the General Counsel or Risk Management Department of the ASSURED during the BOND PERIOD. Discovery occurs at the earlier of the

General Counsel or Risk Management Department of the ASSURED being aware of:

a.	facts which may subsequently result in a loss of a type covered by this Bond, or
b.	an actual or potential claim in which it is alleged that the ASSURED is liable to a third party,

regardless of when the act or acts causing or contributing to such loss occurred, even though the amount of loss does not exceed the applicable DEDUCTIBLE AMOUNT, or the exact amount or details of loss may not then be known.

This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2008.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: October 31, 2008

ICAP Bond

Form 17-02-6260 (Ed. 6-04)

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

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

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, 2008.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: October 31, 2008

ICAP Bond

Form 17-02-6282 (Ed. 11-04)

FEDERAL INSURANCE COMPANY
Endorsement No. 10 Bond
Bond Number: 81951478

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

REVISE ITEM 2. ENDORSEMENT

It is agreed that this Bond is amended by deleting ITEM 2. in its entirety on the DECLARATIONS and substituting the following:

ITEM 2. LIMITS OF LIABILITY-DEDUCTIBLE AMOUNTS:

If "Not Covered" is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and any other reference to such INSURING CLAUSE in this Bond shall be deemed to be deleted. There shall be no deductible applicable to any loss under INSURING CLAUSE 1 sustained by any Investment Company.

		SINGLE LOSS	DEDUCTIBLE
INSURING CLAUSE		LIMIT OF LIABILITY	AMOUNT
1.	Employee	$ 20,000,000	$ 0
2.	On Premises	$ 20,000,000	$ 50,000
3.	In Transit	$ 20,000,000	$ 50,000
4.	Forgery or Alteration	$ 20,000,000	$ 50,000
5.	Extended Forgery	$ 20,000,000	$ 50,000
6.	Counterfeit Currency	$ 20,000,000	$ 50,000
7.	Threats to Person	$ Not Covered	$ N/A
8.	Computer System	$ 20,000,000	$ 50,000
9.	Voice Initiated Funds Transfer Instruction	$ 20,000,000	$ 50,000

10.	Uncollectible Items of Deposit	$ 50,000	$ 10,000
11.	Audit Expense	$ 100,000	$ 0
12.	Telefacsimile Instruction	$ 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, 2008.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: October 31, 2008

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

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

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.

ICAP Bond 

Form 17-02-6247 (Ed. 3-04) Page 1 

The COMPANY further agrees that as respects any acquisition that involves a State or Federal regulatory assisted acquisition or assumption of assets and/or liabilities, coverage shall be provided under this Bond for the remainder of the BOND PERIOD as long as conditions i. and ii. above are met. As respects such acquisition or assumption of assets and/or liabilities, coverage applies only to a Single Loss fully sustained by the ASSURED on or after the date of such acquisition or assumption. All of the circumstances, conditions or acts causing or contributing to a Single Loss must occur on or after the date of such acquisition or assumption for coverage to apply regardless of the time such loss is discovered by the ASSURED.

This Endorsement applies to loss discovered after 12:01 a.m. on October 31, 2008.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: October 31, 2008

ICAP Bond 

Form 17-02-6247 (Ed. 3-04) Page 2 

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

NAME OF ASSURED: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

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, 2008.

 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

 
Date: October 31, 2008

ICAP Bond
Form 17-02-2335 (Ed. 10-00)
Effective date of
this endorsement: October 31, 2008	FEDERAL INSURANCE COMPANY
	Endorsement No.: 13 Bond
	To be attached to and form a part of Bond
	Number:	81951478

Issued to: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS RIDER

It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other laws or regulations prohibit the coverage provided by this insurance.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: October 31, 2008

Form 14-02-9228 (Ed. 4/2004)
		ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: October 31, 2008	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No.	14 Bond
	To be attached to and
	form a part of Bond No.	81951478

Issued to: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION ENDORSEMENT

In consideration of the premium charged, it is agreed that this Bond is amended as follows:

1.

The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.

2.

The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced with the following: If this Bond is for a joint 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 all insured Investment Companies and the Securities and Exchange Commission, Washington, D.C., by the COMPANY.

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.

17-02-2437 (12/2006) rev.

Page 1

ENDORSEMENT/RIDER

Effective date of
this endorsement/rider: October 31, 2008	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No.	15
	To be attached to and
	form a part of Bond No.	81951478
Issued to: DELAWARE INVESTMENT COMPANY FAMILY OF FUNDS

AUTOMATIC INCREASE IN LIMITS ENDORSEMENT

In consideration of the premium charged, it is agreed that GENERAL AGREEMENTS, Section C. Additional Offices Or Employees-Consolidation, Merger Or Purchase Or Acquisition Of Assets Or Liabilities-Notice To Company, is amended by adding the following subsection:

Automatic Increase in Limits for Investment Companies If an increase in bonding limits is required pursuant to rule 17g-1 of the Investment Company Act of 1940 (“the Act”), due to:

(i)	the creation of a new Investment Company, other than by consolidation or merger with, or purchase or acquisition of assets or liabilities of, another institution; or
(ii)	an increase in asset size of current Investment Companies covered under this Bond,

then the minimum required increase in limits shall take place automatically without payment of additional premium for the remainder of the BOND PERIOD.

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.

14-02-14098 (04/2008)

Page 1

     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.

10-02-1281 (Ed. 1/2003)

If aggregate insured losses attributable to terrorist acts certified under the Act exceed $100 billion in a Program Year (January 1 through December 31) and we have met our insurer deductible under the Act, we shall not be liable for the payment of any portion of the amount of such losses that exceeds $100 billion, and in such case insured losses up to that amount are subject to pro rata allocation in accordance with procedures established by the Secretary of the Treasury.

The portion of your policy’s annual premium that is attributable to insurance for such acts of terrorism is: $ -0-.

If you have any questions about this notice, please contact your agent or broker.

10-02-1281 (Ed. 1/2003)

IMPORTANT NOTICE TO POLICYHOLDERS

     All of the members of the Chubb Group of Insurance companies doing business in the United States (hereinafter “Chubb”) distribute their products through licensed insurance brokers and agents (“producers”). Detailed information regarding the types of compensation paid by Chubb to producers on US insurance transactions is available under the Producer Compensation link located at the bottom of the page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from your producer.

Thank you for choosing Chubb.

10-02-1295 (ed. 6/2007)

Important Notice:

The SEC Requires Proof of Your Fidelity Insurance Policy

Your company is now required to file an electronic copy of your fidelity insurance coverage (Chubb’s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to rules adopted by the SEC on June 12, 2006.

Chubb is in the process of providing your agent/broker with an electronic copy of your insurance policy as well as instructions on how to submit this proof of fidelity insurance coverage to the SEC. You can expect to receive this information from your agent/broker shortly.

The electronic copy of your policy is provided by Chubb solely as a convenience and does not affect the terms and conditions of coverage as set forth in the paper policy you receive by mail. The terms and conditions of the policy mailed to you, which are the same as those set forth in the electronic copy, constitute the entire agreement between your company and Chubb.

If you have any questions, please contact your agent or broker.

Form 14-02-12160 (ed. 7/2006)

ATTACHMENT II TO
JOINT INSURANCE AGREEMENT
DATED AS OF OCTOBER 31, 2008
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	$900,000
Delaware Group Equity Funds I
Delaware Balanced Fund	$600,000
Delaware Mid Cap Value Fund
Delaware Group Equity Funds II
Delaware Large Cap Value Fund	$1,250,000
Delaware Value Fund
Delaware Group Equity Funds III
Delaware American Services Fund
Delaware Small Cap Growth Fund	$1,000,000
Delaware Trend Fund
Delaware Group Equity Funds IV
Delaware Growth Opportunities Fund
Delaware Global Real Estate Securities Fund	$750,000
Delaware Healthcare Fund
Delaware Group Equity Funds V
Delaware Dividend Income Fund
Delaware Small Cap Core Fund	$1,250,000
Delaware Small Cap Value Fund
Delaware Group Foundation Funds
Delaware Aggressive Allocation Portfolio
Delaware Conservative Allocation Portfolio	$525,000
Delaware Moderate Allocation Portfolio
Delaware Group Global & International Funds
Delaware Emerging Markets Fund
Delaware Global Value Fund	$1,250,000
Delaware International Value Equity Fund
Delaware Group Government Fund
Delaware Core Plus Bond Fund
Delaware Inflation Protected Bond Fund	$600,000

	MINIMUM AMOUNT OF
FUND	FIDELITY BOND COVERAGE
Delaware Group Income Funds
Delaware Corporate Bond Fund
Delaware Delchester Fund	$1,250,000
Delaware Extended Duration Bond Fund
Delaware High-Yield Opportunities Fund
Delaware Group Limited-Term Government Funds
Delaware Limited-Term Diversified Income Fund	$750,000
Delaware Group State Tax-Free Income Trust
Delaware Tax-Free Pennsylvania Fund	$750,000
Delaware Group Tax Free Fund
Delaware Tax-Free USA Fund
Delaware Tax-Free USA Intermediate Fund	$1,00,000
Delaware Group Tax-Free Money Fund
Delaware Tax-Free Money Fund	$225,000
Delaware Pooled Trust
The Select 20 Portfolio
The Core Focus Fixed Income Portfolio
The Core Plus Fixed Income Portfolio
The Emerging Markets Portfolio
The Focus Smid-Cap Growth Equity Portfolio
The Global Fixed Income Portfolio	$2,500,000
The Global Real Estate Securities Portfolio
The High-Yield Bond Portfolio
The Intermediate Fixed Income Portfolio
The International Equity Portfolio
The International Fixed Income Portfolio
The Labor Select International Equity Portfolio
The Large-Cap Growth Equity Portfolio
The Large-Cap Value Equity Portfolio
The Mid-Cap Growth Equity Portfolio
The Real Estate Investment Trust Portfolio
The Real Estate Investment Trust Portfolio II
The Small-Cap Growth Equity Portfolio
The Smid-Cap Growth Equity Portfolio

	MINIMUM AMOUNT OF
FUND	FIDELITY BOND COVERAGE
Delaware VIP Trust
Delaware VIP Balanced Series
Delaware VIP Capital Reserves Series
Delaware VIP Cash Reserve Series
Delaware VIP Diversified Income Series
Delaware VIP Emerging Markets Series
Delaware VIP Growth Opportunities Series
Delaware VIP High Yield Series	$2,500,000
Delaware VIP International Value Equity Series
Delaware VIP REIT Series
Delaware VIP Select Growth Series
Delaware VIP Small Cap Value Series
Delaware VIP Trend Series
Delaware VIP U.S. Growth Series
Delaware VIP Value Series
Voyageur Insured Funds
Delaware Tax-Free Arizona Fund	$525,000
Voyageur Intermediate Tax Free Funds
Delaware Tax-Free Minnesota Intermediate Fund	$400,000
Delaware Investments Municipal Trust
No Funds	0
Voyageur Mutual Funds
Delaware Minnesota High-Yield Municipal Bond Fund
Delaware National High-Yield Municipal Bond Fund
Delaware Tax-Free California Fund	$750,000
Delaware Tax-Free Idaho Fund
Delaware Tax-Free New York Fund
Voyageur Mutual Funds II
Delaware Tax-Free Colorado Fund	$600,000
Voyageur Mutual Funds III
Delaware Select Growth Fund	$600,000
Delaware Large Cap Core Fund
Voyageur Tax Free Funds
Delaware Tax-Free Minnesota Fund	$900,000

	MINIMUM AMOUNT OF
FUND	FIDELITY BOND COVERAGE
Delaware Investments Dividend and Income Fund, Inc.	$525,000
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	$26,550,000