SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
 
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES EXCHANGE ACT OFProxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 (Amendment No. )
 
 (AMENDMENT NO.
Filed by the Registrant [X]
Filed by a Party other than the Registrant [   ] 
Check the appropriate box:
[   ]Preliminary Proxy Statement[   ] Soliciting Material Under Rule 14a-12
[   ]Confidential, For Use of the
Commission Only (as permitted
by Rule 14a-6(e)(2))
[X]Definitive Proxy Statement
[   ]Definitive Additional Materials

Filed by the Registrant [ X ]
Filed by a party other than the Registrant [  ]


Check the appropriate box:

[_]           Preliminary Proxy Statement

[_]           Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

[X]           Definitive Proxy Statement

[   ]             Definitive Additional Materials
[  ]             Soliciting Material under §240.14a–12


DELAWARE GROUP EQUITY FUNDS IV
(NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

____________________
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)


Payment of Filing Fee (Check the appropriate box)

[X]           No fee required.

[_]           Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11

1)           Title of each class of securities to which transaction applies:


2)           Aggregate number of securities to which transaction applies:


Delaware Group® Adviser Funds
Delaware Group Equity Funds IV
Delaware Group Global and International Funds
Voyageur Mutual Funds III
Delaware Pooled Trust
Delaware VIP Trust
Delaware Group Foundation Funds®
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)

Payment of Filing Fee (Check the appropriate box):
[X]No fee required.
[   ]Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
1)Title of each class of securities to which transaction applies:
2)Aggregate number of securities to which transaction applies:
3)Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set(set forth the amount on which the filing fee is calculated and state how it was determined):


4)           Proposed maximum aggregate value of transaction:


5)           Total fee paid:


[_]           Fee paid previously with preliminary materials.

4)Proposed maximum aggregate value of transaction:
5)Total fee paid:
[_]   ]Fee paid previously with preliminary materials:
[   ]Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Formform or Scheduleschedule and the date of its filing.
1)Amount previously paid:
2)Form, Schedule or Registration Statement No.:
3)Filing Party:
4)Date Filed:


1)           Amount Previously Paid:


2)           Form, Schedule or Registration Statement No.:


3)           Filing Party:


4)           Date Filed:



DELAWARE GLOBAL REAL ESTATE SECURITIES FUND

PROXY MATERIALS

for

Delaware U.S. Growth Fund, a series of

DELAWARE GROUP® EQUITY FUNDS IV
2005 Market Street
Philadelphia, Pennsylvania  19103

April 7, 2010
Dear Shareholder:
We are writing to provide you with some important information concerning your investment.  As a shareholder of Delaware Global Real Estate SecuritiesGroup® Adviser Funds

Delaware Smid Cap Growth Fund, (the “Fund”), a series of Delaware Group Equity Funds IV (the “Trust”), we wish to inform you that the Board of Trustees (the “Board”) of the Trust has approved the addition of Macquarie Capital Investment Management LLC (“MCIM”) as subadviser to the

Delaware Focus Global Growth Fund, subject to shareholder approval.

This solicitation is being made on the terms and subject to the conditions set forth in the accompanying Consent Solicitation Statement that describes the terms of the proposed subadvisory agreement. Also enclosed you will find your written consent card and return envelope.  Please complete, date and sign the written consent card and return it in the enclosed, postage-prepaid envelope or by facsimile.  Consent cards must be submitted to the Secretary of the Trust by 3:00 p.m., Eastern time, on April 9, 2010.
Your response to this solicitation is important.  Failure to return the enclosed written consent card will have the effect of a vote against the approval of the subadvisory agreement.  The Board recommends that all shareholders consent to the subadvisory agreement.
Your continued interest in and support of the Fund is greatly appreciated.

Sincerely,

/s/ Patrick P. Coyne
Patrick P. Coyne
President
Delaware Group Equity Funds IV




DELAWARE GLOBAL REAL ESTATE SECURITIES FUND
a series of
Delaware Group Global and
International Funds

DELAWARE GROUPDelaware Select Growth Fund, a series of Voyageur Mutual Funds III

® EQUITY FUNDS IV

2005 Market Street
Philadelphia, Pennsylvania  19103
_____________________________
The Large-Cap Growth Equity Portfolio, The Focus Smid-Cap Growth Equity
NOTICE OF SOLICITATION OF CONSENTS
To the ShareholdersPortfolio and The Select 20 Portfolio, series of Delaware Pooled Trust

Delaware VIP® U.S. Growth Series and Delaware VIP Smid Cap Growth Series,
series of Delaware VIP Trust

Delaware Foundation® Growth Allocation Fund, Delaware Foundation®
Moderate Allocation Fund, and Delaware Foundation® Conservative Allocation
Fund, series of Delaware Group Foundation Funds®

Dear Shareholder:

I am writing to let you know that a joint special meeting (the “Meeting”) of shareholders of Delaware U.S. Growth Fund, Delaware Smid Cap Growth Fund, Delaware Focus Global Real Estate SecuritiesGrowth Fund, (theDelaware Select Growth Fund, The Large-Cap Growth Equity Portfolio, The Focus Smid-Cap Growth Equity Portfolio, The Select 20 Portfolio, Delaware VIP U.S. Growth Series, Delaware VIP Smid Cap Growth Series, Delaware Foundation Growth Allocation Fund, Delaware Foundation Moderate Allocation Fund, and Delaware Foundation Conservative Allocation Fund (each, a “Fund” and together, the “Funds”):

This Notice, series of Solicitation of Consents and accompanying Consent Solicitation Statement are being furnished to you byDelaware Group Adviser Funds, Delaware Group Equity Funds IV, (theDelaware Group Global and International Funds, Voyageur Mutual Funds III, Delaware Pooled Trust, Delaware VIP Trust, and Delaware Group Foundation Funds® (each, a “Trust”) in connection with and together, the solicitation, on behalf of the Trust’s Board of Trustees (the “Board”“Trusts”), of written consents from the holders of the Fund’s outstanding shares to take action that requires shareholder approval.
The Board is requesting that the shareholders of the Fund approve a subadvisory agreement (the “Subadvisory Agreement”) pursuant to which Macquarie Capital Investment Management LLC will be responsible forheld at the day-to-day investment managementoffices of the Fund’s assets.
Please complete, date and sign the enclosed written consent card and promptly return it in the enclosed postage-prepaid envelope or fax it to the Secretary of the TrustStradley Ronon Stevens & Young, LLP, 2005 Market Street, 26th Floor, Philadelphia, Pennsylvania 19103, on May 16, 2014 at (215) 255-1640.  To be counted, a shareholder’s properly completed written consent card must be received at or before 3:00 p.m., Eastern time,time. The purpose of the Meeting is to vote on April 9, 2010 (the “Expiration Date”), subjecta proposal that affects each Fund. As a shareholder, you have the opportunity to extensionvoice your opinion on these matters, as applicable. This package contains information about the proposal and the materials to use when voting by mail, telephone, or through the Internet.

     Please read the enclosed materials and cast your vote on the proxy card or by telephone or via the Internet.Please vote your shares promptly. Your vote is extremely important, no matter how large or small your holdings may be.


     The proposal has been carefully reviewed by the Board.

Your response is important.applicable Boards of Trustees of the Trusts. The Board recommends thatTrustees, all shareholders consent to the Subadvisory Agreement.  You can do so by marking the box entitled “CONSENT”but one of whom are not affiliated with respect toDelaware Investments, are responsible for looking after your interests as a shareholder. The Trustees believe the proposal is in the best interests of shareholders.

THE TRUSTEES RECOMMEND THAT YOU
VOTE FOR THE PROPOSAL.

     The proposal is described in greater detail in the enclosed Proxy Statement.

Voting is quick and easy. Everything you need is enclosed.Please refer to your proxy card for voting instructions. To cast your vote, simply complete the proxy card enclosed in this package. Be sure to sign the proxy card before mailing it in the postage-paid envelope. You may also vote your shares by touch-tone telephone or through the Internet. Simply call the toll-free number or visit the website indicated on your proxy card, enter the control number found on the enclosed written consent card. card, and follow the recorded or online instructions.

If you do not returnhave any questions before you vote, please call Delaware Investments at 1-800-523-1918. Thank you for your participation in this important initiative.

Sincerely,

Patrick P. Coyne
Chairman, President, and Chief Executive Officer

March 26, 2014


NOTICE OF JOINT SPECIAL MEETING OF SHAREHOLDERS
TO BE HELD ON MAY 16, 2014

Important notice regarding the enclosed written consent card, the Fund may fail to approve the Subadvisory Agreement. If you sign and send in the written consent card but do not indicate that you want to consent to the Subadvisory Agreement, we will treat this as a consent to the approvalavailability of the Subadvisory Agreement.

Consents may be revoked by shareholders at any time prior to the deadlineproxy materials for the receipt of written consents ofshareholder
meeting to be held on May 16, 2014: the holders of a majority of the outstanding shares of theproxy statement is available
at www.delawareinvestments.com/proxy

Delaware U.S. Growth Fund, entitled to act.

IT IS VERY IMPORTANT THAT EVERY SHAREHOLDER RETURN A CONSENT CARD.  WE URGE YOU TO SIGN, DATE AND RETURN THE ENCLOSED WRITTEN CONSENT AS PROMPTLY AS POSSIBLE.
By Order of the Board of Trustees,
                                                                                                                               /s/ David F. Connor
Philadelphia, Pennsylvania                                                                               David F. Connor
April 7, 2010                                                                                                       Secretary


CONSENT SOLICITATION STATEMENT
Table of Contents
Page
INTRODUCTION                                                                                                                    3
REQUIRED VOTE                                                                                                                &# 160; 3
HOW TO SUBMIT CONSENTS                                                                                         4
EXPIRATION DATE OF SOLICITATION                                                                        4
REVOCATION OF CONSENTS                                                                                         4
PROPOSAL:  TO APPROVE A SUBADVISORY AGREEMENT FOR THE FUND  5
The Proposed Subadviser                                                                                 5
Portfolio Managers of MCIM                                                                          6
MCIM’s Investment Methodology                                                                   6
The Subadvisory Agreement                                                                           6
Board Considerations in Approving the Subadvisory Agreement            8
Accompanying Changes to the Fund’s Disclosures                                    10
ADDITIONAL INFORMATION ABOUT THE FUND                                                     10
PRINCIPAL SHAREHOLDERS                                                                                          11
CONTROL PERSONS                                                                                                          12
EXHIBIT A – FORM OF SUBADVISORY AGREEMENT                                              13



2


DELAWARE GLOBAL REAL ESTATE SECURITIES FUND
a series of
DELAWARE GROUP® EQUITY FUNDS IV
2005 Market Street
Philadelphia, Pennsylvania  19103
________________________
CONSENT SOLICITATION STATEMENT
____________________________
INTRODUCTION
This Consent Solicitation Statement is being furnished in connection with the solicitation of written consents of the shareholders of Delaware Global Real Estate SecuritiesGroup® Adviser Funds

Delaware Smid Cap Growth Fund, (the “Fund”), a series of Delaware Group Equity Funds IV

Delaware Focus Global Growth Fund, a series of Delaware Group Global and
International Funds

Delaware Select Growth Fund, a series of Voyageur Mutual Funds III

The Large-Cap Growth Equity Portfolio, The Focus Smid-Cap Growth Equity
Portfolio and The Select 20 Portfolio, series of Delaware Pooled Trust

Delaware VIP® U.S. Growth Series and Delaware VIP Smid Cap Growth Series,
series of Delaware VIP Trust

Delaware Foundation® Growth Allocation Fund, Delaware Foundation®
Moderate Allocation Fund, and Delaware Foundation® Conservative Allocation
Fund, series of Delaware Group Foundation Funds®

To the Shareholders of Delaware U.S. Growth Fund, Delaware Smid Cap Growth Fund, Delaware Focus Global Growth Fund, Delaware Select Growth Fund, The Large-Cap Growth Equity Portfolio, The Focus Smid-Cap Growth Equity Portfolio, The Select 20 Portfolio, Delaware VIP U.S. Growth Series, Delaware VIP Smid Cap Growth Series, Delaware Foundation Growth Allocation Fund, Delaware Foundation Moderate Allocation Fund, and Delaware Foundation Conservative Allocation Fund (each, a “Fund” and together, the “Funds”), series of Delaware Group Adviser Funds, Delaware Group Equity Funds IV, Delaware Group Global and International Funds, Voyageur Mutual Funds III, Delaware Pooled Trust, Delaware VIP Trust, and Delaware Group Foundation Funds® (each, a “Trust” and together, the “Trusts”):

NOTICE IS HEREBY GIVEN that a joint special meeting (the “Trust”), to approve a subadvisory agreement (the “Subadvisory Agreement”“Meeting”) pursuant to which Macquarie Capital Investment Management LLC (“MCIM”)of the Funds will be responsible forheld at the day-to-day investment managementoffices of the Fund’s assets.  This solicitationStradley Ronon Stevens & Young, LLP, 2005 Market Street, 26th Floor, Philadelphia, Pennsylvania 19103, on May 16, 2014 at 3:00 p.m., Eastern time. The Meeting is being made by the Trust.  This Consent Solicitation Statement contains important information for you to consider when deciding howcalled to vote on this matter. Please read it carefully and keep it for future reference.

The Trust’s Board of Trustees (the “Board”) has resolved to obtain shareholderthe approval of a sub-advisory agreement for the Subadvisory AgreementFunds.


Shareholders of record of the Funds as of the close of business on March 20, 2014 are entitled to notice of, and to vote at, the Meeting or any adjournment thereof.Whether or not you plan to attend the Meeting, please vote your shares by written consent, rather thanreturning the proxy card by callingmail in the enclosed postage-paid envelope, or by voting by telephone or over the Internet. Your vote is important.

To secure the largest possible representation and to save the expense of further mailings, please mark your proxy card, sign, and return it in the enclosed envelope, which requires no postage if mailed from the United States. If you prefer, you may instead vote by telephone or the Internet. You may revoke your proxy at any time before or at the Meeting or vote in person if you attend the Meeting, as provided in the attached proxy statement.

By order of the Boards of Trustees,

Patrick P. Coyne
Chairman, President, and Chief Executive Officer


March 26, 2014



PROXY STATEMENT

TABLE OF CONTENTS

Page
PROPOSAL: TO APPROVE A SUB-ADVISORY AGREEMENT6
       Introduction to the Proposal6
       The Proposed Sub-Advisory Agreement8
       Board considerations in approving the Proposed
              Sub-Advisory Agreement12
       Required vote18
VOTING INFORMATION19
       How will shareholder voting be handled?19
       How do I ensure my vote is accurately recorded?19
       May I revoke my proxy?20
       What other matters will be voted upon at the Meeting?20
       Who is entitled to vote?20
       What is the Quorum requirement?21
       Who will pay the expenses of the Meeting?21
       What other solicitations will be made?21
       How do I submit a shareholder proposal for inclusion in a Trust’s
              proxy statement for a future shareholder meeting?21
       How may I communicate with the Boards?22
MORE INFORMATION ABOUT THE FUNDS22
PRINCIPAL HOLDERS OF SHARES25
APPENDIX A - FORM OF PROPOSED
       SUB-ADVISORY AGREEMENTA-1
APPENDIX B - MEMBERS AND OFFICERS OF
       JACKSON SQUARE PARTNERS, LLCB-1
APPENDIX C - 5% SHARE OWNERSHIPC-1



PROXY STATEMENT

for

Delaware U.S. Growth Fund, a series of Delaware Group® Adviser Funds

Delaware Smid Cap Growth Fund, a series of Delaware Group Equity Funds IV

Delaware Focus Global Growth Fund, a series of Delaware Group Global and
International Funds

Delaware Select Growth Fund, a series of Voyageur Mutual Funds III

The Large-Cap Growth Equity Portfolio, The Focus Smid-Cap Growth Equity
Portfolio and The Select 20 Portfolio, series of Delaware Pooled Trust

Delaware VIP® U.S. Growth Series and Delaware VIP Smid Cap Growth Series,
series of Delaware VIP Trust

Delaware Foundation® Growth Allocation Fund, Delaware Foundation® Moderate
Allocation Fund, and Delaware Foundation® Conservative Allocation Fund, series
of Delaware Group Foundation Funds®

Dated March 26, 2014

Important notice regarding the availability of proxy materials for the shareholder
meeting to be held on May 16, 2014: this proxy statement is available at
www.delawareinvestments.com/proxy.

       This proxy statement (the “Proxy Statement”) solicits proxies to be voted at a joint special meeting of shareholders because(the “Meeting”) of Delaware U.S. Growth Fund, Delaware Smid Cap Growth Fund, Delaware Focus Global Growth Fund, Delaware Select Growth Fund, The Large-Cap Growth Equity Portfolio, The Focus Smid-Cap Growth Equity Portfolio, The Select 20 Portfolio, Delaware VIP U.S. Growth Series, Delaware VIP Smid Cap Growth Series, Delaware Foundation Growth Allocation Fund, Delaware Foundation Moderate Allocation Fund, and Delaware Foundation Conservative Allocation Fund (each, a “Fund” and together, the Fund has only two shareholders as“Funds”), series of Delaware Group Adviser Funds, Delaware Group Equity Funds IV, Delaware Group Global and International Funds, Voyageur Mutual Funds III, Delaware Pooled Trust, Delaware VIP Trust, and Delaware Group Foundation Funds® (each, a “Trust” and together, the “Trusts”). The Meeting was called by the Boards of Trustees of the dateTrusts (the “Boards” or the “Trustees”)to vote on the approval of this consent solicitation statement. Written consents are being solicited froma sub-advisory agreement for the Fund’sFunds (the “Proposal”).



       The principal office of the Trusts is located at 2005 Market Street, Philadelphia, Pennsylvania 19103. You can reach the office of the Trusts by telephone by calling 1-800-523-1918. Each Trust is a Delaware statutory trust registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).

       The Meeting will be held at the offices of Stradley Ronon Stevens & Young, LLP, 2005 Market Street, 26th Floor, Philadelphia, Pennsylvania 19103, on May 16, 2014 at 3:00 p.m., Eastern time. Only Fund shareholders pursuantand officers, agents, and employees of the Trusts or their investment adviser or sub-adviser will be admitted to the Trust’s Agreement and DeclarationMeeting. The Boards, on behalf of Trust and Amended and Restated By-Laws.

Voting materials, which include this Consent Solicitationthe Funds, are soliciting these proxies. This Proxy Statement and a written consent card, areis first being sent to all Fund shareholders on or about April 8, 2010.
4, 2014.

       This Proxy Statement gives you information about the proposed sub-advisory agreement and other matters that you should know before voting on the Proposal.

The Board       Each Fund’s annual report to shareholders is sending you this Consent Solicitation Statement in connection with its solicitationsent to shareholders of consents to approve the Subadvisory Agreement.  Certain Trustees or officers of the Trust or employees of Delaware Management Company (“DMC”) may solicit consents by mail, telephone, facsimile or in person. DMC will pay all of the costs of this solicitation.

The Fund’s current investment management agreement, dated January 4, 2010, was last submitted to security holders of the Fund in September, 2009 because of a change of control and consequent assignment of the then-existing investment management agreement.
REQUIRED VOTE
To become effective, the Subadvisory Agreement must be approved by a 1940 Act Majority vote ofrecord following the Fund’s outstanding voting securities.  In orderfiscal year end. Each Fund will furnish, without charge, a copy of its most recent annual report and most recent succeeding semiannual report, if any, to approve the Subadvisory Agreement, the Fund must receive the written consent of a majority of the outstanding Shares (the “Requisite Consent”).  Each shareholder of record on the Record Date willupon request. Such requests should be entitled to one vote for each full share and a fractional vote for each fractional share that they hold.  Because none of the Fund’s outstanding Shares are held in a

3

brokerage account, there will not be any broker non-votes.  Abstentions will be treated as votes against the proposal.  If you do not consentdirected to the Subadvisory AgreementFunds by calling 1-800-523-1918 or if you do not voteby writing to a Fund at all (abstain), and we do not otherwise obtain enough consents to approve the Subadvisory Agreement, the Subadvisory Agreement will not be approved.  If the Subadvisory Agreement is not approved, the Board will decide on a course of action for the Fund, which may include continuing the Fund’s current management arrangements, liquidating the Fund, or such other course of action as the Board concludes is appropriate.
The Board recommends that you CONSENT to the Subadvisory Agreement.
HOW TO SUBMIT CONSENTS
All written consents that are properly completed, signed and delivered prior to the Expiration Date, and not revoked prior to acceptance, will be accepted.  If you have any questions about this consent solicitation or how to vote or revoke your consent, or if you need additional copies of this Consent Solicitation Statement or voting materials, please contact Kathryn Williams at (215) 255-8547.
Shareholders of record who desire to consent to the Subadvisory Agreement may do so by mailing or delivering the written consent to the Secretary of the Trust using the enclosed, postage pre-paid envelope and in accordance with the instructions contained in the written consent.
If the written consent is properly completed and signed, the shareholder will be deemed to have consented to the Subadvisory Agreement.  Failure to return the enclosed written consent card will have the same effect as a vote against approval of the Subadvisory Agreement.
Written consents must be executed in exactly the same manner as a shareholder’s name appears on the share certificates or account registration.  If shares to which a written consent relates are held of record by two or more joint holders, all such holders must sign the written consent.  If a signature is by a trustee, executor, administrator, guardian, proxy, attorney-in-fact, officer of a corporation, or other holder of record acting in a fiduciary or representative capacity, such person must so indicate when signing and submit proper evidence satisfactory to the Fund of such person’s authority to so act.  If shares are registered in different names, separate written consents must be executed covering each form of registration.
A SHAREHOLDER MUST COMPLETE, SIGN, DATE AND DELIVER THE WRITTEN CONSENT (OR PHOTOCOPY THEREOF) FOR SUCH HOLDER’S SHARES TO THE SECRETARY OF THE TRUST.  SUCH WRITTEN CONSENT MAY BE DELIVERED TO THE SECRETARY OF THE TRUST BY HAND, MAIL, FACSIMILE OR BY OVERNIGHT COURIER.
EXPIRATION DATE OF SOLICITATION
The term “Expiration Date” means 3:00 p.m., Eastern time, on April 9, 2010, unless the Requisite Consent is received prior to such date, in which case, this solicitation will expire on the date that the Requisite Consent is obtained.  Notwithstanding anything to the contrary set forth in this Consent Solicitation Statement, the Trust reserves the right, at any time prior to the Expiration Date, to amend or terminate the solicitation, or to delay accepting consent cards.
REVOCATION OF CONSENTS
Written consents may be revoked or withdrawn by a shareholder at any time prior to the date we have received the Requisite Consent and have accepted them or prior to 3:00 p.m., Eastern time, on the
4
Expiration Date.  To be effective, a written or facsimile revocation or withdrawal of the written consent card must be received by the Secretary of the Trust prior to such time and addressed as follows: Secretary, Delaware Group Equity Funds IV,Attention: Shareholder Services, 2005 Market Street, 29th Floor, Philadelphia, PA 19103; or by facsimile to (215) 255-1640.  A noticePennsylvania 19103-7094. Each Fund’s most recent annual report and most recent succeeding semiannual report, if any, are also available free of revocation or withdrawal must specifycharge through the shareholder’s name and the number of shares for which consent is being withdrawn.  As of the Expiration Date, all written consents previously executed and delivered and not revoked will become irrevocable.Funds’ website at www.delawareinvestments.com.



PROPOSAL: TO APPROVE A SUBADVISORYSUB-ADVISORY AGREEMENT FOR THE FUND

           You are being

Introduction to the Proposal

     At the Meeting, shareholders of each Fund will be asked to approve an investment sub-advisory agreement (the “Proposed Sub-Advisory Agreement”) between Delaware Management Company, the Funds’ investment adviser (“DMC”), and Jackson Square Partners, LLC (the “Jackson Square”). Jackson Square will be a joint venture between Delaware Investments Advisers Partner, Inc., an affiliate of DMC (“DIAP” and with DMC, “Delaware Investments”), and California Street Partners, LLC, a California limited liability company. Jackson Square will be comprised of the portfolio managers currently responsible for managing all or part of each Fund (the “Focus Growth Team”). In connection with the transition of the Focus Growth Team into Jackson Square, the Focus Growth Team will become owners and officers of Jackson Square, and will continue to provide portfolio management services to the Funds pursuant to the Proposed Sub-Advisory Agreement (the “Transaction”). Accordingly, the Funds’ Boards are seeking your approval of the SubadvisoryProposed Sub-Advisory Agreement.

     The Boards are proposing the approval of the Proposed Sub-Advisory Agreement in order to continue to capitalize on the skill and expertise of the Focus Growth Team. For the Funds (other than Delaware Foundation Growth Allocation Fund, Delaware Foundation Moderate Allocation Fund, and Delaware Foundation Conservative Allocation Fund), it is proposed that the same members of the Focus Growth Team who have managed the Funds’ portfolios will continue to manage the entirety of the Funds’ portfolios in their new roles as portfolio managers at Jackson Square. It is also proposed that the Focus Growth Team will continue to manage the same sleeves of the portfolios as they had previously managed for Delaware Foundation Growth Allocation Fund, Delaware Foundation Moderate Allocation Fund, and Delaware Foundation Conservative Allocation Fund in their new roles as portfolio managers of Jackson Square. The Focus Growth Team has managed all or part of each Fund since 2005, except in the case of the Delaware Smid Cap Growth Fund, which the Focus Growth Team has been managing since 2010.

     The Proposed Sub-Advisory Agreement will not become effective with respect to each Fund unless it is approved by the shareholders of that Fund. In the event that the shareholders of a Fund do not approve the Proposed Sub-Advisory Agreement, the applicable Fund’s Board will take such action that it deems to be in the best interests of the Fund and its shareholders, including having the Fund be fully managed by DMC under the current investment advisory agreement.



     For a general description of the key terms of the Proposed Sub-Advisory Agreement, see “The Proposed Sub-Advisory Agreement” below. A form of Proposed Sub-Advisory Agreement is included in Appendix A. Shareholder approval of the Proposal will not change the fees charged to Fund shareholders. Shareholders will continue to pay management fees to DMC and DMC, in turn, will compensate Jackson Square for its services to the Funds out of the fees paid to DMC.

The Current Sub-Advisory Agreement

     On behalf of each of the Funds, DMC engaged Delaware Investments Advisory Services (“DIAS”), an affiliate of DMC, to serve as the Funds’ sub-adviser pursuant to which MCIM will, subjecta sub-advisory agreement (the “Current Sub-Advisory Agreement”) between DMC and DIAS. Subject to the supervision of DMC and the Board andFunds’ Boards, DIAS will direct the investment of DMC, be responsible for the day-to-day investment managementall or part of the Fund’sFunds’ assets. On February 17, 2010,The terms of the Board voted to approve the appointment of MCIM as subadviserCurrent Sub-Advisory Agreement are substantially similar to the Fund,Proposed Sub-Advisory agreement.

     DIAS was formed and hereby submits the Subadvisory Agreement for shareholder approval.

Management of the Trust believes that the appointment of MCIM as subadviser to the Fund would allow the Fund to take advantage of Macquarie’s established reputation in real estate investing, which is discussed below under “The Proposed Subadviser.”  In addition, Management of the Trust believes that there is a significant demand for exposure to the global real estate asset class given investors’ demand for diversification, inflation-linked assets, income, global exposure and the potential to capitalize on a long-term recovery in the real estate sector.
The Proposed Subadviser
MCIM, 125 West 55th Street, Level 10, New York, New York 10019, was founded in 2004 and registered as anfiled its investment adviser registration with the U.S. Securities and Exchange Commission (the “SEC”) in 2004.  MCIM is oneMarch 2014. After the SEC declares DIAS’ registration effective, members of the legal entities in the United States within the Macquarie Funds Group (“MFG”).  MFG Global Real Estate Securities, a divisionFocus Growth Team will become officers of MFG, operates in the United States, Australia, United Kingdom and Hong Kong, and is the business group within MFG responsible for managing all real estate securities mandates on a global basis.  MFG’s Global Real Estate Securities team has advised various types of pooled accounts since 1993, including funds domiciled in Australia, the Cayman Islands and the United Kingdom.  MCIM provides investment advisory services for mandates managed by the MFG Infrastructure Securities team, the MFG Global Real Estate Securities team and the MFG Emerging Markets team.  MFG’s Global Real Estate Securities team had approximately $1.3 billion under management for institutional and retail investors as of December 31, 2009.
The President of MCIM is Richard Butt.  Mr. Butt, Stephen Darke, and Mark Torline are directors of MCIM.  Their address is 125 West 55th Street, Level 10, New York, New York 10019.
MFG’s Real Estate Securities TeamDIAS. DIAS is a boutique-like structure with the supportwholly owned subsidiary of a large financial institution.  The Real Estate Securities Team manages global, region-specific, long-only, true index and long-short strategies for clients.  MCIM has sixteen years of experience managing real estate securities, with sixteen investment professionals in four countries.
MCIMDelaware Investments Fund Advisers (“DIFA”). DIFA and DMC are affiliates because both advisers areseries of Delaware Management Business Trust, a Delaware statutory trust (“DMBT”). DMBT is a direct wholly owned subsidiary of Delaware Management Holdings, Inc. (“DMHI”), which, in turn, is an indirect, wholly owned subsidiariessubsidiary, and subject to the ultimate control, of Macquarie Group LimitedLtd. (“Macquarie”), which, through its affiliates. DMC, DMBT, DIAP, DIAS, DIFA, and subsidiaries,DMHI are located at 2005 Market Street, Philadelphia, Pennsylvania 19103. Macquarie is located at No. 1 Martin Place, Sydney, New South Wales 2000, Australia. Macquarie is a global provider of banking, financial, advisory, investment and fundfunds management services.  Macquarie

Transition of the Focus Growth Team from DIAS to Jackson Square

     Following the closing of the Transaction, which is listedexpected to occur on or about April 30, 2014, the Australian Securities Exchange (ASX:MQG) andFocus Growth Team will move from DIAS to Jackson Square. At that time, Jackson Square will become the sub-adviser to the Funds pursuant to an interim sub-advisory agreement (as discussed below). Shareholder approval of the interim sub-advisory agreement is regulated by the Australian Prudential Regulation Authority, the Australian banking regulator,not required but in order for Jackson Square to serve as the ownerFunds’ sub-adviser for more than 150 days, shareholders must approve a final sub-advisory agreement between DMC and Jackson Square. The terms of Macquarie Bank Limited,that agreement are discussed in detail below. Jackson Square is a California limited liability company located at 101 California Street, San Francisco, CA 94111.



Jackson Square will provide investment management services to mutual funds, high net worth individuals, and institutional investors. More information about Jackson Square’s members and officers is contained in Appendix B.

The Interim Sub-Advisory Agreement

     When the Transaction closes on or about April 30, 2014, the Current Sub-Advisory Agreement will terminate because it will be assigned to Jackson Square, although DMC will continue to serve as the Funds’ investment adviser. Because the Current Sub-Advisory Agreement will terminate prior to the Meeting, the Board has approved an authorized deposit taker.


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Duringinterim sub-advisory agreement between DMC and Jackson Square (the “Interim Agreement”) in order to ensure continuity of portfolio management services. As a result, the Fund’s last fiscal year, itInterim Agreement will become effective at the time of the closing of the Transaction. The Interim Agreement will remain in effect for 150 days or until Fund shareholders approve the Proposed Sub-Advisory Agreement. The Interim Agreement is substantially similar to the Current Sub-Advisory Agreement except for the provisions (i) governing the length of, and the ability to terminate, the Interim Agreement; and (ii) requiring that the fees earned under the Interim Agreement must be held in an interest-bearing escrow pending shareholder approval of the Proposed Sub-Advisory Agreement. With respect to the escrow provisions, the amount placed in an escrow account during the term of the Interim Agreement will be paid commissions to brokers affiliated with MCIM, as reflectedJackson Square if Fund shareholders approve the Proposed Sub-Advisory Agreement. If the Funds’ shareholders do not approve the Proposed Sub-Advisory Agreement, Jackson Square will be paid out of the escrow account the lesser of its costs in performing under the Interim Agreement or the total amount in the chart below.
Percentage of Aggregate
Broker Name                                                      Amount Paid            Commissions Paid
Fox-Pitt Cochran                                                $6.00                                0.0472%
Caronia Waller LLC
Macquarie Capital USA, Inc.                          $50.59                                0.398%

Portfolio Managers of MCIM
escrow account plus interest earned. The portfolio managers of MCIM who will be primarily responsible forInterim Agreement is intended to comply with the activitiesrules under the 1940 Act governing interim advisory agreements.

The Proposed Final Sub-Advisory Agreement

     Each Board approved the Proposed Sub-Advisory Agreement with respect to its Fund(s) at an in-person meeting on February 18-20, 2014. A copy of the Fund are David Kivell and Charles Song.   Biographical information for the portfolio managersProposed Sub-Advisory Agreement is availablecontained in the Fund’s prospectus, as supplemented.Appendix A.


MCIM’s Investment Methodology
MCIM believes that the publicly traded real estate securities market is a separate and distinct asset class with unique investment characteristics. Although a handful of real estate companies operate and invest in foreign markets, over 90% of such companies are regionally focused and as such returns are primarily driven by local and regional economic and real estate conditions.  For this reason, MCIM believes that local expertise is extremely beneficial when making investment decisions in a particular geographic area.
From a top-down perspective, MCIM considers each region’s economy, including current economic conditions, interest rates, job growth, and capital flows.  MCIM’s bottom-up analysis is tailored for each region with stock selection methodology being determined according to market depth and industry fundamentals.  Core elements of their fundamental research are real estate valuations, evaluation of company management, security-level research, and capital structure analysis.  Real estate factors that are important to MCIM’s analysis include, but are not limited to, supply/demand, vacancy rates, and rental growth in a particular market.  This market-by-market research is coupled with an overview of a company’s financials, cash flow, dividend growth rates, and management strategy.
More information on MCIM’s investment strategies for the Fund are in the Fund’s prospectus, as supplemented.
The Subadvisory Agreement

Under the SubadvisoryProposed Sub-Advisory Agreement, DMC will delegate to MCIM the responsibility for the day-to-day investment management of the Fund’s assets.  DMC has ultimate responsibility for all investment advisory services provided to the Fund and will supervise MCIM’s performance as subadviser.  MCIM will select investments for the Fund based on its own investment style and strategy.

MCIM intends to use its own method of real estate investment management, which differs in some respects from the management methodology currently in effect for the Fund.  The Fund’s prospectus, as supplemented, includes a discussion of the Fund’s investment strategy under MCIM.

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Fees.  For MCIM’s services to the Fund, DMC will pay MCIMJackson Square a fee based onfor each Fund sub-advised by Jackson Square at the following percentages (on an  annual basis) of the average daily net assets of the Fund: 0.495% of the first $100 million, 0.45% of the next $150 million, and 0.40% excess of $250 million.  DMC, and not the rates:

Fund will pay such fees.Sub-Advisory Fee
0.325% on first $500 million
Delaware U.S. Growth Fund0.30% on next $500 million
0.275% on next $1.5 billion
0.25% on assets in excess of $2.5 billion
0.375% on first $500 million
Delaware Smid Cap Growth Fund0.35% on next $500 million
0.325% on next $1.5 billion
0.30% on assets in excess of $2.5 billion
0.325% on first $500 million
Delaware Foundation®Conservative0.30% on next $500 million
Allocation Fund0.275% on next $1.5 billion
0.25% on assets in excess of $2.5 billion
0.325% on first $500 million
Delaware Foundation®Growth0.30% on next $500 million
Allocation Fund0.275% on next $1.5 billion
0.25% on assets in excess of $2.5 billion
0.325% on first $500 million
Delaware Foundation®Moderate0.30% on next $500 million
Allocation Fund0.275% on next $1.5 billion
0.25% on assets in excess of $2.5 billion
0.425% on first $500 million
Delaware Focus Global Growth Fund0.40% on next $500 million
0.375% on next $1.5 billion
0.35% on assets in excess of $2.5 billion
The Focus Smid-Cap Growth
Equity Portfolio0.375%
The Large-Cap Growth Equity Portfolio0.275%
The Select 20 Portfolio0.375%
0.375% on first $500 million
Delaware VIP®Smid Cap0.35% on next $500 million
Growth Series0.325% on next $1.5 billion
0.30% on assets in excess of $2.5 billion



FundSub-Advisory Fee
0.325% on first $500 million
Delaware VIP®U.S. Growth Series0.30% on next $500 million
0.275% on next $1.5 billion
0.25% on assets in excess of $2.5 billion
0.375% on first $500 million
Delaware Select Growth Fund0.35% on next $500 million
0.325% on next $1.5 billion
0.30% on assets in excess of $2.5 billion

Sub-Advisory Services.The SubadvisoryProposed Sub-Advisory Agreement generally provides that, subject to the direction and control of thea Trust’s Board and DMC, MCIMJackson Square shall (i) regularly make decisions as to what securities and other instruments to purchase and sell on behalf of theeach Fund; (ii) effect the purchase and sale of those investments in furtherance of theeach Fund’s objectivesobjective(s) and policies;strategies; and (iii) furnish the applicable Board with information and reports regarding theeach Fund’s investments.

Subject to the primary objective of obtaining best execution, MCIMJackson Square may in compliance with applicable law and the policies and procedures of the Fund, place orders for the purchase and sale of portfolio securities and other instruments with broker/dealers that provide brokerage and research services to DMC, MCIM, and/or theJackson Square, and each Fund.

The SubadvisoryProposed Sub-Advisory Agreement provides that Jackson Square’s services to the services of MCIMFunds are not exclusive, to the Fund, and MCIMJackson Square may render services to others.

other persons or entities, including other mutual funds.

Limitation on Liability.Under the SubadvisoryProposed Sub-Advisory Agreement, in the absence of willful misfeasance, bad faith, gross negligence, or a reckless disregard of the performance of its duties as subadvisera sub-adviser to the Fund, MCIMTrusts, on behalf of the Funds, neither Jackson Square nor any of its controlling persons, officers, directors, employees, or agents (“Sub-adviser Related Persons”) shall not be liable to the Trust,Trusts, the Fund,Funds, DMC, or any shareholder of the Trusts for any action or omission in the course of, or connected with, rendering services under the Subadvisory Agreementthereunder or for any losses that may be sustained in the purchase, holding or sale of any security, or otherwise.

IndemnityIndemnity..  Under the SubadvisoryProposed Sub-Advisory Agreement, DMC shall indemnify MCIM, its affiliates,Jackson Square and their controlling persons, officers, directors, employees, agents, legal representatives and persons controlled by them,Sub-adviser Related Persons to the fullest extent permitted by law against any and all loss, damage, judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys’ fees (collectively, “Losses”), incurred by such personsJackson Square or Sub-adviser Related Persons arising from or in connection with the SubadvisoryProposed Sub-Advisory Agreement or the performance by such personsJackson Square or Sub-adviser Related Persons of the duties under the Subadvisory Agreement, as long as such lossesProposed Sub-Advisory Agreement. However, DMC is only required to indemnify for Losses that arise out



of DMC’s willful misfeasance, bad faith, gross negligence, or reckless disregard in performing its responsibilities under the Subadvisory Agreement, including, without limitation, such lo sses arising under any applicable law orProposed Sub-Advisory Agreement. Subject to the foregoing, Losses that may be based upon any untrue statement of a material fact contained in the Trust’sTrusts’ Registration Statement, or any amendment thereof or any supplement thereto,Statements or the omission to state therein a material fact that was known or that should have been known and was required to be stated therein or necessary to make the statements thereinstatement not misleading, unless such statement or omission was made in reasonable reliance upon information furnished to DMC or the TrustTrusts by such personsJackson Square specifically for inclusion in the Trust’sTrusts’ registration statementstatements or any amendment thereof or supplement thereto.

thereto, except to the extent any such Losses result from willful misfeasance, bad faith, gross negligence, or reckless disregard on the part of Jackson Square in the performance of any of its duties under, or in connection with, the Proposed Sub-Advisory Agreement.

Term and Continuance.  The Subadvisory Agreement may be terminatedIf approved by DMC or the Trust at any time, without the paymentshareholders of a penalty, on written noticeFund, the Proposed Sub-Advisory Agreement will have an initial two year term, and will only continue in effect from year to MCIM of DMC’s or the Trust’s intention to do so, in the case of the Trust pursuant to actionyear if its continuance is specifically approved at least annually by the Board or pursuant toboth (a) the vote of a majority of the respective Trust’s Board or a 1940 Act Majority (as defined below) of the outstanding voting securities of the Fund.  MCIM may terminate this Agreement at any time, withoutapplicable Fund, and (b) the paymentvote of a penalty,majority of the Trustees of a Trust who are not “interested persons” as defined by the 1940 Act (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on sixty (60) days’ written notice to the Investment Manager and the Trust of its intention to do so.approval.

     A “1940 Act Majority” of the outstanding voting securities of a Fund means the lesser of (i) 67% or more of the voting securities of the Fund that are present in person or by proxy at a meeting if holders of shares representing more tha nthan 50% of the outstanding voting securities of the Fund are present in person or by proxy, or (ii) more than 50% of the outstanding voting securities of the Fund.

TerminationTermination..  The SubadvisoryProposed Sub-Advisory Agreement generally provides that it may be terminated at any time, without the payment of any penalty, (i) by MCIMDMC upon giving sixty days’ written notice to DMC and the Trust,Jackson Square, or (ii) by thea Trust upon giving sixty days’ written notice to MCIM,Jackson Square, provided that the termination by the Trust is directed or approved by the vote of a majority of the Trust’s Board or by the vote of a 1940 Act Majority of the Fund’s shareholders.outstanding voting securities of the applicable Fund. The Proposed Sub-Advisory Agreement may also be terminated by Jackson Square on sixty days’ written notice. As required by the 1940 Act, the SubadvisoryProposed Sub-Advisory Agreement will also immediately terminate in the event of its “assignment” (as defined in the 1940 Act). Furthermore, the SubadvisoryProposed Sub-Advisory Agreement will terminate upon the termination of the investment advisory agreement between a Trust, ’s investment management agreement withon behalf of a Fund, and DMC.



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BOARD CONSIDERATIONS IN APPROVING THE PROPOSED

Board Considerations in Approving the Subadvisory Agreement
SUB-ADVISORY AGREEMENT

At an in-person meeting held on February 16-18, 2010,18-20, 2014, the Board,Funds’ Boards, including a majority of the Independent Trustees, discussed and unanimously approved the Subadvisory Agreement.Current Sub-Advisory Agreement between DMC and DIAS, as well as the Interim Agreement and the Proposed Sub-Advisory Agreement between DMC and Jackson Square (collectively, the “Sub-Advisory Agreements”). Concluding that approval of the Subadvisory AgreementSub-Advisory Agreements would be in the best interests of theeach Fund and its shareholders, the BoardBoards also directed that the SubadvisoryProposed Sub-Advisory Agreement be submitted to Fundeach Fund’s shareholders for approval, and recommended that shareholders vote“CONSENT” FOR”to the approval of the SubadvisoryProposed Sub-Advisory Agreement.

Prior

     In considering whether to approve the Proposed Sub-Advisory Agreement, the Independent Trustees consulted with independent legal counsel and Fund counsel, and discussed, among other things, the legal standards applicable to their review of the Proposed Sub-Advisory Agreement and certain other considerations relevant to their deliberations on whether to approve the Proposed Sub-Advisory Agreement. At the in-person meeting, the Trustees discussed the Transaction and the resulting termination of the Current Sub-Advisory Agreement. The Trustees discussed the fact that the Current Sub-Advisory Agreement and the Proposed Sub-Advisory Agreement are virtually identical. After reviewing the written materials provided by Jackson Square, the Independent Trustees discussed materials provided to them by their independent legal counsel with respect to their consideration of the SubadvisoryProposed Sub-Advisory Agreement.

     In connection with the Trustees’ review of the Proposed Sub-Advisory Agreement, DMC and/or Jackson Square advised the Independent Trustees requested materials about MCIMa variety of matters, including the following:

  • The Transaction will have no effect on Jackson Square or the Focus Growth Team and matters relatedthere will be no adverse changes in the nature, quality, or extent of services currently provided by Jackson Square to the proposed Subadvisory Agreement.  To assistFunds and their shareholders because the BoardFunds will retain the same portfolio management team;

  • The Transaction will not affect the level of expenses currently in consideringeffect for the Subadvisory Agreement, MCIM provided materials and information about MCIM.

AtFunds because the Meeting, the Trustees discussed the Subadvisory Agreement with DMC management and MCIM representatives.  The Meeting included discussionsFunds’ expense ratios will not change as a result of the strategic rationale for the Subadvisory Agreement, as discussed above,Transaction and MCIM’s plans regarding portfolio managementJackson Square will be compensated by DMC; and



  • The terms and conditions of the Fund’s assets.  The Trustees determined that the overall proposed subadvisory arrangements between the Fund, DMC, and MCIM,Proposed Sub-Advisory Agreement, including the proposed subadvisory fees andFunds’ contractual fee rates under the related administration arrangements betweenProposed Sub-Advisory Agreement, will remain the Fund, DMC, and MCIM, were fair and reasonable in light of the services to be performed, expenses incurred and such other matterssame as the Trustees considered relevant.  In making this determination, the Board considered a numberCurrent Sub-Advisory Agreement.

    Certain of factors, including the following:

·  The reputation, financial strength, and resources of MCIM;
·  The terms and conditions of the Subadvisory Agreement, including that the Fund’s contractual fee rate and expense cap would remain the same and that DMC, rather than the Fund, would pay the subadvisory fees under the Subadvisory Agreement;
·  The Board’s determination that (i) MCIM had the capabilities, resources, and, based on an in-person presentation by MCIM, personnel necessary to provide satisfactory advisory and administrative services to the Fund and (ii) the advisory and/or management fees paid by the Fund represented reasonable compensation to MCIM in light of the services provided, the costs to MCIM of providing those services, economies of scale, and the fees and other expenses paid by similar funds and such other matters that the Board considered relevant in the exercise of its reasonable judgment;
·  Shareholders of the Fund are more to likely benefit from economies of scale as a result of marketing opportunities for the Fund under MCIM’s management;
·  Shareholders of the Fund are not expected to experience material adverse tax consequences as a result of transitioning the Fund’s portfolio under MCIM’s management;
·  The compliance and regulatory history of MCIM and its affiliates; and

8

·  DMC’s representation to the Board that the Fund’s shareholders will not bear any costs of this solicitation.
these considerations are discussed in more detail below.

In making their decision relating to the approval of the SubadvisoryProposed Sub-Advisory Agreement, the Independent Trustees gave attention to all information furnished. The following discussion, however, identifies the primary factors taken into account by the Trustees and the conclusions reached in approving the SubadvisoryProposed Sub-Advisory Agreement.

Nature, Extent, and Quality of Service. Service. The BoardTrustees considered the nature, extent, and qualitycontinuity of servicesinvestment management to be provided by MCIM to the FundFunds and itstheir shareholders. Following the close of the Transaction, the Focus Growth Team will continue to provide portfolio management services to the Funds as owners or employees of Jackson Square. In reviewing the nature, extent, and quality of services, the Trustees considered that the Proposed Sub-Advisory Agreement will be virtually identical to the Current Sub-Advisory Agreement (as discussed above under “The Proposed Sub-Advisory Agreement”). They also considered that the same personnel will be providing portfolio management services to the Funds following the completion of the Transaction, and therefore, considered the many reports furnished to them throughout 2012 and 2013 at regular Board considered reports supplied to it in response to information requests, which coveredmeetings covering matters such as the relative performance of MCIM’s strategy, the measures MCIM intended to implement to ensure that appropriate personnelFunds, and resources would be devoted to performing services for the Fund, compliance of portfolio managers with the investment policies, strategies, and restrictions for other funds managed by MCIM,the Funds. The Trustees were pleased with the emphasis placed on research and risk management in the investment process. The Trustees concluded that, because both the services provided under, and the compliance history, methodologies, and capabilities of MCIM. 60; The Board reviewed information regarding how MCIM planned to select and evaluate brokers to execute trades for the Fund, monitor the ongoing performanceterms of, the Fund, allocate trades betweenProposed Sub-Advisory Agreement were generally identical to those under the FundCurrent Sub-Advisory and other accounts, value the Fund’s assets, prepare and maintain books and records as required for registered investment advisers, and report to the Board on various aspects of the Fund’s performance and operations.  The Board reviewed information regarding conflicts of interest and the policies and procedures according to whichInterim Agreements, they would be addressed by MCIM.  The Board reviewed information regarding MCIM’s proposed investment decision-making process for the Fund and the sources of information that MCIM anticipated relying on in doing so.  The Board wasremained satisfied with the nature, extent, and quality of the overall services anticipated to be provided by MCIM.Jackson Square.

     In addition, the Trustees considered that in connection with the Transaction, DIAP and Jackson Square would enter into a transition services agreement. Under the terms of this agreement, DIAP and certain of its affiliates would provide compliance and other administrative support to Jackson Square for an 18-month period following the close of the Transaction.

Investment Performance. Performance.The Board reviewed information regardingTrustees considered the overall investment performance of accounts managedthe Focus Growth Team and the Funds. The Trustees placed significant emphasis on the investment performance of the Funds in view of its importance to shareholders. The Trustees reviewed reports prepared by MCIMLipper Inc. (“Lipper”) for each Fund that areshowed the Fund’s investment performance as of March 31, 2013 in comparison to a group of funds selected by Lipper as being similar to the Fund.Fund (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The Board notedhighest/best



performing 25% of funds in the Performance Universe made up the first quartile; the next 25% made up the second quartile; the next 25% made up the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe made up the fourth quartile. Annualized investment performance for the Funds was shown for the past 1-, 3-, 5-, and 10-year periods, as applicable, compared to that such performance compared favorably toof the Performance Universe. The Trustees’ objective was that the Fund’s benchmark index.performance for the periods considered be at or above the median of its Performance Universe. In addition, the Boards reviewed more recent Lipper data that had been provided at the quarterly Board meetings held since March 31, 2013. With respect to each Fund’s performance as of December 31, 2013, they noted:

Delaware Focus Global Growth Fund – The Board met withPerformance Universe for the investment personnel who would be managingFund consisted of the Fund and examinedall retail and consideredinstitutional global multi-cap growth funds as selected by Lipper. The Lipper report comparison showed that the experienceFund’s total return for the one-year period was in the third quartile of such personnel.its Performance Universe. The Boardreport further showed that the Fund’s total return for the three-year period was in the second quartile of its Performance Universe, and the Fund’s total return for the five-year period was in the first quartile of its Performance Universe.

The Large Cap Growth Equity Portfolio – The Performance Universe for the Portfolio consisted of the Portfolio and all retail and institutional large-cap growth funds as selected by Lipper. The Lipper report comparison showed that the Portfolio’s total return for the one-year period was in the second quartile of its Performance Universe. The report further showed that the Portfolio’s total return for the three- and five-year periods was in the first quartile of its Performance Universe.

Delaware U.S. Growth Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional large-cap growth funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one-year period was in the second quartile of its Performance Universe. The report further showed that the Fund’s total return for the three- and five-year periods was in the first quartile of its Performance Universe, and the Fund’s total return for the ten-year period was in the second quartile of its Performance Universe.

The Focus Smid-Cap Growth Equity Portfolio– The Performance Universe for the Portfolio consisted of the Portfolio and all retail and institutional mid-cap growth funds as selected by Lipper. The Lipper report comparison showed that the Portfolio’s total return for one-, three-, five-, and ten-year periods was in the first quartile of its Performance Universe.



Delaware Smid Cap Growth Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional mid-cap growth funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one-, three-, five-, and ten-year periods was in the first quartile of its Performance Universe.

The Select 20 Portfolio – The Performance Universe for the Portfolio consisted of the Portfolio and all retail and institutional multi-cap growth funds as selected by Lipper. The Lipper report comparison showed that the Portfolio’s total return for the one-year period was in the fourth quartile of its Performance Universe. The report further showed that the Portfolio’s total return for the three- and five-year periods was in the first quartile of its Performance Universe, and the Portfolio’s total return for the ten-year period was in the third quartile of its Performance Universe.

Delaware Select Growth Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional multi-cap growth funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one-year period was in the fourth quartile of its Performance Universe. The report further showed that the Fund’s total return for the three-, five-, and ten-year periods was in the first quartile of its Performance Universe.

Delaware VIP® U.S. Growth Series – The Performance Universe for the Series consisted of the Series and all large-cap growth funds underlying variable insurance products as selected by Lipper. The Lipper report comparison showed that the Series’ total return for the one-year period was in the second quartile of its Performance Universe. The report further showed that the Series’ total return for the three- and five-year periods was in the first quartile of its Performance Universe, and the Series’ total return for the ten-year period was in the second quartile of its Performance Universe.

Delaware VIP Smid Cap Growth Series – The Performance Universe for the Series consisted of the Series and all mid-cap growth funds underlying variable insurance products as selected by Lipper. The Lipper report comparison showed that the Series’ total return for the one-, three-, five-, and ten-year periods was in the first quartile of its Performance Universe.

Delaware Foundation® Conservative Allocation Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional mixed-asset target allocation conservative funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one- and three-year periods was in the second quartile of its Performance Universe. The report further showed that the Fund’s total return for the five- and ten-year periods was in the first quartile of its Performance Universe.



Delaware Foundation® Growth Allocation Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional mixed-asset target allocation growth funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one- and three-year periods was in the third quartile of its Performance Universe. The report further showed that the Fund’s total return for the five- and ten-year periods was in the second quartile of its Performance Universe.

Delaware Foundation® Moderate Allocation Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional mixed-asset target allocation moderate funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one- and three-year periods was in the third quartile of its Performance Universe. The report further showed that the Fund’s total return for the five- and ten-year periods was in the second quartile of its Performance Universe.

The Trustees noted that they were satisfied with the overall performance of the strategy anticipatedFunds. Moreover, the Trustees concluded that the Transaction was unlikely to be utilized by MCIM in managinghave any effect on Jackson Square’s management of the Fund’s assets.

Funds or their investment performance because the current portfolio management personnel will continue to provide portfolio management services to the Funds.

Comparative ExpensesExpenses.. The Board consideredTrustees also evaluated expense comparison data for each Fund. Jackson Square provided the Trustees with information on pricing levels and fee structures for each Fund and other accounts managedcomparative funds. The Trustees noted that Jackson Square’s fee will paid by MCIM that areDMC, not by the Funds. They also focused on the comparative analysis of the effective management fees (including sub-advisory fees) and total expense ratios of each Fund versus the effective management fees (including sub-advisory fees) and expense ratios of a group of funds selected by Lipper as being similar to each Fund (the “Expense Group”). In reviewing comparative costs, each Fund’s contractual management fee (including sub-advisory fees) and the Fund.  The Board reviewed information regardingactual management fee incurred by a Fund were compared with the nature and quality ofcontractual management fees (assuming all funds in the services to be provided by MCIM, the perceived value of MCIM’s servicesExpense Group were similar in size to the Fund,applicable Fund) and actual management fees (as reported by each fund) of other funds within the competitive environmentExpense Group. Each Fund’s total expenses were also compared with those of its Expense Group. The Trustees’ objective was for such services, and the nature of the Fund.  The Board noted that it annually reviewed the Fund’s expenses and had at its last annual review been satisfied with thea Fund’s total expense ratio to be competitive with that of the funds in the Expense Group. They concluded that, because the terms of the Proposed Sub-Advisory Agreement were not substantially changing from the terms of the Current Sub-Advisory and thatInterim Agreements, including the sub-advisory fee rate paid by DMC on behalf of each Fund, each Fund’s current expense cap would remain in place.  The Board noted that, althoughexpenses were satisfactory.



Management Profitability. Jackson Square provided a pro forma profitability analysis to the Fund wasTrustees, and the Trustees considered the level of profits expected to experience heightened turnover for a short period after the appointment of MCIM as the Fund’s portfolio is transitioned to match MCIM’s investment methodology, the Fund’s typical expense ratio is not expected to increase under the Subadvisory Agreement.be realized by Jackson Square. The Board concluded that the subadvisory fees to be paid to MCIM would be fair and reasonable.

Ancillary Benefits. The Board considered whether “fall-out” or ancillary benefits would accrue to MCIM as a result of its relationship with the Fund.  The Board noted that the Fund’s policy with regard to the use of soft dollars would not change under the Subadvisory Agreement, and that although MCIM’s profitability might be lower without the benefit of practices with respect to allocating portfolio brokerage for brokerage and research services, at the same time the Fund could benefit from soft dollar expenditures by other funds managed by MCIM that have similar investment strategies but larger asset bases.  The Board also considered that MCIM may derive reputational, strategic and other benefits from managing the Fund, andTrustees considered the extent to which MCIMJackson Square might derive ancillary benefits from Fund
9
the Funds’ operations, including the potential for procuring additional business as a result of the prestige and visibility associated with MCIM’sits role as Sub-adviser to the Funds and the benefits from allocation of the Funds’ brokerage to improve trading efficiencies. The Trustees concluded that the sub-advisory fees were reasonable in light of the services to be rendered.

Economies of Scale. The Trustees considered whether economies of scale would be realized by Jackson Square and the extent to which any economies of scale would be reflected in the level of sub-advisory fees). The Trustees considered the fact that several of the Funds had already reached breakpoints in their management fees.

Fall-Out Benefits. The Board considered that Jackson Square may derive reputational, strategic and other benefits from its association with the Funds, and evaluated the extent to which Jackson Square might derive ancillary benefits from Fund operations, including the potential for procuring additional business as a result of its role as a service provider to a Fund in the Delaware Investments Family of Funds and the benefits from allocation of Fund brokerage to improve trading efficiencies. However, the BoardTrustees concluded that (i) any such benefits under the Subadvisory Agreement would not be dissimilar from those existing under the Fund’s investment management agreement with DMC, an affiliate of MCIM, (ii) such benefits did not impose a cost or burden on the FundFunds or itstheir shareholders, and (iii)(ii) such benefits would probably have an indirectly beneficial effect on the FundFunds and itstheir shareholders because of the added importance that MCIMJackson Square might attach to the FundFunds as a result of the fall-out benefits that the Fund c onveyed.

Funds conveyed.

Conclusion.Economies After further discussion, each Board, including a majority of Scale. Theits Independent Trustees, approved the Proposed Sub-Advisory Agreement. Each Board considered whether economies of scale would be realized by MCIM as the Fund’s assets increase and the extent to which any economies of scale would be reflected in the management fees charged. The Board notedconcluded that the Fund’s current advisory and subadvisorysub-advisory fee schedules include breakpoints that are intendedrate is reasonable in relation to result in fee reductions to shareholders over time as assets increase, so that a mechanism is already in place to allow shareholders to benefit from any economies of scale.  The Board noted that the allocation of the benefits of economies of scale to shareholders would not change under the Subadvisory Agreement because the subadvisory fee will be paid by DMC and n ot by the Fund.  The Board acknowledged that the Subadvisory Agreement would not by itself provide additional economies of scale, but concluded that potential economies of scale could be achieved as a result of the expanded distribution possibilities arising from the hiring of MCIM to subadvise the Fund.

Conclusion.   Having considered and been satisfied with MCIM’s investment capabilities, the nature, extent, and quality of service proposedservices expected to be provided and that execution of the investment performance of MCIM’s accounts that are similar to the Fund, the proposed expense and fee levels for the Fund, the possibility of economies of scale benefitting Fund shareholders, and the fall-out benefits that might accrue to MCIM as subadviser to the Fund, the Board, including the Independent Trustees, concluded that the SubadvisoryProposed Sub-Advisory Agreement would beis in the best interests of the Fundshareholders of each Fund. The Trustees concluded that the sub-advisory fee and total expense ratio were at acceptable levels in light of the quality of services expected to be provided to the Funds and in comparison to those of the Funds’ peer groups.

Section 15(f) of the 1940 Act

     The Boards have been advised that DMBT intends to rely on Section 15(f) of the 1940 Act, which provides a non-exclusive safe-harbor whereby an owner (such as DMBT) of an investment adviser (such as DMC) to an investment company (such as a Fund) may receive payment or benefit in connection with the sale of an interest in the investment adviser if two conditions are satisfied. The first condition is that during the three-year period following the transaction, at least 75% of the investment company’s board must not be “interested persons” (as defined in the 1940 Act) of the investment adviser or its predecessor. Each Board currently meets this



test and is expected to do so after the Transaction is completed. Second, no “unfair burden” can be imposed on the investment company as a result of the transaction. An “unfair burden” includes any arrangement during the two-year period after the transaction where the investment adviser (or predecessor or successor adviser), or any of its “interested persons” (as defined in the 1940 Act), receive or is entitled to receive any compensation, directly or indirectly, (i) from any person in connection with the purchase or sale of securities or other property to, from or on behalf of the investment company (other than bona fide ordinary compensation as principal underwriter for the investment company) or (ii) from the investment company or its shareholders and approved(other than fees for bona fide investment advisory or other services). DMBT has agreed as part of the Subadvisory Agreement.

Accompanying ChangesTransaction Agreement that, following the closing of the Transaction, to the Fund’s Disclosures
The Board has approved additional changesextent within its control, it will not take or fail to take (and will not cause its affiliates to take or fail to take) any action, if such action or failure to take action would have the Fund if shareholders approveeffect, directly or indirectly, of causing the Subadvisory Agreement.  These changes are discussed in the Fund’s prospectus, as supplemented.
ADDITIONAL INFORMATION ABOUT THE FUND
More information about the Fund is included in: (i) the Fund’s Prospectus dated January 28, 2010, as supplemented, which is incorporated by reference herein and considered a partrequirements of this Consent Solicitation Statement; (ii) the Fund’s Statement of Additional Information dated January 28, 2010, as supplemented, relating to the Fund’s Prospectus.   You may request free copiesSection 15(f) of the Fund’s Prospectus or Statement of Additional (including any supplement) by calling (800) 523-1918 or by writing via U.S. mail1940 Act not to Delaware Group Equity Funds IV, 2005 Market Street, Philadelphia, PA 19103-7094.
The Fund’s most recent annual shareholder report, including financial statements, for the fiscal year ended September 30, 2009 is available on the Internet at www.delawareinvestments.com and has been previously mailed to shareholders.  If you would like to receive additional copies of the annual shareholder report free of charge, please contact Delaware Investments by writing to the address set forth on the first page of this Consent Solicitation Statement or by calling (800) 523-1918.

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This Consent Solicitation Statement omits certain information contained in the registration statement of the Fund.  Reference is hereby made to such registration statement, including the exhibits and amendments thereto, for further informationbe met with respect to the Fund.  Statements contained herein concerningTransaction. In that regard, from and after the provisionsclosing of documents are necessarily summaries of such documents,the Transaction and each such statement is qualified in its entirety by reference to the copyextent within its control, DMBT has agreed to conduct its business (and to cause each of its affiliates to conduct its business) so as to assure that the two conditions are satisfied.

Required vote

     To become effective, the Proposed Sub-Advisory Agreement must be approved by a 1940 Act Majority vote of each Fund’s outstanding voting securities. The Proposed Sub-Advisory Agreement was approved separately by each Trust’s Independent Trustees and Board as a whole, on behalf of each Fund, after consideration of all factors that it determined to be relevant to its deliberations, including those discussed above. The Boards also determined to submit the Proposed Sub-Advisory Agreement for consideration by the shareholders of the applicable document filedFunds. If the shareholders of a Fund do not approve the Proposed Sub-Advisory Agreement, the Fund’s Board will consider other possible courses of action for the Fund, including having DMC assume full portfolio management of the Fund as the investment adviser.

FOR THE REASONS DISCUSSED ABOVE, THE BOARDS OF TRUSTEES UNANIMOUSLY RECOMMEND THAT YOU VOTE FOR THE APPROVAL OF THE PROPOSED SUB-ADVISORY AGREEMENT.



VOTING INFORMATION

How will shareholder voting be handled?

     Only shareholders of record of the Funds at the close of business on March 20, 2014 (the “Record Date”), will be entitled to notice of, and to vote at, the Meeting on the Proposal described in this Proxy Statement. Shareholders will be entitled to one vote for each full share and a fractional vote for each fractional share that they hold. If sufficient votes to approve the Proposal is not received by the date of the Meeting, the Meeting may be adjourned to permit further solicitations of proxies. The persons named as proxies on the enclosed proxy card will vote their proxies in their discretion on questions of adjournment and any other items (other than the Proposal) that may properly come before the Meeting. A majority of the votes cast by shareholders of a Fund present in person or by proxy at the Meeting (whether or not sufficient to constitute a quorum for the Fund) may adjourn the Meeting. The Meeting may also be adjourned by the Chairperson of the Meeting.

     Abstentions will be counted for purposes of determining whether a quorum is present at the Meeting. Abstentions will have the same effect as a vote “AGAINST” the Proposal. Because (i) the Proposal is expected to be classified as “non-routine” by the New York Stock Exchange (“NYSE”), and therefore may not be voted in the discretion of NYSE member brokers, and (ii) there are no “routine” proposals to be presented at the Meeting, the Funds do not expect to receive any broker non-votes.

How do I ensure my vote is accurately recorded?

     You may attend the Meeting and vote in person. You may also vote by completing, signing, and returning the enclosed proxy card in the enclosed postage-paid envelope, or by telephone or through the Internet. If you return your signed proxy card or vote by telephone or through the Internet, your vote will be officially cast at the Meeting by the persons appointed as proxies. A proxy card is, in essence, a ballot. If you sign and date the proxy card but give no voting instructions, your shares will be voted “FOR” the Proposal. Your proxies will also be voted in the discretion of the persons appointed as proxies on any other matters that may properly come before the Meeting or any adjournment or postponement of the Meeting, although management of the Funds does not expect any such matters to come before the Meeting. If your shares are held of record by a broker/dealer and you wish to vote in person at the Meeting, you must obtain a legal proxy from the broker of record and present it at the Meeting.



May I revoke my proxy?

     You may revoke your proxy at any time before it is voted by sending a written notice to a Fund expressly revoking your proxy, by signing and forwarding to the Fund a later-dated proxy, or by attending the Meeting and voting in person. If your shares are held in the name of your broker, you will have to make arrangements with your broker to revoke a previously executed proxy. If you wish to vote in-person at the Meeting, you must obtain a legal proxy from your broker of record and present it at the Meeting.

What other matters will be voted upon at the Meeting?

     The Boards do not intend to bring any matters before the Meeting other than as described in this Proxy Statement. Because the Meeting is a special meeting, the Boards do not anticipate that any other matters will be brought before the Meeting by others. However, if any other matters legally come before the Meeting, proxies will be voted in the discretion of the persons appointed as proxies.

Who is entitled to vote?

     Only shareholders of record on the Record Date will be entitled to vote at the Meeting on the matter described in this Proxy Statement. As of the Record Date, each Fund’s common shares outstanding were as follows:

FundNumber of Common Shares Outstanding
Delaware U.S. Growth Fund118,403,732.52
Delaware Smid Cap Growth Fund44,755,820.84
Delaware Focus Global Growth Fund6,379,868.52
Delaware Select Growth Fund21,806,338.58
The Large-Cap Growth Equity Portfolio16,382,710.00
The Focus Smid-Cap Growth Equity Portfolio2,423,938.47
The Select 20 Portfolio10,651,071.08
Delaware VIP®U.S. Growth Series37,205,350.55
Delaware VIP Smid Cap Growth Series19,915,066.45
Delaware Foundation®Conservative Allocation Fund14,097,497.19
Delaware Foundation®Growth Allocation Fund8,259,400.53
Delaware Foundation®Moderate Allocation Fund26,758,352.74



What is the Quorum requirement?

     A “Quorum” is the minimum number of shares that must be present in order to conduct the Meeting. A Quorum for a Fund means one-third (33⅓%) of the shares of the Fund entitled to vote at the Meeting, present in person or represented by proxy.

Who will pay the expenses of the Meeting?

     All reasonable out-of-pocket costs and expenses incurred by each Fund related to the Meeting, including the costs of preparing proxy solicitation materials and soliciting proxies in connection with the Commission.

Meeting, will be reimbursed by Jackson Square and DIAP or an affiliate.

What other solicitations will be made?

     This proxy solicitation is being made by the Boards for use at the Meeting. In addition to solicitations by mail, solicitations also may be made by advertisement, telephone, telegram, facsimile transmission or other electronic media, or personal contacts. The Fund filesFunds will request broker/dealer firms, custodians, nominees, and fiduciaries to forward proxy materials reports,to the beneficial owners of the shares of record and other informationtheir reasonable out-of-pocket expenses incurred in connection with the Commissionproxy solicitation will be borne by Jackson Square and DIAP or an affiliate. In addition to solicitations by mail, officers and employees of the Trusts, DMC, Jackson Square, and their affiliates may, without extra pay, conduct additional solicitations by telephone, telecopy, and personal interviews.The Trusts expect that any solicitations will be primarily by mail, but also may include telephone, telecopy, or oral solicitations.

     If the Trusts do not receive your proxy card or voting instruction by a certain time, you may receive a telephone call from one of the officers or employees of the Trusts, an employee of AST Fund Solutions, the Fund’s proxy solicitor, or one of the officers or employees of Jackson Square, DMC, or their affiliates asking you to vote.

How do I submit a shareholder proposal for inclusion in a Trust’s proxy statement for a future shareholder meeting?

     The governing instruments of the Trusts do not require that the Funds hold annual meetings of shareholders. The Funds are, however, required to call meetings of shareholders in accordance with the informational requirements of the Securities1940 Act to seek approval of 1933, Securities Exchange Actnew or material amendments to advisory arrangements or of 1934 anda change in the 1940 Act.  Thesefundamental investment policies, objectives or restrictions of the Funds. Each Fund also would be required to hold a shareholders meeting to elect new Trustees at such time as less than a majority of the Trustees holding office have been elected by



shareholders. The Trusts’ governing instruments generally provide that a shareholder meeting may be called by a majority of the Trustees, the Chairperson of a Board, or the President of a Trust.

     Shareholders of a Fund wishing to submit proposals for inclusion in a proxy statement for a future shareholder meeting must send their written proposal to the Fund a reasonable time before the Board’s solicitation relating to that meeting is to be made. Shareholder proposals must meet certain legal requirements established by the SEC, so there is no guarantee that a shareholder’s proposal will actually be included in the next proxy statement. The persons named as proxies in future proxy materials canof a Fund may exercise discretionary authority with respect to any shareholder proposal presented at any subsequent shareholder meeting if written notice of that proposal has not been received by the Fund within a reasonable period of time before the Board’s solicitation relating to that meeting is made. Written proposals with regard to a Fund should be inspected and copiedsent to the Secretary of the Trusts, David F. Connor, at the public reference facilities maintained byaddress of the Commission in Washington, DC located at Room 1580, 100 F Street, N.E., Washington, D.C. 20549.  Copies of such material can be obtained at prescribed rates fromTrusts given above.

How may I communicate with the Public Reference Branch, Office of Consumer Affairs and Information Services, SEC, Washington DC 20549, or obtained electronically fromBoards?

     Shareholders who wish to communicate to the EDGAR database onBoards may address correspondence to Thomas L. Bennett, Coordinating Trustee for the Commission’s website (www.sec.gov).

Investment Manager.  DMC, locatedTrusts, c/o their Trust at 2005 Market Street, Philadelphia, PA 19103-7094, furnishes investmentPennsylvania 19103. Without opening any such correspondence, Trust management serviceswill promptly forward all such correspondence to the Fund,intended recipient(s).

MORE INFORMATION ABOUT THE FUNDS

Investment Advisory Services. DMC, 2005 Market Street, Philadelphia, Pennsylvania 19103, a series of DMBT, manages the assets of the Funds and makes the Funds’ investment decisions, subject to the supervision and direction of the Board.

Distributor.  Delaware Distributors, L.P. (“DDLP”), located at 2005 Market Street, Philadelphia, PA 19103-7094, serves as the Distributor of the shares of the Fund.  Under a Distribution AgreementBoards. Pursuant to its investment advisory agreement with the Fund, DDLP sells shares ofTrusts, DMC may, to the Fund upon the terms andextent permitted by applicable law, appoint at the current offering price described in the Fund’s prospectus.  DDLP is not obligated to sell any certain number of shares of the Fund.  DDLP is an indirect, wholly owned subsidiary of Delaware Management Holdings, Inc. (“DMHI”).  DMHI, in turn, is a wholly owned subsidiary of Macquarie, and DDLP is, therefore, an affiliateits own expense one or more sub-advisers, including affiliates of DMC, and MCIM.to perform investment advisory services for the Funds. DMC may terminate a sub-adviser in its sole discretion at any time to the extent permitted by applicable law. For its investment advisory services to the Funds, DMC is paid as follows:



Management Fee Schedule
(as a percentage of average daily net assets)
Portfolio NameAnnual Rate
Delaware U.S. Growth Fund0.65% on the first $500 million
0.60% on the next $500 million
0.55% on the next $1.5 billion
0.50% on assets in excess of $2.5 billion
Delaware Smid Cap Growth Fund0.71%
Delaware Focus Global Growth Fund0.85%
Delaware Select Growth Fund0.75% on the first $500 million
0.70% on the next $500 million
0.65% on the next $1.5 billion
0.60% on assets in excess of $2.5 billion
The Large-Cap Growth Equity Portfolio0.55%
The Focus Smid-Cap Growth Equity Portfolio0.75%
The Select 20 Portfolio0.75%
Delaware VIP®U.S. Growth Series0.65% on the first $500 million
0.60% on the next $500 million
0.55% on the next $1.5 billion
0.50% on assets in excess of $2.5 billion
Delaware VIP Smid Cap Growth Series0.75%
Delaware Foundation®Conservative Allocation Fund0.65% on the first $500 million
0.60% on the next $500 million
Delaware Foundation®Growth Allocation Fund0.55% on the next $1.5 billion
0.50% on assets in excess of $2.5 billion.
Delaware Foundation®Moderate Allocation Fund

Transfer Agent.Agency Services. Delaware Service Company, Inc. (“DSC”), an affiliate of DMC, is located at 2005 Market Street, Philadelphia, PAPennsylvania 19103-7094, and serves as the Fund’sFunds’ shareholder servicing, dividend disbursing, and transfer agent (the “Transfer Agent”) pursuant to separatea Shareholder Services Agreements.  The Transfer Agent also acts as shareholder servicing, dividend disbursing, and transfer agent for other Delaware Investments® Funds.Agreement. DSC is paid a fee by each Fund for providing these services, consisting of an indirect, wholly owned subsidiary of Delaware Management Holdings,asset-based fee and certain out-of-pocket expenses.

     BNY Mellon Investment Servicing (US) Inc. (“DMHI”BNYMIS”).  DMHI, provides sub-transfer agency services to the Fund. In connection with these services, BNYMIS administers the overnight investment of cash pending investment in turn, is a wholly owned subsidiarythe Fund or payment of Macquarie, and DSC is, th erefore, an affiliateredemptions. The proceeds of DMC, DDLP and MCIM.this investment program are used to offset the Fund’s transfer agency expenses.

Fund AccountantsAccountant..  The Bank of New York Mellon (“BNY Mellon”), One Wall Street, New York, NYNew York 10286-0001, provides custody, fund accounting and financial administration services to the Fund.  Funds. Those services include performing



functions related to calculating each Fund’s net asset value (“NAV”) and providing financial reporting information, regulatory compliance testing, and other related accounting services. For these services, the Funds pay BNY Mellon an asset-based fee, subject to certain fee minimums plus certain out-of-pocket expenses and transactional charges.

DSC provides fund accounting and financial administration oversight services to the Fund.

Custodian.  Funds. Those services include overseeing the Funds’ pricing process, the calculation and payment of fund expenses, and financial reporting in shareholder reports, registration statements and other regulatory filings. DSC also manages the process for the payment of dividends and distributions and the dissemination of Fund NAVs and performance data. For these services, the Funds pay DSC an asset-based fee, plus certain out-of-pocket expenses and transactional charges. The fees payable to BNY Mellon alsoand DSC for the services described above are allocated among all funds in the Delaware Investments® Family of Funds on a relative NAV basis.

Distribution Services. Pursuant to a distribution agreement with the Trusts, Delaware Distributors, L.P. (“DDLP”), 2005 Market Street, Philadelphia, Pennsylvania 19103, serves as the custodiandistributor for the Funds. DDLP pays the expenses of the Fund’spromotion and distribution of the Funds’ shares. DDLP is an indirect subsidiary of DMHI and is an affiliate of DMC. The Boards annually review fees paid to DDLP.

     The Funds did not pay any brokerage commissions for transactions in/with portfolio securities to any broker that is an affiliate (or an affiliate of an affiliate) of the Funds, DMC, DDLP, or DSC during any of the Funds’ most recently completed fiscal years.

Future votes. The Delaware Investments® Family of Funds, which includes all the Funds seeking approval of the Proposal, and cash.DMC currently have the authority to rely on a manager of managers order granted by the SEC, which allows DMC to hire, terminate, and replace unaffiliated sub-advisers for the Funds with the approval of a Trust’s Board, but without having to obtain shareholder approval. The current manager of managers order does not allow DMC to hire affiliated sub-advisers for the Funds. Currently, before DMC may engage an affiliated sub-adviser for a Fund, shareholders of the Fund must approve an investment advisory agreement with such a sub-adviser. In the future, DMC and the Delaware Investments Family of Funds, including the Funds, may seek authority from the SEC to rely on a manager of managers order that would allow DMC to hire, terminate, and replace both affiliated and unaffiliated sub-advisers for a Fund with the approval of its Trust’s Board, but without having to obtain shareholder approval.



PRINCIPAL SHAREHOLDERS

AsHOLDERS OF SHARES

     To the best knowledge of March 17, 2010,the Trusts, as of Record Date, the officers and Trustees of the Fundeach Trust, as a group, owned or controlled less than 1% of the outstanding voting shares of each Fund,.  As except for The Select 20 Portfolio, in which they owned 2.24% of the same date,outstanding shares; the following shareholdersDelaware Focus Global Growth Fund, in which they owned 2.84% of record, or to the outstanding shares; and The Focus Smid-Cap Growth Equity Portfolio, in which they owned 4.80% of the outstanding shares.

     To the best knowledge of the Acquired Fund, beneficially,Trusts, as of Record Date, no person, except as set forth in Appendix C, owned of record 5% or more of the outstanding shares of the Acquireda Fund. Except as disclosed below,noted in Appendix C, the Trust hasTrusts have no knowledge of beneficial ownership.

Name and Address of Record or Beneficial OwnerClassSharesPercentage of Fund
DMH Corp.
2005 Market Street
Philadelphia, PA  19103
A33952699%

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CONTROL PERSONS
Persons or organizations beneficially owning 25%ownership of 5% or more of the outstanding shares of a fund are presumed to “control” the fund.  As of March 17, 2010, DMH Corp., an affiliate of DMC, was record owner of 99% of the outstanding shares of theany Fund.  Accordingly, DMH Corp. is deemed to “control” the Fund, as that term is defined in the 1940 Act.  Because of its ownership of Fund shares, DMH Corp. has the ability to dictate the outcome of the proposed written consent.  DMH Corp. intends to vote its shares in favor of the proposal, as recommended by the Board.  DMC recommended that the Board approve the Subadvisory Agreement because it believed that doing so is in the best interest of the Fund and its shareholders.



APPENDICES TO PROXY STATEMENT

APPENDIX A - FORM OF SUB-ADVISORY AGREEMENTA-1
APPENDIX B - MEMBERS AND OFFICERS OF
       JACKSON SQUARE PARTNERS, LLCB-1
APPENDIX C - 5% SHARE OWNERSHIPC-1



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EXHIBIT

APPENDIX A –- FORM OF SUBADVISORY AGREEMENT

SUB-ADVISORY AGREEMENT

SUB-ADVISORY AGREEMENT

AGREEMENT made by and betweenDELAWARE MANAGEMENT COMPANY,, a series of DELAWARE MANAGEMENT BUSINESS TRUSTDelaware Management Business Trust, a Delaware statutory trust (the “Investment Manager”), andMACQUARIE CAPITAL INVESTMENT MANAGEMENTJACKSON SQUARE PARTNERS, LLC(the “Sub-Adviser”, a Delaware limited liability company (the “Sub-Adviser’’).

WITNESSETH:

WHEREAS,DELAWARE GROUP EQUITY FUNDS IV (the “Trust”) each open-end management company listed on Exhibit A is an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and each is organized as a statutory trust under the laws of the State of Delaware;Delaware (each a “Trust” and

WHEREAS, DELAWARE MACQUARIE GLOBAL REAL ESTATE SECURITIES FUND ( collectively, the “Fund”“Trusts”);

WHEREAS, each fund listed on Exhibit A is a series of its respective Trust as indicated on Exhibit A (each a “Fund” and together, the Trust; and“Funds”);

WHEREAS, the Investment Manager and the Trust,Trusts, on behalf of the Fund,their respective Funds, have entered into investment management agreements (each an agreement (the “Investment Management Agreement” and collectively, the “Investment Management Agreements”) whereby the Investment Manager will provide investment advisory services to the TrustTrusts with respect to the Fund; and

Funds;

WHEREAS, the Investment Manager has the authority under the Investment Management AgreementAgreements to retain one or more sub-advisers to assist the Investment Manager in providing investment advisory services to the TrustTrusts with respect to the Fund; and

Funds;

WHEREAS, the Investment Manager and the Sub-Adviser are registered investment advisers under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and engage in the business of providing investment advisory services; and

WHEREAS, the BoardBoards of Trustees (the(collectively, the “Board” or the “Trustees”) of the TrustTrusts and the Investment Manager desire that the Investment Manager retain the Sub-Adviser to render investment advisory and other services with respect to that portion of the FundFunds as the Investment Manager shall from time to time allocate to the Sub-Adviser (the “Managed Portion”) in the manner, for the period, and on the terms hereinafter set forth;forth.



NOW, THEREFORE, in consideration of the mutual covenants herein contained, and each of the parties hereto intending to be legally bound, it is agreed as follows:

1.       (a) The Sub-Adviser will supervise and direct the investments of the assets of the Managed Portion of each Fund listed on Schedule A attached hereto in accordance with the Fund'ssuch Fund’s investment objectives, policies, and restrictions as provided in the Fund'sits Prospectus (“Prospectus”) and Statement of Additional Information (“SAI”), as currently in effect and as the same may be hereafter modified, amended and/or supplemented from time to time, (hereinafter referred to as the “Prospectus and SAI”), and such other limitations as the FundFunds may impose by notice in writing to the Sub-Adviser, subject always to the supervision and control of the Investment Manager and the Boa rd.Board.

(b) As part of the services it will provide hereunder, the Sub-Adviser is authorized, and directed, in its discretion and without prior consultation with the FundFunds or the Investment Manager to:

(i)obtain and evaluate information relating to investment recommendations, asset allocation advice, industries, businesses, securities markets, research, economic analysis, and other investment services with respect to the securities that are included in the Managed Portion or that are under consideration for inclusion in the Managed Portion and invest the Managed Portion in accordance with the Investment Manager’s and the Board’s written direction as more fully set forth herein and as otherwise directed;
(ii)regularly make decisions as to what securities to purchase and sell on behalf of each Fund with respect to the Managed Portion, effect the purchase and sale of such investments in furtherance of each Fund’s objectives and policies, and furnish the Board with such information and reports regarding the Sub-Adviser’s activities in the performance of its duties and obligations under this Agreement as the Investment Manager reasonably deems appropriate or as the Board may reasonably request, including such reports, information, and certifications as the officers of the Trusts may reasonably require in order to comply with applicable international, federal and state laws and regulations and Trust policies and procedures;
(iii)provide any and all material composite or other performance information, records and supporting documentation about accounts or funds the Sub-Adviser manages, if appropriate, that are relevant to the Managed Portion and that have investment objectives, policies, and strategies substantially similar to those employed by the Sub-Adviser in managing the Managed Portion that may be reasonably
(i)           obtain and evaluate information relating to investment recommendations, asset allocation advice, industries, businesses, securities markets, research, economic analysis, and other investment services with respect to the securities that are included in the Managed Portion or that are under consideration for inclusion in the Managed Portion and invest the Managed Portion in accordance with the Investment Manager's and the Board's written direction as more fully set forth herein and as otherwise directed;
(ii)           regularly make decisions as to what securities to purchase and sell on behalf of the Fund with respect to the Managed Portion, effect the purchase and sale of such investments in furtherance of the Fund’s objectives and policies, and furnish the Board with such information and reports regarding the Sub-Adviser’s activities in the performance of its duties and obligations under this Agreement as the Investment Manager deems appropriate or as the Board may reasonably request, including such reports, information, and certifications as the officers of the Trust may reasonably require in order to comply with applicable federal and state laws and regulations and Trust policies and procedures;


necessary, under applicable laws, to allow the Funds or their agent to present information concerning the Sub-Adviser’s prior performance in a Fund’s currently effective Prospectus, as the same may be hereafter modified, amended, and/or supplemented from time to time, and in any permissible reports and materials prepared by the Funds or their agent;
(iv)provide information as reasonably requested by the Investment Manager or the Board to assist them or their agents in the determination of the fair value of certain portfolio securities held in the Managed Portion when market quotations are not readily available for the purpose of calculating each Fund’s net asset value in accordance with procedures and methods established by the Board;
(v)vote proxies, exercise conversion or subscription rights, and respond to tender offers and other consent solicitations (“Corporate Actions”) with respect to the issuers of securities held in the Managed Portion, provided materials relating to such Corporate Actions have been timely received by the Sub-Adviser, and to submit reports regarding such Corporate Actions, including a copy of any policies regarding such Corporate Actions, in a form reasonably satisfactory to the Investment Manager and the Funds in order to comply with any applicable federal or state reporting requirements;
(vi)provide performance and other information as reasonably requested by the Investment Manager or the Board to assist them or their agent in conducting ongoing due diligence and performance monitoring; and
(vii)maintain all accounts, books, and records with respect to the Managed Portion as are required of an investment adviser of a registered investment company pursuant to the 1940 Act and the Advisers Act and the rules thereunder and preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any accounts, books and records that it maintains for the Funds and that are required to be maintained by Rule 31a-l under the 1940 Act. The Sub-Adviser shall furnish to the Investment Manager copies of all such accounts, books, and records as the Investment Manager may reasonably request. The Sub-Adviser agrees that such accounts, books, and records are the property of the Trusts, and will be surrendered to the Trusts promptly upon request, with the understanding that the Sub-Adviser may retain its own copy of all records.



(iii)           provide any and all material composite or other performance information, records and supporting documentation about accounts or funds the Sub-Adviser manages, if appropriate, that are relevant to the Managed Portion and that have investment objectives, policies, and strategies substantially similar to those employed by the Sub-Adviser in managing the Managed Portion that may be reasonably necessary, under applicable laws, to allow the Fund or its agent to present information concerning the Sub-Adviser’s prior performance in the Fund’s Prospectus and SAI, and any permissible reports and materials prepared by the Fund or its agent;
(iv)           provide information as reasonably requested by the Investment Manager or the Board to assist them or their delegate in the determination of the fair value of certain portfolio securities when market quotations are not readily available for the purpose of calculating the Fund’s net asset value in accordance with procedures and methods established by the Board;
(v)           vote proxies, exercise conversion or subscription rights, and respond to tender offers and other consent solicitations (“Corporate Actions”) with respect to the issuers of securities in which Fund assets may be invested, provided materials relating to such Corporate Actions have been forwarded to the Sub-Adviser in a timely fashion by the Fund's custodian or otherwise known to the Sub-Adviser, and to submit reports regarding such Corporate Actions, including a copy of any policies regarding such Corporate Actions, in a form reasonably satisfactory to the Investment Manager and the Fund in order to comply with any applicable federal or state reporting requirements;
(vi)           provide performance and other information as reasonably requested by the Investment Manager or the Board to assist them or their delegate in conducting ongoing due diligence and performance monitoring; and
(vii)           except as the Investment Manager and the Sub-Adviser may agree in writing from time to time, maintain all accounts, books, and records with respect to the Managed Portion as are required of an investment adviser of a registered investment company pursuant to the 1940 Act and the Advisers Act and the rules thereunder.  The Sub-Adviser shall furnish to the Investment Manager copies of all such accounts, books, and records as the Investment Manager may reasonably request.  The Sub-Adviser agrees that such accounts, books, and records are the property of the Trust, and will be surrendered to the Trust promptly upon request, with the understanding that the Sub-Adviser may retain its own copy of all records.

(c) The Sub-Adviser shall not consult with any other sub-adviser of thea Fund or of any fund that is an “affiliated person” of the Fund concerning transactions for the Fund in securities or other assets.  In no instance will any portfolio securities of the Fundassets, except as such consultations may be purchased from, or soldreasonably necessary in order to the Investment Manager, the Sub-Adviser, the Trust’s principal underwriter, or any affiliated persons of the Trust, the Investment Manager, the Sub-Adviser or the Trust’s principal underwriter, acting as principal in the transaction, except to the extent permitted by the Securities and Exchange Commission (the “SEC”) and the 1940 Act, includingensure compliance with Rule 17a-7 thereunder.  The Sub-Adviser acknowledges that the Investment Manager and the Trust may rely on Rule 17a-7, Rule 17a-10, Rule 10f-3, Rule 12d3-1 and Rule 17e-112d3-l under the 1940 Act.

(d) In furnishing services hereunder, the Sub-Adviser shall be subject to, and shall perform in accordance with, the following: (i) theprovisions of a Trust’s Agreement and Declaration of Trust, as the same may be hereafter modified, amended, and/or supplemented from time to time;time, that are applicable to the Managed Portion; (ii) theprovisions of a Trust’s By-Laws, as the same may be hereafter modified, amended, and/or supplemented from time to time;time that are applicable to the Managed Portion; (iii) thea Fund’s Prospectus and SAI;Prospectus; (iv) the 1940 Act and the Advisers Act and the rules under each and all other international, federal and state securities laws or regulations applicable to the TrustTrusts and the Fund;Funds; (v) the Trust’sTrusts’ compliance policies and procedures and other policies and procedures adopted from time to time by the Board for compliance byapplicable to the Trust with the Federal Securities Laws (as that term is defined in Rule 38a-1(e)(1) under the 1940 Act) (together, the “Trust Compliance Procedures”) and any other Trust policies and procedures adopted from time to time by the Board;Managed Portion; and (vi) the written instructions of the Investment Manager.

          (e) The Investment Manager agrees to provide the Sub-Adviser with current copies of the Trust’sdocuments mentioned in paragraph l(d)(i), (ii), (iii) and the Fund’s documents mentioned(v) above and all changes made to such documents.documents at, or if practicable, before the time such changes become effective, and the Investment Manager acknowledges and agrees that the Sub-Adviser shall not be responsible for compliance with such documents or amendments unless and until they are received by the Sub-Adviser. The Sub-Adviser shall be fully protected in acting upon any proper instructions reasonably believed by it to be genuine and signed or communicated by or on behalf of the Investment Manager or the Funds.

(e)          (f) In order to assist the TrustTrusts and the Trust’sTrusts’ chief compliance officer (the “Trust CCO”) and the Investment Manager and the Investment Manager’s Chief Compliance Officer (the “IM CCO”) in satisfying the requirements contained in Rule 38a-1 under the 1940 Act and Rule 206(4)-7 under the AdviserAdvisers Act, respectively, the Sub-Adviser shall provide to the Trust CCO and/or IM CCO: (i) direct access to the Sub-Adviser’s chief compliance officer (the “Sub-Adviser CCO”) and its officers and employees, as reasonably requested by the Trust

CCO and/or IM CCO; (ii) quarterly reports confirming that the Sub-Adviser has complied with the TrustTrusts’ Compliance Procedures in managing the Managed Portion; and (iii) quarterly certifications with respect to Material Compliance Matters (as that term is defined in Rule 38a-1(e)(2) under the 1940 Act) related to the Sub-Adviser’s management of the Managed Portion.



The Sub-Adviser shall promptly provide the Trust CCO and IM CCO with copies and summaries of: (i) the Sub-Adviser’s policies and procedures for compliance by the Sub-Adviser with the Federal Securities Lawsfederal securities laws and to prevent violation of the Advisers Act (together, the “Sub-Adviser Compliance Procedures”); and (ii) any material changes to the Sub-Adviser Compliance Procedures. The Sub-Adviser shall cooperate fully with the Trust CCO and IM CCO so as to facilitate the Trust CCO’s and IM CCO’s performance of their respective responsibilities under Rule 38a-1 and Rule 206(4)-7, including to review, evaluate and report to the Board on the operation of the Sub-Adviser Compliance Procedures, and shall promptly report to the Trust CCO and IM CCO any Material Compl ianceCompliance Matter arising under the Sub-Adviser Compliance Procedures involving the Managed Portion. The Sub-Adviser shall allow the Trust CCO and/or the IM CCO, as reasonably requested from time to time, access to examine and review the Sub-Adviser’s Compliance Procedures and the Sub-Adviser’s adherence thereto. The Sub-Adviser shall provide to the Trust CCO and IM CCO: (i) quarterly reports confirming the Sub-Adviser’s compliance with the Sub-Adviser Compliance Procedures in managing the Managed Portion; and (ii) certifications that there were no Material Compliance Matters involving the Sub-Adviser that arose under the Sub-Adviser Compliance Procedures that affected the Managed Portion. At least annually, the Sub-Adviser shall provide a certification to the Trust CCO and IM CCO to the effect that the Sub-Adviser has in place and has implemented policies and procedures that are reasonably designed to ensure compliance by the Sub-Adviser with the Fede ral Securities Laws,federal securities laws, including the conduct and results of our annual review for adequacy and effectiveness.

(f)         (g) The Sub-Adviser shall assist the FundFunds in the preparation of the Trust’sTrusts’ registration statement,statements, the ProspectusProspectuses and SAI,SAIs, shareholder reports and other regulatory filings, or any amendment or supplement thereto (collectively, “Regulatory Filings”), as may relate to the Managed Portion, and shall provide the FundFunds with disclosureinformation for use in the Fund’sFunds’ Regulatory Filings, including, without limitation, disclosureinformation related to the Sub-Adviser’s investment management personnel, portfolio manager compensation, investment management strategies and techniques, and proxy voting policies. The Sub-Adviser shall provide such certifications regarding the FundFunds as the Trust’sTrusts’ officers may reasonably request for purposes of the prep arationpreparation of any Regulatory Filings.

(g)         (h) The Sub-Adviser hereby agrees during the period hereinafter set forth to render the services and assume the obligations herein set forth for the compensation herein provided. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor, and shall, unless otherwise expressly provided and authorized herein or otherwise, have no authority to act for or represent the TrustTrusts, the Funds or the Investment Manager in any way, or in any way be deemed an agent of the Trust.Trusts, the Funds or the Investment Manager. Notwithstanding the foregoing,



the Sub-Adviser may execute Fund documentation, agreements, contracts and other documents requested by brokers, dealers, counterparties and other persons in connection with providing advisory services to the Funds.

         (i) The Sub-Adviser may perform its services through its employees, officers or agents, and the Investment Manager shall not be entitled to the advice, recommendation or judgment of any specific person; provided, however, that the persons identified in each Fund’s Prospectus shall perform the portfolio management duties described therein until the Sub-Adviser notifies the Investment Manager that one or more other affiliates, employees, officers or agents identified in such notice shall assume such duties as of a specific date.

         (j) The Investment Manager shall provide (or use its best efforts to cause to be provided) timely information to the Sub-Adviser regarding such matters as the cash requirements and cash available for investment in the Managed Portion, and all other information as may be reasonably necessary for the Sub-Adviser to perform its responsibilities under this Agreement.

2.       (a) Under the terms of theeach Investment Management Agreement, thea Trust shall conduct its own business and affairs and shall bear the expenses and salaries necessary and incidental thereto including, but not in limitation of the foregoing, the costs incurred in: the maintenance of its existence as a statutory trust organized under the laws of the State of Delaware; the maintenance of its own books, records, and procedures; dealing with its own shareholders; the payment of dividends; transfer of shares, including issuance and repurchase of shares; preparation of share certificates, if any; reports and notices to shareholders; calling and holding of shareholders’ meetings; miscellaneous office expenses; transfer agency expenses; pricing service expenses; expenses relating to tax services; brokerage commissions; custodian fees; legal and accounting fees; taxes; interest; federal securities law filing expenses; and federal and state registration fees.

The Sub-Adviser shall not be obligated to pay any expenses of the Investment Manager, the Trusts or the Funds unless expressly assumed by the Sub-Adviser pursuant to this Agreement or otherwise agreed to in writing. Any reimbursement of investment management or other fees required by an expense limitation or waiver provision, and any liability arising out of a violation by the Investment Manager of Section 36(b) of the 1940 Act, shall be the sole responsibility of the Investment Manager, provided that nothing herein shall relieve the Sub-Adviser from its own liability under Section 36(b) of the 1940 Act with respect to its duties under this Agreement.

(b) Directors, members, officers and employees of the Sub-Adviser may be directors, officers and employees of other funds that have employed the Sub-Adviser as sub-adviser or investment manager. Directors, members, officers and employees of the Sub-Adviser who are Trustees, officers and/or employees of the Trust,Trusts, shall not receive any compensation from the TrustTrusts for acting in such dual capacity.



(c)           In the conduct of the respective business of the parties hereto and in the performance of this Agreement, the Trust, the Investment Manager, and the Sub-Adviser may share facilities common to each, which may include legal and accounting personnel, with appropriate proration of expenses between and among them.

3.       (a) The Sub-Adviser will select brokers and dealers to effect all Fund transactions with respect to the Managed Portion subject to the conditions set forth herein. The Sub-Adviser may combine orders for the Managed Portion with orders for other accounts or funds under management. Transactions involving combined orders are allocated in a manner deemed equitable to each account. The Sub-Adviser will place all necessary orders with brokers, dealers, or issuers, and will negotiate brokerage commissions, if applicable. The Sub-Adviser is directed at all times to seek to execute
transactions for the Managed Portion (i) in accordance with any written policies, practices or procedures that may be established by the Board or the Investment Manager from time to time and provided to the Sub-Adviser, and (ii) as described in thea Fund’s Prospectus and SAI. In placing any orders for the purchase or sale of investments for thea Fund, with respect to the Managed Portion, the Sub-Adviser shall use its best efforts to obtain for the Managed Portion “best execution,” considering all of the circumstances, and shall maintain records adequate to demonstrate compliance with this requirement.

(b) Subject to the appropriate policies and procedures approved by the Board and provided to the Sub-Adviser in writing, the Sub-Adviser may, to the extent authorized by Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), cause the Managed Portion to pay a broker or dealer that provides brokerage or research services to any of the Investment Manager, the Sub-Adviser andor the Managed Portion an amount of commission for effecting a Fund transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Sub-Adviser determines, in good faith, that such amount of commission is reasonable in relation to the value of such brokerage orand research services provided viewed in t ermsterms of that particular transaction or the Sub-Adviser’s overall responsibilities to the Fund or its other advisory clients for which the Investment Manager or the Sub-Adviser exercises investment discretion. To the extent authorized by Section 28(e) and the Board, the Sub-Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of such action. Subject to seeking best execution and compliance with applicable federal and state securities laws and regulations, the Board or the Investment Manager may direct the Sub-Adviser to effect up to 2 percent of transactions in Fund securities through broker-dealers in a manner that will help generate resources to pay the cost of certain expenses that thea Trust is required to pay or for which thesuch Trust is required to arrange payment.

(c) Subject to applicable law and regulations, including Section 17(e) of the 1940 Act and Rule 17e-l thereunder, the Sub-Adviser is authorized to place orders for the purchase and sale of securities for the Managed Portion with brokers or dealers that are affiliated with the Sub-Adviser. Any entity or person associated with the Investment Manager or the Sub-Adviser that is a member of a national securities



exchange is authorized to effect any transaction on such exchange for the account of thea Fund to the extent and as permitted by Section 11(a)(1)(H) of the Exchange Act.

Act and Rule 11a2-2(T) thereunder.

4.       As compensation for the services to be rendered to the TrustTrusts for the benefit of the Fundtheir Funds by the Sub-Adviser under the provisions of this Agreement, the Investment Manager shall pay to the Sub-Adviser a fee asthe fees at the rates provided in Schedule AExhibit B attached hereto.

The compensation payable to the Sub-Adviser for its services hereunder shall be paid at the end of each calendar quarter (within 30 days of receipt by the Investment Manager of an invoice from the Sub-Adviser) based upon the average daily Fund net assets during the preceding quarter. The fee payable for the quarter shall be accrued daily based on 365/366 year. If this Agreement becomes effective or terminates before the end of any quarter, the sub-advisory fee for the period shall be prorated accordingly.

5.       The services to be rendered by the Sub-Adviser to the TrustTrusts for the benefit of the FundFunds under the provisions of this Agreement are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be materially impaired thereby.

6.       (a) Subject to the limitation set forth in Paragraph 5, the Sub-Adviser, its directors, officers, employees, agents, and shareholders may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm or individual, and may render underwriting services to the TrustTrusts or to any other investment company, corporation, association, firm or individual.

(b) Neither the Investment Manager, the TrustTrusts nor the FundFunds shall use the Sub-Adviser’s actual or fictitious name(s), mark, derivativemark(s), derivative(s) and/or logologo(s) (or that of any affiliate of the Sub-Adviser, other than that of the Fund,Funds, the Trust,Trusts, the Investment Manager or any affiliate of the Investment Manager that is an affiliate of the Sub-Adviser solely by reason of the Sub-Adviser’s provision of services pursuant to this Agreement)Agreement or solely because of the Sub-Adviser’s affiliation with the Investment Manager) or otherwise refer to the Sub-Adviser in any materials related to the Trusts or the Funds distributed to third parties, including the Fund’sFunds’ shareholders, without prior review and written approval by the Sub-Adviser, which may not be unreasonably withheld or delayed. Upon termination of this Agreement, the Investment Manager, the TrustTrusts and the Fund,Funds, shall, to the extent applicable and as soon as is reasonably possible, cease to use the Sub-Adviser'sSub-Adviser’s actual or fictitious name(s), mark, derivativemark(s), derivative(s) and/or logo.

logo(s) in materials related to the Funds.

(c) The Sub-Adviser shall not use the Investment Manager’s name (or that of any affiliate of the Investment Manager)Manager, other than that of the Sub-Adviser or any affiliate of the Sub-Adviser that is an affiliate of the Investment Manager solely by



reason of the Sub-Adviser’s provision of services pursuant to this Agreement or solely because of the Investment Manager’s affiliation with the Sub-Adviser) or otherwise refer to the Investment Manager in any materials related to the Trusts or the Funds distributed to third parties, including the Fund’sFunds’ shareholders, without prior review and written approval by the Investment Manager, which may not be unreasonably withheld or delayed. Upon termination of this Agreement, the Sub-Adviser, shall, to the extent applicable and as soon as is reasonably possible, cease to use the actual or fictitious name(s), mark, derivativemark(s), derivative(s) and/or logologo(s) of the Investment Manager, the TrustTrusts and the Fund.Funds, except for the purpose of describing prior clients or prior performance of the Sub-Adviser, as permitted by the Advisers Act or other applicable requirements.

         (d) This Section 6 applies solely to materials related to the Funds and the Trusts only, and not to other products or relationships between the Sub-Adviser and the Investment Manager.

7.       (a) In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard in the performance of its duties as Sub-Adviser to the TrustTrusts on behalf of the Fund,Funds, neither the Sub-Adviser nor any of its affiliates nor any of its or their controlling persons, members, officers, directors, employees or agents (collectively, “Sub-Adviser Related Persons”) shall not be liable to the Trust,Trusts, the Fund,Funds, the Investment Manager or any shareholder of thea Trust for any action or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase,

holding or sale of any security, or otherwise. The Sub-Adviser makes no representation or warranty, express or implied, that any level of performance or investment results will be achieved by the Managed Portion or the Fund,Funds, or that the Managed Portion or the FundFunds will perform comparably with any standard or index, including other clients of the Sub-Adviser, whether public or private.
Subject to the first sentence of this Section 7(a), the Sub-Adviser shall not be responsible for any loss incurred by any reason of any act or omission of any bank, broker, the custodian bank or any administrator or trustee whether appointed on behalf of the Investment Manager, the Funds or the Trusts. Nothing contained herein shall be deemed to waive any liability which cannot be waived under applicable law, including applicable U.S. state and federal securities laws, ERISA or any rules or regulations adopted under any of those laws.

(b) The Investment Manager shall indemnify the Sub-Adviser and its affiliates and its or their controlling persons, officers, directors, employees, agents, legal representatives and persons controlled by it (which shall not include the Trust or the Fund) (collectively, “Sub-Adviser Related Persons”)Persons to the fullest extent permitted by law against any and all loss, damage, judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys’ fees (collectively “Losses”), incurred by the Sub-Adviser or Sub-Adviser Related Persons arising from or in connection with this Agreement or the performance by the Sub-Adviser or Sub-Adviser Related Persons of its or their duties hereunder so long as such Losses arise out of the Investment Manager’s willful misfeasance, bad faith,



gross negligence, or reckless disregard in performing its responsibilities hereunder, including, without limitation, such Losses arising under any applicable law or that may be based upon any untrue statement of a material fact contained in the Trust’sTrusts’ Registration Statement,Statements, or any amendment thereof or any supplement thereto, or the omission to state therein a material fact that was known or that should have been known and was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reasonable reliance upon information furnished to the Investment Manager or the TrustTrusts by the Sub-Adviser or a Sub-Adviser Related Person specifically for inclusion in the Registration StatementStatements or any amendment thereof or supplement thereto, except to the extent any such Losses referred to in this paragraph (b) result from willful misfeasance, bad faith, gross negligence or reckless disregard on the part of the Sub-Adviser or a Sub-Adviser Related Person in the performance of any of its duties under, or in connection with, this Agreement.

(c) The Sub-Adviser shall indemnify the Investment Manager and its affiliates and its or their controlling persons, officers, directors, employees, agents, legal representatives and persons controlled by it (collectively “Investment Manager Related Persons”) to the fullest extent permitted by law against any and all Losses incurred by the Investment Manager or Investment Manager Related Persons arising from or in connection with this Agreement or the performance by the Investment Manager or Investment Manager Related Persons of its or their duties hereunder so long as such Losses arise out of the Sub-Adviser’s willful misfeasance, bad faith, gross negligence, or reckless disregard in performing its responsi bilitiesresponsibilities hereunder, including, without limitation, such Losses arising under any applicable law or that may be based upon any untrue statement of a material fact contained in the Trust’sTrusts’ Registration Statement that was furnished by the Sub-Adviser to the Investment Manager for inclusion in the Trust’s Registration Statement,Statements, or any amendment thereof or any supplement thereto, or the omission to state therein a material fact that was known or that should have been known by the Sub-Adviser and was required to be stated therein or necessary to make the statements provided by the Sub-Advisertherein not misleading, if such statement or omission was made in reasonable reliance upon information furnished to the Investment Manager or the TrustTrusts by the Sub-Adviser or a Sub-Adviser Related Person specifically for inclusion in the Registration StatementStatements or any amendment thereof or supplement thereto, except to the extent any such Losses referred to in this paragraph (c) result from willful misfeasance, bad faith, g rossgross negligence or reckless disregard on the part of the Investment Manager or an Investment Manager Related Person in the performance of any of its duties under, or in connection with, this Agreement.

8.       (a) This Agreement shall be executed and become effective as of the date written below;provided,however, that this Agreement shall not become effective with respect to thea Fund unless it has first been approved with respect to such Fund in the manner required by the 1940 Act and the rules thereunder or in accordance with exemptive or other relief granted by the SECU.S. Securities and Exchange Commission



(the “SEC”) or its staff. This Agreement shall continue in effect with respect to such Fund for a period of two (2) years and may be renewed thereafter with respect to such Fund only so long as such renewal and continuance with respect to such Fund is specifically approved at least annually by the applicable Board or by the vote o fof a majority of the outstanding voting securities of thesuch Fund and only if the terms and the renewal hereof have been approved by the vote of a majority of those Trustees of the applicable Trust who are not parties hereto or “interested persons” of thesuch Trust, the Fund,its Fund(s), or any party hereto, cast in person at a meeting called for the purpose of voting on such approval.

(b) No amendment to thisThis Agreement shallmay be effective unless approvedamended only by written agreement of the Investment Manager and the Sub-Adviser and only in accordance with the manner required byprovisions of the 1940 Act and the rules and regulations promulgated thereunder or in accordance withany applicable exemptive or other relief granted by the SEC or its staff.order.

(c) This Agreement may be terminated with respect to a single Fund or all of the Funds (i) by the Investment Manager orat any time, without the payment of a penalty, on 60 days’ written notice to the Sub-Adviser of the Investment Manager’s intention to do so and (ii) by a Trust with respect to a Fund in such Trust at any time, without the payment of a penalty, on 60 days’ written notice to the Sub-Adviser of the Investment Manager’s or thesuch Trust’s intention to do so in the case of the Trust pursuant to action by the applicable Board or pursuant to the vote of a majority of the outstanding voting securities of the applicable Fund. The Sub-Adviser may terminate this Agreement with respect to a single Fund or all of the Funds at any time, without the payment of a penalty, on sixty (60)60 days’ written notice to the Investment Manager and a Trust or Trusts, as the Trustcase may be, of its intention to do so. Upon termination of this Agreement, the obligations of all the parties hereunder shall cease and terminate as of the date of such ter mination,termination, except for (i) any obligation arising out of or relating to respond for a breach of this Agreement committed prior to such termination, (ii) the obligation of the Investment Manager to pay to the Sub-Adviser the fee provided in Paragraph 4 hereof prorated to the date of termination, and (iii) any indemnification obligation provided in Paragraph 7 hereof. This Agreement shall automatically terminate in the event of its assignment.  This Agreement shall automatically terminateassignment (as such term is defined in the 1940 Act) or upon the termination of thean Investment Management Agreement.

9.       Any information and advice furnished by anyeither party to this Agreement to the other party or parties, including material non-public information with respect to the Fund (which includes the portfolio holdings of the Fund), shall be treated as confidential and shall not be disclosed to third parties without the consent of the other party hereto except as required by law, rule or regulation.hereto. Notwithstanding the foregoing, information shall not be subject to such confidentiality obligations if it:

(i)     is already known to the receiving party at the time it is obtained;obtained (other than through previous disclosure by the protected party or by a party known by the receiving party to be bound by a confidentiality obligation to the protected party);


(ii)     is or becomes publicly known or available through no wrongful act of the receiving party;
(iii)is rightfully received from a third party who, to the best of the receiving party'sparty’s knowledge, is not under a duty of confidentiality;
(iv)  is released by the protected party to a third party without restriction;
(v)  (iv)is required to be disclosed by the receiving party pursuant to a requirement of a court order, subpoena, governmental or regulatory agency or law (provided the receiving party will provideprovides the otherprotected party written notice of such requirement, to the extent such notice is permitted);
(vi)  
(v)is relevant to the defense of any claim or cause of action asserted against the receiving party;party (provided the receiving party provides the protected party with sixty (60) days’ written notice of any disclosure if practicable or such lesser amount as may be necessary and provided such notice does not prejudice the receiving party); or
(vii)  
(vi)has been or is independently developed or obtained by the receiving party.

The Sub-Adviser shall not disclose any “nonpublic personal information” (as such term is defined in Regulation S-P, including any amendments thereto) pertaining to the customers (as such term is defined in Regulation S-P, including any amendments thereto) of the Trust or a client of the Investment ManagerTrusts to any third party or use such information other than for the purpose of providing the services contemplated by this Agreement.

10.       The Sub-Adviser represents, warrants and agrees that:

(a) The Sub-Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement;Agreement (iii) to the best of its knowledge, has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform t hethe services contemplated by this Agreement; and (v) will promptly notify the Investment Manager of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Sub-Adviser will also promptly notify thea Fund and the Investment Manager if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of the Fund.Fund, provided, however, that routine regulatory examinations that do not specifically relate to the Managed Portion or the Fund shall not be required to be reported by this provision.



(b) The Sub-Adviser has adopted policies and procedures and a written code of ethics complying with the requirements of Rule 17j-117j-l under the 1940 Act and Rule 204A-1 under the Advisers Act and will provide the Investment Manager and the Board with copiesa copy of such policies and procedures and code of ethics, together with evidence of its adoption. In accordance with the requirements of Rule 17j-1,17j-l, the Sub-Adviser shall certify to the Investment Manager that the Sub-Adviser has complied in all material respects with the requirements of Rule 17j-117j-l during the previous year and that there has been no material violation of the Sub-Adviser’s code of ethics relating to the services the Sub-Adviser performs under this Agreement or, if such a material violation has occurred, that appropriate action was taken in response to such violation. Upon the written request of the Investment Manager, the Sub-Adviser shall provide to the Investment Manager, its employees or its agents all information required by Rule 17j-1(c)(1)17j-l(c)(l) relating to the approval by the Fund's Board of Trustees of the Sub-Adviser’s code of ethics relating to the services the Sub-Adviser performs under this Agreement.

(c) The Sub-Adviser has provided the TrustTrusts and the Investment Manager with a copy of its Form ADV at least forty-eight (48) hours prior to execution of this Agreement, which as of the date of this Agreement is its Form ADV as most recently filed with the SEC, and promptly will furnish a copy of all amendments to the TrustTrusts and the Investment Manager at least annually. Such amendments shall reflect all changes in the Sub-Adviser’s organizational structure, professional staff or other significant developments affecting the Sub-Adviser, as required by the Advisers Act.

(d) The Sub-Adviser will notify the TrustTrusts and the Investment Manager of any event that would be deemed an assignment of this Agreement, with the exception of any assignment by or with respect to the Investment Manager, or change of control of the Sub-Adviser, as applicable, and any changes in the key personnel who are the portfolio manager(s) of the Managed Portion prior to or promptly after such change. The Sub-Adviser agrees to bear all reasonable expenses of the Fund,Funds, if any, arising out of an assignment of this Agreement or change in control of the Sub-Adviser.  InSub-Adviser so long as the event that thereassignment is a proposed change in control of the Sub-Adviser that would act to terminate this Agreement, and if a vote of shareholders to approve continuation of this Agreement is at that time deemednot by counsel to the Trust to be required by the 1940 Act or a ny rule or regulation thereunder, the Sub-Adviser agrees to assume all reasonable costs associated with soliciting shareholders of the Fund to approve continuation of this Agreement.  Such expenses include the costs of preparation and mailing of a proxy statement, and of soliciting proxies.  In the event that such proposed change in control of the Sub-Adviser shall occur following either:  (i) receipt by the Investment Manager and the Trust of an exemptive order issued by the SEC with respect to the appointment of sub-advisers absent shareholder approval, or (ii) the adoption of proposed Rule 15a-5 under the 1940 Act, the Sub-Adviser agrees to assume all reasonable costs and expenses (including the costs of mailing) associated with the preparation of a statement, required by the exemptive order or Rule 15a-5, containing all information that would be included in a proxy statement (an “Information Statement”).Investment Manager. In addition, if the Sub-Adviser shall resign th eon or after September 1, 2016, the Sub-Adviser agrees to assume all reasonable costs and expenses (including the costs of mailing) associated with the preparation of a proxy statement and soliciting materials or an Information Statement,information statement, as applicable.

(e) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage.coverage as shall be reasonably necessary in light of its obligations under this Agreement.



(f)11.       The Investment Manager will notify the Sub-Adviser of any event that would be deemed an assignment of this Agreement, with the exception of any assignment by or with respect to the Sub-Adviser, or change of control of the Investment Manager, as applicable.

12.       The Sub-Adviser has implemented policies and procedures that willdesigned to prevent the disclosure by the Sub-Adviser, its employees or agents of the Fund’sFunds’ portfolio holdings to any person or entity other than the Investment Manager, the Trust’sTrusts’ custodian, or other persons expressly designated by the Investment Manager.

11.

13.       This Agreement shall extend to and bind the successors of the parties hereto.

12. Nothing in this Agreement, express or implied, is intended to or shall (a) confer on any person other than the parties hereto and their respective successors or permitted assigns any rights (including third party beneficiary rights), remedies, obligations or liabilities under or by reason of this Agreement, or (b) constitute the parties hereto as partners or as participants in a joint venture.

14.       This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

13.

15.       All written notices, requests or other communications to any party hereunder shall be given to the following addresses and telecopy numbers, or such other address and telecopy number communicated to the other parties from time to time:

                              If to the Sub-Adviser:                          

If to the Sub-Adviser:Van Tran
101 California Street
Suite 3750
San Francisco, CA 94111
If to the Investment Manager orPatrick P. Coyne
the Funds:2005 Market Street
Philadelphia, PA 19103

Chief Compliance Officer

                                                                                                125 West 55th St, 10th FL
                                                                                                New York, NY 10019;
                                                                                               with a copy to General Counsel at the same address

If to the Fund:                                       Patrick P. Coyne
2005 Market Street
Philadelphia, PA 19103;
with a copy to General Counsel at same address

If to the Investment Manager:           David P. O’Connor
2005 Market Street
Philadelphia, PA 19103;
with a copy to General Counsel at same address

14.16.       For the purposes of this Agreement, the terms “vote of a majority of the outstanding voting securities,” “interested person,” “affiliated person,” and “assignment” shall have the meanings given them in the 1940 Act, subject, however to such exemptions as may be granted by the SEC and its staff under the 1940 Act.




IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed by their duly authorized officers and duly attested as of the _____ day of [___]April [__], 2010.2014.


MACQUARIE CAPITAL INVESTMENTJACKSON SQUARE PARTNERS, LLCDELAWARE MANAGEMENT COMPANY,
MANAGEMENT LLC                                                                         a series of DELAWARE MANAGEMENT
        BUSINESS TRUST

By: _________________________                                               By: _________________________           
Name:                                                                                                     Name: David P. O’Connor
Title:                                                                                                       Title:   Senior Vice President

Attest: _________________________                                        Attest: _________________________           


By:  _________________________          
Name:
Title:

Attest:  _________________________          

Agreed to and accepted as of the day and year first above written:

DELAWARE GROUP® EQUITY FUNDS IV
on behalf of Delaware Macquarie Global Estate Securities Fund

By: _________________________           
Name:   Patrick P. Coyne
Title:     President

Attest: _________________________           


SCHEDULE A
TO
SUB-ADVISORY AGREEMENT
______________

FEE SCHEDULE
______________


The compensation payable to Sub-Adviser for its services hereunder, pursuant to Paragraph 4 of the Sub-Advisory Agreement, shall be calculated and paid as follows in regards to Delaware Macquarie Global Real Estate Securities Fund:
The total fee will be the sum of the following percentages (on an annual basis) of the average daily net assets within the Managed Portion(s) sub-advised by Sub-Adviser:
0.495% of the first $100 million within the Managed Portion(s)
0.45% of the next $150 million within the Managed Portion(s)
0.40% of assets in excess of $250 million within the Managed Portion(s)

The fee shall be payable on the Managed Portion’s average daily net assets monthly to the Sub-Adviser on or before the tenth (10th) day of the next succeeding calendar month.  If this Agreement becomes effective or terminates before the end of any month, the sub-advisory fee for the period from the effective date to the end of such month or from the beginning of such month to the date of termination, as the case may be, shall be prorated according to the proration which such period bears to the full month in which such effectiveness or termination occurs.  Each month, the Investment Manager will provide the Sub-Adviser with a worksheet accompanying payment of the sub-advisory fee that sets forth the computation of such sub-advisory fee.






DELAWARE GROUP EQUITY FUNDS IV
2005 Market Street
Philadelphia, Pennsylvania  19103
_____________________________
CONSENT
THIS CONSENT IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES
The undersigned hereby (i) acknowledges receipt of the notice dated April 7, 2010 of the solicitation of consents from the shareholders of Delaware Global Real Estate Securities Fund,COMPANY, a series of DelawareManagement Business TrustByByName:Name:  David P. O’ConnorTitle:Title:    Executive Vice President

Agreed to and accepted as of the day and year first above written:

Delaware Investment® Funds
listed on Exhibit A

ByName:   Patrick P. CoyneTitle:     President


A-15


EXHIBIT A

LIST OF REGISTRANTS AND THEIR RESPECTIVE SERIES

Delaware Group® Adviser Funds
Delaware U.S. Growth Fund

Delaware Group Equity Funds IV
Delaware Smid Cap Growth Fund

Delaware Group Global and International Funds
Delaware Focus Global Growth Fund

Voyageur Mutual Funds III
Delaware Select Growth Fund

Delaware Pooled Trust®
The Large-Cap Growth Equity Portfolio
The Focus Smid-Cap Growth Equity Portfolio
The Select 20 Portfolio

Delaware VIP® Trust
Delaware VIP U.S. Growth Series
Delaware VIP Smid Cap Growth Series

Delaware Group Foundation Funds®
Delaware Foundation® Growth Allocation Fund
Delaware Foundation Moderate Allocation Fund
Delaware Foundation Conservative Allocation Fund

Ex. A-1


EXHIBIT B

FEE SCHEDULE

FundInvestment Management Fee
0.325% on first $500 million
Delaware U.S. Growth Fund0.30% on next $500 million
0.275% on next $1.5 billion
0.25% on assets in excess of $2.5 billion
0.375% on first $500 million
Delaware Smid Cap Growth Fund0.35% on next $500 million
0.325% on next $1.5 billion
0.30% on assets in excess of $2.5 billion
0.325% on first $500 million
Delaware Foundation®Conservative0.30% on next $500 million
Allocation Fund0.275% on next $1.5 billion
0.25% on assets in excess of $2.5 billion
0.325% on first $500 million
Delaware Foundation®Growth Allocation0.30% on next $500 million
Fund0.275% on next $1.5 billion
0.25% on assets in excess of $2.5 billion
0.325% on first $500 million
Delaware Foundation®Moderate Allocation0.30% on next $500 million
Fund0.275% on next $1.5 billion
0.25% on assets in excess of $2.5 billion
0.425% on first $500 million
Delaware Focus Global Growth Fund0.40% on next $500 million
0.375% on next $1.5 billion
0.35% on assets in excess of $2.5 billion
The Focus Smid-Cap Growth
Equity Portfolio0.375%
The Large-Cap Growth Equity Portfolio0.275%
The Select 20 Portfolio0.375%
0.375% on first $500 million
Delaware VIP®Smid Cap0.35% on next $500 million
Growth Series0.325% on next $1.5 billion
0.30% on assets in excess of $2.5 billion
0.325% on first $500 million
Delaware VIP®U.S. Growth Series0.30% on next $500 million
0.275% on next $1.5 billion
0.25% on assets in excess of $2.5 billion
0.375% on first $500 million
Delaware Select Growth Fund0.35% on next $500 million
0.325% on next $1.5 billion
0.30% on assets in excess of $2.5 billion

Ex. B-1


EXHIBIT A

APPENDIX B - MEMBERS AND OFFICERS OF
JACKSON SQUARE PARTNERS, LLC

    The following persons hold the following positions with the Sub-adviser. The principal business address of the Sub-adviser is 101 California Street, San Francisco, CA 94111.

NamePositions and Offices
Jeffrey Van HarteChairman and Chief Investment Officer
Kevin BrownManaging Partner, Investment Specialist
Van TranChief Financial Officer
Debbie SaboHead of Trading
Christopher BonavicoPortfolio Manager, Analyst
Kenneth F. BroadPortfolio Manager, Analyst
Christopher M. EricksenPortfolio Manager, Analyst
Ian D. FerryPortfolio Manager, Analyst
Patrick G. FortierPortfolio Manager, Analyst
Gregory HeywoodPortfolio Manager, Analyst
Daniel J. PrislinPortfolio Manager, Analyst



APPENDIX C - 5% SHARE OWNERSHIP

    The following table shows, as of March 20, 2014, the shareholders that own of record 5% or more of a Delaware statutory trust,Fund.

Fund NameShareholder
and ClassName and AddressPercentage
DELAWARE SMID CAPMORGAN STANLEY SMITH BARNEY12.40
GROWTH FUND CLASS AHARBORSIDE FINANCIAL CENTER PLAZA 2
3RD FL
JERSEY CITY NJ 07311
DELAWARE SMID CAPMLPF&S FOR THE SOLE BENEFIT OF ITS6.75
GROWTH FUND CLASS ACUSTOMERS ATTENTION: FUND ADMIN SEC
#974N8 4800 DEER LAKE DRIVE EAST,
2ND FL
JACKSONVILLE FL 32246-6484
DELAWARE SMID CAPFIRST CLEARING LLC SPECIAL CUSTODY ACCT5.95
GROWTH FUND CLASS AFOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
DELAWARE SMID CAPNATIONAL FINANCIAL SERVICES LLC (FBO)5.41
GROWTH FUND CLASS AOUR CUSTOMERS ATTN MUTUAL FUNDS
DEPARTMENT
4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
DELAWARE SMID CAPCHARLES SCHWAB & CO INC SPEC CUSTODY23.12
GROWTH FUND CLASS IACCT FOR THE EXCL BNFT OF CUSTS ATTN
MUT FDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
DELAWARE SMID CAPNATIONAL FINANCIAL SERVICES LLC (FBO)18.19
GROWTH FUND CLASS IOUR CUSTOMERS ATTN MUTUAL FUNDS
DEPARTMENT
4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
DELAWARE SMID CAPFIRST CLEARING LLC SPECIAL CUSTODY ACCT11.88
GROWTH FUND CLASS IFOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
DELAWARE SMID CAPMLPF&S FOR THE SOLE BENEFIT OF ITS6.30
GROWTH FUND CLASS ICUSTOMERS ATTENTION: FUND ADMIN SEC
#974N8 4800 DEER LAKE DRIVE EAST,
2ND FL
JACKSONVILLE FL 32246-6484



Fund NameShareholder
and ClassName and AddressPercentage
DELAWARE SMID CAPNATIONAL FINANCIAL SERVICES LLC (FBO)5.52
GROWTH FUND CLASS BOUR CUSTOMERS ATTN MUTUAL FUNDS
DEPARTMENT
4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
DELAWARE SMID CAPMLPF&S FOR THE SOLE BENEFIT OF ITS22.43
GROWTH FUND CLASS CCUSTOMERS ATTENTION: FUND ADMIN SEC
#974N8 4800 DEER LAKE DRIVE EAST,
2ND FL
JACKSONVILLE FL 32246-6484
DELAWARE SMID CAPMORGAN STANLEY SMITH BARNEY14.74
GROWTH FUND CLASS CHARBORSIDE FINANCIAL CENTER PLAZA 2
3RD FL
JERSEY CITY NJ 07311
DELAWARE SMID CAPFIRST CLEARING LLC SPECIAL CUSTODY ACCT12.95
GROWTH FUND CLASS CFOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
DELAWARE SMID CAPNATIONAL FINANCIAL SERVICES LLC (FBO)5.24
GROWTH FUND CLASS COUR CUSTOMERS ATTN MUTUAL FUNDS
DEPARTMENT
4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
DELAWARE U.S.MORGAN STANLEY SMITH BARNEY35.88
GROWTH FUND CLASS AHARBORSIDE FINANCIAL CENTER PLAZA 2
3RD FL
JERSEY CITY NJ 07311
DELAWARE U.S.CHARLES SCHWAB & CO INC SPEC CUSTODY7.64
GROWTH FUND CLASS AACCT FOR THE EXCL BNFT OF CUSTS
ATTN MUT FDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
DELAWARE U.S.UBS WM USA 0O0 11011 6100 OMNI ACCOUNT6.36
GROWTH FUND CLASS AM/F ATTN DEPARTMENT MANAGER
499 WASHINGTON BLVD
FL 9 JERSEY CITY NJ 07310-2055
DELAWARE U.S.FIRST CLEARING LLC SPECIAL CUSTODY ACCT5.02
GROWTH FUND CLASS AFOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
DELAWARE U.S.MORGAN STANLEY SMITH BARNEY9.71
GROWTH FUND CLASS BHARBORSIDE FINANCIAL CENTER PLAZA 2
3RD FL
JERSEY CITY NJ 07311



Fund NameShareholder
and ClassName and AddressPercentage
DELAWARE U.S.MLPF&S FOR THE SOLE BENEFIT OF ITS7.60
GROWTH FUND CLASS BCUSTOMERS ATTENTION: FUND ADMIN SEC
#974N8 4800 DEER LAKE DRIVE EAST,
2ND FL
JACKSONVILLE FL 32246-6484
DELAWARE U.S.MG TRUST COMPANY CUST.7.31
GROWTH FUND CLASS BFBO EVAN A ROGERS
717 17TH STREET SUITE 1300
DENVER CO 80202
DELAWARE U.S.CHARLES SCHWAB & CO INC SPECIAL6.31
GROWTH FUND CLASS BCUSTODY ACCT FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
DELAWARE U.S.MLPF&S FOR THE SOLE BENEFIT OF ITS26.16
GROWTH FUND CLASS CCUSTOMERS ATTENTION: FUND ADMIN SEC
#974N8 4800 DEER LAKE DRIVE EAST,
2ND FL
JACKSONVILLE FL 32246-6484
DELAWARE U.S.RAYMOND JAMES OMNIBUS FOR MUTUAL15.46
GROWTH FUND CLASS CFUNDS HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PARKWAY
ST PETERSBURG FL 33713
DELAWARE U.S.MORGAN STANLEY SMITH BARNEY15.33
GROWTH FUND CLASS CHARBORSIDE FINANCIAL CENTER PLAZA 2
3RD FL
JERSEY CITY NJ 07311
DELAWARE U.S.FIRST CLEARING LLC SPECIAL CUSTODY ACCT13.74
GROWTH FUND CLASS CFOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
DELAWARE U.S.PERSHING LLC5.50
GROWTH FUND CLASS C1 PERSHING PLAZA
JERSEY CITY NJ 07399-0002
DELAWARE U.S.WELLS FARGO BANK FBO21.60
GROWTH FUND CLASS IWELLS FARGO BANK PLAN 1055014481
1525 WEST WT HARRIS BLVD
CHARLOTTE, NC 28288-1151
DELAWARE U.S.EDWARD D JONES AND CO15.88
GROWTH FUND CLASS IFOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER ROAD
ST LOUIS MO 63131-3710



Fund NameShareholder
and ClassName and AddressPercentage
DELAWARE U.S.FIRST CLEARING LLC SPECIAL CUSTODY ACCT15.55
GROWTH FUND CLASS IFOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
DELAWARE U.S.WELLS FARGO BANK NA FBO OMNIBUS13.12
GROWTH FUND CLASS IACCOUNT REINV/REINV XXXXX
PO BOX 1533
MINNEAPOLIS MN 55480-1533
DELAWARE U.S.NATIONAL FINANCIAL SERVICES LLC (FBO)8.10
GROWTH FUND CLASS IOUR CUSTOMERS ATTN MUTUAL FUNDS
DEPARTMENT
4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
DELAWARE POOLEDTHE OREGON COMMUNITY FOUNDATION30.81
TRUST - THE SELECT 201221 SW YAMHILL ST STE 100
PORTFOLIOPORTLAND OR 97205-2108
DELAWARE POOLEDMARKET STREET ACTIVELY MANAGED FUND18.92
TRUST - THE SELECT 20U/A DTD 03/08/1993
PORTFOLIO80 E MARKET ST STE 300
CORNING NY
14830-2722
DELAWARE POOLEDWELLS FARGO BANK NA FBO STUART H&M8.73
TRUST - THE SELECT 20FOUNDATION-CUSTODY 73466400
PORTFOLIO733 MARQUETTE AVE
4TH FLOOR
MINNEAPOLIS MN 55480
DELAWARE POOLEDFIRST WESTERN FBO L LEE STRYKER7.18
TRUST - THE SELECT 20IRREVOCABLE TRUST U/A DTD 09/10/74 FBO
PORTFOLIOPATRICIA A STRYKER FWTB TTEE C/O M&I
TRUST CO NA - ATTN MF
11270 W PARK PL STE 400
MILWAUKEE WI 53224-3625
DELAWARE POOLEDTHE NORTHERN TRUST CO AS TRUSTEE FBO13.02
TRUST - LARGE-CAPGANNETT-DV
GROWTH EQUITY801 S CANAL ST
PORTFOLIOCHICAGO IL 60607-2994
DELAWARE POOLEDPINNACLE HEALTH SYSTEM10.85
TRUST - LARGE-CAP409 S 2ND ST STE 2B
GROWTH EQUITYHARRISBURG PA 17104-1612
PORTFOLIO
DELAWARE POOLEDLISA AND DOUGLAS GOLDMAN FUND C/O10.79
TRUST - LARGE-CAPMONTE VISTA MANAGEMENT CO
GROWTH EQUITY455 MARKET ST STE 1690
PORTFOLIOSAN FRANCISCO CA 94105-2444



Fund NameShareholder
and ClassName and AddressPercentage
DELAWARE POOLEDTHE BATCHELOR FOUNDATION INC9.39
TRUST - LARGE-CAP1680 MICHIGAN AVE PH-1
GROWTH EQUITYMIAMI BEACH FL 33139-2514
PORTFOLIO
DELAWARE POOLEDNORTHERN TRUST CO FBO SHELBY OPEB9.35
TRUST - LARGE-CAP50 S LASALLE ST
GROWTH EQUITYCHICAGO IL 60603-1003
PORTFOLIO
DELAWARE POOLEDJOHN AND MARCIA GOLDMAN FOUNDATION7.56
TRUST - LARGE-CAPC/O MONTE VISTA MANAGEMENT CO
GROWTH EQUITY455 MARKET ST STE 1690
PORTFOLIOSAN FRANCISCO CA 94105-2444
DELAWARE POOLEDTHE NEWSPAPER GUILD INTERNATIONAL6.41
TRUST - LARGE-CAPPENSION FUND
GROWTH EQUITY501 3RD STREET NW
PORTFOLIO6TH FL
WASHINGTON DC 20001-0000
DELAWARE POOLEDSEI PRIVATE TRUST COMPANY C/O SUNTRUST5.26
TRUST - LARGE-CAPBANK ID866 FBO DIOCESE OF ORLANDO AC
GROWTH EQUITY#6828117 ATTN MUTUAL FUND ADMIN
PORTFOLIO1 FREEDOM VALLEY DR
OAKS PA 19456-9989
DELAWARE POOLEDUS BANK NA FBO SPOKANE EMPLOYEES5.24
TRUST - LARGE-CAPRETIREMENT SYSTEM - DELAWARE
GROWTH EQUITYPO BOX 1787
PORTFOLIOMILWAUKEE WI 53201-1787
DELAWARE POOLEDSAHARA INVESTMENTS LLC19.37
TRST FOCUS SMID-CAP1 N FRANKLIN ST STE 2360
GROWTH EQUITYCHICAGO IL 60606-3545
PORTFOLIO
DELAWARE POOLEDNORTHERN TRUST CUSTODIAN FBO CM18.52
TRST FOCUS SMID-CAPINVESTMENTS LLC AC 26-72474
GROWTH EQUITYPO BOX 92956
PORTFOLIOCHICAGO IL 60675-2956
DELAWARE POOLEDNORTHERN TRUST CO CUST CONGREGATION9.97
TRST FOCUS SMID-CAPOF THE MISSION INTERNATIONAL
GROWTH EQUITYFUND AC 26-79629
PORTFOLIOPO BOX 92956
CHICAGO IL 60675-2956
DELAWARE POOLEDBLYTHEDALE CHILDREN’S HOSPITAL7.40
TRST FOCUS SMID-CAP95 BRADHURST AVE
GROWTH EQUITYVALHALLA NY 10595-1697
PORTFOLIO



Fund NameShareholder
and ClassName and AddressPercentage
DELAWARE POOLEDFRIENDS ACADEMY6.97
TRST FOCUS SMID-CAP270 DUCK POND RD
GROWTH EQUITYLOCUST VALLEY NY 11560-2428
PORTFOLIO
DELAWARE SELECTUBS WM USA 0O0 11011 6100 OMNI ACCOUNT9.05
GROWTH FUND CLASS AM/F ATTN DEPARTMENT MANAGER
499 WASHINGTON BLVD
FL 9
JERSEY CITY NJ 07310-2055
DELAWARE SELECTFIRST CLEARING LLC SPECIAL CUSTODY ACCT8.01
GROWTH FUND CLASS AFOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
DELAWARE SELECTNATIONAL FINANCIAL SERVICES LLC (FBO)7.20
GROWTH FUND CLASS AOUR CUSTOMERS ATTN MUTUAL FUNDS
DEPARTMENT
4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
DELAWARE SELECTMLPF&S FOR THE SOLE BENEFIT OF ITS6.98
GROWTH FUND CLASS ACUSTOMERS ATTENTION: FUND ADMIN
SEC #974N8
4800 DEER LAKE DRIVE EAST,
2ND FL
JACKSONVILLE FL 32246-6484
DELAWARE SELECTMORGAN STANLEY SMITH BARNEY6.81
GROWTH FUND CLASS AHARBORSIDE FINANCIAL CENTER PLAZA 2
3RD FL
JERSEY CITY NJ 07311
DELAWARE SELECTPERSHING LLC6.53
GROWTH FUND CLASS A1 PERSHING PLAZA
JERSEY CITY NJ 07399-0002
DELAWARE SELECTCHARLES SCHWAB & CO INC SPECIAL16.31
GROWTH FUND CLASS BCUSTODY ACCT FBO CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
DELAWARE SELECTFIRST CLEARING LLC SPECIAL CUSTODY ACCT11.33
GROWTH FUND CLASS BFOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
DELAWARE SELECTPERSHING LLC10.08
GROWTH FUND CLASS B1 PERSHING PLAZA
JERSEY CITY NJ 07399-0002



Fund NameShareholder
and ClassName and AddressPercentage
DELAWARE SELECTNATIONAL FINANCIAL SERVICES LLC (FBO)5.61
GROWTH FUND CLASS BOUR CUSTOMERS ATTN MUTUAL FUNDS
DEPARTMENT
4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
DELAWARE SELECTUBS WM USA 0O0 11011 6100 OMNI ACCOUNT5.57
GROWTH FUND CLASS BM/F ATTN DEPARTMENT MANAGER
499 WASHINGTON BLVD
FL 9
JERSEY CITY NJ 07310-2055
DELAWARE SELECTMLPF&S FOR THE SOLE BENEFIT OF ITS20.17
GROWTH FUND CLASS CCUSTOMERS ATTENTION: FUND ADMIN
SEC #974N8
4800 DEER LAKE DRIVE EAST,
2ND FL JACKSONVILLE FL 32246-6484
DELAWARE SELECTFIRST CLEARING LLC SPECIAL CUSTODY ACCT14.58
GROWTH FUND CLASS CFOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
DELAWARE SELECTMORGAN STANLEY SMITH BARNEY13.54
GROWTH FUND CLASS CHARBORSIDE FINANCIAL CENTER PLAZA 2
3RD FL
JERSEY CITY NJ 07311
DELAWARE SELECTNATIONAL FINANCIAL SERVICES LLC (FBO)8.16
GROWTH FUND CLASS COUR CUSTOMERS ATTN MUTUAL FUNDS
DEPARTMENT
4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
DELAWARE SELECTRAYMOND JAMES OMNIBUS FOR MUTUAL6.49
GROWTH FUND CLASS CFUNDS HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PARKWAY
ST PETERSBURG FL 33713
DELAWARE SELECTPERSHING LLC5.55
GROWTH FUND CLASS C1 PERSHING PLAZA
JERSEY CITY NJ 07399-0002
DELAWARE SELECTEDWARD D JONES AND CO FOR THE BENEFIT OF34.76
GROWTH FUND CLASS ICUSTOMERS
12555 MANCHESTER ROAD
ST LOUIS MO 63131-3710
DELAWARE SELECTFIRST CLEARING LLC SPECIAL CUSTODY ACCT34.31
GROWTH FUND CLASS IFOR THE EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523



Fund NameShareholder
and ClassName and AddressPercentage
DELAWARE SELECTMLPF&S FOR THE SOLE BENEFIT OF ITS6.37
GROWTH FUND CLASS ICUSTOMERS ATTENTION:
FUND ADMIN SEC #974N8
4800 DEER LAKE DRIVE EAST,
2ND FL
JACKSONVILLE FL 32246-6484
DELAWARE SELECTATTN MUTUAL FUNDS ADMINISTRATOR C/O5.80
GROWTH FUND CLASS IID 839 EDWARD JONES TRUST
CO SEI PRIVATE TRUST CO
1 FREEDOM VALLEY DR
OAKS PA 19456-9989
DELAWAREMLPF&S FOR THE SOLE BENEFIT OF ITS9.71
FOUNDATIONCUSTOMERS ATTENTION: FUND ADMIN
CONSERVATIVESEC #974N8
ALLOCATION CL A4800 DEER LAKE DRIVE EAST,
2ND FL
JACKSONVILLE FL 32246-6484
DELAWARELINCOLN FINANCIAL GROUP TRUST CO FBO7.23
FOUNDATIONROLLOVER IRA PLANS
CONSERVATIVE1 GRANITE PL
ALLOCATION CL ACONCORD NH 03301-3258
DELAWAREFIRST CLEARING LLC SPECIAL CUSTODY ACCT7.17
FOUNDATIONFOR THE EXCLUSIVE BENEFIT OF CUSTOMER
CONSERVATIVE2801 MARKET ST
ALLOCATION CL ASAINT LOUIS MO 63103-2523
DELAWAREPERSHING LLC6.78
FOUNDATION1 PERSHING PLAZA
CONSERVATIVEJERSEY CITY NJ 07399-0002
ALLOCATION CL A
DELAWARENATIONAL FINANCIAL SERVICES LLC (FBO)28.60
FOUNDATIONOUR CUSTOMERS ATTN MUTUAL FUNDS
CONSERVATIVEDEPARTMENT
ALLOCATION CL B4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
DELAWAREFIRST CLEARING LLC SPECIAL CUSTODY ACCT10.84
FOUNDATIONFOR THE EXCLUSIVE BENEFIT OF CUSTOMER
CONSERVATIVE2801 MARKET ST
ALLOCATION CL BSAINT LOUIS MO 63103-2523
DELAWARECHARLES SCHWAB & CO INC SPECIAL10.48
FOUNDATIONCUSTODY ACCT FBO CUSTOMERS
CONSERVATIVEATTN MUTUAL FUNDS
ALLOCATION CL B211 MAIN ST
SAN FRANCISCO CA 94105-1905



Fund NameShareholder
and ClassName and AddressPercentage
DELAWAREBNYM I S TRUST CO CUST ROLLOVER IRA10.15
FOUNDATIONKAREN A VOSS
CONSERVATIVEPO BOX 5612
ALLOCATION CL BWILMINGTON DE 19808-0612
DELAWAREBNYM I S TRUST CO CUST SIMPLE IRA BASSETT7.14
FOUNDATIONMASONRY INC WAYNE C DURBIN JR
CONSERVATIVE130 GOODWAY RD
ALLOCATION CL BELMORA PA 15737
DELAWAREBNYM I S TRUST CO CUST SIMPLE IRA6.99
FOUNDATIONANESTHESIA BILLING INC FBO DONNA V
CONSERVATIVENIGHTINGALE
ALLOCATION CL B424 NORTH ST
HALSTEAD KS 67056-1624
DELAWAREMLPF&S FOR THE SOLE BENEFIT OF ITS17.51
FOUNDATIONCUSTOMERS ATTENTION: FUND ADMIN
CONSERVATIVESEC #974N8
ALLOCATION CL C4800 DEER LAKE DRIVE EAST,
2ND FL JACKSONVILLE FL 32246-6484
DELAWAREFIRST CLEARING LLC SPECIAL CUSTODY ACCT15.93
FOUNDATIONFOR THE EXCLUSIVE BENEFIT OF CUSTOMER
CONSERVATIVE2801 MARKET ST
ALLOCATION CL CSAINT LOUIS MO 63103-2523
DELAWARENATIONAL FINANCIAL SERVICES LLC (FBO)9.45
FOUNDATIONOUR CUSTOMERS ATTN MUTUAL FUNDS
CONSERVATIVEDEPARTMENT
ALLOCATION CL C4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
DELAWARELPL FINANCIAL --OMNIBUS CUSTOMER8.88
FOUNDATIONACCOUNT-- ATTN: LINDSAY O’TOOLE
CONSERVATIVE9785 TOWNE CENTRE DR
ALLOCATION CL CSAN DIEGO CA 92121
DELAWAREMORGAN STANLEY SMITH BARNEY8.86
FOUNDATIONHARBORSIDE FINANCIAL CENTER PLAZA 2
CONSERVATIVE3RD FL
ALLOCATION CL CJERSEY CITY NJ 07311
DELAWAREUBS WM USA 0O0 11011 6100 OMNI ACCOUNT7.86
FOUNDATIONM/F ATTN DEPARTMENT MANAGER
CONSERVATIVE499 WASHINGTON BLVD
ALLOCATION CL CFL 9
JERSEY CITY NJ 07310-2055
DELAWARECHARLES SCHWAB & CO INC SPECIAL5.97
FOUNDATIONCUSTODY ACCT FBO CUSTOMERS
CONSERVATIVEATTN MUTUAL FUNDS
ALLOCATION CL C211 MAIN ST
SAN FRANCISCO CA 94105-1905



Fund NameShareholder
and ClassName and AddressPercentage
DELAWAREPERSHING LLC5.18
FOUNDATION1 PERSHING PLAZA
CONSERVATIVEJERSEY CITY NJ 07399-0002
ALLOCATION CL C
DELAWAREPIMS/PRUDENTIAL RETIREMENT AS NOMINEE59.06
FOUNDATIONFOR THE TTEE/CUST PL 006 HOAG SHELTERED
CONSERVATIVESAVINGS PLAN
ALLOCATION CL IONE HOAG DR
NEWPORT BEACH CA 92663
DELAWARECHARLES SCHWAB & CO INC SPECIAL9.63
FOUNDATIONCUSTODY ACCT FBO CUSTOMERS
MODERATEATTN MUTUAL FUNDS
ALLOCATION CLASS B211 MAIN ST
SAN FRANCISCO CA 94105-1905
DELAWAREMLPF&S FOR THE SOLE BENEFIT OF ITS8.43
FOUNDATIONCUSTOMERS ATTENTION: FUND ADMIN
MODERATESEC #974N8
ALLOCATION CLASS B4800 DEER LAKE DRIVE EAST,
2ND FL
JACKSONVILLE FL 32246-6484
DELAWAREMLPF&S FOR THE SOLE BENEFIT OF ITS17.44
FOUNDATIONCUSTOMERS ATTENTION: FUND ADMIN
MODERATESEC #974N8
ALLOCATION CLASS C4800 DEER LAKE DRIVE EAST,
2ND FL
JACKSONVILLE FL 32246-6484
DELAWAREFIRST CLEARING LLC SPECIAL CUSTODY ACCT13.60
FOUNDATIONFOR THE EXCLUSIVE BENEFIT OF CUSTOMER
MODERATE2801 MARKET ST
ALLOCATION CLASS CSAINT LOUIS MO 63103-2523
DELAWAREUBS WM USA 0O0 11011 6100 OMNI ACCOUNT9.58
FOUNDATIONM/F ATTN DEPARTMENT MANAGER
MODERATE499 WASHINGTON BLVD
ALLOCATION CLASS CFL 9
JERSEY CITY NJ 07310-2055
DELAWAREPERSHING LLC6.51
FOUNDATION1 PERSHING PLAZA
MODERATEJERSEY CITY NJ 07399-0002
ALLOCATION CLASS C
DELAWARENATIONAL FINANCIAL SERVICES LLC (FBO)6.31
FOUNDATIONOUR CUSTOMERS ATTN MUTUAL FUNDS
MODERATEDEPARTMENT
ALLOCATION CLASS C4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310



Fund NameShareholder
and ClassName and AddressPercentage
DELAWAREMORGAN STANLEY SMITH BARNEY5.83
FOUNDATIONHARBORSIDE FINANCIAL CENTER PLAZA 2
MODERATE3RD FL
ALLOCATION CLASS CJERSEY CITY NJ 07311
DELAWAREBOND STREET CUSTODIANS LTD ACF40.07
FOUNDATIONMACQUARIE GROUP SERVICES
MODERATEAUSTRALIA PTY LTD
ALLOCATION CLASS ILEVEL 20 N 1 MARTIN PLACE
SYDNEY NSW 2000 AUSTRALIA
DELAWAREPIMS/PRUDENTIAL RETIREMENT AS NOMINEE25.56
FOUNDATIONFOR THE TTEE/CUST PL 006 HOAG SHELTERED
MODERATESAVINGS PLAN
ALLOCATION CLASS IONE HOAG DR
NEWPORT BEACH CA 92663
DELAWARELINCOLN RETIREMENT SERVICES CO FBO6.74
FOUNDATIONMACQUARIE HOLDINGS USA INC 401A
MODERATEP.O. BOX 7876
ALLOCATION CLASS IFORT WAYNE IN 46801-7876
DELAWARENATIONAL FINANCIAL SERVICES LLC (FBO)5.59
FOUNDATIONOUR CUSTOMERS
MODERATEATTN MUTUAL FUNDS DEPARTMENT
ALLOCATION CLASS I4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
DELAWAREMLPF&S FOR THE SOLE BENEFIT OF ITS7.53
FOUNDATION GROWTHCUSTOMERS ATTENTION:
ALLOCATION CLASS AFUND ADMIN SEC #974N8
4800 DEER LAKE DRIVE EAST,
2ND FL
JACKSONVILLE FL 32246-6484
DELAWAREFIRST CLEARING LLC SPECIAL CUSTODY ACCT5.10
FOUNDATION GROWTHFOR THE EXCLUSIVE BENEFIT OF CUSTOMER
ALLOCATION CLASS A2801 MARKET ST
SAINT LOUIS MO 63103-2523
DELAWAREFIRST CLEARING LLC SPECIAL CUSTODY ACCT10.52
FOUNDATION GROWTHFOR THE EXCLUSIVE BENEFIT OF CUSTOMER
ALLOCATION CLASS B2801 MARKET ST
SAINT LOUIS MO 63103-2523
DELAWARENATIONAL FINANCIAL SERVICES LLC (FBO)9.12
FOUNDATION GROWTHOUR CUSTOMERS ATTN MUTUAL FUNDS
ALLOCATION CLASS BDEPARTMENT
4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310



Fund NameShareholder
and ClassName and AddressPercentage
DELAWARECHARLES SCHWAB & CO INC SPECIAL5.02
FOUNDATION GROWTHCUSTODY ACCT FBO CUSTOMERS
ALLOCATION CLASS BATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1905
DELAWAREMLPF&S FOR THE SOLE BENEFIT OF ITS11.25
FOUNDATION GROWTHCUSTOMERS ATTENTION: FUND ADMIN
ALLOCATION CLASS CSEC #974N8
4800 DEER LAKE DRIVE EAST,
2ND FL
JACKSONVILLE FL 32246-6484
DELAWAREMORGAN STANLEY SMITH BARNEY7.59
FOUNDATION GROWTHHARBORSIDE FINANCIAL CENTER PLAZA 2
ALLOCATION CLASS C3RD FL
JERSEY CITY NJ 07311
DELAWAREPERSHING LLC7.16
FOUNDATION GROWTH1 PERSHING PLAZA
ALLOCATION CLASS CJERSEY CITY NJ 07399-0002
DELAWARELPL FINANCIAL --OMNIBUS CUSTOMER6.91
FOUNDATION GROWTHACCOUNT-- ATTN: LINDSAY O’TOOLE
ALLOCATION CLASS C9785 TOWNE CENTRE DR
SAN DIEGO CA 92121
DELAWAREPIMS/PRUDENTIAL RETIREMENT AS NOMINEE34.30
FOUNDATION GROWTHFOR THE TTEE/CUST PL 006 HOAG SHELTERED
ALLOCATION CLASS ISAVINGS PLAN
ONE HOAG DR
NEWPORT BEACH CA 92663
DELAWARELINCOLN RETIREMENT SERVICES CO FBO19.76
FOUNDATION GROWTHMACQUARIE HOLDINGS USA INC 401K
ALLOCATION CLASS IP.O. BOX 7876
FORT WAYNE IN 46801-7876
DELAWAREBOND STREET CUSTODIANS LTD ACF13.74
FOUNDATION GROWTHMACQUARIE GROUP SERVICES
ALLOCATION CLASS IAUSTRALIA PTY LTD
LEVEL 20 N 1 MARTIN PLACE
SYDNEY NSW 2000 AUSTRALIA
DELAWARELINCOLN RETIREMENT SERVICES CO FBO10.46
FOUNDATION GROWTHMACQUARIE HOLDINGS USA INC 401A
ALLOCATION CLASS IP.O. BOX 7876
FORT WAYNE IN 46801-7876
DELAWARE SMID CAPMLPF&S FOR THE SOLE BENEFIT OF ITS36.75
GROWTH FUND CLASS RCUSTOMERS ATTENTION:
FUND ADMIN SEC #974N8
4800 DEER LAKE DRIVE EAST,
2ND FL
JACKSONVILLE FL 32246-6484



Fund NameShareholder
and ClassName and AddressPercentage
DELAWARE SMID CAPWILMINGTON TRUST RISC AS TTEE FBO9.56
GROWTH FUND CLASS RHARLAN LABORATORIES, INC. 401(K) PL
P.O. BOX 52129
PHOENIX AZ 85072
DELAWARE U.S.MLPF&S FOR THE SOLE BENEFIT OF ITS18.85
GROWTH FUND CLASS RCUSTOMERS ATTENTION: FUND ADMIN
SEC #974N8
4800 DEER LAKE DRIVE EAST,
2ND FL
JACKSONVILLE FL 32246-6484
DELAWARE U.S.GREAT-WEST TRUST COMPANY LLC TTEE F12.22
GROWTH FUND CLASS REMPLOYEE BENEFITS CLIENTS 401K
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO 80111
DELAWARE U.S.STATE STREET BANK AND TRUST COMPANY9.71
GROWTH FUND CLASS RFBO TAYNIK & CO
1200 CROWN COLONY DR
QUINCY MA 02169-0938
DELAWARE U.S.HARTFORD SECURITIES DISTRIBUTION7.88
GROWTH FUND CLASS RCOMPANY INC ATTN: UIT OPERATIONS
PO BOX 2999
HARTFORD CT 06104-2999
DELAWARE U.S.MG TRUST COMPANY TRUSTEE IIF DATA6.46
GROWTH FUND CLASS RSOLUTIONS, INC.
717 17TH STREET SUITE 1300
DENVER CO 80202
DELAWARE SELECTHARTFORD SECURITIES DISTRIBUTION23.95
GROWTH FUND CLASS RCOMPANY INC ATTN: UIT OPERATIONS
PO BOX 2999
HARTFORD CT 06104-2999
DELAWARE SELECTMG TRUST COMPANY CUST. FBO THE12.82
GROWTH FUND CLASS RSTRATFORD FIRE AND POLICE RETIR
717 17TH STREET SUITE 1300
DENVER CO 80202
DELAWARE SELECTMLPF&S FOR THE SOLE BENEFIT OF ITS10.83
GROWTH FUND CLASS RCUSTOMERS ATTENTION: FUND ADMIN
SEC #974N8
4800 DEER LAKE DRIVE EAST,
2ND FL
JACKSONVILLE FL 32246-6484
DELAWARE SELECTPIMS/PRUDENTIAL RETIREMENT AS NOMINEE5.56
GROWTH FUND CLASS RFOR THE TTEE/CUST PL 764 SMR AUTOMOTIVE
SYSTEMS USA, INC.
1855 BUSHA HWY
MARYSVILLE MI 480401892



Fund NameShareholder
and ClassName and AddressPercentage
DELAWARENFS LLC FEBO STATE STREET BANK TRUST CO65.34
FOUNDATIONTTEE VARIOUS RETIREMENT PLANS
CONSERVATIVE440 MAMARONECK AVE
ALLOCATION CL RHARRISON NY 10528-2418
DELAWAREMLPF&S FOR THE SOLE BENEFIT OF ITS11.94
FOUNDATIONCUSTOMERS ATTENTION:
CONSERVATIVEFUND ADMIN SEC #974N8
ALLOCATION CL R4800 DEER LAKE DRIVE EAST,
2ND FL
JACKSONVILLE FL 32246-6484
DELAWARENFS LLC FEBO STATE STREET BANK TRUST CO86.14
FOUNDATIONTTEE VARIOUS RETIREMENT PLANS
MODERATE440 MAMARONECK AVE
ALLOCATION CLASS RHARRISON NY 10528-2418
DELAWARENFS LLC FEBO STATE STREET BANK TRUST CO78.28
FOUNDATION GROWTHTTEE VARIOUS RETIREMENT PLANS
ALLOCATION CLASS R440 MAMARONECK AVE
HARRISON NY 10528-2418
DELAWARE FOCUSMORGAN STANLEY SMITH BARNEY34.48
GLOBAL GROWTH FUNDHARBORSIDE FINANCIAL
CLASS ACENTER PLAZA 2
3RD FL
JERSEY CITY NJ 07311
DELAWARE FOCUSUBS WM USA 0O0 11011 6100 OMNI ACCOUNT15.94
GLOBAL GROWTH FUNDM/F ATTN DEPARTMENT MANAGER
CLASS A499 WASHINGTON BLVD
FL 9
JERSEY CITY NJ 07310-2055
DELAWARE FOCUSPERSHING LLC10.82
GLOBAL GROWTH FUND1 PERSHING PLAZA
CLASS AJERSEY CITY NJ 07399-0002
DELAWARE FOCUSNATIONAL FINANCIAL SERVICES LLC (FBO)10.52
GLOBAL GROWTH FUNDOUR CUSTOMERS ATTN MUTUAL FUNDS
CLASS ADEPARTMENT
4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
DELAWARE FOCUSUBS WM USA 0O0 11011 6100 OMNI ACCOUNT17.44
GLOBAL GROWTH FUNDM/F ATTN DEPARTMENT MANAGER
CLASS C499 WASHINGTON BLVD
FL 9
JERSEY CITY NJ 07310-2055



Fund NameShareholder
and ClassName and AddressPercentage
DELAWARE FOCUSMORGAN STANLEY SMITH BARNEY16.55
GLOBAL GROWTH FUNDHARBORSIDE FINANCIAL
CLASS CCENTER PLAZA 2
3RD FL
JERSEY CITY NJ 07311
DELAWARE FOCUSPERSHING LLC16.45
GLOBAL GROWTH FUND1 PERSHING PLAZA
CLASS CJERSEY CITY NJ 07399-0002
DELAWARE FOCUSRAYMOND JAMES OMNIBUS FOR MUTUAL16.32
GLOBAL GROWTH FUNDFUNDS HOUSE ACCT FIRM 92500015
CLASS CATTN COURTNEY WALLER
880 CARILLON PARKWAY
ST PETERSBURG FL 33713
DELAWARE FOCUSLPL FINANCIAL --OMNIBUS CUSTOMER11.00
GLOBAL GROWTH FUNDACCOUNT-- ATTN: LINDSAY O’TOOLE
CLASS C9785 TOWNE CENTRE DR
SAN DIEGO CA 92121
DELAWARE FOCUSMORGAN STANLEY SMITH BARNEY60.99
GLOBAL GROWTH FUNDHARBORSIDE FINANCIAL CENTER PLAZA 2
CLASS I3RD FL
JERSEY CITY NJ 07311
DELAWARE FOCUSNATIONAL FINANCIAL SERVICES LLC (FBO)22.27
GLOBAL GROWTH FUNDOUR CUSTOMERS ATTN MUTUAL FUNDS
CLASS IDEPARTMENT
4TH FLOOR
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
DELAWARE FOCUSRELIANCE TRUST COMPANY FBO RIS-100 R/R5.27
GLOBAL GROWTH FUNDPO BOX 48529
CLASS IATLANTA GA 30362
DELAWARE FOCUSCOUNSEL TRUST DBA MATC FBO68.51
GLOBAL GROWTH FUNDPERFORMANCE AIR MECHANICAL INC 401(K)
CLASS RPROFIT SHARING PLAN & TRUST
1251 WATERFRONT PLACE SUITE 525
PITTSBURGH, PA 15222
DELAWARE FOCUSMG TRUST COMPANY CUST. FBO C. MCHUGH24.25
GLOBAL GROWTH FUNDINSURANCE AGENCY, INC.
CLASS R717 17TH STREET SUITE 1300
DENVER CO 80202
DELAWARE FOCUSDELAWARE MANAGEMENT HOLDINGS, INC.5.47
GLOBAL GROWTH FUNDC/O RICK SALUS
CLASS R2005 MARKET ST
PHILADELPHIA PA 19103-7028



Fund NameShareholder
and ClassName and AddressPercentage
DELAWARE VIP SMIDLINCOLN LIFE88.81
CAP GROWTH SERIES1300 S CLINTON ST
STANDARDFORT WAYNE IN 46802-3518
DELAWARE VIP SMIDCOMMONWEALTH ANNUITY & LIFE7.53
CAP GROWTH SERIESINSURANCE CO (SE2)
STANDARDSUITE 210 132 TURNPIKE ROAD
SOUTHBOROUGH MA 01772
DELAWARE VIP SMIDLINCOLN LIFE85.91
CAP GROWTH SERIES1300 S CLINTON ST
SERVICEFORT WAYNE IN 46802-3518
DELAWARE VIP SMIDLINCOLN LIFE ANNUITY OF NY (LLANY)5.92
CAP GROWTH SERIES1300 S CLINTON ST
SERVICEFORT WAYNE IN 46802-3506
DELAWARE VIP U.S.MAC & CO A/C LNMF5200002 FBO LVIP40.13
GROWTH SERIESMODERATE PROFILE ATTN MUTUAL FUND OPS
STANDARD CLASSPO BOX 3198
PITTSBURGH PA 15230-3198
DELAWARE VIP U.S.MAC & CO A/C LNMF5180002 FBO LVIP MOD26.43
GROWTH SERIESAGGRESSIVE PROFILE ATTN MUTUAL FUND OPS
STANDARD CLASSPO BOX 3198
PITTSBURGH PA 15230-3198
DELAWARE VIP U.S.LINCOLN LIFE16.06
GROWTH SERIES1300 S CLINTON ST
STANDARD CLASSFORT WAYNE IN 46802-3518
DELAWARE VIP U.S.MAC & CO A/C LNMF5190002 FBO LVIP14.49
GROWTH SERIESCONSERVATIVE PROFILE
STANDARD CLASSATTN MUTUAL FUND OPS
PO BOX 3198
PITTSBURGH PA 15230-3198
DELAWARE VIP U.S.LINCOLN LIFE97.83
GROWTH SERIES1300 S CLINTON ST
SERVICE CLASSFORT WAYNE IN 46802-3518








































YOUR VOTE IS IMPORTANT NO
MATTER HOW MANY SHARES YOU
OWN.PLEASE CAST YOUR PROXY
VOTETODAY!



SHAREHOLDER NAME
AND ADDRESS HERE

PROXY CARD

MERGE FUND NAME

SIGN,DATEANDVOTEON THE REVERSE SIDE
►

PROXY VOTING OPTIONS

1.MAILyour signed and voted proxy back in thepostage paid envelopeprovided

2.ONLINEatproxyonline.comusing your proxycontrol numberfound below

3.PHONEdial toll-free(888) 227-9349to reach an automated touchtone voting line

4.LIVEwith alive operatorwhen you call toll-free(877) 536-1563Monday through Friday 9 a.m. to 10 p.m. Eastern time

CONTROL NUMBER

ð

12345678910



PROXY FOR A JOINT SPECIAL MEETING OF SHAREHOLDERS
TO BE HELD ON MAY 16, 2014

The undersigned hereby revokes all previous proxies for his/her shares and appoints Cori E. Daggett, David F. Connor, and Kathryn R. Williams, or any of them, with the Consent Solicitation Statement related thereto and (ii) votes allright of his/her/their sharessubstitution, proxies of the undersigned at the Joint Special Meeting of Shareholders of Delaware Global Real Estate Securities FundInvestments® Funds, including shareholders of each registrant (each, a “Trust”) and fund (“Fund”) listed on Exhibit A, to be held at the offices of record byStradley Ronon Stevens & Young, LLP, One Commerce Square, 2005 Market Street, 21st Floor, Philadelphia, Pennsylvania 19103, on Friday, May 16, 2014 at 3:00 p.m. Eastern time, or at any postponements or adjournments thereof, with all the powers which the undersigned would possess if personally present, and instructs them to vote in their discretion upon any matters which may properly be acted upon at this Meeting and specifically as indicated on the manner designated herein.reverse side of this proxy card. Please refer to the proxy statement for a discussion of these matters.

Do you have questions?

If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (877) 536-1563. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern Time.

Important notice regarding the availability of proxy materials for the shareholder meeting to be held on May 16, 2014: the proxy statement is available athttp://www.delawareinvestments.com/proxy.

[PROXY ID NUMBER HERE][BAR CODE HERE][CUSIP HERE]


MERGE FUND NAMEPROXY CARD


YOUR SIGNATURE IS REQUIRED FOR YOUR VOTE TO BE COUNTED.

Please sign exactly as your name(s) appear(s) on this proxy, and date it.When signing in a representative capacity, please give title.

SIGNATURE (AND TITLE IF APPLICABLE)DATE          
THIS CONSENT, WHEN PROPERLY EXECUTED, WILL BE VOTED IN ACCORDANCE WITH THE SPECIFICATION MADE HEREIN. IF NO SPECIFICATION IS MADE, THIS CONSENT WILL BE COUNTED AS A “CONSENT” IN FAVOR

RECEIPT OF THE PROPOSAL.

NOTICE OF THE BOARDJOINT SPECIAL MEETING OF TRUSTEES RECOMMENDSSHAREHOLDERS AND THE ACCOMPANYING PROXY STATEMENT, WHICH DESCRIBES THE MATTER TO BE CONSIDERED AND VOTED ON, IS HEREBY ACKNOWLEDGED.

BY SIGNING AND DATING THIS PROXY CARD, YOU AUTHORIZE THE PROXIES TO VOTE ON THE PROPOSAL DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF NOT MARKED, TO VOTE "FOR" THE PROPOSAL, AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT SHAREHOLDERS PROVIDE THEIR CONSENT TOMAY PROPERLY COME BEFORE THE PROPOSAL.MEETING. PLEASE CAREFULLY REVIEWCOMPLETE AND MAIL THIS PROXY CARD AT ONCE IN THE CONSENT SOLICITATION STATEMENT DELIVERED WITH THIS CONSENT.

ENCLOSED ENVELOPE.

PROPOSAL:  To approve a new subadvisory agreement between Delaware Group Equity Funds IV,This proxy is solicited on behalf of Delaware Global Real Estate Securities Fund, Delaware Management Company,the Board of Trustees, and Macquarie Capital Investment Management LLC.the proposal (set forth below) has been proposed by the Board of Trustees.

THE BOARDS OF TRUSTEES UNANIMOUSLY RECOMMEND THAT YOU VOTE FOR THE APPROVAL OF THE PROPOSED SUB-ADVISORY AGREEMENT.

                                    CONSENT                                CONSENT WITHHELD                                                      ABSTAIN
o             TO VOTE, MARK ONE CIRCLE IN BLUE OR BLACK INK. Example:o                   o●
Name: _________________________                                                                                     
Date: _________________________                                                                                     
Name: _________________________                                                                                                
Date:_________________________                                                                                      
PLEASE DATE THIS CONSENT AND SIGN YOUR NAME OR NAMES EXACTLY AS SET FORTH HEREON.

  PROPOSAL:

   FOR   

   AGAINST   

   ABSTAIN   

  1.    To approve a new sub-advisory agreement between Delaware ManagementCompany, investment manager for the Fund, and Jackson Square Partners, LLC.¡¡¡

THANK YOU FOR JOINTLY OWNED SHARES, EACH OWNER SHOULD SIGN. IF SIGNING AS ATTORNEY, EXECUTOR, ADMINISTRATOR, TRUSTEE OR GUARDIAN, PLEASE INDICATE THE CAPACITY IN WHICH YOU ARE ACTING. CONSENTS EXECUTED BY CORPORATIONS SHOULD BE SIGNED BY A DULY AUTHORIZED OFFICER AND SHOULD BEAR THE CORPORATE SEAL.

VOTING

[PROXY ID NUMBER HERE][BAR CODE HERE][CUSIP HERE]

PLEASE DATE AND SIGN THIS CONSENT AND FAX IT PROMPTLY TO (215) 255-1640.