Morningstar® Investment Profile™ | Disclosure Statement Morningstar - Free Trial   Delaware Diversified Income Instl  DPFFX   Snapshot Total Returns Rating & Risk Portfolio Nuts & Bolts Analyst Report Quote datadef_ratings Delaware Diversified Income Instl  DPFFX   Morningstar Report Overall Morningstar Rating™ What is this? As of 2009-10-31 Out of Intermediate-Term Bond Funds Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance. Morningstar® Style Box™ What is this?    Avg Duration    4.08 Yrs    Avg Credit Quality    A As of 2009-06-30 Day Change $ -0.01    NAV (2009-11-20) $ 9.33    YTD Return % (2009-11-20) 23.88%    Total Assets ($ mil) 5,714 View Data Definitions   Performance     Growth of $10,000 Fund: Delaware Diversified Income Instl (from 2002-10-28 to 2009-10-31) Category: Intermediate-Term Bond Index: BarCap US Agg Bond TR USD Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20 Inception date: 2002-10-28 10yr and Inception Returns as of 2009-10-31 YTD Returns as of 2009-11-20 YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund 23.94 29.46 9.01 7.02 --- 8.76 +/- Category 10.40 11.60 4.47 3.17 --- --- +/- BarCap US Agg Bond TR USD 17.03 16.97 2.56 1.75 --- --- Standardized Annual Returns %   more on standardized returns Quarter-End (as of 2009-09-30) 21.58 20.75 9.00 7.25 --- 8.71 Month-End (as of 2009-10-31) 22.86 28.39 8.92 7.10 --- 8.76 After Tax Returns % (as of 2009-09-30 )   On Distribution --- 25.17 6.52 4.85 --- --- On Distribution & Sale of Shares --- 18.15 6.14 4.69 --- --- Morningstar Rating --- --- --- --- # of compared funds covered (3 yrs : out of 957 funds), (5 yrs : out of 845 funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is none. The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.   Portfolio Profile     Sector Breakdown % US Government 1.68 US Treasuries 1.48 TIPS 0.00 US Agency 0.19 Mortgage 17.88 Mortgage Pass-Thru 6.86 Mortgage CMO 11.02 Mortgage ARM 0.00 Credit 57.25 US Corporate 51.17 Asset-Backed 4.35 Convertible 0.95 Municipal 0.78 Corporate Inflation-Protected 0.00 Foreign 16.70 Foreign Corp 13.32 Foreign Govt 3.38 Cash 6.49 Bond Quality % of Bonds AAA 28.8 AA 3.3 A 13.9 BBB 25.6 BB 12.7 B 11.9 Below B 3.7 Not Rated 0.2   Asset Allocation % of Net Assets Cash 6.1 Stocks 0.1 Bonds 86.8 Other 7.0 Foreign Stocks 0.0 (as a % of Assets) Data through 2009-06-30 Data through 2009-06-30 Holding Status Total Number of Stock Holdings 10 Turnover % 251 Total Number of Bond Holdings 1,071 30 Day SEC Yield % 5.48 % of Assets in Top 10 Holdings 7.41 ending as of 2009-09-30 View Data Definitions Top 10 Holdings Maturity Date Amount $000 Value $000 % of Net Assets Citibank Ccit 2007-A6 FRN 2012-07-12 49,000 48,501 1.13 FNMA 2039-07-01 45,725 45,625 1.07 US Treasury Note 3.125% 2019-05-15 36,115 34,941 0.82 Citigroup 2013-08-19 34,153 33,205 0.78 Time Warner Cable Inc 2014-04-01 24,930 27,490 0.64 Wells Fargo Cap Xiii FRN 2049-12-29 31,962 26,549 0.62 Brazil Federative Rep 12.5% 2016-01-05 45,925 26,142 0.61 Mexico(Utd Mex St) 10% 2036-11-20 304,184 25,552 0.60 Metlife Cap Tr X 144A FRN 2068-04-08 27,840 24,835 0.58 FGLMC 4% 2039-07-01 24,675 23,915 0.56 Data through 2009-06-30   Other Information Fund Inception: 2002-10-28 Portfolio Manager  (Start Date) Paul Grillo  (2001-02-28) Grillo is a member of the firm’s taxable fixed income portfolio management team and asset allocation committee. He joined Delaware in 1992 as a mortgage-backed and asset-backed securities analyst, assuming portfolio management responsibilities in the mid-1990s. Prior to joining Delaware Investments, Grillo served as a mortgage strategist and trader at Dreyfus Corporation. He also worked as a mortgage strategist and portfolio manager at Chemical Investment Group and as a financial analyst at Chemical Bank. Wen-Dar Chen  (2007-05-24) Wen-Dar Chen, Ph.D. Vice President, Portfolio Manager – International Debt Wen-Dar Chen, Ph.D., is a member of the firm’s taxable fixed income portfolio management team with primary responsibility for international portfolio construction and strategic asset allocation. He has specialized in quantitative fixed income investments since 1986. Before he joined Delaware Investments in mid-2004, he was a quantitative analyst in global asset-backed securities, credit strategies, and portfolio strategies at J.P. Morgan Securities. Since 1998, he has worked to promote the asset-backed securities business in Asia, and published the book, Asset-Backed Securitization – Theory and Practice, in Asia in 2002. He worked at Salomon Brothers from 1993 to 1996, and Lehman Brothers from 1990 to 1993, during which time he gained experience with government securities trading desks, proprietary trading of structured products, financial strategies, and index strategies groups. Dr. Chen’s degrees include a bachelor’s degree in atmospheric sciences from the National Taiwan University, a master’s degree in meteorology from the South Dakota School of Mines and Technology, and a Ph.D. in geophysical fluid dynamics from Princeton University. Thomas H. Chow  (2007-05-24) Chow is a member of the taxable fixed income portfolio management team. His experience includes significant exposure to asset liability management strategies and credit risk opportunities. Prior to joining Delaware 2001, he was a trader of high grade and high yield securities, and was involved in the portfolio management of CBOs and insurance portfolios at SunAmerica from 1997 to 2001. Before that, he was an analyst, trader, and portfolio manager at Conseco Capital Management from 1989 to 1997. Roger A. Early  (2007-05-24) Early rejoined Delaware in March 2007 as a member of the taxable fixed income portfolio management team. From 1994 to 2001, he was a senior portfolio manager in the same area, and he left Delaware Investments as head of its U.S. investment grade fixed income group. In recent years, he was a senior portfolio manager at Chartwell Investment Partners and Rittenhouse Financial and served as the chief investment officer for fixed income at Turner Investments. Kevin P. Loome  (2007-08-24) Kevin P. Loome, CFA Senior Vice President, Senior Portfolio Manager, Head of High Yield Investments Kevin P. Loome is head of the High Yield fixed income team, responsible for portfolio construction and strategic asset allocation of all high yield fixed income assets. Prior to joining Delaware Investments in August 2007, Loome spent 11 years at T. Rowe Price, starting as an analyst and leaving the firm as a portfolio manager. He began his career with Morgan Stanley as a corporate finance analyst in the New York and London offices. Loome received his bachelor’s degree in commerce from the University of Virginia and earned an MBA from the Tuck School of Business at Dartmouth. Sales Charge % (taken from prospectus dated 2009-02-27) Front: None Deferred: None Expense Ratio % 0.72 based on net assets (taken from annual report dated 2008-10-31) Correspondence Information Delaware Group Adviser Funds One Commerce Square,2005 Market Street Philadelphia,  PA  19103 Telephone: 800-362-7500 215-255-2127 Data on this page does not include the fund's short positions (if any). Show Data Definitions © Copyright 2009 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. Past performance is no guarantee of future results. Returns will vary and shares may be worth more or less than their original cost when sold.