<PAGE>
The Delaware Investments Family of Funds
Multiple Class Plan Pursuant to Rule 18f-3
This Multiple Class Plan (the "Plan") has been adopted by a majority of
the Board of Trustees of each of the investment companies listed on Appendix A
as may be amended from time to time (each individually a "Fund" and,
collectively, the "Funds"), including a majority of the Trustees who are not
interested persons of each Fund, pursuant to Rule 18f-3 under the Investment
Company Act of 1940, as amended (the "Act"). The Board of each Fund has
determined that the Plan, including the allocation of expenses, is in the best
interests of the Fund as a whole, each series of shares offered by such Fund
(individually and collectively the "Series") where the Fund offers its shares in
multiple series, and each class of shares offered by the Fund or Series, as
relevant. The Plan sets forth the provisions relating to the establishment of
multiple classes of shares for each Fund and, if relevant, its Series. To the
extent that a subject matter set forth in this Plan is covered by a Fund's
Agreement and Declaration of Trust or By-Laws, such Agreement and Declaration of
Trust or By-Laws will control in the event of any inconsistencies with
descriptions contained in this Plan.
The term "Portfolio," when used in this Plan in the context of a Fund
that offers only a single series of shares, shall be a reference to the Fund,
and when used in the context of a Fund that offers multiple Series of shares,
shall be a reference to each Series of such Fund.
CLASSES
1. Appendix A to this Plan describes the classes to be issued by each
Portfolio and identifies the names of such classes.
FRONT-END SALES CHARGE
2. Class A shares carry a front-end sales charge as described in the
Funds' relevant prospectuses; and Class B, Class C, Institutional Class,
Consultant Class and Portfolio Class shares are sold without a front-end sales
charge.
<PAGE>
CONTINGENT DEFERRED SALES CHARGE
--------------------------------
3. Class A shares are not subject to a contingent deferred sales charge
("CDSC"), except as described in the Funds' relevant prospectuses.
4. Class B shares are subject to a CDSC as described in the
Funds'relevant prospectuses.
5. Class C shares are subject to a CDSC as described in the Funds'
relevant prospectuses.
6. As described in the Funds' relevant prospectuses, the CDSC for each
class declines to zero over time and is waived in certain circumstances. Shares
that are subject to a CDSC age one month at the end of the month in which the
shares were purchased, regardless of the specific date during the month that the
shares were purchased.
7. Institutional Class, Consultant Class and Portfolio Class shares are
not subject to a CDSC.
RULE 12b-1 PLANS
----------------
8. In accordance with the Rule 12b-1 Plan for the Class A shares of
each Portfolio, each Fund shall pay to Delaware Distributors, L.P. (the
"Distributor") a monthly fee not to exceed the maximum rate set forth in
Appendix A as may be determined by the Fund's Board of Trustees from time to
time for distribution services. The monthly fee shall be reduced by the
aggregate sums paid by or on behalf of such Portfolio to persons other than
broker-dealers pursuant to shareholder servicing agreements.
9. In accordance with the Rule 12b-1 Plan for the Class B shares of
each Portfolio, each Fund shall pay to the Distributor a monthly fee not to
exceed the maximum rate set forth in Appendix A as may be determined by the
Fund's Board of Trustees from time to time for distribution services. In
addition to these amounts, the Fund shall pay (i) to the Distributor for payment
to dealers or others, or (ii) directly to others, an amount not to exceed the
maximum rate set forth in Appendix A for shareholder support services pursuant
to dealer or servicing agreements.
10. In accordance with the Rule 12b-1 Plan for the Class C shares of
each Portfolio, each Fund shall pay to the Distributor a monthly fee not to
exceed the maximum rate set forth in Appendix A as may be determined by the
Fund's Board of Trustees from time to time for distribution services. In
addition to these amounts, the Fund shall pay (i) to the Distributor for payment
to dealers or others, or (ii) directly to others, an amount not to exceed the
maximum rate set forth in
<PAGE>
Appendix A for shareholder support services pursuant to dealer or servicing
agreements.
11. In accordance with the Rule 12b-1 Plan for the Consultant Class
shares of each Portfolio, each Fund shall pay to the Distributor a monthly fee
not to exceed the maximum rate set forth in Appendix A as may be determined by
the Fund's Board of Trustees from time to time for distribution and shareholder
support services. The monthly fee shall be reduced by the aggregate sums paid by
or on behalf of such Portfolio to persons other than broker-dealers pursuant to
shareholder servicing agreements.
12. A Rule 12b-1 Plan has not been adopted for the Institutional Class
and Portfolio Class shares of any Portfolio.
ALLOCATION OF EXPENSES
----------------------
13. Each Fund shall allocate to each class of shares of a Portfolio any
fees and expenses incurred by the Fund in connection with the distribution or
servicing of such class of shares under a Rule 12b-1 Plan, if any, adopted for
such class. In addition, each Fund reserves the right, subject to approval by
the Fund's Board of Trustees, to allocate fees and expenses of the following
nature to a particular class of shares of a Portfolio (to the extent that such
fees and expenses actually vary among each class of shares or vary by types of
services provided to each class of shares of the Portfolio):
(i) transfer agency and other recordkeeping costs;
(ii) Securities and Exchange Commission and blue sky registration or
qualification fees;
(iii) printing and postage expenses related to printing and
distributing class-specific materials, such as
shareholder reports, prospectuses and proxies to
current shareholders of a particular class or to
regulatory authorities with respect to such class of
shares;
(iv) audit or accounting fees or expenses relating solely to such
class;
(v) the expenses of administrative personnel and services as
required to support the shareholders of such class;
(vi) litigation or other legal expenses relating solely to such
class of shares;
(vii) Trustees' fees and expenses incurred as a result of issues
relating solely to such class of shares; and
<PAGE>
(viii) other expenses subsequently identified and determined
to be properly allocated to such class of shares.
14. (a) Daily Dividend Portfolios. With respect to Portfolios that
declare a dividend to shareholders on a daily basis, all expenses incurred by a
Portfolio will be allocated to each class of shares of such Portfolio on the
basis of "settled shares" (net assets valued in accordance with generally
accepted accounting principles but excluding the value of subscriptions
receivable) of each class in relation to the net assets of the Portfolio, except
for any expenses that are allocated to a particular class as described in
paragraph 13 above.
(b) Non-Daily Dividend Portfolios. With respect to Portfolios that do
not declare a dividend to shareholders on a daily basis, all expenses incurred
by a Portfolio will be allocated to each class of shares of such Portfolio on
the basis of the net asset value of each such class in relation to the net asset
value of the Portfolio, except for any expenses that are allocated to a
particular class as described in paragraph 13 above.
ALLOCATION OF INCOME AND GAINS
------------------------------
15. (a) Daily Dividend Portfolios. With respect to Portfolios that
declare a dividend to shareholders on a daily basis, income will be allocated to
each class of shares of such Portfolio on the basis of settled shares of each
class in relation to the net assets of the Portfolio, and realized and
unrealized capital gains and losses of the Portfolio will be allocated to each
class of shares of such Portfolio on the basis of the net asset value of each
such class in relation to the net asset value of the Portfolio.
(b) Non-Daily Dividend Portfolios. With respect to Portfolios that do
not declare a dividend to shareholders on a daily basis, income and realized and
unrealized capital gains and losses of a Portfolio will be allocated to each
class of shares of such Portfolio on the basis of the net asset value of each
such class in relation to the net asset value of the Portfolio.
CONVERSIONS
-----------
16. (a) Except for shares acquired through a reinvestment of dividends
or distributions, Class B shares held for a period of time after purchase
specified in Appendix A are eligible for automatic conversion into Class A
shares of the same Portfolio in accordance with the terms described in the
relevant prospectus. Class B shares acquired through a reinvestment of dividends
or distributions will convert into Class A shares of the same Portfolio pro rata
with the Class B shares that were not acquired through the reinvestment of
dividends and distributions.
<PAGE>
(b) The automatic conversion feature of Class B shares of each Fund
shall be suspended at any time that the Board of Trustees of the Fund determines
that there is not available a reasonably satisfactory opinion of counsel to the
effect that (i) the assessment of the higher fee under the Fund's Rule 12b-1
Plan for Class B does not result in the Fund's dividends or distributions
constituting a preferential dividend under the Internal Revenue Code of 1986, as
amended, and (ii) the conversion of Class B shares into Class A shares does not
constitute a taxable event under federal income tax law. In addition, the Board
of Trustees of each Fund may suspend the automatic conversion feature by
determining that any other condition to conversion set forth in the relevant
prospectus, as amended from time to time, is not satisfied.
(c) The Board of Trustees of each Fund may also suspend the automatic
conversion of Class B shares if it determines that suspension is appropriate to
comply with the requirements of the Act, or any rule or regulation issued
thereunder, relating to voting by Class B shareholders on the Fund's Rule 12b-1
Plan for Class A or, in the alternative, the Board of Trustees may provide Class
B shareholders with alternative conversion or exchange rights.
17. Class A, Class C, Institutional Class, Consultant Class and
Portfolio Class shares do not have a conversion feature.
EXCHANGES
---------
18. Holders of Class A, Class B, Class C, Institutional Class,
Consultant Class and Portfolio Class shares of a Portfolio shall have such
exchange privileges as set forth in the relevant prospectuses. All exchanges are
subject to the eligibility and minimum purchase requirements set forth in the
Funds' prospectuses. Exchanges cannot be made between open-end and closed-end
funds within the Delaware Group.
OTHER PROVISIONS
----------------
19. Each class will vote separately with respect to the Rule 12b-1 Plan
related to that class; provided, however, that Class B shares of a Portfolio may
vote on any proposal to materially increase the fees to be paid by the Portfolio
under the Rule 12b-1 Plan for the Class A shares of the Portfolio.
20. On an ongoing basis, the Trustees, pursuant to their fiduciary
responsibilities under the Act and otherwise, will monitor each Portfolio for
the existence of any material conflicts between the interests of all the classes
of shares offered by such Portfolio. The Trustees, including a majority of the
Trustees who are not interested persons of each Fund, shall take such action as
is reasonably necessary to eliminate any such conflict that may develop. The
Manager and the Distributor shall
<PAGE>
be responsible for alerting the Board to any material conflicts that arise.
21. As described more fully in the Funds' relevant prospectuses,
broker-dealers that sell shares of each Portfolio will be compensated
differently depending on which class of shares the investor selects.
22. Each Fund reserves the right to increase, decrease or waive the
sales charge imposed on any existing or future class of shares of each Portfolio
within the ranges permissible under applicable rules and regulations of the
Securities and Exchange Commission (the "SEC") and the rules of the National
Association of Securities Dealers, Inc. (the "NASD"), as such rules may be
amended or adopted from time to time. Each Fund may in the future alter the
terms of the existing classes of each Portfolio or create new classes in
compliance with applicable rules and regulations of the SEC and the NASD.
23. All material amendments to this Plan must be approved by a majority
of the Trustees of each Fund affected by such amendments, including a majority
of the Trustees who are not interested persons of the Fund.
Effective as of November 16, 2000
<PAGE>
<TABLE>
<CAPTION>
APPENDIX A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Maximum Annual Maximum Annual
Distribution Fee Shareholder
(as a percentage Servicing fee (as Years
Fund/Class of average daily a percentage of To
net assets of average daily net Conversion
class) assets of class)
------------------------------------------------------------------------- -------------------- ------------------- ---------------
<S> <C> <C> <C> <C>
Delaware Group Equity Fund I
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Balanced Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Devon Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Group Equity Funds II
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Blue Chip Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Decatur Equity Income Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Diversified Value Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Growth and Income Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Social Awareness Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Group Equity Funds III
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware American Services Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Maximum Annual Maximum Annual
Distribution Fee Shareholder
(as a percentage Servicing fee (as Years
Fund/Class of average daily a percentage of To
net assets of average daily net Conversion
class) assets of class)
------------------------------------------------------------------------- -------------------- ------------------- ---------------
<S> <C> <C> <C> <C>
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Large Cap Growth Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Research Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Technology and Innovation Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Trend Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Group Equity Funds IV
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Diversified Growth Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Growth Opportunities Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Group Equity Funds V
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Mid-Cap Value Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Maximum Annual Maximum Annual
Distribution Fee Shareholder
(as a percentage Servicing fee (as Years
Fund/Class of average daily a percentage of To
net assets of average daily net Conversion
class) assets of class)
------------------------------------------------------------------------- -------------------- ------------------- ---------------
<S> <C> <C> <C> <C>
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Retirement Income Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Small Cap Contrarian Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Small Cap Value Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Group Income Funds
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Corporate Bond Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Delchester Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Extended Duration Bond Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
<PAGE>
Delaware High Yield Opportunities Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Strategic Income Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Group Limited Term Government Funds
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Limited Term Government Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .15% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 5
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Group Government Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Maximum Annual Maximum Annual
Distribution Fee Shareholder
(as a percentage Servicing fee (as Years
Fund/Class of average daily a percentage of To
net assets of average daily net Conversion
class) assets of class)
------------------------------------------------------------------------- -------------------- ------------------- ---------------
<S> <C> <C> <C> <C>
Delaware American Government Bond Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Group State Tax-Free Income Trust
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free New Jersey Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free Pennsylvania Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Group Tax-Free Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free Insured Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free USA Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free USA Intermediate Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 5
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Group Global and International Funds
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Emerging Markets Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
<PAGE>
Delaware Global Bond Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Global Equity Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware International Equity Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Maximum Annual Maximum Annual
Distribution Fee Shareholder
(as a percentage Servicing fee (as Years
Fund/Class of average daily a percentage of To
net assets of average daily net Conversion
class) assets of class)
------------------------------------------------------------------------- -------------------- ------------------- ---------------
<S> <C> <C> <C> <C>
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware International Small Cap Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Group Adviser Funds
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware New Pacific Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Overseas Equity Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware U.S. Growth Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .35% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Group Foundation Funds
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Balanced Portfolio
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
<PAGE>
Delaware Growth Portfolio
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Income Portfolio
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware S & P 500 Index Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Maximum Annual Maximum Annual
Distribution Fee Shareholder
(as a percentage Servicing fee (as Years
Fund/Class of average daily a percentage of To
net assets of average daily net Conversion
class) assets of class)
------------------------------------------------------------------------- -------------------- ------------------- ---------------
<S> <C> <C> <C> <C>
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Consultant Class .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Pooled Trust
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Real Estate Investment Trust Portfolio
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Portfolio Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Voyageur Insured Funds
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Minnesota Insured Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free Arizona Insured Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Voyageur Intermediate Tax-Free Funds
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free Minnesota Intermediate Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 5
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Voyageur Investment Trust
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free California Insured Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free Florida Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
<PAGE>
Delaware Tax-Free Florida Insured Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free Kansas Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free Missouri Insured Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Maximum Annual Maximum Annual
Distribution Fee Shareholder
(as a percentage Servicing fee (as Years
Fund/Class of average daily a percentage of To
net assets of average daily net Conversion
class) assets of class)
------------------------------------------------------------------------- -------------------- ------------------- ---------------
<S> <C> <C> <C> <C>
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free New Mexico Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free Oregon Insured Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Voyageur Mutual Funds
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Minnesota High-Yield Municipal Bond Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Montana Municipal Bond Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware National High-Yield Municipal Bond Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free Arizona Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free California Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
<PAGE>
Delaware Tax-Free Idaho Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free Iowa Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free New York Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Maximum Annual Maximum Annual
Distribution Fee Shareholder
(as a percentage Servicing fee (as Years
Fund/Class of average daily a percentage of To
net assets of average daily net Conversion
class) assets of class)
------------------------------------------------------------------------- -------------------- ------------------- ---------------
<S> <C> <C> <C> <C>
Delaware Tax-Free Wisconsin Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Voyageur Mutual Funds II
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free Colorado Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Voyageur Mutual Funds III
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Growth Stock Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Select Growth Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Efficient Equity Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .30% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Institutional Class N/A N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Voyageur Tax-Free Funds
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free Minnesota Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Delaware Tax-Free North Dakota Fund
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class A .25% N/A N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class B .75% .25% 8
------------------------------------------------------------------------- -------------------- ------------------- ---------------
Class C .75% .25% N/A
------------------------------------------------------------------------- -------------------- ------------------- ---------------
</TABLE>
