Fund Description

Delaware Tax-Free California Fund, Class A was incepted in March 1995 and is managed by Delaware Management Company. The objective of this fund is to seek a high level of current income exempt from federal income tax and California state personal income tax, consistent with the preservation of capital. The fund invests at least 80% of its assets in municipal securities the income from which is exempt from federal income taxes, including the federal alternative minimum tax, and the California state personal income taxes. The fund strives to adjust the average maturity of bonds in the portfolio to provide a high level of tax-exempt income consistent with preservation of capital. The fund offers dividends monthly. Capital gains are distributed in November.