Delaware Small Cap Core Fund Now Available

PHILADELPHIA, Aug. 3 /PRNewswire-FirstCall/ -- Delaware Investments today announced that the Delaware Small Cap Core Fund, formerly known as the Delaware Small Cap Contrarian Fund, is now available to investors. The Fund looks for long-term capital appreciation and could appeal to those seeking exposure to smaller capitalization companies.

As detailed in the performance data table that follows, the Fund returned +15.55% (Class A shares at net asset value with distributions reinvested) for the 12-month period ended June 30, 2005. This return reflects a waiver and expense cap during the period. The return would be lower without the waiver and expense cap. The Portfolio's benchmark index - the Russell 2000 Index - rose +9.45% for the same period, while its peer group, the Lipper Small Cap Core Funds Average, gained +10.48%.

"Small cap funds are a meaningful part of many investors' portfolios," said Managing Director/Head of Equity Patrick P. Coyne. "This Fund seeks to benefit from the synergy of a portfolio that offers access to small-cap stocks that we believe have a combination of attractive valuations, growth prospects and strong cash flows."

The Delaware Small Cap Core Fund is managed by CIO of Core Equity Francis X. Morris and the following portfolio managers: Christopher S. Adams, CFA; Michael S. Morris, CFA; and Donald G. Padilla, CFA. The Fund employs a bottom- up security selection process utilizing quantitative screens, fundamental research, and risk control to evaluate stocks based on both growth and value characteristics. The Fund invests primarily in stocks of small companies that the portfolio managers believe have a combination of attractive valuations, good growth prospects, and strong cash flows along with offering above-average opportunities for long-term price appreciation.

Performance

The performance data quoted below represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your 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. Please obtain the performance data to the most recent month end by calling 800 523-1918 or visiting http://www.delawareinvestments.com/performance.

Investors should consider the investment objectives, risks, and charges and expenses of the investment company carefully before investing. The Delaware Small Cap Core Fund prospectus contains this and other important information about the investment company. Please request a prospectus by calling 800 523-1918. Read it carefully before you invest or send money. Note that funds investing in small- and/or medium-sized company stocks typically involve greater risk, particularly in the short term, than those investing in larger, more established companies. Performance includes reinvestment of all distributions and is subject to change. Instances of high double-digit returns are highly unusual and cannot be sustained. Investors should be aware that recent returns were achieved primarily during favorable market conditions.

Prior to August 1, 2005, the Fund was in limited distribution and the Fund was not subject to distribution and service (12b-1) fees. Had such 12b-1 fees applied, performance would have been lower. Expense waivers were also in effect for the periods shown. Performance would have been lower if waivers did not apply. It should also be noted that until November 1, 2004, the Fund invested primarily in stocks of small companies whose stock prices appeared low relative to their underlying value or future potential.

Average Annual Total Returns as of June 30, 2005 All distributions reinvested 1 YEAR 3 YEARS 5 YEARS 10 YEARS CLASS A (Excluding Sales Charge) 15.55% 15.74% 17.83% - DCCAX (Including Sales Charge) 8.90% 13.49% 16.44% - CLASS C (Excluding Sales Charge) - - - - DCCCX (Including Sales Charge) - - - - CLASS R - - - - DCCRX Benchmark: Russell 2000 Index 9.45% 12.81% 5.71% 9.90% Peer Group: Lipper Small Cap Core Funds Average 10.48% 12.78% 8.36% 11.03% Average Annual Total Returns as of June 30, 2005 All distributions reinvested SINCE INCEPTION INCEPTION DATE CLASS A (Excluding Sales Charge) 14.91% 12/29/98 DCCAX (Including Sales Charge) 13.87% CLASS C (Excluding Sales Charge) - 8/1/05 DCCCX (Including Sales Charge) - CLASS R - 8/1/05 DCCRX Benchmark: Russell 2000 Index - Peer Group: Lipper Small Cap Core Funds Average -

Class A shares have a maximum up-front sales charge of 5.75% and are subject to a 0.30% annual 12b-1 fee (currently 0.25% after giving effect to a voluntary waiver by the Fund's distributor). Class C shares are subject to a 1% annual 12b-1 fee and a contingent deferred sales charge of 1% if redeemed within the first 12 months. Class R shares are only available to certain investors and are subject to a 0.60% annual 12b-1 fee (currently 0.50% after giving effect to a voluntary waiver by the Fund's distributor). See the prospectus and statement of additional information for a complete explanation.

About Delaware Investments

Delaware Investments, an affiliate of Lincoln Financial Group , is a Philadelphia-based diversified asset management organization with more than $105 billion in assets under management as of June 30, 2005. Through a broad range of mutual funds, managed accounts, retirement plan services, subadvised funds, college savings plans, and other investment products, Delaware Investments provides investment products and services to individual investors and to institutional investors such as private and public pension funds, foundations, and endowment funds. For more information on Delaware Investments, visit the company at http://www.delawareinvestments.com/. For more information on Lincoln Financial Group, visit http://www.lfg.com/.