Notes to Financial Statements
March 31, 2001 (Unaudited)
Delaware Foundation Funds (the "Trust") is organized as a Delaware business trust and offers four series: the
Delaware Growth Portfolio, the Delaware Balanced Portfolio, the Delaware Income Portfolio, and the Delaware
S&P 500 Index Fund. These financial statements and the related notes pertain to the Delaware S&P 500 Index
Fund (the "Fund"). The Trust is an open-end investment company. The Fund is considered diversified under the
Investment Company Act of 1940, as amended and offers two classes of shares, the Delaware S&P 500 Index
Fund Consultant Class and the Delaware S&P 500 Index Fund Institutional Class. Neither class has a sales
The investment objective of the Fund is to seek to replicate the total return of the Standard & Poor's 500
Composite Stock Price Index.
1. Significant Accounting Policies The following accounting policies are in accordance with accounting principles
generally accepted in the United States and are consistently followed by the Fund.
Security Valuation -- All equity securities are valued at the last quoted sales price as of the regular close of the
New York Stock Exchange (NYSE) on the valuation date. If on a particular day an equity security does not
trade, then the mean between the bid and asked prices will be used. Short-term debt securities having less than
60 days to maturity are valued at amortized cost, which approximates market value. Other securities and assets
for which market quotations are not readily available are valued at fair value as determined in good faith under the
direction of the Fund's Board of Trustees.
Federal Income Taxes -- The Fund intends to qualify for federal income tax purposes as a regulated investment
company and make the requisite distributions to shareholders. Accordingly, no provision for federal income taxes
has been made in the financial statements. Income and capital gain distributions are determined in accordance
with federal income tax regulations, whic