Institutional Class shares

U.S. growth equity funds

U.S. value equity funds

Multi-asset funds

U.S. core equity fund

Income and growth fund

Global/international equity funds

Alternative/specialty funds

Fixed income funds

Limited distribution funds

Delaware Emerging Markets Debt Fund

(Closed to new investors)

Delaware Large Cap Core Fund

(Only available to certain residents within certain states)

Effective after the close of business on June 8, 2012, Delaware Select Growth Fund was closed to new investors. Existing shareholders of the Fund; certain retirement plans and IRA transfers and rollovers from these plans; and certain advisory or fee-based programs sponsored by and/or controlled by financial intermediaries where the financial intermediary has entered into an arrangement with the Fund’s Distributor or transfer agent (mutual fund wrap accounts) may continue to purchase shares. Please read the latest prospectus and the summary prospectus for more information concerning this event.

**As of Feb. 24, 2012, Delaware Smid Cap Growth Fund is closed to new investors. Existing shareholders of the Fund; certain retirement plans and IRA transfers and rollovers from these plans; and certain advisory or fee-based programs sponsored by and/or controlled by financial intermediaries where the financial intermediary has entered into an arrangement with the Fund’s Distributor or transfer agent (mutual fund wrap accounts) may continue to purchase shares. Please read the latest prospectus and summary prospectus for more information concerning this event.

Carefully consider the Funds' investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds' prospectuses and their summary prospectuses, which may be obtained by visiting the fund literature page, or calling 800 362-7500. Investors should read the prospectuses and the summary prospectuses carefully before investing.

Investing involves risk, including the possible loss of principal.

The Funds are distributed by Delaware Distributors L.P. , an affiliate of Delaware Management Holdings, Inc. and Macquarie Group Limited.

Not FDIC Insured | No Bank Guarantee | May Lose Value