Institutional Class shares

Alternative/specialty funds

Fixed income funds

Global/international equity funds

Income and growth fund

Multi-asset funds

U.S. core equity fund

U.S. growth equity funds

U.S. value equity funds

Significant fund events

*On Feb 19, 2015, the Board of Trustees responsible for Delaware Inflation Protected Bond Fund voted and approved a proposal to liquidate and dissolve the Fund. The liquidation and dissolution is expected to take effect on or about April 23, 2015. Effective Feb. 20, 2015, the Fund will be closed to new investors. The Fund will continue to accept purchases from existing shareholders (including reinvested dividends or capital gains) until five business day before the liquidation date. Please read the prospectus, summary prospectus, and the related supplement dated Feb. 20, 2015 for more information concerning this event.

**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 our 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.