Institutional Class shares

Alternative/specialty funds

Fixed income funds

Global/international equity funds

Multi-asset funds

U.S. equity funds

Significant fund events

*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.

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.

Consult your financial intermediary (which may be your financial advisor or other financial entity) to determine if investing in a fund is appropriate for your investment goals and time frame. It is the responsibility of your financial intermediary to help you determine if it is appropriate for you to invest in a fund, including the most appropriate share class to invest in, and to communicate such determination to us.

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.