Think bigger is better? Think again.Think small

Consider Delaware Funds® by Macquarie
a US small-cap investing powerhouse

Delaware Smid Cap Growth Fund
Morningstar Morningstar Morningstar Morningstar Morningstar

1st percentile rank for the 10-year

Prospectus
Delaware Small Cap Value Fund
Morningstar Morningstar Morningstar Morningstar

20th percentile rank for the 10-year

Prospectus
Delaware Small Cap Core Fund
Morningstar Morningstar Morningstar Morningstar Morningstar

2nd percentile rank for the 10-year

Prospectus

Smid-cap growth 2020: Investing in disruptions

In this video segment, Alex Ely, chief investment officer for the US Growth Equity team, describes investing in disruptions as a key opportunity that his team continues to follow in 2020. With technology-induced disruptions leading to secular expansion in a number of industries, Ely details some sectors to explore, such as software as a service (SaaS), higher-quality foods, and medical technology.

Trendsetters

1-, 3-, 5-, and 10-yearconsistently outperforming the benchmark

Average annual return (%) as of June 30, 2020

Delaware Smid Cap Growth Fund

Past performance is no guarantee of future results.

Investing in change; investing in growth

There are fundamental changes happening in our everyday lives that can be grouped into themes with identifiable and investable leaders.

Since assuming management of Delaware Smid Cap Growth Fund in July 2016, the team has focused on investing in the leaders of these long-term trends, resulting in a portfolio of high conviction ideas that has continued to outperform the benchmark and broader markets.

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Bringing value to light

6.8%less downside capture
(during bear markets)

Quarterly periods from July 1, 2010 to June 30, 2020

Delaware Small Cap Value Fund

Source: Morningstar.

Chart is for illustration purposes only.

Past performance is no guarantee of future results.

A bull market quarter is defined as one in which the Russell 2000 Value Index showed a positive US dollar return, and bear market quarter as one in which the Index showed a negative US dollar return. For purposes of the performance graph above, the “bear market” quarters were: 2011 (2Q, 3Q), 2012 (2Q), 2014 (3Q), 2015 (2Q, 3Q), 2017 (1Q), 2018 (1Q, 4Q), 2019 (3Q), 2020 (1Q). All other quarters were “bull” quarters. The bull market performance is calculated as an average of 29 quarters during the time period from July 1, 2010 to June 30, 2020. The bear market performance is calculated as an average of 11 quarters during the time period from July 1, 2010 to June 30, 2020.

View the fund standardized performance

Downside protection

Over the last 10 years, the Fund has protected to the downside during negative periods.

On average, the Fund fell 6.8% less than its benchmark, the Russell 2000® Value Index.

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Small cap. Big ideas.

100%outperformance of the benchmark during any rolling 5-year period

Consistent performance over time

Delaware Small Cap Core Fund

Source: Morningstar.

Rolling 5-year returns (using monthly data) from June 30, 2015 - June 30, 2020.

Past performance does not guarantee future results.

Chart is for illustrative purposes only.

View the fund standardized performance

A history of delivering for clients

For more than 10 years, the Fund has offered investors access to compelling growth and value in US small-cap investment opportunities.

In 100% of rolling 5-year periods, the Fund outperformed the broad market (represented by the Russell 2000® Index).

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Fund name Number of funds
in category (Overall)
Number of funds
in category (10 year)
Morningstar category
Delaware Smid Cap Growth Fund (DFDIX) 558 381 Mid-Cap Growth Category
Delaware Small Cap Value Fund (DEVIX) 413 258 Morningstar Small Value Category
Delaware Small Cap Core Fund (DCCIX) 615 359 Morningstar Small Blend Category

Morningstar category percentile rank as of June 30, 2020.

Morningstar Rating is for the Institutional share class only; other classes may have different performance characteristics.

The Morningstar Mid-Cap Growth Category compares funds that target US firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. The US mid-cap range for market capitalization typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the US equity market.

The Morningstar Small Value Category compares funds that invest in small US companies with valuations and growth rates below other small-cap peers. Small-cap stocks are those in the bottom 10% of the capitalization of the US equity market, and value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

The Morningstar Small Blend Category compares funds that favor US firms at the smaller end of the market-capitalization range. Some funds in this category aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages.

© 2020 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Past performance is not a guarantee of future results. Morningstar proprietary ratings reflect historical risk-adjusted performance as of the date indicated above.

The Morningstar RatingTM for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Morningstar rankings reflect a fund's historical total return performance, excluding sales charges as applicable, relative to peers as of the above date. The ratings are subject to change every month and are based on equal-rated average of percentile ranks for the total return metrics over 1-, 3-, 5-, and 10-year periods, if applicable. Morningstar rankings are not intended to predict future results, and Morningstar does not guarantee the accuracy of this information. Expense waivers may have been in effect for some or all of the periods shown. Performance would have been lower if waivers did not apply or if sales charges were included. Morningstar rankings may have been lower if waivers did not apply or if sales charges were included.

Morningstar Rank is the total return percentile rank within each Morningstar Category. The highest (or most favorable) percentile rank is zero and the lowest (or least favorable) percentile rank is 100. Historical percentile ranks are based on a snapshot of a fund at the time of calculation. Percentile Rank is a standardized way of ranking items within a peer group, in this case, funds within the same Morningstar Category. The observation with the largest numerical value is ranked zero the observation with the smallest numerical value is ranked 100. The remaining observations are placed equal distance from one another on the rating scale. Note that lower percentile ranks are generally more favorable for returns (high returns), while higher percentile ranks are generally more favorable for risk measures (low risk).

For use with financial professionals only.

Past performance does not guarantee future results.

Investing involves risk, including the possible loss of principal.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

The risk that all or a majority of the securities in a certain market — like the stock market or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

The Russell 2000 Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index, representing approximately 10% of the total market capitalization of that index.

The Russell 2000 Value Index measures the performance of the smallcap value segment of the US equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 2500 Growth Index measures the performance of the small- to mid-cap growth segment of the US equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

Institutional Class shares, Class R shares, and Class R6 shares are available only to certain investors. See the prospectus for more information.

All third-party marks cited are the property of their respective owners.

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. Obtain a prospectus and summary prospectus by visiting delawarefunds.com/literature or calling 877 693-3546. Investors should read the prospectus and the summary prospectus carefully before investing.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

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Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

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