Quarterly updatesAccess the latest audio insights from our portfolio management teams

Delaware Emerging Markets Fund

Delaware Emerging Markets Fund

Daniel Ko
Vice President, Senior Equity Analyst

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Delaware International Small Cap Fund

Delaware International Small Cap Fund

Stephan Maikkula
Vice President, Portfolio Manager

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Delaware Small Cap Value Fund

Delaware Small Cap Value Fund

Christopher S. Beck
Executive Director, Chief Investment Officer — US Small-Mid Cap Value Equity

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Delaware Small Cap Core Fund

Delaware Small Cap Core Fund

Francis X. Morris
Executive Director, Chief Investment Officer — US Core Equity

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Delaware Diversified Income Fund

Delaware Diversified Income Fund

Daniela Mardarovici, CFA
Managing Director, Co-Head of US Multisector/Core Plus Fixed Income

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National Municipal Fixed Income

Municipal Fixed Income

Greg Gizzi
Managing Director, Head of Municipal Bonds, Senior Portfolio Manager

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Delaware Smid Cap Growth Fund

Delaware Smid Cap Growth Fund

Alex Ely
Senior Vice President, Chief Investment Officer — Small-Mid Cap Growth Equity

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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 summary prospectuses, which may be obtained by visiting delawarefunds.com/literature or calling 877 693-3546. Investors should read the prospectus and the summary prospectus carefully before investing.

The views expressed represent the investment team’s assessment of the market environment as of April 2020 and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice. Views are subject to change without notice.

IMPORTANT RISK CONSIDERATIONS

Investing involves risk, including the possible loss of principal.

Past performance does not guarantee future results. Diversification may not protect against market risk.

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.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund's ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

International investments entail risks not ordinarily associated with US investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

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

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The investment may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.