Literature – mutual funds

Delaware Covered Call Strategy Fund*
(formerly, First Investors Covered Call Strategy Fund)
Delaware Emerging Markets Debt Corporate Fund
(formerly, Delaware Emerging Markets Debt Fund)
Delaware Equity Income Fund*
(formerly, First Investors Equity Income Fund)
Delaware Floating Rate II Fund*
(formerly, First Investors Floating Rate Fund)
Delaware Fund for Income*
(formerly, First Investors Fund For Income)
Delaware Global Equity Fund*
(formerly, First Investors Global Fund)
Delaware Government Cash Management Fund*
(formerly, First Investors Government Cash Management Fund)
Delaware Growth and Income Fund*
(formerly, First Investors Growth & Income Fund)
Delaware Growth Equity Fund*
(formerly, First Investors Select Growth Fund)
Delaware Hedged U.S. Equity Opportunities Fund*
(formerly, First Investors Hedged U.S. Equity Opportunities Fund)
Delaware International Fund*
(formerly, First Investors International Fund)
Delaware International Opportunities Bond Fund*
(formerly, First Investors International Opportunities Bond Fund)
Delaware Investment Grade Fund*
(formerly, First Investors Investment Grade Fund)
Delaware Limited Duration Bond Fund*
(formerly, First Investors Limited Duration Bond Fund)
Delaware Opportunity Fund*
(formerly, First Investors Opportunity Fund)
Delaware Special Situations Fund*
(formerly, First Investors Special Situations Fund)
Delaware Strategic Allocation Fund
(formerly, Delaware Foundation ® Moderate Allocation Fund)
Delaware Strategic Income II Fund*
(formerly, First Investors Strategic Income Fund)
Delaware Tax-Exempt Income Fund*
(formerly, First Investors Tax Exempt Income Fund)
Delaware Tax-Exempt Opportunities Fund*
(formerly, First Investors Tax Exempt Opportunities Fund)
Delaware Tax-Free California II Fund*
(formerly, First Investors California Tax Exempt Fund)
Delaware Tax-Free New Jersey Fund*
(formerly, First Investors New Jersey Tax Exempt Fund)
Delaware Tax-Free New York II Fund*
(formerly, First Investors New York Tax Exempt Fund)
Delaware Tax-Free Oregon Fund*
(formerly, First Investors Oregon Tax Exempt Fund)
Delaware Total Return Fund*
(formerly, First Investors Total Return Fund)

1/16 (15884)
6/16 (16903)

* On April 6, 2019, Foresters Investment Management Company, Inc. (FIMCO), the investment adviser to the First Investors Funds, entered into an agreement with Macquarie Management Holdings, Inc. (MMHI), whereby MMHI, on behalf of its affiliate Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (MIMBT), would acquire FIMCO’s asset management business (the “Transaction”). In connection with the Transaction, the Board of Trustees of the First Investors Trusts and the First Investor Fund shareholders approved, pursuant to an Agreement and Plan of Reorganization (the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund in the Delaware Funds by Macquarie family of funds The Transaction closed on Oct. 4, 2019.

1 Closed to investors. Please refer to the appropriate prospectus and summary prospectus for additional information.

2 Except for Class R6, the Fund is closed to new investors. Please refer to the appropriate prospectus and summary prospectus for additional information.

For information (if any) regarding how a Fund voted proxies relating to portfolio securities, visit the proxy voting information page .

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

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 delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

Not FDIC Insured | No Bank Guarantee | May Lose Value

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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