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 Morningstar

11th percentile rank for the 10-year

Prospectus
Delaware Small Cap Core Fund
Morningstar Morningstar Morningstar Morningstar Morningstar

6th percentile rank for the 10-year

Prospectus

Trendsetters miniseries

Delaware Funds by Macquarie Podcasts

Listen as Alex Ely explores the investment process of Delaware Smid Cap Growth Fund and the major disruptions in the economy that are creating potential opportunity, moderated by Devin Dougherty, lead product manager for Delaware Smid Cap Growth Fund.

Higher quality foods (02:14)

Alex Ely discusses the move towards higher quality foods and the impact the next generations health consciousness has on this consumer trend.

Mobile banking (02:35)

Alex Ely discusses the move towards mobile banking and what it means for the future of personalized financial services.

Software as a service (02:28)

Alex Ely discusses software as a service and how the trend in cloud-based models is becoming the standard.

Trendsetters

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

Average annual return (%) as of June 30, 2019

Delaware Smid Cap Growth Fund

* Returns for less than one year are not annualized.

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

14%less downside capture
(during bear markets)

Quarterly periods from July 1, 2009 to June 30, 2019

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: 2010 (2Q): 2011 (2Q, 3Q); 2012 (2Q); 2014 (3Q); 2015 (2Q, 3Q); 2017(1Q); and 2018 (1Q, 4Q). All other quarters were “bull” quarters. The bull market performance is calculated as an average of 30 quarters during the time period from July 1, 2009 to June 30, 2019.. The bear market performance is calculated as an average of 10 quarters during the time period from July 1, 2009 to June 30, 2019.

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 14% 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 10-year period

Consistent performance over time

Delaware Small Cap Core Fund

Source: Morningstar.

Rolling 10-year returns (using monthly data) from October 31, 2004 to June 30, 2019

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 10-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 Morningstar category
Delaware Smid Cap Growth Fund (DFDIX) 583 Morningstar Small Growth Category
Delaware Small Cap Value Fund (DEVIX) 379 Morningstar Small Value Category
Delaware Small Cap Core Fund (DCCIX) 633 Morningstar Small Blend Category

Morningstar category percentile rank as of June 30, 2019.

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

The Morningstar Small Growth Category compares funds that focus on faster-growing companies whose shares are at the lower end of the market-capitalization range. These funds tend to favor companies in up-and-coming industries or young firms in their early growth stages. Small-cap stocks are those in the bottom 10% of the capitalization of the US equity market, and growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Morningstar small value category.

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.

© 2019 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 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 2000 Growth Index measures the performance of the small-cap growth segment of the US equity universe. It includes those Russell 2000 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.