0000778108 2013-01-28 2013-01-28 0000778108 delaware:S000018873Member delaware:AAAAMember 2013-01-28 2013-01-28 0000778108 delaware:S000018873Member delaware:C000052257Member delaware:AAAAMember 2013-01-28 2013-01-28 0000778108 delaware:S000018873Member delaware:C000052258Member delaware:AAAAMember 2013-01-28 2013-01-28 0000778108 delaware:S000018873Member delaware:C000052259Member delaware:AAAAMember 2013-01-28 2013-01-28 0000778108 delaware:S000018873Member delaware:C000052260Member delaware:AAAAMember 2013-01-28 2013-01-28 0000778108 delaware:S000018873Member delaware:C000052257Member rr:AfterTaxesOnDistributionsMember delaware:AAAAMember 2013-01-28 2013-01-28 0000778108 delaware:S000018873Member delaware:C000052257Member rr:AfterTaxesOnDistributionsAndSalesMember delaware:AAAAMember 2013-01-28 2013-01-28 0000778108 delaware:S000018873Member delaware:benchmark0122AAAAMember delaware:AAAAMember 2013-01-28 2013-01-28 0000778108 delaware:S000003914Member delaware:BBBBMember 2013-01-28 2013-01-28 0000778108 delaware:S000003914Member delaware:C000010970Member delaware:BBBBMember 2013-01-28 2013-01-28 0000778108 delaware:S000003914Member delaware:C000010971Member delaware:BBBBMember 2013-01-28 2013-01-28 0000778108 delaware:S000003914Member delaware:C000010972Member delaware:BBBBMember 2013-01-28 2013-01-28 0000778108 delaware:S000003914Member delaware:C000010973Member delaware:BBBBMember 2013-01-28 2013-01-28 0000778108 delaware:S000003914Member delaware:C000010974Member delaware:BBBBMember 2013-01-28 2013-01-28 0000778108 delaware:S000003914Member delaware:C000010970Member rr:AfterTaxesOnDistributionsMember delaware:BBBBMember 2013-01-28 2013-01-28 0000778108 delaware:S000003914Member delaware:C000010970Member rr:AfterTaxesOnDistributionsAndSalesMember delaware:BBBBMember 2013-01-28 2013-01-28 0000778108 delaware:S000003914Member delaware:benchmark0121BBBBMember delaware:BBBBMember 2013-01-28 2013-01-28 xbrli:pure iso4217:USD xbrli:shares iso4217:USD xbrli:shares 485BPOS 2012-09-30 DELAWARE GROUP EQUITY FUNDS IV 0000778108 false 2013-01-28 2013-01-28 2013-01-28 <div style="display: none">~ http://xbrl.sec.gov/rr/role/RiskReturnDetailData column period compact * row dei_DocumentInformationDocumentAxis compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> What is the Fund's investment objective? </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Delaware Healthcare Fund seeks maximum long-term capital growth through capital appreciation. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> What are the Fund's fees and expenses? </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled &quot;About your account,&quot; and in the Fund's statement of additional information under the section entitled &quot;Purchasing shares.&quot; </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &quot;turns over&quot; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 88% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> What are the Fund's principal investment strategies? </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund will invest at least 80% of its assets in the equity securities of healthcare companies, meaning companies that develop, produce, or distribute products or services related to the healthcare or medical industries and derive a substantial portion, that is, more than 50%, of their sales from products and services in the healthcare industry (80% policy). These products and services include, but are not limited to, pharmaceutical companies, biotechnology companies, medical device and supply companies, managed care companies, and healthcare information and service providers. The Fund invests in U.S. and non-U.S. companies across all market capitalizations. The Fund may, from time to time, invest a significant portion of its assets in non-U.S. companies. The Fund may also invest in companies located in emerging markets. The Fund's investment objective and 80% policy are nonfundamental and can be changed without shareholder approval. However, Fund shareholders would be given at least 60 days' notice prior to any such change.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> What are the principal risks of investing in the Fund? </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. Principal risks include:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Investments not guaranteed by the Manager or its affiliates</b> — Investments in the Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market risk</b> — The risk that all or a majority of the securities in a certain market — such as the stock 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Healthcare risk</b> — The risk that the value of a fund's shares will be affected by factors particular to the healthcare and related sectors (such as government regulation) and may fluctuate more widely than that of a fund that invests in a broad range of sectors.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign risk</b> — The risk that foreign securities (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; or inadequate or different regulatory and accounting standards.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Small company risk</b> — The risk that prices of small- and medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Nondiversification risk</b> — A nondiversified fund has the flexibility to invest as much as 50% of its assets in as few as two issuers with no single issuer accounting for more than 25% of the fund. The remaining 50% of its assets must be diversified so that no more than 5% of its assets are invested in the securities of a single issuer. Because a nondiversified fund may invest its assets in fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully diversified.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures and options risk</b> — The possibility that a fund may experience a loss if it employs an options or futures strategy related to a security or a market index and that security or index moves in the opposite direction from what the portfolio manager anticipated. Futures and options also involve additional expenses (such as the payment of premiums), which could reduce any benefit or increase any loss that a fund gains from using the strategy.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity risk</b> — The possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counterparty risk</b> — The risk that a counterparty to a derivative contract (such as a swap, futures, or options contract) or a repurchase agreement may fail to perform its obligations under the contract or agreement due to financial difficulties (such as a bankruptcy or reorganization).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Government and regulatory risk</b> — The risk that governments or regulatory authorities have, from time to time, taken or considered actions that could adversely affect various sectors of the securities markets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> How has Delaware Healthcare Fund performed? </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the 1-year, 5-year, and lifetime periods compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Fund's most recently available month-end performance by calling 800 523-1918 or by visiting our website at <u>delawareinvestments.com/performance</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Year-by-year total return (Class A)* </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">During the periods illustrated in this bar chart, Class A's highest quarterly return was 22.95% for the quarter ended September 30, 2009 and its lowest quarterly return was -15.99% for the quarter ended September 30, 2011. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this sales charge were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average annual total returns for periods ended December 31, 2012* </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor's individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.</p> <div style="display:none">~http://delaware/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000018873Member ~</div> 0.0575 0 0 0.01 0 0 0 0 <div style="display:none">~ http://delaware/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000018873Member ~</div> 0.0085 0.003 0.0048 0.0163 -0.0005 0.0158 0.0085 0.01 0.0048 0.0233 0 0.0233 0.0085 0.006 0.0048 0.0193 -0.001 0.0183 0.0085 0 0.0048 0.0133 0 0.0133 <div style="display:none">~ http://delaware/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000018873Member ~</div> 726 1055 1406 2393 336 727 1245 2666 186 596 1033 2246 135 421 729 1601 <div style="display:none">~ http://delaware/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000018873Member ~</div> 236 727 1245 2666 <div style="display:none">~ http://delaware/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000018873Member ~</div> -0.1281 0.6131 0.1584 0.0278 0.1896 <div style="display:none">~ http://delaware/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000018873Member ~</div> 0.1212 0.1207 0.0794 0.1704 0.1861 0.1934 0.1946 0.1344 0.1134 0.1046 0.1496 0.0556 0.1328 0.1105 0.1022 0.1151 0.1203 0.1474 0.0526 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> What is the Fund's investment objective? </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Delaware Smid Cap Growth Fund seeks long-term capital appreciation. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> What are the Fund's fees and expenses? </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled &quot;About your account,&quot; and in the Fund's statement of additional information under the section entitled &quot;Purchasing shares.&quot; </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund's Distributor (as defined below) has voluntarily agreed to limit the Class A shares' 12b-1 fees to 0.25% of average daily net assets. Please see &quot;About your account—Choosing a share class—Class A&quot; in the Fund's prospectus for more information. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the applicable Distributor's expense waivers for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &quot;turns over&quot; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> What are the Fund's principal investment strategies? </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund invests primarily in common stocks of growth-oriented companies that its investment manager, Delaware Management Company (Manager), believes have long-term capital appreciation potential and expect to grow faster than the U.S. economy. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of small-and mid-capitalization companies (80% policy). The Fund's 80% policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change. For purposes of this Fund, small-market capitalization companies are those companies whose market capitalization is similar to the market capitalization of companies in the Russell 2000® Growth Index, and mid-market capitalization companies are those companies whose market capitalization is similar to the market capitalization of companies in the Russell Midcap® Growth Index. The two indices listed above are for purposes of determining range and not for targeting portfolio management. As of December 31, 2012, the Russell 2000 Growth Index had a market capitalization range between $27.9 million and $4.7 billion, and the Russell Midcap Growth Index had a market capitalization range between $336.6 million and $21.2 billion. The market capitalization range for the indices listed above will change on a periodic basis. A company's market capitalization is determined based on its current market capitalization.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund will invest at least 80% of its net assets in equity securities of small- and mid-capitalization companies (80% policy). The Fund's 80% policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Using a bottom-up approach, the Manager seeks to select securities of companies that it believes have attractive end market potential, dominant business models, and strong free cash flow generation that are attractively priced compared to intrinsic value of the securities. The Manager also considers a company's operational efficiencies, management's plans for capital allocation, and the company's shareholder orientation. All of these factors give the Manager insight into the outlook for a company, helping it identify companies poised for sustainable free cash flow growth. The Manager believes that sustainable free cash flow growth, if it occurs, may result in price appreciation for the company's stock.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> What are the principal risks of investing in the Fund? </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. Principal risks include:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Investments not guaranteed by the Manager or its affiliates</b> — Investments in the Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market risk</b> — The risk that all or a majority of the securities in a certain market — such as the stock 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Limited number of stocks risk</b> — The possibility that a single security's increase or decrease in value may have a greater impact on the fund's value and total return because the fund may hold larger positions in fewer securities than other funds.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Small company risk</b> — The risk that prices of small- and medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Interest rate risk </b>— The risk that securities will decrease in value if interest rates rise. The risk is generally associated with bonds; however, because small- and medium-sized companies and companies in the real estate sector often borrow money to finance their operations, they may be adversely affected by rising interest rates.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit risk </b>— The risk that an issuer of a debt security, including a governmental issuer, or an entity that insures a bond may be unable to make interest payments and repay principal in a timely manner.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Futures and options risk</b> — The possibility that a fund may experience a loss if it employs an options or futures strategy related to a security or a market index and that security or index moves in the opposite direction from what the portfolio manager anticipated. Futures and options also involve additional expenses (such as the payment of premiums), which could reduce any benefit or increase any loss that a fund gains from using the strategy.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign risk</b> — The risk that foreign securities (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; or inadequate or different regulatory and accounting standards.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity risk</b> — The possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Counterparty risk</b> — The risk that a counterparty to a derivative contract (such as a futures or options contract) or a repurchase agreement may fail to perform its obligations under the contract or agreement due to financial difficulties (such as a bankruptcy or reorganization).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> How has Delaware Smid Cap Growth Fund performed? </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect expense caps in effect during certain of these periods. The returns would be lower without the expense caps. You may obtain the Fund's most recently available month-end performance by calling 800 523-1918 or by visiting our website at <u>delawareinvestments.com/performance</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Effective January 21, 2010, the Fund transitioned to invest primarily in common stocks of small-to-medium-sized, growth-oriented companies. Small-market capitalization companies are those companies whose market capitalization is similar to the market capitalization of companies in the Russell 2000® Growth Index, and mid-market capitalization companies are those companies whose market capitalization is similar to the market capitalization of companies in the Russell Midcap® Growth Index. Prior to this time, the Fund invested primarily in stocks of medium-sized companies whose total market capitalization at the time of investment was within the range of the Russell Midcap Growth Index. The returns reflected in the bar chart may not be indicative of future performance.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Year-by-year total return (Class A)* </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">During the periods illustrated in this bar chart, Class A's highest quarterly return was 18.56% for the quarter ended June 30, 2003 and its lowest quarterly return was -25.85% for the quarter ended December 31, 2008. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this sales charge were included, the returns would be less than those shown. The average annual returns in the table below do include the sales charge.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average annual total returns for periods ended December 31, 2012* </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor's individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.</p> <div style="display:none">~http://delaware/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000003914Member ~</div> 0.0575 0 0 0.04 0 0.01 0 0 0 0 <div style="display:none">~ http://delaware/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000003914Member ~</div> 0.0071 0.003 0.0024 0.0125 0 0.0125 0.0071 0.01 0.0024 0.0195 0 0.0195 0.0071 0.01 0.0024 0.0195 0 0.0195 0.0071 0.006 0.0024 0.0155 -0.001 0.0145 0.0071 0 0.0024 0.0095 0 0.0095 <div style="display:none">~ http://delaware/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000003914Member ~</div> 695 949 1222 1999 598 887 1277 2094 298 612 1052 2275 148 480 835 1837 97 303 525 1166 <div style="display:none">~ http://delaware/role/ExpenseExampleNoRedemptionBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000003914Member ~</div> 198 612 1052 2094 198 612 1052 2275 <div style="display:none">~ http://delaware/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000003914Member ~</div> 0.3914 0.1217 0.0998 0.0497 0.1228 -0.4161 0.4449 0.3503 0.0796 0.1038 <div style="display:none">~ http://delaware/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact delaware_S000003914Member ~</div> 0.0403 0.0292 0.0387 0.0558 0.0857 0.1012 0.1065 0.1613 0.0506 0.0393 0.039 0.0526 0.0551 0.0608 0.066 0.0407 0.0998 0.0902 0.0856 0.1002 0.0983 0.0928 0.1095 0.1055 You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled "About your account," and in the Fund's statement of additional information under the section entitled "Purchasing shares." You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Delaware Investments® Funds. More information about these and other discounts is available from your financial advisor, in the Fund's prospectus under the section entitled "About your account," and in the Fund's statement of additional information under the section entitled "Purchasing shares." 50000 50000 0.88 0.20 Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Nondiversification risk — A nondiversified fund has the flexibility to invest as much as 50% of its assets in as few as two issuers with no single issuer accounting for more than 25% of the fund. The remaining 50% of its assets must be diversified so that no more than 5% of its assets are invested in the securities of a single issuer. Because a nondiversified fund may invest its assets in fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully diversified. delawareinvestments.com/performance delawareinvestments.com/performance 800 523-1918 800 523-1918 The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes. After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes. After-tax returns are not relevant for shares held in tax-deferred investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). After-tax performance is presented only for Class A shares of the Fund. After-tax performance is presented only for Class A shares of the Fund. 2014-01-28 2014-01-28 (lifetime: 6/3/03–12/31/12) (lifetime: 09/28/07–12/31/12) (lifetime: 01/28/10–12/31/12) (lifetime: 01/28/10–12/31/12) (lifetime: 9/28/07–12/31/12) highest quarterly return was 22.95% for the quarter ended September 30, 2009 0.2295 lowest quarterly return was -15.99% for the quarter ended September 30, 2011 -0.1599 2009-09-30 2011-09-30 highest quarterly return was 18.56% for the quarter ended June 30, 2003 lowest quarterly return was -25.85% for the quarter ended December 31, 2008 0.1856 2003-06-30 -0.2585 2008-12-31 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">* Because the Fund has combined its retail and institutional prospectuses, the bar chart and the after tax returns in the average annual total returns table show the performance of the Fund's Class A shares.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">* Because the Fund has combined its retail and institutional prospectuses, the bar chart and the after tax returns in the average annual total returns table show the performance of the Fund's Class A shares.</p> If you redeem Class C shares during the first year after you buy them, you will pay a contingent deferred sales charge (CDSC) of 1.00%. The Fund's investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.35% of the Fund's average daily net assets from January 28, 2013 through January 28, 2014. In addition, the Fund's distributor, Delaware Distributors, L.P. (Distributor), has also contracted to limit the Fund's Class A and Class R shares' 12b-1 fees from January 28, 2013 through January 28, 2014 to no more than 0.25% and 0.50% of their respective average daily net assets. These waivers and reimbursements may only be terminated by agreement of the Manager or the Distributor, as applicable, and the Fund. The Fund's distributor, Delaware Distributors, L.P. (Distributor), has contracted to limit the Class R shares' 12b-1 fees from January 28, 2013 through January 28, 2014 to no more than 0.50% of its average daily net assets. The waiver may only be terminated by agreement of the Distributor and the Fund. Additionally, the Fund's Class A shares are subject to a blended rate of 0.10% on all shares acquired prior to June 1, 1992 and 0.30% (currently voluntarily limited to 0.25%) on all shares acquired on or after June 1, 1992. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. If you redeem Class B shares during the first year after you buy them, you will pay a contingent deferred sales charge (CDSC) of 4.00%, which declines to 3.25% during the second year, 2.75% during the third year, 2.25% during the fourth and fifth years, 1.50% during the sixth year, and 0% thereafter. Class C shares redeemed within one year of purchase are subject to a 1.00% CDSC.