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DELAWARE SMID CAP GROWTH FUND

Delaware Smid Cap Growth Fund

Average annual total returns for periods ended December 31, 2011

Average Annual Total Returns DELAWARE SMID CAP GROWTH FUND	1 year	5 years	10 years
INSTITUTIONAL CLASS	8.28%	6.99%	6.77%
INSTITUTIONAL CLASS After Taxes on Distributions	7.43%	5.82%	6.02%
INSTITUTIONAL CLASS After Taxes on Distributions and Sales	5.89%	5.61%	5.70%
Russell 2500® Growth Index (reflects no deduction for fees, expenses, or taxes)	(1.57%)	2.89%	5.23%

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.

DELAWARE GROUP^® EQUITY FUNDS IV

Delaware Smid Cap Growth Fund

Supplement to the Fund’s Institutional Class
Summary and Statutory Prospectuses dated January 28, 2012
(the “Prospectuses”)

The following replaces the average annual total return table found in the Prospectuses under “How has Delaware Smid Cap Growth Fund performed?”.

Average annual total returns for periods ended December 31, 2011

	1 year	5 years	10 years
Return before taxes	8.28%	6.99%	6.77%
Return after taxes on distributions	7.43%	5.82%	6.02%
Return after taxes on distributions and sale of Fund shares	5.89%	5.61%	5.70%
Russell 2500^® Growth Index (reflects no deduction for fees, expenses, or taxes)	-1.57%	2.89%	5.23%

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.

Please keep this Supplement for future reference.

This Supplement is dated May 17, 2012.

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 (the "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.

If the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also shouldshow the returns of an appropriate broadbased securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____)

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