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<p style="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Delaware Dividend Income Fund (the "Fund")</font></p>
<p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>DELAWARE
GROUP<sup>®</sup> EQUITY FUNDS V</b></font></p>
<p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Delaware
Dividend Income Fund (the "Fund")</b></font></p>
<p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Supplement
to the Fund's Class A, Class B, Class C, Class R, and Institutional Class</b><br />
<b>Statutory Prospectus dated March 29, 2013</b></font></p>
<p style="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>The
following replaces the information in the section entitled, "What are the Fund's fees and expenses?".</i></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b>What are the Fund's fees and expenses?</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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<sup>®</sup> 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."</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholder fees (fees paid directly
from your investment)</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Annual fund operating expenses (expenses
that you pay each year as a percentage of the value of your investment)</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b>Example</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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 any applicable Delaware Distributors, L.P. (Distributor)
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="margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>(if not redeemed)</b></font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><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 (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.</b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><b><i>Please keep this Supplement
for future reference.</i></b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><b>This Supplement is dated October 24, 2013.</b></p>
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<p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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<sup>®</sup> 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."</font></p>
50000
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.