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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 8pt; text-align: center; background-color: white"><b>DELAWARE GROUP<sup>®</sup> EQUITY
FUNDS V</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center; background-color: white"><b>Delaware Wealth
Builder Fund (the “Fund”)</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center; background-color: white"><b>Supplement
to the current Statutory Prospectus (the “Prospectus”)</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center; background-color: white"><b>and Statement
of Additional Information (the “SAI”)</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; background-color: white"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Board of Trustees
(“Trustees” or “Board”) of Delaware Group Equity Funds V (the “Trust”) approved the appointment
of Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”), Macquarie Investment Management Europe Limited
(“MIMEL”), Macquarie Investment Management Global Limited (“MIMGL”), and Macquarie Funds Management Hong
Kong Limited (“MFMHKL”) to serve as sub-advisors and provide certain sub-advisory services to the Fund from time to
time at the discretion of Delaware Management Company (the “Manager”).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>In connection therewith,
the following replaces the information in the section of the Fund’s Prospectus entitled “Fund summary — What
are the Fund’s principal investment strategies?”:</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; background-color: white">The Fund invests
primarily in income-generating securities (debt and equity), which may include equity securities of large, well-established companies,
and debt securities, including high yield, high-risk corporate bonds, investment grade fixed income securities, and US government
securities.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; background-color: white">Under normal
circumstances, at least 50% of the Fund’s total assets will be invested in income-generating equity securities, including
real estate investment trusts (REITs). In making investments in income-generating equity securities, the Fund may invest an unlimited
portion of its total assets in convertible securities without regard to credit quality. While debt securities may comprise up to
50% of the Fund’s total assets, no more than 45% of the Fund’s total assets will be invested in high yield, high-risk
debt securities. No more than 25% of the Fund’s total assets will be invested in any one industry sector nor, as to 75% of
the Fund’s total assets, will more than 5% be invested in securities of any one issuer. The Fund may invest up to 30% of
its total assets in foreign equity and debt securities. The Fund will not, however, invest more than 10% of its total assets in
securities of issuers principally located or principally operating in markets of emerging countries.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; background-color: white">Within the percentage
guidelines noted above, the Fund’s investment manager, Delaware Management Company (Manager), will determine the proportion
of the Fund’s assets that will be allocated to income-generating equity securities and equity equivalents and to debt securities,
based on its analysis of economic and market conditions and its assessment of the income and potential for appreciation that can
be achieved from investments in such asset classes. It is expected that the proportion of the Fund’s total assets invested
in income-generating equity securities and equity equivalent securities will vary from 50% to 100% of the Fund’s total assets.
The proportion of the Fund’s total assets in debt securities will correspondingly vary from 0% to 50% of the Fund’s
total assets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; background-color: white">In addition,
the Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited,
Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (MIMGL) (together,
the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security
trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will
be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; background-color: white">The Manager may
permit its affiliates, MIMGL and Macquarie Funds Management Hong Kong Limited, to execute Fund security trades on behalf of the
Manager. The Manager may also seek quantitative support from MIMGL.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white">The Fund may
use a wide range of derivative instruments, typically including forward foreign currency contracts, options, futures contracts,
options on futures contracts, and credit default swaps. The Fund will use derivatives for both hedging and nonhedging purposes.
For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains
or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign
currency contracts to manage foreign currency exposure; and credit default swaps to hedge against a credit event, to gain exposure
to certain securities or markets, or to enhance total return.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white"><b>Investment
in the Fund does not in any way provide an indication of future performance or a guarantee of positive returns.</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white"><i>The following
information is added into the section of the Fund’s Prospectus entitled “Fund summary — Who manages the Fund?”:</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; background-color: white"><b>Sub-advisors</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white">Macquarie Investment
Management Austria Kapitalanlage AG</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white">Macquarie Investment
Management Europe Limited</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white">Macquarie Investment
Management Global Limited</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white">Macquarie Funds
Management Hong Kong Limited</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white"><i>The following
replaces the information in the section of the Fund's Prospectus entitled "How we manage the Fund — Our principal investment
strategies”:</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white">The Manager researches
individual companies and analyzes economic and market conditions, seeking to identify the securities or market sectors that it
believes are the best investments for the Fund. The following are descriptions of how the portfolio management team pursues the
Fund’s investment objectives.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white">The Fund invests
primarily in a combination of income-generating equity and debt securities including, but not limited to, dividend-paying common
stocks, securities of real estate investment trusts, preferred stocks, warrants, rights, convertible securities, nonconvertible
debt securities, high yield, high-risk securities, investment grade fixed income securities, US government securities, and foreign
equity and fixed income securities.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white">Under normal circumstances,
at least 50% of the Fund’s total assets will be invested in income-generating equity securities, including REITs. In making
investments in income-generating equity securities, the Fund may invest an unlimited portion of its total assets in convertible
securities without regard to credit quality. While debt securities may comprise up to 50% of the Fund’s total assets, no
more than 45% of the Fund’s total assets will be invested in high yield, high-risk debt securities. No more than 25% of the
Fund’s total assets will be invested in any one industry sector nor, as to 75% of the Fund’s total assets, will more
than 5% be invested in securities of any one issuer. The Fund may invest up to 30% of its total assets in foreign equity and debt
securities. The Fund will not, however, invest more than 10% of its total assets in securities of issuers principally located or
principally operating in markets of emerging countries.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white">Within the percentage
guidelines noted above, the Manager will determine the proportion of the Fund’s assets that will be allocated to income-generating
equity securities and equity equivalents and to debt securities, based on its analysis of economic and market conditions and its
assessment of the income and potential for appreciation that can be achieved from investments in such asset classes. It is expected
that the proportion of the Fund’s total assets invested in income-generating equity securities and equity equivalent securities
will vary from 50% to 100% of the Fund’s total assets. The proportion of the Fund’s total assets in debt securities
will correspondingly vary from 0% to 50% of the Fund’s total assets.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify; background-color: white"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white">In addition, the
Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie
Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated
Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the
Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize
an Affiliated Sub-Advisor’s specialized market knowledge.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white">The Manager may
permit its affiliates, MIMGL and Macquarie Funds Management Hong Kong Limited, to execute Fund security trades on behalf of the
Manager. The Manager may also seek quantitative support from MIMGL.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white">The Fund’s
investment objectives are nonfundamental. This means that the Fund’s Board of Trustees (Board) may change the objectives
without obtaining shareholder approval. If the objectives were changed, the Fund would notify shareholders at least 60 days before
the change became effective.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white"><i>The following
information is added after the section of the Fund’s Prospectus entitled “Who manages the Fund — Investment manager”:</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify; background-color: white"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white"><b>Sub-advisors</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white">Macquarie Investment
Management Austria Kapitalanlage AG (MIMAK) is located at Kaerntner Strasse 28, 1010 Vienna, Austria. MIMAK is an affiliate of
the Manager and a part of Macquarie Investment Management (MIM). MIM is the marketing name for certain companies comprising the
asset management division of Macquarie Group Limited. As of March 31, 2019, MIM managed more than $246.4 billion in assets for
institutional and individual clients. Although the Manager has principal responsibility for the Manager’s portion of the
Fund, the Manager may seek investment advice and recommendations from MIMAK and the Manager may also permit MIMAK to execute Fund
security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager
believes it will be beneficial to utilize MIMAK’s specialized market knowledge.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white">Macquarie Investment
Management Global Limited, (MIMGL), is located at 50 Martin Place, Sydney, Australia. MIMGL is an affiliate of the Manager and
a part of MIM. As of March 31, 2019, MIMGL managed more than $123.17 million in assets for institutional and individual clients.
Although the Manager has principal responsibility for the Manager’s portion of the Fund, the Manager may seek investment
advice, quantitative support, and recommendations from MIMGL and the Manager may also permit MIMGL to execute Fund security trades
on behalf of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will
be beneficial to utilize MIMGL’s specialized market knowledge.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white">Macquarie Investment
Management Europe Limited, (MIMEL), is located at 28 Ropemaker Street, London, England. MIMEL is an affiliate of the Manager and
a part of MIM. Although the Manager has principal responsibility for the Manager’s portion of the Fund, the Manager may seek
investment advice and recommendations from MIMEL and the Manager may also permit MIMEL to execute Fund security trades on behalf
of the Manager and exercise investment discretion for securities in certain markets where the Manager believes it will be beneficial
to utilize MIMEL’s specialized market knowledge.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white">Macquarie Funds
Management Hong Kong Limited (MFMHKL), located at Level 18, One International Finance Centre, One Harbour View Street, Central,
Hong Kong. MFMHKL is an affiliate of the Manager and a part of MIM. Although the Manager has principal responsibility for the Manager’s
portion of the Fund, the Manager may permit MFMHKL to execute Fund security trades on behalf of the Manager.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white"><i>The following
information is added after the section of the SAI entitled “Investment Manager and Other Service Providers — Investment
Manager”:</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white"><b>Sub-Advisors</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white">The Manager
has also entered into Sub-Advisory Agreements on behalf of the Delaware Wealth Builder Fund with Macquarie Investment Management
Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, and Macquarie Investment Management Europe Limited, each
of which is an affiliate of the Manager (together with Macquarie Funds Management Hong Kong Limited, the “Affiliated Sub-Advisors”).
Pursuant to the terms of the relevant Sub-Advisory Agreement, the investment sub-advisory fee is paid by the Manager to each Affiliated
Sub-advisor based on the extent to which an Affiliated Sub-Advisor provides services to the Delaware Wealth Builder Fund.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white">The
Manager has also entered into Sub-Advisory Agreements on behalf of the Funds with Macquarie Investment Management Global Limited and
Macquarie Funds Management Hong Kong Limited, each of which is an affiliate of the Manager (“Affiliated Sub-Advisor”).
Pursuant to the terms of the relevant Sub-Advisory Agreement, the investment sub-advisory fee is paid by the Manager to each Affiliated
Sub-advisor based on the extent to which an Affiliated Sub-Advisor provides services to the Funds.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white"><b>Because
everyone's tax situation is unique, you should consult your tax professional about federal, state, local, or foreign tax consequences
before making an investment in the Fund.</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white"><b>Delaware
Management Company (Manager) is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). Other than Macquarie Bank
Limited (MBL), a subsidiary of MGL and an affiliate of the Manager, none of the entities noted are authorized deposit-taking institutions
for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits
or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities,
unless noted otherwise. The Fund is governed by US laws and regulations.</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: center; background-color: white"><b><i>Please
keep this Supplement for future reference.</i></b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 8pt; text-align: justify; background-color: white"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; text-align: justify; background-color: white"><b>This Supplement
is dated July 30, 2019.</b></p>
What are the Fund’s principal investment strategies?
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; background-color: white">The Fund invests
primarily in income-generating securities (debt and equity), which may include equity securities of large, well-established companies,
and debt securities, including high yield, high-risk corporate bonds, investment grade fixed income securities, and US government
securities.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; background-color: white">Under normal
circumstances, at least 50% of the Fund’s total assets will be invested in income-generating equity securities, including
real estate investment trusts (REITs). In making investments in income-generating equity securities, the Fund may invest an unlimited
portion of its total assets in convertible securities without regard to credit quality. While debt securities may comprise up to
50% of the Fund’s total assets, no more than 45% of the Fund’s total assets will be invested in high yield, high-risk
debt securities. No more than 25% of the Fund’s total assets will be invested in any one industry sector nor, as to 75% of
the Fund’s total assets, will more than 5% be invested in securities of any one issuer. The Fund may invest up to 30% of
its total assets in foreign equity and debt securities. The Fund will not, however, invest more than 10% of its total assets in
securities of issuers principally located or principally operating in markets of emerging countries.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; background-color: white">Within the percentage
guidelines noted above, the Fund’s investment manager, Delaware Management Company (Manager), will determine the proportion
of the Fund’s assets that will be allocated to income-generating equity securities and equity equivalents and to debt securities,
based on its analysis of economic and market conditions and its assessment of the income and potential for appreciation that can
be achieved from investments in such asset classes. It is expected that the proportion of the Fund’s total assets invested
in income-generating equity securities and equity equivalent securities will vary from 50% to 100% of the Fund’s total assets.
The proportion of the Fund’s total assets in debt securities will correspondingly vary from 0% to 50% of the Fund’s
total assets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; background-color: white">In addition,
the Manager may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited,
Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (MIMGL) (together,
the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security
trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will
be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; background-color: white">The Manager may
permit its affiliates, MIMGL and Macquarie Funds Management Hong Kong Limited, to execute Fund security trades on behalf of the
Manager. The Manager may also seek quantitative support from MIMGL.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify; background-color: white">The Fund may
use a wide range of derivative instruments, typically including forward foreign currency contracts, options, futures contracts,
options on futures contracts, and credit default swaps. The Fund will use derivatives for both hedging and nonhedging purposes.
For example, the Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains
or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign
currency contracts to manage foreign currency exposure; and credit default swaps to hedge against a credit event, to gain exposure
to certain securities or markets, or to enhance total return.</p>
Under normal circumstances, at least 50% of the Fund’s total assets will be invested in income-generating equity securities, including real estate investment trusts (REITs).