A blended approach

The Core Equity team blends growth and value stocks from across the small-cap universe. Learn more about the team's differentiated stock-selection process.

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Christopher S. Adams, CFA
Senior Portfolio Manager

I think what clients find most interesting about our investing philosophy is it really demonstrates the value of active management. And if you truly understand your companies you can take advantage of that to the benefit of our clients.

Francis X. Morris
Chief Investment Officer — Core Equity

The way we construct the portfolio provides representation all the way across that small-cap spectrum. Because of this portfolio construction, we’ve been able to outperform both in up markets and in down markets.

Christopher S. Adams, CFA
Senior Portfolio Manager

And by choosing core you get exposure to the whole small-cap universe, not just a part of it, and that is really important.

Donald G. Padilla, CFA
Senior Portfolio Manager

It’s a unique approach to investing because people like to take the chance of choosing between growth and value. So, you know, we think that’s important to take that risk out of the decision.

Francis X. Morris
Chief Investment Officer — Core Equity

The Delaware Small Cap Core team, we’ve been together for quite some time, and what’s important about that is the continuity and the ability to recognize and understand business cycles, but we all come at the investing approach from different angles to get to a collective answer. And that’s the best possible group of names to put in the portfolio to drive returns for our clients.

Michael S. Morris, CFA
Senior Portfolio Manager

We are investors and not renters of stock. Our time frame is 18 to 24 months. We are not dogmatic in that approach, meaning that if a stock were to reach our target price prior to that, then we would act accordingly.

Francis X. Morris
Chief Investment Officer — Core Equity

What we love about investing in small-cap companies is, generally speaking you’re sitting across the table from the person who is the founder, or the owner, or the principle owner of the shares of the company. And if we’re doing our jobs right, we’ve found a company that is either underfollowed or underowned, or at the beginning of its life cycle. And what’s really fun about it then is, we grow with them.

Donald G. Padilla, CFA
Senior Portfolio Manager

You always realize that you’re investing money for individuals and retirement plans, and people’s futures count on you. So when you make money and you outperform the index you’re actually helping people, and that’s very important to me.

The views expressed represent the Managers’ assessment of the market environment as of October 2015 and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice.

Past performance does not guarantee future results.

Investing involves risk, including the possible loss of principal.

Carefully consider a Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, which may be obtained by visiting the fund literature page or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.

Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

All third-party marks cited are the property of their respective owners.

The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Lipper, Inc., a subsidiary of Thomson Reuters, provides mutual and hedge fund data, analytical tools, and commentary. Lipper fund classifications provide the ability to make meaningful 'like for like' comparisons across funds with similar investment mandates.

Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Fund’s distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

Neither Delaware Investments nor its affiliates noted in this document 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 Macquarie Bank Limited (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

©2015 Delaware Management Holdings, Inc.

(15256) 10/15


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