DELAWARE GROUP® ADVISER FUNDS
Delaware Diversified Income Fund
Delaware U.S. Growth Fund
DELAWARE GROUP CASH RESERVE
Delaware Investments Ultrashort Fund
DELAWARE GROUP EQUITY FUNDS I
Delaware Mid Cap Value Fund DELAWARE GROUP EQUITY FUNDS II
Delaware Value® Fund
DELAWARE GROUP EQUITY FUNDS IV
Delaware Healthcare Fund
Delaware Small Cap Growth Fund
Delaware Smid Cap Growth Fund
Delaware Covered Call Strategy Fund
Delaware Equity Income Fund
Delaware Global Equity Fund
Delaware Growth and Income Fund
Delaware Hedged U.S. Equity Opportunities Fund
Delaware International Fund
Delaware Opportunity Fund
Delaware Premium Income Fund
Delaware Growth Equity Fund
Delaware Special Situations Fund
Delaware Total Return Fund
Delaware Floating Rate II Fund
Delaware Fund for Income
Delaware Government Cash
Management Fund Delaware International Opportunities
Bond Fund Delaware Investment Grade Fund
Delaware Limited Duration Bond Fund
Delaware Strategic Income II Fund
DELAWARE GROUP EQUITY FUNDS V
Delaware Small Cap Core Fund
Delaware Small Cap Value Fund
Delaware Wealth Builder Fund
DELAWARE GROUP FOUNDATION FUNDS
Delaware Strategic Allocation Fund
DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS
Delaware Emerging Markets Fund
Delaware International Small Cap Fund
Delaware International Value Equity Fund
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DELAWARE GROUP GOVERNMENT FUND
Delaware Strategic Income Fund
Delaware Emerging Markets Debt
Corporate Fund DELAWARE GROUP INCOME FUNDS
Delaware Corporate Bond Fund
Delaware Extended Duration Bond Fund
Delaware Floating Rate Fund
Delaware High-Yield Opportunities Fund
DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS
Delaware Limited-Term Diversified Income Fund
Delaware Tax-Exempt Income Fund
Delaware Tax-Exempt Opportunities Fund
Delaware Tax-Free California II Fund
Delaware Tax-Free New York II Fund
Delaware Tax-Free New Jersey Fund
Delaware Tax-Free Oregon Fund
DELAWARE GROUP STATE TAX-FREE INCOME TRUST
Delaware Tax-Free Pennsylvania Fund
DELAWARE GROUP TAX-FREE FUND
Delaware Tax-Free USA Fund
Delaware Tax-Free USA Intermediate Fund
DELAWARE POOLED® TRUST
Delaware Global Listed Real Assets Fund
VOYAGEUR INSURED FUNDS
Delaware Tax-Free Arizona Fund
VOYAGEUR INTERMEDIATE
TAX FREE FUNDS Delaware Tax-Free Minnesota
Intermediate Fund VOYAGEUR MUTUAL FUNDS
Delaware National High-Yield Municipal
Bond Fund Delaware Tax-Free California Fund
Delaware Tax-Free Idaho Fund
Delaware Tax-Free New York Fund
Delaware Minnesota High-Yield Municipal Bond Fund
VOYAGEUR MUTUAL FUNDS II
Delaware Tax-Free Colorado Fund
VOYAGEUR MUTUAL FUNDS III
Delaware Select Growth Fund
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VOYAGEUR TAX FREE FUNDS
Delaware Tax-Free Minnesota Fund
(each, a “Fund” and together, the “Funds”)
DELAWARE VIP® TRUST
Delaware VIP Covered Call Strategy Series
Delaware VIP Fund for Income Series
Delaware VIP Growth Equity Series
Delaware VIP Equity Income Series
Delaware VIP Government Cash
Management Series Delaware VIP Growth and Income Series
Delaware VIP Opportunity Series
Delaware VIP Limited Duration Bond Series
Delaware VIP Special Situations Series
Delaware VIP International Series
Delaware VIP Total Return Series
Delaware VIP Investment Grade Series
Delaware VIP Diversified Income Series
Delaware VIP Emerging Markets Series
Delaware VIP High Yield Series
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Delaware VIP International Value
Equity Series Delaware VIP Limited-Term Diversified Income Series
Delaware VIP REIT Series
Delaware VIP Small Cap Value Series
Delaware VIP Smid Cap Core Series
Delaware VIP U.S. Growth Series
Delaware VIP Value Series
(each, a “Series” and together, the “Series”)
DELAWARE POOLED® TRUST
Macquarie Large Cap Value Portfolio
Macquarie Labor Select International
Equity Portfolio Macquarie Emerging Markets Portfolio
Macquarie Emerging Markets Portfolio II
Macquarie High Yield Bond Portfolio
Macquarie Core Plus Bond Portfolio
(each, a “Portfolio” and together, the “Portfolios”)
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1. |
Effective immediately for Delaware Emerging Markets Fund and Delaware International Small Cap Fund only, the following replaces the section of the Prospectus entitled ”How we manage the Funds – The securities in
which the Funds typically invest – Foreign securities – How the Funds use them”:
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2. |
Effective immediately for all Funds, the following is added to the section of the Prospectus entitled “How we Manage the Fund — The risks of investing in the Fund”, replacing the existing LIBOR risk disclosure, to
the extent applicable:
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IBOR risk
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3. |
Effective immediately for all Series, the following is added to the section of the Prospectus entitled “How we Manage the Series — The risks of investing in the Series”, replacing the existing LIBOR risk
disclosure, to the extent applicable:
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IBOR risk
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4. |
Effective immediately for all Portfolios, the following is added to the section of the Prospectus entitled “Risk Factors”, replacing the existing LIBOR risk disclosure, to the extent applicable:
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Risks
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How the Portfolios strive to manage them
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IBOR risk: The risk that potential changes related to the use of the London Interbank Offered Rate (LIBOR) or similar interbank offered rates (“IBORs,” such
as the Euro Overnight Index Average (EONIA)) could have adverse impacts on financial instruments that reference such rates. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by
providing for an alternative rate setting methodology, not all instruments
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Due to uncertainty regarding the future use of LIBOR or similar rates (such as the Euro Overnight Index Average (EONIA)), the potential impact of the abandonment of such rates on the
Portfolios or the financial instruments in which the Portfolios invest cannot yet be determined. However, the Portfolios try to address such risk by monitoring the economic, political, and regulatory climate in jurisdictions relevant to the
Portfolios and the
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have such fallback provisions and the effectiveness of replacement rates is uncertain. The potential abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those
that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.
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financial instruments in which the Portfolios invest in order to minimize any potential impact on the Portfolios. In addition, the Portfolios typically invest in a number of different securities in a variety of sectors in order to minimize
the impact to the Portfolios of any legislative or regulatory development affecting particular countries, issuers, or market sectors.
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5. |
Effective upon the liquidation of Delaware Government Cash Management Fund for all Funds, the section of the Prospectus entitled “About your account — Investor services — Exchanges for money market funds” is
hereby deleted to the extent applicable.
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6. |
Effective immediately for all Funds, except for Delaware Investments Ultrashort Fund, Delaware Healthcare Fund, Delaware Small Cap Growth Fund, Delaware Smid Cap Growth Fund, and Delaware Strategic Allocation
Fund, the following replaces the third paragraph of the section of the SAI entitled “Redemption and Exchange — Contingent Deferred Sales Charges for Certain Redemptions of Class A shares Purchased at Net Asset Value”:
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7. |
Effective immediately for Delaware Tax-Exempt Income Fund, Delaware Tax-Exempt Opportunities Fund, Delaware Tax-Free California II Fund, Delaware Tax-Free New York II Fund, Delaware Tax-Free New Jersey Fund, and
Delaware Tax-Free Oregon Fund only, the first and second bullet points are removed from the section of the Prospectus entitled “About your account — Choosing a share class — Institutional Class — Institutional Class shares are available for
purchase only by the following.”
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8. |
Effective immediately for Delaware Tax-Exempt Income Fund, Delaware Tax-Exempt Opportunities Fund, Delaware Tax-Free California II Fund, Delaware Tax-Free New York II Fund, Delaware Tax-Free New Jersey Fund, and
Delaware Tax-Free Oregon Fund only, the fourth bullet point is removed from the section of the Prospectus entitled “About your account — Choosing a share class — Class R6.”
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9. |
Effective immediately for Delaware Tax-Free Arizona Fund, Delaware Tax-Free California Fund, Delaware Tax-Free Colorado Fund, Delaware Tax-Free Idaho Fund, Delaware Tax-Free New York Fund, Delaware Tax-Free
Pennsylvania Fund, Delaware Tax-Free Minnesota Fund, Delaware Minnesota High-Yield Municipal Bond Fund, Delaware Tax-Free Minnesota Intermediate Fund, Delaware Tax-Exempt Income Fund, Delaware Tax-Exempt Opportunities Fund, Delaware Tax-Free
California II Fund, Delaware Tax-Free New York II Fund, Delaware Tax-Free New Jersey Fund, and Delaware Tax-Free Oregon Fund only, the following replaces the first paragraph of the section of the Prospectus entitled “About your account — How to
buy shares — Through Delaware Funds by Macquarie Service Center — By mail”:
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10. |
Effective immediately for Delaware Tax-Exempt Income Fund, Delaware Tax-Exempt Opportunities Fund, Delaware Tax-Free California II Fund, Delaware Tax-Free New York II Fund, Delaware Tax-Free New Jersey Fund, and
Delaware Tax-Free Oregon Fund only, the following replaces the first paragraph of the section of the Prospectus entitled “About your account — Low balance accounts”:
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11. |
Effective immediately for Delaware Tax-Exempt Income Fund, Delaware Tax-Exempt Opportunities Fund, Delaware Tax-Free California II Fund, Delaware Tax-Free New York II Fund, Delaware Tax-Free New Jersey Fund,
Delaware Tax-Free Oregon Fund, Delaware Covered Call Strategy Fund, Delaware Equity Income Fund, Delaware Global Equity Fund, Delaware Growth and Income Fund, Delaware Hedged U.S. Equity Opportunities Fund, Delaware International Fund, Delaware
Opportunity Fund, Delaware Premium Income Fund, Delaware Growth Equity Fund, Delaware Special Situations Fund, Delaware Total Return Fund, Delaware Floating Rate II Fund, Delaware Fund for Income, Delaware Government Cash Management Fund,
Delaware International Opportunities Bond Fund, Delaware Investment Grade Fund, Delaware Limited Duration Bond Fund, and Delaware Strategic Income II Fund only, the section of the Prospectus entitled “About your account — Investor services —
Exchange of shares” is hereby replaced with the following:
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12. |
Effective immediately for Delaware Tax-Exempt Income Fund, Delaware Tax-Exempt Opportunities Fund, Delaware Tax-Free California II Fund, Delaware Tax-Free New York II Fund, Delaware Tax-Free New Jersey Fund,
Delaware Tax-Free Oregon Fund, Delaware Covered Call Strategy Fund, Delaware Equity Income Fund, Delaware Global Equity Fund, Delaware Growth and Income Fund, Delaware Hedged U.S. Equity Opportunities Fund, Delaware International Fund, Delaware
Opportunity Fund, Delaware Premium Income Fund, Delaware Growth Equity Fund, Delaware Special Situations Fund, Delaware Total Return Fund, Delaware Floating Rate II Fund, Delaware Fund for Income, Delaware Government Cash Management Fund,
Delaware
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13. |
Effective immediately for all Funds, Series, and Portfolios, the following is added to the section of the SAIs entitled “Investment Strategies and Risks”, replacing the existing LIBOR Transition Risk disclosure to
the extent applicable:
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