Nomura Smid Cap Core A (Delaware Ivy Smid Cap Core Fund) fond

The fund invests primarily in various types of equity securities of small- and mid-capitalization companies that the manager believes have the greatest potential for capital appreciation. At least 80% of the fund's net assets will be invested in common stocks of small- and mid-capitalization companies. Small-capitalization companies typically are companies with market capitalizations similar to those of issuers included in the Russell 2500TM Index at the time of purchase and mid-capitalization companies are those within the market capitalization range of the Russell Midcap® Index at the time of purchase.