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Delaware Select Growth Fund to reopen to new investors

497 1 vmf49705222020.htm

Delaware Select Growth Fund (the “Fund”)

Supplement to the Fund’s Statutory Prospectus and Statement of Additional Information
each dated February 28, 2020

On May 20, 2020, the Board of Trustees of Voyageur Mutual Funds III (the “Board”) approved the replacement of the Fund’s current sub-advisor with the US Small-Mid Cap Growth Equity team of the Fund’s investment manager, Delaware Management Company. In connection with this determination, the Board approved certain changes to the Fund’s investment strategies. These portfolio management and strategy changes will be effective on or about July 31, 2020. The investment strategy changes may result in higher portfolio turnover in the near term, as the new portfolio management team purchases and sells securities to accommodate the investment strategy changes. A higher portfolio turnover is likely to cause the Fund to realize capital gains and incur transaction costs. You should consult your financial advisor about the changes that will result from the investment strategy changes.

In addition, and in connection with these changes, the Fund intends to re-open to new investors on or about July 31, 2020. Existing shareholders of the Fund, certain retirement plans and IRA transfers and rollovers from these plans, and certain advisory or fee based programs sponsored by and/or controlled by financial intermediaries where the financial intermediary has entered into an arrangement with the Fund's distributor or transfer agent (mutual fund wrap accounts) may continue to purchase shares prior to the re-opening of the Fund.

On or about July 31, 2020, the following disclosure is removed from the Fund’s statutory prospectus:

The Fund currently is closed to new investors.

On or about July 31, 2020, the following information replaces the section entitled, “Fund summary – What are the Fund’s principal investment strategies?” in the statutory prospectus:

What are the Fund's principal investment strategies?

The Fund invests primarily in common stocks of companies that its Manager believes has long-term capital appreciation potential and are expected to grow faster than the US economy. The Manager will consider companies of any size or market capitalization. Using a top-down thematic overlay combined with bottom-up, fundamental research, the Manager seeks to identify early stage major demand trends and invest in securities of competitively advantaged companies that the Manager believes should benefit from these trends. The Manager focuses on earnings growth as the Manager believes earnings growth drives stock prices and the companies with the strongest gains in profitability have the potential to enjoy share performance that exceeds the broad market averages, provided that the earnings are of high quality and likely to continue. The Fund may invest in real estate investment trusts (REITs).

Under normal circumstances, the Fund generally holds 30 to 50 stocks, although from time to time the Fund may hold more or fewer names depending on the Manager’s assessment of the investment opportunities available.

The Manager typically holds a mix of different stocks, representing a wide array of industries and a mix of small-, medium-, and large-sized companies.

On or about July 31, 2020, the following information is added as principal risks to the section entitled, “Fund summary – What are the principal risks of investing in the Fund?” in the statutory prospectus:

Limited number of securities risk — The possibility that a single security’s increase or decrease in value may have a greater impact on a fund’s value and total return because the fund may hold larger

positions in fewer securities than other funds. In addition, a fund that holds a limited number of securities may be more volatile than those funds that hold a greater number of securities...
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