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Voyageur Mutual Funds III, et al. – ‘485BPOS’ on 2/28/23 – ‘XML’

On:  Tuesday, 2/28/23, at 12:27pm ET   ·   Effective:  2/28/23   ·   Accession #:  1145443-23-82   ·   File #s:  2-95928, 811-04547

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/28/23  Voyageur Mutual Funds III         485BPOS     2/28/23   27:4.4M                                   Digital Publishi… Inc/FADelaware Select Growth Fund Class A (DVEAX) — Class C (DVECX) — Class R (DFSRX) — Institutional Class (VAGGX)

Post-Effective Amendment of a Form N-1 or N-1A Registration   —   Rule 485(b)

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 485BPOS     Post-Effective Amendment Filed Pursuant to          HTML   1.68M 
                Securities Act Rule 485(B)                                       
 2: EX-99.(D)(II)  Executed Investment Advisory Expense Limitation  HTML     13K 
                Letter (February 2023)                                           
 3: EX-99.(G)(1)(IV)  Executed Amendment No. 5 (December 31, 2021)  HTML    102K 
 4: EX-99.(G)(1)(V)  Executed Amendment No. 6 (December 31, 2021)   HTML     40K 
 5: EX-99.(H)(1)(III)  Executed Amended and Restated Schedule B     HTML     22K 
                (June 25, 2022)                                                  
 6: EX-99.(H)(2)(II)  Executed Amendment No. 2 (October 11, 2021)\  HTML     44K 
 7: EX-99.(H)(2)(III)  Executed Amendment No. 3 (December 31,       HTML     65K 
                2021)                                                            
 8: EX-99.(H)(2)(IV)  Executed Amendment No. 4 (January 31, 2022)   HTML     32K 
 9: EX-99.(J)   Consent of Independent Registered Public            HTML     10K 
                Accounting Firm (February 2023)                                  
10: EX-99.(N)(1)(I)  Updated Appendix A (October 31, 2022)          HTML    262K 
15: R1          Document and Entity Information                     HTML     21K 
16: R2          Risk/Return Summary                                 HTML     69K 
17: R3          Risk/Return Detail Data                             HTML    259K 
18: R4          Shareholder Fees                                    HTML     27K 
19: R5          Annual Fund Operating Expenses                      HTML     39K 
20: R6          Expense Example                                     HTML     11K 
21: R7          Expense Example, No Redemption                      HTML      9K 
22: R8          Annual Total Returns                                HTML     42K 
23: R9          Average Annual Total Returns                        HTML     11K 
25: XML         IDEA XML File -- Filing Summary                      XML     32K 
24: XML         XBRL Instance -- vmfiii-20221031_htm                 XML    109K 
12: EX-101.DEF  XBRL Definitions -- vmfiii-20221031_def              XML    476K 
13: EX-101.LAB  XBRL Labels -- vmfiii-20221031_lab                   XML    359K 
14: EX-101.PRE  XBRL Presentations -- vmfiii-20221031_pre            XML    442K 
11: EX-101.SCH  XBRL Schema -- vmfiii-20221031                       XSD     27K 
26: JSON        XBRL Instance as JSON Data -- MetaLinks              105±   231K 
27: ZIP         XBRL Zipped Folder -- 0001145443-23-000082-xbrl      Zip    651K 


‘XML’   —   XBRL Instance — vmfiii-20221031_htm


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<dei:EntityRegistrantName contextRef="D221031" id="fact1"> VOYAGEUR MUTUAL FUNDS III </dei:EntityRegistrantName>
<dei:EntityCentralIndexKey contextRef="D221031" id="fact2"> 0000763749 </dei:EntityCentralIndexKey>
<dei:DocumentType contextRef="D221031" id="fact3"> 485BPOS </dei:DocumentType>
<dei:DocumentPeriodEndDate contextRef="D221031" id="fact4"> 2022-10-31 </dei:DocumentPeriodEndDate>
<dei:EntityInvCompanyType contextRef="D221031" id="fact5"> N-1A </dei:EntityInvCompanyType>
<dei:AmendmentFlag contextRef="D221031" id="fact6"> false </dei:AmendmentFlag>
<rr:RiskReturnHeading contextRef="D221031"> Prospectus </rr:RiskReturnHeading>
<dei:TradingSymbol contextRef="D221031_ProspectusShareClass-C000011055"> DVEAX </dei:TradingSymbol>
<dei:TradingSymbol contextRef="D221031_ProspectusShareClass-C000011057"> DVECX </dei:TradingSymbol>
<dei:TradingSymbol contextRef="D221031_ProspectusShareClass-C000011058"> DFSRX </dei:TradingSymbol>
<dei:TradingSymbol contextRef="D221031_ProspectusShareClass-C000011059"> VAGGX </dei:TradingSymbol>
<rr:ProspectusDate contextRef="D221031"> 2023-02-28 </rr:ProspectusDate>
<rr:ObjectiveHeading contextRef="D221031_LegalEntity-S000003946"> What is the Fund’s investment objective? </rr:ObjectiveHeading>
<rr:ObjectivePrimaryTextBlock contextRef="D221031_LegalEntity-S000003946">
<p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt">Delaware Select Growth Fund seeks long-term capital appreciation.</p>
</rr:ObjectivePrimaryTextBlock>
<rr:ExpenseHeading contextRef="D221031_LegalEntity-S000003946"> What are the Fund’s fees and expenses? </rr:ExpenseHeading>
<rr:ExpenseNarrativeTextBlock contextRef="D221031_LegalEntity-S000003946">
<p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt;color:#000000">The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b> You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Delaware Funds by Macquarie®. More information about these and other discounts is available from your financial intermediary, in the Fund’s Prospectus under the section entitled “About your account,” and in the Fund’s statement of additional information (SAI) under the section entitled “Purchasing Shares.” </p>
</rr:ExpenseNarrativeTextBlock>
<rr:ExpenseBreakpointDiscounts contextRef="D221031_LegalEntity-S000003946"> You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Delaware Funds by Macquarie®. </rr:ExpenseBreakpointDiscounts>
<rr:ExpenseBreakpointMinimumInvestmentRequiredAmount contextRef="D221031_LegalEntity-S000003946" decimals="INF" unitRef="USD"> 50000 </rr:ExpenseBreakpointMinimumInvestmentRequiredAmount>
<rr:ShareholderFeesCaption contextRef="D221031_LegalEntity-S000003946"> Shareholder fees (fees paid directly from your investment) </rr:ShareholderFeesCaption>
<rr:MaximumSalesChargeImposedOnPurchasesOverOfferingPrice contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> 0.0575 </rr:MaximumSalesChargeImposedOnPurchasesOverOfferingPrice>
<rr:MaximumSalesChargeImposedOnPurchasesOverOfferingPrice contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" unitRef="Pure"> 0 </rr:MaximumSalesChargeImposedOnPurchasesOverOfferingPrice>
<rr:MaximumSalesChargeImposedOnPurchasesOverOfferingPrice contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011058" decimals="INF" unitRef="Pure"> 0 </rr:MaximumSalesChargeImposedOnPurchasesOverOfferingPrice>
<rr:MaximumSalesChargeImposedOnPurchasesOverOfferingPrice contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011059" decimals="INF" unitRef="Pure"> 0 </rr:MaximumSalesChargeImposedOnPurchasesOverOfferingPrice>
<rr:MaximumDeferredSalesChargeOverOfferingPrice contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" id="fact7" unitRef="Pure"> 0 </rr:MaximumDeferredSalesChargeOverOfferingPrice>
<rr:MaximumDeferredSalesChargeOverOfferingPrice contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" id="fact8" unitRef="Pure"> 0.0100 </rr:MaximumDeferredSalesChargeOverOfferingPrice>
<rr:MaximumDeferredSalesChargeOverOfferingPrice contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011058" decimals="INF" id="fact9" unitRef="Pure"> 0 </rr:MaximumDeferredSalesChargeOverOfferingPrice>
<rr:MaximumDeferredSalesChargeOverOfferingPrice contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011059" decimals="INF" id="fact10" unitRef="Pure"> 0 </rr:MaximumDeferredSalesChargeOverOfferingPrice>
<rr:OperatingExpensesCaption contextRef="D221031_LegalEntity-S000003946"> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) </rr:OperatingExpensesCaption>
<rr:ManagementFeesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> 0.0075 </rr:ManagementFeesOverAssets>
<rr:ManagementFeesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" unitRef="Pure"> 0.0075 </rr:ManagementFeesOverAssets>
<rr:ManagementFeesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011058" decimals="INF" unitRef="Pure"> 0.0075 </rr:ManagementFeesOverAssets>
<rr:ManagementFeesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011059" decimals="INF" unitRef="Pure"> 0.0075 </rr:ManagementFeesOverAssets>
<rr:DistributionAndService12b1FeesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> 0.0025 </rr:DistributionAndService12b1FeesOverAssets>
<rr:DistributionAndService12b1FeesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" unitRef="Pure"> 0.0100 </rr:DistributionAndService12b1FeesOverAssets>
<rr:DistributionAndService12b1FeesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011058" decimals="INF" unitRef="Pure"> 0.0050 </rr:DistributionAndService12b1FeesOverAssets>
<rr:DistributionAndService12b1FeesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011059" decimals="INF" unitRef="Pure"> 0 </rr:DistributionAndService12b1FeesOverAssets>
<rr:OtherExpensesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> 0.0026 </rr:OtherExpensesOverAssets>
<rr:OtherExpensesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" unitRef="Pure"> 0.0026 </rr:OtherExpensesOverAssets>
<rr:OtherExpensesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011058" decimals="INF" unitRef="Pure"> 0.0026 </rr:OtherExpensesOverAssets>
<rr:OtherExpensesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011059" decimals="INF" unitRef="Pure"> 0.0026 </rr:OtherExpensesOverAssets>
<rr:ExpensesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> 0.0126 </rr:ExpensesOverAssets>
<rr:ExpensesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" unitRef="Pure"> 0.0201 </rr:ExpensesOverAssets>
<rr:ExpensesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011058" decimals="INF" unitRef="Pure"> 0.0151 </rr:ExpensesOverAssets>
<rr:ExpensesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011059" decimals="INF" unitRef="Pure"> 0.0101 </rr:ExpensesOverAssets>
<rr:FeeWaiverOrReimbursementOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" id="fact11" unitRef="Pure"> -0.0011 </rr:FeeWaiverOrReimbursementOverAssets>
<rr:FeeWaiverOrReimbursementOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" id="fact12" unitRef="Pure"> -0.0011 </rr:FeeWaiverOrReimbursementOverAssets>
<rr:FeeWaiverOrReimbursementOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011058" decimals="INF" id="fact13" unitRef="Pure"> -0.0011 </rr:FeeWaiverOrReimbursementOverAssets>
<rr:FeeWaiverOrReimbursementOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011059" decimals="INF" id="fact14" unitRef="Pure"> -0.0011 </rr:FeeWaiverOrReimbursementOverAssets>
<rr:NetExpensesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> 0.0115 </rr:NetExpensesOverAssets>
<rr:NetExpensesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" unitRef="Pure"> 0.0190 </rr:NetExpensesOverAssets>
<rr:NetExpensesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011058" decimals="INF" unitRef="Pure"> 0.0140 </rr:NetExpensesOverAssets>
<rr:NetExpensesOverAssets contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011059" decimals="INF" unitRef="Pure"> 0.0090 </rr:NetExpensesOverAssets>
<rr:ExpenseExampleHeading contextRef="D221031_LegalEntity-S000003946"> Example </rr:ExpenseExampleHeading>
<rr:ExpenseExampleNarrativeTextBlock contextRef="D221031_LegalEntity-S000003946">
<p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt;color:#000000">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and reflects the Manager’s expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
</rr:ExpenseExampleNarrativeTextBlock>
<rr:ExpenseExampleYear01 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="USD"> 685 </rr:ExpenseExampleYear01>
<rr:ExpenseExampleNoRedemptionYear01 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" unitRef="USD"> 193 </rr:ExpenseExampleNoRedemptionYear01>
<rr:ExpenseExampleYear01 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" unitRef="USD"> 293 </rr:ExpenseExampleYear01>
<rr:ExpenseExampleYear01 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011058" decimals="INF" unitRef="USD"> 143 </rr:ExpenseExampleYear01>
<rr:ExpenseExampleYear01 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011059" decimals="INF" unitRef="USD"> 92 </rr:ExpenseExampleYear01>
<rr:ExpenseExampleYear03 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="USD"> 941 </rr:ExpenseExampleYear03>
<rr:ExpenseExampleNoRedemptionYear03 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" unitRef="USD"> 620 </rr:ExpenseExampleNoRedemptionYear03>
<rr:ExpenseExampleYear03 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" unitRef="USD"> 620 </rr:ExpenseExampleYear03>
<rr:ExpenseExampleYear03 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011058" decimals="INF" unitRef="USD"> 466 </rr:ExpenseExampleYear03>
<rr:ExpenseExampleYear03 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011059" decimals="INF" unitRef="USD"> 311 </rr:ExpenseExampleYear03>
<rr:ExpenseExampleYear05 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="USD"> 1217 </rr:ExpenseExampleYear05>
<rr:ExpenseExampleNoRedemptionYear05 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" unitRef="USD"> 1073 </rr:ExpenseExampleNoRedemptionYear05>
<rr:ExpenseExampleYear05 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" unitRef="USD"> 1073 </rr:ExpenseExampleYear05>
<rr:ExpenseExampleYear05 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011058" decimals="INF" unitRef="USD"> 813 </rr:ExpenseExampleYear05>
<rr:ExpenseExampleYear05 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011059" decimals="INF" unitRef="USD"> 547 </rr:ExpenseExampleYear05>
<rr:ExpenseExampleYear10 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="USD"> 2001 </rr:ExpenseExampleYear10>
<rr:ExpenseExampleNoRedemptionYear10 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" unitRef="USD"> 2329 </rr:ExpenseExampleNoRedemptionYear10>
<rr:ExpenseExampleYear10 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" unitRef="USD"> 2329 </rr:ExpenseExampleYear10>
<rr:ExpenseExampleYear10 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011058" decimals="INF" unitRef="USD"> 1792 </rr:ExpenseExampleYear10>
<rr:ExpenseExampleYear10 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011059" decimals="INF" unitRef="USD"> 1226 </rr:ExpenseExampleYear10>
<rr:PortfolioTurnoverHeading contextRef="D221031_LegalEntity-S000003946"> Portfolio turnover </rr:PortfolioTurnoverHeading>
<rr:PortfolioTurnoverTextBlock contextRef="D221031_LegalEntity-S000003946">
<p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt;color:#000000">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 87% of the average value of its portfolio. </p>
</rr:PortfolioTurnoverTextBlock>
<rr:PortfolioTurnoverRate contextRef="D221031_LegalEntity-S000003946" decimals="INF" unitRef="Pure"> 0.87 </rr:PortfolioTurnoverRate>
<rr:StrategyHeading contextRef="D221031_LegalEntity-S000003946"> What are the Fund’s principal investment strategies? </rr:StrategyHeading>
<rr:StrategyNarrativeTextBlock contextRef="D221031_LegalEntity-S000003946">
<p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt">The Fund invests primarily in common stocks of companies that its Manager believes have 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. Effective April 28, 2023, the Manager will primarily invest in large- and medium-sized companies.</p> <p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt">In selecting securities for the Fund, the Manager begins its investment process by screening companies based on profitability (capital returns and margins) and growth (sales and earnings), while simultaneously utilizing fundamental analysis to assess any unique business attributes that validate those financial characteristics. The Manager uses a bottom-up (researching individual issuers) strategy in selecting securities for the Fund. The Manager seeks to invest for the Fund in companies that it believes possess a structural competitive advantage or durable market leadership position. The Manager looks for companies which serve large addressable markets with a demonstrated ability to sustain unit growth and high profitability. The Manager also seeks to invest in companies that it believes have improving growth prospects or improving levels of profitability and returns.</p> <p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt">The Manager’s process for selecting stocks is based primarily on fundamental research, but does utilize quantitative analysis during the screening process. From a quantitative standpoint, the Manager concentrates on the level of profitability, capital intensity, cash flow and capital allocation measures, as well as earnings growth rates and valuations. The Manager’s fundamental research effort tries to identify those companies that it believes possess a sustainable competitive advantage, an important characteristic which typically enables a company to generate above-average levels of profitability and the ability to sustain growth over the long term.</p> <p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt">Under normal circumstances, the Fund generally holds 30 to 50 stocks (effective April 28, 2023, 35 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.</p> <p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt">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 (effective April 28, 2023, a mix of large- and medium-sized companies).</p> <p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt">The Manager may permit its affiliate, Macquarie Investment Management Global Limited (MIMGL), to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL.</p>
</rr:StrategyNarrativeTextBlock>
<rr:StrategyPortfolioConcentration contextRef="D221031_LegalEntity-S000003946"> The Fund invests primarily in common stocks of companies that its Manager believes have long-term capital appreciation potential and are expected to grow faster than the US economy. </rr:StrategyPortfolioConcentration>
<rr:RiskHeading contextRef="D221031_LegalEntity-S000003946"> What are the principal risks of investing in the Fund? </rr:RiskHeading>
<rr:RiskNarrativeTextBlock contextRef="D221031_LegalEntity-S000003946">
<p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt">Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. The Fund’s principal risks include:</p> <p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt"><b>Market risk </b>— The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.</p> <p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt"><b>Limited number of securities risk </b>— The possibility that a single security’s increase or decrease in<b> </b>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.</p> <p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt"><b>Company size risk </b>— The risk that investments in small- and/or medium-sized companies may be<b> </b>more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.</p> <p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt"><b>Liquidity risk </b>— The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.</p> <p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt"><b>Government and regulatory risk </b>— The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance. </p> <p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt"><b>Industry and sector risk </b>— The risk that the value of securities in a particular industry or sector (such as technology) will decline because of changing expectations for the performance of that industry or sector.</p> <p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt"><b>Growth stock risk</b><b> </b>Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies’ stock prices may be more volatile, particularly over the short term.</p> <p style="font:10pt Arial;margin:0"> </p> <p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt"><b>Portfolio turnover risk </b>— High portfolio turnover rates may increase a fund’s transaction costs and lower returns.</p> <p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt"><b>IBOR risk </b>— The risk that 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 LIBOR or a similar rate. 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 have such fallback provisions and the effectiveness of replacement rates is uncertain. The 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.</p> <p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt"><b>Active management and selection risk</b> — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.</p> <p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt">None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (Macquarie Bank). Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these entities. In addition, if this document relates to an investment (a) each investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group company guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.</p>
</rr:RiskNarrativeTextBlock>
<rr:RiskLoseMoney contextRef="D221031_LegalEntity-S000003946"> Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. </rr:RiskLoseMoney>
<rr:RiskNotInsuredDepositoryInstitution contextRef="D221031_LegalEntity-S000003946"> An investment in the Fund may not be appropriate for all investors. </rr:RiskNotInsuredDepositoryInstitution>
<rr:RiskClosingTextBlock contextRef="D221031_LegalEntity-S000003946">
<p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt">None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (Macquarie Bank). Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these entities. In addition, if this document relates to an investment (a) each investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group company guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.</p>
</rr:RiskClosingTextBlock>
<rr:BarChartAndPerformanceTableHeading contextRef="D221031_LegalEntity-S000003946"> How has Delaware Select Growth Fund performed? </rr:BarChartAndPerformanceTableHeading>
<rr:PerformanceNarrativeTextBlock contextRef="D221031_LegalEntity-S000003946">
<p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance.   The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Fund’s most recently available month-end performance by calling 800 523-1918 or by visiting our website at delawarefunds.com/performance.</p>
</rr:PerformanceNarrativeTextBlock>
<rr:PerformanceInformationIllustratesVariabilityOfReturns contextRef="D221031_LegalEntity-S000003946"> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for the 1-, 5-, and 10-year periods compare with those of a broad measure of market performance. </rr:PerformanceInformationIllustratesVariabilityOfReturns>
<rr:PerformancePastDoesNotIndicateFuture contextRef="D221031_LegalEntity-S000003946"> The Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. </rr:PerformancePastDoesNotIndicateFuture>
<rr:PerformanceAvailabilityPhone contextRef="D221031_LegalEntity-S000003946"> 800 523-1918 </rr:PerformanceAvailabilityPhone>
<rr:PerformanceAvailabilityWebSiteAddress contextRef="D221031_LegalEntity-S000003946"> delawarefunds.com/performance </rr:PerformanceAvailabilityWebSiteAddress>
<rr:AnnualReturnCaption contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055"> Calendar year-by-year total return (Class A) </rr:AnnualReturnCaption>
<rr:AnnualReturn2013 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> 0.3153 </rr:AnnualReturn2013>
<rr:AnnualReturn2014 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> 0.0679 </rr:AnnualReturn2014>
<rr:AnnualReturn2015 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> -0.0044 </rr:AnnualReturn2015>
<rr:AnnualReturn2016 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> -0.0188 </rr:AnnualReturn2016>
<rr:AnnualReturn2017 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> 0.222 </rr:AnnualReturn2017>
<rr:AnnualReturn2018 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> -0.0270 </rr:AnnualReturn2018>
<rr:AnnualReturn2019 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> 0.2743 </rr:AnnualReturn2019>
<rr:AnnualReturn2020 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> 0.4604 </rr:AnnualReturn2020>
<rr:AnnualReturn2021 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> 0.0316 </rr:AnnualReturn2021>
<rr:AnnualReturn2022 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> -0.5037 </rr:AnnualReturn2022>
<rr:BarChartClosingTextBlock contextRef="D221031_LegalEntity-S000003946">
<p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt">During the periods illustrated in this bar chart, Class A’s highest quarterly return was 31.82% for the quarter ended June 30, 2020, and its lowest quarterly return was -34.41% for the quarter ended June 30, 2022.  The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge. </p>
</rr:BarChartClosingTextBlock>
<rr:HighestQuarterlyReturnLabel contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055"> highest quarterly return </rr:HighestQuarterlyReturnLabel>
<rr:BarChartHighestQuarterlyReturn contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> 0.3182 </rr:BarChartHighestQuarterlyReturn>
<rr:BarChartHighestQuarterlyReturnDate contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055"> 2020-06-30 </rr:BarChartHighestQuarterlyReturnDate>
<rr:LowestQuarterlyReturnLabel contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055"> lowest quarterly return </rr:LowestQuarterlyReturnLabel>
<rr:BarChartLowestQuarterlyReturn contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> -0.3441 </rr:BarChartLowestQuarterlyReturn>
<rr:BarChartLowestQuarterlyReturnDate contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055"> 2022-06-30 </rr:BarChartLowestQuarterlyReturnDate>
<rr:AverageAnnualReturnCaption contextRef="D221031_LegalEntity-S000003946"> Average annual total returns for periods ended December 31, 2022 </rr:AverageAnnualReturnCaption>
<rr:AverageAnnualReturnYear01 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> -0.5323 </rr:AverageAnnualReturnYear01>
<rr:AverageAnnualReturnYear05 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> -0.0266 </rr:AverageAnnualReturnYear05>
<rr:AverageAnnualReturnYear10 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> 0.0389 </rr:AverageAnnualReturnYear10>
<rr:AverageAnnualReturnYear01 contextRef="D221031_LegalEntity-S000003946_PerformanceMeasure-AfterTaxesOnDistributions_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> -0.5323 </rr:AverageAnnualReturnYear01>
<rr:AverageAnnualReturnYear05 contextRef="D221031_LegalEntity-S000003946_PerformanceMeasure-AfterTaxesOnDistributions_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> -0.0590 </rr:AverageAnnualReturnYear05>
<rr:AverageAnnualReturnYear10 contextRef="D221031_LegalEntity-S000003946_PerformanceMeasure-AfterTaxesOnDistributions_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> 0.0083 </rr:AverageAnnualReturnYear10>
<rr:AverageAnnualReturnYear01 contextRef="D221031_LegalEntity-S000003946_PerformanceMeasure-AfterTaxesOnDistributionsAndSales_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> -0.3151 </rr:AverageAnnualReturnYear01>
<rr:AverageAnnualReturnYear05 contextRef="D221031_LegalEntity-S000003946_PerformanceMeasure-AfterTaxesOnDistributionsAndSales_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> -0.0153 </rr:AverageAnnualReturnYear05>
<rr:AverageAnnualReturnYear10 contextRef="D221031_LegalEntity-S000003946_PerformanceMeasure-AfterTaxesOnDistributionsAndSales_ProspectusShareClass-C000011055" decimals="INF" unitRef="Pure"> 0.0323 </rr:AverageAnnualReturnYear10>
<rr:AverageAnnualReturnYear01 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" unitRef="Pure"> -0.5125 </rr:AverageAnnualReturnYear01>
<rr:AverageAnnualReturnYear05 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" unitRef="Pure"> -0.0225 </rr:AverageAnnualReturnYear05>
<rr:AverageAnnualReturnYear10 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011057" decimals="INF" unitRef="Pure"> 0.0372 </rr:AverageAnnualReturnYear10>
<rr:AverageAnnualReturnYear01 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011058" decimals="INF" unitRef="Pure"> -0.5052 </rr:AverageAnnualReturnYear01>
<rr:AverageAnnualReturnYear05 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011058" decimals="INF" unitRef="Pure"> -0.0176 </rr:AverageAnnualReturnYear05>
<rr:AverageAnnualReturnYear10 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011058" decimals="INF" unitRef="Pure"> 0.0424 </rr:AverageAnnualReturnYear10>
<rr:AverageAnnualReturnYear01 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011059" decimals="INF" unitRef="Pure"> -0.5026 </rr:AverageAnnualReturnYear01>
<rr:AverageAnnualReturnYear05 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011059" decimals="INF" unitRef="Pure"> -0.0126 </rr:AverageAnnualReturnYear05>
<rr:AverageAnnualReturnYear10 contextRef="D221031_LegalEntity-S000003946_ProspectusShareClass-C000011059" decimals="INF" unitRef="Pure"> 0.0477 </rr:AverageAnnualReturnYear10>
<rr:IndexNoDeductionForFeesExpensesTaxes contextRef="D221031_LegalEntity-S000003946_PerformanceMeasure-Russell3000GrowthIndex"> (reflects no deduction for fees, expenses, or taxes) </rr:IndexNoDeductionForFeesExpensesTaxes>
<rr:AverageAnnualReturnYear01 contextRef="D221031_LegalEntity-S000003946_PerformanceMeasure-Russell3000GrowthIndex" decimals="INF" unitRef="Pure"> -0.2897 </rr:AverageAnnualReturnYear01>
<rr:AverageAnnualReturnYear05 contextRef="D221031_LegalEntity-S000003946_PerformanceMeasure-Russell3000GrowthIndex" decimals="INF" unitRef="Pure"> 0.1045 </rr:AverageAnnualReturnYear05>
<rr:AverageAnnualReturnYear10 contextRef="D221031_LegalEntity-S000003946_PerformanceMeasure-Russell3000GrowthIndex" decimals="INF" unitRef="Pure"> 0.1375 </rr:AverageAnnualReturnYear10>
<rr:PerformanceTableFootnotesTextBlock contextRef="D221031_LegalEntity-S000003946">
Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<span style="vertical-align:super">®</span> is a trademark of Frank Russell Company.
</rr:PerformanceTableFootnotesTextBlock>
<rr:PerformanceTableClosingTextBlock contextRef="D221031_LegalEntity-S000003946">
<p style="font:10pt Arial;margin-top:0pt;margin-bottom:6pt">After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor’s individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes. </p>
</rr:PerformanceTableClosingTextBlock>
<rr:PerformanceTableOneClassOfAfterTaxShown contextRef="D221031_LegalEntity-S000003946"> After-tax performance is presented only for Class A shares of the Fund. </rr:PerformanceTableOneClassOfAfterTaxShown>
<rr:PerformanceTableNotRelevantToTaxDeferred contextRef="D221031_LegalEntity-S000003946"> After-tax returns are not relevant for shares held in tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). </rr:PerformanceTableNotRelevantToTaxDeferred>
<rr:PerformanceTableUsesHighestFederalRate contextRef="D221031_LegalEntity-S000003946"> The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes. </rr:PerformanceTableUsesHighestFederalRate>
<link:footnoteLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
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<link:footnote id="F1EX1" xlink:label="F1EX1" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"> Class C shares redeemed within one year of purchase are subject to a 1.00% contingent deferred sales charge (CDSC). </link:footnote>
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<link:footnote id="F1EX2" xlink:label="F1EX2" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"> The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.90% of the Fund’s average daily net assets from February 28, 2023 through February 28, 2024. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund. </link:footnote>
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</link:footnoteLink>
</xbrl>


10 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/06/24  Delaware Group Adviser Funds      497         3/06/24    1:15M                                    Pietrzykowski Kris… R/FA
 3/06/24  Delaware Group Equity Funds II    497         3/06/24    1:15M                                    Pietrzykowski Kris… R/FA
 3/06/24  Ivy Funds                         497         3/06/24    1:15M                                    Pietrzykowski Kris… R/FA
 3/01/24  Delaware Group Adviser Funds      N-14/A                12:15M                                    Pietrzykowski Kris… R/FA
 3/01/24  Delaware Group Equity Funds II    N-14/A                12:15M                                    Pietrzykowski Kris… R/FA
 3/01/24  Ivy Funds                         N-14/A                12:15M                                    Pietrzykowski Kris… R/FA
 2/27/24  Voyageur Mutual Funds III         485BPOS     2/27/24   25:4.9M                                   Digital Publishi… Inc/FA
 1/18/24  Delaware Group Adviser Funds      N-14                  14:13M                                    Pietrzykowski Kris… R/FA
 1/18/24  Delaware Group Equity Funds II    N-14                  14:13M                                    Pietrzykowski Kris… R/FA
 1/18/24  Ivy Funds                         N-14                  14:13M                                    Pietrzykowski Kris… R/FA


17 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 1/05/23  Voyageur Mutual Funds III         N-CSR      10/31/22    3:793K                                   DG3/FA
 2/25/22  Voyageur Mutual Funds III         485BPOS     2/25/22   26:4.7M                                   Digital Publishi… Inc/FA
 2/25/21  Voyageur Mutual Funds III         485BPOS     2/26/21   30:5.5M                                   Digital Publishi… Inc/FA
 2/27/19  Voyageur Mutual Funds III         485BPOS     2/28/19   11:3M                                     DG3/FA
 2/28/18  Voyageur Mutual Funds III         485BPOS     2/28/18   12:3.1M                                   DG3/FA
 2/25/16  Voyageur Mutual Funds III         485BPOS     2/26/16    8:1.8M                                   DG3/FA
 2/27/15  Voyageur Mutual Funds III         485BPOS     2/27/15   10:2.2M                                   DG3/FA
 2/28/14  Voyageur Mutual Funds III         485BPOS     2/28/14   10:2.8M                                   DG3/FA
 8/26/11  Voyageur Mutual Funds III         485BPOS     8/29/11    7:2.3M                                   DG3/FA
 5/28/10  Voyageur Mutual Funds III         N-14¶                 15:3.5M                                   West Theresa/FA
 8/28/09  Voyageur Mutual Funds III         485BPOS     8/28/09   10:2.5M                                   DG3/FA
 8/28/08  Voyageur Mutual Funds III         485BPOS     8/28/08   16:3.3M                                   DG3/FA
 6/08/06  Voyageur Mutual Funds III         485APOS               10:581K                                   Croskey Matthew E/FA
 6/29/04  Voyageur Mutual Funds III         485BPOS     6/29/04   11:614K                                   St Ives Financial/FA
 6/28/02  Voyageur Mutual Funds III         485BPOS     6/28/02   12:843K                                   St Ives Financial/FA
 5/25/01  Voyageur Mutual Funds III         485APOS               14:831K                                   St Ives Financial/FA
12/14/99  Voyageur Mutual Funds III         485BPOS    12/15/99    7:184K                                   St Ives Financial/FA
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Filing Submission 0001145443-23-000082   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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