UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: | 811-06324 | |
Exact name of registrant as specified in charter: | Delaware Group® Global & International Funds | |
Address of principal executive offices: | 610 Market Street | |
Philadelphia, PA 19106 | ||
Name and address of agent for service: | David F. Connor, Esq. | |
610 Market Street | ||
Philadelphia, PA 19106 | ||
Registrant’s telephone number, including area code: | (800) 523-1918 | |
Date of fiscal year end: | November 30 | |
Date of reporting period: | November 30, 2020 |
Item 1. Reports to Stockholders
Visit delawarefunds.com/edelivery.
with offices in the United States, Europe, Asia, and Australia. As active
managers, we prioritize autonomy and accountability at the investment
team level in pursuit of opportunities that matter for clients. Delaware Funds
is one of the longest-standing mutual fund families, with more than 80 years
in existence.
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Delaware Emerging Markets Fund | December 8, 2020 (Unaudited) |
Delaware Emerging Markets Fund (Institutional Class shares) | 1-year return | +24.76% |
Delaware Emerging Markets Fund (Class A shares) | 1-year return | +24.44% |
MSCI Emerging Markets Index (net) | 1-year return | +18.43% |
MSCI Emerging Markets Index (gross) | 1-year return | +18.83% |
Delaware International Small Cap Fund | December 8, 2020 (Unaudited) |
Delaware International Small Cap Fund (Institutional Class shares) | 1-year return | +22.30% |
Delaware International Small Cap Fund (Class A shares) | 1-year return | +22.07% |
MSCI ACWI (All Country World Index) ex USA Small Cap Index (net) | 1-year return | +12.04% |
MSCI ACWI (All Country World Index) ex USA Small Cap Index (gross) | 1-year return | +12.46% |
ex USA Small Cap Index (net). The Fund’s Institutional Class shares gained 22.30%. The Fund’s Class A shares advanced 22.07% at net asset value and 15.07% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark gained 12.04%. For complete, annualized performance of Delaware International Small Cap Fund, please see the table on page 12.
year were information technology (IT) and industrials. The countries that made the largest
Daifuku Co. Ltd.
and maintained that its full-year order target remains achievable.
response.
share price.
was immaterial.
Delaware International Value Equity Fund | December 8, 2020 (Unaudited) |
Delaware International Value Equity Fund (Institutional Class shares) | 1-year return | +4.04% |
Delaware International Value Equity Fund (Class A shares) | 1-year return | +3.80% |
MSCI EAFE (Europe, Australasia, Far East) Index (net) | 1-year return | +6.37% |
MSCI EAFE (Europe, Australasia, Far East) Index (gross) | 1-year return | +6.83% |
fast-spreading COVID-19 pandemic, fell sharply, and marked a bottom toward the end of March 2020. Digesting the ongoing evolution of the pandemic, international equity market investors radically changed direction following the selloff. The steep collapse at an incredible velocity in the first quarter of 2020 was followed by a
Delaware Emerging Markets Fund | November 30, 2020 (Unaudited) |
Fund and benchmark performance1,2 | Average annual total returns through November 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. June 10, 1996) | ||||
Excluding sales charge | +24.44% | +13.82% | +5.84% | +8.21% |
Including sales charge | +17.27% | +12.48% | +5.21% | +7.95% |
Class C (Est. June 10, 1996) | ||||
Excluding sales charge | +23.54% | +12.96% | +5.05% | +7.41% |
Including sales charge | +22.54% | +12.96% | +5.05% | +7.41% |
Class R (Est. August 31, 2009) | ||||
Excluding sales charge | +24.11% | +13.53% | +5.57% | +7.41% |
Including sales charge | +24.11% | +13.53% | +5.57% | +7.41% |
Institutional Class (Est. June 10, 1996) | ||||
Excluding sales charge | +24.76% | +14.10% | +6.10% | +8.50% |
Including sales charge | +24.76% | +14.10% | +6.10% | +8.50% |
Class R6 (Est. May 2, 2016) | ||||
Excluding sales charge | +24.93% | — | — | +14.31% |
Including sales charge | +24.93% | — | — | +14.31% |
MSCI Emerging Markets Index (net) | +18.43% | +10.72% | +3.61% | +6.09%* |
MSCI Emerging Markets Index (gross) | +18.83% | +11.13% | +3.97% | +6.38%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date. |
charge applied.
Fund expense ratios | Class A | Class C | Class R | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.63% | 2.38% | 1.88% | 1.38% | 1.26% |
Net expenses (including fee waivers, if any) | 1.62% | 2.37% | 1.87% | 1.37% | 1.25% |
Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual |
For period beginning November 30, 2010 through November 30, 2020 | Starting value | Ending value | |
Delaware Emerging Markets Fund — Institutional Class shares | $10,000 | $18,086 | |
Delaware Emerging Markets Fund — Class A shares | $9,425 | $16,623 | |
MSCI Emerging Markets Index (gross) | $10,000 | $14,764 | |
MSCI Emerging Markets Index (net) | $10,000 | $14,252 |
through 11.
Nasdaq symbols | CUSIPs | |
Class A | DEMAX | 245914841 |
Class C | DEMCX | 245914825 |
Class R | DEMRX | 245914569 |
Institutional Class | DEMIX | 245914817 |
Class R6 | DEMZX | 245914510 |
Delaware International Small Cap Fund | November 30, 2020 (Unaudited) |
Fund and benchmark performance1,2 | Average annual total returns through November 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. December 29, 2008) | ||||
Excluding sales charge | +22.07% | +9.39% | +9.13% | +12.94% |
Including sales charge | +15.07% | +8.10% | +8.48% | +12.37% |
Class C (Est. December 29, 2010) | ||||
Excluding sales charge | +21.15% | +8.57% | — | +7.75% |
Including sales charge | +20.15% | +8.57% | — | +7.75% |
Class R (Est. December 29, 2010) | ||||
Excluding sales charge | +21.86% | +9.11% | — | +8.28% |
Including sales charge | +21.86% | +9.11% | — | +8.28% |
Institutional Class (Est. December 29, 2008) | ||||
Excluding sales charge | +22.30% | +9.64% | +9.39% | +13.16% |
Including sales charge | +22.30% | +9.64% | +9.39% | +13.16% |
Class R6 (Est. June 30, 2017) | ||||
Excluding sales charge | +22.48% | — | — | +8.98% |
Including sales charge | +22.48% | — | — | +8.98% |
MSCI ACWI ex USA Small Cap Index (net) | +12.04% | +7.92% | +6.24% | +10.81%* |
MSCI ACWI ex USA Small Cap Index (gross) | +12.46% | +8.33% | +6.63% | +11.21%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date. |
12b-1 fee of 0.25% of average daily net assets.
Fund expense ratios | Class A | Class C | Class R | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.55% | 2.30% | 1.80% | 1.30% | 1.18% |
Net expenses (including fee waivers, if any) | 1.37% | 2.12% | 1.62% | 1.12% | 1.00% |
Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual |
For period beginning November 30, 2010 through November 30, 2020 | Starting value | Ending value | |
Delaware International Small Cap Fund — Institutional Class shares | $10,000 | $24,542 | |
Delaware International Small Cap Fund — Class A shares | $9,425 | $22,576 | |
MSCI ACWI ex USA Small Cap Index (gross) | $10,000 | $18,996 | |
MSCI ACWI ex USA Small Cap Index (net) | $10,000 | $18,318 |
12 through 15.
Nasdaq symbols | CUSIPs | |
Class A | DGGAX | 246118541 |
Class C | DGGCX | 246118533 |
Class R | DGGRX | 246118525 |
Institutional Class | DGGIX | 246118517 |
Class R6 | DGRRX | 245914486 |
Delaware International Value Equity Fund | November 30, 2020 (Unaudited) |
Fund and benchmark performance1,2 | Average annual total returns through November 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. October 31, 1991) | ||||
Excluding sales charge | +3.80% | +4.75% | +4.26% | +5.74% |
Including sales charge | -2.14% | +3.52% | +3.64% | +5.53% |
Class C (Est. November 29, 1995) | ||||
Excluding sales charge | +3.01% | +3.98% | +3.48% | +4.52% |
Including sales charge | +2.01% | +3.98% | +3.48% | +4.52% |
Class R (Est. June 2, 2003) | ||||
Excluding sales charge | +3.53% | +4.50% | +4.00% | +5.41% |
Including sales charge | +3.53% | +4.50% | +4.00% | +5.41% |
Institutional Class (Est. November 9, 1992) | ||||
Excluding sales charge | +4.04% | +5.03% | +4.53% | +6.43% |
Including sales charge | +4.04% | +5.03% | +4.53% | +6.43% |
Class R6 (Est. March 29, 2018) | ||||
Excluding sales charge | +4.14% | — | — | +0.99% |
Including sales charge | +4.14% | — | — | +0.99% |
MSCI EAFE Index (net) | +6.37% | +6.19% | +5.85% | +6.06%* |
MSCI EAFE Index (gross) | +6.83% | +6.70% | +6.35% | +6.48%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date. |
12b-1 fee of 0.25% of average daily net assets.
Fund expense ratios | Class A | Class C | Class R | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.34% | 2.09% | 1.59% | 1.09% | 1.03% |
Net expenses (including fee waivers, if any) | 1.13% | 1.88% | 1.38% | 0.88% | 0.82% |
Type of waiver | Contractual | Contractual | Contractual | Contractual | Contractual |
For period beginning November 30, 2010 through November 30, 2020 | Starting value | Ending value | |
MSCI EAFE Index (gross) | $10,000 | $18,501 | |
MSCI EAFE Index (net) | $10,000 | $17,659 | |
Delaware International Value Equity Fund — Institutional Class shares | $10,000 | $15,570 | |
Delaware International Value Equity Fund — Class A shares | $9,425 | $14,292 |
through 19.
dividend reinvestment.
Nasdaq symbols | CUSIPs | |
Class A | DEGIX | 245914106 |
Class C | DEGCX | 245914858 |
Class R | DIVRX | 245914577 |
Institutional Class | DEQIX | 245914403 |
Class R6 | DEQRX | 245914478 |
(in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Fund's expenses shown in the table reflect
fee waivers in effect and assume reinvestment of all dividends and distributions.
Expense analysis of an investment of $1,000
Beginning Account Value 6/1/20 | Ending Account Value 11/30/20 | Annualized Expense Ratio | Expenses Paid During Period 6/1/20 to 11/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,350.30 | 1.62% | $9.52 |
Class C | 1,000.00 | 1,345.00 | 2.37% | 13.89 |
Class R | 1,000.00 | 1,348.10 | 1.87% | 10.98 |
Institutional Class | 1,000.00 | 1,351.30 | 1.37% | 8.05 |
Class R6 | 1,000.00 | 1,352.20 | 1.25% | 7.35 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,016.90 | 1.62% | $8.17 |
Class C | 1,000.00 | 1,013.15 | 2.37% | 11.93 |
Class R | 1,000.00 | 1,015.65 | 1.87% | 9.42 |
Institutional Class | 1,000.00 | 1,018.15 | 1.37% | 6.91 |
Class R6 | 1,000.00 | 1,018.75 | 1.25% | 6.31 |
Expense analysis of an investment of $1,000
Beginning Account Value 6/1/20 | Ending Account Value 11/30/20 | Annualized Expense Ratio | Expenses Paid During Period 6/1/20 to 11/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,239.90 | 1.36% | $7.62 |
Class C | 1,000.00 | 1,236.60 | 2.11% | 11.80 |
Class R | 1,000.00 | 1,239.00 | 1.61% | 9.01 |
Institutional Class | 1,000.00 | 1,240.80 | 1.11% | 6.22 |
Class R6 | 1,000.00 | 1,243.20 | 1.00% | 5.61 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,018.20 | 1.36% | $6.86 |
Class C | 1,000.00 | 1,014.45 | 2.11% | 10.63 |
Class R | 1,000.00 | 1,016.95 | 1.61% | 8.12 |
Institutional Class | 1,000.00 | 1,019.45 | 1.11% | 5.60 |
Class R6 | 1,000.00 | 1,020.00 | 1.00% | 5.05 |
Expense analysis of an investment of $1,000
Beginning Account Value 6/1/20 | Ending Account Value 11/30/20 | Annualized Expense Ratio | Expenses Paid During Period 6/1/20 to 11/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,142.60 | 1.19% | $6.37 |
Class C | 1,000.00 | 1,138.50 | 1.94% | 10.37 |
Class R | 1,000.00 | 1,140.70 | 1.44% | 7.71 |
Institutional Class | 1,000.00 | 1,144.40 | 0.94% | 5.04 |
Class R6 | 1,000.00 | 1,144.30 | 0.88% | 4.72 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,019.05 | 1.19% | $6.01 |
Class C | 1,000.00 | 1,015.30 | 1.94% | 9.77 |
Class R | 1,000.00 | 1,017.80 | 1.44% | 7.26 |
Institutional Class | 1,000.00 | 1,020.30 | 0.94% | 4.75 |
Class R6 | 1,000.00 | 1,020.60 | 0.88% | 4.45 |
*“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). |
†Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns. |
Delaware Emerging Markets Fund | As of November 30, 2020 (Unaudited) |
Security type / country | Percentage of net assets |
Common Stock by Country | 97.05% |
Argentina | 0.24% |
Bahrain | 0.02% |
Brazil | 6.10% |
Chile | 0.92% |
China | 37.78% |
India | 8.88% |
Indonesia | 0.51% |
Malaysia | 0.03% |
Mexico | 3.18% |
Peru | 0.62% |
Republic of Korea | 17.56% |
Russia | 5.04% |
South Africa | 0.85% |
Taiwan | 13.66% |
Turkey | 0.65% |
United Kingdom | 0.06% |
United States | 0.95% |
Preferred Stock | 2.19% |
Exchange-Traded Fund | 0.11% |
Participation Notes | 0.00% |
Short-Term Investments | 0.72% |
Total Value of Securities | 100.07% |
Liabilities Net of Receivables and Other Assets | (0.07%) |
Total Net Assets | 100.00% |
Common stock, participation notes, and preferred stock by sector♦ | Percentage of net assets |
Communication Services | 20.93% |
Consumer Discretionary | 13.04% |
Consumer Staples | 15.53% |
Energy | 11.17% |
Financials | 5.49% |
Healthcare | 1.69% |
Industrials | 0.49% |
Information Technology* | 27.54% |
Materials | 2.70% |
Real Estate Investment Trusts | 0.30% |
Utilities | 0.36% |
Total | 99.24% |
♦ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
* | To monitor compliance with the Fund's concentration guidelines as described in the Fund's Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Electronics, Internet, Electronic Component, and Semiconductor Component. As of November 30, 2020, such amounts, as a percentage of total net assets were 0.43%, 0.71%, 17.27% and 9.12%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%. |
Delaware International Small Cap Fund | As of November 30, 2020 (Unaudited) |
Security type / country | Percentage of net assets |
Common Stock by Country | 96.65% |
Argentina | 1.07% |
Australia | 3.26% |
Austria | 0.34% |
Belgium | 1.99% |
Brazil | 0.70% |
Canada | 10.02% |
China | 3.07% |
Denmark | 2.07% |
Finland | 1.40% |
France | 4.02% |
Germany | 5.79% |
Hong Kong | 1.03% |
India | 3.21% |
Ireland | 1.10% |
Italy | 1.26% |
Japan | 20.66% |
Netherlands | 1.14% |
New Zealand | 0.80% |
Norway | 3.14% |
Republic of Korea | 3.59% |
Russia | 2.21% |
Sweden | 5.29% |
Switzerland | 1.16% |
Taiwan | 2.78% |
United Kingdom | 15.55% |
Preferred Stock | 1.16% |
Short-Term Investments | 2.14% |
Total Value of Securities | 99.95% |
Receivables and Other Assets Net of Liabilities | 0.05% |
Total Net Assets | 100.00% |
Common stock and preferred stock by sector | Percentage of net assets |
Communication Services | 9.08% |
Consumer Discretionary | 16.83% |
Consumer Staples | 7.63% |
Energy | 0.86% |
Financials | 2.80% |
Healthcare | 6.51% |
Industrials | 20.58% |
Information Technology | 20.26% |
Materials | 4.57% |
Real Estate | 6.22% |
Utilities | 2.47% |
Total | 97.81% |
Delaware International Value Equity Fund | As of November 30, 2020 (Unaudited) |
Security type / country | Percentage of net assets |
Common Stock by Country | 97.50% |
Denmark | 5.60% |
France | 23.20% |
Germany | 10.08% |
Ireland | 0.79% |
Japan | 18.68% |
Netherlands | 4.35% |
Sweden | 7.24% |
Switzerland | 15.54% |
United Kingdom | 12.02% |
Exchange-Traded Funds | 1.79% |
Securities Lending Collateral | 0.06% |
Total Value of Securities | 99.35% |
Obligation to Return Securities Lending Collateral | (0.16%) |
Receivables and Other Assets Net of Liabilities | 0.81% |
Total Net Assets | 100.00% |
Common stock by sector♦ | Percentage of net assets |
Communication Services | 11.96% |
Consumer Discretionary | 14.39% |
Consumer Staples* | 33.19% |
Healthcare | 17.30% |
Industrials | 13.25% |
Information Technology | 1.04% |
Materials | 6.37% |
Total | 97.50% |
♦ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
* | To monitor compliance with the Fund's concentration guidelines as described in the Fund's Prospectus and Statement of Additional Information, the Consumer Staples sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of Beverages, Cosmetics/Personal Care, Food, and Retail. As of November 30, 2020, such amounts, as a percentage of total net assets were 9.20%, 1.57%, 20.68% and 1.74%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Consumer Staples sector for financial reporting purposes may exceed 25%. |
Delaware Emerging Markets Fund | November 30, 2020 |
Number of shares | Value (US $) | ||
Common Stock – 97.05%Δ | |||
Argentina − 0.24% | |||
Cablevision Holding GDR | 443,972 | $1,273,117 | |
Cresud ADR † | 1,624,384 | 6,448,805 | |
Grupo Clarin GDR Class B 144A #, † | 131,213 | 67,239 | |
IRSA Inversiones y Representaciones ADR † | 1,184,728 | 5,165,414 | |
IRSA Propiedades Comerciales ADR | 52,574 | 525,744 | |
13,480,319 | |||
Bahrain − 0.02% | |||
Aluminum Bahrain GDR 144A # | 221,400 | 1,418,067 | |
1,418,067 | |||
Brazil − 6.10% | |||
AES Tiete Energia | 516,085 | 1,541,300 | |
Arcos Dorados Holdings Class A | 2,304,242 | 11,359,913 | |
Atacadao | 500,000 | 1,859,111 | |
B2W Cia Digital † | 10,500,000 | 139,055,325 | |
Banco Bradesco ADR | 5,438,400 | 24,690,336 | |
Banco Santander Brasil ADR | 3,051,128 | 22,212,212 | |
BRF ADR † | 6,850,000 | 28,153,500 | |
Embraer ADR † | 420,704 | 2,511,603 | |
Itau Unibanco Holding ADR | 9,170,000 | 49,059,500 | |
Rumo † | 1,905,351 | 6,721,756 | |
Telefonica Brasil ADR | 2,050,000 | 17,937,500 | |
TIM ADR | 1,244,820 | 15,597,594 | |
Vale ADR | 2,000,000 | 29,120,000 | |
349,819,650 | |||
Chile − 0.92% | |||
Cia Cervecerias Unidas ADR | 410,528 | 5,874,656 | |
Sociedad Quimica y Minera de Chile ADR | 989,600 | 46,580,472 | |
52,455,128 | |||
China − 37.78% | |||
Alibaba Group Holding ADR † | 990,000 | 260,726,400 | |
Baidu ADR † | 420,000 | 58,375,800 | |
BeiGene † | 1,615,700 | 34,748,478 | |
China Mobile | 11,698,500 | 70,030,564 | |
China Petroleum & Chemical Class H | 30,000,000 | 13,585,256 | |
CNOOC | 19,311,000 | 20,255,118 | |
Guangshen Railway Class H | 11,000,000 | 2,029,402 | |
iQIYI ADR † | 700,000 | 15,652,000 | |
JD.com ADR † | 2,800,000 | 238,980,000 | |
Kangji Medical Holdings † | 3,000 | 6,224 | |
Kunlun Energy | 21,000,000 | 15,822,372 |
Number of shares | Value (US $) | ||
Common StockΔ (continued) | |||
China (continued) | |||
Kweichow Moutai Class A | 969,961 | $252,563,863 | |
PetroChina Class H | 18,000,000 | 5,735,997 | |
Ping An Insurance Group Co. of China Class H | 4,000,000 | 46,961,379 | |
Prosus † | 600,000 | 65,015,096 | |
SINA † | 2,047,649 | 88,724,631 | |
Sinofert Holdings † | 28,000,000 | 2,745,435 | |
Sogou ADR † | 1,500,000 | 13,230,000 | |
Sohu.com ADR † | 2,219,642 | 40,752,627 | |
Tencent Holdings | 4,750,000 | 345,017,772 | |
Tencent Music Entertainment Group ADR † | 1,217 | 20,397 | |
Tianjin Development Holdings | 15,885,550 | 3,074,206 | |
Tingyi Cayman Islands Holding | 12,000,000 | 20,250,160 | |
Trip.com Group ADR † | 582,400 | 19,562,816 | |
Tsingtao Brewery Class H | 7,000,000 | 68,003,690 | |
Uni-President China Holdings | 31,186,000 | 28,123,950 | |
Weibo ADR † | 800,000 | 33,800,000 | |
Wuliangye Yibin Class A | 10,299,780 | 397,457,403 | |
ZhongAn Online P&C Insurance Class H 144A #, † | 739,600 | 3,573,454 | |
2,164,824,490 | |||
India − 8.88% | |||
Aurobindo Pharma | 1,500,000 | 17,436,761 | |
Glenmark Pharmaceuticals | 1,167,988 | 7,369,782 | |
Indiabulls Real Estate GDR † | 102,021 | 89,201 | |
Lupin | 2,500,000 | 29,947,278 | |
Reliance Industries | 10,500,000 | 271,517,894 | |
Reliance Industries GDR 144A # | 2,340,879 | 122,427,972 | |
Tata Chemicals | 1,866,909 | 9,868,933 | |
Tata Consumer Products | 2,128,276 | 15,354,841 | |
Tata Motors † | 3,000,000 | 7,203,497 | |
United Breweries | 1,000,000 | 14,000,832 | |
Wockhardt † | 1,200,000 | 7,285,337 | |
Zee Entertainment Enterprises | 2,530,000 | 6,540,574 | |
509,042,902 | |||
Indonesia − 0.51% | |||
Astra Agro Lestari | 9,132,500 | 7,971,534 | |
Astra International | 56,000,000 | 21,019,830 | |
28,991,364 | |||
Malaysia − 0.03% | |||
UEM Sunrise † | 17,000,000 | 1,773,441 | |
1,773,441 |
Number of shares | Value (US $) | ||
Common StockΔ (continued) | |||
Mexico − 3.18% | |||
America Movil ADR Class L | 1,369,199 | $20,387,375 | |
Banco Santander Mexico Institucion de Banca Multiple Grupo Financiero Santander ADR | 8,042,900 | 42,064,367 | |
Cemex ADR | 2,326,397 | 10,701,426 | |
Coca-Cola Femsa ADR | 600,000 | 27,198,000 | |
Fomento Economico Mexicano ADR | 154,722 | 11,163,192 | |
Grupo Financiero Banorte Class O † | 4,000,000 | 19,916,627 | |
Grupo Lala | 3,900,027 | 2,701,618 | |
Grupo Televisa ADR † | 6,017,000 | 48,256,340 | |
182,388,945 | |||
Peru − 0.62% | |||
Cia de Minas Buenaventura ADR | 3,217,400 | 35,713,140 | |
35,713,140 | |||
Republic of Korea − 17.56% | |||
KB Financial Group ADR | 245,928 | 10,228,146 | |
LG Display † | 1,000,000 | 13,781,573 | |
LG Uplus | 2,403,542 | 25,956,646 | |
Lotte | 300,000 | 9,597,397 | |
Lotte Chilsung Beverage | 44,000 | 3,952,465 | |
Lotte Confectionery | 60,000 | 5,584,926 | |
Samsung Electronics | 5,200,000 | 313,442,682 | |
Samsung Life Insurance | 360,939 | 23,256,925 | |
Shinhan Financial Group | 300,000 | 8,729,836 | |
SK Hynix | 3,490,000 | 307,509,828 | |
SK Telecom | 727,354 | 156,112,761 | |
SK Telecom ADR | 5,454,200 | 128,228,242 | |
1,006,381,427 | |||
Russia − 5.04% | |||
ENEL RUSSIA PJSC GDR | 21,161 | 12,449 | |
Etalon Group GDR 144A # | 1,616,300 | 2,602,243 | |
Gazprom PJSC ADR | 14,600,000 | 67,890,000 | |
Mail.Ru Group GDR † | 551,200 | 15,902,120 | |
Rosneft Oil PJSC GDR | 14,555,684 | 84,539,413 | |
Sberbank of Russia PJSC | 12,000,000 | 39,246,716 | |
Sberbank of Russia PJSC ADR | 800,000 | 10,624,000 | |
Surgutneftegas PJSC ADR | 2,014,441 | 9,089,158 | |
T Plus PJSC =, † | 36,096 | 0 | |
VEON ADR | 732,264 | 1,061,783 | |
Yandex Class A † | 836,225 | 57,666,076 | |
288,633,958 |
Number of shares | Value (US $) | ||
Common StockΔ (continued) | |||
South Africa − 0.85% | |||
Naspers Class N | 240,000 | $48,491,274 | |
Sun International † | 364,166 | 317,929 | |
48,809,203 | |||
Taiwan − 13.66% | |||
FIT Hon Teng 144A #, † | 33,000,000 | 10,814,019 | |
MediaTek | 10,092,000 | 249,268,240 | |
Taiwan Semiconductor Manufacturing | 31,000,000 | 522,603,280 | |
782,685,539 | |||
Turkey − 0.65% | |||
Akbank T.A.S. † | 19,500,000 | 15,011,509 | |
Turk Telekomunikasyon | 951,192 | 934,163 | |
Turkcell Iletisim Hizmetleri | 2,427,827 | 4,594,864 | |
Turkcell Iletisim Hizmetleri ADR | 2,066,701 | 10,085,501 | |
Turkiye Sise ve Cam Fabrikalari | 7,651,443 | 6,653,429 | |
37,279,466 | |||
United Kingdom − 0.06% | |||
Griffin Mining † | 3,056,187 | 3,544,689 | |
3,544,689 | |||
United States − 0.95% | |||
Micron Technology † | 850,000 | 54,476,500 | |
54,476,500 | |||
Total Common Stock (cost $4,237,563,358) | 5,561,718,228 | ||
Preferred Stocks – 2.19%Δ | |||
Brazil − 0.66% | |||
Braskem Class A † | 1,470,000 | 6,256,020 | |
Petroleo Brasileiro ADR 1.90% | 2,500,000 | 23,125,000 | |
Usinas Siderurgicas de Minas Gerais Usiminas Class A 0.33% | 3,235,733 | 8,359,007 | |
37,740,027 | |||
Republic of Korea − 1.14% | |||
Samsung Electronics 2.16% | 1,183,100 | 65,326,835 | |
65,326,835 | |||
Russia − 0.39% | |||
Transneft PJSC 8.05% | 12,000 | 22,512,036 | |
22,512,036 | |||
Total Preferred Stocks (cost $66,489,867) | 125,578,898 | ||
Number of shares | Value (US $) | ||
Exchange-Traded Fund – 0.11% | |||
iShares MSCI Turkey ETF | 290,275 | $6,470,230 | |
Total Exchange-Traded Fund (cost $13,207,352) | 6,470,230 | ||
Participation Notes – 0.00% | |||
Lehman Indian Oil CW 12 LEPO =, † | 172,132 | 0 | |
Lehman Oil & Natural Gas CW 12 LEPO =, † | 254,590 | 0 | |
Total Participation Notes (cost $8,559,056) | 0 | ||
Short-Term Investments – 0.72% | |||
Money Market Mutual Funds – 0.72% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 10,280,629 | 10,280,629 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 10,280,629 | 10,280,629 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.01%) | 10,280,629 | 10,280,629 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 10,280,629 | 10,280,629 | |
Total Short-Term Investments (cost $41,122,516) | 41,122,516 | ||
Total Value of Securities−100.07% (cost $4,366,942,149) | $5,734,889,872 |
Δ | Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 23 in “Security type / country and sector allocations.” |
† | Non-income producing security. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At November 30, 2020, the aggregate value of Rule 144A securities was $140,902,994, which represents 2.46% of the Fund's net assets. See Note 11 in “Notes to financial statements.” |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.” |
Foreign Currency Exchange Contracts | ||||||||||
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Depreciation | ||||||
BNYM | HKD | (64,453,995) | USD | 8,314,418 | 12/2/20 | $(1,136) |
net assets.
Summary of abbreviations: |
ADR – American Depositary Receipt |
BNYM – Bank of New York Mellon |
ETF – Exchange-Traded Fund |
GDR – Global Depositary Receipt |
GS – Goldman Sachs |
LEPO – Low Exercise Price Option |
MSCI – Morgan Stanley Capital International |
PJSC – Private Joint Stock Company |
Summary of currencies: |
HKD – Hong Kong Dollar |
USD – US Dollar |
Delaware International Small Cap Fund | November 30, 2020 |
Number of shares | Value (US $) | ||
Common Stock – 96.65%Δ | |||
Argentina − 1.07% | |||
Ternium ADR † | 44,160 | $1,223,674 | |
1,223,674 | |||
Australia − 3.26% | |||
Bapcor | 93,003 | 478,565 | |
Star Entertainment Group | 408,011 | 1,132,112 | |
Technology One | 135,030 | 909,910 | |
Westgold Resources † | 724,976 | 1,223,988 | |
3,744,575 | |||
Austria − 0.34% | |||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 16,185 | 385,739 | |
385,739 | |||
Belgium − 1.99% | |||
Barco NV | 51,989 | 1,122,783 | |
Fagron | 50,189 | 1,162,636 | |
2,285,419 | |||
Brazil − 0.70% | |||
Arco Platform Class A † | 18,410 | 805,438 | |
805,438 | |||
Canada − 10.02% | |||
Aritzia † | 72,397 | 1,300,548 | |
ATS Automation Tooling Systems † | 67,101 | 1,120,675 | |
Capital Power | 41,022 | 1,049,951 | |
Descartes Systems Group † | 24,898 | 1,476,396 | |
Endeavour Mining † | 52,138 | 1,229,681 | |
Granite Real Estate Investment Trust | 28,008 | 1,650,891 | |
Kinaxis † | 11,870 | 1,789,503 | |
Quebecor Class B | 36,421 | 906,950 | |
SSR Mining † | 52,845 | 978,204 | |
11,502,799 | |||
China − 3.07% | |||
China Resources Cement Holdings | 476,000 | 592,002 | |
Greentown Service Group | 944,000 | 1,097,327 | |
Niu Technologies ADR † | 46,158 | 1,376,432 | |
Times China Holdings | 312,000 | 457,270 | |
3,523,031 | |||
Denmark − 2.07% | |||
Royal Unibrew | 22,759 | 2,379,406 | |
2,379,406 |
Number of shares | Value (US $) | ||
Common StockΔ (continued) | |||
Finland − 1.40% | |||
Kojamo | 26,542 | $554,061 | |
Valmet | 41,748 | 1,056,239 | |
1,610,300 | |||
France − 4.02% | |||
Gaztransport Et Technigaz | 9,959 | 982,442 | |
SOITEC † | 10,765 | 1,883,779 | |
Solutions 30 † | 86,195 | 1,744,817 | |
4,611,038 | |||
Germany − 5.79% | |||
Befesa | 13,217 | 687,393 | |
Evotec † | 32,504 | 991,410 | |
flatexDEGIRO † | 22,329 | 1,491,568 | |
HelloFresh † | 19,240 | 1,130,998 | |
STRATEC | 6,895 | 952,420 | |
TAG Immobilien † | 46,747 | 1,397,400 | |
6,651,189 | |||
Hong Kong − 1.03% | |||
Comba Telecom Systems Holdings | 3,534,000 | 1,180,880 | |
1,180,880 | |||
India − 3.21% | |||
Info Edge India | 23,374 | 1,350,631 | |
Varun Beverages | 106,271 | 1,246,000 | |
Voltas | 100,326 | 1,089,757 | |
3,686,388 | |||
Ireland − 1.10% | |||
Dalata Hotel Group † | 279,391 | 1,263,099 | |
1,263,099 | |||
Italy − 1.26% | |||
Reply | 12,892 | 1,440,939 | |
1,440,939 | |||
Japan − 20.66% | |||
Anritsu | 45,400 | 1,034,546 | |
Asics | 67,300 | 1,211,916 | |
Capcom | 23,100 | 1,301,034 | |
CKD | 56,700 | 1,208,405 | |
Fancl | 71,300 | 2,892,294 | |
Japan Elevator Service Holdings | 55,000 | 2,562,979 | |
Katitas | 53,000 | 1,573,755 | |
Matsumotokiyoshi Holdings | 25,200 | 1,179,138 |
Number of shares | Value (US $) | ||
Common StockΔ (continued) | |||
Japan (continued) | |||
Media Do | 17,500 | $1,257,184 | |
Menicon | 26,900 | 1,669,655 | |
Nifco | 37,300 | 1,313,003 | |
SMS | 49,200 | 1,783,736 | |
Taiyo Yuden | 27,900 | 1,265,388 | |
TechnoPro Holdings | 13,500 | 1,137,931 | |
THK | 35,500 | 1,096,623 | |
Tsugami | 77,800 | 1,229,598 | |
23,717,185 | |||
Netherlands − 1.14% | |||
IMCD | 10,486 | 1,312,113 | |
1,312,113 | |||
New Zealand − 0.80% | |||
Pushpay Holdings † | 729,396 | 912,879 | |
912,879 | |||
Norway − 3.14% | |||
Scatec | 57,279 | 1,791,277 | |
TOMRA Systems | 42,185 | 1,815,739 | |
3,607,016 | |||
Republic of Korea − 3.59% | |||
Douzone Bizon | 18,905 | 1,802,429 | |
LG Innotek | 9,097 | 1,274,262 | |
NHN KCP | 17,223 | 1,038,158 | |
4,114,849 | |||
Russia − 2.21% | |||
Detsky Mir PJSC | 654,881 | 1,202,821 | |
TCS Group Holding GDR | 43,845 | 1,337,272 | |
2,540,093 | |||
Sweden − 5.29% | |||
Embracer Group † | 21,176 | 429,845 | |
LeoVegas | 145,076 | 570,027 | |
MIPS | 53,160 | 2,668,877 | |
Nordic Entertainment Group Class B † | 26,293 | 1,307,155 | |
Tobii † | 170,752 | 1,090,978 | |
6,066,882 | |||
Switzerland − 1.16% | |||
Belimo Holding | 158 | 1,330,069 | |
1,330,069 |
Number of shares | Value (US $) | ||
Common StockΔ (continued) | |||
Taiwan − 2.78% | |||
Kindom Development | 748,000 | $986,749 | |
Merida Industry | 127,000 | 1,113,937 | |
Silergy | 14,000 | 1,090,431 | |
3,191,117 | |||
United Kingdom − 15.55% | |||
Abcam | 63,727 | 1,220,841 | |
Countryside Properties | 260,364 | 1,483,524 | |
Cranswick | 23,287 | 1,068,571 | |
Dechra Pharmaceuticals | 32,866 | 1,474,823 | |
Electrocomponents | 113,352 | 1,223,278 | |
Frontier Developments † | 39,523 | 1,306,714 | |
Future | 98,801 | 2,223,375 | |
Gamesys Group | 68,256 | 1,010,050 | |
GB Group † | 121,113 | 1,364,352 | |
Grafton Group † | 94,898 | 1,077,261 | |
Keywords Studios † | 56,685 | 1,735,078 | |
Rotork | 105,046 | 417,886 | |
S4 Capital † | 106,590 | 679,240 | |
UNITE Group † | 39,119 | 516,039 | |
Weir Group † | 46,838 | 1,045,905 | |
17,846,937 | |||
Total Common Stock (cost $80,172,880) | 110,933,054 | ||
Preferred Stocks – 1.16%Δ | |||
Brazil − 1.16% | |||
Azul † | 188,233 | 1,337,243 | |
Total Preferred Stocks (cost $1,167,277) | 1,337,243 | ||
Short-Term Investments – 2.14% | |||
Money Market Mutual Funds – 2.14% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 614,020 | 614,020 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 614,021 | 614,021 |
Number of shares | Value (US $) | ||
Short-Term Investments (continued) | |||
Money Market Mutual Funds (continued) | |||
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.01%) | 614,021 | $614,021 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 614,021 | 614,021 | |
Total Short-Term Investments (cost $2,456,083) | 2,456,083 | ||
Total Value of Securities−99.95% (cost $83,796,240) | $114,726,380 |
Δ | Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 25 in “Security type / country and sector allocations.” |
† | Non-income producing security. |
Summary of abbreviations: |
ADR – American Depositary Receipt |
AG – Aktiengesellschaft |
GDR – Global Depositary Receipt |
GS – Goldman Sachs |
PJSC – Private Joint Stock Company |
Delaware International Value Equity Fund | November 30, 2020 |
Number of shares | Value (US $) | ||
Common Stock – 97.50%Δ | |||
Denmark − 5.60% | |||
Novo Nordisk Class B | 265,730 | $17,872,325 | |
17,872,325 | |||
France − 23.20% | |||
Air Liquide | 123,710 | 20,312,663 | |
Danone | 281,980 | 18,116,341 | |
Orange | 840,330 | 10,615,285 | |
Publicis Groupe | 336,530 | 15,290,461 | |
Sodexo * | 117,020 | 9,681,776 | |
74,016,526 | |||
Germany − 10.08% | |||
adidas AG † | 34,810 | 11,099,127 | |
Fresenius Medical Care AG & Co. | 210,890 | 17,734,989 | |
SAP | 27,280 | 3,318,526 | |
32,152,642 | |||
Ireland − 0.79% | |||
Kerry Group Class A | 17,880 | 2,503,926 | |
2,503,926 | |||
Japan − 18.68% | |||
Asahi Group Holdings | 214,600 | 8,298,278 | |
Kao | 66,700 | 4,988,444 | |
KDDI | 428,500 | 12,241,391 | |
Kirin Holdings | 179,400 | 3,906,762 | |
Lawson | 122,700 | 5,559,109 | |
Makita | 127,800 | 6,610,345 | |
Secom | 49,100 | 4,888,836 | |
Seven & i Holdings | 413,300 | 13,115,545 | |
59,608,710 | |||
Netherlands − 4.35% | |||
Koninklijke Ahold Delhaize | 485,370 | 13,889,577 | |
13,889,577 | |||
Sweden − 7.24% | |||
Hennes & Mauritz Class B † | 362,150 | 7,667,857 | |
Securitas Class B † | 938,210 | 15,423,709 | |
23,091,566 | |||
Switzerland − 15.54% | |||
Nestle | 164,810 | 18,349,904 | |
Roche Holding | 59,550 | 19,596,619 | |
Swatch Group | 47,200 | 11,644,831 | |
49,591,354 |
Number of shares | Value (US $) | ||
Common StockΔ (continued) | |||
United Kingdom − 12.02% | |||
Diageo | 446,910 | $17,158,984 | |
G4S † | 5,208,600 | 15,345,898 | |
Next | 66,940 | 5,847,074 | |
38,351,956 | |||
Total Common Stock (cost $297,384,817) | 311,078,582 | ||
Exchange-Traded Funds – 1.79% | |||
iShares MSCI EAFE ETF | 8,100 | 568,215 | |
Vanguard FTSE Developed Markets ETF * | 114,360 | 5,156,493 | |
Total Exchange-Traded Funds (cost $5,162,728) | 5,724,708 | ||
Total Value of Securities Before Securities Lending Collateral−99.29% (cost $302,547,545) | 316,803,290 |
Principal amount° | |||
Securities Lending Collateral** – 0.06% | |||
Repurchase Agreements − 0.06% | |||
Bank of Montreal 0.08%, dated 11/30/20, to be repurchased on 12/1/20, repurchase price $38,715 (collateralized by US government obligations 0.125%−7.875% 2/15/21−1/15/25; market value $39,489) | 38,715 | 38,715 | |
Bank of Nova Scotia 0.08%, dated 11/30/20, to be repurchased on 12/1/20, repurchase price $38,715 (collateralized by US government obligations 0.00%−7.875% 12/24/20−10/15/25; market value $39,489) | 38,715 | 38,715 | |
BOFA Securities 0.08%, dated 11/30/20, to be repurchased on 12/1/20, repurchase price $38,715 (collateralized by US government obligations 1.75% 6/15/22; market value $39,489) | 38,715 | 38,715 |
Principal amount° | Value (US $) | ||
Securities Lending Collateral** (continued) | |||
Repurchase Agreements (continued) | |||
Credit Agricole 0.07%, dated 11/30/20, to be repurchased on 12/1/20, repurchase price $38,715 (collateralized by US government obligations 2.375% 1/15/25; market value $39,489) | 38,715 | $38,715 | |
JP Morgan Securities 0.08%, dated 11/30/20, to be repurchased on 12/1/20, repurchase price $26,259 (collateralized by US government obligations 0.125% 4/15/25; market value $26,784) | 26,259 | 26,259 | |
Total Securities Lending Collateral (cost $181,119) | 181,119 | ||
Total Value of Securities−99.35% (cost $302,728,664) | $316,984,409■ |
Δ | Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 27 in “Security type / country and sector allocations.” |
* | Fully or partially on loan. |
† | Non-income producing security. |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
** | See Note 10 in “Notes to financial statements” for additional information on securities lending collateral. |
■ | Includes $458,878 of securities loaned. |
Foreign Currency Exchange Contracts | ||||||||||
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Depreciation | ||||||
BNYM | EUR | (619,666) | USD | 734,865 | 12/2/20 | $(4,338) |
net assets.
Summary of abbreviations: |
AG – Aktiengesellschaft |
BNYM – Bank of New York Mellon |
Summary of abbreviations: (continued) |
EAFE – Europe, Australasia, and Far East |
ETF – Exchange-Traded Fund |
FTSE – Financial Times Stock Exchange |
MSCI – Morgan Stanley Capital International |
Summary of currencies: |
EUR – European Monetary Unit |
USD – US Dollar |
Delaware Emerging Markets Fund | Delaware International Small Cap Fund | Delaware International Value Equity Fund | |||
Assets: | |||||
Investments, at value*,† | $5,734,889,872 | $114,726,380 | $316,803,290 | ||
Short-term investments held as collateral for loaned securities, at value= | — | — | 181,119 | ||
Cash | 20,207 | 138,425 | — | ||
Securities lending cash collateral received | — | — | 316,572 | ||
Foreign currencies, at valueΔ | 3,462,089 | 318,808 | 266,221 | ||
Receivable for securities sold | 8,315,518 | — | 4,249,801 | ||
Dividends and interest receivable | 2,077,117 | 91,132 | 239,051 | ||
Foreign tax reclaims receivable | — | 121,646 | 1,171,034 | ||
Receivable for fund shares sold | 15,852,298 | 99,022 | 668,851 | ||
Securities lending income receivable | — | — | 414 | ||
Total Assets | 5,764,617,101 | 115,495,413 | 323,896,353 |
Delaware Emerging Markets Fund | Delaware International Small Cap Fund | Delaware International Value Equity Fund | |||
Liabilities: | |||||
Due to custodian | — | — | 259,654 | ||
Other liabilities | 14,650,098 | 37,887 | 270 | ||
Payable for fund shares redeemed | 11,190,258 | 359,948 | 503,500 | ||
Investment management fees payable to affiliates | 5,280,216 | 80,750 | 150,724 | ||
Custody fees payable | 1,028,418 | 27,381 | 29,325 | ||
Dividend disbursing and transfer agent fees and expenses payable to non-affiliates | 830,762 | 16,869 | 40,051 | ||
Reports and statements to shareholders expenses payable to non-affiliates | 278,503 | 12,360 | 18,543 | ||
Other accrued expenses | 221,806 | 25,493 | 30,313 | ||
Distribution fees payable to affiliates | 187,034 | 4,133 | 18,262 | ||
Dividend disbursing and transfer agent fees and expenses payable to affiliates | 41,780 | 829 | 2,315 | ||
Trustees' fees and expenses payable to affiliates | 39,566 | 800 | 2,115 | ||
Accounting and administration expenses payable to affiliates | 16,058 | 640 | 1,200 | ||
Audit and tax fees payable | 6,610 | 6,610 | — | ||
Unrealized depreciation on foreign currency exchange contracts | 1,136 | — | 4,338 | ||
Payable for securities purchased | — | 138,451 | 3,278,932 | ||
Obligation to return securities lending collateral | — | — | 497,423 | ||
Legal fees payable to affiliates | — | 162 | 428 | ||
Reports and statements to shareholders expenses payable to affiliates | — | 111 | 308 | ||
Total Liabilities | 33,772,245 | 712,424 | 4,837,701 | ||
Total Net Assets | $5,730,844,856 | $114,782,989 | $319,058,652 | ||
Net Assets Consist of: | |||||
Paid-in capital | $4,397,301,111 | $100,275,923 | $302,172,605 | ||
Total distributable earnings (loss) | 1,333,543,745 | 14,507,066 | 16,886,047 | ||
Total Net Assets | $5,730,844,856 | $114,782,989 | $319,058,652 |
Delaware Emerging Markets Fund | Delaware International Small Cap Fund | Delaware International Value Equity Fund | |
Net Asset Value | |||
Class A: | |||
Net assets | $364,313,501 | $7,499,126 | $59,691,583 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 15,393,757 | 869,096 | 4,026,728 |
Net asset value per share | $23.67 | $8.63 | $14.82 |
Sales charge | 5.75% | 5.75% | 5.75% |
Offering price per share, equal to net asset value per share / (1 - sales charge) | $25.11 | $9.16 | $15.72 |
Class C: | |||
Net assets | $118,977,223 | $3,106,117 | $6,126,758 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 5,451,179 | 433,830 | 418,781 |
Net asset value per share | $21.83 | $7.16 | $14.63 |
Class R: | |||
Net assets | $38,689,178 | $339,822 | $2,845,054 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 1,624,258 | 41,751 | 192,712 |
Net asset value per share | $23.82 | $8.14 | $14.76 |
Institutional Class: | |||
Net assets | $4,078,412,050 | $91,339,773 | $248,810,521 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 170,982,348 | 10,067,146 | 16,700,627 |
Net asset value per share | $23.85 | $9.07 | $14.90 |
Class R6: | |||
Net assets | $1,130,452,904 | $12,498,151 | $1,584,736 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 47,337,212 | 1,373,471 | 106,290 |
Net asset value per share | $23.88 | $9.10 | $14.91 |
*Investments, at cost | $4,366,942,149 | $83,796,240 | $302,547,545 |
†Including securities on loan | — | — | 458,878 |
=Short-term investments held as collateral for loaned securities, at cost | — | — | 181,119 |
ΔForeign currencies, at cost | 3,327,054 | 316,447 | 264,734 |
Delaware International Funds | Year ended November 30, 2020 |
Delaware Emerging Markets Fund | Delaware International Small Cap Fund | Delaware International Value Equity Fund | |||
Investment Income: | |||||
Dividends | $109,145,887 | $1,667,752 | $6,747,484 | ||
Interest | — | 2,886 | 64 | ||
Securities lending income | — | — | 23,211 | ||
Foreign tax withheld | (15,976,949) | (128,936) | (863,806) | ||
93,168,938 | 1,541,702 | 5,906,953 | |||
Expenses: | |||||
Management fees | 57,912,531 | 998,654 | 2,422,579 | ||
Distribution expenses — Class A | 812,395 | 18,977 | 144,463 | ||
Distribution expenses — Class C | 1,183,225 | 30,920 | 73,128 | ||
Distribution expenses — Class R | 188,991 | 725 | 13,826 | ||
Dividend disbursing and transfer agent fees and expenses | 5,782,099 | 133,403 | 281,871 | ||
Custodian fees | 2,567,435 | 82,956 | 75,901 | ||
Accounting and administration expenses | 876,021 | 58,338 | 85,975 | ||
Reports and statements to shareholders expenses | 495,662 | 25,408 | 48,682 | ||
Trustees’ fees and expenses | 300,944 | 6,702 | 16,457 | ||
Legal fees | 297,048 | 10,817 | 21,508 | ||
Registration fees | 261,026 | 87,107 | 92,766 | ||
Audit and tax fees | 51,152 | 48,267 | 53,765 | ||
Other | 141,918 | 32,029 | 22,415 | ||
70,870,447 | 1,534,303 | 3,353,336 | |||
Less expenses waived | (474,369) | (198,784) | (244,313) | ||
Less expenses paid indirectly | (2,904) | (125) | (581) | ||
Total operating expenses | 70,393,174 | 1,335,394 | 3,108,442 | ||
Net Investment Income | 22,775,764 | 206,308 | 2,798,511 |
Delaware Emerging Markets Fund | Delaware International Small Cap Fund | Delaware International Value Equity Fund | |||
Net Realized and Unrealized Gain (Loss): | |||||
Net realized gain (loss) on: | |||||
Investments1 | $61,771,009 | $7,010,512 | $524,276 | ||
Foreign currencies | (927,958) | (4,856) | 136,357 | ||
Foreign currency exchange contracts | (370,418) | (200,304) | (222,724) | ||
Net realized gain | 60,472,633 | 6,805,352 | 437,909 | ||
Net change in unrealized appreciation (depreciation) of: | |||||
Investments1 | 962,001,968 | 12,331,888 | 6,587,664 | ||
Foreign currencies | 214,358 | (27,609) | 127,425 | ||
Foreign currency exchange contracts | 855 | 356 | (4,287) | ||
Net change in unrealized appreciation (depreciation) | 962,217,181 | 12,304,635 | 6,710,802 | ||
Net Realized and Unrealized Gain | 1,022,689,814 | 19,109,987 | 7,148,711 | ||
Net Increase in Net Assets Resulting from Operations | $1,045,465,578 | $19,316,295 | $9,947,222 |
1 | Includes $5,715,331 capital gains taxes paid and $14,650,098 increase in capital gains tax accrued for Delaware Emerging Markets Fund. Includes $37,887 increase in capital gains tax accrued in Delaware International Small Cap Fund. |
Year ended | |||
11/30/20 | 11/30/19 | ||
Increase (Decrease) in Net Assets from Operations: | |||
Net investment income | $22,775,764 | $44,087,586 | |
Net realized gain (loss) | 60,472,633 | (10,800,797) | |
Net change in unrealized appreciation (depreciation) | 962,217,181 | 430,038,772 | |
Net increase in net assets resulting from operations | 1,045,465,578 | 463,325,561 | |
Dividends and Distributions to Shareholders from: | |||
Distributable earnings: | |||
Class A | (2,106,361) | (1,109,027) | |
Class R | (134,733) | (10,954) | |
Institutional Class | (32,655,147) | (25,204,329) | |
Class R6 | (9,240,260) | (2,783,290) | |
(44,136,501) | (29,107,600) | ||
Capital Share Transactions: | |||
Proceeds from shares sold: | |||
Class A | 76,335,194 | 83,503,938 | |
Class C | 7,687,667 | 22,093,140 | |
Class R | 6,538,377 | 10,181,248 | |
Institutional Class | 1,160,950,980 | 1,561,977,435 | |
Class R6 | 277,336,004 | 696,864,529 | |
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||
Class A | 1,975,692 | 1,049,388 | |
Class R | 134,501 | 10,940 | |
Institutional Class | 28,322,042 | 18,467,408 | |
Class R6 | 4,324,074 | 2,496,709 | |
1,563,604,531 | 2,396,644,735 |
Year ended | |||
11/30/20 | 11/30/19 | ||
Capital Share Transactions (continued): | |||
Cost of shares redeemed: | |||
Class A | $(126,070,388) | $(120,783,416) | |
Class C | (46,172,300) | (51,003,821) | |
Class R | (20,009,580) | (19,095,736) | |
Institutional Class | (1,656,472,701) | (2,286,709,979) | |
Class R6 | (337,875,551) | (136,520,130) | |
(2,186,600,520) | (2,614,113,082) | ||
Decrease in net assets derived from capital share transactions | (622,995,989) | (217,468,347) | |
Net Increase in Net Assets | 378,333,088 | 216,749,614 | |
Net Assets: | |||
Beginning of year | 5,352,511,768 | 5,135,762,154 | |
End of year | $5,730,844,856 | $5,352,511,768 |
Year ended | |||
11/30/20 | 11/30/19 | ||
Increase (Decrease) in Net Assets from Operations: | |||
Net investment income | $206,308 | $354,059 | |
Net realized gain (loss) | 6,805,352 | (13,274,594) | |
Net change in unrealized appreciation (depreciation) | 12,304,635 | 20,294,709 | |
Net increase in net assets resulting from operations | 19,316,295 | 7,374,174 | |
Dividends and Distributions to Shareholders from: | |||
Distributable earnings: | |||
Institutional Class | (202,016) | — | |
Class R6 | (7,968) | — | |
Return of capital: | |||
Institutional Class | (20,169) | — | |
Class R6 | (2,752) | — | |
(232,905) | — | ||
Capital Share Transactions: | |||
Proceeds from shares sold: | |||
Class A | 1,273,028 | 4,112,907 | |
Class C | 422,284 | 559,186 | |
Class R | 201,431 | 30,765 | |
Institutional Class | 15,641,483 | 105,141,789 | |
Class R6 | 9,711,200 | 1,443,059 | |
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||
Institutional Class | 202,956 | — | |
Class R6 | 4,763 | — | |
27,457,145 | 111,287,706 |
Year ended | |||
11/30/20 | 11/30/19 | ||
Capital Share Transactions (continued): | |||
Cost of shares redeemed: | |||
Class A | $(6,084,064) | $(4,104,439) | |
Class C | (1,406,868) | (1,933,350) | |
Class R | (8,104) | (24,691) | |
Institutional Class | (57,306,700) | (53,598,786) | |
Class R6 | (3,006,521) | (685,119) | |
(67,812,257) | (60,346,385) | ||
Increase (decrease) in net assets derived from capital share transactions | (40,355,112) | 50,941,321 | |
Net Increase (Decrease) in Net Assets | (21,271,722) | 58,315,495 | |
Net Assets: | |||
Beginning of year | 136,054,711 | 77,739,216 | |
End of year | $114,782,989 | $136,054,711 |
Year ended | |||
11/30/20 | 11/30/19 | ||
Increase in Net Assets from Operations: | |||
Net investment income | $2,798,511 | $4,463,802 | |
Net realized gain | 437,909 | 15,313,928 | |
Net change in unrealized appreciation (depreciation) | 6,710,802 | 11,530,590 | |
Net increase in net assets resulting from operations | 9,947,222 | 31,308,320 | |
Dividends and Distributions to Shareholders from: | |||
Distributable earnings: | |||
Class A | (1,689,196) | (1,361,055) | |
Class C | (164,835) | (66,136) | |
Class R | (82,337) | (66,958) | |
Institutional Class | (6,547,235) | (5,128,519) | |
Class R6 | (60,572) | (44) | |
(8,544,175) | (6,622,712) | ||
Capital Share Transactions: | |||
Proceeds from shares sold: | |||
Class A | 8,432,761 | 6,076,501 | |
Class C | 893,450 | 2,077,524 | |
Class R | 1,512,848 | 1,369,549 | |
Institutional Class | 105,325,379 | 72,382,159 | |
Class R6 | 259,964 | 2,025,243 | |
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||
Class A | 1,649,987 | 1,331,759 | |
Class C | 164,645 | 66,054 | |
Class R | 82,336 | 66,958 | |
Institutional Class | 6,527,472 | 5,060,972 | |
Class R6 | 56,322 | 44 | |
124,905,164 | 90,456,763 |
Year ended | |||
11/30/20 | 11/30/19 | ||
Capital Share Transactions (continued): | |||
Cost of shares redeemed: | |||
Class A | $(12,515,028) | $(14,120,481) | |
Class C | (3,325,090) | (3,086,120) | |
Class R | (2,174,632) | (1,772,685) | |
Institutional Class | (94,119,755) | (87,085,690) | |
Class R6 | (786,459) | (1,112) | |
(112,920,964) | (106,066,088) | ||
Increase (decrease) in net assets derived from capital share transactions | 11,984,200 | (15,609,325) | |
Net Increase in Net Assets | 13,387,247 | 9,076,283 | |
Net Assets: | |||
Beginning of year | 305,671,405 | 296,595,122 | |
End of year | $319,058,652 | $305,671,405 |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income1 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets5 |
Ratio of expenses to average net assets prior to fees waived5 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | Amount is less than $0.005 per share. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$19.13 | $17.53 | $20.10 | $14.57 | $12.80 | ||||
0.04 | 0.11 | 0.07 | 0.19 | 0.05 | ||||
4.62 | 1.55 | (2.32) | 5.44 | 1.72 | ||||
4.66 | 1.66 | (2.25) | 5.63 | 1.77 | ||||
(0.12) | (0.06) | (0.32) | (0.10) | —2 | ||||
(0.12) | (0.06) | (0.32) | (0.10) | — | ||||
$23.67 | $19.13 | $17.53 | $20.10 | $14.57 | ||||
24.44%4 | 9.50% | (11.40%) | 38.94%4 | 13.87%4 | ||||
$364,314 | $346,732 | $353,094 | $463,441 | $461,124 | ||||
1.62% | 1.63% | 1.63% | 1.66% | 1.74% | ||||
1.63% | 1.63% | 1.63% | 1.66% | 1.78% | ||||
0.21% | 0.62% | 0.35% | 1.10% | 0.35% | ||||
0.20% | 0.62% | 0.35% | 1.10% | 0.31% | ||||
5% | 10% | 11% | 11% | 25% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income (loss)1 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income (loss) to average net assets |
Ratio of net investment income (loss) to average net assets prior to fees waived |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$17.67 | $16.26 | $18.68 | $13.56 | $12.00 | ||||
(0.10) | (0.02) | (0.07) | 0.06 | (0.05) | ||||
4.26 | 1.43 | (2.16) | 5.07 | 1.61 | ||||
4.16 | 1.41 | (2.23) | 5.13 | 1.56 | ||||
— | — | (0.19) | (0.01) | — | ||||
— | — | (0.19) | (0.01) | — | ||||
$21.83 | $17.67 | $16.26 | $18.68 | $13.56 | ||||
23.54%3 | 8.67% | (12.05%) | 37.87%3 | 13.00%3 | ||||
$118,977 | $135,346 | $152,857 | $190,227 | $120,306 | ||||
2.37% | 2.38% | 2.38% | 2.41% | 2.49% | ||||
2.38% | 2.38% | 2.38% | 2.41% | 2.53% | ||||
(0.54%) | (0.13%) | (0.40%) | 0.35% | (0.40%) | ||||
(0.55%) | (0.13%) | (0.40%) | 0.35% | (0.44%) | ||||
5% | 10% | 11% | 11% | 25% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income (loss)1 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets5 |
Ratio of expenses to average net assets prior to fees waived5 |
Ratio of net investment income (loss) to average net assets |
Ratio of net investment income (loss) to average net assets prior to fees waived |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | Amount is less than $0.005 per share. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
4 | Total return during the period reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$19.25 | $17.62 | $20.21 | $14.66 | $12.90 | ||||
(0.01) | 0.07 | 0.02 | 0.15 | 0.02 | ||||
4.64 | 1.56 | (2.34) | 5.47 | 1.74 | ||||
4.63 | 1.63 | (2.32) | 5.62 | 1.76 | ||||
(0.06) | —2 | (0.27) | (0.07) | — | ||||
(0.06) | — | (0.27) | (0.07) | — | ||||
$23.82 | $19.25 | $17.62 | $20.21 | $14.66 | ||||
24.11%4 | 9.28% | (11.64%) | 38.51%4 | 13.64%4 | ||||
$38,689 | $43,962 | $48,875 | $61,735 | $36,591 | ||||
1.87% | 1.88% | 1.88% | 1.91% | 1.99% | ||||
1.88% | 1.88% | 1.88% | 1.91% | 2.03% | ||||
(0.04%) | 0.37% | 0.10% | 0.85% | 0.10% | ||||
(0.05%) | 0.37% | 0.10% | 0.85% | 0.06% | ||||
5% | 10% | 11% | 11% | 25% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income1 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$19.27 | $17.67 | $20.26 | $14.69 | $12.90 | ||||
0.09 | 0.16 | 0.12 | 0.25 | 0.08 | ||||
4.66 | 1.55 | (2.34) | 5.46 | 1.75 | ||||
4.75 | 1.71 | (2.22) | 5.71 | 1.83 | ||||
(0.17) | (0.11) | (0.37) | (0.14) | (0.04) | ||||
(0.17) | (0.11) | (0.37) | (0.14) | (0.04) | ||||
$23.85 | $19.27 | $17.67 | $20.26 | $14.69 | ||||
24.76%3 | 9.79% | (11.21%) | 39.23%3 | 14.22%3 | ||||
$4,078,412 | $3,826,272 | $4,189,528 | $3,885,606 | $1,346,361 | ||||
1.37% | 1.38% | 1.38% | 1.41% | 1.49% | ||||
1.38% | 1.38% | 1.38% | 1.41% | 1.53% | ||||
0.46% | 0.87% | 0.60% | 1.35% | 0.60% | ||||
0.45% | 0.87% | 0.60% | 1.35% | 0.56% | ||||
5% | 10% | 11% | 11% | 25% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets5 |
Ratio of expenses to average net assets prior to fees waived5 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Date of commencement of operations; ratios have been annualized and total return has not been annualized. |
2 | The average shares outstanding method has been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | Portfolio turnover is representative of the Fund for the entire period. |
Year ended | 5/2/161 to 11/30/16 | |||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | |||||
$19.28 | $17.69 | $20.27 | $14.69 | $13.55 | ||||
0.12 | 0.18 | 0.14 | 0.28 | 0.08 | ||||
4.66 | 1.54 | (2.33) | 5.45 | 1.06 | ||||
4.78 | 1.72 | (2.19) | 5.73 | 1.14 | ||||
(0.18) | (0.13) | (0.39) | (0.15) | — | ||||
(0.18) | (0.13) | (0.39) | (0.15) | — | ||||
$23.88 | $19.28 | $17.69 | $20.27 | $14.69 | ||||
24.93%4 | 9.84% | (11.04%) | 39.43%4 | 8.41%4 | ||||
$1,130,453 | $1,000,200 | $391,408 | $140,119 | $268 | ||||
1.25% | 1.26% | 1.26% | 1.28% | 1.32% | ||||
1.26% | 1.26% | 1.26% | 1.28% | 1.37% | ||||
0.58% | 0.99% | 0.72% | 1.47% | 0.85% | ||||
0.57% | 0.99% | 0.72% | 1.47% | 0.80% | ||||
5% | 10% | 11% | 11% | 25%6 |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income (loss)1 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income (loss) to average net assets |
Ratio of net investment loss to average net assets prior to fees waived |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | Amount is less than $(0.005) per share. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$7.07 | $6.66 | $7.99 | $19.03 | $19.78 | ||||
—2 | 0.01 | 0.01 | (0.02) | (0.02) | ||||
1.56 | 0.40 | (1.02) | 1.86 | (0.06) | ||||
1.56 | 0.41 | (1.01) | 1.84 | (0.08) | ||||
— | — | (0.32) | (12.88) | (0.67) | ||||
— | — | (0.32) | (12.88) | (0.67) | ||||
$8.63 | $7.07 | $6.66 | $7.99 | $19.03 | ||||
22.07% | 6.16% | (13.19%) | 39.78% | (0.38%) | ||||
$7,499 | $10,934 | $10,154 | $12,377 | $15,158 | ||||
1.35% | 1.34% | 1.34% | 1.38% | 1.48% | ||||
1.52% | 1.55% | 1.72% | 2.48% | 1.51% | ||||
(0.04%) | 0.16% | 0.13% | (0.22%) | (0.09%) | ||||
(0.21%) | (0.05%) | (0.25%) | (1.32%) | (0.12%) | ||||
66% | 97% | 106% | 142% | 66% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment loss1 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets3 |
Ratio of expenses to average net assets prior to fees waived3 |
Ratio of net investment loss to average net assets |
Ratio of net investment loss to average net assets prior to fees waived |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
3 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$5.91 | $5.61 | $6.83 | $18.24 | $19.13 | ||||
(0.05) | (0.03) | (0.04) | (0.06) | (0.15) | ||||
1.30 | 0.33 | (0.86) | 1.53 | (0.07) | ||||
1.25 | 0.30 | (0.90) | 1.47 | (0.22) | ||||
— | — | (0.32) | (12.88) | (0.67) | ||||
— | — | (0.32) | (12.88) | (0.67) | ||||
$7.16 | $5.91 | $5.61 | $6.83 | $18.24 | ||||
21.15% | 5.35% | (13.86%) | 38.77% | (1.15%) | ||||
$3,106 | $3,541 | $4,698 | $5,199 | $4,417 | ||||
2.10% | 2.09% | 2.09% | 2.13% | 2.23% | ||||
2.27% | 2.30% | 2.47% | 3.23% | 2.26% | ||||
(0.79%) | (0.59%) | (0.62%) | (0.97%) | (0.84%) | ||||
(0.96%) | (0.80%) | (1.00%) | (2.07%) | (0.87%) | ||||
66% | 97% | 106% | 142% | 66% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment loss1 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets3 |
Ratio of expenses to average net assets prior to fees waived3 |
Ratio of net investment loss to average net assets |
Ratio of net investment loss to average net assets prior to fees waived |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
3 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$6.68 | $6.31 | $7.61 | $18.77 | $19.57 | ||||
(0.02) | (0.01) | (0.01) | (0.03) | (0.06) | ||||
1.48 | 0.38 | (0.97) | 1.75 | (0.07) | ||||
1.46 | 0.37 | (0.98) | 1.72 | (0.13) | ||||
— | — | (0.32) | (12.88) | (0.67) | ||||
— | — | (0.32) | (12.88) | (0.67) | ||||
$8.14 | $6.68 | $6.31 | $7.61 | $18.77 | ||||
21.86% | 5.86% | (13.47%) | 39.45% | (0.65%) | ||||
$340 | $98 | $87 | $92 | $51 | ||||
1.60% | 1.59% | 1.59% | 1.63% | 1.73% | ||||
1.77% | 1.80% | 1.97% | 2.73% | 1.76% | ||||
(0.29%) | (0.09%) | (0.12%) | (0.47%) | (0.34%) | ||||
(0.46%) | (0.30%) | (0.50%) | (1.57%) | (0.37%) | ||||
66% | 97% | 106% | 142% | 66% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income1 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Return of capital |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income (loss) to average net assets prior to fees waived |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | Amount is less than $0.005 per share. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$7.43 | $6.98 | $8.34 | $19.27 | $19.97 | ||||
0.02 | 0.03 | 0.03 | —2 | 0.03 | ||||
1.63 | 0.42 | (1.07) | 1.95 | (0.06) | ||||
1.65 | 0.45 | (1.04) | 1.95 | (0.03) | ||||
(0.01) | — | — | — | — | ||||
— | — | (0.32) | (12.88) | (0.67) | ||||
—2 | — | — | — | — | ||||
(0.01) | — | (0.32) | (12.88) | (0.67) | ||||
$9.07 | $7.43 | $6.98 | $8.34 | $19.27 | ||||
22.30% | 6.45% | (12.99%) | 40.06% | (0.12%) | ||||
$91,340 | $117,702 | $60,124 | $14,025 | $17,958 | ||||
1.10% | 1.09% | 1.09% | 1.13% | 1.23% | ||||
1.27% | 1.30% | 1.47% | 2.23% | 1.26% | ||||
0.21% | 0.41% | 0.38% | 0.03% | 0.16% | ||||
0.04% | 0.20% | 0.00% | (1.07%) | 0.13% | ||||
66% | 97% | 106% | 142% | 66% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income (loss)2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Return of capital |
Total dividends and distributions |
Net asset value, end of period |
Total return5 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets6 |
Ratio of expenses to average net assets prior to fees waived6 |
Ratio of net investment income (loss) to average net assets |
Ratio of net investment income (loss) to average net assets prior to fees waived |
Portfolio turnover |
1 | Date of commencement of operations; ratios have been annualized and total return has not been annualized. |
2 | The average shares outstanding method has been applied for per share information. |
3 | Amount is less than $(0.005) per share. |
4 | Amount is less than $0.005 per share. |
5 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
7 | Portfolio turnover is representative of the Fund for the entire period. |
Year ended | 6/30/171 to 11/30/17 | |||||
11/30/20 | 11/30/19 | 11/30/18 | ||||
$7.45 | $6.99 | $8.35 | $7.07 | |||
0.02 | 0.04 | 0.04 | —3 | |||
1.65 | 0.42 | (1.08) | 1.28 | |||
1.67 | 0.46 | (1.04) | 1.28 | |||
(0.02) | — | — | — | |||
— | — | (0.32) | — | |||
—4 | — | — | — | |||
(0.02) | — | (0.32) | — | |||
$9.10 | $7.45 | $6.99 | $8.35 | |||
22.48% | 6.58% | (12.98%) | 18.11% | |||
$12,498 | $3,780 | $2,676 | $2 | |||
1.00% | 1.00% | 1.00% | 1.00% | |||
1.17% | 1.21% | 1.38% | 2.28% | |||
0.31% | 0.50% | 0.47% | (0.08%) | |||
0.14% | 0.29% | 0.09% | (1.36%) | |||
66% | 97% | 106% | 142%7 |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income1 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
3 | Total return during the period reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
5 | The Fund’s portfolio turnover rate increased substantially during the year ended November 30, 2019 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$14.66 | $13.53 | $15.66 | $12.94 | $12.96 | ||||
0.11 | 0.19 | 0.29 | 0.24 | 0.19 | ||||
0.43 | 1.23 | (2.19) | 2.75 | (0.05) | ||||
0.54 | 1.42 | (1.90) | 2.99 | 0.14 | ||||
(0.18) | (0.29) | (0.23) | (0.27) | (0.16) | ||||
(0.20) | — | — | — | — | ||||
(0.38) | (0.29) | (0.23) | (0.27) | (0.16) | ||||
$14.82 | $14.66 | $13.53 | $15.66 | $12.94 | ||||
3.80%3 | 10.94%3 | (12.32%) | 23.53% | 1.15% | ||||
$59,692 | $62,035 | $63,604 | $68,412 | $54,967 | ||||
1.26% | 1.34% | 1.33% | 1.35% | 1.36% | ||||
1.35% | 1.35% | 1.33% | 1.35% | 1.36% | ||||
0.81% | 1.35% | 1.93% | 1.65% | 1.50% | ||||
0.72% | 1.34% | 1.93% | 1.65% | 1.50% | ||||
36% | 143%5 | 13% | 15% | 13% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income1 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income (loss) to average net assets prior to fees waived |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
5 | The Fund’s portfolio turnover rate increased substantially during the year ended November 30, 2019 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$14.48 | $13.25 | $15.36 | $12.69 | $12.71 | ||||
0.01 | 0.08 | 0.16 | 0.13 | 0.09 | ||||
0.42 | 1.25 | (2.15) | 2.72 | (0.04) | ||||
0.43 | 1.33 | (1.99) | 2.85 | 0.05 | ||||
(0.08) | (0.10) | (0.12) | (0.18) | (0.07) | ||||
(0.20) | — | — | — | — | ||||
(0.28) | (0.10) | (0.12) | (0.18) | (0.07) | ||||
$14.63 | $14.48 | $13.25 | $15.36 | $12.69 | ||||
3.01%3 | 10.18%3 | (13.04%) | 22.71% | 0.36% | ||||
$6,127 | $8,562 | $8,734 | $21,505 | $21,672 | ||||
2.01% | 2.09% | 2.08% | 2.10% | 2.11% | ||||
2.10% | 2.10% | 2.08% | 2.10% | 2.11% | ||||
0.06% | 0.60% | 1.18% | 0.90% | 0.75% | ||||
(0.03%) | 0.59% | 1.18% | 0.90% | 0.75% | ||||
36% | 143%5 | 13% | 15% | 13% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income1 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Total return during the period reflects a waiver by the manager and/or distributor. Performance would have been lower had the waiver not been in effect |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
5 | The Fund’s portfolio turnover rate increased substantially during the year ended November 30, 2019 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$14.60 | $13.46 | $15.59 | $12.88 | $12.90 | ||||
0.08 | 0.15 | 0.25 | 0.20 | 0.16 | ||||
0.42 | 1.24 | (2.19) | 2.75 | (0.05) | ||||
0.50 | 1.39 | (1.94) | 2.95 | 0.11 | ||||
(0.14) | (0.25) | (0.19) | (0.24) | (0.13) | ||||
(0.20) | — | — | — | — | ||||
(0.34) | (0.25) | (0.19) | (0.24) | (0.13) | ||||
$14.76 | $14.60 | $13.46 | $15.59 | $12.88 | ||||
3.53%3 | 10.72%3 | (12.58%) | 23.26% | 0.88% | ||||
$2,845 | $3,472 | $3,508 | $3,440 | $1,578 | ||||
1.51% | 1.59% | 1.58% | 1.60% | 1.61% | ||||
1.60% | 1.60% | 1.58% | 1.60% | 1.61% | ||||
0.56% | 1.10% | 1.68% | 1.40% | 1.25% | ||||
0.47% | 1.09% | 1.68% | 1.40% | 1.25% | ||||
36% | 143%5 | 13% | 15% | 13% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income1 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
5 | The Fund’s portfolio turnover rate increased substantially during the year ended November 30, 2019 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$14.74 | $13.60 | $15.74 | $13.00 | $13.02 | ||||
0.15 | 0.22 | 0.33 | 0.28 | 0.22 | ||||
0.43 | 1.25 | (2.20) | 2.76 | (0.04) | ||||
0.58 | 1.47 | (1.87) | 3.04 | 0.18 | ||||
(0.22) | (0.33) | (0.27) | (0.30) | (0.20) | ||||
(0.20) | — | — | — | — | ||||
(0.42) | (0.33) | (0.27) | (0.30) | (0.20) | ||||
$14.90 | $14.74 | $13.60 | $15.74 | $13.00 | ||||
4.04%3 | 11.29%3 | (12.11%) | 23.87% | 1.41% | ||||
$248,810 | $229,511 | $220,747 | $226,644 | $165,361 | ||||
1.01% | 1.09% | 1.08% | 1.10% | 1.11% | ||||
1.10% | 1.10% | 1.08% | 1.10% | 1.11% | ||||
1.06% | 1.60% | 2.18% | 1.90% | 1.75% | ||||
0.97% | 1.59% | 2.18% | 1.90% | 1.75% | ||||
36% | 143%5 | 13% | 15% | 13% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets5 |
Ratio of expenses to average net assets prior to fees waived5 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Date of commencement of operations; ratios have been annualized and total return has not been annualized. |
2 | The average shares outstanding method has been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The Fund’s portfolio turnover rate increased substantially during the year ended November 30, 2019 due to a change in the Fund’s portfolio managers and associated repositioning. |
7 | Portfolio turnover is representative of the Fund for the entire period. |
Year ended | 3/29/181 to 11/30/18 | |||
11/30/20 | 11/30/19 | |||
$14.74 | $13.60 | $15.36 | ||
0.15 | 0.24 | 0.25 | ||
0.45 | 1.24 | (2.01) | ||
0.60 | 1.48 | (1.76) | ||
(0.23) | (0.34) | — | ||
(0.20) | — | — | ||
(0.43) | (0.34) | — | ||
$14.91 | $14.74 | $13.60 | ||
4.14%4 | 11.36%4 | (11.46%) | ||
$1,585 | $2,091 | $2 | ||
0.95% | 1.03% | 1.02% | ||
1.02% | 1.03% | 1.02% | ||
1.12% | 1.66% | 2.47% | ||
1.05% | 1.66% | 2.47% | ||
36% | 143%6 | 13%7 |
Delaware International Funds | November 30, 2020 |
sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.
(US GAAP) and are consistently followed by the Funds.
“more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the year ended November 30, 2020 and for all open tax years
(years ended November 30, 2017–November 30, 2019), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. In regard to foreign taxes only, a Fund has open tax years in certain foreign countries in which it invests in that may date back to the inception of the Fund. If applicable, the Funds recognize interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the year ended November 30, 2020, the Funds did not incur any interest or tax penalties.
shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.
ex-dividend date that a Fund is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with each Fund’s understanding of the applicable country’s tax rules and rates. Each Fund may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. Each Fund will accrue such taxes as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. Each Fund declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
Fund | Earnings Credits | |
Delaware Emerging Markets Fund | $2,904 | |
Delaware International Small Cap Fund | 125 | |
Delaware International Value Equity Fund | 581 |
Delaware Emerging Markets Fund | Delaware International Small Cap Fund | Delaware International Value Equity Fund | |||
On the first $500 million | 1.2500% | 0.8500% | 0.8500% | ||
On the next $500 million | 1.2000% | 0.8000% | 0.8000% | ||
On the next $1.5 billion | 1.1500% | 0.7500% | 0.7500% | ||
In excess of $2.5 billion | 1.1000% | 0.7000% | 0.7000% |
pay/reimburse the Funds to the extent necessary to ensure that total annual operating expenses (excluding any distribution and service (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), do not exceed the following specified percentages of average daily net assets of each Fund. The expense waivers were in effect from December 1, 2019 through November 30, 2020.* For purposes of these waivers and reimbursements, nonroutine expenses may also include such additional costs and expenses, as may be agreed upon from time to time by the Funds’ Board and DMC. These waivers and reimbursements apply only to expenses paid directly by the Funds
Fund | Operating expense limitation as a percentage of average daily net assets (per annum) December 1, 2019- March 26, 2020 | Operating expense limitation as a percentage of average daily net assets (per annum) March 27, 2020- July 30, 2020 | Operating expense limitation as a percentage of average daily net assets (per annum) July 31, 2020- November 30, 2020 | |||
Delaware Emerging Markets Fund | 1.37%1 | 1.32%2 | 1.32%2 | |||
Delaware International Small Cap Fund | 1.12%3 | 1.12%3 | 1.12%3 | |||
Delaware International Value Equity Fund | 1.09%4 | 1.09%4 | 0.88%5 |
1 | The expense limitation was 1.25% for Class R6 shares. |
2 | The expense limitation is 1.20% for Class R6 shares. |
3 | The expense limitation is 1.00% for Class R6 shares. |
4 | The expense limitation was 1.03% for Class R6 shares. |
5 | The expense limitation is 0.82% for Class R6 shares. |
Fund | Fees | |
Delaware Emerging Markets Fund | $177,466 | |
Delaware International Small Cap Fund | 8,009 | |
Delaware International Value Equity Fund | 13,724 |
Fund | Fees | |
Delaware Emerging Markets Fund | $469,084 | |
Delaware International Small Cap Fund | 10,829 | |
Delaware International Value Equity Fund | 26,331 |
Fund | Fees | |
Delaware Emerging Markets Fund | $158,458 | |
Delaware International Small Cap Fund | 5,392 | |
Delaware International Value Equity Fund | 9,567 |
Fund | Commissions | |
Delaware Emerging Markets Fund | $28,218 | |
Delaware International Small Cap Fund | 1,408 | |
Delaware International Value Equity Fund | 4,532 |
Fund | Class A | Class C | ||
Delaware Emerging Markets Fund | $30,662 | $8,512 | ||
Delaware International Small Cap Fund | 17,833 | 45 | ||
Delaware International Value Equity Fund | 86 | 282 |
Fund | Purchases | Sales | ||
Delaware Emerging Markets Fund | $273,973,083 | $979,841,931 | ||
Delaware International Small Cap Fund | 74,784,687 | 112,667,427 | ||
Delaware International Value Equity Fund | 106,690,827 | 101,495,964 |
Fund | Cost of investments and derivatives | Aggregate unrealized appreciation of investments and derivatives | Aggregate unrealized depreciation of investments and derivatives | Net unrealized appreciation of investments and derivatives | ||||
Delaware Emerging Markets Fund | $4,435,457,226 | $2,195,901,631 | $(896,470,121) | $1,299,431,510 | ||||
Delaware International Small Cap Fund | 85,350,937 | 32,171,480 | (2,796,037) | 29,375,443 | ||||
Delaware International Value Equity Fund | 305,011,309 | 38,443,377 | (26,474,615) | 11,968,762 |
Delaware Emerging Markets Fund | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Securities | ||||||||||||
Assets: | ||||||||||||
Common Stock | ||||||||||||
Argentina | $12,139,963 | $1,340,356 | $— | $13,480,319 | ||||||||
Bahrain | — | 1,418,067 | — | 1,418,067 | ||||||||
Brazil | 349,819,650 | — | — | 349,819,650 | ||||||||
Chile | 52,455,128 | — | — | 52,455,128 | ||||||||
China | 2,164,824,490 | — | — | 2,164,824,490 | ||||||||
India | — | 509,042,902 | — | 509,042,902 | ||||||||
Indonesia | 28,991,364 | — | — | 28,991,364 | ||||||||
Malaysia | 1,773,441 | — | — | 1,773,441 | ||||||||
Mexico | 182,388,945 | — | — | 182,388,945 | ||||||||
Peru | 35,713,140 | — | — | 35,713,140 | ||||||||
Republic of Korea | 1,006,381,427 | — | — | 1,006,381,427 | ||||||||
Russia | 58,727,859 | 229,906,099 | — | 288,633,958 | ||||||||
South Africa | 48,809,203 | — | — | 48,809,203 | ||||||||
Taiwan | 782,685,539 | — | — | 782,685,539 | ||||||||
Turkey | 37,279,466 | — | — | 37,279,466 | ||||||||
United Kingdom | 3,544,689 | — | — | 3,544,689 | ||||||||
United States | 54,476,500 | — | — | 54,476,500 | ||||||||
Exchange-Traded Fund | 6,470,230 | — | — | 6,470,230 | ||||||||
Participation Notes | — | — | — | — | ||||||||
Preferred Stock1 | 103,066,862 | 22,512,036 | — | 125,578,898 | ||||||||
Short-Term Investments | 41,122,516 | — | — | 41,122,516 | ||||||||
Total Value of Securities | $4,970,670,412 | $764,219,460 | $— | $5,734,889,872 | ||||||||
Derivatives2 | ||||||||||||
Liabilities: | ||||||||||||
Foreign Currency Exchange Contracts | $— | $(1,136) | $— | $(1,136) |
1Security type is valued across multiple levels. The amounts attributed to Level 1 investments and Level 2 investments represent 82.07% and 17.93%, respectively, of the total market value of this security type. Level 1 investments represent exchange traded investments and Level 2 investments represent investments with observable inputs. |
2Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
Delaware International Small Cap Fund | ||||||||
Level 1 | Level 2 | Total | ||||||
Securities | ||||||||
Assets: | ||||||||
Common Stock | ||||||||
Argentina | $1,223,674 | $— | $1,223,674 | |||||
Australia | 3,744,575 | — | 3,744,575 | |||||
Austria | 385,739 | — | 385,739 | |||||
Belgium | 2,285,419 | — | 2,285,419 | |||||
Brazil | 805,438 | — | 805,438 | |||||
Canada | 11,502,799 | — | 11,502,799 | |||||
China | 3,523,031 | — | 3,523,031 | |||||
Denmark | 2,379,406 | — | 2,379,406 | |||||
Finland | 1,610,300 | — | 1,610,300 | |||||
France | 4,611,038 | — | 4,611,038 | |||||
Germany | 6,651,189 | — | 6,651,189 | |||||
Hong Kong | 1,180,880 | — | 1,180,880 | |||||
India | — | 3,686,388 | 3,686,388 | |||||
Ireland | 1,263,099 | — | 1,263,099 | |||||
Italy | 1,440,939 | — | 1,440,939 | |||||
Japan | 23,717,185 | — | 23,717,185 | |||||
Netherlands | 1,312,113 | — | 1,312,113 | |||||
New Zealand | 912,879 | — | 912,879 | |||||
Norway | 3,607,016 | — | 3,607,016 | |||||
Republic of Korea | 4,114,849 | — | 4,114,849 | |||||
Russia | — | 2,540,093 | 2,540,093 | |||||
Sweden | 6,066,882 | — | 6,066,882 | |||||
Switzerland | 1,330,069 | — | 1,330,069 | |||||
Taiwan | 3,191,117 | — | 3,191,117 | |||||
United Kingdom | 17,330,898 | 516,039 | 17,846,937 | |||||
Preferred Stock | 1,337,243 | — | 1,337,243 | |||||
Short-Term Investments | 2,456,083 | — | 2,456,083 | |||||
Total Value of Securities | $107,983,860 | $6,742,520 | $114,726,380 |
Delaware International Value Equity Fund | ||||||||||
Level 1 | Level 2 | Total | ||||||||
Securities | ||||||||||
Assets: | ||||||||||
Common Stock | $311,078,582 | $— | $311,078,582 | |||||||
Exchange-Traded Funds | 5,724,708 | — | 5,724,708 | |||||||
Securities Lending Collateral | — | 181,119 | 181,119 | |||||||
Total Value of Securities | $316,803,290 | $181,119 | $316,984,409 | |||||||
Derivatives | ||||||||||
Liabilities: | ||||||||||
Foreign Currency Exchange Contracts | $— | $(4,338) | $(4,338) |
Ordinary income | Long-term capital gains | Return of capital | Total | ||||||
Year ended November 30, 2020: | |||||||||
Delaware Emerging Markets Fund | $43,709,471 | $427,030 | $— | $44,136,501 | |||||
Delaware International Small Cap Fund | 209,984 | — | 22,921 | 232,905 | |||||
Delaware International Value Equity Fund | 4,330,566 | 4,213,609 | — | 8,544,175 | |||||
Year ended November 30, 2019: | |||||||||
Delaware Emerging Markets Fund | 29,107,600 | — | — | 29,107,600 | |||||
Delaware International Small Cap Fund | — | — | — | — | |||||
Delaware International Value Equity Fund | 6,622,712 | — | — | 6,622,712 |
Delaware Emerging Markets Fund | Delaware International Small Cap Fund | Delaware International Value Equity Fund | |||
Shares of beneficial interest | $4,397,301,111 | $100,275,923 | $302,172,605 | ||
Undistributed ordinary income | — | — | 2,531,786 | ||
Undistributed long-term capital gains | 34,112,235 | — | 2,385,499 | ||
Capital loss carryforwards | — | (14,868,377) | — | ||
Unrealized appreciation (depreciation) of investments and foreign currencies | 1,299,431,510 | 29,375,443 | 11,968,762 | ||
Net assets | $5,730,844,856 | $114,782,989 | $319,058,652 |
Delaware International Small Cap Fund | |
Paid-in capital | $(2,112) |
Total distributable earnings (loss) | 2,112 |
Loss carryforward character | |||||
Short-term | Long-term | Total | |||
Delaware International Small Cap Fund | $ 14,868,377 | $ — | $ 14,868,377 |
Delaware Emerging Markets Fund | Delaware International Small Cap Fund | Delaware International Value Equity Fund | |||||||||
Year ended | Year ended | Year ended | |||||||||
11/30/20 | 11/30/19 | 11/30/20 | 11/30/19 | 11/30/20 | 11/30/19 | ||||||
Shares sold: | |||||||||||
Class A | 3,800,155 | 4,628,100 | 166,626 | 644,483 | 601,892 | 440,276 | |||||
Class C | 416,232 | 1,327,923 | 68,599 | 106,620 | 66,004 | 154,073 | |||||
Class R | 336,451 | 561,625 | 28,214 | 4,882 | 108,335 | 98,490 | |||||
Institutional Class | 59,484,711 | 86,297,403 | 2,181,691 | 15,090,204 | 7,806,680 | 5,265,741 | |||||
Class R6 | 14,167,608 | 37,121,334 | 1,256,101 | 219,742 | 18,747 | 141,767 | |||||
Shares issued upon reinvestment of dividends and distributions: | |||||||||||
Class A | 96,611 | 64,817 | — | — | 114,423 | 109,160 | |||||
Class C | — | — | — | — | 11,490 | 5,445 | |||||
Class R | 6,517 | 670 | — | — | 5,718 | 5,497 | |||||
Institutional Class | 1,376,861 | 1,134,362 | 26,670 | — | 451,416 | 413,816 | |||||
Class R6 | 210,213 | 153,454 | 625 | — | 3,895 | 3 | |||||
79,895,359 | 131,289,688 | 3,728,526 | 16,065,931 | 9,188,600 | 6,634,268 | ||||||
Shares redeemed: | |||||||||||
Class A | (6,631,977) | (6,709,466) | (844,513) | (623,100) | (920,232) | (1,021,161) | |||||
Class C | (2,624,550) | (3,069,577) | (234,152) | (345,224) | (250,099) | (227,238) | |||||
Class R | (1,003,053) | (1,051,161) | (1,161) | (3,914) | (159,139) | (126,800) | |||||
Institutional Class | (88,414,469) | (125,934,388) | (7,990,035) | (7,859,160) | (7,133,324) | (6,337,525) | |||||
Class R6 | (18,905,111) | (7,542,476) | (390,839) | (94,971) | (58,176) | (76) | |||||
(117,579,160) | (144,307,068) | (9,460,700) | (8,926,369) | (8,520,970) | (7,712,800) | ||||||
Net increase (decrease) | (37,683,801) | (13,017,380) | (5,732,174) | 7,139,562 | 667,630 | (1,078,532) |
Exchange Redemptions | Exchange Subscriptions | |||||||||||||||||||||
Class A Shares | Class C Shares | Institutional Class Shares | Class R6 Shares | Class A Shares | Institutional Class Shares | Class R6 Shares | Value | |||||||||||||||
Delaware Emerging Markets Fund | ||||||||||||||||||||||
Year ended | ||||||||||||||||||||||
11/30/20 | 61,268 | 39,452 | 16,653 | 59,883 | 19,261 | 136,534 | 18,093 | $3,448,082 | ||||||||||||||
Year ended | ||||||||||||||||||||||
11/30/19 | 40,931 | 48,190 | 25,591,605 | 35,182 | 11,859 | 106,957 | 25,582,130 | 488,428,095 | ||||||||||||||
Delaware International Small Cap Fund | ||||||||||||||||||||||
Year ended | ||||||||||||||||||||||
11/30/20 | 1,259 | 1,133 | — | — | 943 | 1,198 | — | 16,136 | ||||||||||||||
Year ended | ||||||||||||||||||||||
11/30/19 | — | 3,973 | — | — | 1,790 | 1,470 | — | 22,721 | ||||||||||||||
Delaware International Value Equity Fund | ||||||||||||||||||||||
Year ended | ||||||||||||||||||||||
11/30/20 | 1 | 5,003 | — | — | 4,951 | 1 | — | 68,444 | ||||||||||||||
Year ended | ||||||||||||||||||||||
11/30/19 | 4,996 | 6,843 | — | — | 6,783 | 4,979 | — | 162,558 |
Long Derivative Volume | ||||||||
Delaware Emerging Markets Fund | Delaware International Small Cap Fund | Delaware International Value Equity Fund | ||||||
Foreign currency exchange contracts (average notional value) | $322,140 | $208,554 | $241,744 |
Short Derivative Volume | ||||||||
Delaware Emerging Markets Fund | Delaware International Small Cap Fund | Delaware International Value Equity Fund | ||||||
Foreign currency exchange contracts (average notional value) | $919,197 | $388,023 | $254,594 |
Delaware Emerging Markets Fund | ||||||
Counterparty | Gross Value of Derivative Asset | Gross Value of Derivative Liability | Net Position | |||
BNYM | $— | $(1,136) | $(1,136) |
Counterparty | Net Position | Fair Value of Non-Cash Collateral Received | Cash Collateral Received(a) | Fair Value of Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Exposure(b) | ||||||
BNYM | $(1,136) | $— | $— | $— | $— | $(1,136) |
Delaware International Value Equity Fund | ||||||
Counterparty | Gross Value of Derivative Asset | Gross Value of Derivative Liability | Net Position | |||
BNYM | $— | $(4,338) | $(4,338) |
Counterparty | Net Position | Fair Value of Non-Cash Collateral Received | Cash Collateral Received(a) | Fair Value of Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Exposure(b) | ||||||
BNYM | $(4,338) | $— | $— | $— | $— | $(4,338) |
Delaware International Value Equity Fund | ||||||||||
Counterparty | Securities Loaned at Value | Cash Collateral Received(a) | Fair Value of Non-Cash Collateral Received | Net Collateral Received | Net Exposure(b) | |||||
BNY Mellon | $458,878 | $(458,878) | $— | $(458,878) | $— |
Securities Lending Transactions | Overnight and continuous | Under 30 days | Between 30 & 90 days | Over 90 Days | Total | |||||
Repurchase Agreements | $181,119 | $— | $— | $— | $181,119 |
Philadelphia, Pennsylvania
January 21, 2021
(A) Long-Term Capital Gains Distributions (Tax Basis)* | (B) Ordinary Income Distributions (Tax Basis) | (C) Return of Capital (Tax Basis) | Total Distributions (Tax Basis) | |
Delaware Emerging Markets Fund | 0.97% | 99.03% | — | 100.00% |
Delaware International Small Cap Fund | — | 90.16% | 9.84% | 100.00% |
Delaware International Value Equity Fund | 49.32% | 50.68% | — | 100.00% |
Delaware Emerging Markets Fund | Delaware International Small Cap Fund | Delaware International Value Equity Fund | |
100.00% | 100.00% | 100.00% |
Delaware Emerging Markets Fund | Delaware International Small Cap Fund | Delaware International Value Equity Fund | |
$12,456,858 | $98,009 | $399,598 |
Delaware Emerging Markets Fund | Delaware International Small Cap Fund | Delaware International Value Equity Fund | |
$109,139,573 | $1,652,177 | $6,583,831 |
Sub-Adviser to the Funds. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Funds; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Funds; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the
Sub-Advisers.
poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5-, and 10-year periods, to the extent, applicable, ended January 31, 2020. The Board’s objective is that each Fund’s performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Interested Trustee | |||||
Shawn K. Lytle1 610 Market Street Philadelphia, PA 19106-2354 February 1970 | President, Chief Executive Officer, and Trustee | President and Chief Executive Officer since August 2015 Trustee since September 2015 | Global Head of Macquarie Investment Management2 (January 2019–Present) Head of Americas of Macquarie Group (December 2017–Present) Deputy Global Head of Macquarie Investment Management (2017–2019) Head of Macquarie Investment Management Americas (2015–2017) | 85 | Trustee — UBS Relationship Funds, SMA Relationship Trust, and UBS Funds (May 2010–April 2015) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Independent Trustees | |||||
Jerome D. Abernathy 610 Market Street Philadelphia, PA 19106-2354 July 1959 | Trustee | Since January 2019 | Managing Member, Stonebrook Capital Management, LLC (financial technology: macro factors and databases) (January 1993-Present) | 85 | None |
Thomas L. Bennett 610 Market Street Philadelphia, PA 19106-2354 October 1947 | Chair and Trustee | Trustee since March 2005 Chair since March 2015 | Private Investor (March 2004–Present) | 85 | None |
Ann D. Borowiec 610 Market Street Philadelphia, PA 19106-2354 November 1958 | Trustee | Since March 2015 | Chief Executive Officer, Private Wealth Management (2011–2013) and Market Manager, New Jersey Private Bank (2005–2011) — J.P. Morgan Chase & Co. | 85 | Director — Banco Santander International (October 2016–December 2019) Director — Santander Bank, N.A. (December 2016–December 2019) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Joseph W. Chow 610 Market Street Philadelphia, PA 19106-2354 January 1953 | Trustee | Since January 2013 | Private Investor (April 2011–Present) | 85 | Director and Audit Committee Member — Hercules Technology Growth Capital, Inc. (July 2004–July 2014) |
John A. Fry 610 Market Street Philadelphia, PA 19106-2354 May 1960 | Trustee | Since January 2001 | President — Drexel University (August 2010–Present) President — Franklin & Marshall College (July 2002–June 2010) | 85 | Director; Compensation Committee and Governance Committee Member — Community Health Systems (May 2004–Present) Director — Drexel Morgan & Co. (2015–2019) Director and Audit Committee Member — vTv Therapeutics Inc. (2017–Present) Director and Audit Committee Member — FS Credit Real Estate Income Trust, Inc. (2018–Present) Director — Federal Reserve Bank of Philadelphia (January 2020–Present) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Lucinda S. Landreth 610 Market Street Philadelphia, PA 19106-2354 June 1947 | Trustee | Since March 2005 | Private Investor (2004–Present) | 85 | None |
Frances A. Sevilla-Sacasa 610 Market Street Philadelphia, PA 19106-2354 January 1956 | Trustee | Since September 2011 | Private Investor (January 2017–Present) Chief Executive Officer — Banco Itaú International (April 2012–December 2016) Executive Advisor to Dean (August 2011–March 2012) and Interim Dean (January 2011–July 2011) — University of Miami School of Business Administration President — U.S. Trust, Bank of America Private Wealth Management (Private Banking) (July 2007-December 2008) | 85 | Trust Manager and Audit Committee Chair — Camden Property Trust (August 2011–Present) Director; Strategic Planning and Reserves Committee and Nominating and Governance Committee Member — Callon Petroleum Company (December 2019–Present) Director; Audit Committee Member — Carrizo Oil & Gas, Inc. (March 2018–December 2019) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Thomas K. Whitford 610 Market Street Philadelphia, PA 19106-2354 March 1956 | Trustee | Since January 2013 | Vice Chairman (2010–April 2013) — PNC Financial Services Group | 85 | Director — HSBC North America Holdings Inc. (December 2013–Present) Director — HSBC USA Inc. (July 2014–Present) Director — HSBC Bank USA, National Association (July 2014–March 2017) Director — HSBC Finance Corporation (December 2013–April 2018) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Christianna Wood 610 Market Street Philadelphia, PA 19106-2354 August 1959 | Trustee | Since January 2019 | Chief Executive Officer and President — Gore Creek Capital, Ltd. (August 2009–Present) | 85 | Director; Finance Committee and Audit Committee Member — H&R Block Corporation (July 2008–Present) Director; Investments Committee, Capital and Finance Committee, and Audit Committee Member — Grange Insurance (2013–Present) Trustee; Chair of Nominating and Governance Committee and Audit Committee Member — The Merger Fund (2013–Present), The Merger Fund VL (2013–Present); WCM Alternatives: Event-Driven Fund (2013–Present), and WCM Alternatives: Credit Event Fund (December 2017–Present) Director; Chair of Governance Committee and Audit Committee Member — International Securities Exchange (2010–2016) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Janet L. Yeomans 610 Market Street Philadelphia, PA 19106-2354 July 1948 | Trustee | Since April 1999 | Vice President and Treasurer (January 2006–July 2012), Vice President — Mergers & Acquisitions (January 2003–January 2006), and Vice President and Treasurer (July 1995–January 2003) — 3M Company | 85 | Director; Personnel and Compensation Committee Chair; Member of Nominating, Investments, and Audit Committees for various periods throughout directorship — Okabena Company (2009–2017) |
Officers | |||||
David F. Connor 610 Market Street Philadelphia, PA 19106-2354 December 1963 | Senior Vice President, General Counsel, and Secretary | Senior Vice President, since May 2013; General Counsel since May 2015; Secretary since October 2005 | David F. Connor has served in various capacities at different times at Macquarie Investment Management. | 85 | None3 |
Daniel V. Geatens 610 Market Street Philadelphia, PA 19106-2354 October 1972 | Vice President and Treasurer | Vice President and Treasurer since October 2007 | Daniel V. Geatens has served in various capacities at different times at Macquarie Investment Management. | 85 | None3 |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Richard Salus 610 Market Street Philadelphia, PA 19106-2354 October 1963 | Senior Vice President and Chief Financial Officer | Senior Vice President and Chief Financial Officer since November 2006 | Richard Salus has served in various capacities at different times at Macquarie Investment Management. | 85 | None |
Chief Executive Officer
Delaware Funds®
by Macquarie
Philadelphia, PA
Stonebrook Capital
Management, LLC
Jersey City, NJ
Delaware Funds
by Macquarie
Private Investor
Rosemont, PA
Officer
Private Wealth Management
J.P. Morgan Chase & Co.
New York, NY
President
State Street Corporation
Boston, MA
Drexel University
Philadelphia, PA
Officer
Assurant, Inc.
New York, NY
Sevilla-Sacasa
Officer
Banco Itaú International
Miami, FL
PNC Financial Services Group
Pittsburgh, PA
and President
Gore Creek Capital, Ltd.
Golden, CO
Treasurer
3M Company
St. Paul, MN
General Counsel,
and Secretary
Delaware Funds
by Macquarie
Philadelphia, PA
Treasurer
Delaware Funds
by Macquarie
Philadelphia, PA
Chief Financial Officer
Delaware Funds
by Macquarie
Philadelphia, PA
and use
broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
This and other information can be found in each Fund’s prospectus and, if available, its summary prospectus.
A Delaware Funds by Macquarie prospectus may be obtained by visiting delawarefunds.com/literature or
calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully
before investing.
Municipal fixed income funds
out the convenient options provided by Macquarie Investment Management. We try to make it easy for you to avoid some of the sales charges that you might otherwise have to pay when you withdraw and invest your money with another firm.
exchange all or part of your shares in one Delaware Funds® by Macquarie mutual fund for shares of the same class of another fund without paying a front-end sales charge or a contingent deferred sales charge (CDSC).
any changes:
or $75 quarterly. If the annual amount you withdraw is less than 12% of your account balance at the time the systematic withdrawal plan is established, the CDSC ordinarily applicable to certain fund classes will be waived. More details are available in your prospectus or at
delawarefunds.com/literature.
read it carefully before buying shares through an exchange.
800 523-1918, weekdays from 8:30am to
6:00pm ET
institutions representatives only
800 362-7500
P.O. Box 9876
Providence, RI 02940-8076
4400 Computer Drive
Westborough, MA 01581-1722
Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.
Item 2. Code of Ethics
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant’s Code of Business Ethics has been posted on the Delaware Funds® by Macquarie Internet Web site at www.delawarefunds.com. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Trustees has determined that certain members of the registrant’s Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an “audit committee financial expert” is a person who has the following attributes:
a. An understanding of generally accepted accounting principles and financial statements;
b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;
c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities;
d. An understanding of internal controls and procedures for financial reporting; and
e. An understanding of audit committee functions.
An “audit committee financial expert” shall have acquired such attributes through:
a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;
b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;
c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or
d. Other relevant experience.
The registrant’s Board of Trustees has also determined that each member of the registrant’s Audit Committee is independent. In order to be “independent” for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees or any committee thereof, accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an “interested person” of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.
The names of the audit committee financial experts on the registrant’s Audit Committee are set forth below:
Jerome D. Abernathy
John A. Fry
Thomas K. Whitford, Chair
Christianna Wood
Item 4. Principal Accountant Fees and Services
(a) Audit fees.
The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $94, 380 for the fiscal year ended November 30, 2020.
The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $128,880 for the fiscal year ended November 30, 2019.
(b) Audit-related fees.
The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended November 30, 2020.
The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $903,282 for the registrant’s fiscal year ended November 30, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.
The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended November 30, 2020.
The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $909,000 for the registrant’s fiscal year ended November 30, 2019. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.
(c) Tax fees.
The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $19,830 for the fiscal year ended November 30, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.
The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended November 30, 2020.
The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $26,440 for the fiscal year ended November 30, 2019. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.
The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended November 30, 2019.
(d) All other fees.
The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended November 30, 2020.
The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended November 30, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.
The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended November 30, 2019.
The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended November 30, 2019. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.
(e) The registrant’s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the “Pre-Approval Policy”) with respect to services provided by the registrant’s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Delaware Funds® by Macquarie.
Service | Range of Fees |
Audit Services | |
Statutory audits or financial audits for new Funds | up to $40,000 per Fund |
Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters | up to $10,000 per Fund |
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit-related services” rather than “audit services”) | up to $25,000 in the aggregate |
Audit-Related Services | |
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit services” rather than “audit-related services”) | up to $25,000 in the aggregate |
Tax Services | |
U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds’ tax compliance function, etc.) | up to $25,000 in the aggregate |
U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.) | up to $5,000 per Fund |
Review of federal, state, local and international income, franchise and other tax returns | up to $5,000 per Fund |
Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant’s investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the “Control Affiliates”) up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.
Service | Range of Fees |
Non-Audit Services | |
Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters | up to $10,000 in the aggregate |
The Pre-Approval Policy requires the registrant’s independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.
(f) Not applicable.
(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $8,455,000 and $4,687,000 for the registrant’s fiscal years ended November 30, 2020 and November 30, 2019, respectively.
(h) In connection with its selection of the independent auditors, the registrant’s Audit Committee has considered the independent auditors’ provision of non-audit services to the registrant’s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors’ provision of these services is compatible with maintaining the auditors’ independence.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.
(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 11. Controls and Procedures
The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.
There were no significant changes in the registrant’s internal control over financial reporting that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a) (1) Code of Ethics
Not applicable.
(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.
Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.
DELAWARE GROUP® GLOBAL & INTERNATIONAL FUNDS
/s/SHAWN K. LYTLE | |
By: | Shawn K. Lytle |
Title: | President and Chief Executive Officer |
Date: | February 3, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/SHAWN K. LYTLE | |
By: | Shawn K. Lytle |
Title: | President and Chief Executive Officer |
Date: | February 3, 2021 |
/s/RICHARD SALUS | |
By: | Richard Salus |
Title: | Chief Financial Officer |
Date: | February 3, 2021 |