DELAWARE GROUP® GLOBAL & INTERNATIONAL FUNDS
Delaware International Small Cap Fund (the “Fund”)
Supplement to the Fund’s Summary and Statutory Prospectuses
each dated March 30, 2021
Effective the date of this Supplement, the following replaces the Fund’s summary prospectus section entitled, “Delaware International Small Cap Fund — What are the Fund’s principal investment strategies?” and the
statutory prospectus section entitled, “Fund summaries: Delaware International Small Cap Fund — What are the Fund’s principal investment strategies?”:
The Fund seeks to achieve its investment objective by investing primarily in common stocks of non-US companies, which may include companies located or operating in developed or emerging markets. Under normal circumstances, the Fund will invest
at least 80% of its net assets, plus any borrowings for investment purposes, in small-capitalization equity securities (80% policy). The Fund’s 80% policy is nonfundamental and may be changed without shareholder approval. Fund shareholders would be
given at least 60 days’ notice prior to any such change.
The Manager currently invests primarily in small-cap market capitalization companies domiciled outside of the United States. The Fund considers small-cap market capitalization companies to be companies with market capitalizations within the
range of companies in the MSCI ACWI ex-US Small Cap Index at the time of purchase. As of March 31, 2021, this range of market capitalizations was between $38 million and $7.9 billion. This range is subject to change with market fluctuations. The
Fund may continue to hold securities of a company even if its current market cap later exceeds the market cap range of the MSCI ACWI ex-US Small Cap Index.
The Fund will invest at least 40% of its net assets in non-US securities. While the Fund invests primarily in developed markets (ex-US), the Fund may invest up to 30% of its net assets in emerging markets. The Fund will primarily invest in
countries included in the MSCI ACWI ex USA Small Cap Index. Benchmark weightings may result in the Fund investing over 25% in any one country.
Using a bottom-up approach, the Manager will seek to select securities of companies that it believes are undergoing positive fundamental change, which may lead to better-than-expected earnings growth. The Manager believes that the magnitude and
duration of growth driven by positive fundamental change is often underestimated and that the shares of companies experiencing such a change typically will continue to experience relative price strength and continue to outperform the broader
market. The Manager may sell a security if it no longer believes that the security is likely to contribute to meeting the investment objective of the Fund or if there are other opportunities that appear more attractive.
The Manager may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (MFMHKL), to execute Fund security trades on behalf of the Manager. The Manager may also seek
quantitative support from MIMGL.
Because everyone’s tax situation is unique, you should consult your tax professional about federal, state, local, or foreign tax consequences before making an investment in the Fund or acting on a distribution check.
Delaware Management Company (Manager) is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). Other than Macquarie Bank Limited (MBL), a subsidiary of MGL and an affiliate of the Manager, none of the
entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or
otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Fund is governed by US laws and regulations.
Please keep this Supplement for future reference.
This Supplement is dated May 27, 2021.