Delaware Group Global & International Funds
Delaware International Value Equity Fund
(the “Fund”)
Supplement to the Fund’s Summary Prospectus, dated March 30, 2023, as amended
Changes Effective August 31, 2023
Effective August 31, 2023, Charles (Trey) Schorgl is added as an additional portfolio manager of the Fund and will serve as a portfolio
manager of the Fund with Aditya Kapoor and Charles John. References to any other portfolio managers of the Fund are removed.
Effective August 31, 2023, the following is added to the
information in the section entitled “Who manages the Fund? – Investment Manager”:
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Portfolio managers
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Title with Delaware Management Company
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Start date on the Fund
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Charles (Trey) Schorgl
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Managing Director, Senior Portfolio Manager
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August 2023
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Changes Effective October 31, 2023
Effective October 31, 2023, the Fund will change its name from Delaware International Value Equity Fund to Delaware International Equity
Fund. Accordingly, all references to Delaware International Value Equity Fund will be replaced with Delaware International Equity Fund.
Effective October 31, 2023, the Fund will change its benchmark index from the MSCI EAFE (Europe, Australasia, Far East) Index to the MSCI
ACWI (All Country World Index) ex USA Index.
Effective October 31, 2023, the first paragraph of
the section entitled “What are the Fund’s principal investment strategies?” is deleted in its entirety and is replaced with:
The Fund invests primarily in equity securities that provide the potential for
capital appreciation. Under normal circumstances, the Fund will invest at least 65% of its total assets in equity securities of issuers that are organized, have a majority of their assets, or generate the majority of their operating income outside
the United States. The Fund may invest more than 25% of its total assets in the securities of issuers located in the same country. The Fund’s investment in emerging market companies will not exceed the greater of (a) 35% of the Fund’s net assets or
(b) the weight of emerging markets in the Fund’s benchmark index, the MSCI ACWI ex USA Index.
Effective October 31, 2023, the fourth paragraph of
the section entitled “What are the Fund’s principal investment strategies?” is deleted in its entirety and is replaced with:
The portfolio management team believes that the potential for strong returns can be realized by assembling an international portfolio of fundamentally
strong companies that have superior business prospects and that are priced below the team’s estimate of intrinsic value.
Effective October 31, 2023, the following risk
disclosures are added to the section entitled “What are the principal risks of investing in the Fund?”:
Currency risk — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.
Foreign currency exchange transactions and forward foreign
currency contracts risk — The risk that a fund’s use of foreign currency exchange transactions and forward foreign currency contracts to hedge certain market risks
(such as interest rates, currency exchange rates and broad or specific market movement) may increase the possibility of default by the counterparty to the transaction and, to the extent the Manager's judgment as to certain market movements is
incorrect, the risk of losses that are greater than if the investment technique had not been used.
Derivatives risk — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss
if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the Manager anticipated. When used for hedging, the change in value of the derivatives
instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to
perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).
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 (if applicable).
Delaware Management Company is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). None of the entities noted in this
document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583
542 (Macquarie Bank). Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these entities. In addition, if this document relates to an investment (a) each investor is subject to investment risk including
possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group company guarantees any particular rate of return on or the performance of the investment, nor do they guarantee
repayment of capital in respect of the investment.
Please keep this Supplement for future reference.
This Supplement is dated August 15, 2023.