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:		May 31, 2021

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Item 1. Reports to Stockholders

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Experience Delaware Funds^® by Macquarie

Macquarie Investment Management (MIM) is a global asset manager 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.

If you are interested in learning more about creating an investment plan, contact your financial advisor.

You can learn more about Delaware Funds or obtain a prospectus for Delaware Emerging Markets Fund, Delaware International Small Cap Fund, and Delaware International Value Equity Fund at delawarefunds.com/literature.

Manage your account online

●	Check your account balance and transactions
●	View statements and tax forms
●	Make purchases and redemptions

Visit delawarefunds.com/account-access.

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. 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.

The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

Other than Macquarie Bank Limited (MBL), 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 Funds are governed by US laws and regulations.

Table of contents

Disclosure of Fund expenses		1
Security type / country and sector allocations		4
Schedules of investments		10
Statements of assets and liabilities		27
Statements of operations		30
Statements of changes in net assets		32
Financial highlights		38
Notes to financial statements		68
Other Fund information		90
About the organization		91

Unless otherwise noted, views expressed herein are current as of May 31, 2021, and subject to change for events occurring after such date.

The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.

All third-party marks cited are the property of their respective owners.

© 2021 Macquarie Management Holdings, Inc.

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Disclosure of Fund expenses
For the six-month period from December 1, 2020 to May 31, 2021 (Unaudited)

The investment objective of Delaware Emerging Markets Fund and Delaware International Small Cap Fund is to seek long-term capital appreciation.

The investment objective of Delaware International Value Equity Fund is to seek long-term growth without undue risk to principal.

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from December 1, 2020 to May 31, 2021.

Actual expenses

The first section of the tables shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second section of the tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and 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 Funds’ expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

1

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Disclosure of Fund expenses
For the six-month period from December 1, 2020 to May 31, 2021 (Unaudited)

Delaware Emerging Markets Fund
Expense analysis of an investment of $1,000

		Beginning					Ending									Expenses
		Account Value					Account Value					Annualized				Paid During Period
		12/1/20					5/31/21					Expense Ratio				12/1/20 to 5/31/21*
Actual Fund return†
Class A			$	1,000.00				$	1,164.60				1.57%				$8.47
Class C				1,000.00					1,160.10				2.32%				12.49
Class R				1,000.00					1,163.60				1.82%				9.82
Institutional Class				1,000.00					1,166.50				1.32%				7.13
Class R6				1,000.00					1,167.00				1.22%				6.59
Hypothetical 5% return (5% return before expenses)
Class A			$	1,000.00				$	1,017.10				1.57%				$7.90
Class C				1,000.00					1,013.36				2.32%				11.65
Class R				1,000.00					1,015.86				1.82%				9.15
Institutional Class				1,000.00					1,018.35				1.32%				6.64
Class R6				1,000.00					1,018.85				1.22%				6.14

Delaware International Small Cap Fund
Expense analysis of an investment of $1,000

		Beginning					Ending									Expenses
		Account Value					Account Value					Annualized				Paid During Period
		12/1/20					5/31/21					Expense Ratio				12/1/20 to 5/31/21*
Actual Fund return†
Class A			$	1,000.00				$	1,130.90				1.35%				$7.17
Class C				1,000.00					1,127.10				2.10%				11.14
Class R				1,000.00					1,130.20				1.60%				8.50
Institutional Class				1,000.00					1,133.40				1.10%				5.85
Class R6				1,000.00					1,134.10				1.00%				5.32
Hypothetical 5% return (5% return before expenses)
Class A			$	1,000.00				$	1,018.20				1.35%				$6.79
Class C				1,000.00					1,014.46				2.10%				10.55
Class R				1,000.00					1,016.95				1.60%				8.05
Institutional Class				1,000.00					1,019.45				1.10%				5.54
Class R6				1,000.00					1,019.95				1.00%				5.04

2

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Delaware International Value Equity Fund
Expense analysis of an investment of $1,000

		Beginning					Ending									Expenses
		Account Value					Account Value					Annualized				Paid During Period
		12/1/20					5/31/21					Expense Ratio				12/1/20 to 5/31/21*
Actual Fund return†
Class A			$	1,000.00				$	1,150.70				1.13%					$6.06
Class C				1,000.00					1,145.70				1.88%					10.06
Class R				1,000.00					1,149.50				1.38%					7.40
Institutional Class				1,000.00					1,151.90				0.88%					4.72
Class R6				1,000.00					1,151.90				0.82%					4.40
Hypothetical 5% return (5% return before expenses)
Class A			$	1,000.00				$	1,019.30				1.13%					$5.69
Class C				1,000.00					1,015.56				1.88%					9.45
Class R				1,000.00					1,018.05				1.38%					6.94
Institutional Class				1,000.00					1,020.54				0.88%					4.43
Class R6				1,000.00					1,020.84				0.82%					4.13

*	“Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

In addition to the Funds’ expenses reflected above, each Fund also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it invests, including exchange-traded funds. The table above do not reflect the expenses of the Underlying Funds.

3

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Security type / country and sector allocations
Delaware Emerging Markets Fund	As of May 31, 2021 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s or a sub-advisor’s internal sector classifications, which may result in the sector designations for one fund being different from another fund’s sector designations.

Security type / country		Percentage of net assets
Common Stock by Country			95.89	%
Argentina			0.23	%
Bahrain			0.03	%
Brazil			5.11	%
Chile			0.70	%
China			33.52	%
Hong Kong			0.04	%
India			8.16	%
Indonesia			0.64	%
Malaysia			0.02	%
Mexico			3.71	%
Peru			0.52	%
Philippines			0.19	%
Republic of Korea			17.99	%
Russia			5.32	%
South Africa			0.74	%
Taiwan			14.17	%
Turkey			0.62	%
United Kingdom			0.08	%
United States			4.10	%
Preferred Stock			2.12	%
Exchange-Traded Fund			0.09	%
Participation Notes			0.00	%
Short-Term Investments			1.48	%
Total Value of Securities			99.58	%
Receivables and Other Assets Net of Liabilities			0.42	%
Total Net Assets			100.00	%

4

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Common stock, participation notes, and preferred stock by sector◆		Percentage of net assets
Communication Services			18.01	%
Consumer Discretionary			11.34	%
Consumer Staples			16.50	%
Energy			11.12	%
Financials			4.94	%
Healthcare			1.62	%
Industrials			0.46	%
Information Technology*			29.90	%
Materials			3.44	%
Real Estate Investment Trusts			0.28	%
Utilities			0.40	%
Total			98.01	%

◆

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 May 31, 2021, such amounts, as a percentage of total net assets were 0.15%, 0.55%, 20.04%, and 9.16%, 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%.

5

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Security type / country and sector allocations
Delaware International Small Cap Fund	As of May 31, 2021 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s or a sub-advisor’s internal sector classifications, which may result in the sector designations for one fund being different from another fund’s sector designations.

Security type / country		Percentage of net assets
Common Stock by Country			97.34	%
Argentina			1.57	%
Australia			5.76	%
Austria			0.40	%
Belgium			1.24	%
Brazil			3.09	%
Canada			10.37	%
Chile			0.77	%
China			1.31	%
Denmark			0.71	%
Finland			1.25	%
France			0.53	%
Germany			12.18	%
India			3.32	%
Ireland			1.31	%
Italy			1.82	%
Japan			14.62	%
Mexico			0.98	%
Netherlands			1.26	%
Norway			1.04	%
Republic of Korea			6.39	%
Russia			2.02	%
South Africa			1.12	%
Sweden			3.35	%
Taiwan			2.25	%
United Kingdom			18.68	%
Preferred Stock			1.35	%
Short-Term Investments			1.43	%
Total Value of Securities			100.12	%
Liabilities Net of Receivables and Other Assets			(0.12	%)
Total Net Assets			100.00	%

6

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Common stock and preferred stock by sector◆		Percentage of net assets
Communication Services			7.21	%
Consumer Discretionary			20.73	%
Consumer Staples			4.06	%
Energy			3.10	%
Financials			6.09	%
Healthcare			2.24	%
Industrials*			25.37	%
Information Technology			16.42	%
Materials			7.35	%
Real Estate			3.98	%
Utilities			2.14	%
Total			98.69	%

7

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Security type / country and sector allocations
Delaware International Value Equity Fund		As of May 31, 2021 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s or a sub-advisor’s internal sector classifications, which may result in the sector designations for one fund being different from another fund’s sector designations.

Security type / country		Percentage of net assets
Common Stock by Country			97.33	%
Denmark			5.70	%
France			20.04	%
Germany			12.73	%
Japan			16.44	%
Netherlands			3.83	%
Spain			3.23	%
Sweden			9.22	%
Switzerland			15.44	%
United Kingdom			10.70	%
Exchange-Traded Funds			1.46	%
Securities Lending Collateral			0.86	%
Total Value of Securities			99.65	%
Obligation to Return Securities Lending Collateral			(0.86	%)
Receivables and Other Assets Net of Liabilities			1.21	%
Total Net Assets			100.00	%

8

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Common stock by sector◆		Percentage of net assets
Communication Services			10.00	%
Consumer Discretionary			15.59	%
Consumer Staples*			36.26	%
Healthcare			18.25	%
Industrials			5.20	%
Information Technology			7.21	%
Materials			4.82	%
Total			97.33	%

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Schedules of investments
Delaware Emerging Markets Fund		May 31, 2021 (Unaudited)

 

		Number of shares			Value (US $)
Common Stock – 95.89%Δ
Argentina – 0.23%
Cablevision Holding GDR		443,972		$	892,367
Cresud ADR †		1,624,384			10,217,375
Grupo Clarin GDR Class B 144A #, †		131,213			91,524
IRSA Inversiones y Representaciones ADR †		1,348,512			4,976,009
IRSA Propiedades Comerciales ADR		52,574			475,269
					16,652,544
Bahrain – 0.03%
Aluminium Bahrain GDR 144A #, †		221,400			1,891,243
					1,891,243
Brazil – 5.11%
AES Brasil Energia		516,085			1,411,096
Arcos Dorados Holdings Class A †		2,304,242			14,908,446
Atacadao		500,000			2,109,676
B2W Cia Digital †		10,500,000			120,680,392
Banco Bradesco ADR		5,982,240			30,389,779
Banco Santander Brasil ADR		3,051,128			24,073,400
BRF ADR †		6,850,000			33,770,500
Embraer ADR †		420,704			5,633,227
Itau Unibanco Holding ADR		9,170,000			52,269,000
Rumo †		1,905,351			7,633,542
Telefonica Brasil ADR		2,050,000			17,343,000
TIM ADR		1,244,820			14,439,912
Vale ADR		2,000,000			43,040,000
					367,701,970
Chile – 0.70%
Cia Cervecerias Unidas ADR		410,528			7,373,083
Sociedad Quimica y Minera de Chile ADR		989,600			42,918,952
					50,292,035
China - 33.52%
Alibaba Group Holding †		2,300,000			61,464,521
Alibaba Group Holding ADR †		1,217,000			260,389,320
Anhui Conch Cement
Class H		6,376,000			39,434,602
Baidu ADR †		420,000			82,433,400
BeiGene †		1,615,700			42,927,668
China National Building Material Class H		10,000,000			13,245,887
China Petroleum & Chemical Class H		30,000,000			16,273,886
Guangshen Railway Class H		11,000,000			2,352,820
Hengan International Group		1,542,500			10,404,705
iQIYI ADR †		700,000			9,982,000

10

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Table of Contents

			Number of shares		Value (US $)
Common StockΔ (continued)
China (continued)
	JD.com ADR †		3,080,000		$	227,735,200
	Joinn Laboratories China Class H 144A #, †		43,800			835,828
	Kangji Medical Holdings		3,000			4,971
	Kunlun Energy		21,000,000			23,838,730
	Kweichow Moutai Class A		969,961			339,791,858
	Lizhi ADR †		100,000			667,000
	PetroChina Class H		18,000,000			7,352,240
	Ping An Insurance Group Co. of China Class H		4,000,000			43,732,041
	Prosus †		750,138			77,617,028
	Sogou ADR †		1,500,000			12,645,000
	Sohu.com ADR †		2,219,642			39,132,289
	Tencent Holdings		4,750,000			368,143,514
	Tencent Music Entertainment Group ADR †		800,000			12,592,000
	Tianjin Development Holdings		15,885,550			3,438,741
	Tingyi Cayman Islands Holding		13,000,000			24,723,937
	Trip.com Group ADR †		582,400			24,373,440
	Tsingtao Brewery Class H		7,000,000			74,321,277
	Uni-President China Holdings		31,186,000			34,075,594
	Weibo ADR †		800,000			40,672,000
	Wuliangye Yibin Class A		10,299,780			512,748,053
	Zhihu ADR †		142,600			1,327,606
	ZhongAn Online P&C Insurance Class H 144A #, †		739,600			3,688,041
						2,412,365,197
Hong Kong – 0.04%
	Vinda International Holdings		1,001,000			3,153,558
						3,153,558
India – 8.16%
	Aurobindo Pharma		1,500,000			21,165,752
	Glenmark Pharmaceuticals		1,167,988			9,796,314
	Indiabulls Real Estate GDR =, †		102,021			137,873
	Lupin		2,500,000			41,719,295
	Reliance Industries		10,500,000			303,625,634
	Reliance Industries GDR 144A #		2,340,879			134,951,674
	Tata Chemicals		1,866,909			18,259,977
	Tata Consumer Products		2,128,276			19,241,666
	Tata Motors †		3,000,000			13,200,124
	United Breweries		1,000,000			17,611,209
	Zee Entertainment Enterprises		2,530,000			7,395,210
						587,104,728
Indonesia – 0.64%
	Astra Agro Lestari		9,132,500			5,609,919

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Schedules of investments
Delaware Emerging Markets Fund

			Number of shares		Value (US $)
Common StockΔ (continued)
Indonesia (continued)
	Astra International		111,481,900		$	40,191,234
						45,801,153
Malaysia – 0.02%
	UEM Sunrise †		17,000,000			1,706,786
						1,706,786
Mexico – 3.71%
	America Movil ADR Class L		1,369,199			21,044,588
	Banco Santander Mexico Institucion de Banca
	Multiple Grupo Financiero Santander ADR †		8,042,900			47,372,681
	Cemex ADR †		2,326,397			19,262,567
	Coca-Cola Femsa ADR		600,000			29,412,000
	Fomento Economico Mexicano ADR		508,329			41,682,978
	Grupo Financiero Banorte Class O		4,000,000			27,283,864
	Grupo Lala		3,900,027			3,193,566
	Grupo Televisa ADR		6,017,000			78,040,490
						267,292,734
Peru – 0.52%
	Cia de Minas Buenaventura ADR †		3,217,400			37,064,448
						37,064,448
Philippines – 0.19%
	Monde Nissin 144A #, =, †		49,002,500			13,840,342
						13,840,342
Republic of Korea – 17.99%
	KB Financial Group ADR		245,928			12,662,833
	LG Uplus		2,403,542			32,110,442
	Lotte		300,000			10,329,059
	Lotte Chilsung Beverage		44,000			6,430,557
	Lotte Confectionery		60,000			8,257,868
	Samsung Electronics		5,200,000			373,460,056
	Samsung Life Insurance		360,939			26,925,603
	Shinhan Financial Group		300,000			11,364,655
	SK Hynix		3,490,000			391,150,363
	SK Telecom		870,000			247,278,759
	SK Telecom ADR		5,454,200			174,752,568
						1,294,722,763
Russia – 5.32%
	ENEL RUSSIA PJSC GDR		21,161			11,289
	Etalon Group GDR 144A #		1,616,300			2,586,080
	Gazprom PJSC ADR		14,600,000			103,718,400

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			Number of shares		Value (US $)
Common StockΔ (continued)
Russia (continued)
	LUKOIL PJSC ADR		350,644		$	28,563,460
	Mail.Ru Group GDR †		551,200			12,710,672
	Rosneft Oil PJSC GDR		14,555,684			103,316,245
	Sberbank of Russia PJSC =		12,000,000			50,789,402
	Sberbank of Russia PJSC ADR		800,000			13,500,000
	Surgutneftegas PJSC ADR		2,014,441			9,890,905
	T Plus PJSC =, †		36,096			0
	VEON ADR †		732,264			1,332,721
	Yandex Class A †		836,225			56,478,637
						382,897,811
South Africa – 0.74%
	Naspers Class N		240,000			52,867,831
	Sun International †		364,166			508,148
						53,375,979
Taiwan – 14.17%
	FIT Hon Teng 144A #, †		38,000,000			10,820,910
	MediaTek		10,092,000			349,612,011
	Taiwan Semiconductor Manufacturing		31,000,000			659,324,814
						1,019,757,735
Turkey – 0.62%
	Akbank TAS		19,500,000			11,815,078
	Turk Telekomunikasyon †		951,192			766,217
	Turkcell Iletisim Hizmetleri		2,427,827			4,472,593
	Turkcell Iletisim Hizmetleri ADR		4,449,485			20,690,105
	Turkiye Sise ve Cam Fabrikalari		7,651,443			7,083,553
						44,827,546
United Kingdom – 0.08%
	Griffin Mining †		3,056,187			5,898,575
						5,898,575
United States – 4.10%
	ConocoPhillips		780,000			43,477,200
	Intel		1,380,000			78,825,600
	Micron Technology †		2,050,900			172,562,726
						294,865,526
Total Common Stock (cost $4,499,299,522)						6,901,212,673
Preferred Stock – 2.12%Δ
Brazil – 0.73%
	Braskem Class A †, **		1,470,000			14,590,844

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Schedules of investments
Delaware Emerging Markets Fund

				Number of shares		Value (US $)
Preferred StockΔ (continued)
Brazil (continued)
	Petroleo Brasileiro ADR **			2,500,000		$	25,775,000
	Usinas Siderurgicas de Minas Gerais Usiminas
		Class A 0.70% **		3,235,733			12,168,844
							52,534,688
Republic of Korea – 1.07%
	Samsung Electronics 4.05% **			1,183,100			76,589,097
							76,589,097
Russia – 0.32%
	Transneft PJSC 7.96% =, **			12,000			23,198,580
							23,198,580
Total Preferred Stock (cost $66,489,867)							152,322,365
Exchange-Traded Fund – 0.09%
	iShares MSCI Turkey ETF			290,275			6,656,006
Total Exchange-Traded Fund
	(cost $13,207,352)						6,656,006
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 $8,559,057)						0
Warrant – 0.00%
	Irsa Inversiones Y Representaciones, expiration date
		12/31/21 =		1,637,845			0
Total Warrant
	(cost $0)						0
Short-Term Investments – 1.48%
Money Market Mutual Funds – 1.48%
	BlackRock FedFund – Institutional Shares
		(seven-day effective yield 0.03%)		26,567,753			26,567,753
	Fidelity Investments Money Market Government
		Portfolio – Class I (seven-day effective yield
		0.01%)		26,567,752			26,567,752

14

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Table of Contents

		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
0.02%)		26,567,752		$	26,567,752
Morgan Stanley Government Portfolio – Institutional
Share Class (seven-day effective yield 0.00%)		26,567,753			26,567,753
Total Short-Term Investments (cost $106,271,010)					106,271,010
Total Value of Securities–99.58%
(cost $4,693,826,808)				$	7,166,462,054

The following foreign currency exchange contracts were outstanding at May 31, 2021:¹

Foreign Currency Exchange Contracts

		Currency to										Settlement		Unrealized
Counterparty		Receive (Deliver)					In Exchange For					Date		Depreciation
BNYM		BRL		(514,766	)		USD		98,381			6/2/21		$	(353	)
BNYM		HKD		(325,600	)		USD		41,945			6/1/21			(8	)
BNYM		HKD		31,912,989			USD		(4,112,484	)		6/2/21			(415	)
BNYM		IDR		(2,147,483,648	)		USD		(535,636	)		6/2/21			(648	)
Total Foreign Currency Exchange Contracts														$	(1,424	)

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

1	See Note 6 in “Notes to financial statements.”

Summary of abbreviations:
ADR – American Depositary Receipt
BNYM – Bank of New York Mellon
ETF – Exchange-Traded Fund

15

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Table of Contents

Schedules of investments
Delaware Emerging Markets Fund

Summary of abbreviations: (continued)
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:
BRL – Brazilian Real
HKD – Hong Kong Dollar
IDR – Indonesia Rupiah
USD – US Dollar

See accompanying notes, which are an integral part of the financial statements.

16

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Table of Contents

Schedules of investments
Delaware International Small Cap Fund		May 31, 2021 (Unaudited)

		Number of shares		Value (US $)
Common Stock – 97.34%Δ
Argentina – 1.57%
Despegar.com †		81,100		$	1,185,682
Ternium ADR		22,115			809,630
					1,995,312
Australia – 5.76%
Bapcor		251,154			1,562,470
Domain Holdings Australia †		315,673			1,228,929
HUB24		63,808			1,319,757
PointsBet Holdings †		113,473			1,120,572
Star Entertainment Group †		450,083			1,412,164
Westgold Resources †		384,118			666,262
					7,310,154
Austria – 0.40%
Vienna Insurance Group AG Wiener Versicherung
Gruppe		17,854			505,112
					505,112
Belgium – 1.24%
Barco		57,353			1,573,630
					1,573,630
Brazil – 3.09%
Banco Inter		83,175			1,062,729
Locaweb Servicos de Internet		336,107			1,694,175
SLC Agricola		118,114			1,166,477
					3,923,381
Canada – 10.37%
Aritzia †		102,752			2,530,418
ATS Automation Tooling Systems †		87,228			2,143,063
Capital Power		45,254			1,439,977
Endeavour Mining		28,166			676,142
Enerplus		273,138			1,786,176
Granite Real Estate Investment Trust		31,702			2,121,952
Major Drilling Group International †		148,276			1,297,361
Vermilion Energy †		151,049			1,161,579
					13,156,668
Chile – 0.77%
Geopark		65,875			980,879
					980,879
China – 1.31%
Niu Technologies ADR †		49,796			1,659,203
					1,659,203

17

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Schedules of investments
Delaware International Small Cap Fund

		Number of shares			Value (US $)
Common StockΔ (continued)
Denmark – 0.71%
Royal Unibrew		6,991		$	904,054
					904,054
Finland – 1.25%
Valmet		36,498			1,583,131
					1,583,131
France – 0.53%
SOITEC †		3,355			678,739
					678,739
Germany – 12.18%
Befesa		14,582			1,040,248
Duerr		66,112			2,724,966
Evotec †		14,347			633,335
flatexDEGIRO †		19,114			2,405,444
K+S		99,916			1,382,913
Northern Data †		7,917			898,823
Salzgitter †		79,464			2,575,665
Shop Apotheke Europe †		5,379			1,010,807
Steico		7,809			900,846
STRATEC		4,950			719,524
TAG Immobilien		37,217			1,170,007
					15,462,578
India – 3.32%
Affle India †		19,553			1,410,215
Varun Beverages		91,805			1,276,849
Voltas		110,671			1,528,396
					4,215,460
Ireland – 1.31%
Dalata Hotel Group †		308,201			1,661,194
					1,661,194
Italy – 1.82%
Reply		14,222			2,304,887
					2,304,887
Japan – 14.62%
Asics		74,200			1,783,475
Capcom		31,800			1,022,024
CKD		76,200			1,739,276
Insource		56,400			1,120,452
Japan Elevator Service Holdings		62,700			1,330,666
Katitas		28,200			783,084

18

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Table of Contents

			Number of shares		Value (US $)
Common StockΔ (continued)
Japan (continued)
	Matsumotokiyoshi Holdings		27,900		$	1,212,933
	Monex Group		130,100			1,018,673
	Nifco		41,100			1,421,951
	SMS		35,100			979,483
	Taiyo Yuden		19,100			912,960
	TechnoPro Holdings		14,900			1,081,195
	THK		48,200			1,599,572
	Tokyo Seimitsu		24,900			1,244,603
	Tsugami		85,800			1,305,338
						18,555,685
Mexico – 0.98%
	Grupo Aeroportuario del Centro Norte †		194,001			1,241,264
						1,241,264
Netherlands – 1.26%
	Fastned GDR †		9,517			732,307
	IMCD		5,339			869,822
						1,602,129
Norway – 1.04%
	Scatec		20,252			546,075
	TOMRA Systems		14,822			769,192
						1,315,267
Republic of Korea – 6.39%
	Doosan Fuel Cell †		24,770			949,446
	Douzone Bizon		14,962			1,132,245
	LEENO Industrial		9,385			1,394,329
	LG Innotek		10,035			1,813,012
	NHN KCP †		20,330			907,768
	OCI †		16,965			1,916,606
						8,113,406
Russia – 2.02%
	Detsky Mir PJSC =		722,410			1,498,098
	HeadHunter Group ADR †		25,918			1,067,044
						2,565,142
South Africa – 1.12%
	Transaction Capital †		537,336			1,423,148
						1,423,148
Sweden – 3.35%
	LeoVegas		255,795			1,299,282
	MIPS		18,040			1,443,565

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Table of Contents

Schedules of investments
Delaware International Small Cap Fund

				Number of shares		Value (US $)
Common StockΔ (continued)
Sweden (continued)
	Tobii †			188,359		$	1,512,924
							4,255,771
Taiwan – 2.25%
	Kindom Development			717,000			977,005
	Merida Industry			108,000			1,249,725
	Silergy			5,000			629,945
							2,856,675
United Kingdom – 18.68%
	888 Holdings			215,762			1,226,020
	Aston Martin Lagonda Global Holdings †			45,353			1,355,479
	Countryside Properties †			329,167			2,394,079
	Dechra Pharmaceuticals			25,588			1,493,926
	Electrocomponents			185,325			2,603,739
	Frontier Developments †			29,095			1,061,157
	Future			79,151			3,187,844
	GB Group			110,811			1,470,357
	Grafton Group †			129,312			2,158,114
	Keywords Studios †			72,176			2,675,434
	Naked Wines †			51,956			595,028
	On the Beach Group †			86,303			499,706
	Rotork			183,253			877,974
	S4 Capital †			157,097			1,239,570
	Weir Group †			32,150			876,013
							23,714,440
Total Common Stock (cost $93,831,152)							123,557,309
Preferred Stock – 1.35%Δ
Brazil – 1.35%
	Azul †, **			207,641			1,705,607
Total Preferred Stock (cost $1,323,391)							1,705,607
Short-Term Investments – 1.43%
Money Market Mutual Funds – 1.43%
	BlackRock FedFund – Institutional Shares
		(seven-day effective yield 0.03%)		454,793			454,793
	Fidelity Investments Money Market Government
		Portfolio – Class I (seven-day effective yield
		0.01%)		454,794			454,794

20

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Table of Contents

				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
		0.02%)		454,794		$	454,794
	Morgan Stanley Government Portfolio – Institutional
		Share Class (seven-day effective yield 0.00%)		454,794			454,794
Total Short-Term Investments (cost $1,819,175)							1,819,175
Total Value of Securities-100.12%
	(cost $96,973,718)					$	127,082,091

Δ	Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 6 in “Security type / country and sector allocations.”
†	Non-income producing security.
=	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.”
**	Perpetual security with no stated maturity date.

The following foreign currency exchange contracts were outstanding at May 31, 2021:¹

Foreign Currency Exchange Contracts

Currency to

Settlement

Unrealized

Counterparty

Receive (Deliver)

In Exchange For

Date

Depreciation

BNYM

JPY

(1,081,080)

USD

9,831

6/1/21

$

(11)

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contract presented above represents the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

1	See Note 6 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt
AG – Aktiengesellschaft
BNYM – Bank of New York Mellon
GDR – Global Depositary Receipt
GS – Goldman Sachs
PJSC – Private Joint Stock Company

Summary of currencies:

JPY – Japanese Yen

21

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Schedules of investments
Delaware International Small Cap Fund

Summary of currencies: (continued)

USD – US Dollar

See accompanying notes, which are an integral part of the financial statements.

22

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Table of Contents

Schedules of investments
Delaware International Value Equity Fund	May 31, 2021 (Unaudited)

			Number of shares		Value (US $)
Common Stock – 97.33%Δ
Denmark – 5.70%
	Novo Nordisk Class B		259,640		$	20,549,547
						20,549,547
France – 20.04%
	Air Liquide		102,200			17,393,054
	Danone		276,220			19,691,461
	Orange		803,680			10,266,978
	Publicis Groupe		193,380			13,087,857
	Sodexo †		122,700			11,856,405
						72,295,755
Germany – 12.73%
	adidas AG		34,090			12,444,294
	Fresenius Medical Care AG & Co.		238,230			19,109,719
	SAP		102,340			14,366,805
						45,920,818
Japan – 16.44%
	Asahi Group Holdings		151,600			7,356,744
	Kao		197,900			12,183,728
	KDDI		372,600			12,717,963
	Kirin Holdings		176,800			3,570,286
	Lawson		121,200			5,561,506
	Secom		46,400			3,679,978
	Seven & i Holdings		321,800			14,206,840
						59,277,045
Netherlands – 3.83%
	Koninklijke Ahold Delhaize		475,330			13,815,747
						13,815,747
Spain – 3.23%
	Amadeus IT Group †		153,990			11,642,552
						11,642,552
Sweden – 9.22%
	Essity Class B		257,620			8,922,227
	H & M Hennes & Mauritz Class B †		357,810			9,257,477
	Securitas Class B		920,410			15,084,964
						33,264,668
Switzerland – 15.44%
	Nestle		161,390			19,937,362
	Roche Holding		48,940			17,171,166
	Swatch Group		51,290			18,588,705
						55,697,233

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Schedules of investments
Delaware International Value Equity Fund

			Number of shares		Value (US $)
Common StockΔ (continued)
United Kingdom – 10.70%
	Diageo		528,570		$	25,534,089
	Next †		35,280			4,084,516
	Smith & Nephew		410,110			8,965,827
						38,584,432
Total Common Stock (cost $305,668,982)						351,047,797
Exchange-Traded Funds – 1.46%
	iShares MSCI EAFE ETF		5,300			428,399
	iShares Trust iShares ESG Aware MSCI EAFE ETF *		56,260			4,562,686
	Vanguard FTSE Developed Markets ETF		4,820			252,665
Total Exchange-Traded Funds
	(cost $5,004,586)					5,243,750
Total Value of Securities Before Securities Lending Collateral-98.79%
	(cost $310,673,568)					356,291,547
			Principal amount°
Securities Lending Collateral** – 0.86%
Certificates of Deposit – 0.08%
	Canadian Imperial Bank of Commerce (Toronto)
	0.03% 06/01/2021		139,000			139,000
	Royal Bank of Canada (Toronto) 0.02% 06/01/2021		139,000			139,000
						278,000
Repurchase Agreements – 0.78%
	Bank of Montreal
	0.00%, dated 5/28/21, to be repurchased on
	6/1/21, repurchase price $661,706
	(collateralized by US government obligations
	0.00%–2.875% 5/31/21–4/30/26; market value
	$674,940)		661,706			661,706
	Bank of Nova Scotia
	0.005%, dated 5/28/21, to be repurchased on
	6/1/21, repurchase price $170,873
	(collateralized by US government obligations
	0.00%–2.50% 6/1/21–3/31/25; market value
	$174,291)		170,873			170,873
	BOFA Securities
	0.005%, dated 5/28/21, to be repurchased on
	6/1/21, repurchase price $661,706
	(collateralized by US government obligations
	0.125% 2/28/23; market value $674,941)		661,706			661,706

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				Principal amount°			Value (US $)
Securities Lending Collateral** (continued)
Repurchase Agreements (continued)
	Credit Agricole
		0.005%, dated 5/28/21, to be repurchased on
		6/1/21, repurchase price $661,706
		(collateralized by US government obligations
		1.875%–2.875% 2/28/22–9/30/23; market value
		$674,941)		661,706		$	661,706
	JP Morgan Securities
		0.005%, dated 5/28/21, to be repurchased on
		6/1/21, repurchase price $661,706
		(collateralized by US government obligations
		0.00% 8/5/21; market value $674,942)		661,706			661,706
							2,817,697
Total Securities Lending Collateral (cost $3,095,697)							3,095,697
Total Value of Securities-99.65%
	(cost $313,769,265)					$	359,387,244■

The following foreign currency exchange contracts were outstanding at May 31, 2021:¹

Foreign Currency Exchange Contracts

		Currency to										Settlement		Unrealized			Unrealized
Counterparty		Receive (Deliver)					In Exchange For					Date		Appreciation			Depreciation
BNYM		EUR		845,835			USD		(1,032,604	)		6/1/21		$	—		$	(1,073	)
BNYM		EUR		(566,374	)		USD		690,235			6/1/21			—			(482	)
BNYM		GBP		460,544			USD		(654,530	)		6/1/21			—			(946	)
BNYM		GBP		375,204			USD		(532,719	)		6/2/21			—			(245	)
BNYM		JPY		(737,366,783	)		USD		6,706,299			6/1/21			—			(7,286	)
BNYM		JPY		(21,892,895	)		USD		200,310			6/1/21			980			—
Total Foreign Currency Exchange Contracts														$	980		$	(10,032	)

25

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Schedules of investments
Delaware International Value Equity Fund

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

Summary of abbreviations:

AG – Aktiengesellschaft
EAFE – Europe, Australasia, and Far East
ESG – Environmental, Social, and Governance
ETF – Exchange-Traded Fund
FTSE – Financial Times Stock Exchange
MSCI – Morgan Stanley Capital International

Summary of currencies:

EUR – European Monetary Unit
GBP – British Pound Sterling
JPY – Japanese Yen
USD – US Dollar

See accompanying notes, which are an integral part of the financial statements.

26

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Statements of assets and liabilities

May 31, 2021 (Unaudited)

					Delaware			Delaware
		Delaware Emerging			International			International
		Markets Fund			Small Cap Fund			Value Equity Fund
Assets:
Investments, at value*,†		$	7,166,462,054		$	127,082,091		$	356,291,547
Short-term investments held as collateral           for loaned securities, at value=			—			—			3,095,697
Cash			40,423			—			—
Foreign currencies, at valueΔ			26,166,966			67,281			4,788,154
Receivable for fund shares sold			57,296,014			75,596			761,995
Dividends and interest receivable			7,554,864			107,025			262,039
Foreign tax reclaims receivable			35,342			146,441			1,645,022
Prepaid expenses			31,447			—			14,527
Receivable for securities sold			—			—			5,199,618
Unrealized appreciation on foreign           currency exchange contracts			—			—			980
Securities lending income receivable			—			—			2,420
Total Assets			7,257,587,110			127,478,434			372,061,999

27

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Statements of assets and liabilities

					Delaware			Delaware
		Delaware Emerging			International			International
		Markets Fund			Small Cap Fund			Value Equity Fund
Liabilities:
Due to custodian			—			—			2,560,431
Payable for securities purchased			22,743,569			—			4,692,922
Other liabilities			17,558,898			106,029			219
Payable for fund shares redeemed			10,319,786			210,497			636,934
Investment management fees payable to           affiliates			6,518,030			75,830			187,845
Custody fees payable			1,725,244			38,245			45,985
Dividend disbursing and transfer agent           fees and expenses payable to           non-affiliates			1,510,213			32,678			87,916
Distribution fees payable to affiliates			214,722			4,148			21,680
Reports and statements to shareholders           expenses payable to non-affiliates			175,160			13,801			13,050
Accounting and administration expenses           payable to non-affiliates			154,219			13,417			18,155
Dividend disbursing and transfer agent           fees and expenses payable to affiliates			49,809			888			2,549
Legal fees payable to non-affiliates			47,451			1,096			2,662
Accounting and administration expenses           payable to affiliates			20,948			707			1,394
Audit and tax fees payable			19,035			19,035			19,035
Trustees’ fees and expenses payable to           affiliates			9,565			174			478
Legal fees payable to affiliates			1,698			726			476
Unrealized depreciation on foreign           currency exchange contracts			1,424			11			10,032
Reports and statements to shareholders           expenses payable to affiliates			318			77			222
Distribution payable			34			—			—
Obligation to return securities lending           collateral			—			—			3,095,482
Other accrued expenses			—			28,387			—
Total Liabilities			61,070,123			545,746			11,397,467
Total Net Assets		$	7,196,516,987		$	126,932,688		$	360,664,532
Net Assets Consist of:
Paid-in capital		$	4,946,596,369		$	97,494,589		$	301,041,696
Total distributable earnings (loss)			2,249,920,618			29,438,099			59,622,836
Total Net Assets		$	7,196,516,987		$	126,932,688		$	360,664,532

28

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				Delaware			Delaware
	Delaware Emerging			International			International
	Markets Fund			Small Cap Fund			Value Equity Fund
Net Asset Value
Class A:
Net assets	$	430,324,221		$	9,502,035		$	71,171,338
Shares of beneficial interest outstanding,
unlimited authorization, no par		15,698,269			973,106			4,238,947
Net asset value per share	$	27.41		$	9.76		$	16.79
Sales charge		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset
value per share / (1 - sales charge)	$	29.08		$	10.36		$	17.81
Class C:
Net assets	$	129,787,892		$	2,532,290		$	5,551,105
Shares of beneficial interest outstanding,
unlimited authorization, no par		5,155,590			313,713			333,501
Net asset value per share	$	25.17		$	8.07		$	16.64
Class R:
Net assets	$	42,830,237		$	160,267		$	5,276,023
Shares of beneficial interest outstanding,
unlimited authorization, no par		1,554,269			17,423			315,253
Net asset value per share	$	27.56		$	9.20		$	16.74
Institutional Class:
Net assets	$	5,082,914,988		$	92,898,075		$	276,822,872
Shares of beneficial interest outstanding,
unlimited authorization, no par		184,035,676			9,036,715			16,421,837
Net asset value per share	$	27.62		$	10.28		$	16.86
Class R6:
Net assets	$	1,510,659,649		$	21,840,021		$	1,843,194
Shares of beneficial interest outstanding,
unlimited authorization, no par		54,655,371			2,117,275			109,304
Net asset value per share	$	27.64		$	10.32		$	16.86
____________________
*Investments, at cost	$	4,693,826,808		$	96,973,718		$	310,673,568
† Including securities on loan		—			—			3,042,953
= Short-term investments held as collateral for loaned
securities, at cost		—			—			3,095,697
Δ Foreign currencies, at cost		26,094,519			66,987			4,789,157

See accompanying notes, which are an integral part of the financial statements.

29

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Statements of operations
Delaware International Funds	Six months ended May 31, 2021 (Unaudited)

				Delaware			Delaware
	Delaware Emerging			International			International
	Markets Fund			Small Cap Fund			Value Equity Fund
Investment Income:
Dividends	$	53,767,322		$	678,431		$	6,093,983
Interest		—			88			4
Securities lending income		—			—			18,375
Foreign tax withheld		(9,087,700	)		(69,637	)		(837,300	)
		44,679,622			608,882			5,275,062
Expenses:
Management fees		37,708,372			511,824			1,464,372
Distribution expenses — Class A		516,938			10,769			82,629
Distribution expenses — Class C		646,892			14,321			29,195
Distribution expenses — Class R		106,208			511			10,516
Dividend disbursing and transfer agent           fees and expenses		3,309,127			64,589			171,859
Custodian fees		1,448,802			32,921			41,433
Accounting and administration expenses		538,501			28,820			46,251
Reports and statements to shareholders           expenses		250,598			10,821			21,474
Legal fees		163,219			3,837			9,846
Trustees’ fees and expenses		130,751			2,403			6,862
Registration fees		130,536			43,536			46,036
Audit and tax fees		25,406			22,086			38,055
Other		64,071			14,012			10,599
		45,039,421			760,450			1,979,127
Less expenses waived		(279,341	)		(82,160	)		(340,198	)
Less expenses paid indirectly		(866	)		(32	)		(165	)
Total operating expenses		44,759,214			678,258			1,638,764
Net Investment Income (Loss)		(79,592	)		(69,376	)		3,636,298

30

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						Delaware				Delaware
		Delaware Emerging				International				International
		Markets Fund				Small Cap Fund				Value Equity Fund
Net Realized and Unrealized Gain
(Loss):
Net realized gain (loss) on:
Investments		$	(140,759,965	)		$	16,036,093			$	13,488,922
Foreign currencies			(218,110	)			(5,204	)			7,217
Foreign currency exchange contracts			63,081				(138,430	)			(53,059	)
Net realized gain (loss)			(140,914,994	)			15,892,459				13,443,080
Net change in unrealized appreciation
(depreciation) of:
Investments1			1,101,778,723				(821,767	)			31,362,234
Foreign currencies			(69,866	)			(70,272	)			(8,922	)
Foreign currency exchange contracts			(288	)			(11	)			(4,714	)
Net change in unrealized appreciation
(depreciation)			1,101,708,569				(892,050	)			31,348,598
Net Realized and Unrealized Gain			960,793,575				15,000,409				44,791,678
Net Increase in Net Assets Resulting
from Operations		$	960,713,983			$	14,931,033			$	48,427,976

1	Includes $17,558,898 increase in capital gains tax accrued for Delaware Emerging Markets Fund. Includes $106,029 increase in capital gains tax accrued for Delaware International Small Cap Fund.

See accompanying notes, which are an integral part of the financial statements.

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Statements of changes in net assets
Delaware Emerging Markets Fund

		Six months
		ended
		5/31/21				Year ended
		(Unaudited)				11/30/20
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)		$	(79,592	)		$	22,775,764
Net realized gain (loss)			(140,914,994	)			60,472,633
Net change in unrealized appreciation (depreciation)			1,101,708,569				962,217,181
Net increase in net assets resulting from operations			960,713,983				1,045,465,578
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A			(2,191,613	)			(2,106,361	)
Class C			(777,266	)			—
Class R			(233,457	)			(134,733	)
Institutional Class			(31,453,917	)			(32,655,147	)
Class R6			(9,680,857	)			(9,240,260	)
			(44,337,110	)			(44,136,501	)
Capital Share Transactions:
Proceeds from shares sold:
Class A			57,888,405				76,335,194
Class C			14,149,361				7,687,667
Class R			5,053,748				6,538,377
Institutional Class			933,227,342				1,160,950,980
Class R6			370,804,811				277,336,004
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A			2,086,866				1,975,692
Class C			767,990				—
Class R			233,456				134,501
Institutional Class			28,046,095				28,322,042
Class R6			6,192,889				4,324,074
			1,418,450,963				1,563,604,531

32

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		Six months
		ended
		5/31/21				Year ended
		(Unaudited)				11/30/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A		$	(51,421,915	)		$	(126,070,388	)
Class C			(22,282,174	)			(46,172,300	)
Class R			(7,163,961	)			(20,009,580	)
Institutional Class			(614,007,067	)			(1,656,472,701	)
Class R6			(174,280,588	)			(337,875,551	)
			(869,155,705	)			(2,186,600,520	)
Increase (decrease) in net assets derived from capital share
transactions			549,295,258				(622,995,989	)
Net Increase in Net Assets			1,465,672,131				378,333,088
Net Assets:
Beginning of period			5,730,844,856				5,352,511,768
End of period		$	7,196,516,987			$	5,730,844,856

See accompanying notes, which are an integral part of the financial statements.

33

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Statements of changes in net assets
Delaware International Small Cap Fund

		Six months
		ended
		5/31/21				Year ended
		(Unaudited)				11/30/20
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)		$	(69,376	)		$	206,308
Net realized gain			15,892,459				6,805,352
Net change in unrealized appreciation (depreciation)			(892,050	)			12,304,635
Net increase in net assets resulting from operations			14,931,033				19,316,295
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			1,980,571				1,273,028
Class C			43,195				422,284
Class R			5,051				201,431
Institutional Class			6,338,390				15,641,483
Class R6			7,610,971				9,711,200
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Institutional Class			—				202,956
Class R6			—				4,763
			15,978,178				27,457,145

34

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				Six months
				ended
				5/31/21				Year ended
				(Unaudited)				11/30/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A		$	(1,007,890	)		$	(6,084,064	)
	Class C			(976,916	)			(1,406,868	)
	Class R			(218,038	)			(8,104	)
	Institutional Class			(16,394,420	)			(57,306,700	)
	Class R6			(162,248	)			(3,006,521	)
				(18,759,512	)			(67,812,257	)
	Decrease in net assets derived from capital share
	transactions			(2,781,334	)			(40,355,112	)
Net Increase (Decrease) in Net Assets				12,149,699				(21,271,722	)
Net Assets:
	Beginning of period			114,782,989				136,054,711
	End of period		$	126,932,688			$	114,782,989

See accompanying notes, which are an integral part of the financial statements.

35

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Statements of changes in net assets
Delaware International Value Equity Fund

				Six months
				ended
				5/31/21				Year ended
				(Unaudited)				11/30/20
Increase in Net Assets from Operations:
	Net investment income		$	3,636,298			$	2,798,511
	Net realized gain			13,443,080				437,909
	Net change in unrealized appreciation (depreciation)			31,348,598				6,710,802
	Net increase in net assets resulting from operations			48,427,976				9,947,222
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A			(962,403	)			(1,689,196	)
	Class C			(45,886	)			(164,835	)
	Class R			(40,540	)			(82,337	)
	Institutional Class			(4,611,994	)			(6,547,235	)
	Class R6			(30,364	)			(60,572	)
				(5,691,187	)			(8,544,175	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A			8,481,752				8,432,761
	Class C			258,196				893,450
	Class R			2,534,230				1,512,848
	Institutional Class			41,855,720				105,325,379
	Class R6			54,156				259,964
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A			943,519				1,649,987
	Class C			45,884				164,645
	Class R			40,540				82,336
	Institutional Class			4,604,032				6,527,472
	Class R6			5,491				56,322
				58,823,520				124,905,164

36

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				Six months
				ended
				5/31/21				Year ended
				(Unaudited)				11/30/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A		$	(6,259,385	)		$	(12,515,028	)
	Class C			(1,631,676	)			(3,325,090	)
	Class R			(683,923	)			(2,174,632	)
	Institutional Class			(51,366,239	)			(94,119,755	)
	Class R6			(13,206	)			(786,459	)
				(59,954,429	)			(112,920,964	)
	Increase (decrease) in net assets derived from capital share
	transactions			(1,130,909	)			11,984,200
Net Increase in Net Assets				41,605,880				13,387,247
Net Assets:
	Beginning of period			319,058,652				305,671,405
	End of period		$	360,664,532			$	319,058,652

See accompanying notes, which are an integral part of the financial statements.

37

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Financial highlights
Delaware Emerging Markets Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

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

Total dividends and distributions

Net asset value, end of period

Total return4

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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	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.
5	Total return during the period 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.

See accompanying notes, which are an integral part of the financial statements.

38

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	Six months ended
	5/31/211						Year ended
	(Unaudited)						11/30/20				11/30/19				11/30/18				11/30/17				11/30/16
		$	23.67				$	19.13			$	17.53			$	20.10			$	14.57			$	12.80
			(0.03	)				0.04				0.11				0.07				0.19				0.05
			3.91					4.62				1.55				(2.32	)			5.44				1.72
			3.88					4.66				1.66				(2.25	)			5.63				1.77
			—					(0.12	)			(0.06	)			(0.32	)			(0.10	)			—	3
			(0.14	)				—				—				—				—				—
			(0.14	)				(0.12	)			(0.06	)			(0.32	)			(0.10	)			—
		$	27.41				$	23.67			$	19.13			$	17.53			$	20.10			$	14.57
			16.46%	5				24.44%	5			9.50%				(11.40%	)			38.94%	5			13.87%	5
		$	430,324				$	364,314			$	346,732			$	353,094			$	463,441			$	461,124
			1.57%					1.62%				1.63%				1.63%				1.66%				1.74%
			1.58%					1.63%				1.63%				1.63%				1.66%				1.78%
			(0.23%	)				0.21%				0.62%				0.35%				1.10%				0.35%
			(0.24%	)				0.20%				0.62%				0.35%				1.10%				0.31%
			3%					5%				10%				11%				11%				25%

39

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Financial highlights
Delaware Emerging Markets Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

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

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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have 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 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.

See accompanying notes, which are an integral part of the financial statements.

40

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	Six months ended
	5/31/211						Year ended
	(Unaudited)						11/30/20				11/30/19				11/30/18				11/30/17				11/30/16
		$	21.83				$	17.67			$	16.26			$	18.68			$	13.56			$	12.00
			(0.12	)				(0.10	)			(0.02	)			(0.07	)			0.06				(0.05	)
			3.60					4.26				1.43				(2.16	)			5.07				1.61
			3.48					4.16				1.41				(2.23	)			5.13				1.56
			—					—				—				(0.19	)			(0.01	)			—
			(0.14	)				—				—				—				—				—
			(0.14	)				—				—				(0.19	)			(0.01	)			—
		$	25.17				$	21.83			$	17.67			$	16.26			$	18.68			$	13.56
			16.01%	4				23.54%	4			8.67%				(12.05%	)			37.87%	4			13.00%	4
		$	129,788				$	118,977			$	135,346			$	152,857			$	190,227			$	120,306
			2.32%					2.37%				2.38%				2.38%				2.41%				2.49%
			2.33%					2.38%				2.38%				2.38%				2.41%				2.53%
			(0.98%	)				(0.54%	)			(0.13%	)			(0.40%	)			0.35%				(0.40%	)
			(0.99%	)				(0.55%	)			(0.13%	)			(0.40%	)			0.35%				(0.44%	)
			3%					5%				10%				11%				11%				25%

41

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Financial highlights
Delaware Emerging Markets Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

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

Total dividends and distributions

Net asset value, end of period

Total return4

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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	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.
5	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
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

42

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	Six months ended
	5/31/211				Year ended
	(Unaudited)				11/30/20				11/30/19				11/30/18				11/30/17				11/30/16
	$	23.82			$	19.25			$	17.62			$	20.21			$	14.66			$	12.90
		(0.06	)			(0.01	)			0.07				0.02				0.15				0.02
		3.94				4.64				1.56				(2.34	)			5.47				1.74
		3.88				4.63				1.63				(2.32	)			5.62				1.76
		—				(0.06	)			—	3			(0.27	)			(0.07	)			—
		(0.14	)			—				—				—				—				—
		(0.14	)			(0.06	)			—				(0.27	)			(0.07	)			—
	$	27.56			$	23.82			$	19.25			$	17.62			$	20.21			$	14.66
		16.36%	5			24.11%	5			9.28%				(11.64%	)			38.51%	5			13.64%	5
	$	42,830			$	38,689			$	43,962			$	48,875			$	61,735			$	36,591
		1.82%				1.87	%			1.88	%			1.88	%			1.91	%			1.99	%
		1.83%				1.88	%			1.88	%			1.88	%			1.91	%			2.03	%
		(0.48%	)			(0.04	%)			0.37	%			0.10	%			0.85	%			0.10	%
		(0.49%	)			(0.05	%)			0.37	%			0.10	%			0.85	%			0.06	%
		3%				5	%			10	%			11	%			11	%			25	%

43

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Financial highlights
Delaware Emerging Markets Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

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 return4

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 to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

See accompanying notes, which are an integral part of the financial statements.

44

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	Six months ended
	5/31/211				Year ended
	(Unaudited)				11/30/20				11/30/19				11/30/18				11/30/17				11/30/16
	$	23.85			$	19.27			$	17.67			$	20.26			$	14.69			$	12.90
		—	3			0.09				0.16				0.12				0.25				0.08
		3.95				4.66				1.55				(2.34	)			5.46				1.75
		3.95				4.75				1.71				(2.22	)			5.71				1.83
		(0.04	)			(0.17	)			(0.11	)			(0.37	)			(0.14	)			(0.04	)
		(0.14	)			—				—				—				—				—
		(0.18	)			(0.17	)			(0.11	)			(0.37	)			(0.14	)			(0.04	)
	$	27.62			$	23.85			$	19.27			$	17.67			$	20.26			$	14.69
		16.65%	5			24.76%	5			9.79%				(11.21%	)			39.23%	5			14.22%	5
	$	5,082,915			$	4,078,412			$	3,826,272			$	4,189,528			$	3,885,606			$	1,346,361
		1.32%				1.37%				1.38%				1.38%				1.41%				1.49%
		1.33%				1.38%				1.38%				1.38%				1.41%				1.53%
		0.02%				0.46%				0.87%				0.60%				1.35%				0.60%
		0.01%				0.45%				0.87%				0.60%				1.35%				0.56%
		3%				5%				10%				11%				11%				25%

45

---

Table of Contents

Financial highlights
Delaware Emerging Markets Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income3

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 return4

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 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
3	The average shares outstanding have been applied for per share information.
4	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.
5	Total return during the period 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.

See accompanying notes, which are an integral part of the financial statements.

46

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	Six months ended																				5/2/161
	5/31/212				Year ended																to
	(Unaudited)				11/30/20				11/30/19				11/30/18				11/30/17				11/30/16
	$	23.88			$	19.28			$	17.69			$	20.27			$	14.69			$	13.55
		0.02				0.12				0.18				0.14				0.28				0.08
		3.95				4.66				1.54				(2.33	)			5.45				1.06
		3.97				4.78				1.72				(2.19	)			5.73				1.14
		(0.07	)			(0.18	)			(0.13	)			(0.39	)			(0.15	)			—
		(0.14	)			—				—				—				—				—
		(0.21	)			(0.18	)			(0.13	)			(0.39	)			(0.15	)			—
	$	27.64			$	23.88			$	19.28			$	17.69			$	20.27			$	14.69
		16.70%	5			24.93%	5			9.84%				(11.04%	)			39.43%	5			8.41%	5
	$	1,510,660			$	1,130,453			$	1,000,200			$	391,408			$	140,119			$	268
		1.22%				1.25%				1.26%				1.26%				1.28%				1.32%
		1.23%				1.26%				1.26%				1.26%				1.28%				1.37%
		0.12%				0.58%				0.99%				0.72%				1.47%				0.85%
		0.11%				0.57%				0.99%				0.72%				1.47%				0.80%
		3%				5%				10%				11%				11%				25%	7

47

---

Table of Contents

Financial highlights
Delaware International Small Cap Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

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 realized gain

Total dividends and distributions

Net asset value, end of period

Total return4

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 loss to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $(0.005) per share.
4	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.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

48

---

Table of Contents

	Six months ended
	5/31/211						Year ended
	(Unaudited)						11/30/20				11/30/19				11/30/18				11/30/17				11/30/16
		$	8.63				$	7.07			$	6.66			$	7.99			$	19.03			$	19.78
			(0.02	)				—	3			0.01				0.01				(0.02	)			(0.02	)
			1.15					1.56				0.40				(1.02	)			1.86				(0.06	)
			1.13					1.56				0.41				(1.01	)			1.84				(0.08	)
			—					—				—				(0.32	)			(12.88	)			(0.67	)
			—					—				—				(0.32	)			(12.88	)			(0.67	)
		$	9.76				$	8.63			$	7.07			$	6.66			$	7.99			$	19.03
			13.09%					22.07%				6.16%				(13.19%	)			39.78%				(0.38%	)
		$	9,502				$	7,499			$	10,934			$	10,154			$	12,377			$	15,158
			1.35%					1.35%				1.34%				1.34%				1.38%				1.48%
			1.49%					1.52%				1.55%				1.72%				2.48%				1.51%
			(0.34%	)				(0.04%	)			0.16%				0.13%				(0.22%	)			(0.09%	)
			(0.48%	)				(0.21%	)			(0.05%	)			(0.25%	)			(1.32%	)			(0.12%	)
			54%					66%				97%				106%				142%				66%

49

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Table of Contents

Financial highlights
Delaware International Small Cap Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment loss2

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 loss to average net assets

Ratio of net investment loss to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have 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 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.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

50

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	Six months ended
	5/31/211						Year ended
	(Unaudited)						11/30/20				11/30/19				11/30/18				11/30/17				11/30/16
		$	7.16				$	5.91			$	5.61			$	6.83			$	18.24			$	19.13
			(0.04	)				(0.05	)			(0.03	)			(0.04	)			(0.06	)			(0.15	)
			0.95					1.30				0.33				(0.86	)			1.53				(0.07	)
			0.91					1.25				0.30				(0.90	)			1.47				(0.22	)
			—					—				—				(0.32	)			(12.88	)			(0.67	)
			—					—				—				(0.32	)			(12.88	)			(0.67	)
		$	8.07				$	7.16			$	5.91			$	5.61			$	6.83			$	18.24
			12.71%					21.15%				5.35%				(13.86%	)			38.77%				(1.15%	)
		$	2,533				$	3,106			$	3,541			$	4,698			$	5,199			$	4,417
			2.10%					2.10%				2.09%				2.09%				2.13%				2.23%
			2.24%					2.27%				2.30%				2.47%				3.23%				2.26%
			(1.09%	)				(0.79%	)			(0.59%	)			(0.62%	)			(0.97%	)			(0.84%	)
			(1.23%	)				(0.96%	)			(0.80%	)			(1.00%	)			(2.07%	)			(0.87%	)
			54%					66%				97%				106%				142%				66%

51

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Table of Contents

Financial highlights
Delaware International Small Cap Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment loss2

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 loss to average net assets

Ratio of net investment loss to average net assets prior to fees waived

Portfolio turnover

See accompanying notes, which are an integral part of the financial statements.

52

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Table of Contents

	Six months ended
	5/31/211						Year ended
	(Unaudited)						11/30/20				11/30/19				11/30/18				11/30/17				11/30/16
		$	8.14				$	6.68			$	6.31			$	7.61			$	18.77			$	19.57
			(0.03	)				(0.02	)			(0.01	)			(0.01	)			(0.03	)			(0.06	)
			1.09					1.48				0.38				(0.97	)			1.75				(0.07	)
			1.06					1.46				0.37				(0.98	)			1.72				(0.13	)
			—					—				—				(0.32	)			(12.88	)			(0.67	)
			—					—				—				(0.32	)			(12.88	)			(0.67	)
		$	9.20				$	8.14			$	6.68			$	6.31			$	7.61			$	18.77
			13.02%					21.86%				5.86%				(13.47%	)			39.45%				(0.65%	)
		$	160				$	340			$	98			$	87			$	92			$	51
			1.60%					1.60%				1.59%				1.59%				1.63%				1.73%
			1.74%					1.77%				1.80%				1.97%				2.73%				1.76%
			(0.59%	)				(0.29%	)			(0.09%	)			(0.12%	)			(0.47%	)			(0.34%	)
			(0.73%	)				(0.46%	)			(0.30%	)			(0.50%	)			(1.57%	)			(0.37%	)
			54%					66%				97%				106%				142%				66%

53

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Table of Contents

Financial highlights
Delaware International Small Cap Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

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

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return4

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

See accompanying notes, which are an integral part of the financial statements.

54

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Table of Contents

	Six months ended
	5/31/211						Year ended
	(Unaudited)						11/30/20				11/30/19			11/30/18				11/30/17				11/30/16
		$	9.07				$	7.43			$	6.98		$	8.34			$	19.27			$	19.97
			—	3				0.02				0.03			0.03				—	3			0.03
			1.21					1.63				0.42			(1.07	)			1.95				(0.06	)
			1.21					1.65				0.45			(1.04	)			1.95				(0.03	)
			—					(0.01	)			—			—				—				—
			—					—				—			(0.32	)			(12.88	)			(0.67	)
			—					—	3			—			—				—				—
			—					(0.01	)			—			(0.32	)			(12.88	)			(0.67	)
		$	10.28				$	9.07			$	7.43		$	6.98			$	8.34			$	19.27
			13.34%					22.30%				6.45%			(12.99%	)			40.06%				(0.12%	)
		$	92,898				$	91,340			$	117,702		$	60,124			$	14,025			$	17,958
			1.10%					1.10%				1.09%			1.09%				1.13%				1.23%
			1.24%					1.27%				1.30%			1.47%				2.23%				1.26%
			(0.09%	)				0.21%				0.41%			0.38%				0.03%				0.16%
			(0.23%	)				0.04%				0.20%			0.00%				(1.07%	)			0.13%
			54%					66%				97%			106%				142%				66%

55

---

Table of Contents

Financial highlights
Delaware International Small Cap Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss)3

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 return6

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets7

Ratio of expenses to average net assets prior to fees waived7

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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
3	The average shares outstanding have been applied for per share information.
4	Amount is less than $(0.005) per share.
5	Amount is less than $0.005 per share.
6	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.
7	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
8	Portfolio turnover is representative of the Fund for the entire period.

See accompanying notes, which are an integral part of the financial statements.

56

---

Table of Contents

	Six months ended																	6/30/171
	5/31/212						Year ended											to
	(Unaudited)						11/30/20				11/30/19			11/30/18				11/30/17
		$	9.10				$	7.45			$	6.99		$	8.35			$	7.07
			—	4				0.02				0.04			0.04				—	4
			1.22					1.65				0.42			(1.08	)			1.28
			1.22					1.67				0.46			(1.04	)			1.28
			—					(0.02	)			—			—				—
			—					—				—			(0.32	)			—
			—					—	5			—			—				—
			—					(0.02	)			—			(0.32	)			—
		$	10.32				$	9.10			$	7.45		$	6.99			$	8.35
			13.41%					22.48%				6.58%			(12.98%	)			18.11%
		$	21,840				$	12,498			$	3,780		$	2,676			$	2
			1.00%					1.00%				1.00%			1.00%				1.00%
			1.14%					1.17%				1.21%			1.38%				2.28%
			0.01%					0.31%				0.50%			0.47%				(0.08%	)
			(0.13%	)				0.14%				0.29%			0.09%				(1.36%	)
			54%					66%				97%			106%				142%	8

57

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Table of Contents

Financial highlights
Delaware International Value Equity Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have 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 and does not reflect the impact of a sales charge.
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.
6	The Funds’ portfolio turnover rate increased substantially during the year ended November 30, 2019 due to a change in the Funds’ portfolio managers and associated repositioning.

See accompanying notes, which are an integral part of the financial statements.

58

---

Table of Contents

	Six months ended
	5/31/211						Year ended
	(Unaudited)						11/30/20				11/30/19				11/30/18				11/30/17				11/30/16
		$	14.82				$	14.66			$	13.53			$	15.66			$	12.94			$	12.96
			0.15					0.11				0.19				0.29				0.24				0.19
			2.06					0.43				1.23				(2.19	)			2.75				(0.05	)
			2.21					0.54				1.42				(1.90	)			2.99				0.14
			(0.13	)				(0.18	)			(0.29	)			(0.23	)			(0.27	)			(0.16	)
			(0.11	)				(0.20	)			—				—				—				—
			(0.24	)				(0.38	)			(0.29	)			(0.23	)			(0.27	)			(0.16	)
		$	16.79				$	14.82			$	14.66			$	13.53			$	15.66			$	12.94
			15.07%	4				3.80%	4			10.94%	4			(12.32%	)			23.53%				1.15%
		$	71,172				$	59,692			$	62,035			$	63,604			$	68,412			$	54,967
			1.13%					1.26%				1.34%				1.33%				1.35%				1.36%
			1.33%					1.35%				1.35%				1.33%				1.35%				1.36%
			1.93%					0.81%				1.35%				1.93%				1.65%				1.50%
			1.73%					0.72%				1.34%				1.93%				1.65%				1.50%
			25%					36%				143%	6			13%				15%				13%

59

---

Table of Contents

Financial highlights
Delaware International Value Equity Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

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 (loss) to average net assets prior to fees waived

Portfolio turnover

See accompanying notes, which are an integral part of the financial statements.

60

---

Table of Contents

	Six months ended
	5/31/211						Year ended
	(Unaudited)						11/30/20				11/30/19				11/30/18				11/30/17				11/30/16
		$	14.63				$	14.48			$	13.25			$	15.36			$	12.69			$	12.71
			0.09					0.01				0.08				0.16				0.13				0.09
			2.03					0.42				1.25				(2.15	)			2.72				(0.04	)
			2.12					0.43				1.33				(1.99	)			2.85				0.05
			—					(0.08	)			(0.10	)			(0.12	)			(0.18	)			(0.07	)
			(0.11	)				(0.20	)			—				—				—				—
			(0.11	)				(0.28	)			(0.10	)			(0.12	)			(0.18	)			(0.07	)
		$	16.64				$	14.63			$	14.48			$	13.25			$	15.36			$	12.69
			14.57%	4				3.01%	4			10.18%	4			(13.04%	)			22.71%				0.36%
		$	5,551				$	6,127			$	8,562			$	8,734			$	21,505			$	21,672
			1.88%					2.01%				2.09%				2.08%				2.10%				2.11%
			2.08%					2.10%				2.10%				2.08%				2.10%				2.11%
			1.18%					0.06%				0.60%				1.18%				0.90%				0.75%
			0.98%					(0.03%	)			0.59%				1.18%				0.90%				0.75%
			25%					36%				143%	6			13%				15%				13%

61

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Table of Contents

Financial highlights
Delaware International Value Equity Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

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

See accompanying notes, which are an integral part of the financial statements.

62

---

Table of Contents

	Six months ended
	5/31/211						Year ended
	(Unaudited)						11/30/20				11/30/19				11/30/18				11/30/17				11/30/16
		$	14.76				$	14.60			$	13.46			$	15.59			$	12.88			$	12.90
			0.13					0.08				0.15				0.25				0.20				0.16
			2.06					0.42				1.24				(2.19	)			2.75				(0.05	)
			2.19					0.50				1.39				(1.94	)			2.95				0.11
			(0.10	)				(0.14	)			(0.25	)			(0.19	)			(0.24	)			(0.13	)
			(0.11	)				(0.20	)			—				—				—				—
			(0.21	)				(0.34	)			(0.25	)			(0.19	)			(0.24	)			(0.13	)
		$	16.74				$	14.76			$	14.60			$	13.46			$	15.59			$	12.88
			14.95%	4				3.53%	4			10.72%	4			(12.58%	)			23.26%				0.88%
		$	5,276				$	2,845			$	3,472			$	3,508			$	3,440			$	1,578
			1.38%					1.51%				1.59%				1.58%				1.60%				1.61%
			1.58%					1.60%				1.60%				1.58%				1.60%				1.61%
			1.68%					0.56%				1.10%				1.68%				1.40%				1.25%
			1.48%					0.47%				1.09%				1.68%				1.40%				1.25%
			25%					36%				143%	6			13%				15%				13%

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Financial highlights
Delaware International Value Equity Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have 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 Funds’ portfolio turnover rate increased substantially during the year ended November 30, 2019 due to a change in the Funds’ portfolio managers and associated repositioning.

See accompanying notes, which are an integral part of the financial statements.

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	Six months ended
	5/31/211						Year ended
	(Unaudited)						11/30/20				11/30/19				11/30/18				11/30/17				11/30/16
		$	14.90				$	14.74			$	13.60			$	15.74			$	13.00			$	13.02
			0.17					0.15				0.22				0.33				0.28				0.22
			2.06					0.43				1.25				(2.20	)			2.76				(0.04	)
			2.23					0.58				1.47				(1.87	)			3.04				0.18
			(0.16	)				(0.22	)			(0.33	)			(0.27	)			(0.30	)			(0.20	)
			(0.11	)				(0.20	)			—				—				—				—
			(0.27	)				(0.42	)			(0.33	)			(0.27	)			(0.30	)			(0.20	)
		$	16.86				$	14.90			$	14.74			$	13.60			$	15.74			$	13.00
			15.19%	4				4.04%	4			11.29%	4			(12.11%	)			23.87%				1.41%
		$	276,823				$	248,810			$	229,511			$	220,747			$	226,644			$	165,361
			0.88%					1.01%				1.09%				1.08%				1.10%				1.11%
			1.08%					1.10%				1.10%				1.08%				1.10%				1.11%
			2.18%					1.06%				1.60%				2.18%				1.90%				1.75%
			1.98%					0.97%				1.59%				2.18%				1.90%				1.75%
			25%					36%				143%	6			13%				15%				13%

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Financial highlights
Delaware International Value Equity Fund Class R6

Selected data for each share of the Fund outstanding throughout each period were as follows:

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income3

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 return4

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 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
3	The average shares outstanding have been applied for per share information.
4	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.
5	Total return during the period 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	The Funds’ portfolio turnover rate increased substantially during the year ended November 30, 2019 due to a change in the Funds’ portfolio managers and associated repositioning.
8	Portfolio turnover is representative of the Fund for the entire period.

See accompanying notes, which are an integral part of the financial statements.

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	Six months ended														3/29/181
	5/31/212						Year ended								to
	(Unaudited)							11/30/20				11/30/19			11/30/18
		$	14.91				$	14.74			$	13.60			$	15.36
			0.18					0.15				0.24				0.25
			2.06					0.45				1.24				(2.01	)
			2.24					0.60				1.48				(1.76	)
			(0.18	)				(0.23	)			(0.34	)			—
			(0.11	)				(0.20	)			—				—
			(0.29	)				(0.43	)			(0.34	)			—
		$	16.86				$	14.91			$	14.74			$	13.60
			15.19%	5				4.14%	5			11.36%	5			(11.46%	)
		$	1,843				$	1,585			$	2,091			$	2
			0.88%					0.95%				1.03%				1.02%
			1.08%					1.02%				1.03%				1.02%
			2.18%					1.12%				1.66%				2.47%
			1.98%					1.05%				1.66%				2.47%
			25%					36%				143%	7			13%	8

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Notes to financial statements
Delaware International Funds	May 31, 2021 (Unaudited)

Delaware Group^® Global & International Funds (Trust) is organized as a Delaware statutory trust and offers three series: Delaware Emerging Markets Fund, Delaware International Small Cap Fund, and Delaware International Value Equity Fund. These financial statements and the related notes pertain to Delaware Emerging Markets Fund, Delaware International Small Cap Fund, and Delaware International Value Equity Fund (each, a Fund or collectively, the Funds). The Trust is an open-end investment company. Each Fund is considered diversified under the Investment Company Act of 1940, as amended, and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. There is no front-end sales charge when you purchase $1,000,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares purchased prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (“Limited CDSC”) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year; or for shares purchased on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase; unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds Complex (the Ivy Funds), and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (the “Transaction”). The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds^® by Macquarie, are now managed by Delaware Management Company (DMC) and distributed by DDLP.

1. Significant Accounting Policies

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Open-end investment company securities are valued at net asset value (NAV) per share, as reported by the underlying investment company. Foreign currency exchange contracts and foreign cross currency exchange

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contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Funds may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00pm Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing.) Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “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 six months ended May 31, 2021 and for all open tax years (years ended November 30, 2017–November 30, 2020), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries in which it invests in that may date back to the inception of each Fund. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended May 31, 2021, the Funds did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 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.

Underlying Funds — The Funds may invest in other investment companies (Underlying Funds) to the extent permitted by the 1940 Act. The Underlying Funds in which the Funds may invest include ETFs. A Fund will indirectly bear the investment management fees and other expenses of the Underlying Funds.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with each Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the

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Notes to financial statements
Delaware International Funds

1. Significant Accounting Policies (continued)

exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds generally do not bifurcate that portion of realized gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices. These gains and losses are included on the “Statements of operations” under “Net realized gain (loss) on investments.” Each Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to a Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon after the 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.

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no such earnings credits for the six months ended May 31, 2021.

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses

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paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended May 31, 2021, each Fund earned the following amounts under this arrangement:

Fund		Earnings Credits
Delaware Emerging Markets Fund			$866
Delaware International Small Cap Fund			32
Delaware International Value Equity Fund			165

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its respective investment management agreement, each Fund pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly, based on each Fund’s average daily net assets as follows:

		Delaware Emerging		Delaware International		Delaware International
		Markets Fund		Small Cap Fund		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%

DMC has contractually agreed to waive all or a portion, if any, of its management fee and/or pay/reimburse 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), in order to prevent total annual fund operating expenses from exceeding the following specified percentages of average daily net assets of each Fund. The expense waivers were in effect from December 1, 2020 through May 31, 2021.* 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 and may be terminated only by agreement of DMC and the Funds. The waivers and reimbursements are accrued daily and received monthly.

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Notes to financial statements
Delaware International Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

		Operating expense
		limitation as
		a percentage
		of average
Fund		daily net assets
Delaware Emerging Markets Fund		1.32%1
Delaware International Small Cap Fund		1.12%2
Delaware International Value Equity Fund		0.88%3

1	The expense limitation is 1.20% for Class R6 shares.
2	The expense limitation is 1.00% for Class R6 shares.
3	The expense limitation is 0.82% for Class R6 shares.

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”), to execute Fund equity security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended May 31, 2021, each Fund was charged for these services as follows:

Fund		Fees
Delaware Emerging Markets Fund		$114,399
Delaware International Small Cap Fund		4,021
Delaware International Value Equity Fund		7,796

DIFSC is also the transfer agent and dividend disbursing agent of the Funds. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV

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basis. This amount is included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended May 31, 2021, each Fund was charged for these services as follows:

Fund		Fees
Delaware Emerging Markets Fund		$280,521
Delaware International Small Cap Fund		5,063
Delaware International Value Equity Fund		14,486

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by the Funds and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25%, 1.00%, and 0.50% of the average daily net assets of the Class A, Class C, and Class R shares, respectively. The fees are calculated daily and paid monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Funds. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended May 31, 2021, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund		Fees
Delaware Emerging Markets Fund		$97,043
Delaware International Small Cap Fund		2,315
Delaware International Value Equity Fund		5,754

For the six months ended May 31, 2021, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund		Commissions
Delaware Emerging Markets Fund			$27,826
Delaware International Small Cap Fund			1,243
Delaware International Value Equity Fund			1,830

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Notes to financial statements
Delaware International Funds

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

For the six months ended May 31, 2021, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund		Class A				Class C
Delaware Emerging Markets Fund			$14				$3,693
Delaware International Small Cap Fund			—				29
Delaware International Value Equity Fund			1				15

Trustees’ fees include expenses accrued by each Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trusts. These officers and Trustees are paid no compensation by the Funds.

____________________
*	The aggregate contractual waiver period covering this report is from March 30, 2021 through March 31, 2022.

3. Investments

For the six months ended May 31, 2021, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund		Purchases			Sales
Delaware Emerging Markets Fund		$	601,717,633		$	199,207,334
Delaware International Small Cap Fund			63,311,810			65,533,515
Delaware International Value Equity Fund			84,984,782			90,347,680

At May 31, 2021, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined

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until fiscal year end. At May 31, 2021, the cost and unrealized appreciation (depreciation) of investments and derivatives for each Fund were as follows:

Aggregate

Aggregate

unrealized

unrealized

Net unrealized

Cost of

appreciation

depreciation

appreciation

investments

of investments

of investments

of investments

Fund

and derivatives

and derivatives

and derivatives

and derivatives

Delaware

Emerging

Markets

Fund

$

4,693,826,808

$

3,074,886,002

$

(602,252,180

)

$

2,472,633,822

Delaware

International

Small Cap

Fund

96,973,718

32,815,730

(2,707,368

)

30,108,362

Delaware

International

Value Equity

Fund

313,769,265

59,632,321

(14,023,394

)

45,608,927

At November 30, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

		Loss carryforward character
		Short-term			Long-term		Total
Delaware International
Small Cap Fund		$	14,868,377		$—		$	14,868,377

Delaware Emerging Markets Fund and Delaware International Value Equity Fund had no capital loss carryforwards.

US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the

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Notes to financial statements
Delaware International Funds

3. Investments (continued)

circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3 –	Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

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The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of May 31, 2021:

		Delaware Emerging Markets Fund
		Level 1			Level 2				Level 3			Total
Securities
Assets:
Common Stock
Argentina		$	15,668,653		$	983,891			$	—		$	16,652,544
Bahrain			—			1,891,243				—			1,891,243
Brazil			367,701,970			—				—			367,701,970
Chile			50,292,035			—				—			50,292,035
China			2,412,365,197			—				—			2,412,365,197
Hong Kong			3,153,558			—				—			3,153,558
India			586,966,855			—				137,873			587,104,728
Indonesia			45,801,153			—				—			45,801,153
Malaysia			1,706,786			—				—			1,706,786
Mexico			267,292,734			—				—			267,292,734
Peru			37,064,448			—				—			37,064,448
Philippines			—			—				13,840,342			13,840,342
Republic of Korea			1,294,722,763			—				—			1,294,722,763
Russia			329,511,040			2,597,369				50,789,402			382,897,811
South Africa			53,375,979			—				—			53,375,979
Taiwan			1,019,757,735			—				—			1,019,757,735
Turkey			44,827,546			—				—			44,827,546
United Kingdom			5,898,575			—				—			5,898,575
United States			294,865,526			—				—			294,865,526
Exchange-Traded Fund			6,656,006			—				—			6,656,006
Participation Notes			—			—				—			—
Preferred Stock1			129,123,785			—				23,198,580			152,322,365
Warrant			—			—				—			—
Short-Term Investments			106,271,010			—				—			106,271,010
Total Value of Securities		$	7,073,023,354		$	5,472,503			$	87,966,197		$	7,166,462,054
Derivatives2
Liabilities:
Foreign Currency Exchange Contracts		$	—		$	(1,424	)		$	—		$	(1,424	)

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Notes to financial statements
Delaware International Funds

3. Investments (continued)

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1	Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Delaware International Value Equity Fund
	Level 1			Level 2				Total
Securities
Assets:
Common Stock	$	351,047,797		$	—			$	351,047,797
Exchange-Traded Funds		5,243,750			—				5,243,750
Securities Lending Collateral		—			3,095,697				3,095,697
Total Value of Securities	$	356,291,547		$	3,095,697			$	359,387,244
Derivatives1
Assets:
Foreign Currency Exchange Contracts	$	—		$	980			$	980
Liabilities:
Foreign Currency Exchange Contracts	$	—		$	(10,032	)		$	(10,032	)

1	Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

The securities that have been valued at zero on the “Schedules of investments” are considered to be Level 3 investments in these tables.

During the six months ended May 31, 2021, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to that Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to each Fund’s net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to each Fund’s net assets at the end of the period.

During the six months ended May 31, 2021, Delaware International Value Equity Fund had no Level 3 investments.

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Notes to financial statements
Delaware International Funds

3. Investments (continued)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for Delaware Emerging Markets Fund and Delaware International Small Cap Fund:

		Delaware Emerging Markets Fund
		Common Stock			Preferred Stock			Total
Balance as of 11/30/20		$	39,335,917		$	22,512,036		$	61,847,953
Purchases			13,979,920			—			13,979,930
Net change in unrealized appreciation
(depreciation)			11,451,779			686,544			12,138,323
Balance as of 5/31/21		$	64,767,616		$	23,198,580		$	87,966,196
Net change in unrealized appreciation
(depreciation)
from Level 3 investments still held as of
5/31/21		$	11,451,779		$	686,544		$	12,138,323

		Delaware International Small Cap Fund
		Common Stock
Balance as of 11/30/20			$	1,202,821
Purchases				188,861
Sales				(56,400	)
Net realized gain (loss)				(2,001	)
Net change in unrealized appreciation (depreciation)				164,818
Balance as of 5/31/21			$	1,498,099
Net change in unrealized appreciation (depreciation)      from Level 3 investments still held as of 5/31/21			$	164,818

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4. Capital Shares

Transactions in capital shares were as follows:

		Delaware Emerging						Delaware International						Delaware International
		Markets Fund						Small Cap Fund						Value Equity Fund
		Six months						Six months						Six months
		ended			Year ended			ended			Year ended			ended			Year ended
		5/31/21			11/30/20			5/31/21			11/30/20			5/31/21			11/30/20
Shares sold:
Class A		2,151,577			3,800,155			211,205			166,626			550,948			601,892
Class C		567,108			416,232			5,617			68,599			16,536			66,004
Class R		187,007			336,451			576			28,214			163,660			108,335
Institutional Class		34,539,920			59,484,711			645,387			2,181,691			2,675,364			7,806,680
Class R6		13,619,559			14,167,608			760,510			1,256,101			3,501			18,747
Shares issued upon reinvestment of dividends and distributions:
Class A		83,142			96,611			—			—			61,789			114,423
Class C		33,203			—			—			—			3,021			11,490
Class R		9,242			6,517			—			—			2,660			5,718
Institutional Class		1,109,857			1,376,861			—			26,670			300,524			451,416
Class R6		245,069			210,213			—			625			358			3,895
		52,545,684			79,895,359			1,623,295			3,728,526			3,778,361			9,188,600
Shares redeemed:
Class A		(1,930,207	)		(6,631,977	)		(107,195	)		(844,513	)		(400,518	)		(920,232	)
Class C		(895,900	)		(2,624,550	)		(125,734	)		(234,152	)		(104,837	)		(250,099	)
Class R		(266,238	)		(1,003,053	)		(24,904	)		(1,161	)		(43,779	)		(159,139	)
Institutional Class		(22,596,449	)		(88,414,469	)		(1,675,818	)		(7,990,035	)		(3,254,678	)		(7,133,324	)
Class R6		(6,546,469	)		(18,905,111	)		(16,706	)		(390,839	)		(845	)		(58,176	)
		(32,235,263	)		(117,579,160	)		(1,950,357	)		(9,460,700	)		(3,804,657	)		(8,520,970	)
Net increase (decrease)		20,310,421			(37,683,801	)		(327,062	)		(5,732,174	)		(26,296	)		667,630

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Notes to financial statements
Delaware International Funds

4. Capital Shares (continued)

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table on the prior page and on the “Statements of changes in net assets.” For the six months ended May 31, 2021 and the year ended November 30, 2020, each Fund had the following exchange transactions:

		Exchange Redemptions								Exchange Subscriptions
						Institutional						Institutional
		Class A		Class C		Class		Class R6		Class A		Class		Class R6
		Shares		Shares		Shares		Shares		Shares		Shares		Shares		Value
Delaware Emerging Markets Fund
Six months ended
5/31/21		20,120		17,768		67,376		2,846		16,847		7,381		82,313		$3,045,044
Year ended
11/30/20		61,268		39,452		16,653		59,883		19,261		136,534		18,093		3,448,082
Delaware International Small Cap Fund
Six months ended
5/31/21		—		12,240		—		—		10,141		—		—		95,148
Year ended
11/30/20		1,259		1,133		—		—		943		1,198		—		16,136
Delaware International Value Equity Fund
Six months ended
5/31/21		1,632		17,423		—		—		17,321		1,626		—		294,509
Year ended
11/30/20		1		5,003		—		—		4,951		1		—		68,444

5. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $225,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15% with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on November 1, 2021.

Each Fund had no amounts outstanding as of May 31, 2021, or at any time during the period then ended.

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6. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.

Foreign Currency Exchange Contracts — Each Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. Each Fund may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. Each Fund may also use these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, each Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, each Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between each Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover each Fund’s exposure to the counterparty.

During the six months ended May 31, 2021, Delaware Emerging Markets Fund and Delaware International Small Cap Fund entered into foreign currency exchange contracts and foreign cross currency exchange contracts to facilitate or expedite the settlement of portfolio transactions. Delaware International Value Equity Fund entered into foreign currency exchange contracts and foreign cross currency contracts in order to fix the US dollar value of a security between trade date and settlement date.

During the six months ended May 31, 2021, the Funds experienced net realized and unrealized gains or losses attributable to foreign currency holdings, which are disclosed on the “Statements of assets and liabilities” and “Statements of operations.”

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Notes to financial statements
Delaware International Funds

6. Derivatives (continued)

The table below summarizes the average balance of derivative holdings by each Fund during the six months ended May 31, 2021:

				Long Derivative Volume
		Delaware Emerging		Delaware International		Delaware International
		Markets Fund		Small Cap Fund		Value Equity Fund
Foreign currency exchange
contracts (average
notional value)		$1,297,583		$343,014		$562,966
				Short Derivative Volume
		Delaware Emerging		Delaware International		Delaware International
		Markets Fund		Small Cap Fund		Value Equity Fund
Foreign currency exchange
contracts (average
notional value)		$677,813		$407,462		$535,162

7. Offsetting

Each Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of their derivative contract counterparties in order to better define their contractual rights and to secure rights that will help each Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs over-the-counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statement of assets and liabilities.”

At May 31, 2021, each Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Delaware Emerging Markets Fund

		Gross Value of		Gross Value of
Counterparty		Derivative Asset		Derivative Liability		Net Position
Bank of New York Mellon		$—		$(1424)		$(1424)

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Fair Value of

Fair Value of

Non-Cash

Cash Collateral

Non-Cash

Cash Collateral

Counterparty

Net Position

Collateral Received

Received(a)

Collateral Pledged

Pledged

Net Exposure(b)

Bank of New

York Mellon

$(1424)

$—

$—

$—

$—

$(1424)

Delaware International Small Cap Fund

		Gross Value of		Gross Value of
Counterparty		Derivative Asset		Derivative Liability		Net Position
Bank of New York Mellon		$—		$(11)		$(11)

Fair Value of

Fair Value of

Non-Cash

Cash Collateral

Non-Cash

Cash Collateral

Counterparty

Net Position

Collateral Received

Received(a)

Collateral Pledged

Pledged

Net Exposure(b)

Bank of New

York Mellon

$(11)

$—

$—

$—

$—

$(11)

Delaware International Value Equity Fund

		Gross Value of		Gross Value of
Counterparty		Derivative Asset		Derivative Liability		Net Position
Bank of New York Mellon		$980		$(10,032)		$(9,052)

Fair Value of

Fair Value of

Non-Cash

Cash Collateral

Non-Cash

Cash Collateral

Counterparty

Net Position

Collateral Received

Received(a)

Collateral Pledged

Pledged

Net Exposure(b)

Bank of New

York Mellon

$(9,052)

$—

$—

$—

$—

$(9,052)

Securities Lending

Securities lending transactions are entered into by the Funds under master securities lending agreements (each, an MSLA) which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral (see also Note 8).

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Notes to financial statements
Delaware International Funds

7. Offsetting (continued)

As of May 31, 2021, the following table is a summary of the Funds’ securities lending agreements by counterparty which are subject to offset under an MSLA:

Delaware International Value Equity Fund

						Fair Value of
		Securities		Cash		Non-Cash		Net
		Loaned		Collateral		Collateral		Collateral
Counterparty		at Value		Received(a)		Received		Received		Net Exposure(b)
BNY Mellon		$3,042,953		$(3,042,953)		$—		$(3,042,953)		$—

(a)	The value of the related collateral exceeded the value of the derivatives and securities lending transactions as of May 31, 2021, as applicable.
(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

8. Securities Lending

Each Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of

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deposit, time deposits, and other bank obligations; and asset-backed securities. Each Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Fund or, at the discretion of the lending agent, replace the loaned securities. Each Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.

Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Fund’s cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of May 31, 2021:

		Overnight
Securities Lending		and		Under		Between		Over
Transactions		continuous		30 days		30 & 90 days		90 Days		Total
Certificates of      Deposit and      Repurchase      Agreements		$3,095,697		$—		$—		$—		$3,095,697

At May 31, 2021, the value of securities on loan for Delaware International Value Equity Fund was $3,042,953, for which the Fund received cash collateral of $3,095,697. At May 31, 2021, the value of invested collateral was $3,095,697. Investments purchased with cash collateral are presented on the “Schedules of investments” under the caption “Securities Lending Collateral.”

During the six months ended May 31, 2021, Delaware Emerging Markets Fund and Delaware International Small Cap Fund had no securities out on loan.

9. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak

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Notes to financial statements
Delaware International Funds

9. Credit and Market Risk (continued)

of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the Funds’ performance.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Funds invest will cause the NAV of the Funds to fluctuate.

Delaware Emerging Markets Fund invests a significant portion of its assets in the greater China region, which consists of Hong Kong, the People’s Republic of China, and Taiwan, among other countries. As a result, the Fund’s investments in the region are particularly susceptible to risks in that region. Adverse events in any one country within the region may impact the other countries in the region or Asia as a whole. As a result, adverse events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified, which could result in greater volatility in the Fund’s net asset value and losses. Markets in the greater China region can experience significant volatility due to social, economic, regulatory, and political uncertainties.

Some countries in which the Funds may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by each Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by each Fund.

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, each Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of each Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to each Fund’s 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.”

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10. Contractual Obligations

Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund’s existing contracts and expects the risk of loss to be remote.

11. Recent Accounting Pronouncements

In August 2018, FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to May 31, 2021, that would require recognition or disclosure in the Funds’ financial statements.

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Other Fund information (Unaudited)
Delaware International Funds

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Division Director of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Fund in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of each Fund’s liquidity risk; (2) classification of each of the Fund’s portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Fund’s net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting each Fund’s acquisition of Illiquid investments if, immediately after the acquisition, each Fund would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if each Fund’s holdings of Illiquid assets exceed 15% of the Fund’s net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing each Fund’s liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; and (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements. Classification of each Fund’s portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. Each Fund primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 25-27, 2021, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2020 through March 31, 2021. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and each Fund’s liquidity needs. Each Fund’s HLIM is set at an appropriate level and the Funds complied with their HLIM at all times during the reporting period.

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Table of Contents

About the organization

Board of trustees
Shawn K. Lytle	Ann D. Borowiec	Frances A.	Christianna Wood
President and	Former Chief Executive	Sevilla-Sacasa	Chief Executive Officer
Chief Executive Officer	Officer	Former Chief Executive	and President
Delaware Funds®	Private Wealth Management	Officer	Gore Creek Capital, Ltd.
by Macquarie	J.P. Morgan Chase & Co.	Banco Itaú International	Golden, CO
Philadelphia, PA	New York, NY	Miami, FL	Janet L. Yeomans
Jerome D. Abernathy	Joseph W. Chow	Thomas K. Whitford	Former Vice President and
Managing Member,	Former Executive Vice	Former Vice Chairman	Treasurer
Stonebrook Capital	President	PNC Financial Services	3M Company
Management, LLC	State Street Corporation	Group	St. Paul, MN
Jersey City, NJ	Boston, MA	Pittsburgh, PA
Thomas L. Bennett	John A. Fry
Chairman of the Board	President
Delaware Funds	Drexel University
by Macquarie	Philadelphia, PA
Private Investor
Rosemont, PA
Affiliated officers
David F. Connor	Daniel V. Geatens	Richard Salus
Senior Vice President,	Senior Vice President and	Senior Vice President and
General Counsel,	Treasurer	Chief Financial Officer
and Secretary	Delaware Funds	Delaware Funds
Delaware Funds	by Macquarie	by Macquarie
by Macquarie	Philadelphia, PA	Philadelphia, PA
Philadelphia, PA

This semiannual report is for the information of Delaware Emerging Markets Fund, Delaware International Small Cap Fund, and Delaware International Value Equity Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature. Each Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

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Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

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.

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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.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

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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:	August 4, 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:	August 4, 2021
/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	August 4, 2021

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