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N-CSRS 1 mimief4077881-ncsrs.htm CERTIFIED SEMI-ANNUAL SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

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, 2022

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Item 1. Reports to Stockholders



		Semiannual report

Global / international equity mutual funds

Delaware Emerging Markets Fund

Delaware International Small Cap Fund

Delaware International Value Equity Fund

May 31, 2022

Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectus and their summary prospectuses, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

You can obtain shareholder reports and prospectuses online instead of in the mail. Visit delawarefunds.com/edelivery.

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Experience Delaware Funds by Macquarie^®

Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM Public Investments traces its roots to 1929 and partners with institutional and individual clients to deliver specialist active investment capabilities across global equities, fixed income, and multi-asset solutions using a conviction-based, long-term approach to investing. In the US, retail investors recognize our Delaware Funds by Macquarie family of funds as one of the oldest mutual fund families.

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) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and 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 ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

The Funds are governed by US laws and regulations.

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Disclosure of Fund expenses		1
Security type / country and sector allocations		4
Schedules of investments		10
Statements of assets and liabilities		26
Statements of operations		29
Statements of changes in net assets		31
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, 2022, 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.

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Disclosure of Fund expenses
For the six-month period from December 1, 2021 to May 31, 2022 (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, 2021 to May 31, 2022.

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 tables reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

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Disclosure of Fund expenses
For the six-month period from December 1, 2021 to May 31, 2022 (Unaudited)

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

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	12/1/21			5/31/22			Expense Ratio	12/1/21 to 5/31/22*
Actual Fund return^†
Class A		$	1,000.00			$852.20	1.54%		$7.11
Class C			1,000.00			848.70	2.29%		10.55
Class R			1,000.00			851.00	1.79%		8.26
Institutional Class			1,000.00			853.40	1.29%		5.96
Class R6			1,000.00			853.80	1.18%		5.45
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,017.25	1.54%		$7.75
Class C			1,000.00			1,013.51	2.29%		11.50
Class R			1,000.00			1,016.01	1.79%		9.00
Institutional Class			1,000.00			1,018.50	1.29%		6.49
Class R6			1,000.00			1,019.05	1.18%		5.94

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

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	12/1/21			5/31/22			Expense Ratio	12/1/21 to 5/31/22*
Actual Fund return^†
Class A		$	1,000.00			$828.40	1.35%		$6.15
Class C			1,000.00			824.50	2.10%		9.55
Class R			1,000.00			828.50	1.60%		7.29
Institutional Class			1,000.00			829.30	1.10%		5.02
Class R6			1,000.00			830.80	1.10%		5.02
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			1,019.45	1.10%		5.54

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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
	12/1/21			5/31/22			Expense Ratio			12/1/21 to 5/31/22*
Actual Fund return^†
Class A		$	1,000.00			$921.10		1.13	%		$5.41
Class C			1,000.00			917.50		1.88	%		8.99
Class R			1,000.00			919.80		1.38	%		6.61
Institutional Class			1,000.00			921.90		0.88	%		4.22
Class R6			1,000.00			922.40		0.82	%		3.93
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 Fund's 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 tables above do not reflect the expenses of the Underlying Funds.

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Security type / country and sector allocations
Delaware Emerging Markets Fund		As of May 31, 2022 (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 than another fund’s sector designations.

Security type / country	Percentage of net assets
Common Stocks by Country		96.70	%
Argentina		0.64	%
Australia		1.55	%
Bahrain		0.07	%
Brazil		6.87	%
Chile		1.64	%
China		25.20	%
Hong Kong		0.19	%
India		13.89	%
Indonesia		1.78	%
Malaysia		0.02	%
Mexico		4.83	%
Peru		0.50	%
Republic of Korea		19.73	%
Russia		0.31	%
South Africa		0.18	%
Taiwan		16.59	%
Turkey		0.66	%
United Kingdom		0.07	%
United States		1.98	%
Preferred Stocks		2.03	%
Warrants		0.01	%
Exchange-Traded Fund		0.11	%
Participation Notes		0.00	%
Short-Term Investments		0.87	%
Total Value of Securities		99.72	%
Receivables and Other Assets Net of Liabilities		0.28	%
Total Net Assets		100.00	%

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Common stock, participation notes, and
preferred stock by sector ◆	Percentage of net assets
Communication Services		16.59	%
Consumer Discretionary		11.31	%
Consumer Staples		12.25	%
Energy		10.57	%
Financials		5.57	%
Healthcare		0.99	%
Industrials		0.85	%
Information Technology*		33.18	%
Materials		6.65	%
Real Estate Investment Trusts		0.36	%
Utilities		0.41	%
Total		98.73	%

◆

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 Computers, Internet, Retail, Electronic Components-Semiconductors, Semiconductor Components- Integrated Circuits, Software, and Telecommunications. As of May 31, 2022, such amounts, as a percentage of total net assets were 1.67%, 0.58%, 0.01%, 19.34%, 10.80%, 0.68%, and 0.10%, 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%.

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Security type / country and sector allocations
Delaware International Small Cap Fund		As of May 31, 2022 (Unaudited)

Security type / country	Percentage of net assets
Common Stocks by Country		95.12	%
Argentina		0.47	%
Australia		2.51	%
Austria		0.42	%
Brazil		3.96	%
Canada		13.30	%
China		1.02	%
Denmark		2.62	%
Finland		1.01	%
France		1.67	%
Germany		6.57	%
Greece		0.50	%
Hong Kong		0.39	%
India		4.14	%
Ireland		1.10	%
Israel		0.47	%
Italy		3.79	%
Japan		16.73	%
Malaysia		0.28	%
Mexico		1.05	%
Norway		2.60	%
Republic of Korea		4.96	%
Russia		0.01	%
Singapore		0.94	%
South Africa		2.27	%
Spain		2.48	%
Sweden		3.75	%
Taiwan		3.11	%
Thailand		0.52	%
United Kingdom		11.14	%
United States		1.34	%
Short-Term Investments		4.43	%
Total Value of Securities		99.55	%
Receivables and Other Assets Net of Liabilities		0.45	%
Total Net Assets		100.00	%

Table of Contents

Common stocks by sector	Percentage of net assets
Communication Services		3.63%
Consumer Discretionary		10.33%
Consumer Staples		5.34%
Energy		7.79%
Financials		10.33%
Healthcare		4.96%
Industrials		22.74%
Information Technology		11.27%
Materials		7.76%
Real Estate		9.29%
Utilities		1.68%
Total		95.12%

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Security type / country and sector allocations
Delaware International Value Equity Fund	As of May 31, 2022 (Unaudited)

Security type / country	Percentage of net assets
Common Stocks by Country		97.16%
Denmark		4.93%
France		17.76%
Germany		13.79%
Japan		12.62%
Netherlands		3.75%
Spain		6.16%
Sweden		9.54%
Switzerland		14.81%
United Kingdom		13.80%
Exchange-Traded Funds		2.02%
Securities Lending Collateral		3.20%
Total Value of Securities		102.38%
Obligation to Return Securities Lending Collateral		(3.20%	)
Receivables and Other Assets Net of Liabilities		0.82%
Total Net Assets		100.00%

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Common stocks by sector ◆	Percentage of net assets
Communication Services		7.85%
Consumer Discretionary		14.97%
Consumer Staples*		30.03%
Healthcare		18.58%
Industrials		10.21%
Information Technology		9.84%
Materials		5.68%
Total		97.16%

◆

Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Consumer Staples sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of Beverages, Cosmetics/Personal Care, and Food. As of May 31, 2022, such amounts, as a percentage of total net assets were 6.43%, 7.41%, and 16.19%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Consumer Staples sector for financial reporting purposes may exceed 25%.

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Schedules of investments
Delaware Emerging Markets Fund	May 31, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 96.70%Δ
Argentina – 0.64%
	Arcos Dorados Holdings Class A	2,000,000	$	15,640,000
	Cablevision Holding GDR	443,972		1,449,486
	Cresud ADR †	1,624,384		11,386,932
	Grupo Clarin GDR Class B 144A #, †	131,213		200,475
	IRSA Inversiones y Representaciones ADR †	1,474,963		6,681,581
				35,358,474
Australia – 1.55%
	BHP Group ADR	380,000		26,850,800
	Rio Tinto ADR	800,000		58,752,000
				85,602,800
Bahrain – 0.07%
	Aluminium Bahrain GDR 144A #	221,400		3,664,546
				3,664,546
Brazil – 6.87%
	AES Brasil Energia	516,085		1,155,410
	Americanas	10,770,362		45,687,158
	Atacadao	500,000		2,039,958
	Banco Bradesco ADR	19,250,000		81,812,500
	Banco Santander Brasil ADR	3,051,128		21,693,520
	BRF ADR †	6,850,000		22,057,000
	Embraer ADR †	420,704		4,505,740
	Getnet Adquirencia e Servicos para Meios de Pagamento ADR	381,391		713,201
	Itau Unibanco Holding ADR	9,170,000		50,251,600
	Rumo	1,905,351		7,068,066
	Telefonica Brasil ADR	2,050,000		22,017,000
	TIM ADR	1,244,820		18,572,715
	Vale ADR	5,430,000		98,011,500
	XP Class A †	211,715		4,786,876
				380,372,244
Chile – 1.64%
	Cia Cervecerias Unidas ADR	410,528		5,751,497
	Sociedad Quimica y Minera de Chile ADR	800,000		84,936,000
				90,687,497
China – 25.20%
	Alibaba Group Holding †	2,300,000		28,210,699
	Alibaba Group Holding ADR †	1,940,000		186,337,000
	ANTA Sports Products	2,317,600		26,433,021
	Baidu ADR †	420,000		58,947,000

Table of Contents

		Number of
		shares	Value (US $)
Common StocksΔ (continued)
China (continued)
	BeiGene †	1,615,700	$	17,696,684
	China Petroleum & Chemical Class H	30,000,000		14,489,245
	DiDi Global ADR †	1,278,300		2,492,685
	Full Truck Alliance †	1,800,000		12,474,000
	Guangshen Railway Class H †	11,000,000		2,032,572
	Hengan International Group	2,000,000		9,927,108
	iQIYI ADR †	700,000		2,870,000
	JD.com Class A	226,190		6,514,290
	JD.com ADR	3,080,000		172,849,600
	Joinn Laboratories China Class H 144A #	61,320		489,172
	Kangji Medical Holdings	3,000		2,565
	Kunlun Energy	21,000,000		18,090,529
	Kweichow Moutai Class A	700,000		189,705,337
	Lizhi ADR †	100,000		118,000
	New Oriental Education & Technology Group ADR †	700,000		9,142,000
	PetroChina Class H	18,000,000		9,656,948
	Ping An Insurance Group Co. of China Class H	4,000,000		25,639,719
	Sohu.com ADR †	2,219,642		32,073,827
	TAL Education Group ADR †	1,030,000		4,223,000
	Tencent Holdings	5,000,000		230,910,388
	Tencent Music Entertainment Group ADR †	950,000		3,971,000
	Tianjin Development Holdings	15,885,550		3,279,462
	Tingyi Cayman Islands Holding	13,000,000		23,027,322
	Trip.com Group ADR †	582,400		12,847,744
	Tsingtao Brewery Class H	7,000,000		60,480,171
	Uni-President China Holdings	31,186,000		25,196,151
	Weibo ADR †	960,481		21,130,582
	Wuliangye Yibin Class A	7,000,000		180,238,104
	Zhihu ADR †	142,600		221,030
	ZhongAn Online P&C Insurance Class H 144A #, †	739,600		2,478,780
				1,394,195,735
Hong Kong – 0.19%
	Vinda International Holdings	4,300,000		10,773,015
				10,773,015
India – 13.89%
	Aurobindo Pharma	1,500,000		10,255,519
	Glenmark Pharmaceuticals	1,167,988		5,920,709
	HCL Technologies	2,800,000		37,535,301
	Indiabulls Real Estate GDR †	102,021		98,754
	Infosys	2,640,000		51,129,517

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Schedules of investments
Delaware Emerging Markets Fund

		Number of
		shares	Value (US $)
Common StocksΔ (continued)
India (continued)
	Lupin	2,500,000	$	19,919,818
	Reliance Industries	10,500,000		356,055,644
	Reliance Industries GDR 144A #	2,340,879		157,307,069
	Tata Chemicals	1,866,909		22,808,459
	Tata Consultancy Services	950,000		41,168,043
	Tata Consumer Products	2,128,276		20,827,354
	Tata Motors †	3,000,000		17,139,545
	United Breweries	1,000,000		19,867,008
	Zee Entertainment Enterprises	2,530,000		8,239,843
				768,272,583
Indonesia – 1.78%
	Astra Agro Lestari	9,132,500		7,515,945
	Astra International	180,000,000		90,734,518
				98,250,463
Malaysia – 0.02%
	UEM Sunrise †	17,000,000		1,281,261
				1,281,261
Mexico – 4.83%
	America Movil ADR Class L	1,369,199		29,218,707
	Banco Santander Mexico ADR	8,042,900		43,512,089
	Cemex ADR †	4,300,000		20,081,000
	Coca-Cola Femsa ADR	600,000		35,790,000
	Fomento Economico Mexicano ADR	688,329		51,514,542
	Grupo Financiero Banorte Class O	4,000,000		25,859,099
	Grupo Televisa ADR	6,017,000		61,433,570
				267,409,007
Peru – 0.50%
	Cia de Minas Buenaventura ADR	3,217,400		27,476,596
				27,476,596
Republic of Korea – 19.73%
	KB Financial Group ADR	245,928		12,035,716
	LG Uplus	2,403,542		26,906,771
	Lotte	300,000		8,511,154
	Lotte Chilsung Beverage	44,000		6,952,797
	Lotte Confectionery	60,000		5,504,365
	Samsung Electronics	5,200,000		283,284,837
	Samsung Life Insurance	360,939		19,867,399
	Shinhan Financial Group	300,000		10,438,894
	SK Hynix	3,490,000		304,655,674

Table of Contents

		Number of
		shares	Value (US $)
Common StocksΔ (continued)
Republic of Korea (continued)
	SK Square †	5,981,465	$	228,680,322
	SK Telecom	2,175,168		100,389,664
	SK Telecom ADR	3,312,676		84,705,125
				1,091,932,718
Russia – 0.31%
	ENEL RUSSIA PJSC GDR †	21,161		512
	Etalon Group GDR 144A #	1,616,300		354,950
	Gazprom PJSC ADR	14,600,000		6,857,336
	LUKOIL PJSC ADR	492,501		321,894
	Rosneft Oil PJSC GDR	14,555,684		7,102,139
	Sberbank of Russia PJSC †	12,000,000		123,456
	Sberbank of Russia PJSC ADR	800,000		32,922
	Surgutneftegas PJSC ADR	2,014,441		764,856
	T Plus PJSC =	36,096		0
	VEON ADR †	732,264		355,880
	VK GDR †	551,200		381,134
	Yandex Class A †	920,000		1,082,345
				17,377,424
South Africa – 0.18%
	Naspers Class N	86,398		9,468,530
	Sun International †	364,166		728,856
				10,197,386
Taiwan – 16.59%
	FIT Hon Teng 144A #, †	38,000,000		5,375,165
	MediaTek	10,092,000		314,668,734
	Taiwan Semiconductor Manufacturing	31,000,000		598,105,082
				918,148,981
Turkey – 0.66%
	Akbank TAS	19,500,000		9,938,275
	D-MARKET Elektronik Hizmetler ve Ticaret ADR †	144,600		193,764
	Turk Telekomunikasyon	951,192		565,383
	Turkcell Iletisim Hizmetleri	2,427,827		2,862,492
	Turkcell Iletisim Hizmetleri ADR	4,449,485		13,348,455
	Turkiye Sise ve Cam Fabrikalari	7,651,443		9,786,309
				36,694,678
United Kingdom – 0.07%
	Griffin Mining †	3,056,187		3,681,653
				3,681,653

Table of Contents

Schedules of investments
Delaware Emerging Markets Fund

			Number of
			shares	Value (US $)
Common StocksΔ (continued)
United States – 1.98%
	Intel		800,000	$	35,536,000
	Micron Technology		1,000,000		73,840,000
					109,376,000
Total Common Stocks (cost $5,085,193,928)					5,350,753,061

Preferred Stocks – 2.03%Δ
Brazil – 0.95%
	Braskem Class A ω		1,470,000		13,807,493
	Petroleo Brasileiro ADR 16.76% ω		2,500,000		31,425,000
	Usinas Siderurgicas de Minas Gerais Usiminas
		Class A ω	3,235,733		7,482,447
					52,714,940
Republic of Korea – 1.05%
	Samsung Electronics ω		1,183,100		58,045,724
					58,045,724
Russia – 0.03%
	Transneft PJSC ω		12,000		1,336,505
					1,336,505
Total Preferred Stocks (cost $66,489,867)					112,097,169

Warrants – 0.01%
Argentina – 0.01%
	IRSA Inversiones y Representaciones exercise price
		$0.21, expiration date 3/5/26 †	1,637,840		339,852
Total Warrants (cost $0)					339,852

Exchange-Traded Fund – 0.11%
	iShares MSCI Turkey ETF		290,275		6,179,955
Total Exchange-Traded Fund
	(cost $13,207,352)				6,179,955

Table of Contents

			Number of
			shares	Value (US $)
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

Short-Term Investments – 0.87%
Money Market Mutual Funds – 0.87%
	BlackRock FedFund – Institutional Shares (seven-day
		effective yield 0.72%)	11,978,257		11,978,257
	Fidelity Investments Money Market Government
		Portfolio – Class I (seven-day effective yield
		0.60%)	11,978,257		11,978,257
	GS Financial Square Government Fund – Institutional
		Shares (seven-day effective yield 0.71%)	11,978,257		11,978,257
	Morgan Stanley Government Portfolio – Institutional
		Share Class (seven-day effective yield 0.71%)	11,978,258		11,978,258
Total Short-Term Investments (cost $47,913,029)					47,913,029
Total Value of Securities–99.72%
	(cost $5,221,363,233)			$	5,517,283,066

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 4 in “Security type / country and sector allocations.”
†	Non-income producing security.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2022, the aggregate value of Rule 144A securities was $169,870,157, which represents 3.07% of the Fund's net assets. See Note 10 in “Notes to financial statements."
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
ω	Perpetual security with no stated maturity date.

Summary of abbreviations:

ADR – American Depositary Receipt

ETF – Exchange-Traded Fund

GDR – Global Depositary Receipt

GS – Goldman Sachs

Table of Contents

Schedules of investments
Delaware Emerging Markets Fund

Summary of abbreviations: (continued)
LEPO – Low Exercise Price Option
MSCI – Morgan Stanley Capital International
PJSC – Private Joint Stock Company

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

Table of Contents

Schedules of investments
Delaware International Small Cap Fund	May 31, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 95.12%Δ
Argentina – 0.47%
	Arcos Dorados Holdings Class A	52,510	$	410,628
				410,628
Australia – 2.51%
	Aussie Broadband †	246,412		739,181
	HUB24	45,296		788,612
	Pro Medicus	21,825		659,870
				2,187,663
Austria – 0.42%
	Vienna Insurance Group AG Wiener Versicherung
	Gruppe	15,283		367,518
				367,518
Brazil – 3.96%
	Cia Brasileira de Aluminio	174,859		583,899
	Embraer ADR †	51,127		547,570
	Petro Rio †	174,666		1,021,340
	SLC Agricola	111,213		1,295,697
				3,448,506
Canada – 13.30%
	Aritzia †	25,332		739,421
	ATS Automation Tooling Systems †	74,668		2,191,898
	Capital Power	40,680		1,462,081
	Enerplus	132,524		1,965,569
	Granite Real Estate Investment Trust	30,274		2,180,226
	Major Drilling Group International †	166,465		1,389,786
	Vermilion Energy	76,637		1,657,737
				11,586,718
China – 1.02%
	CIMC Enric Holdings	222,000		234,244
	Xtep International Holdings	452,500		651,602
				885,846
Denmark – 2.62%
	Drilling †	14,134		807,675
	Jyske Bank †	16,063		947,575
	Royal Unibrew	5,984		525,360
				2,280,610
Finland – 1.01%
	Valmet	31,245		880,506
				880,506

Table of Contents

Schedules of investments
Delaware International Small Cap Fund

		Number of
		shares	Value (US $)
Common StocksΔ (continued)
France – 1.67%
	Rothschild & Co.	12,332	$	486,534
	SOITEC †	5,266		965,586
				1,452,120
Germany – 6.57%
	Befesa	18,936		1,259,366
	Evotec †	29,073		805,252
	K+S	34,284		961,730
	Salzgitter †	31,835		1,299,389
	Steico	6,686		594,318
	TAG Immobilien	44,450		804,070
				5,724,125
Greece – 0.50%
	Eurobank Ergasias Services and Holdings †	391,690		438,370
				438,370
Hong Kong – 0.39%
	MGM China Holdings †	676,800		341,539
				341,539
India – 4.14%
	Affle India †	23,389		316,945
	Federal Bank	538,122		615,848
	Oberoi Realty †	41,303		428,664
	Varun Beverages	120,250		1,636,402
	Voltas	46,232		606,244
				3,604,103
Ireland – 1.10%
	Glenveagh Properties †	930,043		956,513
				956,513
Israel – 0.47%
	Inmode †	15,401		412,901
				412,901
Italy – 3.79%
	Azimut Holding	39,098		837,375
	OVS †	180,474		369,671
	Reply	9,201		1,251,509
	Tinexta	29,564		841,068
				3,299,623

Table of Contents

		Number of
		shares	Value (US $)
Common StocksΔ (continued)
Japan – 16.73%
	Amvis Holdings	25,500	$	841,846
	Asics	63,500		1,099,973
	dip	23,300		681,435
	DMG Mori	57,200		842,438
	Fujimi	20,200		919,501
	Fukuoka Financial Group	50,900		869,453
	IHI	39,200		1,103,818
	Insource	32,600		571,294
	JMDC	14,500		589,078
	Katitas	22,300		506,680
	Mebuki Financial Group	437,900		826,579
	Mitsui High-Tec	19,900		1,714,305
	SMS	30,000		699,111
	Taiyo Yuden	15,000		618,713
	TechnoPro Holdings	48,600		1,122,744
	Toho Titanium	43,800		745,452
	Tokyo Seimitsu	21,300		825,626
				14,578,046
Malaysia – 0.28%
	Alliance Bank Malaysia	293,100		240,987
				240,987
Mexico – 1.05%
	Grupo Aeroportuario del Centro Norte †	126,340		910,421
				910,421
Norway – 2.60%
	Aker Solutions	339,052		1,337,014
	TOMRA Systems	45,632		930,590
				2,267,604
Republic of Korea – 4.96%
	CJ CheilJedang	1,644		522,886
	Doosan Fuel Cell †	14,331		451,753
	Hansae	50,095		884,720
	Hansol Chemical	1,606		344,644
	Hite Jinro	23,160		667,357
	LEENO Industrial	7,249		916,964
	OCI	5,097		531,452
				4,319,776

Table of Contents

Schedules of investments
Delaware International Small Cap Fund

		Number of
		shares	Value (US $)
Common StocksΔ (continued)
Russia – 0.01%
	Detsky Mir PJSC =	188,399	$	10,216
				10,216
Singapore – 0.94%
	SATS †	256,900		821,300
				821,300
South Africa – 2.27%
	Motus Holdings	95,272		697,499
	Transaction Capital	459,908		1,275,910
				1,973,409
Spain – 2.48%
	Banco de Sabadell	1,454,253		1,300,490
	Melia Hotels International †	108,021		862,207
				2,162,697
Sweden – 3.75%
	Catena	23,411		1,026,484
	Fortnox	138,706		817,242
	Intrum	29,248		666,364
	MIPS	11,352		756,029
				3,266,119
Taiwan – 3.11%
	Kindom Development	676,600		808,889
	Lotes	30,000		818,605
	Merida Industry	41,000		367,976
	Wafer Works	333,000		714,760
				2,710,230
Thailand – 0.52%
	Land & Houses	1,755,900		454,112
				454,112
United Kingdom – 11.14%
	Dechra Pharmaceuticals	21,902		1,003,489
	Future	57,100		1,424,644
	Grafton Group	110,685		1,306,873
	Great Portland Estates	133,942		1,107,199
	Inchcape	93,704		859,006
	Pagegroup	125,621		726,258
	Rotork	156,854		552,239
	RS GROUP	158,629		1,935,919

Table of Contents

		Number of
		shares	Value (US $)
Common StocksΔ (continued)
United Kingdom (continued)
	Savills	56,477	$	784,968
				9,700,595
United States – 1.34%
	Keywords Studios	39,634		1,169,660
				1,169,660
Total Common Stocks (cost $76,942,743)				82,862,461

Short-Term Investments – 4.43%
Money Market Mutual Funds – 4.43%
	BlackRock FedFund – Institutional Shares (seven-day
	effective yield 0.72%)	964,882		964,882
	Fidelity Investments Money Market Government
	Portfolio – Class I (seven-day effective yield
	0.60%)	964,883		964,883
	GS Financial Square Government Fund – Institutional
	Shares (seven-day effective yield 0.71%)	964,883		964,883
	Morgan Stanley Government Portfolio – Institutional
	Share Class (seven-day effective yield 0.71%)	964,882		964,882
Total Short-Term Investments (cost $3,859,530)				3,859,530
Total Value of Securities–99.55%
	(cost $80,802,273)		$	86,721,991

Δ	Securities have been classified by country of risk. 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.”

The following foreign currency exchange contracts were outstanding at May 31, 2022:¹

Foreign Currency Exchange Contracts

Currency to

Settlement

Unrealized

Counterparty

Receive (Deliver)

In Exchange For

Date

Appreciation

BNYM

JPY

(1,063,260)

USD

8,353

6/1/22

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.

Table of Contents

Schedules of investments
Delaware International Small Cap Fund

¹	See Note 7 in “Notes to financial statements.”

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

Summary of currencies:
JPY – Japanese Yen
USD – US Dollar

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

Table of Contents

Schedules of investments
Delaware International Value Equity Fund	May 31, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 97.16%Δ
Denmark – 4.93%
	Novo Nordisk Class B	183,830	$	20,364,985
				20,364,985
France – 17.76%
	Air Liquide	134,320		23,481,404
	Danone	268,420		15,771,122
	Orange	778,590		9,736,042
	Publicis Groupe	145,110		7,926,231
	Sodexo	221,970		16,547,267
				73,462,066
Germany – 13.79%
	adidas AG	85,960		17,022,404
	Fresenius Medical Care AG & Co.	278,790		16,952,069
	Knorr-Bremse	114,760		7,833,094
	SAP	152,780		15,219,134
				57,026,701
Japan – 12.62%
	Asahi Group Holdings	120,500		4,062,376
	Kao	361,100		14,574,712
	KDDI	425,100		14,813,366
	Makita	333,600		9,129,396
	Seven & i Holdings	229,200		9,631,973
				52,211,823
Netherlands – 3.75%
	Koninklijke Ahold Delhaize	562,260		15,515,904
				15,515,904
Spain – 6.16%
	Amadeus IT Group †	410,480		25,488,399
				25,488,399
Sweden – 9.54%
	Essity Class B	612,960		16,080,397
	H & M Hennes & Mauritz Class B	637,290		8,784,806
	Securitas Class B	1,368,170		14,590,993
				39,456,196
Switzerland – 14.81%
	Nestle	213,490		26,040,794
	Roche Holding	45,960		15,639,433
	Swatch Group *	76,160		19,564,037
				61,244,264

Table of Contents

Schedules of investments
Delaware International Value Equity Fund

		Number of
		shares		Value (US $)
Common StocksΔ (continued)
United Kingdom – 13.80%
	Diageo	487,080	$	22,556,029
	Intertek Group	182,560		10,662,533
	Smith & Nephew	1,464,560		23,862,212
				57,080,774
Total Common Stocks (cost $427,859,776)				401,851,112

Exchange-Traded Funds – 2.02%
	iShares MSCI EAFE ETF *	12,310		861,823
	iShares Trust iShares ESG Aware MSCI EAFE ETF *	68,420		4,797,611
	Vanguard FTSE Developed Markets ETF	59,130		2,691,006
Total Exchange-Traded Funds
	(cost $8,350,104)			8,350,440
Total Value of Securities Before
	Securities Lending Collateral–99.18%
	(cost $436,209,880)			410,201,552

Securities Lending Collateral – 3.20%**
Money Market Mutual Fund – 3.20%
	Dreyfus Institutional Preference Government Money
	Market Fund - Institutional Shares (seven-day
	effective yield 0.79%)	13,240,999		13,240,999
Total Securities Lending Collateral (cost $13,240,999)				13,240,999
Total Value of Securities–102.38%
	(cost $449,450,879)		$	423,442,551■

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 8 in “Security type / country and sector allocations.”
†	Non-income producing security.
*	Fully or partially on loan.
**	See Note 9 in “Notes to financial statements” for additional information on securities lending collateral.
■	Includes $13,526,290 of securities loaned.

Table of Contents

The following foreign currency exchange contracts were outstanding at May 31, 2022:¹

Foreign Currency Exchange Contracts

Currency to

Settlement

Unrealized

Counterparty

Receive (Deliver)

In Exchange For

Date

Appreciation

BNYM

CHF

(325,639)

USD

339,977

6/1/22

472

BNYM

JPY

(14,600,297)

USD

113,436

6/1/22

Total Foreign Currency Exchange Contracts

492

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 7 in “Notes to financial statements.”

Summary of abbreviations:
AG – Aktiengesellschaft
BNYM – Bank of New York Mellon
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:
CHF – Swiss Franc
JPY – Japanese Yen
USD – US Dollar

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

Table of Contents

Statements of assets and liabilities

May 31, 2022 (Unaudited)

		Delaware		Delaware		Delaware
		Emerging		International		International
		Markets Fund		Small Cap Fund		Value Equity Fund
Assets:
	Investments, at value*^,†	$	5,517,283,066	$	86,721,991	$	410,201,552
	Short-term investments held as
	collateral for loaned securities, at
	value⁼		—		—		13,240,999
	Cash		9,232		216		—
	Foreign currencies, at value^Δ		18,861,280		170,127		594,557
	Receivable for fund shares sold		19,916,078		240,721		1,156,376
	Dividends and interest receivable		16,520,171		159,746		498,181
	Foreign tax reclaims receivable		436,526		142,825		3,665,936
	Prepaid expenses		7,800		—		—
	Receivable for securities sold		—		—		728,371
	Unrealized appreciation on foreign
	currency exchange contracts		—		94		492
	Securities lending income receivable		—		—		1,506
	Other assets		44,060		724		3,738
	Total Assets		5,573,078,213		87,436,444		430,091,708

Table of Contents

		Delaware		Delaware		Delaware
		Emerging		International		International
		Markets Fund		Small Cap Fund		Value Equity Fund
Liabilities:
	Due to custodian		—		—		194,049
	Capital gains tax payable		21,330,254		117,934		—
	Payable for fund shares redeemed		11,650,288		52,735		2,496,863
	Investment management fees
	payable to affiliates		4,080,180		42,518		233,369
	Custody fees payable		1,604,141		32,965		78,223
	Dividend disbursing and transfer
	agent fees and expenses payable
	to non-affiliates		698,794		14,288		117,042
	Accounting and administration
	expenses payable to non-affiliates		290,560		19,969		35,396
	Distribution fees payable to affiliates		133,354		2,644		40,519
	Reports and statements to
	shareholders expenses payable to
	non-affiliates		132,705		3,191		17,291
	Dividend disbursing and transfer
	agent fees and expenses payable
	to affiliates		43,716		692		3,500
	Trustees' fees and expenses
	payable to affiliates		39,031		623		—
	Audit and tax fees payable		17,133		17,132		17,132
	Accounting and administration
	expenses payable to affiliates		13,061		541		1,358
	Legal fees payable to affiliates		7,229		115		590
	Reports and statements to
	shareholders expenses payable to
	affiliates		3,211		50		241
	Obligation to return securities
	lending collateral		—		—		13,240,999
	Other accrued expenses		—		14,771		9,046
	Trustees’ fees and expenses
	payable to affiliates		—		—		3,185
	Total Liabilities		40,043,657		320,168		16,488,803
Total Net Assets		$	5,533,034,556	$	87,116,276	$	413,602,905
Net Assets Consist of:
	Paid-in capital	$	5,312,485,018	$	83,559,467	$	442,515,922
	Total distributable earnings (loss)		220,549,538		3,556,809		(28,913,017	)
Total Net Assets		$	5,533,034,556	$	87,116,276	$	413,602,905

Table of Contents

Statements of assets and liabilities

	Delaware			Delaware			Delaware
	Emerging			International			International
	Markets Fund			Small Cap Fund			Value Equity Fund
Net Asset Value
Class A:
Net assets	$	286,149,052		$	7,162,280		$	172,719,509
Shares of beneficial interest
outstanding, unlimited authorization,
no par		14,359,610			961,111			13,067,137
Net asset value per share	$	19.93		$	7.45		$	13.22
Sales charge		4.50	%		4.50	%		5.75	%
Offering price per share, equal to net
asset value per share / (1 - sales
charge)	$	20.87		$	7.80		$	14.03
Class C:
Net assets	$	78,056,672		$	1,301,933		$	3,899,285
Shares of beneficial interest
outstanding, unlimited authorization,
no par		4,272,521			215,742			297,907
Net asset value per share	$	18.27		$	6.03		$	13.09
Class R:
Net assets	$	27,490,374		$	129,388		$	1,626,788
Shares of beneficial interest
outstanding, unlimited authorization,
no par		1,371,235			18,548			123,424
Net asset value per share	$	20.05		$	6.98		$	13.18
Institutional Class:
Net assets	$	3,135,630,248		$	57,845,921		$	231,260,780
Shares of beneficial interest
outstanding, unlimited authorization,
no par		156,177,421			7,331,461			17,413,978
Net asset value per share	$	20.08		$	7.89		$	13.28
Class R6:
Net assets	$	2,005,708,210		$	20,676,754		$	4,096,543
Shares of beneficial interest
outstanding, unlimited authorization,
no par		99,792,961			2,608,678			308,227
Net asset value per share	$	20.10		$	7.93		$	13.29
____________________
* Investments, at cost	$	5,221,363,233		$	80,802,273		$	436,209,880
^† Including securities on loan		—			—			13,526,290
⁼ Short-term investments held as collateral for
loaned securities, at cost		—			—			13,240,999
^Δ Foreign currencies, at cost		19,004,039			168,024			596,239

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

Table of Contents

Statements of operations
Delaware International Funds	Six months ended May 31, 2022 (Unaudited)

					Delaware			Delaware
		Delaware Emerging			International			International
		Markets Fund			Small Cap Fund			Value Equity Fund
Investment Income:
	Dividends	$	143,048,606		$	1,111,246		$	8,759,580
	Interest		52,907			2,936			1,060
	Securities lending income		—			—			29,342
	Foreign tax withheld		(7,938,930	)		(121,090	)		(1,143,527	)
			135,162,583			993,092			7,646,455

Expenses:
	Management fees		33,843,815			406,259			2,058,651
	Distribution expenses — Class A		409,937			10,474			237,809
	Distribution expenses — Class C		464,918			7,933			21,987
	Distribution expenses — Class R		77,150			359			8,429
	Dividend disbursing and transfer
	agent fees and expenses		2,669,280			47,315			315,161
	Custodian fees		2,114,877			29,682			65,775
	Reports and statements to
	shareholders expenses		470,236			12,214			46,680
	Accounting and administration
	expenses		468,209			26,074			52,203
	Registration fees		186,670			41,522			47,234
	Legal fees		158,505			2,893			16,763
	Trustees’ fees and expenses		105,811			1,722			8,620
	Audit and tax fees		25,540			19,663			17,569
	Other		67,386			17,024			17,529
			41,062,334			623,134			2,914,410
	Less expenses waived		(2,760,959	)		(89,377	)		(501,983	)
	Less expenses paid indirectly		—			(40	)		(656	)
	Total operating expenses		38,301,375			533,717			2,411,771
Net Investment Income			96,861,208			459,375			5,234,684

Table of Contents

Statements of operations
Delaware International Funds

					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	$	133,589,102		$	(1,658,694	)	$	(2,450,928	)
	Foreign currencies		(571,542	)		12,391			184,939
	Foreign currency exchange
	contracts		(822,023	)		(61,237	)		(406,868	)
	Net realized gain (loss)		132,195,537			(1,707,540	)		(2,672,857	)

	Net change in unrealized
	appreciation (depreciation) of:
	Investments¹		(1,171,447,686	)		(17,022,982	)		(40,056,966	)
	Foreign currencies		(33,360	)		175,309			(161,727	)
	Foreign currency exchange
	contracts		—			9,678			(1,751	)
	Net change in unrealized
	appreciation (depreciation)		(1,171,481,046	)		(16,837,995	)		(40,220,444	)
Net Realized and Unrealized Loss			(1,039,285,509	)		(18,545,535	)		(42,893,301	)
Net Decrease in Net Assets
	Resulting from Operations	$	(942,424,301	)	$	(18,086,160	)	$	(37,658,617	)

¹	Includes $21,331,490 increase in capital gains tax accrued for Delaware Emerging Markets Fund. Includes $154,235 increase in capital gains tax accrued in Delaware International Small Cap Fund.

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

Table of Contents

Statements of changes in net assets
Delaware Emerging Markets Fund

			Six months
			ended
			5/31/22			Year ended
			(Unaudited)			11/30/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	96,861,208		$	156,538,358
	Net realized gain (loss)			132,195,537			(156,114,409	)
	Net change in unrealized appreciation (depreciation)			(1,171,481,046	)		92,516,904
	Net increase (decrease) in net assets resulting from
		operations		(942,424,301	)		92,940,853

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(11,495,710	)		(2,191,579	)
		Class C		(2,720,160	)		(777,266	)
		Class R		(970,357	)		(233,457	)
		Institutional Class		(126,884,607	)		(31,453,917	)
		Class R6		(77,102,849	)		(9,680,857	)
				(219,173,683	)		(44,337,076	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		26,989,118			92,377,068
		Class C		3,254,141			18,657,537
		Class R		3,210,889			8,550,198
		Institutional Class		799,584,746			1,680,473,003
		Class R6		521,667,591			1,503,974,331
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		10,843,302			2,086,866
		Class C		2,673,584			767,990
		Class R		968,937			233,456
		Institutional Class		109,901,498			28,046,095
		Class R6		58,294,682			6,192,889
				1,537,388,488			3,341,359,433

Table of Contents

Statements of changes in net assets
Delaware Emerging Markets Fund

			Six months
			ended
			5/31/22			Year ended
			(Unaudited)			11/30/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(49,641,927	)	$	(103,991,549	)
		Class C		(15,593,264	)		(35,479,357	)
		Class R		(4,977,749	)		(14,381,448	)
		Institutional Class		(833,489,754	)		(2,119,024,485	)
		Class R6		(359,561,163	)		(427,423,318	)
				(1,263,263,857	)		(2,700,300,157	)
	Increase in net assets derived from capital share
		transactions		274,124,631			641,059,276
Net Increase (Decrease) in Net Assets				(887,473,353	)		689,663,053

Net Assets:
	Beginning of period			6,420,507,909			5,730,844,856
	End of period		$	5,533,034,556		$	6,420,507,909

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

Table of Contents

Statements of changes in net assets
Delaware International Small Cap Fund

			Six months
			ended
			5/31/22			Year ended
			(Unaudited)			11/30/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)		$	459,375		$	(150,444	)
	Net realized gain (loss)			(1,707,540	)		20,996,217
	Net change in unrealized appreciation (depreciation)			(16,837,995	)		(8,269,409	)
	Net increase (decrease) in net assets resulting from
		operations		(18,086,160	)		12,576,364

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(537,844	)		—
		Class C		(134,364	)		—
		Class R		(9,570	)		—
		Institutional Class		(3,918,467	)		—
		Class R6		(1,085,639	)		—
				(5,685,884	)		—

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		360,873			3,088,137
		Class C		5,084			58,611
		Class R		1,278			8,558
		Institutional Class		6,248,324			9,773,696
		Class R6		8,467,378			8,484,030
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		535,765			—
		Class C		134,364			—
		Class R		9,291			—
		Institutional Class		3,207,637			—
		Class R6		926,317			—
				19,896,311			21,413,032

Table of Contents

Statements of changes in net assets
Delaware International Small Cap Fund

			Six months
			ended
			5/31/22			Year ended
			(Unaudited)			11/30/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(1,133,227	)	$	(1,863,927	)
		Class C		(352,236	)		(1,507,039	)
		Class R		(3,527	)		(218,860	)
		Institutional Class		(8,861,401	)		(38,037,501	)
		Class R6		(5,028,129	)		(774,529	)
				(15,378,520	)		(42,401,856	)
	Increase (decrease) in net assets derived from capital
		share transactions		4,517,791			(20,988,824	)
Net Decrease in Net Assets				(19,254,253	)		(8,412,460	)

Net Assets:
	Beginning of period			106,370,529			114,782,989
	End of period		$	87,116,276		$	106,370,529

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

Table of Contents

Statements of changes in net assets
Delaware International Value Equity Fund

			Six months
			ended
			5/31/22			Year ended
			(Unaudited)			11/30/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	5,234,684		$	4,313,241
	Net realized gain (loss)			(2,672,857	)		35,264,594
	Net change in unrealized appreciation (depreciation)			(40,220,444	)		(37,804,581	)
	Net increase (decrease) in net assets resulting from
		operations		(37,658,617	)		1,773,254

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(14,729,159	)		(962,517	)
		Class C		(306,886	)		(45,886	)
		Class R		(356,285	)		(40,540	)
		Institutional Class		(23,946,215	)		(4,611,994	)
		Class R6		(285,342	)		(30,364	)
				(39,623,887	)		(5,691,301	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		6,317,447			60,313,862
		Class C		440,611			472,619
		Class R		581,264			3,436,609
		Institutional Class		39,534,434			71,593,274
		Class R6		1,502,994			2,720,260
	Net assets from merger:¹
		Class A		—			123,151,872
		Institutional Class		—			130,443,502
		Class R6		—			184,692
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		14,648,038			943,519
		Class C		306,886			45,884
		Class R		356,284			40,540
		Institutional Class		23,920,676			4,604,032
		Class R6		179,980			5,491
				87,788,614			397,956,156

Table of Contents

Statements of changes in net assets
Delaware International Value Equity Fund

			Six months
			ended
			5/31/22			Year ended
			(Unaudited)			11/30/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(19,777,655	)	$	(34,560,175	)
		Class C		(715,641	)		(2,430,458	)
		Class R		(3,756,845	)		(1,496,630	)
		Institutional Class		(105,387,844	)		(140,588,542	)
		Class R6		(620,115	)		(666,061	)
				(130,258,100	)		(179,741,866	)
	Increase (decrease) in net assets derived from capital
		share transactions		(42,469,486	)		218,214,290
Net Increase (Decrease) in Net Assets				(119,751,990	)		214,296,243

Net Assets:
	Beginning of period			533,354,895			319,058,652
	End of period		$	413,602,905		$	533,354,895

¹	See Note 5 in “Notes to financial statements.”

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

Table of Contents

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 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	Calculated using average shares outstanding.
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 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.

Table of Contents

Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	24.14		$	23.67		$	19.13		$	17.53		$	20.10		$	14.57


		0.33			0.54			0.04			0.11			0.07			0.19
		(3.77	)		0.07			4.62			1.55			(2.32	)		5.44
		(3.44	)		0.61			4.66			1.66			(2.25	)		5.63


		(0.77	)		—			(0.12	)		(0.06	)		(0.32	)		(0.10	)
		—			(0.14	)		—			—			—			—
		(0.77	)		(0.14	)		(0.12	)		(0.06	)		(0.32	)		(0.10	)

	$	19.93		$	24.14		$	23.67		$	19.13		$	17.53		$	20.10

		(14.78%	)		2.57%	⁴		24.44%	⁴		9.50%			(11.40%	)		38.94%	⁴


	$	286,149		$	361,528		$	364,314		$	346,732		$	353,094		$	463,441
		1.54%			1.57%			1.62%			1.63%			1.63%			1.66%
		1.63%			1.59%			1.63%			1.63%			1.63%			1.66%
		2.99%			2.08%			0.21%			0.62%			0.35%			1.10%
		2.90%			2.06%			0.20%			0.62%			0.35%			1.10%
		8%			4%			5%			10%			11%			11%

Table of Contents

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	Calculated using average shares outstanding.
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 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.

Table of Contents

Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	22.09		$	21.83		$	17.67		$	16.26		$	18.68		$	13.56


		0.23			0.32			(0.10	)		(0.02	)		(0.07	)		0.06
		(3.47	)		0.08			4.26			1.43			(2.16	)		5.07
		(3.24	)		0.40			4.16			1.41			(2.23	)		5.13


		(0.58	)		—			—			—			(0.19	)		(0.01	)
		—			(0.14	)		—			—			—			—
		(0.58	)		(0.14	)		—			—			(0.19	)		(0.01	)

	$	18.27		$	22.09		$	21.83		$	17.67		$	16.26		$	18.68

		(15.13%	)		1.82%	⁴		23.54%	⁴		8.67%			(12.05%	)		37.87%	⁴


	$	78,057		$	105,474		$	118,977		$	135,346		$	152,857		$	190,227
		2.29%			2.32%			2.37%			2.38%			2.38%			2.41%
		2.38%			2.34%			2.38%			2.38%			2.38%			2.41%
		2.24%			1.33%			(0.54%	)		(0.13%	)		(0.40%	)		0.35%
		2.15%			1.31%			(0.55%	)		(0.13%	)		(0.40%	)		0.35%
		8%			4%			5%			10%			11%			11%

Table of Contents

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	Calculated using average shares outstanding.
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.

Table of Contents

Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19		11/30/18			11/30/17
	$	24.24		$	23.82		$	19.25		$	17.62	$	20.21		$	14.66


		0.30			0.48			(0.01	)		0.07		0.02			0.15
		(3.80	)		0.08			4.64			1.56		(2.34	)		5.47
		(3.50	)		0.56			4.63			1.63		(2.32	)		5.62


		(0.69	)		—			(0.06	)		—³		(0.27	)		(0.07	)
		—			(0.14	)		—			—		—			—
		(0.69	)		(0.14	)		(0.06	)		—		(0.27	)		(0.07	)

	$	20.05		$	24.24		$	23.82		$	19.25	$	17.62		$	20.21

		(14.90%	)		2.34%	⁵		24.11%	⁵		9.28%		(11.64%	)		38.51%	⁵


	$	27,490		$	34,148		$	38,689		$	43,962	$	48,875		$	61,735
		1.79%			1.82%			1.87%			1.88%		1.88%			1.91%
		1.88%			1.84%			1.88%			1.88%		1.88%			1.91%
		2.74%			1.83%			(0.04%	)		0.37%		0.10%			0.85%
		2.65%			1.81%			(0.05%	)		0.37%		0.10%			0.85%
		8%			4%			5%			10%		11%			11%

Table of Contents

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 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	Calculated using average shares outstanding.
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 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.

Table of Contents

Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	24.35		$	23.85		$	19.27		$	17.67		$	20.26		$	14.69


		0.36			0.61			0.09			0.16			0.12			0.25
		(3.80	)		0.07			4.66			1.55			(2.34	)		5.46
		(3.44	)		0.68			4.75			1.71			(2.22	)		5.71


		(0.83	)		(0.04	)		(0.17	)		(0.11	)		(0.37	)		(0.14	)
		—			(0.14	)		—			—			—			—
		(0.83	)		(0.18	)		(0.17	)		(0.11	)		(0.37	)		(0.14	)

	$	20.08		$	24.35		$	23.85		$	19.27		$	17.67		$	20.26

		(14.66%	)		2.84%	⁴		24.76%	⁴		9.79%			(11.21%	)		39.23%	⁴


	$	3,135,630		$	3,728,519		$	4,078,412		$	3,826,272		$	4,189,528		$	3,885,606
		1.29%			1.32%			1.37%			1.38%			1.38%			1.41%
		1.38%			1.34%			1.38%			1.38%			1.38%			1.41%
		3.24%			2.33%			0.46%			0.87%			0.60%			1.35%
		3.15%			2.31%			0.45%			0.87%			0.60%			1.35%
		8%			4%			5%			10%			11%			11%

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 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	Calculated using average shares outstanding.
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 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.

Table of Contents

Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	24.38		$	23.88		$	19.28		$	17.69		$	20.27		$	14.69


		0.36			0.64			0.12			0.18			0.14			0.28
		(3.79	)		0.07			4.66			1.54			(2.33	)		5.45
		(3.43	)		0.71			4.78			1.72			(2.19	)		5.73


		(0.85	)		(0.07	)		(0.18	)		(0.13	)		(0.39	)		(0.15	)
		—			(0.14	)		—			—			—			—
		(0.85	)		(0.21	)		(0.18	)		(0.13	)		(0.39	)		(0.15	)

	$	20.10		$	24.38		$	23.88		$	19.28		$	17.69		$	20.27

		(14.62%	)		2.94%	⁴		24.93%	⁴		9.84%			(11.04%	)		39.43%	⁴


	$	2,005,708		$	2,190,839		$	1,130,453		$	1,000,200		$	391,408		$	140,119
		1.18%			1.21%			1.25%			1.26%			1.26%			1.28%
		1.27%			1.23%			1.26%			1.26%			1.26%			1.28%
		3.34%			2.44%			0.58%			0.99%			0.72%			1.47%
		3.25%			2.42%			0.57%			0.99%			0.72%			1.47%
		8%			4%			5%			10%			11%			11%

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 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	Calculated using average shares outstanding.
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.

Table of Contents

Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	9.54		$	8.63		$	7.07		$	6.66		$	7.99		$	19.03


		0.03			(0.03	)		—	³		0.01			0.01			(0.02	)
		(1.58	)		0.94			1.56			0.40			(1.02	)		1.86
		(1.55	)		0.91			1.56			0.41			(1.01	)		1.84


		(0.54	)		—			—			—			(0.32	)		(12.88	)
		(0.54	)		—			—			—			(0.32	)		(12.88	)

	$	7.45		$	9.54		$	8.63		$	7.07		$	6.66		$	7.99

		(17.16%	)		10.55%			22.07%			6.16%			(13.19%	)		39.78%


	$	7,162		$	9,535		$	7,499		$	10,934		$	10,154		$	12,377
		1.35%			1.35%			1.35%			1.34%			1.34%			1.38%
		1.54%			1.48%			1.52%			1.55%			1.72%			2.48%
		0.73%			(0.35%	)		(0.04%	)		0.16%			0.13%			(0.22%	)
		0.54%			(0.48%	)		(0.21%	)		(0.05%	)		(0.25%	)		(1.32%	)
		25%			95%			66%			97%			106%			142%

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 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 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	Calculated using average shares outstanding.
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 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.

Table of Contents

Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	7.86		$	7.16		$	5.91		$	5.61		$	6.83		$	18.24


		—	³		(0.09	)		(0.05	)		(0.03	)		(0.04	)		(0.06	)
		(1.29	)		0.79			1.30			0.33			(0.86	)		1.53
		(1.29	)		0.70			1.25			0.30			(0.90	)		1.47


		(0.54	)		—			—			—			(0.32	)		(12.88	)
		(0.54	)		—			—			—			(0.32	)		(12.88	)

	$	6.03		$	7.86		$	7.16		$	5.91		$	5.61		$	6.83

		(17.55%	)		9.78%			21.15%			5.35%			(13.86%	)		38.77%


	$	1,302		$	1,955		$	3,106		$	3,541		$	4,698		$	5,199
		2.10%			2.10%			2.10%			2.09%			2.09%			2.13%
		2.29%			2.23%			2.27%			2.30%			2.47%			3.23%
		(0.03%	)		(1.10%	)		(0.79%	)		(0.59%	)		(0.62%	)		(0.97%	)
		(0.22%	)		(1.23%	)		(0.96%	)		(0.80%	)		(1.00%	)		(2.07%	)
		25%			95%			66%			97%			106%			142%

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 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 return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income (loss) to average net assets

Ratio of net investment 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	Calculated using average shares outstanding.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
⁴	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

Table of Contents

Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	8.97		$	8.14		$	6.68		$	6.31		$	7.61		$	18.77


		0.02			(0.05	)		(0.02	)		(0.01	)		(0.01	)		(0.03	)
		(1.47	)		0.88			1.48			0.38			(0.97	)		1.75
		(1.45	)		0.83			1.46			0.37			(0.98	)		1.72


		(0.54	)		—			—			—			(0.32	)		(12.88	)
		(0.54	)		—			—			—			(0.32	)		(12.88	)

	$	6.98		$	8.97		$	8.14		$	6.68		$	6.31		$	7.61

		(17.15%	)		10.20%			21.86%			5.86%			(13.47%	)		39.45%


	$	129		$	159		$	340		$	98		$	87		$	92
		1.60%			1.60%			1.60%			1.59%			1.59%			1.63%
		1.79%			1.73%			1.77%			1.80%			1.97%			2.73%
		0.48%			(0.60%	)		(0.29%	)		(0.09%	)		(0.12%	)		(0.47%	)
		0.29%			(0.73%	)		(0.46%	)		(0.30%	)		(0.50%	)		(1.57%	)
		25%			95%			66%			97%			106%			142%

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 income (loss)²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total 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

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
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. 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.
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.

Table of Contents

Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19		11/30/18			11/30/17
	$	10.06		$	9.07		$	7.43		$	6.98	$	8.34		$	19.27


		0.04			(0.01	)		0.02			0.03		0.03			—	³
		(1.67	)		1.00			1.63			0.42		(1.07	)		1.95
		(1.63	)		0.99			1.65			0.45		(1.04	)		1.95


		—			—			(0.01	)		—		—			—
		(0.54	)		—			—			—		(0.32	)		(12.88	)
		—			—			—	³		—		—			—
		(0.54	)		—			(0.01	)		—		(0.32	)		(12.88	)

	$	7.89		$	10.06		$	9.07		$	7.43	$	6.98		$	8.34

		(17.07%	)		10.92%			22.30%			6.45%		(12.99%	)		40.06%


	$	57,846		$	73,091		$	91,340		$	117,702	$	60,124		$	14,025
		1.10%			1.10%			1.10%			1.09%		1.09%			1.13%
		1.29%			1.23%			1.27%			1.30%		1.47%			2.23%
		0.98%			(0.10%	)		0.21%			0.41%		0.38%			0.03%
		0.79%			(0.23%	)		0.04%			0.20%		0.00%			(1.07%	)
		25%			95%			66%			97%		106%			142%

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	Calculated using average shares outstanding.
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.

Table of Contents

Six months ended															6/30/17¹
5/31/22²				Year ended											to
(Unaudited)				11/30/21			11/30/20			11/30/19		11/30/18			11/30/17
	$	10.09		$	9.10		$	7.45		$	6.99	$	8.35		$	7.07


		0.05			—	⁴		0.02			0.04		0.04			—	⁴
		(1.67	)		0.99			1.65			0.42		(1.08	)		1.28
		(1.62	)		0.99			1.67			0.46		(1.04	)		1.28


		—			—			(0.02	)		—		—			—
		(0.54	)		—			—			—		(0.32	)		—
		—			—			—	⁵		—		—			—
		(0.54	)		—			(0.02	)		—		(0.32	)		—

	$	7.93		$	10.09		$	9.10		$	7.45	$	6.99		$	8.35

		(16.92%	)		10.88%			22.48%			6.58%		(12.98%	)		18.11%


	$	20,677		$	21,631		$	12,498		$	3,780	$	2,676		$	2
		1.00%			1.00%			1.00%			1.00%		1.00%			1.00%
		1.19%			1.13%			1.17%			1.21%		1.38%			2.28%
		1.08%			0.00%			0.31%			0.50%		0.47%			(0.08%	)
		0.89%			(0.13%	)		0.14%			0.29%		0.09%			(1.36%	)
		25%			95%			66%			97%		106%			142%	⁸

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 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	The per share amount of realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of Operations due to the timing of creation of Fund shares in relation to fluctuating market values.
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 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.
⁷	The Fund's portfolio turnover rate increased substantially during the year ended November 30, 2019 due to a change in the Fund's portfolio managers and associated repositioning.

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

Table of Contents

Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	15.47		$	14.82		$	14.66		$	13.53		$	15.66		$	12.94


		0.14			0.13			0.11			0.19			0.29			0.24
		(1.25	)		0.76	³		0.43			1.23			(2.19	)		2.75
		(1.11	)		0.89			0.54			1.42			(1.90	)		2.99


		(0.11	)		(0.13	)		(0.18	)		(0.29	)		(0.23	)		(0.27	)
		(1.03	)		(0.11	)		(0.20	)		—			—			—
		(1.14	)		(0.24	)		(0.38	)		(0.29	)		(0.23	)		(0.27	)

	$	13.22		$	15.47		$	14.82		$	14.66		$	13.53		$	15.66

		(7.89%	)		6.02%	⁵		3.80%	⁵		10.94%	⁵		(12.32%	)		23.53%


	$	172,719		$	201,367		$	59,692		$	62,035		$	63,604		$	68,412
		1.13%			1.17%			1.26%			1.34%			1.33%			1.35%
		1.34%			1.36%			1.35%			1.35%			1.33%			1.35%
		2.02%			0.80%			0.81%			1.35%			1.93%			1.65%
		1.81%			0.61%			0.72%			1.34%			1.93%			1.65%
		18%			38%			36%			143%	⁷		13%			15%

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 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 (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	Calculated using average shares outstanding.
³	The per share amount of realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of Operations due to the timing of creation of Fund shares in relation to fluctuating market values.
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 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 Fund's portfolio turnover rate increased substantially during the year ended November 30, 2019 due to a change in the Fund's portfolio managers and associated repositioning.

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

Table of Contents

Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	15.28		$	14.63		$	14.48		$	13.25		$	15.36		$	12.69


		0.09			0.01			0.01			0.08			0.16			0.13
		(1.25	)		0.75	³		0.42			1.25			(2.15	)		2.72
		(1.16	)		0.76			0.43			1.33			(1.99	)		2.85


		—			—			(0.08	)		(0.10	)		(0.12	)		(0.18	)
		(1.03	)		(0.11	)		(0.20	)		—			—			—
		(1.03	)		(0.11	)		(0.28	)		(0.10	)		(0.12	)		(0.18	)

	$	13.09		$	15.28		$	14.63		$	14.48		$	13.25		$	15.36

		(8.25%	)		5.21%	⁵		3.01%	⁵		10.18%	⁵		(13.04%	)		22.71%


	$	3,899		$	4,549		$	6,127		$	8,562		$	8,734		$	21,505
		1.88%			1.92%			2.01%			2.09%			2.08%			2.10%
		2.09%			2.11%			2.10%			2.10%			2.08%			2.10%
		1.27%			0.05%			0.06%			0.60%			1.18%			0.90%
		1.06%			(0.14%	)		(0.03%	)		0.59%			1.18%			0.90%
		18%			38%			36%			143%	⁷		13%			15%

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 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	The per share amount of realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of Operations due to the timing of creation of Fund shares in relation to fluctuating market values.
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.
⁷	The Fund's portfolio turnover rate increased substantially during the year ended November 30, 2019 due to a change in the Fund's portfolio managers and associated repositioning.

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

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Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	15.40		$	14.76		$	14.60		$	13.46		$	15.59		$	12.88


		0.13			0.09			0.08			0.15			0.25			0.20
		(1.26	)		0.76	³		0.42			1.24			(2.19	)		2.75
		(1.13	)		0.85			0.50			1.39			(1.94	)		2.95


		(0.06	)		(0.10	)		(0.14	)		(0.25	)		(0.19	)		(0.24	)
		(1.03	)		(0.11	)		(0.20	)		—			—			—
		(1.09	)		(0.21	)		(0.34	)		(0.25	)		(0.19	)		(0.24	)

	$	13.18		$	15.40		$	14.76		$	14.60		$	13.46		$	15.59

		(8.02%	)		5.75%	⁵		3.53%	⁵		10.72%	⁵		(12.58%	)		23.26%


	$	1,627		$	4,941		$	2,845		$	3,472		$	3,508		$	3,440
		1.38%			1.42%			1.51%			1.59%			1.58%			1.60%
		1.60%			1.61%			1.60%			1.60%			1.58%			1.60%
		1.77%			0.55%			0.56%			1.10%			1.68%			1.40%
		1.55%			0.36%			0.47%			1.09%			1.68%			1.40%
		18%			38%			36%			143%	⁷		13%			15%

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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 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	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	The per share amount of realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of Operations due to the timing of creation of Fund shares in relation to fluctuating market values.
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 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 Fund's portfolio turnover rate increased substantially during the year ended November 30, 2019 due to a change in the Fund's portfolio managers and associated repositioning.

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

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Six months ended
5/31/22¹				Year ended
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18			11/30/17
	$	15.55		$	14.90		$	14.74		$	13.60		$	15.74		$	13.00


		0.16			0.17			0.15			0.22			0.33			0.28
		(1.27	)		0.75	³		0.43			1.25			(2.20	)		2.76
		(1.11	)		0.92			0.58			1.47			(1.87	)		3.04


		(0.13	)		(0.16	)		(0.22	)		(0.33	)		(0.27	)		(0.30	)
		(1.03	)		(0.11	)		(0.20	)		—			—			—
		(1.16	)		(0.27	)		(0.42	)		(0.33	)		(0.27	)		(0.30	)

	$	13.28		$	15.55		$	14.90		$	14.74		$	13.60		$	15.74

		(7.81%	)		6.24%	⁵		4.04%	⁵		11.29%	⁵		(12.11%	)		23.87%


	$	231,261		$	318,766		$	248,810		$	229,511		$	220,747		$	226,644
		0.88%			0.92%			1.01%			1.09%			1.08%			1.10%
		1.09%			1.11%			1.10%			1.10%			1.08%			1.10%
		2.27%			1.05%			1.06%			1.60%			2.18%			1.90%
		2.06%			0.86%			0.97%			1.59%			2.18%			1.90%
		18%			38%			36%			143%	⁷		13%			15%

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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 return⁵

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 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	Calculated using average shares outstanding.
⁴	The per share amount of realized and unrealized gain (loss) on investments does not accord with the amounts reported in the Statements of Operations due to the timing of creation of Fund shares in relation to fluctuating market values.
⁵	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
⁶	Total return during the period reflects 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	The Fund's portfolio turnover rate increased substantially during the year ended November 30, 2019 due to a change in the Fund's portfolio managers and associated repositioning.
⁹	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
5/31/22²				Year ended									to
(Unaudited)				11/30/21			11/30/20			11/30/19			11/30/18
	$	15.56		$	14.91		$	14.74		$	13.60		$	15.36


		0.17			0.18			0.15			0.24			0.25
		(1.27	)		0.76	⁴		0.45			1.24			(2.01	)
		(1.10	)		0.94			0.60			1.48			(1.76	)


		(0.14	)		(0.18	)		(0.23	)		(0.34	)		—
		(1.03	)		(0.11	)		(0.20	)		—			—
		(1.17	)		(0.29	)		(0.43	)		(0.34	)		—
	$	13.29		$	15.56		$	14.91		$	14.74		$	13.60
		(7.76%	)		6.31%	⁶		4.14%	⁶		11.36%	⁶		(11.46%	)

	$	4,097		$	3,732		$	1,585		$	2,091		$	2
		0.82%			0.86%			0.95%			1.03%			1.02%
		1.01%			1.04%			1.02%			1.03%			1.02%
		2.33%			1.11%			1.12%			1.66%			2.47%
		2.14%			0.94%			1.05%			1.66%			2.47%
		18%			38%			36%			143%	⁸		13%	⁹

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Notes to financial statements
Delaware International Funds	May 31, 2022 (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 (each, a Fund or collectively, the Funds). The Trust is an open-end investment company. Each Fund, except Delaware International Value Equity Fund, is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. Delaware International Value Equity fund is considered non-diversified under the 1940 Act. 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 contingent deferred sales charge (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.

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. 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 ET. 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

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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, 2022, and for all open tax years (years ended November 30, 2018–November 30, 2021), 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, 2022, 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 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

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Notes to financial statements
Delaware International Funds

1. Significant Accounting Policies (continued)

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. The expenses paid under this agreement are included on the "Statement of operations" under "Custodian fees" with the corresponding expenses offset included under "Less expenses paid indirectly. "There were no such earnings credits for the six months ended May 31, 2022.

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 paid under this arrangement are included on the “Statements of operations”

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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, 2022, each Fund earned the following amounts under this arrangement:

Fund	Earnings Credits
Delaware Emerging Markets Fund		$	—
Delaware International Small Cap Fund			40
Delaware International Value Equity Fund			656

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

In accordance with the terms of its respective investment management agreement, each Fund pays Delaware Management Company (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 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, 2021 through May 31, 2022. These waivers and reimbursements may only be terminated by agreement of DMC and the Funds. The waivers and reimbursements are accrued daily and received monthly.

	Operating expense	Operating expense
	limitation as	limitation as
	a percentage	a percentage
	of average	of average
	daily net assets	daily net assets
	(per annum)	(per annum)
	December 1, 2021-	March 30, 2022-
Fund	March 29, 2022	May 31, 2022
Delaware Emerging Markets Fund	1.32%¹	1.23%²
Delaware International Small Cap Fund	1.12%³	1.12%³

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Notes to financial statements
Delaware International Funds

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

	Operating expense	Operating expense
	limitation as	limitation as
	a percentage	a percentage
	of average	of average
	daily net assets	daily net assets
	(per annum)	(per annum)
	December 1, 2021-	March 30, 2022-
Fund	March 29, 2022	May 31, 2022
Delaware International Value Equity Fund	0.88%⁴	0.88%⁵

1	The expense limitation was 1.20% for Class R6 shares.
²	The expense limitation is 1.14% for Class R6 shares.
³	The expense limitation is 1.00% for Class R6 shares.
⁴	The expense limitation was 0.82% for Class R6 shares.
⁵	The expense limitation is 0.81% 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, 2022, each Fund was charged for these services as follows:

Fund	Fees
Delaware Emerging Markets Fund	$	103,157
Delaware International Small Cap Fund		3,630
Delaware International Value Equity Fund		10,262

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

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$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 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, 2022, each Fund was charged for these services as follows:

Fund	Fees
Delaware Emerging Markets Fund	$	269,316
Delaware International Small Cap Fund		4,377
Delaware International Value Equity Fund		22,008

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 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, 2022, each Fund was charged for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Emerging Markets Fund	$	90,906
Delaware International Small Cap Fund		1,512
Delaware International Value Equity Fund		7,972

For the six months ended May 31, 2022, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Delaware Emerging Markets Fund	$	9,535
Delaware International Small Cap Fund		546
Delaware International Value Equity Fund		9,891

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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, 2022, 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	$	83	$	4,644
Delaware International Small Cap Fund		—		8
Delaware International Value Equity Fund		14		—

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.

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of the investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by a Fund will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

____________________

*	The aggregate contractual waiver period covering this report is from March 30, 2021 through March 31, 2023.

3. Investments

For the six months ended May 31, 2022, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Fund	Purchases		Sales
Delaware Emerging Markets Fund	$	545,305,451	$	493,585,472
Delaware International Small Cap Fund		23,750,496		25,358,519
Delaware International Value Equity Fund		87,403,362		161,038,522

At May 31, 2022, 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 until fiscal year end. At May 31, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for each Fund were as follows:

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Aggregate

Net unrealized

unrealized

appreciation

Cost of

appreciation

depreciation

(depreciation)

investments

of investments

Fund

and derivatives

Delaware

Emerging

Markets

Fund

5,221,363,233

1,837,713,484

(1,541,793,651

)

295,919,833

Delaware

International

Small

Cap

Fund

80,802,273

16,596,421

(10,676,609

)

5,919,812

Delaware

International

Value

Equity

Fund

449,450,879

37,923,364

(63,931,200

)

(26,007,836

)

At November 30, 2021, capital loss carryforwards available to offset future realized capital gains were as follows:

	Loss carryforward character
	Short-term		Long-term		Total
Delaware Emerging
Markets Fund	$	4,473,650	$	202,153,898	$	206,627,548

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 circumstances. Each Fund's

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Notes to financial statements
Delaware International Funds

3. Investments (continued)
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.

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of May 31, 2022:

	Delaware Emerging Markets Fund
	Level 1		Level 2		Level 3		Total
Securities
Assets:
Common Stocks
Argentina	$	33,708,513	$	1,649,961	$	—	$	35,358,474
Australia		85,602,800		—		—		85,602,800
Bahrain		3,664,546		—		—		3,664,546
Brazil		380,372,244		—		—		380,372,244
Chile		90,687,497		—		—		90,687,497
China		1,394,195,735		—		—		1,394,195,735
Hong Kong		10,773,015		—		—		10,773,015
India		768,173,829		98,754		—		768,272,583

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		Delaware Emerging Markets Fund
		Level 1		Level 2		Level 3		Total
	Indonesia	$	98,250,463	$	—	$	—	$	98,250,463
	Malaysia		1,281,261		—		—		1,281,261
	Mexico		267,409,007		—		—		267,409,007
	Peru		27,476,596		—		—		27,476,596
	Republic of Korea		1,091,932,718		—		—		1,091,932,718
	Russia		1,438,737		—		15,938,687		17,377,424
	South Africa		10,197,386		—		—		10,197,386
	Taiwan		918,148,981		—		—		918,148,981
	Turkey		36,694,678		—		—		36,694,678
	United Kingdom		3,681,653		—		—		3,681,653
	United States		109,376,000		—		—		109,376,000
Exchange-Traded Fund			6,179,955		—		—		6,179,955
Participation Notes			—		—		—		—
Preferred Stocks			110,760,664		1,336,505		—		112,097,169
Warrants			339,852		—		—		339,852
Short-Term Investments			47,913,029		—		—		47,913,029
Total Value of Securities		$	5,498,259,159	$	3,085,220	$	15,938,687	$	5,517,283,066

		Delaware International Small Cap Fund
		Level 1		Level 2		Total
Securities
Assets:
Common Stocks
	Argentina	$	410,628	$	—	$	410,628
	Australia		2,187,663		—		2,187,663
	Austria		367,518		—		367,518
	Brazil		3,448,506		—		3,448,506
	Canada		11,586,718		—		11,586,718
	China		885,846		—		885,846
	Denmark		2,280,610		—		2,280,610
	Finland		880,506		—		880,506
	France		1,452,120		—		1,452,120
	Germany		4,464,759		1,259,366		5,724,125
	Greece		438,370		—		438,370
	Hong Kong		341,539		—		341,539
	India		3,604,103		—		3,604,103
	Ireland		956,513		—		956,513
	Israel		412,901		—		412,901
	Italy		3,299,623		—		3,299,623
	Japan		14,578,046		—		14,578,046

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Notes to financial statements
Delaware International Funds

3. Investments (continued)

		Delaware International Small Cap Fund
		Level 1		Level 2		Total
	Malaysia	$	240,987	$	—	$	240,987
	Mexico		910,421		—		910,421
	Norway		2,267,604		—		2,267,604
	Republic of Korea		4,319,776		—		4,319,776
	Russia		—		10,216		10,216
	Singapore		821,300		—		821,300
	South Africa		1,973,409		—		1,973,409
	Spain		2,162,697		—		2,162,697
	Sweden		3,266,119		—		3,266,119
	Taiwan		2,710,230		—		2,710,230
	Thailand		454,112		—		454,112
	United Kingdom		8,393,722		1,306,873		9,700,595
	United States		1,169,660		—		1,169,660
Short-Term Investments			3,859,530		—		3,859,530
Total Value of Securities		$	84,145,536	$	2,576,455	$	86,721,991
Derivatives¹
Assets:
Foreign Currency Exchange Contracts		$	—	$	94	$	94

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
Securities
Assets:
Common Stocks		$	401,851,112		$	—
Exchange-Traded Funds			8,350,440			—
Securities Lending Collateral			13,240,999			—
Total Value of Securities		$	423,442,551		$	—
Derivatives¹
Assets:
Foreign Currency Exchange Contracts		$	—		$	492

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

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During the six months ended May 31, 2022, 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 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 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, 2022, Delaware International Small Cap Fund and Delaware International Value Equity Fund had no Level 3 investments.

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Notes to financial statements
Delaware International Funds

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
			5/31/22		11/30/21		5/31/22		11/30/21		5/31/22		11/30/21
Shares sold:
	Class A		1,234,597		3,504,915		43,915		325,112		444,887		3,662,429
	Class C		160,215		757,294		750		7,548		30,647		29,493
	Class R		147,152		323,745		168		960		39,193		218,407
	Institutional
		Class	36,713,132		63,660,609		735,207		978,951		2,754,465		4,469,948
	Class R6		24,135,646		58,876,456		902,258		844,837		101,511		162,769
Shares from merger:¹
	Class A		—		—		—		—		—		7,352,351
	Institutional
		Class	—		—		—		—		—		7,755,262
	Class R6		—		—		—		—		—		10,980
Shares issued upon reinvestment of dividends and distributions:
	Class A		452,712		83,142		60,266		—		1,000,549		61,789
	Class C		121,108		33,203		18,584		—		21,092		3,021
	Class R		40,147		9,242		1,114		—		24,370		2,660
	Institutional
		Class	4,559,885		1,109,857		340,875		—		1,628,365		300,524
	Class R6		2,417,840		245,069		98,023		—		12,244		359
			69,982,434		128,603,532		2,201,160		2,157,408		6,057,323		24,029,992
Shares redeemed:
	Class A		(2,303,756	)	(4,005,757	)	(142,629	)	(194,649	)	(1,393,493	)	(2,088,103	)
	Class C		(784,368	)	(1,466,111	)	(52,405	)	(192,565	)	(51,533	)	(153,594	)
	Class R		(224,965	)	(548,343	)	(453	)	(24,992	)	(260,912	)	(93,006	)
	Institutional
		Class	(38,197,854	)	(82,650,556	)	(1,013,685	)	(3,777,033	)	(7,470,912	)	(8,724,301	)
	Class R6		(16,605,367	)	(16,613,895	)	(534,562	)	(75,349	)	(45,306	)	(40,620	)
			(58,116,310	)	(105,284,662	)	(1,743,734	)	(4,264,588	)	(9,222,156	)	(11,099,624	)
Net increase
	(decrease)		11,866,124		23,318,870		457,426		(2,107,180	)	(3,164,833	)	12,930,368

¹	See Note 5.

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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 previous page and on the “Statements of changes in net assets.” For the six months ended May 31, 2022 and the year ended November 30, 2021, 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
5/31/22	19,119	20,407	17,991	—	15,139	22,553	17,972	$	1,113,562
Year ended
11/30/21	32,080	21,200	30,353,407	3,061,113	29,848	3,071,420	30,331,738		830,172,974
Delaware International Small Cap Fund
Six months ended
5/31/22	—	429	—	—	348	—	—		2,741
Year ended
11/30/21	600	17,663	—	—	14,617	570	—		144,060
Delaware International Value Equity Fund
Six months ended
5/31/22	—	4,315	—	—	4,275	—	—		55,918
Year ended
11/30/21	129,231	17,859	—	—	17,752	128,609	—		2,404,406

5. Reorganization

On July 9, 2021, the Board approved a proposal to reorganize Delaware International Fund, a series of Delaware Group^®Equity Funds IV (the “Acquired Fund”) with and into Delaware International Value Equity Fund (the “Acquiring Fund”), (the “Reorganization”). Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of the Acquired Fund were acquired by the Acquiring Fund, and (ii) the Trust, on behalf of the Acquiring Fund, assumed the liabilities of the Acquired Fund, in exchange for shares of the Acquiring Fund. In accordance with the Plan, the Acquired Fund liquidated and dissolved following the Reorganization. The purpose of the transaction was to allow shareholders of the Acquired Fund to own shares of a Fund with a similar investment objective and style as, and potentially lower net expenses than the Acquired Fund. The Reorganization was accomplished by a tax-free exchange of shares on July 9, 2021. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

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Notes to financial statements
Delaware International Funds

5. Reorganization (continued)

The share transactions associated with the Reorganization are as follows:

				Shares
	Acquired		Acquired	Converted	Acquiring
	Fund		Fund Shares	to Acquiring	Fund		Conversion
	Net Assets		Outstanding	Fund	Net Assets		Ratio
				Delaware International Value
	Delaware International Fund			Equity Fund
Class A	$	123,151,872	8,950,423	7,352,351	$	108,216,266	0.8215
Institutional
Class		130,443,502	9,193,655	7,755,262		272,890,128	0.8435
Class R6		184,692	12,928	10,980		2,036,414	0.8493

The net assets of the Acquiring Fund before the Reorganization were $394,025,097. The net assets of the Acquiring Fund immediately following the Reorganization were $647,805,163.

Assuming the Reorganization had been completed on December 1, 2020, the Acquiring Fund's pro forma results of operations for the year ended November 30, 2021, would have been as follows:

	Delaware International Value Equity Fund
Net investment income		$	6,977,433
Net realized gain on investments			51,709,316
Net change in unrealized appreciation (depreciation)			(566,877	)
Net increase in net assets resulting from operations		$	58,119,872

6. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $355,000,000 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 October 31, 2022.

Each Fund had no amounts outstanding as of May 31, 2022, or at any time during the period then ended.

7. 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.

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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, 2022, 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, 2022, 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.”

The table below summarizes the average balance of derivative holdings by each Fund during the six months ended May 31, 2022:

	Long Derivative Volume
	Delaware Emerging		Delaware International		Delaware International
	Markets Fund		Small Cap Fund		Value Equity Fund
Foreign currency
exchange contracts
(average notional
value)		$619,232		$117,533		$481,719

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Notes to financial statements
Delaware International Funds

7. Derivatives (continued)

	Short Derivative Volume
	Delaware Emerging	Delaware International	Delaware International
	Markets Fund	Small Cap Fund	Value Equity Fund
Foreign currency
exchange contracts
(average notional
value)	$1,199,579	$103,967	$1,076,662

8. 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 (OTC) 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 "Statements of assets and liabilities.”

At May 31, 2022, each Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Delaware International Small Cap Fund

	Gross Value of	Gross Value of
Counterparty	Derivative Asset	Derivative Liability	Net Position
Bank of New York Mellon	$94	$—	$94

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

$94

$—

$94

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Delaware International Value Equity Fund

	Gross Value of	Gross Value of
Counterparty	Derivative Asset	Derivative Liability	Net Position
Bank of New York Mellon	$492	$—	$492

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

$492

$—

$492

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 9).

As of May 31, 2022, the following table is a summary of the Fund’s 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)
Bank of New York
Mellon	$13,526,290	$13,526,290	$—	$13,526,290	$—

^(a)	The value of the related collateral exceeded the value of the derivatives and securities lending transactions as of May 31, 2022, as applicable.
^(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

9. 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

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Notes to financial statements
Delaware International Funds

9. Securities Lending (continued)
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 deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities as disclosed on the “Schedules of investments.” Securities purchased with cash collateral are valued at the market value. 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

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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, 2022 for Delaware International Value Equity Fund:

	Overnight
Securities Lending	and	Under	Between	Over
Transactions	continuous	30 days	30 & 90 days	90 Days	Total
Delaware
International
Value Equity
Fund
Money Market
Mutual Funds	$13,240,999	$—	$—	$—	$13,240,999

At May 31, 2022, the value of securities on loan for Delaware International Value Equity Fund was $13,526,290, for which the Fund received cash collateral of $13,240,999. At May 31, 2022, the value of invested collateral was $13,240,999. 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, 2022, Delaware Emerging Markets Fund and Delaware International Small Cap Fund had no securities out on loan.

10. 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 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.

Beginning in late February 2022, global financial markets have experienced and may continue to experience significant volatility related to military action by Russia in Ukraine. As a result of this military action, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region’s economies and more globally, including significant negative impact on markets for certain securities and commodities, such as oil and

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Notes to financial statements
Delaware International Funds

10. Credit and Market Risk (continued)

natural gas. Any cessation of trading on the Russian securities markets will impact the value and liquidity of certain portfolio holdings. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact your Fund’s 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 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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11. 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.

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to May 31, 2022, 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 a member 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) for 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 17-19, 2022, the Program Administrator provided the required written annual report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2021 through March 31, 2022. 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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About the organization

Board of trustees
Shawn K. Lytle President and Chief Executive Officer Delaware Funds by Macquarie^® Jerome D. Abernathy Managing Member Stonebrook Capital Management, LLC Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. Joseph W. Chow Private Investor H. Jeffrey Dobbs Former Global Sector Chairman Industrial Manufacturing, KPMG, LLP	John A. Fry President Drexel University Joseph Harroz, Jr. President University of Oklahoma Sandra A.J. Lawrence Former Chief Administrative Officer Children's Mercy Hospitals and Clinics	Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Janet L. Yeomans Former Vice President and Treasurer 3M Company

Affiliated officers
David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie	Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie	Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie

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.

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 officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) 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.

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 3, 2022

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 3, 2022

/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	August 3, 2022