Delaware International Fund*

Key features

Short term bias in the market leads to potential mispricing

Disciplined process seeks to identify underappreciated businesses

Balancing valuation and quality can reduce downside risk

Daily pricing as of 06/16/2021

NAV
NAV 1-day net change
Max offer price
$15.17

Total net assets as of 05/31/2021

All share classes
$305.2 million

Overview

Fund information
Inception date 04/01/2013
Dividends paid (if any) Annually
Capital gains paid (if any) November or December
Fund identifiers
NASDAQ FIIPX
CUSIP 24611D797

Benchmark and peer group

MSCI EAFE (Europe, Australasia, Far East) Index (primary) (view definition)

Morningstar Foreign Large Value Category (view definition)

Lipper International Large-Cap Growth Funds Average (view definition)

Performance

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.

Average annual total return as of month-end (05/31/2021)

Returns for less than one year are not annualized.

Benchmark lifetime returns are as of the month end prior to the Fund's inception date.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Performance shown prior to Oct. 4, 2019, are as of the predecessor fund and investment team.

Average annual total return as of quarter-end (03/31/2021)

Returns for less than one year are not annualized.

Benchmark lifetime returns are as of the month end prior to the Fund's inception date.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Performance shown prior to Oct. 4, 2019, are as of the predecessor fund and investment team.

Overall Morningstar RatingTM

Institutional Class shares - as of 05/31/2021

MorningstarMorningstarMorningstarMorningstarMorningstar
Rating No. of funds
Overall 5 320
3 years 5 320
5 years 5 273
10 years 5 183
Morningstar category Morningstar Foreign Large Value Category
 

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 05/31/2021
1 year 313 / 347
3 years 26 / 320
5 years 43 / 273
10 years n/a
Morningstar category Morningstar Foreign Large Value Category

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 05/31/2021
1 year 278 / 302
3 years 240 / 268
5 years 205 / 230
10 years n/a
Lipper classification Lipper International Large-Cp Gro Fds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
1.18%
Net
1.18%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from Jan. 28, 2021 through Jan. 31, 2022. Please see the fee table in the Fund's prospectus for more information.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2020
6.64%
2019
24.51%
2018
-12.46%
2017
32.22%
2016
-4.52%
2015
2.88%
2014
2.19%

Portfolio

Portfolio characteristics as of 05/31/2021

Number of holdings
29
Market cap (median) Source: FactSet
$30.4 billion
Market cap (weighted average) Source: FactSet
$83.7 billion
Portfolio turnover (last fiscal year)
127%
Beta (relative to MSCI EAFE Index (Net)) (view definition)
0.77
SEC 30-day yield with waiver (view definition)
1.43%
SEC 30-day yield without waiver (view definition)
1.42%
Annualized standard deviation, 3 years (view definition)
14.52

Portfolio composition as of 05/31/2021
Total may not equal 100% due to rounding.

International equities & depositary receipts
97.6%
Cash, cash equivalents and other assets
2.4%

Top 10 holdings as of 05/31/2021

Holdings are as of the date indicated and subject to change.

List may exclude cash and cash equivalents. Please see the Fund's complete list of holdings for more information.

Holdings based by issuer.

Holding
% of portfolio
Holding
% of portfolio
Diageo PLC
7.10
Novo Nordisk A S
5.71
Nestle S.A.
5.51
Danone S.A.
5.45
Fresenius Medical Care AG & Co. Kgaa
5.31
The Swatch Group AG
5.14
Lair Liquide S.A. Pour Letude ET Lexplo
4.81
Roche Holding AG
4.74
Securitas ab
4.19
SAP SE
4.00

Total % Portfolio in Top 10 holdings - 51.96%

List of monthly holdingsList of quarterly holdings

Top 10 countries as of 05/31/2021

List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes.

Country
% of portfolio
Country
% of portfolio
France
20.1%
Japan
16.6%
Switzerland
15.4%
Germany
12.8%
United Kingdom
10.7%
Sweden
9.3%
Denmark
5.7%
Netherlands
3.9%
Spain
3.2%

Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2021
0.000
0.000
2020
0.523
0.000
2019
3.495
0.072
2018
0.958
0.040
2017
0.000
0.032
2016
0.000
0.078
2015
0.000
0.064
2014
0.000
0.050
2013
0.000
0.000
2012
0.000
0.000
2011
0.000
0.000

1If a Fund makes a distribution from any source other than net income, it is required to provide shareholders with a notice disclosing the source of such distribution (each a "Notice"). The amounts and sources of distributions reported above and in each Notice are only estimates and are not provided for tax reporting purposes. Each Fund will send each shareholder a Form 1099 DIV for the calendar year that will provide definitive information on how to report the Fund's distributions for federal income tax purposes. The information in the table above will not be updated to reflect any subsequent recharacterization of dividends and distributions. Click here to see recent Notices pertaining to the Fund (if any).

2Information on return of capital distributions (if any) is only provided from June 1, 2014 onward.

3Includes both short- and long-term capital gains.

Management

Jens Hansen

Jens Hansen 

  • Managing Director, Chief Investment Officer — Global Equity Team
  • Start date on the Fund: October 2019
  • Years of industry experience: 31
  • Read bio
Klaus Petersen

Klaus Petersen, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: October 2019
  • Years of industry experience: 23
  • Read bio
Claus Juul

Claus Juul 

  • Vice President, Portfolio Manager
  • Start date on the Fund: October 2019
  • Years of industry experience: 22
  • Read bio
Asa Annerstedt

Åsa Annerstedt 

  • Vice President, Portfolio Manager
  • Start date on the Fund: October 2019
  • Years of industry experience: 24
  • Read bio
Allan Saustrup Jensen

Allan Saustrup Jensen, CFA, CAIA®

  • Vice President, Portfolio Manager
  • Start date on the Fund: May 2020
  • Years of industry experience: 23
  • Read bio
Chris Gowlland

Chris Gowlland, CFA

  • Senior Vice President, Head of Equity Quantitative Research
  • Start date on the Fund: October 2019
  • Years of industry experience: 24
  • Read bio

Fees

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering price none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower none
Annual fund operating expenses
Management fees 0.85%
Distribution and service (12b-1) fees none
Other expenses 0.33%
Total annual fund operating expenses 1.18%
Fee waivers and expense reimbursements1 none
Total annual fund operating expenses after fee waivers and expense reimbursements 1.18%

1 The Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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 1.18% of the Fund’s average daily net assets from Jan. 28, 2021 through Jan. 31, 2022. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund.

Resources

Institutional Class shares are available only to certain investors. See the prospectus for more information.

*Significant Fund Event On Feb. 24, 2021, the Board of Trustees approved the reorganization (Reorganization) of Delaware International Fund (Acquired Fund) into and with Delaware International Value Equity Fund (Acquiring Fund). Effective as of the close of business on July 2, 2021, the Acquired Fund will be closed to new investors and existing shareholders. It is anticipated that the Acquired Fund’s shareholders will receive a prospectus/information statement in May 2021 providing them with information about the Reorganization and the Acquiring Fund. The Reorganization is expected to take place on or about July 9, 2021. Effective April 9, 2021, contingent deferred sales charges will be waived on redemptions from the Acquired Fund through the date of the Reorganization.

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, which may be obtained by clicking the prospectus link located under the Resources section, or calling 877 693-3546. Investors should read the prospectus and the summary prospectus carefully before investing.

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and its summary prospectus, which are located under the Resources section, or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

The Fund's investment manager, Delaware Management Company (Manager), may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

Investing involves risk, including the possible loss of principal.

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

“Non-diversified” funds may allocate more of their net assets to investments in single securities than “diversified” funds. Resulting adverse effects may subject these funds to greater risks and volatility.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

Liquidity risk is the possibility that securities cannot be readily sold within seven days at approximately the price at which a fund has valued them.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

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

Not FDIC Insured • No Bank Guarantee • May Lose Value

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