Fund Description

Delaware International Value Equity Fund, Class A was incepted in October 1991 and is managed by Delaware International Advisers. The objective of this fund is to achieve long-term growth without undue risk to principal. The fund invests at least 65% of assets in securities of issuers organized or having a majority of their assets in or deriving a majority of their operating income in at least three different countries outside the United States. It concentrates on a broad range of equity securities including common stocks, preferred stocks, convertible securities and warrants. It identifies currencies and markets that are overvalued or undervalued relative to the U.S. dollar, as well as in terms of assets, earnings, dividends and growth potential. The fund offers dividends annually. Capital gains are distributed in December.