-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JAlkpbIpA1qCrRyRw0xnEXQeVVlfW23EILEB3CXTvt7XDOq8Pv4ULY0BToriM2kO TbGEXTvkoa2xqliXSVvRcw== 0001206774-11-000139.txt : 20110128 0001206774-11-000139.hdr.sgml : 20110128 20110128164001 ACCESSION NUMBER: 0001206774-11-000139 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20101130 FILED AS OF DATE: 20110128 DATE AS OF CHANGE: 20110128 EFFECTIVENESS DATE: 20110128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS CENTRAL INDEX KEY: 0000875610 IRS NUMBER: 232651520 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-06324 FILM NUMBER: 11556351 BUSINESS ADDRESS: STREET 1: ONE COMMERCE SQUARE STREET 2: 2005 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 18005231918 MAIL ADDRESS: STREET 1: ONE COMMERCE SQUARE STREET 2: 2005 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19103 FORMER COMPANY: FORMER CONFORMED NAME: DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS INC DATE OF NAME CHANGE: 19920717 0000875610 S000003916 DELAWARE EMERGING MARKETS FUND C000010979 CLASS A DEMAX C000010980 CLASS B DEMBX C000010981 CLASS C DEMCX C000010982 INSTITUTIONAL CLASS DEMIX C000031063 CLASS R DEMRX 0000875610 S000003917 DELAWARE GLOBAL VALUE FUND C000010983 CLASS A DABAX C000010984 CLASS B DABBX C000010985 CLASS C DABCX C000010986 INSTITUTIONAL CLASS DABIX C000031064 CLASS R 0000875610 S000003918 DELAWARE INTERNATIONAL VALUE EQUITY FUND C000010987 CLASS A DEGIX C000010988 CLASS B DEIEX C000010989 CLASS C DEGCX C000010990 CLASS R DIVRX C000010991 INSTITUTIONAL CLASS DEQIX 0000875610 S000024716 DELAWARE FOCUS GLOBAL GROWTH FUND C000073406 Class A DGGAX C000073407 Class C C000073408 Class R C000073409 Institutional Class DGGIX 0000875610 S000027634 Delaware Macquarie Global Infrastructure Fund C000083466 Class A C000083467 Class C C000083468 Class R C000083469 Institutional Class N-CSR 1 delgroupglobal_ncsr.htm CERTIFIED SHAREHOLDER REPORT delgroupglobal_ncsr.htm
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:
2005 Market Street
Philadelphia, PA 19103
 
Name and address of agent for service:
David F. Connor, Esq.
2005 Market Street
Philadelphia, PA 19103
 
Registrant’s telephone number, including area code: (800) 523-1918
 
Date of fiscal year end: November 30
 
Date of reporting period: November 30, 2010
 
 

Item 1. Reports to Stockholders
 

Annual report
 
Delaware International Value Equity Fund
Delaware Emerging Markets Fund
Delaware Global Value Fund
 
November 30, 2010
 
 
 
 
International equity mutual funds 
This annual report is for the information of Delaware International Value Equity Fund, Delaware Emerging Markets Fund, and Delaware Global Value Fund shareholders, but it may be used with prospective investors when preceded or accompanied by a current prospectus for Delaware International Value Equity Fund, Delaware Emerging Markets Fund, and Delaware Global Value Fund.
 
The figures in the annual report for Delaware International Value Equity Fund, Delaware Emerging Markets Fund, and Delaware Global Value Fund represent past results, which are not a guarantee of future results. The return and principal value of an investment in a Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted.

You should consider the investment objectives, risks, charges, and expenses of the Funds carefully before investing. The Delaware International Value Equity Fund, Delaware Emerging Markets Fund, and Delaware Global Value Fund prospectus contains this and other important information about the Funds. Prospectuses for all open-end funds in the Delaware Investments® Family of Funds are available from your financial advisor, online at www.delawareinvestments.com, or by phone at 800 523-1918. Please read the prospectus carefully before you invest or send money.
You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit www.delawareinvestments.com/edelivery.
 
 

Experience Delaware Investments
 
Delaware Investments is committed to the pursuit of consistently superior asset management and unparalleled client service. We believe in our investment processes, which seek to deliver consistent results, and in convenient services that help add value for our clients.
 
If you are interested in learning more about creating an investment plan, contact your financial advisor.
 
You can learn more about Delaware Investments or obtain a prospectus for Delaware International Funds at www.delawareinvestments.com.
 
Manage your investments online
  • 24-hour access to your account information
  • Obtain share prices
  • Check your account balance and recent transactions
  • Request statements or literature
  • Make purchases and redemptions
 
Delaware Management Holdings, Inc., and its subsidiaries (collectively known by the marketing name of Delaware Investments) are wholly owned subsidiaries of Macquarie Group Limited, a global provider of banking, financial, advisory, investment and funds management services.
 
Investments in Delaware International Value Equity Fund, Delaware Emerging Markets Fund, and Delaware Global Value Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Funds, the repayment of capital from the Funds, or any particular rate of return.
 
Table of contents
 
Portfolio management review 1
Performance summaries 10
Disclosure of Fund expenses 20
Country and sector allocations 23
Statements of net assets 29
Statements of operations 50
Statements of changes in net assets 52
Financial highlights 58
Notes to financial statements 86
Report of independent registered
public accounting firm		 103
Other Fund information 104
Board of trustees/directors and
officers addendum		 106
About the organization 116

Unless otherwise noted, views expressed herein are current as of Nov. 30, 2010, and are subject to change.
 
Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
 
Mutual fund advisory services provided by Delaware Management Company, a series of Delaware Management Business Trust, which is a registered investment advisor. Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Funds’ distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.
 
© 2011 Delaware Management Holdings, Inc.
 
All third-party trademarks cited are the property of their respective owners.
 
 

Portfolio management review
Delaware International Value Equity Fund December 7, 2010

Performance preview (for the year ended November 30, 2010)
Delaware International Value Equity Fund (Class A shares)       1-year return       + 3.60%
MSCI EAFE Index (gross)   1-year return   + 1.55%
MSCI EAFE Index (net)   1-year return   + 1.11%
Past performance does not guarantee future results.
For complete, annualized performance for Delaware International Value Equity Fund, please see the table on page 10.
The performance of Class A shares excludes the applicable sales charge and reflects the reinvestment of all distributions.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
 
Developed international equity markets were modestly stronger over the Fund’s fiscal year as many investors struggled to forecast the strength and durability of an unusually tepid and uneven global economic recovery. General market strength coupled with relatively high volatility in much of Asia (including Japan) as well as in several European markets. Offsetting weakness was most apparent in the euro zone.
  • Overall, the Fund’s fiscal year was a time of significant volatility as concerns about sovereign debt in Greece and other nations on the periphery of the euro zone triggered a steep selloff in the late spring and early summer. When the European Union and International Monetary Fund eventually came to Greece’s rescue, the bull market in equities resumed and subsequently accelerated after the U.S. Federal Reserve disclosed further plans to buy more Treasury debt.
     
  • As the Fund’s fiscal year drew to a close, however, markets pulled back significantly as the euro zone coped with a reprise debt in Ireland. The potential for “contagion” — most notably in Portugal and Spain — sparked selling in late November 2010 and a return to the risk-averse mindset that characterized the earlier euro zone crisis. The ongoing liquidity and solvency problems in Europe were aftershocks of the 2008 – 09 global financial upheaval a nd represented a secular shift in excessive indebtedness from the private to the public sector. Around the same time that contagion was once again consuming investors’ attention, markets grew concerned about geopolitical unrest on the Korean peninsula and the potential for additional monetary tightening in China, where inflation had surpassed the government’s target range.
     
  • Emerging market stocks rose sharply during the fiscal year on a rising tide of global liquidity. (Though the Fund invests primarily in developed markets, it held between 10% and 15% of its assets in emerging markets during the fiscal year.) Countries, companies, and currencies whose fortunes are closely tied to commodity prices were the prime beneficiaries of easy money policies world-wide amid robust demand for basic materials and precious metals, especially from China and India. The value of dollar-denominated commodities such as copper and gold also were boosted by apparent attempts by the Federal Reserve to weaken the U.S. dollar and thus “reflate” the U.S. economy.
1
 
 

Portfolio management review
Delaware International Value Equity Fund
 
Performance
 
Although the Fund’s relative performance benefited from certain sector allocations, including an underweight to financial companies and corresponding overweight positions in technology, industrial, and consumer discretionary stocks, individual security selection was the main source of the Fund’s outperformance during the period.
 
For example, the Fund benefited from its holding in Tomkins Plc., a U.K.-based engineering group that was bought in July for $4.4 billion by Canada’s largest private equity firm along with the Canadian Pension Plan Investment Board. Autoliv, a Swedish manufacturer of airbags and other automotive safety systems, also contributed to the Fund’s relative performance. The company enjoys a position in its industry that we consider to be dominant. It has outsized profit margins and a global revenue base. In addition, the Fund’s holdings in Bayerische Motoren Werke (BMW) did well, as the company benefited from the phasing out of European government support for lower-end automobiles, the timing of its new-model rollout, and the emergence of China as fast-growing consumer of high-end automobiles. As of this writing, we continue to hold Autoliv and BMW in the Fund, albeit at reduced levels.
 
Meanwhile, the Fund’s holdings in Toyota detracted from performance. Toyota’s competitive position was weakened by the strong yen at the same time that its sales were undercut by the well-publicized recall of several models due to sticking accelerator pedals. Though the Toyota brand has been tarnished, we continue to hold shares in the Fund because we believe the company has a strong competitive position and long-term earnings potential.
 
The French-domiciled cement manufacturer Lafarge also detracted from performance due to weak demand in North America and Europe, and rising competitive pressures in key Middle East and African markets. As one of the three largest players in the global cement industry, we continue to view Lafarge shares favorably, especially given the company’s pricing flexibility and management’s expertise in managing assets. Finally, the Italy-based defense contractor Finmeccanica detracted from Fund performance as well. Finmeccanica underperformed despite what we considered a healthy new-order book an d solid margins. We believe the company’s stock is being restrained by widespread investor skepticism over the latent impact of the euro zone’s sovereign debt crisis on future government spending.
 
Outlook
 
We believe that global economic growth rates in the early stages of the new expansion could lag previous recoveries. Unlike the typical business cycle, in which overinvestment leads to inflationary pressure, monetary tightening, and subsequent falloff in demand and compression of profits, the most recent downturn was essentially driven by credit. The expansion of financial leverage that fueled economic activity during much of the last 10 years, in our view, is unlikely to be repeated in the near term. While the magnitude and duration of the deleveraging process now under way is impossible to know, the inevitable unwinding of high government and household debt levels could remain a headwind on economic activity during the foreseeable future, especially in developed markets.
 
2
 
 

At the same time, and in sharp contrast to the 1990s, a number of emerging markets have worked to put their economic houses in sound working order. Demographic trends also are significantly more favorable in emerging markets than in their richer counterparts. Of course, those governments must deal with issues related to the unbalanced nature of global growth, which manifests itself in rapid inflows of money seeking higher returns in a low-yield world. Still, we value the higher level of corporate governance and transparency typically found in developed countries. We are therefore attracted to companies domiciled in developed countries that maintain significant market presence in the emerging world.
 
It is also important to note that below-trend economic growth in the United States, Europe, and Japan does not necessarily translate into unfavorable equity market conditions or poor corporate performance.
 
To that end earnings to us generally reflected that many international companies have performed well in recent quarters despite soggy economic conditions. Guided by painful memories of overinvestment during the dot-com mania of the mid- to late-1990s, many companies were more circumspect during the 2001–2007 expansion, choosing to conserve cash and minimize leverage. In general, this led to balance sheets that we considered to be in unusually pristine condition coming out of the financial crisis of 2008.
 
We believe the disconnect between weak macroeconomic conditions and strong corporate performance may be a fertile environment for the Fund’s bottom-up focus on individual company characteristics. As always, we continue to seek businesses that we believe generate high levels of free cash flow, are positioned to grow their earnings by expanding market share, and enjoy sufficient geographic diversity to exploit the world’s stronger secular growth trends where they exist.
 
3
 
 

Portfolio management review
Delaware Emerging Markets Fund December 7, 2010

Performance preview (for the year ended November 30, 2010)
Delaware Emerging Markets Fund (Class A shares)       1-year return       + 15.42%
MSCI Emerging Markets Index (gross)   1-year return   + 15.65%
MSCI Emerging Markets Index (net)   1-year return   + 15.34%
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Emerging Markets Fund, please see the table on page 13.
The performance of Class A shares excludes the applicable sales charge and reflects the reinvestment of all distributions.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Continuing a pattern of relative outperformance that began as world stock markets bottomed in March 2009, emerging equity markets soundly beat their developed-economy counterparts during the Fund’s fiscal year. The emerging market asset class benefited from rising commodity prices, abundant liquidity, historically low interest rates, a moderately weak dollar, large fund inflows, and a global economic recovery. Equity markets in Indonesia, Thailand, Malaysia, Argentina, Chile, Columbia, and Mexico were especially strong, while Chinese stocks were pressured by the government’s stop-and-start attempts to rein in a credit boom that continues to affect the real estate sector.
 
The MSCI Emerging Market Index soared between mid-May, when the Greek sovereign debt crisis was resolved, and early November, when a similar crisis flared in Ireland. During this period, the U.S. Federal Reserve announced plans to fend off deflation and potentially boost the pace of U.S. economic growth — by extension, bolstering the global economy — with a second round of quantitative easing, or buying of Treasury debt. Acting as leveraged plays on global growth, emerging markets responded with a robust rally. Prices corrected in November 2010, however, as a new sovereign debt crisis arose in the euro zone and Chinese inflation exceeded government targets. Investors also were unnerved by a North Korean artillery attack on a South Korean island.
 
Besides the traditionally “high-beta” nature of emerging markets (that is, their relatively higher volatility), which is generally a positive quality in a global bull market, there were three key factors for strong performance:
  • Although emerging market stocks characteristically retained their elevated level of volatility, the group benefited from below-average levels of fiscal distress and above-average levels of economic growth relative to the developed world. In sharp contrast to the 1990s, when developed nations nursed several key emerging economies back to health following currency and fiscal crisis, emerging markets have functioned as the world’s economic lifeboat in the aftermath of the global financial crisis of 2008–2009.
     
  • With relatively low levels of government and household debt, developing economies did not face the headwind of private and public sector deleveraging that continues to restrain growth and employment in the United States, Europe, and Japan. Banks in emerging markets also escaped the financial crisis in relatively pristine condition because the housing bubble — with the notable
4
 
 

exception of China — was mainly a developed-market phenomenon.
  • Growth was particularly strong in China, India, and other developing economies in Asia. However, Chinese officials continued grappling with the consequences of unbalanced global economic activity, including rising domestic inflation and repeated calls from the U.S. that China allow its currency, the renminbi, to appreciate at a faster rate.
Performance
 
On an individual security level, the Malaysia-based property developer UEM Land Holdings contributed to the Fund’s relative performance. We believe the company’s key asset — a land bank in the Ishkandar Development Region of southern Johor — has good growth potential given its close proximity to land-strapped Singapore. The Malaysian and Singaporean governments formally pledged to cooperate in developing the region, and further progress has been made since that agreement was signed. Sise Cam, a Turkish conglomerate with operations in the flat glass and glass packaging sectors, was also a strong contributor to the Fund’s returns. The company has benefitted from the strong rebound in economic growth in Turkey due to its exposure to that country’s construction, auto manufacturing, and consumer sectors.
 
Conversely, the Fund’s holdings in Shanda Games detracted from performance after the company gave weak earnings guidance early in the Fund’s fiscal year. A provider and operator of online games, the subdued near-term outlook was caused in part by rising costs associated with the introduction of new features and enhancements to existing products and to a decline in per-user revenue. We remain optimistic about the company’s longer-term prospects, however, and used periods of weakness to add to the Fund’s holdings at what we viewed as favorable prices.
 
Cemex, the Mexico-based global cement company, performed poorly during the fiscal year largely due to the slower-than-expected economic recovery in key markets, particularly the U.S., as well as continued investor concerns about its high balance sheet leverage. The Fund’s holdings in China Unicom also lagged overall performance as many investors appeared to take a wait-and-see attitude toward the mobile telephone sector’s ongoing transition to new technologies.
 
Outlook
 
While we believe emerging markets are likely to retain their historically elevated level of volatility compared with stocks in developed nations, we also believe that the convergence of several secular trends has the potential to support prices going forward. In particular, the gradual evolution of large middle classes seems likely to have highly positive implications for economic growth, and for companies that benefit from increased consumer spending. In addition, we believe increased global trade should generally help most emerging markets, many of which retain significant competitive advantages over their higher-cost rivals in developed economies. We also expect further progress toward financial transparency, which could bolster investor confidence in the asset class. Finally, it appears to us that governments in most developing nations have learned from their past mistakes and are determined to keep their financial houses in sound work ing order.
 
5
 
 

Portfolio management review
Delaware Emerging Markets Fund
 
Naturally, there are concerns as well. The powerful rally in emerging market stocks over the last 18 months has pushed overall valuations to levels above those found in developed markets. Although we believe emerging markets stocks are still not prohibitively expensive, they are no longer inexpensive. In addition, several countries — most notably China — face difficult choices in dealing with economic overheating and the rapid inflows of money seeking higher yields. Despite having made enormous progress in creating more flexible financial systems, defusing these troublesome issues will probably not be easy, especially given the likelihood of continued imbalances in the pace of economic growth between developed and emerging economies. Finally, tepid demand in rich countries, coupled with rising currencies in developing markets, could restrain export growth over the near term.
 
Despite these concerns, we believe the longer-term outlook appears favorable, both on a macroeconomic level and for individual companies (which we believe is especially important, given our bottom-up approach to stock selection). We remain committed to seeking high-quality business franchises with above-average growth potential whose shares trade at meaningful discounts to our estimates of their intrinsic value.
 
6
 
 

Delaware Global Value Fund December 7, 2010

Performance preview (for the year ended November 30, 2010)
Delaware Global Value Fund (Class A shares)       1-year return       + 4.53%
MSCI World Index (gross)   1-year return   + 6.52%
MSCI World Index (net)   1-year return   + 5.98%
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Global Value Fund, please see the table on page 16.
The performance of Class A shares excludes the applicable sales charge and reflects the reinvestment of all distributions.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Global equity markets finished higher during the Fund’s fiscal year as solid returns in Asia, Canada, and the United Kingdom offset weakness in Italy, France, and Spain.
  • Overall, the Fund’s fiscal year was a time of significant volatility as concerns about sovereign debt in Greece and other nations on the periphery of the euro zone triggered a steep selloff in the late spring and early summer. When the European Union and International Monetary Fund eventually came to Greece’s rescue, the bull market in equities resumed and subsequently accelerated after the U.S. Federal Reserve disclosed further plans to boost the American economy by buying Treasury debt.
     
  • As the Fund’s fiscal year drew to a close, however, markets pulled back significantly as the euro zone coped with a reprise debt crisis in Ireland. The potential for contagion — most notably in Portugal and Spain — sparked selling in late November 2010 and a return to the risk-averse mindset that characterized the earlier euro zone crisis. The ongoing liquidity and solvency problems in Europe were aftershocks of the 2008–2009 global financial upheaval and represented a secular shift in excessive indebtedness from the private to the public sector. Around the same time that “contagion” was once again consuming investors’ attention, markets grew concerned about geopolitical unrest on the Korean peninsula and the potential for additional monetary tightening in China, where inflation had surpassed the government’s target range.
     
  • Emerging market stocks rose sharply during the fiscal year on a rising tide of global liquidity. (Though the Fund invests primarily in developed markets, it held between 5% and 10% of its assets in emerging markets during the fiscal year.) Countries, companies, and currencies whose fortunes are closely tied to commodity prices were the prime beneficiaries of easy money policies world-wide amid robust demand for basic materials and precious metals, especially from China and India. The value of dollar- denominated commodities such as copper and gold also were boosted by apparent attempts by the Federal Reserve to weaken the U.S. dollar and thus “reflate” the U.S. economy.
Performance
 
As always, the Fund’s sector, industry, country, and region are a result of our focus on bottom-up stock picking, not top-down macroeconomic forecasting. Overall, sector allocation contributed to relative performance over the fiscal year, due to an overweight position in industrials and consumer
 
7
 
 

Portfolio management review
Delaware Global Value Fund
 
discretionary and an underweight position in financials. Although stock selection was strong in Canada and the U.K. it was offset by weaker stock selection in France, Italy and the United States. Country allocation was a net positive, especially in several Asian markets, while our overweight allocation to France detracted from Fund performance. In general, currency had a negative effect, due to the Fund’s overweight position in the euro and underweight exposure to the yen.
 
The Fund benefited from its holding in Tomkins Plc., a U.K.-based engineering group that was bought in July for $4.4 billion by Canada’s largest private equity firm along with the Canadian Pension Plan Investment Board. Autoliv, a Swedish manufacturer of airbags and other automotive safety systems, also contributed to the Fund’s relative performance. The company enjoys a dominant position in its industry, outsized profit margins, and a global revenue base. HTC benefited from faster-than-expected adoption of Android smartphon es in the market and from the arrival of the cell phone replacement cycle. The company has increased efforts to develop market awareness especially in the U.S., expand its scale of production, accelerate new product launches, and reduce costs and expenses.
 
ITG detracted from the Fund’s performance for the year. The company offers a broad range of security trading services for active institutional equity managers. We believe company management has handled the decrease in U.S. equity fund flows in 2010 well. Cost cutting and improved international operations have substantially reduced the impact from lower U.S. market volumes. In our view, ITG appears well positioned for a positive turn in U.S. fund flows with over 50% of the balance sheet in net cash.
 
UniCredit is one of the largest banking groups in Europe. Unicredit’s underperformance appears to have been due more to the lack of positive news than to specific, identifiable factors. We believe the stock suffered from an undeserved overreaction to the scare thrown into the European financial markets by Greece’s fiscal crisis during the period. Although UniCredit does not operate in Greece, it does have operations in other countries in Southeastern Europe (and Turkey). We believe Unicredit is diversified by both geography and product offerings. We continue to hold the bank in the Fund because we believe its process of capital strengthening is expected to be completed, its nonperforming loans have likely peaked, economic stabilization and growth opportunities are proceeding, and cost-cutting and efficiency measures are under way.
 
The French-domiciled cement manufacturer Lafarge also detracted from performance due to weak demand in North America and Europe, and rising competitive pressures in key Middle East and African markets. As one of the three largest players in the global cement industry, we continue to view LaFarge shares favorably, especially given the company’s pricing flexibility and management’s expertise in managing assets.
 
Outlook
 
We believe that global economic growth rates in the early stages of the new expansion could lag previous recoveries. Unlike the typical business cycle, in which overinvestment leads to inflationary pressure, monetary tightening, and subsequent falloff in demand and compression of profits, the most recent downturn was essentially driven by credit. The expansion of financial leverage that fueled economic activity during much of
 
8
 
 

the last 10 years, in our view, is unlikely to be repeated in the near term. While the magnitude and duration of the deleveraging process now under way is impossible to know, the inevitable unwinding of high government and household debt levels could remain a headwind on economic activity during the foreseeable future, especially in developed markets.
 
At the same time, and in sharp contrast to the 1990s, a number of emerging markets have worked to put their economic houses in sound working order. Demographic trends also are significantly more favorable in emerging markets than in their richer counterparts. Of course, those governments must deal with issues related to the unbalanced nature of global growth, which manifests itself in rapid inflows of money seeking higher returns in a low-yield world. Still, we value the higher level of corporate governance and transparency typically found in developed countries. We are therefore attracted to companies domiciled in developed countries that maintain significant market presence in the emerging world.
 
It is also important to note that below-trend economic growth in the United States, Europe, and Japan does not necessarily translate into unfavorable equity market conditions, or poor corporate performance. To that end, earnings to us generally reflected that many companies performed well despite soggy economic conditions. Guided by painful memories of overinvestment during the dot-com mania of the mid- to late- 1990s, many companies have been more circumspect during the 2001–2007 expansion, choosing to conserve cash and minimize leverage. In general, this led to balance sheets that were considered to be in unusually pristine condition coming out of the financial crisis of 2008.
 
We believe the disconnect between weak macroeconomic conditions and strong corporate performance has created a fertile environment for the Fund’s bottom-up focus on individual company characteristics. As always, we continue to seek businesses that have historically generated high levels of free cash flow, seem positioned to grow their earnings by expanding market share, and enjoy sufficient geographic diversity to potentially benefit from the world’s stronger secular growth trends where they exist.
 
9
 
 

Performance summaries  
Delaware International Value Equity Fund November 30, 2010

The performance data quoted represent past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please obtain the performance data current for the most recent month end by calling 800 523-1918 or visiting our Web site at www.delawareinvestments.com/performance. Current performance may be lower or higher than the performance data quoted.
 
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, if available, its summary prospectus, which may be obtained by visiting www.delawareinvestments.com or calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.
 
Fund performance Average annual total returns through Nov. 30, 2010
  1 year       5 years       10 years       Lifetime
Class A (Est. Oct. 31, 1991)              
Excluding sales charge +3.60%   +1.28%   +4.77%   n/a
Including sales charge -2.40%   +0.09%   +4.15%   n/a
Class B (Est. Sept. 6, 1994)              
Excluding sales charge +2.86%   +0.56%   +4.18%   n/a
Including sales charge -1.14%   +0.28%   +4.18%   n/a
Class C (Est. Nov. 29, 1995)              
Excluding sales charge +2.87%   +0.58%   +4.04%   n/a
Including sales charge +1.87%   +0.58%   +4.04%   n/a
Class R (Est. June 2, 2003)              
Excluding sales charge +3.32%   +1.09%   n/a   +7.31%
Including sales charge +3.32%   +1.09%   n/a   +7.31%
Institutional Class (Est. Nov. 9, 1992)              
Excluding sales charge +3.93%   +1.58%   +5.08%   n/a
Including sales charge +3.93%   +1.58%   +5.08%   n/a

Returns reflect the reinvestment of all distributions and any applicable sales charges as noted in the following paragraphs.
 
Performance for Class B and C shares, excluding sales charges, assumes either that contingent deferred sales charges did not apply or that the investment was not redeemed.
 
Expense limitations were in effect for certain classes during the periods shown in the “Fund performance” chart and in the “Performance of a $10,000 investment” chart. The current expenses for each class are listed on the “Fund expense ratios” chart. (Note that all charts and graphs referred to in the “Performance summary” section of this report are found on pages 10 through 12.) Performance would have been lower had the expense limitations not been in effect.
 
10
 
 

The Fund offers Class A, B, C, R, and Institutional Class shares.
 
Class A shares are sold with a maximum front-end sales charge of up to 5.75%, and have an annual distribution and service fee of up to 0.30% of average daily net assets.
 
Class B shares may be purchased only through dividend reinvestment and certain permitted exchanges as described in the prospectus. Please see the prospectus for additional information on Class B purchase and sales charges. Class B shares have a contingent deferred sales charge that declines from 4.00% to zero depending on the period of time the shares are held.
 
Class B shares will automatically convert to Class A shares on a quarterly basis approximately eight years after purchase. They are also subject to an annual distribution and service fee of up to 1.00% of average daily net assets.
 
Ten-year performance figures for Class B shares reflect conversion to Class A shares after approximately eight years.
 
Class C shares are sold with a contingent deferred sales charge of 1.00% if redeemed during the first 12 months. They are also subject to an annual distribution and service fee of up to 1.00% of average daily net assets.
 
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual distribution and service fee of up to 0.60% of average daily net assets, which has been limited contractually to 0.50% from March 30, 2010, through March 30, 2011.
 
Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts.
 
International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.
 
Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.
 
The “Fund performance” table and the “Performance of a $10,000 investment” graph do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.
 
The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” chart. Delaware Investments has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total fund operating expenses (excluding any 12b-1 fees and certain other expenses) from exceeding 1.35% of the Fund’s average daily net assets from March 30, 2010, through March 30, 2011. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.
 
Fund expense ratios Class A            Class B            Class C            Class R            Institutional Class
Total annual operating expenses 1.78%   2.48%   2.48%   2.08%   1.48%
(without fee waivers)                  
Net expenses 1.65%   2.35%   2.35%   1.85%   1.35%
(including fee waivers, if any)                  
Type of waiver Contractual   Contractual   Contractual   Contractual   Contractual

11
 
 

Performance summaries
Delaware International Value Equity Fund
 
Performance of a $10,000 investment
Average annual total returns from Nov. 30, 2000, through Nov. 30, 2010
 

For period beginning Nov. 30, 2000, through Nov. 30, 2010 Starting value Ending value
    Delaware International Value Equity Fund —    
    Class A Shares   $9,425 $15,026
  MSCI EAFE Index (gross) $10,000 $14,082
  MSCI EAFE Index (net) $10,000 $13,513

The chart assumes $10,000 invested in the Fund on Nov. 30, 2000, and includes the effect of a 5.75% front-end sales charge and the reinvestment of all distributions. Please note additional details on these fees in the “Performance summary” section of this report, which includes pages 10 through 12.
 
The chart also assumes $10,000 invested in the MSCI EAFE Index as of Nov. 30, 2000.
 
The MSCI EAFE Index measures equity market performance across developed market countries in Europe, Australasia, and the Far East. Index “gross” return approximates the maximum possible dividend reinvestment. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate.
 
Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance is not a guarantee of future results.
 
Performance of other Fund classes will vary due to different charges and expenses.
 
The “Fund performance” chart and the “Performance of a $10,000 investment” graph do not reflect the deduction of taxes shareholders would pay on Fund distributions or redemptions of Fund shares.
 
              Nasdaq symbols             CUSIPs  
Class A   DEGIX   245914106  
Class B   DEIEX   245914700  
Class C   DEGCX   245914858  
Class R   DIVRX   245914577  
Institutional Class   DEQIX   245914403  

12
 
 

Delaware Emerging Markets Fund November 30, 2010

The performance data quoted represent past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please obtain the performance data current for the most recent month end by calling 800 523-1918 or visiting our Web site at www.delawareinvestments.com/performance. Current performance may be lower or higher than the performance data quoted.
 
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, if available, its summary prospectus, which may be obtained by visiting www.delawareinvestments.com or calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.
 
Fund performance Average annual total returns through Nov. 30, 2010
  1 year       5 years       10 years       Lifetime
Class A (Est. June 10, 1996)              
Excluding sales charge +15.42%   +12.38%   +18.28%   n/a
Including sales charge +8.75%   +11.05%   +17.59%   n/a
Class B (Est. June 10, 1996)              
Excluding sales charge +14.47%   +11.54%   +17.58%   n/a
Including sales charge +10.47%   +11.31%   +17.58%   n/a
Class C (Est. June 10, 1996)              
Excluding sales charge +14.51%   +11.54%   +17.42%   n/a
Including sales charge +13.51%   +11.54%   +17.42%   n/a
Class R (Est. Aug. 31, 2009)              
Excluding sales charge +15.03%   n/a   n/a   +23.24%
Including sales charge +15.03%   n/a   n/a   +23.24%
Institutional Class (Est. June 10, 1996)              
Excluding sales charge +15.69%   +12.66%   +18.59%   n/a
Including sales charge +15.69%   +12.66%   +18.59%   n/a

Returns reflect the reinvestment of all distributions and any applicable sales charges as noted in the following paragraphs.
 
Performance for Class B and C shares, excluding sales charges, assumes either that contingent deferred sales charges did not apply or that the investment was not redeemed.
 
Expense limitations were in effect for certain classes during the periods shown in the “Fund performance” chart and in the “Performance of a $10,000 investment” chart. The current expenses for each class are listed on the “Fund expense ratios” chart. (Note that all charts and graphs referred to in the “Performance summary” section of this report are found on pages 13 through 15.) Performance would have been lower had the expense limitations not been in effect.
 
The Fund offers Class A, B, C, R, and Institutional Class shares.
 
13
 
 

Performance summaries
Delaware Emerging Markets Fund
 
Class A shares are sold with a maximum front-end sales charge of up to 5.75%, and have an annual distribution and service fee of up to 0.30% of average daily net assets. This fee has been contractually limited to 0.25% of average daily net assets from March 30, 2010, through March 30, 2011.
 
Class B shares may be purchased only through dividend reinvestment and certain permitted exchanges as described in the prospectus. Please see the prospectus for additional information on Class B purchase and sales charges. Class B shares have a contingent deferred sales charge that declines from 4.00% to zero depending on the period of time the shares are held.
 
Class B shares will automatically convert to Class A shares on a quarterly basis approximately eight years after purchase. They are also subject to an annual distribution and service fee of up to 1.00% of average daily net assets.
 
Ten-year performance figures for Class B shares reflect conversion to Class A shares after approximately eight years.
 
Class C shares are sold with a contingent deferred sales charge of 1.00% if redeemed during the first 12 months. They are also subject to an annual distribution and service fee of up to 1.00% of average daily net assets.
 
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual distribution and service fee of up to 0.60% of average daily net assets, which has been limited contractually to 0.50% from March 30, 2010, through March 30, 2011.
 
Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts.
 
International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.
 
The “Fund performance” table and the “Performance of a $10,000 investment” graph do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.
 
The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” chart. Delaware Investments has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total fund operating expenses (excluding any 12b-1 fees and certain other expenses) from exceeding 1.75% of the Fund’s average daily net assets from March 30, 2010, through March 30, 2011. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.
 
Fund expense ratios Class A            Class B            Class C            Class R            Institutional Class
Total annual operating expenses 1.98%   2.68%   2.68%   2.28%   1.68%
(without fee waivers)                  
Net expenses 1.93%   2.68%   2.68%   2.18%   1.68%
(including fee waivers, if any)                  
Type of waiver Contractual   Contractual   Contractual   Contractual   Contractual

14
 
 

Performance of a $10,000 investment
Average annual total returns from Nov. 30, 2000, through Nov. 30, 2010
 
 

For period beginning Nov. 30, 2000, through Nov. 30, 2010 Starting value Ending value
    Delaware Emerging Markets Fund — Class A Shares   $9,425 $50,530
  MSCI Emerging Markets Index (gross) $10,000 $43,009
  MSCI Emerging Markets Index (net) $10,000 $41,770

The chart assumes $10,000 invested in the Fund on Nov. 30, 2000, and includes the effect of a 5.75% front-end sales charge and the reinvestment of all distributions. Please note additional details on these fees in the “Performance summary” section of this report, which includes pages 13 through 15.
 
The chart also assumes $10,000 invested in the MSCI Emerging Markets Index as of Nov. 30, 2000.
 
The MSCI Emerging Markets Index measures equity market performance across emerging market countries worldwide. Index “gross” return approximates the maximum possible dividend reinvestment. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate.
 
Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance is not a guarantee of future results.
 
Performance of other Fund classes will vary due to different charges and expenses.
 
The “Fund performance” chart and the “Performance of a $10,000 investment” graph do not reflect the deduction of taxes shareholders would pay on Fund distributions or redemptions of Fund shares.
 
              Nasdaq symbols             CUSIPs  
Class A   DEMAX   245914841  
Class B   DEMBX   245914833  
Class C   DEMCX   245914825  
Class R   DEMRX   245914569  
Institutional Class   DEMIX   245914817  

15
 
 

Performance summaries  
Delaware Global Value Fund November 30, 2010

The performance data quoted represent past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please obtain the performance data current for the most recent month end by calling 800 523-1918 or visiting our Web site at www.delawareinvestments.com/performance. Current performance may be lower or higher than the performance data quoted.
 
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, if available, its summary prospectus, which may be obtained by visiting www.delawareinvestments.com or calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.
 
Fund performance Average annual total returns through Nov. 30, 2010
  1 year       5 years       10 years       Lifetime
Class A (Est. Dec. 19, 1997)            
Excluding sales charge +4.53%   +1.62%   +6.28%   n/a
Including sales charge -1.47%   +0.43%   +5.65%   n/a
Class B (Est. Sept. 28, 2001)            
Excluding sales charge +3.70%   +0.90%   n/a   +7.34%
Including sales charge -0.30%   +0.59%   n/a   +7.34%
Class C (Est. Sept. 28, 2001)            
Excluding sales charge +3.70%   +0.88%   n/a   +7.24%
Including sales charge +2.70%   +0.88%   n/a   +7.24%
Institutional Class (Est. Dec. 19, 1997)            
Excluding sales charge +4.86%   +1.90%   +6.54%   n/a
Including sales charge +4.86%   +1.90%   +6.54%   n/a

Class R shares had not commenced operations as of Nov. 30, 2010.
 
Returns reflect the reinvestment of all distributions and any applicable sales charges as noted in the following paragraphs.
 
Performance for Class B and C shares, excluding sales charges, assumes either that contingent deferred sales charges did not apply or that the investment was not redeemed.
 
Expense limitations were in effect for certain classes during the periods shown in the “Fund performance” chart and in the “Performance of a $10,000 investment” chart. The current expenses for each class are listed on the “Fund expense ratios” chart. (Note that all charts and graphs referred to in the “Performance summary” section of this report are found on pages 16 through 18.) Performance would have been lower had the expense limitations not been in effect.
 
16
 
 

The Fund offers Class A, B, C, R, and Institutional Class shares.
 
Class A shares are sold with a maximum front-end sales charge of up to 5.75%, and have an annual distribution and service fee of up to 0.30% of average daily net assets. This fee has been contractually limited to 0.25% of average daily net assets from March 30, 2010, through March 30, 2011.
 
Class B shares may be purchased only through dividend reinvestment and certain permitted exchanges as described in the prospectus. Please see the prospectus for additional information on Class B purchase and sales charges. Class B shares have a contingent deferred sales charge that declines from 4.00% to zero depending on the period of time the shares are held.
 
Class B shares will automatically convert to Class A shares on a quarterly basis approximately eight years after purchase. They are also subject to an annual distribution and service fee of up to 1.00% of average daily net assets.
 
Lifetime performance figures for Class B shares reflect conversion to Class A shares after approximately eight years.
 
Class C shares are sold with a contingent deferred sales charge of 1.00% if redeemed during the first 12 months. They are also subject to an annual distribution and service fee of up to 1.00% of average daily net assets.
 
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual distribution and service fee of up to 0.60% of average daily net assets, which has been limited contractually to 0.50% from March 30, 2010, through March 30, 2011.
 
Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts.
 
International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.
 
The “Fund performance” table and the “Performance of a $10,000 investment” graph do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.
 
The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” chart. Delaware Investments has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total fund operating expenses (excluding any 12b-1 fees and certain other expenses) from exceeding 1.30% of the Fund’s average daily net assets from March 30, 2010, through March 30, 2011. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.
 
Fund expense ratios Class A            Class B            Class C            Class R            Institutional Class
Total annual operating expenses 2.09%   2.79%   2.79%   2.39%   1.79%
(without fee waivers)                  
Net expenses 1.55%   2.30%   2.30%   1.80%   1.30%
(including fee waivers, if any)                  
Type of waiver Contractual   Contractual   Contractual   Contractual   Contractual

17
 
 

Performance summaries
Delaware Global Value Fund
 
Performance of a $10,000 investment
Average annual total returns from Nov. 30, 2000, through Nov. 30, 2010
 
 
For period beginning Nov. 30, 2000, through Nov. 30, 2010 Starting value Ending value
    Delaware Global Value Fund — Class A Shares   $9,425 $17,322
  MSCI World Index (gross) $10,000 $12,494
  MSCI World Index (net) $10,000 $11,891

The chart assumes $10,000 invested in the Fund on Nov. 30, 2000, and includes the effect of a 5.75% front-end sales charge and the reinvestment of all distributions. Please note additional details on these fees in the “Performance summary” section of this report, which includes pages 16 through 18.
 
The chart also assumes $10,000 invested in the MSCI World Index as of Nov. 30, 2000.
 
The MSCI World Index is a free float-adjusted market capitalization weighted index designed to measure equity market performance across developed markets worldwide. Index “gross” return approximates the maximum possible dividend reinvestment. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate.
 
Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance is not a guarantee of future results.
 
Performance of other Fund classes will vary due to different charges and expenses.
 
The “Fund performance” chart and the “Performance of a $10,000 investment” graph do not reflect the deduction of taxes shareholders would pay on Fund distributions or redemptions of Fund shares.
 
              Nasdaq symbols             CUSIPs  
Class A     DABAX     245914718  
Class B     DABBX     245914692  
Class C     DABCX     245914684  
Institutional Class     DABIX     245914676  

18
 
 

Disclosure of Fund expenses
For the six-month period from June 1, 2010 to November 30, 2010
 
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/or service (12b-1) fees; and other Fund expenses. These 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 June 1, 2010 to November 30, 2010.
 
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. The expenses shown in each table assume reinvestment of all dividends and distributions.
 
20
 
 

Delaware International Value Equity Fund
Expense analysis of an investment of $1,000
 
  Beginning   Ending       Expenses
  Account Value   Account Value   Annualized   Paid During Period
  6/1/10            11/30/10            Expense Ratio            6/1/10 to 11/30/10*
Actual Fund return                    
Class A   $ 1,000.00       $ 1,135.40     1.65%           $ 8.83        
Class B   1,000.00       1,131.20     2.35%     12.56        
Class C   1,000.00       1,131.30     2.35%     12.56        
Class R   1,000.00       1,133.90     1.85%     9.90        
Institutional Class   1,000.00       1,136.90     1.35%     7.23        
Hypothetical 5% return (5% return before expenses)          
Class A $ 1,000.00     $ 1,016.80     1.65%   $ 8.34        
Class B   1,000.00       1,013.29     2.35%     11.86        
Class C   1,000.00       1,013.29     2.35%     11.86        
Class R   1,000.00       1,015.79     1.85%     9.35        
Institutional Class   1,000.00       1,018.30     1.35%     6.83        

Delaware Emerging Markets Fund
Expense analysis of an investment of $1,000
 
  Beginning   Ending       Expenses
  Account Value   Account Value   Annualized   Paid During Period
  6/1/10            11/30/10            Expense Ratio            6/1/10 to 11/30/10*
Actual Fund return                    
Class A   $ 1,000.00       $ 1,180.30     1.86%           $ 10.17        
Class B   1,000.00       1,176.30     2.61%     14.24        
Class C   1,000.00       1,175.70     2.61%     14.24        
Class R   1,000.00       1,178.90     2.11%     11.53        
Institutional Class   1,000.00       1,181.50     1.61%     8.80        
Hypothetical 5% return (5% return before expenses)          
Class A $ 1,000.00     $ 1,015.74     1.86%   $ 9.40        
Class B   1,000.00       1,011.98     2.61%     13.16        
Class C   1,000.00       1,011.98     2.61%     13.16        
Class R   1,000.00       1,014.49     2.11%     10.66        
Institutional Class   1,000.00       1,017.00     1.61%     8.14        

21
 
 

Disclosure of Fund expenses
 
Delaware Global Value Fund
Expense analysis of an investment of $1,000
 
  Beginning   Ending       Expenses
  Account Value   Account Value   Annualized   Paid During Period
  6/1/10            11/30/10            Expense Ratio            6/1/10 to 11/30/10*
Actual Fund return                    
Class A   $ 1,000.00       $ 1,114.10     1.55%           $ 8.21        
Class B   1,000.00       1,110.10     2.30%     12.17        
Class C   1,000.00       1,110.10     2.30%     12.17        
Institutional Class   1,000.00       1,116.50     1.30%     6.90        
Hypothetical 5% return (5% return before expenses)          
Class A $ 1,000.00     $ 1,017.30     1.55%   $ 7.84        
Class B   1,000.00       1,013.54     2.30%     11.61        
Class C   1,000.00       1,013.54     2.30%     11.61        
Institutional Class   1,000.00       1,018.55     1.30%     6.58        

*“Expenses Paid During Period” are equal to a Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
 
22
 
 

Country and sector allocations
Delaware International Value Equity Fund
As of November 30, 2010
 
Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
 
Composition of Portfolio Percentage of net assets
Common Stock by Country 99.27 %
Australia 1.72 %
Brazil 3.85 %
Canada 6.25 %
China/Hong Kong 12.15 %
Finland 1.53 %
France 19.61 %
Germany 6.42 %
Italy 6.05 %
Japan 11.25 %
Luxembourg 1.12 %
Netherlands 0.88 %
Singapore 1.61 %
Spain 3.92 %
Sweden 5.12 %
Switzerland 4.33 %
Taiwan 4.59 %
United Kingdom 8.87 %
Discount Note 0.02 %
Securities Lending Collateral 19.31 %
Total Value of Securities 118.60 %
Obligation to Return Securities Lending Collateral (19.78 %)
Receivables and Other Assets Net of Liabilities 1.18 %
Total Net Assets 100.00 %

23
 
 

Country and sector allocations
Delaware International Value Equity Fund
 
Common Stock by Sector Percentage of net assets
Consumer Discretionary 18.37 %
Consumer Staples 11.85 %
Energy 5.85 %
Financials 11.41 %
Healthcare 6.10 %
Industrials 18.82 %
Information Technology 12.20 %
Materials 6.93 %
Telecommunication Services 5.97 %
Utilities 1.77 %
Total 99.27 %*

* Only includes common stock.
 
24
 
 

Delaware Emerging Markets Fund
As of November 30, 2010
 
Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
 
Composition of Portfolio Percentage of net assets
Common Stock by Country 91.84 %
Argentina 1.97 %
Australia 0.31 %
Brazil 12.47 %
China/Hong Kong 17.30 %
Hungary 1.23 %
India 1.69 %
Indonesia 0.43 %
Israel 0.60 %
Kingdom of Bahrain 0.18 %
Malaysia 2.69 %
Mexico 3.92 %
Peru 0.58 %
Philippines 0.38 %
Poland 1.88 %
Republic of Korea 10.15 %
Russia 7.12 %
South Africa 6.76 %
Taiwan 6.23 %
Thailand 2.51 %
Turkey 2.31 %
United Kingdom 1.42 %
United States 9.71 %
Participation Notes 0.04 %
Preferred Stock 4.77 %
Rights 0.05 %
Discount Note 1.65 %
Securities Lending Collateral 16.28 %
Total Value of Securities 114.63 %
Obligation to Return Securities Lending Collateral (16.31 %)
Receivables and Other Assets Net of Liabilities 1.68 %
Total Net Assets 100.00 %

25
 
 

Country and sector allocations
Delaware Emerging Markets Fund
 
Commons Stock, Participation Notes, Preferred Stock and Rights by Sector Percentage of net assets
Consumer Discretionary 4.15 %
Consumer Staples 9.22 %
Energy 15.25 %
Financials 15.93 %
Industrials 3.82 %
Information Technology 17.04 %
Materials 15.68 %
Telecommunication Services 11.16 %
Utilities 4.45 %
Total 96.70 %*

* Includes common stock, participation notes, preferred stock and rights.
 
26
 
 

Delaware Global Value Fund As of November 30, 2010

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
 
Composition of Portfolio       Percentage of net assets
Common Stock by Country         99.96 %      
Australia     0.97 %  
Brazil     1.72 %  
Canada     2.96 %  
China/Hong Kong     6.77 %  
Finland     0.72 %  
France     10.60 %  
Germany     3.26 %  
Italy     3.19 %  
Japan     5.36 %  
Luxembourg     0.53 %  
Netherlands     0.48 %  
Singapore     0.90 %  
Spain     2.45 %  
Sweden     2.94 %  
Switzerland     2.43 %  
Taiwan     3.33 %  
United Kingdom     4.21 %  
United States     47.14 %  
Securities Lending Collateral     13.36 %  
Total Value of Securities     113.32 %  
Obligation to Return Securities Lending Collateral     (13.80 %)  
Receivables and Other Assets Net of Liabilities     0.48 %  
Total Net Assets     100.00 %  

27
 
 

Country and sector allocations
Delaware Global Value Fund
 
Common Stock by Sector       Percentage of net assets
Consumer Discretionary         17.36 %      
Consumer Staples     9.60 %  
Energy     5.71 %  
Financials     15.27 %  
Healthcare     6.28 %  
Industrials     16.91 %  
Information Technology     17.86 %  
Materials     4.86 %  
Telecommunication Services     5.40 %  
Utilities     0.71 %  
Total     99.96 %*  

* Only includes common stock.
 
28
 
 

Statements of net assets
Delaware International Value Equity Fund November 30, 2010

                    Number of shares       Value (U.S. $)
Common Stock – 99.27%Δ          
Australia – 1.72%          
  Coca-Cola Amatil   518,331   $ 5,527,948
            5,527,948
Brazil – 3.85%          
  Petroleo Brasileiro ADR   181,400     5,311,392
* Vale ADR   223,800     7,089,984
            12,401,376
Canada – 6.25%          
† CGI Group Class A   948,063     14,869,766
* TELUS   115,750     5,254,700
            20,124,466
China/Hong Kong – 12.15%          
* Chaoda Modern Agriculture Holdings   8,132,000     6,527,978
  CNOOC   3,210,000     6,908,474
  Esprit Holdings   565,524     2,722,050
*† Sohu.com   116,100     8,060,823
* Techtronic Industries   7,182,000     7,794,876
  Yue Yuen Industrial Holdings   1,963,500     7,095,724
            39,109,925
Finland – 1.53%          
  Nokia   532,131     4,921,324
            4,921,324
France – 19.61%          
* Alstom   134,540     5,535,086
* AXA   350,384     5,018,036
  Compagnie de Saint-Gobain   123,286     5,513,627
* Lafarge   96,661     5,261,454
* PPR   24,583     3,905,218
* Publicis Groupe   76,675     3,425,808
  Sanofi-Aventis   100,352     6,083,703
  Teleperformance   278,505     8,296,142
* Total   136,401     6,621,485
  Vallourec   67,695     6,412,217
* Vivendi   291,174     7,090,320
            63,163,096

29
 
 

Statements of net assets
Delaware International Value Equity Fund
 
                  Number of shares       Value (U.S. $)
Common Stock (continued)          
Germany – 6.42%          
  Bayerische Motoren Werke   100,675   $ 7,571,119
  Deutsche Post   383,922     6,202,435
  Metro   96,106     6,885,151
            20,658,705
Italy – 6.05%          
  Finmeccanica   600,370     6,777,414
  Parmalat   2,822,533     7,020,771
  UniCredit   2,938,917     5,681,147
            19,479,332
Japan – 11.25%          
  Asahi Glass   565,900     6,292,701
* Don Quijote   238,900     6,884,342
* ITOCHU   816,660     7,563,491
* Mitsubishi UFJ Financial Group   1,357,357     6,436,337
  Toyota Motor   233,600     9,055,547
            36,232,418
Luxembourg – 1.12%          
* ArcelorMittal   114,717     3,616,251
            3,616,251
Netherlands – 0.88%          
  Koninklijke Philips Electronics   105,214     2,845,021
            2,845,021
Singapore – 1.61%          
  Singapore Airlines   443,873     5,179,621
            5,179,621
Spain – 3.92%          
  Banco Santander   620,945     5,919,840
  Telefonica   315,809     6,707,553
            12,627,393
Sweden – 5.12%          
* Autoliv   49,400     3,626,948
* Meda Class A   875,294     6,551,105
  Nordea Bank   632,463     6,311,108
            16,489,161

30
 
 

                  Number of shares       Value (U.S. $)
Common Stock (continued)          
Switzerland – 4.33%          
* Aryzta   163,735   $ 6,935,487
  Novartis   131,570     7,006,631
            13,942,118
Taiwan – 4.59%          
  Chunghwa Telecom ADR   139,995     3,375,279
  HTC   412,800     11,419,090
            14,794,369
United Kingdom – 8.87%          
@ Greggs   772,850     5,277,516
  National Grid   645,371     5,699,238
  Rexam   1,354,526     6,355,604
  Standard Chartered   273,464     7,365,612
  Vodafone Group   1,553,629     3,875,658
            28,573,628
Total Common Stock (cost $324,658,109)         319,686,152
           
      Principal      
      amount (U.S. $)      
≠Discount Note – 0.02%          
  Federal Home Loan Bank 0.07% 12/1/10   $59,000     59,000
Total Discount Note (cost $59,000)         59,000
           
Total Value of Securities Before Securities          
  Lending Collateral – 99.29% (cost $324,717,109)         319,745,152
             
      Number of shares      
Securities Lending Collateral** – 19.31%          
  Investment Companies          
            BNY Mellon SL DBT II Liquidating Fund   1,311,229     1,274,252
            Delaware Investments Collateral Fund No. 1   60,912,716     60,912,716
      @†Mellon GSL Reinvestment Trust II   1,475,413     0
Total Securities Lending Collateral          
  (cost $63,699,358)         62,186,968

31
 
 

Statements of net assets
Delaware International Value Equity Fund
 
         
Total Value of Securities – 118.60%            
          (cost $388,416,467)   $ 381,932,120 ©
Obligation to Return Securities        
  Lending Collateral** – (19.78%)     (63,699,358 )
Receivables and Other Assets        
  Net of Liabilities – 1.18%     3,814,687  
Net Assets Applicable to 27,857,545        
  Shares Outstanding – 100.00%   $ 322,047,449  
           
Net Asset Value – Delaware International Value Equity Fund        
  Class A ($130,864,723 / 11,312,802 Shares)     $11.57  
Net Asset Value – Delaware International Value Equity Fund        
  Class B ($7,669,902 / 673,894 Shares)     $11.38  
Net Asset Value – Delaware International Value Equity Fund        
  Class C ($43,619,815 / 3,837,983 Shares)     $11.37  
Net Asset Value – Delaware International Value Equity Fund        
  Class R ($3,127,700 / 271,402 Shares)     $11.52  
Net Asset Value – Delaware International Value Equity Fund        
  Institutional Class ($136,765,309 / 11,761,464 Shares)     $11.63  
           
Components of Net Assets at November 30, 2010:        
Shares of beneficial interest (unlimited authorization – no par)   $ 528,016,660  
Undistributed net investment income     2,917,518  
Accumulated net realized loss on investments     (202,348,304 )
Net unrealized depreciation of investments and foreign currencies     (6,538,425 )
Total net assets   $ 322,047,449  

32
 
 

   
Δ Securities have been classified by country of origin. Classification by type of business has been presented on page 24 in “Country and sector allocations.”
* Fully or partially on loan.
† Non income producing security.
≠ The rate shown is the effective yield at the time of purchase.
** See Note 9 in “Notes to financial statements.”
@ Illiquid security. At November 30, 2010, the aggregate amount of illiquid securities was $ 5,277,516, which represented 1.64% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
© Includes $59,711,417 of securities loaned.
 
ADR — American Depositary Receipts
 
Net Asset Value and Offering Price Per Share –          
       Delaware International Value Equity Fund      
Net asset value Class A (A)   $ 11.57
Sales charge (5.75% of offering price) (B)     0.71
Offering price   $ 12.28

(A)  Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares.
(B) See the current prospectus for purchases of $50,000 or more.
 
See accompanying Notes, which are an integral part of the financial statements.
 
33
 
 

Statements of net assets  
Delaware Emerging Markets Fund November 30, 2010

                  Number of shares       Value (U.S. $)
Common Stock – 91.84%Δ          
Argentina – 1.97%          
@† Cresud ADR   936,869   $ 17,622,506
†# Grupo Clarin Class B 144A GDR   353,200     3,457,757
@ IRSA Inversiones y Representaciones ADR   358,400     5,748,736
 @* Pampa Energia ADR   95,300     1,656,314
            28,485,313
Australia – 0.31%          
@† Alara Resources   200,833     51,004
* Alumina ADR   500,000     3,800,000
  †Strike Resources   1,618,461     549,975
            4,400,979
Brazil – 12.47%          
@ AES Tiete   597,480     7,357,888
  Banco Bradesco ADR   400,000     8,024,000
  Banco Santander Brasil ADR   1,450,000     18,922,500
* Brasil Foods ADR   710,000     10,820,400
* Braskem ADR   161,000     3,456,670
  Centrais Eletricas Brasileiras   1,791,671     23,495,441
  Cyrela Brazil Realty Empreendimentos e Participacoes   700,000     8,857,143
*† Fibria Celulose ADR   600,000     9,168,000
† Hypermarcas   200,000     3,163,848
  Itau Unibanco Holding ADR   329,200     7,680,236
  Petroleo Brasileiro SA ADR   1,250,000     40,550,000
* Petroleo Brasileiro SP ADR   1,000,000     29,280,000
* Tim Participacoes ADR   170,000     5,467,200
  Triunfo Participacoes e Investmentos   109,600     555,988
* Vale ADR   105,000     3,326,400
            180,125,714
China/Hong Kong – 17.30%          
*† 51job ADR   118,300     6,002,542
† Alibaba.com   4,178,500     6,935,800
  Bank of China Class H   17,000,000     9,074,788
*† Bitauto Holdings ADR   102,988     1,323,396
  China Construction Bank Class H   8,102,000     7,293,079
* China Mobile ADR   1,000,000     49,849,999
* China Petroleum & Chemical ADR   60,000     5,570,400
  China Telecom   7,234,000     3,621,030
* China Unicom Hong Kong   7,998,979     10,765,720

34
 
 

                  Number of shares       Value (U.S. $)
Common Stock (continued)          
China/Hong Kong (continued)          
* China Unicom Hong Kong ADR   628,200   $ 8,443,008
* CNOOC ADR   70,000     15,070,999
* Datang International Power Generation   8,998,862     3,223,308
  First Pacific   5,045,002     4,352,613
  Fosun International   2,886,500     2,150,216
*† Foxconn International Holdings   9,500,000     6,684,299
  Franshion Properties China   12,008,000     3,762,290
* Guangshen Railway Class H   7,000,000     2,832,549
*† Hollysys Automation Technologies   188,400     2,564,124
* Huadian Power International   15,000,000     3,030,493
* Huaneng Power International ADR   370,727     7,978,045
* Industrial & Commercial Bank of China Class H   14,000,000     10,850,714
† Leoch International Technology   731,000     385,976
* PetroChina ADR   100,000     12,284,000
  PetroChina Class H   4,242,000     5,213,167
*† Shanda Games ADR   1,179,549     6,605,474
*† Shanda Interactive Entertainment ADR   230,000     9,091,900
  Shanghai Forte Land   11,740,900     3,593,736
*† Sina   160,000     10,243,200
  Sinotrans   7,561,000     2,272,328
*† Sohu.com   175,000     12,150,250
* Tianjin Development Holdings   6,832,900     5,085,604
@† Tom Group   47,824,000     4,802,497
  Travelsky Technology   4,849,400     5,118,934
† Xueda Education Group ADR   128,974     1,592,829
            249,819,307
Hungary – 1.23%          
*† OTP Bank   780,000     17,780,053
            17,780,053
India – 1.69%          
† Coal India   383,581     2,657,010
 † Indiabulls Real Estate GDR   102,021     341,933
  Oil India   26,650     801,281
# Reliance Industries 144A GDR   288,124     12,475,768
  Steel Authority of India   2,123,966     8,170,035
            24,446,027

35
 
 

Statements of net assets
Delaware Emerging Markets Fund
  
                  Number of shares       Value (U.S. $)
Common Stock (continued)          
Indonesia – 0.43%          
  Gudang Garam   284,500   $ 1,280,239
  Tambang Batubara Bukit Asam   2,379,335     4,920,593
            6,200,832
Israel – 0.60%          
  Israel Chemicals   600,000     8,654,882
            8,654,882
Kingdom of Bahrain – 0.18%          
=# Aluminum Bahrain 144A GDR   221,400     2,623,590
            2,623,590
Malaysia – 2.69%          
  Eastern & Oriental   4,877,550     1,784,831
@ Hong Leong Bank   2,549,908     7,377,496
  KLCC Property Holdings   5,000,000     5,383,178
  Media Prima   2,218,400     1,681,794
  Oriental Holdings   2,599,980     4,432,285
† Petronas Chemicals Group   4,577,900     7,732,207
† UEM Land Holdings   15,698,475     10,399,433
            38,791,224
Mexico – 3.92%          
* America Movil Series L ADR   170,000     9,598,200
*† Cemex ADR   1,965,000     17,763,600
*† Empresas ICA   1,768,800     4,630,804
  Fomento Economico Mexicano ADR   146,122     8,263,199
* Grupo Televisa ADR   700,000     16,310,000
            56,565,803
Peru – 0.58%          
  Compaigne Minas Buenaventura ADR   166,400     8,426,496
            8,426,496
Philippines – 0.38%          
  Philippine Long Distance Telephone ADR   100,000     5,436,000
            5,436,000
Poland – 1.88%          
  Polska Grupa Energetyczna   1,256,389     9,116,652
† Polski Koncern Naftowy Orlen   500,000     6,962,709
  Powszechna Kasa Oszczednosci Bank Polski   800,000     11,087,175
            27,166,536

36
 
 

 

                  Number of shares       Value (U.S. $)
Common Stock (continued)          
Republic of Korea – 10.15%          
  CJ   80,144   $ 5,492,175
  Hyundai Elevator   40,821     3,029,268
* KB Financial Group ADR   550,000     25,322,000
† Korea Electric Power   220,420     5,265,380
*† Korea Electric Power ADR   255,400     3,041,814
  KT   213,064     8,511,527
* KT ADR   150,000     3,051,000
* LG Display ADR   302,400     5,152,896
  Lotte Chilsung Beverage   17,000     12,140,760
  Lotte Confectionery   6,730     8,043,454
* POSCO ADR   95,000     9,351,800
  Samsung Electronics   32,000     22,800,492
  Samsung Life Insurance   130,000     10,951,516
† SK Communications   171,609     2,270,862
  SK Holdings   64,825     7,101,382
  SK Telecom   21,731     3,210,524
* SK Telecom ADR   660,438     11,874,675
            146,611,525
Russia – 7.12%          
*†@ Chelyabinsk Zink Plant GDR   143,300     564,602
=†@ Enel OGK-5 GDR   21,161     95,271
* Gazprom ADR   1,650,000     36,696,000
  LUKOIL ADR   150,000     8,221,500
  MMC Norilsk Nickel ADR   600,000     11,987,940
* Mobile TeleSystems ADR   249,750     5,237,258
  Rosneft Oil GDR   1,300,000     8,580,000
@ Sberbank   6,226,817     19,801,278
  Surgutneftegaz ADR   400,000     3,727,520
@=† TGK-5 GDR   8,771     19,355
* VTB Bank GDR   1,232,482     7,838,586
            102,769,310
South Africa – 6.76%          
† Anglo Platinum   100,000     9,331,025
  ArcelorMittal South Africa   900,000     9,528,658
  Blue Label Telecoms   635,328     608,805
* Gold Fields ADR   431,300     7,198,397
  Impala Platinum Holdings   280,000     7,991,751
  JD Group   723,137     5,556,004

37
 
 

Statements of net assets
Delaware Emerging Markets Fund
 
                  Number of shares       Value (U.S. $)
Common Stock (continued)          
South Africa (continued)          
  Sasol   272,003   $ 12,102,665
  Standard Bank Group   1,200,000     17,283,486
  Sun International   290,543     4,319,505
  Tongaat Hulett   377,000     5,630,894
  Vodacom Group   1,930,090     18,098,036
            97,649,226
Taiwan – 6.23%          
* Chunghwa Telecom ADR   400,000     9,644,000
† Evergreen Marine   6,140,000     5,162,006
  Formosa Chemicals & Fibre   3,007,002     8,903,337
  HON HAI Precision Industry   6,000,000     21,317,041
  HTC   425,250     11,763,488
  President Chain Store   1,407,372     5,674,645
  Taiwan Semiconductor Manufacturing   6,000,000     12,434,108
  United Microelectronics   18,000,000     8,820,578
† Walsin Lihwa   10,711,756     6,263,370
            89,982,573
Thailand – 2.51%          
  Bangkok Bank-Foreign   1,999,949     9,717,285
@ PTT Exploration & Production-Foreign   1,131,800     6,255,522
  Siam Cement NVDR   1,843,843     20,227,520
            36,200,327
Turkey – 2.31%          
@† Alarko Gayrimenkul Yatirim Ortakligi   97,776     1,031,749
  Alarko Holding   1,970,440     4,453,303
† Torunlar Gayrimenkul Yatirim Ortakligi   1,408,698     5,713,089
  Turkcell Iletisim Hizmet   715,275     4,879,128
  Turkiye Is Bankasi Class C   1,020,914     3,960,075
† Turkiye Sise ve Cam Fabrikalari   4,049,530     6,933,681
  Yazicilar Holding Class A   832,584     6,389,352
            33,360,377
United Kingdom – 1.42%          
  Anglo American   200,000     8,771,806
  Anglo American ADR   450,000     9,883,080
†@ Griffin Mining   3,056,187     1,734,894
† Mwana Africa   781,129     111,159
            20,500,939

38
 
 

                  Number of shares       Value (U.S. $)
Common Stock (continued)          
United States – 9.71%          
  Archer-Daniels-Midland   850,000   $ 24,641,500
* Bunge   500,000     30,410,000
† Google Class A   32,000     17,782,720
*† MEMC Electronic Materials   1,277,000     14,774,890
† Yahoo   3,335,000     52,592,950
            140,202,060
Total Common Stock (cost $1,236,296,328)         1,326,199,093
           
Participation Notes – 0.04%          
=†#@ Lehman Indian Oil CW 12 LEPO 144A   172,132     78,214
=†# Lehman Oil & Natural Gas CW 12 LEPO 144A   254,590     415,000
Total Participation Notes (cost $8,559,056)         493,214
           
Preferred Stock – 4.77%Δ          
Brazil – 3.11%          
† Braskem Class A   541,994     5,748,613
  Vale Class A 1.96%   1,400,000     39,183,674
            44,932,287
Republic of Korea – 1.08%          
  Samsung Electronics 2.02%   31,362     15,646,024
            15,646,024
Russia – 0.58%          
@ AK Transneft 0.61%   6,500     8,352,500
            8,352,500
Total Preferred Stock (cost $42,991,146)         68,930,811
           
Rights – 0.05%Δ          
Brazil – 0.00%          
@† Hypermarcas   200     16
            16
China – 0.05%          
†@ Bank of China   1,700,000     306,504
† China Construction Bank   567,140     192,090
† Industrial & Commercial Bank of China   630,000     206,890
            705,484
Total Rights (cost $0)         705,500

39
 
 

Statements of net assets
Delaware Emerging Markets Fund
 
                  Principal        
      amount (U.S. $)   Value (U.S. $)  
≠Discount Note – 1.65%              
            Federal Home Loan Bank 0.07% 12/1/10   $ 23,823,062   $ 23,823,062  
Total Discount Note (cost $23,823,062)           23,823,062  
                 
Total Value of Securities Before Securities              
  Lending Collateral – 98.35% (cost $1,311,669,592)           1,420,151,680  
               
      Number of shares        
Securities Lending Collateral** – 16.28%              
            Investment Companies              
                      BNY Mellon SL DBT II Liquidating Fund     436,761     424,444  
                      Delaware Investments Collateral Fund No. 1     234,738,541     234,738,541  
                @†Mellon GSL Reinvestment Trust II     376,250     0  
Total Securities Lending Collateral              
  (cost $235,551,552)             235,162,985  
                 
Total Value of Securities – 114.63%              
  (cost $1,547,221,144)           1,655,314,665 ©
Obligation to Return Securities              
  Lending Collateral** – (16.31%)           (235,551,552 )
Receivables and Other Assets              
  Net of Liabilities – 1.68%           24,249,034  
Net Assets Applicable to 97,775,571              
  Shares Outstanding – 100.00%         $ 1,444,012,147  
                 
Net Asset Value – Delaware Emerging Markets Fund              
  Class A ($546,275,301 / 36,761,109 Shares)                       $14.86  
Net Asset Value – Delaware Emerging Markets Fund              
  Class B ($19,029,728 / 1,351,320 Shares)             $14.08  
Net Asset Value – Delaware Emerging Markets Fund              
  Class C ($222,956,732 / 15,868,295 Shares)             $14.05  
Net Asset Value – Delaware Emerging Markets Fund              
  Class R ($440,137 / 29,418 Shares)             $14.96  
Net Asset Value – Delaware Emerging Markets Fund              
  Institutional Class ($655,310,249 / 43,765,429 Shares)             $14.97  

40
 
 

       
Components of Net Assets at November 30, 2010:      
Shares of beneficial interest (unlimited authorization – no par) $ 1,331,308,102  
Undistributed net investment income   6,999,680  
Accumulated net realized loss on investments   (3,076,994 )
Net unrealized appreciation of investments and foreign currencies   108,781,359  
Total net assets $ 1,444,012,147  
 
Δ Securities have been classified by country of origin. Classification by type of business has been presented on page 26 in “Country and sector allocations.”
@ Illiquid security. At November 30, 2010, the aggregate amount of illiquid securities was $82,856,346, which represented 5.74% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
† Non income producing security.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At November 30, 2010, the aggregate amount of Rule 144A securities was $19,050,329, which represented 1.32% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
* Fully or partially on loan.
= Security is being fair valued in accordance with the Fund’s fair valuation policy. At November 30, 2010, the aggregate amount of fair valued securities was $3,231,430, which represented 0.22% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”
≠ The rate shown is the effective yield at the time of purchase.
** See Note 9 in “Notes to financial statements.”
© Includes $226,050,354 of securities loaned.

Summary of abbreviations:
ADR — American Depositary Receipts
GDR — Global Depositary Receipts
GBP — British Pound Sterling
LEPO — Low Exercise Price Option
MNB — Mellon National Bank
NVDR — Non-Voting Depositary Receipts
USD — United States Dollar
 
41
 
 

Statements of net assets
Delaware Emerging Markets Fund
 
     
Net Asset Value and Offering Price Per Share –    
       Delaware Emerging Markets Fund    
Net asset value Class A (A) $ 14.86
Sales charge (5.75% of offering price) (B)   0.91
Offering Price $ 15.77

(A)    Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares.
(B)   See the current prospectus for purchases of $50,000 or more.
 
1The following foreign currency exchange contract was outstanding at November 30, 2010:
 
Foreign Currency Exchange Contract                
                Unrealized
Counterparty   Contract to Deliver                In Exchange For                Settlement Date                Depreciation
MNB   GBP    1,706,716   USD    2,643,874   12/2/10     $10,461  

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amount recognized in the financial statements. The notional values 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.
 
1See Note 8 in “Notes to financial statements.”
 
See accompanying Notes, which are an integral part of the financial statements.
 
42
 
 
 
 
 
 
Delaware Global Value Fund November 30, 2010

                  Number of shares       Value (U.S. $)
Common Stock – 99.96%Δ          
Australia – 0.97%          
  Coca-Cola Amatil   30,673   $ 327,124
            327,124
Brazil – 1.72%          
  Petroleo Brasileiro ADR   8,000     234,240
* Vale ADR   11,000     348,480
            582,720
Canada – 2.96%          
† CGI Group Class A   41,207     646,305
* TELUS   7,861     356,866
            1,003,171
China/Hong Kong – 6.77%          
* Chaoda Modern Agriculture Holdings   442,000     354,816
  CNOOC   226,000     486,391
  Esprit Holdings   36,949     177,848
*† Sohu.com   8,500     590,155
  Techtronic Industries   162,500     176,367
  Yue Yuen Industrial Holdings   140,000     505,933
            2,291,510
Finland – 0.72%          
  Nokia   26,277     243,018
            243,018
France – 10.60%          
* Alstom   8,890     365,742
* AXA   23,333     334,164
  Compagnie de Saint-Gobain   6,092     272,448
* Lafarge   4,951     269,493
* PPR   1,666     264,658
* Publicis Groupe   4,847     216,562
* Sanofi-Aventis   5,279     320,032
  Teleperformance   14,742     439,138
* Total   8,891     431,607
  Vallourec   3,465     328,212
  Vivendi   14,268     347,437
            3,589,493

43
 
 

Statements of net assets
Delaware Global Value Fund
 
                  Number of shares       Value (U.S. $)
Common Stock (continued)          
Germany – 3.26%          
  Bayerische Motoren Werke   5,364   $ 403,392
  Deutsche Post   19,589     316,469
  Metro   5,340     382,564
            1,102,425
Italy – 3.19%          
  Finmeccanica   31,579     356,487
  Parmalat   147,668     367,309
  UniCredit   184,468     356,591
            1,080,387
Japan – 5.36%          
  Asahi Glass   28,500     316,915
  Don Quijote   11,500     331,394
  ITOCHU   39,853     369,098
  Mitsubishi UFJ Financial Group   52,554     249,201
  Toyota Motor   14,150     548,527
            1,815,135
Luxembourg – 0.53%          
* ArcelorMittal   5,702     179,746
            179,746
Netherlands – 0.48%          
  Koninklijke Philips Electronics   5,971     161,458
            161,458
Singapore – 0.90%          
  Singapore Airlines   26,067     304,180
            304,180
Spain – 2.45%          
* Banco Santander   40,190     383,155
  Telefonica   21,007     446,174
            829,329
Sweden – 2.94%          
* Autoliv   3,500     256,970
  Meda Class A   59,477     445,154
  Nordea Bank FDR   29,381     291,900
            994,024

44
 
 

    Number of shares       Value (U.S. $)
Common Stock (continued)                
Switzerland – 2.43%            
          Aryzta     11,835   $ 501,307
  Novartis     6,023     320,749
              822,056
Taiwan – 3.33%            
  Chunghwa Telecom ADR     12,840     309,572
  HTC     29,600     818,811
              1,128,383
United Kingdom – 4.21%            
@ Greggs     30,344     207,208
  National Grid     27,174     239,972
  Rexam     63,779     299,259
  Standard Chartered     15,897     428,178
  Vodafone Group     100,804     251,464
              1,426,081
United States – 47.14%            
† AGCO     8,200     370,148
  American Express     14,400     622,368
† Apollo Group Class A     10,300     350,200
  Archer-Daniels-Midland     17,400     504,426
  AT&T     16,700     464,093
  Ball     8,300     546,804
† CACI International Class A     10,900     548,597
  Carnival     6,200     256,122
  Caterpillar     4,500     380,700
* Chesapeake Energy     17,500     369,600
  Chevron     5,100     412,947
  Cintas     17,500     468,038
† Convergys     38,900     501,421
  Cooper Industries     9,000     490,500
  Corning     22,300     393,818
† Dell     37,000     489,140
  Discover Financial Services     32,600     595,928
  FedEx     4,200     382,704
  Goldman Sachs Group     2,800     437,192
  Intel     20,100     424,512
  International Business Machines     5,700     806,321
† Investment Technology Group     32,500     477,750

45
 
 

Statements of net assets
Delaware Global Value Fund
 
            Number of shares       Value (U.S. $)  
Common Stock (continued)              
United States (continued)              
          JPMorgan Chase     13,100   $ 489,678  
  Lockheed Martin     5,900     401,436  
  Lowe’s     19,600     444,920  
  Microsoft     23,200     584,872  
*† Mylan     27,100     530,212  
  Omnicom Group     13,100     595,264  
  Pfizer     31,200     508,248  
  Stanley Black & Decker     6,822     406,114  
  Travelers     9,300     502,107  
  Viacom Class B     15,700     593,931  
  Walgreen     17,400     606,390  
              15,956,501  
Total Common Stock (cost $31,722,033)           33,836,741  
                 
Total Value of Securities Before Securities              
  Lending Collateral – 99.96% (cost $31,722,033)           33,836,741  
                 
Securities Lending Collateral** – 13.36%              
  Investment Companies              
            BNY Mellon SL DBT II Liquidating Fund     164,649     160,006  
            Delaware Investments Collateral Fund No. 1     4,363,363     4,363,363  
      @†Mellon GSL Reinvestment Trust II     142,101     0  
Total Securities Lending Collateral (cost $4,670,113)           4,523,369  
                 
Total Value of Securities – 113.32%              
  (cost $36,392,146)           38,360,110 ©
                 
Obligation to Return Securities              
  Lending Collateral** – (13.80%)           (4,670,113 )
                 
Receivables and Other Assets              
  Net of Liabilities – 0.48%           160,172  
                 
Net Assets Applicable to 4,097,179              
  Shares Outstanding – 100.00%         $ 33,850,169  

46
 
 

                     
Net Asset Value – Delaware Global Value Fund              
          Class A ($20,843,437 / 2,510,112 Shares)             $ 8.30  
Net Asset Value – Delaware Global Value Fund              
  Class B ($3,136,070 / 383,645 Shares)                    $ 8.17  
Net Asset Value – Delaware Global Value Fund              
  Class C ($8,193,296 / 1,002,248 Shares)             $ 8.17  
Net Asset Value – Delaware Global Value Fund              
  Institutional Class ($1,677,366 / 201,174 Shares)             $ 8.34  
                 
Components of Net Assets at November 30, 2010:              
Shares of beneficial interest (unlimited authorization – no par)         $ 61,764,519  
Undistributed net investment income           103,716  
Accumulated net realized loss on investments           (29,989,429 )
Net unrealized appreciation of investments and foreign currencies           1,971,363  
Total net assets         $ 33,850,169  

Δ Securities have been classified by country of origin. Classification by type of business has been presented on page 28 in “Country and sector allocations.”
* Fully or partially on loan.
† Non income producing security.
** See Note 9 in “Notes to financial statements.”
@ Illiquid security. At November 30, 2010, the aggregate amount of illiquid securities was $207,208, which represented 0.61% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
© Includes $4,393,812 of securities loaned.
 
Summary of abbreviations:
ADR — American Depositary Receipts
FDR — Fiduciary Depositary Receipt
USD — United States Dollar
 
47
 
 

Statements of net assets
Delaware Global Value Fund
 
           
Net Asset Value and Offering Price Per Share –      
          Delaware Global Value Fund      
Net asset value Class A (A)   $ 8.30
Sales charge (5.75% of offering price) (B)     0.51
Offering price   $ 8.81

(A)   Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares.
(B)   See the current prospectus for purchases of $50,000 or more.
 
See accompanying Notes, which are an integral part of the financial statements.
 
48
 
 

Statements of operations
Delaware International Funds Year Ended November 30, 2010

      Delaware   Delaware   Delaware
      International   Emerging   Global
      Value Equity   Markets   Value
          Fund       Fund       Fund
Investment Income:                        
      Dividends   $ 10,082,376     $ 29,167,636     $ 915,239  
  Interest     2,542       137,015       —  
  Securities lending income     513,157       384,104       33,631  
  Foreign tax withheld     (980,436 )     (1,728,728 )     (62,583 )
        9,617,639       27,960,027       886,287  
                         
Expenses:                        
  Management fees     2,861,159       11,576,165       314,881  
  Dividend disbursing and transfer agent                        
       fees and expenses     1,288,547       1,996,760       169,957  
  Distribution expenses – Class A     419,141       1,350,547       67,102  
  Distribution expenses – Class B     89,588       191,781       35,811  
  Distribution expenses – Class C     483,038       1,877,649       94,144  
  Distribution expenses – Class R     17,974       704       —  
  Custodian fees     138,120       539,658       40,669  
  Accounting and administration expenses     133,500       375,091       14,694  
  Registration fees     75,516       266,898       55,443  
  Reports and statements to shareholders     52,085       158,743       12,836  
  Legal fees     38,938       88,921       4,306  
  Audit and tax     26,629       58,808       13,254  
  Trustees’ fees     20,401       53,839       2,359  
  Insurance fees     15,543       30,440       1,759  
  Dues and services     23,962       21,686       19,298  
  Consulting fees     4,676       11,845       535  
  Pricing fees     6,599       10,722       6,224  
  Trustees’ expenses     1,569       3,693       167  
        5,696,985       18,613,950       853,439  
  Less fees waived     (146,912 )     —       (173,308 )
  Less waived distribution expenses – Class A     —       (225,477 )     (11,199 )
  Less waived distribution expenses – Class R     (2,967 )     (117 )     —  
  Less expense paid indirectly     (1,582 )     (2,491 )     (286 )
  Total operating expenses     5,545,524       18,385,865       668,646  
Net Investment Income     4,072,115       9,574,162       217,641  

50
 
 

    Delaware   Delaware   Delaware
    International   Emerging   Global
    Value Equity   Markets   Value
        Fund       Fund       Fund
Net Realized and Unrealized                        
       Gain (Loss) on Investments                        
       and Foreign Currencies:                        
       Net realized gain (loss) on:                        
              Investments   $ 10,818,744     $ 16,671,773     $ 351,185  
              Foreign currencies     (30,580 )     (1,009,082 )     (38,346 )
              Foreign currency exchange contracts     (1,041,553 )     (1,215,860 )     (35,739 )
              Net realized gain     9,746,611       14,446,831       277,100  
       Net change in unrealized appreciation/                        
              depreciation of investments                        
              and foreign currencies     (941,935 )     106,045,960       964,932  
Net Realized and Unrealized Gain on                        
       Investments and Foreign Currencies     8,804,676       120,492,791       1,242,032  
                         
Net Increase in Net Assets Resulting                        
       from Operations   $ 12,876,791     $ 130,066,953     $ 1,459,673  

See accompanying Notes, which are an integral part of the financial statements.
 
51
 
 

Statements of changes in net assets
Delaware International Value Equity Fund
 
    Year Ended
        11/30/10       11/30/09
Increase (Decrease) in Net Assets from Operations:                
       Net investment income   $ 4,072,115     $ 8,313,361  
       Net realized gain (loss) on investments                
              and foreign currencies     9,746,611       (116,077,253 )
       Net change in unrealized appreciation/depreciation                
              of investments and foreign currencies     (941,935 )     236,758,415  
       Net increase in net assets resulting from operations     12,876,791       128,994,523  
                 
Dividends and Distributions to Shareholders from:                
       Net investment income:                
              Class A     (3,100,163 )     (6,521,227 )
              Class B     (155,771 )     (300,650 )
              Class C     (795,505 )     (1,386,689 )
              Class R     (55,397 )     (43,071 )
              Institutional Class     (3,166,321 )     (5,973,195 )
      (7,273,157 )     (14,224,832 )
Capital Share Transactions:                
       Proceeds from shares sold:                
              Class A     11,233,986       18,572,918  
              Class B     173,613       200,347  
              Class C     2,896,279       3,618,349  
              Class R     752,628       1,584,095  
              Institutional Class     29,263,858       11,650,494  
                 
       Net asset value of shares issued upon reinvestment                
              of dividends and distributions:                
              Class A     2,840,064       6,085,510  
              Class B     143,120       284,879  
              Class C     747,519       1,323,779  
              Class R     55,397       43,071  
              Institutional Class     3,117,321       5,951,192  
      51,223,785       49,314,634  

52
 
 

    Year Ended
        11/30/10       11/30/09
Capital Share Transactions (continued):                
       Cost of shares repurchased:                
              Class A   $ (39,399,111 )   $ (98,071,991 )
              Class B     (3,516,795 )     (4,365,200 )
              Class C     (14,708,670 )     (18,772,886 )
              Class R     (688,411 )     (609,984 )
              Institutional Class     (40,028,000 )     (66,873,100 )
      (98,340,987 )     (188,693,161 )
Decrease in net assets derived from                
       capital share transactions     (47,117,202 )     (139,378,527 )
Net Decrease in Net Assets     (41,513,568 )     (24,608,836 )
                 
Net Assets:                
       Beginning of year     363,561,017       388,169,853  
       End of year   $ 322,047,449     $ 363,561,017  
                 
       Undistributed net investment income   $ 2,917,518     $ 7,190,693  

See accompanying Notes, which are an integral part of the financial statements.
 
53
 
 

Statements of changes in net assets
Delaware Emerging Markets Fund
 
    Year Ended
        11/30/10       11/30/09
Increase (Decrease) in Net Assets from Operations:                
       Net investment income   $ 9,574,162     $ 1,432,648  
       Net realized gain (loss) on investments                
              and foreign currencies     14,446,831       (18,905,848 )
       Net change in unrealized appreciation/depreciation                
              of investments and foreign currencies     106,045,960       297,426,411  
       Net increase in net assets resulting from operations     130,066,953       279,953,211  
                 
Dividends and Distributions to Shareholders from:                
       Net investment income:                
              Class A     (157,722 )     (415,388 )
              Class R1,2     —       —  
              Institutional Class     (360,097 )     (284,008 )
                 
       Net realized gain on investments:                
              Class A     —       (21,325,001 )
              Class B     —       (1,505,363 )
              Class C     —       (8,646,856 )
              Institutional Class     —       (4,583,103 )
      (517,819 )     (36,759,719 )
                 
Capital Share Transactions:                
       Proceeds from shares sold:                
              Class A     282,988,286       132,947,076  
              Class B     687,127       574,995  
              Class C     76,058,758       41,236,063  
              Class R2     443,415       181  
              Institutional Class     539,949,337       70,955,580  

54
 
 

  Year Ended
  11/30/10       11/30/09
Capital Share Transactions (continued):              
    Net asset value of shares issued upon reinvestment              
       of dividends and distributions:              
       Class A $ 143,191     $ 20,094,969  
       Class B   —       1,361,700  
       Class C   —       8,062,548  
       Institutional Class   278,887       4,749,439  
    900,549,001       279,982,551  
    Cost of shares repurchased:              
       Class A   (200,070,325 )     (103,792,285 )
       Class B   (4,267,451 )     (4,455,109 )
       Class C   (35,088,651 )     (28,667,770 )
       Class R2   (9,594 )     (1 )
       Institutional Class   (72,557,094 )     (18,688,221 )
    (311,993,115 )     (155,603,386 )
Increase in net assets derived from              
    capital share transactions   588,555,886       124,379,165  
Net Increase in Net Assets   718,105,020       367,572,657  
               
Net Assets:              
    Beginning of year   725,907,127       358,334,470  
    End of year $ 1,444,012,147     $ 725,907,127  
               
    Undistributed net investment income $ 6,999,680     $ 210,988  

1 For the year ended November 30, 2010, net investment income distributions of $0.005 per share was made by the Fund, which rounded to less than $1.
2 Class R commenced operations on August 31, 2009.

See accompanying Notes, which are an integral part of the financial statements.
 
55
 
 

Statements of changes in net assets
Delaware Global Value Fund
 
  Year Ended
  11/30/10       11/30/09
Increase (Decrease) in Net Assets from Operations:              
    Net investment income $ 217,641     $ 514,005  
    Net realized gain (loss) on investments              
       and foreign currencies   277,100       (12,531,289 )
    Net change in unrealized appreciation/depreciation              
       of investments and foreign currencies   964,932       25,250,293  
    Net increase in net assets resulting from operations   1,459,673       13,233,009  
               
Dividends and Distributions to Shareholders from:              
    Net investment income:              
       Class A   (337,530 )     (609,676 )
       Class B   (32,321 )     (65,574 )
       Class C   (83,154 )     (183,443 )
       Institutional Class   (22,003 )     (34,178 )
    (475,008 )     (892,871 )
               
Capital Share Transactions:              
    Proceeds from shares sold:              
       Class A   2,566,972       3,258,853  
       Class B   37,287       135,860  
       Class C   519,598       875,982  
       Institutional Class   701,393       190,696  
               
    Net asset value of shares issued upon reinvestment              
       of dividends and distributions:              
       Class A   300,220       548,142  
       Class B   26,324       55,280  
       Class C   73,288       163,582  
       Institutional Class   21,846       33,393  
    4,246,928       5,261,788  

56
 
 

  Year Ended
  11/30/10       11/30/09
Capital Share Transactions (continued):              
    Cost of shares repurchased:              
       Class A $ (7,492,107 )   $ (8,234,329 )
       Class B   (1,265,780 )     (1,313,679 )
       Class C   (3,466,665 )     (4,856,945 )
       Institutional Class   (469,771 )     (368,924 )
    (12,694,323 )     (14,773,877 )
Decrease in net assets derived from              
    capital share transactions   (8,447,395 )     (9,512,089 )
Net Increase (Decrease) in Net Assets   (7,462,730 )     2,828,049  
               
Net Assets:              
    Beginning of year   41,312,899       38,484,850  
    End of year $ 33,850,169     $ 41,312,899  
                
    Undistributed net investment income $ 103,716     $ 435,168  

See accompanying Notes, which are an integral part of the financial statements.
 
57
 
 

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 income1
Net realized and unrealized gain (loss) on investments and foreign currencies
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain on investments
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets
    prior to fees waived and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
    prior to fees waived and expense paid indirectly
Portfolio turnover

1 The average shares outstanding method has been applied for per share information.
2 Total investment 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 investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.
 
58
 
 

        Year Ended      
    11/30/10   11/30/09   11/30/08   11/30/07   11/30/06  
    $11.400     $8.120     $16.750     $16.010     $18.130    
                                  
                                 
    0.136     0.212     0.288     0.205     0.339    
    0.266     3.375     (7.995 )   1.504     3.220    
    0.402     3.587     (7.707 )   1.709     3.559    
                                 
                                 
    (0.232 )   (0.307 )   (0.204 )   (0.174 )   (0.412 )  
    —     —     (0.719 )   (0.795 )   (5.267 )  
    (0.232 )   (0.307 )   (0.923 )   (0.969 )   (5.679 )  
                                 
    $11.570     $11.400     $8.120     $16.750     $16.010    
                                 
    3.60%     44.76%     (48.60% )   11.24%     23.57%    
                                 
                                 
    $130,865     $154,721     $178,072     $472,533     $472,803    
    1.65%     1.52%     1.40%     1.40%     1.41%    
                                 
    1.69%     1.78%     1.49%     1.40%     1.43%    
    1.21%     2.33%     2.19%     1.25%     2.05%    
                                 
    1.17%     2.07%     2.10%     1.25%     2.03%    
    37%     35%     32%     26%     127%    

59
 
 

Financial highlights
Delaware International Value Equity Fund Class B
 
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 income1
Net realized and unrealized gain (loss) on investments and foreign currencies
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain on investments
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets
    prior to fees waived and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
    prior to fees waived and expense paid indirectly
Portfolio turnover

1 The average shares outstanding method has been applied for per share information.
2 Total investment 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 investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.
 
60
 
 

        Year Ended      
    11/30/10   11/30/09   11/30/08   11/30/07   11/30/06  
    $11.230     $7.980     $16.470     $15.750     $17.910    
                                 
                                 
    0.057     0.149     0.197     0.092     0.226    
    0.260     3.322     (7.876 )   1.484     3.173    
    0.317     3.471     (7.679 )   1.576     3.399    
                                 
                                 
    (0.167 )   (0.221 )   (0.092 )   (0.061 )   (0.292 )  
    —     —     (0.719 )   (0.795 )   (5.267 )  
    (0.167 )   (0.221 )   (0.811 )   (0.856 )   (5.559 )  
                                 
    $11.380     $11.230     $7.980     $16.470     $15.750    
                                 
    2.86%     43.65%     (48.95% )   10.48%     22.70%    
                                   
                                 
    $7,670     $10,796     $11,227     $34,520     $39,834    
    2.35%     2.22%     2.10%     2.10%     2.11%    
                                 
    2.39%     2.48%     2.19%     2.10%     2.13%    
    0.51%     1.63%     1.49%     0.55%     1.35%    
                                 
    0.47%     1.37%     1.40%     0.55%     1.33%    
    37%     35%     32%     26%     127%    

61
 
 

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 income1
Net realized and unrealized gain (loss) on investments and foreign currencies
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain on investments
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets
    prior to fees waived and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
    prior to fees waived and expense paid indirectly
Portfolio turnover

1 The average shares outstanding method has been applied for per share information.
2 Total investment 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 investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.
 
62
 
 

        Year Ended      
    11/30/10   11/30/09   11/30/08   11/30/07   11/30/06  
    $11.220     $7.960     $16.450     $15.730     $17.890    
                                 
                                 
    0.056     0.149     0.197     0.092     0.226    
    0.261     3.332     (7.876 )   1.484     3.173    
    0.317     3.481     (7.679 )   1.576     3.399    
                                 
                                 
    (0.167 )   (0.221 )   (0.092 )   (0.061 )   (0.292 )  
    —     —     (0.719 )   (0.795 )   (5.267 )  
    (0.167 )   (0.221 )   (0.811 )   (0.856 )   (5.559 )  
                                 
    $11.370     $11.220     $7.960     $16.450     $15.730    
                                 
    2.87%     43.71%     (49.01% )   10.50%     22.73%    
                                  
                                 
    $43,620     $54,235     $51,420     $144,106     $144,298    
    2.35%     2.22%     2.10%     2.10%     2.11%    
                                 
    2.39%     2.48%     2.19%     2.10%     2.13%    
    0.51%     1.63%     1.49%     0.55%     1.35%    
                                 
    0.47%     1.37%     1.40%     0.55%     1.33%    
    37%     35%     32%     26%     127%    

63
 
 

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 income1
Net realized and unrealized gain (loss) on investments and foreign currencies
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain on investments
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets
    prior to fees waived and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
    prior to fees waived and expense paid indirectly
Portfolio turnover

1 The average shares outstanding method has been applied for per share information.
2 Total investment 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 investment 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.

See accompanying notes, which are an integral part of the financial statements.
 
64
 
 

    Year Ended  
        11/30/10   11/30/09   11/30/08   11/30/07   11/30/06      
    $11.360     $8.080     $16.670     $15.930     $18.050    
                                 
                                 
    0.112     0.192     0.261     0.173     0.308    
    0.259     3.370     (7.960 )   1.504     3.207    
    0.371     3.562     (7.699 )   1.677     3.515    
                                 
                                 
    (0.211 )   (0.282 )   (0.172 )   (0.142 )   (0.368 )  
    —     —     (0.719 )   (0.795 )   (5.267 )  
    (0.211 )   (0.282 )   (0.891 )   (0.937 )   (5.635 )  
                                 
    $11.520     $11.360     $8.080     $16.670     $15.930    
                                 
    3.32%     44.55%     (48.70% )   11.07%     23.33%    
                                 
                                 
    $3,127     $2,985     $1,259     $3,076     $4,575    
    1.85%     1.72%     1.60%     1.60%     1.61%    
                                 
    1.99%     2.08%     1.79%     1.70%     1.73%    
    1.01%     2.13%     1.99%     1.05%     1.85%    
                                 
    0.87%     1.77%     1.80%     0.95%     1.73%    
    37%     35%     32%     26%     127%    

65
 
 

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 income1
Net realized and unrealized gain (loss) on investments and foreign currencies
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain on investments
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets
       prior to fees waived and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
       prior to fees waived and expense paid indirectly
Portfolio turnover

1 The average shares outstanding method has been applied for per share information.
2 Total investment 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 investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
 
See accompanying notes, which are an integral part of the financial statements.
 
66
 
 

    Year Ended  
        11/30/10   11/30/09   11/30/08   11/30/07   11/30/06      
    $11.450     $8.170     $16.850     $16.100     $18.210    
                                 
                                 
    0.170     0.239     0.327     0.255     0.389    
    0.270     3.385     (8.034 )   1.513     3.233    
    0.440     3.624     (7.707 )   1.768     3.622    
                                 
                                 
    (0.260 )   (0.344 )   (0.254 )   (0.223 )   (0.465 )  
    —     —     (0.719 )   (0.795 )   (5.267 )  
    (0.260 )   (0.344 )   (0.973 )   (1.018 )   (5.732 )  
                                 
    $11.630     $11.450     $8.170     $16.850     $16.100    
                                 
    3.93%     45.13%     (48.44% )   11.59%     23.93%    
                                 
                                 
    $136,765     $140,824     $146,192     $399,014     $355,347    
    1.35%     1.22%     1.10%     1.10%     1.11%    
                                 
    1.39%     1.48%     1.19%     1.10%     1.13%    
    1.51%     2.63%     2.49%     1.55%     2.35%    
                                 
    1.47%     2.37%     2.40%     1.55%     2.33%    
    37%     35%     32%     26%     127%    

67
 
 

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 income1
Net realized and unrealized gain (loss) on investments and foreign currencies
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain on investments
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets
       prior to fees waived and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
       prior to fees waived and expense paid indirectly
Portfolio turnover

1 The average shares outstanding method has been applied for per share information.
2 Total investment 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 investment 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.
 
See accompanying notes, which are an integral part of the financial statements.
 
68
 
 

    Year Ended  
        11/30/10   11/30/09   11/30/08   11/30/07   11/30/06      
    $12.880     $7.940     $22.760     $21.280     $17.950    
                                 
                                 
    0.151     0.043     0.137     0.184     0.419    
    1.834     5.736     (9.242 )   7.117     4.080    
    1.985     5.779     (9.105 )   7.301     4.499    
                                 
                                 
    (0.005 )   (0.016 )   (0.234 )   (0.523 )   (0.269 )  
    —     (0.823 )   (5.481 )   (5.298 )   (0.900 )  
    (0.005 )   (0.839 )   (5.715 )   (5.821 )   (1.169 )  
                                 
    $14.860     $12.880     $7.940     $22.760     $21.280    
                                 
    15.42%     79.84%     (53.37% )   46.11%     26.52%    
                                 
                                 
    $546,275     $399,840     $213,581     $673,309     $533,042    
    1.85%     1.91%     1.83%     1.97%     1.94%    
                                 
    1.90%     1.98%     1.88%     2.02%     1.99%    
    1.10%     0.45%     0.94%     0.97%     2.23%    
                                 
    1.05%     0.38%     0.89%     0.92%     2.18%    
    27%     37%     37%     108%     46%    

69
 
 

Financial highlights
Delaware Emerging Markets Fund Class B
 
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)1
Net realized and unrealized gain (loss) on investments and foreign currencies
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain on investments
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets
       prior to fees waived and expense paid indirectly
Ratio of net investment income (loss) to average net assets
Ratio of net investment income (loss) to average net assets
       prior to fees waived and expense paid indirectly
Portfolio turnover

1 The average shares outstanding method has been applied for per share information.
2 Total investment 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 investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
 
See accompanying notes, which are an integral part of the financial statements.
 
70
 
 

    Year Ended  
        11/30/10   11/30/09   11/30/08   11/30/07   11/30/06      
    $12.300   $7.640     $22.120     $20.830     $17.600    
                               
                               
    0.046   (0.025 )   0.030     0.045     0.280    
    1.734   5.508     (8.936 )   6.926     3.998    
    1.780   5.483     (8.906 )   6.971     4.278    
                               
                               
    —   —     (0.093 )   (0.383 )   (0.148 )  
    —   (0.823 )   (5.481 )   (5.298 )   (0.900 )  
    —   (0.823 )   (5.574 )   (5.681 )   (1.048 )  
                               
    $14.080   $12.300     $7.640     $22.120     $20.830    
                               
    14.47%   78.59%     (53.76% )   44.97%     25.59%    
                               
                                
    $19,030   $20,022     $14,620     $45,978     $37,944    
    2.60%   2.66%     2.58%     2.72%     2.69%    
                               
    2.60%   2.68%     2.58%     2.72%     2.69%    
    0.35%   (0.30% )   0.19%     0.22%     1.48%    
                               
    0.35%   (0.32% )   0.19%     0.22%     1.48%    
    27%   37%     37%     108%     46%    

71
 
 

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)1
Net realized and unrealized gain (loss) on investments and foreign currencies
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain on investments
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets
       prior to fees waived and expense paid indirectly
Ratio of net investment income (loss) to average net assets
Ratio of net investment income (loss) to average net assets
       prior to fees waived and expense paid indirectly
Portfolio turnover

1 The average shares outstanding method has been applied for per share information.
2 Total investment 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 investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
 
See accompanying notes, which are an integral part of the financial statements.
 
72
 
 

    Year Ended  
        11/30/10   11/30/09   11/30/08   11/30/07   11/30/06      
    $12.270   $7.630     $22.090     $20.800     $17.580    
                               
                               
    0.046   (0.026 )   0.031     0.045     0.280    
    1.734   5.489     (8.917 )   6.926     3.988    
    1.780   5.463     (8.886 )   6.971     4.268    
                               
                               
    —   —     (0.093 )   (0.383 )   (0.148 )  
    —   (0.823 )   (5.481 )   (5.298 )   (0.900 )  
    —   (0.823 )   (5.574 )   (5.681 )   (1.048 )  
                               
    $14.050   $12.270     $7.630     $22.090     $20.800    
                               
    14.51%   78.68%     (53.75% )   45.03%     25.56%    
                               
                               
    $222,957   $157,383     $84,436     $237,832     $183,562    
    2.60%   2.66%     2.58%     2.72%     2.69%    
                               
    2.60%   2.68%     2.58%     2.72%     2.69%    
    0.35%   (0.30% )   0.19%     0.22%     1.48%    
                               
    0.35%   (0.32% )   0.19%     0.22%     1.48%    
    27%   37%     37%     108%     46%    

73
 
 

Financial highlights
Delaware Emerging Markets Fund Class R
 
Selected data for each share of the Fund outstanding throughout each period were as follows:
 
  Year Ended   8/31/091  
  11/30/10            to 11/30/09      
Net asset value, beginning of period   $13.010       $11.520    
             
Income (loss) from investment operations:            
Net investment income (loss)2 0.123     (0.030 )  
Net realized and unrealized gain on investments            
       and foreign currencies 1.832     1.520    
Total from investment operations 1.955     1.490    
             
Less dividends and distributions from:            
Net investment income (0.005 )   —    
Total dividends and distributions (0.005 )   —    
             
Net asset value, end of period $14.960     $13.010    
             
Total return3 15.03%     12.93%    
             
Ratios and supplemental data:            
Net assets, end of period (000 omitted) $440     $— 4  
Ratio of expenses to average net assets 2.10%     2.11%    
Ratio of expenses to average net assets            
       prior to fees waived and expense paid indirectly 2.20%     2.22%    
Ratio of net investment income (loss) to average net assets 0.85%     (0.88% )  
Ratio of net investment income (loss) to average net assets            
       prior to fees waived and expense paid indirectly 0.75%     (0.99% )  
Portfolio turnover 27%     37% 5  

1 Date of commencement of operations; ratios have been annualized and total return has not been annualized.
2 The average shares outstanding method has been applied for per share information.
3 Total investment 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 investment 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.
4 Net assets was less than $500.
5 Portfolio turnover is representative of the Fund for the entire year.
 
See accompanying notes, which are an integral part of the financial statements.
 
74
 
 

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 income1
Net realized and unrealized gain (loss) on investments and foreign currencies
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain on investments
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets
       prior to fees waived and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
       prior to fees waived and expense paid indirectly
Portfolio turnover
 
1 The average shares outstanding method has been applied for per share information.
2 Total investment 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 investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
 
See accompanying notes, which are an integral part of the financial statements.
 
76
 
 

  Year Ended     
  11/30/10   11/30/09   11/30/08   11/30/07   11/30/06  
  $12.980     $8.000     $22.910     $21.390     $18.030    
                               
                               
  0.190     0.068     0.175     0.232     0.466    
  1.831     5.786     (9.321 )   7.157     4.104    
  2.021     5.854     (9.146 )   7.389     4.570    
                               
                               
  (0.031 )   (0.051 )   (0.283 )   (0.571 )   (0.310 )  
  —     (0.823 )   (5.481 )   (5.298 )   (0.900 )  
  (0.031 )   (0.874 )   (5.764 )   (5.869 )   (1.210 )  
                               
  $14.970     $12.980     $8.000     $22.910     $21.390    
                               
  15.69%     80.39%     (53.30% )   46.49%     26.87%    
                               
                               
  $655,310     $148,662     $45,697     $110,327     $112,964    
  1.60%     1.66%     1.58%     1.72%     1.69%    
                               
  1.60%     1.68%     1.58%     1.72%     1.69%    
  1.35%     0.70%     1.19%     1.22%     2.48%    
                               
  1.35%     0.68%     1.19%     1.22%     2.48%    
  27%     37%     37%     108%     46%    

77
 
 

Financial highlights
Delaware Global Value 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 income1
Net realized and unrealized gain (loss) on investments and foreign currencies
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain on investments
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets
       prior to fees waived and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
       prior to fees waived and expense paid indirectly
Portfolio turnover
 
1 The average shares outstanding method has been applied for per share information.
2 Total investment 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 investment return during all of the periods shown reflects waivers by the manager and distributor. Performance would have been lower had the waivers not been in effect.
 
See accompanying notes, which are an integral part of the financial statements.
 
78
 
 

  Year Ended     
  11/30/10   11/30/09   11/30/08   11/30/07   11/30/06  
  $8.050     $5.790     $11.850     $13.260     $11.660    
                               
                               
  0.067     0.106     0.172     0.145     0.111    
  0.293     2.315     (5.554 )   0.663     3.084    
  0.360     2.421     (5.382 )   0.808     3.195    
                               
                               
  (0.110 )   (0.161 )   (0.138 )   (0.066 )   (0.238 )  
  —     —     (0.540 )   (2.152 )   (1.357 )  
  (0.110 )   (0.161 )   (0.678 )   (2.218 )   (1.595 )  
                               
  $8.300     $8.050     $5.790     $11.850     $13.260    
                               
  4.53%     42.14%     (48.12% )   6.96%     30.83%    
                               
                               
  $20,844     $24,823     $22,034     $66,024     $36,416    
  1.55%     1.56%     1.45%     1.45%     1.59%    
                               
  2.07%     2.09%     1.76%     1.57%     1.88%    
  0.84%     1.66%     1.84%     1.22%     0.93%    
                               
  0.32%     1.13%     1.53%     1.10%     0.64%    
  50%     47%     78%     31%     124%    

79
 
 

Financial highlights
Delaware Global Value Fund Class B
 
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 income1
Net realized and unrealized gain (loss) on investments and foreign currencies
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain on investments
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets
       prior to fees waived and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income (loss) to average net assets
       prior to fees waived and expense paid indirectly
Portfolio turnover
 
1 The average shares outstanding method has been applied for per share information.
2 Total investment 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 investment 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.
 
See accompanying notes, which are an integral part of the financial statements.
 
80
 
 

  Year Ended     
  11/30/10   11/30/09   11/30/08   11/30/07   11/30/06  
  $7.940     $5.680     $11.640     $13.070     $11.510    
                               
                               
  0.007     0.059     0.104     0.057     0.022    
  0.285     2.297     (5.474 )   0.665     3.050    
  0.292     2.356     (5.370 )   0.722     3.072    
                               
                               
  (0.062 )   (0.096 )   (0.050 )   —     (0.155 )  
  —     —     (0.540 )   (2.152 )   (1.357 )  
  (0.062 )   (0.096 )   (0.590 )   (2.152 )   (1.512 )  
                               
  $8.170     $7.940     $5.680     $11.640     $13.070    
                               
  3.70%     41.36%     (48.51% )   6.08%     29.95%    
                               
                               
  $3,136     $4,255     $4,103     $10,893     $7,453    
  2.30%     2.31%     2.20%     2.20%     2.34%    
                               
  2.77%     2.79%     2.46%     2.27%     2.58%    
  0.09%     0.91%     1.09%     0.47%     0.18%    
                               
  (0.38% )   0.43%     0.83%     0.40%     (0.06% )  
  50%     47%     78%     31%     124%    

81
 
 

Financial highlights
Delaware Global Value 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 income1
Net realized and unrealized gain (loss) on investments and foreign currencies
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain on investments
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets
       prior to fees waived and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income (loss) to average net assets
       prior to fees waived and expense paid indirectly
Portfolio turnover
 
1 The average shares outstanding method has been applied for per share information.
2 Total investment 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 investment 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.
 
See accompanying notes, which are an integral part of the financial statements.
 
82
 
 

  Year Ended     
  11/30/10   11/30/09   11/30/08   11/30/07   11/30/06  
  $7.940     $5.690     $11.650     $13.090     $11.520    
                               
                               
  0.007     0.059     0.102     0.057     0.022    
  0.285     2.287     (5.472 )   0.655     3.060    
  0.292     2.346     (5.370 )   0.712     3.082    
                               
                               
  (0.062 )   (0.096 )   (0.050 )   —     (0.155 )  
  —     —     (0.540 )   (2.152 )   (1.357 )  
  (0.062 )   (0.096 )   (0.590 )   (2.152 )   (1.512 )  
                               
  $8.170     $7.940     $5.690     $11.650     $13.090    
                               
  3.70%     41.12%     (48.51% )   6.17%     29.92%    
                               
                               
  $8,193     $10,845     $11,260     $39,463     $17,545    
  2.30%     2.31%     2.20%     2.20%     2.34%    
                               
  2.77%     2.79%     2.46%     2.27%     2.58%    
  0.09%     0.91%     1.09%     0.47%     0.18%    
                               
  (0.38% )   0.43%     0.83%     0.40%     (0.06% )  
  50%     47%     78%     31%     124%    

83
 
 

Financial highlights
Delaware Global Value 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 income1
Net realized and unrealized gain (loss) on investments and foreign currencies
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain on investments
Total dividends and distributions
 
Net asset value, end of period
 
Total return2
 
Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets
       prior to fees waived and expense paid indirectly
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets
       prior to fees waived and expense paid indirectly
Portfolio turnover
 
1 The average shares outstanding method has been applied for per share information.
2 Total investment 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 investment 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.
 
See accompanying notes, which are an integral part of the financial statements.
 
84
 
 

  Year Ended     
  11/30/10   11/30/09   11/30/08   11/30/07   11/30/06  
  $8.080     $5.810     $11.910     $13.310     $11.700    
                               
                               
  0.087     0.123     0.195     0.176     0.141    
  0.300     2.330     (5.587 )   0.673     3.092    
  0.387     2.453     (5.392 )   0.849     3.233    
                               
                               
  (0.127 )   (0.183 )   (0.168 )   (0.097 )   (0.266 )  
  —     —     (0.540 )   (2.152 )   (1.357 )  
  (0.127 )   (0.183 )   (0.708 )   (2.249 )   (1.623 )  
                               
  $8.340     $8.080     $5.810     $11.910     $13.310    
                               
  4.86%     42.46%     (48.03% )   7.12%     31.24%    
                               
                               
  $1,677     $1,390     $1,088     $2,398     $5,193    
  1.30%     1.31%     1.20%     1.20%     1.34%    
                               
  1.77%     1.79%     1.46%     1.27%     1.58%    
  1.09%     1.91%     2.09%     1.47%     1.18%    
                               
  0.62%     1.43%     1.83%     1.40%     0.94%    
  50%     47%     78%     31%     124%    
 
85
 
 

Notes to financial statements
Delaware International Funds November 30, 2010

Delaware Group® Global & International Funds (Trust) is organized as a Delaware statutory trust and offers five series: Delaware International Value Equity Fund, Delaware Emerging Markets Fund, Delaware Global Value Fund, Delaware Focus Global Growth Fund and Delaware Macquarie Global Infrastructure Fund. These financial statements and the related notes pertain to Delaware International Value Equity Fund, Delaware Emerging Markets Fund and Delaware Global Value Fund (each, a Fund or collectively the Funds). The Trust is an open-end investment company. Each Fund is considered diversified under the Investment Company Act of 1940, as amended, and offers Class A, Class B, Class C, Class R and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of up to 5.75%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 1% if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class B shares may be purchased only through dividend reinvestment and certain permitted exchanges. Prior to June 1, 2007, Class B shares were sold with a CDSC that declined from 4% to zero depending upon the period of time the shares were held. Class B shares will automatically convert to Class A shares on a quarterly basis approximately eight years after purchase. Class C shares are sold with a CDSC of 1%, if redeemed during the first 12 months. Class R and Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. As of November 30, 2010, Delaware Global Value Fund has not commenced operations of its Class R s hares.
 
The investment objective of Delaware International Value Equity Fund is to seek long-term growth without undue risk to principal.
 
The investment objective of Delaware Emerging Markets Fund and Delaware Global Value Fund is to seek long-term capital appreciation.
 
1. Significant Accounting Policies
 
The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by the Funds.
 
Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Securities 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 does not trade, then the mean between the bid and ask prices will be used. Securities listed on a foreign exchange are valued at the last quoted sales price on the valuation date. Short-term debt securities are valued at market value. Inv estment company securities are valued at net asset value per share. Foreign currency exchange contracts are valued at the mean between the bid and ask prices. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of each Fund’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various
 
86
 
 

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-U.S. markets because, among other things, most foreign markets close well before each Fund value its securities generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Funds may frequently value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).
 
Federal 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. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ 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 the Funds’ tax positions taken on federal income tax returns for all open tax years (November 30, 2007 – November 30, 2010), and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
 
Class Accounting — Investment income, common expenses and realized and unrealized gain (loss) on investments are allocated to the various classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.
 
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 into U.S. dollars at the exchange rate of such currencies against the U.S. dollar daily. 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 do not isolate that portion of realized gains and losses on investments which is due to changes in the foreign exchange rates from that which are due to changes in market prices. The changes are included with the net realized and unrealized gain or loss on investments. The Funds report 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 U.S. GAAP requires management to make estimates and assumptions that affect 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.
 
87
 
 

Notes to financial statements
Delaware International Funds
 
1. Significant Accounting Policies (continued)
 
Other — Expenses directly attributable to the Funds are charged directly to the Funds. Other expenses common to various funds within the Delaware Investments® Family of Funds are generally allocated amongst such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for the 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. 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 the Funds are aware of such dividends, net of all non-rebatable tax withholdings. Withholding taxes on foreign dividends have been recorded in accordance with each Fund’s understanding of the applicable country’s tax rules and rates. Each Fund declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, annually. Dividends and distributions, if any, are recorded on the ex-dividend date.
 
The Funds may receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custody fees. There were no earnings credits for the year ended November 30, 2010.
 
The Funds receive earnings credits from their transfer agent when positive cash balances are maintained, which are used to offset transfer agent fees. The expense paid under this arrangement is included in dividend disbursing and transfer agent fees and expenses on the statements of operations with the corresponding expense offset shown as “expense paid indirectly.” For the year ended November 30, 2010, each Fund earned the following amounts under this agreement:
 
  Delaware International       Delaware Emerging       Delaware Global
  Value Equity Fund   Markets Fund   Value Fund
  $1,582   $2,491   $286

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 Delaware Management Business Trust and the investment manager, an annual fee based on each Fund’s average daily net assets as follows:
 
  Delaware International       Delaware Emerging       Delaware Global
  Value Equity Fund   Markets Fund   Value Fund
On the first $500 million 0.85%   1.25%   0.85%
On the next $500 million 0.80%   1.20%   0.80%
On the next $1.5 billion 0.75%   1.15%   0.75%
In excess of $2.5 billion 0.70%   1.10%   0.70%

88
 
 

 

Effective March 30, 2010, DMC has contractually agreed to waive that portion, if any, of its management fee and reimburse each Fund to the extent necessary to ensure that total annual operating expenses, (excluding any 12b-1 plan expenses and certain other expenses), do not exceed specified percentages of average daily net assets through March 30, 2011 as shown below. These waivers and reimbursements may be terminated only by agreement of the Manager and the Funds. Prior to March 30, 2010, these waivers were voluntary.
 
  Delaware International       Delaware Emerging       Delaware Global
  Value Equity Fund   Markets Fund   Value Fund
Contractual operating expense          
       limitation as a percentage of          
       average net assets effective as of          
       March 30, 2010 1.35%   1.75%   1.30%

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Funds. For these services, the Funds pay DSC fees based on the aggregate daily net assets of the Delaware Investments® Family of Funds at the following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments Family of Funds on a relative net asset value basis. For the year ended November 30, 2010, each Fund was charged for these services as follows:
 
  Delaware International       Delaware Emerging       Delaware Global
  Value Equity Fund   Markets Fund   Value Fund
  $16,807   $47,237   $1,850

DSC also provides dividend disbursing and transfer agency services. The Funds pay DSC a monthly fee based on the number of shareholder accounts for dividend disbursing and transfer agent services.
 
Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service fee not to exceed 0.30% of the average daily net assets of the Class A shares, 1.00% of the average daily net assets of the Class B and Class C shares, and 0.60% of the average daily net assets of the Class R shares. Institutional Class shares pay no distribution and service expenses. DDLP has contracted to limit each Fund’s Class R shares’ 12b-1 fees through March 30, 2011 to no more than 0.50% of the Class R shares’ average daily net assets. For Delaware Emerging Markets Fund and Delaware Global Value Fund, DDLP has contracted to limit the Class A shares’ 12b-1 fees through March 30, 2011 to no more than 0.25% of the Class A shares’ average daily net assets.
 
89
 
 

Notes to financial statements
Delaware International Funds
 
2. Investment Management, Administration Agreements and Other Transactions with Affiliates (continued)
 
At November 30, 2010, the Funds had liabilities payable to affiliates as follows:
 
        Delaware International       Delaware Emerging       Delaware Global
    Value Equity Fund   Markets Fund   Value Fund
Investment management fee                                      
       payable to DMC          $  238,724                $  1,418,923           $ 7,070  
Dividend disbursing, transfer                              
       agent and fund accounting                              
       oversight fees, and other                              
       expenses payable to DSC       41,482         83,767         5,156  
Distribution fees payable to DDLP       80,949         318,461         14,313  
Other expenses payable to DMC                              
       and affiliates*       20,055         54,217         4,505  

*DMC, as part of its administrative services, pays operating expenses on behalf of the Funds and is reimbursed on a periodic basis. Expenses include items such as printing of shareholder reports, fees for audit, legal and tax services, registration fees and trustees’ fees.
 
As provided in the investment management agreement, the Funds bear the cost of certain legal and tax services, including internal legal and tax services provided to the Funds by DMC and/or its affiliates’ employees. For the year ended November 30, 2010, the Funds were charged for internal legal and tax services provided by DMC and/or its affiliates’ employees as follows:
 
  Delaware International       Delaware Emerging       Delaware Global
  Value Equity Fund   Markets Fund   Value Fund
  $11,774   $23,613   $1,082

For the year ended November 30, 2010, DDLP earned commissions on sales of Class A shares for each Fund as follows:
 
  Delaware International       Delaware Emerging       Delaware Global
  Value Equity Fund   Markets Fund   Value Fund
  $9,762   $158,666   $3,576

For the year ended November 30, 2010, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A, Class B and Class C shares, respectively, and these commissions were entirely used to offset up-front commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:
 
  Delaware International       Delaware Emerging       Delaware Global
  Value Equity Fund   Markets Fund   Value Fund
Class A         $ 0                     $ 0                   $ 0         
Class B     9,344         12,707         6,661  
Class C     1,087         18,867         234  

90
 
 
 

 

Trustees’ fees include expenses accrued by the Funds for each Trustee’s retainer and meeting fees. Certain officers of DMC, DSC and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.
 
3. Investments
 
For year ended November 30, 2010, the Funds made purchases and sales of investment securities other than short-term investments as follows:
 
        Delaware International       Delaware Emerging       Delaware Global
    Value Equity Fund   Markets Fund   Value Fund
Purchases       $ 122,424,165           $ 804,839,841           $ 18,402,224    
Sales       179,401,163         254,880,089         27,320,824  

At November 30, 2010, the cost of investments and unrealized appreciation (depreciation) for federal income tax purposes for each Fund were as follows:
 
        Delaware International       Delaware Emerging       Delaware Global
    Value Equity Fund   Markets Fund   Value Fund
Cost of investments        $ 398,312,157           $ 1,551,339,375        $ 37,585,464  
Aggregate unrealized appreciation     $ 52,817,363       $ 215,660,519       $ 4,988,676  
Aggregate unrealized depreciation       (69,197,400 )         (111,685,229 )         (4,214,030 )  
Net unrealized appreciation                              
       (depreciation)     $ (16,380,037 )     $ 103,975,290       $ 774,646  

U.S. 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 developed based on the best information available under the circumstanc es. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.
 
Level 1 –  inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, 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,

91
 
 

Notes to financial statements
Delaware International Funds
 
3. Investments (continued)
 
  prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)
   
Level 3 –  inputs are significant unobservable inputs (including each Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

The following table summarizes the valuation of Delaware International Value Equity Fund’s investments by fair value hierarchy levels as of November 30, 2010:
 
    Level 1   Level 2   Level 3   Total
Common Stock       $ 47,588,892       $ 272,097,260           $ —           $ 319,686,152
Discount Note     —     59,000      —       59,000
Securities Lending Collateral     —     62,186,968      —       62,186,968
Total   $ 47,588,892   $ 334,343,228     $ —     $ 381,932,120

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
 
        Delaware International
    Value Equity Fund
    Securities Lending
    Collateral
Balance as of 11/30/09          $ 66,047         
Sales       (78,637 )  
Net change in unrealized appreciation/depreciation       12,590    
Balance as of 11/30/10     $ —    
             
Net change in unrealized appreciation/depreciation from            
       investments still held as of 11/30/10     $ (62,705 )  

The following table summarizes the valuation of Delaware Emerging Markets Fund’s investments by fair value hierarchy levels as of November 30, 2010:
 
        Level 1       Level 2       Level 3       Total
Common Stock   $ 760,699,837   $ 562,761,040     $ 2,738,216   $ 1,326,199,093  
Discount Note     —     23,823,062       —     23,823,062  
Securities Lending Collateral     —     235,162,985       —     235,162,985  
Other     53,284,787     16,144,634       700,104     70,129,525  
Total   $ 813,984,624   $ 837,891,721     $ 3,438,320   $ 1,655,314,665  
                             
Foreign currency                            
       exchange contract   $ —   $ (10,461 )   $ —   $ (10,461 )

92
 
 

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
 
      Delaware Emerging Markets Fund      
                Securities                        
    Common   Lending                
    Stock   Collateral   Other   Total
Balance as of 11/30/09   $ 80,000     $ 16,843     $ 906,336     $ 1,003,179  
Purchases     2,650,158       —       —       2,650,158  
Sales     —       (20,054 )     —       (20,054 )
Transfers into Level 3     105,237       —       —       105,237  
Transfers out of Level 3     —       —       (634,279 )     (634,279 )
Net change in unrealized                                
       appreciation/depreciation     (97,179 )     3,211       428,047       334,079  
Balance as of 11/30/10   $ 2,738,216     $ —     $ 700,104     $ 3,438,320  
                                 
Net change in unrealized appreciation/                                
       depreciation from investments still                                
       held as of 11/30/10   $ (97,179 )   $ (15,991 )   $ 241,304     $ 128,134  

The following table summarizes the valuation of Delaware Global Value Fund’s investments by fair value hierarchy levels as of November 30, 2010:
 
        Level 1       Level 2       Level 3       Total
Common stock   $ 18,699,089   $ 15,137,652      $ —      $ 33,836,741
Securities lending collateral     —     4,523,369     $ —       4,523,369
Total   $ 18,699,089   $ 19,661,021     $ —     $ 38,360,110

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
 
  Delaware Global Value Fund
  Securities
  Lending
  Collateral
Balance as of 11/30/09            $ 6,361             
Sales     (7,574 )  
Net change in unrealized appreciation/depreciation     1,213    
Balance as of 11/30/10   $ —    
           
Net change in unrealized appreciation/depreciation from          
       investments still held as of 11/30/10   $ (6,039 )  

93
 
 

Notes to financial statements
Delaware International Funds 
 
3. Investments (continued)
 
In January 2010, the Financial Accounting Standards Board issued an Accounting Standards Update, Improving Disclosures about Fair Value Measurements, which introduced new disclosure requirements and clarified certain existing disclosure requirements around fair value measurements currently presented above. The new disclosures and clarifications of existing disclosures are generally effective for the Funds’ year ending November 30, 2011 and interim periods therein.
 
Utilizing international fair value pricing for a security could cause transfers from Level 1 investments to Level 2 investments in the hierarchy.
 
During the year ended November 30, 2010, transfers out of Level 3 investments into Level 2 investments were made in the amount of $634,279 for Delaware Emerging Markets Fund. This was due to the Fund’s pricing vendor being able to supply a matrix price for an investment that had been utilizing a broker quoted price. During the fiscal year ended November 30, 2010, Delaware Emerging Markets Fund had transfers out of Level 2 investments into Level 3 investments in the amount of $105,237 which was due to the Fund’s pricing vendor dropping coverage of a security. During the year ended November 30, 2010, there were no other transfers between Level 1 investments, Level 2 investments or Level 3 investment that had a material impact to the Funds.
 
4. Dividend and Distribution Information
 
Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended November 30, 2010 and 2009 was as follows:
 
        Delaware International       Delaware Emerging       Delaware Global
    Value Equity Fund   Markets Fund   Value Fund
Year Ended November 30, 2010:                              
Ordinary income         $ 7,273,157               $ 517,819               $ 475,008      
                               
Year Ended November 30, 2009:                              
Ordinary income     $ 14,224,832       $ 5,769,101       $ 892,871  
Long-term capital gain       —         30,990,618         —  
Total     $ 14,224,832       $ 36,759,719       $ 892,871  

94
 
 

5. Components of Net Assets on a Tax Basis
 
As of November 30, 2010, the components of net assets on a tax basis were as follows:
 
    Delaware International   Delaware Emerging   Delaware Global
        Value Equity Fund       Markets Fund       Value Fund
Shares of beneficial interest        $ 528,016,660               $ 1,331,308,102               $ 61,764,519       
Undistributed ordinary income       2,917,518           8,786,840           103,716    
Capital loss carryforwards       (192,452,614 )         (745,923 )         (28,796,111 )  
Unrealized appreciation                                    
       (depreciation) of investments                                    
       and foreign currencies       (16,434,115 )         104,663,128           778,045    
Net assets     $ 322,047,449         $ 1,444,012,147         $ 33,850,169    

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and tax treatment of unrealized gain on investments on passive foreign investment companies.
 
For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of dividend and distributions, gain (loss) on foreign currency transactions, Indian taxes and passive foreign investment companies. Results of operations and net assets were not affected by these reclassifications. For the year ended November 30, 2010, the Funds recorded the following reclassifications:
 
    Delaware International   Delaware Emerging   Delaware Global
        Value Equity Fund       Markets Fund       Value Fund
Undistributed net investment income         $ (1,072,133 )               $ (2,267,651 )               $ (74,085 )      
Accumulated net realized gain (loss)       1,072,133           2,259,853           74,085    
Paid-in capital       —           7,798           —    

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. In 2010, the Funds utilized capital loss carryforwards as follows:
 
  Delaware International       Delaware Emerging       Delaware Global
  Value Equity Fund   Markets Fund   Value Fund
  $ 4,518,812   $ 6,508,345   $407,778

Capital loss carryforwards remaining at November 30, 2010, will expire as follows:
 
        Delaware International       Delaware Emerging       Delaware Global
Years of Expiration     Value Equity Fund   Markets Fund   Value Fund
2016         $ 79,163,033               $ —               $ 16,253,434      
2017       113,289,581         745,923         12,542,677  
Total     $ 192,452,614       $ 745,923       $ 28,796,111  

95
 
 

Notes to financial statements
Delaware International Funds
 
6. Capital Shares
 
Transactions in capital shares were as follows:
 
    Delaware International   Delaware Emerging
    Value Equity Fund   Markets Fund
    Year Ended   Year Ended
        11/30/10       11/30/09       11/30/10       11/30/09
Shares sold:                        
       Class A   992,657     2,197,709     20,475,930     12,840,246  
       Class B   15,606     21,758     52,787     55,355  
       Class C   260,209     401,473     5,771,106     4,051,146  
       Class R*   67,622     166,581     30,132     14  
       Institutional Class   2,733,521     1,262,813     37,574,228     7,136,694  
                         
Shares issued upon reinvestment                        
       of dividends and distributions:                        
       Class A   253,830     742,073     10,906     2,668,520  
       Class B   12,905     35,040     —     188,080  
       Class C   67,526     163,027     —     1,116,696  
       Class R*   4,959     5,392     —     —  
       Institutional Class   277,836     724,871     21,128     627,402  
    4,686,671     5,720,737     63,936,217     28,684,153  
                         
Shares repurchased:                        
       Class A   (3,506,179 )   (11,299,318 )   (14,757,297 )   (11,392,369 )
       Class B   (315,580 )   (503,125 )   (329,599 )   (527,776 )
       Class C   (1,324,816 )   (2,185,490 )   (2,730,006 )   (3,407,744 )
       Class R*   (63,869 )   (65,226 )   (728 )   —  
       Institutional Class   (3,545,593 )   (7,590,522 )   (5,287,207 )   (2,018,088 )
    (8,756,037 )   (21,643,681 )   (23,104,837 )   (17,345,977 )
Net increase (decrease)   (4,069,366 )   (15,922,944 )   40,831,380     11,338,176  

*Delaware Emerging Markets Fund commenced operations of its Class R shares on August 31, 2009.
 
96
 
 

    Delaware Global
    Value Fund
    Year Ended
        11/30/10       11/30/09
Shares sold:            
       Class A   320,269     523,493  
       Class B   4,834     19,784  
       Class C   64,941     142,949  
       Institutional Class   85,786     31,791  
             
Shares issued upon reinvestment            
       of dividends and distributions:            
       Class A   37,574     94,020  
       Class B   3,324     9,567  
       Class C   9,254     28,301  
       Institutional Class   2,731     5,727  
    528,713     855,632  
             
Shares repurchased:            
       Class A   (932,217 )   (1,341,180 )
       Class B   (160,702 )   (215,484 )
       Class C   (438,711 )   (784,752 )
       Institutional Class   (59,463 )   (52,473 )
    (1,591,093 )   (2,393,889 )
Net decrease   (1,062,380 )   (1,538,257 )
 
97
 
 
 

Notes to financial statements
Delaware International Funds
 
6. Capital Shares (continued)
 
For the years ended November 30, 2010 and 2009, the following shares and values were converted from Class B shares to Class A shares. The respective amounts are included in Class B redemptions and Class A subscriptions on page 96 and 97 and the statements of changes in net assets.
 
    Year Ended   Year Ended
    11/30/10   11/30/09
    Class B   Class A         Class B   Class A      
    Shares   Shares   Value   Shares   Shares   Value
Delaware International                                                    
       Value Equity Fund   95,783   94,510   $ 1,065,389   129,987   128,348   $ 1,156,672
Delaware Emerging                            
       Markets Fund   79,156   75,316     1,017,499   94,572   90,733     830,970
Delaware Global                            
       Value Fund   38,386   37,873     305,198   52,510   51,739     322,575

7. Line of Credit
 
Each Fund, along with certain other funds in the Delaware Investments® Family of Funds (Participants), was a participant in a $35,000,000 revolving line of credit with The Bank of New York Mellon (BNY Mellon) 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 were charged an annual commitment fee, which was allocated across the Participants on the basis of each Participant’s allocation of the entire facility. The Participants were permitted to borrow up to a maximum of one third of their net assets under the agreement. The agreement expired on November 16, 2010.
 
Effective as of November 16, 2010, the Funds along with the other Participants entered into an amendment to the agreement with BNY Mellon for a $50,000,000 revolving line of credit. The agreement as amended is to be used as described above and operates in substantially the same manner as the original agreement. The agreement as amended expires on November 15, 2011. The Funds had no amounts outstanding as of November 30, 2010 or at any time during the year then ended.
 
8. Derivatives
 
U.S. GAAP requires enhanced disclosures that enable investors to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity’s results of operations and financial position.
 
Foreign Currency Exchange Contracts — Each Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. Each Fund may enter into these contracts to fix the U.S. 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 U.S. dollar value of securities it already owns
 
98
 
 

that are denominated in foreign currencies. 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 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 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, the Funds 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 the Funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover each Fund’s exposure to the counterparty.
 
9. Securities Lending
 
Each Fund, along with other funds in the Delaware Investments® Family of Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with BNY Mellon. 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 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 a pplicable 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 collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security may be temporarily more or less than the value of the security on loan.
 
Cash collateral received is generally invested in the Delaware Investments Collateral Fund No.1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed by DMC that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high quality corporate debt, asset-backed and other money market securities and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Collective Trust seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Funds may incur investment losses as a result of investing securities lending collateral in the Collective Trust or another collateral investment pool. This could occur if an investment in a collateral inves tment pool defaulted or if it were necessary to liquidate assets in the collateral investment pool to meet returns on outstanding security loans at a time when the collateral investment pool’s net asset value per unit was less than $1.00. Under those circumstances, the Funds may not receive an amount
 
99
 
 

Notes to financial statements
Delaware International Funds
 
9. Securities Lending (continued)
 
from the collateral investment pool that is equal in amount to the collateral the Funds would be required to return to the borrower of the securities and the Funds would be required to make up this shortfall. Effective April 20, 2009, BNY Mellon transferred the assets of the Funds’ previous collateral investment pool other than cash and assets with a maturity of one business day or less to the BNY Mellon SL DBT II Liquidating Fund ( Liquidating Fund), effectively bifurcating the previous collateral investment pool. The Funds’ exposure to the Liquidating Fund is expected to decrease as the Liquidating Fund’s assets mature or are sold. In October 2008, BNY Mellon transferred certain distressed securities from the previous collateral investment pool into the Mellon GSL Reinvestment Trust II. The Funds can also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. I n 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 the Funds, or at the discretion of the lending agent, replace the loaned securities. The Funds continue to record dividends or interest, as applicable, on the securities loaned and are subject to change in value of the securities loaned that may occur during the term of the loan. The Funds have 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, the Funds receive loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the ear nings from the collateral investments are shared among the Funds, the security lending agent and the borrower. The Funds record security lending income net of allocations to the security lending agent and the borrower.
 
At November 30, 2010, the value of securities on loan and the value of invested collateral are presented below, for which cash collateral was received and invested in accordance with the Lending Agreement. Investments purchased with cash collateral are presented on the statements of net assets under the caption “Securities Lending Collateral.”
 
        Delaware International       Delaware Emerging       Delaware Global
    Value Equity Fund   Markets Fund   Value Fund
Value of securities on loan        $ 59,711,417            $ 226,050,354          $ 4,393,812   
Value of invested collateral     $ 62,186,968       $ 235,162,985       $ 4,523,369  

10. Credit and Market Risk
 
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.
 
100
 
 

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Funds.
 
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 of 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, the Funds’ Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Funds’ limitation on investments in illiquid assets. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds’ limitation on investments in illiquid assets. Rule 144A and illiquid securities have been identified on the statements of net assets.
 
11. Contractual Obligations
 
The Funds enter 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, the Funds have 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 no material events or transactions occurred subsequent to November 30, 2010 that would require recognition or disclosure in the Funds’ financial statements.
 
13. Tax Information (Unaudited)
 
The information set forth below is for each Fund’s fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.
 
101
 
 

Notes to financial statements
Delaware International Funds
 
13. Tax Information (Unaudited) (continued)
 
For the fiscal year ended November 30, 2010, each Fund designates distributions paid during the year as follows:
 
    (A)          
    Ordinary          
    Income   (B)
    Distributions*   Qualifying
        (Tax Basis)       Dividends1
Delaware International Value Equity Fund   100.00%      —     
Delaware Emerging Markets Fund   100.00%     2.35 %  
Delaware Global Value Fund   100.00%     —    

(A)  is based on a percentage of each Fund’s total distributions.
(B) is based on a percentage of each Fund’s ordinary income distributions.
1Qualifying dividends represent dividends which qualify for the corporate dividends received deduction.
*For the fiscal year ended November 30, 2010, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Funds intend to designate the following amounts to be taxed at a maximum rate of 15%. Complete information will be computed and reported in conjunction with your 2009 or 2010 Form 1099-DIV.
 
  Delaware Emerging       Delaware Global
  Markets Fund   Value Fund
  $517,819   $31,207

The Funds intend to pass through foreign tax credits in the maximum amounts as follows:
 
  Delaware International       Delaware Emerging       Delaware Global
  Value Equity Fund   Markets Fund   Value Fund
  $510,711   $1,128,414   $33,310

Complete information will be computed and reported in conjunction with your 2009 or 2010 Form 1099-DIV.
 
The gross foreign source income earned during the fiscal year 2010 by the Funds was as follows:
 
  Delaware International       Delaware Emerging       Delaware Global
  Value Equity Fund   Markets Fund   Value Fund
  $10,082,376   $28,457,723   $627,024

Complete information will be computed and reported in conjunction with your 2009 or 2010 Form 1099-DIV.
 
For the fiscal year ended November 30, 2010, certain dividends paid by the Funds have been determined to be interest related dividends and may be subject to relief from U.S. withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004. For the fiscal year ended November 30 2010, the Funds have designated maximum Qualified Interest Income distributions as follows:
 
  Delaware International       Delaware Emerging
  Value Equity Fund   Markets Fund
  $985   $48,003

102
 
 

Report of independent
registered public accounting firm
 
To the Board of Trustees of Delaware Group Global & International Funds
and the Shareholders of Delaware International Value Equity Fund,
Delaware Emerging Markets Fund and Delaware Global Value Fund:
 
In our opinion, the accompanying statements of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Delaware International Value Equity Fund, Delaware Emerging Markets Fund and Delaware Global Value Fund (three of the series constituting Delaware Group Global & International Funds, hereafter collectively referred to as the “Funds”) at November 30, 2010, and the results of each of their operations, the changes in each of their net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these fi nancial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The statement of changes in net assets for the year ended November 30, 2009 and the financial highlights for each of the periods ended November 30, 2009 and prior were audited by other independent accountants w hose report dated January 21, 2010 expressed an unqualified opinion on those statements.
 
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 19, 2011
 
103
 
 

Other Fund information
(Unaudited)
Delaware International Funds
 
Change in Independent Registered Public Accounting Firm
 
Due to independence matters under the Securities and Exchange Commission’s auditor independence rules relating to the January 4, 2010 acquisition of Delaware Investments (including DMC, DDLP and DSC) by Macquarie Group, Ernst & Young LLP (“E&Y”) has resigned as the independent registered public accounting firm for Delaware Group® Global & Interntional Fund (the “ Trust”) effective May 20, 2010. At a meeting held on May 20, 2010, the Board of Trustees of the Trust, upon recommendation of the Audit Committee, selected PricewaterhouseCoopers LLP (&# 8220;PwC”) to serve as the independent registered public accounting firm for the Trust for the fiscal year ending November 30, 2010. During the fiscal years ended November 30, 2009 and 2008, E&Y’s audit reports on the financial statements of Delaware International Value Equity Fund, Delaware Emerging Markets Fund and Delaware Global Value Fund (the “Funds”) did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. In addition, there were no disagreements between the Trust and E&Y on accounting principles, financial statements disclosures or audit scope, which, if not resolved to the satisfaction of E&Y, would have caused them to make reference to the disagreement in their reports. Neither the Trust nor anyone on its behalf has consulted with PwC at any time prior to their selection with respect to the application of accounting principles to a specified transaction, either comp leted or proposed or the type of audit opinion that might be rendered on the Trust’s financial statements.
 
104
 
 

Board of trustees/directors and officers addendum
Delaware Investments® Family of Funds
 
A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates
 
Name, Address,       Position(s)       Length of
and Birth Date   Held with Fund(s)   Time Served
Interested Trustees
         
Patrick P. Coyne1   Chairman, President,   Chairman and Trustee
2005 Market Street   Chief Executive Officer,   since August 16, 2006
Philadelphia, PA 19103   and Trustee    
April 1963       President and
        Chief Executive Officer
        since August 1, 2006
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         

1 Patrick P. Coyne is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
 
106
 
 

for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.
 
    Number of Portfolios in    
Principal Occupation(s)   Fund Complex Overseen   Other Directorships
During Past 5 Years       by Trustee or Officer       Held by Trustee or Officer
         
         
Patrick P. Coyne has served in   78   Director
various executive capacities       Kaydon Corp.
at different times at        
Delaware Investments.2       Board of Governors Member
        Investment Company
        Institute (ICI)
         
        Finance Committee Member
        St. John Vianney Roman
        Catholic Church
         
        Board of Trustees
        Agnes Irwin School
         
        Member of Investment
        Committee
        Cradle of Liberty Council,
        BSA
        (2007 – 2010)
          
 
 
 
 

2 Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.
 
107
 
 

Board of trustees/directors and officers addendum
Delaware Investments® Family of Funds
 
Name, Address,   Position(s)   Length of
and Birth Date       Held with Fund(s)       Time Served
Independent Trustees        
         
Thomas L. Bennett   Trustee   Since March 2005
2005 Market Street        
Philadelphia, PA 19103        
October 1947        
         
         
         
         
         
         
         
         
         
         
John A. Fry   Trustee   Since January 2001
2005 Market Street        
Philadelphia, PA 19103        
May 1960        
         
         
         
         
         
         
         
         
Anthony D. Knerr   Trustee   Since April 1990
2005 Market Street        
Philadelphia, PA 19103        
December 1938        
         
         
Lucinda S. Landreth   Trustee   Since March 2005
2005 Market Street        
Philadelphia, PA 19103        
June 1947        
         

108
 
 

    Number of Portfolios in    
Principal Occupation(s)   Fund Complex Overseen   Other Directorships
During Past 5 Years       by Trustee or Officer       Held by Trustee or Officer
         
         
Private Investor   78   Director
(March 2004–Present)       Bryn Mawr Bank Corp. (BMTC)
         
Investment Manager       Chairman of Investment
Morgan Stanley & Co.       Committee
(January 1984–March 2004)       Pennsylvania Academy of
        Fine Arts
         
        Investment Committee and
        Governance Committee
        Member
        Pennsylvania Horticultural
        Society
         
President   78   Director
Drexel University       Community Health Systems
(August 2010–Present)        
        Director — Ecore
President       International
Franklin & Marshall College       (2009 – 2010)
(July 2002–July 2010)        
        Director — Allied
Executive Vice President       Barton Securities Holdings
University of Pennsylvania       (2005 – 2008)
(April 1995–June 2002)        
         
Founder and   78   None
Managing Director        
Anthony Knerr & Associates        
(Strategic Consulting)        
(1990–Present)        
         
Chief Investment Officer   78   None
Assurant, Inc. (Insurance)        
(2002–2004)        
         
         

109
 
 

Board of trustees/directors and officers addendum
Delaware Investments® Family of Funds
 
Name, Address,   Position(s)   Length of
and Birth Date       Held with Fund(s)       Time Served
Independent Trustees (continued)        
         
Ann R. Leven   Trustee   Since October 1989
2005 Market Street        
Philadelphia, PA 19103        
November 1940        
 
 
 
 
 
 		        
Thomas F. Madison   Trustee   Since May 19973
2005 Market Street        
Philadelphia, PA 19103        
February 1936        
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  		       

3 In 1997, several funds managed by Voyageur Fund Managers, Inc. (the “Voyageur Funds”) were incorporated into the Delaware Investments Family of Funds. Mr. Madison served as a director of the Voyageur Funds from 1993 until 1997.
 
110
 
 

    Number of Portfolios in    
Principal Occupation(s)   Fund Complex Overseen   Other Directorships
During Past 5 Years       by Trustee or Officer       Held by Trustee or Officer
         
         
Consultant   78   Director and Audit
ARL Associates       Committee Chair –
(Financial Planning)       Systemax Inc.
(1983–Present)       (2001 – 2009)
         
        Director and Audit
        Committee Chairperson –
        Andy Warhol Foundation
        (1999 – 2007)
         
President and   78   Director and Chair of
Chief Executive Officer       Compensation Committee,
MLM Partners, Inc.       Governance Committee
(Small Business Investing       Member
and Consulting)       CenterPoint Energy
(January 1993–Present)        
        Lead Director and Chair of
        Audit and Governance
        Committees, Member of
        Compensation Committee
        Digital River, Inc.
         
        Director and Chair of
        Governance Committee,
        Audit Committee
        Member
        Rimage Corporation
         
        Director and Chair of
        Compensation Committee
        Spanlink Communications
         
        Lead Director and Member of
        Compensation and
        Governance Committees
        Valmont Industries, Inc.
        (1987 – 2010)
         

111
 
 

Board of trustees/directors and officers addendum
Delaware Investments® Family of Funds
 
Name, Address,   Position(s)   Length of
and Birth Date       Held with Fund(s)       Time Served
Independent Trustees (continued)        
 
Thomas F. Madison        
2005 Market Street        
Philadelphia, PA 19103        
February 1936        
 
Janet L. Yeomans   Trustee   Since April 1999
2005 Market Street        
Philadelphia, PA 19103        
July 1948        
 
 
 
 
J. Richard Zecher   Trustee   Since March 2005
2005 Market Street        
Philadelphia, PA 19103        
July 1940        
 
 
         
         
         
         
         
         
         
         
         
         
         
         
         
         
 

112
 
 

    Number of Portfolios in    
Principal Occupation(s)   Fund Complex Overseen   Other Directorships
During Past 5 Years       by Trustee or Officer       Held by Trustee or Officer
         
 
        Director
        Banner Health
        (1996 – 2007)
         
 
Vice President and Treasurer   78   Director
(January 2006–Present)       Okabena Company
Vice President — Mergers & Acquisitions        
(January 2003–January 2006), and        
Vice President        
(July 1995–January 2003)        
3M Corporation        
   
Founder   78   Director and Audit
Investor Analytics       Committee Member
(Risk Management)       Investor Analytics
(May 1999–Present)        
         
Founder       Director
Sutton Asset Management       Oxigene, Inc.
(Hedge Fund)       (2003 – 2008)
(September 1996–Present)        
         
         
         
         
         
         
         
         
         
         
         
 

113
 
 

Board of trustees/directors and officers addendum
Delaware Investments® Family of Funds
 
Name, Address,   Position(s)   Length of
and Birth Date       Held with Fund(s)       Time Served
Officers        
         
David F. Connor   Vice President,   Vice President since
2005 Market Street   Deputy General   September 2000
Philadelphia, PA 19103   Counsel, and Secretary   and Secretary since
December 1963       October 2005
         
         
Daniel V. Geatens   Vice President   Treasurer
2005 Market Street   and Treasurer   since October 2007
Philadelphia, PA 19103        
October 1972        
         
David P. O’Connor   Senior Vice President,   Senior Vice President,
2005 Market Street   General Counsel,   General Counsel, and
Philadelphia, PA 19103   and Chief Legal Officer   Chief Legal Officer
February 1966       since October 2005
         
Richard Salus   Senior Vice President   Chief Financial Officer
2005 Market Street   and Chief Financial Officer   since November 2006
Philadelphia, PA 19103        
October 1963        
         

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.
 
114
 
 

    Number of Portfolios in    
Principal Occupation(s)   Fund Complex Overseen   Other Directorships
During Past 5 Years       by Trustee or Officer       Held by Trustee or Officer
         
         
David F. Connor has served as   78   None4
Vice President and Deputy        
General Counsel of        
Delaware Investments        
since 2000.        
         
Daniel V. Geatens has served   78   None4
in various capacities at        
different times at        
Delaware Investments.        
         
David P. O’Connor has served in   78   None4
various executive and legal        
capacities at different times        
at Delaware Investments.        
         
Richard Salus has served in   78   None4
various executive capacities        
at different times at        
Delaware Investments.        
         

4 David F. Connor, Daniel V. Geatens, David P. O’Connor, and Richard Salus serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant.
 
115
 
 

About the organization
 
Board of trustees
Patrick P. Coyne
Chairman, President, and
Chief Executive Officer
Delaware Investments®
Family of Funds
Philadelphia, PA
 
Thomas L. Bennett
Private Investor
Rosemont, PA
 
John A. Fry
President
Drexel University
Philadelphia, PA
Anthony D. Knerr
Founder and Managing
Director
Anthony Knerr &
Associates
New York, NY
 
Lucinda S. Landreth
Former Chief Investment
Officer
Assurant, Inc.
Philadelphia, PA
Ann R. Leven
Consultant
ARL Associates
New York, NY
 
Thomas F. Madison
President and
Chief Executive Officer
MLM Partners, Inc.
Minneapolis, MN
Janet L. Yeomans
Vice President and
Treasurer
3M Corporation
St. Paul, MN
 
J. Richard Zecher
Founder
Investor Analytics
Scottsdale, AZ
       
Affiliated officers
David F. Connor
Vice President, Deputy
General Counsel, and
Secretary
Delaware Investments
Family of Funds
Philadelphia, PA
Daniel V. Geatens
Vice President and
Treasurer
Delaware Investments
Family of Funds
Philadelphia, PA
David P. O’Connor
Senior Vice President,
General Counsel,
and Chief Legal Officer
Delaware Investments
Family of Funds
Philadelphia, PA
Richard Salus
Senior Vice President and
Chief Financial Officer
Delaware Investments
Family of Funds
Philadelphia, PA

This annual report is for the information of Delaware International Value Equity Fund, Delaware Emerging Markets Fund, and Delaware Global Value Fund shareholders, but it may be used with prospective investors when preceded or accompanied by a current prospectus for Delaware International Value Equity Fund, Delaware Emerging Markets Fund, and Delaware Global Value Fund and the Delaware Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at www.delawareinvestments.com.
 
The prospectus sets forth details about charges, expenses, investment objectives, and operating policies of the investment company. You should read the prospectus carefully before you invest. The figures in this report represent past results that are not a guarantee of future results. The return and principal value of an investment in the investment company will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.
Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.
 
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-Q. Each Fund’s Forms N-Q, as well as a description of the policies and procedures that each Fund uses 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 Web site at www.sec.gov. In addition, a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities and each Fund’s Schedule of Investments are available without charge on each Fund’s Web site at www.delawareinvestments.com. Each Fund’s Forms N-Q 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 each Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through each Fund’s Web site at www.delawareinvestments.com; and (ii) on the SEC’s Web site at www.sec.gov.

116
 
 


Annual report
 
Delaware Focus Global Growth Fund

November 30, 2010
 
 
 
 
 
 
 
 
 
International equity mutual fund 
This annual report is for the information of Delaware Focus Global Growth Fund shareholders, but it may be used with prospective investors when preceded or accompanied by a current prospectus for Delaware Focus Global Growth Fund.
 
The figures in the annual report for Delaware Focus Global Growth Fund represent past results, which are not a guarantee of future results. The return and principal value of an investment in the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted.

You should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The Delaware Focus Global Growth Fund prospectus contains this and other important information about the Fund. Prospectuses for all open-end funds in the Delaware Investments® Family of Funds are available from your financial advisor, online at www.delawareinvestments.com, or by phone at 800 523-1918. Please read the prospectus carefully before you invest or send money.
You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit www.delawareinvestments.com/edelivery.
 
 

Experience Delaware Investments
 
Delaware Investments is committed to the pursuit of consistently superior asset management and unparalleled client service. We believe in our investment processes, which seek to deliver consistent results, and in convenient services that help add value for our clients.
 
If you are interested in learning more about creating an investment plan, contact your financial advisor.
 
You can learn more about Delaware Investments or obtain a prospectus for Delaware Focus Global Growth Fund at www.delawareinvestments.com.
 
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Delaware Management Holdings, Inc., and its subsidiaries (collectively known by the marketing name of Delaware Investments) are wholly owned subsidiaries of Macquarie Group Limited, a global provider of banking, financial, advisory, investment and funds management services.
 
Investments in Delaware Focus Global Growth Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.
 
Table of contents  
Portfolio management review 1
Performance summary 4
Disclosure of Fund expenses 8
Country and sector allocations 10
Statement of net assets 11
Statement of operations 15
Statements of changes in net assets 16
Financial highlights 18
Notes to financial statements 20
Report of independent registered  
public accounting firm 30
Other Fund information 31
Board of trustees/directors and  
officers addendum 32
About the organization 42

Unless otherwise noted, views expressed herein are current as of Nov. 30, 2010, and are subject to change.
 
Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
 
Mutual fund advisory services provided by Delaware Management Company, a series of Delaware Management Business Trust, which is a registered investment advisor. Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Fund’s distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.
 
© 2011 Delaware Management Holdings, Inc.
 
All third-party trademarks cited are the property of their respective owners.
 
 

Portfolio management review
Delaware Focus Global Growth Fund   December 7, 2010
 
Performance preview (for the year ended November 30, 2010)        
Delaware Focus Global Growth Fund (Class A shares)       1-year return   +21.31%
MSCI World Index (Benchmark) (gross)   1-year return   +6.52%
MSCI World Index (net)   1-year return   +5.98%
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Focus Global Growth Fund, please see the table on page 4.
The performance of Class A shares excludes the applicable sales charge and reflects the reinvestment of all distributions. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
 
When the fiscal year began in December 2009, the economy seemed to have put the recession in the rearview mirror, though high unemployment continued to limit consumer activity. Generally speaking, analysts welcomed favorable corporate earnings, though they worried about real revenue growth. The Federal Reserve stayed creative with nontraditional, often controversial stimuli, prompting many analysts to wonder if the recovery were artificial. Global economic and political developments were affecting the domestic markets daily, and more than ever investors began to realize that “it’s a small world after all.”
 
Twelve months later, not much has changed. We believe domestic unemployment remains too high. Analysts still want to see greater signs of revenue growth within corporate earnings. The Fed just initiated another bond-buying program to stimulate growth, though economists and foreign leaders question its merits and fear a return of inflation. China has led the global recovery thus far, but is implementing tighter regulations to prevent its economy from overheating. Europe continues to struggle with a sovereign debt crisis that has brought controversial rescue plans and fears of so-called “contagion” across the globe.  
 
We launched Delaware Focus Global Growth Fund in December 2008 to adapt the philosophies and processes from some of our domestic equity funds to a broader, unrestrained geography and to seek new opportunities across the globe. We maintain a bottom-up (stock by stock) philosophy in managing the Fund and believe solid stock selection is often the key driver to overall performance.
 
1
 
 

Portfolio management review
Delaware Focus Global Growth Fund
 
About the Fund
 
The key tenets of our investment philosophy are as follows:
 
  • Concentration: Even though the Fund’s managers are now covering investment possibilities around the world, we believe that a concentrated portfolio of approximately 35-45 positions provides appropriate diversification for the Fund and may prove helpful in our pursuit of solid risk-adjusted returns.
     
  • Long-term time horizon: In general, we invest for the long term and look to keep the Fund’s holdings through a full market cycle (roughly 3-5 years). We strive to select companies we feel have the potential to maintain a sustainable competitive advantage in their markets, have strong management teams, and the potential to be able to perform well in both good and bad markets.
     
  • Cash metric valuation: We seek growth of a company’s intrinsic business value, measured by cash metrics such as free cash flow and return on capital. We look for companies that we feel can add value by employing efficient capital allocation methods, such as paying dividends, buying back shares, or reinvesting in the business.
Contributors
 
Because we stress the importance of individual stock selection over more macro-oriented country or sector allocations, many of the Fund’s holdings contributed so well to Fund performance (for the fiscal year ended Nov. 30, 2010). Additionally, strong showings within the Fund’s international holdings accounted for much of the Fund’s outperformance versus the benchmark.
 
Online travel company priceline.com was the Fund’s top contributor during the fiscal year. Its “name your own price” business strategy has proven even more successful as of late because it apparently has satisfied the current appetite among many consumers for value. In our view, an even more significant reason for the stock’s strong return is its rapidly growing European hotel-booking business, which was largely unaffected by sovereign crisis concerns.
 
Intuit is another domestic holding. It is best known for its consumer tax preparation software, such as TurboTax®, which we believe represents a stable core business with high margins. In recent years, more individuals have become “do-it-yourself” tax preparers as the company’s programs allow them to save on accountant fees. The company also increasingly markets business service products that target small- and medium-sized businesses. That product segment has grown dramatically for the company in recent times and greatly contributed to performance in terms of better-than-expected earnings during the fiscal year. Intuit’s share price climbed more than 50% during the Fund’s 12-month fiscal year.
 
Netherlands-based Core Laboratories was the Fund’s top-performing international holding. The company provides analytical software and other technologies to big energy companies to help them analyze the core of oil and natural gas wells and determine the most effective ways to extract natural resources. Given the company’s value proposition, which is to help energy exploration companies extract higher yields for both existing and future production fields, we view this holding as a “buffered business
 
2
 
 

model,” one we believe has the potential to perform well in both good and bad energy markets.
 
Detractors
 
The following holdings detracted from Fund performance.
 
Gilead Sciences was the Fund’s worst performer on both an absolute and relative basis. This domestic biopharmaceutical company has long been an industry leader in the development of HIV treatments. During the next few years, some of its key patents should be expiring and the market seems to be discounting its share price in anticipation of greater competition from generics. Gilead has struggled to find that next wave of growth from either internal product development or through acquisition. During the fiscal year, we sold the Fund’s position because of what we saw as a lack of progress.
 
Swiss pharmaceutical giant Roche was the Fund’s worst-performing international holding during the Fund’s fiscal year. The company continued to integrate Genentech’s operations into its business model, though the effect of the almost $50 billion acquisition from March 2009 has not come without growing pains. Many investors also discounted many healthcare-related holdings as the controversial U.S. reform bill gets implemented and many concerns remain about the government’s role in dictating prices globally. Finally, we believe Roche struggled a bit due to its geography, as Europe faced many challenges (such as continued sovereign debt stress) during the fiscal year.
 
Strayer Education (domiciled in the U.S.) was another poor performer in the Fund. The for-profit educational institute has struggled with the rest of the industry as consumer groups have raised concerns about lending practices and the government contemplates enhanced scrutiny and regulations. Many of its students qualify for government loans and some analysts fear that high default rates from non-credit-worthy borrowers may lead to another subprime-like debacle. The possibility of new regulations has led to greater uncertainty over the entire for-profit education industry, and related companies have therefore been hurt. We do not believe the government is likely to stand in the way of individuals accessing education. As long-term investors, we believe Strayer will likely be a survivor and may be poised to be an industry leader as reforms are implemented.
 
Fund positioning
 
Looking ahead, we still see legacy effects of the financial debacle and economic downturn that may hinder global growth in the future. The sovereign debt issues in Europe and ballooning deficits at home are reminders of the daily battles the markets may face. We do not anticipate a post-recessionary boom and think a flat to moderate growth cycle is more likely with ongoing shifts in investor sentiment. As bottom-up stock pickers, we do not anticipate taking on more cyclical risk based on forecasts and trends. Instead, we seek domestic and international companies with what we believe are secular growth characteristics, superior business models, and strong competitive positions that we feel have the potential to perform well in a variety of market environments.
 
3
 
 

Performance summary  
Delaware Focus Global Growth Fund November 30, 2010

The performance data quoted represent past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please obtain the performance data current for the most recent month end by calling 800 523-1918 or visiting our Web site at www.delawareinvestments.com/performance. Current performance may be lower or higher than the performance data quoted.
 
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, if available, its summary prospectus, which may be obtained by visiting www.delawareinvestments.com or calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.
 
Fund performance Average annual total returns through Nov. 30, 2010
         1 year        Lifetime
Class A (Est. Dec. 29, 2008)        
Excluding sales charge   +21.31%   +34.95%
Including sales charge   +14.34%   +30.85%
Institutional Class (Est. Dec. 29, 2008)        
Excluding sales charge   +21.31%   +34.95%
Including sales charge   +21.31%   +34.95%

Class C and R shares had not commenced operations as of Nov. 30, 2010.
 
Returns reflect the reinvestment of all distributions and any applicable sales charges as noted in the following paragraphs.
 
Expense limitations were in effect for certain classes during the periods shown in the “Fund performance” chart and in the “Performance of a $10,000 investment” chart. The current expenses for each class are listed on the “Fund expense ratios” chart. (Note that all charts and graphs referred to in the “Performance summary” section of this report are found on pages 4 through 6.) Performance would have been lower had the expense limitations not been in effect.
 
The Fund offers Class A, Class C, Class R, and Institutional Class shares.
 
Class A shares are sold with a maximum front-end sales charge of up to 5.75%, and have an annual distribution and service fee of up to 0.30% of average daily net assets. This fee has been contractually limited to 0.25% of average daily net assets from Dec. 29, 2010, through March 29, 2012.
 
Class C shares are sold with a contingent deferred sales charge of 1.00% if redeemed during the first 12 months. They are also subject to an annual distribution and service fee of up to 1.00% of average daily net assets. Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual distribution and service fee of up to 0.60% of average daily net assets which has been contractually limited to 0.50% from
 
4
 
 

Dec. 29, 2010, through March 29, 2012. No Class C or R shares were available during the periods shown.
 
Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts.
 
Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.
 
International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.
 
Instances of high double-digit returns are unusual, cannot be sustained, and were primarily achieved during favorable market conditions.
 
Because the Fund expects to hold a concentrated portfolio of a limited number of securities, the Fund’s risk is increased because each investment has a greater effect on the Fund’s overall performance.
 
Diversification may not protect against market risk.
 
The “Fund performance” table and the “Performance of a $10,000 investment” graph do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.
 
The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” chart.
 
Fund expense ratios       Class A       Institutional Class
Total annual operating expenses (without fee waivers)   2.54%   2.24%
Net expenses (including fee waivers, if any)   1.55%   1.30%
Type of waiver   Contractual   Contractual

5
 
 

Performance summary
Delaware Focus Global Growth Fund
 
Performance of a $10,000 investment
Average annual total returns from Dec. 29, 2008 (Fund’s inception), through Nov. 30, 2010
 
 
For period beginning Dec. 29, 2008, through Nov. 30, 2010 Starting value Ending value
    Delaware Focus Global Growth Fund — Class A Shares   $9,425 $16,773
  MSCI World Index (gross) $10,000 $13,974
  MSCI World Index (net) $10,000 $13,822

The chart assumes $10,000 invested in the Fund on Dec. 29, 2008, and includes the effect of a 5.75% front-end sales charge and the reinvestment of all distributions. Please note additional details on these fees in the “Performance summary” section of this report, which includes pages 4 through 6.
 
The chart also assumes $10,000 invested in the MSCI World Index as of Dec. 29, 2008.
 
The MSCI World Index is a free float-adjusted market capitalization weighted index designed to measure equity market performance across developed markets worldwide. Index “gross” return approximates the maximum possible dividend reinvestment. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate.
 
Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance is not a guarantee of future results.
 
Performance of other Fund classes will vary due to different charges and expenses.
 
The “Fund performance” chart and the “Performance of a $10,000 investment” graph do not reflect the deduction of taxes shareholders would pay on Fund distributions or redemptions of Fund shares.
 
              Nasdaq symbols             CUSIPs  
Class A     DGGAX     246118541  
Class C     DGGCX     246118533  
Class R     DGGRX     246118525  
Institutional Class     DGGIX     246118517  

6
 
 

Disclosure of Fund expenses
For the six-month period from June 1, 2010 to November 30, 2010
 
As a shareholder of the 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/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from June 1, 2010 to November 30, 2010.
 
Actual expenses
 
The first section of the table 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 table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s 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 the 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 table 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 the 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 Fund’s expenses shown in the table reflect fee waivers in effect. The expenses shown in the table assume reinvestment of all dividends and distributions.
 
8
 
 

Delaware Focus Global Growth Fund
Expense analysis of an investment of $1,000
 
    Beginning   Ending         Expenses
    Account Value   Account Value   Annualized   Paid During Period
            6/1/10           11/30/10           Expense Ratio           6/1/10 to 11/30/10*
Actual Fund return                        
Class A   $ 1,000.00     $ 1,201.40     1.20 %   $ 6.62  
Institutional Class     1,000.00       1,201.40     1.20 %     6.62  
Hypothetical 5% return (5% return before expenses)                              
Class A   $ 1,000.00     $ 1,019.05     1.20 %   $ 6.07  
Institutional Class     1,000.00       1,019.05     1.20 %     6.07  
 
*“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
 
9
 
 
 
 

Country and sector allocations
Delaware Focus Global Growth Fund   As of November 30, 2010

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
 
Composition of Portfolio  Percentage of net assets
Common Stock by Country       98.76 %      
Australia   2.58 %  
Brazil   6.18 %  
China   2.41 %  
Denmark   3.20 %  
France   4.67 %  
India   1.93 %  
Mexico   2.53 %  
Netherlands   2.68 %  
Singapore   2.31 %  
Switzerland   14.01 %  
Taiwan   2.02 %  
United Kingdom   5.71 %  
United States   48.53 %  
Discount Note   1.39 %  
Total Value of Securities   100.15 %  
Liabilities Net of Receivables and Other Assets   (0.15 %)  
Total Net Assets   100.00 %  
         
Common Stock by Sector  Percentage of net assets
Consumer Discretionary   24.28 %  
Consumer Staples   2.52 %  
Energy   2.68 %  
Financials   17.54 %  
Healthcare   10.14 %  
Industrials   12.22 %  
Information Technology   20.90 %  
Materials   5.71 %  
Telecommunication Services   2.77 %  
Total   98.76 %*  

* Only includes common stock.
 
10
 
 

 

Statement of net assets
Delaware Focus Global Growth Fund November 30, 2010

            Number of shares        Value (U.S. $)
Common Stock – 98.76%Δ          
Australia – 2.58%              
  BHP Billiton ADR 2,250     $ 185,400
            185,400
Brazil – 6.18%          
  BM&F Bovespa 34,575       263,093
  Natura Cosmeticos 6,750       181,364
            444,457
China – 2.41%          
† Ctrip.com International ADR 3,960       173,527
            173,527
Denmark – 3.20%          
  Novo Nordisk Class B 2,318       230,034
            230,034
France – 4.67%          
  Accor 4,080       172,288
† Edenred 7,350       163,540
            335,828
India – 1.93%          
  Infosys Technologies ADR 2,100       138,915
            138,915
Mexico – 2.53%          
  Grupo Televisa ADR 7,800       181,740
            181,740
Netherlands – 2.68%          
  Core Laboratories 2,250       192,600
            192,600
Singapore – 2.31%          
  Singapore Exchange 25,500       166,403
            166,403

11
 
 

 

Statement of net assets
Delaware Focus Global Growth Fund
 
             Number of shares       Value (U.S. $)
Common Stock (continued)        
Switzerland – 14.01%        
  Julius Baer Group 4,483   $ 170,043
  Kuehne & Nagel International 1,872     240,091
  Roche Holding 960     131,642
  SGS 147     240,742
  Syngenta ADR 4,050     225,626
          1,008,144
Taiwan – 2.02%        
  Taiwan Semiconductor Manufacturing ADR 13,500     145,125
          145,125
United Kingdom – 5.71%        
  Compass Group 20,370     176,296
  Intertek Group 8,307     234,580
          410,876
United States – 48.53%        
  Allergan 3,300     218,691
† Apple 960     298,703
† Crown Castle International 4,800     199,392
† Google Class A 270     150,042
† IntercontinentalExchange 1,875     211,313
† Intuit 4,200     188,538
  MasterCard Class A 1,125     266,658
† MSCI Class A 5,400     183,924
  NIKE Class B 2,025     174,413
  Perrigo 2,475     149,094
† priceline.com 660     260,073
  QUALCOMM 4,800     224,352
  Staples 6,900     151,869
  Strayer Education 1,740     236,414
† Teradata 4,200     172,578
  Thomson Reuters 6,035     219,882
† Verisign 5,400     185,275
          3,491,211
Total Common Stock (cost $4,949,773)       7,104,260

12
 

 

             Principal amount (U.S. $)    Value (U.S. $)  
≠Discount Note – 1.39%            
  Federal Home Loan Bank 0.07% 12/1/10 $100,000         $ 100,000  
Total Discount Note (cost $100,000)         100,000  
             
Total Value of Securities – 100.15%            
  (cost $5,049,773)         7,204,260  
Liabilities Net of Receivables and            
  Other Assets – (0.15%)         (10,576 )
Net Assets Applicable to 524,436            
  Shares Outstanding – 100.00%       $ 7,193,684  
               
Net Asset Value – Delaware Focus Global Growth Fund            
  Class A ($2,413,097 / 175,929 Shares)         $13.72  
Net Asset Value – Delaware Focus Global Growth Fund            
  Institutional Class ($4,780,587 / 348,507 Shares)         $13.72  
               
Components of Net Assets at November 30, 2010:            
Shares of beneficial interest (unlimited authorization – no par)       $ 4,822,158  
Undistributed net investment income         4,240  
Accumulated net realized gain on investments         212,364  
Net unrealized appreciation of investments and foreign currencies         2,154,922  
Total net assets       $ 7,193,684  

Δ Securities have been classified by country of origin. Classification by type of business has been presented on page 10 in “Country and sector allocations.”
† Non income producing security.
≠ The rate shown is the effective yield at the time of purchase.
 
ADR — American Depositary Receipts
 
13
 
 

Statement of net assets
Delaware Focus Global Growth Fund
 
       
Net Asset Value and Offering Price Per Share –      
       Delaware Focus Global Growth Fund          
Net asset value Class A (A)   $ 13.72
Sales charge (5.75% of offering price) (B)     0.84
Offering price   $ 14.56

(A)  Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares.
(B) See the current prospectus for purchases of $50,000 or more.
 
See accompanying notes, which are an integral part of the financial statements.
 
14
 
 

Statement of operations  
Delaware Focus Global Growth Fund Year Ended November 30, 2010

Investment Income:                        
       Dividends   $ 85,030          
       Foreign tax withheld     (6,666 )   $ 78,364  
                 
Expenses:                
       Management fees     47,496          
       Reports and statements to shareholders     13,846          
       Audit and tax     11,136          
       Distribution expenses – Class A     7,406          
       Dividend disbursing and transfer agent fees and expenses     6,874          
       Pricing fees     4,677          
       Custodian fees     4,345          
       Dues and services     2,528          
       Accounting and administration expenses     2,215          
       Registration fees     2,168          
       Legal fees     1,265          
       Trustees’ fees     319          
       Insurance fees     226          
       Consulting fees     86          
       Trustees’ expenses     24       104,611  
       Less fees waived             (30,145 )
       Less waived distribution expenses – Class A             (7,406 )
       Total operating expenses             67,060  
Net Investment Income             11,304  
                 
Net Realized and Unrealized Gain (Loss) on Investments                
       and Foreign Currencies:                
       Net realized gain (loss) on:                
              Investments             212,492  
              Foreign currencies             (206 )
              Foreign currency exchange contracts             (6,745 )
       Net realized gain             205,541  
       Unrealized appreciation/depreciation of                
              investments and foreign currencies             920,455  
Net Realized and Unrealized Gain on Investments                
       and Foreign Currencies             1,125,996  
                 
Net Increase in Net Assets Resulting from Operations           $ 1,137,300  

See accompanying notes, which are an integral part of the financial statements.
 
15
 
 

Statements of changes in net assets
Delaware Focus Global Growth Fund
 
    Year   12/29/08*
    Ended   to
        11/30/10       11/30/09
Increase in Net Assets from Operations:                
       Net investment income   $ 11,304     $ 20,932  
       Net realized gain on investments and foreign currencies     205,541       442,814  
       Unrealized appreciation/depreciation of                
              investments and foreign currencies     920,455       1,234,467  
       Net increase in net assets resulting from operations     1,137,300       1,698,213  
                 
Dividends and Distributions to Shareholders from:                
       Net investment income:                
              Class A     (5,410 )     —  
              Institutional Class     (5,056 )     —  
                 
       Net realized gain on investments:                
              Class A     (234,429 )     —  
              Institutional Class     (219,092 )     —  
      (463,987 )     —  
                 
Capital Share Transactions:                
       Proceeds from shares sold:                
              Class A     2,501       1,734,088  
              Institutional Class     1,775,510       2,000,026  
                 
       Net asset value of shares issued upon reinvestment                
              of dividends and distributions:                
              Class A     171,593       —  
              Institutional Class     224,148       —  
      2,173,752       3,734,114  
       Cost of shares repurchased:                
              Class A     (485,708 )     —  
              Institutional Class     —       (600,000 )
      (485,708 )     (600,000 )
Increase in net assets derived from capital share transactions     1,688,044       3,134,114  
Net Increase in Net Assets     2,361,357       4,832,327  
                 
Net Assets:                
       Beginning of year     4,832,327       —  
       End of year (including undistributed net investment                
              income of $4,240 and $10,353 respectively)   $ 7,193,684     $ 4,832,327  

*Date of commencement of operations.
 
See accompanying notes, which are an integral part of the financial statements.
 
16
 
 

Financial highlights
Delaware Focus Global Growth Fund
 
Selected data for each share of the Fund outstanding throughout each period were as follows: 
 
 
Net asset value, beginning of period
 
Income from investment operations:
Net investment income2
Net realized and unrealized gain on investments and foreign currencies
Total from investment operations
 
Less dividends and distributions from:
Net investment income
Net realized gain on investments
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 assets
Ratio of expenses to average net assets
       prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment loss to average net assets
       prior to fees waived
Portfolio turnover
 
1 Date of commencement of operations; ratios and portfolio turnover have been annualized and total return has not been annualized.
2 The average shares outstanding method has been applied for per share information.
3 Total investment 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 investment return during all the periods shown reflects waivers by the manager and, for Class A shares, distributor. Performance would have been lower had the waivers not been in effect.
 
See accompanying notes, which are an integral part of the financial statements.
 
18
 
 

  Class A   Institutional Class     
  Year   12/29/081   Year   12/29/081  
  Ended   to   Ended   to  
  11/30/10     11/30/09     11/30/10     11/30/09    
  $12.470     $8.500     $12.470     $8.500    
                         
                         
  0.025     0.050     0.025     0.050    
  2.422     3.920     2.422     3.920    
  2.447     3.970     2.447     3.970    
                         
                         
  (0.027 )   —     (0.027 )   —    
  (1.170 )   —     (1.170 )   —    
  (1.197 )   —     (1.197 )   —    
                         
  $13.720     $12.470     $13.720     $12.470    
                         
  21.31%     46.71%     21.31%     46.71%    
                         
                         
  $2,413     $2,498     $4,781     $2,334    
  1.20%     1.20%     1.20%     1.20%    
                         
  2.04%     2.54%     1.74%     2.24%    
  0.20%     0.52%     0.20%     0.52%    
                         
  (0.64% )   (0.82% )   (0.34% )   (0.52% )  
  30%     45%     30%     45%    

19
 
 

Notes to financial statements
Delaware Focus Global Growth Fund   November 30, 2010

Delaware Group® Global & International Funds (Trust) is organized as a Delaware statutory trust and offers five series: Delaware Focus Global Growth Fund, Delaware International Value Equity Fund, Delaware Emerging Markets Fund, Delaware Global Value Fund and Delaware Macquarie Global Infrastructure Fund. These financial statements and the related notes pertain to the Delaware Focus Global Growth Fund (Fund). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended, and offers Class A, Class C, Class R and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of up to 5.75%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) if redeemed during the first two years, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class C shares are sold with a CDSC of 1%, if redeemed during the first twelve months. Class R and Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. As of November 30, 2010, Class C and Class R had not commenced operations.
 
The investment objective of the Fund is to seek long-term capital appreciation.
 
1. Significant Accounting Policies
 
The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by the Fund.
 
Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Securities 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 does not trade, then the mean between the bid and ask prices will be used. Securities listed on a foreign exchange are valued at the last quoted sales price on the valuation date. Short-term debt securities are valued at market value. Foreign currency exchange contracts are valued at the mean between the bid and ask prices. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’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 Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may frequently value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).
 
20
 
 

Federal Income Taxes — No provision for federal income taxes has been made as the 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. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the 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 the Fund’s tax positions for all open tax years (November 30, 2009 – November 30, 2010), and has concluded tha t no provision for federal income tax is required in the Fund’s financial statements.
 
Class Accounting — Investment income, common expenses and realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.
 
Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar daily. 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 Fund does not isolate that portion of realized gains and losses on investments which is due to changes in foreign exchange rates from that which are due to changes in market prices. Such changes are included with the net realized and unrealized gain or loss on investments. The 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 U.S. GAAP requires management to make estimates and assumptions that affect 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 the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Investments® Family of Funds are generally allocated amongst such funds on the basis of average net assets. Management fees and some 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. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-di vidend date that the Fund is aware of such dividends, net of all non-rebatable
 
21
 
 

Notes to financial statements
Delaware Focus Global Growth Fund
 
1. Significant Accounting Policies (continued)
 
tax withholdings. Withholding taxes on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, annually. Dividends and distributions, if any, are recorded on the ex-dividend date.
 
The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custody fees. There were no earnings credits for the year ended November 30, 2010.
 
The Fund may receive earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. There were no earnings credits for the year ended November 30, 2010.
 
2. Investment Management, Administration Agreements and Other Transactions with Affiliates
 
In accordance with the terms of its investment management agreement, the Fund pays Delaware Management Company (DMC), a series of Delaware Management Business Trust and the investment manager, an annual fee which is calculated daily at the rate of 0.85% on the first $500 million of average daily net assets of the Fund, 0.80% on the next $500 million, 0.75% on the next $1.5 billion, and 0.70% on average daily net assets in excess of $2.5 billion.
 
DMC has voluntarily agreed to waive that portion, if any, of its management fee and reimburse the Fund to the extent necessary to ensure that total annual operating expenses (excluding any 12b-1 plan expenses, taxes, interest, inverse floater program 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 (collectively, nonroutine expenses)) do not exceed 1.20% of average daily net assets of the Fund through December 28, 2010. For purposes of this waiver and reimbursement, nonroutine expenses may also include such additional costs and expenses, as may be agreed upon from time to time by the Fund’s Board and DMC. Effective, December 29, 2010, DMC has contractually agreed to waive that portion, if any, of its management fee and reimburse the Fund to the extent necessary to ensure t hat total annual operating expenses do not exceed 1.30% of average daily net assets of the Fund through March 31, 2012.
 
Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Fund. For these services, the Fund pays DSC fees based on the aggregate daily net assets of the Delaware Investments® Family of Funds at the following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments® Family of Funds on a relative net asset value basis. For the year ended November 30, 2010, the Fund was charged $279 for these services.
 
22
 
 

DSC also provides dividend disbursing and transfer agency services. The Fund pays DSC a monthly fee based on the number of shareholder accounts for dividend disbursing and transfer agent services.
 
Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service fee not to exceed 0.30% of the average daily net assets of the Class A shares, 1.00% of the average daily net assets of the Class C shares and 0.60% of the average daily net assets of Class R shares. Institutional Class shares pay no distribution and service expenses. DDLP has voluntarily agreed to waive all distribution and service fees through December 28, 2010. Effective, December 29, 2010, DDLP has contracted to waive distribution and service fees through March 30, 2012 in order to prevent distribution and service fees of Class A and Class R shares from exceeding 0.25% and 0.50%, respectively, of average daily net assets.
 
At November 30, 2010, the Fund had receivables due from or liabilities payable to affiliates as follows:
 
Investment management fee payable to DMC $ 3,219
Dividend disbursing, transfer agent and fund accounting    
       oversight fees and other expenses payable to DSC   42
Other expenses payable to DMC and affiliates*   899

*DMC, as part of its administrative services, pays operating expenses on behalf of the Fund and is reimbursed on a periodic basis. Such Expenses include items such as printing of shareholder reports, fees for audit, legal and tax services, registration fees and trustees’ fees.
 
As provided in the investment management agreement, the Fund bears the cost of certain legal and tax services, including internal legal and tax services provided to the Fund by DMC and/or its affiliates’ employees. For the year ended November 30, 2010, the Fund was charged $207 for internal legal and tax services provided by DMC and/or its affiliates’ employees.
 
Trustees’ fees include expenses accrued by the Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DSC and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.
 
3. Investments
 
For the year ended November 30, 2010, the Fund made purchases of $2,811,246 and sales of $1,655,403 of investment securities other than short-term investments.
 
At November 30, 2010, the cost of investments for federal income tax purposes was $5,049,891. At November 30, 2010, the net unrealized appreciation was $2,154,369, of which $2,239,861 related to unrealized appreciation of investments and $85,492 related to unrealized depreciation of investments.
 
U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement
 
23
 
 

Notes to financial statements
Delaware Focus Global Growth Fund
 
3. Investments (continued)
 
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 developed based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inpu ts is summarized below.
 
Level 1   –  
inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, 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) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)
         
Level 3   –   inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities) The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of November 30, 2010:
 
  Level 1       Level 2       Total
Common Stock $ 5,178,601   $ 1,925,659   $ 7,104,260
Discount Note   —     100,000     100,000
Total $ 5,178,601   $ 2,025,659   $ 7,204,260

There were no Level 3 securities at the beginning or end of the year.
 
In January 2010, the Financial Accounting Standards Board issued an Accounting Standards Update, Improving Disclosures about Fair Value Measurements, which introduces new disclosure requirements and clarified certain existing disclosure requirements around fair value measurements currently presented above. The new disclosures and clarifications of existing disclosures are generally effective for the Fund’s year ending November 30, 2011 and interim periods therein. Utilizing international far value pricing could cause transfers from
 
24
 
 

Level 1 investments to Level 2 investments in the hierarchy. During the fiscal year ended November 30, 2010, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund.
 
4. Dividend and Distribution Information
 
Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. There were no dividends and distributions paid during the period December 29, 2008 through November 30, 2009. The tax character of dividends and distributions paid during the year ended November 30, 2010 was as follows:
 
    Year Ended
    11/30/10
Ordinary income   $463,987

5. Components of Net Assets on a Tax Basis
 
As of November 30, 2010, the components of net assets on a tax basis were as follows:
 
Shares of beneficial interest $ 4,822,158
Undistributed ordinary income   85,591
Undistributed long-term capital gain   131,131
Unrealized appreciation of investments and foreign currencies   2,154,804
Net assets $ 7,193,684

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales.
 
For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of gain (loss) on foreign currency transactions. Results of operations and net assets were not affected by these reclassifications. For the year ended November 30, 2010, the Fund recorded the following reclassifications.
 
Undistributed net investment income $ (6,951 )
Accumulated net realized gain   6,951  

25
 
 

Notes to financial statements
Delaware Focus Global Growth Fund
 
6. Capital Shares
 
Transactions in capital shares were as follows:
 
  Year       12/29/08*
  Ended     to
  11/30/10     11/30/09
Shares sold:          
       Class A 211     200,366  
       Institutional Class 142,041     235,297  
 
Shares issued upon reinvestment of dividends and distributions:          
       Class A 14,704     —  
       Institutional Class 19,207     —  
  176,163     435,663  
Shares repurchased:          
       Class A (39,352 )   —  
       Institutional Class —     (48,038 )
  (39,352 )   (48,038 )
Net increase 136,811     387,625  

*Date of commencement of operations.
 
7. Line of Credit
 
The Fund, along with certain other funds in the Delaware Investments® Family of Funds (Participants), was a participant in a $35,000,000 revolving line of credit with The Bank of New York Mellon (BNY Mellon) 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 were charged an annual commitment fee, which was allocated across the Participants on the basis of each Participant’s allocation of the entire facility. The Participants were permitted to borrow up to a maximum of one third of their net assets under the agreement. The line of credit expired on November 16, 2010.
 
Effective as of November 16, 2010, the Fund along with the other Participants entered into an amendment to the agreement with BNY Mellon for a $50,000,000 revolving line of credit. The agreement as amended is to be used as described above and operates in substantially the same manner as the original agreement. The new line of credit under the agreement as amended expires on November 15, 2011. The Fund had no amounts outstanding as of November 30, 2010, or at any time during the year then ended.
 
8. Derivatives
 
U.S. GAAP requires enhanced 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.
 
26
 
 

Foreign Currency Exchange Contracts — The Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. 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. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies. 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 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 limit the risk of loss due to an unfavorable change in the value of hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of their currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Funds and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. No foreign currency excha nge contracts were outstanding at November 30, 2010.
 
9. Securities Lending
 
The Fund, along with other funds in the Delaware Investments® Family of Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with BNY Mellon. 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 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 collateral requirement, upon 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 collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security may be temporarily more or less than the value of the security on loan. Cash collateral received is generally invested in the Delaware Investments Collateral Fund No.1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed by DMC that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high quality corporate debt, asset-backed and other money market securities and in repurchase agreement collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Collective Trust seeks to maintain a net asset value per unit of $1.00, but there can be no assura nce that it will always
 
27
 
 

Notes to financial statements
Delaware Focus Global Growth Fund
 
9. Securities Lending (continued)
 
be able to do so. The Fund may incur investment losses as a result of investing securities lending collateral in the Collective Trust. This could occur if an investment in the Collective Trust defaulted or if it were necessary to liquidate assets in the Collective Trust to meet returns on outstanding security loans at a time when the Collective Trust’s net asset value per unit was less than $1.00. Under those circumstances, the Fund may not receive an amount from the Collective Trust that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and the Fund would be required to make up for this shortfall. The Fund can also accept U.S. 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 th e 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 the Fund, or at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to change in value of the securities loaned that may occur during the term of the loan. The 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, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent and the borrower. The Fund records security lending income n et of allocations to the security lending agent and the borrower. The Fund had no securities out on loan as of November 30, 2010.
 
10. Credit and Market Risk
 
Some countries in which the Fund 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 United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets are held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.
 
The 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 of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the 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,
 
28
 
 

the Fund’s Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid assets. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. As of November 30, 2010, there were no Rule 144A securities and no securities have been determined to be illiquid under the Fund’s Liquidity Procedures.
 
11. Contractual Obligations
 
The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.
 
12. Subsequent Events
 
Management has determined no material events or transactions occurred subsequent to November 30, 2010 that would require recognition or disclosure in the Fund’s financial statements.
 
13. Tax Information (Unaudited)
 
The information set forth below is for the Fund’s fiscal year as required by federal laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.
 
For the fiscal year ended November 30, 2010, the Fund designates distributions paid during the year as follows:
 
(A) Ordinary Income Distribution (Tax Basis) 100 %
(B) Qualifying Dividend1 3 %

(A) is based on a percentage of the Fund’s total distributions.
(B) is based on a percentage of the Fund’s ordinary income distributions.
1Qualifying dividends represent dividends which qualify for the corporate dividends received deduction.
*For the fiscal year ended November 30, 2010, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate up to a maximum amount of $14,269 to be taxed at a maximum rate of 15%. Complete information will be computed and reported in conjunction with your 2009 or 2010 Form 1099-DIV.
 
29
 
 

Report of independent
registered public accounting firm
 
To the Board of Trustees of Delaware Group Global & International Funds
and the Shareholders of Delaware Focus Global Growth Fund:
 
In our opinion, the accompanying statement of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Delaware Focus Global Growth Fund (one of the series constituting Delaware Group Global & International Funds, hereafter referred to as the “Fund”) at November 30, 2010, and the results of its operations, the changes in its net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance w ith the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at November 30, 2010 by correspondence with the custodian, provides a reasonable basis for our opinion. The statement of changes in net assets and the financial highlights for the period December 29, 2008 (commencement of operations) through November 30, 2009 were audited by other independent accountants whose report dated January 21, 2010 expressed an unqualified opinion on those statements.
 
 
 
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 19, 2011
 
30
 
 

Other Fund information
(Unaudited)
Delaware Focus Global Growth Fund
 
Change in Independent Registered Public Accounting Firm
 
Due to independence matters under the Securities and Exchange Commission’s auditor independence rules relating to the January 4, 2010 acquisition of Delaware Investments (including DMC, DDLP and DSC) by Macquarie Group, Ernst & Young LLP (“E&Y”) has resigned as the independent registered public accounting firm for Delaware Group® Global & International Funds (the “Trust”) effective May 20, 2010. At a meeting held on May 20, 2010, the Board of Trustees of the Trust, upon recommendation of the Audit Committee, selected PricewaterhouseCoopers LLC (“PwC”) to serve as the independent registered public accounting firm for the Trust for the fiscal year ending November 30, 2010. During the fiscal year ended November 30, 2009, E&Y’s audit report on the financial statements of the Delaware Focus Global Growth Fund (the & #8220;Fund”) did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. In addition, there were no disagreements between the Trust and E&Y on accounting principles, financial statements disclosures or audit scope, which, if not resolved to the satisfaction of E&Y, would have caused them to make reference to the disagreement in their reports. Because the Fund launched on December 29, 2008, E&Y did not issue an audit report for the fiscal year ended November 30, 2008. Neither the Trust nor anyone on its behalf has consulted with PwC at any time prior to their selection with respect to the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on the Fund’s financial statements.
 
31
 
 

Board of trustees/directors and officers addendum
Delaware Investments® Family of Funds
 
A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates
 
Name, Address,   Position(s)   Length of
and Birth Date       Held with Fund(s)       Time Served
Interested Trustees        
         
Patrick P. Coyne1   Chairman, President,   Chairman and Trustee
2005 Market Street   Chief Executive Officer,   since August 16, 2006
Philadelphia, PA 19103   and Trustee    
April 1963       President and
        Chief Executive Officer
        since August 1, 2006
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         

1 Patrick P. Coyne is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
 
32
 
 

for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.
 
    Number of Portfolios in    
Principal Occupation(s)   Fund Complex Overseen   Other Directorships
During Past 5 Years       by Trustee or Officer       Held by Trustee or Officer
 
 
Patrick P. Coyne has served in   78   Director
various executive capacities       Kaydon Corp.
at different times at        
Delaware Investments.2       Board of Governors Member
        Investment Company
        Institute (ICI)
         
        Finance Committee Member
        St. John Vianney Roman
        Catholic Church
 
        Board of Trustees
        Agnes Irwin School
 
        Member of Investment
        Committee
        Cradle of Liberty Council,
        BSA
        (2007 – 2010)
         
 
         
         

2 Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.
 
33
 
 

Board of trustees/directors and officers addendum
Delaware Investments® Family of Funds
 
Name, Address,   Position(s)   Length of
and Birth Date       Held with Fund(s)       Time Served
Independent Trustees        
         
Thomas L. Bennett   Trustee   Since March 2005
2005 Market Street        
Philadelphia, PA 19103        
October 1947        
         
         
         
         
         
         
         
         
         
         
John A. Fry   Trustee   Since January 2001
2005 Market Street        
Philadelphia, PA 19103        
May 1960        
         
         
         
         
         
         
         
         
Anthony D. Knerr   Trustee   Since April 1990
2005 Market Street        
Philadelphia, PA 19103        
December 1938        
         
         
Lucinda S. Landreth   Trustee   Since March 2005
2005 Market Street        
Philadelphia, PA 19103        
June 1947        
         

34
 
 

    Number of Portfolios in    
Principal Occupation(s)   Fund Complex Overseen   Other Directorships
During Past 5 Years       by Trustee or Officer       Held by Trustee or Officer
         
         
Private Investor   78   Director
(March 2004–Present)       Bryn Mawr Bank Corp. (BMTC)
         
Investment Manager       Chairman of Investment
Morgan Stanley & Co.       Committee
(January 1984–March 2004)       Pennsylvania Academy of
        Fine Arts
         
        Investment Committee and
        Governance Committee
        Member
        Pennsylvania Horticultural
        Society
         
President   78   Director
Drexel University       Community Health Systems
(August 2010–Present)        
        Director — Ecore
President       International
Franklin & Marshall College       (2009 – 2010)
(July 2002–July 2010)        
        Director — Allied
Executive Vice President       Barton Securities Holdings
University of Pennsylvania       (2005 – 2008)
(April 1995–June 2002)        
         
Founder and   78   None
Managing Director        
Anthony Knerr & Associates        
(Strategic Consulting)        
(1990–Present)        
         
Chief Investment Officer   78   None
Assurant, Inc. (Insurance)        
(2002–2004)        
         
         

35
 
 

Board of trustees/directors and officers addendum
Delaware Investments® Family of Funds
 
Name, Address,   Position(s)   Length of
and Birth Date       Held with Fund(s)       Time Served
Independent Trustees (continued)        
         
Ann R. Leven   Trustee   Since October 1989
2005 Market Street        
Philadelphia, PA 19103        
November 1940        
 
 
 
 
 
 		        
Thomas F. Madison   Trustee   Since May 19973
2005 Market Street        
Philadelphia, PA 19103        
February 1936        
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 		        

3 In 1997, several funds managed by Voyageur Fund Managers, Inc. (the “Voyageur Funds”) were incorporated into the Delaware Investments Family of Funds. Mr. Madison served as a director of the Voyageur Funds from 1993 until 1997.
 
36
 
 

    Number of Portfolios in    
Principal Occupation(s)   Fund Complex Overseen   Other Directorships
During Past 5 Years       by Trustee or Officer       Held by Trustee or Officer
         
         
Consultant   78   Director and Audit
ARL Associates       Committee Chair –
(Financial Planning)       Systemax Inc.
(1983–Present)       (2001 – 2009)
         
        Director and Audit
        Committee Chairperson –
        Andy Warhol Foundation
        (1999 – 2007)
         
President and   78   Director and Chair of
Chief Executive Officer       Compensation Committee,
MLM Partners, Inc.       Governance Committee
(Small Business Investing       Member
and Consulting)       CenterPoint Energy
(January 1993–Present)        
        Lead Director and Chair of
        Audit and Governance
        Committees, Member of
        Compensation Committee
        Digital River, Inc.
         
        Director and Chair of
        Governance Committee,
        Audit Committee
        Member
        Rimage Corporation
         
        Director and Chair of
        Compensation Committee
        Spanlink Communications
         
        Lead Director and Member of
        Compensation and
        Governance Committees
        Valmont Industries, Inc.
        (1987 – 2010)
         

37
 
 

Board of trustees/directors and officers addendum
Delaware Investments® Family of Funds
 
Name, Address,   Position(s)   Length of
and Birth Date       Held with Fund(s)       Time Served
Independent Trustees (continued)        
 
Thomas F. Madison        
2005 Market Street        
Philadelphia, PA 19103        
February 1936        
 
Janet L. Yeomans   Trustee   Since April 1999
2005 Market Street        
Philadelphia, PA 19103        
July 1948        
 
 
 
 
J. Richard Zecher   Trustee   Since March 2005
2005 Market Street        
Philadelphia, PA 19103        
July 1940        
 
 
         
         
         
         
         
         
         
         
         
         
         
         
         
         
 

38
 
 

    Number of Portfolios in    
Principal Occupation(s)   Fund Complex Overseen   Other Directorships
During Past 5 Years       by Trustee or Officer       Held by Trustee or Officer
         
 
        Director
        Banner Health
        (1996 – 2007)
         
 
Vice President and Treasurer   78   Director
(January 2006–Present)       Okabena Company
Vice President — Mergers & Acquisitions        
(January 2003–January 2006), and        
Vice President        
(July 1995–January 2003)        
3M Corporation        
   
Founder   78   Director and Audit
Investor Analytics       Committee Member
(Risk Management)       Investor Analytics
(May 1999–Present)        
         
Founder       Director
Sutton Asset Management       Oxigene, Inc.
(Hedge Fund)       (2003 – 2008)
(September 1996–Present)        
         
         
         
         
         
         
         
         
         
         
         
 

39
 
 

Board of trustees/directors and officers addendum
Delaware Investments® Family of Funds
 
Name, Address,   Position(s)   Length of
and Birth Date       Held with Fund(s)       Time Served
Officers        
         
David F. Connor   Vice President,   Vice President since
2005 Market Street   Deputy General   September 2000
Philadelphia, PA 19103   Counsel, and Secretary   and Secretary since
December 1963       October 2005
         
         
Daniel V. Geatens   Vice President   Treasurer
2005 Market Street   and Treasurer   since October 2007
Philadelphia, PA 19103        
October 1972        
         
David P. O’Connor   Senior Vice President,   Senior Vice President,
2005 Market Street   General Counsel,   General Counsel, and
Philadelphia, PA 19103   and Chief Legal Officer   Chief Legal Officer
February 1966       since October 2005
         
Richard Salus   Senior Vice President   Chief Financial Officer
2005 Market Street   and Chief Financial Officer   since November 2006
Philadelphia, PA 19103        
October 1963        
         

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.
 
40
 
 

    Number of Portfolios in    
Principal Occupation(s)   Fund Complex Overseen   Other Directorships
During Past 5 Years       by Trustee or Officer       Held by Trustee or Officer
         
         
David F. Connor has served as   78   None4
Vice President and Deputy        
General Counsel of        
Delaware Investments        
since 2000.        
         
Daniel V. Geatens has served   78   None4
in various capacities at        
different times at        
Delaware Investments.        
         
David P. O’Connor has served in   78   None4
various executive and legal        
capacities at different times        
at Delaware Investments.        
         
Richard Salus has served in   78   None4
various executive capacities        
at different times at        
Delaware Investments.        
         

4 David F. Connor, Daniel V. Geatens, David P. O’Connor, and Richard Salus serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant.
 
41
 
 

About the organization
 
Board of trustees
Patrick P. Coyne
Chairman, President, and
Chief Executive Officer
Delaware Investments®
Family of Funds
Philadelphia, PA
 
Thomas L. Bennett
Private Investor
Rosemont, PA
 
John A. Fry
President
Drexel University
Philadelphia, PA
Anthony D. Knerr
Founder and Managing
Director
Anthony Knerr &
Associates
New York, NY
 
Lucinda S. Landreth
Former Chief Investment
Officer
Assurant, Inc.
Philadelphia, PA
Ann R. Leven
Consultant
ARL Associates
New York, NY
 
Thomas F. Madison
President and
Chief Executive Officer
MLM Partners, Inc.
Minneapolis, MN
Janet L. Yeomans
Vice President and
Treasurer
3M Corporation
St. Paul, MN
 
J. Richard Zecher
Founder
Investor Analytics
Scottsdale, AZ
       
Affiliated officers
David F. Connor
Vice President, Deputy
General Counsel, and
Secretary
Delaware Investments
Family of Funds
Philadelphia, PA
Daniel V. Geatens
Vice President and
Treasurer
Delaware Investments
Family of Funds
Philadelphia, PA
David P. O’Connor
Senior Vice President,
General Counsel,
and Chief Legal Officer
Delaware Investments
Family of Funds
Philadelphia, PA
Richard Salus
Senior Vice President and
Chief Financial Officer
Delaware Investments
Family of Funds
Philadelphia, PA

This annual report is for the information of Delaware Focus Global Growth Fund shareholders, but it may be used with prospective investors when preceded or accompanied by a current prospectus for Delaware Focus Global Growth Fund and the Delaware Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at www.delawareinvestments.com.
 
The prospectus sets forth details about charges, expenses, investment objectives, and operating policies of the investment company. You should read the prospectus carefully before you invest. The figures in this report represent past results that are not a guarantee of future results. The return and principal value of an investment in the investment company will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.
Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.
 
The 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-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses 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 Web site at www.sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Fund’s Schedule of Investments are available without charge on the Fund’s Web site at www.delawareinvestments.com. The Fund’s Forms N-Q 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 obtaine d by calling 800 SEC-0330.
 
Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s Web site at www.delawareinvestments.com; and (ii) on the SEC’s Web site at www.sec.gov.

42
 
 


Annual report
 
Delaware Macquarie Global Infrastructure Fund
 
November 30, 2010
 
 
 
 
 
 
 
 
 
International equity mutual fund
This annual report is for the information of Delaware Macquarie Global Infrastructure Fund shareholders, but it may be used with prospective investors when preceded or accompanied by a current prospectus for Delaware Macquarie Global Infrastructure Fund.
 
The figures in the annual report for Delaware Macquarie Global Infrastructure Fund represent past results, which are not a guarantee of future results. The return and principal value of an investment in the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted.

You should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The Delaware Macquarie Global Infrastructure Fund prospectus contains this and other important information about the Fund. Prospectuses for all open-end funds in the Delaware Investments® Family of Funds are available from your financial advisor, online at www.delawareinvestments.com, or by phone at 800 523-1918. Please read the prospectus carefully before you invest or send money.
You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit www.delawareinvestments.com/edelivery.
 
 

Experience Delaware Investments
 
Delaware Investments is committed to the pursuit of consistently superior asset management and unparalleled client service. We believe in our investment processes, which seek to deliver consistent results, and in convenient services that help add value for our clients.
 
If you are interested in learning more about creating an investment plan, contact your financial advisor.
 
You can learn more about Delaware Investments or obtain a prospectus for Delaware Macquarie Global Infrastructure Fund at www.delawareinvestments.com.
 
Manage your investments online
  • 24-hour access to your account information
  • Obtain share prices
  • Check your account balance and recent transactions
  • Request statements or literature
  • Make purchases and redemptions
 
Delaware Management Holdings, Inc., and its subsidiaries (collectively known by the marketing name of Delaware Investments) are wholly owned subsidiaries of Macquarie Group Limited, a global provider of banking, financial, advisory, investment and funds management services.
 
Investments in Delaware Macquarie Global Infrastructure Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.
 
Table of contents  
Portfolio management review 1
Performance summary 4
Disclosure of Fund expenses 8
Country and sector allocations 10
Statement of net assets 11
Statement of assets and liabilities 16
Statement of operations 17
Statement of changes in net assets 18
Financial highlights 20
Notes to financial statements 24
Report of independent registered  
public accounting firm 34
Other Fund information 35
Board of trustees/directors and  
officers addendum 36
About the organization 46

Unless otherwise noted, views expressed herein are current as of Nov. 30, 2010, and are subject to change.
 
Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
 
Mutual fund advisory services provided by Delaware Management Company, a series of Delaware Management Business Trust, which is a registered investment advisor. Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Fund’s distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.
 
© 2011 Delaware Management Holdings, Inc.
 
All third-party trademarks cited are the property of their respective owners.
 
 

Portfolio management review
Delaware Macquarie Global Infrastructure Fund   December 7, 2010

Performance preview (for the period ended November 30, 2010)  
Delaware Macquarie Global Infrastructure Fund (Class A shares)  
return since Jan. 19, 2010 (Fund’s inception) +0.63%
S&P Global Infrastructure Index (benchmark)  
return since Jan. 19, 2010 –2.41%
Past performance does not guarantee future results.
For complete, annualized performance for Delaware Macquarie Global Infrastructure Fund, please see the table on page 4.
The performance of Class A shares excludes the applicable sales charge and reflects the reinvestment of all distributions.
Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.
Macquarie Capital Investment Management LLC, an affiliate of Delaware Distributors, L.P., is the Fund’s sub-adviser. The sub-adviser, subject to supervision by DMBT, is responsible for the investment management of the Fund’s assets.
 
For the fiscal period that began with the Fund’s inception of Class A shares on Jan. 19, 2010, and ended Nov. 30, 2010, Delaware Macquarie Global Infrastructure Fund (Class A shares) returned +0.63% at net asset value and -5.13% at maximum offer price (both returns assume reinvestment of all distributions). The Fund’s benchmark, the S&P Global Infrastructure Index, fell by 2.41% for the same period (index return is calculated gross of taxes on dividends). For the Fund’s complete annualized performance information, please see the table on page 4.
 
After a slow start, infrastructure stocks rebound
 
Performance for infrastructure securities generally trended negatively for the first several months of the Fund’s fiscal period, amid continued global economic weakness. By June 2010, however, infrastructure stocks outperformed global equities (as measured by indices such as the MSCI World Index), led by more defensive sectors of the investment universe.
 
Infrastructure securities posted performance that was generally in line with broader global equity markets as we moved into the third calendar quarter of 2010. Higher-quality
 
In a potential environment of moderate global growth, we believe infrastructure stocks may offer compelling inflation-protection characteristics. While past performance does not guarantee future returns, the higher yields and more predictable cash flows often generated by many infrastructure-related companies have historically provided some downside protection during uncertain economic periods, particularly when compared with the broader global equity markets.

1
 
 

Portfolio management review
Delaware Macquarie Global Infrastructure Fund
 
issues (based on measurable factors that describe each company’s health) tended to outperform riskier ones, as forecasts for prolonged economic softness prompted many investors to focus on individual company fundamentals.
 
Infrastructure stocks ended the Fund’s reporting period on a positive note, as many investors appeared to be increasingly drawn to the sector’s traditionally defensive characteristics, especially in light of the continued economic uncertainty and volatility that characterized the fiscal period. Investors were also generally attracted to the relatively high dividend yields generated by some infrastructure stocks.
 
Fund performance relative to the S&P Global Infrastructure Index
 
From a sector perspective, holdings in oil-and-gas-storage-and-transportation stocks delivered relatively strong performance and played a major role in the Fund’s returns for its reporting period. North American companies such as Enterprise Products Partners and Magellan Midstream Partners led performance. In our view, these companies demonstrated strong operations, stable cash flows, and reliable dividend streams.
 
Collectively, the Fund’s holdings in the water utility sector represented another notable contribution to performance. Regulated United Kingdom water stocks in particular were favored for their defensive qualities. Severn Trent, a British public utility, was among the sector’s top performers, posting strong results and generally exceeding market expectations.
 
The airport services group, fueled largely by continued growth in air traffic, posted positive performance. According to data released by the International Air Transport Association (IATA), passenger and freight traffic rose sharply in 2010, exceeding industry expectations. This translated to notable performance by airport stocks such as Flughafen Zuerich (Zurich Airport) and Aeroports de Paris. These positive performers were offset partially by Beijing Capital International Airport, which fell based largely on speculation about a reduction in the company’s aeronautical charges.
 
Early in the Fund’s fiscal period, holdings in several southern European stocks in the highways-and-railtracks sector suffered due to market fallout stemming from the sovereign debt crisis in Greece. As the period progressed, however, the Fund’s overweight position in this sector, together with stock performance, resulted in favorable performance versus the index. The Fund benefited from its overweighting in Intoll Group, which was taken over at a material premium. The Fund’s position in Chinese toll road operator Jiangsu Expressway also made a positive contribution, as did the underweight in Brisa-Autoestradas de Portugal. These positive performers were offset somewhat by the overweight in Atlantia in Italy, which detracted from relative performance.
 
In the electric utilities sector, the positive effects of the Fund’s underweight position compared with the benchmark, together with the positive effects of stock selection, contributed to relative performance. This sector’s underperformance within the Fund’s benchmark index was partly explained by large-capitalization European companies, which suffered from sluggish equity markets and emerging regulatory risk. The Fund’s underweight in Iberdrola made a notable contribution, as did the underweight in
 
2
 
 

Tokyo Electric Power, Asia’s largest electricity producer, which fell sharply due to a large capital raising.
 
The Fund was more heavily invested in the gas utilities and industrial conglomerates sectors compared with the Fund’s benchmark index, which detracted from relative performance. Chinese gas stocks underperformed broader infrastructure markets due to uncertainty about tariff increases. The Fund’s overweight position in Beijing Enterprises, for instance, detracted from the Fund’s relative performance. We remain positive on the Chinese gas sector, however. The International Energy Agency recently forecast that China’s natural gas consumption could reach 140 billion cubic meters in 2015, double the 2007 level, to become the second-largest natural gas consumer after the U.S. The Fund’s overweight in Toky o Gas was a detractor (partly due to some contagion from Tokyo Electric Power’s capital raising), while Gas Natural was adversely affected by the ongoing sovereign credit crisis in Europe.
 
The Fund’s only stock in the railroads sector was Asciano, which operates railways as well as ports. The company’s stock was weak for the fiscal period as investors’ worries about global economic growth led to concerns that container volumes would be adversely affected. Despite this concern, the major container ports in Australia recorded healthy growth, with record volumes at the company’s key ports in Sydney and Melbourne. Growth in coal volumes, coupled with the company’s expansion into Queensland, also benefited the stock’s rail business.
 
A focus on fundamentally sound stocks across sectors
 
We remain generally optimistic about the long-term prospects for infrastructure investments. Significant long-term growth trends that generally support infrastructure have emerged in recent years as economies such as China, Brazil, and India invest billions in infrastructure in order to keep pace with rapid industrialization. At the same time, current indications are that developed economies are poised to overhaul old infrastructure systems in dire need of repair.
 
With mounting debt levels, cash-strapped governments around the world are seeking capital to finance infrastructure initiatives and improvements — which has the potential to provide attractive opportunities for private sector investors. In Great Britain, for example, the government recently sold the company that operates the high-speed rail line between London and the English Channel. It also established Infrastructure U.K., a governmental body dedicated to encouraging private sector investment in infrastructure and improving long-term planning of infrastructure-related projects. An increased focus on infrastructure spending has also taken hold in the United States. In September 2010, for instance, President Obama sought congressional approval for an infrastructure bank as part of a six-year plan to rebuild roads, rail lines, and airport runways across the country. (As of the end of the Fund’s reporting period, the President co ntinued expressing his support to establish such a bank.)
 
Generally speaking, we believe the underlying fundamentals for infrastructure companies remain strong, marked by solid operations and healthy cash flow generation. With that in mind, we aim to continue seeking what we view as high-quality companies. That is, companies that we feel have strong balance sheets, robust operations, and sound management teams.
 
3
 
 

Performance summary  
Delaware Macquarie Global Infrastructure Fund November 30, 2010

The performance data quoted represent past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please obtain the performance data current for the most recent month end by calling 800 523-1918 or visiting our Web site at www.delawareinvestments.com/performance. Current performance may be lower or higher than the performance data quoted.
 
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, if available, its summary prospectus, which may be obtained by visiting www.delawareinvestments.com or calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.
 
Fund performance Average annual total returns through Nov. 30, 2010  
    Lifetime      
Class A (Est. Jan. 19, 2010)      
Excluding sales charge   +0.63%  
Including sales charge   -5.13%  
Class C (Est. Jan. 19, 2010)      
Excluding sales charge   +0.04%  
Including sales charge   -0.95%  
Class R (Est. Jan. 19, 2010)      
Excluding sales charge   +0.45%  
Including sales charge   +0.45%  
Institutional Class (Est. Dec. 31, 2009)      
Excluding sales charge   +3.53%  
Including sales charge   +3.53%  

Returns reflect the reinvestment of all distributions and any applicable sales charges as noted in the following paragraphs.
 
Performance for Class C shares, excluding sales charges, assumes either that contingent deferred sales charges did not apply or that the investment was not redeemed.
 
Expense limitations were in effect for certain classes during the periods shown in the “Fund performance” chart and in the “Performance of a $10,000 investment” chart. The current expenses for each class are listed on the “Fund expense ratios” chart. (Note that all charts and graphs referred to in the “Performance summary” section of this report are found on pages 4 through 6.) Performance would have been lower had the expense limitations not been in effect.
 
The Fund offers Class A, C, R, and Institutional Class shares.
 
Class A shares are sold with a maximum front-end sales charge of up to 5.75%, and have an annual distribution and service fee of up to 0.30% of average daily net assets. This fee has been contractually limited to 0.25% of average daily net assets from Dec. 31, 2009, through March 30, 2011.
 
4
 
 

Class C shares are sold with a contingent deferred sales charge of 1.00% if redeemed during the first 12 months. They are also subject to an annual distribution and service fee of up to 1.00% of average daily net assets.
 
Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual distribution and service fee of up to 0.60% of average daily net assets, which has been limited contractually to 0.50% from Dec. 31, 2009, through March 30, 2011.
 
Institutional Class shares are available without sales or asset-based distribution charges only to certain eligible institutional accounts.
 
International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.
 
If and when the Fund invests in forward foreign currency contracts or uses other investments to hedge against currency risks, the Fund will be subject to special risks, including counterparty risk.
 
Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors. Because the Fund concentrates its investments in securities issued by companies principally engaged in the infrastructure industry, the Fund has greater exposure to the potential adverse economic, regulatory, political, and other changes affecting such entities.
 
“Nondiversified” 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.
 
The “Fund performance” table and the “Performance of a $10,000 investment” graph do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.
 
The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” chart. Delaware Investments has agreed to reimburse certain expenses and/or waive certain fees in order to prevent total fund operating expenses (excluding any 12b-1 plan and certain other expenses) from exceeding 1.20% of the Fund’s average daily net assets from March 30, 2010, through March 30, 2011. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements.
 
Fund expense ratios Class A       Class C       Class R       Institutional Class
Total annual operating expenses 9.63%   10.33%   9.93%   9.33%
(without fee waivers)              
Net expenses 1.45%   2.20%   1.70%   1.20%
(including fee waivers, if any)              
Type of waiver Contractual   Contractual   Contractual   Contractual

5
 
 

Performance summary
Delaware Macquarie Global Infrastructure Fund
 
Performance of a $10,000 investment
Average annual total returns from Jan. 19, 2010 (inception of the Fund’s Class A shares), through Nov. 30, 2010
 
 
For period beginning Jan. 19, 2010, through Nov. 30, 2010   Starting value       Ending value
 S&P Global Infrastructure Index   $10,000   $9,759
 Delaware Macquarie Global Infrastructure Fund — Class A shares   $9,425   $9,484

The chart assumes $10,000 invested in the Fund on Jan. 19, 2010, and includes the effect of a 5.75% front-end sales charge and the reinvestment of all distributions. Please note additional details on these fees in the “Performance summary” section of this report, which includes pages 4 through 6.
 
The chart also assumes $10,000 invested in the S&P Global Infrastructure Index as of Jan. 19, 2010.
 
The S&P Global Infrastructure Index provides liquid and tradable exposure to 75 companies from around the world that represent the listed infrastructure universe. The index has balanced weights across three diversified infrastructure clusters: transportation, utilities, and energy.
 
Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance is not a guarantee of future results.
 
Performance of other Fund classes will vary due to different charges and expenses.
 
The “Fund performance” chart and the “Performance of a $10,000 investment” graph do not reflect the deduction of taxes shareholders would pay on Fund distributions or redemptions of Fund shares.
 
              Nasdaq symbols             CUSIPs  
Class A     DMGAX     245914551  
Class C     DMGCX     245914544  
Class R     DMGRX     245914528  
Institutional Class     DMGIX     245914536  

6
 
 

Disclosure of Fund expenses
For the six-month period from June 1, 2010 to November 30, 2010
 
As a shareholder of the 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/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from June 1, 2010 to November 30, 2010.
 
Actual expenses
 
The first section of the table 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 table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s 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 the 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 table 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 the 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 Fund’s expenses shown in the table reflect fee waivers in effect. The expenses shown in the table assume reinvestment of all dividends and distributions.
 
8
 
 

Delaware Macquarie Global Infrastructure Fund
Expense analysis of an investment of $1,000
 
    Beginning   Ending       Expenses
    Account Value   Account Value   Annualized   Paid During Period
            6/1/10           11/30/10           Expense Ratio           6/1/10 to 11/30/10*
Actual Fund return                        
Class A   $ 1,000.00   $ 1,170.90   1.45%   $ 7.89  
Class C     1,000.00     1,167.60   2.20%     11.95  
Class R     1,000.00     1,170.80   1.70%     9.25  
Institutional Class     1,000.00     1,172.20   1.20%     6.53  
Hypothetical 5% return (5% return before expenses)            
Class A   $ 1,000.00   $ 1,017.80   1.45%   $ 7.33  
Class C     1,000.00     1,014.04   2.20%     11.11  
Class R     1,000.00     1,016.55   1.70%     8.59  
Institutional Class     1,000.00     1,019.05   1.20%     6.07  

*“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
 
9
 
 

Country and sector allocations  
Delaware Macquarie Global Infrastructure Fund As of November 30, 2010

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.
 
Composition of Portfolio Percentage of net assets
Common Stock by Country       91.23 %      
Australia   9.20 %  
Brazil   2.19 %  
Canada   7.77 %  
China   10.35 %  
France   9.68 %  
Germany   4.81 %  
Italy   6.32 %  
Japan   4.07 %  
Luxembourg   1.23 %  
Mexico   1.04 %  
Netherlands   0.63 %  
New Zealand   0.33 %  
Portugal   0.36 %  
Republic of Korea   1.18 %  
Spain   3.56 %  
Switzerland   1.57 %  
United Kingdom   5.14 %  
United States   21.80 %  
U.S. Master Limited Partnership   0.97 %  
Discount Note   4.86 %  
Total Value of Securities   97.06 %  
Receivables and Other Assets Net of Liabilities   2.94 %  
Total Net Assets   100.00 %  
   
Common Stock and Limited Partnerships by Sector² Percentage of net assets
Consumer Discretionary   1.23 %  
Energy   17.36 %  
Financials   1.57 %  
Industrials   39.73 %  
Utilities   32.31 %  
Total   92.20 %  

²Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
 
10
 
 

Statement of net assets
Delaware Macquarie Global Infrastructure Fund November 30, 2010

                 Number of shares       Value (U.S. $)
Common Stock – 91.23%Δ          
Australia – 9.20%          
† Asciano   34,188   $ 52,996
  MAp Group   11,265     32,792
# Spark Infrastructure Group 144A   58,680     62,690
  Transurban Group   22,992     114,491
            262,969
Brazil – 2.19%          
  Energias do Brasil   2,000     42,682
† LLX Logistica   2,400     11,895
  Ultrapar Participacoes ADR   135     7,987
            62,564
Canada – 7.77%          
  Enbridge   1,872     104,205
  TransaCanada   3,336     117,645
            221,850
*China – 10.35%          
  Beijing Capital International Airport   26,200     14,301
  Beijing Enterprises Holdings   8,000     50,325
† China Longyuan Power Group   25,000     23,143
  China Merchants Holdings International   16,397     64,522
  COSCO Pacific   8,000     12,621
  Dalian Port PDA   72,000     31,535
  Jiangsu Expressway   44,300     48,147
  Zhejiang Expressway   54,500     51,242
            295,836
France – 9.68%          
  Aeroports de Paris   1,165     89,113
  EDF   580     24,151
  GDF Suez   2,642     87,332
  Groupe Eurotunnel   2,162     18,448
  Vinci   1,188     57,471
            276,515
Germany – 4.81%          
  E.ON   2,568     74,002
  Fraport   120     7,045
  Hamburger Hafen und Logistik   1,398     56,261
            137,308

11
 
 

Statement of net assets
Delaware Macquarie Global Infrastructure Fund
 
           Number of shares       Value (U.S. $)
Common Stock (continued)        
Italy – 6.32%        
  Atlantia 8,214   $ 160,765
  Enel 2,484     11,671
† Enel Green Power 4,107     8,104
          180,540
Japan – 4.07%        
  Japan Airport Terminal 300     4,417
  Kamigumi 4,460     34,392
  Tokyo Electric Power 700     16,314
  Tokyo Gas 14,000     61,060
          116,183
Luxembourg – 1.23%        
  SES FDR 1,516     35,032
          35,032
Mexico – 1.04 %        
  Grupo Aeroportuario del Pacifico ADR 376     14,341
  Grupo Aeroportuario del Sureste ADR 300     15,513
          29,854
Netherlands – 0.63%        
  Koninklijke Vopak 392     17,992
          17,992
New Zealand – 0.33%        
  Auckland International Airport 6,096     9,417
          9,417
Portugal – 0.36%        
  Brisa Auto-Estradas de Portugal 1,628     10,406
          10,406
Republic of Korea – 1.18%        
† Korea Electric Power ADR 2,828     33,681
          33,681
Spain – 3.56%        
  Abertis Infraestructuras 6,395     101,575
          101,575
Switzerland – 1.57%        
  Flughafen Zuerich 124     44,908
          44,908

12
 
 

                  Number of shares       Value (U.S. $)
Common Stock (continued)          
United Kingdom – 5.14%          
  National Grid   12,100   $ 106,856
  Scottish & Southern Energy   1,154     20,149
  Severn Trent   881     19,817
            146,822
United States – 21.80%          
  American Electric Power   1,830     65,148
† Corrections Corporation of America   2,200     53,130
  Dominion Resources   1,130     46,929
  El Paso   2,400     32,376
  Entergy   275     19,591
  ITC Holdings   324     19,618
  NextEra Energy   680     34,422
  PG&E   2,060     96,675
  Public Service Enterprise Group   490     15,107
  Southern   900     33,948
  Southern Union   1,286     30,362
  Spectra Energy   3,740     88,899
  Williams   3,800     86,678
            622,883
Total Common Stock (cost $2,548,397)         2,606,335
   
U.S. Master Limited Partnership – 0.97%          
  Enterprise Products Partners   325     13,676
  Magellan Midstream Partners   250     14,000
Total U.S. Master Limited Partnership (cost $21,565)         27,676
   
      Principal      
      amount (U.S. $)      
≠Discount Note – 4.86%          
  Federal Home Loan Bank 0.07% 12/1/10   $139,000     139,000
Total Discount Note (cost $139,000)         139,000

13
 
 

Statement of net assets
Delaware Macquarie Global Infrastructure Fund
 
       
Total Value of Securities – 97.06%      
       (cost $2,708,962) $ 2,773,011  
Receivables and Other Assets      
       Net of Liabilities – 2.94%   83,898  
Net Assets Applicable to 329,492      
       Shares Outstanding – 100.00% $ 2,856,909  
 
 
Net Asset Value – Delaware Macquarie Global Infrastructure Fund      
       Class A ($666,851 / 76,917 Shares)     $8.67  
Net Asset Value – Delaware Macquarie Global Infrastructure Fund      
       Class C ($114,016 / 13,172 Shares)     $8.66  
Net Asset Value – Delaware Macquarie Global Infrastructure Fund      
       Class R ($5,044 / 582 Shares)     $8.67  
Net Asset Value – Delaware Macquarie Global Infrastructure Fund      
       Institutional Class ($2,070,998 / 238,821 Shares)     $8.67  
 
Components of Net Assets at November 30, 2010:      
Shares of beneficial interest (unlimited authorization – no par) $ 2,792,247  
Undistributed net investment income   7,807  
Accumulated net realized loss on investments   (7,685 )
Net unrealized appreciation of investments and foreign currencies   64,540  
Total net assets $ 2,856,909  

Δ Securities have been classified by country of origin. Classification by type of business has been presented on page 10 in “Country and sector allocations”.
† Non income producing security.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At November 30, 2010, the aggregate amount of Rule 144A securities was $62,690, which represented 2.19% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”
* Securities listed and traded on the Hong Kong Stock Exchange.
≠ The rate shown is the effective yield at the time of purchase.

14
 
 

     
Summary of Abbreviations:    
ADR — American Depository Receipts    
AUD — Australian Dollar    
EUR — European Monetary Unit    
FDR — Fiduciary Depositary Receipts    
HKD — Hong Kong Dollar    
MNB — Mellon National Bank    
USD — United States Dollar    
 
Net Asset Value and Offering Price Per Share –    
       Delaware Macquarie Global Infrastructure Fund    
Net asset value Class A (A) $ 8.67
Sales charge (5.75% of offering price) (B)   0.53
Offering price $ 9.20

(A)    Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares.
(B)   See the current prospectus for purchases of $50,000 or more.
 
1The following foreign currency exchange contracts were outstanding at November 30, 2010:
 
Foreign Currency Exchange Contracts
 
                                Unrealized
                            Appreciation
Counterparty   Contracts to Receive (Deliver)                  In Exchange For                  Settlement Date                  (Depreciation)
MNB          AUD   (33,496 )          USD   32,059     12/3/10       $ (29 )    
MNB     EUR   (2,189 )     USD   2,867     12/2/10       26    
MNB     EUR   (3,825 )     USD   4,984     12/3/10       19    
MNB     EUR   (42,600 )     USD   55,816     12/29/10       520    
MNB     HKD   18,994       USD   (2,445 )   12/2/10       1    
                                  $ 537    

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.
 
1See Note 8 in “Notes to financial statements.”
 
See accompanying notes, which are an integral part of the financial statements.
 
15
 
 

Statement of assets and liabilities
Delaware Macquarie Global Infrastructure Fund   November 30, 2010

Assets:    
       Investments, at value $ 2,634,011
       Short-term investments, at value   139,000
       Cash & foreign currencies   619
       Receivables for securities sold   78,224
       Dividends and interest receivable   6,515
       Receivables for fund shares sold   200
       Foreign currency contracts, at value   537
       Due from manager and affiliates   72,705
       Total assets   2,931,811
 
Liabilities:    
       Payables for securities purchased   48,795
       Other accrued expenses   26,107
       Total liabilities   74,902
 
Total Net Assets $ 2,856,909
 
       Investments, at cost $ 2,569,962
       Short-term investments, at cost   139,000
       Foreign currencies, at cost   69

See accompanying notes, which are an integral part of the financial statements.
 
16
 
 

Statement of operations
Delaware Macquarie Global Infrastructure Fund December 31, 2009* to November 30, 2010

Investment Income:                        
       Dividends   $ 83,501          
       Foreign tax withheld     (6,655 )   $ 76,846  
 
Expenses:                
       Registration fees     92,577          
       Legal fees     60,400          
       Reports and statements to shareholders     31,885          
       Management fees     19,962          
       Dividend disbursing and transfer agent fees and expenses     17,396          
       Custodian fees     11,957          
       Audit and tax     11,053          
       Dues and services     7,370          
       Pricing fees     6,038          
       Distribution expenses – Class A     1,088          
       Distribution expenses – Class C     581          
       Distribution expenses – Class R     25          
       Accounting and administration expenses     879          
       Trustees’ fees     126          
       Insurance fees     61          
       Consulting fees     33          
       Trustees’ expenses     6       261,437  
       Less fees waived             (233,121 )
       Less waived distribution expenses – Class A             (182 )
       Less waived distribution expenses – Class R             (4 )
       Less expense paid indirectly             (3 )
       Total operating expenses             28,127  
Net Investment Income             48,719  
 
Net Realized and Unrealized Gain (Loss) on Investments                
       and Foreign Currencies:                
       Net realized gain (loss) on:                
              Investments             (7,685 )
              Foreign currencies             (7,633 )
              Foreign currency exchange contracts             1,541  
       Net realized loss             (13,777 )
       Unrealized appreciation/depreciation of investments                
              and foreign currencies             64,540  
Net Realized and Unrealized Gain on Investments                
       and Foreign Currencies             50,763  
 
Net Increase in Net Assets Resulting from Operations           $ 99,482  

*Date of commencement of operations for the Institutional Class. Class A, Class C, and Class R commenced operations on January 19, 2010.
 
See accompanying notes, which are an integral part of the financial statements.
 
17
 
 

Statement of changes in net assets
Delaware Macquarie Global Infrastructure Fund
 
        12/31/09*
    to
    11/30/10
Increase (Decrease) in Net Assets from Operations:        
       Net investment income   $ 48,719  
       Net realized loss on investments and foreign currencies     (13,777 )
       Unrealized appreciation/depreciation of investments and foreign currencies     64,540  
       Net increase in net assets resulting from operations     99,482  
 
Dividends and Distributions to Shareholders from:        
       Net investment income:        
              Class A     (6,212 )
              Class C     (724 )
              Class R     (51 )
              Institutional Class     (27,833 )
      (34,820 )
 
Capital Share Transactions:        
       Proceeds from shares sold:        
              Class A     816,198  
              Class C     107,355  
              Class R     5,020  
              Institutional Class     2,000,020  
 
       Net asset value of shares issued upon reinvestment of dividends and distributions:        
              Class A     6,038  
              Class C     724  
              Class R     51  
              Institutional Class     27,833  
      2,963,239  
 
       Cost of shares repurchased:        
              Class A     (168,354 )
              Class C     (2,638 )
      (170,992 )
Increase in net assets derived from capital share transactions     2,792,247  
Net Increase in Net Assets     2,856,909  
 
Net Assets:        
       Beginning of period     —  
       End of period (including undistributed net investment income of $7,807)   $ 2,856,909  

*Date of commencement of operations for the Institutional Class. Class A, Class C, and Class R commenced operations on January 19, 2010.
 
See accompanying notes, which are an integral part of the financial statements.
 
18
 
 

Financial highlights
Delaware Macquarie Global Infrastructure Fund Class A
 
Selected data for each share of the Fund outstanding throughout the period was as follows:
 
        1/19/101      
    to  
    11/30/10  
Net asset value, beginning of period   $8.730    
   
Income (loss) from investment operations:        
Net investment income2   0.155    
Net realized and unrealized loss on investments and foreign currencies   (0.111 )  
Total from investment operations   0.044    
   
Less dividends and distributions from:        
Net investment income   (0.104 )  
Total dividends and distributions   (0.104 )  
   
Net asset value, end of period   $8.670    
   
Total return3   0.63%    
   
Ratios and supplemental data:        
Net assets, end of period (000 omitted)   $667    
Ratio of expenses to average net assets   1.45%    
Ratio of expenses to average net assets        
       prior to fees waived and expense paid indirectly   12.24%    
Ratio of net investment income to average net assets   2.15%    
Ratio of net investment loss to average net assets        
       prior to fees waived and expense paid indirectly   (8.64% )  
Portfolio turnover   87% 4  

1 Date of commencement of operations; ratios have been annualized and total return has not been annualized.
2 The average shares outstanding method has been applied for per share information.
3Total investment 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 investment return during the period reflects waivers by the manager and distributor. Performance would have been lower had the waivers not been in effect.
4 Portfolio turnover is representative of the Fund for the period December 31, 2009 through November 30, 2010.
 
See accompanying notes, which are an integral part of the financial statements.
 
20
 
 

Delaware Macquarie Global Infrastructure Fund Class C
 
Selected data for each share of the Fund outstanding throughout the period was as follows:
 
        1/19/101       
    to  
    11/30/10  
Net asset value, beginning of period   $8.730    
   
Income (loss) from investment operations:        
Net investment income2   0.102    
Net realized and unrealized loss on investments and foreign currencies   (0.106 )  
Total from investment operations   (0.004 )  
   
Less dividends and distributions from:        
Net investment income   (0.066 )  
Total dividends and distributions   (0.066 )  
   
Net asset value, end of period   $8.660    
   
Total return3   0.04%    
   
Ratios and supplemental data:        
Net assets, end of period (000 omitted)   $114    
Ratio of expenses to average net assets   2.20%    
Ratio of expenses to average net assets        
       prior to fees waived and expense paid indirectly   12.94%    
Ratio of net investment income to average net assets   1.40%    
Ratio of net investment loss to average net assets        
       prior to fees waived and expense paid indirectly   (9.34% )  
Portfolio turnover   87% 4  

1 Date of commencement of operations; ratios have been annualized and total return has not been annualized.
2 The average shares outstanding method has been applied for per share information.
3 Total investment 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 investment return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4 Portfolio turnover is representative of the Fund for the period December 31, 2009 through November 30, 2010.
 
See accompanying notes, which are an integral part of the financial statements.
 
21
 
 

Financial highlights
Delaware Macquarie Global Infrastructure Fund Class R
 
Selected data for each share of the Fund outstanding throughout the period was as follows:
 
        1/19/101      
    to  
    11/30/10  
Net asset value, beginning of period   $8.730    
   
Income (loss) from investment operations:        
Net investment income2   0.137    
Net realized and unrealized loss on investments and foreign currencies   (0.108 )  
Total from investment operations   0.029    
   
Less dividends and distributions from:        
Net investment income   (0.089 )  
Total dividends and distributions   (0.089 )  
   
Net asset value, end of period   $8.670    
   
Total return3   0.45%    
   
Ratios and supplemental data:        
Net assets, end of period (000 omitted)   $5    
Ratio of expenses to average net assets   1.70%    
Ratio of expenses to average net assets        
       prior to fees waived and expense paid indirectly   12.54%    
Ratio of net investment income to average net assets   1.90%    
Ratio of net investment loss to average net assets        
       prior to fees waived and expense paid indirectly   (8.94% )  
Portfolio turnover   87% 4  

1 Date of commencement of operations; ratios have been annualized and total return has not been annualized.
2 The average shares outstanding method has been applied for per share information.
3 Total investment 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 investment return during the period reflects waivers by the manager and distributor. Performance would have been lower had the waivers not been in effect.
4 Portfolio turnover is representative of the Fund for the period December 31, 2009 through November 30, 2010.
 
See accompanying notes, which are an integral part of the financial statements.
 
22
 
 

Delaware Macquarie Global Infrastructure Fund Institutional Class
 
Selected data for each share of the Fund outstanding throughout the period was as follows:
 
    12/31/091  
        to      
    11/30/10  
Net asset value, beginning of period   $8.500    
         
Income from investment operations:        
Net investment income2   0.170    
Net realized and unrealized gain on investments and foreign currencies   0.118    
Total from investment operations   0.288    
         
Less dividends and distributions from:        
Net investment income   (0.118 )  
Total dividends and distributions   (0.118 )  
         
Net asset value, end of period   $8.670    
         
Total return3   3.53%    
         
Ratios and supplemental data:        
Net assets, end of period (000 omitted)   $2,071    
Ratio of expenses to average net assets   1.20%    
Ratio of expenses to average net assets        
       prior to fees waived and expense paid indirectly   11.66%    
Ratio of net investment income to average net assets   2.23%    
Ratio of net investment loss to average net assets        
       prior to fees waived and expense paid indirectly   (8.23% )  
Portfolio turnover   87%    

1 Date of commencement of operations; ratios have been annualized and total return has not been annualized.
2 The average shares outstanding method has been applied for per share information.
3 Total investment 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 investment return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
 
See accompanying notes, which are an integral part of the financial statements.
 
23
 
 

Notes to financial statements  
Delaware Macquarie Global Infrastructure Fund November 30, 2010

Delaware Group® Global & International Funds (Trust) is organized as a Delaware statutory trust and offers five series: Delaware International Value Equity Fund, Delaware Emerging Markets Fund, Delaware Global Value Fund, Delaware Focus Global Growth Fund and Delaware Macquarie Global Infrastructure Fund. These financial statements and the related notes pertain to Delaware Macquarie Global Infrastructure Fund (Fund). The Trust is an open-end investment company. The Fund is considered non-diversified under the Investment Company Act of 1940, as amended, and offers Class A, Class C, Class R and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of up to 5.75%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 1% if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class C shares are sold with a CDSC of 1%, if redeemed during the first 12 months. Class R and Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.
 
The investment objective of the Fund is to seek long-term capital appreciation and current income.
 
1. Significant Accounting Policies
 
The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by the Fund.
 
Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Securities 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 does not trade, then the mean between the bid and ask prices will be used. Securities listed on a foreign exchange are valued at the last quoted sales price on the valuation date. Short-term debt securities are valued at market value. Foreign currency exchange contracts are valued at the mean between the bid and ask prices. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’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 Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities generally as of 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may frequently value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).
 
24
 
 

Federal Income Taxes — No provision for federal income taxes has been made as the Fund intends 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. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax return 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 would be recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken on federal income tax return for the open tax year November 30, 2010, and has concluded that no provision for federal income tax is required in the Fund’s financial statements.
 
Class Accounting — Investment income, common expenses and realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.
 
Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar daily. 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 Fund does not isolate that portion of realized gains and losses on investments which is due to changes in foreign exchange rates from that which are due to changes in market prices. The changes are included with the net realized and unrealized gain or l oss on investments. The 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 U.S. GAAP requires management to make estimates and assumptions that affect 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 the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Investments® Family of Funds are generally allocated amongst such funds on the basis of average net assets. Management fees and some 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. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all non-rebatable
 
25
 
 

Notes to financial statements
Delaware Macquarie Global Infrastructure Fund
 
1. Significant Accounting Policies (continued)
 
tax withholdings. Withholding taxes on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund declares and pays dividends from net investment income quarterly and distributions from net realized gain on investments, if any, annually. Dividends and distributions, if any, are recorded on the ex-dividend date.
 
The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custody fees. There were no earnings credits for the period December 31, 2009 through November 30, 2010.
 
The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. The expense paid under this arrangement is included in dividend disbursing and transfer agent fees and expenses on the statement of operations with the corresponding expense offset shown as “expense paid indirectly.” For the period December 31, 2009 through November 30, 2010, the Fund earned $3 under this agreement.
 
2.  Investment Management, Administration Agreements and Other Transactions with Affiliates

In accordance with the terms of its investment management agreement, the Fund pays Delaware Management Company (DMC), a series of Delaware Management Business Trust and the investment manager, an annual fee which is calculated daily at the rate of 0.90% on the first $500 million of average daily net assets of the Fund, 0.85% on the next $500 million, 0.80% on the next $1.5 billion and 0.75% on average daily net assets in excess of $2.5 billion.
 
DMC, on behalf of the Fund, has entered into an investment sub-advisory agreement with Macquarie Capital Investment Management LLC (MCIM), which is an affiliate of DMC. Both DMC and MCIM are wholly owned subsidiaries of Macquarie. For its sub-advisory services, MCIM receives an asset-based fee from DMC. Such sub-advisory fee is paid by DMC, and not from the assets of the Fund.
 
Effective March 30, 2010, DMC has contractually agreed to waive that portion, if any, of its management fee and reimburse the Fund to the extent necessary to ensure that total annual operating expenses (excluding any 12b-1 plan expenses, and certain other expenses) do not exceed 1.20% of average daily net assets of the Fund through March 30, 2011. For purposes of this waiver and reimbursement, nonroutine expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Fund’s Board and DMC. Prior to March 30, 2010, the expense limitation was voluntary. This expense waiver and reimbursement applies only to expenses paid directly by the Fund.
 
Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Fund. For these services, the Fund pay DSC fees based on the aggregate daily net assets of the Delaware Investments® Family of Funds at the
 
26
 
 

following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments® Family of Funds on a relative net asset value basis. For the period December 31, 2009 through November 30, 2010, the Fund was charged $111 for these services.
 
DSC also provides dividend disbursing and transfer agency services. The Fund pays DSC a monthly fee based on the number of shareholder accounts for dividend disbursing and transfer agent services.
 
Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service fee not to exceed 0.30% of the average daily net assets of the Class A shares, 1.00% of the average daily net assets of the Class C shares and 0.60% of the average daily net assets of Class R shares. Institutional Class shares pay no distribution and service expenses. DDLP has contracted to limit the Class A and Class R shares’ 12b-1 fees through March 30, 2011 to no more than 0.25% and 0.50%, respectively, of each Classes’ average daily net assets.
 
At November 30, 2010, the Fund had receivables due from or liabilities payable to affiliates as follows:
 
Receivable from DMC under expense limitation agreement $ 74,344  
Dividend disbursing, transfer agent and fund accounting      
       oversight fees and other expenses payable to DSC   (97 )
Distribution fees payable to DDLP   (218 )
Other expenses payable to DMC and affiliates*   (1,324 )

*DMC, as part of its administrative services, pays operating expenses on behalf of the Fund and is reimbursed on a periodic basis. Expenses include items such as printing of shareholder reports, fees for audit, legal and tax services, registration fees and trustees’ fees.
 
As provided in the investment management agreement, the Fund bears the cost of certain legal and tax services, including internal legal and tax services provided to the Fund by DMC and/or its affiliates’ employees. For the period December 31, 2009 through November 30, 2010, the Fund was charged $95 for internal legal and tax services provided by DMC and/or its affiliates’ employees.
 
For the period January 19, 2010 through November 30, 2010, DDLP earned $890 for commissions on sales of the Fund’s Class A shares. For the period January 19, 2010 to November 30, 2010, DDLP received gross CDSC commissions of $0 and $25 on redemptions of the Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset up-front commissions previously paid by DDLP to broker/dealers on sales of those shares.
 
Trustees’ fees include expenses accrued by the Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DSC and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.
 
27
 
 

Notes to financial statements
Delaware Macquarie Global Infrastructure Fund
 
3. Investments
 
For the period December 31, 2009 through November 30, 2010, the Fund made purchases of $ 4,633,119 and sales of $2,039,140 of investment securities other than short-term investments.
 
At November 30, 2010, the cost of investments for federal income tax purposes was $2,736,546. At November 30, 2010, net unrealized appreciation was $36,465, of which $173,430 related to unrealized appreciation of investments and $136,965 related to unrealized depreciation of investments.
 
U.S. GAAP defines fair value as the price that the 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 developed based on the best information available under the circumstance s. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.
 
Level 1   –  inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, 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) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)
      
Level 3   –  inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of November 30, 2010:
 
        Level 1       Level 2       Total
Common Stock   $ 970,834   $ 1,635,501   $ 2,606,335
U.S. Master Limited Partnership     27,676     —     27,676
Discount Note     —     139,000     139,000
Total   $ 998,510   $ 1,774,501   $ 2,773,011
                   
Foreign Currency Exchange Contracts   $ —   $ 537   $ 537

28
 
 

There were no Level 3 securities at the end of the period.
 
In January 2010, the Financial Accounting Standards Board issued an Accounting Standards Update, Improving Disclosures about Fair Value Measurements, which introduced new disclosure requirements and clarified certain existing disclosure requirements around fair value measurements currently presented above. The new disclosures and clarifications of existing disclosures are generally effective for the Fund’s year ending November 30, 2011 and interim periods therein. Utilizing international fair value pricing for a security could cause transfers from Level 1 investments to Level 2 investments in the hierarchy. During the period ended November 30, 2010, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund.
 
4. Dividend and Distribution Information
 
Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the period December 31, 2009 through November 30, 2010 was as follows:
 
  12/31/09*
  to
  11/30/10
Ordinary income $34,820

*Date of commencement of operations.

5. Components of Net Assets on a Tax Basis
 
As of November 30, 2010, the components of net assets on a tax basis were as follows:
 
Shares of beneficial interest $ 2,792,247
Undistributed ordinary income   28,242
Unrealized appreciation of investments and foreign currencies   36,420
Net assets $ 2,856,909

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales and mark-to-market on foreign currency contracts.
 
For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of gain (loss) on foreign currency transactions. Results of operations and net assets were not affected by these reclassifications. For the period December 31, 2009 through November 30, 2010, the Fund recorded the following reclassifications:
 
Undistributed net investment income $ (6,092 )
Accumulated net realized loss   6,092  

29
 
 

Notes to financial statements
Delaware Macquarie Global Infrastructure Fund
 
6. Capital Shares
 
Transactions in capital shares were as follows:
 
  12/31/09*
  to
  11/30/10
Shares sold:    
       Class A 96,703  
       Class C 13,370  
       Class R 575  
       Institutional Class 235,296  
     
Shares issued upon reinvestment of dividends and distributions:    
       Class A 770  
       Class C 93  
       Class R 7  
       Institutional Class 3,525  
  350,339  
     
Shares repurchased:    
       Class A (20,556 )
       Class C (291 )
  (20,847 )
Net increase 329,492  

*Date of commencement of operations for the Institutional Class. Class A, Class C, and Class R commenced operations on January 19, 2010.
 
7. Line of Credit
 
The Fund, along with certain other funds in the Delaware Investments® Family of Funds (Participants), was a participant in a $35,000,000 revolving line of credit with The Bank of New York Mellon (BNY Mellon) 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 were charged an annual commitment fee, which was allocated across the Participants on the basis of each Participant’s allocation of the entire facility. The Participants were permitted to borrow up to a maximum of one third of their net assets under the agreement. The line of credit expired on November 16, 2010.
 
Effective as of November 16, 2010, the Fund along with the other Participants entered into an amendment to the agreement with BNY Mellon for a $50,000,000 revolving line of credit. The agreement as amended is to be used as described above and operates in substantially the same manner as the original agreement. The new line of credit under the agreement as amended expires on November 15, 2011. The Fund had no amounts outstanding as of November 30, 2010 or at any time during the period then ended.
 
30
 
 

8. Derivatives
 
U.S. GAAP requires enhanced disclosures that enable investors to understand: 1) how and why an entity uses derivatives, 2) how they are accounted for, and 3) how they affect an entity’s results of operations and financial position.
 
Foreign Currency Exchange Contracts — The Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. 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. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies. 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 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 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, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The 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 the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.
 
9. Securities Lending
 
The Fund, along with other funds in the Delaware Investments® Family of Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with BNY Mellon. 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 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 ap plicable 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 collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security may be temporarily more or less than the value of the security on loan.
 
Cash collateral received is generally invested in the Delaware Investments Collateral Fund No. 1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed by DMC that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high quality corporate debt, asset-backed and
 
31
 
 

Notes to financial statements
Delaware Macquarie Global Infrastructure Fund
 
9. Securities Lending (continued)
 
other money market securities and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Collective Trust seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Fund may incur investment losses as a result of investing securities lending collateral in the Collective Trust. This could occur if an investment in the Collective Trust defaulted or if it were necessary to liquidate assets in the Collective Trust to meet returns on outstanding security loans at a time when the Collective Trust’s net asset value per unit was less than $1.00. Under those circumstances, the Fund may not receive an amount from the Collective Trust that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and t he Fund would be required to make up this shortfall. The Fund can also accept U.S. 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 the Fund, or at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to change in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect t o security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower. The Fund had no securities out on loan as of November 30, 2010.
 
10. Credit and Market Risk
 
Some countries in which the Fund 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 United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.
 
Because the Fund concentrates its investments in securities issued by companies principally engaged in the infrastructure industry, the Fund has greater exposure to the potential adverse economic, regulatory, political, and other changes affecting such entities.
 
32
 
 

The 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 of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the 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, the Fund’s Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid assets. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. As of November 30, 2010, no securities have been determined to be illiquid unde r the Fund’s Liquidity Procedures. Rule 144A securities have been identified on the statement of net assets.
 
11. Contractual Obligations
 
The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.
 
12. Subsequent Events
 
Management has determined no material events or transactions occurred subsequent to November 30, 2010 that would require recognition or disclosure in the Fund’s financial statements.
 
13. Tax Information (Unaudited)
 
The information set forth below is for the Fund’s fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.
 
For the fiscal year ended November 30, 2010, the Fund designates distributions paid during the year as follows:
 
(A) Ordinary Income Distributions* (Tax Basis) 100%
(B) Qualifying Dividends1 25%

(A) is based on a percentage of the Fund’s total distributions.
(B) is based on a percentage of the Fund’s ordinary income distributions.
1Qualifying dividends represent dividends which qualify for the corporate dividends received deduction.
*For the fiscal year ended November 30, 2010, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Fund intends to designate the $16,760 to be taxed at a maximum rate of 15%. Complete information will be computed and reported in conjunction with your 2010 Form 1099-DIV.
 
The Fund intends to pass through foreign tax credits in the maximum amount of $4,948. The gross foreign source income earned during the fiscal year 2010 by the Fund was $63,937.
 
33
 
 

Report of independent
registered public accounting firm
 
To the Board of Trustees of Delaware Group Global & International Funds
and the Shareholders of Delaware Macquarie Global Infrastructure Fund:
 
In our opinion, the accompanying statement of net assets and statement of assets and liabilities and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Delaware Macquarie Global Infrastructure Fund (one of the series constituting Delaware Group Global & International Funds, hereafter referred to as the “Fund”) at November 30, 2010, and the results of its operations, the changes in its net assets and the financial highlights for the period December 31, 2009 (commencement of operations) through November 30, 2010, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at November 30, 2010 by correspondence with the custodian and broker, provides a reasonable basis for our opinion.
 
  
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 19, 2011
 
34
 
 

Other Fund information
(Unaudited)
Delaware Macquarie Global Infrastructure Fund
 
Change in Independent Registered Public Accounting Firm
 
Due to independence matters under the Securities and Exchange Commission’s auditor independence rules relating to the January 4, 2010 acquisition of Delaware Investments (including DMC, DDLP and DSC) by Macquarie Group, Ernst & Young LLP (“E&Y”) has resigned as the independent registered public accounting firm for Delaware Group® Global & International Funds (the “Trust”) effective May 20, 2010. At a meeting held on May 20, 2010, the Board of Trustees of the Fund, upon recommendation of the Audit Committee, selected PricewaterhouseCoopers LLP (“PwC”) to serve as the independent regist ered public accounting firm for the Trust for the fiscal year ending November 30, 2010. During the fiscal years ended November 30, 2009 and 2008, E&Y’s audit reports on the financial statements of the Fund did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. In addition, there were no disagreements between the Trust and E&Y on accounting principles, financial statements disclosures or audit scope, which, if not resolved to the satisfaction of E&Y, would have caused them to make reference to the disagreement in their reports. Neither the Trust nor anyone on its behalf has consulted with PwC at any time prior to their selection with respect to the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on the Trust’s financial statements.
 
35
 
 

Board of trustees/directors and officers addendum
Delaware Investments® Family of Funds
 
A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates
 
Name, Address,   Position(s)   Length of
and Birth Date       Held with Fund(s)       Time Served
Interested Trustees        
         
Patrick P. Coyne1   Chairman, President,   Chairman and Trustee
2005 Market Street   Chief Executive Officer,   since August 16, 2006
Philadelphia, PA 19103   and Trustee    
April 1963       President and
        Chief Executive Officer
        since August 1, 2006
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         

1 Patrick P. Coyne is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
 
36
 
 

for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.
 
    Number of Portfolios in    
Principal Occupation(s)   Fund Complex Overseen   Other Directorships
During Past 5 Years       by Trustee or Officer       Held by Trustee or Officer
 
 
Patrick P. Coyne has served in   78   Director
various executive capacities       Kaydon Corp.
at different times at        
Delaware Investments.2       Board of Governors Member
        Investment Company
        Institute (ICI)
         
        Finance Committee Member
        St. John Vianney Roman
        Catholic Church
 
        Board of Trustees
        Agnes Irwin School
 
        Member of Investment
        Committee
        Cradle of Liberty Council,
        BSA
        (2007 – 2010)
         
 
         
         

2 Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.
 
37
 
 

Board of trustees/directors and officers addendum
Delaware Investments® Family of Funds
 
Name, Address,   Position(s)   Length of
and Birth Date       Held with Fund(s)       Time Served
Independent Trustees        
         
Thomas L. Bennett   Trustee   Since March 2005
2005 Market Street        
Philadelphia, PA 19103        
October 1947        
         
         
         
         
         
         
         
         
         
         
John A. Fry   Trustee   Since January 2001
2005 Market Street        
Philadelphia, PA 19103        
May 1960        
         
         
         
         
         
         
         
         
Anthony D. Knerr   Trustee   Since April 1990
2005 Market Street        
Philadelphia, PA 19103        
December 1938        
         
         
Lucinda S. Landreth   Trustee   Since March 2005
2005 Market Street        
Philadelphia, PA 19103        
June 1947        
         

38
 
 

    Number of Portfolios in    
Principal Occupation(s)   Fund Complex Overseen   Other Directorships
During Past 5 Years       by Trustee or Officer       Held by Trustee or Officer
         
         
Private Investor   78   Director
(March 2004–Present)       Bryn Mawr Bank Corp. (BMTC)
         
Investment Manager       Chairman of Investment
Morgan Stanley & Co.       Committee
(January 1984–March 2004)       Pennsylvania Academy of
        Fine Arts
         
        Investment Committee and
        Governance Committee
        Member
        Pennsylvania Horticultural
        Society
         
President   78   Director
Drexel University       Community Health Systems
(August 2010–Present)        
        Director — Ecore
President       International
Franklin & Marshall College       (2009 – 2010)
(July 2002–July 2010)        
        Director — Allied
Executive Vice President       Barton Securities Holdings
University of Pennsylvania       (2005 – 2008)
(April 1995–June 2002)        
         
Founder and   78   None
Managing Director        
Anthony Knerr & Associates        
(Strategic Consulting)        
(1990–Present)        
         
Chief Investment Officer   78   None
Assurant, Inc. (Insurance)        
(2002–2004)        
         
         

39
 
 

Board of trustees/directors and officers addendum
Delaware Investments® Family of Funds
 
Name, Address,   Position(s)   Length of
and Birth Date       Held with Fund(s)       Time Served
Independent Trustees (continued)        
         
Ann R. Leven   Trustee   Since October 1989
2005 Market Street        
Philadelphia, PA 19103        
November 1940        
 
 
 
 
 
 		        
Thomas F. Madison   Trustee   Since May 19973
2005 Market Street        
Philadelphia, PA 19103        
February 1936        
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 		        

3 In 1997, several funds managed by Voyageur Fund Managers, Inc. (the “Voyageur Funds”) were incorporated into the Delaware Investments Family of Funds. Mr. Madison served as a director of the Voyageur Funds from 1993 until 1997.
 
40
 
 

    Number of Portfolios in    
Principal Occupation(s)   Fund Complex Overseen   Other Directorships
During Past 5 Years       by Trustee or Officer       Held by Trustee or Officer
         
         
Consultant   78   Director and Audit
ARL Associates       Committee Chair –
(Financial Planning)       Systemax Inc.
(1983–Present)       (2001 – 2009)
         
        Director and Audit
        Committee Chairperson –
        Andy Warhol Foundation
        (1999 – 2007)
         
President and   78   Director and Chair of
Chief Executive Officer       Compensation Committee,
MLM Partners, Inc.       Governance Committee
(Small Business Investing       Member
and Consulting)       CenterPoint Energy
(January 1993–Present)        
        Lead Director and Chair of
        Audit and Governance
        Committees, Member of
        Compensation Committee
        Digital River, Inc.
         
        Director and Chair of
        Governance Committee,
        Audit Committee
        Member
        Rimage Corporation
         
        Director and Chair of
        Compensation Committee
        Spanlink Communications
         
        Lead Director and Member of
        Compensation and
        Governance Committees
        Valmont Industries, Inc.
        (1987 – 2010)
         

41
 
 

Board of trustees/directors and officers addendum
Delaware Investments® Family of Funds
 
Name, Address,   Position(s)   Length of
and Birth Date       Held with Fund(s)       Time Served
Independent Trustees (continued)        
 
Thomas F. Madison        
2005 Market Street        
Philadelphia, PA 19103        
February 1936        
 
Janet L. Yeomans   Trustee   Since April 1999
2005 Market Street        
Philadelphia, PA 19103        
July 1948        
 
 
 
 
J. Richard Zecher   Trustee   Since March 2005
2005 Market Street        
Philadelphia, PA 19103        
July 1940        
 
 
         
         
         
         
         
         
         
         
         
         
         
         
         
         
 

42
 
 

    Number of Portfolios in    
Principal Occupation(s)   Fund Complex Overseen   Other Directorships
During Past 5 Years       by Trustee or Officer       Held by Trustee or Officer
         
 
        Director
        Banner Health
        (1996 – 2007)
         
 
Vice President and Treasurer   78   Director
(January 2006–Present)       Okabena Company
Vice President — Mergers & Acquisitions        
(January 2003–January 2006), and        
Vice President        
(July 1995–January 2003)        
3M Corporation        
   
Founder   78   Director and Audit
Investor Analytics       Committee Member
(Risk Management)       Investor Analytics
(May 1999–Present)        
         
Founder       Director
Sutton Asset Management       Oxigene, Inc.
(Hedge Fund)       (2003 – 2008)
(September 1996–Present)        
         
         
         
         
         
         
         
         
         
         
         
 

43
 
 

Board of trustees/directors and officers addendum
Delaware Investments® Family of Funds
 
Name, Address,   Position(s)   Length of
and Birth Date       Held with Fund(s)       Time Served
Officers        
         
David F. Connor   Vice President,   Vice President since
2005 Market Street   Deputy General   September 2000
Philadelphia, PA 19103   Counsel, and Secretary   and Secretary since
December 1963       October 2005
         
         
Daniel V. Geatens   Vice President   Treasurer
2005 Market Street   and Treasurer   since October 2007
Philadelphia, PA 19103        
October 1972        
         
David P. O’Connor   Senior Vice President,   Senior Vice President,
2005 Market Street   General Counsel,   General Counsel, and
Philadelphia, PA 19103   and Chief Legal Officer   Chief Legal Officer
February 1966       since October 2005
         
Richard Salus   Senior Vice President   Chief Financial Officer
2005 Market Street   and Chief Financial Officer   since November 2006
Philadelphia, PA 19103        
October 1963        
         

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.
 
44
 
 

    Number of Portfolios in    
Principal Occupation(s)   Fund Complex Overseen   Other Directorships
During Past 5 Years       by Trustee or Officer       Held by Trustee or Officer
         
         
David F. Connor has served as   78   None4
Vice President and Deputy        
General Counsel of        
Delaware Investments        
since 2000.        
         
Daniel V. Geatens has served   78   None4
in various capacities at        
different times at        
Delaware Investments.        
         
David P. O’Connor has served in   78   None4
various executive and legal        
capacities at different times        
at Delaware Investments.        
         
Richard Salus has served in   78   None4
various executive capacities        
at different times at        
Delaware Investments.        
         

4 David F. Connor, Daniel V. Geatens, David P. O’Connor, and Richard Salus serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant.
 
45
 
 

About the organization
 
Board of trustees
Patrick P. Coyne
Chairman, President, and
Chief Executive Officer
Delaware Investments®
Family of Funds
Philadelphia, PA
 
Thomas L. Bennett
Private Investor
Rosemont, PA
 
John A. Fry
President
Drexel University
Philadelphia, PA
Anthony D. Knerr
Founder and Managing
Director
Anthony Knerr &
Associates
New York, NY
 
Lucinda S. Landreth
Former Chief Investment
Officer
Assurant, Inc.
Philadelphia, PA
Ann R. Leven
Consultant
ARL Associates
New York, NY
 
Thomas F. Madison
President and
Chief Executive Officer
MLM Partners, Inc.
Minneapolis, MN
Janet L. Yeomans
Vice President and
Treasurer
3M Corporation
St. Paul, MN
 
J. Richard Zecher
Founder
Investor Analytics
Scottsdale, AZ
       
Affiliated officers
David F. Connor
Vice President, Deputy
General Counsel, and
Secretary
Delaware Investments
Family of Funds
Philadelphia, PA
Daniel V. Geatens
Vice President and
Treasurer
Delaware Investments
Family of Funds
Philadelphia, PA
David P. O’Connor
Senior Vice President,
General Counsel,
and Chief Legal Officer
Delaware Investments
Family of Funds
Philadelphia, PA
Richard Salus
Senior Vice President and
Chief Financial Officer
Delaware Investments
Family of Funds
Philadelphia, PA

This annual report is for the information of Delaware Macquarie Global Infrastructure Fund shareholders, but it may be used with prospective investors when preceded or accompanied by a current prospectus for Delaware Macquarie Global Infrastructure Fund and the Delaware Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at www.delawareinvestments.com.
 
The prospectus sets forth details about charges, expenses, investment objectives, and operating policies of the investment company. You should read the prospectus carefully before you invest. The figures in this report represent past results that are not a guarantee of future results. The return and principal value of an investment in the investment company will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.
Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.
 
The 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-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses 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 Web site at www.sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Fund’s Schedule of Investments are available without charge on the Fund’s Web site at www.delawareinvestments.com. The Fund’s Forms N-Q 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 obtaine d by calling 800 SEC-0330.
 
Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s Web site at www.delawareinvestments.com; and (ii) on the SEC’s Web site at www.sec.gov.

46
 
 

Item 2. Code of Ethics
 
     The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant’s Code of Business Ethics has been posted on the Delaware Investments Internet Web site at www.delawareinvestments.com. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.
 
Item 3. Audit Committee Financial Expert
 
     The registrant’s Board of Trustees/Directors has determined that each member of the registrant’s Audit Committee is an audit committee financial expert, as defined below. For purposes of this item, an “audit committee financial expert” is a person who has the following attributes:
 
     a. An understanding of generally accepted accounting principles and financial statements;
 
     b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;
 
     c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities;
 
     d. An understanding of internal controls and procedures for financial reporting; and
 
     e. An understanding of audit committee functions.
 
An “audit committee financial expert” shall have acquired such attributes through:
 
     a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;
 
     b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;
 
     c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or
 
 

     d. Other relevant experience.
 
     The registrant’s Board of Trustees/Directors has also determined that each member of the registrant’s Audit Committee is independent. In order to be “independent” for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees/Directors or any committee thereof, accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an “interested person” of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.
 
     The names of the audit committee financial experts on the registrant’s Audit Committee are set forth below:
 
     John A. Fry
     Thomas F. Madison
     Janet L. Yeomans
 
Item 4. Principal Accountant Fees and Services
 
     (a) Audit fees.
 
     The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $94,300 for the fiscal year ended November 30, 2010.
 
     The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $85,414 for the fiscal year ended November 30, 2009.
 
     (b) Audit-related fees.
 
     The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended November 30, 2010.
 
     The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $84,000 for the registrant’s fiscal year ended November 30, 2010. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: audit procedures performed on Delaware Investments for its consolidation into Macquarie’s financial statements as of March 31, 2010.
 
 

     The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended November 30, 2009.
 
     The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $19,074 for the registrant’s fiscal year ended November 30, 2009. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: issuance of report concerning transfer agent’s system of internal accounting control pursuant to Rule 17Ad-13 of the Securities Exchange Act.
 
     (c) Tax fees.
 
     The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $17,250 for the fiscal year ended November 30, 2010. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annua l excise distribution calculations.
 
     The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $10,000 for the registrant’s fiscal year ended November 30, 2010. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: state and local tax services.
 
     The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $0 for the fiscal year ended November 30, 2009.
 
     The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended November, 2009.
 
 

     (d) All other fees.
 
     The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended November 30, 2010.
 
     The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended November 30, 2010.
 
     The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended November 30, 2009.
 
     The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended November 30, 2009.
 
     (e) The registrant’s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the “Pre-Approval Policy”) with respect to services provided by the registrant’s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Delaware Investments Family of Funds.
 
Service Range of Fees
Audit Services  
Statutory audits or financial audits for new Funds up to $25,000 per Fund
Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters up to $10,000 per Fund
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit-related services” rather than “audit services”) up to $25,000 in the aggregate
Audit-Related Services  
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit services” rather than “audit-related services”) up to $25,000 in the aggregate
Tax Services  
U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds’ tax compliance function, etc.) up to $25,000 in the aggregate
U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.) up to $5,000 per Fund
Review of federal, state, local and international income, franchise and other tax returns up to $5,000 per Fund
 
 

     Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant’s investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the “Control Affiliates”) up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.
 
Service Range of Fees
Non-Audit Services  
Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters up to $10,000 in the aggregate

     The Pre-Approval Policy requires the registrant’s independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.
 
     (f) Not applicable.
 
     (g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $0 and $238,286 for the registrant’s fiscal years ended November 30, 2010 and November 30, 2009, respectively.
 
     (h) In connection with its selection of the independent auditors, the registrant’s Audit Committee has considered the independent auditors’ provision of non-audit services to the registrant’s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors’ provision of these services is compatible with maintaining the auditors’ independence.
 
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 Company and Affiliated Purchasers
 
     Not applicable.
 
Item 10. Submission of Matters to a Vote of Security Holders
 
     Not applicable.
 
Item 11. Controls and Procedures
 
     The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.
 
     There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by the report to stockholders included herein (i.e., the registrant’s fourth fiscal quarter) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
 
Item 12. 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.
 
Name of Registrant: Delaware Group® Global & International Funds
 
PATRICK P. COYNE
By: Patrick P. Coyne
Title:   Chief Executive Officer
Date: January 28, 2011

     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.
 
PATRICK P. COYNE
By: Patrick P. Coyne
Title:   Chief Executive Officer
Date: January 28, 2011
 
RICHARD SALUS
By: Richard Salus
Title: Chief Financial Officer
Date: January 28, 2011
 
 EX-99.CERT 2 exhibit99-cert.htm CERTIFICATION exhibit99-cert.htm
EXHIBIT 99.CERT
 
CERTIFICATION
 
I, Patrick P. Coyne, certify that:
 
1.        I have reviewed this report on Form N-CSR of Delaware Group® Global & International Funds;
     
2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
     
4.   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
     
           (a)        designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
    (b)   designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
    (c)   evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
     
    (d)   disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
     
5.        The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
        (a)        all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
 
    (b)   any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date:     January 28, 2011
 
PATRICK P. COYNE
By: Patrick P. Coyne
Title:   Chief Executive Officer
 
 

CERTIFICATION
 
I, Richard Salus, certify that:
 
1.        I have reviewed this report on Form N-CSR of Delaware Group® Global & International Funds;
     
2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
     
4.   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
     
           (a)        designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
    (b)   designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
    (c)   evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
     
    (d)   disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
     
5.   The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
     
    (a)   all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
     
    (b)   any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date:     January 28, 2011
 
RICHARD SALUS
By: Richard Salus
Title:   Chief Financial Officer
 
 EX-99.906 CERT 3 exhibit99-906cert.htm CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 exhibit99-906cert.htm
EXHIBIT 99.906CERT
 
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
In connection with the attached report of the registrant on Form N-CSR to be filed with the Securities and Exchange Commission (the “Report”), each of the undersigned officers of the registrant does hereby certify, to the best of such officer’s knowledge, that:
 
1.        The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and
 
2.   The information contained in the Report fairly represents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.
 
Date: January 28, 2011
 
PATRICK P. COYNE
By: Patrick P. Coyne
Title: Chief Executive Officer
 
RICHARD SALUS
By: Richard Salus
Title:   Chief Financial Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.
 
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