Fund Description

The fund was incepted in July 1999 and is managed by Delaware International Advisers Ltd. The fund seeks maximum long-term total return, consistent with reasonable risk. The fund invests primarily in equity securities of companies that are organized, have a majority of their assets, or derive most of their operating income in developed countries outside the United States, and which, in the managers opinion, are undervalued at the time of purchase based on our fundamental analysis. Under normal circumstances, the fund invests at least 80% of its net assets in equity securities of small-capitalization companies. Dividends and capital gains are distributed annually.