Acquisition of the Assets of:

MACQUARIE GLOBAL ALLOCATION FUND (FORMERLY, DELAWARE IVY WILSHIRE GLOBAL ALLOCATION FUND) (a series of Ivy Funds)

By and in exchange for shares of:

MACQUARIE BALANCED FUND (FORMERLY, DELAWARE IVY BALANCED FUND) (a series of Ivy Funds)

Acquired Fund Prospectus	Acquiring Fund Prospectus
Macquarie Global Allocation Fund – dated October 30, 2024 (1933 Act File No. 033-45961)	Macquarie Balanced Fund – dated July 31, 2024 (1933 Act File No. 033-45961)

•

If approved by Acquired Fund shareholders, the Reorganization will result in your Acquired Fund shares being exchanged for Acquiring Fund shares equal in value (but having a different price per share) to your shares of the Acquired Fund. In particular, shareholders of the Acquired Fund will receive the equivalent aggregate NAV of the Class A, Class C, Institutional Class, or Class R6 shares, of the Acquiring Fund.

•

If the Reorganization is approved by shareholders, the Acquired Fund may temporarily not meet its investment objective and/or may deviate from its principal investment strategies in advance of the closing of the Reorganization.

•

Following the Reorganization, you will cease to be an Acquired Fund shareholder and will become an Acquiring Fund shareholder.

•

This exchange will occur on a date agreed upon by the parties to the Plan, which is currently anticipated to occur on or around June 27, 2025 (“Closing Date”). Shareholders of the Acquired Fund will not be assessed any sales charges for the exchange of their Class A or Class C shares of the Acquiring Fund.

Macquarie Global Allocation Fund (Acquired Fund)	Macquarie Balanced Fund (Acquiring Fund)
What is the Fund’s investment objective?   Macquarie Global Allocation Fund seeks to provide total return.	What is the Fund’s investment objective?   Macquarie Balanced Fund seeks to provide total return through a combination of capital appreciation and current income.

Macquarie Global Allocation Fund (Acquired Fund)

Macquarie Balanced Fund (Acquiring Fund)

What are the Acquired Fund’s principal investment strategies?   Macquarie Global Allocation Fund is a fund-of-funds that seeks to achieve its objective primarily by allocating its assets among a diverse group of equity and fixed-income mutual funds, including affiliated and unaffiliated equity and fixed-income mutual funds and unaffiliated exchange-traded funds (ETFs), and directly investing in stocks and bonds.   The Acquired Fund invests primarily in mutual funds that are series of the Delaware Funds (each such fund is an “Underlying Affiliated Fund”). Each Underlying Affiliated Fund, in turn, invests in a diversified portfolio of securities from one or more of the following asset classes: domestic equity

What are the Acquiring Fund’s principal investment strategies?   Macquarie Balanced Fund seeks to achieve its objective by investing primarily in a diversified mix of stocks, debt securities and short-term instruments, depending on market conditions. Regarding its income-generating equity investments, including convertible securities, the Acquiring Fund invests primarily in medium to large, well-established companies, although it may invest in securities issued by companies of any size. The Acquiring Fund invests at least 50% of its total assets in equity securities including convertible securities. The Acquiring Fund may invest in preferred stocks and real estate investment trusts (REITs).

securities, foreign equity securities (from issuers in both developed and emerging markets) and bonds (both investment grade and high-yield (junk) bonds) issued by domestic and foreign corporations and governments. The Acquired Fund invests in Underlying Affiliated Funds and stocks and bonds that utilize a variety of growth or income investment strategies to seek to achieve their respective objectives. The Underlying Affiliated Funds of the Trust are managed by Delaware Management Company (Manager).   For the purposes of this section, a reference to the Manager may also include Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK,” or the “Sub-advisor”), with respect to its role as sub-advisor of the Acquired Fund.   Under normal circumstances, the Acquired Fund's “policy” asset mix is 65% invested in equities and 35% invested in fixed income. However, at any given time, the Acquired Fund's permissible ranges are 45% to 85% invested in equities and 15% to 55% invested in fixed income and other asset classes.   Through its investments in the Underlying Affiliated Funds and/or its direct stock and bond investments, the Acquired Fund will invest, under normal circumstances, at least 40% of its assets in foreign investments.

The Acquiring Fund invests at least 30% of its total assets in debt securities with the objective of providing income and diversification although such diversification may not protect against market risk. The Acquiring Fund’s debt securities may include US government securities or investment-grade corporate bonds rated BBB- or higher by S&P Global Ratings, a division of S&P Global, Inc. (S&P), or comparably rated by another nationally recognized statistical rating organization (NRSRO) or, if unrated, determined by the Manager to be of comparable quality. The Acquiring Fund may also invest up to 20% of its total assets in non-investment-grade debt securities. The Acquiring Fund has no limitations on the range of maturities of the debt securities in which it may invest.

MIMAK and the Manager use a dynamic asset-allocation framework to determine the proportion of the Acquired Fund's assets that will be allocated to the various asset classes noted above, based on the market assessment and portfolio risk contribution for such asset classes. The framework is intended to reduce riskier assets in times of market volatility and provide additional downside protection.

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), the sub-advisor to the Acquiring Fund, and the Manager use a dynamic asset-allocation framework to determine the proportion of the Acquiring Fund's assets that will be allocated to the various asset classes noted above, based on the market assessment and portfolio risk contribution for such asset classes. The framework is intended to reduce riskier assets in times of market volatility and provide additional downside protection. In addition, MIMAK will also manage a tactical / completion sleeve and such sleeve will typically vary from 0% to 20% of the Acquiring Fund’s total assets and primarily hold derivatives and exchange-traded funds (ETFs).   For the purposes of this section, a reference to the Manager may also include MIMAK, with respect to its role as sub-advisor of the Acquiring Fund.   In evaluating investments for the Acquiring Fund, the Manager focuses on companies with resilient

business models characterized by stable growth rates; strong balance sheets; relative strength in earnings; attractive return profiles and valuation; and strong free cash flow generation. In so doing, the Manager evaluates a company’s management team, its financial position, its competitive position and the condition of its respective industry in addition to other factors. The Manager utilizes financial statements, independent research by its investment management personnel, third party research, brand studies done by outside parties and other tools and processes to identify what it believes to be attractive investment opportunities with a focus on the trajectory and sustainability of a company’s business model. The Manager also focuses on companies that possess a sustainable competitive advantage by evaluating factors such as brand equity/loyalty, proprietary technology, switching costs, access to distribution channels, capital requirements, economies of scale, and barriers to entry. In addition, the Manager’s analysis informs its view of an appropriate valuation for each potential investment.   Investment opportunities typically fall into two categories: company-specific ideas which include factors such as a company’s competitive positioning, production cycles, cost restructuring or a new management team; and thematic ideas where the Manager considers economic or political forces, interest rate term structure variances, cyclical inflections, changes in consumer behavior or technology shifts.   The Acquiring Fund may use a wide range of derivatives instruments, typically including forward foreign currency contracts, options, futures contracts, options on futures contracts, and credit default swaps. The Acquiring Fund will use derivatives for both hedging and non-hedging purposes; as a substitute for purchasing or selling securities; and to manage the Acquiring Fund’s portfolio characteristics. For example, the Acquiring Fund may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; and credit default swaps to hedge against a credit event, to gain exposure to certain securities or markets, or to enhance total return.   In selecting debt securities for the Acquiring Fund, the Manager focuses on current income and capital preservation and generally seeks to invest in

investment-grade securities. The Acquiring Fund may invest up to 30% of its total assets in foreign securities, including equity and fixed-income securities. Additionally, many of the companies in which the Acquiring Fund may invest have diverse operations, with products or services in foreign markets. Therefore, the Acquiring Fund may have indirect exposure to various foreign markets through investments in these companies, even if the Acquiring Fund is not invested directly in such markets.   The Acquiring Fund may invest in bonds of any maturity or duration.   Generally, in determining whether to sell a security, the Manager uses the same analysis as identified above in order to determine if the security is appropriately valued or has met its anticipated price. The Manager also may sell a security if the security ceases to produce income, to reduce the Acquiring Fund’s holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.   In addition, the Manager may seek investment   advice and recommendations relating to fixed income securities from its affiliates: Macquarie Investment Management Europe Limited (MIMEL) and Macquarie Investment Management Global Limited (MIMGL). The Manager may also permit MIMGL to execute Acquiring Fund equity security trades on behalf of the Manager. The Manager may also permit MIMEL and MIMGL to exercise investment discretion and perform trading for fixed income securities in certain markets where the Manager believes it will be beneficial to utilize MIMEL’s or MIMGL’s specialized market knowledge, and the Manager may also seek quantitative support from MIMGL. MIMGL is also responsible for managing real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time.

Acquired Fund	Acquiring Fund
Market risk	Market risk
Credit risk	Credit risk
High yield (junk bond) risk	High yield (junk bond) risk
Interest rate risk	Interest rate risk
Large-capitalization company risk
Currency risk
Small- and mid-market capitalization company risk
Exchange-traded fund risk	Exchange-traded fund risk
Investment company securities risk
Fund of funds risk
Equity funds risk
Bond funds risk
Liquidity risk	Liquidity risk
Active management and selection risk	Active management and selection risk
Foreign and emerging markets risk	Foreign risk
US government securities risk	US government securities risk
	REIT-related risk
	Company size risk
	Preferred stock risk

Fund	Portfolio Turnover Rate
Macquarie Global Allocation Fund (Acquired Fund)
Fiscal year ended 6/30/24	46%
Fiscal year ended 6/30/23	48%
Macquarie Balanced Fund (Acquiring Fund)
Fiscal year ended 3/31/24	73%
Fiscal year ended 3/31/23	82%

Shareholder Fees (fees paid directly from your investment)					Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Class	Maximum Sales Charge (Load) Imposed on Purchases	Maximum Deferred Sales Charge (Load)		Management Fees	Distribution and/or Service (12b-1) Fees	Other Expenses	Acquired Fund Fees and Expenses	Total Annual Fund Operating Expenses	Fee Waiver and/or Expense Reimbursement	Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments
Macquarie Global Allocation Fund as of 12/31/24
Class A into Acquiring Fund Class A	5.75%	None1		0.07%	0.25%	0.25%	0.63%	1.20%	-%5	1.20%
Class C into Acquiring Fund Class C	None	1.001		0.07%	1.00%	0.25%	0.63%	1.95%	-%5	1.95%
Institutional Class into Acquiring Fund Institutional Class	None	None		0.07%	-	0.25%	0.63%	0.95%	-%5	0.95%
Class R6 into Acquiring Fund Class R6	None	None		0.07%		0.11%	0.63%	0.81%	-%5	0.81%
Macquarie Balanced Fund as of 9/30/24

Shareholder Fees (fees paid directly from your investment)					Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Class	Maximum Sales Charge (Load) Imposed on Purchases	Maximum Deferred Sales Charge (Load)		Management Fees	Distribution and/or Service (12b-1) Fees	Other Expenses	Acquired Fund Fees and Expenses	Total Annual Fund Operating Expenses	Fee Waiver and/or Expense Reimbursement	Total Annual Operating Expenses After Fee Waivers, Expense Reimbursements and/or Recoupments
Class A	5.75%	None1		0.68%	0.25%	0.16%	0.01%	1.10%	(0.04)%6	1.06%
Class C	None	1.001		0.68%	1.00%	0.16%	0.01%	1.85%	(0.04)%6	1.81%
Institutional Class	None	None		0.68%		0.16%	0.01%	0.85%	(0.04)%6	0.81%
Class R	None	None		0.68%	0.50%	0.16%	0.01%	1.35%	(0.04)%6	1.31%
Class R6	None	None		0.68%	-	0.07%	0.01%	0.76%	(0.04)%6	0.72%
Class Y	None	None		0.68%	0.25%	0.16%	0.01%	1.10%	(0.04)%6	1.06%
Pro Forma Macquarie Balanced Fund as of 6/27/25 (Macquarie Global Allocation Fund into Acquiring Fund)
Class A	5.75%	None1		0.67%	0.25%	0.16%	0.16%	1.24%	(0.20)%7	1.04%
Class C	None	1.001		0.67%	1.00%	0.16%	0.16%	1.99%	(0.20)%7	1.79%
Institutional Class	None	None		0.67%	-	0.16%	0.16%	0.99%	(0.20)%7	0.79%
Class R6	None	None		0.67%	-	0.08%	0.16%	0.91%	(0.20)%7	0.71%
Pro Forma Macquarie Balanced Fund as of 6/27/25 (Macquarie Multi-Asset Income Fund and Macquarie Global Allocation Fund into Acquiring Fund)
Class A	5.75%	None1		0.67%	0.25%	0.17%	0.15%	1.24%	(0.27)%8	0.97%
Class C	None	1.001		0.67%	1.00%	0.17%	0.15%	1.99%	(0.27)%8	1.72%
Institutional Class	None	None		0.67%	-	0.17%	0.15%	0.99%	(0.27)%8	0.72%
Class R	None	None		0.67%	0.50%	0.17%	0.15%	1.49%	(0.27)%8	1.22%
Class R6	None	None		0.67%	-	0.09%	0.15%	0.91%	(0.27)%8	0.64%
Class Y	None	None		0.67%	0.25%	0.17%	0.15%	1.24%	(0.27)%8	0.97%

1	For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
2	“Other expenses” account for Class R6 shares not being subject to certain expenses as described further in the section of the Prospectus entitled “Choosing a share class.”
3	Acquired fund fees and expenses sets forth the Fund's pro rata portion of the cumulative expenses charged by the registered investment companies (RICs) in which the Fund invested during the last fiscal year. The actual acquired fund fees and expenses will vary with changes in the allocations of the Fund's assets. The acquired fund fees and expenses shown are based on the total expense ratio of the RICs for the RICs' most recent fiscal period. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund's NAV.
4	The total annual fund operating expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired fund fees and expenses.
5	Macquarie Global Allocation Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not

	limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.33% of  Macquarie Global Allocation Fund’s average daily net assets for all share classes other than Class R6, and 0.19% of Macquarie Global Allocation Fund’s Class R6 shares’ average daily net assets, from October 30, 2024 through October 29, 2025. These waivers and reimbursements may only be terminated by agreement of the Manager and Macquarie Global Allocation Fund.
6	Macquarie Balanced Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.80% of Macquarie Balanced Fund's average daily net assets for all classes other than R6, and 0.71% of Macquarie Balanced Fund’s Class R6 shares’ average daily net assets, from July 31, 2024 through July 30, 2025. These waivers and reimbursements may only be terminated by agreement of the Manager and Macquarie Balanced Fund.
7	Effective upon the closing of the Reorganization, Macquarie Balanced Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.79% of Macquarie Balanced Fund’s average daily net assets for all share classes other than R6 and 0.71% of Macquarie Balanced Fund’s Class R6 shares’ average daily net assets for one year from the close of the Reorganization. These waivers and reimbursements may only be terminated by agreement of the Manager and Macquarie Balanced Fund.
8	Effective upon the closing of the Reorganization, Macquarie Balanced Fund’s investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.72% of Macquarie Balanced Fund’s average daily net assets for all share classes other than R6 and 0.64% of Macquarie Balanced Fund’s Class R6 shares’ average daily net assets for one year from the close of the Reorganization. These waivers and reimbursements may only be terminated by agreement of the Manager and Macquarie Balanced Fund.

Class A	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$690	$934	$1,197	$1,946
Acquiring Fund	$677	$901	$1,143	$1,835
Pro forma Acquiring Fund (after the Reorganization) (Macquarie Global Allocation Fund into Acquiring Fund)	$675	$927	$1,199	$1,972
Pro forma Acquiring Fund (after the Reorganization) (Macquarie Multi-Asset Income Fund and Macquarie Global Allocation Fund into Acquiring Fund)	$668	$921	$1,192	$1,966
Class C (if not redeemed)	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$198	$612	$1,052	$2,275
Acquiring Fund	$184	$578	$997	$2,166

Pro forma Acquiring Fund (after the Reorganization) (Macquarie Global Allocation Fund into Acquiring Fund)	$182	$605	$1,054	$2,301
Pro forma Acquiring Fund (after the Reorganization) (Macquarie Multi-Asset Income Fund and Macquarie Global Allocation Fund into Acquiring Fund)	$175	$598	$1,048	$2,295
Class C	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$298	$612	$1,052	$2,275
Acquiring Fund	$284	$578	$997	$2,166
Pro forma Acquiring Fund (after the Reorganization) (Macquarie Global Allocation Fund into Acquiring Fund)	$282	$605	$1,054	$2,301
Pro forma Acquiring Fund (after the Reorganization) (Macquarie Multi-Asset Income Fund and Macquarie Global Allocation Fund into Acquiring Fund)	$275	$598	$1,048	$2,295
Institutional Class	1 Year	3 Years	5 Years	10 Years
Acquired Fund (Institutional Class)	$97	$303	$525	$1,166
Acquiring Fund	$83	$267	$467	$1,045
Pro forma Acquiring Fund (after the Reorganization) (Macquarie Global Allocation Fund into Acquiring Fund)	$81	$295	$528	$1,195
Pro forma Acquiring Fund (after the Reorganization) (Macquarie Multi-Asset Income Fund and Macquarie Global Allocation Fund into Acquiring Fund)	$74	$288	$521	$1,188
Class R6	1 Year	3 Years	5 Years	10 Years
Acquired Fund	$83	$259	$450	$1,002
Acquiring Fund	$74	$239	$418	$939
Pro forma Acquiring Fund (after the Reorganization) (Macquarie Global Allocation Fund into Acquiring Fund)	$73	$270	$484	$1,101
Pro forma Acquiring Fund (after the Reorganization) (Macquarie Multi-Asset Income Fund and Macquarie Global Allocation Fund into Acquiring Fund)	$65	$263	$477	$1,095

Fund	Aggregate Fee
Macquarie Global Allocation Fund (Acquired Fund)	0.06%
Macquarie Balanced Fund (Acquiring Fund)	0.67%

	1 year	5 years	10 years or lifetime
Class A return before taxes	2.79%	4.06%	3.26%
Class A return after taxes on distributions	2.33%	2.61%	1.83%
Class A return after taxes on distributions and sale of Fund shares	1.96%	2.86%	2.08%
Class C return before taxes	7.25%	4.44%	3.19%
Institutional Class return before taxes	9.33%	5.59%	4.20%
Class R6 return before taxes (lifetime: 2/26/18-12/31/23)	9.53%	5.63%	5.22%
MSCI ACWI (All Country World Index) (gross) (reflects no deduction for fees, expenses, or taxes)*	18.02%	10.58%	9.79%
MSCI ACWI (All Country World Index) (net) (reflects no deduction for fees or expenses)*	17.49%	10.06%	9.23%
Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes)*	1.25%	-0.33%	1.35%
Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes)*	3.40%	0.48%	2.01%
65% MSCI ACWI (All Country World Index) (net) + 35% Bloomberg Global Aggregate Index (reflects no deduction for fees or expenses)**	12.42%	6.88%	6.88%

65% MSCI ACWI (All Country World Index) (net) + 35% Bloomberg Multiverse Index (reflects no deduction for fees or expenses)**	12.52%	6.93%	6.93%
Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes)**	3.40%	0.48%	2.01%
Bloomberg Multiverse Index (reflects no deduction for fees, expenses, or taxes)**	3.64%	0.62%	2.17%

*

In connection with new regulatory requirements, effective as of the annual report dated June 30, 2024, the Fund changed its broad-based securities market benchmark indexes to the MSCI ACWI Index and the Bloomberg US Aggregate Index.  Effective as of the date of this prospectus, the Fund changed its broad-based securities market benchmark indexes to the MSCI ACWI Index and the Bloomberg Global Aggregate Index.  Although the MSCI ACWI Index and the Bloomberg Global Aggregate Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the composite blended index for comparative purposes because the Manager believes it is more representative of the Fund's investment universe.

**

Effective as of the date of this prospectus, the Fund changed its secondary benchmark index from 65% MSCI ACWI Index + 35% Bloomberg Multiverse Index to 65% MSCI ACWI Index + 35% Bloomberg Global Aggregate Index.

	1 year	5 years	10 years
Class A return before taxes	9.01%	7.16%	6.55%
Class A return after taxes on distributions	8.27%	4.96%	4.64%
Class A return after taxes on distributions and sale of Fund shares	5.43%	5.19%	4.76%
Class C return before taxes	13.81%	7.59%	6.55%
Institutional Class return before taxes	15.97%	8.68%	7.44%
Class R6 return before taxes	16.12%	8.81%	7.59%
Class R return before taxes	15.45%	8.10%	6.84%
Class Y return before taxes	15.72%	8.44%	7.19%
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)	25.02%	14.53%	13.10%
Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes)	1.25%	-0.33%	1.35%

•

The Acquiring Fund and the Acquired Fund share substantially similar investment objectives, similar principal investment strategies and principal risks, and identical fundamental investment restrictions.

•

The Acquiring Fund’s overall net expense ratios are expected to be equal to or lower than the Acquired Fund’s total expense ratio following the Reorganizations after taking into account applicable expense limitation arrangements. The overall gross expense ratios are expected to increase for the Acquiring Fund following the Reorganization.

•

The Acquiring Fund’s expense limitation agreements will remain in place for a minimum of twelve months following the Reorganization.

•

The assets under management of each Fund (e.g., smaller funds going into larger funds) and DMC’s view on ability to garner additional assets of each Fund outside of the Reorganization.

•

The Acquiring Fund’s assets will increase as a result of the Reorganization which may result in increased economies of scale and reach and/or get closer to breakpoints in the management fee schedules.

•

Potential increased distribution opportunities due to the increased size of the combined Acquiring Fund.

•

Potential increased distribution attention due to the reduced number of similar Macquarie Funds.

•

Potential other benefits described by DMC to the Board (including, but not limited to, executing on management’s business strategy for the fund complex, reducing competition between duplicative fund offerings, optimizing the fund complex’s product suite and focusing distribution efforts).

•

The performance of the Acquiring Fund across various periods based on information provided at the Board Meeting is generally favorable as compared to the Acquired Fund.

•

The Reorganization will be effected on the basis of each Fund’s net asset value per share and will not result in the dilution of the interests of shareholders of any Fund.

•

The total costs of the Reorganization will be split as follows: two thirds paid by the Acquiring Fund and Acquired Fund together, with individual Fund contributions to be assessed based on proportional assets, to ensure that smaller funds are not disadvantaged, and one third by DMC. The Reorganization will be effected on a tax-free basis.

•

That Acquired Fund shareholders who do not wish to become shareholders of the Acquiring Fund will have an opportunity to sell their Acquired Fund shares before each Reorganization.

Acquired Fund Macquarie Global Allocation Fund Investment Advisory Fee	Acquiring Fund Macquarie Balanced Fund Investment Advisory Fee
Multi-Asset Segment, cash on hand, and all other Fund assets other than Private Equity 0.06% of net assets up to $500 million 0.05% of net assets over $500 million and up to $1 billion 0.04% of net assets over $1 billion and up to $2 billion 0.03% of net assets over $2 billion	0.70% of net assets up to $1 billion 0.65% of net assets over $1 billion and up to $2 billion 0.60% of net assets over $2 billion and up to $3 billion 0.55% of net assets over $3 billion and up to $5 billion 0.54% of net assets over $5 billion and up to $10 billion 0.53% of net assets over $10 billion
Private Equity Segment only 0.70% of net assets up to $1 billion 0.65% of net assets over $1 billion and up to $2 billion 0.60% of net assets over $2 billion and up to $3 billion 0.55% of net assets over $3 billion

•

Class A shares of the Acquiring Fund and the Acquired Fund have an upfront sales charge of up to 5.75% that you pay when you buy the shares.

•

If you invest $50,000 or more, your front-end sales charge will be reduced.

•

You may qualify for other reduced sales charges and, under certain circumstances, the sales charge may be waived, as described in “How to reduce your sales charge” below.

•

Class A shares are also subject to an annual 12b-1 fee no greater than 0.25% of average daily net assets. See “Dealer compensation” below for further information.

•

Class A shares generally are not subject to a CDSC, except in the limited circumstances described in the tables below.

•

Because of the higher 12b-1 fee, Class A shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Institutional Class shares.

•

In addition, you may have received Class A shares as the result of a merger or reorganization of a predecessor fund.

Amount of purchase	Sales charge as a % of offering price			Sales charge as a % of net amount invested
Less than $50,000		5.75%			6.54%
$50,000 but less than $100,000		4.75%			5.41%
$100,000 but less than $250,000		3.75%			4.31%
$250,000 but less than $500,000		2.50%			3.00%
$500,000 but less than $1 million		2.00%			2.44%
$1 million or more		none*			none*

•

Class R shares have no upfront sales charge, so the full amount of your purchase is invested in a Fund. Class R shares are not subject to a CDSC.

•

Class R shares are subject to an annual 12b-1 fee no greater than 0.50% of average daily net assets.

•

Class R shares generally are available only to: (i) qualified and nonqualified plan shareholders covering multiple employees (including 401(k), 401(a), 457, and noncustodial 403(b) plans, as well as certain other nonqualified deferred compensation plans); and (ii) individual retirement account (IRA) rollovers from legacy Delaware Investments plans that were previously maintained on the Delaware Investments

•

Except as noted above, no other IRAs are eligible for Class R shares (for example, no traditional IRAs, Roth IRAs, SIMPLE IRAs, SEPs, or SARSEPs).

•

Any account holding Class A shares of a Fund as of the date Class R shares were made available for that Fund continues to be eligible to purchase the Fund’s Class A shares after that date. Any account holding a Fund’s Class R shares is not eligible to purchase its Class A shares.

•

Unlike Class C shares, Class R shares do not automatically convert into another class.

•

Because of their higher 12b-1 fee, Class R shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Class A, Institutional Class, and Class R6 shares.

•

Certain intermediaries may offer Class R shares to other account types under an agreement with the Distributor or its affiliates relating to such accounts.

•

Institutional Class shares have no upfront sales charge, so the full amount of your purchase is invested in a Fund.

•

Institutional Class shares are not subject to a CDSC.

•

Institutional Class shares do not assess a 12b-1 fee.

•

Institutional Class shares are available for purchase only by the following:

o

a bank, trust company, or similar financial institution investing for its own account or for the account of its trust customers for whom the financial institution is exercising investment discretion in purchasing Institutional Class shares, except where the investment is part of a program that requires payment to the financial institution of a Rule 12b-1 Plan fee;

o

registered investment advisors (RIAs) investing on behalf of clients that consist solely of institutions and high net worth individuals whose assets are entrusted to an RIA for investment purposes for accounts requiring Institutional Class shares (use of the Institutional Class shares is restricted to RIAs who are not affiliated or associated with a broker or dealer and who derive compensation for their services exclusively from their advisory clients);

o

programs sponsored by, controlled by, and/or clearing transactions submitted through a financial intermediary where: (1) such programs allow or require the purchase of Institutional Class shares; (2) a financial intermediary has entered into an agreement with the Distributor and/or the transfer agent allowing certain purchases of Institutional Class shares; and (3) a financial intermediary (i) charges clients an ongoing fee for advisory, investment consulting or similar services, or (ii) offers the Institutional Class shares through a no-commission network or platform;

o

through a brokerage program of a financial intermediary that has entered into a written agreement with the Distributor and/or the transfer agent specifically allowing purchases of Institutional Class shares in such programs;

o

Exchanges from the Institutional Class shares of Macquarie Ultrashort Fund.

o

private investment vehicles, including, but not limited to, foundations and endowments; or

o

(i) current and former officers, Trustees/Directors, and employees of any Macquarie Fund, the Manager, any of the Manager’s affiliates, or any predecessor fund to a Macquarie Fund, provided that such shares are either held in an account opened directly with a Fund or are held through an account with a financial intermediary that permits the purchase of such shares. At the direction of such persons, their family members (regardless of age), and any employee benefit plan, trust, or other entity directly owned by, controlled by, or established by any of the foregoing individuals identified in this paragraph may also purchase Institutional Class shares subject to the same account requirements.

o

In addition, you may have received Institutional Class shares as the result of a merger or reorganization of a predecessor fund.

•

Class R6 shares have no upfront sales charge, so the full amount of your purchase is invested in a Fund. Class R6 shares are not subject to a CDSC.

•

Class R6 shares do not assess a 12b-1 fee.

•

Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

•

Class R6 shares are generally available to certain employer-sponsored retirement plans, such as 401(k) plans, 457 plans, 403(b) plans, profit-sharing plans and money purchase pension plans, defined benefit plans, employer-sponsored benefit plans, and non-qualified deferred compensation plans. In addition, for these employer-sponsored retirement plans, Class R6 shares must be held through plan level or omnibus accounts held on the books of a Fund, and Class R6 shares are only available for purchase through financial intermediaries who have the appropriate agreement with the Distributor (or its affiliates) related to Class R6.

•

Class R6 shares are also available for purchase through certain programs, platforms, or accounts that are maintained or sponsored by financial intermediary firms (including but not limited to, brokers, dealers, banks, trust companies, or entities performing trading/clearing functions), provided that the financial intermediary firm has entered into an agreement with the Distributor (or its affiliates) related to Class R6 for such programs, platforms or accounts.

•

Class R6 shares are also generally available for purchase by or through funds (including mutual funds registered under the Investment Company Act of 1940 and collective trusts) of funds.

•

In addition to the foregoing list of eligible investors, Class R6 shares are generally available to certain institutional investors and high net worth individuals who make a minimum initial investment directly in a Fund's Class R6 shares of $1,000,000 or more and who have completed an application and been approved by the Fund for such investment. These institutional investors and high net worth individuals must open accounts in Class R6 shares directly in their names.

•

Class R6 shares may not be available through certain financial intermediaries.

•

In addition, you may have received Class R6 shares as the result of a merger or reorganization of a predecessor fund.

Class A​1			Class C​2			Class R​3			Class Y​4
Commission (%)		-			1.00%			-			-
Investment less than $50,000		5.00%			-			-			-
$50,000 but less than $100,000		4.00%			-			-			-
$100,000 but less than $250,000		3.00%			-			-			-
$250,000 but less than $500,000		2.00%			-			-			-
$500,000 but less than $1 million		1.60%			-			-			-
$1 million but less than $5 million		1.00%			-			-			-
$5 million but less than $25 million		0.50%			-			-			-
$25 million or more		0.25%			-			-			-
12b-1 fee to dealer		0.25%			1.00%			0.50%			0.25%

Class A	Class C
Available.	Although the letter of intent does not apply to the purchase of Class C shares, you can combine your purchase of Class C shares with your purchase of Class A shares to fulfill your letter of intent. Although the rights of accumulation do not apply to the purchase of Class C shares, you can combine the value of your Class C shares with the value of your Class A shares to receive a reduced sales charge.

Class A	Class C
Available.	Not available.

•

Shares purchased under the Macquarie Funds dividend reinvestment plan and, under certain circumstances, the exchange privilege and the 90-day reinvestment privilege.

•

Purchases by: (i) current and former officers, Trustees/Directors, and employees of any Macquarie Fund, the Manager, any of the Manager’s current affiliates and those that may in the future be created, or any predecessor fund to a Macquarie Fund, including the funds formerly advised by Foresters Investment Management Company, Inc., Ivy Investment Management Company, Waddell & Reed, or any other fund families acquired or merged into the Macquarie Funds; (ii) current employees of legal counsel to Macquarie Funds; and (iii) registered representatives, employees, officers, and directors of broker/dealers who have entered into dealer’s agreements with the Distributor. At the direction of such persons, their family members (regardless of age), and any employee benefit plan, trust, or other entity directly owned by, controlled by, or established by any of the foregoing may also purchase shares at NAV.

•

Purchases by bank employees who provide services in connection with agreements between the bank and unaffiliated brokers or dealers concerning sales of shares of Macquarie Funds.

•

Purchases by certain officers, trustees, and key employees of institutional clients of the Manager or any of its affiliates.

•

Purchases by programs sponsored by, controlled by, and/or clearing transactions submitted through a financial intermediary where: (i) such programs allow or require the purchase of Class A shares; (ii) a financial intermediary has entered into an agreement with the Distributor and/or the transfer agent allowing certain purchases of Class A shares; and (iii) a financial intermediary (1) charges clients an ongoing fee for advisory, investment consulting, or similar services, or (2) offers the Class A shares through a no-commission network or platform. Investors may be charged a fee by their financial intermediary when effecting transactions in Class A shares through a financial intermediary that offers these programs.

•

Purchases for the benefit of the clients of brokers, dealers, and other financial intermediaries if such brokers, dealers, or other financial intermediaries have entered into an agreement with the Distributor providing for the purchase of Class A shares at NAV through self-directed brokerage service platforms or programs. Investors may be charged a fee by their financial intermediary when effecting transactions in Class A shares at NAV through a self-directed investment brokerage service platform or program.

•

Purchases by financial institutions investing for the accounts of their trust customers if they are not eligible to purchase shares of a Fund’s Institutional Class or Institutional Class, if applicable.

•

Additional purchases by existing shareholders whose accounts were eligible for purchasing shares at NAV under a predecessor fund’s eligibility requirements set by the predecessor fund’s company.

•

Investments made into an account with no financial intermediary or no longer associated with a financial intermediary may invest in Class A shares without a sales charge.

1.

2.

•

Redemptions in accordance with a systematic withdrawal plan: Redemptions in accordance with a systematic withdrawal plan, provided the annual amount selected to be withdrawn under the plan does not exceed 12% of the value of the account on the date that the systematic withdrawal plan was established or modified.

•

Redemptions that result from the right to liquidate a shareholder’s account: Redemptions that result from the right to liquidate a shareholder’s account if the aggregate NAV of the shares held in the account is less than the then-effective minimum account size.

•

Distributions from an account of a redemption resulting from death or disability: Distributions from an account of a redemption resulting from the death or disability (as defined in Section 72(t)(2)(A) of the Internal Revenue Code) of a registered owner or a registered joint owner occurring after the purchase of the shares being redeemed. In the case of accounts established under the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act or trust accounts, the waiver applies upon the death of all beneficial owners.

•

Redemptions in connection with a fund liquidation: Redemptions subsequent to the fund liquidation notice to shareholders.

•

By check — Sent to your address of record, provided there has not been an address change in the last 30 days.

•

By wire — Sent directly to your bank by wire, if you redeem at least $1,000 of shares. If you request a wire transfer, a bank wire fee may be deducted from your proceeds.

•

By ACH — Sent via Automated Clearing House (ACH), subject to a $25 minimum.

•

Bank information must be on file before you request a wire or ACH redemption. Your bank may charge a fee for these services.

	Macquarie Global Allocation Fund as of 6/30/24	Macquarie Balanced Fund as of 3/31/2024
Aggregate Capital Loss Carryovers	$ 5,152,866	$ 116,198,248
Net Unrealized Appreciation/(Depreciation) on a Tax Basis	$ (31,718,072)	$ 323,617,859
Net Assets	$ 510,457,207	$ 1,588,282,508

•

receive a greater amount of taxable distributions than they would have had if the Reorganization had not occurred if the combined fund’s unrealized appreciation as a percentage of net asset value is greater than the Acquired Fund’s;

•

receive a lesser amount of taxable distributions than they would have had if the Reorganization had not occurred if the combined fund’s unrealized appreciation as a percentage of net asset value is lesser than the Acquired Fund’s;

•

receive a greater amount of taxable distributions than they would have had if the Reorganization had not occurred if the combined fund’s unrealized depreciation as a percentage of net asset value is lesser than the Acquired Fund’s; or

•

receive a lesser amount of taxable distributions than they would have had if the Reorganization had not occurred if the combined fund’s unrealized depreciation as a percentage of net asset value is greater than the Acquired Fund’s.

Acquired Fund Name	Unrealized Appreciation or (Depreciation) as a % of NAV	Acquiring Fund Name	Unrealized Appreciation or (Depreciation) as a % of NAV	Approximate Unrealized Appreciation or (Depreciation) as a % of NAV on a combined basis
Macquarie Global Allocation Fund	9.56% as of 9/30/2024	Macquarie Balanced Fund	25.11 % as of 9/30/2024	21.34%

Acquired Fund/Classes*	Acquiring Fund/Classes*
Macquarie Global Allocation Fund ($472.2), a series of Ivy Funds	Macquarie Balanced Fund ($1,562.6), a series of Ivy Funds1
Class A	Class A
Class C	Class C
Institutional Class	Institutional Class
Class R6	Class R6

	Acquired Fund  (unaudited)	Acquiring Fund  (unaudited)	Pro Forma Adjustments to Capitalization1,2   (unaudited)	Acquiring Fund after Reorganization1 (estimated) (unaudited)
Net assets (all classes)	$467,328,108.28	$1,530,693,251.35	$(277,092)	$1,997,744,267.63
Total shares outstanding	57,027,177.872	64,989,223.409	(37,194,172.965)	84,822,228.316
Class A net assets	$377,435,353.44	$1,122,241,075.94	$(210,147.52)	$1,499,466,281.86
Class A shares outstanding	46,191,458.001	47,635,902.690	(30,171,281.709)	63,656,078.982
Class A net asset value per share	$8.17	$23.56		$23.56
Class C net assets	$2,263,527.62	$37,129,360.10	$(5,520.07)	$39,387,367.65
Class C shares outstanding	299,407.073	1,609,984.367	(201,248.893)	1,708,142.547
Class C net asset value per share	$7.56	$23.06		$23.06
Institutional Class net assets	$87,577,962.65	$340,806,680.66	$(60,028.93)	$428,324,614.38
Institutional Class shares outstanding	10,530,045.527	14,447,784.955	(6,817,541.811)	18,160,288.671
Institutional Class net asset value per share	$8.32	$23.59		$23.59
Class R6 net assets	$51,264.57	$9,907,318.70	$(1,395.48)	$9,957,187.79
Class R6 shares outstanding	6,267.271	418,823.556	(4,100.552)	420,990.275
Class R6 net asset value per share	$8.18	$23.66		$23.65

Class R net assets		$10,092,525.24		$10,092,525.24
Class R shares outstanding		430,463.293		430,463.293
Class R net asset value per share		$23.45		$23.45
Class Y net assets		$10,516,290.71		$10,516,290.71
Class Y shares outstanding		446,264.548		446,264.548
Class Y net asset value per share		$23.57		$23.57

1 Reflects the conversion of Acquired Fund shares for Acquiring Fund shares as a result of the Reorganization. 2 Reflects adjustments for the costs of the Reorganization incurred by each Fund, which are anticipated to be approximately $52,392- $65,143 for the Acquired Fund and $170,460-$211,949 for the Acquiring Fund.

	Global Allocation Fund (unaudited)	Multi-Asset Fund (unaudited)	Acquiring Fund  (unaudited)	Pro Forma Adjustments to Capitalization1,2 (unaudited)	Acquiring Fund after Reorganization1 (estimated) (unaudited)
Net assets (all classes)	$467,328,108.28	$71,968,927.25	$1,530,693,251.35	$(336,739.00)	$2,069,653,547.88
Total shares outstanding	57,027,177.872	7,724,892.762	64,989,223.409	(41,860,376.529)	87,880,917.514
Class A net assets	$377,435,353.44	$36,475,585.22	$1,122,241,075.94	$(254,033.00)	$1,535,897,981.60
Class A shares outstanding	46,191,458.001	3,917,410.794	47,635,902.690	(32,540,492.791)	65,204,278.694
Class A net asset value per share	$8.17	$9.31	$23.56		$23.56
Class C net assets	$2,263,527.62	$2,578,786.38	$37,129,360.10	$(6,673.00)	$41,965,001.10
Class C shares outstanding	299,407.073	276,557.877	1,609,984.367	(365,977.352)	1,819,971.965
Class C net asset value per share	$7.56	$9.32	$23.06		$23.06

Institutional Class net assets	$87,577,962.65	$31,865,897.25	$340,806,680.66	$(72,565.00)	$ 460,177,975.56
Institutional Class shares outstanding	10,530,045.527	3,418,283.354	14,447,784.955	(8,885,002.900)	19,511,110.936
Institutional Class net asset value per share	$8.32	$9.32	$23.59		$23.59
Class R6 net assets	$51,264.57	$994,531.75	$9,907,318.70	$ (1,687.00)	$10,951,428.02
Class R6 shares outstanding	6,267.271	106,837.243	418,823.556	(68,903.486)	463,024.584
Class R6 net asset value per share	$8.18	$9.31	$23.66		$23.65
Class R net assets			$10,092,525.24		$10,092,525.24
Class R shares outstanding			430,463.293		430,463.293
Class R net asset value per share			$23.45		$23.45
Class Y net assets		$54,126.65	$10,516,290.71	$(1,781.00)	$10,568,636.36
Class Y shares outstanding		5,803.494	446,264.548	(3,507.073)	448,560.969
Class Y net asset value per share		$9.33	$23.57		$23.56

Fund Name	Name and Address of Account	Percentage
MACQUARIE BALANCED FUND CLASS A	EDWARD D JONES AND CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD ST LOUIS MO 63131-3710	7.08%
MACQUARIE BALANCED FUND CLASS A	LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121	50.42%
MACQUARIE BALANCED FUND CLASS A	PERSHING LLC 1 PERSHING PLAZA JERSEY CITY NJ 07399-0002	5.41%
MACQUARIE BALANCED FUND CLASS C	AMERICAN ENTERPRISE INV SVCS 901 SOUTH 3RD AVENUE MINNEAPOLIS MN 55402	10.20%
MACQUARIE BALANCED FUND CLASS C	CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105	5.12%
MACQUARIE BALANCED FUND CLASS C	LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121	28.42%
MACQUARIE BALANCED FUND CLASS C	MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1901	5.76%
MACQUARIE BALANCED FUND CLASS C	NATIONAL FINANCIAL SERVICES LLC (FBO) OUR CUSTOMERS ATTN MUTUAL FUNDS DEPARTMENT 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310	6.29%
MACQUARIE BALANCED FUND CLASS C	PERSHING LLC 1 PERSHING PLAZA JERSEY CITY NJ 07399-0002	7.28%
MACQUARIE BALANCED FUND CLASS C	RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS 880 CARILLON PARKWAY ST PETERSBURG FL 33713	9.81%
MACQUARIE BALANCED FUND CLASS C	WELLS FARGO CLEARING SVCS LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER	8.64%

	2801 MARKET ST SAINT LOUIS MO 63103-2523
MACQUARIE BALANCED FUND INSTITUTIONAL CLASS	LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121	68.25%
MACQUARIE BALANCED FUND INSTITUTIONAL CLASS	PERSHING LLC 1 PERSHING PLAZA JERSEY CITY NJ 07399-0002	5.78%
MACQUARIE BALANCED FUND CLASS R	AMERICAN UNITED LIFE INS CO GROUP RETIREMENT ACCOUNT 1 AMERICAN SQ INDIANAPOLIS IN 46282-0002	8.30%
MACQUARIE BALANCED FUND CLASS R	LINCOLN RETIREMENT SERVICES CO FBO ARMSTRONG AMBULANCE SVC 401K PO BOX 7876 FORT WAYNE IN 46801-7876	23.31%
MACQUARIE BALANCED FUND CLASS R	SAMMONS FINANCIAL NETWORK LLC 4546 CORPORATE DR STE 100 WDM IA 50266-5911	44.43%
MACQUARIE BALANCED FUND CLASS R	VOYA INSTITUTIONAL TRUST COMPANY ONE ORANGE WAY WINDSOR CT 06095-4773	11.12%
MACQUARIE BALANCED FUND CLASS R6	CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105	19.45%
MACQUARIE BALANCED FUND CLASS R6	EDWARD D JONES AND CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER ROAD ST LOUIS MO 63131-3710	33.35%
MACQUARIE BALANCED FUND CLASS R6	NATIONWIDE LIFE INSURANCE COMPANY C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029	8.14%
MACQUARIE BALANCED FUND CLASS R6	OPPENHEIMER & CO INC.  FBO CARDIAC SERVICES INC PS PL PS PLAN DTD 11/30/90 PAS 6366 N SKYLINE RIDGE DRIVE TUCSON AZ 85718	6.21%
MACQUARIE BALANCED FUND CLASS R6	PERSHING LLC 1 PERSHING PLAZA JERSEY CITY NJ 07399-0002	5.74%
MACQUARIE BALANCED FUND CLASS Y	CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FOR THE BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901	9.63%

MACQUARIE BALANCED FUND CLASS Y	MINNESOTA LIFE INSURANCE COMPANY 400 ROBERT ST N STE A SAINT PAUL MN 55101-2099	13.61%
MACQUARIE BALANCED FUND CLASS Y	MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTENTION: FUND ADMIN SEC 4800 DEER LAKE DRIVE EAST, 2ND FL JACKSONVILLE FL 32246-6484	17.23%
MACQUARIE BALANCED FUND CLASS Y	NATIONAL FINANCIAL SERVICES LLC FOR EXCL BENEFIT OF OUR CUSTOMERS ATTN: MUTUAL FUNDS DEPT, 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995	15.42%
MACQUARIE BALANCED FUND CLASS Y	NATIONWIDE LIFE INSURANCE COMPANY C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029	27.62%
MACQUARIE GLOBAL ALLOCATION FUND CLASS A	LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121	90.37%
MACQUARIE GLOBAL ALLOCATION FUND CLASS C	LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121	97.90%
MACQUARIE GLOBAL ALLOCATION FUND INSTITUTIONAL CLASS	LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT 4707 EXECUTIVE DRIVE SAN DIEGO CA 92121	86.15%
MACQUARIE GLOBAL ALLOCATION FUND CLASS R6	CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA  94105	98.29%

Acquired Fund	Class	Total Shares
Macquarie Global Allocation Fund	A	44,230,440.211
Macquarie Global Allocation Fund	C	285,790.036
Macquarie Global Allocation Fund	Institutional	9,496,278.159
Macquarie Global Allocation Fund	R6	6,267.271
	Total	54,018,775.677

•

Transfer Agent: Delaware Investments® Fund Services Company (DIFSC), an affiliate of the Manager, is located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, and serves as the Funds’ shareholder servicing, dividend disbursing, and transfer agent (the “Transfer Agent”) pursuant to a Shareholder Services Agreement. The Transfer Agent is an indirect subsidiary of MMHI and, therefore, of Macquarie. The Transfer Agent also acts as shareholder servicing, dividend disbursing, and transfer agent for the other Macquarie Funds. The Transfer Agent is paid a fee by the Fund for providing these services consisting of an asset-based fee and certain out-of-pocket expenses. The Transfer Agent will bill, and the Fund will pay, such compensation monthly. Omnibus and networking fees charged by financial intermediaries and subtransfer agency fees are passed on to and paid directly by the Fund. The Transfer Agent’s compensation is fixed each year and approved by the Board, including a majority of the Independent Trustees.

•

Subtransfer Agent: BNY Mellon Investment Servicing (US) Inc. (BNYMIS) provides subtransfer agency services to the Funds. In connection with these services, BNYMIS administers the overnight investment of cash pending investment in the Funds or payment of redemptions. The proceeds of this investment program are used to offset the Funds' transfer agency expenses.

•

Fund Accountants: The Bank of New York Mellon (BNY Mellon), 240 Greenwich Street, New York, NY 10286-0001, provides fund accounting and financial administration services to the Funds. Those services include performing functions related to calculating the Funds’ NAVs and providing financial reporting information, regulatory compliance testing, and other related accounting services. For these services, the Funds pay BNY Mellon an asset-based fee, subject to certain fee minimums plus certain out-of-pocket expenses and transactional charges. DIFSC provides fund accounting and financial administration oversight services to the Funds. Those services include overseeing the Funds’ pricing process, the calculation and payment of fund expenses, and financial reporting in shareholder reports, registration statements, and other regulatory filings. DIFSC also manages the process for the payment of dividends and distributions and the dissemination of Fund NAVs and performance data. For these services, the Funds pay DIFSC an asset-based fee, subject to certain fee minimums, plus certain out-of-pocket expenses, and transactional charges. The fees payable to BNY Mellon and DIFSC under the service agreements described above will be allocated among all funds in the Macquarie Funds on a relative NAV basis.

•

Custodian: BNY Mellon is the custodian of each Fund’s securities and cash. As custodian for the Funds, BNY Mellon maintains a separate account or accounts for each Fund; receives, holds, and releases portfolio securities on account of each Fund; receives and disburses money on behalf of each Fund; and collects and receives income and other payments and distributions on account of each Fund’s portfolio securities. BNY Mellon also serves as the Funds' custodian for their investments in foreign securities.

•

Legal Counsel: Stradley Ronon Stevens & Young, LLP serves as the Trust’s legal counsel.

•

Independent Registered Public Accountants: PricewaterhouseCoopers LLP serves as the independent registered public accounting firm for each Trust.

•

Securities Lending Agent: BNY Mellon serves as the Funds’ securities lending agent.