Macquarie to divest public investments business in US and Europe to Nomura

The transition from Macquarie to Nomura will result in a change in control of the investment advisor, Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust. As is customary for transactions of this nature, the closing of this transaction will result in the automatic termination of each Fund’s investment advisory agreement with DMC, and any sub-advisory agreement, as applicable.

Shareholders are being asked to vote to approve new investment advisory agreements that would go into effect at the closing of the transaction.

Starting in mid-to-late July, shareholders of record as of July 3, 2025 will receive proxy statements and each shareholder will be asked to approve new advisory contracts between each applicable Fund and DMC.

Solicitation efforts via phone will not start until sufficient time has passed after proxy materials are sent in order to allow shareholders time to receive and review the materials. Shareholders who vote their shares during that time period will not be solicited by phone.

Shareholders will have three options for voting their shares:

• Mail back their proxy cards in the postage-paid envelope provided.
• Call the dedicated toll-free proxy voting lines of the proxy solicitor EQ (refer to proxy ballot for applicable phone number). Shareholders will be required to provide the control number located on their proxy cards.
• Visit the websie on their proxy cards.

If shareholders for the Macquarie Funds have any questions about the proposals or how to vote, they may call EQ Fund Solutions (EQ) at (800) 659-6590 and a representative will assist them.

Once shareholders vote, they should not receive any further communications from the proxy solicitor regarding their vote on this matter.

In addition to solicitations by mail, solicitations also may be made by telephone, email, text message, other electronic media, or personal contacts. Broker/dealer firms, custodians, nominees, and fiduciaries will be asked to forward proxy materials to the beneficial owners of the shares of record.

We expect solicitation efforts will primarily be made by mail, telephone, email, text message, or oral solicitations.

Unvoted shareholder accounts will also receive reminder communications.

If a Fund’s shareholders do not approve a new management contract and the transaction closes, proxy solicitation for that Fund will continue until shareholder approval is obtained. If this should happen, DMC will continue to provide advisory services for your Fund for a period of up to 150 days following consummation of the transaction pursuant to an interim management agreement.

We are therefore asking shareholders of each Fund to approve a new management agreement.