Macquarie Climate Solutions Fund(formerly, Delaware Climate Solutions Fund)

Key features

Global equity fund investing in securities capable of reducing, displacing and/or sequestering greenhouse gas emissions or helping others to do so

The Fund has an emphasis on selecting companies with perceived attractive risk-return profiles

Striving to satisfy dual societal and investment objectives, the Fund’s investment team combines investment experience with sustainability experience

Daily pricing as of 10/30/2025

NAV
$10.93
NAV 1-day net change
-0.13
Max offer price
$10.93

Total net assets as of 09/30/2025

All share classes
$100.8 million

Overview

Fund information
Inception date 07/31/2014
Dividends paid (if any) Annually
Capital gains paid (if any) December
Fund identifiers
NASDAQ IENRX
CUSIP 46600A807

Benchmark and peer group

MSCI ACWI Investable Market Index (view definition)

Morningstar Equity Energy Category (view definition)

Lipper Specialty/Miscellaneous Funds Average (view definition)

Performance

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor (as applicable) for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.

Average annual total return as of month-end (09/30/2025)

Returns for less than one year are not annualized.

Effective July 29, 2022, the Fund repositioned into a climate solutions fund. The returns shown for periods prior to August 1, 2022 reflect the strategy of the Fund prior to its repositioning, which included changes to the Fund's investment objective, strategy, benchmark, and investment team. The Fund's performance may have differed if the Fund's current strategy had been in place during those periods.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Average annual total return as of quarter-end (09/30/2025)

Returns for less than one year are not annualized.

Effective July 29, 2022, the Fund repositioned into a climate solutions fund. The returns shown for periods prior to August 1, 2022 reflect the strategy of the Fund prior to its repositioning, which included changes to the Fund's investment objective, strategy, benchmark, and investment team. The Fund's performance may have differed if the Fund's current strategy had been in place during those periods.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Overall Morningstar RatingTM

Class R6 shares - as of 09/30/2025

Class R6 No. of funds
Overall 2 170
3 years 2 170
5 years 5 149
10 years 1 92
Morningstar category Global Small/Mid Stock

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 09/30/2025
1 year 120 / 172
3 years 155 / 170
5 years 1 / 149
10 years 86 / 92
Morningstar category Global Small/Mid Stock

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 09/30/2025
1 year 39 / 61
3 years 35 / 59
5 years 1 / 50
10 years 22 / 29
Lipper classification Lipper Specialty/Miscellaneous Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
1.08%
Net
0.82%

Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from July 31, 2025 through July 30, 2026. Please see the fee table in the Fund's prospectus for more information.

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2024
-3.08%
2023
-3.84%
2022
41.70%
2021
43.98%
2020
-38.52%
2019
4.72%
2018
-34.26%
2017
-12.67%
2016
35.06%
2015
-22.68%

Portfolio

Portfolio characteristics as of 09/30/2025

Number of holdings
29
Market cap (median) Source: FactSet
$25.9 billion
Market cap (weighted average) Source: FactSet
$41.4 billion
Portfolio turnover (last fiscal year)
20%
Beta (relative to MSCI ACWI Investable Market Index (Net)) (view definition)
1.08
Annualized standard deviation, 3 years (view definition)
17.06

Portfolio composition as of 09/30/2025
Total may not equal 100% due to rounding.

Domestic equities
56.9%
International equities & depositary receipts
40.7%
Cash, cash equivalents and other assets
2.3%

Top 10 holdings as of 09/30/2025

Holdings are as of the date indicated and subject to change.

List may exclude cash and cash equivalents. Please see the Fund's complete list of holdings for more information.

Holdings based by issuer.

Holding
% of portfolio
Holding
% of portfolio
ANGLO AMERICAN PLC
4.63
XCEL ENERGY INC
4.44
RWE AG
4.41
CUMMINS INC
4.23
SCHNEIDER ELECTRIC SE
4.23
AMEREN CORPORATION
4.03
FIRST SOLAR INC
4.03
CMS ENERGY CORPORATION
3.84
EDP RENOVAVEIS SA
3.79
WASTE MANAGEMENT INC
3.76

Total % Portfolio in Top 10 holdings - 41.39%

List of monthly holdingsList of quarterly holdings

Sector allocation as of 09/30/2025

List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.

Sector
Fund
Sector
Fund
Utilities
36.2%
Materials
24.6%
Industrials
15.9%
Energy
13.7%
Information technology
4.0%
Real estate
3.3%

Distribution history - annual distributions (Class R6)1,2
Distributions ($ per share)

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2025
0.000
0.000
2024
0.000
0.135
2023
0.000
0.285
2022
0.000
0.203
2021
0.000
0.132
2020
0.000
0.154
2019
0.000
0.000
2018
0.000
0.000
2017
0.000
0.079
2016
0.000
0.000
2015
0.000
0.000

1If a Fund makes a distribution from any source other than net income, it is required to provide shareholders with a notice disclosing the source of such distribution (each a "Notice"). The amounts and sources of distributions reported above and in each Notice are only estimates and are not provided for tax reporting purposes. Each Fund will send each shareholder a Form 1099 DIV for the calendar year that will provide definitive information on how to report the Fund's distributions for federal income tax purposes. The information in the table above will not be updated to reflect any subsequent recharacterization of dividends and distributions. Click here to see recent Notices pertaining to the Fund (if any).

2Information on return of capital distributions (if any) is only provided from June 1, 2014 onward.

3Includes both short- and long-term capital gains.

Management

Barry Gladstein

Barry Gladstein, CFA, CPA

  • Head of Sustainable Investing – Equities & Multi-Asset
  • Start date on the Fund: July 2022
  • Years of industry experience: 29
  • Read bio
Barry Klein

Barry Klein, CFA

  • Portfolio Manager, Senior Equity Analyst
  • Start date on the Fund: July 2022
  • Years of industry experience: 24
  • Read bio

Sub-advisor

Van Eck Associates Corporation

Sam Halpert

Samuel Halpert 

  • Portfolio Manager
  • Start date on the Fund: October 2025
  • Years of industry experience: 32
  • Read bio
Geoffrey King

Geoffrey King 

  • Portfolio Manager
  • Start date on the Fund: October 2025
  • Years of industry experience: 22
  • Read bio

Fees

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering price none
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower none
Annual fund operating expenses
Management fees 0.85%
Distribution and service (12b-1) fees none
Other expenses1 0.23%
Total annual fund operating expenses 1.08%
Fee waivers and expense reimbursements2 (0.26%)
Total annual fund operating expenses after fee waivers and expense reimbursements 0.82%

1"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."

2Net expense ratio reflects a contractual waiver of certain fees and/or expense reimbursements from July 31, 2025 through July 30, 2026. Please see the fee table in the Fund's prospectus for more information.

Class R6 shares are available only to certain investors.

Please see the prospectus and SAI for additional information.

Resources

Investing involves risk, including the possible loss of principal.

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 its summary prospectus, which may be obtained by visiting macquarie.com/mam/literature or calling 877 693-3546. Investors should read the prospectus and the summary prospectus carefully before investing.

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 its summary prospectus, which may be obtained by visiting macquarie.com/mam/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

Using ESG criteria in the investment process may exclude certain companies for non-investment reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use ESG factors. In addition, because company greenhouse gas (GHG) emissions data are not standardized (and are further subject to estimation error when not company-reported), the data sets the Fund must rely on may imperfectly represent companies’ true GHG emissions. Also, the company emissions targets that the Manager sets are based on model assumptions and estimations that carry the inherent risk associated with any modeling or estimating process.

Investing in energy securities may include price fluctuation caused by real and perceived inflationary trends and political developments, the cost assumed in complying with environmental safety regulations, changing demand for different types of energy, changes in methods for conserving energy, the uncertain success rates for exploration projects, tax and other governmental regulations, and other risks associated with generating or distributing energy.

The Fund has the flexibility to invest as much as 50% of its assets in as few as two issuers with no single issuer accounting for more than 25% of the portfolio. The remaining 50% of its assets must be diversified so that no more than 5% of its assets are invested in the securities of a single issuer. Because a non-diversified portfolio may invest its assets in fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully diversified.

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each investment having a greater effect on the overall performance.

The Fund’s focus on securities of issuers that seek to reduce, displace and/or sequester GHG emissions or help other to do so may affect the Fund’s exposure to certain sectors or types of investments. The Fund’s relative investment performance may also be impacted depending on whether such sectors or investments are in or out of favor with the market. Certain investments may be dependent on U.S. and foreign government policies, including tax incentives and subsidies, as well as on political support for certain environmental initiatives and developments affecting companies focused on sustainable energy and climate change solutions generally.

The Fund may invest in Initial Public Offerings (IPOs), which can have a significant positive impact on the Fund’s performance that may not be replicated in the future.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

All third-party marks cited are the property of their respective owners.

Not FDIC Insured • No Bank Guarantee • May Lose Value

Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

You can check the background of your investment professional on FINRA's BrokerCheck.

You can check the background of your investment professional on FINRA's BrokerCheck.