Our Firm Macquarie Investment Management Business Trust (“MIMBT”) is a business trust organized under the Delaware Statutory Trust Act that consists of the following eight series:
• Delaware Management Company
• Macquarie Investment Management Advisers
• Delaware Capital Management
• Macquarie Asset Advisers
• Macquarie Alternative Strategies
• Delaware Investments Fund Advisers
• CPG Fund Advisers
• Macquarie Private Fund Advisers MIMBT has been in business since 1929 and is a registered investment adviser under the Investment Advisers Act of 1940 (the “Advisers Act”). MIMBT’s principal owners (those owning more than 25% of the firm) are Delaware Investments Management Company, LLC, Macquarie Management Holdings, Inc., Macquarie Affiliated Managers (USA) Inc., Macquarie Affiliated Managers Holdings (USA) Inc., Macquarie FG Holdings Inc., Macquarie Asset Management US Holdings Pty Limited, Macquarie Asset Management Holdings Pty Limited, and Macquarie Group Limited. Assets Under Management As of March 31, 2023, MIMBT had assets under management of $191,883,504,410 all of which are managed on a discretionary basis. Advisory Services and Individual Needs of Clients The services offered by the various series of MIMBT are described more fully below. In addition, MIMBT often tailors its investment advisory services to the individual needs of particular institutional clients through its investment advisory agreement with the client, written agreements regarding the client’s investment guidelines and objectives, or other written instructions. Delaware Management Company (“DMC”) The DMC series provides investment advisory services (the investment and reinvestment of assets) to registered investment companies or “funds” within Delaware Funds® by Macquarie (“DFM”) (formerly the Delaware Investments® Family of Funds), as well as to certain other affiliated funds and pooled vehicles. These services include professional portfolio management, investment research and analysis, and the securities trading capabilities required to make all investment decisions for such funds, as well as managing fund assets on an ongoing basis and placing orders for the execution of securities transactions. DMC provides both direct investment management services, where it invests and reinvests fund assets, and indirect investment management services, where it identifies and hires sub-advisory firms with specific investment expertise to manage fund assets. When a sub-adviser has been engaged, DMC pays the sub- adviser out of its management fee and supervises and monitors the activities of the sub-advisory firm. DMC is the advisor to a continuously offered closed- end fund in a new auction-fund structure that seeks to offer shareholders annual tenders and the ability to buy and sell shares monthly. The Fund focuses on private markets securities. DMC enters into an investment advisory agreement with a given fund. The advisory agreement is subject to periodic review and continuance (generally annually) by the fund’s Board of Directors or Trustees, as required under the Investment Company Act of 1940, as amended (the “1940 Act”). Each advisory agreement is terminable without penalty, generally upon sixty (60) days’ notice by the fund’s Board or by DMC, and each terminates automatically in the event of its assignment (as that term is defined in the 1940 Act). Each fund’s board supervises and directs DMC’s provision of advisory services. Macquarie Investment Management Advisers (“MIMA”) The MIMA series provides investment advisory services to large institutional clients domiciled in the U.S. and abroad, many of which are tax-exempt, and to insurance company general and separate accounts. Clients of MIMA include without limitation, pension and profit- sharing plans and endowment funds, domestic or international registered and unregistered pooled vehicles, as well as the nuclear decommissioning trusts of utility companies. The MIMA series is also the investment manager for Macquarie Fund Solutions (the “Company”), an investment company organized as an investment company (société d'investissement à capital variable) registered under Part I of the Luxembourg Law of 17 December 2010 concerning undertakings for collective investment (the "Law of 2010"). The SICAV funds are available to qualified, non-U.S. investors. MIMA provides investment sub-advisory services to other UCITS and ex-U.S. pooled vehicles. In addition to the foregoing, MIMA serves as investment manager to the Macquarie Collective Investment Trust (“CIT”), as well as the Ivy Investments CIT, each a collective investment of assets of participating tax qualified pension and profit-sharing plans and related trusts and other tax deferred entities and provides advisory services to high-net-worth individuals (whose accounts are generally managed on a fully discretionary basis). On a limited basis, MIMA also provides investment advisory services to certain clients under an all-inclusive fee arrangement known as a “wrap fee agreement.” MIMA provides investment management services to clients who generally do not direct trading of their account to a particular bank or a registered broker/dealer or a financial service organization (also known as “wrap fee sponsors”). These types of accounts are also known as "free trading accounts.” In addition to traditional investment management services, MIMA offers asset/liability analysis services for pension plans, endowments, and foundations. These services attempt to manage a client’s assets relative to a future defined benefit pension liability or spending requirements. Certain MIMBT series, such as MIMA, Macquarie Asset Advisers (“MAA”) or Macquarie Alternative Strategies (“MAS”), offer transition management services to institutional clients seeking to transition their portfolio holdings from one investment manager to another and/or from one investment strategy to another. Such services may be provided in conjunction with a MIMBT series or an affiliate of MIMBT within the Macquarie Group, as well as third parties. The relevant MIMBT series may give advice to transition management clients regarding trading strategies, including recommending trading baskets of securities rather than individual securities when deemed to be in the best interest of such clients and to the extent consistent with applicable laws. MIMBT affiliates within the Macquarie Group may provide brokerage and other services, including referral services, to transition accounts of MIMBT series that have been authorized or directed by the transition management clients to use such affiliates to the extent consistent with applicable laws and may be compensated directly or indirectly for their services in accordance with applicable law. MIMA provides these services on its own or in conjunction with our traditional investment management services, which are described elsewhere in this brochure. These services can be provided to financial intermediaries or to their clients. Defined Benefit Plans Our asset/liability analysis involves assessing a client’s existing asset solution relative to its pension liabilities. We may include additional alternative asset solutions in the analysis. Some or all of the following factors may be considered in the analysis, among others: projected liability cash flow projections; liability return review and custom liability benchmarking; and modelling of asset returns. Certain clients request MIMA’s traditional asset management services in connection

with receiving the asset/liability analysis. These asset management services can include developing and implementing a particular asset solution given the plan’s liability structure and funded status and the plan sponsor’s financial position and objectives. Examples of the asset management services include: liability driven investments; long duration portfolio management; and excess alpha and low correlation investment strategies. Endowments and Foundations The model for our asset allocation service for endowments and foundations incorporates user-defined parameters including inflation and capital market assumptions to allow a client to assess projected asset and spending levels. Although the service is generally marketed to intermediaries, certain clients request our traditional asset management services in connection with receiving the asset allocation service. The asset management services include developing and implementing a particular asset solution given the client’s projected spending goals. Other Services Other services offered by MIMA include: (1) General investment management services; and (2) Related computer and reporting services, or services to liaison with the client’s custodian although MIMA never has custody of client account assets. Delaware Capital Management (“DCM”) The DCM series participates primarily in wrap fee arrangements that it enters with various wrap fee sponsors for equity and fixed income strategies. These wrap fee sponsors may also be registered as investment advisers under the Advisers Act. In some circumstances, DCM enters into agreements directly with individual wrap fee clients using a wrap fee agreement. The purpose of these wrap fee agreements is to allow DCM to manage wrap fee client accounts and make investment decisions on behalf of the client as to which securities are bought and sold for the account, as well as the total amount of securities to be bought and sold at a given time. The discretionary authority granted to DCM may be limited by conditions imposed by wrap sponsors or wrap fee clients in their stated investment guidelines and objectives or using separate written instructions. At times, DCM’s discretionary authority is limited by directions from the wrap fee client to have transactions effected only through designated registered broker-dealers. DCM does not generally take taxes into consideration when making investment decisions for wrap fee clients. It should be noted that, in some instances, wrap account assets are invested in a money market mutual fund that is not managed by DCM. The expenses of investing in these funds will include management fees that are incurred in addition to any fees payable to DCM. DCM also provides investment advisory services to wrap sponsors by providing a model portfolio of securities to wrap fee sponsors. The wrap fee sponsor typically has full discretion with regard to the implementation of these model portfolios. DCM also provides investment advisory services to fixed income wrap program participants. For the accounts of these clients, DCM generally does not execute any transactions in fixed income securities through a wrap sponsor or an affiliated broker of the wrap sponsor’s firm. For certain equity investment strategies, DCM will “trade away” from the wrap sponsor (or an affiliated broker- dealer of the wrap sponsor). This practice is unlike the typical wrap program practice whereby most securities transactions are directed to and executed by the wrap sponsor (or an affiliated broker-dealer of the wrap sponsor) and the wrap fee paid by the client covers or includes brokerage transaction costs. As a result, any such “trade away” brokerage transaction costs of “trade away” transactions, (e.g., commissions, mark-ups and mark- downs) paid for fixed-income securities transactions and equity securities transactions effected for wrap program participants will not have been offset or reduced by wrap fees paid and will represent an additional cost to be paid by the wrap program participant (in addition to the wrap fee). Macquarie Asset Advisers (“MAA”) The MAA series provides investment advisory services primarily to private CDOs and CLOs that are sold to large institutional investors. Macquarie Alternative Strategies (“MAS”) The MAS series provides investment advisory services primarily to institutional accounts and alternative investment portfolios, including on-shore and off-shore funds and products. Delaware Investments Fund Advisers (“DIFA”) The DIFA series provides investment sub-advisory services to certain registered investment companies or “funds” other than DFM and certain other affiliated funds. These services include professional portfolio management, investment research and analysis, and the securities trading capabilities needed for making all investment decisions for such funds, as well as managing fund assets on an ongoing basis and placing orders for the execution of securities transactions. DIFA either enters into an investment advisory agreement with a given fund and/or into a sub-advisory agreement with the fund’s investment adviser. In each case, the advisory or sub-advisory agreement is subject to periodic review and continuance (generally annually) by the fund’s Board of Directors or Trustees, as required under the 1940 Act. Each advisory or sub-advisory agreement is terminable without penalty, generally upon sixty (60) days’ notice by the fund’s Board or by DIFA, and each terminates automatically in the event of its assignment (as that term is defined in the 1940 Act). Each fund’s board supervises and directs DIFA’s provision of advisory services and, in cases where DIFA acts as sub-adviser, DIFA is also supervised by the separate investment advisory firm that acts as investment adviser to the fund. CPG Fund Advisers (“CFA”) The CPG Fund Advisers series provides investment advisory services (the investment and reinvestment of assets) to registered investment companies or “funds” within the Central Park Group Funds, and potentially to certain other affiliated funds and pooled vehicles. These services include professional portfolio management, investment research and analysis, and the securities trading capabilities required to make all investment decisions for such funds, as well as managing fund assets and liquidity on an ongoing basis and placing orders for the execution of securities transactions. Currently CFA does not act as investment adviser for any Central Park Group Funds and there are no plans to transfer management of any Central Park Group Funds to CFA. CPG Fund Advisers provides both direct investment management services, where it invests and reinvests fund assets, and indirect investment management services, where it identifies and hires sub-advisory firms with specific investment expertise to manage fund assets. When a sub-adviser has been engaged, CPG Fund Advisers pays the sub-adviser out of its management fee and supervises and monitors the activities of the sub-advisory firm. CPG Fund Advisers is the advisor to several continuously offered closed-end funds and to several closed-end funds that are no longer offered for sales. Other than one international fund, each of the funds managed by CPG Fund Advisers focuses on private markets securities. Macquarie Private Fund Advisers (“MPFA”) The Macquarie Private Fund Advisers series provides investment advisory services primarily to institutional accounts and alternative investment portfolios, including private funds and products.