Fee waiver and/or Expense Reimbursement: Through July 31, 2021, Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust, the Fund’s investment manager, has contractually agreed to reduce the management fee paid by the Fund by an annual rate of 0.21% of average daily net assets. Prior to that date, the reduction may not be terminated without the consent of the Board of Trustees (Board).