Nomura Asset Strategy Fund(formerly, Macquarie Asset Strategy Fund)*

Key features

Seeks total return and offers the potential for capital growth and current income

Provides diversification among different asset classes consistent with a moderate risk level

Strategic and tactical allocations made by an experienced multi-asset allocation team

Daily pricing as of 11/28/2025

NAV
$25.08
NAV 1-day net change
0.09
Max offer price
$25.08

Total net assets as of 10/31/2025

All share classes
$1.8 billion

Overview

Fund information
Inception date 04/02/2007
Dividends paid (if any) Quarterly
Capital gains paid (if any) December
Fund identifiers
NASDAQ IVAEX
CUSIP 466001864

Benchmark and peer group

MSCI ACWI (All Country World Index) Index (view definition)

Morningstar Global Moderate Allocation Category (view definition)

Lipper Alternative Global Macro 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 (10/31/2025)

Returns for less than one year are not annualized.

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.

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

Institutional Class shares - as of 10/31/2025

MorningstarMorningstarMorningstarMorningstarMorningstar
Rating No. of funds
Overall 5 410
3 years 5 410
5 years 5 397
10 years 4 320
Morningstar category Global Moderate Allocation

(View Morningstar disclosure)

The Morningstar rating is based on risk-adjusted returns.

Morningstar ranking - as of 10/31/2025
1 year 98 / 415
3 years 7 / 410
5 years 22 / 397
10 years 30 / 320
Morningstar category Global Moderate Allocation

(View Morningstar disclosure)

The Morningstar ranking is based on historical total returns.

Lipper ranking - as of 10/31/2025
1 year 40 / 134
3 years 6 / 125
5 years 6 / 117
10 years 4 / 104
Lipper classification Lipper Alternative Global Macro Funds

(View Lipper disclosure)

The Lipper ranking is based on historical total returns.

Expense ratio

Gross
0.87%
Net
0.87%

Calendar year total returns @ NAV

Year
Annual return
Year
Annual return
2024
14.27%
2023
15.84%
2022
-13.20%
2021
14.03%
2020
13.75%
2019
22.08%
2018
-5.27%
2017
18.76%
2016
-5.19%
2015
-8.21%

Portfolio

Portfolio characteristics as of 10/31/2025

Number of holdings
537
Market cap (median) Source: FactSet
$83.4 billion
Market cap (weighted average) Source: FactSet
$958.0 billion
Portfolio turnover (last fiscal year)
67%
Beta (relative to MSCI ACWI Index (Net)) (view definition)
0.78
SEC 30-day yield with waiver (view definition)
1.56%
SEC 30-day yield without waiver (view definition)
1.56%
Annualized standard deviation, 3 years (view definition)
9.88

Portfolio composition as of 10/31/2025
Total may not equal 100% due to rounding.

Global equity
59.2%
Investment grade fixed income
20.6%
Other assets
11.2%
High yield fixed income
9.0%

Top 10 equity holdings as of 10/31/2025

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

List may exclude cash, cash equivalents, and exchange-traded funds (ETFs). Please see the Fund's complete list of holdings for more information.

Holding
% of portfolio
Holding
% of portfolio
IVY ASF GOLD CFC
7.22
NVIDIA CORP
3.61
MICROSOFT CORP
3.47
TAIWAN SEMICONDUCTOR MANUFACTURING
2.71
APPLE INC
2.05
AMAZON COM INC
1.48
MASTERCARD INC CLASS A
1.31
BANCO BILBAO VIZCAYA ARGENTARIA SA
1.30
HOYA CORP
1.29
AIRBUS
1.27

Total % Portfolio in Top 10 holdings - 25.71%

List of monthly holdingsList of quarterly holdings

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

Year
Capital gains3
Net investment income
Year
Capital gains3
Net investment income
2025
0.000
0.274
2024
1.280
0.483
2023
0.000
0.589
2022
2.971
0.269
2021
2.252
0.608
2020
0.252
0.440
2019
0.806
0.502
2018
3.460
0.411
2017
0.452
0.347
2016
0.000
0.000
2015
1.369
0.110

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

Sub-advisor

Securian Asset Management, Inc. (Securian AM)

Stefan Lowenthal

Stefan Löwenthal, CFA

  • Head of Global Multi-Asset
  • Start date on the Fund: November 2021
  • Years of industry experience: 17
  • Read bio
Jurgen Wurzer

Jürgen Wurzer, CFA

  • Deputy Head of Global Multi-Asset
  • Start date on the Fund: November 2021
  • Years of industry experience: 18
  • Read bio
Aaron Young

Aaron Young 

  • Senior Portfolio Manager – Global Multi-Asset
  • Start date on the Fund: November 2021
  • Years of industry experience: 21
  • 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 0.68%
Distribution and service (12b-1) fees none
Other expenses1 0.19%
Total annual fund operating expenses 0.87%

1Other expenses contain a 0.01% acquired fund fees and expenses. Acquired fund fees and expenses sets forth the Fund's pro rata portion of the cumulative expenses charged by the registered investment companies 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. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund's NAV.

Institutional Class shares are available only to certain investors.

Please see the prospectus and SAI for additional information.

Resources

*(formerly, Delaware Ivy Asset Strategy Fund)

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 nomuraassetmanagement.com/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 nomuraassetmanagement.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Employees of the Manager's affiliates outside the US participate in the management of certain Funds as “associated persons” of DMC under DMC's oversight, in accordance with SEC guidance as to “participating affiliate” arrangements. These associated persons may, on behalf of DMC, provide discretionary investment management services, trading, research and related services directly or indirectly to the Funds.

Investing involves risk, including the possible loss of principal.

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.

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.

Fixed income securities can lose value, including the possible loss of principal. An issuer of a fixed income security may be unable to make interest payments and/or repay principal in a timely manner. The prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes.

High yield securities (“junk bonds”) are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than higher-rated securities.

Mortgage-backed securities (MBS) and asset-backed securities (ABS) are subject to credit risk and interest rate risk and may also be subject to prepayment risk and extension risk. In addition, MBS and ABS may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in interest rates or general economic conditions. Certain MBS, such as collateralized mortgage obligations, real estate mortgage investment conduits, and stripped MBS may be more susceptible to these risks than other MBS.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

Exposure to the commodities markets may subject the investments to greater volatility than investments in traditional securities.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions 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. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

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.

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