Macquarie Management Holdings, Inc. grants you the limited, revocable, nonexclusive, nontransferable right to view,
copy and print the contents of this website solely for your personal, informational, and noncommercial use, and for
no other use, except as expressly authorized in writing by Macquarie Management Holdings, Inc. The information may
not be modified, reused, or reposted without written permission of Macquarie Management Holdings, Inc. This website
provides general and specific information about products and services offered by Macquarie Management Holdings, Inc.
and its subsidiaries and certain affiliates within Macquarie Asset Management* (sometimes hereinafter referred to
collectively as "Macquarie Asset Management"). This website is published in the United States and this website,
products, services, and information provided herein are not available in all states of the US nor in certain non-US
jurisdictions including the United Kingdom. Macquarie Management Holdings, Inc. and its subsidiaries will not
transact business in any state or other jurisdiction until after all appropriate licenses are obtained or a
determination is made that an exemption applies.
Macquarie Management Holdings, Inc. will use reasonable efforts to include accurate and up-to-date information;
however, Macquarie Management Holdings, Inc. makes no representations or warranties, express or implied, as to the
accuracy or completeness of the information provided herein. In the event there is a discrepancy between a copy of
your client statement that you have received in paper format and a copy of your client statement for the same period
on this website, the paper copy of your client statement shall control. Any research or analysis contained herein has
been procured by Macquarie Asset Management for its own purposes and is provided solely to illustrate our research
and analytical processes. Opinions contained herein are subject to change without notice. Macquarie Asset Management
and its affiliates shall not be liable for any loss, whether direct or indirect, arising from use of any part of the
information provided.
Any portfolio or performance information is historical and is not an indication of current or future portfolio
characteristics or performance. It should not be assumed that any investment will be profitable or will equal the
performance of the portfolios or any securities mentioned herein. The information does not constitute a
recommendation to buy or sell any securities mentioned.
The Macquarie Asset Management information provided herein may be used in conjunction with the offering of shares
only if such offer of shares is preceded or accompanied by a prospectus. All Macquarie Funds (formerly Delaware Funds
by Macquarie®), Macquarie ETFs, and all Optimum Funds are offered by prospectus only. Prospectuses contain more
complete information on fees and expenses and should be read carefully before investing. For the Macquarie Funds, a
prospectus may be downloaded at macquarie.com/mam/literature
or
obtained via US Mail by calling 800 523-1918. For
Macquarie ETFs, a prospectus may be downloaded at macquarie.com/mam/etf-literature or obtained via US Mail by
calling 844 469-9911. For Optimum Funds, a prospectus may be downloaded at
optimummutualfunds.com/literature or
obtained
via US Mail by calling 800 914-0278. Macquarie Funds and Optimum Funds are distributed by
Delaware Distributors, L.P.
Macquarie ETFs are distributed by Foreside Financial Services, LLC.
*Macquarie Asset Management (MAM), a member of Macquarie Group, refers to the companies comprising
the asset management division of Macquarie Group.
We reserve the right to change the website and this Legal Notice at any time, without notice. If you use this website
after we post changes to this Legal Notice, you accept the Legal Notice as modified.
We reserve the right to change the website and this Legal Notice at any time, without notice. If you use this Web
Site after we post changes to these Legal Notice, you accept the Legal Notice as modified.
Certain parts of this website may be protected by passwords or require a login. Further, for authentication purposes,
certain features on this website may require you to answer a designated security question. You agree to provide
Macquarie Asset Management with current, complete, and accurate information as prompted by the applicable
registration process and agree to regularly update this information to maintain its completeness and accuracy. You
agree not to obtain or attempt to obtain unauthorized access to such parts of or features on this website, or to any
other protected materials or information, through any means not intentionally made available to you by Macquarie
Asset Management.
You are responsible for maintaining the confidentiality of any account information, user names, logins, passwords,
and security questions and answers that you use to access any page or feature on this website, and for logging off
from your account and any protected areas of the website. Further, you are fully responsible for all activities
occurring under your accounts (including user names, logins, passwords, and security questions and answers) that
result from your negligence, carelessness, misconduct, or failure to use or maintain appropriate security measures.
You agree to promptly restrict unauthorized individuals from accessing the website. If you become aware of any
suspicious or unauthorized conduct concerning your accounts, user names, logins, passwords, or security questions and
answers, you agree to contact Macquarie Asset Management immediately. Macquarie Asset Management will not be liable
for any loss or damage arising from your failure to comply with this paragraph.
Privacy Statement
To ensure service quality and better serve our customers, Macquarie Asset Management expressly reserves the right to
access, archive, or monitor any use of this website.
General Disclaimers
No warranties. Macquarie Asset Management does not make nor imply any warranties about this website. We disclaim, to
the fullest extent permitted by applicable law, any such express or implied warranties, including the implied
warranties of merchantability, fitness for a particular purpose, and non-infringement. Our disclaimer may not apply
to you if you live in a state that does not allow disclaimers of implied warranties.
Service may be interrupted. This website is owned and operated by Macquarie Management Holdings, Inc. Macquarie Asset
Management may modify, suspend, discontinue, or restrict the use and availability of any portion of this website at
any time, without notice or liability. Your use of this website may be monitored by Macquarie Asset Management and
used for Macquarie Asset Management’s internal business purposes, without liability. This website may not always be
accessible to you. Macquarie Asset Management does not guarantee that services provided by this website will not be
interrupted. Periods of volatile or unusual market activity, in particular, may affect systems availability or
response time.
You are responsible for your connectivity. You also agree that you are responsible for the means you use to access
the macquarie.com/USfunds website, the etf.macquarie.com website, and/or the www.optimummutualfunds.com website, as
applicable, and understand that your hardware, software, the Internet, your Internet Service Provider, and other
third parties involved in connecting you may not perform as intended or desired.
Downloads may not be error free. We also do not promise that any software or other information that you may download
or copy will be error free. If any defects are detected, we do not promise that they will be corrected.
We are not responsible for third-party links. You agree that you will not link to this website. We do not review, and
are not responsible for, the content or continued accessibility of the services provided or information posted by any
independent providers who are not affiliated with Macquarie Asset Management ("third parties") or third-party sites
that are linked to our website, either with or without our permission. We do not represent or warrant that the
information or services (for example market data or financial tools) provided by such third parties are suitable for
you, timely, accurate, complete, or reliable. By providing access to other websites, Macquarie Asset Management is
not recommending the purchase or sale of securities issued by any company, nor are we endorsing the products or
services provided by such third party.
Not responsible for third-party damages. Macquarie Asset Management also disclaims responsibility for any damages
third parties may cause to you through the use of this website, whether intentional or unintentional. For example,
you understand that hackers may breach our security procedures and that Macquarie Asset Management will not be
responsible for any related damages.
Not responsible for viruses. Macquarie Asset Management has no responsibility for viruses or any other damage that
may be caused to you as a result of using this website.
Information may not be accurate or timely. Macquarie Asset Management makes available the information and materials
on this website for informational purposes only. They should not be used or considered as an offer to sell, a
solicitation of an offer to buy, or a recommendation for any security. Although Macquarie Asset Management intends
that the information on this website is reliable and statements of fact have been obtained from sources considered
reliable, when you use this website you also agree that Macquarie Asset Management does not represent or warrant that
the information or services provided are accurate, complete, timely, reliable, or suitable for you. Moreover, the
information and services are general in nature, may not apply to particular factual or legal circumstances, and
Macquarie Asset Management is not intending to, and explicitly is not, providing tax, legal, or investment advice.
Macquarie Asset Management has no duty to update the content of this website.
Trademarks and Patents
All trademarks, service marks, and logos appearing on this website are the exclusive property of their respective
owners.
Restrictions and Prohibited Uses
Any use or attempted use of the website (i) for any unlawful, unauthorized, fraudulent or malicious purpose, or (ii)
that could damage, disable, overburden, or impair any server, or the network(s) connected to any server, or (iii)
that could interfere with any other party's use and enjoyment of the website, or (iv) to gain unauthorized access to
any other accounts, computer systems or networks connected to any server or systems through hacking, password mining
or any other means, or (v) to access systems, data or information not intended by Macquarie Asset Management to be
made accessible to a user, or (vi) to obtain or attempt to obtain any materials or information through any means not
intentionally made available by Macquarie Asset Management, or (vii) for any use other than the purpose for which it
was intended, is prohibited. Except as may be expressly limited by the applicable Macquarie privacy policies,
Macquarie Asset Management reserves the right at all times to disclose any information as Macquarie Asset Management
deems necessary to satisfy any applicable law, regulation, legal process or governmental request.
Termination
The rights granted to you herein terminate immediately upon any violation by you of the terms set forth in this Legal
Notice (these “Terms of Use”). Macquarie Asset Management, in its sole discretion, reserves the right to temporarily
or permanently terminate your access to and use of this website at any time and for any reason whatsoever, without
notice or liability. Macquarie Asset Management will not be liable to you or any third party for any termination of
your access to or use of this website.
Liability and Indemnity
ANY MATERIALS DOWNLOADED OR OTHERWISE OBTAINED THROUGH THIS WEBSITE ARE SO OBTAINED AT YOUR OWN RISK. YOU ARE SOLELY
RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR OTHER EQUIPMENT, OR LOSS OF DATA THAT RESULTS FROM SUCH
DOWNLOAD.
NEITHER MACQUARIE MANAGEMENT HOLDINGS, INC. NOR ITS AFFILIATES, SUBSIDIARIES, AND THEIR RESPECTIVE DIRECTORS,
OFFICERS, EMPLOYEES, AGENTS, LICENSORS, OR ANY THIRD-PARTY INFORMATION PROVIDERS AND VENDORS WILL BE LIABLE FOR ANY
DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES, INCLUDING BUT NOT LIMITED TO,
DAMAGES FOR LOSS OF PROFITS, REVENUE, INCOME, GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES, OR DAMAGES CAUSED BY
THEFT, UNAUTHORIZED ACCESS, SYSTEMS FAILURE, OR COMMUNICATIONS LINE FAILURE, OR THE COST OF PROCURING SUBSTITUTE
GOODS OR SERVICES, CAUSED BY THE USE OF OR INABILITY TO USE THE WEBSITE, MATERIALS, OR ANY PRODUCTS OR SERVICES
PROVIDED HEREIN, OR ANY OTHER MATTER RELATING TO THIS WEBSITE, EVEN IF MACQUARIE MANAGEMENT HOLDINGS, INC. HAS BEEN
ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL
OR CONSEQUENTIAL DAMAGES, SO THE ABOVE EXCLUSIONS OR LIMITATIONS MAY NOT APPLY TO YOU. TO THE EXTENT THAT A
JURISDICTION DOES NOT PERMIT THE EXCLUSION OR LIMITATION OF LIABILITY AS SET FORTH HEREIN, THE LIABILITY OF MACQUARIE
MANAGEMENT HOLDINGS, INC. AND ITS AFFILIATES, SUBSIDIARIES, AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES,
AGENTS, LICENSORS, AND ANY THIRD-PARTY INFORMATION PROVIDERS AND VENDORS IS LIMITED TO THE EXTENT PERMITTED BY LAW IN
SUCH JURISDICTIONS.
You agree to indemnify, defend, and hold harmless Macquarie Management Holdings, Inc., its subsidiaries and
affiliates, and their respective officers, directors, employees, and agents, from and against all claims, demands,
liabilities, damages, losses, or expenses, including attorney's fees and costs, arising out of or related to your
improper access to or use of this website, or any violation by you of these Terms of Use.
Integration and Severability
If any provision of these Terms of Use is deemed unlawful, void, or unenforceable, then that provision will be deemed
severable from these Terms of Use and will not affect the validity and enforceability of the remaining provisions.
These Terms of Use represent the entire agreement between you and Macquarie Asset Management relating to the subject
matter herein.
Applicable Law and Venue
The laws of the Commonwealth of Pennsylvania, United States of America, without regard to principles of conflict of
laws, govern these Terms of Use and any dispute that might arise between you and Macquarie Asset Management. If you
take legal action relating to these Terms of Use, you agree to file such action either in the Court of Common Pleas
of Philadelphia County, Pennsylvania, or the United States District Court for the Eastern District of Pennsylvania
and in no other venue, and you consent and submit to the personal jurisdiction of those courts for the purposes of
litigating any such action.
For more information regarding legal matters, including copyright and use policies, contact the Macquarie Asset
Management legal department at 215 255-8864.