# EDGAR Filing Document

**Accession Number:** 0000230173
**File Stem:** 0001193125-25-135506
**Filing Date:** 2025-6
**Character Count:** 128329
**Document Hash:** c03c6fb42689440e8e1a98a10ac253e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-135506.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001193125-25-135506

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DELAWARE GROUP CASH RESERVE
- **CENTRAL INDEX KEY:** 0000230173

**ORGANIZATION NAME:**
- **EIN:** 232059574
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02806
- **FILM NUMBER:** 251026078

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18005231918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELAWARE GROUP CASH RESERVE /DE/
- **DATE OF NAME CHANGE:** 20000526

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELAWARE GROUP CASH RESERVE INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELAWARE GROUP CASH RESERVE
- **DATE OF NAME CHANGE:** 19920527

## Series and Classes Contracts Data

### Macquarie Ultrashort Fund (Series ID: S000003913)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000162386 | Institutional Class | DULTX           |

?xml version='1.0' encoding='ASCII'? Delaware Group Cash Reserve

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

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#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-02806

#### Delaware Group<sup>®</sup> Cash Reserve
(Exact name of registrant as specified in charter)

------

610 Market Street

Philadelphia, PA 19106

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(800) 523-1918

#### Date of fiscal year end:

#### March 31

#### Date of reporting period:

#### March 31, 2025
**Item 1. Report to Stockholders.**

(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![Macquarie Logo](g905465images_27603.jpg)

Macquarie Ultrashort Fund

*(formerly, Delaware Investments Ultrashort Fund)*

**Institutional Class : DULTX**

#### Annual shareholder report \| March 31, 2025
This annual shareholder report contains important information about Macquarie Ultrashort Fund (Fund) for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund's costs for the last 12 months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Class | &nbsp;&nbsp;Costs of a $10,000 investment | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$41 | &nbsp;&nbsp;0.40% |

---

Management's discussion of Fund performance

#### Performance highlights
Macquarie Ultrashort Fund (Institutional Class) returned 5.11% (excluding sales charge) for the 12 months ended March 31, 2025. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 4.88%, while the ICE BofA US 6-Month Treasury Bill Index, the Fund's narrowly based securities market index, returned 5.12%.

#### Top contributors to performance:
Short duration US Treasury yields declined as the US Federal Reserve (Fed) implemented three interest rate cuts totaling 100 basis points between September and December 2024 (one basis point is a hundredth of a percentage point). The Fund's yield curve positioning contributed to performance during the reporting period.

The Fund's sector allocations to securitized finance and commercial paper contributed to performance.

#### Top detractor from performance:
The Fund's allocation to floating rate basis securities detracted from performance as the Fed reduced interest rates during the reporting period.

#### Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Class for the life of the Class. It also assumes a $10,000 initial investment at the Class's inception date in a broad-based securities market index and an additional narrowly based securities market index for the same period.

#### Growth of $10,000 investment
For the period January 5, 2016 (Institutional Class's inception), through March 31, 2025

![Fund Performance - Growth of 10K](g905465chartimages_9823760.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average annual total returns** (**as of March 31, 2025**) | **1 year** | **5 year** | **Since inception<br>(1/5/16)** | **Since inception<br>(1/5/16)** |
| Macquarie Ultrashort Fund (Institutional Class) – including sales charge | 5.11% | 3.14% | 2.19 | % |
| Macquarie Ultrashort Fund (Institutional Class) – excluding sales charge | 5.11% | 3.14% | 2.19 | % |
| Bloomberg US Aggregate Index | 4.88% | -0.40% | 1.52 | % |
| ICE BofA US 6-Month Treasury Bill Index | 5.12% | 2.59% | 2.16 | %\* |

---

<sup>\*</sup> <sup>Benchmark lifetime returns are as of the month end prior to the Fund's inception date.</sup>

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance results reflect any expense caps in effect during these periods. All results shown assume reinvestment of distributions.

In connection with new regulatory requirements, effective July 31, 2024, the Fund changed its broad-based securities market benchmark index to the Bloomberg US Aggregate Index. Although the Bloomberg US Aggregate Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the ICE BofA US 6-Month Treasury Bill Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe.

**Fund statistics** (as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $124160492 |
| Total number of portfolio holdings | 65 |
| Total advisory fees paid | $141864 |
| Portfolio turnover rate | 78% |

---

**Fund holdings** (as of March 31, 2025)

The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Portfolio composition

---

| | |
|:---|:---|
| Non-Agency Asset-Backed Securities | 57.62% |
| Commercial Paper | 24.43% |
| Corporate Bonds | 8.07% |
| Agency Commercial Mortgage-Backed Securities | 7.23% |
| Short-Term Investments | 1.55% |
| Collateralized Debt Obligations | 0.90% |

---

Material Fund changes

On December 31, 2024, the Fund changed its name from Delaware Investments Ultrashort Fund to Macquarie Ultrashort Fund.

This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 31, 2025, at macquarie.com/mam/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 800 523-1918 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

![TSR - QR Code - Delaware](g905465images_27605.jpg)

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4437621) TSAR-DULTX-0525

------

(b) Not applicable

#### Item 2. Code of Ethics.
(a) The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant's Code of Business Ethics has been posted on the Macquarie Funds Internet Web site at <u>www.macquarie.com/USfunds</u>. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that certain members of the registrant's Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an "audit committee financial expert" is a person who has the following attributes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An understanding of generally accepted accounting principles and financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant's financial statements, or experience actively supervising one or more persons engaged in such activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. An understanding of internal controls and procedures for financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. An understanding of audit committee functions.

An "audit committee financial expert" shall have acquired such attributes through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Other relevant experience.

The registrant's Board of Trustees has also determined that each member of the registrant's Audit Committee is independent. In order to be "independent" for purposes of this item, the Audit Committee member may not, other than in his or her capacity as a member of the Board of Trustees or any committee thereof, (i) accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an "interested person" of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.

The names of the audit committee financial experts on the registrant's Audit Committee are set forth below:

Ann Borowiec

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Jeffrey Dobbs

Frances Sevilla-Sacasa, Chair

Christianna Wood

#### Item 4. Principal Accountant Fees and Services.
<u>Audit Fees</u> 

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $41,100 for 2025 and $31,765 for 2024.

<u>Audit-Related Fees</u> 

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $1,374,878 for 2025 and $1,362,878 for 2024. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

<u>Tax Fees</u> 

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $6,760 for 2025 and $6,260 for 2024. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

<u>All Other Fees</u> 

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $0 for 2024.

---

| | |
|:---|:---|
| (e)(1) | The registrant's Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the "Pre-Approval Policy") with respect to services provided by the registrant's independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Macquarie Funds.  |

---

------

---

| | |
|:---|:---|
| **Service** | **Range of Fees** |
| **Audit Services** |  |
| Statutory audits or financial audits for new Funds | up to $50,000 per Fund |
| Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters | up to $10,000 per Fund |
| Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered "audit-related services" rather than "audit services") | up to $25,000 in the aggregate |
| **Audit-Related Services** |  |
| Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered "audit services" rather than "audit-related services") | up to $25,000 in the aggregate |
| **Tax Services** |  |
| U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds' tax compliance function, etc.) | up to $25,000 in the aggregate |
| U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.) | up to $5,000 per Fund |
| Review of federal, state, local and international income, franchise and other tax returns | up to $5,000 per Fund |

---

Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant's investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the "Control Affiliates") up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.

---

| | |
|:---|:---|
| **Service** | **Range of Fees** |
| **Non-Audit Services** |  |
| Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters | up to $10,000 in the aggregate |

---

The Pre-Approval Policy requires the registrant's independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.

------

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

---

(b) 0%

(c) 0%

(d) 0%

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $16,391,075 for 2025 and $24,428,000 for 2024.

(h) The audit committee of the registrant's board of trustees **has** considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The annual financial statements are attached herewith.

(b) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

------

![](g905465img59f210c21.gif)

Fixed income mutual fund

Macquarie Ultrashort Fund

(formerly, Delaware Investments Ultrashort Fund)

Financial statements and other information

For the year ended March 31, 2025

------

Table of contents

---

| | |
|:---|:---|
| [Schedule of investments](#xx_ae1b9a4b-89fc-41be-996f-33c82e147cfe_1)<br>| **1** |
| [Statement of assets and liabilities](#xx_ee611f50-42bf-40c7-8a59-7e9035ba3e4c_1)<br>| **6** |
| [Statement of operations](#xx_ee611f50-42bf-40c7-8a59-7e9035ba3e4c_2)<br>| **7** |
| [Statements of changes in net assets](#xx_ee611f50-42bf-40c7-8a59-7e9035ba3e4c_3)<br>| **8** |
| [Financial highlights](#xx_a98808d8-1e7f-446e-902c-915dbc5acf37_1)<br>| **10** |
| [Notes to financial statements](#xx_7dcff545-5e6a-4b5a-9a2e-591589f79d1f_1)<br>| **12** |
| [Report of independent registered public accounting firm](#xx_564bf716-011f-40f1-bb0f-1cf7ebc576e4_1)<br>| **25** |
| [Other Fund information](#xx_015a90e2-055d-4149-abf5-9e39ac0967cc_1)<br>| **26** |

---

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

#### Form N-PORT and proxy voting information
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities, is available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC's website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund's most recent Form N-PORT are available without charge on the Fund's website at macquarie.com/mam/literature.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund's website at macquarie.com/mam/proxy; and (ii) on the SEC's website at sec.gov.

**Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.**

------

[**Table of Contents**](#JOB_DI_-__cd1bb618-fbe8-4f69-8b72-9bd341c802ac_TOC)

Schedule of investments

Macquarie Ultrashort Fund March 31, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount<sup>°</sup> | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 7.23%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 7.23%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 7.23%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-K48 C 144A 3.64% 8/25/48 #, • | 2500000 | &nbsp;&nbsp;$2484870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-K54 B 144A 4.073% 4/25/48 #, • | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2970131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-K733 C 144A 4.073% 9/25/25 #, • | 1580000 | &nbsp;&nbsp;&nbsp;&nbsp; 1564579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-K737 B 144A 3.329% 1/25/53 #, • | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1953279 |
| &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities (cost $8,945,997)** | &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities (cost $8,945,997)** | &nbsp;&nbsp;&nbsp; **8972859** |
| &nbsp;&nbsp;**Collateralized Debt Obligations — 0.90%** | &nbsp;&nbsp;**Collateralized Debt Obligations — 0.90%** | &nbsp;&nbsp;**Collateralized Debt Obligations — 0.90%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldentree Loan Management US CLO Series 2022-15A XR 144A 5.593% (TSFR03M + 1.30%, Floor 1.30%) 10/20/36 #, • | 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1124906 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Debt Obligations (cost $1,125,000)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Debt Obligations (cost $1,125,000)** | &nbsp;&nbsp;&nbsp; **1124906** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds — 8.07%** | &nbsp;&nbsp;**Corporate Bonds — 8.07%** | &nbsp;&nbsp;**Corporate Bonds — 8.07%** |
| &nbsp;&nbsp;Banking — 1.77% | &nbsp;&nbsp;Banking — 1.77% | &nbsp;&nbsp;Banking — 1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bank 3.85% 3/15/26 | 1110000 | &nbsp;&nbsp; 1100936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley 6.138% 10/16/26 μ | 1085000 | &nbsp;&nbsp; 1093578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2194514 |
| &nbsp;&nbsp;Capital Goods — 1.81% | &nbsp;&nbsp;Capital Goods — 1.81% | &nbsp;&nbsp;Capital Goods — 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashtead Capital 144A 1.50% 8/12/26 # | 1175000 | &nbsp;&nbsp; 1124214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing 2.196% 2/4/26 | 1145000 | &nbsp;&nbsp; 1120488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2244702 |
| &nbsp;&nbsp;Consumer Cyclical — 1.79% | &nbsp;&nbsp;Consumer Cyclical — 1.79% | &nbsp;&nbsp;Consumer Cyclical — 1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit 6.95% 6/10/26 | 1095000 | &nbsp;&nbsp; 1112200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial 5.40% 4/6/26 | 1105000 | &nbsp;&nbsp; 1109933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2222133 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 0.89% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.89% | &nbsp;&nbsp;Consumer Non-Cyclical — 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma 1.20% 9/2/25 | 1130000 | &nbsp;&nbsp; 1112595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1112595 |
| &nbsp;&nbsp;Finance Companies — 1.81% | &nbsp;&nbsp;Finance Companies — 1.81% | &nbsp;&nbsp;Finance Companies — 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC 2.45% 10/29/26 | 1165000 | &nbsp;&nbsp; 1126074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Capital Group 144A 1.95% 1/30/26 # | 1145000 | &nbsp;&nbsp; 1118390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2244464 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds (cost $10,009,426)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds (cost $10,009,426)** | **10018408** |

---

&nbsp;&nbsp;&nbsp;&nbsp;1

------

[**Table of Contents**](#JOB_DI_-__cd1bb618-fbe8-4f69-8b72-9bd341c802ac_TOC)

Schedule of investments

Macquarie Ultrashort Fund

---

| | | |
|:---|:---|:---|
|  | Principalamount<sup>°</sup> | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 57.62%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 57.62%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 57.62%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Credit Account Master Trust Series 2023-1 A 4.87% 5/15/28 | 1350000 | &nbsp;&nbsp;$1357490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARI Fleet Lease Trust Series 2024-B A2 144A 5.54% 4/15/33 # | 1842557 | &nbsp;&nbsp;&nbsp;&nbsp; 1854530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BA Credit Card Trust Series 2022-A2 5.00% 4/15/28 | 7250000 | &nbsp;&nbsp;&nbsp;&nbsp; 7271379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Dryrock Issuance Trust Series 2023-2 A 5.249% (SOFR + 0.90%) 8/15/28 • | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Multi-Asset Execution Trust Series 2022-A2 A 3.49% 5/15/27 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1997358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CARDS II Trust Series 2024-1A A 144A 5.01% (SOFR + 0.68%, Floor 0.68%) 7/15/29 #, • | 1897000 | &nbsp;&nbsp;&nbsp;&nbsp; 1902981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chase Issuance Trust Series 2022-A1 A 3.97% 9/15/27 | 2490000 | &nbsp;&nbsp;&nbsp;&nbsp; 2483223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Auto Receivables Trust Series 2024-1 A2B 144A 4.949% (SOFR + 0.60%) 10/15/26 #, • | &nbsp;&nbsp;&nbsp;&nbsp;656906 | &nbsp;&nbsp;&nbsp;&nbsp; 657135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNH Equipment Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A A3 2.94% 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;849547 | &nbsp;&nbsp;&nbsp;&nbsp; 842037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A A2B 4.674% (SOFR + 0.33%) 8/15/28 • | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2199993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell Equipment Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 A3 144A 5.65% 9/22/28 # | 1177272 | &nbsp;&nbsp;&nbsp;&nbsp; 1181055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 A3 144A 5.39% 3/22/30 # | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2021871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Fleet Financing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4 A2 144A 5.76% 10/22/29 # | &nbsp;&nbsp;&nbsp;&nbsp;476233 | &nbsp;&nbsp;&nbsp;&nbsp; 478668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 A2 144A 5.56% 4/22/30 # | 2815213 | &nbsp;&nbsp;&nbsp;&nbsp; 2834040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 A2 144A 6.40% 3/20/30 # | 1438601 | &nbsp;&nbsp;&nbsp;&nbsp; 1461412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 A2 144A 4.65% 10/20/27 # | 1590000 | &nbsp;&nbsp;&nbsp;&nbsp; 1592727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Financial Consumer Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 A3 0.68% 9/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;262647 | &nbsp;&nbsp;&nbsp;&nbsp; 261267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 A2B 4.739% (SOFR + 0.39%) 3/16/27 • | &nbsp;&nbsp;&nbsp;&nbsp;803274 | &nbsp;&nbsp;&nbsp;&nbsp; 803272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Floorplan Owner Revolving Trust Series 2024-3A A1 144A 4.68% 11/15/28 # | 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2607265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley-Davidson Motorcycle Trust Series 2022-A A4 3.26% 1/15/30 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1979993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Auto Lease Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A A3 144A 5.02% 3/15/27 # | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C A3 144A 4.62% 4/17/28 # | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 701746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C B 144A 4.97% 2/15/29 # | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2517844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C A4 1.03% 12/15/27 | 1875319 | &nbsp;&nbsp;&nbsp;&nbsp; 1854415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B A2B 4.829% (SOFR + 0.48%) 5/15/26 • | &nbsp;&nbsp;&nbsp;&nbsp;123227 | &nbsp;&nbsp;&nbsp;&nbsp; 123243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Deere Owner Trust Series 2023-A A3 5.01% 11/15/27 | 1612523 | &nbsp;&nbsp;&nbsp;&nbsp; 1617198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Master Credit Card Trust II Series 2023-1A A 144A 4.70% 6/21/27 # | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3003458 |

---

2&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_DI_-__cd1bb618-fbe8-4f69-8b72-9bd341c802ac_TOC)

---

| | | |
|:---|:---|:---|
|  | Principalamount<sup>°</sup> | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercedes-Benz Auto Lease Trust Series 2024-A A2B 4.767% (SOFR + 0.42%) 2/16/27 • | 1559120 | &nbsp;&nbsp;$1558770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextGear Floorplan Master Owner Trust Series 2024-1A A1 144A 5.247% (SOFR + 0.90%, Floor 0.90%) 3/15/29 #, • | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2009414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCCU Auto Receivables Trust Series 2023-1A A2 144A 6.23% 4/15/27 # | &nbsp;&nbsp;&nbsp;&nbsp;217404 | &nbsp;&nbsp;&nbsp;&nbsp; 217950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PFS Financing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C A 144A 5.149% (SOFR + 0.80%, Floor 0.80%) 4/15/28 #, • | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A A 144A 4.999% (SOFR + 0.65%, Floor 0.65%) 1/15/29 #, • | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1249026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 B 4.88% 3/17/31 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2514094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 A2 4.71% 6/15/28 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2501287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust Series 2023-A A3 4.63% 9/15/27 | 1182581 | &nbsp;&nbsp;&nbsp;&nbsp; 1183169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Lease Owner Trust Series 2024-B A2B 144A 4.784% (SOFR + 0.44%) 2/22/27 #, • | 2698690 | &nbsp;&nbsp;&nbsp;&nbsp; 2700181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Auto Loan Enhanced Trust Series 2023-2 A2B 4.974% (SOFR + 0.63%) 3/22/27 • | &nbsp;&nbsp;&nbsp;&nbsp;799147 | &nbsp;&nbsp;&nbsp;&nbsp; 800125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A A3 4.83% 5/15/28 | 2109347 | &nbsp;&nbsp;&nbsp;&nbsp; 2110794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-C A3 5.15% 11/15/28 | 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-D A2B 4.929% (SOFR + 0.58%) 2/16/27 • | &nbsp;&nbsp;&nbsp;&nbsp;441473 | &nbsp;&nbsp;&nbsp;&nbsp; 441891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Omni Automobile Lease Securitization Trust Series 2025-A A2B 4.742% (SOFR + 0.39%) 12/15/27 • | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2500391 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities (cost $71,370,383)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities (cost $71,370,383)** | &nbsp;&nbsp;&nbsp; **71538843** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Paper — 24.43%** | &nbsp;&nbsp;**Commercial Paper — 24.43%** | &nbsp;&nbsp;**Commercial Paper — 24.43%** |
| &nbsp;&nbsp;Banking — 15.70% | &nbsp;&nbsp;Banking — 15.70% | &nbsp;&nbsp;Banking — 15.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander Chile 4.741% 6/12/25 | 5000000 | &nbsp;&nbsp; 4951252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Capital 4.776% 6/3/25 | 5000000 | &nbsp;&nbsp; 4961228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC USA 4.825% 5/16/25 | 1000000 | &nbsp;&nbsp; 994348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale 5.502% 6/5/25 | 5000000 | &nbsp;&nbsp; 4960535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion 4.536% 5/27/25 | 3650000 | &nbsp;&nbsp; 3624528 |
|  |  | 19491891 |
| &nbsp;&nbsp;Brokerage — 0.69% | &nbsp;&nbsp;Brokerage — 0.69% | &nbsp;&nbsp;Brokerage — 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BofA Securities 4.657% 7/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;861000 | &nbsp;&nbsp; 848894 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848894 |

---

&nbsp;&nbsp;&nbsp;&nbsp;3

------

[**Table of Contents**](#JOB_DI_-__cd1bb618-fbe8-4f69-8b72-9bd341c802ac_TOC)

Schedule of investments

Macquarie Ultrashort Fund

---

| | | |
|:---|:---|:---|
|  | Principalamount<sup>°</sup> | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Commercial Paper (continued)** | &nbsp;&nbsp;**Commercial Paper (continued)** | &nbsp;&nbsp;**Commercial Paper (continued)** |
| &nbsp;&nbsp;Electric — 3.62% | &nbsp;&nbsp;Electric — 3.62% | &nbsp;&nbsp;Electric — 3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Electric 4.481% 4/2/25 | 4500000 | &nbsp;&nbsp;$4498896 |
|  |  | &nbsp;&nbsp;&nbsp; 4498896 |
| &nbsp;&nbsp;Natural Gas — 2.01% | &nbsp;&nbsp;Natural Gas — 2.01% | &nbsp;&nbsp;Natural Gas — 2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Gas 4.481% 4/1/25 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
|  |  | &nbsp;&nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;Technology — 2.41% | &nbsp;&nbsp;Technology — 2.41% | &nbsp;&nbsp;Technology — 2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Experian Finance 4.493% 4/9/25 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2996681 |
|  |  | &nbsp;&nbsp;&nbsp; 2996681 |
| &nbsp;&nbsp;&nbsp;**Total Commercial Paper (cost $30,330,487)** | &nbsp;&nbsp;&nbsp;**Total Commercial Paper (cost $30,330,487)** | &nbsp;&nbsp;&nbsp; **30336362** |

---

---

| | | |
|:---|:---|:---|
|  | Number of<br> shares |  |
| &nbsp;&nbsp;**Short-Term Investments — 1.55%** | &nbsp;&nbsp;**Short-Term Investments — 1.55%** | &nbsp;&nbsp;**Short-Term Investments — 1.55%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.06% | &nbsp;&nbsp;Money Market Mutual Funds — 0.06% | &nbsp;&nbsp;Money Market Mutual Funds — 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;19637 | &nbsp;&nbsp; 19637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | &nbsp;&nbsp;&nbsp;&nbsp;19637 | &nbsp;&nbsp; 19637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.31%) | &nbsp;&nbsp;&nbsp;&nbsp;19637 | &nbsp;&nbsp; 19637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.27%) | &nbsp;&nbsp;&nbsp;&nbsp;19638 | &nbsp;&nbsp; 19638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78549 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount<sup>°</sup> |  |
| &nbsp;&nbsp;US Treasury Obligation — 1.49% | &nbsp;&nbsp;US Treasury Obligation — 1.49% | &nbsp;&nbsp;US Treasury Obligation — 1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Bill 4.245% 4/24/25^ | 1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1845001 |
|  |  | &nbsp;&nbsp;&nbsp; 1845001 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $1,923,557)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $1,923,557)** | &nbsp;&nbsp;&nbsp; **1923550** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.80%<br> (cost $123,704,850)** |  | &nbsp;&nbsp;**$123914928** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2025, the aggregate value of Rule 144A securities was $44,341,903, which represents 35.71% of the Fund's net assets. See Note 9 in "Notes to financial statements." |

---

4&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_DI_-__cd1bb618-fbe8-4f69-8b72-9bd341c802ac_TOC)

---

| | |
|:---|:---|
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2025. Rate will reset at a future date. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| BofA – Bank of America |
| CLO – Collateralized Loan Obligation |
| DAC – Designated Activity Company |
| FREMF – Freddie Mac Multifamily |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USD – US Dollar |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;5

------

[**Table of Contents**](#JOB_DI_-__cd1bb618-fbe8-4f69-8b72-9bd341c802ac_TOC)

Statement of assets and liabilities

Macquarie Ultrashort Fund March 31, 2025

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value\* | $123914928 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285757 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117841 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30061 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 |
| &nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124349142 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102582 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26037 |
| &nbsp;&nbsp;&nbsp;Legal fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15105 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12796 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10994 |
| &nbsp;&nbsp;&nbsp;Investment management fees payable to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9899 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5936 |
| &nbsp;&nbsp;&nbsp;Distribution payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5192 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188650 |
| **Total Net Assets** | $124160492 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $124358483 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197991) |
| **Total Net Assets** | $124160492 |
| **Net Asset Value** |  |
| **Institutional Class:** |  |
| Net assets | $124160492 |
| Shares of beneficial interest outstanding, unlimited authorization, no par | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12463944 |
| Net asset value per share | $9.96 |
| <br>\*Investments, at cost | $123704850 |

---

See accompanying notes, which are an integral part of the financial statements.

------

[**Table of Contents**](#JOB_DI_-__cd1bb618-fbe8-4f69-8b72-9bd341c802ac_TOC)

Statement of operations

Macquarie Ultrashort Fund Year ended March 31, 2025

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$6165881 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20934 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6186815 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347434 |
| &nbsp;&nbsp;&nbsp;Dividend disbursing and transfer agent fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85827 |
| &nbsp;&nbsp;&nbsp;Accounting and administration expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56637 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43050 |
| &nbsp;&nbsp;&nbsp;Reports and statements to shareholders expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40853 |
| &nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39471 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35450 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5262 |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15582 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673001 |
| &nbsp;&nbsp;&nbsp;Less expenses waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205570) |
| &nbsp;&nbsp;&nbsp;Less expenses paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4159) |
| &nbsp;&nbsp;&nbsp;Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463272 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5723543 |
| **Net Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19601 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120863 |
| **Net Realized and Unrealized Gain (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140464 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;$5864007 |

---

See accompanying notes, which are an integral part of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;7

------

[**Table of Contents**](#JOB_DI_-__cd1bb618-fbe8-4f69-8b72-9bd341c802ac_TOC)

Statements of changes in net assets

Macquarie Ultrashort Fund

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$5723543 | &nbsp;&nbsp;$6742719 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422510 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7166194 |
| **Dividends and Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(939352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382846) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5776531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5325504) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5776531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6702286) |
| **Capital Share Transactions (See Note 6):** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8926067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30286817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145747342 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued upon reinvestment of dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5685769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5233005 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35972586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161528044 |

---

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---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Year ended | &nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;3/31/24 |
| **Capital Share Transactions (continued):** |  |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<sup>1</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(98447641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5772191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36532082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32595204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45216232) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32595204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185968146) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3377382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24440102) |
| **Net Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23976194) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120695634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144671828 |
| &nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;$124160492 | &nbsp;&nbsp;$120695634 |

---

<sup>1</sup> On July 28, 2023, all Class A, Class C and Class L shares were converted into Institutional Class shares. These transactions are included in proceeds from shares sold of Institutional Class shares and cost of shares redeemed of Class A, Class C and Class L shares in the Statements of changes in net assets above and on the previous page.

See accompanying notes, which are an integral part of the financial statements.

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Financial highlights

Macquarie Ultrashort Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

---

| |
|:---|
| **Net asset value, beginning of period<br>**  |
| **Income (loss) from investment operations:** |
| Net investment income<sup>1</sup><br>|
| Net realized and unrealized gain (loss)<br>|
| Total from investment operations<br>|
| **Less dividends and distributions from:** |
| Net investment income<br>|
| Total dividends and distributions<br>|
| **Net asset value, end of period<br>**  |
| **Total return<sup>2</sup><br>**  |
| **Ratios and supplemental data:** |
| Net assets, end of period (000 omitted)<br>|
| Ratio of expenses to average net assets<sup>3</sup><br>|
| Ratio of expenses to average net assets prior to fees waived<sup>3</sup><br>|
| Ratio of net investment income to average net assets<br>|
| Ratio of net investment income (loss) to average net assets prior to fees waived<br>|
| Portfolio turnover<br>|

---

<sup>1</sup> Calculated using average shares outstanding.

<sup>2</sup> Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect.

<sup>3</sup> Expense ratios do not include expenses of any investment companies in which the Fund invests.

See accompanying notes, which are an integral part of the financial statements.

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/25 | 3/31/24 | 3/31/23 | 3/31/22 | 3/31/21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.96 | $9.92 | $9.94 | $10.02 | $9.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.96 | $9.96 | $9.92 | $9.94 | $10.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11% | &nbsp;&nbsp;&nbsp;&nbsp;5.38% | &nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;(0.39%) | &nbsp;&nbsp;&nbsp;3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$124160 | $120696 | $14545 | $2874 | $4314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94% | &nbsp;&nbsp;&nbsp;&nbsp;5.10% | &nbsp;&nbsp;&nbsp;2.72% | &nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76% | &nbsp;&nbsp;&nbsp;&nbsp;4.84% | &nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;(0.08%) | &nbsp;&nbsp;&nbsp;0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;83% |

---

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Notes to financial statements

Macquarie Ultrashort Fund&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025

Delaware Group<sup>®</sup> Cash Reserve (Trust) is organized as a Delaware statutory trust and offers one series, Macquarie Ultrashort Fund (formerly, Delaware Investments Ultrashort Fund through December 30, 2024). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers Institutional Class shares. Effective July 28, 2023, all remaining shares of Class A, Class C and Class L were converted to Institutional Class. Institutional Class shares are not subject to a sales charge.

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Fund.

**Security Valuation — Fixed income securities are generally priced based upon valuations provided by an independent pricing service or broker in accordance with methodologies included within Delaware Management Company (DMC)'s Pricing Policy (the Policy). Fixed income security valuations are then reviewed by DMC as part of its duties as the Fund's valuation designee (Valuation Designee) and, to the extent required by the Policy and applicable regulation, fair valued consistent with the Policy. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and certain US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. An adjustment factor may be applied to the daily vendor provided price for certain security/instrument types to arrive at a fair value for the applicable positions. The adjustment factor is determined by comparing the prices of trades with vendor prices over a time period deemed reasonable by DMC, calculating the weighted average differences, and using that difference to adjust vendor prices. Open-end investment companies, other than exchange-traded funds (ETFs), are valued at their published net asset value (NAV). Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees (Board) has designated DMC to perform the fair value determination relating to all applicable Fund investments. DMC has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC may carry out its designated**

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responsibilities as Valuation Designee through the Pricing Committee and other teams and committees, which operate under policies and procedures approved by the Board and subject to the Board's oversight. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of US securities or securities indexes) that occur after the close of the relevant market and before the close of the New York Stock Exchange. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-US securities.

**Federal Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund's tax positions taken or expected to be taken on the Fund's federal income tax returns through the year ended March 31, 2025, and for all open tax years (years ended March 31, 2022–March 31, 2024), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest and tax penalties on unrecognized tax benefits in "Interest and tax penalties" on the "Statement of operations." During the year ended March 31, 2025, the Fund did not incur any interest or tax penalties.**

**Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.**

**Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Macquarie Funds (formerly, Delaware Funds by Macquarie<sup>®</sup>) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on an accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Fund invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method.**

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Notes to financial statements

Macquarie Ultrashort Fund&nbsp;&nbsp;&nbsp;&nbsp;

1. Significant Accounting Policies (continued)

Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. The Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

In November 2023, FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for the reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance. DMC, the Fund's investment adviser, acts as the Fund's chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment since the Fund has a single investment strategy disclosed in the prospectus against which the CODM assesses performance. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statements note disclosures only, and did not affect the Fund's financial position or the results of its operations.

The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the "Statement of operations" under "Custodian fees" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended March 31, 2025, the Fund earned $3,381 under this arrangement.

The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses" with the corresponding expenses offset included under "Less expenses paid indirectly." For the year ended March 31, 2025, the Fund earned $778 under this arrangement.

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its investment management agreement, the Fund pays DMC, a series of Macquarie Investment Management Business Trust (MIMBT), and the investment manager, an annual fee which is calculated daily and paid monthly at the rate of 0.30% on average daily net assets of the Fund.

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DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or

pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding 0.40% of the Fund's average daily net assets from April 1, 2024 through July 30, 2025. These waivers and reimbursements may only be terminated by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.

DMC may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited (together, the Affiliated Sub-Advisors). DMC may also permit these Affiliated Sub-Advisors to execute Fund security trades on its behalf and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor's specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, pays Affiliated Sub-Advisors a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Macquarie Funds at the following annual rates: 0.0050% of the first $60 billion; 0.00475% of the next $30 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Macquarie Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the "Statement of operations" under "Accounting and administration expenses." For the year ended March 31, 2025, the Fund paid $9,249 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC's fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Macquarie Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.004% of the next $20 billion; 0.002% of the next $25 billion; and 0.0015% of average daily net assets in excess of $75 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Macquarie Funds on a relative NAV basis. This amount is included on the "Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." For the year ended March 31, 2025, the Fund paid $7,550 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYIS), BNYIS provides certain sub- transfer agency services to the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the

&nbsp;&nbsp;&nbsp;&nbsp;15

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Notes to financial statements

Macquarie Ultrashort Fund&nbsp;&nbsp;&nbsp;&nbsp;

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates (continued)

"Statement of operations" under "Dividend disbursing and transfer agent fees and expenses." The fees are calculated daily and paid as invoices on a monthly or quarterly basis.

As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Fund. For the year ended March 31, 2025, the Fund paid $1,904 for internal legal and regulatory reporting services provided by DMC and/or its affiliates' employees. This amount is included on the "Statement of operations" under "Legal fees."

Trustees' fees include expenses accrued by the Fund for each Trustee's retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.

In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the investment management fees and other expenses of any Underlying Funds, including ETFs, in which it invests. The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

MIMBT, of which DMC is a series, entered into a settlement agreement on September 19, 2024 with the US Securities and Exchange Commission (SEC) consenting to an order (Settlement Order) relating to a legacy investment strategy, the Absolute Return Mortgage-Backed Securities Strategy (ARMBS Strategy). MIMBT no longer offers the ARMBS Strategy. MIMBT agreed to the Settlement Order without admitting or denying the SEC's findings. The Settlement Order does not impact MIMBT's ability to continue to provide services to the Fund.

3. Investments

For the year ended March 31, 2025, the Fund made purchases and sales of investment securities other than short-term investments and US government securities as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;$80357361 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46558099 |

---

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The tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At March 31, 2025, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Fund were as follows:

---

| | |
|:---|:---|
| Cost of investments | &nbsp;&nbsp;&nbsp;&nbsp;$123704850 |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp;$229996 |
| Aggregate unrealized depreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19918) |
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp;$210078 |

---

US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Fund's investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 - Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)

Level 2 - Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 - Significant unobservable inputs, including the Fund's own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based

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Notes to financial statements

Macquarie Ultrashort Fund&nbsp;&nbsp;&nbsp;&nbsp;

3. Investments (continued)

upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy levels as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | Level 1 | Level 2 | Total |
| Securities |  |  |  |
| Assets: |  |  |  |
| Agency Commercial Mortgage-Backed Securities | $— | $8972859 | $8972859 |
| Collateralized Debt Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124906 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30336362 | &nbsp;&nbsp;&nbsp;&nbsp;30336362 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10018408 | &nbsp;&nbsp;&nbsp;&nbsp;10018408 |
| Non-Agency Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;71538843 | &nbsp;&nbsp;&nbsp;&nbsp;71538843 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;78549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923550 |
| Total Value of Securities | $78549 | $123836379 | $123914928 |

---

During the year ended March 31, 2025, there were no transfers into or out of Level 3 investments. The Fund's policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting year.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets. As of March 31, 2025, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended March 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Year ended | &nbsp;&nbsp;&nbsp;&nbsp;Year ended |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;3/31/24 |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$5776531 | &nbsp;&nbsp;&nbsp;&nbsp;$6702286 |

---

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5. Components of Net Assets on a Tax Basis

As of March 31, 2025, the components of net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp;$124358483 |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57755 |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460632) |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5192) |
| Unrealized appreciation of investments and foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210078 |
| Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$124160492 |

---

There are no differences between book basis and tax basis components of net assets.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended March 31, 2025, the Fund had no reclassifications.

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2025, the Fund utilized $15,343 in capital loss carryforwards.

At March 31, 2025, the Fund has capital loss carryforwards available to offset future realized capital gains as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Loss carryforward character | &nbsp;&nbsp;&nbsp;&nbsp;Loss carryforward character |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;&nbsp;Long-term | &nbsp;&nbsp;&nbsp;&nbsp;Total |
| &nbsp;&nbsp;&nbsp;&nbsp;$460632 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$460632 |

---

6. Capital Shares

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 3/31/25 | 3/31/24 |
| Shares sold: | Shares sold: | Shares sold: |
| &nbsp;&nbsp;&nbsp;Class A<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900453 |
| &nbsp;&nbsp;&nbsp;Class C<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26902 |
| &nbsp;&nbsp;&nbsp;Class L<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 |
| &nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;3039461 | &nbsp;&nbsp;14675997 |
| Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: | Shares issued upon reinvestment of dividends and distributions: |
| &nbsp;&nbsp;&nbsp;Class A<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92464 |
| &nbsp;&nbsp;&nbsp;Class C<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5476 |
| &nbsp;&nbsp;&nbsp;Class L<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37970 |
| &nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;570455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526045 |
|  | &nbsp;&nbsp;3609916 | &nbsp;&nbsp;16266132 |

---

&nbsp;&nbsp;&nbsp;&nbsp;19

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Notes to financial statements

Macquarie Ultrashort Fund&nbsp;&nbsp;&nbsp;&nbsp;

6. Capital Shares (continued)

---

| | | |
|:---|:---|:---|
|  | Year ended | Year ended |
|  | 3/31/25 | 3/31/24 |
| Shares redeemed: | Shares redeemed: | Shares redeemed: |
| &nbsp;&nbsp;&nbsp;Class A<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(9924668) |
| &nbsp;&nbsp;&nbsp;Class C<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(581920) |
| &nbsp;&nbsp;&nbsp;Class L<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3682699) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (3269980) | &nbsp;&nbsp;&nbsp;(4544486) |
|  | (3269980) | (18733773) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;339936 | &nbsp;&nbsp;&nbsp;(2467641) |

---

<sup>1</sup> On July 28, 2023, all Class A, Class C and Class L shares were converted into Institutional Class shares. These transactions are included in shares sold of Institutional Class shares and shares redeemed of Class A, Class C and Class L shares in the table above.

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included in shares sold and shares redeemed in the table above and on the previous page and on the "Statements of changes in net assets." For the year ended March 31, 2025, the Fund did not have any exchange transactions. For the year ended March 31, 2024, the Fund had the following exchange transactions:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Exchange Redemptions | Exchange Redemptions | Exchange Subscriptions | Exchange Subscriptions |  |
|  | Class A<br> Shares | Class C<br> Shares | Class A<br> Shares | Institutional<br> Class<br> Shares | Value |
| Year ended | Year ended | Year ended | Year ended | Year ended | Year ended |
| 3/31/24 | 18873 | 1553 | 586 | 19834 | $202566 |

---

7. Line of Credit

The Fund, along with certain other funds in the Macquarie Funds (Participants), is a participant in a $335,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 27, 2025.

The Fund had no amounts outstanding as of March 31, 2025, or at any time during the year then ended.

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8. Securities Lending

The Fund, along with other funds in the Macquarie Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by the Fund is generally invested in an individual separate account. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to

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Notes to financial statements

Macquarie Ultrashort Fund&nbsp;&nbsp;&nbsp;&nbsp;

8. Securities Lending (continued)

security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund's cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.

During the year ended March 31, 2025, the Fund had no securities out on loan.

9. Credit and Market Risks

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

The Fund is subject to prepayment risk, which is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value.

The Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

The Fund may invest in mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities, like other fixed income securities, are subject to credit risk and interest rate risk, and may also be subject to prepayment risk and extension risk. Mortgage-backed and asset-backed securities can be highly sensitive to interest rate changes. As a result, small movements in interest rates can substantially impact the value and liquidity of these securities. Prepayment risk is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value of the securities and may cause the Fund to reinvest the proceeds in lower yielding securities. Extension risk is the risk that principal on mortgage-backed or asset-backed securities will be repaid more slowly than expected, which may reduce the proceeds available for reinvestment in higher yielding securities and may cause the security to experience greater volatility due to the extended maturity of the security. When interest rates rise, the value of mortgage-backed and asset-backed securities can

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be expected to decline. When interest rates go down, however, the value of these securities may not increase as much as other fixed income securities due to borrowers refinancing their loans at lower interest rates or prepaying their loans. In addition, mortgage-backed and asset-backed securities may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in general economic conditions. During periods of economic downturn, for example, underlying borrowers may not make timely payments on their loans and the value of property that secures the loans may decline in value such that it is worth less than the amount of the associated loans. If the collateral securing a mortgage-backed or asset-backed security is insufficient to repay the loan, the Fund could sustain a loss. Such risks generally will be heightened where a mortgage-backed or asset-backed security includes "subprime" loans. Although mortgage-backed securities are often supported by government guarantees or private insurance, there can be no guarantee that those obligations will be met. Furthermore, in certain economic conditions, loan servicers, loan originators and other participants in the market for mortgage-backed and other asset-backed securities may be unable to receive sufficient funding, impairing their ability to perform their obligations on the loans. Certain mortgage-backed or asset-backed securities may be more susceptible to these risks than other mortgage-backed, asset-backed, or fixed-income securities. For example, the Fund's investments in CMOs, real estate mortgage investment conduits (REMICs), and stripped mortgage-backed securities are generally highly susceptible to interest rate risk, prepayment risk, and extension risk. At times, these investments may be difficult to value and/or illiquid. Some classes of CMOs and REMICs may have preference in receiving principal or interest payments relative to more junior classes. The market prices and yields of these junior classes will generally be more volatile than more senior classes and will be more susceptible to interest rate risk, prepayment risk, and extension risk than more senior classes. Stripped mortgage-backed securities that receive only payments of interest (IOs) will generally decrease in value if interest rates decline or prepayment rates increase. Stripped mortgage-backed securities that receive only payments of principal (POs) will generally decrease in value if interest rates increase or prepayment rates decrease. These changes in value can be substantial and could cause the Fund to lose the entire value of its investment in CMOs, REMICs, and stripped mortgage-backed securities.

The Fund may invest up to 5% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933 (Act), as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund's limitation on investments in illiquid securities. The Fund may also invest in securities exempt from registration under Section 4(2) of the Act, which exempts from registration transactions by an issuer not involving any public offering. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund's 5% limit on investments in illiquid securities. Rule 144A securities have been identified on the "Schedule of investments."

&nbsp;&nbsp;&nbsp;&nbsp;23

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Notes to financial statements

Macquarie Ultrashort Fund&nbsp;&nbsp;&nbsp;&nbsp;

10. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

11. Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

12. Subsequent Events

On April 21, 2025, Macquarie Group Limited, the parent company of DMC, together with certain of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into an agreement for Nomura to acquire Macquarie Asset Management's US and European public investments business. The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these conditions, the transaction is expected to close by the end of October 2025. This is subject to change.

Management has determined that no other material events or transactions occurred subsequent to March 31, 2025, that would require recognition or disclosure in the Fund's financial statements.

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Report of independent registered public accounting firm

To the Board of Trustees of Delaware Group<sup>®</sup> Cash Reserve and Shareholders of

Macquarie Ultrashort Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Macquarie Ultrashort Fund (one of the funds constituting Delaware Group® Cash Reserve, referred to hereafter as the "Fund") as of March 31, 2025, the related statement of operations for the year ended March 31, 2025, the statement of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian and transfer agents. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 30, 2025

We have served as the auditor of one or more Macquarie investment companies since 2010.

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Other Fund information (Unaudited)

Macquarie Ultrashort Fund

#### Tax Information
The information set forth below is for the Fund's fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

All disclosures are based on financial information available as of the date of this report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended March 31, 2025, the Fund reports distributions paid during the year as follows:

---

| | |
|:---|:---|
| (A) Ordinary Income Distributions (Tax Basis) | &nbsp;&nbsp;100.00% |

---

------

(A) is based on a percentage of the Fund's total distributions.

For the fiscal year ended March 31, 2025, certain distributions paid by the Fund, determined to be from Qualified Interest Income may be subject to relief from US withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief Unemployment Insurance Reauthorization, and Job Creation Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the fiscal year ended March 31, 2025, the Fund has reported maximum distributions of Qualified Interest Income of $4,786,736.

The percentage of the ordinary dividends reported by the Fund is treated as a Section 163(j) interest dividend and thus is eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder is 99.06%.

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers, and others is disclosed within the financial statements.

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#### Statement Regarding Basis of Approval for Investment Advisory Contract
Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;27

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[**Table of Contents**](#JOB_DI_-__cd1bb618-fbe8-4f69-8b72-9bd341c802ac_TOC)

#### Contact information

#### Shareholder assistance by phone 800 523-1918, weekdays from 8:30am to 6:00pm ET

#### For securities dealers and financial institutions representatives only 800 362-7500

#### Regular mail Macquarie Funds P.O. Box 534437 Pittsburgh, PA 15253-4437

#### Overnight courier service Macquarie Funds Attention: 534437 500 Ross Street, 154-0520 Pittsburgh, PA 15262
Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities, and multi-asset solutions.

The Fund is advised by Delaware Management Company, a series of MIMBT, a US registered investment adviser, and distributed by **Delaware Distributors, L.P.** (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

**Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.**

The Fund is governed by US laws and regulations.

(4437621) #### AR-097-0525
This page is not part of the Financial statements and other information.

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The Financial Highlights are attached herewith.

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
This information is included as part of materials filed under Item 7 of this form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

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(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit \[99.CERT\].](d905465dex99cert.htm) |
| (a)(4) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto as Exhibit 99.906 CERT.](d905465dex99906cert.htm) |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| **Name of Registrant:** Delaware Group<sup>®</sup> Cash Reserve | **Name of Registrant:** Delaware Group<sup>®</sup> Cash Reserve |
| /s/ SHAWN K. LYTLE | /s/ SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| Date: | June 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| /s/ SHAWN K. LYTLE | /s/ SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| Date: | June 5, 2025 |
| /s/ RICHARD SALUS | /s/ RICHARD SALUS |
| By: | Richard Salus |
| Title: | Chief Financial Officer |
| Date: | June 5, 2025 |

---

## Ex-99.Cert

**EXHIBIT 99.CERT** 

**<u>CERTIFICATION</u>**

I, Shawn K. Lytle, certify that:

1. I have reviewed this report on Form N-CSR of Delaware Group<sup>®</sup> Cash Reserve;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: June 5, 2025

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| | |
|:---|:---|
| /s/ SHAWN K. LYTLE | /s/ SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |

---

------

**<u>CERTIFICATION</u>**

I, Richard Salus, certify that:

1. I have reviewed this report on Form N-CSR of Delaware Group<sup>®</sup> Cash Reserve;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: June 5, 2025

---

| | |
|:---|:---|
| /s/ RICHARD SALUS | /s/ RICHARD SALUS |
| By: | Richard Salus |
| Title: | Chief Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 99.906CERT** 

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the attached report of the registrant on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify, to the best of such officer's knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934; and

2. The information contained in the Report fairly represents, in all material respects, the financial condition
and results of operations of the registrant as of, and for, the periods presented in the Report.

---

| | |
|:---|:---|
| Date: June 5, 2025 | Date: June 5, 2025 |
| /s/ SHAWN K. LYTLE | /s/ SHAWN K. LYTLE |
| By: | Shawn K. Lytle |
| Title: | President and Chief Executive Officer |
| /s/ RICHARD SALUS | /s/ RICHARD SALUS |
| By: | Richard Salus |
| Title: | Chief Financial Officer |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.