Past performance is no guarantee of future results. Remarks on these panels are for informational purposes only and are not meant to predict or project the future performance of any investment product. The opinions are current through the date of each panel, are subject to change at any time based on market and other current conditions, and no forecasts can be guaranteed. The information is not a recommendation to purchase, sell or hold any specific fund or security mentioned or to engage in any investment strategy. Strategies or general securities discussed may not be suitable for all investors.

Significant Event On December 2, 2020, Waddell & Reed Financial, Inc. (“WDR”), the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the U.S. holding company for Macquarie Group Limited’s U.S. asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of WDR (the “Transaction”). The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds by Macquarie, are now managed by Delaware Management Company and distributed by Delaware Distributors, L.P.

This information is intended for use by financial advisors with persons who are eligible to purchase U.S.-registered mutual funds. Securities offered through Delaware Distributors, L.P.

Macquarie Investment Management (“MIM”) is the marketing name for certain companies comprising the asset management division of Macquarie Group. Investment products and advisory services are distributed and offered by and referred through affiliates which include Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (“FINRA”) and Macquarie Investment Management Business Trust (“MIMBT”), a Securities and Exchange Commission (“SEC”)-registered investment advisor. Investment advisory services are provided by a series of MIMBT. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. Delaware Funds by Macquarie refers to certain investment solutions that MIM distributes, offers, refers, or advises.

IVY INVESTMENTS℠ refers to the investment management and investment advisory services offered by MIMBT through its various series.

Other than Macquarie Bank Limited (“MBL”), none of the entities noted are authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

©2021 Macquarie Management Holdings, Inc.