Strategy. Macquarie Global Allocation Fund is a fund-of-funds that seeks to achieve its objective primarily by allocating its assets among a diverse group of equity and fixed-income mutual funds, including affiliated and unaffiliated equity and fixed-income mutual funds and unaffiliated exchange-traded funds (ETFs), and directly investing in stocks and bonds . The Fund invests primarily in mutual funds that are series of the Delaware Funds (each such fund is an Underlying Affiliated Fund). Each Underlying Affiliated Fund, in turn, invests in a diversified portfolio of securities from one or more of the following asset classes: domestic equity securities, foreign equity securities (from issuers in both developed and emerging markets) and bonds (both investment grade and high-yield (junk ) bonds ) issued … Show more… Macquarie Global Allocation Fund is a fund-of-funds that seeks to achieve its objective primarily by allocating its assets among a diverse group of equity and fixed-income mutual funds, including affiliated and unaffiliated equity and fixed-income mutual funds and unaffiliated exchange-traded funds (ETFs), and directly investing in stocks and bonds . The Fund invests primarily in mutual funds that are series of the Delaware Funds (each such fund is an Underlying Affiliated Fund). Each Underlying Affiliated Fund, in turn, invests in a diversified portfolio of securities from one or more of the following asset classes: domestic equity securities, foreign equity securities (from issuers in both developed and emerging markets) and bonds (both investment grade and high-yield (junk ) bonds ) issued by domestic and foreign corporations and governments. The Fund invests in Underlying Affiliated Funds and stocks and bonds that utilize a variety of growth or income investment strategies to seek to achieve their respective objectives. The Underlying Affiliated Funds of the Trust are managed by Delaware Management Company (Manager). For the purposes of this section, a reference to the Manager may also include Macquarie Investment Management Austria Kapitalanlage AG (MIMAK, or the Sub-advisor), with respect to its role as sub-advisor of the Fund. Under normal circumstances, the Fund's policy asset mix is 65% invested in equities and 35% invested in fixed income. However, at any given time, the Fund's permissible ranges are 45% to 85% invested in equities and 15% to 55% invested in fixed income and other asset classes . Through its investments in the Underlying Affiliated Funds and/or its direct stock and bond investments , the Fund will invest, under normal circumstances, at least 40% of its assets in foreign investments. MIMAK and the Manager use a dynamic asset-allocation framework to determine the proportion of the Fund's assets that will be allocated to the various asset classes noted above, based on the market assessment and portfolio risk contribution for such asset classes. The framework is intended to reduce riskier assets in times of market volatility and provide additional downside protection. Show less