# EDGAR Filing Document

**Accession Number:** 0000027574
**File Stem:** 0001133228-26-004649
**Filing Date:** 2026-4
**Character Count:** 219374
**Document Hash:** dc4210a801c1f0c84f0daf3f3e2b87cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-004649.hdr.sgml**: 20260406

**ACCESSION NUMBER**: 0001133228-26-004649

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260406

**DATE AS OF CHANGE**: 20260406

**EFFECTIVENESS DATE**: 20260406

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DELAWARE GROUP EQUITY FUNDS II
- **CENTRAL INDEX KEY:** 0000027574

**ORGANIZATION NAME:**
- **EIN:** 232448660
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-13017
- **FILM NUMBER:** 26840629

**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 EQUITY FUNDS II INC
- **DATE OF NAME CHANGE:** 19970730

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DELAWARE GROUP DECATUR FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DECATUR FUND INC
- **DATE OF NAME CHANGE:** 19880808

## Series and Classes Contracts Data

### Nomura Value Fund (Series ID: S000002391)

---

|  |  |  |
|:---|:---|:---|
| Class Name          | Ticker Symbol | Class ID   |
| Class A             | DDVAX         | C000006333 |
| Class C             | DDVCX         | C000006335 |
| Institutional Class | DDVIX         | C000006336 |
| Class R             | DDVRX         | C000031061 |
| Class R6            | DDZRX         | C000171459 |

---

## Series and Classes Contracts Data

### Nomura Value Fund (Series ID: S000002391)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000006333 | Class A             | DDVAX           |
| C000006335 | Class C             | DDVCX           |
| C000006336 | Institutional Class | DDVIX           |
| C000031061 | Class R             | DDVRX           |
| C000171459 | Class R6            | DDZRX           |

---

| |
|:---|
| ![](pr2510img003.jpg)  |
| Prospectus |

---

US equity mutual fund

Nomura Value Fund

(formerly, Macquarie Value Fund)

---

| | |
|:---|:---|
| Nasdaq ticker symbols | Nasdaq ticker symbols |
| Class A | DDVAX |
| Class C | DDVCX |
| Class R | DDVRX |
| Institutional Class | DDVIX |
| Class R6 | DDZRX |

---

March 31, 2026

**The US Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus.**<br>**Any representation to the contrary is a criminal offense.**

**Get shareholder reports and prospectuses online instead of in the mail.**<br>**Visit nomuraassetmanagement.com/e-delivery.**

------

Table of contents

---

| | |
|:---|:---|
| [**Fund summary**............................................................................................](#chapter_2_2510) | [1](#chapter_2_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura Value Fund.........................................................................................](#chapter_2-sect1_1_2510) | [1](#chapter_2-sect1_1_2510) |
| [**How we manage the Fund**...................................................................................](#chapter_3_2510) | [5](#chapter_3_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Our principal investment strategies................................................................................](#chapter_3-sect1_1_2510) | [5](#chapter_3-sect1_1_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Other investment strategies....................................................................................](#chapter_3-sect1_2_2510) | [5](#chapter_3-sect1_2_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [The risks of investing in the Fund.................................................................................](#chapter_3-sect1_3_2510) | [6](#chapter_3-sect1_3_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Disclosure of portfolio holdings information...........................................................................](#chapter_3-sect1_4_2510) | [9](#chapter_3-sect1_4_2510) |
| [**Who manages the Fund**.....................................................................................](#chapter_4_2510) | [10](#chapter_4_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investment manager........................................................................................](#chapter_4-sect1_1_2510) | [10](#chapter_4-sect1_1_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio managers.........................................................................................](#chapter_4-sect1_2_2510) | [10](#chapter_4-sect1_2_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Manager of managers structure..................................................................................](#chapter_4-sect1_3_2510) | [11](#chapter_4-sect1_3_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Who's who..............................................................................................](#chapter_4-sect1_4_2510) | [11](#chapter_4-sect1_4_2510) |
| [**About your account**........................................................................................](#chapter_5_2510) | [13](#chapter_5_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investing in the Fund........................................................................................](#chapter_5-sect1_1_2510) | [13](#chapter_5-sect1_1_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Choosing a share class.......................................................................................](#chapter_5-sect1_2_2510) | [13](#chapter_5-sect1_2_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Dealer compensation........................................................................................](#chapter_5-sect1_3_2510) | [16](#chapter_5-sect1_3_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Payments to intermediaries....................................................................................](#chapter_5-sect1_4_2510) | [17](#chapter_5-sect1_4_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [How to reduce your sales charge.................................................................................](#chapter_5-sect1_5_2510) | [17](#chapter_5-sect1_5_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Buying Class A shares at net asset value............................................................................](#chapter_5-sect1_6_2510) | [18](#chapter_5-sect1_6_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Waivers of contingent deferred sales charges.........................................................................](#chapter_5-sect1_7_2510) | [19](#chapter_5-sect1_7_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [How to buy shares.........................................................................................](#chapter_5-sect1_8_2510) | [20](#chapter_5-sect1_8_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Calculating share price.......................................................................................](#chapter_5-sect1_9_2510) | [21](#chapter_5-sect1_9_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Fair valuation.............................................................................................](#chapter_5-sect1_10_2510) | [21](#chapter_5-sect1_10_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Retirement plans..........................................................................................](#chapter_5-sect1_11_2510) | [22](#chapter_5-sect1_11_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Document delivery.........................................................................................](#chapter_5-sect1_12_2510) | [22](#chapter_5-sect1_12_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Inactive accounts..........................................................................................](#chapter_5-sect1_13_2510) | [22](#chapter_5-sect1_13_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [How to redeem shares.......................................................................................](#chapter_5-sect1_14_2510) | [22](#chapter_5-sect1_14_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Low balance accounts.......................................................................................](#chapter_5-sect1_15_2510) | [23](#chapter_5-sect1_15_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investor services...........................................................................................](#chapter_5-sect1_16_2510) | [24](#chapter_5-sect1_16_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Frequent trading of Fund shares (market timing and disruptive trading)..........................................................](#chapter_5-sect1_17_2510) | [25](#chapter_5-sect1_17_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Dividends, distributions, and taxes................................................................................](#chapter_5-sect1_18_2510) | [27](#chapter_5-sect1_18_2510) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Certain management considerations...............................................................................](#chapter_5-sect1_19_2510) | [28](#chapter_5-sect1_19_2510) |
| [**Financial highlights**........................................................................................](#chapter_6_2510) | [29](#chapter_6_2510) |
| [**Broker-defined sales charge waiver policies**.....................................................................](#chapter_7_2510) | [35](#chapter_7_2510) |
| [**Appendix A: Hypothetical Investment Expense Information**..........................................................](#chapter_8_2510) | [45](#chapter_8_2510) |
| [**Additional information**......................................................................................](#chapter_9_2510) | [48](#chapter_9_2510) |

---

------

---

| |
|:---|
| Fund summary |
| **Nomura Value Fund,** a series of Delaware Group<sup>®</sup> Equity Funds II<br>(formerly, Macquarie Value Fund) |

---

**What is the** **Fund's investment objective?**

Nomura Value Fund seeks long-term capital appreciation.

**What are the** **Fund's fees and expenses?**

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as** **brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below**. You may qualify for sales-charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Nomura Funds (formerly, Macquarie Funds). More information about these and other discounts is available from your financial intermediary, in the Fund's Prospectus under the section entitled "About your account," and in the Fund's statement of additional information (SAI) under the section entitled "Purchasing Shares."

**Shareholder fees (fees paid directly from your investment)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class | A | C | R | Inst. | R6 |
| &nbsp;&nbsp; Maximum sales charge (load) imposed on purchases as a <br>percentage of offering price......................... | 5.75% |  |  |  |  |
| &nbsp;&nbsp; Maximum contingent deferred sales charge (load) as a <br>percentage of original purchase price or redemption price, <br>whichever is lower................................ | none<sup>1</sup> | 1.00%<sup>1</sup> |  |  |  |

---

**Annual** **fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class | A | C | R | Inst. | R6 |
| Management fees................................. | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
| Distribution and service (12b-1) fees.................... | 0.25% | 1.00% | 0.50% |  |  |
| Other expenses .................................. | 0.12% | 0.12% | 0.12% | 0.12% | 0.07%<sup>2</sup> |
| Total annual fund operating expenses ................... | 0.95% | 1.70% | 1.20% | 0.70% | 0.65% |

---

---

| | |
|:---|:---|
| 1 | For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on certain Class A shares that are purchased at net asset value (NAV) for $1 million or more that are subsequently redeemed within 18 months of purchase. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase. |

---

2 "Other expenses" account for Class R6 shares not being subject to certain expenses as described further in the section of this Prospectus entitled "Choosing a share class."

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. In addition, the example shows expenses for Class C shares, assuming those shares were not redeemed at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class | A | &nbsp;&nbsp;&nbsp; (if not <br>redeemed)<br>C | C | R | Inst. | R6 |
| 1 year................................ | $666 | $173 | $273 | $122 | $72 | $66 |
| 3 years............................... | $860 | $536 | $536 | $381 | $224 | $208 |
| 5 years............................... | $1070 | $923 | $923 | $660 | $390 | $362 |
| 10 years............................... | $1674 | $2009 | $2009 | $1455 | $871 | $810 |

---

**Portfolio turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 46% of the average value of its portfolio.

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Fund summary

**What are the** **Fund's principal investment strategies?**

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of large-capitalization companies (the 80% policy). The Fund invests primarily in securities of large-capitalization companies that the Fund's investment manager, Delaware Management Company (Manager), believes have long-term capital appreciation potential. The Manager currently defines large-capitalization stocks as those with market capitalizations of $5 billion or greater at the time of purchase. Typically, the Manager seeks to select securities that it believes are undervalued in relation to their intrinsic value, as indicated by multiple factors, including the earnings and cash flow potential or the asset value of the respective issuers. The Manager also considers a company's plans for future operations on a selective basis. The Manager may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Fund.

The Fund's 80% policy is nonfundamental and may be changed without shareholder approval. Fund shareholders would be given at least 60 days' notice prior to any such change.

**What are the principal risks of investing in the** **Fund?**

Investing in any mutual fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. An investment in the Fund may not be appropriate for all investors. The Fund's principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**Limited number of securities risk** — The possibility that a single security's increase or decrease in value may have a greater impact on a fund's value and total return because the fund may hold larger positions in fewer securities than other funds. In addition, a fund that holds a limited number of securities may be more volatile than those funds that hold a greater number of securities.

**Liquidity risk** — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them.

**Government and regulatory risk** — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector.

**Active management and selection risk** — The risk that the securities selected by a fund's management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**How has** **Nomura Value Fund performed?**

The bar chart and table below provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year and the table shows how the Fund's average annual total returns for the 1-, 5-, and 10-year or lifetime periods compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps. You may obtain the Fund's most recently available month-end performance by calling 800-523-1918 or by visiting our website at nomuraassetmanagement.com/performance.

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**Calendar year-by-year total return (Class A)**

![](pr2510img001.jpg)

During the periods illustrated in this bar chart, Class A's highest quarterly return was 15.32% for the quarter ended June 30, 2020, and its lowest quarterly return was -26.71% for the quarter ended March 31, 2020. The maximum Class A sales charge of 5.75%, which is normally deducted when you purchase shares, is not reflected in the highest/lowest quarterly returns or in the bar chart. If this fee were included, the returns would be less than those shown. The average annual total returns in the table below do include the sales charge.

**Average annual total returns for periods ended** **December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; 1 year | &nbsp;&nbsp;&nbsp;&nbsp; 5 years | &nbsp;&nbsp;&nbsp; 10 years or<br>lifetime |
| Class A return before taxes.................................................. | 4.23% | 5.88% | 7.20% |
| Class A return after taxes on distributions....................................... | -1.16% | 1.45% | 4.45% |
| Class A return after taxes on distributions and sale of Fund shares..................... | 6.37% | 4.22% | 5.48% |
| Class C return before taxes................................................. | 8.91% | 6.34% | 7.03% |
| Class R return before taxes................................................. | 10.31% | 6.88% | 7.57% |
| Institutional Class return before taxes.......................................... | 10.93% | 7.43% | 8.12% |
| Class R6 return before taxes (lifetime: 5/2/16–12/31/25)............................. | 10.91% | 7.52% | 7.90% |
| Russell 1000<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes)................. | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Value Index (reflects no deduction for fees, expenses, or taxes)............. | 15.91% | 11.33% | 10.53% |

---

Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Frank Russell Company.

After-tax performance is presented only for Class A shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor's individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.

**Who manages the** **Fund?**

**Investment manager**

Delaware Management Company, a series of Nomura Investment Management Business Trust (a Delaware statutory trust)

---

| | | |
|:---|:---|:---|
|  **Portfolio managers** | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Fund** |
|  Nikhil Lalvani, CFA | &nbsp;&nbsp; Managing Director, Head of US Large Cap Value Equity | &nbsp;&nbsp; October 2006 |
|  Erin Ksenak | &nbsp;&nbsp; Managing Director, Portfolio Manager - US Large Cap Value Equity | &nbsp;&nbsp; December 2020 |
|  Vincent Celentano, CFA | &nbsp;&nbsp; Executive Director, Portfolio Manager - US Large Cap Value Equity | &nbsp;&nbsp; February 2025 |

---

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

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Fund summary

**Purchase and redemption of** **Fund shares**

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange (NYSE) is open for business (Business Day). Shares may be purchased or redeemed: through your financial intermediary; through the Fund's website at nomuraassetmanagement.com/account-access; by calling 800 523-1918; by regular mail (c/o Nomura Funds, P.O. Box 534437, Pittsburgh, PA 15253-4437); by overnight courier service (c/o Nomura Funds Service Center, Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262); or by wire.

For Class A and Class C shares, the minimum initial investment is generally $1,000 and subsequent investments can be made for as little as $100. The minimum initial investment for IRAs, Uniform Gifts/Transfers to Minors Act accounts, direct deposit purchase plans, and automatic investment plans is $250 and through Coverdell Education Savings Accounts is $500, and subsequent investments in these accounts can be made for as little as $25. For Class R, Institutional Class, and Class R6 shares (except those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in this Prospectus under "Choosing a share class" and on the Fund's website. We may reduce or waive the minimums or eligibility requirements in certain cases.

Please refer to the "About your account" section of the Fund's Prospectus for more details regarding the purchase and sale of Fund shares.

**Tax information**

The Fund's distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA, in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Fund through a broker/dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker/dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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How we manage the Fund

The Manager takes a disciplined approach to investing, combining investment strategies and risk-management techniques that it believes can help shareholders meet their goals.

**Our principal investment strategies**

Generally, the Fund invests 85% to 100% of its net assets in common stocks. The Manager researches individual companies and analyzes economic and market conditions, seeking to identify the securities that it believes are the best investments for the Fund. The following are descriptions of how the portfolio management team pursues the Fund's investment objective.

The Fund invests primarily in securities of large-capitalization companies that the Manager believes have long-term capital appreciation potential. The Manager follows a value-oriented investment philosophy in selecting stocks for the Fund using a research-intensive approach that considers factors such as:

• a
 security price that reflects a market valuation that is judged to be below the estimated present or future value of the company;

• favorable
 earnings prospects and dividend yield potential;

• the
 financial condition of the issuer; and

• various
 qualitative factors.

The Manager may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Manager may evaluate, among other things, the factors listed above, the condition of the US economy, the condition of non-US economies, and changes in the condition and outlook in the issuer's industry sector.

The Fund may invest up to 10% of its net assets in REITs, another category of income-generating equity securities. The Fund may invest in convertible securities and select them on the basis of the common stocks into which they can be converted, not on the basis of the debt ratings of the convertible securities.

The Fund may invest in privately placed securities, including those that are eligible for resale only among certain institutional buyers without registration, which are commonly known as "Rule 144A Securities." The Fund may invest up to 15% of its net assets in illiquid investments as determined pursuant to the Investment Company Act of 1940 and applicable rules and regulations thereunder.

The Fund's investment objective is nonfundamental. This means that the Fund's Board of Trustees (Board) may change the objective without obtaining shareholder approval. If the objective were changed, the Fund would notify shareholders at least 60 days before the change became effective.

The SAI also describes non-principal investment strategies that the Fund may use, including investing in other types of investments that are not described in this Prospectus.

**Other investment strategies**

**Borrowing from banks**<br>

The Fund may borrow money from banks as a temporary measure for extraordinary or emergency purposes or to facilitate redemptions. The Fund will be required to pay interest to the lending banks on the amount borrowed. As a result, borrowing money could result in the Fund being unable to meet its investment objective. The Fund will not borrow money in excess of one-third of the value of its total assets.

**Lending securities**<br>

The Fund may lend up to 25% of its assets to qualified broker/dealers or institutional investors for their use in securities transactions. Borrowers of the Fund's securities must provide collateral to the Fund and adjust the amount of collateral each day to reflect changes in the value of the loaned securities. These transactions, if any, may generate additional income for the Fund.

**Purchasing securities on a when-issued or delayed-delivery basis**<br>

The Fund may buy or sell securities on a when-issued or delayed-delivery basis (i.e., paying for securities before delivery or taking delivery at a later date).

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How we manage the Fund

**Temporary defensive positions**<br>

In response to unfavorable market conditions, the Fund may make temporary investments in cash or cash equivalents or other high-quality, short-term instruments. These investments may not be consistent with the Fund's investment objective. To the extent that the Fund holds such instruments, it may be unable to achieve its investment objective.

**The risks of investing in the** **Fund**

Investing in any mutual fund involves risk, including the risk that you may receive little or no return on your investment, and the risk that you may lose part or all of the money you invest. Before you invest in the Fund, you should carefully evaluate the risks. Because of the nature of the Fund, you should consider your investment to be a long-term investment that typically provides the best results when held for a number of years. The information below describes the principal risks you assume when investing in the Fund. Please see the SAI for a further discussion of these risks and other risks not discussed here.

**Market risk**<br>

Markets can be volatile, and stock prices can change daily, sometimes rapidly or unpredictably. As a result, the Fund's holdings can decline in response to adverse issuer, political, regulatory, market or economic developments or conditions that may cause a broad market decline. Different parts of the market, including different sectors and different types of securities, can react differently to these developments. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. Market risk may affect a single issuer or the market as a whole. At times, the Fund may hold a relatively high percentage of its assets in stocks related to a particular market sector or industry, which would subject the Fund to proportionately higher exposure to the risks of that sector or industry.

Securities are subject to price movements due to changes in general economic conditions (which may not be specifically related to the particular issuer), such as the level of prevailing interest or currency rates, changes in the general outlook for revenues or corporate earnings, investor sentiment and perceptions of the market generally. The value of securities also may go up or down due to factors that affect an individual issuer or a particular sector or industry, such as changes in production costs and competitive conditions within the sector or industry. Market prices of equity securities generally are more volatile than debt securities. This may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time.

Global economies and financial markets have become increasingly interconnected, meaning that conditions in one country or region may adversely affect issuers in another country or region, which in turn may adversely affect securities held by the Fund. In addition, certain events, such as natural disasters, terrorist attacks, war, regional or global instability and other geopolitical events, have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

Financial markets at times may experience heightened volatility due to various factors, including, but not limited to, government regulations and central bank policy changes. Turbulence in the financial markets and reduced liquidity may negatively affect issuers, which could have an adverse effect on the Fund.

The value of the Fund's investments – or the income from it's investments – may be adversely affected by inflation or changes in the market's expectations regarding inflation. Furthermore, there is a risk that the prices of goods and services in the US and many foreign economies may decline over time, known as deflation (the opposite of inflation). Deflation may have an adverse effect on asset prices and issuer creditworthiness and may make defaults on debt more likely. If a country's economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse.

**Limited number of securities risk**<br>

If the Fund typically holds a small number of stocks, or if the Manager tends to invest a significant portion of the Fund's total assets in a limited number of stocks, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund's NAV than it would if the Fund invested in a larger number of securities or if the Manager invested a greater portion of the Fund's total assets in a larger number of stocks. Although that strategy has the potential to generate attractive returns over time, it also may increase the Fund's volatility.

**Value stock risk**<br>

Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Manager, undervalued. The value of a security believed by the Manager to be undervalued may never reach what is believed to be its full value, such security's value may decrease or such security may be appropriately priced.

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**Large capitalization company risk**<br>

Large-capitalization companies may go in and out of favor based on market and economic conditions. Large-capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Although the securities of larger companies may be less volatile than those of companies with smaller market capitalizations, returns on investments in securities of large-capitalization companies could trail the returns on investments in securities of smaller companies.

**Liquidity risk**<br>

Liquidity risk is the possibility that investments cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. The Fund also may not be able to dispose of illiquid investments at a favorable time or price during periods of infrequent trading of an illiquid investment.

**Government and regulatory risk**<br>

Governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect Fund performance. Government involvement in the private sector may, in some cases, include government investment in, or ownership of, companies in certain commercial business sectors; wage and price controls; or imposition of trade barriers and other protectionist measures. For example, an economic or political crisis may lead to price controls, forced mergers of companies, expropriation, the creation of government monopolies, foreign exchange controls, the introduction of new currencies (and the redenomination of financial obligations into those currencies), or other measures that could be detrimental to the investments of the Fund.

**Industry and sector risks**<br>

At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Individual sectors may be more volatile, and may perform differently, than the broader market. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

**Real estate industry risk**<br>

Real estate industry risk includes, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes, and operating expenses; changes in zoning laws; costs resulting from the cleanup of, and liability to third parties resulting from, environmental problems; casualty for condemnation losses; uninsured damages from floods, earthquakes, or other natural disasters; limitations on and variations in rents; and changes in interest rates. REITs are subject to substantial cash flow dependency, defaults by borrowers, self-liquidation, and the risk of failing to qualify for tax-free pass-through of income under the Internal Revenue Code, or other similar statutes in non-US countries and/or to maintain exemptions from the 1940 Act.

**REIT-related risk**<br>

The value of the Fund's investments in a REIT may be adversely affected by (1) changes in the value of the REIT's underlying property or the property secured by mortgages the REIT holds; (2) loss of the REIT's federal tax status (and the resulting inability to qualify for modified pass-through tax treatment under the Internal Revenue Code) or changes in laws and/or rules related to that status; or (3) the REIT's failure to maintain its exemption from registration under the 1940 Act. In addition, the Fund may experience a decline in its income from REIT securities due to falling interest rates or decreasing dividend payments.

**Small- and mid-market capitalization company risk**<br>

Securities of small-capitalization companies are subject to greater price volatility, lower trading volume and less liquidity due to, among other things, such companies' small size, limited product lines, limited access to financing sources and limited management depth. In addition, the frequency and volume of trading of such securities may be less than is typical of larger companies, making them subject to wider price fluctuations, and such securities may be affected to a greater extent than other types of securities by the underperformance of a sector or during market downturns. In some cases, there could be difficulties in selling securities of small-capitalization companies at the desired time.

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How we manage the Fund

Securities of mid-capitalization companies may be more vulnerable to adverse developments than those of larger companies due to such companies' limited product lines, limited markets and financial resources and dependence upon a relatively small management group. Securities of mid-capitalization companies may be more volatile and less liquid than the securities of larger companies and may be affected to a greater extent than other types of securities by the underperformance of a sector or during market downturns.

**Derivatives risk**<br>

Derivatives risk is the possibility that the Fund may experience a significant loss if it employs a derivatives strategy (including a strategy involving equity-linked securities, futures, options, forward foreign currency contracts, or swaps such as interest rate swaps, index swaps, or credit default swaps) related to a security, index, reference rate, or other asset or market factor (collectively, a "reference instrument") and that reference instrument moves in an unanticipated direction. If a market or markets, or prices of particular classes of investments, move in an unexpected manner, the Fund may not achieve the anticipated benefits of the transaction and it may realize losses. Derivatives also involve additional expenses, which could reduce any benefit or increase any loss to the Fund from using the strategy. In addition, changes in government regulation of derivatives could affect the character, timing, and amount of the Fund's taxable income or gains. The Fund's transactions in derivatives may be subject to one or more special tax rules. These rules may: (i) affect whether gains and losses recognized by the Fund are treated as ordinary or capital or as short-term or long-term, (ii) accelerate the recognition of income or gains to the Fund, (iii) defer losses to the Fund, and (iv) cause adjustments in the holding periods of the Fund's securities. The Fund's use of derivatives may be limited by the requirements for taxation of the Fund as a regulated investment company.

Investing in derivatives may subject the Fund to counterparty risk. Please refer to "Counterparty risk" for more information. Other risks include illiquidity, mispricing or improper valuation of the derivatives contract, and imperfect correlation between the value of the derivatives instrument and the underlying reference instrument so that the Fund may not realize the intended benefits. In addition, since there can be no assurance that a liquid secondary market will exist for any derivatives instrument purchased or sold, the Fund may be required to hold a derivatives instrument to maturity and take or make delivery of an underlying reference instrument that the Manager would have otherwise attempted to avoid, which could result in losses. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case the Fund may not realize the intended benefits.

**Leveraging risk**<br>

Leveraging risk is the risk that certain Fund transactions, such as reverse repurchase agreements, short sales, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivatives instruments, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged. While it is anticipated that leverage may increase profitability, it may also accentuate the consequences of adverse price movements, resulting in increased losses.

**Counterparty risk**<br>

Counterparty risk is the risk that if the Fund enters into a derivatives contract (such as a futures, options, or swap contract) or a repurchase agreement, the counterparty to such a contract or agreement may fail to perform its obligations under the contract or agreement due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization). As a result, the Fund may experience significant delays in obtaining any recovery, may obtain only a limited recovery, or may obtain no recovery at all.

**IBOR risk**<br>

The risk that changes related to the use of the London Interbank Offered Rate (LIBOR) or similar interbank offered rates (IBORs, such as the Euro Overnight Index Average (EONIA)) could have adverse impacts on financial instruments that reference such rates. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.

**Natural disaster and epidemic risk**<br>

Natural disaster and epidemic risk is the risk that the value of the Fund's investments may be negatively affected by natural disasters, epidemics, or similar events. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. Given the increasing interdependence among global economies and

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markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund's ability to achieve its investment objective.

**Active management and selection risk**<br>

The Manager applies the Fund's investment strategies and selects securities for the Fund in seeking to achieve the Fund's investment objective(s). There can be no guarantee that its decisions will produce the desired results, and securities selected by the Fund may not perform as well as the securities held by other mutual funds with investment objectives that are similar to the investment objective(s) of the Fund. In general, investment decisions made by the Manager may not produce the anticipated returns, may cause the Fund's shares to lose value or may cause the Fund to perform less favorably than other mutual funds with similar investment objectives.

**Disclosure of portfolio holdings information**

A description of the Fund's policies and procedures with respect to the disclosure of its portfolio securities is available in the SAI.

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Who manages the Fund

**Investment manager**

The Manager, located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, is the Fund's investment manager. The Manager is a series of Nomura Investment Management Business Trust (NIMBT), which is a Delaware statutory trust and Securities and Exchange Commission (SEC) registered investment adviser. Nomura Asset Management is part of the Investment Management Division of the Nomura Group, providing integrated public and private market asset management services across equities, fixed income, private credit and multi-asset solutions to intermediary and institutional clients. Nomura Asset Management primarily operates through several distinct investment managers, which includes NIMBT and its Delaware Management Company series. The Manager makes investment decisions for the Fund, manages the Fund's business affairs, and provides daily administrative services. For its services to the Fund, the Manager was paid an aggregate fee, net of fee waivers (if applicable), of 0.58% of average daily net assets during the last fiscal year.

A discussion of the basis for the Board's approval of the Fund's investment advisory agreement is available on the Fund's website and is filed with the SEC on the Fund's Form N-CSR for the fiscal year ended November 30, 2025.

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

**Portfolio managers**

Nikhil Lalvani, Erin Ksenak and Vincent Celentano have day-to-day responsibilities for making investment decisions for the Fund.

**Nikhil Lalvani**<br>*Managing Director, Head of US Large Cap Value Equity*

Nikhil is Head of US Large Cap Value Equity at Nomura Asset Management International, a position he first assumed with Macquarie Asset Management in October 2018. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. From 2006 to 2018, Nikhil was a Senior Portfolio Manager for the US Large Cap Value Equity Team at Macquarie Asset Management and, before that, at Delaware Investments (which was acquired by Macquarie in 2010). Earlier at Delaware Investments, Nikhil worked as a Fundamental and Quantitative Analyst on several investment strategies and as an Account Analyst in the SMA Operations Group. Prior to that, he was a Research Associate with Bloomberg. Nikhil earned a Bachelor of Science in finance from The Pennsylvania State University. He holds the Chartered Financial Analyst<sup>®</sup> designation and is a member of the CFA Institute and the CFA Society of Philadelphia.

**Erin Ksenak**<br>*Managing Director, Portfolio Manager – US Large Cap Value Equity*

Erin is a Portfolio Manager for the US Large Cap Value Equity Team at Nomura Asset Management International, a role she originally assumed in December 2020 with Macquarie Asset Management. She joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously, she was an Equity Analyst at Macquarie Asset Management. Before that, she worked at Affinity Investment Advisors as a Portfolio Manager for the domestic and international equity investment team and at Miller Investment Management as a Research Associate. Erin earned a Bachelor of Science in finance from Fordham University and graduated *summa cum laude*.

**Vincent Celentano**<br>*Executive Director, Portfolio Manager - US Large Cap Value Equity*

Vincent is a Portfolio Manager for the US Large Cap Value Equity Team at Nomura Asset Management International, a role he originally assumed in February 2025 with Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Previously at Macquarie Asset Management, he had been an Associate Portfolio Manager for the US Large Cap Value Equity Team beginning in December 2020 and an Equity Analyst before that. He worked at Raymond James from December 2013 to September 2018 as a Senior Equity Research Associate, covering technology, media, and telecommunications companies, leaving the firm as Lead Research Associate. Before that, he worked at SMB Capital as an Equity Trader. Vincent earned a Bachelor of Business Administration in finance and accounting, with distinction, from Emory University. He holds the Chartered Financial Analyst<sup>®</sup> designation and is a member of the CFA Institute.

The SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager, and each portfolio manager's ownership of Fund shares.

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**Manager of managers structure**

The Fund and the Manager have received an exemptive order from the SEC to operate under a manager of managers structure that permits the Manager, with the approval of the Fund's Board, to appoint and replace both affiliated and unaffiliated sub-advisors, and to enter into and make material amendments to the related sub-advisory contracts on behalf of the Fund without shareholder approval (Manager of Managers Structure). Under the Manager of Managers Structure, the Manager has ultimate responsibility, subject to oversight by the Board, for overseeing the Fund's sub-advisors and recommending to the Board their hiring, termination, or replacement.

The Manager of Managers Structure enables the Fund to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approvals for matters relating to sub-advisors or sub-advisory agreements. The Manager of Managers Structure does not permit an increase in the overall management and advisory fees payable by the Fund without shareholder approval. Shareholders will be notified of the hiring of any new sub-advisor within 90 days of the hiring.

The Fund and the Manager also have an exemptive order from the SEC that allows the approval of a new sub-advisor to be taken at a Board of Trustees meeting held via any means of communication that allows the Trustees to hear each other simultaneously during the meeting.

**Who's who**

**Board of trustees:** A mutual fund is governed by a board of trustees, which has oversight responsibility for the management of the fund's business affairs. Trustees establish procedures and oversee and review the performance of the fund's service providers.

**Investment manager:** An investment manager is a company with overall responsibility for the management of a fund's assets. The investment manager is responsible for selecting portfolio investments consistent with the objective and policies stated in the mutual fund's prospectus. A written contract between a mutual fund and its investment manager specifies the services the investment manager performs and the fee the manager is entitled to receive.

**Portfolio managers:** Portfolio managers make investment decisions for a fund.

![](pr2510img002.jpg)

**Distributor:** Most mutual funds continuously offer new shares to the public through distributors that are regulated as broker/dealers and are subject to the Financial Industry Regulatory Authority (FINRA) rules governing mutual fund sales practices.

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Who manages the Fund

**Service agent:** Mutual fund companies employ service agents (sometimes called transfer agents) to maintain records of shareholder accounts, calculate and disburse dividends and capital gains, and prepare and mail shareholder statements and tax information, among other functions. Many service agents also provide administrative services to a fund and oversight of other fund service providers.

**Custodian/Fund accountant:** Mutual funds are legally required to protect their portfolio securities, and most funds place them with a qualified bank custodian that segregates fund securities from other bank assets. The fund accountant provides services such as calculating a fund's net asset value (NAV) and providing financial reporting information for the fund.

**Financial intermediary:** Financial professionals provide advice to their clients. They are associated with securities broker/dealers who have entered into selling and/or service arrangements with the distributor. Selling broker/dealers and financial professionals are compensated for their services generally through sales commissions, and through 12b-1 fees and/or service fees deducted from a fund's assets.

**Shareholders:** Mutual fund shareholders have specific voting rights on matters such as material changes in the terms of a fund's management contract and changes to fundamental investment policies.

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About your account

**Investing in the** **Fund**

You can choose from a number of share classes for the Fund. **Because each share class has a different combination of sales charges, fees,** **and other features, you should consult your financial intermediary or your financial professional (hereinafter collectively referred to as the** **"financial intermediary") to determine which share class best suits your investment goals and time frame. It is the responsibility of your** **financial intermediary to assist you in determining the most appropriate share class and to communicate such determination to us.**

Information about existing sales charges and sales charge reductions and waivers is available in this Prospectus below and free of charge on the Nomura Funds website at nomuraassetmanagement.com/USfunds. Additional information on sales charges can be found in the SAI, which is available upon request.

**Please also see the "Broker-defined sales charge waiver policies" section in this Prospectus for information provided to the** **Fund by** **certain financial intermediaries on sales charge discounts and waivers that may be available to you through your financial intermediary.** Shareholders purchasing Fund shares through a financial intermediary may also be eligible for sales charge discounts or waivers which may differ from those disclosed elsewhere in this Prospectus or SAI. The availability of certain initial or deferred sales charge waivers and discounts may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares. It is the responsibility of the financial intermediary to implement any of its proprietary sales charge discounts or waivers listed in "Broker-defined sales charge waiver policies" or otherwise offered by the financial intermediary. Accordingly, you should consult with your financial intermediary to determine whether you qualify for any sales charge discounts or waivers.

**Choosing a share class**

Each share class may be eligible for purchase through programs sponsored by financial intermediaries that require the purchase of a specific class of shares.

Class A, Class C, and Class R shares have each adopted a separate 12b-1 plan that allows them to pay distribution fees for the sale and distribution of their shares. Because these fees are paid out of the Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

Certain existing investors or programs sponsored by certain intermediaries that were eligible under prior eligibility requirements may continue to invest in a particular share class.

Plan sponsors, plan fiduciaries and other financial intermediaries may choose to impose qualification requirements for investors that differ from the Fund's share class eligibility standards. In certain cases, this could result in the selection of a share class with higher service and distribution-related fees than otherwise would have been charged. The Fund and the Distributor are not responsible for, and have no control over, the decision of any plan sponsor, plan fiduciary or financial intermediary to impose such different requirements. Please consult with your plan sponsor, plan fiduciary or financial intermediary for more information about available share classes as not all share classes may be made available.

**Class A**<br>

• Class
 A shares have an upfront sales charge of up to 5.75% that you pay when you buy the shares.

• If
 you invest $50,000 or more, your front-end sales charge will be reduced.

• You
 may qualify for other reduced sales charges and, under certain circumstances, the sales charge may be waived, as described in "How
 to reduce your sales
 charge" below.

• The
 Fund's Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (i) 0.10% of average daily net assets representing shares acquired prior
 to May 2, 1994, and (ii) 0.25% of average daily net assets representing shares acquired on or after May 2, 1994. See "Dealer compensation"
 below for further information.

• Class
 A shares generally are not subject to a  CDSC, except in the limited circumstances described in the table below.

• Because
 of the higher 12b-1 fee, Class A shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Institutional
 Class and Class R6 shares.

• In
 addition, you may have received Class A shares as the result of a merger or reorganization of a predecessor fund.

**Class A sales charges**

The table below details your sales charges on purchases of Class A shares. The offering price for Class A shares includes the front-end sales charge. The offering price is determined by dividing the NAV per share by an amount equal to 1 minus the sales charge (expressed in decimals) applicable to the purchase, calculated to two decimal places using standard rounding criteria. The sales charge as a percentage of the net amount invested is the maximum percentage of the amount invested rounded to the nearest hundredth. The actual sales charge that you pay as a

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About your account

percentage of the offering price and as a percentage of the net amount invested may be higher or lower than the amount shown below depending on the then-current NAV, the percentage rate of the sales charge, and rounding. The number of Fund shares you will be issued will equal the amount invested divided by the applicable offering price for those shares, calculated to three decimal places using standard rounding criteria. Sales charges do not apply to shares purchased through dividend reinvestment.

---

| | | |
|:---|:---|:---|
| Amount of purchase | Sales charge as a %<br>of offering price | Sales charge as a %<br>of net amount invested |
| Less than $50,000............................................................ | 5.75% | 6.10% |
| $50,000 but less than $100,000................................................... | 4.75% | 4.99% |
| $100,000 but less than $250,000.................................................. | 3.75% | 3.90% |
| $250,000 but less than $500,000.................................................. | 2.50% | 2.56% |
| $500,000 but less than $1 million.................................................. | 2.00% | 2.04% |
| $1 million or more............................................................. | none\* | none\* |

---

\* There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (Distributor) paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. The Limited CDSC will be paid to the Distributor and will be assessed on an amount equal to the lesser of: (1) the NAV at the time the Class A shares being redeemed were purchased; or (2) the NAV of such Class A shares at the time of redemption. For purposes of this formula, the "NAV at the time of purchase" will be the NAV at purchase of the Class A shares even if those shares are later exchanged for shares of another Nomura Fund and, in the event of an exchange of Class A shares, the "NAV of such shares at the time of redemption" will be the NAV of the shares acquired in the exchange. In determining whether a Limited CDSC is payable, it will be assumed that shares not subject to the Limited CDSC are the first redeemed followed by other shares held for the longest period of time. See "Dealer compensation" below for a description of the dealer commission that is paid.

**Class C**<br>

• Class
 C shares have no upfront sales charge, so the full amount of your purchase is invested in the
 Fund. However, you will pay a CDSC of 1.00% if
 you redeem your shares within 12 months after you buy them.

• In
 determining whether the  CDSC applies to a redemption of Class C shares, it will be assumed that shares held for more than 12 months
 are redeemed first,
 followed by shares acquired through the reinvestment of dividends or distributions, and finally by shares held for 12 months or less. For further information
 on how the CDSC is determined, please see "Calculation of contingent deferred sales charges — Class C" below.

• Under
 certain circumstances, the  CDSC may be waived; please see "Waivers of contingent deferred sales charges" below for
 further information.

• For
 approximately eight years after you buy your Class  C shares, they are subject to an annual 12b-1 fee no greater than 1.00% of average
 daily net assets
 (of which 0.25% is a service fee) paid to the Distributor, dealers, or others for providing services and maintaining shareholder accounts.

• Class
  C shares are eligible to automatically convert to Class A shares with a 12b-1 fee of no more than 0.25% approximately eight years
 after you buy Class
 C shares. Conversion may occur as late as one month after the eighth anniversary of purchase, during which time Class C's higher 12b-1 fee applies.
 Please refer to the Fund's
 SAI for more details on this automatic conversion feature.

• You
 may purchase only up to $1 million of Class  C shares at any one time. Orders that equal or exceed $1 million will be rejected.

• Because
 of their higher 12b-1 fee, Class  C shares have higher expenses and any dividends paid on these shares are generally lower than dividends on Class
 A, Class R, Institutional Class,  and Class R6 shares.

• Class
  C shares with no financial intermediary will be converted to Class A shares at NAV within a certain time frame after a financial
 intermediary resigns,
 as determined by the Manager. Additionally, investors may only open an account to purchase Class C shares if they have appointed a financial
 intermediary.

**Calculation of contingent deferred sales charges — Class C**

CDSCs are charged as a percentage of the dollar amount subject to the CDSC. The charge will be assessed on an amount equal to the lesser of the NAV at the time the shares being redeemed were purchased or the NAV of those shares at the time of redemption. No CDSC will be imposed on increases in NAV above the initial purchase price, nor will a CDSC be assessed on redemptions of shares acquired through reinvestment of dividends or capital gains distributions. For purposes of this formula, the "NAV at the time of purchase" will be the NAV at purchase of Class C shares of the Fund, even if those shares are later exchanged for shares of another Nomura Fund. In the event of an exchange of the shares, the "NAV of such shares at the time of redemption" will be the NAV of the shares that were acquired in the exchange.

**Class R**<br>

• Class
 R shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund. Class R shares are not subject to
 a CDSC.

• Class
 R shares are subject to an annual 12b-1 fee no greater than 0.50% of average daily net assets.

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

• Class
 R shares generally are available only to: (i) qualified and nonqualified plan shareholders covering multiple employees (including 401(k), 401(a), 457, and
 noncustodial 403(b) plans, as well as certain other nonqualified deferred compensation plans); and (ii) individual retirement account
 (IRA) rollovers from legacy Delaware Investments plans that were previously maintained on the Delaware Investments retirement recordkeeping
 system or the retirement recordkeeping system of Ascensus that are offering Class R shares to participants.

• Except
 as noted above, no other IRAs are eligible for Class R shares (for example, no traditional IRAs, Roth IRAs, SIMPLE IRAs,  SEPs,
 or SARSEPs).

• Any
 account holding Class A shares of the Fund as of the date Class R shares were made available for the Fund continues to be eligible to purchase the Fund's
 Class A shares after that date. Any account holding the Fund's Class R shares is not eligible to purchase its Class A shares.

• Unlike
 Class  C shares, Class R shares do not automatically convert into another class.

• Because
 of their higher 12b-1 fee, Class R shares have higher expenses and any dividends paid on these shares are generally lower than dividends
 on Class A, Institutional Class, and Class R6 shares.

• Certain
 intermediaries may offer Class R shares to other account types under an agreement with the Distributor or its affiliates relating to such accounts.

**Institutional Class**<br>

• Institutional
 Class shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund.

• Institutional
 Class shares are not subject to a  CDSC.

• Institutional
 Class shares do not assess a 12b-1 fee.

• Institutional
 Class shares are available for purchase only by the following:

○ retirement
 plans or certain other programs that are maintained on platforms sponsored by financial intermediary firms, provided the financial intermediary
 firms or their trust companies (or entities performing similar trading/clearing functions) have entered into an agreement with the Distributor
 (or its affiliate) related to such plans or programs;

○ tax-exempt
 employee benefit plans of the Manager, its affiliates, and securities dealers that have a selling agreement with the Distributor;

○ a
 bank, trust company, or similar financial institution investing for its own account or for the account of its trust customers for whom
 the financial institution
 is exercising investment discretion in purchasing Institutional Class shares, except where the investment is part of a program that requires
 payment to the financial institution of a Rule 12b-1 Plan fee;

○ registered
 investment advisors (RIAs) investing on behalf of clients that consist solely of institutions and high net worth individuals whose assets are entrusted to
 an RIA for investment purposes for accounts requiring Institutional Class shares (use of the Institutional Class shares is restricted
 to RIAs who are not affiliated or associated with a broker or dealer and who derive compensation for their services exclusively from their
 advisory clients);

○ programs
 sponsored by, controlled by, and/or clearing transactions submitted through a financial intermediary where: (1) such programs allow or require the purchase
 of Institutional Class shares; (2) a financial intermediary has entered into an agreement with the Distributor and/or the transfer
 agent allowing certain purchases of Institutional Class shares; and (3) a financial intermediary (i) charges clients an ongoing fee for advisory, investment
 consulting, or similar services, or (ii) offers the Institutional Class shares through a no-commission network or platform;

○ through
 a brokerage program of a financial intermediary that has entered into a written agreement with the Distributor and/or the transfer agent specifically allowing
 purchases of Institutional Class shares in such programs;

○ exchanges
 from the Institutional Class shares of Nomura Ultrashort Fund;

○ private
 investment vehicles, including, but not limited to, foundations and endowments; or

○ current
 and former officers, Trustees/Directors, and employees of any Nomura  Fund, the Manager, any of the Manager's affiliates,
 or any predecessor
 fund to a Nomura  Fund, provided that such shares are either held in an account opened directly with the Fund or are held through an account with a
 financial intermediary that permits the purchase of such shares. At the direction of such persons, their family members (regardless
 of age), and any employee benefit plan, trust, or other entity directly owned by, controlled by, or established by any of the foregoing individuals identified
 in this paragraph may also purchase Institutional Class shares subject to the same account requirements.

• In
 addition, you may have received Institutional Class shares as the result of a merger or reorganization of a predecessor fund.

A shareholder transacting in Institutional Class shares through a broker or other financial intermediary may be required to pay a commission and/or other forms of compensation to the financial intermediary.

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About your account

**Class R6**<br>

• Class
 R6 shares have no upfront sales charge, so the full amount of your purchase is invested in the Fund. Class R6 shares are not subject to
 a CDSC.

• Class
 R6 shares do not assess a 12b-1 fee.

• Class
 R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

• Class
 R6 shares are generally available to certain employer-sponsored retirement plans, such as 401(k) plans, 457 plans, 403(b) plans, profit-sharing
 plans and money purchase pension plans, defined benefit plans, employer-sponsored benefit plans, and non-qualified deferred compensation
 plans. In addition, for these employer-sponsored retirement plans, Class R6 shares must be held through plan level or omnibus accounts
 held on the books of the Fund, and Class R6 shares are only available for purchase through financial intermediaries who have the appropriate
 agreement with the Distributor (or its affiliates) related to Class R6.

• Class
 R6 shares are also available for purchase through certain programs, platforms, or accounts that are maintained or sponsored by financial intermediary firms
 (including but not limited to, brokers, dealers, banks, trust companies, or entities performing trading/clearing functions), provided that the financial
 intermediary firm has entered into an agreement with the Distributor (or its affiliates) related to Class R6 for such programs, platforms
 or accounts.

• Class
 R6 shares are also generally available for purchase by or through funds (including mutual funds registered under the Investment Company Act of 1940 and collective
 trusts) of funds.

• In
 addition to the foregoing list of eligible investors, Class R6 shares are generally available to certain institutional investors and high
 net worth individuals
 who make a minimum initial investment directly in the Fund's Class R6 shares of $1,000,000 or more and who have completed an application
 and been approved by the Fund for such investment. These institutional investors and high net worth individuals must open accounts in Class R6 shares directly
 in their names.

• Class
 R6 shares may not be available through certain financial intermediaries.

• In
 addition, you may have received Class R6 shares as the result of a merger or reorganization of a predecessor fund.

The Fund reserves the right to modify or waive the above policies at any time without prior notice to shareholders.

**Dealer compensation**

The financial intermediary who sells you shares of the Fund may be eligible to receive the following amounts as compensation for your investment in the Fund. These amounts are paid by the Distributor to the securities dealer with whom your financial advisor is associated. Institutional Class and Class R6 shares do not have a 12b-1 fee or sales charge so they are not included in the table below.

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| | | | |
|:---|:---|:---|:---|
|  | Class A<sup>1</sup> | Class C<sup>2</sup> | Class R<sup>3</sup> |
| Commission (%).......................................................... |  | 1.00% |  |
| Investment less than $50,000................................................. | 5.00% |  |  |
| $50,000 but less than $100,000............................................... | 4.00% |  |  |
| $100,000 but less than $250,000.............................................. | 3.00% |  |  |
| $250,000 but less than $500,000.............................................. | 2.00% |  |  |
| $500,000 but less than $1 million.............................................. | 1.60% |  |  |
| $1 million but less than $5 million.............................................. | 1.00% |  |  |
| $5 million but less than $25 million............................................. | 0.50% |  |  |
| $25 million or more........................................................ | 0.25% |  |  |
| 12b-1 fee to dealer........................................................ | 0.25% | 1.00% | 0.50% |

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| | |
|:---|:---|
| 1 | On sales of Class A shares, the Distributor reallows to your securities dealer a portion of the front-end sales charge depending upon the amount you invested. Your securities dealer may be eligible to receive a 12b-1 fee of up to 0.25% from the date of purchase. Additionally, the Fund's Class A shares are subject to a blended 12b-1 fee of 0.10% on all shares acquired prior to May 2, 1994, and 0.25% on all shares acquired on or after May 2, 1994. On sales of Class A shares where there is no front-end sales charge, the Distributor may pay your securities dealer an upfront commission of up to 1.00%. The upfront commission includes an advance of the first year's 12b-1 fee of up to 0.25%. During the first 12 months, the Distributor will retain the 12b-1 fee to partially offset the upfront commission advanced at the time of purchase. Starting in the 13th month, your securities dealer may be eligible to receive the full 12b-1 fee applicable to Class A shares. |

---

---

| | |
|:---|:---|
| 2 | On sales of Class C shares, the Distributor may pay your securities dealer an upfront commission of 1.00%. The upfront commission includes an advance of the first year's 12b-1 service fee of up to 0.25%. During the first 12 months, the Distributor retains the full 1.00% 12b-1 fee to partially offset the upfront commission and the prepaid 0.25% service fee advanced at the time of purchase. Starting in the 13th month, your securities dealer may be eligible to receive the full 1.00% 12b-1 fee applicable to Class C shares. Alternatively, certain intermediaries may not be eligible to receive the upfront commission of 1.00%, but may receive the 12b-1 fee for sales of Class C shares from the date of purchase. After approximately eight years, Class C shares are eligible to automatically convert to Class A shares and dealers may then be eligible to receive the 12b-1 fee applicable to Class A shares. |

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| | |
|:---|:---|
| 3 | On sales of Class R shares, the Distributor does not pay your securities dealer an upfront commission. Your securities dealer may be eligible to receive a 12b-1 fee of up to 0.50% from the date of purchase. |

---

**Payments to intermediaries**

The Distributor and its affiliates may pay additional compensation at their own expense and not as an expense of the Fund to certain affiliated or unaffiliated brokers, dealers, or other financial intermediaries (Financial Intermediaries) in connection with the sale or retention of Fund shares and/or shareholder servicing, including providing the Fund with "shelf space" or a higher profile with the Financial Intermediaries' consultants, salespersons, and customers (distribution assistance). For example, the Distributor or its affiliates may pay additional compensation to Financial Intermediaries for various purposes, including, but not limited to, promoting the sale of Fund shares, maintaining share balances and/or for subaccounting, administrative, or shareholder processing services, marketing, educational support, data, and ticket charges. Such payments are in addition to any distribution fees, service fees, subaccounting fees, and/or transfer agency fees that may be payable by the Fund. The additional payments may be based on factors, including level of sales (based on gross or net sales or some specified minimum sales or some other similar criteria related to sales of the Fund and/or some or all other Nomura Funds), amount of assets invested by the Financial Intermediary's customers (which could include current or aged assets of the Fund and/or some or all other Nomura Funds), the Fund's advisory fees, some other agreed-upon amount, or other measures as determined from time to time by the Distributor. The level of payments made to a qualifying Financial Intermediary in any given year may vary. To the extent permitted by SEC and FINRA rules and other applicable laws and regulations, the Distributor may pay, or allow its affiliates to pay, other promotional incentives or payments to Financial Intermediaries.

Sub-transfer agent/recordkeeping payments may be made to third parties (including affiliates of the Manager) that provide sub-transfer agent, recordkeeping, and/or shareholder services with respect to certain shareholder accounts (including omnibus accounts), or to the shareholder account directly to offset the costs of these services, in lieu of the transfer agent providing such services. For Class R6 shares, the Distributor and its affiliates will generally not pay additional compensation to Financial Intermediaries in connection with the sale or retention of Fund shares and/or shareholder servicing (including sub-transfer agent/recordkeeping payments).

If a mutual fund sponsor or distributor makes greater payments for distribution assistance to your Financial Intermediary with respect to distribution of shares of that particular mutual fund than sponsors or distributors of other mutual funds make to your Financial Intermediary with respect to the distribution of the shares of their mutual funds, your Financial Intermediary and its salespersons may have a financial incentive to favor sales of shares of the mutual fund making the higher payments over shares of other mutual funds or over other investment options. In addition, depending on the arrangements in place at any particular time, a Financial Intermediary may also have a financial incentive for recommending a particular share class over other share classes. You should consult with your Financial Intermediary and review carefully any disclosure provided by such Financial Intermediary as to compensation it receives in connection with investment products it recommends or sells to you. A significant purpose of these payments is to increase sales of the Fund's shares. The Manager or its affiliates may benefit from the Distributor's or its affiliates' payment of compensation to Financial Intermediaries through increased fees resulting from additional assets acquired through the sale of Fund shares through Financial Intermediaries. In certain instances, the payments could be significant and may cause a conflict of interest for your Financial Intermediary. Any such payments will not change the NAV or the price of the Fund's shares.

**How to reduce your sales charge**

We offer a number of ways to reduce or eliminate the front-end sales charge on Class A shares, which may depend on the ability of your financial intermediary or the Fund's transfer agent to support the various ways. Please refer to the "Broker-defined sales charge waiver policies" in this Prospectus and to the SAI for detailed information and eligibility requirements. Please note that your financial intermediary's policies may differ. You can also get additional information from your financial intermediary. You or your financial intermediary must notify us at the time you purchase shares if you are eligible for any of these programs. You may also need to provide information to your financial intermediary or the Fund in order to qualify for a reduction in sales charges. Such information may include your Nomura Funds holdings in any other accounts, including retirement accounts, held indirectly or through an intermediary, and the names of qualifying family members and their holdings. If you participate in a direct deposit purchase plan or an automatic investment program for an account held directly with the Fund's transfer agent and also hold shares of Nomura Funds other than directly with us, generally those holdings will not be aggregated with the assets held with us for purposes of determining rights of accumulation in connection with direct deposit purchase plans and automatic investment program purchases. We reserve the right to determine whether any purchase is entitled, by virtue of the foregoing, to the reduced sales charge. Institutional Class shares, Class R shares, and Class R6 shares have no upfront sales charge or CDSC so they are not included in the table below.

------

**Letter of intent and rights of accumulation**

Through a letter of intent, you agree to invest a certain amount in Nomura Funds over a 13-month period to qualify for reduced front-end sales charges (as set forth in the SAI). Nomura Funds do not accept retroactive letters of intent.

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About your account

Upon your request, you can combine your holdings or purchases of Class A and all other classes of Nomura Funds, as well as the holdings and purchases of your spouse — or equivalent, if recognized under local law — and children under the age of 21 to qualify for reduced front-end sales charges. When submitting the letter of intent or requesting rights of accumulation, you must identify which holdings or purchases you are requesting to be combined to your dealer, the Distributor or BNY Mellon at the time of purchase. You can add the value of any share class that you already own to new share purchases in order to qualify for a reduced sales charge. Please note that depending on the financial intermediary holding your account, this policy may differ from those described in this Prospectus.

---

| | |
|:---|:---|
| <u>Class A</u> | <u>Class C</u> |
| Available. | Although the letter of intent does not apply to the purchase of Class C shares, you can combine your purchase of Class C shares with your purchase of Class A shares to fulfill your letter of intent. Although the rights of accumulation do not apply to the purchase of Class C shares, you can combine the value of your Class C shares with the value of your Class A shares to receive a reduced sales charge. |

---

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**Reinvestment of redeemed shares**

Up to 90 days after you redeem shares, you can reinvest the proceeds without paying a sales charge. For purposes of this "right of reinvestment policy," automatic transactions (including, for example, automatic purchases, withdrawals and payroll deductions) and ongoing retirement plan contributions are not eligible for investment without a sales charge. Investors should consult their financial intermediary for further information.

<u>Class A</u> <u>Class C</u> <br> Available. Not available.

------

**SIMPLE IRA, SEP, SARSEP, 401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans**

These investment plans may qualify for reduced sales charges by combining the purchases of all members of the group. Members of these groups may also qualify to purchase shares without a front-end sales charge and may qualify for a waiver of any CDSCs on Class A shares.

---

| | |
|:---|:---|
| <u>Class A</u> | <u>Class C</u> |
| Available. | Although the letter of intent does not apply to the purchase of Class C shares, you can combine your purchase of Class C shares with your purchase of Class A shares to fulfill your letter of intent. Although the rights of accumulation do not apply to the purchase of Class C shares, you can combine the value of your Class C shares with the value of your Class A shares to receive a reduced sales charge. |

---

**Buying Class A shares at net asset value**

Class A shares of the Fund may be purchased at NAV under the following circumstances, provided that you notify the Fund in advance that the trade qualifies for this privilege. Certain existing investors or programs sponsored by certain intermediaries that were eligible to purchase Class A shares of the Fund at NAV may continue to be eligible to purchase Class A shares at NAV. The Fund reserves the right to modify or terminate these arrangements at any time.

• Shares
 purchased under the Nomura
  Funds dividend reinvestment plan and, under certain circumstances, the exchange privilege and the 90-day reinvestment
 privilege.

• Purchases
 by: (i) current and former officers, Trustees/Directors, and employees of any Nomura
 Fund, the Manager, any of the Manager's current affiliates
 and those that may in the future be created, or any predecessor fund to a Nomura
 Fund, including the funds formerly advised by Foresters Investment
 Management Company, Inc., Ivy Investment Management Company, Waddell & Reed, or any other fund families acquired or merged into
 the Nomura Funds;
 (ii) current employees of legal counsel to Nomura
  Funds; and (iii) registered representatives, employees, officers, and directors
 of broker/dealers who have entered into dealer's agreements with the Distributor. At the direction of such persons, their family
 members (regardless
 of age), and any employee benefit plan, trust, or other entity directly owned by, controlled by, or established by any of the foregoing may also purchase
 shares at NAV.

• Purchases
 by bank employees who provide services in connection with agreements between the bank and unaffiliated brokers or dealers concerning
 sales of shares of Nomura
 Funds.

• Purchases
 by certain officers, trustees, and key employees of institutional clients of the Manager or any of its affiliates.

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

• Purchases
 by programs sponsored by, controlled by, and/or clearing transactions submitted through a financial intermediary where: (i) such programs
 allow or require the purchase of Class A shares; (ii) a financial intermediary has entered into an agreement with the Distributor and/or
 the transfer agent
 allowing certain purchases of Class A shares; and (iii) a financial intermediary (1) charges clients an ongoing fee for advisory, investment
 consulting, or similar services, or (2) offers the Class A shares through a no-commission network or platform. Investors may be charged a fee by their financial
 intermediary when effecting transactions in Class A shares through a financial intermediary that offers these programs.

• Purchases
 for the benefit of the clients of brokers, dealers, and other financial intermediaries if such brokers, dealers, or other financial intermediaries
 have entered into an agreement with the Distributor providing for the purchase of Class A shares at  NAV through self-directed brokerage
 service platforms or programs. Investors may be charged a fee by their financial intermediary when effecting transactions in Class A shares
 at NAV through a self-directed investment brokerage service platform or program.

• Purchases
 by financial institutions investing for the accounts of their trust customers if they are not eligible to purchase Institutional Class
 shares, if applicable.

• Purchases
 by retirement plans or certain other programs that are maintained or sponsored by financial intermediary firms, provided the financial intermediary firms
 or their trust companies (or entities performing similar trading/clearing functions) have entered into an agreement with the Distributor
 (or its affiliates) related to such plans or programs.

• Purchases
 by certain legacy bank-sponsored retirement plans and certain legacy retirement assets that meet requirements set forth in the  SAI.

• Investments
 made by plan level and/or participant retirement accounts that are for the purpose of repaying a loan taken from such accounts.

• Purchases
 by certain participants in defined contribution plans and members of their households whose plan assets will be rolled over into IRA accounts
 (IRA Program) where the financial intermediary has entered into an agreement specifically relating to such IRA Program with the Distributor
 and/or the transfer agent.

• Purchases
 by certain participants of particular group retirement plans as described in the  SAI.

• Additional
 purchases by existing shareholders whose accounts were eligible for purchasing shares at  NAV under a predecessor fund's eligibility requirements set
 by the predecessor fund's company.

• Investments
 made into an account with no financial intermediary or no longer associated with a financial intermediary may invest in Class A shares without a sales charge.

**Waivers of contingent deferred sales charges**

Certain sales charges may be based on historical cost. Therefore, you should maintain any records that substantiate these costs because the Fund, its transfer agent, and financial intermediaries may not maintain this information. Please note that you or your financial intermediary will have to notify us at the time of redemption that the trade qualifies for such waiver. Class R, Institutional Class and Class R6 shares do not have CDSCs so they are not included in the list below. Please also see the "Shareholder fees" table in the Fund summary and "Choosing a share class" for more information about applicable CDSCs. Your financial intermediary may offer waivers for certain account types or programs that may be different than what is noted below. See the "Broker-defined sales charge waiver policies" section or contact your financial intermediary for information on program availability.

CDSCs for Class A and Class C shares may be waived under the following circumstances, except as noted otherwise:

• **Redemptions in accordance with a systematic withdrawal plan:** Redemptions in accordance with a systematic withdrawal plan, provided the annual
 amount selected to be withdrawn under the plan does not exceed 12% of the value of the account on the date that the systematic withdrawal
 plan was established or modified.

• **Redemptions that result from the right to liquidate a shareholder's account:** Redemptions that result from the right to liquidate a shareholder's
 account if the aggregate NAV of the shares held in the account is less than the then-effective minimum account size.

• **Section 401(a) qualified retirement plan distributions:** Distributions to participants or beneficiaries from a retirement plan trading on a
  recordkeeping platform qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended (Internal Revenue Code).

• **Section 401(a) qualified retirement plan  redemptions:** Redemptions pursuant to the direction of a participant or beneficiary of a retirement plan trading
 on a recordkeeping platform qualified under Section 401(a) of the Internal Revenue Code with respect to that retirement plan.

• **Periodic distributions or systematic withdrawals from a retirement account or qualified plan:** Periodic distributions or systematic withdrawals
 from an individual retirement account (traditional IRA, Roth IRA, SIMPLE IRA,  SEP, SARSEP, and Coverdell ESA) or a qualified plan <sup>1</sup> (401(k), SIMPLE 401(k),
 Profit Sharing, Money Purchase, 403(b)(7), and 457 Retirement Plans) not subject to a penalty under Section 72(t)(2)(A) of
 the Internal Revenue Code or a hardship or unforeseen emergency provision in the qualified plan as described in Treas. Reg. §1.401(k)-1(d)(3) and Section 457(d)(1)(A)(iii)
 of the Internal Revenue Code.

• **Returns of excess contributions due to any regulatory limit:** Returns of excess contributions due to any regulatory limit from an individual retirement
 account (traditional IRA, Roth IRA, SIMPLE IRA,  SEP, SARSEP, and Coverdell ESA) or a qualified plan¹ (401(k), SIMPLE 401(k),
 Profit Sharing, Money
 Purchase, 403(b)(7), and 457 Retirement Plans).

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About your account

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

• **Distributions by other employee benefit plans:** Distributions by other employee benefit plans to pay benefits.

• **Distributions from an account of a redemption resulting from death or disability:** Distributions from an account of a redemption resulting from the
 death or disability (as defined in Section 72(t)(2)(A) of the Internal Revenue Code) of a registered owner or a registered joint owner
 occurring after the
 purchase of the shares being redeemed. In the case of accounts established under the Uniform Gifts to Minors Act or Uniform Transfers
 to Minors Act or
 trust accounts, the waiver applies upon the death of all beneficial owners.

• **Redemptions by certain legacy retirement assets:** Redemptions by certain legacy retirement assets that meet the requirements set forth in the SAI.

• **Redemptions in connection with a fund liquidation:** Redemptions subsequent to the fund liquidation notice to shareholders.

1 Qualified plans that are fully redeemed at the direction of the plan's fiduciary may be subject to any applicable CDSC or Limited CDSC, unless the redemption is due to the termination of the plan.

Certain existing investors or programs sponsored by certain intermediaries that were eligible for waivers of CDSCs may continue to be eligible for those waivers of CDSCs.

**How to buy shares**

**Through your financial intermediary**<br>

Your financial intermediary (if applicable) can handle all the details of purchasing shares, including opening an account. Your financial intermediary may charge you a separate fee for this service.

**Through the Nomura Funds Service Center**<br>

**By mail**

Complete an investment slip and mail it with your check, made payable to the fund and class of shares you wish to purchase, to Nomura Funds at P.O. Box 534437, Pittsburgh, PA 15253-4437 for investments by regular mail or Nomura Funds Service Center, Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262 for investments by overnight courier service. If you are making an initial purchase by mail, you must include a completed investment application (or an appropriate retirement plan application if you are opening a retirement account) with your check. Purchase orders will not be accepted at any other address.

Please note that purchase orders submitted by mail will not be considered received until such purchase orders arrive at Nomura Funds Service Center, Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262 and are determined to be in good order. For a purchase request to be in "good order," you must provide the name of the Nomura Fund in which you are investing, your account registration/number (if you are an existing shareholder), and the total number of shares or dollar amount of the shares to be purchased, along with meeting any requirements set forth in applicable forms, this Prospectus, or the SAI. The Fund does not consider the US Postal Service or other independent delivery services to be its agent. Therefore, deposits in the mail or with such services or receipt at the Fund's post office box, of purchase orders, do not constitute receipt by the Fund or its agent. Please note that the Fund reserves the right to reject any purchase.

**By wire**

Ask your bank to wire the amount you want to invest to The Bank of New York Mellon, ABA #011001234, bank account #000073-6910. Include your account number, the name of the fund, registered account name, and class of shares in which you want to invest. If you are making an initial purchase by wire, you must first call the Nomura Funds Service Center at 800 523-1918 so we can assign you an account number.

**By exchange**

You may exchange all or part of your investment in one or more Nomura Funds for shares of other Nomura Funds. Please keep in mind, however, that under most circumstances you may exchange between like classes of shares only. To open an account by exchange, call the Nomura Funds Service Center at 800 523-1918.

**Through automated shareholder services**<br>

Eligible accounts may purchase or exchange shares through our automated telephone service or through our website, nomuraassetmanagement.com/USfunds. For more information about your eligibility and how to sign up for these services, call the Nomura Funds Service Center at 800 523-1918.

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**Calculating share price**

The price you pay for shares will depend on when we receive your purchase order. If your order is received by an authorized agent or us before the close of regular trading on the NYSE (normally 4:00pm ET), you will pay that day's closing Fund share price, which is based on the Fund's NAV. If the NYSE has an unscheduled early close, we will continue to accept your order until that day's scheduled close of the NYSE and you will pay that day's closing Fund share price. If your order is received after the scheduled close of regular trading on the NYSE, you will pay the next Business Day's closing Fund share price. We reserve the right to reject any purchase order.

We determine the NAV per share for each class of a Nomura Fund at the close of regular trading on the NYSE on each Business Day (normally 4:00pm ET). The Fund does not calculate its NAV on days the NYSE is closed for trading. If the NYSE has an unscheduled early close, the Fund's closing share price would still be determined as of that day's regularly scheduled close of the NYSE. The NAV per share for each class of a fund is calculated by subtracting the liabilities of each class from its total assets and dividing the resulting number by the number of shares outstanding for that class. We generally price securities and other assets for which market quotations are readily available at their market value. The value of foreign securities may change on days when a shareholder will not be able to purchase or redeem fund shares because foreign markets are open at times and on days when US markets are not. We price fixed income securities on the basis of valuations provided to us by an independent pricing service that uses methods approved by the Board. For all other securities, we use methods approved by the Board that are designed to price securities at their fair market values.

**Fair valuation**

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be considered readily available if it is not reliable.

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 Investment Company Act of 1940 (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 has designated the Manager as the valuation designee (Valuation Designee) for the Fund to perform the fair value determination relating to all applicable Fund investments. The Manager has established a Pricing Committee to assist with its designated responsibilities as Valuation Designee, and the Manager may carry out its designated 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. Subject to its oversight, the Valuation Designee may value Fund securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, Pricing Sources).

When the Valuation Designee uses fair value pricing, the Valuation Designee may take into account any factors it deems appropriate. For example, the Valuation Designee may determine fair value based upon developments related to a specific security, current valuations of foreign stock indices (as reflected in US futures markets), and/or US sector or broad stock market indices. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security.

The Fund may use fair value pricing relatively frequently for securities traded primarily in non-US markets. If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the close of the NYSE, the security may be valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Sources and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indexes or assets. 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 U.S. securities or securities indexes) that occur after the close of the relevant market and before the close of the NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to determine fair values of non-U.S. securities.

Fair value prices of securities used by the Fund to calculate its NAV may differ from quoted or published prices for the same securities. Fair value pricing may involve subjective judgments and it is possible that the fair value determined for a security could be materially different than the value that could be realized upon the sale of that security.

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About your account

**Retirement plans**

In addition to being an appropriate investment for your IRA, Roth IRA, and Coverdell Education Savings Account, the Fund may be suitable for group retirement plans. You may establish your IRA account even if you are already a participant in an employer-sponsored retirement plan. For more information on how the Fund can play an important role in your retirement planning or for details about group plans, please consult your financial intermediary, or call the Nomura Funds Service Center at 800 523-1918.

**Document delivery**

To reduce fund expenses, we try to identify related shareholders in a household and send only one copy of a fund's financial reports and prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call the Nomura Funds Service Center at 800 523-1918. At any time you may view current prospectuses and financial reports on our website.

**Inactive accounts**

Please note that if your account is deemed to be unclaimed or abandoned under applicable state law, the Fund may be required to transfer (or "escheat") the assets in that account to the appropriate state. Some states may sell escheated shares, in which case a shareholder may only be able to recover the amount received when the shares were sold. For shareholders that invest through retirement accounts, the escheatment will be treated as a taxable distribution and federal and any applicable state income tax may be withheld. The Fund, its Board, and the Fund's transfer agent will not be liable to shareholders for good faith compliance with state unclaimed or abandoned property laws. To avoid these outcomes and protect their property, shareholders that invest in the Fund through an account held directly with the Fund's transfer agent are encouraged to routinely confirm that the mailing address on their account is current and valid and contact the transfer agent at least once a year by mail, by phone at 800 523-1918, or by logging into their account.

**How to redeem shares**

Under normal circumstances, the Fund typically meets redemption requests through its holdings of cash or cash equivalents, the sale of portfolio assets, and/or its ability to redeem in kind (when applicable). During stressed market conditions, the Fund may use lines of credit to meet redemption requests.

Availability of these services may be limited by your financial intermediary and by the way your account is registered with Nomura Funds.

When you send us a completed request in good order to redeem or exchange shares and the request is received by an authorized agent or us before the close of regular trading on the NYSE (normally 4:00pm ET), you will receive the NAV next determined after we receive your request. If we receive your request after the close of regular trading on the NYSE, you will receive the NAV next determined on the next Business Day. If the NYSE has an unscheduled early close, we will continue to accept your order until that day's scheduled close of the NYSE and you will receive that day's closing Fund share price. We will deduct any applicable CDSCs. You may also have to pay taxes on the proceeds from your sale of shares. If you purchased your shares by check, those shares are subject to a 15-day hold to ensure your check has cleared. Redemption requests for shares still subject to the hold may be rejected with instructions to resubmit at the conclusion of the holding period.

If you are required to pay a CDSC when you redeem your shares, the amount subject to the fee will be based on the shares' NAV when you purchased them or their NAV when you redeem them, whichever is less. This arrangement ensures that you will not pay a CDSC on any increase in the value of your shares. You also will not pay the charge on any shares acquired by reinvesting dividends or capital gains. If you exchange shares of one fund for shares of another, you do not pay a CDSC at the time of the exchange. If you later redeem those shares, the purchase price for purposes of the CDSC formula will be the price you paid for the original shares, not the exchange price. The redemption price for purposes of this formula will be the NAV of the shares you are actually redeeming.

If you hold your shares in certificates, you must submit the certificates with your request to sell the shares. We recommend that you send your certificates by certified mail.

Redemption proceeds will be distributed promptly, but not later than seven days after receipt of a redemption request (except as noted above). For direct transactions, redemption proceeds are typically paid the next Business Day after receipt of the redemption request. Redemptions submitted by financial intermediaries typically settle between one and three Business Days after receipt, depending on the settlement cycle requested by the financial intermediary. Settlement could be extended as a result of various factors, including but not limited to redemption amount or other market conditions. Please see the SAI for additional information.

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**Through your financial intermediary**<br>

Your financial intermediary (if applicable) can handle all the details of redeeming your shares (selling them back to the Fund). Your financial intermediary may charge you a separate fee for this service.

**Through the Nomura Funds Service Center**<br>

**By mail**

You may redeem your shares by mail by writing to: Nomura Funds at P.O. Box 534437, Pittsburgh, PA 15253-4437 for redemption requests by regular mail or Nomura Funds Service Center, Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262 for redemption requests by overnight courier service. Redemption requests will not be accepted at any other address. All owners of the account must sign the request. For redemptions of more than $100,000, you must include a medallion signature guarantee for each owner. Medallion signature guarantees are also required when redemption proceeds are going to an address other than the address of record on the account. Please contact the Nomura Funds Service Center at 800 523-1918 for more information about the medallion signature guarantee requirements.

Please note that redemption orders submitted by mail will not be considered received until such redemption orders arrive at Nomura Funds Service Center, Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262 and are determined to be in good order. For a redemption request to be in "good order," you must provide the name of the Nomura Fund whose shares you are redeeming, your account number, account registration, and the total number of shares or dollar amount of the transaction. Redemption requests must be signed by the record owner(s) exactly as the shares are registered, along with meeting any requirements set forth in applicable forms, this Prospectus, or the SAI. The Fund does not consider the US Postal Service or other independent delivery services to be its agent. Therefore, redemption requests placed in the mail or with such services or receipt at the Fund's post office box, of redemption requests, do not constitute receipt by the Fund or the transfer agent.

**By telephone**

You may redeem up to $100,000 of your shares by telephone. You may have the proceeds sent to you in the following ways:

• By
 check — Sent to your address of record, provided there has not been an address change in the last 30 days.

• By
 wire — Sent directly to your bank by wire, if you redeem at least $1,000 of shares. If you request a wire transfer, a bank wire
 fee may be deducted
 from your proceeds.

• By
  ACH — Sent via Automated Clearing House (ACH), subject to a $25 minimum.

Bank information must be on file before you request a wire or ACH redemption. **Your bank may charge a fee for these services.**

**Through automated shareholder services**<br>

Eligible accounts may redeem shares through our automated telephone service or through our website, nomuraassetmanagement.com/USfunds. For more information about your eligibility and how to sign up for these services, call the Nomura Funds Service Center at 800 523-1918.

**Redemptions-in-kind**<br>

The Fund has reserved the right to pay for redemptions with portfolio securities under certain conditions. Subsequent sale by an investor receiving a distribution in kind could result in the payment of brokerage commissions and taxable gains (if such investment was held in a taxable account). Investors bear market risks until securities are sold for cash. See the SAI for more information on redemptions-in-kind.

**Low balance accounts**

For Class A and Class C shares, if you redeem shares and your account balance falls below the required account minimum of $1,000 ($250 for IRAs, Roth IRAs, Uniform Gifts to Minors Act and Uniform Transfers to Minors Act accounts, or accounts with automatic investment plans, and $500 for Coverdell Education Savings Accounts) for three or more consecutive months, you will have until the end of the current calendar quarter to raise the balance to the minimum.

For Class R, Institutional Class, and Class R6 shares, if you redeem shares and your account balance falls below $500, your shares may be redeemed after 60 days' written notice to you.

If your account is not at the minimum for low balance purposes by the required time, you may be charged a $9 fee for that quarter and each quarter after that until your account reaches the minimum balance, or it may be redeemed after 60 days' written notice to you. Any CDSC that would otherwise be applicable will not apply to such a redemption.

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About your account

Certain accounts held in omnibus, advisory, or asset-allocation programs or programs offered by certain intermediaries may be opened below the minimum stated account balance and may maintain balances that are below the minimum stated account balance without incurring a service fee or being subject to involuntary redemption.

If the applicable account falls below the minimum due to market fluctuation, the Fund still reserves the right to liquidate the account.

**Investor services**

To help make investing with us as easy as possible, and to help you build your investments, we offer the investor services described below. Information about the investor services we offer is available free of charge on the Nomura Funds website at nomuraassetmanagement.com/USfunds, including hyperlinks to relevant information in fund offering documents. Availability of these services may be limited by the way your account is registered with Nomura Funds.

**Online account access**<br>

Online account access is a password-protected area of the Nomura Funds website that gives you access to your account information and allows you to perform transactions in a secure Internet environment.

**Electronic delivery**<br>

With Nomura Funds eDelivery, you can receive your fund documents electronically instead of via US mail. When you sign up for eDelivery, you can access your account statements, shareholder reports, and other fund materials online, in a secure Internet environment at any time.

**Automatic investment plan**<br>

The automatic investment plan allows you to make regular monthly or quarterly investments directly from your bank account.

**Direct deposit**<br>

With direct deposit, you can make additional investments through payroll deductions, recurring government or private payments such as Social Security, or direct transfers from your bank account.

**Systematic exchange option**<br>

With the systematic exchange option, you can arrange automatic monthly exchanges between your shares in one or more Nomura Funds. These exchanges are subject to the same rules as regular exchanges (see below) and require a minimum monthly exchange of $100 per fund.

**Dividend reinvestment plan**<br>

Through the dividend reinvestment plan, you can have your distributions reinvested in your account or the same share class in another Nomura Fund. The shares that you purchase through the dividend reinvestment plan are not subject to a front-end sales charge or to a CDSC. Under most circumstances, you may reinvest dividends only into like classes of shares.

**Exchange of shares**<br>

You may generally exchange all or part of your shares for shares of the same class of another Nomura Fund without paying a front-end sales charge or a CDSC at the time of the exchange. However, if you exchange shares from a fund that does not have a sales charge, you will pay any applicable sales charge on your new shares. You do not pay sales charges on shares that you acquired through the reinvestment of dividends. You may have to pay taxes on your exchange. When you exchange shares, you are purchasing shares in another fund, so you should be sure to get a copy of the fund's prospectus and read it carefully before buying shares through an exchange. We may refuse the purchase side of any exchange request if, in the Manager's judgment, a fund would be unable to invest effectively in accordance with its investment objective and policies or would otherwise potentially be adversely affected. Please note that depending on the financial intermediary holding your account, this policy may be unavailable or differ from those described in this Prospectus.

**On demand service**<br>

The on demand service allows you or your financial advisor to transfer money between your Fund account and your predesignated bank account by telephone request. There is a minimum transfer of $25 and a maximum transfer of $100,000. We do not charge a fee for this service; however, your bank may assess one.

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**Direct deposit service**<br>

Through the direct deposit service, you can have $25 or more in dividends and distributions deposited directly into your bank account. We do not charge a fee for this service; however, your bank may assess one. This service is not available for retirement plans.

**Systematic withdrawal plan**<br>

You can arrange a regular monthly or quarterly payment from your account made to you or someone you designate. If the value of your account is $5,000 or more, you can make withdrawals of at least $25 monthly, or $75 quarterly. You may also have your withdrawals deposited directly to your bank account through the direct deposit service.

The applicable Limited CDSC for Class A shares and the CDSC for Class C shares redeemed via a systematic withdrawal plan will be waived if the annual amount withdrawn in each year is less than 12% of the account balance on the date that the plan is established. If the annual amount withdrawn in any year exceeds 12% of the account balance on the date that the systematic withdrawal plan is established, all redemptions under the plan will be subject to the applicable CDSC, including an assessment for previously redeemed amounts under the plan.

**Right to discontinue offering shares and/or to merge or liquidate a share class**<br>

To the extent authorized by law, the Fund reserves the right to discontinue offering shares at any time and/or to merge or liquidate a share class, such as in response to shareholder redemptions of substantially or all shares in a class. For any blocked accounts involving a liquidating fund, a shareholder's account may be moved into Nomura Ultrashort Fund if no instruction is given upon receipt of a fund's pending liquidation.

**Frequent trading of Fund shares (market timing and disruptive trading)**

The Fund discourages purchases by market timers and purchase orders (including the purchase side of exchange orders) by shareholders identified as market timers may be rejected. The Board has adopted policies and procedures designed to detect, deter, and prevent trading activity detrimental to the Fund and its shareholders, such as market timing and disruptive trading. The Fund will consider anyone who follows a pattern of market timing in any Nomura Fund or any fund within Optimum Fund Trust to be a market timer and may consider anyone who has followed a similar pattern of market timing at an unaffiliated fund family to be a market timer.

Market timing of a fund occurs when investors make consecutive, rapid, short-term "round trips" — that is, purchases into a fund followed quickly by redemptions out of that fund. A short-term round trip is considered any redemption of fund shares within 20 Business Days of a purchase of that fund's shares. If you make a second such short-term round trip in a fund within 90 rolling calendar days of a previous short-term round trip in that fund, you may be considered a market timer. In determining whether market timing has occurred, the Fund considers short-term round trips to include rapid purchases and sales of Fund shares through the exchange privilege. The Fund reserves the right to consider other trading patterns to be market timing.

Your ability to use the Fund's exchange privilege may be limited if you are identified as a market timer. If you are identified as a market timer, the Fund will execute the redemption side of your exchange order but may refuse the purchase side of your exchange order. The Fund reserves the right to restrict or reject, without prior notice, any purchase order or exchange order for any reason, including any purchase order or exchange order accepted by any shareholder's financial intermediary or in any omnibus-type account. Transactions placed in violation of the Fund's market timing policy are not necessarily deemed accepted by the Fund and may be rejected by the Fund on the next Business Day following receipt by the Fund.

Redemptions will continue to be permitted in accordance with the Fund's then-current prospectus. A redemption of shares under these circumstances could be costly to a shareholder if, for example, the shares have declined in value, the shareholder recently paid a front-end sales charge, the shares are subject to a CDSC, or the sale results in adverse tax consequences. To avoid this risk, a shareholder should carefully monitor the purchases, sales, and exchanges of Fund shares and avoid frequent trading in Fund shares.

The Fund reserves the right to modify this policy at any time without notice, including modifications to the Fund's monitoring procedures and the procedures to close accounts to new purchases. Although the implementation of this policy involves certain judgments that are inherently subjective and may be selectively applied, the Fund seeks to make judgments and applications that are consistent with the interests of the Fund's shareholders. While the Fund will take actions designed to detect and prevent market timing, there can be no assurance that such trading activity will be completely eliminated. Moreover, the Fund's market timing policy does not require the Fund to take action in response to frequent trading activity. If the Fund elects not to take any action in response to frequent trading, such frequent trading activity could continue.

**Risks of market timing**

By realizing profits through short-term trading, shareholders who engage in rapid purchases and sales or exchanges of the Fund's shares dilute the value of shares held by long-term shareholders. Volatility resulting from excessive purchases and sales or exchanges of Fund shares, especially involving large dollar amounts, may disrupt efficient portfolio management. In particular, the Fund may have difficulty implementing its long-term

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About your account

investment strategies if it is forced to maintain a higher level of its assets in cash to accommodate significant short-term trading activity. Excessive purchases and sales or exchanges of the Fund's shares may also force the Fund to sell portfolio securities at inopportune times to raise cash to accommodate short-term trading activity. This could adversely affect the Fund's performance, if, for example, the Fund incurs increased brokerage costs and realization of taxable capital gains without attaining any investment advantage.

Any fund may be subject to disruptive trading activity. However, a fund that invests significantly in foreign securities may be particularly susceptible to short-term trading strategies. This is because foreign securities are typically traded on markets that close well before the time a fund calculates its NAV (normally 4:00pm ET or the close of the NYSE). Developments that occur between the closing of the foreign market and a fund's NAV calculation may affect the value of these foreign securities. The time-zone differences among international stock markets can allow a shareholder engaging in a short-term trading strategy to exploit differences in fund share prices that are based on closing prices of foreign securities established some time before a fund calculates its own share price.

Any fund that invests in securities that are thinly traded, traded infrequently, or relatively illiquid has the risk that the securities prices used to calculate the fund's NAV may not accurately reflect current market values. A shareholder may seek to engage in short-term trading to take advantage of these pricing differences. Funds that may be adversely affected by such arbitrage include, in particular, funds that significantly invest in small-cap securities, technology, and other specific industry sector securities, and in certain fixed income securities, such as high yield bonds, asset-backed securities, or municipal bonds.

**Transaction monitoring procedures**

The Fund, through its transfer agent, maintains surveillance procedures designed to detect excessive or short-term trading in Fund shares. This monitoring process involves several factors, which include scrutinizing transactions in Fund shares for violations of the Fund's market timing policy or other patterns of short-term or excessive trading. For purposes of these transaction monitoring procedures, the Fund may consider trading activity by multiple accounts under common ownership, control, or influence to be trading by a single entity. Trading activity identified by these factors, or as a result of any other available information, will be evaluated to determine whether such activity might constitute market timing. These procedures may be modified from time to time to help improve the detection of excessive or short-term trading or to address other concerns. Such changes may be necessary or appropriate, for example, to deal with issues specific to certain retirement plans; plan exchange limits; US Department of Labor regulations; certain automated or pre-established exchange, asset-allocation, or dollar-cost-averaging programs; or omnibus account arrangements.

Omnibus account arrangements are common forms of holding shares of the Fund, particularly among certain broker/dealers and other financial intermediaries, including sponsors of retirement plans and variable insurance products. The Fund will attempt to have financial intermediaries apply the Fund's monitoring procedures to these omnibus accounts and to the individual participants in such accounts. However, the Fund's ability to detect frequent trading activities by investors that hold shares through financial intermediaries may be limited by the ability and/or willingness of such intermediaries to monitor for these activities. To the extent that a financial intermediary is not able or willing to monitor or enforce the Fund's frequent trading policy with respect to an omnibus account, the Fund's transfer agent may work with certain intermediaries (such as investment dealers holding shareholder accounts in street name, retirement plan recordkeepers, insurance company separate accounts, and bank trust companies) to apply their own procedures, provided that the Fund's transfer agent believes the intermediary's procedures are reasonably designed to enforce the Fund's frequent trading policies. You should refer to disclosures provided by the intermediaries with which you have an account to determine the specific trading restrictions that apply to you. If the Fund's transfer agent identifies any activity that may constitute frequent trading, it reserves the right to contact the intermediary and request that the intermediary either provide information regarding an account owner's transactions or restrict the account owner's trading. There is no assurance that the information received by the Fund from a financial intermediary will be sufficient to effectively detect or deter excessive trading in omnibus accounts. If the Fund's transfer agent is not satisfied that the intermediary has taken appropriate action, the transfer agent may terminate the intermediary's ability to transact in Fund shares, or restrict individual trading activity as applicable.

**Limitations on ability to detect and curtail market timing**

Shareholders seeking to engage in market timing may employ a variety of strategies to avoid detection and, despite the efforts of the Fund and its agents to detect market timing in Fund shares, there is no guarantee that the Fund will be able to identify these shareholders or curtail their trading practices. In particular, the Fund may not be able to detect market timing attributable to a particular investor who effects purchase, redemption, and/or exchange activity in Fund shares through omnibus accounts. The difficulty of detecting market timing may be further compounded if these entities utilize multiple tiers or omnibus accounts.

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**Dividends, distributions, and taxes**

**Dividends and distributions**

The Fund intends to qualify each year as a regulated investment company under the Internal Revenue Code. As a regulated investment company, the Fund generally pays no federal income tax on the income and gains it distributes to you. The Fund expects to declare and distribute all of its net investment income, if any, to shareholders as dividends quarterly. The Fund will distribute net realized capital gains, if any, at least annually. The Fund may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund. The amount of any distribution will vary, and there is no guarantee the Fund will pay either an income dividend or a capital gains distribution. We automatically reinvest all dividends and any capital gains, unless you direct us to do otherwise.

**Annual statements**

Each year, the Fund will send you an annual statement (Form 1099) of your account activity to assist you in completing your federal, state, and local tax returns. Distributions declared in October, November or December to shareholders of record in such month, but paid in January, are taxable as if they were paid in December. Prior to issuing your statement, the Fund makes every effort to reduce the number of corrected forms mailed to you. However, if the Fund finds it necessary to reclassify its distributions or adjust the cost basis of any covered shares (defined below) sold or exchanged after you receive your tax statement, the Fund will send you a corrected Form 1099.

**Avoid "buying a dividend"**

At the time you purchase your Fund shares, the Fund's NAV may reflect undistributed income, undistributed capital gains, or net unrealized appreciation in value of portfolio securities held by the Fund. For taxable investors, a subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable. Buying shares in the Fund just before it declares an income dividend or capital gains distribution is sometimes known as "buying a dividend."

**Tax considerations**

*Fund distributions.* The Fund expects, based on its investment objective and strategies, that its distributions, if any, will be taxable as ordinary income, capital gains, or some combination of both. This is true whether you reinvest your distributions in additional Fund shares or receive them in cash.

For federal income tax purposes, Fund distributions of short-term capital gains are taxable to you as ordinary income. Fund distributions of long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your shares. A portion of income dividends reported by the Fund may be qualified dividend income eligible for taxation by individual shareholders at long-term capital gain rates provided certain holding period requirements are met.

The use of derivatives by the Fund may cause the Fund to realize higher amounts of ordinary income or short-term capital gain, distributions from which are taxable to individual shareholders at ordinary income tax rates rather than at the more favorable tax rates for long-term capital gain. Additionally, other rules applicable to derivative contracts may accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities. These rules, therefore, could affect the amount, timing and/or character of distributions to shareholders.

*Sale or redemption of Fund shares.* A sale or redemption of Fund shares is a taxable event and, accordingly, a capital gain or loss may be recognized. For tax purposes, an exchange of your Fund shares for shares of a different Nomura Fund is the same as a sale. The Fund is required to report to you and the Internal Revenue Service (IRS) annually on Form 1099-B not only the gross proceeds of Fund shares you sell or redeem but also the cost basis of Fund shares you sell or redeem that were purchased or acquired on or after January 1, 2012 ("covered shares"). Cost basis will be calculated using the Fund's default method, unless you instruct the Fund to use a different calculation method. Shareholders should carefully review the cost basis information provided by the Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns. If your account is held by your investment representative (financial intermediary or other broker), please contact that representative with respect to reporting of cost basis and available elections for your account. Tax-advantaged retirement accounts will not be affected. Additional information and updates regarding cost basis reporting and available shareholder elections will be on the Nomura Funds website at nomuraassetmanagement.com/USfunds as the information becomes available.

*Medicare tax.* An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares) of US individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount. This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

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About your account

*Backup withholding.* By law, if you do not provide the Fund with your proper taxpayer identification number and certain required certifications, you may be subject to backup withholding on any distributions of income, capital gains, or proceeds from the sale of your shares. The Fund also must withhold if the IRS instructs it to do so. When withholding is required, the amount will be 24% of any distributions or proceeds paid.

*State and local taxes.* Fund distributions and gains from the sale or exchange of your Fund shares generally are subject to state and local taxes.

*Non-US investors.* Non-US investors may be subject to US withholding tax at a 30% or lower treaty rate and US estate tax and are subject to special US tax certification requirements to avoid backup withholding and claim any treaty benefits. Exemptions from US withholding tax are provided for certain capital gain dividends paid by the Fund from net long-term capital gains, if any, interest-related dividends paid by the Fund from its qualified net interest income from US sources and short-term capital gain dividends, if such amounts are reported by the Fund. However, notwithstanding such exemptions from US withholding at the source, any such dividends and distributions of income and capital gains will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a US person.

*Other reporting and withholding requirements.* Under the Foreign Account Tax Compliance Act (FATCA), the Fund will be required to withhold a 30% tax on income dividends made by the Fund to certain foreign entities, referred to as foreign financial institutions or nonfinancial foreign entities, that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the US Department of the Treasury of US-owned foreign investment accounts. After December 31, 2018, FATCA withholding would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). The Fund may disclose the information that it receives from its shareholders to the IRS, non-US taxing authorities or other parties as necessary to comply with FATCA or similar laws. Withholding also may be required if a foreign entity that is a shareholder of the Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

**This discussion of "Dividends, distributions, and taxes" is not intended or written to be used as tax advice. Because everyone's tax** **situation is unique, you should consult your tax professional about federal, state, local, or foreign tax consequences before making an** **investment in the Fund.**

**Certain management considerations**

**Investments by fund of funds and similar investment vehicles**

The Fund may accept investments from funds of funds, as well as from similar investment vehicles, such as 529 Plans and asset allocation models. A "529 Plan" is a college savings program that operates under Section 529 of the Internal Revenue Code. Asset allocation models include the Nomura Funds Premier Advisor Platform, which offers asset allocation models using a mix of Nomura Funds. From time to time, the Fund may experience large investments or redemptions due to allocations or rebalancings by these funds of funds and/or similar investment vehicles. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on portfolio management. For example, the Fund may be required to sell securities or invest cash at times when it would not otherwise do so. These transactions could also have tax consequences if sales of securities result in gains, and could also increase transaction costs or portfolio turnover.

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Financial highlights

The financial highlights tables are intended to help you understand the Fund's financial performance for the past five years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information for the Fund's most recent fiscal year has been audited by Cohen & Company, Ltd., the Fund's independent registered public accounting firm, whose report, along with the Fund's financial statements, is available upon request by calling 800 523-1918, and is also available on the Fund's website and is included in the Fund's Form N-CSR filed with the SEC. The information for the prior fiscal years was audited by a different independent registered public accounting firm.

**Nomura Value Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A shares | 11/30/25 | 11/30/24 | 11/30/23 | 11/30/22 | Year ended<br>11/30/21 |
| **Net asset value, beginning of period**....................... | $19.17 | $17.71 | $20.86 | $24.41 | $21.14 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>.................................. | 0.16 | 0.25 | 0.28 | 0.27 | 0.31 |
| Net realized and unrealized gain (loss)....................... | (0.16) | 3.12 | (1.52) | 1.40 | 3.45 |
| Payment by affiliates.................................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>2</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; — |
| Total from investment operations........................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income.................................. | (0.23) | (0.25) | (0.31) | (0.28) | (0.35) |
| Net realized gain....................................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) |
| Total dividends and distributions............................ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.49) |
| **Net asset value, end of period**............................ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.41 |
| **Total return<sup>3</sup>**......................................... | 1.59% | 20.77%<sup>2</sup> | (6.00%) | 7.40% | 17.94% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted)....................... | $1010593 | $1339264 | $1117813 | $1383399 | $1542371 |
| Ratio of expenses to average net assets<sup>4</sup>..................... | 0.95% | 0.98%<sup>5</sup> | 0.94% | 0.93% | 0.93% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>....... | 0.95% | 0.98%<sup>5</sup> | 0.94% | 0.93% | 0.93% |
| Ratio of net investment income to average net assets............. | 1.16% | 1.40% | 1.54% | 1.33% | 1.32% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets prior to fees <br>waived............................................ | 1.16% | 1.40% | 1.54% | 1.33% | 1.32% |
| Portfolio turnover...................................... | 46% | 31% | 19% | 11% | 22% |

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1 Calculated using average shares outstanding.

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|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. |

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| | |
|:---|:---|
| 3 | 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 and does not reflect the impact of a sales charge. |

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4 Expense ratios do not include expenses of any investment companies in which the Fund invests.

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| | |
|:---|:---|
| 5 | Includes non-recurring expenses of 0.01% for the year ended November 30, 2024. |

---

------

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Financial highlights

**Nomura Value Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C shares | 11/30/25 | 11/30/24 | 11/30/23 | 11/30/22 | Year ended<br>11/30/21 |
| **Net asset value, beginning of period**....................... | $19.20 | $17.70 | $20.83 | $24.37 | $21.10 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>.................................. | 0.06 | 0.11 | 0.14 | 0.12 | 0.13 |
| Net realized and unrealized gain (loss)....................... | (0.17) | 3.14 | (1.51) | 1.39 | 3.44 |
| Payment by affiliates.................................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>2</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; — |
| Total from investment operations........................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income.................................. | (0.10) | (0.09) | (0.16) | (0.11) | (0.16) |
| Net realized gain....................................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14 |
| Total dividends and distributions............................ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) |
| **Net asset value, end of period**............................ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.37 |
| **Total return<sup>3</sup>**......................................... | 0.80% | 19.96%<sup>2</sup> | (6.71%) | 6.57% | 17.04% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted)....................... | $30622 | $55755 | $101616 | $187592 | $253333 |
| Ratio of expenses to average net assets<sup>4</sup>..................... | 1.70% | 1.73%<sup>5</sup> | 1.69% | 1.68% | 1.68% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>....... | 1.70% | 1.73%<sup>5</sup> | 1.69% | 1.68% | 1.68% |
| Ratio of net investment income to average net assets............. | 0.41% | 0.62% | 0.79% | 0.57% | 0.57% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets prior to fees <br>waived............................................ | 0.41% | 0.62% | 0.79% | 0.57% | 0.56% |
| Portfolio turnover...................................... | 46% | 31% | 19% | 11% | 22% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. |

---

---

| | |
|:---|:---|
| 3 | 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 and does not reflect the impact of a sales charge. |

---

4 Expense ratios do not include expenses of any investment companies in which the Fund invests.

---

| | |
|:---|:---|
| 5 | Includes non-recurring expenses of 0.01% for the year ended November 30, 2024. |

---

------

[Back to **Table of Contents**](#TOC_2510)

**Nomura Value Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class R shares | 11/30/25 | 11/30/24 | 11/30/23 | 11/30/22 | Year ended<br>11/30/21 |
| **Net asset value, beginning of period**....................... | $19.16 | $17.70 | $20.84 | $24.39 | $21.13 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>.................................. | 0.13 | 0.20 | 0.23 | 0.22 | 0.25 |
| Net realized and unrealized gain (loss)....................... | (0.15) | 3.12 | (1.50) | 1.40 | 3.44 |
| Payment by affiliates.................................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>2</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; — |
| Total from investment operations........................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income.................................. | (0.20) | (0.20) | (0.27) | (0.23) | (0.29) |
| Net realized gain....................................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) |
| Total dividends and distributions............................ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.43) |
| **Net asset value, end of period**............................ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.39 |
| **Total return<sup>3</sup>**......................................... | 1.39% | 20.46%<sup>2</sup> | (6.21%) | 7.11% | 17.61% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted)....................... | $24656 | $29164 | $31008 | $40863 | $48382 |
| Ratio of expenses to average net assets<sup>4</sup>..................... | 1.20% | 1.23%<sup>5</sup> | 1.19% | 1.18% | 1.18% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>....... | 1.20% | 1.23%<sup>5</sup> | 1.19% | 1.18% | 1.18% |
| Ratio of net investment income to average net assets............. | 0.91% | 1.14% | 1.29% | 1.07% | 1.07% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets prior to fees <br>waived............................................ | 0.91% | 1.14% | 1.29% | 1.07% | 1.06% |
| Portfolio turnover...................................... | 46% | 31% | 19% | 11% | 22% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. |

---

---

| | |
|:---|:---|
| 3 | 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. |

---

4 Expense ratios do not include expenses of any investment companies in which the Fund invests.

---

| | |
|:---|:---|
| 5 | Includes non-recurring expenses of 0.01% for the year ended November 30, 2024. |

---

------

[Back to **Table of Contents**](#TOC_2510)

Financial highlights

**Nomura Value Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Class shares | 11/30/25 | 11/30/24 | 11/30/23 | 11/30/22 | Year ended<br>11/30/21 |
| **Net asset value, beginning of period**....................... | $19.18 | $17.70 | $20.85 | $24.40 | $21.14 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>.................................. | 0.20 | 0.29 | 0.32 | 0.32 | 0.37 |
| Net realized and unrealized gain (loss)....................... | (0.15) | 3.13 | (1.51) | 1.41 | 3.43 |
| Payment by affiliates.................................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>2</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; — |
| Total from investment operations........................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income.................................. | (0.27) | (0.28) | (0.36) | (0.34) | (0.40) |
| Net realized gain....................................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) |
| Total dividends and distributions............................ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54) |
| **Net asset value, end of period**............................ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.40 |
| **Total return<sup>3</sup>**......................................... | 1.91% | 21.14%<sup>2</sup> | (5.77%) | 7.69% | 18.19% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted)....................... | $852264 | $1711694 | $2917872 | $4903817 | $6216726 |
| Ratio of expenses to average net assets<sup>4</sup>..................... | 0.70% | 0.73%<sup>5</sup> | 0.69% | 0.68% | 0.68% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>....... | 0.70% | 0.73%<sup>5</sup> | 0.69% | 0.68% | 0.68% |
| Ratio of net investment income to average net assets............. | 1.42% | 1.62% | 1.79% | 1.57% | 1.57% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets prior to fees <br>waived............................................ | 1.42% | 1.62% | 1.79% | 1.57% | 1.56% |
| Portfolio turnover...................................... | 46% | 31% | 19% | 11% | 22% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. |

---

---

| | |
|:---|:---|
| 3 | 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. |

---

4 Expense ratios do not include expenses of any investment companies in which the Fund invests.

---

| | |
|:---|:---|
| 5 | Includes non-recurring expenses of 0.01% for the year ended November 30, 2024. |

---

------

[Back to **Table of Contents**](#TOC_2510)

**Nomura Value Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class R6 shares | 11/30/25 | 11/30/24 | 11/30/23 | 11/30/22 | Year ended<br>11/30/21 |
| **Net asset value, beginning of period**....................... | $19.18 | $17.71 | $20.85 | $24.41 | $21.14 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>.................................. | 0.20 | 0.30 | 0.34 | 0.34 | 0.40 |
| Net realized and unrealized gain (loss)....................... | (0.16) | 3.13 | (1.52) | 1.40 | 3.44 |
| Payment by affiliates.................................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>2</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; — |
| Total from investment operations........................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.84 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income.................................. | (0.27) | (0.30) | (0.36) | (0.36) | (0.43) |
| Net realized gain....................................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) |
| Total dividends and distributions............................ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57) |
| **Net asset value, end of period**............................ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.41 |
| **Total return<sup>3</sup>**......................................... | 1.89% | 21.22%<sup>2</sup> | (5.68%) | 7.77% | 18.36% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted)....................... | $88139 | $233411 | $382148 | $752826 | $1028424 |
| Ratio of expenses to average net assets<sup>4</sup>..................... | 0.65% | 0.62%<sup>5</sup> | 0.61% | 0.59% | 0.58% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>....... | 0.65% | 0.62%<sup>5</sup> | 0.61% | 0.59% | 0.58% |
| Ratio of net investment income to average net assets............. | 1.41% | 1.72% | 1.87% | 1.67% | 1.67% |
| &nbsp;&nbsp; Ratio of net investment income to average net assets prior to fees <br>waived............................................ | 1.41% | 1.72% | 1.87% | 1.67% | 1.67% |
| Portfolio turnover...................................... | 46% | 31% | 19% | 11% | 22% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. |

---

---

| | |
|:---|:---|
| 3 | 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. |

---

4 Expense ratios do not include expenses of any investment companies in which the Fund invests.

---

| | |
|:---|:---|
| 5 | Includes non-recurring expenses of 0.01% for the year ended November 30, 2024. |

---

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[Back to **Table of Contents**](#TOC_2510)

Financial highlights

**How to read the financial highlights**

**Net investment income (loss)**

Net investment income (loss) includes dividend and interest income earned from a fund's investments; it is calculated after expenses have been deducted.

**Net realized and unrealized gain (loss) on investments**

A realized gain occurs when we sell an investment at a profit, while a realized loss occurs when we sell an investment at a loss. When an investment increases or decreases in value but we do not sell it, we record an unrealized gain or loss. The amount of realized gain per share, if any, that we pay to shareholders would be listed under "Less dividends and distributions from: Net realized gain."

**Net asset value (NAV)**

This is the value of a mutual fund share, calculated by dividing the net assets by the number of shares outstanding.

**Total return**

This represents the rate that an investor would have earned or lost on an investment in a fund. In calculating this figure for the financial highlights table, we include applicable fee waivers, exclude front-end sales charges and contingent deferred sales charges, and assume the shareholder has reinvested all dividends and realized gains.

**Net assets**

Net assets represent the total value of all the assets in a fund's portfolio, less any liabilities, that are attributable to that class of the fund.

**Ratio of expenses to average net assets**

The expense ratio is the percentage of net assets that a fund pays annually for operating expenses and management fees. These expenses include accounting and administration expenses, services for shareholders, and similar expenses.

**Ratio of net investment income (loss) to average net assets**

We determine this ratio by dividing net investment income (loss) by average net assets.

**Portfolio turnover**

This figure tells you the amount of trading activity in a fund's portfolio. A turnover rate of 100% would occur if, for example, a fund bought and sold all of the securities in its portfolio once in the course of a year or frequently traded a single security. A high rate of portfolio turnover in any year may increase brokerage commissions paid and could generate taxes for shareholders on realized investment gains.

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**Broker-defined sales charge waiver policies**

From time to time, shareholders purchasing Fund shares through a brokerage platform or account may be eligible for sales charge waivers (front-end sales load or CDSC) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI. In all instances, it is the purchaser's responsibility to notify the Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase the Fund's shares directly from the Fund or through another intermediary to receive such waivers or discounts. Please see the section entitled *About Your Account — Choosing a Share Class* for more information on sales charges and waivers available for different classes.

**CDSC Waivers on Class C Shares**

— Death or disability of the shareholder.

— Shares sold as part of a systematic withdrawal plan as described in this Prospectus.

— Return of excess contributions from an IRA Account.

— Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

— Shares sold to pay certain brokerage fees initiated by the broker.

— Shares acquired through a right of reinstatement.

— Shares held in retirement accounts, that are exchanged for a lower cost share class due to transfer to certain other types of accounts or platforms where the financial intermediary has entered into an agreement with the Distributor (or its affiliates).

**<u>Merrill Lynch ("Merrill"):</u>**

Purchases or sales of front-end (i.e. Class A) or level-load (i.e., Class C) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this Fund's prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.

It is the client's responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.

Additional information on waivers and discounts is available in the Merrill Sales Load Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

**Front-end Load Waivers Available at Merrill**

— Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

— Shares purchased through a Merrill investment advisory program.

— Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account.

— Shares purchased through the Merrill Edge Self-Directed platform.

— Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account.

— Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement.

— Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined in the Merrill SLWD Supplement).

— Shares purchased by eligible persons associated with the fund as defined in this prospectus (e.g. the fund's officers or trustees).

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— Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for Rights of Reinstatement.

**Contingent Deferred Sales Charge ("CDSC") Waivers on Front-end, Back-end, and Level Load Shares Available at Merrill**

— Shares sold due to the client's death or disability (as defined by Internal Revenue Code Section 22(e)(3)).

— Shares sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement.

— Shares sold due to return of excess contributions from an IRA account.

— Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation.

— Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund.

**Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation, & Letters of Intent**

— Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement.

— Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household.

— Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement.

**<u>Morgan Stanley Wealth Management:</u>**

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Prospectus or the SAI.

**Front-End Sales Charge Waivers on Class A Shares Available at Morgan Stanley Wealth Management**

— Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

— Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules.

— Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same Fund.

— Shares purchased through a Morgan Stanley self-directed brokerage account.

— Class C (that is, level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same Fund pursuant to Morgan Stanley Wealth Management's share class conversion program.

— Shares purchased from the proceeds of redemptions within Nomura Funds, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

**<u>Ameriprise Financial:</u>**

**Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this Prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

— *Transaction size breakpoints,* as described in this Prospectus or the SAI.

— *Right of accumulation (ROA),* as described in this Prospectus or the SAI.

— *Letter of intent,* as described in this Prospectus or the SAI.

**Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial**

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Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following front-end sales charge waivers, which may differ from those disclosed elsewhere in this Prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

— shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

— shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the Nomura Funds).

— shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this Prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this Prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

— shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

— shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise Financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

— shares purchased from the proceeds of redemptions within the Nomura Funds, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

**CDSC waivers on Class A and C shares purchased through Ameriprise Financial**

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

— redemptions due to death or disability of the shareholder

— shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI

— redemptions made in connection with a return of excess contributions from an IRA account

— shares purchased through a Right of Reinstatement (as defined above)

— redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

**<u>Raymond James & Associates, Inc., Raymond James Financial Services, Inc., and Each Entity's Affiliates ("Raymond James"):</u>**

Effective March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-End Sales Load Waivers on Class A Shares Available at Raymond James**

— Shares purchased in an investment advisory program.

— Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

— Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

— Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

— A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

**CDSC Waivers on Classes A and C Shares Available at Raymond James**

— Death or disability of the shareholder.

— Shares sold as part of a systematic withdrawal plan as described in this Prospectus.

— Return of excess contributions from an IRA Account.

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— Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

— Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

— Shares acquired through a right of reinstatement.

**Front-End Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation, and/or Letters of Intent**

— Breakpoints as described in this Prospectus.

— Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

— Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

**<u>Edward D. Jones & Co., L.P. ("Edward Jones"):</u>**

**Policies Regarding Transactions Through Edward Jones**

*The following information has been provided by Edward Jones:*

Effective on or after September 3, 2024, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in this Prospectus or the statement of additional information ("SAI") or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of the Nomura Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance.

Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

**Breakpoints**

— Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in this Prospectus.

**Rights of Accumulation ("ROA")**

— The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of Nomura Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible Nomura Funds assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

— The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

— ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

**Letter of Intent ("LOI")**

— Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible Nomura Funds assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

— If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

**Sales Charge Waivers**

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Sales charges are waived for the following shareholders and in the following situations:

— Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

— Shares purchased in an Edward Jones fee-based program.

— Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

— Shares purchased from the proceeds of redeemed shares of the Nomura Funds so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

—The redemption and repurchase occur in the same account.

—The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

— Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in this Prospectus.

— Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

— Purchases of Class 529-A shares through a rollover from either another education savings plan or a security used for qualified distributions.

— Purchases of Class 529-A shares made for recontribution of refunded amounts.

**Contingent Deferred Sales Charge ("CDSC") Waivers**

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

— The death or disability of the shareholder.

— Systematic withdrawals with up to 10% per year of the account value.

— Return of excess contributions from an Individual Retirement Account (IRA).

— Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

— Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

— Shares exchanged in an Edward Jones fee-based program.

— Shares acquired through NAV reinstatement.

— Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Other Important Information Regarding Transactions Through Edward Jones**

**Minimum Purchase Amounts**

— Initial purchase minimum: $250

— Subsequent purchase minimum: none

**Minimum Balances**

— Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

— A fee-based account held on an Edward Jones platform

— A 529 account held on an Edward Jones platform

— An account with an active systematic investment plan or LOI

**Exchanging Share Classes**

— At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

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**<u>Janney Montgomery Scott, LLC ("Janney")</u>** **<u>:</u>**

If you purchase fund shares through a Janney brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-End Sales Charge\* Waivers on Class A Shares Available at Janney**

— Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the Nomura Funds).

— Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

— Shares purchased from the proceeds of redemptions within the Nomura Funds, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

— Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

— Shares acquired through a right of reinstatement.

— Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures.

**CDSC Waivers on Class A and C Shares Available at Janney**

— Shares sold upon the death or disability of the shareholder.

— Shares sold as part of a systematic withdrawal plan as described in this Prospectus.

— Shares purchased in connection with a return of excess contributions from an IRA account.

— Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

— Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

— Shares acquired through a right of reinstatement.

— Shares exchanged into the same share class of a different fund.

**Front-End Sales Charge\* Discounts Available at Janney: Breakpoints, Rights of Accumulation, and/or Letters of Intent**

— Breakpoints as described in this Prospectus.

— Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of Nomura Funds assets held by accounts within the purchaser's household at Janney. Eligible Nomura Funds assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

— Letters of intent which allow for breakpoint discounts based on anticipated purchases within Nomura Funds, over a 13-month time period. Eligible Nomura Funds assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor of such assets.

\*Also referred to as an "initial sales charge."

**<u>Oppenheimer & Co. Inc. ("OPCO")</u>**

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-End Sales Load Waivers on Class A Shares Available at OPCO**

— Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

— Shares purchased by or through a 529 Plan.

— Shares purchased through a OPCO affiliated investment advisory program.

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— Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

— Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement).

— A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO.

— Employees and registered representatives of OPCO or its affiliates and their family members.

— Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this Prospectus.

**CDSC Waivers on A and C Shares Available at OPCO**

— Death or disability of the shareholder.

— Shares sold as part of a systematic withdrawal plan as described in this Prospectus.

— Return of excess contributions from an IRA Account.

— Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

— Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO.

— Shares acquired through a right of reinstatement.

**Front-End Load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent**

— Breakpoints as described in this Prospectus.

— Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

**<u>Robert W. Baird & Co. ("Baird"):</u>**

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-End Sales Charge Waivers on Class A Shares Available at Baird**

— Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

— Shares purchased by employees and registered representatives of Baird or its affiliates and their family members as designated by Baird

— Shares purchased within 90 days following a redemption from a Nomura Fund, provided (1) the redemption and purchase occur within the purchaser's Baird household and (2) the redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)

— A shareholder in the Fund's Class C shares will have their share converted at net asset value to Class A shares of the same Fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

— Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs

**CDSC Waivers on Class A and C Shares Available at Baird**

— Shares sold due to death or disability of the shareholder

— Shares sold as part of a systematic withdrawal plan as described in this Prospectus

— Shares bought due to returns of excess contributions from an IRA Account

— Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations

— Shares sold to pay Baird fees but only if the transaction is initiated by Baird

— Shares acquired through a right of reinstatement

**Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulation**

— Breakpoints as described in this Prospectus

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— Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Nomura Funds assets held by accounts within the purchaser's household at Baird. Eligible Nomura Funds assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

— Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of Nomura Funds through Baird, over a 13-month period of time

**<u>J.P. Morgan Securities LLC:</u>**

If you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-End Sales Charge Waivers on Class A Shares Available at J.P. Morgan Securities LLC**

— Shares exchanged from Class C (i.e., level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC's share class exchange policy.

— Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

— Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.

— Shares purchased through rights of reinstatement.

— Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

— Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.

**Class C to Class A Share Conversion**

— A shareholder in the fund's Class C shares will have their shares converted to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC's policies and procedures.

**CDSC Waivers on Class A and C Shares Available at J.P. Morgan Securities LLC**

— Shares sold upon the death or disability of the shareholder.

— Shares sold as part of a systematic withdrawal plan as described in this Prospectus.

— Shares purchased in connection with a return of excess contributions from an IRA account.

— Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

— Shares acquired through a right of reinstatement.

**Front-End Load Discounts Available at J.P. Morgan Securities LLC: Breakpoints, Rights of Accumulation & Letters of Intent**

— Breakpoints as described in this Prospectus.

— Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in this Prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

— Letters of Intent ("LOI") which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).

**<u>Stifel, Nicolaus & Company, Incorporated ("Stifel"):</u>**

Effective April 1, 2025, shareholders purchasing or holding Nomura Fund shares, including existing fund shareholders, through a Stifel or affiliated platform that provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge load waivers (including front-end sales charge waivers and contingent deferred, or back-end, (CDSC) sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the Fund's SAI.

**Class A Shares**

As described elsewhere in this prospectus, Stifel may receive compensation out of the front-end sales charge if you purchase Class A shares through Stifel.

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**Rights of accumulation**

Rights of accumulation (ROA) that entitle shareholders to breakpoint discounts on front-end sales charges will be calculated by Stifel based on the aggregated holding of eligible assets in the Nomura Funds held by accounts within the purchaser's household at Stifel. Ineligible assets include class A Money Market Funds not assessed a sales charge. Fund Family assets not held at Stifel may be included in the calculation of ROA only if the shareholder notifies his or her financial advisor about such assets.

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

**Front-end sales charge waivers on Class A shares available at Stifel**

— Class C shares that have been held for more than seven (7) years may be converted to Class A shares or other front-end share class(es) of the same fund pursuant to Stifel's policies and procedures. To the extent that this prospectus elsewhere provides for a waiver with respect to the exchange or conversion of such shares following a shorter holding period, those provisions shall continue to apply.

— Shares purchased by employees and registered representatives of Stifel or its affiliates and their family members as designated by Stifel.

— Shares purchased in a Stifel fee-based advisory program, often referred to as a "wrap" program.

— Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other fund within the Nomura Funds.

— Shares purchased from the proceeds of redeemed shares of Nomura Funds so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, automated transactions (i.e. systematic purchases, including salary deferral transactions and withdrawals) and purchases made after shares are sold to cover Stifel Nicolaus' account maintenance fees are not eligible for rights of reinstatement.

— Shares from rollovers into Stifel from retirement plans to IRAs.

— Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in this prospectus.

— Purchases of Class 529-A shares through a rollover from another 529 plan.

— Purchases of Class 529-A shares made for reinvestment of refunded amounts.

— Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

**Contingent Deferred Sales Charges Waivers on Class A and C Shares**

— Death or disability of the shareholder or, in the case of 529 plans, the account beneficiary.

— Shares sold as part of a systematic withdrawal plan not to exceed 12% annually.

— Return of excess contributions from an IRA Account.

— Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

— Shares acquired through a right of reinstatement.

— Shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel.

— Shares exchanged or sold in a Stifel fee-based program.

**Share Class Conversions in Advisory Accounts**

— Stifel continually looks to provide our clients with the lowest cost share class available based on account type. Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.

**<u>Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")</u>**

Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

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**Wells Fargo Advisors Class A share front-end sales charge waivers information**

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

— Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

— Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

**Wells Fargo Advisors Contingent Deferred Sales Charge information**

— Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

**Wells Fargo Advisors Class A front-end load discounts**

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

— Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

— Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

— Gift of shares will not be considered when determining breakpoint discounts.

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Appendix A: Hypothetical Investment and Expense Information

The following charts provide additional hypothetical information about the effect of the expenses of the Fund (see note following these charts), including investment advisory fees and other Fund costs, on the Fund's assumed returns over a ten-year period. Each chart shows the estimated cumulative expenses that would be incurred in respect of a Hypothetical Investment of $10,000, assuming a 5% return each year, and no redemption of shares. Each chart also assumes that the Fund's annual expense ratio stays the same throughout the ten-year period (except for Class C shares, which convert to Class A shares after you have held them for eight years and except for any contractual expense waivers currently in place) and that all dividends and other distributions are reinvested. The annual expense ratio used in each chart is the same as stated in the Fees and Expenses table of this Prospectus regarding the Fund. The maximum amount of any sales charge (Load) that might be imposed on the purchase of shares (and deducted from the hypothetical initial investment of $10,000) is reflected in the Hypothetical Expenses column. The Hypothetical Investment information does not reflect the effect of charges, if any, normally applicable to redemptions of shares (e.g., CDSC). If redemption charges, if any, were reflected, the amounts shown in the Hypothetical Expenses column would be higher, and the amounts shown in the Hypothetical Ending Investment column would be lower. Mutual fund returns, as well as fees and expenses, may fluctuate over time, and your actual investment returns and total expenses may be higher or lower than those shown below.

**Nomura Value Fund – Class A**<br>Average expense ratio: 0.95%<br>Maximum front-end sales charge: 5.75%

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Year | <br>Hypothetical<br>Investment | Hypothetical<br>Performance<br>Earnings | Investment<br>After<br>Returns | <br>Hypothetical<br>Expenses | Hypothetical<br>Ending<br>Investment |
| 1 | $10000.00 | $471.25 | $9896.25 | $666.35 | $9806.71 |
| 2 | $9806.71 | $490.34 | $10297.05 | $95.05 | $10203.88 |
| 3 | $10203.88 | $510.19 | $10714.08 | $98.90 | $10617.14 |
| 4 | $10617.14 | $530.86 | $11148.00 | $102.91 | $11047.14 |
| 5 | $11047.14 | $552.36 | $11599.49 | $107.07 | $11494.54 |
| 6 | $11494.54 | $574.73 | $12069.27 | $111.41 | $11960.07 |
| 7 | $11960.07 | $598.00 | $12558.08 | $115.92 | $12444.46 |
| 8 | $12444.46 | $622.22 | $13066.68 | $120.62 | $12948.46 |
| 9 | $12948.46 | $647.42 | $13595.88 | $125.50 | $13472.87 |
| 10 | $13472.87 | $673.64 | $14146.51 | <u>$130.58</u> | $14018.52 |
| Cumulative Total |  |  |  | $1674.31 |  |

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**Nomura Value Fund – Class C**<br>Average expense ratio: 1.70%

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Year | <br>Hypothetical<br>Investment | Hypothetical<br>Performance<br>Earnings | Investment<br>After<br>Returns | <br>Hypothetical<br>Expenses | Hypothetical<br>Ending<br>Investment |
| 1 | $10000.00 | $500.00 | $10500.00 | $172.81 | $10330.00 |
| 2 | $10330.00 | $516.50 | $10846.50 | $178.51 | $10670.89 |
| 3 | $10670.89 | $533.54 | $11204.43 | $184.40 | $11023.03 |
| 4 | $11023.03 | $551.15 | $11574.18 | $190.48 | $11386.79 |
| 5 | $11386.79 | $569.34 | $11956.13 | $196.77 | $11762.55 |
| 6 | $11762.55 | $588.13 | $12350.68 | $203.26 | $12150.72 |
| 7 | $12150.72 | $607.54 | $12758.25 | $209.97 | $12551.69 |
| 8 | $12551.69 | $627.58 | $13179.28 | $216.90 | $12965.90 |
| Converts from<br>Class C to Class A |  |  |  | Annual Expense<br>Ratio: 0.95% |  |
| 9 | $12965.90 | $648.29 | $13614.19 | $125.67 | $13491.02 |
| 10 | $13491.02 | $674.55 | $14165.57 | <u>$130.76</u> | $14037.40 |
| Cumulative Total |  |  |  | $1809.53 |  |

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**Nomura Value Fund – Class R**<br>Average expense ratio: 1.20%

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Appendix A: Hypothetical Investment and Expense Information

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Year | <br>Hypothetical<br>Investment | Hypothetical<br>Performance<br>Earnings | Investment<br>After<br>Returns | <br>Hypothetical<br>Expenses | Hypothetical<br>Ending<br>Investment |
| 1 | $10000.00 | $500.00 | $10500.00 | $122.28 | $10380.00 |
| 2 | $10380.00 | $519.00 | $10899.00 | $126.93 | $10774.44 |
| 3 | $10774.44 | $538.72 | $11313.16 | $131.75 | $11183.87 |
| 4 | $11183.87 | $559.19 | $11743.06 | $136.76 | $11608.86 |
| 5 | $11608.86 | $580.44 | $12189.30 | $141.95 | $12049.99 |
| 6 | $12049.99 | $602.50 | $12652.49 | $147.35 | $12507.89 |
| 7 | $12507.89 | $625.39 | $13133.29 | $152.95 | $12983.19 |
| 8 | $12983.19 | $649.16 | $13632.35 | $158.76 | $13476.55 |
| 9 | $13476.55 | $673.83 | $14150.38 | $164.79 | $13988.66 |
| 10 | $13988.66 | $699.43 | $14688.10 | <u>$171.05</u> | $14520.23 |
| Cumulative Total |  |  |  | $1454.57 |  |

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**Nomura Value Fund – Institutional Class**<br>Average expense ratio: 0.70%

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Year | <br>Hypothetical<br>Investment | Hypothetical<br>Performance<br>Earnings | Investment<br>After<br>Returns | <br>Hypothetical<br>Expenses | Hypothetical<br>Ending<br>Investment |
| 1 | $10000.00 | $500.00 | $10500.00 | $71.51 | $10430.00 |
| 2 | $10430.00 | $521.50 | $10951.50 | $74.58 | $10878.49 |
| 3 | $10878.49 | $543.92 | $11422.41 | $77.79 | $11346.27 |
| 4 | $11346.27 | $567.31 | $11913.58 | $81.13 | $11834.15 |
| 5 | $11834.15 | $591.71 | $12425.86 | $84.62 | $12343.02 |
| 6 | $12343.02 | $617.15 | $12960.17 | $88.26 | $12873.77 |
| 7 | $12873.77 | $643.69 | $13517.46 | $92.05 | $13427.35 |
| 8 | $13427.35 | $671.37 | $14098.71 | $96.01 | $14004.72 |
| 9 | $14004.72 | $700.24 | $14704.96 | $100.14 | $14606.92 |
| 10 | $14606.92 | $730.35 | $15337.27 | <u>$104.45</u> | $15235.02 |
| Cumulative Total |  |  |  | $870.54 |  |

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**Nomura Value Fund – Class R6**<br>Average expense ratio: 0.65%

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Year | <br>Hypothetical<br>Investment | Hypothetical<br>Performance<br>Earnings | Investment<br>After<br>Returns | <br>Hypothetical<br>Expenses | Hypothetical<br>Ending<br>Investment |
| 1 | $10000.00 | $500.00 | $10500.00 | $66.41 | $10435.00 |
| 2 | $10435.00 | $521.75 | $10956.75 | $69.30 | $10888.92 |
| 3 | $10888.92 | $544.45 | $11433.37 | $72.32 | $11362.59 |
| 4 | $11362.59 | $568.13 | $11930.72 | $75.46 | $11856.86 |
| 5 | $11856.86 | $592.84 | $12449.71 | $78.75 | $12372.64 |
| 6 | $12372.64 | $618.63 | $12991.27 | $82.17 | $12910.85 |
| 7 | $12910.85 | $645.54 | $13556.39 | $85.75 | $13472.47 |
| 8 | $13472.47 | $673.62 | $14146.09 | $89.48 | $14058.52 |
| 9 | $14058.52 | $702.93 | $14761.45 | $93.37 | $14670.07 |
| 10 | $14670.07 | $733.50 | $15403.57 | <u>$97.43</u> | $15308.21 |
| Cumulative Total |  |  |  | $810.44 |  |

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**Note:** The Fund was a party to a reorganization with the Delaware Ivy Value Fund. Pursuant to such reorganization, the Delaware Ivy Value Fund was reorganized out of existence. The above Hypothetical Investment and Expense Information was historically included in the Delaware Ivy Value Fund prospectus.

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Additional information

**Contact information**

• Website:
 nomuraassetmanagement.com/USfunds

• Nomura
 Funds Service Center: 800 523-1918 (representatives are normally available weekdays from 8:30am to 6:00pm ET)

○ For
 fund information, literature, price, yield, and performance figures.

○ For
 information on existing regular investment accounts and retirement plan accounts including wire investments, wire  redemptions,
 telephone redemptions,
 and telephone exchanges.

• Automated
 telephone service: 800 523-1918 (seven days a week, 24 hours a day)

○ For
 convenient access to account information or current performance information on all Nomura Funds, use this touch-tone service.

• Written
 correspondence: Nomura Funds, P.O. Box 534437, Pittsburgh, PA 15253-4437 (by regular mail) or Nomura  Funds Service Center, Attention:
 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262 (by overnight courier service).

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Additional information about the Fund's investments is available in its annual and semiannual shareholder reports and in Form N-CSR filed with the SEC. In the Fund's annual shareholder report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during the period covered by the report. In Form N-CSR, you will find the Fund's annual and semiannual financial statements. You can find more information about the Fund in its current SAI, which is filed electronically with the SEC, and which is legally a part of this Prospectus (it is incorporated by reference). To receive a free copy of the SAI, the annual or semiannual report, or other information such as the Fund's financial statements, or if you have any questions about investing in the Fund, write to us at P.O. Box 534437, Pittsburgh, PA 15253-4437 by regular mail or at Nomura Funds Service Center, Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262 by overnight courier service, or call toll-free 800 523-1918. The Fund's SAI, shareholder reports and financial statements are available, free of charge, through the Fund's website at nomuraassetmanagement.com/literature. You may also obtain additional information about the Fund from your financial advisor.

You can find reports and other information about the Fund on the EDGAR database on the SEC website at sec.gov. You may obtain copies of this information, after paying a duplication fee, by emailing the SEC at publicinfo@sec.gov.

Investment Company Act number: 811-00750

**PR-456 3/26**<br>