# EDGAR Filing Document

**Accession Number:** 0000875610
**File Stem:** 0001133228-26-004204
**Filing Date:** 2026-3
**Character Count:** 1346055
**Document Hash:** 3761dc1c897d98e9253927854af8a9e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-004204.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001133228-26-004204

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 54

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**EFFECTIVENESS DATE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS
- **CENTRAL INDEX KEY:** 0000875610

**ORGANIZATION NAME:**
- **EIN:** 232651520
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06324
- **FILM NUMBER:** 26808473

**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 GLOBAL & INTERNATIONAL FUNDS INC
- **DATE OF NAME CHANGE:** 19920717
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS
- **CENTRAL INDEX KEY:** 0000875610

**ORGANIZATION NAME:**
- **EIN:** 232651520
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-41034
- **FILM NUMBER:** 26808472

**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 GLOBAL & INTERNATIONAL FUNDS INC
- **DATE OF NAME CHANGE:** 19920717

## Series and Classes Contracts Data

### Nomura Emerging Markets Fund (Series ID: S000003916)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000010979 | CLASS A             | DEMAX           |
| C000010981 | CLASS C             | DEMCX           |
| C000010982 | INSTITUTIONAL CLASS | DEMIX           |
| C000031063 | CLASS R             | DEMRX           |
| C000171463 | Class R6            | DEMZX           |

?xml version='1.0' encoding='ASCII'? 2026-02-04March-EmergingMarkets_Pro

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-1A**

File No. 033-41034

File No. 811-06324

---

| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☒ |
| Pre-Effective Amendment No. <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> | ☐ |
| Post-Effective Amendment No. <u>85</u> | ☒ |
| and/or |  |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☒ |
| Amendment No. <u>85</u> | ☒ |

---

(Check appropriate box or boxes)

**DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS**

(Exact Name of Registrant as Specified in Charter)

100 Independence, 610 Market Street, Philadelphia, PA 19106-2354

(Address of Principal Executive Offices)

Registrant's Telephone Number, including Area Code: (800) 523-1918

David F. Connor, Esq., 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354

(Name and Address of Agent for Service)

Please send copies of all communications to:

Mark R. Greer, Esq.

Stradley, Ronon, Stevens & Young, LLP

191 North Wacker Drive, Suite 1601, Chicago, IL 60606

(312) 964-3505

Approximate Date of Proposed Public Offering: <u>March 31, 2026</u>

It is proposed that this filing will become effective (check appropriate box):

☐ immediately upon filing pursuant to paragraph (b)

☒ on March 31, 2026 pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on (date) pursuant to paragraph (a)(1)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

☐ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

---

 C O N T E N T S ---

This Post-Effective Amendment No.85 to Registration File No. 033-41034 includes the following:

1. Facing Page

2. Contents Page

3. Part A – Prospectus

4. Part B – Statement of Additional Information

5. Part C – Other Information

6. Signatures

7. Exhibits

---

| |
|:---|
| ![image](pr2508img001.jpg) |
| Prospectus |

---

Global / international equity mutual fund

Nomura Emerging Markets Fund

(formerly, Macquarie Emerging Markets Fund)

---

| | |
|:---|:---|
| Nasdaq ticker symbols | Nasdaq ticker symbols |
| Class A | DEMAX |
| Class C | DEMCX |
| Class R | DEMRX |
| Institutional Class | DEMIX |
| Class R6 | DEMZX |

---

March 31, 2026

**The US Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus.**

**Any representation to the contrary is a criminal offense.**

**Get shareholder reports and prospectuses online instead of in the mail.**

**Visit** **nomuraassetmanagement.com/** **e-delivery.**

------

Table of contents

---

| | |
|:---|:---|
| [**Fund summary**............................................................................................](#ref_chapter_2_2508)  | [1](#ref_chapter_2_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura Emerging Markets Fund.................................................................................](#ref_chapter_2-sect1_1_326721_2508)  | [1](#ref_chapter_2-sect1_1_326721_2508)  |
| [**How we manage the Fund**...................................................................................](#ref_chapter_3_2508)  | [6](#ref_chapter_3_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Our principal investment strategies................................................................................](#ref_chapter_3-sect1_1_326723_2508)  | [6](#ref_chapter_3-sect1_1_326723_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Other investment strategies....................................................................................](#ref_chapter_3-sect1_2_326725_2508)  | [7](#ref_chapter_3-sect1_2_326725_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [The risks of investing in the Fund.................................................................................](#ref_chapter_3-sect1_3_326726_2508)  | [7](#ref_chapter_3-sect1_3_326726_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Disclosure of portfolio holdings information...........................................................................](#ref_chapter_3-sect1_4_326727_2508)  | [14](#ref_chapter_3-sect1_4_326727_2508)  |
| [**Who manages the Fund**.....................................................................................](#ref_chapter_4_2508)  | [15](#ref_chapter_4_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investment manager........................................................................................](#ref_chapter_4-sect1_1_326729_2508)  | [15](#ref_chapter_4-sect1_1_326729_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio manager..........................................................................................](#ref_chapter_4-sect1_2_326731_2508)  | [15](#ref_chapter_4-sect1_2_326731_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Manager of managers structure..................................................................................](#ref_chapter_4-sect1_3_326732_2508)  | [15](#ref_chapter_4-sect1_3_326732_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Who's who..............................................................................................](#ref_chapter_4-sect1_4_326733_2508)  | [15](#ref_chapter_4-sect1_4_326733_2508)  |
| [**About your account**........................................................................................](#ref_chapter_5_2508)  | [17](#ref_chapter_5_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investing in the Fund........................................................................................](#ref_chapter_5-sect1_1_326735_2508)  | [17](#ref_chapter_5-sect1_1_326735_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Choosing a share class.......................................................................................](#ref_chapter_5-sect1_2_326736_2508)  | [17](#ref_chapter_5-sect1_2_326736_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Dealer compensation........................................................................................](#ref_chapter_5-sect1_3_326737_2508)  | [20](#ref_chapter_5-sect1_3_326737_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Payments to intermediaries....................................................................................](#ref_chapter_5-sect1_4_326738_2508)  | [21](#ref_chapter_5-sect1_4_326738_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [How to reduce your sales charge.................................................................................](#ref_chapter_5-sect1_5_326739_2508)  | [21](#ref_chapter_5-sect1_5_326739_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Buying Class A shares at net asset value............................................................................](#ref_chapter_5-sect1_6_326740_2508)  | [22](#ref_chapter_5-sect1_6_326740_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Waivers of contingent deferred sales charges.........................................................................](#ref_chapter_5-sect1_7_326741_2508)  | [23](#ref_chapter_5-sect1_7_326741_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [How to buy shares.........................................................................................](#ref_chapter_5-sect1_8_326742_2508)  | [24](#ref_chapter_5-sect1_8_326742_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Calculating share price.......................................................................................](#ref_chapter_5-sect1_9_326743_2508)  | [25](#ref_chapter_5-sect1_9_326743_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Fair valuation.............................................................................................](#ref_chapter_5-sect1_10_326744_2508)  | [25](#ref_chapter_5-sect1_10_326744_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Retirement plans..........................................................................................](#ref_chapter_5-sect1_11_331537_2508)  | [26](#ref_chapter_5-sect1_11_331537_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Document delivery.........................................................................................](#ref_chapter_5-sect1_12_326745_2508)  | [26](#ref_chapter_5-sect1_12_326745_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Inactive accounts..........................................................................................](#ref_chapter_5-sect1_13_326746_2508)  | [26](#ref_chapter_5-sect1_13_326746_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [How to redeem shares.......................................................................................](#ref_chapter_5-sect1_14_326747_2508)  | [26](#ref_chapter_5-sect1_14_326747_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Low balance accounts.......................................................................................](#ref_chapter_5-sect1_15_326748_2508)  | [27](#ref_chapter_5-sect1_15_326748_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investor services...........................................................................................](#ref_chapter_5-sect1_16_326749_2508)  | [28](#ref_chapter_5-sect1_16_326749_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Frequent trading of Fund shares (market timing and disruptive trading)..........................................................](#ref_chapter_5-sect1_17_326750_2508)  | [29](#ref_chapter_5-sect1_17_326750_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Dividends, distributions, and taxes................................................................................](#ref_chapter_5-sect1_18_326751_2508)  | [31](#ref_chapter_5-sect1_18_326751_2508)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Certain management considerations...............................................................................](#ref_chapter_5-sect1_19_326752_2508)  | [32](#ref_chapter_5-sect1_19_326752_2508)  |
| [**Financial highlights**........................................................................................](#ref_chapter_6_2508)  | [33](#ref_chapter_6_2508)  |
| [**Broker-defined sales charge waiver policies**.....................................................................](#ref_chapter_7_2508)  | [39](#ref_chapter_7_2508)  |
| [**Additional information**......................................................................................](#ref_chapter_8_2508)  | [49](#ref_chapter_8_2508)  |

---

------

---

| |
|:---|
| Fund summary |
| **Nomura Emerging Markets Fund,** a series of Delaware Group<sup>®</sup> Global & International Funds<br>(formerly, Macquarie Emerging Markets Fund) |

---

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

Nomura Emerging Markets 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 |
| Maximum sales charge (load) imposed on purchases as a <br>percentage of offering price.........................  | 5.75% |  |  |  |  |
| 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.................................  | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
| Distribution and service (12b-1) fees....................  | 0.25% | 1.00% | 0.50% |  |  |
| Other expenses...................................  | 0.19% | 0.19% | 0.19% | 0.19% | 0.08%<sup>2</sup> |
| Total annual fund operating expenses...................  | 1.57% | 2.32% | 1.82% | 1.32% | 1.21% |
| Fee waivers and expense reimbursements...............  | (0.17%)<sup>3</sup> | (0.17%)<sup>3</sup> | (0.17%)<sup>3</sup> | (0.17%)<sup>3</sup> | (0.15%)<sup>3</sup> |
| Total annual fund operating expenses after fee waivers and <br>expense reimbursements...........................  | 1.40% | 2.15% | 1.65% | 1.15% | 1.06% |

---

---

| | |
|:---|:---|
| 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."

---

| | |
|:---|:---|
| 3 | The Fund's investment manager, Delaware Management Company (Manager), has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 1.15% of the Fund's average daily net assets for all share classes other than Class R6, and 1.06% of the Fund's Class R6 shares' average daily net assets, from March 31, 2026 through March 30, 2027. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund. |

---

**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 reflects the Manager's expense waivers and reimbursements for the 1-year contractual period and the total operating expenses without waivers for years 2 through 10. 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................................  | $709 | $218 | $318 | $168 | $117 | $108 |
| 3 years...............................  | $1027 | $708 | $708 | $556 | $402 | $369 |
| 5 years...............................  | $1366 | $1225 | $1225 | $969 | $707 | $651 |
| 10 years...............................  | $2321 | $2643 | $2643 | $2123 | $1575 | $1453 |

---

------

[Back to **Table of Contents**](#TOC_2508)

Fund summary

**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 5% of the average value of its portfolio.

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

The Fund invests primarily in a broad range of equity securities of companies located in emerging market countries. Emerging market countries include those currently considered to be developing by the World Bank, the United Nations, or the countries' governments. These countries typically are located in the Asia-Pacific region, Eastern Europe, the Middle East, Central America, South America, and Africa. Under normal circumstances, at least 80% of the Fund's net assets, plus the amount of any borrowings for investment purposes, will be invested in emerging market issuers (80% policy). The Fund may invest in companies of any size and may invest more than 25% of its total assets in the securities of issuers located in the same country. The Fund will primarily invest in countries included in the MSCI Emerging Markets Index. Benchmark weightings may result in the Fund investing over 25% in any one country. The Fund may invest significantly in the Asia-Pacific region, which consists of Hong Kong, the People's Republic of China, Republic of Korea, Taiwan, and India, among other countries. As a result, the Fund's investments in the region may be particularly susceptible to risks in that region.

Although the Fund invests primarily in companies from countries considered to be emerging, the Fund will also invest in companies that are not in emerging countries: (1) if the Manager believes that the performance of a company or its industry will be influenced by opportunities in the emerging markets; (2) to maintain exposure to industry segments where the Manager believes there are not satisfactory investment opportunities in emerging countries; and (3) if the Manager believes there is the potential for significant benefit to the Fund.

The Manager believes that although market price and intrinsic business value are positively correlated in the long run, short-term divergences can emerge. The Fund seeks to take advantage of these divergences through a fundamental, bottom-up approach. The Fund invests in securities of companies that the Manager believes have durable franchises when they are trading at a discount to the Manager's intrinsic value estimate for that security.

The Manager defines durable franchises as those companies with potential to earn excess returns above their cost of capital over the long run. Durability analysis involves identification of a company's source of competitive advantage and the ability of its management to maximize its return potential. The Manager prefers companies with large market opportunities in which to deploy capital, providing opportunities to grow faster than the overall economy.

Intrinsic value assessment is quantitatively determined through a variety of valuation methods including discounted cash flow, replacement cost, private market transaction, and multiples analysis.

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.

**Foreign and emerging markets risk** — The risk that investments in foreign securities (particularly those of issuers in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Securities of issuers in emerging markets may be subject to greater risks than securities of issuers in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments. In addition, there often is substantially less publicly available information about issuers and such information tends to be of a lesser quality. Economic markets and structures tend to be less mature and diverse and the securities markets may also be smaller, less liquid, and subject to greater price volatility.

------

[Back to **Table of Contents**](#TOC_2508)

**Geographic focus risk** — The risk that local political and economic conditions could adversely affect the performance of a fund investing a substantial amount of assets in securities of issuers located in a single country or a limited number of countries. Adverse events in any one country within the Asia-Pacific region may impact the other countries in the region or Asia as a whole. As a result, adverse events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified, which could result in greater volatility in the Fund's net asset value and losses. Markets in the greater China region can experience significant volatility due to social, economic, regulatory, and political uncertainties.

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

**Company size risk** — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

**Focused portfolio risk** — Increases in the value of certain investments made by the Fund may result in the Fund holding a substantial percentage of its assets in a limited number of securities, as is the case as of the date of this prospectus. As a result, the Fund may be exposed to greater risk and volatility than funds with a more diversified portfolio. A decline in the value of any significant holding could have a material adverse effect on the Fund's net asset value and performance. This risk is further magnified if two or more of the Fund's large holdings are closely correlated, as is the case as of the date of this prospectus. In such cases, a single negative event or market development could cause simultaneous declines in multiple holdings, leading to greater losses for the Fund and its shareholders.

**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.

**Growth stock risk** — Growth stocks reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies' stock prices may be more volatile, particularly over the short term.

**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** **Emerging Markets 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. 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.

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

![image](pr2508img002.jpg)

------

[Back to **Table of Contents**](#TOC_2508)

Fund summary

During the periods illustrated in this bar chart, Class A's highest quarterly return was 27.55% for the quarter ended June 30, 2020, and its lowest quarterly return was -26.34% 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**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years or lifetime |
| Class A return before taxes.................................................  | 75.85% | 8.79% | 12.57% |
| Class A return after taxes on distributions.......................................  | 64.75% | 7.05% | 11.63% |
| Class A return after taxes on distributions and sale of Fund shares.....................  | 45.50% | 6.29% | 10.21% |
| Class C return before taxes.................................................  | 84.11% | 9.26% | 12.39% |
| Class R return before taxes.................................................  | 86.10% | 9.81% | 12.96% |
| Institutional Class return before taxes..........................................  | 87.01% | 10.35% | 13.52% |
| Class R6 return before taxes (lifetime: 5/2/16–12/31/25).............................  | 87.21% | 10.47% | 13.15% |
| MSCI Emerging Markets Index (net) (reflects no deduction for fees or expenses)...........  | 33.57% | 4.20% | 8.42% |
| MSCI Emerging Markets Index (gross) (reflects no deduction for fees, expenses, or taxes)....  | 34.36% | 4.67% | 8.86% |

---

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 manager**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Fund** |
|  Liu-Er Chen, CFA  | &nbsp;&nbsp; Managing Director, Head of Emerging Markets Equity | &nbsp;&nbsp; September 2006 |

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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.

**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.

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**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**

The Fund seeks long-term capital appreciation. The Fund may invest in a broad range of equity securities, including common or ordinary stocks, preferred stocks, and securities convertible into common or ordinary stocks. The Fund may also invest in foreign companies through sponsored or un sponsored depositary receipts, which are receipts typically issued by a bank or trust company evidencing ownership of underlying securities issued by a foreign company. The Fund may invest in securities issued in any currency and may hold foreign currency. The Fund invests primarily in equity securities of issuers from emerging market countries. These countries are generally recognized to be an emerging or developing country by the international financial community. The Fund will primarily invest in countries included in the MSCI Emerging Markets Index. Benchmark weightings may result in the Fund investing over 25% in any one country.

The Manager believes that although market price and intrinsic business value are positively correlated in the long run, short-term divergences can emerge. The Manager seeks to take advantage of these divergences through a fundamental, bottom-up approach. The Fund invests in securities of companies that the Manager believes have durable franchises when they are trading at a discount to the Manager's intrinsic value estimate for that security.

The Manager defines durable franchises as those companies with potential to earn excess returns above their cost of capital over the long run. Durability analysis involves identification of a company's source of competitive advantage and the ability of its management to maximize its return potential. The Manager prefers companies with large market opportunities in which to deploy capital, providing opportunities to grow faster than the overall economy.

Intrinsic value assessment is quantitatively determined through a variety of valuation methods including discounted cash flow, replacement cost, private market transaction, and multiples analysis.

The Fund may also invest in China A shares and N shares.

Although the Manager values the Fund's assets daily in terms of US dollars, it does not intend to convert the Fund's holdings of foreign currencies into US dollars on a daily basis. The Fund is permitted to, however, from time to time, purchase or sell foreign currencies and/or engage in forward foreign currency contracts in order to facilitate or expedite settlement of portfolio transactions and to minimize currency fluctuations. The Manager may conduct the Fund's foreign currency transactions on a cash basis at the spot rate prevailing in the foreign currency exchange market or through a forward foreign currency contract. The Fund will not use forward contracts for speculative purposes. The Manager will not enter into forward contracts or maintain a net exposure to such contracts where the consummation of the contracts would obligate the Fund to deliver an amount of foreign currency in excess of the value of the Fund's securities or other assets denominated in that currency.

The Fund may invest in options and futures. For example, if the Fund owns securities that have unrealized gains, the Manager may want to protect those gains when it anticipates adverse conditions. The Manager might use options or futures to seek to neutralize the effect of any anticipated price declines, without selling the security. The Manager may also use options or futures to gain exposure to a particular market segment without purchasing individual securities in that segment, particularly if the Fund has excess cash that the Manager wants to invest quickly.

The Fund may invest up to 10% of its net assets in real estate investment trusts (REITs). The Fund may hold securities of investment companies, including open-end funds, closed-end funds, and exchange-traded funds. The Fund may invest in securities of foreign entities that may be classified under the Internal Revenue Code as passive foreign investment companies.

The Fund may also 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.

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**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 may also borrow money from banks to purchase investments for the Fund, which is a form of leverage. If the Fund borrows money to purchase securities and the Fund's investments decrease in value, the Fund's losses will be greater than if the Fund did not borrow money for investment purposes. 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).

**Initial public offerings (IPOs)** <br>

Under certain market conditions, the Fund may invest in companies at the times of their IPOs. Companies involved in IPOs generally have limited operating histories, and prospects for future profitability are uncertain. Prices of IPOs may also be unstable because of the absence of a prior public market, the small number of shares available for trading, and limited investor information. IPOs may be sold within 12 months of purchase. This may result in increased short-term capital gains, which will be taxable to shareholders as ordinary income.

**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.

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How we manage the Fund

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.

**Foreign risk** <br>

Investing in foreign securities involves a number of economic, financial, legal, and political considerations that are not associated with the US markets and that could affect the Fund's performance unfavorably, depending upon prevailing conditions at any given time. For example, the securities markets of many foreign countries may be smaller, less liquid and subject to greater price volatility than those in the US. The costs of buying, selling, and holding foreign securities, including brokerage, tax, and custody costs, may be higher than those involved in domestic transactions. Foreign investing also may involve tax considerations that usually are not present in the US markets.

Other factors that can affect the value of the Fund's foreign investments include the comparatively weak supervision and regulation by some foreign governments of securities exchanges, brokers and issuers; the fact that many foreign companies may not be subject to uniform and/or stringent accounting, auditing and financial reporting standards; fluctuations in foreign currency exchange rates and related conversion costs or currency redenomination; nationalization or expropriation of assets; and custodial or other operational delays. It also may be difficult to obtain reliable information about the securities and business operations of certain foreign issuers. Settlement of portfolio transactions also may be delayed due to local restrictions or communication problems, which can cause the Fund to miss attractive investment opportunities or impair its ability to dispose of securities in a timely fashion (resulting in a loss if the value of the securities subsequently declines). World markets, or those in a particular region, all may react in similar fashion to important economic or political developments. In addition, foreign markets may perform differently than the US market. Over a given period of time, foreign securities may underperform US securities — sometimes for years.

Securities of issuers traded on exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. The likelihood of such suspensions may be higher for securities of issuers in emerging markets than in more developed markets. Trading suspensions may be applied from time to time to the securities of individual issuers for reasons specific to that issuer, or may be applied broadly by exchanges or governmental authorities in response to market events. Suspensions may last for significant periods of time, during which trading in the securities and in instruments that reference the securities, such as derivatives instruments, may be halted. In the event that the Fund holds material positions in such suspended securities, the Fund's ability to liquidate its positions or provide liquidity to investors may be compromised and the Fund could incur significant losses.

To the extent that the Fund invests in sovereign debt instruments, the Fund is subject to the risk that a government or agency issuing the debt may be unable to pay interest and/or repay principal due to cash flow problems, insufficient foreign currency reserves or political concerns. In such instance, the Fund may have limited recourse against the issuing government or agency. Financial markets have experienced, and may continue to experience, increased volatility due to the uncertainty surrounding the sovereign debt of certain countries.

Moreover, in pursuing its investment objective, the Fund, at times, may concentrate its investment in securities of companies located in a specific geographical region. To the extent the Fund does so, it may face more risks than mutual funds with investments that are diversified around the globe. The economies and financial markets of certain regions can be interdependent and all may decline at the same time, and certain regions may face risks unique to that area. In particular:

*Asia Pacific Investments.* The level of development of the economies of countries in the Asia Pacific region varies greatly. Certain economies in the region may be adversely affected by increased competition, high inflation rates, undeveloped financial services sectors, currency fluctuations or restrictions, political and social instability and increased economic volatility. Natural disasters frequently occur in the region, which could drastically impact particular business operations of companies in the region or its overall economy. In addition, certain countries in the Asia Pacific region are large debtors to commercial banks and to foreign governments. It is possible that certain lenders at times may be unwilling to extend credit to Asia Pacific countries, which could make it more difficult for such borrowers to obtain financing on attractive terms, or at all. Due to heavy reliance on international trade, a decrease in demand would adversely affect economic performance in the region. In addition, ongoing political issues and

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heightened trade tensions between the US and China, including the possibility of a reduction in spending on Chinese products or services, the institution of additional tariffs or other trade barriers may have an adverse impact on the Chinese economy and potentially other economies in the region. Investments in companies located or operating in the Asia Pacific region may involve risks and considerations not typically associated with investments in the U.S. and other Western nations, including the use of variable interest equity ("VIE") organizational structures; political, legal and regulatory uncertainty; and differing shareholder rights based on company structure and/or location of operations.

*Central and South American Investments.* The economies in Latin America, including in some Central and South American countries, have experienced high interest rates, high inflation rates, volatility, regime changes and government defaults. Currency devaluations in any such country may have a significant effect on the entire region. Because commodities such as oil and gas, minerals and metals represent a significant percentage of the region's exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. As a result, the economies in many Central and South American countries can experience significant volatility. The economies of countries in these regions tend to be heavily dependent on trading relationships with key trading partners, including the United States, Europe, Asia and other Latin American countries, and as such adverse economic events in one country may have a significant adverse effect on other countries of this region. In addition, recent trade tensions and the imposition of tariffs may disrupt Latin American economies or lead to heightened market volatility.

Additionally, in the past, certain Central and South American economies have been influenced by changing supply and demand for a particular currency, monetary policies of governments (including exchange control programs and currency devaluations and revaluations). Certain countries in this region also historically have experienced political and social risk, including periods of instability and social unrest, local insurrections, social upheavals and high unemployment and underemployment, any of which could adversely impact the economies of these countries.

*European Investments.* The Economic and Monetary Union (eurozone) of the European Union (EU) requires members of the eurozone to comply with restrictions on inflation rates, deficits, interest rates and debt levels, as well as fiscal and monetary controls, each of which may significantly affect EU member countries, as well as other countries in Europe, including non-members. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member state on its sovereign debt and/or an economic recession in an EU member state may have a significant adverse effect on the economies of other EU member states and their trading partners.

The European financial markets have historically experienced volatility and adverse trends due to concerns about economic downturns or rising government debt levels in several European countries, including, but not limited to, Austria, Belgium, Cyprus, France, Greece, Ireland, Italy, Portugal, Spain and Ukraine. These events have adversely affected, and in the future may adversely affect, the exchange rate of the euro and may significantly affect European countries, including those that do not use the euro as their currency. Additionally, newer EU and eurozone member states, particularly in eastern Europe, remain burdened to various extents by certain infrastructural, bureaucratic and business inefficiencies, and their markets remain relatively undeveloped and may be particularly sensitive to political and economic developments. Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not produce the desired results, may result in social unrest, may limit future growth and economic recovery or may have other unintended consequences. Further defaults or restructurings by governments and other entities of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. Moreover, recent global trade tensions and the imposition of tariffs, including by the United States, could further exacerbate volatility and such adverse effects.

The national politics of countries in Europe have been unpredictable and subject to influence by disruptive political groups and ideologies, including, for example, secessionist movements. The governments of European countries may be subject to change and such countries may experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and significant investment losses. EU continues to face major issues involving its membership, structure, procedures and policies, including the successful political, economic and social integration of new member states. The current and future status of the EU continues to be the subject of political controversy, and the growth of nationalist and populist parties in national legislatures may further threaten enlargement. It is possible that one or more countries may abandon the euro and/or withdraw from the EU, as the United Kingdom (UK) did in 2020 (commonly referred to as "Brexit"). Following Brexit, certain trading matters between the UK and the EU remain unresolved, including with respect to financial services. The continuing uncertainty could have an adverse impact on the UK economy.

The occurrence of terrorist incidents throughout Europe or war in the region could also impact financial markets, in particular, Russia's invasion of Ukraine that began in 2022. As a result of that military action, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations, and the ongoing hostilities and resulting sanctions may have a severe adverse effect on the region's economies and more globally.

*North American Investments.* A decrease in imports or exports, changes in trade regulations or an economic recession in any North American country can have a significant economic effect on the entire region. Since the implementation of the North American Free Trade Agreement (NAFTA) in 1994 among Canada, the US and Mexico, total merchandise trade among the three countries has increased. However, political developments in the US

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How we manage the Fund

resulting in recent global trade tensions and the imposition of reciprocal tariffs by all three countries, may have implications for trade among the US, Mexico and Canada, any of which may result in additional volatility in the region. Moreover, the likelihood of further policy or legislative changes in one or more countries may have a significant effect on North American markets generally, as well as on the value of certain securities held by the Fund when investing in this region.

**Emerging markets risk** <br>

Investments in countries with emerging economies or securities markets may carry greater risk than investments in more developed countries or markets. Emerging markets may experience political instability. Political and economic structures in many such countries may be undergoing significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristics of more developed countries. Certain of those countries may have failed in the past to recognize private property rights and have nationalized or expropriated the assets of private companies. As a result, the risks described above, including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political or social developments may affect the value of the Fund investments in those countries and the availability of additional investments in those countries. The costs of buying, selling, and holding securities in emerging markets, including brokerage, tax, and custody costs, may be higher. The small size and inexperience of the securities markets in such countries and the limited volume of trading in securities in those countries may make the Fund's investments in such countries more volatile and less liquid than investments in more developed countries, and the Fund may be required to establish special custodial or other arrangements before making certain investments in those countries. Economic markets and structures in emerging markets tend to be less mature and diverse than more developed markets. Regulatory oversight of issuers in emerging markets may be less stringent or inconsistently applied, and securities markets may be subject to less government regulation or supervision. The economies of emerging market countries may suffer from extreme and volatile debt burdens or inflation rates. The repatriation of capital with regard to investments made in certain securities or countries may be restricted during certain times or even indefinitely. There may be substantially less financial or accounting information available about issuers in emerging markets than in more developed markets than domestic issuers. Information that is available may be of a lesser quality as issuers may be subject to different accounting, auditing, and financial reporting standards than issuers in more developed markets. As a result, it may be difficult to assess the value or prospects of an investment in such issuers. In times of market stress, regulatory authorities of different emerging market countries may apply varying techniques and degrees of intervention, which can have an effect on prices and may require that the Fund fair value its holdings in those countries. Emerging market securities may also be subject to greater fluctuations in value and liquidity due to changes in currency exchange rates.

**Geographic focus risk** <br>

Focusing on a particular geographical region or country involves increased currency, political, regulatory and other risks. To the extent the Fund invests a significant portion of its assets in a particular geographical region or country, economic, political, social and environmental conditions in that region or country will have a greater effect on Fund performance than they would in a more geographically diversified equity fund and the Fund's performance may be more volatile than the performance of a more geographically diversified 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.

**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.

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.

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**Focused portfolio risk** <br>

Although the Fund is classified as a diversified management company under the Investment Company Act of 1940, increases in the value of certain investments made by the Fund may, from time to time, result in the Fund holding a substantial percentage of its assets in a limited number of securities, as is the case as of the date of this prospectus. As a result, the Fund may be subject to a higher degree of risk and volatility compared to funds with a more broadly diversified portfolio. A decline in the value of any of these significant investments could have a material adverse effect on the Fund's net asset value and performance. Periods of poor performance may be more pronounced and prolonged than in funds with greater diversification, as losses from one or more large holdings may not be offset by gains in other investments. This risk may be magnified if two or more of the Fund's significant investments are closely correlated, as is the case as of the date of this prospectus, meaning their values tend to move in the same direction due to similar financial, economic, industry, or other factors. In such circumstances, a single negative event or adverse market development could cause simultaneous declines in multiple holdings, leading to a greater reduction in the Fund's net asset value and increased losses for the Fund and its shareholders. In addition, if the Fund sells all or a portion of these investments after they have appreciated significantly, the Fund may realize substantial capital gains. These gains may be required to be distributed to shareholders, who may be subject to tax on such distributions, regardless of whether they elect to reinvest them in additional shares of the Fund.

**Limited number of stocks 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.

**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.

**Growth stock risk** <br>

Growth stocks are stocks of companies believed to have above-average potential for growth in revenue and earnings. Prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth stocks may be more volatile or not perform as well as value stocks or the stock market in general.

**China investment risk** <br>

The Fund may invest in "A-Shares" of certain Chinese companies through various "connect programs" with local stock exchanges in China, such as the Shanghai-Hong Kong Stock Connect Program with the Shanghai Stock Exchange that was launched in 2014 or the Shenzhen-Hong Kong Stock Exchange Connect Program with the Shenzhen Stock Exchange that was launched in 2016, or other similar programs (collectively these are referred to as Connect Programs). Connect Programs serve to link local Chinese stock markets (such as those in Shanghai or Shenzhen) with the Hong Kong stock exchange. Under the Connect Programs, investors in Hong Kong and China can trade and settle shares listed on the other market via the exchange and clearing house in their home market. This means that international investors, who previously were prohibited from investing directly in A-shares on local Chinese exchanges, can access this market.

Connect Programs are subject to quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict a Fund's ability to invest in China A-shares through the Connect Programs and to enter into or exit trades on a timely basis. Connect Programs can operate only when both markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As such, if one or both markets are closed on a US trading day, the Fund may not be able to dispose of its China A-shares in a timely manner, which could adversely affect the Fund's performance. Only certain China A-shares are eligible to be accessed through the Connect

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How we manage the Fund

Programs. Such securities may lose their eligibility at any time, in which case they could be sold, but could no longer be purchased through the Connect Programs. Because the Connect Programs are relatively new, the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is unknown. In addition, there is no assurance that the necessary systems required to operate the Connect Programs will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems do not function properly, trading through the Connect Programs could be disrupted.

Connect Programs are subject to regulations promulgated by regulatory authorities for participating exchanges and further regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact a Connect Program, if the authorities believe it necessary to assure orderly markets or for other reasons. The relevant regulations are relatively new and untested; they are subject to change and there is no certainty as to how they will be applied. Investments in China A-shares may not be covered by the securities investor protection programs of a participating exchange and, without the protection of such programs, will be subject to the risk of default by the broker. In the event that the depository, the China Securities Depository and Clearing Corporation Limited (ChinaClear), defaulted, the Fund may not be able to recover fully its losses from ChinaClear or may be delayed in receiving proceeds as part of any recovery process. Because of the way in which China A-shares are held in a Connect Program, the Fund may not be able to exercise the rights of a shareholder and may be limited in its ability to pursue claims against the issuer of a security. The Fund may not be able to participate in corporate actions affecting China A-shares held through the Connect Programs due to time constraints or for other operational reasons. Similarly, the Fund may not be able to appoint proxies or participate in shareholders' meetings due to current limitations on the use of multiple proxies in China.

Because all trades of eligible China A-shares must be settled in Renminbi (RMB), the Chinese currency, investors must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed. The value of the RMB may be subject to a high degree of fluctuation due to changes in interest rates, the imposition of currency controls, or the effects of monetary policies of China, other foreign governments, the US, central banks or supranational entities. Furthermore, because dividends declared by the Fund will be declared in US dollars and underlying payments received by a Fund from the China A-shares will be made in RMB, fluctuations in exchange rates may adversely affect the dividends that the Fund would pay.

In addition, certain investments in Chinese companies may be made through a special structure known as a variable interest entity (VIE) that is designed to provide foreign investors with exposure to Chinese companies that operate in certain sectors in which China restricts or prohibits foreign investment. Investments in VIEs may pose additional risks because the investment is made through an intermediary shell company that has entered into service and other contracts with the underlying Chinese operating company to provide investors with exposure to the operating company, but does not represent equity ownership in the operating company. As a result, such investment may limit the rights of an investor with respect to the underlying Chinese operating company. VIEs are not formally recognized under Chinese law and investors face uncertainty about future actions by the Chinese government that could significantly affect the operating company's financial performance and the enforceability of the contractual arrangements underlying the VIE structure.

**Currency risk** <br>

Foreign securities may be denominated in foreign currencies. The value of the Fund's investments, as measured in US dollars, may be unfavorably affected by changes in foreign currency exchange rates and exchange control regulations. Domestic issuers that hold substantial foreign assets may be similarly affected. The value of an investment denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the US dollar. Currency exchange rates can be affected unpredictably by intervention, or failure to intervene, by US or foreign governments or central banks or by currency controls or political developments in the US or abroad. Devaluations of a currency by a government or banking authority also may have significant impact on the value of any investments denominated in that currency. Risks related to foreign currencies also include those related to economic or political developments, market inefficiencies or a higher risk that essential investment information may be incomplete, unavailable or inaccurate. A US dollar investment in an investment denominated in a foreign currency is subject to currency risk. Foreign currency losses could offset or exceed any potential gains, or add to losses, in the related investments. Currency markets also are generally not as regulated as securities markets. In addition, in order to transact in foreign investments, the Fund may exchange and hold foreign currencies. Regulatory fees or higher custody fees may be imposed on foreign currency holdings. The Fund may use derivatives to manage its foreign currency risk. Derivatives on non-US currencies involve a risk of loss if currency exchange rates move against the Fund, unless the derivative is a currency forward to hedge against the non-US currency movement.

**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

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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.

**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.

**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.

**Convertible securities risk** <br>

A convertible security is a bond, debenture, note, preferred stock or other security that may be converted or exchanged for a prescribed amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security also is subject to the same types of market and issuer risks that apply to the underlying common stock. Convertible securities issued by smaller capitalized companies may be more volatile.

**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.

**Passive foreign investment company risk** <br>

The Fund may invest in securities of foreign companies that may be classified under the Internal Revenue Code as passive foreign investment companies (PFICs). In general, a foreign company is classified as a PFIC if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. When investing in PFIC securities, the Fund intends to mark-to-market these securities under certain provisions of the Internal Revenue Code and will recognize any unrealized gains as ordinary income at the end of the Fund's fiscal and excise tax years. These gains are treated as ordinary income that the Fund is required to distribute to shareholders, even though it has not sold or received dividends from these securities. In order to meet this distribution requirement, the Fund may have to sell portfolio securities or borrow cash at inopportune times or prices, which could harm the value of the Fund and its performance. Mark-to-market gains may be magnified by foreign currency fluctuations, potentially increasing the Fund's required distributions. In addition, income dividends from PFICs will fall outside of the definition of qualified foreign corporation dividends. These dividends generally will not qualify for the reduced rate of taxation on qualified dividends when distributed to shareholders by the Fund. Foreign companies are not required to identify themselves as PFICs. Due to various complexities in

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How we manage the Fund

identifying PFICs, the Fund can give no assurances that it will be able to identify portfolio securities in foreign corporations that are PFICs in time for the Fund to make a mark-to-market election. If the Fund is unable to identify an investment as a PFIC and thus does not make a mark-to-market election, the Fund may be subject to US federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the fund to its shareholders. Additional charges in the nature of interest may be imposed on the Fund in respect of deferred taxes arising from such distributions or gains. Such consequences could impact the value of your investment in the Fund or the Fund's performance.

**Preferred stock risk** <br>

Preferred stock is a type of stock that pays a cumulative, fixed dividend that is senior to the dividends paid on the common stock of the issuer. Preferred stock may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. Preferred stock also is subject to credit risk with regard to the ability of the issuer to pay the dividend established upon issuance of the preferred stock.

**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 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 0.98% 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 manager**

Liu-Er Chen has primary responsibility for making day-to-day investment decisions for the Fund.

**Liu-Er Chen**

*Managing Director, Head of Emerging Markets Equity*

Liu-Er is Head of Emerging Markets Equity at Nomura Asset Management International, responsible for managing the firm's emerging markets equity portfolios. He also manages the healthcare equity strategy. 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, Liu-Er held the same role at Macquarie Asset Management and, before that, at Delaware Investments (which was acquired by Macquarie in 2010) starting in 2006. Prior to Delaware Investments, Liu-Er worked at Evergreen Investment Management Company for nearly 11 years, where he was the sole manager of the Evergreen Health Care and Emerging Markets funds. Prior to his career in asset management, Liu-Er worked in sales, marketing, and business development for major American and European pharmaceutical and medical device companies. Liu-Er earned a Master of Business Administration from Columbia Business School and holds the Chartered Financial Analyst® designation.

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

**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.

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Who manages the Fund

**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.

![image](pr2508img003.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.

**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.

● Class A shares are also subject to an annual 12b-1 fee no greater than 0.25% of average daily net assets. 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 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

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About your account

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.

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| | | |
|:---|:---|:---|
| 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\* |

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\* 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. 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. |

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

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**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.

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**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.

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| | |
|:---|:---|
| <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.

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**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.

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| | |
|:---|:---|
| <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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**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 dividends daily and distribute all of its net investment income, if any, to shareholders as dividends monthly. 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. Because the income of the Fund is primarily derived from investments earning interest rather than dividend income, generally none or only a small portion of the income dividends paid to you by the Fund is anticipated to be qualified dividend income eligible for taxation by individuals at long-term capital gain tax rates.

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 Emerging Markets 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**.......................  | $20.79 | $19.07 | $17.78 | $24.14 | $23.67 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.09 | 0.16 | 0.40 | 0.50 | 0.54 |
| Net realized and unrealized gain (loss).......................  | 13.60 | 2.09 | 1.16 | (6.09) | 0.07 |
| Payment by affiliates....................................  | &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; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.35) | (0.53) | (0.27) | (0.77) |  |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.14 |
| **Total return<sup>3</sup>**.........................................  | 66.91%<sup>2</sup>  | 12.12% | 8.97% | (23.97%) | 2.57% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $400686 | $251281 | $242762 | $245037 | $361528 |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 1.42% | 1.43% | 1.46% | 1.51% | 1.57% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 1.57% | 1.59% | 1.59% | 1.66% | 1.59% |
| Ratio of net investment income to average net assets.............  | 0.36% | 0.75% | 2.22% | 2.54% | 2.08% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 0.21% | 0.59% | 2.09% | 2.39% | 2.06% |
| Portfolio turnover......................................  | 5% | 14% | 2% | 11% | 4% |

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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. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |

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

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Financial highlights

**Nomura Emerging Markets Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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**.......................  | $19.02 | $17.44 | $16.24 | $22.09 | $21.83 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup>.............................  | (0.07)<sup>2</sup>  | 0.01 | 0.24 | 0.33 | 0.32 |
| Net realized and unrealized gain (loss).......................  | 12.42 | 1.93 | 1.07 | (5.60) | 0.08 |
| Payment by affiliates....................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<sup>3</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.20) | (0.36) | (0.11) | (0.58) |  |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.09 |
| **Total return<sup>4</sup>**.........................................  | 65.59%<sup>3</sup>  | 11.34% | 8.13% | (24.56%) | 1.82% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $37567 | $34087 | $42531 | $56938 | $105474 |
| Ratio of expenses to average net assets<sup>5</sup>.....................  | 2.17% | 2.18% | 2.21% | 2.26% | 2.32% |
| Ratio of expenses to average net assets prior to fees waived<sup>5</sup>.......  | 2.32% | 2.34% | 2.34% | 2.41% | 2.34% |
| Ratio of net investment income (loss) to average net assets.........  | (0.33%) | 0.03% | 1.47% | 1.79% | 1.33% |
| Ratio of net investment income (loss) to average net assets prior to <br>fees waived.........................................  | (0.48%) | (0.13%) | 1.34% | 1.64% | 1.31% |
| Portfolio turnover......................................  | 5% | 14% | 2% | 11% | 4% |

---

1 Calculated using average shares outstanding.

---

| | |
|:---|:---|
| 2 | The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of operations due to class specific expenses. |

---

---

| | |
|:---|:---|
| 3 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. |

---

---

| | |
|:---|:---|
| 4 | 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. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |

---

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

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**Nomura Emerging Markets 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**.......................  | $20.94 | $19.17 | $17.87 | $24.24 | $23.82 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.03 | 0.11 | 0.36 | 0.46 | 0.48 |
| Net realized and unrealized gain (loss).......................  | 13.70 | 2.13 | 1.16 | (6.14) | 0.08 |
| Payment by affiliates....................................  | &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; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.30) | (0.47) | (0.22) | (0.69) |  |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.24 |
| **Total return<sup>3</sup>**.........................................  | 66.43%<sup>2</sup>  | 11.92% | 8.64% | (24.15%) | 2.34% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $27381 | $19607 | $19767 | $21502 | $34148 |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 1.67% | 1.68% | 1.71% | 1.76% | 1.82% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 1.82% | 1.84% | 1.84% | 1.91% | 1.84% |
| Ratio of net investment income to average net assets.............  | 0.12% | 0.51% | 1.97% | 2.29% | 1.83% |
| Ratio of net investment income (loss) to average net assets prior to <br>fees waived.........................................  | (0.03%) | 0.35% | 1.84% | 2.14% | 1.81% |
| Portfolio turnover......................................  | 5% | 14% | 2% | 11% | 4% |

---

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. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |

---

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

------

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Financial highlights

**Nomura Emerging Markets 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**.......................  | $20.98 | $19.23 | $17.94 | $24.35 | $23.85 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.15 | 0.21 | 0.45 | 0.55 | 0.61 |
| Net realized and unrealized gain (loss).......................  | 13.72 | 2.11 | 1.16 | (6.13) | 0.07 |
| Payment by affiliates....................................  | &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; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.41) | (0.57) | (0.32) | (0.83) | (0.04) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.35 |
| **Total return<sup>3</sup>**.........................................  | 67.29%<sup>2</sup>  | 12.42% | 9.22% | (23.76%) | 2.84% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $4110620 | $2708135 | $2525330 | $2558425 | $3728519 |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 1.17% | 1.18% | 1.21% | 1.26% | 1.32% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 1.32% | 1.34% | 1.34% | 1.41% | 1.34% |
| Ratio of net investment income to average net assets.............  | 0.61% | 0.99% | 2.47% | 2.79% | 2.33% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 0.46% | 0.83% | 2.34% | 2.64% | 2.31% |
| Portfolio turnover......................................  | 5% | 14% | 2% | 11% | 4% |

---

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. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |

---

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

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**Nomura Emerging Markets 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**.......................  | $21.00 | $19.25 | $17.97 | $24.38 | $23.88 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.18 | 0.23 | 0.47 | 0.57 | 0.64 |
| Net realized and unrealized gain (loss).......................  | 13.71 | 2.12 | 1.15 | (6.13) | 0.07 |
| Payment by affiliates....................................  | &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; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total from investment operations...........................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.42) | (0.60) | (0.34) | (0.85) | (0.07) |
| Net realized gain.......................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.38 |
| **Total return<sup>3</sup>**.........................................  | 67.42%<sup>2</sup>  | 12.58% | 9.28% | (23.67%) | 2.94% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $3399754 | $2227489 | $1988183 | $1867261 | $2190839 |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 1.06% | 1.07% | 1.13% | 1.16% | 1.21% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 1.21% | 1.24% | 1.22% | 1.30% | 1.23% |
| Ratio of net investment income to average net assets.............  | 0.72% | 1.10% | 2.55% | 2.89% | 2.44% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 0.57% | 0.93% | 2.44% | 2.75% | 2.42% |
| Portfolio turnover......................................  | 5% | 14% | 2% | 11% | 4% |

---

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. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |

---

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

------

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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>**<u>Merrill Lynch ("Merrill"):</u>**</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>**<u>Morgan Stanley Wealth Management:</u>**</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>**<u>Ameriprise Financial:</u>**</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>**<u>Raymond James & Associates, Inc., Raymond James Financial Services, Inc., and Each Entity's Affiliates ("Raymond James"):</u>**</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>**<u>Edward D. Jones & Co., L.P. ("Edward Jones"):</u>**</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>**<u>Janney Montgomery Scott, LLC ("Janney")</u>**</u><u>**<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>**<u>Oppenheimer & Co. Inc. ("OPCO")</u>**</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>**<u>Robert W. Baird & Co. ("Baird"):</u>**</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>**<u>J.P. Morgan Securities LLC:</u>**</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>**<u>Stifel, Nicolaus & Company, Incorporated ("Stifel"):</u>**</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>**<u>Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")</u>**</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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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).](#dggif_001) 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: 811-06324

**PR-034 3/26**<br>

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![image](sa2507img001.jpg)<br>

Statement of Additional Information

Delaware Group<sup>®</sup> Global & International Funds

---

| | |
|:---|:---|
|  | **Nasdaq ticker symbols** |
| **Nomura Emerging Markets Fund** **(formerly, Macquarie Emerging Markets Fund)** |  |
| Class A | DEMAX |
| Class C | DEMCX |
| Class R | DEMRX |
| Institutional Class | DEMIX |
| Class R6 | DEMZX |

---

March 31, 2026

P.O. Box 534437, Pittsburgh, PA 15253-4437 (regular mail)

Attention: 534437, 500 Ross Street, 154-0520, Pittsburgh, PA 15262 (overnight courier service)

For a Prospectus, Performance, and Information on Existing Accounts: 800 523-1918

For Dealer Services (Broker/Dealers only): 800 362-7500

This Statement of Additional Information ("SAI") supplements the information contained in the current prospectus (the "Prospectus"), dated March 31, 2026, as it may be amended from time to time, for Nomura Emerging Markets Fund (the "Fund").

This SAI should be read in conjunction with the Prospectus. This SAI is not itself a prospectus but is, in its entirety, incorporated by reference into the Prospectus.

The Prospectus may be obtained through our website at nomuraassetmanagement.com/literature; by writing or calling your financial advisor; or by contacting the Fund's distributor, Delaware Distributors, L.P. (the "Distributor"), at the above addresses, or by calling the above phone numbers. Please do not send any correspondence to 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354. [The Fund's financial statements, the notes relating thereto, the financial highlights, and the report of the independent registered public accounting firm are incorporated by reference from the Fund's most recent Form N-CSR into this SAI](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000875610/000119312526041203/d82924dncsr.htm). The Fund's shareholder report, and/or financial statements can be obtained, without charge, by calling 800 523-1918.

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**Table of contents**

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| | |
|:---|:---|
|  | Page |
| [**Organization and Classification**](#ref_chapter_2_2507)  | [3](#ref_chapter_2_2507)  |
| [**Investment Objective, Restrictions, and Policies**](#ref_chapter_3_2507)  | [3](#ref_chapter_3_2507)  |
| [**Investment Strategies and Risks**](#ref_chapter_4_2507)  | [4](#ref_chapter_4_2507)  |
| [**Disclosure of Portfolio Holdings Information**](#ref_chapter_5_2507)  | [27](#ref_chapter_5_2507)  |
| [**Management of the Trust**](#ref_chapter_6_2507)  | [28](#ref_chapter_6_2507)  |
| [**Code of Ethics**](#ref_chapter_7_2507)  | [36](#ref_chapter_7_2507)  |
| [**Proxy Voting Policy**](#ref_chapter_8_2507)  | [36](#ref_chapter_8_2507)  |
| [**Investment Manager and Other Service Providers**](#ref_chapter_9_2507)  | [37](#ref_chapter_9_2507)  |
| [**Portfolio Manager**](#ref_chapter_10_2507)  | [39](#ref_chapter_10_2507)  |
| [**Trading Practices and Brokerage**](#ref_chapter_11_2507)  | [41](#ref_chapter_11_2507)  |
| [**Capital Structure**](#ref_chapter_12_2507)  | [42](#ref_chapter_12_2507)  |
| [**Purchasing Shares**](#ref_chapter_13_2507)  | [42](#ref_chapter_13_2507)  |
| [**Investment Plans**](#ref_chapter_14_2507)  | [49](#ref_chapter_14_2507)  |
| [**Determining Offering Price and Net Asset Value**](#ref_chapter_15_2507)  | [51](#ref_chapter_15_2507)  |
| [**Redemption and Exchange**](#ref_chapter_16_2507)  | [52](#ref_chapter_16_2507)  |
| [**Distributions and Taxes**](#ref_chapter_17_2507)  | [56](#ref_chapter_17_2507)  |
| [**Performance Information**](#ref_chapter_18_2507)  | [67](#ref_chapter_18_2507)  |
| [**Financial Statements**](#ref_chapter_19_2507)  | [67](#ref_chapter_19_2507)  |
| [**Principal Holders**](#ref_chapter_20_2507)  | [67](#ref_chapter_20_2507)  |
| [**Appendix A — Description of Ratings**](#ref_chapter_21_2507)  | [71](#ref_chapter_21_2507)  |

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**Organization and Classification**

This SAI describes the Fund, which is a series of Delaware Group<sup>®</sup> Global & International Funds (the "Trust"). The Fund offers Class A, Class C, and Class R shares (collectively, the "Retail Classes"). In addition, the Fund offers Institutional Class shares and Class R6 shares (together with the Retail Classes, the "Classes"). All references to "shares" in this SAI refer to all classes of shares of the Fund, except where noted. The Fund's investment manager is Delaware Management Company (the "Manager"), a series of Nomura Investment Management Business Trust ("NIMBT") (a Delaware statutory trust).

**Organization**

The Trust was organized as a Maryland corporation on May 30, 1991 and reorganized as a Delaware statutory trust on November 23, 1999. In connection with its reorganization into a Delaware statutory trust, and effective November 23, 1999, the Trust changed its name from Delaware Group Global and International Funds, Inc. to Delaware Group Global & International Funds.

**History**

Effective as of August 16, 1999, the name of Emerging Markets Fund was changed to Delaware Emerging Markets Fund. Corresponding changes were also made to the Fund's Classes. Class R shares of the Fund were initially offered on August 31, 2009. On September 25, 2014, all remaining Class B shares of the Fund were converted to Class A shares of the Fund.

On December 31, 2024, the Fund changed its name from Delaware Emerging Markets Fund to Macquarie Emerging Markets Fund. Also on December 31, 2024, Delaware Funds by Macquarie was renamed Macquarie Funds.

On December 1, 2025, the Fund changed its name from Macquarie Emerging Markets Fund to Nomura Emerging Markets Fund. Also on December 1, 2025, Macquarie Funds was renamed Nomura Funds.

**Classification**

The Trust is an open-end management investment company.

The Fund's portfolio of assets is diversified as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act requires a "diversified" fund, with respect to 75% of the value of its total assets, to invest (1) no more than 5% of the value of the fund's total assets in the securities of any one issuer and (2) in no more than 10% of the outstanding voting securities of such issuer. This limitation generally requires a diversified fund to invest in securities issued by a minimum of 16 issuers. This limitation cannot be changed without approval by the holders of a "majority" of the Fund's outstanding shares as described below.

**Investment Objective, Restrictions, and Policies**

**Investment Objective**

The Fund's investment objective is described in the Prospectus. The Fund's investment objective is nonfundamental, and may be changed without shareholder approval. However, the Trust's Board of Trustees ("Board") must approve any changes to nonfundamental investment objectives, and the Fund will notify shareholders at least 60 days prior to a material change in the Fund's investment objective.

**Fundamental Investment Restrictions**

The Fund has adopted the following restrictions that cannot be changed without approval by the holders of a "majority" of the Fund's outstanding shares, which is a vote by the holders of the lesser of: (i) 67% or more of the voting securities present in person or by proxy at a meeting, if the holders of more than 50% of the outstanding voting securities are present or represented by proxy; or (ii) more than 50% of the outstanding voting securities.

Except for the limitation on borrowing, the percentage limitations contained in the restrictions and policies set forth herein apply at the time of purchase of securities. Subsequent changes in value that result from market fluctuations generally will not require the Fund to sell any portfolio security to comply with these limitations.

The Fund shall not:

1. Make investments that will result in the concentration (as that term may be defined in the 1940 Act, any rule or order thereunder, or U.S. Securities and Exchange Commission ("SEC") staff interpretation thereof) of its investments in the securities of issuers primarily engaged in the same industry, provided that this restriction does not limit the Fund from investing in obligations issued or guaranteed by the U.S. government, its agencies, or instrumentalities, or in tax-exempt obligations.

2. Borrow money or issue senior securities, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit.

3. Underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities, under circumstances where it may be considered to be an underwriter under the Securities Act of 1933, as amended (the "1933 Act").

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**Investment Objective, Restrictions, and Policies**

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4. Purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments, and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein.

5. Purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving futures contracts and options thereon or investing in securities that are secured by physical commodities.

6. Make personal loans or loans of its assets to persons who control or are under common control with the Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent the Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, or investing in loans, including assignments and participation interests.

**Nonfundamental Investment Restrictions**

In addition to the fundamental investment policies and investment restrictions described above, and the various general investment policies described in the Prospectus, the Fund will be subject to the following investment restriction, which is considered nonfundamental and may be changed by the Board without shareholder approval: The Fund may not invest more than 15% of its net assets in securities that it cannot sell or dispose of in the ordinary course of business within seven days at approximately the value that the Fund has valued the investment.

For purposes of the Fund's concentration policy, the Fund intends to comply with the SEC staff position that securities issued or guaranteed as to principal and interest by any single foreign government are considered to be securities of issuers in the same industry or group of industries. In applying the Fund's policy on concentration (i.e., investing more than 25% of its net assets in the securities of issuers primarily engaged in the same industry): (i) utility companies will be divided according to their services, for example, gas, gas transmission, electric, and telephone will each be considered a separate industry; (ii) financial service companies will be classified according to the end users of their services, for example, automobile finance, bank finance, and diversified finance will each be considered a separate industry; and (iii) asset-backed securities will be classified according to the underlying assets securing such securities. In addition, in applying its policies on concentration, the Fund will divide the information technology sector into various sub-categories (e.g., computers, internet, semiconductors, software, and telecommunications).

Except for the Fund's policy with respect to borrowing, any investment restriction or limitation that involves a maximum percentage of securities or assets shall not be considered to be violated unless an excess over the percentage occurs immediately after an acquisition of securities or utilization of assets and such excess results therefrom.

**Portfolio Turnover**

Portfolio trading will be undertaken principally to accomplish the Fund's investment objective. The Fund is free to dispose of portfolio securities at any time, subject to complying with the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), and the 1940 Act, when changes in circumstances or conditions make such a move desirable in light of the Fund's investment objective. The Fund will not attempt to achieve or be limited to a predetermined rate of portfolio turnover. Such turnover always will be incidental to transactions undertaken with a view to achieving the Fund's investment objective.

The portfolio turnover rate tells you the amount of trading activity in the Fund's portfolio. A turnover rate of 100% would occur, for example, if all of the Fund's investments held at the beginning of a year were replaced by the end of the year, or if a single investment was frequently traded. The turnover rate also may be affected by cash requirements from redemptions and repurchases of the Fund's shares. A high rate of portfolio turnover in any year may increase brokerage commissions paid and could generate taxes for shareholders on realized investment gains. In investing to achieve its investment objective, the Fund may hold securities for any period of time.

For the fiscal years ended November 30, 2024 and 2025, the Fund's portfolio turnover rates were 14% and 5%, respectively.

**Investment Strategies and Risks**

The Fund's investment objective, strategies and risks are described in the Prospectus. Certain additional information is provided below. The following discussion supplements the descriptions of the Fund's investment strategies and risks that are included in the Prospectus. The Fund's investment strategies are nonfundamental and may be changed without shareholder approval.

**Borrowing**

The Fund may borrow money from banks, including its custodian, as a temporary measure for extraordinary or emergency purposes to facilitate redemptions. The Fund may also obtain such short-term borrowing from banks as may be necessary from time to time due, but not limited, to such events as: large dividend payments, failed trades, the clearance of purchases and sales of portfolio securities, and securities on loan. The Fund will be required to pay interest to the lending banks on amounts borrowed. As a result, borrowing money could result in the Fund being unable to meet its investment objective.

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In addition, the Fund may maintain a negative cash balance with its custodian, which is considered a form of borrowing or leverage. If the Fund maintains a negative cash balance and its investments decrease in value, the Fund's losses will be greater than if it did not maintain a negative cash balance. The Fund is required to pay interest to its custodian on negative cash balances.

The 1940 Act and the SEC's current rules, exemptions, and interpretations thereunder, permit the Fund to borrow up to one-third of the value of its total assets (including the amount borrowed, but less all liabilities and indebtedness not represented by senior securities) from banks. The Fund is required to maintain continuous asset coverage of at least 300% with respect to such borrowings and to reduce the amount of its borrowings (within three days excluding Sundays and holidays) to restore such coverage if it should decline to less than 300% due to market fluctuations or otherwise. In the event that the Fund is required to reduce its borrowings, it may have to sell portfolio holdings, even if such sale of the Fund's holdings would be disadvantageous from an investment standpoint.

In addition to borrowings that are subject to 300% asset coverage and are considered by the SEC to be permitted "senior securities," the Fund is also permitted under the 1940 Act to borrow for temporary purposes an amount not exceeding 5% of the value of its total assets at the time when the loan is made. A loan will be presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed.

**Brady Bonds**

The Fund may invest in Brady Bonds.

Brady Bonds are securities created through the exchange of existing commercial bank loans to public and private entities in certain emerging markets for new bonds in connection with debt restructurings under a debt restructuring plan introduced by former US Secretary of the Treasury, Nicholas F. Brady (the "Brady Plan"). Brady Plan debt restructurings have been implemented in a number of countries including Argentina, Brazil, Bulgaria, Costa Rica, Croatia, Dominican Republic, Ecuador, Jordan, Mexico, Morocco, Nigeria, Panama, Peru, the Philippines, Poland, Slovenia, Uruguay, and Venezuela. Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (but primarily the US dollar), and are actively traded in over-the-counter secondary markets. US dollar-denominated, collateralized Brady Bonds, which may be fixed-rate bonds or floating-rate bonds, are generally collateralized in full as to principal by US Treasury zero coupon bonds having the same maturity as the bonds. Brady Bonds are often viewed as having three or four valuation components: the collateralized repayment of principal at final maturity, the collateralized interest payments, the uncollateralized interest payments, and any uncollateralized repayment of principal at maturity (these uncollateralized amounts constituting the "residual risk"). In light of the residual risk of Brady Bonds and the history of defaults of countries issuing Brady Bonds with respect to commercial bank loans by public and private entities, investments in Brady Bonds may be viewed as speculative.

**Convertible Securities**

The Fund may invest in convertible preferred stocks that offer enhanced yield features as well as other enhanced convertible securities.

A convertible security is generally a debt obligation, preferred stock, or other security that may be converted within a specified period of time into a certain amount of common stock of the same or of a different issuer. The conversion may occur at the option of the investor in or issuer of the security, or upon a predetermined event. A convertible security typically provides a fixed income stream and the opportunity, through its conversion feature, to participate in the capital appreciation resulting from a market price advance in its underlying common stock. As with a straight fixed income security, a convertible security tends to increase in market value when interest rates decline and decrease in value when interest rates rise. Like common stock, the value of a convertible security also tends to increase as the market value of the underlying stock rises, and it tends to decrease as the market value of the underlying stock declines. Because both interest rate and market movements can influence its value, a convertible security is usually not as sensitive to interest rate changes as a similar fixed income security, nor is it as sensitive to changes in share price as its underlying stock. Convertible securities are also subject to risks that affect debt securities in general.

Although less than an investment in the underlying stock, the potential for gain on an investment in a convertible security is greater than for similar nonconvertible securities. As a result, a lower yield is generally offered on convertible securities than on otherwise equivalent nonconvertible securities. There is no guarantee that the Fund will realize gains on a convertible security in excess of the foregone yield it accepts to invest in such convertible security.

A convertible security is usually issued either by an operating company or by an investment bank. When issued by an operating company, a convertible security tends to be senior to the company's common stock, but may be subordinate to other types of fixed income securities issued by that company. When a convertible security issued by an operating company is "converted," the operating company often issues new stock to the holder of the convertible security. However, if the convertible security is redeemable and the parity price of the convertible security is less than the call price, the operating company may pay out cash instead of common stock.

If the convertible security is issued by an investment bank or other sponsor, the security is an obligation of and is convertible through the issuing investment bank. However, the common stock received upon conversion is that of a company other than the investment bank or sponsor. The issuer of a convertible security may be important in determining the security's true value. This is because the holder of a convertible security will have recourse only to the issuer.

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**Investment Strategies and Risks**

*Convertible preferred stock.* A convertible preferred stock is usually treated like a preferred stock for the Fund's financial reporting, credit rating, investment policies, and limitations purposes. A preferred stock is subordinated to all debt obligations in the event of insolvency, and an issuer's failure to make a dividend payment is generally not an event of default entitling the preferred shareholder to take action. A preferred stock generally has no maturity date, so its market value is dependent on the issuer's business prospects for an indefinite period of time. Distributions from preferred stock are dividends, rather than interest payments, and are usually treated as such for tax purposes. Investments in convertible preferred stock, as compared to the debt obligations of an issuer, generally increase the Fund's exposure to the credit risk of the issuer and market risk generally, because convertible preferred stock will fare more poorly if the issuer defaults or markets suffer.

*Risks.* An investment in a convertible security may involve risks. The Fund may have difficulty disposing of such securities because there may be a thin trading market for a particular security at any given time. Reduced liquidity may have an adverse impact on market price and the Fund's ability to dispose of a security when necessary to meet the Fund's liquidity needs or in response to a specific economic event, such as the deterioration in the creditworthiness of an issuer. Reduced liquidity in the secondary market for certain securities may also make it more difficult for the Fund to obtain market quotations based on actual trades for purposes of valuing the Fund's portfolio. Although the Fund intends to acquire convertible securities that the Manager considers to be liquid (i.e., those securities that the Manager determines may be sold on an exchange, or an institutional or other substantial market), there can be no assurances that this will be achieved. Certain securities and markets can become illiquid quickly, resulting in liquidity risk for the Fund. The Fund may also encounter difficulty valuing convertible securities due to illiquidity or other circumstances that make it difficult for the Fund to obtain timely market quotations based on actual trades for convertible securities.

*Hybrid Securities.* Hybrid securities generally combine both debt and equity characteristics. The most common example is a convertible bond that has features of any ordinary bond, but is influenced by the price movements of the stock into which it is convertible. Hybrid securities can include a variety of features that allow them to exhibit changing proportions of debt and equity characteristics. As a result, it may be difficult to classify them as either debt or equity.

**Depositary Receipts**

The Fund may invest in foreign companies by purchasing sponsored and unsponsored American depositary receipts ("ADRs"), European depositary receipts ("EDRs"), or global depositary receipts ("GDRs").

Many securities of foreign issuers are represented by ADRs, GDRs, and EDRs (collectively, "depositary receipts"). Generally, depositary receipts in registered form are designed for use in the US securities market and depositary receipts in bearer form are designed for use in securities markets outside the US. ADRs evidence ownership of, and represent the right to receive, securities of foreign issuers deposited in a domestic bank or trust company or a foreign correspondent bank. Prices of ADRs are quoted in US dollars, and ADRs are traded in the US on exchanges or over-the-counter. While ADRs do not eliminate all the risks associated with foreign investments, by investing in ADRs rather than directly in the stock of foreign issuers, the Fund will avoid currency and certain foreign market trading risks during the settlement period for either purchases or sales. In general, there is a large, liquid market in the US for ADRs quoted on a national securities exchange. The information available for ADRs is subject to the accounting, auditing, and financial reporting standards of the US market or exchange on which they are traded, which standards are generally more uniform and more exacting than those to which many foreign issuers may be subject.

EDRs and GDRs are typically issued by foreign banks or trust companies and evidence ownership of underlying securities issued by either a foreign or a US corporation. EDRs and GDRs may not necessarily be denominated in the same currency as the underlying securities into which they may be converted. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. If the issuer's home country does not have developed financial markets, the Fund could be exposed to the credit risk of the custodian or financial institution and greater market risk.

The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. The Fund would be expected to pay a share of the additional fees, which it would not pay if investing directly in the foreign securities. The Fund may experience delays in receiving its dividend and interest payments or exercising rights as a shareholder.

Depositary receipts may reduce some but not eliminate all the risks inherent in investing in the securities of foreign issuers. Depositary receipts are still subject to the political and economic risks of the underlying issuer's country and are still subject to foreign currency exchange risk. Depositary receipts will be issued under sponsored or unsponsored programs. In sponsored programs, an issuer has made arrangements to have its securities traded in the form of depositary receipts. In unsponsored programs, the issuer may not be directly involved in the creation of the program. Although regulatory requirements with respect to sponsored and unsponsored programs are generally similar, in some cases it may be easier to obtain financial information about an issuer that has participated in the creation of a sponsored program. There may be an increased possibility of untimely responses to certain corporate actions of the issuer, such as stock splits and rights offerings, in an unsponsored program. Accordingly, there may be less information available regarding issuers of securities underlying unsponsored programs and there may not be a correlation between this information and the market value of the depositary receipts. If the Fund's investment depends on obligations being met by the arranger as well as the issuer of an unsponsored program, the Fund will be exposed to additional credit risk.

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**Derivatives Instruments**

The Fund may invest in some or all of the following types of derivatives instruments: equity linked securities, forward foreign currency contracts, futures, options, options on futures contracts, and swaps, all of which are described in more detail in this section of the SAI.

Generally, derivatives are financial instruments whose values depend on or are derived from the value of one or more underlying assets, reference rates, indices, or other market factors (a "reference instrument") and may relate to stocks, bonds, interest rates, currencies, commodities, or related indices. Derivatives instruments allow the Fund to gain or reduce exposure to the value of a reference instrument without actually owning or selling the instrument.

The Fund may value derivatives instruments at market value, notional value, or full exposure value (i.e., the sum of the notional amount for the contract plus the market value). The manner in which certain securities or other instruments are valued by the Fund may differ from the manner in which those investments are valued by other types of investors.

*Exclusion from commodity pool operator definition.* The Manager has claimed an exclusion from the definition of "commodity pool operator" ("CPO") with respect to the Fund under the Commodity Exchange Act ("CEA") and the rules of the Commodity Futures Trading Commission ("CFTC") and, therefore, is not subject to CFTC registration or regulation as a CPO. In addition, the Manager is exempt from registration as a commodity trading advisor and provides commodity interest trading advice to the Fund in reliance upon applicable exemptions from registration under the Commodity Exchange Act.

The terms of the CPO exclusion require the Fund, among other things, to adhere to certain limits on its investments in "commodity interests." Commodity interests include commodity futures, commodity options, and certain swaps, which in turn include nondeliverable currency forwards, as further described below. Because the Manager intends to comply with the terms of the CPO exclusion with respect to the Fund, the Fund may, in the future, need to adjust its investment strategies, consistent with its investment goal, to limit its investments in these types of instruments. The Fund is not intended as a vehicle for trading in the commodity futures, commodity options, or swaps markets. The CFTC has neither reviewed nor approved the Manager's reliance on the CPO exclusion, the Manager's provision of services as an exempt CTA, or the Fund, its investment strategies, or this SAI.

Generally, the exclusion from CPO definition and regulation on which the Manager relies requires the Fund to meet one of the following tests for its commodity interest positions, other than positions entered into for bona fide hedging purposes (as defined in the rules of the CFTC): either (1) the aggregate initial margin and premiums required to establish the Fund's positions in commodity interests may not exceed 5% of the liquidation value of the Fund's portfolio (after taking into account unrealized profits and unrealized losses on any such positions); or (2) the aggregate net notional value of the Fund's commodity interest positions, determined at the time the most recent such position was established, may not exceed 100% of the liquidation value of the Fund's portfolio (after taking into account unrealized profits and unrealized losses on any such positions). In addition to meeting one of these trading limitations, the Fund may not be marketed as a commodity pool or otherwise as a vehicle for trading in the commodity futures, commodity options, or swaps markets. If, in the future, the Fund can no longer satisfy these requirements, the Manager would withdraw the notice claiming an exclusion from the definition of a CPO for the Fund, and the Manager would be subject to registration and regulation as a CPO with respect to the Fund, in accordance with CFTC rules that apply to CPOs of registered investment companies. Generally, these rules allow for substituted compliance with CFTC disclosure and shareholder reporting requirements, based on the Manager's compliance with comparable SEC requirements. However, as a result of CFTC regulation, the Fund may incur additional compliance and other expenses.

*Developing government regulation of derivatives.* The regulation of cleared and uncleared swaps, as well as other derivatives, is a rapidly changing area of law and is subject to modification by government and judicial action. In addition, the SEC, CFTC, and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher margin requirements, the establishment of daily price limits, and the suspension of trading.

It is not possible to predict fully the effects of current or future regulation. However, it is possible that developments in government regulation of various types of derivatives instruments may prevent the Fund from using or limit the Fund's use of these instruments effectively as a part of its investment strategy, and could adversely affect the Fund's ability to achieve its investment objective(s). The Manager will continue to monitor developments in this area. New requirements, even if not directly applicable to the Fund, may increase the cost of the Fund's investments and cost of doing business.

**Equity Linked Securities**

The Fund may invest a portion of its assets in equity linked securities. Equity linked securities are primarily used by the Fund as an alternative means to more efficiently and effectively access the securities market of what is generally an emerging market. In some instances, investments in equity linked securities may be subject to the Fund's limitation on investments in investment companies.

Equity linked securities are privately issued derivatives securities which have a return component based on the performance of another security, a basket of securities, or an index. Investing in equity linked securities can be an alternative to investing in the underlying security directly in situations where a US-based fund would have to register with a foreign exchange or foreign securities agency to be able to purchase the underlying security directly.

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**Investment Strategies and Risks**

Equity linked securities are generally subject to the risks associated with derivatives investments. Such risks include the possibility that the Fund may experience a significant loss if it employs a derivatives strategy related to a security or a securities index, and that security or index moves in the opposite direction from what the Fund's Manager had anticipated. Another risk of derivatives transactions is the possibility that the counterparty issuing the equity linked security does not have the financial (or other) ability to fulfill its contractual obligations. The Fund's Manager will review various factors, including the risks and costs associated with equity linked securities, in determining whether the Fund should invest in them. The purchase of an equity linked security does not usually give the holder the right to obtain the underlying security (or securities).

**Fixed Income Securities**

The Fund is permitted to invest up to 35% of its net assets in fixed income securities issued by companies in emerging countries or by foreign governments, their agents, instrumentalities or political sub-divisions; the Fund, however, does not anticipate investing, on a regular basis, a significant amount in such fixed income securities. It may also invest in fixed income securities that are denominated in the currencies of emerging market countries. The Fund may invest more than 25% of its total assets in fixed income securities of issuers located in the same country. All of these fixed income securities may be high yield, high risk fixed income securities rated lower than BBB- by Standard & Poor's Financial Services LLC ("S&P") and lower than Baa3 by Moody's Investors Service, Inc. ("Moody's"), or similarly rated by another nationally recognized statistical rating organization. See "High Yield Securities ("Junk bonds ")" below for information about these types of fixed income securities.

In general, a debt security represents a loan of money to the issuer by the purchaser of the security. A debt security typically has a fixed payment schedule that obligates the issuer to pay interest to the lender and to return the lender's money over a certain time period. Some debt securities, such as zero coupon bonds, do not make regular interest payments but are issued at a discount to their principal or maturity value. Debt securities include a variety of fixed income obligations, including, but not limited to, corporate bonds, government securities, municipal securities, convertible securities, mortgage-backed securities, and asset-backed securities. Debt securities include investment grade, below-investment-grade (commonly referred to as "junk bonds"), and unrated bonds. Debt securities are subject to a variety of risks, such as interest rate risk, default risk, call/prepayment risk, inflation risk, credit risk, and, in the case of foreign bonds, country risk, and currency risk. The reorganization of a debt issuer under the federal bankruptcy laws may result in the issuer's debt securities being cancelled without repayment, repaid only in part, or repaid in part or in whole through an exchange thereof for any combination of cash, debt securities, convertible securities, equity securities, or other instruments or rights in respect of the same issuer or a related entity.

**Foreign Investments**

The Fund will invest in the securities of foreign issuers. The Fund may be subject to foreign withholding taxes on income from certain foreign securities. This, in turn, could reduce the Fund's distributions paid to shareholders. It is also expected that the expenses for custodial arrangements of the Fund's foreign securities will be somewhat greater than the expenses for the custodial arrangements for US securities of equal value. The Fund may invest a portion of its assets in foreign corporate or government fixed income securities. Although not a principal strategy of the Fund, for temporary defensive purposes, all or a substantial portion of its assets may be invested in these securities rated AA or better by S&P and Aa or better by Moody's, or if unrated, determined to be of comparable quality.

*Overview.* Investors should consider carefully the substantial risks associated with investing in the securities of certain governments and companies located in, or having substantial operations in, foreign countries, which are in addition to the usual risks inherent in domestic investments. As with US securities, the value of foreign securities is affected by general economic conditions and individual issuer and industry earnings prospects. Investments in depositary receipts also involve some or all of the risks described below.

There is the possibility of cessation of trading on foreign exchanges, expropriation, nationalization of assets, confiscatory or punitive taxation, withholding and other foreign taxes on income or other amounts, foreign exchange controls (which may include suspension of the ability to transfer currency from a given country), restrictions on removal of assets, political or social instability, military action or unrest, or diplomatic developments that could affect investments in securities of issuers in foreign nations. There is no assurance that the Manager will be able to anticipate these potential events. In addition, the value of securities denominated in foreign currencies and of dividends and interest paid with respect to such securities will fluctuate based on the relative strength of the US dollar compared to such foreign currencies.

There may be less publicly available information about foreign issuers that is comparable to the reports and ratings published about issuers in the US. Foreign issuers generally are not subject to uniform accounting or financial reporting standards. Auditing practices and requirements may not be comparable to those applicable to US issuers. Certain countries' legal institutions, financial markets, and services are less developed than those in the US or other major economies. The Fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in US courts. The costs associated with foreign investments, including withholding taxes, brokerage commissions, and custodial costs, are generally higher than with US investments.

Certain countries require governmental approval prior to investments by foreign persons, or limit the amount of investment by foreign persons in a particular company. Some countries limit the investment of foreign persons to only a specific class of securities of an issuer that may have less advantageous terms than securities of the issuer available for purchase by nationals. Although securities subject to such restrictions may be

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marketable abroad, they may be less liquid than foreign securities of the same class that are not subject to such restrictions. In some countries the repatriation of investment income, capital, and proceeds of sales by foreign investors may require governmental registration and/or approval. The Fund could be adversely affected by delays in or a refusal to grant any required governmental registration or approval for repatriation.

From time to time, trading in a foreign market may be interrupted. Foreign markets also have substantially less volume than the US markets and securities of some foreign issuers are less liquid and more volatile than securities of comparable US issuers. The Fund, therefore, may encounter difficulty in obtaining market quotations for purposes of valuing its portfolio and calculating its net asset value ("NAV").

In many foreign countries, there is less government supervision and regulation of stock exchanges, brokers, and listed companies than in the US, which may result in greater potential for fraud or market manipulation. Foreign over-the-counter markets tend to be less regulated than foreign stock exchange markets and, in certain countries, may be totally unregulated. Brokerage commission rates in foreign countries, which generally are fixed rather than subject to negotiation as in the US, are likely to be higher. Foreign security trading, settlement, and custodial practices (including those involving securities settlement where assets may be released prior to receipt of payment) are often less developed than those in US markets, may be cumbersome, and may result in increased risk or substantial delays. This could occur in the event of a failed trade or the insolvency of, or breach of duty by, a foreign broker/dealer, securities depository, or foreign subcustodian.

To the extent that the Fund invests a significant portion of its assets in a specific geographic region or country, the Fund will have more exposure to economic risks related to such region or country than a fund whose investments are more geographically diversified. Adverse conditions or changes in policies in a certain region or country can affect securities of other countries whose economies appear to be unrelated but are otherwise connected. In the event of economic or political turmoil, a deterioration of diplomatic relations or a natural or man-made disaster in a region or country where a substantial portion of the Fund's assets are invested, the Fund may have difficulty meeting a large number of shareholder redemption requests.

The holding of foreign securities may be limited by the Fund to avoid investment in certain passive foreign investment companies ("PFICs").

*Developing markets or emerging markets.* Investments in companies domiciled or with significant operations in developing market or emerging market countries may be subject to potentially higher risks than investments in developed countries. These risks include, among others (i) less social, political, and economic stability; (ii) smaller securities markets with low or nonexistent trading volume, which result in greater illiquidity and greater price volatility; (iii) certain national policies which may restrict the Fund's investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to national interests; (iv) foreign taxation, including less transparent and established taxation policies; (v) less developed regulatory or legal structures governing private or foreign investment or allowing for judicial redress for injury to private property; (vi) the absence, until recently in many developing market countries, of a capital market structure or market-oriented economy; (vii) more widespread corruption and fraud; (viii) the financial institutions with which the Fund may trade may not possess the same degree of financial sophistication, creditworthiness, or resources as those in developed markets; and (ix) the possibility that recent favorable economic developments in some developing market countries may be slowed or reversed by unanticipated economic, political, or social events in such countries. A frontier market country is also a type of developing market country and these risks are magnified in frontier market countries as they generally have smaller economies or less developed capital markets than traditional emerging market countries.

In addition, many developing market countries have experienced substantial and, during some periods, extremely high rates of inflation, for many years. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain countries. Moreover, the economies of some developing market countries may differ unfavorably from the US economy in such respects as growth of gross domestic product, rate of inflation, currency depreciation, debt burden, capital reinvestment, resource self-sufficiency, and balance of payments position. The economies of some developing market countries may be based on only a few industries, and may be highly vulnerable to changes in local or global trade conditions.

Settlement systems in developing market countries may be less organized than in developed countries. Supervisory authorities may also be unable to apply standards that are comparable to those in more developed countries. There may be risks that settlement may be delayed and that cash or securities belonging to the Fund may be in jeopardy because of failures of or defects in the settlement systems. Market practice may require that payment be made prior to receipt of the security that is being purchased or that delivery of a security must be made before payment is received. In such cases, default by a broker or bank (the "counterparty") through whom the relevant transaction is effected might result in a loss being suffered by the Fund. The Fund seeks, where possible, to use counterparties whose financial status reduces this risk. However, there can be no certainty that the Fund will be successful in eliminating or reducing this risk, particularly as counterparties operating in developing market countries frequently lack the substance, capitalization, and/or financial resources of those in developed countries. Uncertainties in the operation of settlement systems in individual markets may increase the risk of competing claims to securities held by or to be transferred to the Fund. Legal compensation schemes may be nonexistent, limited, or inadequate to meet the Fund's claims in any of these events.

Securities trading in developing markets presents additional credit and financial risks. The Fund may have limited access to, or there may be a limited number of, potential counterparties that trade in the securities of developing market issuers. Governmental regulations may restrict potential counterparties to certain financial institutions located or operating in the particular developing market. Potential counterparties may not possess, adopt, or implement creditworthiness standards, financial reporting standards, or legal and contractual protections similar to those in developed markets. Currency and other hedging techniques may not be available or may be limited.

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**Investment Strategies and Risks**

The local taxation of income and capital gains accruing to nonresidents varies among developing market countries and may be comparatively high. Developing market countries typically have less well-defined tax laws and procedures and such laws may permit retroactive taxation so that the Fund could in the future become subject to local tax liabilities that had not been anticipated in conducting its investment activities or valuing its assets.

Many developing market countries suffer from uncertainty and corruption in their legal frameworks. Legislation may be difficult to interpret and laws may be too new to provide any precedential value. Laws regarding foreign investment and private property may be weak or nonexistent. Investments in developing market countries may involve risks of nationalization, expropriation, and confiscatory taxation. For example, the Communist governments of a number of Eastern European countries expropriated large amounts of private property in the past, in many cases without adequate compensation, and there can be no assurance that similar expropriation will not occur in the future. In the event of expropriation, the Fund could lose all or a substantial portion of any investments it has made in the affected countries. Accounting, auditing, and reporting standards in certain countries in which the Fund may invest may not provide the same degree of investor protection or information to investors as would generally apply in major securities markets. In addition, it is possible that purported securities in which the Fund invested may subsequently be found to be fraudulent and as a consequence the Fund could suffer losses.

Finally, currencies of developing market countries are subject to significantly greater risks than currencies of developed countries. Some developing market currencies may not be internationally traded or may be subject to strict controls by local governments, resulting in undervalued or overvalued currencies and associated difficulties with the valuation of assets, including the Fund's securities, denominated in that currency. Some developing market countries have experienced balance of payment deficits and shortages in foreign exchange reserves. Governments have responded by restricting currency conversions. Future restrictive exchange controls could prevent or restrict a company's ability to make dividend or interest payments in the original currency of the obligation (usually US dollars). In addition, even though the currencies of some developing market countries, such as certain Eastern European countries, may be convertible into US dollars, the conversion rates may be artificial to the actual market values and may be adverse to the Fund's shareholders.

*Foreign governmental and supranational debt securities.* Investments in debt securities of foreign governmental or supranational issuers are subject to all the risks associated with investments in US and foreign securities and certain additional risks.

Foreign government debt securities, sometimes known as sovereign debt securities, include debt securities issued, sponsored, or guaranteed by: governments or governmental agencies, instrumentalities, or political subdivisions located in emerging or developed market countries; government owned, controlled, or sponsored entities located in emerging or developed market countries; and entities organized and operated for the purpose of restructuring the investment characteristics of instruments issued by any of the above issuers.

A supranational entity is a bank, commission, or company established or financially supported by the national governments of one or more countries to promote reconstruction, trade, harmonization of standards or laws; economic development; and humanitarian, political, or environmental initiatives. Supranational debt obligations include: Brady Bonds; participations in loans between emerging market governments and financial institutions; and debt securities issued by supranational entities such as the World Bank, Asia Development Bank, European Investment Bank, and the European Economic Community.

Foreign government debt securities are subject to risks in addition to those relating to debt securities generally. Governmental issuers of foreign debt securities may be unwilling or unable to pay interest and repay principal, or otherwise meet obligations, when due and may require that the conditions for payment be renegotiated. As a sovereign entity, the issuing government may be immune from lawsuits in the event of its failure or refusal to pay the obligations when due. The debtor's willingness or ability to repay in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its non-US reserves, the availability of sufficient non-US currency on the date a payment is due, the relative size of the debt service burden to the issuing country's economy as a whole, the sovereign debtor's policy toward principal international lenders, such as the International Monetary Fund or the World Bank, and the political considerations or constraints to which the sovereign debtor may be subject. Governmental debtors also will be dependent on expected disbursements from foreign governments or multinational agencies and the country's access to, or balance of, trade. Some governmental debtors have in the past been able to reschedule or restructure their debt payments without the approval of debt holders or declare moratoria on payments, and similar occurrences may happen in the future. There is no bankruptcy proceeding by which the Fund may collect in whole or in part on debt subject to default by a government.

*Foreign currency exchange rates.* Changes in foreign currency exchange rates will affect the US dollar market value of securities denominated in such foreign currencies and any income received or expenses paid by the Fund in that foreign currency. This may affect the Fund's share price, income, and distributions to shareholders. Some countries may have fixed or managed currencies that are not free-floating against the US dollar. It will be more difficult for the Manager to value securities denominated in currencies that are fixed or managed. Certain currencies may not be internationally traded, which could cause illiquidity with respect to the Fund's investments in that currency and any securities denominated in that currency. Currency markets generally are not as regulated as securities markets. The Fund endeavors to buy and sell foreign currencies on as favorable a basis as practicable. Some price spread in currency exchanges (to cover service charges) may be incurred, particularly when the Fund changes investments from one country to another or when proceeds of the sale of securities in US dollars are used for the purchase of securities denominated in foreign currencies. Some countries may adopt policies that would prevent the Fund from transferring cash out of the country or withhold portions of interest and dividends at the source.

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Certain currencies have experienced a steady devaluation relative to the US dollar. Any devaluations in the currencies in which the Fund's portfolio securities are denominated may have a detrimental impact on the Fund. Where the exchange rate for a currency declines materially after the Fund's income has been accrued and translated into US dollars, the Fund may need to redeem portfolio securities to make required distributions. Similarly, if an exchange rate declines between the time the Fund incurs expenses in US dollars and the time such expenses are paid, the Fund will have to convert a greater amount of the currency into US dollars in order to pay the expenses.

Investing in foreign currencies for purposes of gaining from projected changes in exchange rates further increases the Fund's exposure to foreign securities losses.

The Fund does not consider currencies or other financial commodities or contracts and financial instruments to be physical commodities (which include, for example, oil, precious metals, and grains). Accordingly, the Fund interprets the fundamental restriction related to commodities to permit it (subject to its investment objective and general investment policies) to invest directly in foreign currencies and other financial commodities and to purchase, sell, or enter into foreign currency futures contracts and options thereon, forward foreign currency contracts, foreign currency options, currency, commodity- and financial instrument-related swap agreements, hybrid instruments, interest rate, securities-related or foreign currency-related futures contracts or other currency-, commodity- or financial instrument-related derivatives, subject to compliance with any applicable provisions of the federal securities or commodities laws. The Fund also interprets its fundamental restriction regarding purchasing and selling physical commodities to permit the Fund to invest in exchange-traded funds ("ETFs") or other entities that invest in physical and/or financial commodities.

*China A-shares and Bond Connect.* The Fund may invest in China A-shares of certain Chinese companies listed and traded on the Shanghai Stock Exchange and on the Shenzhen Stock Exchange (together, the "Exchanges") through the Shanghai-Hong Kong Stock Connect Program and the Shenzhen-Hong Kong Stock Connect Program, respectively (together, "Stock Connect"). Stock Connect is a securities trading and clearing program developed by the Exchange of Hong Kong, the Exchanges and the China Securities Depository and Clearing Corporation Limited. Stock Connect facilitates foreign investment in the People's Republic of China ("PRC") via brokers in Hong Kong. The Fund may also invest in China Interbank bonds traded on the China Interbank Bond Market ("CIBM") through the China – Hong Kong Bond Connect program ("Bond Connect"). Bond Connect enables foreign investors to access the CIBM – which represents over 85% of Chinese onshore bonds – with greater ease by establishing a trading and settlement link between the mainland and established Hong Kong financial infrastructure institutions. Investing in Chinese securities presents various risks including relatively volatile local markets, a volatile currency, potentially lower liquidity and greater government intervention. Persons investing through Stock Connect or Bond Connect are subject to PRC regulations and Exchange listing rules, among others. These could include limitations on or suspension of trading. These regulations are relatively new and subject to changes which could adversely impact the Fund's rights with respect to the securities. As Stock Connect and Bond Connect are relatively new, there are no assurances that the necessary systems to run the program will function properly. Stock Connect is subject to aggregate and daily quota limitations on purchases and the Fund may experience delays in transacting via Stock Connect. Purchases of bonds via Bond Connect will require pre-funding and there is settlement risk due to the limited capability to cancel trades.

Investments in Chinese companies may be made through a special structure known as a variable interest entity ("VIE") that is designed to provide foreign investors with exposure to Chinese companies that operate in certain sectors in which China restricts or prohibits foreign investment. Investments in VIEs may pose additional risks because the investment is made through an intermediary shell company that has entered into service and other contracts with the underlying Chinese operating company to provide investors with exposure to the operating company, but does not represent equity ownership in the operating company. As a result, such investment may limit the rights of an investor with respect to the underlying Chinese operating company. VIEs allow foreign shareholders to exert a degree of control over, and obtain economic benefits arising from, the operating company without formal legal ownership. However, the contractual arrangements between the shell company and the operating company may not be as effective in providing operational control as direct equity ownership, and a foreign investor's rights may be limited by, for example, actions of the Chinese government which could determine that the underlying contractual arrangements on which control of the VIE is based are invalid. The contractual arrangement on which the VIE structure is based would likely be subject to Chinese law and jurisdiction, which could raise questions about how recourse is sought.

Investments through VIEs may be affected by conflicts of interest and duties between the legal owners of the VIE and the stockholders of the listed holding company, which could adversely impact the value of investments. VIEs are not formally recognized under Chinese law and investors face uncertainty about future actions by the Chinese government that could significantly affect the operating company's financial performance and the enforceability of the contractual arrangements underlying the VIE structure. Prohibitions of these structures by the Chinese government, or the inability to enforce such contracts, from which the shell company derives its value, would likely cause the VIE-structured holding(s) to suffer significant losses, and in turn, adversely affect the Fund's returns and net asset value.

As a result of the military action by Russia in Ukraine, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region's economies and more globally, including significant negative impact on markets for certain securities and commodities, such as oil and natural gas. Any cessation of trading on the Russian securities markets will impact the value and liquidity of certain portfolio holdings. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact the Fund's performance.

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**Investment Strategies and Risks**

**Forward Foreign Currency Contracts**

The Fund may purchase or sell currencies and/or engage in forward foreign currency contracts. The Fund will not enter into forward foreign currency contracts or maintain a net exposure to such contracts where the consummation of the contracts would obligate the Fund to deliver an amount of foreign currency in excess of the value of the Fund's securities or other assets denominated in that currency. The Fund also may purchase and write put and call options on foreign currencies (traded on US and foreign exchanges or over the counter) for hedging purposes to protect against declines in the US dollar value of foreign securities held by them and against increases in the US dollar cost of such securities to be acquired. Call options on foreign currency written by the Fund will be covered, which means that the Fund will own the underlying foreign currency. As in the case of other kinds of options, the writing of an option on foreign currency will constitute only a partial hedge, up to the amount of the premium received, and the Fund could be required to purchase or sell foreign currencies at disadvantageous exchange rates, thereby incurring losses.

The Fund values its assets daily in US dollars, but it does not intend to convert the value of its foreign holdings into US dollars on a daily basis. The Fund will, however, from time to time, purchase or sell foreign currencies and/or engage in forward foreign currency contracts in order to facilitate or expedite settlement of Fund transactions and to minimize currency value fluctuations. The Fund may conduct its forward foreign currency contracts on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market or through entering into contracts to purchase or sell foreign currencies at a future date (i.e., a "forward foreign currency" contract or "forward" contract), and investors should be aware of the costs of currency conversion.

When the Fund enters into a contract for the purchase or sale of a security denominated in a foreign currency, or when the Fund anticipates the receipt in a foreign currency of dividends or interest payments on a security that it holds, the Fund may desire to "lock in" the US dollar price of the security or the US dollar equivalent of such dividend or interest payment as the case may be. By entering into a forward foreign currency contract for a fixed amount of dollars for the purchase or sale of the amount of foreign currency involved in the underlying transactions, the Fund will be able to protect itself against a possible loss resulting from an adverse change in the relationship between the US dollar and the subject foreign currency during the period between the date on which the security is purchased or sold, or on which the dividend or interest payment is declared, and the date on which such payments are made or received.

Additionally, when the Manager believes that the currency of a particular foreign country may suffer a substantial decline against the US dollar, the Fund may enter into a forward foreign currency contract for a fixed amount of dollars, to sell the amount of foreign currency approximating the value of some or all of the securities of the Fund's denominated in such foreign currency.

At the maturity of a forward contract, the Fund may either sell the portfolio security and make delivery of the foreign currency, or it may retain the security and terminate its contractual obligation to deliver the foreign currency by purchasing an "offsetting" contract with the same currency trader obligating it to purchase, on the same maturity date, the same amount of the foreign currency. The Fund may realize gains or losses from currency transactions.

The Fund may use forward foreign currency contracts to manage currency risks and to facilitate transactions in foreign securities. The following discussion summarizes the principal currency management strategies involving forward foreign currency contracts that could be used by the Fund.

In connection with purchases and sales of securities denominated in foreign currencies, the Fund may enter into forward foreign currency contracts to fix a definite price for the purchase or sale in advance of the trade's settlement date. This technique is sometimes referred to as a "settlement hedge" or "transaction hedge." The Manager expects to enter into settlement hedges in the normal course of managing the Fund's foreign investments. The Fund could also enter into forward foreign currency contracts to purchase or sell a foreign currency in anticipation of future purchases or sales of securities denominated in a foreign currency, even if the specific investments have not yet been selected by the Manager.

The Fund may also use forward foreign currency contracts to hedge against a decline in the value of existing investments denominated in a foreign currency. For example, if the Fund owned securities denominated in pounds sterling, it could enter into a forward foreign currency contract to sell pounds sterling in return for US dollars to hedge against possible declines in the pound's value. Such a hedge (sometimes referred to as a "position hedge") would tend to offset both positive and negative currency fluctuations, but would not offset changes in security values caused by other factors. The Fund could also hedge the position by selling another currency expected to perform similarly to the pound sterling — for example, by entering into a forward foreign currency contract to sell euros in return for US dollars. This type of hedge, sometimes referred to as a "proxy hedge," could offer advantages in terms of cost, yield, or efficiency, but generally will not hedge currency exposure as effectively as a simple hedge into US dollars. Proxy hedges may result in losses if the currency used to hedge does not perform similarly to the currency in which the hedged securities are denominated.

Under definitions adopted by the CFTC and the SEC, nondeliverable forwards are considered swaps, and therefore are included in the definition of "commodity interests." A nondeliverable forward is a cash-settled, short-term forward foreign currency contract on a thinly traded or nonconvertible foreign currency, where the profit or loss at the time of the settlement date is calculated by taking the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed upon notional amount of funds. Although nondeliverable forwards have historically been traded in the over-the-counter ("OTC") market, as swaps they may in the future be required to be centrally cleared and traded on public

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facilities. Currency and cross currency forwards that qualify as deliverable forwards are not regulated as swaps for most purposes, and are not included in the definition of "commodity interests." However these forwards are subject to some requirements applicable to swaps, including reporting to swap data repositories, documentation requirements, and business conduct rules applicable to swap dealers.

*Risks of forward foreign currency contracts.* The successful use of these transactions will usually depend on the Manager's ability to accurately forecast currency exchange rate movements. Should exchange rates move in an unexpected manner, the Fund may not achieve the anticipated benefits of the transaction, or it may realize losses. In addition, these techniques could result in a loss if the counterparty to the transaction does not perform as promised, for example, due to bankruptcy or insolvency of the counterparty. While the Fund uses only counterparties that meet its credit quality standards, in unusual or extreme market conditions, a counterparty's creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited. Moreover, investors should bear in mind that the Fund is not obligated to actively engage in hedging or other currency transactions. For example, the Fund may not attempt to hedge its exposure to a particular foreign currency at a time when doing so might avoid a loss.

Forward foreign currency contracts may limit potential gain from a positive change in the relationship between the US dollar and foreign currencies. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not engaged in such contracts. Moreover, there may be an imperfect correlation between the Fund's portfolio holdings of securities denominated in a particular currency and the currencies bought or sold in the forward foreign currency contracts entered into by the Fund. This imperfect correlation may cause the Fund to sustain losses that will prevent the Fund from achieving a complete hedge or expose the Fund to risk of foreign exchange loss.

**Futures and Options on Futures**

The Fund may enter into contracts, and options on contracts, for the purchase or sale for future delivery of securities or foreign currencies. The Fund may enter into such futures contracts to protect against the adverse effects of fluctuations in interest or foreign exchange rates without actually buying or selling the securities or foreign currency. With respect to options on futures contracts, when the Fund is not fully invested, it may purchase a call option on a futures contract to hedge against a market advance due to declining interest rates. The writing of a call option on a futures contract constitutes a partial hedge against the declining price of the security or foreign currency which is deliverable upon exercise of the futures contract. The writing of a put option on a futures contract constitutes a partial hedge against the increasing price of the security or foreign currency which is deliverable upon exercise of the futures contract.

*Futures contracts.* Generally, a futures contract is a standard binding agreement to buy or sell a specified quantity of an underlying reference instrument, such as a specific security, currency or commodity, at a specified price at a specified later date. A "sale" of a futures contract means the acquisition of a contractual obligation to deliver the underlying reference instrument called for by the contract at a specified price on a specified date. A "purchase" of a futures contract means the acquisition of a contractual obligation to acquire the underlying reference instrument called for by the contract at a specified price on a specified date. The purchase or sale of a futures contract will allow the Fund to increase or decrease its exposure to the underlying reference instrument without having to buy the actual instrument.

The underlying reference instruments to which futures contracts may relate include non-US currencies, interest rates, stock and bond indices, and debt securities, including US government debt obligations. In most cases the contractual obligation under a futures contract may be offset, or "closed out," before the settlement date so that the parties do not have to make or take delivery. The closing out of a contractual obligation is usually accomplished by buying or selling, as the case may be, an identical, offsetting futures contract. This transaction, which is effected through a member of an exchange, cancels the obligation to make or take delivery of the underlying instrument or asset. Although some futures contracts by their terms require the actual delivery or acquisition of the underlying instrument or asset, some require cash settlement.

Futures contracts may be bought and sold on US and non-US exchanges. Futures contracts in the US have been designed by exchanges that have been designated "contract markets" by the CFTC and must be executed through a futures commission merchant ("FCM"), which is a brokerage firm that is a member of the relevant contract market. Each exchange guarantees performance of the contracts as between the clearing members of the exchange, thereby reducing the risk of counterparty default. Futures contracts may also be entered into on certain exempt markets, including exempt boards of trade and electronic trading facilities, available to certain market participants. Because all transactions in the futures market are made, offset, or fulfilled by an FCM through a clearinghouse associated with the exchange on which the contracts are traded, the Fund will incur brokerage fees when it buys or sells futures contracts.

The Fund generally buys and sells futures contracts only on contract markets (including exchanges or boards of trade) where there appears to be an active market for the futures contracts, but there is no assurance that an active market will exist for any particular contract or at any particular time. An active market makes it more likely that futures contracts will be liquid and bought and sold at competitive market prices. In addition, many of the futures contracts available may be relatively new instruments without a significant trading history. As a result, there can be no assurance that an active market will develop or continue to exist.

When the Fund enters into a futures contract, it must deliver to an account controlled by the FCM (that has been selected by the Fund), an amount referred to as "initial margin" that is typically calculated as an amount equal to the volatility in the market value of a contract over a fixed period. Initial margin requirements are determined by the respective exchanges on which the futures contracts are traded and the FCM. Thereafter, a "variation margin" amount may be required to be paid by the Fund or received by the Fund in accordance with margin controls set for such accounts, depending upon changes in the marked-to-market value of the futures contract. The account is marked-to-market daily and the variation

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**Investment Strategies and Risks**

margin is monitored by the Manager and the Fund's custodian on a daily basis. When the futures contract is closed out, if the Fund has a loss equal to or greater than the margin amount, the margin amount is paid to the FCM along with any loss in excess of the margin amount. If the Fund has a loss of less than the margin amount, the excess margin is returned to the Fund. If the Fund has a gain, the full margin amount and the amount of the gain are paid to the Fund.

Some futures contracts provide for the delivery of securities that are different than those that are specified in the contract. For a futures contract for delivery of debt securities, on the settlement date of the contract, adjustments to the contract can be made to recognize differences in value arising from the delivery of debt securities with a different interest rate from that of the particular debt securities that were specified in the contract. In some cases, securities called for by a futures contract may not have been issued when the contract was written.

*Risks of futures contracts.* The Fund's use of futures contracts is subject to the risks associated with derivatives instruments generally. In addition, a purchase or sale of a futures contract may result in losses to the Fund in excess of the amount that the Fund delivered as initial margin. Because of the relatively low margin deposits required, futures trading involves a high degree of leverage; as a result, a relatively small price movement in a futures contract may result in immediate and substantial loss, or gain, to the Fund. In addition, if the Fund has insufficient cash to meet daily variation margin requirements or close out a futures position, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. Adverse market movements could cause the Fund to experience substantial losses on an investment in a futures contract.

There is a risk of loss by the Fund of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Fund has an open position in a futures contract. The assets of the Fund may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Fund might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If the FCM does not provide accurate reporting, the Fund is also subject to the risk that the FCM could use the Fund's assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty.

The Fund may not be able to properly hedge or effect its strategy when a liquid market is unavailable for the futures contract the Fund wishes to close, which may at times occur. In addition, when futures contracts are used for hedging, there may be an imperfect correlation between movements in the prices of the underlying reference instrument on which the futures contract is based and movements in the prices of the assets sought to be hedged.

If the Manager's investment judgment about the general direction of market prices or interest or currency exchange rates is incorrect, the Fund's overall performance will be poorer than if it had not entered into a futures contract. For example, if the Fund has purchased futures to hedge against the possibility of an increase in interest rates that would adversely affect the price of bonds held in its portfolio and interest rates instead decrease, the Fund will lose part or all of the benefit of the increased value of the bonds which it has hedged. This is because its losses in its futures positions will offset some or all of its gains from the increased value of the bonds.

The difference (called the "spread") between prices in the cash market for the purchase and sale of the underlying reference instrument and the prices in the futures market is subject to fluctuations and distortions due to differences in the nature of those two markets. First, all participants in the futures market are subject to initial deposit and variation margin requirements. Rather than meeting additional variation margin requirements, investors may close futures contracts through offsetting transactions that could distort the normal pricing spread between the cash and futures markets. Second, the liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery of the underlying instrument. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced, resulting in pricing distortion. Third, from the point of view of speculators, the margin deposit requirements that apply in the futures market are less onerous than similar margin requirements in the securities market. Therefore, increased participation by speculators in the futures market may cause temporary price distortions. When such distortions occur, a correct forecast of general trends in the price of an underlying reference instrument by the Manager may still not necessarily result in a profitable transaction.

Futures contracts that are traded on non-US exchanges may not be as liquid as those purchased on CFTC-designated contract markets. In addition, non-US futures contracts may be subject to varied regulatory oversight. The price of any non-US futures contract and, therefore, the potential profit and loss thereon, may be affected by any change in the non-US exchange rate between the time a particular order is placed and the time it is liquidated, offset or exercised.

The CFTC and the various exchanges have established limits referred to as "speculative position limits" on the maximum net long or net short position that any person, such as the Fund, may hold or control in a particular futures contract. Trading limits are also imposed on the maximum number of contracts that any person may trade on a particular trading day. An exchange may order the liquidation of positions found to be in violation of these limits and it may impose other sanctions or restrictions. The regulation of futures, as well as other derivatives, is a rapidly changing area of law.

Futures exchanges may also limit the amount of fluctuation permitted in certain futures contract prices during a single trading day. This daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day's settlement price. Once the daily limit has been reached in a futures contract subject to the limit, no more trades may be made on that day at a price beyond that limit. The daily

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limit governs only price movements during a particular trading day and does not limit potential losses because the limit may prevent the liquidation of unfavorable positions. For example, futures prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of positions and subjecting some holders of futures contracts to substantial losses.

*Options on futures contracts.* Options on futures contracts trade on the same contract markets as the underlying futures contract. When a fund buys an option, it pays a premium for the right, but does not have the obligation, to purchase (call) or sell (put) a futures contract at a set price (called the exercise price). The purchase of a call or put option on a futures contract, whereby the Fund has the right to purchase or sell, respectively, a particular futures contract, is similar in some respects to the purchase of a call or put option on an individual security or currency. Depending on the premium paid for the option compared to either the price of the futures contract upon which it is based or the price of the underlying reference instrument, the option may be less risky than direct ownership of the futures contract or the underlying reference instrument. For example, a fund could purchase a call option on a long futures contract when seeking to hedge against an increase in the market value of the underlying reference instrument, such as appreciation in the value of a non-US currency against the US dollar.

The seller (writer) of an option becomes contractually obligated to take the opposite futures position if the buyer of the option exercises its rights to the futures position specified in the option. In return for the premium paid by the buyer, the seller assumes the risk of taking a possibly adverse futures position. In addition, the seller will be required to post and maintain initial and variation margin with the FCM. One goal of selling (writing) options on futures may be to receive the premium paid by the option buyer.

For more general information about the mechanics of purchasing and writing options, see "Options" below.

*Risks of options on futures contracts.* The Fund's use of options on futures contracts is subject to the risks related to derivatives instruments generally. In addition, the amount of risk the Fund assumes when it purchases an option on a futures contract is the premium paid for the option plus related transaction costs. The purchase of an option also entails the risk that changes in the value of the underlying futures contract will not be fully reflected in the value of the option purchased. The seller (writer) of an option on a futures contract is subject to the risk of having to take a possibly adverse futures position if the purchaser of the option exercises its rights. If the seller were required to take such a position, it could bear substantial losses. An option writer has potentially unlimited economic risk because its potential loss, except to the extent offset by the premium received, is equal to the amount the option is "in-the-money" at the expiration date. A call option is in-the-money if the value of the underlying futures contract exceeds the exercise price of the option. A put option is in-the-money if the exercise price of the option exceeds the value of the underlying futures contract.

Use of these strategies can increase the operating costs of the Fund and can lead to loss of principal. It is anticipated that the Fund's investments in futures may generate qualifying income under Subchapter M of the Internal Revenue Code.

**High Yield Securities ("Junk bonds")**

The Fund may invest in high yield, high risk securities (commonly known as "junk bonds") rated lower than BBB- by S&P and lower than Baa3 by Moody's or similarly rated by another nationally recognized statistical rating organization ("NRSRO") or, if unrated, considered to be of equivalent quality. The Fund does not anticipate investing, on a regular basis, a significant portion in such fixed income securities. These securities may be issued by companies, governments, or governmental entities of emerging or developing countries. These securities are often considered to be speculative and involve significantly higher risk of default on the payment of principal and interest or are more likely to experience significant price fluctuation due to changes in the issuer's creditworthiness.

The Fund may invest up to 35% of its net assets in high yield, high risk debt securities. Medium- and low-grade bonds held by the Fund may be issued as a consequence of corporate restructurings, such as leveraged buyouts, mergers, acquisitions, debt recapitalizations, or similar events. Also, these bonds are often issued by smaller, less creditworthy companies or foreign governments or by highly leveraged (indebted) firms, which are generally less able than more financially stable firms to make scheduled payments of interest and principal. The risks posed by bonds issued under such circumstances are substantial.

The Fund will not purchase securities rated lower than C by S&P or Ca by Moody's, or, if unrated, considered to be of an equivalent quality to such ratings by the Manager. The Manager intends to limit the Fund's investment in any single lower-rated bond, which can help to reduce the effect of an individual default on the Fund. The Manager also intends to limit the Fund's overall holdings of bonds in this category. Such limitations may not protect the Fund from widespread bond defaults brought about by a sustained economic downturn or from price declines that might result from changes in the quality ratings of individual bonds. Fixed income securities of this type are considered to be of poor standing and predominantly speculative. Such securities are subject to a substantial degree of credit risk.

Junk bonds are often considered to be speculative and involve significantly higher risk of default on the payment of principal and interest or are more likely to experience significant price fluctuation due to changes in the issuer's creditworthiness. Market prices of these securities may fluctuate more than higher-rated debt securities and may decline significantly in periods of general economic difficulty which may follow periods of rising interest rates. Although the market for high yield corporate debt securities has been in existence for many years and has weathered previous economic downturns, the market in recent years has experienced a dramatic increase in the large-scale use of such securities to fund highly leveraged corporate acquisitions and restructurings. Accordingly, past experience may not provide an accurate indication of future performance of the high yield bond market, especially during periods of economic recession. See "Appendix A — Description of Ratings."

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**Investment Strategies and Risks**

The market for lower-rated securities and debt securities of distressed companies may be less active than that for higher-rated securities, which can adversely affect the prices at which these securities can be sold. If market quotations are not available, these securities will be valued in accordance with procedures established by the Board, including the use of outside pricing services. Judgment plays a greater role in valuing high yield corporate debt securities than is the case for securities for which more external sources for quotations and last-sale information are available. Adverse publicity and changing investor perceptions may affect the ability of outside pricing services used by the Fund to value its portfolio securities and the Fund's ability to dispose of these lower-rated debt securities.

Since the risk of default is higher for lower-quality securities, the Manager's research and credit analysis are an integral part of managing any securities of this type. In considering junk bond investments, the Manager will attempt to identify those issuers of high yielding securities whose financial conditions are adequate to meet future obligations, have improved, or are expected to improve in the future. The Manager's analysis focuses on relative values based on such factors as interest or dividend coverage, asset coverage, earnings prospects, and the experience and managerial strength of the issuer. There can be no assurance that such analysis will prove accurate.

The Fund may choose, at its expense or in conjunction with others, to pursue litigation or otherwise exercise its rights as security holder to seek to protect the interests of security holders if it determines this to be in the best interest of shareholders.

**Illiquid and Restricted Investments**

The Fund is permitted to invest up to 15% of its net assets in illiquid investments. For purposes of the Fund's 15% limitation, illiquid investment means any investment that the Fund reasonably expects 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, as determined pursuant to the 1940 Act and applicable rules and regulations thereunder. Illiquid investments, for purposes of this policy, include repurchase agreements maturing in more than seven calendar days.

The Fund may purchase privately placed debt and other securities whose resale is restricted under applicable securities laws. The Fund may invest in restricted securities, including securities eligible for resale without registration pursuant to Rule 144A ("Rule 144A Securities") under the 1933 Act. Rule 144A exempts many privately placed and legally restricted securities from the registration requirements of the 1933 Act and permits such securities to be freely traded among certain institutional buyers such as the Fund. Restricted securities may involve some additional risk since they can be resold only in privately negotiated transactions or after registration under applicable securities laws. The registration process may involve delays which would result in the Fund obtaining a less favorable price on a resale.

The Manager is responsible for the day-to-day functions of determining whether or not individual Rule 144A Securities are liquid for purposes of the Fund's limitation on investments in illiquid investments. The Manager considers the following factors in determining the liquidity of a Rule 144A Security: (i) the frequency of trades and trading volume for the security; (ii) whether at least three dealers are willing to purchase or sell the security and the number of potential purchasers; (iii) whether at least two dealers are making a market in the security; and (iv) the nature of the security and the nature of the marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers, and the mechanics of transfer).

If the Manager determines that a Rule 144A Security which was previously determined to be liquid is no longer liquid and, as a result, the Fund's holdings of illiquid investments exceed its limit on investment in such investments, the Manager will determine what action shall be taken to ensure that the Fund continues to adhere to such limitation.

**Initial Public Offerings**

The Fund may invest in a company at the time of its initial public offering (IPO).

Companies involved in IPOs generally have limited operating histories, and prospects for future profitability are uncertain. Prices of IPOs may also be unstable because of the absence of a prior public market, the small number of shares available for trading, and limited investor information. IPOs may be sold within 12 months of purchase. This may result in increased short-term capital gains, which will be taxable to shareholders as ordinary income.

**Investment Companies**

The Fund may invest in other investment companies, including exchange-traded funds ("ETFs"), to the extent permitted by the 1940 Act, SEC rules thereunder and exemptions thereto.

Specifically, Section 12(d)(1) of the 1940 Act requires that, as determined immediately after a purchase is made, (i) not more than 5% of the value of a fund's total assets will be invested in the securities of any one investment company, (ii) not more than 10% of the value of a fund's total assets will be invested in securities of investment companies as a group, and (iii) not more than 3% of the outstanding voting stock of any one investment company will be owned by a fund. The Fund will limit its investments in other investment companies in accordance with the Section 12(d)(1) limitations set forth above, except to the extent that any statutes, rules, regulations or no-action or exemptive relief under the 1940 Act permit the Fund's investments to exceed such limits. For example, the Fund may rely on Rule 12d1-4 under the 1940 Act to invest in other investment companies, including ETFs, beyond these limits. Rule 12d1-4 allows a fund to acquire the securities of another investment company in excess of

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the limitations imposed by Section 12(d)(1) of the 1940 Act without first obtaining an exemptive order from the SEC, provided that certain conditions are met. Among those conditions, for example, are the requirements that that a fund and its advisory group will not control an acquired fund (as defined in the rule) and the acquired fund does not, in turn, itself invest in underlying funds and ETFs beyond certain limits.

Because investment companies generally pay advisory, administrative and other fees that are borne indirectly by investors, a fund will generally bear a proportionate share of these expenses when it invests in another investment company. In addition, to the extent a fund invests in an ETF, it may also incur brokerage commissions in connection with the purchase and sale of the ETF's shares.

The Fund may invest in securities issued by closed-end funds, subject to any of its investment policies. If the Fund invests in shares issued by leveraged closed-end funds, it will face certain risks associated with leveraged investments. Investments in closed-end funds are subject to additional risks. For example, the price of the closed-end fund's shares quoted on an exchange may not reflect the NAV of the securities held by the closed-end fund, and the premium or discount the share prices represent versus NAV may change over time based on a variety of factors, including supply of and demand for the closed-end fund's shares, that are outside the closed-end fund's control or unrelated to the value of the underlying portfolio securities. If the Fund invests in the closed-end fund to gain exposure to the closed-end fund's investments, the lack of correlation between the performance of the closed-end fund's investments and the closed-end fund's share price may compromise or eliminate any such exposure.

To the extent that the Fund invests in an ETF, the market value of the ETF shares may differ from its NAV because the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying securities. Also, ETFs that track particular indices typically will be unable to match the performance of the index exactly due to the ETFs' operating expenses and transaction costs.

**Options**

The Fund may purchase call options or purchase put options on securities and will not engage in option strategies for speculative purposes. The Fund may purchase call options to the extent that premiums paid by the Fund do not aggregate more than 2% of the Fund's total assets. The Fund may invest up to 2% of its total assets in the purchase of put options. At all times during which it holds a put option, the Fund will own the security covered by such option.

The Fund also may acquire options on stock indices. The Fund will not engage in transactions in options on stock indices for speculative purposes but only to protect appreciation attained and to take advantage of the liquidity available in the option markets. The Fund may invest in options that are either listed on US or recognized foreign exchanges or traded over-the-counter. Certain over-the-counter options may be illiquid. Thus, it may not be possible to close options positions and this may have an adverse impact on the Fund's ability to effectively hedge its securities. The Fund will not, however, invest more than 15% of its assets in illiquid investments. The Fund may purchase and write options on foreign currencies for hedging purposes in a manner similar to that in which futures contracts on foreign currencies, or forward contracts, will be utilized.

*Overview.* An option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy an underlying reference instrument, such as a specified security, currency, index, or other instrument, from the writer of the option (in the case of a call option), or to sell a specified reference instrument to the writer of the option (in the case of a put option) at a designated price during the term of the option. The premium paid by the buyer of an option will reflect, among other things, the relationship of the exercise price to the market price and the volatility of the underlying reference instrument; the remaining term of the option, supply, demand, or interest rates; and/or currency exchange rates. An American style put or call option may be exercised at any time during the option period while a European style put or call option may be exercised only upon expiration or during a fixed period prior thereto. Put and call options are traded on national securities exchanges and in the OTC market.

Options traded on national securities exchanges are within the jurisdiction of the SEC or other appropriate national securities regulator, as are securities traded on such exchanges. As a result, many of the protections provided to traders on organized exchanges will be available with respect to such transactions. In particular, all option positions entered into on a national securities exchange in the US are cleared and guaranteed by the Options Clearing Corporation, thereby reducing the risk of counterparty default. Furthermore, a liquid secondary market in options traded on a national securities exchange may be more readily available than in the OTC market, potentially permitting the Fund to liquidate open positions at a profit prior to exercise or expiration, or to limit losses in the event of adverse market movements. There is no assurance, however, that higher than anticipated trading activity or other unforeseen events might not temporarily render the capabilities of the Options Clearing Corporation inadequate, and thereby result in the exchange instituting special procedures which may interfere with the timely execution of the Fund's orders to close out open options positions.

*Purchasing call and put options.* As the buyer of a call option, the Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). The Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, the Fund may buy call options on underlying reference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by the Fund may expire without any value to the Fund, in which case the Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.

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**Investment Strategies and Risks**

As the buyer of a put option, the Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). As with a call option, the Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. The Fund may buy a put option on an underlying reference instrument owned by the Fund (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when the Fund, as the buyer of the put option, is able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument's market price. The Fund may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. A put option may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Manager deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.

If a put option were not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.

*Writing call and put options.* Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing "covered" call options means that the writer owns the underlying reference instrument that is subject to the call option. The Fund will write call options on a covered basis only.

If the Fund writes a covered call option, any underlying reference instruments that are held by the Fund and subject to the call option will be earmarked on the books of the Fund as segregated to satisfy its obligations under the option. The Fund will be unable to sell the underlying reference instruments that are subject to the written call option until the Fund either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation. As the writer of a covered call option, the Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference instrument will likely be "called away," requiring the Fund to sell the underlying instrument at the exercise price. In that case, the Fund will sell the underlying reference instrument to the option buyer for less than its market value, and the Fund will experience a loss (which will be offset by the premium received by the Fund as the writer of such option). If a call option expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and the Fund will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the-money), or above the current value of the underlying reference instrument at the time the option is written.

As the writer of a put option, the Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Fund, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. The Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by the Fund expires unexercised, the Fund will realize a gain in the amount of the premium received.

*Closing out options (exchange-traded options).* As the writer of an option, if the Fund wants to terminate its obligation, the Fund may effect a "closing purchase transaction" by buying an option of the same series as the option previously written. The effect of the purchase is that the clearing corporation will cancel the Fund's position. However, a writer may not effect a closing purchase transaction after being notified of the exercise of an option. Likewise, the buyer of an option may recover all or a portion of the premium that it paid by effecting a "closing sale transaction" by selling an option of the same series as the option previously purchased and receiving a premium on the sale. There is no guarantee that either a closing purchase or a closing sale transaction may be made at a time desired by the Fund. Closing transactions allow the Fund to terminate its positions in written and purchased options. The Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium received from writing the original option (in the case of written options) or is more than the premium paid by the Fund to buy the option (in the case of purchased options). For example, increases in the market price of a call option sold by the Fund will generally reflect increases in the market price of the underlying reference instrument. As a result, any loss resulting from a closing transaction on a written call option is likely to be offset in whole or in part by appreciation of the underlying instrument owned by the Fund.

*Over-the-counter ("OTC") options.* Like exchange-traded options, OTC options give the holder the right to buy from the writer, in the case of OTC call options, or sell to the writer, in the case of OTC put options, an underlying reference instrument at a stated exercise price. OTC options, however, differ from exchange-traded options in certain material respects.

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OTC options are arranged directly with dealers and not with a clearing corporation or exchange. Consequently, there is a risk of nonperformance by the dealer, including because of the dealer's bankruptcy or insolvency. While the Fund uses only counterparties, such as dealers, that meet its credit quality standards, in unusual or extreme market conditions, a counterparty's creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited. Because there is no exchange, pricing is typically done based on information from market makers or other dealers. OTC options are available for a greater variety of underlying reference instruments and in a wider range of expiration dates and exercise prices than exchange-traded options.

There can be no assurance that a continuous liquid secondary market will exist for any particular OTC option at any specific time. The Fund may be able to realize the value of an OTC option it has purchased only by exercising it or entering into a closing sale transaction with the dealer that issued it. When the Fund writes an OTC option, it generally can close out that option prior to its expiration only by entering into a closing purchase transaction with the dealer with which the Fund originally wrote the option. The Fund may suffer a loss if it is not able to exercise the option (in the case of a purchased option) or enter into a closing sale transaction on a timely basis.

*Risks of options.* The Fund's options investments involve certain risks, including general risks related to derivatives instruments. There can be no assurance that a liquid secondary market on an exchange will exist for any particular option, or at any particular time, and the Fund may have difficulty effecting closing transactions in particular options. Therefore, the Fund would have to exercise the options it purchased in order to realize any profit, thus taking or making delivery of the underlying reference instrument when not desired. The Fund could then incur transaction costs upon the sale of the underlying reference instruments. Similarly, when the Fund cannot effect a closing transaction with respect to a put option it wrote, and the buyer exercises, the Fund would be required to take delivery and would incur transaction costs upon the sale of the underlying reference instruments purchased. If the Fund, as a covered call option writer, is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying reference instrument until the option expires, it delivers the underlying instrument upon exercise, or it segregates enough liquid assets to purchase the underlying reference instrument at the marked-to-market price during the term of the option. When trading options on non-US exchanges or in the OTC market, many of the protections afforded to exchange participants will not be available. For example, there may be no daily price fluctuation limits, and adverse market movements could therefore continue to an unlimited extent over an indefinite period of time.

The effectiveness of an options strategy for hedging depends on the degree to which price movements in the underlying reference instruments correlate with price movements in the relevant portion of the Fund's portfolio that is being hedged. In addition, the Fund bears the risk that the prices of its portfolio investments will not move in the same amount as the option it has purchased or sold for hedging purposes, or that there may be a negative correlation that would result in a loss on both the investments and the option. If the Manager is not successful in using options in managing the Fund's investments, the Fund's performance will be worse than if the Manager did not employ such strategies.

**Real Estate Investment Trusts ("REITs")**

The Fund may invest in REITs.

REITs are pooled investment vehicles that invest primarily in income-producing real estate or in mortgages and loans collateralized by real estate. "Equity" REITs are real estate companies that own and manage income-producing properties such as apartments, hotels, shopping centers, or office buildings. The income, primarily rent from these properties, is generally passed on to investors in the form of dividends. These companies provide experienced property management and generally concentrate on a specific geographic region or property type. "Mortgage" REITs make loans to commercial real estate developers and earn income from interest payments. A hybrid REIT combines the characteristics of Equity REITs and Mortgage REITs, generally by holding both ownership interest and mortgage interests in real estate. Although not required, the Manager anticipates that under normal circumstances the Fund will invest primarily in Equity REITs. Although the REIT structure originated in the US, a number of countries around the world have adopted, or are considering adopting, similar REIT and REIT-like structures.

For US federal tax law purposes, to qualify as a REIT, a company must derive at least 75% of its gross income from real estate sources (rents, mortgage interest, or gains from the sale of real estate assets), and at least 95% of its gross income from real estate sources, plus dividends, interest and gains from the sale of securities. Real property, mortgage loans, cash, and certain securities must comprise 75% of a company's assets. In order to qualify as a REIT, a company must also make distributions to shareholders aggregating annually at least 90% of its REIT taxable income.

*REIT risks.* The Fund's investments in REITs present certain further risks that are unique and in addition to the risks associated with investing in the real estate industry in general. Equity REITs may be affected by any changes in the value of the underlying properties owned by the REITs and other factors and their prices tend to go up and down, while mortgage REITs may be affected by the quality of any credit extended. REITs are not diversified and are subject to the risks of financing projects. A REIT's performance depends on the types and locations of the properties it owns and on management skills. A decline in rental income may occur because of extended vacancies, increased competition from other properties, tenants' failure to pay rent, or poor management. REITs whose underlying assets include US long-term healthcare properties, such as nursing, retirement and assisted living homes, may be impacted by US federal regulations concerning the healthcare industry. A REIT's performance also depends on the company's ability to finance property purchases and renovations and manage its cash flows.

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**Investment Strategies and Risks**

REITs (especially mortgage REITs) are also subject to interest rate risks — when interest rates decline, the value of a REIT's investment in fixed-rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT's investment in fixed-rate obligations can be expected to decline. In contrast, as interest rates on adjustable-rate mortgage loans are reset periodically, yields on a REIT's investments in such loans will gradually align themselves to reflect changes in market interest rates, causing the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed-rate obligations.

Because REITs typically are invested in a limited number of projects or in a particular market segment, REITs may have limited financial resources, may trade less frequently and in a limited volume, and may be subject to more abrupt or erratic price movements than other securities. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.

**Repurchase Agreements**

The Fund may invest in repurchase agreements, although it normally does not do so, except to invest cash balances or for temporary defensive purposes.

Under a repurchase agreement, the Fund agrees to buy securities guaranteed as to payment of principal and interest by the US government or its agencies or instrumentalities from a qualified bank or broker/dealer and then to sell the securities back to the bank or broker/dealer on an agreed upon date (generally less than seven days) at a higher price, which reflects currently prevailing short-term interest rates. Entering into repurchase agreements allows the Fund to earn a return on cash in the Fund's portfolio that would otherwise remain uninvested. The bank or broker/dealer must transfer to the Fund's custodian, as collateral, securities with an initial market value of at least 102% of the dollar amount paid by the Fund to the counterparty. The Manager will monitor the value of such collateral daily to determine that the value of the collateral equals or exceeds the repurchase price.

Repurchase agreements may involve risks in the event of default or insolvency of the bank or broker/dealer, including possible delays or restrictions upon the Fund's ability to sell the underlying securities and additional expenses in seeking to enforce the Fund's rights and recover any losses. The Fund will enter into repurchase agreements only with parties who meet certain creditworthiness standards, i.e., banks or broker/dealers that the Manager has determined, based on the information available at the time, present no serious risk of becoming involved in bankruptcy proceedings within the time frame contemplated by the repurchase agreement. Although the Fund seeks to limit the credit risk under a repurchase agreement by carefully selecting counterparties and accepting only high-quality collateral, some credit risk remains. The counterparty could default, which may make it necessary for the Fund to incur expenses to liquidate the collateral. In addition, the collateral may decline in value before it can be liquidated by the Fund. A repurchase agreement with more than seven days to maturity may be considered an illiquid investment and may be subject to the Fund's investment restriction on illiquid investments.

The Nomura Funds have obtained an exemption (the "Order") from the joint-transaction prohibitions of Section 17(d) of the 1940 Act to allow Nomura Funds jointly to invest cash balances. As part of the Nomura Funds, the Fund may invest cash balances in a joint repurchase agreement in accordance with the terms of the Order and subject generally to the conditions described above.

**Securities Lending**

The Fund may loan up to 25% of its assets to qualified broker/dealers or institutional investors for their use relating to short sales or other security transactions.

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

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

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

**Short-Term Debt Instruments and Temporary Investments**

The Fund may invest in money market securities (the types of which are discussed below) for liquidity and cash management purposes or if the Manager determines that securities meeting the Fund's investment objective and policies are not otherwise readily available for purchase. The Fund may invest its cash balance in US government securities and other short-term instruments. For temporary defensive purposes during periods when the Manager determines that conditions warrant, the Fund may increase this percentage up to 100%. For purposes of these policies, money market securities include: (i) short-term US government securities, including custodial receipts evidencing separately traded interest and principal components of securities issued by the US Treasury; (ii) commercial paper rated in the highest short-term rating category by an NRSRO, such as S&P or Moody's, or determined by the Manager to be of comparable quality at the time of purchase; (iii) short-term bank obligations (certificates of deposit, time deposits, and bankers' acceptances) of US domestic banks, foreign banks and foreign branches of domestic banks, and commercial banks with assets of at least $1 billion as of the end of their most recent fiscal year; and (iv) repurchase agreements involving such securities. Each of these types of money market securities is discussed in more detail in this SAI.

***US Government Securities.*** Examples of types of US government obligations in which the Fund may invest include US Treasury obligations and the obligations of US government agencies such as Federal Home Loan Banks, Federal Farm Credit Banks, Federal Land Banks, the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the US, Small Business Administration, Fannie Mae, Ginnie Mae, General Services Administration, Student Loan Marketing Association, Central Bank for Cooperatives, Freddie Mac, Federal Intermediate Credit Banks, Maritime Administration, and other similar agencies. Whether backed by the full faith and credit of the US Treasury or not, US government securities are not guaranteed against price movements due to fluctuating interest rates.

● *US Treasury Obligations.* US Treasury obligations consist of bills, notes, and bonds issued by the US Treasury and separately traded interest and principal component parts of such obligations that are transferable through the federal book-entry system known as Separate Trading of Registered Interest and Principal of Securities ("STRIPS") and Treasury Receipts ("TRs").

● *US Government Zero Coupon Securities.* STRIPS and receipts are sold as zero coupon securities, that is, fixed income securities that have been stripped of their unmatured interest coupons. Zero coupon securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. The amount of this discount is accreted over the life of the security, and the accretion constitutes the income earned on the security for both accounting and tax purposes. Because of these features, the market prices of zero coupon securities are generally more volatile than the market prices of securities that have similar maturity but that pay interest periodically. Zero coupon securities are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities with similar maturity and credit qualities.

● *US Government Agencies.* Some obligations issued or guaranteed by agencies of the US government are supported by the full faith and credit of the US Treasury, others are supported by the right of the issuer to borrow from the Treasury, while still others are supported only by the credit of the instrumentality. Guarantees of principal by agencies or instrumentalities of the US government may be a guarantee of payment at the maturity of the obligation so that in the event of a default prior to maturity there might not be a market and thus no means of realizing on the obligation prior to maturity. Guarantees as to the timely payment of principal and interest do not extend to the value or yield of these securities or to the value of the Fund's shares.

***Commercial Paper.*** Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities. Maturities on these issues vary from a few to 270 days. The Fund may invest in short-term promissory notes issued by corporations that, at the time of purchase, are rated P-1 and/or A-1. Commercial paper ratings P-1 by Moody's and A-1 by S&P are the highest investment grade category. See "Appendix A — Description of Ratings" for a description of the rating symbols of S&P and Moody's.

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**Investment Strategies and Risks**

***Obligations of Domestic Banks, Foreign Banks and Foreign Branches of US Banks.*** The Fund may invest in obligations issued by banks and other savings institutions. Investments in bank obligations include obligations of domestic branches of foreign banks and foreign branches of domestic banks. Such investments in domestic branches of foreign banks and foreign branches of domestic banks are not covered by the Federal Deposit Insurance Corporation ("FDIC") and may involve risks that are different from investments in securities of domestic branches of US banks. These risks may include future unfavorable political and economic developments, possible withholding taxes on interest income, seizure or nationalization of foreign deposits, currency controls, interest limitations, or other governmental restrictions that might affect the payment of principal or interest on the securities held by the Fund. Additionally, these institutions may be subject to less stringent reserve requirements and to different accounting, auditing, reporting, and recordkeeping requirements than those applicable to domestic branches of US banks. Bank obligations include the following:

● *Bankers' Acceptances.* Bankers' acceptances are bills of exchange or time drafts drawn on, and accepted by, a commercial bank. Corporations use bankers' acceptances to finance the shipment and storage of goods and to furnish dollar exchange. Maturities are generally six months or less.

● *Certificates of Deposit.* Certificates of deposit are interest-bearing instruments with a specific maturity. They are issued by banks and savings and loan institutions in exchange for the deposit of funds and normally can be traded in the secondary market prior to maturity. Unless they can be traded on a secondary market, certificates of deposit with penalties for early withdrawal may be considered illiquid.

● *Time Deposits.* Time deposits are nonnegotiable receipts issued by a bank in exchange for the deposit of funds. Like a certificate of deposit, they earn a specified rate of interest over a definite period of time; however, they cannot be traded in the secondary market. Time deposits with a withdrawal penalty or that mature in more than seven calendar days may be considered to be illiquid investments.

**Small to Medium-Sized Companies**

The Fund may invest in equity securities of small to medium-sized companies. These stocks have historically been more volatile in price than larger capitalization stocks, such as those included in the S&P 500<sup>®</sup> Index. This is because, among other things, smaller companies have a lower degree of liquidity and tend to have a greater sensitivity to changing economic conditions. These companies may have narrow product lines, markets or financial resources, or may depend on a limited management group. In addition, these companies are typically subject to a greater degree of change in their earnings and prospects. The companies' securities may trade less frequently and have a smaller trading volume. The securities may be traded only in the over-the-counter markets or on a regional securities exchange. In addition to exhibiting greater volatility, smaller capitalization securities may, to some degree, fluctuate independently of the stocks of larger capitalization companies. For example, the stocks of smaller capitalization companies may decline in price as the price of larger company stocks rise, or vice versa.

**Swaps**

*Comprehensive swaps regulation.* The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") and related regulatory developments have imposed comprehensive regulatory requirements on swaps and swap market participants. This regulatory framework includes: (1) registration and regulation of swap dealers and major swap participants; (2) requiring central clearing and execution of standardized swaps; (3) imposing margin requirements on swap transactions; (4) regulating and monitoring swap transactions through position limits and large trader reporting requirements; and (5) imposing record keeping and centralized and public reporting requirements, on an anonymous basis. The CFTC is responsible for the regulation of most swaps. The SEC has jurisdiction over a small segment of the market referred to as "security-based swaps," which includes swaps on single securities or credits, or narrow-based indices of securities or credits.

*Uncleared swaps.* In an uncleared swap, the swap counterparty is typically a brokerage firm, bank, or other financial institution. The Fund customarily enters into uncleared swaps based on the standard terms and conditions of an International Swaps and Derivatives Association ("ISDA") Master Agreement. ISDA is a voluntary industry association of participants in the over-the-counter derivatives markets that has developed standardized contracts used by such participants that have agreed to be bound by such standardized contracts.

In the event that one party to a swap transaction defaults and the transaction is terminated prior to its scheduled termination date, one of the parties may be required to make an early termination payment to the other. An early termination payment may be payable by either the defaulting or non defaulting party, depending upon which of them is "in-the-money" with respect to the swap at the time of its termination. Early termination payments may be calculated in various ways, but are intended to approximate the amount the "in-the-money" party would have to pay to replace the swap as of the date of its termination.

During the term of an uncleared swap, the Fund is required to pledge to the swap counterparty, from time to time, an amount of cash and/or other assets, referred to as "variation margin," that is equal to the total net amount (if any) that would be payable by the Fund to the counterparty if all outstanding swaps between the parties were terminated on the date in question, including any early termination payments. Periodically, changes in the variation margin amount are made to recognize changes in value of the contract resulting from, among other things, interest on the notional value of the contract, market value changes in the underlying investment, and/or dividends paid by the issuer of the underlying instrument. Likewise, the counterparty will be required to pledge cash or other assets to cover its obligations to the Fund. However, the amount pledged may not always be equal to or more than the amount due to the other party. Therefore, if a counterparty defaults on its obligations to the Fund, the amount pledged by the counterparty and available to the Fund may not be sufficient to cover all the amounts due to the Fund and the Fund may sustain a loss.

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Currently, the Fund does not typically provide initial margin in connection with uncleared swaps. However, rules requiring initial margin to be posted by certain market participants for uncleared swaps have been adopted and are being phased in over time. When these rules take effect with respect to the Fund, if the Fund is deemed to have material swaps exposure under applicable swaps regulation, it will be required to post initial margin in addition to variation margin.

*Cleared swaps.* Certain standardized swaps are subject to mandatory central clearing and exchange trading. The Dodd-Frank Act and implementing rules will ultimately require the clearing and exchange-trading of many swaps. Mandatory exchange-trading and clearing will occur on a phased-in basis based on the type of market participant, CFTC approval of contracts for central clearing, and public trading facilities making such cleared swaps available to trade. To date, the CFTC has designated only certain of the most common types of credit default index swaps and interest rate swaps as subject to mandatory clearing and certain public trading facilities have made certain of those cleared swaps available to trade, but it is expected that additional categories of swaps will in the future be designated as subject to mandatory clearing and trade execution requirements. Central clearing is intended to reduce counterparty credit risk and increase liquidity, but central clearing does not eliminate these risks and may involve additional costs and risks not involved with uncleared swaps. For more information, see "Risks of cleared swaps" below.

In a cleared swap, the Fund's ultimate counterparty is a central clearinghouse rather than a brokerage firm, bank, or other financial institution. Cleared swaps are submitted for clearing through each party's FCM, which must be a member of the clearinghouse that serves as the central counterparty.

When the Fund enters into a cleared swap, it must deliver to the central counterparty (via the FCM) an amount referred to as "initial margin." Initial margin requirements are determined by the central counterparty, but an FCM may require additional initial margin above the amount required by the central counterparty. During the term of the swap agreement, a "variation margin" amount may also be required to be paid by the Fund or may be received by the Fund in accordance with margin controls set for such accounts, depending upon changes in the marked-to-market value of the swap agreement. At the conclusion of the term of the swap agreement, if the Fund has a loss equal to or greater than the margin amount, the margin amount is paid to the FCM along with any loss in excess of the margin amount. If the Fund has a loss of less than the margin amount, the excess margin is returned to the Fund. If the Fund has a gain, the full margin amount and the amount of the gain are paid to the Fund.

Recently adopted CFTC rules require the trading and execution of certain cleared swaps on public trading facilities. Trading on an exchange-type system may increase market transparency and liquidity but may require the Fund to incur increased expenses to access the same types of swaps that it has used in the past.

*Currency swaps.* A currency swap is an agreement between two parties to exchange periodic cash flows on a notional amount of two or more currencies based on the relative value differential between them. For example, a currency swap may involve the exchange of payments in a non-US currency for payments in US dollars. Currency swaps typically involve the delivery of the entire notional values of the two designated currencies. In such a situation, the full notional value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. The Fund may also enter into currency swaps on a net basis, which means the two different currency payment streams under the swap agreement are converted and netted out to a single cash payment in just one of the currencies. For example, a currency swap may be used to hedge the interest payments and principal amount of a debt obligation that is denominated in a non-US currency by entering into a cross currency swap whereby one party would make payments in the non-US currency and receive payments in US dollars. Or, a currency swap may be used to gain exposure to non-US currencies and non-US interest rates by making payments in US dollars and receiving payments in non-US currencies.

Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be negatively affected by government exchange controls, blockages, and manipulations or exchange restrictions imposed by governments. These actions could result in losses to the Fund if it is unable to deliver or receive a specified currency or funds in settlement of obligations, including swap transaction obligations. These actions could also have an adverse effect on the Fund's swap transactions or cause the Fund's hedging positions to be rendered useless, resulting in full currency exposure as well as incurring unnecessary transaction costs.

*Interest rate swaps.* An interest rate swap is an agreement between two parties to exchange interest rate payment obligations. Each party's payment obligation under an interest rate swap is determined by reference to a specified "notional" amount of money. Therefore, interest rate swaps generally do not involve the delivery of securities, other underlying instruments, or principal amounts; rather they entail the exchange of cash payments based on the application of the designated interest rates to the notional amount. Accordingly, barring swap counterparty or FCM default, the risk of loss in an interest rate swap is limited to the net amount of interest payments that the Fund is obligated to make or receive (as applicable), as well as any early termination payment payable by or to the Fund upon early termination of the swap.

By swapping fixed interest rate payments for floating interest rate payments, an interest rate swap can be used to increase or decrease the Fund's exposure to various interest rates, including to hedge interest rate risk. Interest rate swaps are generally used to permit the party seeking a floating-rate obligation the opportunity to acquire such obligation at a rate lower than is directly available in the credit markets, while permitting the party desiring a fixed-rate obligation the opportunity to acquire such a fixed-rate obligation, also frequently at a rate lower than is directly available in the credit markets. The success of such a transaction depends in large part on the availability of fixed-rate obligations at interest (or coupon) rates low enough to cover the costs involved. An interest rate swap transaction is affected by changes in interest rates, which, in turn, may affect the prepayment rate of any underlying debt obligations upon which the interest rate swap is based.

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**Investment Strategies and Risks**

*Index swaps.* An index swap, also called a total return swap, is an agreement between two parties in which a party typically exchanges a cash flow based on a notional amount of a reference index for a cash flow based on a different index or on another specified instrument or reference rate. Index swaps are generally entered into on a net basis. In an index swap, a fund receives gains or incurs losses based on the total return of a specified index, in exchange for making interest payments to another party. An index swap can also work in reverse with a fund receiving interest payments from another party in exchange for movements in the total return of a specified index.

*Risks of swaps generally.* The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Manager to predict correctly which types of investments are likely to produce greater returns. If the Manager, in using swap agreements, is incorrect in its forecasts of market values, interest rates, inflation, currency exchange rates or other applicable factors, the investment performance of the Fund will be less than its performance would have been if it had not used the swap agreements.

The risk of loss to the Fund for swap transactions that are entered into on a net basis depends on which party is obligated to pay the net amount to the other party. If the counterparty is obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund's risk of loss is generally limited to that net amount. If the swap agreement involves the exchange of the entire principal value of a security, the entire principal value of that security is subject to the risk that the other party to the swap will default on its contractual delivery obligations. In addition, the Fund's risk of loss also includes any margin at risk in the event of default by the counterparty (in an uncleared swap) or the central counterparty or FCM (in a cleared swap), plus any transaction costs.

Because bilateral swap agreements are structured as two-party contracts and may have terms of greater than seven days, these swaps may be considered to be illiquid and, therefore, subject to the Fund's limitation on investments in illiquid investments. If a swap transaction is particularly large or if the relevant market is illiquid, the Fund may not be able to establish or liquidate a position at an advantageous time or price, which may result in significant losses. Participants in the swap markets are not required to make continuous markets in the swap contracts they trade. Participants could refuse to quote prices for swap contracts or quote prices with an unusually wide spread between the price at which they are prepared to buy and the price at which they are prepared to sell. Some swap agreements entail complex terms and may require a greater degree of subjectivity in their valuation. However, the swap markets have grown substantially in recent years, with a large number of financial institutions acting both as principals and agents, utilizing standardized swap documentation. As a result, the swap markets have become increasingly liquid. In addition, central clearing and the trading of cleared swaps on public facilities are intended to increase liquidity. The Manager, under the supervision of the Board, is responsible for determining and monitoring the liquidity of the Fund's swap transactions.

Rules adopted under the Dodd-Frank Act require centralized reporting of detailed information about many swaps, whether cleared or uncleared. This information is available to regulators and also, to a more limited extent and on an anonymous basis, to the public. Reporting of swap data is intended to result in greater market transparency. This may be beneficial to funds that use swaps in their trading strategies. However, public reporting imposes additional recordkeeping burdens on these funds, and the safeguards established to protect anonymity are not yet tested and may not provide protection of funds' identities as intended.

Certain Internal Revenue Service ("IRS") positions may limit the Fund's ability to use swap agreements in a desired tax strategy. It is possible that developments in the swap markets and/or the laws relating to swap agreements, including potential government regulation, could adversely affect the Fund's ability to benefit from using swap agreements, or could have adverse tax consequences. For more information about potentially changing regulation, see "Developing government regulation of derivatives" above.

Swaps may be priced using fair value pricing.

*Risks of uncleared swaps.* Uncleared swaps are not traded on exchanges. As a result, swap participants may not be as protected as participants on organized exchanges. Performance of a swap agreement is the responsibility only of the swap counterparty and not of any exchange or clearinghouse. As a result, the Fund is subject to the risk that a counterparty will be unable or will refuse to perform under such agreement, including because of the counterparty's bankruptcy or insolvency. The Fund risks the loss of the accrued but unpaid amounts under a swap agreement, which could be substantial, in the event of a default, insolvency, or bankruptcy by a swap counterparty. In such an event, the Fund will have contractual remedies pursuant to the swap agreements, but bankruptcy and insolvency laws could affect the Fund's rights as a creditor. If the counterparty's creditworthiness declines, the value of a swap agreement would likely decline, potentially resulting in losses. The Manager will only approve a swap agreement counterparty for the Fund if the Manager deems the counterparty to be creditworthy under the Fund's counterparty review process. However, in unusual or extreme market conditions, a counterparty's creditworthiness and ability to perform may deteriorate rapidly, and the availability of suitable replacement counterparties may become limited.

*Risks of cleared swaps.* As noted above, under recent financial reforms, certain types of swaps are, and others eventually are expected to be, required to be cleared through a central counterparty, which may affect counterparty risk and other risks faced by the Fund.

Central clearing is designed to reduce counterparty credit risk and increase liquidity compared to uncleared swaps because central clearing interposes the central clearinghouse as the counterparty to each participant's swap, but it does not eliminate those risks completely. There is also a risk of loss by the Fund of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Fund has an open position in a swap contract. The assets of the Fund may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the

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Fund might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If the FCM does not provide accurate reporting, the Fund is also subject to the risk that the FCM could use the Fund's assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty. Credit risk of cleared swap participants is concentrated in a few clearinghouses, and the consequences of insolvency of a clearinghouse are not clear.

With cleared swaps, the Fund may not be able to obtain as favorable terms as it would be able to negotiate for a bilateral, uncleared swap. In addition, an FCM may unilaterally amend the terms of its agreement with the Fund, which may include the imposition of position limits or additional margin requirements with respect to the Fund's investment in certain types of swaps. Central counterparties and FCMs can require termination of existing cleared swap transactions upon the occurrence of certain events, and can also require increases in margin above the margin that is required at the initiation of the swap agreement. Currently, depending on a number of factors, the margin required under the rules of the clearinghouse and FCM may be in excess of the collateral required to be posted by the Fund to support its obligations under a similar uncleared swap. However, regulators have adopted rules imposing margin requirements on uncleared swaps, which will become effective as to various market participants over time.

Finally, the Fund is subject to the risk that, after entering into a cleared swap, no FCM or central counterparty is willing or able to clear the transaction. In such an event, the Fund may be required to break the trade and make an early termination payment.

**When-Issued and Delayed-Delivery Securities**

The Fund may purchase securities on a when-issued or delayed-delivery basis. In such transactions, instruments are purchased with payment and delivery taking place in the future in order to secure what is considered to be an advantageous yield or price at the time of the transaction. Delivery of and payment for these securities may take up to a month after the date of the purchase commitment, although in some cases it may take longer. The payment obligation and the interest rates that will be received are each fixed at the time the Fund enters into the commitment and no interest accrues to the Fund until settlement. Thus, it is possible that the market value at the time of settlement could be higher or lower than the purchase price if the general level of interest rates has changed.

**Zero Coupon and Payment-In-Kind Bonds**

The Fund may acquire zero coupon bonds and payment-in-kind bonds.

The credit risk factors pertaining to lower-rated securities also apply to lower-rated zero coupon, deferred interest, and payment-in-kind bonds. These bonds carry an additional risk in that, unlike bonds that pay interest throughout the period to maturity, the Fund will realize no cash until the cash payment date and, if the issuer defaults, the Fund may obtain no return at all on its investment.

Zero coupon, deferred interest, and payment-in-kind bonds involve additional special considerations. Zero coupon or deferred interest securities are debt obligations that do not entitle the holder to any periodic payments of interest prior to maturity or a specified date when the securities begin paying current interest (the "cash payment date") and therefore are generally issued and traded at a discount from their face amounts or par values. The discount varies depending on the time remaining until maturity or cash payment date, prevailing interest rates, liquidity of the security, and the perceived credit quality of the issuer. The discount, in the absence of financial difficulties of the issuer, typically decreases as the final maturity or cash payment date of the security approaches. The market prices of zero coupon securities are generally more volatile than the market prices of securities that pay interest periodically and are likely to respond to changes in interest rates to a greater degree than do non-zero coupon or deferred interest securities having similar maturities and credit quality. Current federal income tax law requires that a holder of a zero coupon security report as income each year the portion of the original issue discount on the security that accrues that year, even though the holder receives no cash payments of interest during the year.

Payment-in-kind bonds are securities that pay interest through the issuance of additional bonds. The Fund will be deemed to receive interest over the life of these bonds and be treated as if interest were paid on a current basis for federal income tax purposes, although no cash interest payments are received by the Fund until the cash payment date or until the bonds mature. Accordingly, during periods when the Fund receives no cash interest payments on its zero coupon securities or deferred interest or payment-in-kind bonds, it may be required to dispose of portfolio securities to meet the distribution requirements and these sales may be subject to the risk factors discussed above. The Fund is not limited in the amount of its assets that may be invested in these types of securities.

**Cybersecurity Risk**

With the increased use of technologies such as the internet and the dependence on computer systems to perform necessary business functions, the Fund and its service providers may have become more susceptible to operational and related risks through breaches in cybersecurity. A cybersecurity incident may refer to intentional or unintentional events that allow an unauthorized party to gain access (e.g., through "hacking," "phishing" or malicious software coding) to Fund assets, customer data, or proprietary information, or cause the Fund or Fund service providers (including, but not limited to, the Manager, distributor, fund accountants, custodian, transfer agent, and financial intermediaries) to suffer data

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**Investment Strategies and Risks**

corruption or lose operational functionality. A cybersecurity incident could, among other things, result in the loss or theft of customer data or funds, customers or employees being unable to access electronic systems (denial of services), loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or remediation costs associated with system repairs.

Any of these results could have a substantial adverse impact on the Fund and its shareholders. For example, if a cybersecurity incident results in a denial of service, Fund shareholders could lose access to their electronic accounts and be unable to buy or sell Fund shares for an unknown period of time, and employees could be unable to access electronic systems to perform critical duties for the Fund, such as trading, NAV calculation, shareholder accounting or fulfillment of Fund share purchases and redemptions. Cybersecurity incidents could cause the Fund or Fund service provider to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures, or financial loss of a significant magnitude and could result in allegations that the Fund or Fund service provider violated privacy and other laws.

Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which the Fund invests, counterparties with which the Fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions and other parties. Risk management systems and business continuity plans seek to reduce the risks associated with cybersecurity in the event there is a cybersecurity breach, but there are inherent limitations in these systems and plans, including the possibility that certain risks may not have been identified, in large part because different or unknown threats may emerge in the future. Furthermore, the Fund does not control the cybersecurity systems and plans of the issuers of securities in which the Fund invests or the Fund's third party service providers or trading counterparties or any other service providers whose operations may affect the Fund or its shareholders.

As an open-end management investment company, the Trust has delegated its operational activities to third-party service providers, subject to the oversight of the Board. Because the Trust operates its business through third-party service providers, it does not itself have any operational or security systems or infrastructure that are potentially subject to cyber attacks. The third-party service providers that facilitate the Trust's business activities, including, but not limited to, fund management, custody of Trust assets, fund accounting and financial administration, and transfer agent services, could be sources of operational and informational security risk to the Trust and its shareholders, including from breakdowns or failures of the third-party service providers' own systems or capacity constraints. A failure or breach of the operational or security systems or infrastructure of the Trust's third-party service providers could disrupt the Trust's operations, result in the disclosure or misuse of confidential or proprietary information, and cause losses. Although the Trust and its third-party service providers have business continuity plans and other safeguards in place, the operations of the Trust's third-party service providers may be adversely affected by significant disruption of the service providers' operating systems or physical infrastructure that support the Trust and its shareholders.

The proliferation of new technologies, the use of the Internet and telecommunications technologies to conduct business, as well as the increased sophistication and activities of organized crime, hackers, terrorists, activists, and others, have significantly increased the information security risks to which the Trust's third-party service providers are subject. Recently, geopolitical tensions may have increased the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing. The third-party service providers rely on digital technologies, computer and email systems, software, web-based applications, cloud-based technology, and networks to conduct their business and the business of the Trust. The Trust's third-party service providers have robust information security procedures; however, their technologies may become the target of cyber attacks or information security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss, or destruction of the Trust's or its shareholders' confidential and other information, or otherwise disrupt the business operations of the Trust or its third-party service providers. Although to date the Trust has not experienced any material losses relating to cyber attacks or other information security breaches, there can be no assurance that the Trust or its third-party service providers will not suffer such losses in the future.

Disruptions or failures in the physical infrastructure or operating systems that support the Trust's third-party service providers, or cyber attacks or security breaches of the networks, systems, or devices that the Trust's third-party service providers use to service the Trust's operations, could result in financial losses, the inability of Trust shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. The business continuity policies and procedures that the Trust and its third-party service providers have established seek to identify and mitigate the types of risk to which the Trust and its third-party service providers are subject. As with any risk-management system, there are inherent limitations to these business continuity policies and procedures as there may exist, or develop in the future, risks that have not been anticipated or identified.

**IBOR Transition Risk**

The London Interbank Offered Rate ("LIBOR") was a common benchmark interest rate index used to make adjustments to variable-rate loans and historically was used throughout global banking and financial industries to determine interest rates for a variety of borrowing arrangements and financial instruments (such as debt instruments and derivatives).

The majority of LIBOR rates were phased out at the end of 2021. The most common tenors of USD LIBOR (overnight and 1-, 3-, 6- and 12- month) ceased publication as of June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021.

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Over the past several years, various regulators and industry bodies identified alternative reference rates ("ARRs") to replace LIBOR and assist with the transition to the new ARRs. While the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty and risks related to converting certain longer-term securities and transactions to a new ARR. For example, there can be no assurance that the composition or characteristics of any ARRs or financial instruments in which a fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, while some instruments tied to LIBOR or a similar rate may include a replacement rate, not all instruments have such fallback provisions, and the effectiveness of such replacement rates remains uncertain. The cessation of LIBOR or similar rates could affect the value and liquidity of investments tied to these rates, especially those that do not include fallback provisions. While it is expected that market participants will amend legacy financial instruments referencing LIBOR to include such fallback provisions to ARRs, there remains uncertainty regarding the willingness and ability of parties to add or amend such fallback provisions in legacy instruments.

Any effects of the transition away from LIBOR and the adoption of ARRs, as well as other unforeseen effects, could result in losses. Furthermore, the risks associated with the discontinuation of LIBOR and transition to replacement rates may be exacerbated if an orderly transition to an ARR is not completed in a timely manner.

**Natural Disaster/Epidemic Risk**

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 a fund's investments. Given the increasing interdependence among global economies and 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 a fund from executing advantageous investment decisions in a timely manner and could negatively impact the fund's ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of a fund.

**Disclosure of Portfolio Holdings Information**

The Fund has adopted a policy generally prohibiting the disclosure of portfolio holdings information to any person until after 30 calendar days have passed. The Trust posts a list of the Fund's portfolio holdings monthly, with an approximate 30-day lag, on the Fund's website, nomuraassetmanagement.com/USfunds. In addition, on a 10-day lag, we also make available on the website a month-end summary listing certain information, including the Fund's top 10 portfolio holdings. This information is available publicly to any and all shareholders free of charge once posted on the website or by calling 800 523-1918.

Other entities, including institutional investors and intermediaries that distribute the Fund's shares, are generally treated similarly and are not provided with the Fund's portfolio holdings in advance of when they are generally available to the public.

The Fund may, from time to time, provide statistical data derived from publicly available information to third parties, such as shareholders, prospective shareholders, financial intermediaries, consultants, and ratings and ranking organizations.

Third-party service providers and affiliated persons of the Fund are provided with the Fund's portfolio holdings only to the extent necessary to perform services under agreements relating to the Fund and, in the case of affiliated persons, in connection with contributions of capital. These entities are obligated to keep such information confidential. In accordance with the policy, third-party service providers who receive nonpublic portfolio holdings information on an ongoing basis are: the Manager's affiliates (Nomura Investment Management Business Trust, Delaware Investments Fund Services Company, and the Distributor), the Fund's independent registered public accounting firm, the Fund's custodian, the Fund's legal counsel, the Fund's financial printer (DG3), and the Fund's proxy voting service.

Third-party rating and ranking organizations and consultants who have signed agreements ("Nondisclosure Agreements") with the Fund or the Manager may receive portfolio holdings information more quickly than the 30-day lag. The Nondisclosure Agreements require that the receiving entity hold the information in the strictest confidence and prohibit the receiving entity from disclosing the information or trading on the information (either in Fund shares or in shares of the Fund's portfolio securities). In addition, the receiving party must agree to provide copies of any research or reports generated using the portfolio holdings information in order to allow for monitoring of use of the information. Neither the Fund, nor the Manager, nor sub-advisor, nor any affiliate, receives any compensation or consideration with respect to these agreements.

To protect the shareholders' interests and to avoid conflicts of interest, Nondisclosure Agreements must be approved by a member of the Manager's Legal Department and Compliance Department and any deviation in the use of the portfolio holdings information by the receiving party must be approved in writing by the Fund's Chief Compliance Officer prior to such use.

The Board will be notified of any substantial changes to the foregoing procedures. The Board also receives an annual report from the Trust's Chief Compliance Officer that, among other things, addresses the operation of the Trust's procedures concerning the disclosure of portfolio holdings information.

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**Management of the Trust**

**Trustees and officers**

The business and affairs of the Trust are managed under the direction of its Board of Trustees. Information on the Trust's Trustees and principal officers is provided below. The Trustees serve for indefinite terms until their mandatory retirement, resignation, death, or removal. Trustees who are not "interested persons" as defined by the 1940 Act are referred to as the "Independent Trustees".

As of February 28, 2026, the officers and Trustees of the Trust directly owned less than 1% of the outstanding shares of each Class of the Fund.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address,**<br>**and Birth Year** | **Position(s)** **Held with the** **Trust** | **Length of Time**<br>**Served<sup>1</sup>**  | **Number of**<br>**Funds in Fund**<br>**Complex**<br>**Overseen by**<br>**Trustee** | **Principal Occupation(s)**<br>**During the Past Five Years** | **Other Directorships Held**<br>**by Trustee During the**<br>**Past Five Years** |
| ***Interested Trustee*** |  |  |  |  |  |
| Shawn K. Lytle<sup>2</sup><br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1970 | President, Chief Executive Officer, and Trustee | President and Chief Executive Officer since August 2015<br>Trustee since September 2015 | 78 | Nomura Asset Management International<sup>3</sup>—Chief Executive Officer (2025-Present); Macquarie Asset Management<sup>4</sup> (2015–2025)—Head of Equities & Multi-Asset (2023–2025); Head of Americas of Macquarie Group (2017–2025); Global Head of Public Investments (2019–2023) |  |
| ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** | ***Independent Trustees*** |
| Jerome D. Abernathy<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1959 | Trustee | Since January 2019 | 78 | Stonebrook Capital Management, LLC (financial technology: macro factors and databases)—Managing Member (1993–Present) |  |
| Ann D. Borowiec<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1958 | Trustee | Since March 2015 | 78 | J.P. Morgan Chase & Co.<br>(1987–2013)—Chief Executive<br>Officer, Private Wealth Management (2011–2013) |  |
| Joseph W. Chow<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1953 | Trustee | Since January 2013 | 78 | Private Investor (2011–Present); State Street Bank and<br>Trust Company (1996–2011)—Executive Vice President of Enterprise Risk Management and Emerging Economies Strategy; and Chief Risk and Corporate Administration Officer |  |
| H. Jeffrey Dobbs<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1955 | Trustee | Since April 2019<sup>5</sup>  | 78 | KPMG LLP (2002–2015)—Global<br>Sector Chairman, Industrial<br>Manufacturing (2010–2015) | TechAccel LLC<br>(2015–2025)<br>Valparaiso University<br>Board (2012–Present)<br>Ivy Funds Complex<br>(2019–2021) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address,**<br>**and Birth Year** | **Position(s)** **Held with the** **Trust** | **Length of Time**<br>**Served**<sup>1</sup>  | **Number of**<br>**Funds in Fund**<br>**Complex**<br>**Overseen by**<br>**Trustee** | **Principal Occupation(s)**<br>**During the Past Five Years** | **Other Directorships Held**<br>**by Trustee During the**<br>**Past Five Years** |
| John A. Fry<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1960 | Trustee | Since January 2001 | 78 | Temple University—President<br>(2024–Present)<br>Drexel University—President<br>(2010-2024) | Federal Reserve Bank of Philadelphia (2020–2025)<br>Kresge Foundation<br>(2018–Present)<br>FS Credit Real Estate<br>Income Trust, Inc.<br>(2018–Present)<br>vTv Therapeutics Inc.<br>(2017–2024)<br>Community Health<br>Systems (2004–Present) |
| Joseph Harroz, Jr.<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1967 | Trustee | Since November 1998<sup>5</sup>  | 78 | University of Oklahoma—President (2020–Present); Interim President (2019–2020); Vice President and Dean, College of Law (2010–2019)<br>Brookhaven Investments LLC (commercial enterprises) — Managing Member (2019–Present)<br>St. Clair, LLC (commercial enterprises)—Managing Member (2019–Present) | OU Health, Inc.<br>(2020–Present)<br>Big 12 Athletic Conference (2019–July 1, 2024) <br>Valliance Bank<br>(2007–Present)<br>Ivy Funds Complex<br>(1998–2021)<br>Southeastern Athletic Conference<br>(July 1, 2024–Present) |

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**Management of the Trust**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address,**<br>**and Birth Year** | **Position(s)** **Held with the** **Trust** | **Length of Time**<br>**Served**<sup>1</sup>  | **Number of**<br>**Funds in Fund**<br>**Complex**<br>**Overseen by**<br>**Trustee** | **Principal Occupation(s)**<br>**During the Past Five Years** | **Other Directorships Held**<br>**by Trustee During the**<br>**Past Five Years** |
| Sandra A.J. Lawrence<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1957 | Trustee | Since April 2019<sup>5</sup>  | 78 | Children's Mercy Hospitals and<br>Clinics (2005–2019)—Chief<br>Administrative Officer (2016–2019) | Brixmor Property Group<br>Inc. (2021–Present)<br>Sera Prognostics Inc.<br>(biotechnology)<br>(2021–Present)<br>Recology (resource<br>recovery) (2021–2023)<br>Evergy, Inc., Kansas City<br>Power & Light Company,<br>KCP&L Greater Missouri<br>Operations Company,<br>Westar Energy, Inc. and<br>Kansas Gas and Electric<br>Company (related utility<br>companies)<br>(2018–Present)<br>National Association of<br>Corporate Directors<br>(2017–Present)<br>American Shared Hospital<br>Services (medical device)<br>(2017–2021)<br>Ivy Funds Complex<br>(2019–2021) |
| Frances A.<br>Sevilla-Sacasa<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1956 | Trustee | Since September 2011 | 78 | Banco Itaú International—Chief Executive Officer (2012–2016); US Trust, Bank of America Private Wealth Management—President (2007-2008); U.S. Trust Corp.—President & CEO (2005-2007) | Invitation Homes Inc.<br>(2023-Present)<br>Florida Chapter of National<br>Association of Corporate<br>Directors (2021–Present)<br>Callon Petroleum<br>Company (2019–2024)<br>Camden Property Trust<br>(2011–Present)<br>New Senior Investment<br>Group Inc. (REIT) (2021) |
| Thomas K. Whitford<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1956 | Chair and Trustee | Trustee since January 2013<br>Chair since January 2023 | 78 | PNC Financial Services Group<br>(1983–2013)—Vice Chairman<br>(2009–2013) | HSBC USA Inc.<br>(2014–2022)<br>HSBC North America<br>Holdings Inc. (2013–2022) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address,**<br>**and Birth Year** | **Position(s)** **Held with the** **Trust** | **Length of Time**<br>**Served**<sup>1</sup>  | **Number of**<br>**Funds in Fund**<br>**Complex**<br>**Overseen by**<br>**Trustee** | **Principal Occupation(s)**<br>**During the Past Five Years** | **Other Directorships Held**<br>**by Trustee During the**<br>**Past Five Years** |
| Christianna Wood<br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1959 | Trustee | Since January 2019 | 78 | Gore Creek Capital, Ltd.—Chief<br>Executive Officer and President<br>(2009–Present); Capital Z Asset<br>Management—Chief Executive<br>Officer (2008-2009); California Public Employees' Retirement<br>System (CalPERS)—Senior Investment Officer of<br>Global Equity (2002–2008) | The Merger Fund<br>(2013–2021), The Merger<br>Fund VL (2013–2021),<br>WCM Alternatives:<br>Event-Driven Fund<br>(2013–2021), and WCM<br>Alternatives: Credit Event<br>Fund (2017–2021)<br>Grange Insurance<br>(2013–Present)<br>H&R Block Corporation<br>(2008–2022) |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address, and Birth Year** | **Position(s) Held with the Trust** | **Length of Time Served<sup>1</sup>**  | **Principal Occupation(s) During**<br>**the Past Five Years** |
| ***Officers*** |  |  |  |
| Aaron C. Buser<br>100 Independence<br>610 Market Street<br>Philadelphia, PA 19106-2354<br>1970 | Vice President, General Counsel, and Secretary | Vice President since August 2022;<br>General Counsel and Secretary since May 2025 | Aaron C. Buser has served in various capacities at Nomura Asset Management since December 2025; previously, he served in various capacities at MAM since June 2022; prior to that, he served as Vice President and Assistant Secretary at SEI Investments Management Corporation and SEI Funds. |
| David F. Connor<sup>6</sup><br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1963 | Senior Vice President and<br>Assistant Secretary | Senior Vice President since<br>May 2013; Assistant Secretary<br>since May 2025 | David F. Connor has served in various capacities at Nomura Asset Management since December 2025; previously, he served in various capacities at different times at MAM. |
| Daniel V. Geatens<sup>6</sup><br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1972 | Senior Vice President and Treasurer | Senior Vice President since<br>December 2020; Treasurer<br>since October 2007 | Daniel V. Geatens has served in various capacities at Nomura Asset Management since December 2025; previously, he served in various capacities at different times at MAM. |
| Richard Salus<sup>6</sup><br>100 Independence,<br>610 Market Street<br>Philadelphia,<br>PA 19106-2354<br>1963 | Senior Vice President and Chief<br>Financial Officer | Senior Vice President and<br>Chief Financial Officer since<br>November 2006 | Richard Salus has served in various capacities at Nomura Asset Management since December 2025; previously, he served in various capacities at different times at MAM. |

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1 "Length of Time Served" refers to the time since the Trustee or officer began serving one or more of the Trusts in the Nomura Funds complex.

2 Shawn K. Lytle is considered to be an "Interested Trustee" because he is an executive officer of the Manager.

3 Nomura Asset Management is part of the Investment Management Division of the Nomura Group, including the Funds' Manager, principal underwriter, and transfer agent.

4 Macquarie Asset Management ("MAM") is the marketing name for certain companies comprising the asset management division of Macquarie Group.

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**Management of the Trust**

5 Includes time served on the Board of the Ivy Funds complex prior to the date when the Ivy Funds joined the Nomura Funds complex.

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| | |
|:---|:---|
| 6 | David F. Connor and Daniel V. Geatens serve in similar capacities for the portfolios of Optimum Fund Trust, which have the same investment manager, principal underwriter, and transfer agent as the Fund. Mr. Connor also serves as Senior Vice President and Assistant Secretary for the portfolios of Nomura ETF Trust, which have the same investment manager as the Fund. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and as Senior Vice President and Treasurer for Nomura ETF Trust. Mr. Salus serves in a similar capacity for Nomura ETF Trust. |

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The following table shows each Trustee's ownership of shares of the Fund and of shares of all Nomura Funds as of December 31, 2025.

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| | | |
|:---|:---|:---|
| **Name** | **Dollar Range of Equity Securities in the Fund** | **Aggregate Dollar Range of Equity**<br>**Securities** **\*** **in All Registered**<br>**Investment Companies Overseen**<br>**by Trustee in Family of Investment**<br>**Companies** |
| ***Interested Trustee*** |  |  |
| Shawn K. Lytle | $10001-$50000 | Over $100,000 |
| ***Independent Trustees*** |  |  |
| Jerome D. Abernathy | $10001-$50000 | Over $100,000 |
| Ann D. Borowiec | Over $100,000 | Over $100,000 |
| Joseph W. Chow |  | Over $100,000 |
| H. Jeffrey Dobbs |  | Over $100,000 |
| John A. Fry |  | Over $100,000 |
| Joseph Harroz, Jr. |  | Over $100,000 |
| Sandra A.J. Lawrence |  | Over $100,000 |
| Frances A. Sevilla-Sacasa |  | Over $100,000 |
| Thomas K. Whitford |  | Over $100,000 |
| Christianna Wood |  | Over $100,000 |

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\* The ranges for equity securities ownership by each Trustee are: none; $1-$10,000; $10,001-$50,000; $50,001-$100,000; or over $100,000.

The following table describes the compensation paid to each Trustee for the fiscal year ended November 30, 2025. Only the Independent Trustees of the Trust receive compensation from the Trust.

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| | | | |
|:---|:---|:---|:---|
| **Trustee** | **Aggregate Compensation** **from the Trust** | **Pension or Retirement Benefits** **Accrued as Part of Fund** **Expenses** | **Total Compensation from the** **Investment Companies in the** **Nomura Funds Complex<sup>1</sup>**  |
| Jerome D. Abernathy | $29624 |  | $426250 |
| Ann D. Borowiec | $29624 |  | $426250 |
| Joseph W. Chow | $27531 |  | $396250 |
| H. Jeffrey Dobbs | $26377 |  | $381250 |
| John A. Fry | $27531 |  | $396250 |
| Joseph Harroz, Jr. | $29624 |  | $426250 |
| Sandra A.J. Lawrence | $27531 |  | $396250 |
| Frances A. Sevilla-Sacasa | $29948 |  | $430833 |
| Thomas K. Whitford (Chair) | $36227 |  | $520833 |
| Christianna Wood | $29624 |  | $426250 |

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| | |
|:---|:---|
| 1 | Each Independent Trustee receives an annual retainer fee for serving as a Trustee for the investment companies in the Nomura Funds family of funds (78 funds in the complex) for which they serve, plus certain meeting fees. The committee chairs and Board Chair also receive retainers for serving as committee chair or serving as Board Chair, respectively. An Independent Trustee may receive additional fees based on determination by the Board Chair and the Nominating and Corporate Governance Committee. |

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***Common Board of Trustees:*** The business of the Trust is managed under the direction of its Board. The Trustees also serve on the Boards of all the other investment companies that comprise the Nomura Funds. The Trustees believe that having a common Board for all funds in the complex is efficient and enhances the ability of the Board to address its responsibilities to each fund in the complex. The Trustees believe that the common board structure allows the Trustees to leverage their individual expertise and that their judgment is enhanced by being Trustees of all of the funds in the complex.

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***Size and Composition of Board:*** The Board is currently composed of eleven Trustees. Ten of the eleven are Independent Trustees. The Board is composed of Trustees with a variety of professional backgrounds and experiences. The Board believes that the skill sets of its members are complementary and add to the overall effectiveness of the Board. The Trustees regard diversity as an important consideration in the present composition of the Board and the selection of qualified candidates to fill vacancies on the Board. In order to ensure that Board membership will be refreshed from time to time, the Board has adopted a mandatory retirement age of 75 for Trustees. As a result, a Trustee may serve until December 31 of the calendar year in which such Trustee reaches the age of 75. At the discretion of the other Trustees, active service for a particular Trustee may be extended for a limited period of time beyond a Trustee's normal retirement date.

***Qualifications of the Trustees:*** The Board has concluded that, based on each Trustee's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Trustees, each Trustee should serve as a Trustee. In reaching its determination the Board, at the recommendation of the Nominating and Corporate Governance Committee, considers, in light of the Trust's business and structure, the individual's experience, qualifications, attributes, and skills. No one such factor is determinative, but some of the relevant factors that have been considered include: (i) the Trustee's educational background; business, professional training or practice; public service or academic positions; experience from service as a board member (including the Board) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations, and/or other life experiences; (ii) the ability to work effectively and collegially with other people; (iii) how the Trustee's background and attributes contribute to the overall mix of skills and experience on the Board as a whole; and (iv) the Trustee's willingness and ability to contribute to the Board's oversight and decision-making functions and provide the necessary skills to allow the Board to carry out its responsibilities. In addition to the table above, set forth below is a brief discussion of the specific experience, qualifications and skills of each Trustee that led the Board to conclude that he or she should serve as a Trustee.

***Jerome D. Abernathy*** — Mr. Abernathy has extensive experience in the investment management industry. He has been the Managing Member of Stonebrook Capital Management, LLC (financial technology: macro factors and databases) since 1993 and has served in various roles including Chief Investment Officer and Managing Partner. Prior to that, Mr. Abernathy served as a Managing Director at Guggenheim Investments, Director of Research at Moore Capital Management, and as a trader and researcher at Morgan Stanley. He also has experience as a director of other corporate and not-for-profit boards. Mr. Abernathy received a B.S. in electrical engineering from Howard University and a Ph.D. in electrical engineering and computer science from the Massachusetts Institute of Technology. He has served on the Board since January 2019.

***Ann D. Borowiec*** — Ms. Borowiec has extensive experience in the banking, and wealth management industry. She is currently a private investor. She was previously the Chief Executive Officer of Private Wealth Management at J.P. Morgan Chase & Co. from 2011 to 2013. During her 25 year career at J.P. Morgan, she served in a variety of senior roles including running the U.S. Private Bank, leading the global marketing team for Private Banking, and running Investor relations for J.P. Morgan Chase & Co. Ms. Borowiec began her career in public accounting. She also has experience as a director of other corporate and not-for-profit boards, including, among others, Santander Bank N.A., Banco Santander International and the New Jersey Symphony. Ms. Borowiec holds a B.B.A. from Texas Christian University and an M.B.A. from Harvard University. She has served on the Board since March 2015.

***Joseph W. Chow*** — Mr. Chow has extensive experience in the banking and financial services industry, including investments, risk management and business strategy. Mr. Chow is currently a private investor. He was previously at State Street Bank and Trust Company where he held a number of positions between 1990 and 2011, including Executive Vice President of Enterprise Risk Management, Executive Vice President of Emerging Economies Strategy, and Chief Risk and Corporate Administration Officer. He also has experience as a director of other corporate and not-for-profit boards, including Hercules Technology Growth Capital, Inc. Mr. Chow holds a B.A. degree from Brandeis University and a M.C.P. (city planning) and a M.S in Management (finance) from the Massachusetts Institute of Technology. He has served on the Board since January 2013.

***H. Jeffrey Dobbs*** — Mr. Dobbs has extensive experience in the global professional services industry. He is currently a private investor. Mr. Dobbs was the Global Chairman of the Industrial Manufacturing Sector at KPMG LLP from 2010 to 2015, where he was a partner from 2002 to 2015 and also served as the Global Lead Partner for a Fortune 5 global automotive company from 2003 to 2015. In these roles, he was responsible for the quality and client satisfaction of the strategic, operational, risk and compliance services provided to industrial manufacturing clients around the world. Prior to that, Mr. Dobbs was a partner at Arthur Andersen from 1988 to 2002, where he also served as the Kansas City Office Managing Partner. He has experience as a director of other corporate and not-for-profit boards. Mr. Dobbs holds a B.S. in accounting from Valparaiso University and is a retired Certified Public Accountant. He has served on the Board since April 2021. Prior to that, he served on the Board of Trustees of the Ivy Funds from April 2019 to April 2021.

***John A. Fry*** — Mr. Fry has extensive experience in higher education. Having served in senior management for four major institutions of higher learning, he has extensive experience overseeing areas such as finance, investments, risk-management, internal audit, and information technology. He has been the President of Temple University since 2024. Prior to that, he served as President of Drexel University from 2010 to 2024; President of Franklin & Marshall College from 2002 to 2010; Executive Vice President of the University of Pennsylvania from 1995 to 2002; and as a management consultant for the higher education and non-profit sectors at Coopers & Lybrand's National Higher Education Consulting Practice from 1990 to 1995 and KPMG Peat Marwick from 1982 to 1990. He also has extensive experience as a director of other corporate and not-for-profit boards, including, among others, the Federal Reserve Bank of Philadelphia, the Kresge Foundation and FS Credit Real Estate Income Trust Inc. Mr. Fry holds a B.A. degree in American Civilization from Lafayette College and an M.B.A. from New York University. He has served on the Board since January 2001.

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**Management of the Trust**

***Joseph Harroz, Jr***. — Mr. Harroz has extensive experience in higher education. He has been the President of the University of Oklahoma since 2020. Prior to that he served as the Interim President from 2019 to 2020, Dean of the College of Law from 2010 to 2019, General Counsel from 1997 to 2019 and Vice President of Executive Affairs from 1994 to 1997. Mr. Harroz is a Managing Member of Brookhaven Investments LLC and St. Clair, LLC, each commercial enterprises, since 2019. He also has experience as a director of other corporate and not-for-profit boards, including OU Health, Inc., Southeastern Athletic Conference, Big 12 Athletic Conference and Valliance Bank. Mr. Harroz holds a B.A. degree from the University of Oklahoma and a J.D. from Georgetown University Law Center. He has been on the Board since April 2021 and prior to that on the Board of Trustees of the Ivy Funds from November 1998 to April 2021, serving as chair of that board for more than a decade.

***Sandra A.J. Lawrence*** — Ms. Lawrence has extensive experience in the healthcare and financial services sectors. She is currently a private investor. Ms. Lawrence was Chief Administrative Officer and Executive Vice President of Children's Mercy Hospitals and Clinics from 2016 to 2019 and Chief Financial Officer and Executive Vice President from 2005 to 2016. Prior to that, she was Chief Financial Officer and Senior Vice President of Midwest Research Institute (MRI) from 2004 to 2005, Vice President and Administrator of Gateway, Inc. from 1998 to 2000, General Manager of Gateway's Kansas City operation from 1997 to 1998, Director of MRI's Statistics & Economics Center from 1995 to 1997, and President of Stern Brothers (investment bank) from 1992 to 1995. Ms. Lawrence also previously served as interim Chief Executive Officer of Frontier Medical Research, President and Chief Executive Officer of Global Packaging Solutions, Inc., and in various roles in commercial real estate development. She also has extensive experience as a director of other corporate, private, and not-for-profit boards. Ms. Lawrence holds a B.A. from Vassar College, an M.Arch from the Massachusetts Institute of Technology, and an M.B.A. from Harvard Business School. She has served on the Board since April 2021. Prior to that, she served on the Board of Trustees of the Ivy Funds from April 2019 to April 2021.

***Frances A. Sevilla-Sacasa*** — Ms. Sevilla-Sacasa has extensive experience in banking and wealth management. She is currently a private investor and was CEO of Banco Itaú International, Miami, Florida, from April 2012 to December 2016. She served as Executive Advisor to the Dean of the University of Miami School of Business from August 2011 to March 2012, Interim Dean of the University of Miami School of Business from January 2011 to July 2011, President of US Trust, Bank of America Private Wealth Management from July 2007 to December 2008, President and CEO of US Trust Company from early 2007 until June 2007, and President of US Trust Company from November 2005 until June 2007. She previously served in a variety of roles with Citigroup's private banking business, including President of Latin America Private Banking, President of Europe Private Banking, and Head of International Trust Business. She also has experience as a director of other corporate and not-for-profit boards. Ms. Sevilla-Sacasa holds a B.A. from the University of Miami and an M.B.A from the Thunderbird School of Global Management. She has served on the Board since September 2011.

***Thomas K. Whitford*** — Mr. Whitford has extensive experience in the banking and financial services industry. He is currently a private investor. He was the Vice Chairman of PNC Financial Services Group from 2009 to 2013. Prior to that, he held a number of other leadership positions at PNC, including Chairman of National City Bank (responsible for PNC's integration of National City Corporation) from 2008 to 2009, Chief Administrative Officer from 2007 to 2008, Chief Risk Officer from 2002 to 2007, Chief Executive Officer of PNC's Wealth Management business from 1997 to 2001 and other positions from 1983 to 1997. He also has previous experience as a director of other corporate and not-for-profit boards, including among others, HSBC North America Holdings Inc., HSBC Finance Corporation, Longwood Gardens and The Barnes Foundation. Mr. Whitford holds a B.S. from the University of Massachusetts and an M.B.A. from The Wharton School of the University of Pennsylvania. Mr. Whitford has served on the Board since January 2013 and chair since January 2023.

***Christianna Wood*** — Ms. Wood has extensive portfolio management experience in the institutional investment management industry. She has been the President and Chief Executive Officer of Gore Creek Capital, Ltd. since 2009. Prior to that she served as the Chief Executive Officer of Capital Z Asset Management (one of the largest independent sponsors of hedge funds) from 2008 to 2009 and as the Senior Investment Officer of Global Equity of the California Public Employees' Retirement System (CalPERS) (the largest public pension plan in the United States) from 2002 to 2008. At CalPERS, in addition to the responsibility for their $150 billion global equity portfolio in internal and externally managed long-only and hedge fund strategies, Ms. Wood also had oversight responsibilities for CalPERS corporate governance program and ESG strategies. She has extensive experience as a non-executive director of numerous corporate and not-for-profit boards. Ms. Wood received a B.A. in economics from Vassar College and an M.B.A. in finance from New York University. Ms. Wood was a 2018 Harvard University Advanced Leadership Fellow. She has served on the Board since January 2019.

***Shawn K. Lytle*** — Mr. Lytle is Chief Executive Officer of Nomura Asset Management International, where he is responsible for overseeing the business, investment teams, and strategies for clients. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. He also serves as the President of Nomura Funds (formerly, Macquarie Funds) and oversees registered vehicle governance in the US and Europe. Mr. Lytle is a member of the Nomura Asset Management International Executive Committee. He has more than 30 years of asset management experience. Before joining Macquarie in 2015, he held several management and equity investment roles at UBS Asset Management and various roles at J.P. Morgan Asset Management. Mr. Lytle is a member of the Investment Company Institute (ICI) Executive Committee. He is also a board member of OppNet and Philadelphia Financial Scholars, in addition to being the former Chairman of the National Association of Securities Professionals (NASP). He earned a Bachelor of Science in marketing from The McDonough School of Business at Georgetown University.

***Board Leadership Structure:*** The Board has overall responsibility for the oversight of the Fund. The Chair of the Board is an Independent Trustee and the Chair of each Committee of the Board is an Independent Trustee. The Board has six standing Committees: Audit Committee, Nominating and Corporate Governance Committee, Compliance Committee, Equity Investments Committee, Fixed Income, Multi-Asset and Sub-advised Fund

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Investments Committee, and Committee of Independent Trustees. The role of the Chair of the Board is to preside at all meetings of the Board, to act as a liaison with service providers, fund officers, legal counsel and other Trustees generally between meetings and to actively develop meeting agendas. The Chair of each Committee performs a similar role with respect to the Committee. The Chair of the Board or the Chair of a Committee may also perform such other functions as may be delegated by the Board or the Committee, respectively, from time to time.

The Board has regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and reports its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight function and structure. The Board has determined that the Board's leadership structure is appropriate because it allows the Board to exercise independent judgment over management and to allocate areas of responsibility among Committees and the full Board to enhance effective oversight.

**Audit Committee:** This committee monitors accounting and financial reporting policies, practices, and internal controls, as well as valuation matters for the Trust. It also oversees the quality and objectivity of the Trust's financial statements and the independent audit thereof, and acts as a liaison between the Trust's independent registered public accounting firm and the full Board. The committee currently consists of the following Independent Trustees: Frances A. Sevilla-Sacasa, Chair; H. Jeffrey Dobbs; Christianna Wood; and Joseph W. Chow. The Audit Committee held seven meetings during the Trust's last fiscal year.

***Nominating and Corporate Governance Committee:*** This committee is responsible for nominating Trustees and making recommendations to the Board concerning Board composition, committee structure and governance, director education, and governance practices. The committee currently consists of the following Independent Trustees: Ann D. Borowiec, Chair; John A. Fry; and Sandra A.J. Lawrence. The Nominating and Corporate Governance Committee held five meetings during the Trust's last fiscal year.

The committee will consider shareholder recommendations for nomination to the Board only in the event that there is a vacancy on the Board. Shareholders who wish to submit recommendations for nominations to the Board to fill a vacancy must submit their recommendations in writing to the Nominating and Corporate Governance Committee, c/o Nomura Funds at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354. At a minimum, the recommendation should include: the name, address and business, educational and/or other pertinent background of the person being recommended; a statement concerning whether the person is an "interested person" as defined in the 1940 Act; any other information that the Fund would be required to include in a proxy statement concerning the person if he or she was nominated; and the name and address of the person submitting the recommendation, together with the number of Fund shares held by such person and the period for which the shares have been held. The recommendation also can include any additional information which the person submitting it believes would assist the committee in evaluating the recommendation.

In evaluating nominees, the committee considers, among other things, an individual's background, skills, and experience; whether the individual is an "interested person" as defined in the 1940 Act; and whether the individual would be deemed an "audit committee financial expert" within the meaning of applicable SEC rules. The committee also considers whether the individual's background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the diversity of the Board.

**Compliance Committee:** This committee assists the Board's oversight of the Fund's compliance program and the Fund's Chief Compliance Officer and also provides assistance to the Board in fulfilling its oversight responsibilities with respect to policies and procedures related to compliance, regulatory, legal and operational risk mitigation measures and controls involving the Fund and its service providers (other than matters primarily involving the Fund's auditors or related to valuation or investment related risk). The committee currently consists of the following Independent Trustees: Joseph Harroz, Jr., Chair; Jerome D. Abernathy; Ann D. Borowiec; and Sandra A.J. Lawrence. The Compliance Committee held five meetings during the Trust's last fiscal year.

***Investments Committees:*** Each of the Investments Committees works to assist the Board in the oversight, monitoring, and evaluation of Fund performance, investment related risks and other related matters. The Committees meet with the investment management team representatives of the Fund from time to time to discuss investment performance and investment process and perform such other functions as may be delegated to it from time to time by the Board.

The Equity Investments Committee currently consists of the following Independent Trustees: Christianna Wood, Chair; Ann D. Borowiec; H. Jeffrey Dobbs; and Joseph Harroz, Jr. The Equity Investments Committee held five meetings during the Trust's last fiscal year.

The Fixed Income, Multi-Asset and Sub-advised Fund Investments Committee consists of the following Independent Trustees: Jerome D. Abernathy, Chair; Joseph W. Chow; John A. Fry; Sandra A.J. Lawrence; and Frances A. Sevilla-Sacasa. The Fixed Income, Multi-Asset and Sub-advised Fund Investments Committee held four meetings during the Trust's last fiscal year.

**Committee of Independent Trustees:** This committee oversees the approval process of the Fund's advisory and distribution agreements and arrangements, serves as a liaison between the Board and the Manager and the Fund's Chief Compliance Officer and undertakes other responsibilities. The committee is comprised of all of the Trust's Independent Trustees. The Committee of Independent Trustees held eight meetings during the Trust's last fiscal year.

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**Management of the Trust**

***Board Role in Risk Oversight:*** Investing in general and the operation of the Fund involve a variety of risks, such as investment risk, illiquidity risk, compliance risk, and operational risk, among others. The Board oversees risk as part of its oversight of the Fund. Risk oversight is addressed as part of various regular Board and committee activities. The Board, directly or through its committees, reviews reports from among others, the Manager, sub-advisors, the Fund's Chief Compliance Officer, the Fund's independent registered public accounting firm, counsel, and other parties, as appropriate, regarding risks faced by the Fund and the risk management programs of the Manager and certain service providers. The actual day-to-day risk management with respect to the Fund resides with the Manager and other service providers to the Fund. Although the risk management policies of the Manager and the service providers are designed to be effective, those policies and their implementation vary among service providers and over time, and there is no guarantee that they will be effective. Not all risks that may affect the Fund can be identified or processes and controls developed to eliminate or mitigate their occurrence or effects, and some risks are simply beyond any control of the Fund or the Manager, its affiliates or other service providers.

**Code of Ethics**

The Trust, the Manager, and the Distributor have adopted Codes of Ethics in compliance with the requirements of Rule 17j-1 under the 1940 Act, which govern personal securities transactions. Under the Codes of Ethics, persons subject to the Codes are permitted to engage in personal securities transactions, including securities that may be purchased or held by the Fund, subject to the requirements set forth in Rule 17j-1 under the 1940 Act and certain other procedures set forth in the applicable Code of Ethics. The Codes of Ethics are on public file with, and are available from, the SEC.

**Proxy Voting** **Policies**

The Trust has formally delegated to the Manager the responsibility for making all proxy voting decisions in relation to portfolio securities held by the Fund. If and when proxies need to be voted on behalf of the Fund, the Manager and any Nomura affiliates advising the Fund (collectively, the "Nomura Advisers") will vote such proxies pursuant to proxy voting policies and procedures adopted by the Nomura Advisers (the "Procedures"). The Nomura Advisers have established a Proxy Voting Committee (the "Committee"), which is responsible for overseeing the Nomura Advisers' proxy voting process for the Fund. One of the main responsibilities of the Committee is to review and approve the Procedures to ensure that the Procedures are designed to allow the Nomura Advisers to vote proxies in a manner consistent with the goal of voting in the best interests of the Fund.

In order to facilitate the actual process of voting proxies, the Nomura Advisers have contracted with proxy advisory firms to analyze proxy statements on behalf of the Fund and the Nomura Advisers' other clients and provide the Nomura Advisers with research recommendations on upcoming proxy votes in accordance with the Procedures. The Committee is responsible for overseeing the proxy advisory firms' services. If a proxy has been voted for the Fund, the proxy advisory firm will create a record of the vote. By no later than August 31 of each year, information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund's website at nomuraassetmanagement.com/proxy; and (ii) on the Commission's website at [http://www.sec.gov](DUMMY_2507_2_3).

When determining whether to invest in a particular company, one of the factors the Nomura Advisers may consider is the quality and depth of the company's management. As a result, the Nomura Advisers believe that recommendations of management on any issue (particularly routine issues) should be given a fair amount of weight in determining how proxy issues should be voted. Thus, on many issues, the Nomura Advisers' votes are cast in accordance with the recommendations of the company's management. However, the Nomura Advisers may vote against management's position when it runs counter to the Nomura Advisers' specific Proxy Voting Guidelines (the "Guidelines"), and the Nomura Advisers will also vote against management's recommendation when the Nomura Advisers believe such position is not in the best interests of the Fund.

As stated above, the Procedures also list specific Guidelines on how to vote proxies on behalf of the Fund. Some examples of the Guidelines are as follows: (i) generally vote for shareholder proposals asking that a majority or more of directors be independent; (ii) generally vote for management or shareholder proposals to reduce supermajority vote requirements, taking into account: ownership structure; quorum requirements; and vote requirements; (iii) votes on mergers and acquisitions should be considered on a case-by case basis; (iv) votes with respect to equity-based compensation plans are generally determined on a case-by-case basis; (v) generally vote for proposals requesting a report on greenhouse gas emissions from company operations unless the company already discloses such information and there are no material issues associated with the company's greenhouse gas emissions; and (vi) generally vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.

Because the Trust has delegated proxy voting to the Manager, the Fund is not expected to encounter any conflict of interest issues regarding proxy voting and therefore does not have procedures regarding this matter. However, there is a section in the Procedures that addresses the possibility of conflicts of interest. Most of the proxies which the Nomura Advisers receive on behalf of their clients are voted in accordance with the Procedures. Since the Procedures are pre-determined by the Committee, application of the Procedures by the Nomura Advisers' portfolio management teams when voting proxies after reviewing the proxy and research provided by the proxy advisory firms should in most instances adequately address any potential conflicts of interest. If the Nomura Advisers become aware of a conflict of interest in an upcoming proxy vote, the proxy vote will generally be referred to the Committee or the Committee's delegates for review. If the portfolio management team for such proxy intends to vote in

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accordance with the proxy advisory firm's recommendation pursuant to the Procedures, then no further action is needed to be taken by the Committee. If the portfolio management team is considering voting a proxy contrary to the proxy advisory firm's research recommendation under the Procedures, the Committee or its delegates will assess the proposed vote to determine if it is reasonable. The Committee or its delegates will also assess whether any business or other material relationships between the Nomura Advisers and a portfolio company (unrelated to the ownership of the portfolio company's securities) could have influenced an inconsistent vote on that company's proxy. If the Committee or its delegates determines that the proposed proxy vote is unreasonable or unduly influenced by a conflict, the portfolio management team will be required to vote the proxy in accordance with the proxy advisory firm's research recommendation or abstain from voting.

**Investment Manager and Other Service Providers**

**Investment Manager**

The Manager, located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, furnishes investment management services to the Fund, subject to the supervision and direction of the Board. The Manager also provides investment management services to all of the other Nomura Funds. Affiliates of the Manager also manage other investment accounts. While investment decisions for the Fund are made independently from those of the other funds and accounts, investment decisions for such other funds and accounts may be made at the same time as investment decisions for the Fund. The Manager pays the salaries of all Trustees, officers, and employees who are affiliated with both the Manager and the Trust.

Employees of the Manager's affiliates outside the US participate in the management of the Fund 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.

The Manager is a series of NIMBT (a Delaware statutory trust), which is a subsidiary of, and subject to the ultimate control of, Nomura Holdings, Inc., a publicly traded Japanese company. The Manager is part of "Nomura Asset Management." 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.

As of December 1, 2025, Nomura Holding America, Inc. has completed the acquisition of Macquarie Asset Management's US and European public investments business, which comprised the Manager and certain of its affiliates, effective December 1, 2025 (the "Nomura Transaction").

The Manager and its affiliates own the name "Delaware Group<sup>®</sup>." Under certain circumstances, including the termination of the Trust's advisory relationship with the Manager or its distribution relationship with the Distributor, the Manager, and its affiliates could cause the Trust to remove the words "Delaware Group" from its name.

After an initial two year period, the Fund's Investment Management Agreement may be renewed each year only so long as such renewal and continuance are specifically approved at least annually by the Board or by vote of a majority of the outstanding voting securities of the Fund, and only if the terms of, and the renewal thereof, have been approved by the vote of a majority of the Independent Trustees of the Trust who are not parties thereto or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. The Investment Management Agreement is terminable without penalty on 60 days' notice by the Trustees of the Trust or by the Manager. The Investment Management Agreement will terminate automatically in the event of its assignment.

As compensation for the services rendered under the Investment Management Agreement, the Fund shall pay the Manager an annual management fee as a percentage of average daily net assets equal to:

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| | |
|:---|:---|
| **Fund** | **Management Fee (annual rate as a percentage of average daily net assets)** |
| **Nomura Emerging Markets Fund** | 1.25% on first $500 million;<br>1.20% on next $500 million;<br>1.15% on next $1.5 billion;<br>1.10% on next $5.5 billion; and<br>1.075% on assets in excess of $8.0 billion. |

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During the last three fiscal years, the Fund paid the following investment management fees to the Manager:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **November 30, 2025** | **November 30, 2024** | **November 30, 2023** |
| **Nomura Emerging Markets Fund** | $69,854,706 earned<br>$60,443,708 paid<br>$9,410,998 waived | $60,707,473 earned<br>$52,094,048 paid<br>$8,613,425 waived | $54,273,252 earned<br>$48,695,076 paid<br>$5,578,176 waived |

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**Investment Manager and Other Service Providers**

Except for those expenses borne by the Manager under the Investment Management Agreement, and the Distributor under the Distribution Agreement, the Fund is responsible for all of its own expenses. Among others, such expenses include the Fund's proportionate share of certain administrative expenses; investment management fees; transfer and dividend disbursing fees and costs; accounting services; custodian expenses; federal and state securities registration fees; proxy costs; and the costs of preparing prospectuses and reports sent to shareholders.

**Distributor**

The Distributor, Delaware Distributors, L.P., located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, serves as the national distributor of the Fund's shares under a Distribution Agreement dated December 1, 2025. The Distributor is an affiliate of the Manager and bears all of the costs of promotion and distribution, except for payments by the Retail Classes under their respective Rule 12b-1 Plans. The Distributor is an indirect subsidiary of Nomura Asset Management. The Distributor has agreed to use its best efforts to sell shares of the Fund. See the Prospectus for information on how to invest in the Fund. Shares of the Fund are offered on a continuous basis by the Distributor and may be purchased through authorized investment dealers or directly by contacting the Distributor or the Trust. The Distributor also serves as the national distributor for the Nomura Funds. The Board annually reviews fees paid to the Distributor.

During the Fund's last three fiscal years, the Distributor received net commissions from the Fund on behalf of its Class A shares, after reallowances to dealers, as follows:

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|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Amount of Underwriting** **Commissions** | **Amounts Reallowed to**<br>**Dealers** | **Net Commission to**<br>**Distributor** |
| **11/30/25** | $122790 | $102495 | $20295 |
| **11/30/24** | $71327 | $59185 | $12142 |
| **11/30/23** | $54820 | $45912 | $8908 |

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During the Fund's last three fiscal years, the Distributor received, in the aggregate, limited contingent deferred sales charge ("Limited CDSC") payments with respect to the Fund's Class A shares and contingent deferred sales charge ("CDSC") payments with respect to the Fund's Class C shares as follows:

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|:---|:---|:---|
| **Fiscal Year Ended** | **Class A** | **Class C** |
| **11/30/25** | $148 | $3440 |
| **11/30/24** | $1299 | $2112 |
| **11/30/23** | $18 | $4163 |

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**Transfer Agent**

Delaware Investments Fund Services Company ("DIFSC"), an affiliate of the Manager, is located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, and serves as the Fund's shareholder servicing, dividend disbursing, and transfer agent (the "Transfer Agent") pursuant to a Shareholder Services Agreement. The Transfer Agent is an indirect subsidiary of Nomura. The Transfer Agent also acts as shareholder servicing, dividend disbursing, and transfer agent for the other Nomura Funds. The Transfer Agent is paid a fee by the Fund for providing these services consisting of an asset-based fee and certain out-of-pocket expenses. The Transfer Agent will bill, and the Fund will pay, such compensation monthly. Omnibus and networking fees charged by financial intermediaries and subtransfer agency fees are passed on to and paid directly by the Fund. The Transfer Agent's compensation is fixed each year and approved by the Board, including a majority of the Independent Trustees.

The Fund has authorized, in addition to the Transfer Agent, one or more brokers to accept purchase and redemption orders on its behalf. Such brokers are authorized to designate other intermediaries to accept purchase and redemption orders on behalf of the Fund. For purposes of pricing, the Fund will be deemed to have received a purchase or redemption order when an authorized broker or, if applicable, a broker's authorized designee, accepts the order.

BNY Mellon Investment Servicing (US) Inc. ("BNYIS") provides subtransfer agency services to the Fund. In connection with these services, BNYIS administers the overnight investment of cash pending investment in the Fund or payment of redemptions. The proceeds of this investment program are used to offset the Fund's transfer agency expenses.

**Fund Accountants**

The Bank of New York Mellon ("BNY"), 240 Greenwich Street, New York, NY 10286-0001, provides fund accounting and financial administration services to the Fund. Those services include performing functions related to calculating the Fund's NAV and providing financial reporting information, regulatory compliance testing, and other related accounting services. For these services, the Fund pays BNY an asset-based fee, subject to certain fee minimums plus certain out-of-pocket expenses and transactional charges. DIFSC provides fund accounting and financial administration oversight services to the Fund. Those services include overseeing the Fund's pricing process, the calculation and payment of fund

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expenses, and financial reporting in shareholder reports, registration statements, and other regulatory filings. DIFSC also manages the process for the payment of dividends and distributions and the dissemination of Fund NAVs and performance data. For these services, the Fund pays DIFSC an asset-based fee, subject to certain fee minimums, plus certain out-of-pocket expenses, and transactional charges. The fees payable to BNY and DIFSC under the service agreements described above will be allocated among all funds in the Nomura Funds on a relative NAV basis.

During the fiscal years ended November 30, 2023, 2024 and 2025, the Fund paid the following amounts to BNY for fund accounting and financial administration services: $568,917, $573,480 and $554,656, respectively.

During the fiscal years ended November 30, 2023, 2024 and 2025, the Fund paid the following amounts to DIFSC for fund accounting and financial administration oversight services: $151,548, $244,024 and $284,602, respectively.

**Securities Lending Agent**

The Board has approved the Fund's participation in a securities lending program. Under the securities lending program, BNY serves as the Fund's securities lending agent ("Securities Lending Agent").

During the fiscal year ended November 30, 2025, the Fund did not earn income or pay any fees and/or compensation pursuant to the Securities Lending Agreement between the Trust with respect to the Fund and the Securities Lending Agent.

**Custodian**

BNY is the custodian for the assets of the Fund. BNY holds securities, cash, and other assets of the Fund as required by the 1940 Act. As custodian for the Fund, BNY maintains a separate account or accounts for the Fund; receives, holds, and releases portfolio securities on account of the Fund; receives and disburses money on behalf of the Fund; and collects and receives income and other payments and distributions on account of the Fund's portfolio securities. BNY also serves as the Fund's foreign custody manager for its non-U.S. investments and is responsible for selecting, contracting with, and monitoring eligible foreign subcustodians.

**Legal Counsel**

Stradley Ronon Stevens & Young, LLP serves as the Trust's legal counsel.

**Portfolio Manager**

**Other Accounts Managed**

The following chart lists certain information about types of other accounts for which the portfolio manager is primarily responsible as of November 30, 2025 unless otherwise noted. Any accounts managed in a personal capacity appear under "Other Accounts" along with the other accounts managed on a professional basis.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **No. of Accounts** | **Total Assets** **Managed** | **No. of Accounts with** **Performance-Based** **Fees** | **Total Assets in Accounts** **with Performance-Based** **Fees** |
| **Liu-Er Chen** |  |  |  |  |
| Registered investment companies | 7 | $9.8 billion | 0 | $0 |
| Other pooled investment vehicles | 3 | $275.1 million | 0 | $0 |
| Other accounts | 2 | $1.1 billion | 0 | $0 |

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**Description of Material Conflicts of Interest**

Individual portfolio managers may perform investment management services for other funds or accounts similar to those provided to the Fund and the investment action for each such other fund or account and the Fund may differ. For example, an account or fund may be selling a security, while another account or fund may be purchasing or holding the same security. As a result, transactions executed for one fund or account may adversely affect the value of securities held by another fund, account, or the Fund. Additionally, the management of multiple funds or accounts and the Fund may give rise to potential conflicts of interest, as a portfolio manager must allocate time and effort to multiple funds or accounts and the Fund. A portfolio manager may discover an investment opportunity that may be suitable for more than one account or fund. The investment opportunity may be limited, however, so that all funds or accounts for which the investment would be suitable may not be able to participate. The Manager has established proprietary accounts and initial seed accounts, and also manages accounts for affiliated entities. A portfolio manager also may have invested in certain funds or accounts managed by the Manager. Accordingly, portfolio managers have an incentive to favor these accounts or funds over other client accounts or funds. The Manager has adopted procedures designed to allocate investments fairly across multiple funds and accounts including, unless prohibited by applicable law, proprietary and affiliated accounts.

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**Portfolio Manager**

Some of the accounts managed by the portfolio managers as set forth in the table above may have performance-based fees. This compensation structure presents a potential conflict of interest because a portfolio manager has an incentive to manage these accounts so as to enhance their performance, to the possible detriment of other accounts for which the Manager does not receive a performance-based fee.

A portfolio manager's management of personal accounts also may present certain conflicts of interest. While the Manager's Code of Ethics is designed to address these potential conflicts, there is no guarantee that it will do so.

When the Manager and its affiliates establish proprietary accounts, provide the initial seed capital in connection with the creation of a new investment product or style, and manage affiliate accounts, these accounts may not exhibit the same performance results as a similarly managed Fund for a variety of reasons, including regulatory restrictions on the type and amount of securities in which the proprietary capital invests, differential credit and financing terms, and the use of hedging transactions that differ from those used to implement investment strategies for advisory clients.

**Compensation Structure**

The manager's compensation consists of the following:

**Base Salary** — The named portfolio manager receives a fixed base salary. Salaries are determined by a comparison to industry data prepared by third parties to ensure that portfolio manager salaries are in line with salaries paid at peer investment advisory firms.

**Bonus** *—* The portfolio manager is eligible to receive an annual cash bonus. The bonus pool is determined by the revenues associated with the products the portfolio manager manages. A percentage of these revenues (minus appropriate expenses associated with relevant product and the investment management team) creates the "bonus pool" for the product. Various members of the team have the ability to earn a percentage of the bonus pool with the most senior contributor generally having the largest share. The pool is allotted based on subjective factors and objective factors. The primary objective factor is the 1-, 3-, and 5-year performance of the funds managed relative to the performance of the appropriate Morningstar, Inc. ("Morningstar") peer groups and the performance of institutional composites relative to the appropriate indices. Three- and five-year performance are weighted more heavily and there is no objective award for a fund whose performance falls below the 50th percentile for a given time period.

Individual allocations of the bonus pool are based on individual performance measurements, both objective and subjective, as determined by senior management.

As of November 30, 2025, the portfolio manager also received the following compensation:

**MAM Notional Investment Plan** — A portion of the portfolio manager's retained profit share may be notionally exposed to the return of certain funds within the complex pursuant to the terms of the MAM Notional Investment Plan. The retained amount will vest in equal tranches over a period ranging from four to five years after the date of investment (depending on the level of the employee).

**Macquarie Group Employee Retained Equity Plan** — A portion of the portfolio manager's retained profit share may be invested in the Macquarie Group Employee Retained Equity Plan ("MEREP"), which is used to deliver remuneration in the form of Macquarie equity. The main type of award currently being offered under the MEREP is units comprising a beneficial interest in a Macquarie share held in a trust for the employee, subject to the vesting and forfeiture provisions of the MEREP. Subject to vesting conditions, vesting and release of the shares occurs in a period ranging from four to five years after the date of investment (depending on the level of the employee).

Following the closing of the Nomura Transaction, the portfolio manager may participate in the following retention programs, including a notional fund unit plan (the "NFU Plan") and a restricted stock unit plan (the "RSU Plan"), for alignment of interest purposes:

**Nomura Notional Fund Unit (NFU)** — A portion of the portfolio manager's discretionary bonus may be notionally aligned with the performance of certain funds pursuant to the terms and vesting conditions of the Nomura Notional Fund Unit Award Agreement. In general, the award will vest in equal tranches over a period of 3 years with longer vesting periods as necessary to comply with regulatory requirements.

**Nomura Restricted Stock Unit (RSU)** — A portion of the portfolio manager's discretionary bonus may be granted in RSUs pursuant to the terms and vesting conditions of the Nomura Global Restricted Stock Unit Award Agreement, which is used to deliver remuneration in the form of Nomura equity. In general, vesting and delivery of shares will be in equal tranches over a period of 3 years with longer vesting periods as necessary to comply with regulatory requirements.

**Other Compensation** — Portfolio managers may also participate in benefit plans and programs available generally to all similarly situated employees.

**Ownership of Fund Shares**

As of November 30, 2025, the portfolio manager did not beneficially own any shares of the Fund.

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**Trading Practices and Brokerage**

The Manager selects broker/dealers to execute transactions on behalf of the Fund for the purchase or sale of portfolio securities on the basis of its judgment of their professional capability to provide the service. The primary consideration in selecting broker/dealers is to seek those broker/dealers who will provide best execution for the Fund. Best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement accorded the order, and other factors affecting the overall benefit obtained by the account on the transaction. Some trades are made on a net basis where the Fund either buys securities directly from the broker/dealer or sells them to the broker/dealer. In these instances, there is no direct commission charged but there is a spread (the difference between the buy and sell price), which is the economic equivalent of a commission. When a commission is paid, the Fund pays reasonable brokerage commission rates based upon the professional knowledge of the Manager's trading department as to rates paid and charged for similar transactions throughout the securities industry. In some instances, the Fund pays a minimal share transaction cost when the transaction presents no difficulty.

During the fiscal years ended November 30, 2023, 2024 and 2025, the aggregate dollar amounts of brokerage commissions paid by the Fund were as follows: $487,329, $2,270,464 and $2,010,459, respectively.

Subject to the obligation to seek best execution, the Manager may use affiliated brokers to effect Fund brokerage transactions under procedures adopted by the Board. During the last three fiscal years, the Fund did not pay brokerage commissions to any affiliated brokers.

Subject to applicable requirements, such as seeking best execution and Rule 12b-1(h) under the 1940 Act, the Manager may allocate, out of all commission business generated by all of the funds and accounts under its management, brokerage business to broker/dealers who provide brokerage and research services. These services may include providing advice, either directly or through publications or writings, as to the value of securities, the advisability of investing in, purchasing, or selling securities, and the availability of securities or purchasers or sellers of securities; furnishing of analyses and reports concerning issuers, securities, or industries; providing information on economic factors and trends; assisting in determining portfolio strategy; providing computer software used in security analysis; and providing portfolio performance evaluation and technical market analyses. Such services are used by the Manager in connection with its investment decision-making process with respect to one or more mutual funds and separate accounts managed by it, and may not be used, or used exclusively, with respect to the mutual fund or separate account generating the brokerage.

Securities transactions for the Fund may be effected in foreign markets that may not allow negotiation of commissions or where it is customary to pay fixed rates.

As provided in the Securities Exchange Act of 1934, as amended, and the Fund's Investment Management Agreement, higher commissions are permitted to be paid to broker/dealers who provide brokerage and research services than to broker/dealers who do not provide such services, if such higher commissions are deemed reasonable in relation to the value of the brokerage and research services provided. Although transactions directed to broker/dealers who provide such brokerage and research services may result in the Fund paying higher commissions, the Manager believes that such commissions are reasonable in relation to the value of the brokerage and research services provided. In some instances, services may be provided to the Manager that constitute, in some part, brokerage and research services used by the Manager in connection with its investment decision-making process and constitute, in some part, services used by the Manager in connection with administrative or other functions not related to its investment decision-making process. In such cases, the Manager will make a good faith allocation of brokerage and research services and will pay out of its own resources for services used by the Manager in connection with administrative or other functions not related to its investment decision-making process. In addition, so long as the Fund is not disadvantaged, other than the potential for additional commissions/equivalents, portfolio transactions that generate commissions or their equivalent can be allocated to broker/dealers that provide services directly or indirectly to the Fund and/or to other Nomura Funds. Subject to best execution, commissions/equivalents allocated to brokers providing such services may or may not be generated by the funds receiving the service. In such instances, the commissions/equivalents would be used for the advantage of the Fund or other funds and not for the advantage of the Manager.

During the fiscal year ended November 30, 2025, portfolio transactions by the Fund in the amount of $957,279,496 were directed to brokers for brokerage and research services provided, resulting in brokerage commissions of $952,218.

As of November 30, 2025, the Fund did not hold any securities of its regular broker/dealers, as defined in Rule 10b-1 under the 1940 Act, or such broker/dealers' parents.

The Manager may place a combined order for two or more accounts or funds engaged in the purchase or sale of the same security if, in its judgment, joint execution is in the best interest of each participant and will meet the requirement to seek best execution. Transactions involving commingled orders are allocated in a manner deemed equitable to each account or fund. When a combined order is executed in a series of transactions at different prices, each account participating in the order may be allocated an average price obtained from the executing broker. It is believed that the ability of the accounts to participate in volume transactions will generally be beneficial to the accounts and funds. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or fund may obtain, it is the opinion of the Manager and the Board that the advantages of combined orders outweigh the possible disadvantages of separate transactions.

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**Trading Practices and Brokerage**

From time to time, the Manager may recommend or execute trades in certain instruments between the Fund and other accounts managed by the Manager or its affiliates (including proprietary, seed, and affiliate accounts). These trades are known as cross trades. Cross trades can provide a benefit to the Fund in the form of reduced market impact, increased execution efficiency and reduced transaction costs, and the ability to fill sell and purchase orders at more advantageous prices. Cross trades create actual or potential conflicts of interest between the Fund and other accounts managed by the Manager or its affiliates, and for the Manager and its affiliates, including the possibility that the Manager, for example, will effect a cross trade at a price that is disadvantageous to a participating client account, will transfer an undesirable security from a client paying higher fees to one paying lower fees, will transfer an illiquid security held by a client account in need of liquidity to another client account, or use one client account to "park" desirable securities for other client accounts until cash becomes available. To address these potential conflicts, the Fund has adopted a policy requiring all cross trades for the Fund to comply with Rule 17a-7 under the 1940 Act and applicable SEC guidance. This policy requires, among other things, that cross trades for the Fund must only involve a security for which market quotations are readily available and must be effected at the independent current market price of the security.

Consistent with the Financial Industry Regulatory Authority ("FINRA") rules, and subject to seeking best execution, the Manager may place orders with broker/dealers that have agreed to defray certain Fund expenses, such as custodian fees.

The Fund has the authority to participate in a commission recapture program. Under the program and subject to seeking best execution (as described above), the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commission to the Fund in cash. Any such commission rebates will be included as a realized gain on securities in the appropriate financial statements of the Fund. The Manager and its affiliates have previously acted, and may in the future act, as an investment manager to mutual funds or separate accounts affiliated with the administrator of the commission recapture program. In addition, affiliates of the administrator act as consultants in helping institutional clients choose investment managers and may also participate in other types of businesses and provide other services in the investment management industry.

**Capital Structure**

**Capitalization**

The Trust currently has authorized, and allocated to each Class of the Fund, an unlimited number of shares of beneficial interest with no par value. All shares are, when issued in accordance with the Trust's registration statement (as amended from time to time), governing instruments and applicable law, fully paid, and nonassessable. Shareholders do not have preemptive rights. All shares of the Fund represent an undivided proportionate interest in the assets of the Fund. Shareholders of the Fund's Institutional Class and Class R6 may not vote on any matter that affects the Retail Classes' Distribution Plans under Rule 12b-1. Similarly, as a general matter, shareholders of the Retail Classes may vote only on matters affecting their respective Class, including the Retail Classes' Rule 12b-1 Plans that relate to the Class of shares that they hold. However, the Fund's Class C shares may vote on any proposal to increase materially the fees to be paid by the Fund under the Rule 12b-1 Plan relating to its Class A shares. Except for the foregoing, each share Class has the same voting and other rights and preferences as the other Classes of the Fund. General expenses of the Fund will be allocated on a pro rata basis to the Classes according to asset size, except that expenses of the Retail Classes' Rule 12b-1 Plans will be allocated solely to those Classes and Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or subtransfer agency fees paid to brokers, dealers, or other financial intermediaries.

**Noncumulative Voting**

The Trust's shares have noncumulative voting rights, meaning that the holders of more than 50% of the shares of the Trust voting for the election of Trustees can elect all of the Trustees if they choose to do so, and, in such event, the holders of the remaining shares will not be able to elect any Trustees.

**Purchasing Shares**

**General Information**

Shares of the Fund are offered on a continuous basis by the Distributor and may be purchased through authorized financial intermediaries or directly by contacting the Trust. The Trust reserves the right to suspend sales of Fund shares, and reject any order for the purchase of Fund shares if, in the opinion of management, such rejection is in the Fund's best interest. The minimum initial investment generally is $1,000 for Class A shares and Class C shares. Subsequent purchases of such Classes generally must be at least $100. The initial and subsequent investment minimums for Class A shares will be waived for purchases by officers, Trustees, and employees of any Nomura Fund, the Manager, or any of the Manager's affiliates if the purchases are made pursuant to a payroll deduction program. There are no minimum purchase requirements for Class R, Class R6, and Institutional Class shares (except those purchased through an automatic investment plan), but certain eligibility requirements must be met.

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You may purchase only up to $1 million of Class C shares of the Fund at one time. Orders that exceed $1 million or more will be rejected. See "Investment Plans" below for purchase limitations applicable to retirement accounts. An investor should keep in mind that reduced front-end sales charges apply to investments of $50,000 or more in Class A shares, and that Class A shares are subject to lower annual Rule 12b-1 Plan expenses than Class C shares and generally are not subject to a CDSC.

Financial intermediaries are responsible for transmitting orders promptly. The Fund reserves the right to reject any order for the purchase of its shares if in the opinion of management such rejection is in the Fund's best interest. If a purchase is canceled because your check is returned unpaid, you are responsible for any loss incurred. The Fund can redeem shares from your account(s) to reimburse itself for any loss, and you may be restricted from making future purchases in any Nomura Fund. The Fund reserves the right to reject purchase orders paid by third-party checks or checks that are not drawn on a domestic branch of a US financial institution. If a check drawn on a foreign financial institution is accepted, you may be subject to additional bank charges for clearance and currency conversion.

The Fund also reserves the right, following shareholder notification, to charge a service fee on nonretirement accounts that, as a result of redemption, have remained below the minimum stated account balance for a period of three or more consecutive months. Holders of such accounts may be notified of their insufficient account balance and advised that they have until the end of the current calendar quarter to raise their balance to the stated minimum. If the account has not reached the minimum balance requirement by that time, the Fund may charge a $9 fee for that quarter and each subsequent calendar quarter until the account is brought up to the minimum balance. No fees will be charged without proper notice, and no CDSC will apply to such assessments.

In addition, the Fund reserves the right, upon 60 days' written notice, to involuntarily redeem accounts that remain under the minimum initial purchase amount as a result of redemptions. An investor making the minimum initial investment may be subject to involuntary redemption without the imposition of a CDSC or Limited CDSC if he or she redeems any portion of his or her account.

Minimum purchase and minimum balance requirements do not apply to accounts participating in advisory or asset-allocation programs covered by financial intermediaries. Certain accounts held in omnibus or programs covered by certain intermediaries may be opened with less than 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.

FINRA has adopted amendments to its Conduct Rules, relating to investment company sales charges. The Trust and the Distributor intend to operate in compliance with these rules.

Certificates representing shares purchased are not ordinarily issued. Certificates were previously issued for Class A and Institutional Class shares of the Fund. However, purchases not involving the issuance of certificates are confirmed to the investor and credited to the shareholder's account on the books maintained by the Transfer Agent. The investor will have the same rights of ownership with respect to such shares as if certificates had been issued. An investor will be permitted to obtain a certificate in certain limited circumstances that are approved by an appropriate officer of the Fund. No charge is assessed by the Trust for any certificate issued. The Fund does not intend to issue replacement certificates for lost or stolen certificates, except in certain limited circumstances that are approved by an appropriate officer of the Fund. In those circumstances, a shareholder may be subject to fees for replacement of a lost or stolen certificate, under certain conditions, including the cost of obtaining a bond covering the lost or stolen certificate. Please contact the Trust for further information. Investors who hold certificates representing any of their shares may only redeem those shares by written request. The investor's certificate(s) must accompany such request.

**Contact your financial intermediary for specific information regarding the availability and suitability of various account options described** **throughout this SAI. Contact your financial intermediary for specific information with respect to the financial intermediary's policies** **regarding minimum purchase and minimum balance requirements and involuntary redemption, which may differ from what is described** **throughout this SAI.**

**Comparison of Share Classes**

The alternative purchase arrangements of Class A shares and Class C shares permit investors to choose the method of purchasing shares that is most suitable for their needs given the amount of their purchase, the length of time they expect to hold their shares and other relevant circumstances. Investors should determine whether, given their particular circumstances, it is more advantageous to purchase Class A shares and incur a front-end sales charge and annual Rule 12b-1 Plan expenses of up to a maximum of 0.25% of the average daily net assets of Class A shares of the Fund, or to purchase Class C shares and have the entire initial purchase amount invested in the Fund with the investment thereafter subject to a CDSC and annual Rule 12b-1 Plan expenses.

Class C shares are subject to a CDSC if the shares are redeemed within 12 months of purchase. Class C shares are subject to annual Rule 12b-1 Plan expenses of up to a maximum of 1.00% of average daily net assets of the Class, 0.25% of which is a service fee to be paid to the Distributor, dealers, or others for providing personal service and/or maintaining shareholder accounts. Class C shares that automatically convert to Class A shares at the end of approximately 8 years after purchase will be subject to Class A shares' annual Rule 12b-1 Plan expenses.

The higher Rule 12b-1 Plan expenses on Class C shares will be offset to the extent a return is realized on the additional money initially invested upon the purchase of such shares. However, there can be no assurance as to the return, if any, that will be realized on such additional money. In addition, the effect of any return earned on such additional money will diminish over time.

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**Purchasing Shares**

Class R shares have no front-end sales charge and are not subject to a CDSC, but incur annual Rule 12b-1 expenses of up to a maximum of 0.50%. In comparing Class C shares to Class R shares, investors should consider the higher Rule 12b-1 Plan expenses on Class C shares. Investors also should consider the fact that Class R shares do not have a front-end sales charge and, unlike Class C shares, are not subject to a CDSC.

For the distribution and related services provided to, and the expenses borne on behalf of, the Fund, the Distributor and others will be paid, in the case of Class A shares, from the proceeds of the front-end sales charge and Rule 12b-1 Plan fees; in the case of Class C shares, from the proceeds of the Rule 12b-1 Plan fees and, if applicable, the CDSC incurred upon redemption; and in the case of Class R shares, from the proceeds of the Rule 12b-1 Plan fees. Financial intermediaries may receive different compensation for selling the Retail Classes. Investors should understand that the purpose and function of the respective Rule 12b-1 Plans (including for Class R shares) and the CDSC applicable to Class C shares are the same as those of the Rule 12b-1 Plan and the front-end sales charge applicable to Class A shares in that such fees and charges are used to finance the distribution of the respective Classes. See "Plans under Rule 12b-1 for the Retail Classes" below.

Class R6 shares have no upfront sales charge, are not subject to a CDSC, and do not assess a 12b-1 fee. Class R6 shares do not pay any service fees, sub-accounting fees, and/or subtransfer agency fees to any unaffiliated brokers, dealers, or other financial intermediaries. Class R6 shares may only be purchased by certain eligible investors. See "Investing in the Fund — Choosing a share class — Class R6" in the Prospectus for information about Class R6 share purchase eligibility.

Dividends, if any, paid on the Retail Classes, Class R6 shares, and Institutional Class shares will be calculated in the same manner, at the same time and on the same day and will be in the same amount, except that the additional amount of Rule 12b-1 Plan expenses relating to the Retail Classes will be borne exclusively by such shares. See "Determining Offering Price and Net Asset Value" for more information.

***Class A Shares:*** Purchases of $50,000 or more of Class A shares at the offering price carry reduced front-end sales charges as shown in the table in the Prospectus, and may include a series of purchases over a 13-month period under a letter of intent signed by the purchaser. See "Special Purchase Features — Class A shares" below for more information on ways in which investors can avail themselves of reduced front-end sales charges and other purchase features.

From time to time, upon written notice to dealers, the Distributor may hold special promotions for specified periods during which the Distributor may re-allow to dealers up to the full amount of the front-end sales charge. The Distributor should be contacted for further information on these requirements as well as the basis and circumstances upon which the additional commission will be paid.

**Share Class Exchanges**

If you wish to transfer your investment between share classes within the same Fund or between different funds, we generally will process your request as an exchange of the shares you currently hold for shares in the new class or fund. Below is more information about how sales charges are handled for various scenarios.

Exchanges of shares for the same Fund generally will be tax-free for federal income tax purposes. You should consult with your tax advisor regarding the state and local tax consequences of such an exchange of Fund shares.

Each of these exchange privileges is subject to termination and may be amended from time to time.

**Exchanging Class A shares for Institutional Class shares**

Class A shares purchased by accounts participating (or intending to participate) in certain programs sponsored by and/or controlled by financial intermediaries ("Programs") may be exchanged by the financial intermediary on behalf of the shareholder for Institutional Class shares of another fund under certain circumstances, depending on such Program's eligibility to purchase Institutional Class shares of the fund. Such exchange will be on the basis of the NAVs per share, without the imposition of any sales load, fee, or other charge.

Holders of Class A shares that were sold without a front-end sales load but for which the Distributor has paid a commission to a financial intermediary are generally not eligible for this exchange privilege until the applicable CDSC period has expired. The applicable CDSC period is generally 18 months after the purchase of such Class A shares, but please see the "Choosing a share class" section of the Prospectus for the CDSC period that applies to your Fund.

**Exchanging Class C shares for Class A shares or Institutional Class shares**

Class C shares purchased by accounts participating (or intending to participate) in certain Programs may be exchanged by the financial intermediary on behalf of the shareholder for either Class A shares or Institutional Class shares of the Fund under certain circumstances, depending on such Program's eligibility to purchase either Class A shares or Institutional Class shares of the Fund. Such exchange will be on the basis of the NAVs per share, without the imposition of any sales load, fee, or other charge.

Holders of Class C shares that are subject to a CDSC are generally not eligible for this exchange privilege until the applicable CDSC period has expired. The applicable CDSC period is generally one year after the purchase of such Class C shares.

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**Exchanging Institutional Class shares for Class A shares**

If a shareholder of Institutional Class shares has ceased his or her participation in a Program, or the financial intermediary has determined to utilize Class A shares in the Program or the shareholder transfers to a Program that utilizes Class A shares, the financial intermediary may exchange all such Institutional Class shares for Class A shares of the Fund. Such exchange will be on the basis of the relative NAVs of the shares, without imposition of any sales load, fee, or other charge.

**Dealer's Commission**

For initial purchases of Class A shares of $1 million or more, a dealer's commission may be paid by the Distributor to financial intermediaries through whom such purchases are effected.

In determining a financial intermediary's eligibility for the dealer's commission, purchases of Class A shares of other Nomura Funds to which a Limited CDSC applies (see "Redemption and Exchange — Contingent Deferred Sales Charge for Certain Redemptions of Class A Shares Purchased at Net Asset Value" below) may be aggregated with those of the Class A shares of another Fund. Financial intermediaries also may be eligible for a dealer's commission in connection with certain purchases made under a letter of intent or pursuant to an investor's right of accumulation. Financial intermediaries should contact the Distributor concerning the applicability and calculation of the dealer's commission in the case of combined purchases.

An exchange from other Nomura Funds will not qualify for payment of the dealer's commission, unless a dealer's commission or similar payment has not been previously paid on the assets being exchanged. The schedule and program for payment of the dealer's commission are subject to change or termination at any time by the Distributor at its discretion.

The Nomura Funds no longer offer a dealer's commission to financial intermediaries on sales eligible for purchase at NAV in Class A shares for retirement plan accounts as described in the Prospectus.

**Contingent Deferred Sales Charge — Class C shares**

Class C shares are purchased without a front-end sales charge. Class C shares redeemed within 12 months of purchase may be subject to a CDSC of 1.00%. 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 of purchase of the shares being redeemed 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 "net asset value at the time of purchase" will be the NAV at purchase of Class C shares, even if those shares are later exchanged for shares of another Nomura Fund. In the event of an exchange of the shares, the "net asset value of such shares at the time of redemption" will be the NAV of the shares that were acquired in the exchange. See the Prospectus for a list of the instances in which the CDSC is waived.

Approximately 8 years after purchase, the investor's Class C shares will be eligible to automatically convert to Class A shares of the same Fund. See "Automatic Conversion of Class C Shares" below. Such conversion will constitute a tax-free exchange for federal income tax purposes. Investors are reminded that the Class A shares to which Class C shares will convert are subject to Class A shares' ongoing annual Rule 12b-1 Plan expenses.

In determining whether a 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.

**Automatic Conversion of Class C shares**

Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund. Conversions of Class C shares into Class A shares will generally occur monthly during the calendar year, on the 18th day or next business day of each month (each, a "Conversion Date"). If the eighth anniversary after a purchase of Class C shares falls on a Conversion Date, an investor's Class C shares will be converted on that date. If the eighth anniversary occurs between Conversion Dates, an investor's Class C shares will be converted on the next Conversion Date after such anniversary.

The automatic conversion of Class C to Class A shares will be on the basis of the NAV per share, without the imposition of any sales load, fee or other charge. Class C shares of the Fund acquired through a reinvestment of dividends will convert to Class A shares of the Fund pro rata with Class C shares of the Fund not acquired through dividend reinvestment. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans, omnibus accounts, and in certain other instances, the Fund and its agents may not have transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares. In these circumstances, the Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the shareholder

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**Purchasing Shares**

or their financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the shareholder or their financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares.

In addition, a financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or eligibility requirements in regards to the conversion of Class C shares into Class A shares. In these cases, certain Class C shareholders may not be eligible to convert to Class A shares as described above. However, these Class C shareholders may be permitted to exchange their Class C shares for Class A shares pursuant to the terms of the financial intermediary's conversion policy. Financial intermediaries will be responsible for making such exchanges in those circumstances. Please consult with your financial intermediary if you have any questions regarding the conversion of Class C shares to Class A shares.

**Level Sales Charges Alternative — Class C shares**

Class C shares may be purchased at NAV without a front-end sales charge and, as a result, the full amount of the investor's purchase payment will be invested in Fund shares. The Distributor currently compensates financial intermediaries for selling Class C shares at the time of purchase from its own assets in an amount equal to no more than 1.00% of the dollar amount purchased. As discussed below, Class C shares are subject to annual Rule 12b-1 Plan expenses and, as discussed above, if redeemed within 12 months of purchase, a CDSC.

Proceeds from the CDSC and the annual Rule 12b-1 Plan fees are paid to the Distributor and others for providing distribution and related services, and bearing related expenses, in connection with the sale of Class C shares. These payments support the compensation paid to financial intermediaries for selling Class C shares. Payments to the Distributor and others under the Class C Rule 12b-1 Plan may be in an amount equal to no more than 1.00% annually.

Holders of Class C shares who exercise the exchange privilege described below will continue to be subject to the CDSC schedule for Class C shares as described in this SAI. See "Redemption and Exchange" below.

**Plans under Rule 12b-1 for the Retail Classes**

Pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted a plan for each of the Retail Classes (the "Plans"). Each Plan permits the Fund to pay for certain distribution, promotional, and related expenses involved in the marketing of only the class of shares to which the Plan applies. The Plans do not apply to the Institutional Class shares or Class R6 shares. Such shares are not included in calculating the Plans' fees, and the Plans are not used to assist in the distribution and marketing of the Fund's Institutional Class shares or Class R6 shares. Shareholders of the Institutional Class and Class R6 shares may not vote on matters affecting the Plans.

The Plans permit the Fund, pursuant to its Distribution Agreement, to pay out of the assets of the Retail Classes' monthly fees to the Distributor for its services and expenses in distributing and promoting sales of shares of such classes. These expenses include, among other things: preparing and distributing advertisements, sales literature, and prospectuses and reports used for sales purposes; compensating sales and marketing personnel; holding special promotions for specified periods of time; and paying distribution and maintenance fees to financial intermediaries and others. In connection with the promotion of shares of the Retail Classes, the Distributor may, from time to time, pay to participate in dealer-sponsored seminars and conferences, and reimburse dealers for expenses incurred in connection with preapproved seminars, conferences, and advertising. The Distributor may pay or allow additional promotional incentives to dealers as part of preapproved sales contests and/or to dealers who provide extra training and information concerning the Retail Classes and increase sales of the Retail Classes.

The Plans do not limit fees to amounts actually expended by the Distributor. It is therefore possible that the Distributor may realize a profit in any particular year. However, the Distributor currently expects that its distribution expenses will likely equal or exceed payments to it under the Plans. The Distributor may, however, incur additional expenses and make additional payments to dealers from its own resources to promote the distribution of shares of the Retail Classes. The monthly fees paid to the Distributor under the Plans are subject to the review and approval of the Trust's Independent Trustees, who may reduce the fees or terminate the Plans at any time.

All of the distribution expenses incurred by the Distributor and others, such as financial intermediaries, in excess of the amount paid on behalf of the Retail Classes would be borne by such persons without any reimbursement from such Retail Classes. Consistent with the requirements of Rule 12b-1(h) under the 1940 Act and subject to seeking best execution, the Fund may, from time to time, buy or sell portfolio securities from, or to, firms that receive payments under the Plans.

From time to time, the Distributor may pay additional amounts from its own resources to dealers for aid in distribution or for aid in providing administrative services to shareholders.

The Plans and the Distribution Agreement, as amended, have all been approved by the Board, including a majority of the Independent Trustees, who have no direct or indirect financial interest in the Plans and the Distribution Agreement, by a vote cast in person at a meeting duly called for the purpose of voting on the Plans and such Distribution Agreement. Continuation of the Plans and the Distribution Agreement, as amended, must be approved annually by the Board in the same manner as specified above.

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Each year, the Board must determine that continuation of the Plans is in the best interest of shareholders of the Retail Classes and that there is a reasonable likelihood of each Plan providing a benefit to its respective Retail Class. The Plans and the Distribution Agreement, as amended, may be terminated with respect to a Retail Class at any time without penalty by a majority of Independent Trustees who have no direct or indirect financial interest in the Plans and the Distribution Agreement, or by a majority vote of the relevant Retail Class's outstanding voting securities. Any amendment materially increasing the percentage payable under the Plans must likewise be approved by a majority vote of the relevant Retail Class's outstanding voting securities, as well as by a majority vote of Independent Trustees who have no direct or indirect financial interest in the Plans or Distribution Agreement. With respect to the Fund's Class A Plan, any material increase in the maximum percentage payable thereunder must also be approved by a majority of the outstanding voting securities of the Fund's Class C shares. Also, any other material amendment to the Plans must be approved by a majority vote of the Board, including a majority of Independent Trustees who have no direct or indirect financial interest in the Plans or Distribution Agreement. In addition, in order for the Plans to remain effective, the selection and nomination of Independent Trustees must be effected by the Trustees who are Independent Trustees and who have no direct or indirect financial interest in the Plans or Distribution Agreement. Persons authorized to make payments under the Plans must provide written reports at least quarterly to the Board for its review.

For the fiscal year ended November 30, 2025, the Rule 12b-1 payments for the Fund's Class A shares, Class C shares, and Class R shares were: $742,583, $323,869 and $106,497, respectively. Such amounts were used for the following purposes:

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| | | | |
|:---|:---|:---|:---|
| **Nomura Emerging Markets Fund** | **Class A shares** | **Class C shares** | **Class R shares** |
| **Advertising** | $– | $– | $– |
| **Annual/Semiannual Reports** | $– | $– | $– |
| **Broker Sales Charge** | $– | $12326 | $– |
| **Broker Trails** **\*** | $– | $284240 | $103606 |
| **Salaries & Commissions to Wholesalers** | $– | $– | $2670 |
| **Interest on Broker Sales Charge** | $– | $480 | $– |
| **Promotion-Other** | $– | $– | $– |
| **Prospectus Printing** | $– | $– | $– |
| **Wholesaler Expenses** | $742583 | $26823 | $221 |
| **Total Expenses** | $742583 | $323869 | $106497 |

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\* The broker trail amounts listed in this row are principally based on payments made to financial intermediaries monthly. However, certain financial intermediaries receive trail payments quarterly. The quarterly payments are based on estimates, and the estimates may be reflected in the amounts in this row.

**Special Purchase Features - Class A Shares**

**Buying Class A Shares at Net Asset Value:** As disclosed in the Prospectus, participants of certain group retirement plans and members of their households may make purchases of Class A shares at NAV. The purchases must be made by existing shareholders of a Nomura Funds Individual Retirement Account ("Foundation IRA<sup>®</sup>") established by a participant from a group retirement plan or a member of their household distributed by certain intermediaries. The Nomura Funds reserve the right to modify or terminate these arrangements at any time.

Additional Class A shares of the Fund may be purchased at NAV by existing shareholders or certain participants who were in a certain legacy group plan as of June 30, 2014 and who were transferred to a certain legacy group plan as of July 1, 2014, where participants of such legacy group plan were eligible for purchasing shares at NAV under a predecessor fund's eligibility requirements set by the predecessor fund's company.

**Letter of Intent:** The reduced front-end sales charges described above with respect to Class A shares are also applicable to the aggregate amount of purchases made by any such purchaser within a 13-month period pursuant to a written letter of intent signed by the purchaser, and not legally binding on the signer or the Trust, which provides for the holding in escrow by the Transfer Agent or financial intermediary of 5.00% of the total amount of Class A shares intended to be purchased until such purchase is completed within the 13-month period. The minimum initial purchase amount to establish a letter of intent is $1,000. The Fund does not accept retroactive letters of intent. The 13-month period begins on the date of the earliest purchase. If the intended investment is not completed, the Transfer Agent or financial intermediary may surrender an appropriate number of the escrowed shares for redemption in order to realize the difference between the front-end sales charge on Class A shares purchased at the reduced rate and the front-end sales charges otherwise applicable. Such purchasers may include the values (at offering price at the level designated in their letter of intent) of all their shares of the Fund and of any class of any of the other Nomura Funds previously purchased or acquired as the result of a merger or reorganization of a predecessor fund (as applicable) and still held as of the date of their letter of intent toward the completion of such letter, except as described below. Those purchasers cannot include shares that did not carry a front-end sales charge, CDSC, or Limited CDSC, unless the purchaser acquired those shares through an exchange from a Nomura Fund that did carry a front-end sales charge, CDSC, or Limited CDSC or as the result of a merger or reorganization of a predecessor fund (as applicable) that did carry a front-end sales charge, CDSC, or Limited CDSC. For purposes of satisfying an investor's obligation under a letter of intent, Class C shares of the Fund and the corresponding classes of shares of other Nomura Funds that offer such shares may be aggregated with Class A shares of the Fund. Your financial intermediary may have different procedures for administering this feature.

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**Purchasing Shares**

**Combined Purchases Privilege:** When you determine the availability of the reduced front-end sales charges on Class A shares, you can combine your holdings or purchases of Class A and all other classes of Nomura Funds. Your financial intermediary may have different procedures for administering this feature.

The privilege also extends to all purchases made at one time by any of the following:

● an individual

● an individual and his or her spouse, or equivalent, if recognized under local law, such as civil union, common law marriage, or domestic partnership

● a parent, stepparent, or legal guardian, and their children or stepchildren who are under the age of 21

● a trustee or other fiduciary of trust estates or fiduciary accounts for the benefit of such family members (including certain employee benefit programs).

To ensure that you receive available reduced front-end sales charges, you must advise your broker-dealer or your financial intermediary of all eligible accounts and shares that can be aggregated with your own accounts for right of accumulation purposes as well as your desire to enter into a letter of intent (if applicable). If you or your broker dealer or financial intermediary do not let the Fund know that you are eligible for a waiver or reduction, you may not receive a reduction to the front-end sales charges to which you may be eligible. The Fund or your broker-dealer or financial intermediary may also ask you to provide account records, statements or other information related to all eligible accounts.

**Right of Accumulation:** In determining the availability of the reduced front-end sales charge on Class A shares, you can combine your holdings or purchases of Class A and all other classes of Nomura Funds. If, for example, any such purchaser has previously purchased and still holds Class A shares of the Fund and/or shares of any other of the classes described in the previous sentence with a value of $40,000 and subsequently purchases $10,000 at offering price of additional Class A shares of the Fund, the charge applicable to the $10,000 purchase would currently be 4.75%. For the purpose of this calculation, the shares presently held shall be valued at the public offering price that would have been in effect had the shares been purchased simultaneously with the current purchase. Investors should refer to the table of sales charges for Class A shares in the Prospectus to determine the applicability of the right of accumulation to their particular circumstances. Your financial intermediary may have different procedures for administering this feature.

**Right of Reinvestment Privilege:** Holders of Class A shares of the Fund (and of the Institutional Class shares of the Fund holding shares that were acquired through an exchange from one of the other Nomura Funds offered with a front-end sales charge) who redeem such shares have up to 90 days from the date of redemption to reinvest all or part of their redemption proceeds in the same Class of the Fund or in the same Class of any of the other Nomura Funds. In the case of Class A shares, the reinvestment will not be assessed a front-end sales charge. The reinvestment will be subject to applicable eligibility and minimum purchase requirements and must be in states where shares of such other funds may be sold. This reinvestment privilege does not extend to Class A shares where the redemption of the shares triggered the payment of a Limited CDSC. 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. Persons investing redemption proceeds from direct investments in Nomura Funds offered without a front-end sales charge will be required to pay the applicable sales charge when purchasing Class A shares. The reinvestment privilege does not extend to a redemption of Class C shares. You or your financial intermediary must notify us at the time you purchase shares if you are eligible for any of these programs.

Any such reinvestment cannot exceed the redemption proceeds (plus any amount necessary to purchase a full share). The reinvestment will be made at the NAV next determined after receipt of remittance.

Any reinvestment directed to a Nomura Fund in which the investor does not then have an account will be treated like all other initial purchases of such fund's shares. Consequently, an investor should obtain and read carefully the prospectus for the Nomura Fund in which the investment is intended to be made before investing or sending money. The prospectus contains more complete information about the Nomura Fund, including charges and expenses.

Investors should consult their financial intermediaries or the Transfer Agent, which also serves as the Fund's shareholder servicing agent, about the applicability of the Class A Limited CDSC in connection with the features described above.

**Group Investment Plans:** Group Investment Plans (e.g., SEP/IRA, SAR/SEP, Profit Sharing, Pension, and 401(k) Defined Contribution Plans) that are not eligible to purchase Institutional Class shares may also benefit from the reduced front-end sales charges for investments in Class A shares set forth in the table in the Prospectus, based on total plan assets. If a company has more than one plan investing in Nomura Funds, then the total amount invested in all plans would be used in determining the applicable front-end sales charge reduction upon each purchase, both initial and subsequent, upon notification to the Fund at the time of each such purchase. Employees participating in such Group Investment Plans may also combine the investments made in their plan account when determining the applicable front-end sales charge on purchases to nonretirement Nomura Funds investment accounts if they so notify the Fund or financial intermediary in which they are investing in connection with each purchase. See "Investment Plans — Retirement Plans for the Retail Classes" below for information about retirement plans. This feature is dependent on your financial intermediary's right of accumulation policies.

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The Limited CDSC may be generally applicable to any redemptions of NAV purchases made on behalf of a group investment plan on which a dealer's commission has been paid only if such redemption is made pursuant to a withdrawal of the entire plan from a Nomura Fund. See "Redemption and Exchange — Contingent Deferred Sales Charge for Certain Redemptions of Class A Shares Purchased at Net Asset Value" below.

**Investment Plans**

**Reinvestment Plan**

Unless otherwise designated by shareholders in writing, dividends and distributions, if any, will be automatically reinvested in additional shares of the respective Fund Class in which an investor has an account (based on the NAV in effect on the reinvestment date) and will be credited to the shareholder's account on that date.

**Reinvestment of Dividends in other** **Nomura** **Funds**

Subject to applicable eligibility and minimum initial purchase requirements and the limitations set forth below, shareholders may be able to automatically reinvest dividends and/or distributions in any of the other Nomura Funds, including the Fund, in states where their shares may be sold. However, if you received shares as the result of a transaction involving a predecessor fund, you may not be able to reinvest your dividends at the current time. Such investments will be at NAV at the close of business on the reinvestment date without any front-end sales charge or service fee. The shareholder must notify the Transfer Agent in writing and must have established an account in the fund into which the dividends and/or distributions are to be invested. Any reinvestment directed to a fund in which the investor does not then have an account will be treated like all other initial purchases of the fund's shares. Consequently, an investor should obtain and read carefully the prospectus for the fund in which the investment is intended to be made before investing or sending money. The prospectus contains more complete information about the fund, including charges and expenses.

Subject to the following limitations, dividends and/or distributions from other Nomura Funds may be invested in shares of the Fund, provided an account has been established. Dividends from Class A shares may only be directed to other Class A shares, dividends from Class C shares may only be directed to other Class C shares, dividends from Class R shares may only be directed to other Class R shares, dividends from Institutional Class shares may only be directed to other Institutional Class shares, and dividends from Class R6 shares may only be directed to other Class R6 shares.

**Compensation to Financial Intermediaries — Dividend and Capital Gains**

Dividends and capital gains on Class C shares may be reinvested at NAV, however the Distributor will not compensate the financial intermediaries on the shares resulting from the dividends or capital gains at the time of reinvestment. Shares resulting from dividends and capital gains must age 12 months following the reinvestment date, and Rule 12b-1 Plan fees will be paid to the financial intermediary in the 13th month following the reinvestment date.

**Investing by Exchange**

If you have an investment in another Nomura Fund, you may be able to exchange part or all of your investment into shares of the Fund. If you received shares as the result of a transaction involving a predecessor fund, you may not be able to exchange shares of the predecessor fund into other Nomura Funds at the current time. If you wish to open an account by exchange, call the Nomura Funds Service Center at 800 523-1918 for more information. All exchanges are subject to the eligibility and minimum purchase requirements and any additional limitations set forth in the Fund's Prospectus. See "Redemption and Exchange" below for more complete information concerning your exchange privileges.

**Investing by Electronic Fund Transfer**

***Direct Deposit Purchase Plan:*** Investors may arrange for the Fund to accept direct deposits for investment through an agent bank, preauthorized government, or private recurring payments. This method of investment assures the timely credit to the shareholder's account of payments such as social security, veterans' pension or compensation benefits, federal salaries, railroad retirement benefits, private payroll checks, dividends, and disability or pension fund benefits. It also eliminates the possibility and inconvenience of lost, stolen, and delayed checks. If you participate in a direct deposit purchase plan 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 purchases.

***Automatic Investing Plan:*** Shareholders may make automatic investments by authorizing, in advance, monthly or quarterly payments directly from their checking accounts for deposit into their Fund accounts. This type of investment will be handled in either of the following ways: (i) if the shareholder's bank is a member of the National Automated Clearing House Association ("NACHA"), the amount of the periodic investment will be electronically deducted from his or her checking account by Electronic Fund Transfer ("EFT") and such checking account will reflect a debit although no check is required to initiate the transaction; or (ii) if the shareholder's bank is not a member of NACHA, deductions will be made by preauthorized checks, known as Depository Transfer Checks. Should the shareholder's bank become a member of NACHA in the future, his or her investments

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**Investment Plans**

would be handled electronically through EFT. If you participate in 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 automatic investment program purchases.

***Minimum Initial/Subsequent Investments by Electronic Fund Transfer:*** Initial investments under the direct deposit purchase plan and the automatic investing plan must be for $250 or more and subsequent investments under such plans must be for $25 or more. An investor wishing to take advantage of either service must complete an authorization form. Either service can be discontinued by the shareholder at any time without penalty by giving written notice.

**Direct Deposit Purchase by Mail**

Shareholders may authorize a third party, such as a bank or employer, to make investments directly to their Fund accounts. The Fund will accept these investments, such as bank-by-phone, annuity payments, and payroll allotments, by mail directly from the third party. Investors should contact their employers or financial institutions who in turn should contact the Trust for proper instructions.

**On Demand Service**

You or your financial intermediary may request purchases of Fund shares by phone using the on demand service. When you authorize the Fund to accept such requests from you or your financial intermediary, funds will be withdrawn (for share purchases) from your predesignated bank account. Your request will be processed the same day if you call prior to 4:00pm Eastern time. There is a $25 minimum and $100,000 maximum limit for on demand service transactions.

It may take up to four Business Days for the transactions to be completed. A "Business Day" is any day that the New York Stock Exchange (NYSE) is open for business. You can initiate this service by completing an Account Services form. If your name and address are not identical to the name and address on your Fund account, you must have your Medallion Signature Guarantee. The Fund does not charge a fee for this service; however, your bank may charge a fee.

**Systematic Exchange Option**

Shareholders can use the systematic exchange option to invest in the Fund through regular liquidations of shares in their accounts in other Nomura Funds, subject to certain limitations. Shareholders may elect to invest in one or more of the other Nomura Funds through the systematic exchange option. If, in connection with the election of the systematic exchange option, you wish to open a new account to receive the automatic investment, such new account must meet the minimum initial purchase requirements described in the prospectus of the fund that you select. All investments under this option are exchanges and are therefore subject to the same conditions and limitations as other exchanges noted above.

Under this automatic exchange program, shareholders can authorize regular monthly investments (minimum of $100 per fund, unless you received shares as the result of a transaction involving a predecessor fund, in which case there will be no minimum) to be liquidated from their account and invested automatically into other Nomura Funds, subject to the conditions and limitations set forth in the Prospectus. The investment will be made on the 20th day of each month (or, if the fund selected is not open that day, the next Business Day) at the public offering price or NAV, as applicable, of the fund selected on the date of investment. No investment will be made for any month if the value of the shareholder's account is less than the amount specified for investment.

Periodic investment through the systematic exchange option does not ensure profits or protect against losses in a declining market. The price of the fund into which investments are made could fluctuate. Since this program involves continuous investment regardless of such fluctuating value, investors selecting this option should consider their financial ability to continue to participate in the program through periods of low fund share prices. This program involves automatic exchanges between two or more fund accounts and is treated as a purchase of shares of the fund into which investments are made through the program. Shareholders can terminate their participation in the systematic exchange option at any time by giving written notice to the fund from which exchanges are made.

**Retirement Plans for the Retail Classes**

An investment in the Fund may be suitable for tax-deferred retirement plans, such as: traditional IRA, SIMPLE IRA, SEP, SARSEP, 401(k), SIMPLE 401(k), Profit Sharing, Money Purchase, 403(b)(7), or 457 Retirement Plans. In addition, the Fund may be suitable for use in Roth IRAs and Coverdell ESAs. For further details concerning these plans and accounts, including applications, contact your financial intermediary. To determine whether the benefits of a tax-sheltered retirement plan, Roth IRA, or Coverdell ESA are available and/or appropriate, you should consult with a tax advisor.

The CDSC may be waived on certain redemptions of Class C shares. See the Prospectus for a list of the instances in which the CDSC is waived.

Minimum investment limitations generally applicable to other investors do not apply to retirement plans other than IRAs, for which there is a minimum initial purchase of $250 and a minimum subsequent purchase of $25, regardless of which Class is selected. Retirement plans may be subject to plan establishment fees, annual maintenance fees and/or other administrative or trustee fees. Additional information about fees is included in retirement plan materials. Fees are quoted upon request. Annual maintenance fees may be shared by the Custodian, the Transfer Agent, other affiliates of the Manager, and others that provide services to such Plans.

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Certain shareholder investment services available to nonretirement plan shareholders may not be available to retirement plan shareholders. Certain retirement plans may qualify to purchase Institutional Class shares or Class R6 shares. For additional information, call the Nomura Funds Service Center at 800 523-1918.

**Determining Offering Price and Net Asset Value**

Orders for purchases and redemptions of Class A shares are effected at the offering price next calculated after receipt of the order by the Fund, its agent, or certain other authorized persons. Orders for purchases and redemptions of all of the Fund's other share classes are effected at the NAV per share next calculated after receipt of the order by the Fund, its agent, or certain other authorized persons. See "Investment Manager and Other Service Providers—Distributor" above. Financial intermediaries are responsible for transmitting orders promptly.

The offering price for Class A shares consists of the NAV per share plus any applicable sales charges. Offering price and NAV are computed as of the close of regular trading on the NYSE, which is normally 4:00pm, Eastern time, on days when the NYSE is open for business. The NYSE is scheduled to be open Monday through Friday throughout the year except for days when the following holidays are observed: New Year's Day, Martin Luther King, Jr. Day, President's Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving, and Christmas. The time by which purchase and redemption orders must be effected in order to receive a Business Day's NAV and the time at which such orders are processed and shares are priced may change in case of an emergency declared by the SEC or, if regular trading on the NYSE is stopped, at a time other than the regularly scheduled close of the NYSE. When the NYSE is closed, the Fund will generally be closed, pricing calculations will not be made, and purchase and redemption orders will not be processed until the Fund's next Business Day. See "Calculating share price" and "How to redeem shares" in the Prospectus.

Generally, trading in securities of many foreign (non-US) securities exchanges and on over-the-counter markets in these regions is completed at various times prior to the close of business on each Business Day. In addition, trading in foreign markets may not take place on all Business Days, and, furthermore, trading can take place in various foreign markets on days which are not Business Days and days on which the Fund's NAV is not calculated. In these instances, calculation of the Fund's NAV may not take place contemporaneously with the determination of the prices of the securities traded in foreign markets. Foreign securities primarily traded on foreign exchanges or markets that close prior to the NYSE on a Business Day may be valued at fair value by a Pricing Source (as defined in this section below) in accordance with a model that adjusts the prices of such securities based on multiple factors. Foreign securities that do not trade on a Business Day are also valued at fair value. Accordingly, the Fund may use fair value pricing more frequently for securities traded primarily in foreign markets because foreign markets operate at times that do not coincide with those of major US markets. The Fund may determine the fair value of such investments based on information provided by a Pricing Source. If a Pricing Source does not provide a fair value for a particular security or if the value does not meet the established criteria for the Fund, the most recent closing price for such a security on its principal exchange will generally be its fair value on such date. See "Fair valuation" in the Prospectus for additional information.

The NAV per share for each share Class of the 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. In determining the Fund's total net assets and calculating NAV, equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the NYSE on the valuation date. Securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, then the mean between the bid and ask prices on the primary exchange on which they trade will be used. Most debt securities, fixed income securities, and credit default swap ("CDS") contracts are valued based upon valuations provided by an independent pricing service or broker/ counterparty and reviewed by the Manager. The pricing service may use a pricing matrix to determine valuation, which reflects such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. US government and agency securities are valued at the mean between the bid and ask prices. Valuation of asset-backed securities, collateralized mortgage obligations, commercial mortgage-backed securities, and US government agency mortgage-backed securities rely upon valuations provided by an independent pricing service, which utilize matrix pricing that considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Open-end investment company securities are valued at net asset value per share, as reported by the underlying investment company. Forward foreign currency contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement or closing prices on the primary exchange or board of trade on which they trade. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices. Foreign securities and the prices of foreign securities denominated in foreign currencies are translated to US dollars at the mean between the bid and offer quotations of such currencies based on rates in effect as of the close of the NYSE.

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**Determining Offering Price and Net Asset Value**

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. Fair value pricing may be used more frequently for securities traded primarily in non-US markets. See "Fair valuation" in the Prospectus for additional information.

Subject to the Board's 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"). Prices provided by a Pricing Source take into account appropriate factors, including, but not limited to, institutional trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data.

Each Class of the Fund will bear, pro rata, all of the common expenses of the Fund. The NAVs of all outstanding shares of each Class of the Fund will be computed on a pro rata basis for each outstanding share based on the proportionate participation in the Fund represented by the value of shares of that Class. All income earned and expenses incurred by the Fund, will be borne on a pro rata basis by each outstanding share of a Class, based on each Class's percentage in the Fund represented by the value of shares of such Classes, except that Institutional Class and Class R6 shares will not incur any of the expenses under the Trust's Rule 12b-1 Plans, while the Retail Classes will bear the Rule 12b-1 Plan expenses payable under their respective Plans, and Class R6 shares will not incur any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to any broker, dealer, or other financial intermediaries. Due to the specific distribution expenses and other costs that will be allocable to each Class, the NAV of each Class of the Fund will vary.

**Redemption and Exchange**

**General Information**

You can redeem or exchange your shares in a number of different ways that are described below. Your shares will be redeemed or exchanged at a price based on the NAV next determined after the Fund receives your request in good order, subject, in the case of a redemption, to any applicable CDSC or Limited CDSC. For example, redemption or exchange requests received in good order after the time the offering price and NAV of shares are determined will be processed on the next Business Day. See "How to redeem shares" in the Prospectus. A shareholder submitting a redemption request may indicate that he or she wishes to receive redemption proceeds of a specific dollar amount. In the case of such a request, and in the case of certain redemptions from retirement plan accounts, the Fund will redeem the number of shares necessary to deduct the applicable CDSC in the case of Class C shares, and, if applicable, the Limited CDSC in the case of Class A shares and tender to the shareholder the requested amount, assuming the shareholder holds enough shares in his or her account for the redemption to be processed in this manner. Otherwise, the amount tendered to the shareholder upon redemption will be reduced by the amount of the applicable CDSC or Limited CDSC. Redemption proceeds will be distributed promptly, as described below, but not later than seven days after receipt of a redemption request.

Except as noted below, for a redemption request to be in "good order," you must provide the name of the Nomura Fund, your account number, account registration, and the total number of shares or dollar amount of the transaction. For exchange requests, you must also provide the name of the Nomura Fund in which you want to invest the proceeds. Exchange instructions and redemption requests must be signed by the record owner(s) exactly as the shares are registered. You may request a redemption or an exchange by calling the Nomura Funds Service Center at 800 523-1918. The Fund may suspend, terminate, or amend the terms of the exchange privilege upon 60 days' written notice to shareholders.

Orders for the repurchase of Fund shares that are submitted to the Nomura Fund prior to the close of its Business Day will be executed at the NAV per share computed that day (subject to the applicable CDSC or Limited CDSC), if the repurchase order was received by the financial intermediary from the shareholder prior to the time the offering price and NAV are determined on such day. The financial intermediary has the responsibility of transmitting orders to the Nomura Fund promptly. Such repurchase is then settled as an ordinary transaction with the financial intermediary (who may make a charge to the shareholder for this service) delivering the shares repurchased.

Payment for shares redeemed will ordinarily be mailed the next Business Day, but in no case later than seven days, after receipt of a redemption request in good order by either the Fund or certain other authorized persons (see "Investment Manager and Other Service Providers—Distributor"); provided, however, that each commitment to mail or wire redemption proceeds by a certain time, as described below, is modified by the qualifications described in the next paragraph.

The Fund will process written and telephone redemption requests to the extent that the purchase orders for the shares being redeemed have already settled. The Fund will honor redemption requests as to shares for which a check was tendered as payment, but the Fund will not mail or wire the proceeds until it is reasonably satisfied that the purchase check has cleared, which may take up to 15 calendar days from the purchase date. You can avoid this potential delay if you purchase shares by wiring Federal Funds. The Fund reserves the right to reject a written or telephone redemption request or delay payment of redemption proceeds if there has been a recent change to the shareholder's address of record.

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If a shareholder has been credited with a purchase by a check that is subsequently returned unpaid for insufficient funds or for any other reason, the Fund will automatically redeem from the shareholder's account the shares purchased by the check plus any dividends earned thereon. Shareholders may be responsible for any losses to the Fund or to the Distributor.

In case of a suspension of the determination of the NAV because the NYSE is closed for reasons other than weekends or holidays, or trading thereon is restricted or an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practical, or it is not reasonably practical for the Fund to fairly value its assets, or in the event that the SEC has provided for such suspension for the protection of shareholders, the Fund may postpone payment or suspend the right of redemption or repurchase. In such cases, the shareholder may withdraw the request for redemption or leave it standing as a request for redemption at the NAV next determined after the suspension has been terminated.

Payment for shares redeemed or repurchased may be made either in cash or in kind, or partly in cash and partly in kind. Any portfolio securities paid or distributed in kind would be valued as described in "Determining Offering Price and Net Asset Value" above. Subsequent sale by an investor receiving a distribution in kind could result in the payment of brokerage commissions. However, the Trust has elected to be governed by Rule 18f-1 under the 1940 Act pursuant to which the Fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1.00% of the NAV of the Fund during any 90-day period for any one shareholder.

The value of the Fund's investments is subject to changing market prices. Thus, a shareholder redeeming shares of the Fund may sustain either a gain or loss, depending upon the price paid and the price received for such shares.

Certain redemptions of Class A shares purchased at NAV may result in the imposition of a Limited CDSC. See "Contingent Deferred Sales Charge for Certain Redemptions of Class A Shares Purchased at Net Asset Value" below. Class C shares are subject to CDSCs as described in the Prospectus and under "Purchasing Shares—Contingent Deferred Sales Charge—Class C shares." Except for the applicable CDSC or Limited CDSC and, with respect to the expedited payment by wire described below for which, in the case of the Retail Classes, there may be a bank wiring cost, neither the Fund nor the Distributor charge a fee for redemptions or repurchases, but such fees could be charged at any time in the future.

Holders of Class C shares that exchange their shares ("Original Shares") for shares of other Nomura Funds (in each case, "New Shares") in a permitted exchange will not be subject to a CDSC that might otherwise be due upon redemption of the Original Shares. However, such shareholders will continue to be subject to the CDSC and any CDSC assessed upon redemption of the New Shares will be charged by the Fund from which the Original Shares were exchanged. In the case of Class C shares, shareholders will also continue to be subject to the automatic conversion schedule of the Original Shares as described in this SAI. In an exchange of Class C shares, the Fund's CDSC schedule may be higher than the CDSC schedule relating to the New Shares acquired as a result of the exchange. For purposes of computing the CDSC that may be payable upon a disposition of the New Shares, the period of time that an investor held the Original Shares is added to the period of time that an investor held the New Shares. With respect to Class C shares, the automatic conversion schedule of the Original Shares may be longer than that of the New Shares. Consequently, an investment in New Shares by exchange may subject an investor to the higher Rule 12b-1 fees applicable to Class C shares for a longer period of time than if the investment in New Shares were made directly.

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. Class C shares acquired by exchange will continue to carry the automatic conversion schedule of the fund from which the exchange is made. The holding period of Class C shares acquired by exchange will be added to that of the shares that were exchanged for purposes of determining the time of the automatic conversion to Class A shares of the fund. Holders of Class R shares of the Fund are permitted to exchange all or part of their Class R shares only for Class R shares of other Nomura Funds or, if Class R shares are not available for a particular fund, for the Class A shares of such fund. You will pay any applicable sales charge on your new shares unless eligible to purchase shares at NAV. To open an account by exchange, call your financial intermediary or the Nomura Funds Service Center at 800 523-1918.

Permissible exchanges into Class A shares of the Fund will be made without a front-end sales charge, except for exchanges of shares that were not previously subject to a front-end sales charge (unless such shares were acquired through the reinvestment of dividends). Permissible exchanges into Class C shares will be made without the imposition of a CDSC by the Nomura Fund from which the exchange is being made at the time of the exchange.

The Fund also reserves the right to refuse the purchase side of an exchange request by any person, or group if, in the Manager's judgment, the Fund would be unable to invest effectively in accordance with its investment objective and policies, or would otherwise potentially be adversely affected. A shareholder's purchase exchanges may be restricted or refused if the Fund receives or anticipates simultaneous orders affecting significant portions of the Fund's assets.

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 Fund will consider anyone who follows a pattern deemed market timing in any Nomura Fund to be a market timer. 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, we will execute the redemption side of your exchange order but may refuse the purchase side of your exchange order. See the Fund's Prospectus for more information on its market timing policies.

**Contact your financial intermediary for specific information regarding the availability and suitability of various account options described** **throughout this SAI.**

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**Redemption and Exchange**

**Written Redemption**

You can write to the Fund (at 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) to redeem some or all of your shares. The request must be signed by all owners of the account. For redemptions of more than $100,000, or when the proceeds are not sent to the shareholder(s) at the address of record, the Fund requires a signature by all owners of the account and a Medallion Signature Guarantee for each owner. A Medallion Signature Guarantee can be obtained from a commercial bank, a trust company, or a member of a Securities Transfer Association Medallion Program ("STAMP"). The Fund reserves the right to reject a signature guarantee supplied by an eligible institution based on its creditworthiness. The Fund may require further documentation from corporations, executors, retirement plans, administrators, trustees, or guardians.

Payment is normally mailed the next Business Day after receipt of your redemption request. If your Class A or Institutional Class shares are in certificate form, the certificate(s) must accompany your request and also be in good order. Certificates generally are no longer issued.

**Written Exchange**

You may also write to the Fund (at 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) to request an exchange of any or all of your shares into another Nomura Fund, subject to the same conditions and limitations as other exchanges noted above.

**Telephonic Redemption and Exchange**

To get the added convenience of the telephone redemption and exchange methods, you must have the Transfer Agent hold your shares (without charge) for you. If you hold your Class A or Institutional Class shares in certificate form, you may redeem or exchange only by written request and you must return your certificates.

***Telephone Redemption:*** The "Check to Your Address of Record" service and the "Telephone Exchange" service, both of which are described below, are automatically provided unless you notify the Fund in which you have your account in writing that you do not wish to have such services available with respect to your account. The Fund reserves the right to modify, terminate, or suspend these procedures upon 60 days' written notice to shareholders. It may be difficult to reach the Fund by telephone during periods when market or economic conditions lead to an unusually large volume of telephone requests.

The Fund and its Transfer Agent are not responsible for any shareholder loss incurred in acting upon written or telephone instructions for redemption or exchange of Fund shares that are reasonably believed to be genuine. With respect to such telephone transactions, the Fund will follow reasonable procedures to confirm that instructions communicated by telephone are genuine (including verification of personal identification). Also, shareholders should verify their trade confirmations immediately upon receipt. Telephone instructions received by the Fund are generally recorded, and a written confirmation will be provided for all purchase, exchange, and redemption transactions initiated by telephone. By exchanging shares by telephone, you are acknowledging prior receipt of a prospectus for the Nomura Fund into which your shares are being exchanged.

***Telephone Redemption — Check to Your Address of Record:*** The Telephone Redemption feature is a quick and easy method to redeem shares. You or your financial intermediary (where applicable) can have redemption proceeds of $100,000 or less mailed to you at your address of record. Checks will be payable to the shareholder(s) of record. Payment is normally mailed the next Business Day after receipt of the redemption request. This service is only available to individual, joint, and individual fiduciary-type accounts.

***Telephone Redemption — Proceeds to Your Bank:*** Redemption proceeds of $1,000 or more can be transferred to your predesignated bank account by wire or by check. You should authorize this service when you open your account. If you change your predesignated bank account, you must complete an authorization form and have your Medallion Signature Guarantee. For your protection, your authorization must be on file. If you request a wire, your funds will normally be sent the next Business Day. If the proceeds are wired to the shareholder's account at a bank that is not a member of the Federal Reserve System, there could be a delay in the crediting of the funds to the shareholder's bank account. A bank wire fee may be deducted from Fund Class redemption proceeds. If you ask for a check, it will normally be mailed the next Business Day after receipt of your redemption request to your predesignated bank account. There are no separate fees for this redemption method, but mailing a check may delay the time it takes to have your redemption proceeds credited to your predesignated bank account. Call the Nomura Funds Service Center at 800 523-1918 prior to the time the offering price and NAV are determined, as noted above.

***Telephone Exchange:*** The telephone exchange feature is a convenient and efficient way to adjust your investment holdings as your liquidity requirements and investment objectives change. You or your financial intermediary can exchange your shares into other Nomura Funds under the same registration, subject to the same conditions and limitations as other exchanges noted above. As with the written exchange service, telephone exchanges are subject to the requirements of the Fund, as described above. Telephone exchanges may be subject to limitations as to amount or frequency.

The telephone exchange privilege is intended as a convenience to shareholders and is not intended to be a vehicle to speculate on short-term swings in the securities market through frequent transactions into and out of the Nomura Funds. Telephone exchanges may be subject to limitations as to amount or frequency. The Transfer Agent and the Fund reserves the right to record exchange instructions received by telephone and to reject exchange requests at any time in the future.

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**On Demand Service**

You or your financial intermediary may request redemptions of Fund shares by phone using the on demand service. When you authorize the Fund to accept such requests from you or your financial intermediary, funds will be deposited to your predesignated bank account. Your request will be processed the same day if you call prior to 4:00pm Eastern time. There is a $25 minimum and $100,000 maximum limit for on demand service transactions. For more information, see "Investment Plans — On Demand Service" above.

**Systematic Withdrawal Plans**

Shareholders who own or purchase $5,000 or more of shares at the offering price, or NAV, as applicable, for which certificates have not been issued may establish a systematic withdrawal plan for monthly withdrawals of $25 or more, or quarterly withdrawals of $75 or more, although the Fund does not recommend any specific amount of withdrawal. This is particularly useful to shareholders living on fixed incomes, since it can provide them with a stable supplemental amount. This $5,000 minimum does not apply to investments made through qualified retirement plans. Shares purchased with the initial investment and through reinvestment of cash dividends and realized securities profits distributions will be credited to the shareholder's account and sufficient full and fractional shares will be redeemed at the NAV calculated on the third Business Day preceding the mailing date.

Checks are dated either the 1st or the 15th of the month, as selected by the shareholder (unless such date falls on a holiday or a weekend), and are normally mailed within two Business Days. Both ordinary income dividends and realized securities profits distributions will be automatically reinvested in additional shares of the Class at NAV. This plan is not recommended for all investors and should be started only after careful consideration of its operation and effect upon the investor's savings and investment program. To the extent that withdrawal payments from the plan exceed any dividends and/or realized securities profits distributions paid on shares held under the plan, the withdrawal payments will represent a return of capital, and the share balance may in time be depleted, particularly in a declining market. Shareholders should not purchase additional shares while participating in a systematic withdrawal plan.

The sale of shares for withdrawal payments constitutes a taxable event and a shareholder may incur a capital gain or loss for federal income tax purposes. This gain or loss may be long term or short term depending on the holding period for the specific shares liquidated. Premature withdrawals from retirement plans may have adverse tax consequences.

Withdrawals under this plan made concurrently with the purchases of additional shares may be disadvantageous to the shareholder. Purchases of Class A shares through a periodic investment program in the Fund must be terminated before a systematic withdrawal plan with respect to such shares can take effect, except if the shareholder is a participant in a retirement plan offering Nomura Funds or is investing in Nomura Funds that do not carry a sales charge. Redemptions of Class A shares pursuant to a systematic withdrawal plan may be subject to a Limited CDSC if the purchase was made at NAV and a dealer's commission has been paid on that purchase. The applicable Limited CDSC for Class A shares and 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 was established. If the annual amount withdrawn in any year exceeds 12% of the account balance on the date that the systematic withdrawal plan was established, all redemptions under the plan will be subject to the applicable CDSC, including an assessment for previously redeemed amounts under the plan. Whether a waiver of the CDSC is available or not, the first shares to be redeemed for each systematic withdrawal plan payment will be those not subject to a CDSC because they have either satisfied the required holding period or were acquired through the reinvestment of distributions. See the Prospectus for more information about the waiver of CDSCs.

An investor wishing to start a systematic withdrawal plan must complete an authorization form. If the recipient of systematic withdrawal plan payments is other than the registered shareholder, the authorization form must contain a Medallion Signature Guarantee. Each signature guarantee must be supplied by an eligible guarantor institution. The Fund reserves the right to reject a signature guarantee supplied by an eligible institution based on its creditworthiness. This plan may be terminated by the shareholder or the Transfer Agent at any time by giving written notice.

Systematic withdrawal plan payments are normally made by check. In the alternative, you may elect to have your payments transferred from your Fund account to your predesignated bank account through the on demand service. Your funds will normally be credited to your bank account up to four Business Days after the payment date. There are no separate fees for this redemption method. It may take up to four Business Days for the transactions to be completed. You can initiate this service by completing an Account Services form. If your name and address are not identical to the name and address on your Fund account, you must have your Medallion Signature Guarantee. The Fund does not charge a fee for this service; however, your bank may charge a fee.

**Contingent Deferred Sales Charge for Certain Redemptions of Class A Shares Purchased at Net Asset Value**

For purchases that meet or exceed certain amounts as stated in the Prospectus, a Limited CDSC as stated in the Prospectus will be imposed on certain redemptions of Class A shares (or shares into which such Class A shares are exchanged) if such shares are redeemed during the time period stated in the Prospectus, if such purchases were made at NAV and triggered the payment by the Distributor of the dealer's commission described above in "Dealer's Commission" under "Purchasing Shares."

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**Redemption and Exchange**

The Limited CDSC will be paid to the Distributor and will be assessed on an amount equal to the lesser of: (i) the NAV at the time of purchase of the Class A shares being redeemed; or (ii) 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.

Redemptions of such Class A shares held for more than the holding period, as set forth in the Prospectus, will not be subject to the Limited CDSC and an exchange of such Class A shares into another Nomura Fund will not trigger the imposition of the Limited CDSC at the time of such exchange. The period a shareholder owns shares into which Class A shares are exchanged will count toward satisfying the holding period. The Limited CDSC is assessed if such holding period is not satisfied irrespective of whether the redemption triggering its payment is of Class A shares of a Fund or Class A 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. The Limited CDSC will not be imposed upon shares representing reinvested dividends or capital gains distributions, or upon amounts representing share appreciation.

**Waivers of Contingent Deferred Sales Charges**

The Limited CDSC applicable to Class A shares and the CDSC applicable to Class C shares are waived in certain instances, for example, such as a qualified distribution or due to death of the account holder/joint account holder. Please see the Prospectus for more information about instances in which the Limited CDSC applicable to Class A shares and the CDSC applicable to Class C shares may be waived.

As disclosed in the Prospectus, certain retirement plans that contain certain legacy assets may redeem shares without paying a CDSC. The following plans may redeem shares without paying a CDSC:

● The redemption must be made by a group defined contribution retirement plan that purchased Class A shares through a retirement plan alliance program that required shares to be available at NAV and Retired Financial Services, Inc. ("RFS") served as the sponsor of the alliance program or had a product participation agreement with the sponsor of the alliance program that specified that the limited CDSC would be waived.

● The redemption must be made by any group retirement plan (excluding defined benefit pension plans) that purchased Class C shares prior to a recordkeeping transition period from August 2004 to October 2004 and purchased shares through a retirement plan alliance program, provided that (i) RFS was the sponsor of the alliance program or had a product participation agreement with the sponsor of the alliance program and (ii) RFS provided fully bundled retirement plan services and maintained participant records on its proprietary recordkeeping system.

● Class C shares that are or were held in a qualified retirement plan account serviced by third-party administrators will not be subject to a CDSC upon the redemption of such shares regardless of the length of time the shares were held by the shareholder.

**Distributions and Taxes**

**Distributions**

The following supplements the information in the Prospectus.

The policy of the Trust is to distribute substantially all of the Fund's net investment income and net realized capital gains, if any, in the amount and at the times that will allow the Fund to avoid incurring any material amounts of federal income or excise taxes.

Each Class of shares of the Fund will share proportionately in its investment income and expenses, except that each Retail Class alone will incur distribution fees under its respective Rule 12b-1 Plan.

All dividends and any capital gains distributions will be automatically reinvested in additional shares of the same Class of the Fund at NAV, unless otherwise designated in writing that such dividends and/or distributions be paid in cash.

Any check in payment of dividends or other distributions that cannot be delivered by the US Postal Service or that remains uncashed for a period of more than one year may be reinvested in the shareholder's account at the then-current NAV and the dividend option may be changed from cash to reinvest. The Fund may deduct from a shareholder's account the costs of the Fund's efforts to locate the shareholder if the shareholder's mail is returned by the US Postal Service or the Fund is otherwise unable to locate the shareholder or verify the shareholder's mailing address. These costs may include a percentage of the account when a search company charges a percentage fee in exchange for their location services.

**Taxes**

The following is a summary of certain additional tax considerations generally affecting the Fund and its shareholders that are not described in the Prospectus. No attempt is made to present a detailed explanation of the tax treatment of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended as a substitute for careful tax planning.

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This "Distributions and Taxes" section is based on the Internal Revenue Code and applicable regulations in effect on the date of this SAI. Future legislative, regulatory or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the tax rules applicable to the Fund and its shareholders. Any of these changes or court decisions may have a retroactive effect.

***This is for general information only and not tax advice. All investors should consult their own tax advisors as to the federal, state, local,*** ***and foreign tax provisions applicable to them.***

**Taxation of the Fund.** The Fund has elected and intends to qualify each year as a regulated investment company (sometimes referred to as a "regulated investment company," "RIC" or "fund") under Subchapter M of the Internal Revenue Code. If the Fund so qualifies, the Fund will not be subject to federal income tax on the portion of its investment company taxable income (that is, generally, taxable interest, dividends, net short-term capital gains, and other taxable ordinary income, net of expenses, without regard to the deduction for dividends paid) and net capital gain (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes to shareholders.

In order to qualify for treatment as a regulated investment company, the Fund must satisfy the following requirements:

● Distribution Requirement — the Fund must distribute an amount equal to the sum of at least 90% of its investment company taxable income and 90% of its net tax-exempt income, if any, for the tax year (including, for purposes of satisfying this distribution requirement, certain distributions made by the Fund after the close of its taxable year that are treated as made during such taxable year).

● Income Requirement — the Fund must derive at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived from its business of investing in such stock, securities or currencies and net income derived from qualified publicly traded partnerships ("QPTPs").

● Asset Diversification Test — the Fund must satisfy the following asset diversification test at the close of each quarter of the Fund's tax year: (1) at least 50% of the value of the Fund's assets must consist of cash and cash items, US government securities, securities of other regulated investment companies, and securities of other issuers (as to which the Fund has not invested more than 5% of the value of the Fund's total assets in securities of an issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of the issuer); and (2) no more than 25% of the value of the Fund's total assets may be invested in the securities of any one issuer (other than US government securities or securities of other regulated investment companies) or of two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses, or, in the securities of one or more QPTPs.

In some circumstances, the character and timing of income realized by the Fund for purposes of the Income Requirement or the identification of the issuer for purposes of the Asset Diversification Test is uncertain under current law with respect to a particular investment, and an adverse determination or future guidance by the IRS with respect to such type of investment may adversely affect the Fund's ability to satisfy these requirements. See, "Tax Treatment of Fund Transactions" below with respect to the application of these requirements to certain types of investments. In other circumstances, the Fund may be required to sell portfolio holdings in order to meet the Income Requirement, Distribution Requirement, or Asset Diversification Test, which may have a negative impact on the Fund's income and performance.

The Fund may use "equalization accounting" (in lieu of making some cash distributions) in determining the portion of its income and gains that has been distributed. If the Fund uses equalization accounting, it will allocate a portion of its undistributed investment company taxable income and net capital gain to redemptions of Fund shares and will correspondingly reduce the amount of such income and gains that it distributes in cash. If the IRS determines that the Fund's allocation is improper and that the Fund has under-distributed its income and gain for any taxable year, the Fund may be liable for federal income and/or excise tax. If, as a result of such adjustment, the Fund fails to satisfy the Distribution Requirement, the Fund will not qualify that year as a regulated investment company the effect of which is described in the following paragraph.

If for any taxable year the Fund does not qualify as a regulated investment company, all of its taxable income (including its net capital gain) would be subject to tax at the corporate income tax rate without any deduction for dividends paid to shareholders, and the dividends would be taxable to the shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the Fund's current and accumulated earnings and profits. Failure to qualify as a regulated investment company would thus have a negative impact on the Fund's income and performance. Subject to savings provisions for certain failures to satisfy the Income Requirement or Asset Diversification Test, which, in general, are limited to those due to reasonable cause and not willful neglect, it is possible that the Fund will not qualify as a regulated investment company in any given tax year. Even if such savings provisions apply, the Fund may be subject to a monetary sanction of $50,000 or more. Moreover, the Board reserves the right not to maintain the qualification of the Fund as a regulated investment company if it determines such a course of action to be beneficial to shareholders.

*Portfolio turnover.* For investors that hold their Fund shares in a taxable account, a high portfolio turnover rate may result in higher taxes. This is because a fund with a high turnover rate is likely to accelerate the recognition of capital gains and more of such gains are likely to be taxable as short-term rather than long-term capital gains in contrast to a comparable fund with a low turnover rate. Any such higher taxes would reduce the Fund's after-tax performance. See, "Taxation of Fund Distributions — Distributions of capital gains" below. For non-US investors, any such acceleration of the recognition of capital gains that results in more short-term and less long-term capital gains being recognized by the Fund may cause such investors to be subject to increased US withholding taxes. See, "Non-US Investors — Capital gain dividends" and "— Interest-related dividends and short-term capital gain dividends" below.

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**Distributions and Taxes**

*Capital loss carryovers.* The capital losses of the Fund, if any, do not flow through to shareholders. Rather, the Fund may use its capital losses, subject to applicable limitations, to offset its capital gains without being required to pay taxes on or distribute to shareholders such gains that are offset by the losses. If the Fund has a "net capital loss" (that is, capital losses in excess of capital gains), the excess (if any) of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. Any such net capital losses of the Fund that are not used to offset capital gains may be carried forward indefinitely to reduce any future capital gains realized by the Fund in succeeding taxable years.

The amount of capital losses that can be carried forward and used in any single year is subject to an annual limitation if there is a more than 50% "change in ownership" of the Fund. An ownership change generally results when shareholders owning 5% or more of the Fund increase their aggregate holdings by more than 50% over a 3-year look-back period. An ownership change could result in capital loss carryovers being used at a slower rate, thereby reducing the Fund's ability to offset capital gains with those losses. An increase in the amount of taxable gains distributed to the Fund's shareholders could result from an ownership change. The Fund undertakes no obligation to avoid or prevent an ownership change, which can occur in the normal course of shareholder purchases and redemptions or as a result of engaging in a tax-free reorganization with another fund. Moreover, because of circumstances beyond the Fund's control, there can be no assurance that the Fund will not experience, or has not already experienced, an ownership change. Additionally, if the Fund engages in a tax-free reorganization with another fund, the effect of these and other rules not discussed herein may be to disallow or postpone the use by the Fund of its capital loss carryovers (including any current year losses and built-in losses when realized) to offset its own gains or those of the other fund, or vice versa, thereby reducing the tax benefits Fund shareholders would otherwise have enjoyed from use of such capital loss carryovers.

*Deferral of late year losses.* The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year (see, "Taxation of Fund Distributions — Distributions of capital gains" below). A "qualified late year loss" includes:

<sup>(i)</sup> any net capital loss incurred after October 31 of the current taxable year, or, if there is no such loss, any net long-term capital loss or any net short-term capital loss incurred after October 31 of the current taxable year ("post-October capital losses"), and

<sup>(ii)</sup> the sum of (1) the excess, if any, of (a) specified losses incurred after October 31 of the current taxable year, over (b) specified gains incurred after October 31 of the current taxable year and (2) the excess, if any, of (a) ordinary losses incurred after December 31 of the current taxable year, over (b) the ordinary income incurred after December 31 of the current taxable year.

The terms "specified losses" and "specified gains" mean ordinary losses and gains from the sale, exchange, or other disposition of property (including the termination of a position with respect to such property), foreign currency losses and gains, and losses and gains resulting from holding stock in a passive foreign investment company ("PFIC") for which a mark-to-market election is in effect. The terms "ordinary losses" and "ordinary income" mean other ordinary losses and income that are not described in the preceding sentence. Special rules apply to a fund with a fiscal year ending in November or December that elects to use its taxable year for determining its capital gain net income for excise tax purposes.

*Undistributed capital gains.* The Fund may retain or distribute to shareholders its net capital gain for each taxable year. The Fund currently intends to distribute net capital gains. If the Fund elects to retain its net capital gain, the Fund will be taxed thereon (except to the extent of any available capital loss carryovers) at the corporate income tax rate. If the Fund elects to retain its net capital gain, it is expected that the Fund also will elect to have shareholders treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will be required to report its pro rata share of such gain on its tax return as long-term capital gain, will receive a refundable tax credit for its pro rata share of tax paid by the Fund on the gain, and will increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.

*Federal excise tax.* To avoid a 4% nondeductible excise tax, the Fund must distribute by December 31 of each year an amount equal to at least: (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (that is, the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges) for the one-year period ended on October 31 of such calendar year (or, at the election of a regulated investment company having a taxable year ending November 30 or December 31, for its taxable year), and (3) any prior year undistributed ordinary income and capital gain net income. The Fund may elect to defer to the following year any net ordinary loss incurred for the portion of the calendar year that is after the beginning of the Fund's taxable year. Also, the Fund will defer any "specified gain" or "specified loss" that would be properly taken into account for the portion of the calendar year after October 31. Any net ordinary loss, specified gain, or specified loss deferred shall be treated as arising on January 1 of the following calendar year. Generally, the Fund intends to make sufficient distributions prior to the end of each calendar year to avoid any material liability for federal income and excise tax, but can give no assurances that all or a portion of such liability will be avoided. In addition, under certain circumstances, temporary timing or permanent differences in the realization of income and expense for book and tax purposes can result in the Fund having to pay an excise tax.

*Foreign income tax.* Investment income received by the Fund from sources within foreign countries may be subject to foreign income tax withheld at the source and the amount of tax withheld generally will be treated as an expense of the Fund. The US has entered into tax treaties with many foreign countries that entitle the Fund to a reduced rate of, or exemption from, tax on such income. Some countries require the filing of a tax reclaim or other forms to receive the benefit of the reduced tax rate; whether or when the Fund will receive the tax reclaim is within the control of the individual country. Information required on these forms may not be available such as shareholder information; therefore, the Fund may not receive

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the reduced treaty rates or potential reclaims. Other countries have conflicting and changing instructions and restrictive timing requirements which may cause the Fund not to receive the reduced treaty rates or potential reclaims. Other countries may subject capital gains realized by the Fund on sale or disposition of securities of that country to taxation. It is impossible to determine the effective rate of foreign tax in advance since the amount of the Fund's assets to be invested in various countries is not known. Under certain circumstances, the Fund may elect to pass-through foreign taxes paid by the Fund to shareholders, although it reserves the right not to do so. If the Fund makes such an election and obtains a refund of foreign taxes paid by the Fund in a prior year, the Fund may be eligible to reduce the amount of foreign taxes reported by the Fund to its shareholders, generally by the amount of the foreign taxes refunded, for the year in which the refund is received.

***Taxation of Fund Distributions.*** The Fund anticipates distributing substantially all of its investment company taxable income and net capital gain for each taxable year. Distributions by the Fund will be treated in the manner described below regardless of whether such distributions are paid in cash or reinvested in additional shares of the Fund (or of another fund). The Fund will send you information annually as to the federal income tax consequences of distributions made (or deemed made) during the year.

*Distributions of net investment income.* The Fund receives ordinary income generally in the form of dividends and/or interest on its investments. The Fund may also recognize ordinary income from other sources, including, but not limited to, certain gains on foreign currency-related transactions. This income, less expenses incurred in the operation of the Fund, constitutes the Fund's net investment income from which dividends may be paid to you. If you are a taxable investor, distributions of net investment income generally are taxable as ordinary income to the extent of the Fund's earnings and profits. In the case of a fund whose strategy includes investing in stocks of corporations, a portion of the income dividends paid to you may be qualified dividends eligible to be taxed at reduced rates. See the discussion below under the headings, "—Qualified dividend income for individuals" and "—Dividends-received deduction for corporations."

*Distributions of capital gains.* The Fund may derive capital gain and loss in connection with sales or other dispositions of its portfolio securities. Distributions derived from the excess of net short-term capital gain over net long-term capital loss will be taxable to you as ordinary income. Distributions paid from the excess of net long-term capital gain over net short-term capital loss will be taxable to you as long-term capital gain, regardless of how long you have held your shares in the Fund. Any net short-term or long-term capital gain realized by the Fund (net of any capital loss carryovers) generally will be distributed once each year and may be distributed more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund.

*Returns of capital.* Distributions by the Fund that are not paid from earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the shareholder's tax basis in their shares; any excess will be treated as gain from the sale of the shares. Thus, the portion of a distribution that constitutes a return of capital will decrease the shareholder's tax basis in their Fund shares (but not below zero), and will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the shareholder for tax purposes on the later sale of Fund shares. Return of capital distributions can occur for a number of reasons including, among others, the Fund over-estimates the income to be received from certain investments such as those classified as partnerships or equity real estate investment trusts ("REITs") (see, "Tax Treatment of Fund Transactions — Investments in US REITs" below).

*Qualified dividend income for individuals.* Ordinary income dividends reported by the Fund to shareholders as derived from qualified dividend income will be taxed in the hands of individuals and other noncorporate shareholders at the rates applicable to long-term capital gain. "Qualified dividend income" means dividends paid to the Fund (a) by domestic corporations, (b) by foreign corporations that are either (i) incorporated in a possession of the US, or (ii) are eligible for benefits under certain income tax treaties with the US that include an exchange of information program, or (c) with respect to stock of a foreign corporation that is readily tradable on an established securities market in the US. Both the Fund and the investor must meet certain holding period requirements to qualify Fund dividends for this treatment. Specifically, the Fund must hold the stock for at least 61 days during the 121-day period beginning 60 days before the stock becomes ex-dividend. Similarly, investors must hold their Fund shares for at least 61 days during the 121-day period beginning 60 days before the Fund distribution goes ex-dividend. Income derived from investments in derivatives, fixed income securities, US REITs, PFICs, and income received "in lieu of" dividends in a securities lending transaction generally is not eligible for treatment as qualified dividend income. If the qualifying dividend income received by the Fund is equal to or greater than 95% of the Fund's gross income (exclusive of net capital gain) in any taxable year, all of the ordinary income dividends paid by the Fund will be qualifying dividend income.

*Dividends-received deduction for corporations.* For corporate shareholders, a portion of the dividends paid by the Fund may qualify for the 50% corporate dividends-received deduction. The portion of dividends paid by the Fund that so qualifies will be reported by the Fund to shareholders each year and cannot exceed the gross amount of dividends received by the Fund from domestic (US) corporations. The availability of the dividends-received deduction is subject to certain holding period and debt financing restrictions that apply to both the Fund and the investor. Specifically, the amount that the Fund may report as eligible for the dividends-received deduction will be reduced or eliminated if the shares on which the dividends earned by the Fund were debt-financed or held by the Fund for less than a minimum period of time, generally 46 days during a 91-day period beginning 45 days before the stock becomes ex-dividend. Similarly, if your Fund shares are debt-financed or held by you for less than a 46-day period then the dividends-received deduction for Fund dividends on your shares may also be reduced or eliminated. Income derived by the Fund from investments in derivatives, fixed income and foreign securities generally is not eligible for this treatment.

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**Distributions and Taxes**

*Qualified REIT dividends.* Under 2017 legislation commonly known as the Tax Cuts and Jobs Act, "qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income) are treated as eligible for a 20% deduction by noncorporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). The Fund may choose to pass through the special character of "qualified REIT dividends" to its shareholders. The amount of a RIC's dividends eligible for the 20% deduction for a taxable year is limited to the excess of the RIC's qualified REIT dividends for the taxable year over allocable expenses. A noncorporate shareholder receiving such dividends would treat them as eligible for the 20% deduction, provided the shareholder meets certain holding period requirements for its shares in the RIC (i.e., generally, RIC shares must be held by the shareholder for more than 45 days during the 91-day period beginning on the date that is 45 days before the date on which the shares become ex-dividend with respect to such dividend).

*Business interest income.* Under Section 163(j) of the Code, enacted by the Tax Cuts and Jobs Act, generally, the amount of business interest that a taxpayer can deduct for any year is limited to the taxpayer's (i) business interest income (which is the amount of interest includible in the gross income of the taxpayer which is properly allocable to a trade or business, but does not include investment income) plus (ii) 30% (or possibly 50% for tax years beginning in 2019 and 2020) of adjusted taxable income (but not less than zero) plus (iii) floor plan financing interest. The Fund is permitted to pass-through its net business interest income (generally the Fund's interest income less applicable expenses and deductions) as a "Section 163(j) interest dividend." The amount passed through to shareholders is considered interest income and can then be used to determine such shareholder's business interest deduction under Section 163(j), if any, subject to holding period requirements and other limitations. The Fund may choose not to report such Section 163(j) interest dividends.

*Impact of realized but undistributed income and gains, and net unrealized appreciation of portfolio securities.* At the time of your purchase of shares, the Fund's NAV may reflect undistributed income, undistributed capital gains, or net unrealized appreciation of portfolio securities held by the Fund. A subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable, and would be taxed as ordinary income (some portion of which may be taxed as qualified dividend 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 individual retirement account. The Fund may be able to reduce the amount of such distributions from capital gains by utilizing its capital loss carryovers, if any.

*Pass-through of foreign tax credits.* If more than 50% of the Fund's total assets at the end of a fiscal year is invested in foreign securities, the Fund may elect to pass through to you your pro rata share of foreign taxes paid by the Fund. If this election is made, the Fund may report more taxable income to you than it actually distributes. You will then be entitled either to deduct your share of these taxes in computing your taxable income, or to claim a foreign tax credit for these taxes against your US federal income tax (subject to limitations for certain shareholders). The Fund will provide you with the information necessary to claim this deduction or credit on your personal income tax return if it makes this election. No deduction for foreign tax may be claimed by a noncorporate shareholder who does not itemize deductions or who is subject to the alternative minimum tax. Shareholders may be unable to claim a credit for the full amount of their proportionate shares of the foreign income tax paid by the Fund due to certain limitations that may apply. The Fund reserves the right not to pass through to its shareholders the amount of foreign income taxes paid by the Fund. Additionally, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass through of foreign tax credits to shareholders. See, "Tax Treatment of Fund Transactions—Securities lending" below.

*Tax credit bonds.* If the Fund holds, directly or indirectly, one or more "tax credit bonds" (including build America bonds, clean renewable energy bonds and qualified tax credit bonds) on one or more applicable dates during a taxable year, the Fund may elect to permit its shareholders to claim a tax credit on their income tax returns equal to each shareholder's proportionate share of tax credits from the applicable bonds that otherwise would be allowed to the Fund. In such a case, shareholders must include in gross income (as interest) their proportionate share of the income attributable to their proportionate share of those offsetting tax credits. A shareholder's ability to claim a tax credit associated with one or more tax credit bonds may be subject to certain limitations imposed by the Internal Revenue Code. (Under the Tax Cuts and Jobs Act, the build America bonds, clean renewable energy bonds and certain other qualified bonds may no longer be issued after December 31, 2017.) Even if the Fund is eligible to pass through tax credits to shareholders, the Fund may choose not to do so.

*US government securities.* Income earned on certain US government obligations is exempt from state and local personal income taxes if earned directly by you. States also grant tax-free status to dividends paid to you from interest earned on direct obligations of the US government, subject in some states to minimum investment or reporting requirements that must be met by the Fund. Income on investments by the Fund in certain other obligations, such as repurchase agreements collateralized by US government obligations, commercial paper and federal agency-backed obligations (e.g., Ginnie Mae or Fannie Mae obligations), generally does not qualify for tax-free treatment. The rules on exclusion of this income are different for corporations.

*Dividends declared in December and paid in January.* Ordinarily, shareholders are required to take distributions by the Fund into account in the year in which the distributions are made. However, dividends declared in October, November, or December of any year and payable to shareholders of record on a specified date in such a month will be deemed to have been received by the shareholders (and made by the Fund) on December 31 of such calendar year if such dividends are actually paid in January of the following year. Shareholders will be advised annually as to the US federal income tax consequences of distributions made (or deemed made) during the year in accordance with the guidance that has been provided by the IRS.

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*Medicare tax.* A 3.8% Medicare tax is imposed on net investment income earned by certain individuals, estates and trusts. "Net investment income," for these purposes, means 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, reduced by the deductions properly allocable to such income. In the case of an individual, the tax will be imposed on the lesser of (1) the shareholder's net investment income or (2) the amount by which the shareholder's modified adjusted gross income exceeds $250,000 (if the shareholder is married and filing jointly or a surviving spouse), $125,000 (if the shareholder is married and filing separately) or $200,000 (in any other case). This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

***Sales, Exchanges, and Redemptions of Fund Shares.*** Sales, exchanges and redemptions (including redemptions in kind) of Fund shares are taxable transactions for federal and state income tax purposes. If you redeem your Fund shares, the IRS requires you to report any gain or loss on your redemption. If you held your shares as a capital asset, the gain or loss that you realize will be a capital gain or loss and will be long-term or short-term, generally depending on how long you have held your shares. Any redemption fees you incur on shares redeemed will decrease the amount of any capital gain (or increase any capital loss) you realize on the sale. Capital losses in any year are deductible only to the extent of capital gains plus, in the case of a noncorporate taxpayer, $3,000 of ordinary income.

*Tax basis information.* The Fund is required to report to you and the IRS annually on Form 1099-B the cost basis of shares purchased or acquired on or after January 1, 2012 where the cost basis of the shares is known by the Fund (referred to as "covered shares") and that are disposed of after that date. However, cost basis reporting is not required for certain shareholders, including shareholders investing in the Fund through a tax-advantaged retirement account, such as a 401(k) plan or an individual retirement account.

When required to report cost basis, the Fund will calculate it using the Fund's default method, unless you instruct the Fund to use a different calculation method. For additional information regarding the Fund's available cost basis reporting methods, including its default method, please contact the Fund. If you hold your Fund shares through a broker (or other nominee), please contact that broker (nominee) with respect to reporting of cost basis and available elections for your account.

The IRS permits the use of several methods to determine the cost basis of mutual fund shares. The method used will determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing share prices, and the entire position is not sold at one time. The Fund does not recommend any particular method of determining cost basis, and the use of other methods may result in more favorable tax consequences for some shareholders. It is important that you consult with your tax advisor to determine which method is best for you and then notify the Fund if you intend to utilize a method other than the Fund's default method for covered shares. If you do not notify the Fund of your elected cost basis method upon the initial purchase into your account, the default method will be applied to your covered shares.

The Fund will compute and report the cost basis of your Fund shares sold or exchanged by taking into account all of the applicable adjustments to cost basis and holding periods as required by the Internal Revenue Code and Treasury regulations for purposes of reporting these amounts to you and the IRS. However the Fund is not required to, and in many cases the Fund does not possess the information to, take all possible basis, holding period or other adjustments into account in reporting cost basis information to you. Therefore, shareholders should carefully review the cost basis information provided by the Fund.

Please refer to the Fund's website at nomuraassetmanagement.com/USfunds for additional information.

*Wash sales.* All or a portion of any loss that you realize on a redemption of your Fund shares will be disallowed to the extent that you buy other shares in the Fund (through reinvestment of dividends or otherwise) within 30 days before or after your share redemption. Any loss disallowed under these rules will be added to your tax basis in the new shares.

*Redemptions at a loss within six months of purchase.* Any loss incurred on a redemption or exchange of shares held for six months or less will be treated as long-term capital loss to the extent of any long-term capital gain distributed to you by the Fund on those shares.

*Deferral of basis.* If a shareholder (a) incurs a sales load in acquiring shares of the Fund, (b) disposes of such shares less than 91 days after they are acquired, and (c) subsequently acquires shares of the Fund or another fund by January 31 of the calendar year following the calendar year in which the disposition of the original shares occurred at a reduced sales load pursuant to a right to reinvest at such reduced sales load acquired in connection with the acquisition of the shares disposed of, then the sales load on the shares disposed of (to the extent of the reduction in the sales load on the shares subsequently acquired) shall not be taken into account in determining gain or loss on the shares disposed of, but shall be treated as incurred on the acquisition of the shares subsequently acquired. The wash sale rules may also limit the amount of loss that may be taken into account on disposition after such adjustment.

*Conversion of shares into shares of the* <u>*<u>same</u>*</u> *Fund.* The conversion or exchange of shares of one class into another class of the same Fund is not taxable for federal income tax purposes. Thus, the following transactions, if permissible, would generally be tax-free for federal income tax purposes:

● the exchange of Class A shares for Institutional Class shares of the same Fund by certain Programs,

● the automatic conversion of Class C shares into Class A shares of the same Fund approximately eight years after purchase,

● the exchange of Class C shares for Class A shares or Institutional Class shares of the same Fund by certain Programs,

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**Distributions and Taxes**

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● the exchange of Institutional Class shares for Class C shares of the same Fund by certain shareholders of Institutional Class shares who cease participation in a Program,

● the exchange of Class R6 shares for Class A shares or Institutional Class shares of the same Fund by certain Programs, and

● the exchange of Institutional Class shares for Class A shares or Class C shares of the same Fund by certain shareholders of Institutional Class shares who cease participation in a Program.

However, shareholders should consult their tax advisors regarding the state and local tax consequences of a conversion or exchange of shares.

*Reportable transactions.* Under Treasury regulations, if a shareholder recognizes a loss with respect to the Fund's shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on Form 8886. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

***Tax Treatment of Fund Transactions.*** Set forth below is a general description of the tax treatment of certain types of securities, investment techniques and transactions that may apply to a fund and, in turn, affect the amount, character and timing of dividends and distributions payable by the fund to its shareholders. This section should be read in conjunction with the discussion above under "Investment Strategies and Risks" for a detailed description of the various types of securities and investment techniques that apply to the Fund.

*In general.* In general, gain or loss recognized by a fund on the sale or other disposition of portfolio investments will be a capital gain or loss. Such capital gain and loss may be long-term or short-term depending, in general, upon the length of time a particular investment position is maintained and, in some cases, upon the nature of the transaction. Property held for more than one year generally will be eligible for long-term capital gain or loss treatment. The application of certain rules described below may serve to alter the manner in which the holding period for a security is determined or may otherwise affect the characterization as long-term or short-term, and also the timing of the realization and/or character, of certain gains or losses.

*Certain fixed income investments.* Gain recognized on the disposition of a debt obligation purchased by a fund at a market discount (generally, at a price less than its principal amount) will be treated as ordinary income to the extent of the portion of the market discount that accrued during the period of time the fund held the debt obligation unless the fund made a current inclusion election to accrue market discount into income as it accrues. If a fund purchases a debt obligation (such as a zero coupon security or payment-in-kind security) that was originally issued at a discount, the fund generally is required to include in gross income each year the portion of the original issue discount that accrues during such year. Therefore, a fund's investment in such securities may cause the fund to recognize income and make distributions to shareholders before it receives any cash payments on the securities. To generate cash to satisfy those distribution requirements, a fund may have to sell portfolio securities that it otherwise might have continued to hold or to use cash flows from other sources such as the sale of fund shares.

*Investments in debt obligations that are at risk of or in default present tax issues for a fund.* Tax rules are not entirely clear about issues such as whether and to what extent a fund should recognize market discount on a debt obligation, when a fund may cease to accrue interest, original issue discount or market discount, when and to what extent a fund may take deductions for bad debts or worthless securities and how a fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by a fund in order to ensure that it distributes sufficient income to preserve its status as a regulated investment company.

*Options, futures, forward contracts, swap agreements, and hedging transactions.* In general, option premiums received by a fund are not immediately included in the income of the fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the fund transfers or otherwise terminates the option (e.g., through a closing transaction). If an option written by a fund is exercised and the fund sells or delivers the underlying stock, the fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the fund minus (b) the fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by a fund pursuant to the exercise of a put option written by it, the fund generally will subtract the premium received from its cost basis in the securities purchased. The gain or loss with respect to any termination of a fund's obligation under an option other than through the exercise of the option and related sale or delivery of the underlying stock generally will be short-term gain or loss depending on whether the premium income received by the fund is greater or less than the amount paid by the fund (if any) in terminating the transaction. Thus, for example, if an option written by a fund expires unexercised, the fund generally will recognize short-term gain equal to the premium received.

The tax treatment of certain futures contracts entered into by a fund as well as listed non-equity options written or purchased by the fund on US exchanges (including options on futures contracts, broad-based equity indices and debt securities) may be governed by section 1256 of the Internal Revenue Code ("section 1256 contracts"). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, any section 1256 contracts held by a fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Internal Revenue Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were

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realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable. Section 1256 contracts do not include any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement.

In addition to the special rules described above in respect of options and futures transactions, a fund's transactions in other derivatives instruments (including options, forward contracts and swap agreements) as well as its other hedging, short sale, or similar transactions, may be subject to one or more special tax rules (including the constructive sale, notional principal contract, straddle, wash sale and short sale rules). These rules may affect whether gains and losses recognized by a fund are treated as ordinary or capital or as short-term or long-term, 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. Moreover, because the tax rules applicable to derivatives instruments are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether a fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and avoid a fund-level tax.

Certain of a fund's investments in derivatives and foreign currency-denominated instruments, and the fund's transactions in foreign currencies and hedging activities, may produce a difference between its book income and its taxable income. If a fund's book income is less than the sum of its taxable income and net tax-exempt income (if any), the fund could be required to make distributions exceeding book income to qualify as a regulated investment company. If a fund's book income exceeds the sum of its taxable income and net tax-exempt income (if any), the distribution of any such excess will be treated as (i) a dividend to the extent of the fund's remaining earnings and profits (including current earnings and profits arising from tax-exempt income, reduced by related deductions), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset.

*Foreign currency transactions.* A fund's transactions in foreign currencies, foreign currency-denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. This treatment could increase or decrease a fund's ordinary income distributions to you, and may cause some or all of the fund's previously distributed income to be classified as a return of capital. In certain cases, a fund may make an election to treat such gain or loss as capital.

*PFIC investments.* A fund may invest in securities of foreign companies that may be classified under the Internal Revenue Code as PFICs. In general, a foreign company is classified as a PFIC if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. When investing in PFIC securities, a fund intends to mark-to-market these securities under certain provisions of the Internal Revenue Code and recognize any unrealized gains as ordinary income at the end of the fund's fiscal and excise tax years. Deductions for losses are allowable only to the extent of any current or previously recognized gains. These gains (reduced by allowable losses) are treated as ordinary income that a fund is required to distribute, even though it has not sold or received dividends from these securities. You should also be aware that the designation of a foreign security as a PFIC security will cause its income dividends to fall outside of the definition of qualified foreign corporation dividends. These dividends generally will not qualify for the reduced rate of taxation on qualified dividends when distributed to you by a fund. Foreign companies are not required to identify themselves as PFICs. Due to various complexities in identifying PFICs, a fund can give no assurances that it will be able to identify portfolio securities in foreign corporations that are PFICs in time for the fund to make a mark-to-market election. If a fund is unable to identify an investment as a PFIC and thus does not make a mark-to-market election, the fund may be subject to US federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the fund to its shareholders. Additional charges in the nature of interest may be imposed on a fund in respect of deferred taxes arising from such distributions or gains.

*Investments in US REITs.* A US REIT is not subject to federal income tax on the income and gains it distributes to shareholders. Dividends paid by a US REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the US REIT's current and accumulated earnings and profits. Capital gain dividends paid by a US REIT to a fund will be treated as long-term capital gains by the fund and, in turn, may be distributed by the fund to its shareholders as a capital gain distribution. Because of certain noncash expenses, such as property depreciation, an equity US REIT's cash flow may exceed its taxable income. The equity US REIT, and in turn a fund, may distribute this excess cash to shareholders in the form of a return of capital distribution. However, if a US REIT is operated in a manner that fails to qualify as a REIT, an investment in the US REIT would become subject to double taxation, meaning the taxable income of the US REIT would be subject to federal income tax at the corporate income tax rate without any deduction for dividends paid to shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the US REIT's current and accumulated earnings and profits. Also, see, "Tax Treatment of Fund Transactions — Investment in taxable mortgage pools (excess inclusion income)" and "Non-US Investors — Investment in US real property" below with respect to certain other tax aspects of investing in US REITs.

*Investment in non-US REITs.* While non-US REITs often use complex acquisition structures that seek to minimize taxation in the source country, an investment by a fund in a non-US REIT may subject the fund, directly or indirectly, to corporate taxes, withholding taxes, transfer taxes and other indirect taxes in the country in which the real estate acquired by the non-US REIT is located. A fund's pro rata share of any such taxes will reduce the fund's return on its investment. A fund's investment in a non-US REIT may be considered an investment in a PFIC, as discussed above in "PFIC investments." Additionally, foreign withholding taxes on distributions from the non-US REIT may be reduced or eliminated under certain tax treaties,

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**Distributions and Taxes**

as discussed above in "Taxation of the Fund — Foreign income tax." Also, a fund in certain limited circumstances may be required to file an income tax return in the source country and pay tax on any gain realized from its investment in the non-US REIT under rules similar to those in the US, which tax foreign persons on gain realized from dispositions of interests in US real estate.

*Investment in taxable mortgage pools (excess inclusion income).* Under a Notice issued by the IRS, the Internal Revenue Code and Treasury regulations to be issued, a portion of a fund's income from a US REIT that is attributable to the REIT's residual interest in a real estate mortgage investment conduit ("REMIC") or equity interests in a "taxable mortgage pool" (referred to in the Internal Revenue Code as an excess inclusion) will be subject to federal income tax in all events. The excess inclusion income of a regulated investment company, such as a fund, will be allocated to shareholders of the regulated investment company in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related REMIC residual interest or, if applicable, taxable mortgage pool directly. In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including qualified pension plans, individual retirement accounts, 401(k) plans, Keogh plans or other tax-exempt entities) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a foreign stockholder, will not qualify for any reduction in US federal withholding tax. In addition, if at any time during any taxable year a "disqualified organization" (which generally includes certain cooperatives, governmental entities, and tax-exempt organizations not subject to UBTI) is a record holder of a share in a regulated investment company, then the regulated investment company will be subject to a tax equal to that portion of its excess inclusion income for the taxable year that is allocable to the disqualified organization, multiplied by the corporate income tax rate. The Notice imposes certain reporting requirements upon regulated investment companies that have excess inclusion income. There can be no assurance that a fund will not allocate to shareholders excess inclusion income.

These rules are potentially applicable to a fund with respect to any income it receives from the equity interests of certain mortgage pooling vehicles, either directly or, as is more likely, through an investment in a US REIT. It is unlikely that these rules will apply to a fund that has a non-REIT strategy.

*Investments in partnerships and QPTPs.* For purposes of the Income Requirement, income derived by a fund from a partnership that is not a QPTP will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by the fund. While the rules are not entirely clear with respect to a fund investing in a partnership outside a master feeder structure, for purposes of testing whether a fund satisfies the Asset Diversification Test, the fund generally is treated as owning a pro rata share of the underlying assets of a partnership. See, "Taxation of the Fund." In contrast, different rules apply to a partnership that is a QPTP. A QPTP is a partnership (a) the interests in which are traded on an established securities market, (b) that is treated as a partnership for federal income tax purposes, and (c) that derives less than 90% of its income from sources that satisfy the Income Requirement (e.g., because it invests in commodities). All of the net income derived by a fund from an interest in a QPTP will be treated as qualifying income but the fund may not invest more than 25% of its total assets in one or more QPTPs. However, there can be no assurance that a partnership classified as a QPTP in one year will qualify as a QPTP in the next year. Any such failure to annually qualify as a QPTP might, in turn, cause a fund to fail to qualify as a regulated investment company. Although, in general, the passive loss rules of the Internal Revenue Code do not apply to RICs, such rules do apply to a fund with respect to items attributable to an interest in a QPTP. Fund investments in partnerships, including in QPTPs, may result in the fund being subject to state, local or foreign income, franchise or withholding tax liabilities.

*Securities lending.* While securities are loaned out by a fund, the fund generally will receive from the borrower amounts equal to any dividends or interest paid on the borrowed securities. For federal income tax purposes, payments made "in lieu of" dividends are not considered dividend income. These distributions will neither qualify for the reduced rate of taxation for individuals on qualified dividends nor the 50% dividends-received deduction for corporations. Also, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders.

*Investments in convertible securities.* Convertible debt is ordinarily treated as a "single property" consisting of a pure debt interest until conversion, after which the investment becomes an equity interest. If the security is issued at a premium (i.e., for cash in excess of the face amount payable on retirement), the creditor-holder may amortize the premium over the life of the bond. If the security is issued for cash at a price below its face amount, the creditor-holder must accrue original issue discount in income over the life of the debt. The creditor-holder's exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible debt (e.g., an exchange-traded note or ETN issued in the form of an unsecured obligation that pays a return based on the performance of a specified market index, exchange currency, or commodity) is often, but not always, treated as a contract to buy or sell the reference property rather than debt. Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. Dividends received generally are qualified dividend income and eligible for the corporate dividends-received deduction. In general, conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that is redeemable by the issuing company might be required to be amortized under original issue discount principles.

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*Investments in securities of uncertain tax character.* A fund may invest in securities the US federal income tax treatment of which may not be clear or may be subject to recharacterization by the IRS. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected by a fund, it could affect the timing or character of income recognized by the fund, requiring the fund to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to regulated investment companies under the Internal Revenue Code.

***Backup Withholding.*** By law, the Fund may be required to withhold a portion of your taxable dividends and sales proceeds unless you:

● provide your correct social security or taxpayer identification number,

● certify that this number is correct,

● certify that you are not subject to backup withholding, and

● certify that you are a US person (including a US resident alien).

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. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's US federal income tax liability, provided the appropriate information is furnished to the IRS. Certain payees and payments are exempt from backup withholding and information reporting. The special US tax certification requirements applicable to non-US investors to avoid backup withholding are described under the "Non-US Investors" heading below.

***Non-US Investors.*** Non-US investors (shareholders who, as to the US, are nonresident alien individuals, foreign trusts or estates, foreign corporations, or foreign partnerships) may be subject to US withholding and estate tax and are subject to special US tax certification requirements. Non-US investors should consult their tax advisors about the applicability of US tax withholding and the use of the appropriate forms to certify their status.

*In general.* The US imposes a flat 30% withholding tax (or a withholding tax at a lower treaty rate) on US source dividends, including on income dividends paid to you by the Fund, subject to certain exemptions described below. However, notwithstanding such exemptions from US withholding at the source, any dividends and distributions of income and capital gains, including the proceeds from the sale of your Fund shares, will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a US person.

*Capital gain dividends.* In general, capital gain dividends reported by the Fund to shareholders as paid from its net long-term capital gains, other than long-term capital gains realized on the disposition of US real property interests (see the discussion below), are not subject to US withholding tax unless you are a nonresident alien individual present in the US for a period or periods aggregating 183 days or more during the calendar year.

*Interest-related dividends and short-term capital gain dividends.* Generally, dividends reported by the Fund to shareholders as interest-related dividends and paid from its qualified net interest income from US sources are not subject to US withholding tax. "Qualified interest income" includes, in general, US source (1) bank deposit interest, (2) short-term original discount, (3) interest (including original issue discount, market discount, or acquisition discount) on an obligation that is in registered form, unless it is earned on an obligation issued by a corporation or partnership in which the Fund is a 10-percent shareholder or is contingent interest, and (4) any interest-related dividend from another regulated investment company. Similarly, short-term capital gain dividends reported by the Fund to shareholders as paid from its net short-term capital gains, other than short-term capital gains realized on the disposition of certain US real property interests (see the discussion below), are not subject to US withholding tax unless you were a nonresident alien individual present in the US for a period or periods aggregating 183 days or more during the calendar year. The Fund reserves the right to not report interest-related dividends or short-term capital gain dividends. Additionally, the Fund's reporting of interest-related dividends or short-term capital gain dividends may not be passed through to shareholders by intermediaries who have assumed tax reporting responsibilities for this income in managed or omnibus accounts due to systems limitations or operational constraints.

*Net investment income from dividends on stock and foreign source interest income continue to be subject to withholding tax; foreign tax credits.* Ordinary dividends paid by the Fund to non-US investors on the income earned on portfolio investments in (i) the stock of domestic and foreign corporations and (ii) the debt of foreign issuers continue to be subject to US withholding tax. Foreign shareholders may be subject to US withholding tax at a rate of 30% on the income resulting from an election to pass through foreign tax credits to shareholders, but may not be able to claim a credit or deduction with respect to the withholding tax for the foreign tax treated as having been paid by them.

*Income effectively connected with a US trade or business.* If the income from the Fund is effectively connected with a US trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends and any gains realized upon the sale or redemption of shares of the Fund will be subject to US federal income tax at the rates applicable to US citizens or domestic corporations and require the filing of a nonresident US income tax return.

*Investment in US real property.* The Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA") makes non-US persons subject to US tax on the disposition of a US real property interest ("USRPI") as if he or she were a US person. Such gain is sometimes referred to as FIRPTA gain. The Fund may invest in equity securities of corporations that invest in USRPI, including US REITs, which may trigger FIRPTA gain to the Fund's non-US shareholders.

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**Distributions and Taxes**

The Internal Revenue Code provides a look-through rule for distributions of FIRPTA gain when a RIC is classified as a qualified investment entity. A RIC will be classified as a qualified investment entity if, in general, 50% or more of the RIC's assets consist of interests in US REITs and other US real property holding corporations ("USRPHC"). If a RIC is a qualified investment entity and the non-US shareholder owns more than 5% of a class of Fund shares at any time during the one-year period ending on the date of the FIRPTA distribution, the FIRPTA distribution to the non-US shareholder is treated as gain from the disposition of a USRPI, causing the distribution to be subject to US withholding tax at the corporate income tax rate (unless reduced by future regulations), and requiring the non-US shareholder to file a nonresident US income tax return. In addition, even if the non-US shareholder does not own more than 5% of a class of Fund shares, but the Fund is a qualified investment entity, the FIRPTA distribution will be taxable as ordinary dividends (rather than as a capital gain or short-term capital gain dividend) subject to withholding at 30% or lower treaty rate.

*FIRPTA "wash sale" rule.* If the Fund is a qualified investment entity that is domestically controlled (i.e. less than 50% in value of the Fund has been owned directly or indirectly by non-US shareholders during the 5-year period ending on the date of disposition) and a non-US shareholder of the Fund (i) disposes of his interest in the Fund during the 30-day period preceding a FIRPTA distribution, (ii) acquires an identical stock interest during the 61-day period beginning the first day of such 30-day period preceding the FIRPTA distribution, and (iii) does not in fact receive the FIRPTA distribution in a manner that subjects the non-US shareholder to tax under FIRPTA, then the non-US shareholder is required to pay US tax on an amount equal to the amount of the distribution that was not taxed under FIRPTA as a result of the disposition. These rules also apply to substitute dividend payments and other similar arrangements; the portion of the substitute dividend or similar payment treated as FIRPTA gain equals the portion of the RIC distribution such payment is in lieu of that otherwise would have been treated as FIRPTA gain.

*Gain on sale of Fund shares as FIRPTA gain.* In addition, a sale or redemption of Fund shares will be FIRPTA gain to a non-US shareholder if the non-US shareholder owns more than 5% of a class of shares in the Fund and the Fund is otherwise considered a USRPHC, i.e. 50% or more of the Fund's assets consist of (1) more than 5% interests in publicly traded companies that are USRPHC, (2) interests in non-publicly traded companies that are USRPHC, and (3) interests in US REITs that are not controlled by US shareholders where the REIT shares are either not publicly traded or are publicly traded and the Fund owns more than 10%.

In the unlikely event that the Fund meets the requirements described above, the gain will be taxed as income "effectively connected with a US trade or business." As a result, the non-US shareholder will be required to pay US income tax on such gain and file a nonresident US income tax return.

Because the Fund expects to invest less than 50% of its assets at all times, directly or indirectly, in US real property interests, the Fund expects that neither gain on the sale or redemption of Fund shares nor Fund dividends and distributions would be subject to FIRPTA reporting and tax withholding.

*US estate tax.* Transfers by gift of shares of the Fund by a foreign shareholder who is a nonresident alien individual will not be subject to US federal gift tax. An individual who, at the time of death, is a non-US shareholder will nevertheless be subject to US federal estate tax with respect to Fund shares at the graduated rates applicable to US citizens and residents, unless a treaty exemption applies. If a treaty exemption is available, a decedent's estate may nonetheless need to file a US estate tax return to claim the exemption in order to obtain a US federal transfer certificate. The transfer certificate will identify the property (i.e., Fund shares) as to which the US federal estate tax lien has been released. In the absence of a treaty, there is a $13,000 statutory estate tax credit (equivalent to US situs assets with a value of $60,000). For estates with US situs assets of not more than $60,000, the Fund may accept, in lieu of a transfer certificate, an affidavit from an appropriate individual evidencing that decedent's US situs assets are below this threshold amount.

*US tax certification rules.* Special US tax certification requirements may apply to non-US shareholders both to avoid US backup withholding imposed at a rate of 24% and to obtain the benefits of any treaty between the US and the shareholder's country of residence. In general, if you are a non-US shareholder, you must provide a Form W-8 BEN (or other applicable Form W-8) to establish that you are not a US person, to claim that you are the beneficial owner of the income and, if applicable, to claim a reduced rate of, or exemption from, withholding as a resident of a country with which the US has an income tax treaty. A Form W-8 BEN provided without a US taxpayer identification number will remain in effect for a period beginning on the date signed and ending on the last day of the third succeeding calendar year unless an earlier change of circumstances makes the information on the form incorrect. Certain payees and payments are exempt from backup withholding.

The tax consequences to a non-US shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Non-US shareholders are urged to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund, including the applicability of foreign tax.

*Foreign Account Tax Compliance Act ("FATCA").* Under 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 ("FFI") or nonfinancial foreign entities ("NFFE"). After December 31, 2018, FATCA withholding also 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 FATCA withholding tax generally can be avoided: (a) by an FFI, if it reports certain direct and indirect ownership of foreign financial accounts held by US persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial US persons as owners or (ii) if it does have such owners, reporting information relating to them. The US Treasury has negotiated

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intergovernmental agreements ("IGA") with certain countries and is in various stages of negotiations with a number of other foreign countries with respect to one or more alternative approaches to implement FATCA; an entity in one of those countries may be required to comply with the terms of an IGA instead of US Treasury regulations.

An FFI can avoid FATCA withholding if it is deemed compliant or by becoming a "participating FFI," which requires the FFI to enter into a US tax compliance agreement with the IRS under section 1471(b) of the Internal Revenue Code ("FFI agreement") under which it agrees to verify, report and disclose certain of its US account holders and meet certain other specified requirements. The FFI will either report the specified information about the US accounts to the IRS, or, to the government of the FFI's country of residence (pursuant to the terms and conditions of applicable law and an applicable IGA entered into between the US and the FFI's country of residence), which will, in turn, report the specified information to the IRS. An FFI that is resident in a country that has entered into an IGA with the US to implement FATCA will be exempt from FATCA withholding provided that the FFI shareholder and the applicable foreign government comply with the terms of such agreement.

An NFFE that is the beneficial owner of a payment from the Fund can avoid the FATCA withholding tax generally by certifying that it does not have any substantial US owners or by providing the name, address and taxpayer identification number of each substantial US owner. The NFFE will report the information to the Fund or other applicable withholding agent, which will, in turn, report the information to the IRS.

Such foreign shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by US Treasury regulations, IGAs, and other guidance regarding FATCA. An FFI or NFFE that invests in the Fund will need to provide the Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-US investors should consult their own tax advisors regarding the impact of these requirements on their investment in the Fund. The requirements imposed by FATCA are different from, and in addition to, the US tax certification rules to avoid backup withholding described above. Shareholders are urged to consult their tax advisors regarding the application of these requirements to their own situation.

***Effect of Future Legislation; Local Tax Considerations***. The foregoing general discussion of US federal income tax consequences is based on the Internal Revenue Code and the regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the conclusions expressed herein, and any such changes or decisions may have a retroactive effect with respect to the transactions contemplated herein. Rules of state and local taxation of ordinary income, qualified dividend income, and capital gain dividends may differ from the rules for US federal income taxation described above. Distributions may also be subject to additional state, local, and foreign taxes depending on each shareholder's particular situation. Non-US shareholders may be subject to US tax rules that differ significantly from those summarized above. Shareholders are urged to consult their tax advisors as to the consequences of these and other state and local tax rules affecting investment in the Fund.

**Performance Information**

To obtain the Fund's most current performance information, please call 800 523-1918 or visit our website at nomuraassetmanagement.com/performance.

Performance quotations represent the Fund's past performance and should not be considered as representative of future results. The Fund will calculate its performance in accordance with the requirements of the rules and regulations under the 1940 Act, or any other applicable US securities laws, as they may be revised from time to time by the SEC.

**Financial Statements**

Cohen & Company, Ltd. ("Cohen & Co"), which is located at 1835 Market Street, Philadelphia, PA 19103, serves as the independent registered public accounting firm for the Trust and, in its capacity as such, audits the annual financial statements contained in the Fund's Form N-CSR filed with the SEC. The Fund's Statement of Assets and Liabilities, Schedule of Investments, Statement of Operations, Statement of Changes in Net Assets, Financial Highlights, and Notes to Financial Statements, as well as the report of Cohen & Co, the independent registered public accounting firm, for the fiscal year ended November 30, 2025, are included in the Fund's Form N-CSR. [The financial statements and Financial Highlights, the notes relating thereto and the report of Cohen & Co listed above are incorporated by reference from the Fund's most recent Form N-CSR into this SAI.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000875610/000119312526041203/d82924dncsr.htm)

**Principal Holders**

As of February 28, 2026, the Manager believes the following shareholders held of record 5% or more of the outstanding shares of the Class of the Fund. The Manager does not have knowledge of beneficial owners.

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**Principal Holders**

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| | | |
|:---|:---|:---|
| **Class** | **Name and Address of Account** | **Percentage** |
| **Class A** | CHARLES SCHWAB & CO INC<br>SPEC CUSTODY ACCT FOR THE EXCL<br>BNFT OF CUSTS ATTN MUT FDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1905 | 9.04% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 7.11% |
|  | MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS<br>ATTENTION: FUND ADMIN SEC<br>4800 DEER LAKE DRIVE EAST, 2ND FL<br>JACKSONVILLE FL 32246-6484 | 22.85% |
|  | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901 | 13.01% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>(FBO) OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPARTMENT<br>4TH FLOOR<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310 | 9.25% |
|  | WELLS FARGO CLEARING SVCS LLC<br>SPECIAL CUSTODY ACCT FOR THE<br>EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 7.72% |
| **Class C** | AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS MN 55402 | 5.10% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY ACCT FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105 | 11.26% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 8.65% |
|  | MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS<br>ATTENTION: FUND ADMIN SEC<br>4800 DEER LAKE DRIVE EAST, 2ND FL<br>JACKSONVILLE FL 32246-6484 | 8.04% |
|  | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901 | 10.81% |

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| | | |
|:---|:---|:---|
| **Class** | **Name and Address of Account** | **Percentage**  |
|  | NATIONAL FINANCIAL SERVICES LLC<br>(FBO) OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPARTMENT<br>4TH FLOOR<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310 | 21.42% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>ATTN COURTNEY WALLER<br>880 CARILLON PARKWAY<br>ST PETERSBURG FL 33713 | 7.01% |
|  | WELLS FARGO CLEARING SVCS LLC<br>SPECIAL CUSTODY ACCT FOR THE<br>EXCLUSIVE BENEFIT OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 17.47% |
| **Class R** | DCGT AS TTEE AND/OR CUST<br>FBO PLIC VARIOUS RETIREMENT PLANS<br>OMNIBUS<br>ATTN NPIO TRADE DESK<br>711 HIGH STREET<br>DES MOINES IA 50392 | 11.98% |
|  | STATE STREET BANK AND TRUST TTEE<br>AND/OR CUSTODIAN<br>(FBO) ADP ACCESS PRODUCT<br>1 LINCOLN ST<br>BOSTON MA 02111-2901 | 6.91% |
|  | MASSACHUSETTS MUTUAL LIFE INSURANCE<br>1295 STATE STREET MIP M200-INVST<br>SPRINGFIELD MA 01111 | 51.02% |
|  | TALCOTT RESOLUTION LIFE INSURANCE C<br>PO BOX 5051<br>HARTFORD CT 06102 | 8.41% |
| **Institutional Class** | CHARLES SCHWAB & CO INC<br>SPEC CUSTODY ACCT FOR THE EXCL<br>BNFT OF CUSTS ATTN MUT FDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1905 | 19.50% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 8.21% |
|  | MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS<br>ATTENTION: FUND ADMIN SEC<br>4800 DEER LAKE DRIVE EAST, 2ND FL<br>JACKSONVILLE FL 32246-6484 | 18.73% |
|  | NATIONAL FINANCIAL SERVICES LLC<br>(FBO) OUR CUSTOMERS<br>ATTN MUTUAL FUNDS DEPARTMENT<br>4TH FLOOR<br>499 WASHINGTON BLVD<br>JERSEY CITY NJ 07310 | 12.13% |

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**Principal Holders**

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| | | |
|:---|:---|:---|
| **Class** | **Name and Address of Account** | **Percentage**  |
|  | PERSHING LLC<br>1 PERSHING PLAZA<br>JERSEY CITY NJ 07399-0002 | 8.70% |
|  | AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS MN 55402 | 5.89% |
| **Class R6** | EDWARD D JONES AND CO<br>FOR THE BENEFIT OF CUSTOMERS<br>12555 MANCHESTER ROAD<br>ST LOUIS MO 63131-3710 | 43.02% |
|  | JP MORGAN SECURITIES LLC<br>OMNIBUS ACCOUNT FOR THE EXCLUSIVE<br>BENEFIT OF CUSTOMERS<br>4 CHASE METROTECH CENTER<br>3RD FLOOR MUTUAL FUND DEPARTMENT<br>BROOKLYN NY 11245 | 11.35% |
|  | MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS<br>ATTENTION: FUND ADMIN SEC<br>4800 DEER LAKE DRIVE EAST, 2ND FL<br>JACKSONVILLE FL 32246-6484 | 12.53% |
|  | JP MORGAN CHASE BANK NA CUST FBO<br>TIAA SEPARATE ACCOUNT<br>4 CHASE METROTECH CENTER 4TH FL<br>BROOKLYN NY 11245 | 6.23% |

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**Appendix A — Description of Ratings**

<u>**Corporate Obligation Ratings**</u>

*Moody's Investment Grade*

Aaa: Bonds rated Aaa are judged to be of the highest quality, with minimal credit risk.

Aa: Bonds rated Aa are judged to be high quality and are subject to very low credit risk.

A: Bonds rated A are considered upper medium-grade obligations and are subject to low credit risk.

Baa: Bonds rated Baa are subject to moderate credit risk and are considered medium-grade obligations. As such they may have certain speculative characteristics.

*Moody's Below Investment Grade*

Ba: Bonds rated Ba are judged to have speculative elements and are subject to substantial credit risk.

B: Bonds rated B are considered speculative and are subject to high credit risk.

Caa: Bonds rated Caa are judged to be of poor standing and are subject to very high credit risk.

Ca: Bonds rated Ca are considered highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C: Bonds rated C are the lowest rated class of bonds and are typically in default. They have little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; modifier 2 indicates a mid-range ranking; and modifier 3 indicates a ranking in the lower end of that generic rating category.

*S&P*<sup>*®*</sup>

The issue rating definitions are expressions in terms of default risk. As such, they pertain to senior obligations of an entity. Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy. (Such differentiation applies when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.) Accordingly, in the case of junior debt, the rating may not conform exactly with the category definition.

**Investment Grade**

AAA: This is the highest rating assigned by S&P to a debt obligation. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

AA: Obligations rated AA differ from AAA issues only in a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

A: Obligations rated A are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in the higher ratings categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

BBB: Obligations rated BBB exhibit adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

**Below Investment Grade**

BB, B, CCC, CC, C: Obligations rated BB, B, CCC, CC and C are regarded as having significant speculative characteristics. BB indicates the least degree of speculation and C the highest degree of speculation. While these obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

BB: An obligation rated BB is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.

B: An obligation rated B is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation.

CCC: An obligation rated CCC is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

CC: An obligation rated CC is currently highly vulnerable to nonpayment.

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**Appendix A — Description of Ratings**

C: A subordinated debt or preferred stock obligation rated C is currently highly vulnerable to nonpayment. The C rating may be used to cover a situation where a bankruptcy petition has been filed or similar action taken, but payments on this obligation are being continued. The C rating is also assigned to a preferred stock issue in arrears on dividends or sinking fund payments, but that is still making payments.

D: Obligations rated D are in payment default. The D rating category is used when payments on an obligation are not made on the date due even if the applicable grace period has not expired, unless S&P believes that such payments will be made during such grace period. The D rating is also used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized.

Plus (+) or minus (-): The ratings from "AA" to "CCC" may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

r: This symbol is attached to the ratings of instruments with significant noncredit risks and highlights risks to principal or volatility of expected returns that are not addressed in the credit rating.

<u>**Short-Term Debt Ratings**</u>

*Moody's*

Moody's short-term debt ratings are opinions of the ability of issuers to honor short-term financial obligations. Ratings may be assigned to issuers, short-term programs and to individual short-term debt instruments. These obligations generally have an original maturity not exceeding 13 months, unless explicitly noted. Moody's employs the following designations to indicate the relative repayment capacity of rated issuers:

P-1 (Prime-1): Issuers (or supporting institutions) so rated have a superior ability to repay short-term debt obligations.

P-2 (Prime-2): Issuers (or supporting institutions) so rated have a strong ability to repay short-term debt obligations.

P-3 (Prime-3): Issuers (or supporting institutions) so rated have an acceptable ability to repay short-term debt obligations.

NP: Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

*S&P*<sup>*®*</sup>

S&P's ratings are a current opinion of the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program. Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. In the US, for example, that means obligations with an original maturity of no more than 365 days — including commercial paper. Short-term ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. The result is a dual rating, in which the short-term rating addresses the put feature, in addition to the usual long-term rating.

A-1: This designation indicates that the obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

A-2: Issues carrying this designation are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations carrying the higher designations. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

A-3: Issues carrying this designation exhibit adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

**AI-034 3/26**72

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PART C

(Delaware Group<sup>®</sup> Global & International Funds)

File Nos. 033-41034/811-06324

Post-Effective Amendment No. 85

Other Information

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| | | |
|:---|:---|:---|
| Item 28. | <u>Exhibits</u>. The following exhibits are incorporated by reference to the Registrant's previously filed documents indicated below, except as noted: | <u>Exhibits</u>. The following exhibits are incorporated by reference to the Registrant's previously filed documents indicated below, except as noted: |
| (a) | <u>Articles of Incorporation</u>. | <u>Articles of Incorporation</u>. |
|  | (1) | [Agreement and Declaration of Trust (December 17, 1998)](https://www.sec.gov/Archives/edgar/data/875610/000095011699002187/0000950116-99-002187.txt) incorporated into this filing by reference to Post-Effective Amendment No. 22 filed November 22, 1999. |
|  | (i) | [Certificate of Amendment (November 15, 2006)](https://www.sec.gov/Archives/edgar/data/875610/000113743908000032/ex99a1i.htm) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 36 filed January 28, 2008. |
|  | (ii) | [Certificate of Amendment (February 26, 2009)](https://www.sec.gov/Archives/edgar/data/875610/000142187709000295/ex99a1ii.htm) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 41 filed November 24, 2009. |
|  | (iii) | [Certificate of Amendment (August 18, 2009)](https://www.sec.gov/Archives/edgar/data/875610/000142187709000295/ex99a1iii.htm) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 41 filed November 24, 2009. |
|  | (iv) | [Certificate of Amendment (May 21, 2015)](https://www.sec.gov/Archives/edgar/data/875610/000120677415003046/exhibit99_a1-iv.htm) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 56 filed September 15, 2015. |
|  | (2) | [Certificate of Trust (December 17, 1998)](https://www.sec.gov/Archives/edgar/data/875610/000095011699002187/0000950116-99-002187.txt) incorporated into this filing by reference to Post-Effective Amendment No. 22 filed November 22, 1999. |
| (b) | <u>By-Laws</u>. [Amended and Restated By-Laws (April 1, 2015)](https://www.sec.gov/Archives/edgar/data/875610/000120677415003046/exhibit99_b.htm) incorporated into this filing by reference to Post-Effective Amendment No. 56 filed September 15, 2015. | <u>By-Laws</u>. [Amended and Restated By-Laws (April 1, 2015)](https://www.sec.gov/Archives/edgar/data/875610/000120677415003046/exhibit99_b.htm) incorporated into this filing by reference to Post-Effective Amendment No. 56 filed September 15, 2015. |
| (c) | <u>Instruments Defining Rights of Security Holders</u>. None other than those contained in Exhibits (a) and (b). | <u>Instruments Defining Rights of Security Holders</u>. None other than those contained in Exhibits (a) and (b). |
| (d) | <u>Investment Advisory Contracts</u>. | <u>Investment Advisory Contracts</u>. |
|  | (1) | [Investment Management Agreement (December 1, 2025) between Delaware Management Company (a series of Nomura Investment Management Business Trust) and the Registrant attached as Exhibit No. EX-99.d.1.](dggif-efp23491_ex99d1.htm) |
|  | (2) | [Investment Advisory Expense Limitation Letter (March 2026) from Delaware Management Company (a series of Nomura Investment Management Business Trust) relating to the Registrant attached as Exhibit No. EX-99.d.2.](dggif-efp23491_ex99d2.htm) |
| (e) | <u>Underwriting Contracts</u>. | <u>Underwriting Contracts</u>. |
|  | (1) | [Distribution Agreement (December 1, 2025)](dgef-efp23491_ex99e1.htm) between Delaware Distributors, L.P. and the Registrant attached as Exhibit No. EX-99.e.1 |
|  | (2) | [Form of Dealer's Agreement attached as Exhibit No. EX-99.e.2.](dgef-efp23491_ex99e2.htm) |
|  | (3) | [Form of Registered Investment Advisers Agreement attached as Exhibit No. EX-99.e.3.](dgef-efp23491_ex99e3.htm) |
|  | (4) | [Form of Bank/Trust Agreement attached as Exhibit No. EX-99.e.4.](dgef-efp23491_ex99e4.htm) |
| (f) | <u>Bonus or Profit Sharing Contracts</u>. Not applicable. | <u>Bonus or Profit Sharing Contracts</u>. Not applicable. |
| (g) | <u>Custodian Agreements</u>. | <u>Custodian Agreements</u>. |

---

(1) [Mutual Fund Custody and Services Agreement (July 20, 2007)](https://www.sec.gov/Archives/edgar/data/875610/000142187708000250/custodyagreement.htm) between The Bank of New York Mellon (formerly, Mellon Bank, N.A.) and the Registrant
 incorporated into this filing by reference to Post-Effective Amendment No. 38 filed October 16, 2008.

(i) [Amendment No. 2 (July 1, 2017)](https://www.sec.gov/Archives/edgar/data/875610/000120677418001008/mimefv3362964-ex99g1ii.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment
 No. 74 filed March 29, 2018.

(ii) [Amendment No. 4 (July 19, 2019)](https://www.sec.gov/Archives/edgar/data/875610/000114544322000121/mimgif3970731-ex99g1iii.htm) to the Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective
 Amendment No. 81 filed March 29, 2022.

(iii) [Amendment No. 5 (December 31, 2021)](https://www.sec.gov/Archives/edgar/data/875610/000114544323000094/dggif4140201-ex99g1iv.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective
 Amendment No. 82 filed March 29, 2023.

(iv) [Amendment No. 6 (December 31, 2021)](https://www.sec.gov/Archives/edgar/data/875610/000114544323000094/dggif4140201-ex99g1v.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective
 Amendment No. 82 filed March 29, 2023.

(v) [Amendment No. 7 (June 30, 2024)](https://www.sec.gov/Archives/edgar/data/875610/000114544325000093/mimggi4418811-ex99g1vi.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment
 No. 84 filed March 28, 2025.

(vi) [Amendment No. 8 (April 1, 2025)](dgef-efp23491_ex99g1vi.htm) to Mutual Fund Custody and Services Agreement attached as Exhibit No. EX-99.g.1.vi.

(vii) [Amendment No. 9 (April 25, 2025)](dgef-efp23491_ex99g1vii.htm) to Mutual Fund Custody and Services Agreement attached as Exhibit No. EX-99.g.1.vii.

(viii) [Amendment No. 10 (December 1, 2025)](dgef-efp23491_ex99g1viii.htm) to Mutual Fund Custody and Services Agreement attached as Exhibit No. EX-99.g.1.viii.

(2) [Securities Lending Authorization Agreement (July 20, 2007)](https://www.sec.gov/Archives/edgar/data/875610/000113743908000032/ex99g2.htm) between The Bank of New York Mellon (formerly, Mellon Bank, N.A.) and the Registrant
 incorporated into this filing by reference to Post-Effective Amendment No. 36 filed January 28, 2008.

(i) [Amendment (September 22, 2009)](https://www.sec.gov/Archives/edgar/data/875610/000120677411000657/exhibit99_g2i.htm) to the Securities Lending Authorization Agreement incorporated into this filing by reference to Post-Effective
 Amendment No. 45 filed March 30, 2011.

(ii) [Amendment No. 2 (January 1, 2010)](https://www.sec.gov/Archives/edgar/data/875610/000120677410000735/exhibit99-g2_ii.htm) to the Securities Lending Authorization Agreement incorporated into this filing by reference to Post-Effective
 Amendment No. 44 filed March 29, 2010.

(iii) [Amendment No. 3 (October 12, 2010)](dgef-efp23491_ex99g2iii.htm) to the Securities Lending Authorization Agreement attached as Exhibit No. EX-99.g.2.iii.

(iv) [Amendment No. 4 (December 17, 2015)](dgef-efp23491_ex99g2iv.htm) to the Securities Lending Authorization Agreement attached as Exhibit No. EX-99.g.2.iv.

(v) [Amendment No. 5 (August 10, 2016)](dgef-efp23491_ex99g2v.htm) to the Securities Lending Authorization Agreement attached as Exhibit No. EX-99.g.2.v.

(vi) [Amendment No. 6 (November 14, 2019)](dgef-efp23491_ex99g2vi.htm) to the Securities Lending Authorization Agreement attached as Exhibit No. EX-99.g.2.vi.

(vii) [Amendment (December 3, 2020)](dgef-efp23491_ex99g2vii.htm) to the Securities Lending Authorization Agreement attached as Exhibit No. EX-99.g.2.vii.

(viii) [Amendment No. 8 (December 1, 2025)](dgef-efp23491_ex99g2viii.htm) to the Securities Lending Authorization Agreement attached as Exhibit No. EX-99.g.2.viii.

(h) <u>Other Material Contracts</u>.

(1) [Shareholder Services Agreement (April 19, 2001)](https://www.sec.gov/Archives/edgar/data/875610/000095011602000113/ex99h1.txt) between Delaware Service Company, Inc. and the Registrant incorporated into this filing by reference
 to Post-Effective Amendment No. 27 filed January 31, 2002.

(i) [Letter Amendment (August 23, 2002)](https://www.sec.gov/Archives/edgar/data/875610/000095011604000337/ex99h1ii.txt) to the Shareholder Services Agreement incorporated into this filing by reference to Post-Effective Amendment
 No. 30 filed January 30, 2004.

(ii) [Amended and Restated Schedule A (December 1, 2025)](dggif-efp23491_ex99h1ii.htm) to the Shareholder Services Agreement attached as Exhibit EX-99.h.1.ii.

(iii) [Amended and Restated Schedule B (June 25, 2022)](https://www.sec.gov/Archives/edgar/data/875610/000114544323000094/dggif4140201-ex99h1iii.htm) to the Shareholder Services Agreement incorporated into this filing by reference to Post-Effective
 Amendment No. 82 filed March 29, 2023.

(iv) [Assignment and Assumption Agreement (November 1, 2014)](https://www.sec.gov/Archives/edgar/data/875610/000120677415001070/exhibit99_h1-iv.htm) between Delaware Service Company, Inc. and Delaware Investments Fund Services Company
 relating to the Shareholder Services Agreement incorporated into this filing by reference to Post-Effective Amendment No. 54 filed March
 30, 2015.

(2) [Amended and Restated Fund Accounting and Financial Administration Services Agreement (January 1, 2014)](https://www.sec.gov/Archives/edgar/data/875610/000120677414001059/exhibit99_h2.htm) between The Bank of New York Mellon
 and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 51 filed March 28, 2014.

(i) [Amendment No. 1 (July 1, 2017)](https://www.sec.gov/Archives/edgar/data/875610/000120677418001008/mimefv3362964-ex99h2i.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated into this
 filing by reference to Post-Effective Amendment No. 74 filed March 29, 2018.

(ii) [Amendment No. 2 (October 11, 2021)](https://www.sec.gov/Archives/edgar/data/875610/000114544323000094/dggif4140201-ex99h2ii.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated into
 this filing by reference to Post-Effective Amendment No. 82 filed March 29, 2023.

(iii) [Amendment No. 3 (December 31, 2021)](https://www.sec.gov/Archives/edgar/data/875610/000114544323000094/dggif4140201-ex99h2iii.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated into
 this filing by reference to Post-Effective Amendment No. 82 filed March 29, 2023.

(iv) [Amendment No. 4 (January 31, 2022)](https://www.sec.gov/Archives/edgar/data/875610/000114544323000094/dggif4140201-ex99h2iv.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated into
 this filing by reference to Post-Effective Amendment No. 82 filed March 29, 2023.

(v) [Amendment No. 5 (effective May 31, 2024)](https://www.sec.gov/Archives/edgar/data/875610/000114544325000093/mimggi4418811-ex99h2v.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated
 into this filing by reference to Post-Effective Amendment No. 84 filed March 28, 2025.

(vi) [Amendment No. 6 (July 30, 2024)](https://www.sec.gov/Archives/edgar/data/875610/000114544325000093/mimggi4418811-ex99h2vi.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated into this
 filing by reference to Post-Effective Amendment No. 84 filed March 28, 2025.

(vii) [Amendment No. 7 (April 1, 2025)](dgef-efp23491_ex99h2vii.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement attached as Exhibit No. EX-99.h.2.vii.

(viii) [Amendment No. 8 (April 25, 2025)](dgef-efp23491_ex99h2viii.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement attached as Exhibit No.
 EX-99.h.2.viii.

(ix) [Amendment No. 9 (December 1, 2025)](dgef-efp23491_ex99h2ix.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement attached as Exhibit No.
 EX-99.h.2.ix.

(3) [Fund Accounting and Financial Administration Oversight Agreement (December 1, 2025)](dgef-efp23491_ex99h3.htm) between Delaware Investments Fund Services Company and the Registrant
 attached as Exhibit No. EX-99.h.3.

(i) <u>Legal Opinion</u>.

---

| | | | |
|:---|:---|:---|:---|
|  |  | (1) | [Opinion and Consent of Counsel (November 18, 1999)](https://www.sec.gov/Archives/edgar/data/875610/000095011699002187/0000950116-99-002187.txt) incorporated into this filing by reference to Post-Effective Amendment No. 22 filed November 22, 1999. |
|  |  | (2) | [Opinion and Consent of Counsel (April 29, 2016)](https://www.sec.gov/Archives/edgar/data/875610/000135994816000072/exhibit99_i4.htm) with respect to the Class R6 shares of Nomura Emerging Markets Fund (formerly, Delaware Emerging Markets Fund) incorporated into this filing by reference to Post-Effective Amendment No. 63 filed May 2, 2016. |
|  | (j) | <u>Other Opinions</u>. | <u>Other Opinions</u>. |
|  |  | (1) | [Consent of Independent Registered Public Accounting Firm (Cohen & Company, Ltd.) (March 2026) attached as Exhibit No. EX-99.j.1.](dgef-efp23491_ex99j1.htm) |
|  |  | (2) | [Consent of Independent Registered Public Accounting Firm](dggif-efp23491_ex99j2.htm) (PricewaterhouseCoopers LLP) (March 2026) attached as Exhibit No. EX-99.j.2. |
|  | (k) | <u>Omitted Financial Statements</u>. Not applicable. | <u>Omitted Financial Statements</u>. Not applicable. |
|  | (l) | <u>Initial Capital Agreements</u>. Not applicable. | <u>Initial Capital Agreements</u>. Not applicable. |
|  | (m) | <u>Rule 12b-1 Plan</u>. | <u>Rule 12b-1 Plan</u>. |
|  |  | (1) | [Plan under Rule 12b-1 for Class A (April 19, 2001)](https://www.sec.gov/Archives/edgar/data/875610/000095011602000113/ex99m1.txt) incorporated into this filing by reference to Post-Effective Amendment No. 27 filed January 31, 2002. |
|  |  | (2) | [Plan under Rule 12b-1 for Class C (April 19, 2001)](https://www.sec.gov/Archives/edgar/data/875610/000095011602000113/ex99m3.txt) incorporated into this filing by reference to Post-Effective Amendment No. 27 filed January 31, 2002. |
|  |  | (3) | [Plan under Rule 12b-1 for Class R (May 15, 2003)](https://www.sec.gov/Archives/edgar/data/875610/000120677410000735/exhibit99-m4.htm) incorporated into this filing by reference to Post-Effective Amendment No. 44 filed March 29, 2010. |
|  | (n) | <u>Rule 18f-3 Plan</u>. | <u>Rule 18f-3 Plan</u>. |
|  |  | (1) | [Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3 (December 1, 2025) attached as Exhibit No. EX-99.n.1.](dgef-efp23491_ex99n1.htm) |
|  | (o) | <u>Reserved</u>. | <u>Reserved</u>. |
|  | (p) | <u>Codes of Ethics</u>. | <u>Codes of Ethics</u>. |
|  |  | (1) | [Code of Ethics for Nomura Investment Management Business Trust, Nomura Funds, Optimum Fund Trust and Nomura ETF Trust (December 1, 2025) attached as Exhibit No. EX-99.p.1.](dgef-efp23491_ex99p1.htm) |
|  | (q) | <u>Other</u>. | <u>Other</u>. |
|  |  | (1) | [Powers of Attorney (January 20, 2022)](https://www.sec.gov/Archives/edgar/data/875610/000114544322000121/mimgif3970731-ex99q1.htm) incorporated into this filing by reference to Post-Effective Amendment No. 81 filed March 29, 2022. |
| Item 29. | <u>Persons Controlled by or Under Common Control with the Registrant</u>. None. | <u>Persons Controlled by or Under Common Control with the Registrant</u>. None. | <u>Persons Controlled by or Under Common Control with the Registrant</u>. None. |
| Item 30. | <u>Indemnification</u>. Reference is hereby made to the following sections of the following documents filed or included by reference as exhibits hereto: [Article VII, Section 2 (November 15, 2006)](https://www.sec.gov/Archives/edgar/data/875610/000113743908000032/ex99a1i.htm) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 36 filed January 28, 2008. [Article VI of the Amended and Restated By-Laws (April 1, 2015)](https://www.sec.gov/Archives/edgar/data/875610/000120677415003046/exhibit99_b.htm) incorporated into this filing by reference to Post-Effective Amendment No. 56 filed on September 15, 2015. The Trustees and officers of the Registrant are insured under an errors and omissions liability insurance policy. The Registrant and its officers are also insured under the fidelity bond required by Rule 17g-1 under the Investment Company Act of 1940. | <u>Indemnification</u>. Reference is hereby made to the following sections of the following documents filed or included by reference as exhibits hereto: [Article VII, Section 2 (November 15, 2006)](https://www.sec.gov/Archives/edgar/data/875610/000113743908000032/ex99a1i.htm) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 36 filed January 28, 2008. [Article VI of the Amended and Restated By-Laws (April 1, 2015)](https://www.sec.gov/Archives/edgar/data/875610/000120677415003046/exhibit99_b.htm) incorporated into this filing by reference to Post-Effective Amendment No. 56 filed on September 15, 2015. The Trustees and officers of the Registrant are insured under an errors and omissions liability insurance policy. The Registrant and its officers are also insured under the fidelity bond required by Rule 17g-1 under the Investment Company Act of 1940. | <u>Indemnification</u>. Reference is hereby made to the following sections of the following documents filed or included by reference as exhibits hereto: [Article VII, Section 2 (November 15, 2006)](https://www.sec.gov/Archives/edgar/data/875610/000113743908000032/ex99a1i.htm) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 36 filed January 28, 2008. [Article VI of the Amended and Restated By-Laws (April 1, 2015)](https://www.sec.gov/Archives/edgar/data/875610/000120677415003046/exhibit99_b.htm) incorporated into this filing by reference to Post-Effective Amendment No. 56 filed on September 15, 2015. The Trustees and officers of the Registrant are insured under an errors and omissions liability insurance policy. The Registrant and its officers are also insured under the fidelity bond required by Rule 17g-1 under the Investment Company Act of 1940. |

---

---

| | |
|:---|:---|
|  | Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to Trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with securities being registered, the Registrant may be required, unless in the opinion of its counsel the matter has been settled by controlling precedent, to submit to a court or appropriate jurisdiction the question whether such indemnification is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. |
| Item 31. | <u>Business and Other Connections of the Investment Adviser</u>. |
|  | Delaware Management Company (the "Manager"), a series of Nomura Investment Management Business Trust (NIMBT), serves as investment manager to the Registrant and also serves as investment manager to other funds in the Nomura Funds (Delaware Group<sup>®</sup> Adviser Funds, Delaware Group Cash Reserve, Delaware Group Equity Funds II, Delaware Group Equity Funds IV, Delaware Group Equity Funds V, Delaware Group Government Fund, Delaware Group Income Funds, Delaware Group Limited-Term Government Funds, Delaware Group State Tax-Free Income Trust, Delaware Group Tax-Free Fund, Delaware Pooled<sup>®</sup> Trust, Delaware VIP<sup>®</sup> Trust, Ivy Funds, Ivy Variable Insurance Portfolios, Voyageur Mutual Funds, Voyageur Mutual Funds II and Voyageur Tax Free Funds,), Nomura ETF Trust and Optimum Fund Trust. In addition, certain officers of the Manager also serve as trustees and/or officers of other Nomura Funds, Nomura ETF Trust and Optimum Fund Trust. A company indirectly owned by the Manager's parent company acts as principal underwriter to the mutual funds in the Nomura Funds (see Item 32 below) and another such company acts as the shareholder services, dividend disbursing, accounting servicing and transfer agent for all of the Nomura Funds. |
|  | The Manager, located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, is a series of NIMBT, a Delaware statutory trust. Nomura Asset Management is part of the Investment Management Division of the Nomura Group. Nomura Asset Management primarily operates through several distinct investment managers, which includes NIMBT and its Delaware Management Company series. Information on the trustees and officers of the Manager set forth in its Form ADV filed with the U.S. Securities and Exchange Commission (File No. 801-32108) is incorporated into this filing by reference. |
| Item 32. | <u>Principal Underwriters</u>. |
| (a) | Delaware Distributors, L.P. serves as principal underwriter for all the mutual funds in the Nomura Funds and the Optimum Fund Trust. |
| (b) | Information with respect to each officer and partner of the principal underwriter and the Registrant is provided below. Unless otherwise noted, the principal business address of each officer and partner of Delaware Distributors, L.P. is 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354. |

---

---

| | | |
|:---|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** | **Positions and Offices with Registrant** |
| Delaware Distributors, Inc. | General Partner | None |
| Delaware Capital Management | Limited Partner | None |
| Delaware Investments Distribution Partner, Inc. | Limited Partner | None |
| Ivy Distributors, Inc. | Limited Partner | None |

---

---

| | | |
|:---|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** | **Positions and Offices with Registrant** |
| Milissa Hutchinson | President/Head of US Wealth Distribution, Client Group Americas/Senior Managing Director | None |
| Christopher J. Calhoun | SVP/US Wealth Chief Operations Officer/Managing Director | Senior Vice President/Head of Business Management - Investments/Managing Director |
| Erin Canon | SVP/Deputy Head of Business Management – Investments/Managing Director | Senior Vice President/Deputy Head of Business Management – Investments/Managing Director |
| David Chorba | SVP/National Sales Manager, CSG AMER/Managing Director | None |
| Eugene Chiulli | Chief Financial Officer/Managing Director | None |
| Anthony G. Ciavarelli | SVP/Associate General Counsel/Assistant Secretary/Managing Director | Senior Vice President/Associate General Counsel/Assistant Secretary |
| David F. Connor | SVP/General Counsel/Secretary/Managing Director | Senior Vice President/Assistant Secretary |
| Michael E. Dresnin | SVP/Associate General Counsel/Assistant Secretary/Managing Director | Senior Vice President/Associate General Counsel/Assistant Secretary |
| Jamie Fox | SVP/Divisional Sales Manager, CSG Americas/Managing Director | None |
| Daniel V. Geatens | SVP/Head of US Fund Administration/Managing Director | Senior Vice President/Treasurer |
| Robert T. Haenn | SVP/Channel Head-Strategic Relationship, CSG Americas/Managing Director | None |
| Michael Q. Mahoney | SVP/Transfer Agency & Intermediary Services/Managing Director | Senior Vice President/Transfer Agency & Intermediary Services/Managing Director |
| Susan L. Natalini | SVP/Head of Business Management - Investments/Managing Director | Senior Vice President/Head of Business Management - Investments/Managing Director |
| Richard Salus | SVP/Global Head of Fund Services/Managing Director | Senior Vice President/Chief Financial Officer |
| Emilia P. Wang | SVP/Associate General Counsel/Assistant Secretary/Managing Director | Senior Vice President/Associate General Counsel/Assistant Secretary/Managing Director |
| Kate R. Williams | SVP/Deputy General Counsel/Assistant Secretary/Managing Director | Senior Vice President/Deputy General Counsel/Assistant Secretary |
| Marty Wolin | SVP/Chief Compliance Officer and Anti-Money Laundering Officer/Managing Director | Senior Vice President/Chief Compliance Officer/Anti-Money Laundering Officer |

---

---

| | | |
|:---|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** | **Positions and Offices with Registrant** |
| Aaron C. Buser | VP/Associate General Counsel/Assistant Secretary/Managing Director | Vice President/General Counsel/Secretary |
| Jennifer Craig | VP/Associate Director, US Intermediary Services/Executive Director | None |
| Catherine DiValentino | VP/Associate General Counsel/Assistant Secretary/Executive Director | Assistant Vice President/Associate General Counsel/Assistant Secretary |
| Thomas Garvey | VP/Chief Compliance Officer/Executive Director | None |
| Stephen Hoban | VP/Controller/Executive Director | Vice President/Financial Management |
| Gregory Ito | Treasurer/Managing Director | None |
| Konstantine C. Mylonas | VP/Senior Relationship Manager, SRG, CSG Americas/Executive Director | None |
| Philip A. Shipp | VP/Associate General Counsel/Assistant Secretary/Executive Director | Vice President/Associate General Counsel/Assistant Secretary |
| Augustas Baliulis | VP/Associate General Counsel/Assistant Secretary/Vice President | Vice President/Associate General Counsel/Assistant Secretary |
| Ross Oklewicz | VP/Associate General Counsel/Assistant Secretary/Executive Director | Vice President/Associate General Counsel/Assistant Secretary |
| Tracey Todd | VP/Associate General Counsel/Assistant Secretary/Executive Director | Vice President/Associate General Counsel/Assistant Secretary |
| William Hynes | Tax Officer | None |

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---

| | | |
|:---|:---|:---|
|  | (c) | Not applicable. |
| Item 33. | <u>Location of Accounts and Records</u>. All accounts and records required to be maintained by Section 31 (a) of the Investment Company Act of 1940 and the rules under that section are maintained by the following entities: Delaware Management Company, Delaware Investments Fund Services Company and Delaware Distributors, L.P. (100 Independence, 610 Market Street, Philadelphia, PA 19106-2354); BNY Mellon Investment Servicing (US) Inc. (500 Ross Street, 154-0520, Pittsburgh, PA 15262); and The Bank of New York Mellon (240 Greenwich Street, New York, NY 10286-0001). | <u>Location of Accounts and Records</u>. All accounts and records required to be maintained by Section 31 (a) of the Investment Company Act of 1940 and the rules under that section are maintained by the following entities: Delaware Management Company, Delaware Investments Fund Services Company and Delaware Distributors, L.P. (100 Independence, 610 Market Street, Philadelphia, PA 19106-2354); BNY Mellon Investment Servicing (US) Inc. (500 Ross Street, 154-0520, Pittsburgh, PA 15262); and The Bank of New York Mellon (240 Greenwich Street, New York, NY 10286-0001). |
| Item 34. | <u>Management Services</u>. None. | <u>Management Services</u>. None. |
| Item 35. | <u>Undertakings</u>. Not applicable. | <u>Undertakings</u>. Not applicable. |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Philadelphia and Commonwealth of Pennsylvania on this 27th day of March, 2026.

---

| | |
|:---|:---|
| **DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS** | **DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS** |
| By: | /s/ Shawn K. Lytle |
|  | Shawn K. Lytle<br> President/Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Shawn K. Lytle | President/Chief Executive Officer | March 27, 2026 |
| Shawn K. Lytle | (Principal Executive Officer) and Trustee |  |
| Jerome D. Abernathy \* | Trustee | March 27, 2026 |
| Jerome D. Abernathy |  |  |
| Ann D. Borowiec \* | Trustee | March 27, 2026 |
| Ann D. Borowiec |  |  |
| Joseph W. Chow \* | Trustee | March 27, 2026 |
| Joseph W. Chow |  |  |
| H. Jeffrey Dobbs \* | Trustee | March 27, 2026 |
| H. Jeffrey Dobbs |  |  |
| John A. Fry \* | Trustee | March 27, 2026 |
| John A. Fry |  |  |
| Joseph Harroz, Jr. \* | Trustee | March 27, 2026 |
| Joseph Harroz, Jr. |  |  |
| Sandra A.J. Lawrence \* | Trustee | March 27, 2026 |
| Sandra A.J. Lawrence |  |  |

---

---

| | | |
|:---|:---|:---|
| Frances A. Sevilla-Sacasa\* | Trustee | March 27, 2026 |
| Frances A. Sevilla-Sacasa |  |  |
| Thomas K. Whitford \* | Chair and Trustee | March 27, 2026 |
| Thomas K. Whitford |  |  |
| Christianna Wood \* | Trustee | March 27, 2026 |
| Christianna Wood |  |  |
| Richard Salus \* | Senior Vice President/Chief Financial Officer | March 27, 2026 |
| Richard Salus | (Principal Financial Officer/Chief Accounting Officer/Controller) |  |

---

\*By: <u>/s/ Shawn K. Lytle</u> 

Shawn K. Lytle

as Attorney-in-Fact for each of the persons indicated

(Pursuant to Powers of Attorney previously filed)

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Exhibits

to

Form N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

INDEX TO EXHIBITS

(Delaware Group<sup>®</sup> Global & International Funds N-1A)

---

| | |
|:---|:---|
| Exhibit No. | Exhibit |
| EX-99.d.1 | [Investment Management Agreement (December 1, 2025) between Delaware Management Company (a series of Nomura Investment Management Business Trust) and the Registrant](dggif-efp23491_ex99d1.htm) |
| EX-99.d.2 | [Investment Advisory Expense Limitation Letter (March 2026) from Delaware Management Company (a series of Nomura Investment Management Business Trust) relating to the Registrant](dggif-efp23491_ex99d2.htm) |
| EX-99.e.1 | [Distribution Agreement (December 1, 2025) between Delaware Distributors, L.P. and the Registrant](dgef-efp23491_ex99e1.htm) |
| EX-99.e.2 | [Form of Dealer's Agreement](dgef-efp23491_ex99e2.htm) |
| EX-99.e.3 | [Form of Registered Investment Advisers Agreement](dgef-efp23491_ex99e3.htm) |
| EX-99.e.4 | [Form of Bank/Trust Agreement](dgef-efp23491_ex99e4.htm) |
| EX-99.g.1.vi | [Amendment No. 8 (April 1, 2025) to Mutual Fund Custody and Services Agreement](dgef-efp23491_ex99g1vi.htm) |
| EX-99.g.1.vii | [Amendment No. 9 (April 25, 2025) to Mutual Fund Custody and Services Agreement](dgef-efp23491_ex99g1vii.htm) |
| EX-99.g.1.viii | [Amendment No. 10 (December 1, 2025) to Mutual Fund Custody and Services Agreement](dgef-efp23491_ex99g1viii.htm) |
| EX-99.g.2.iii | [Amendment No. 3 (October 12, 2010) to the Securities Lending Authorization Agreement](dgef-efp23491_ex99g2iii.htm) |
| EX-99.g.2.iv | [Amendment No. 4 (December 17, 2015) to the Securities Lending Authorization Agreement](dgef-efp23491_ex99g2iv.htm) |
| EX-99.g.2.v | [Amendment No. 5 (August 10, 2016) to the Securities Lending Authorization Agreement](dgef-efp23491_ex99g2v.htm) |
| EX-99.g.2.vi | [Amendment No. 6 (November 14, 2019) to the Securities Lending Authorization Agreement](dgef-efp23491_ex99g2vi.htm) |
| EX-99.g.2.vii | [Amendment (December 3, 2020) to the Securities Lending Authorization Agreement](dgef-efp23491_ex99g2vii.htm) |
| EX-99.g.2.viii | [Amendment No. 8 (December 1, 2025) to the Securities Lending Authorization Agreement](dgef-efp23491_ex99g2viii.htm) |
| EX-99.h.1.ii | [Amended and Restated Schedule A (December 1, 2025) to the Shareholder Services Agreement](dggif-efp23491_ex99h1ii.htm) |
| EX-99.h.2.vii | [Amendment No. 7 (April 1, 2025) to Amended and Restated Fund Accounting and Financial Administration Services Agreement](dgef-efp23491_ex99h2vii.htm) |
| EX-99.h.2.viii | [Amendment No. 8 (April 25, 2025) to Amended and Restated Fund Accounting and Financial Administration Services Agreement](dgef-efp23491_ex99h2viii.htm) |
| EX-99.h.2.ix | [Amendment No. 9 (December 1, 2025) to Amended and Restated Fund Accounting and Financial Administration Services Agreement](dgef-efp23491_ex99h2ix.htm) |
| EX-99.h.3 | [Fund Accounting and Financial Administration Oversight Agreement (December 1, 2025) between Delaware Investments Fund Services Company and the Registrant](dgef-efp23491_ex99h3.htm) |
| EX-99.j.1 | [Consent of Independent Registered Public Accounting Firm (Cohen & Company, Ltd.) (March 2026)](dgef-efp23491_ex99j1.htm) |
| EX-99.j.2 | [Consent of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP) (March 2026)](dggif-efp23491_ex99j2.htm) |
| EX-99.n.1 | [Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3 (December 1, 2025)](dgef-efp23491_ex99n1.htm) |
| EX-99.p.1 | [Code of Ethics for Nomura Investment Management Business Trust, Nomura Funds, Optimum Fund Trust and Nomura ETF Trust (December 1, 2025)](dgef-efp23491_ex99p1.htm) |

---

## Ex-99.D1

**EX-99d.1**

INVESTMENT MANAGEMENT AGREEMENT

AGREEMENT, made by and between **DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS**, a Delaware statutory trust (the "Trust"), on behalf of each series of shares of beneficial interest of the Trust that is listed on Exhibit A to this Agreement, as that Exhibit may be amended from time to time (each such series of shares is hereinafter referred to as a "Fund" and, together with other series of shares listed on such Exhibit, the "Funds"), and **DELAWARE MANAGEMENT COMPANY**, a series of Nomura Investment Management Business Trust, a Delaware statutory trust (the "Investment Manager").

**WITNESSETH:**

WHEREAS, the Trust has been organized and operates as an investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, each Fund engages in the business of investing and reinvesting its assets in securities;

WHEREAS, the Investment Manager is registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), as an investment adviser and engages in the business of providing investment management services; and

WHEREAS, the Trust, on behalf of each Fund, and the Investment Manager desire to enter into this Agreement so that the Investment Manager may provide investment management services to each Fund.

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and each of the parties hereto intending to be legally bound, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby employs the Investment Manager to manage the investment and reinvestment of each Fund's assets and to administer its affairs, subject to the direction of the Trust's Board of Trustees and officers for the period and on the terms hereinafter set forth. The Investment Manager hereby accepts such employment and agrees during such period to render the services and assume the obligations herein set forth for the compensation herein provided. The Investment Manager shall for all purposes herein be deemed to be an independent contractor, and shall, unless otherwise expressly provided and authorized, have no authority to act for or represent the Trust or the Funds in any way, or in any way be deemed an agent of the Trust or the Funds. The Investment Manager shall regularly make decisions as to what securities and other instruments to purchase and sell on behalf of each Fund and shall effect the purchase and sale of such investments in furtherance of each Fund's investment objectives and policies and shall furnish the Board of Trustees of the Trust with such information and reports regarding each Fund's investments as the Investment Manager deems appropriate or as the Trustees of the Trust may reasonably request. Such decisions and services shall include exercising discretion regarding any voting rights, rights to consent to corporate actions and any other rights pertaining to each Fund's investment securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust shall conduct its own business and affairs and shall bear the expenses and salaries necessary and incidental thereto, including, but not in limitation of the foregoing, the costs incurred in: the maintenance of its corporate existence; the maintenance of its own books, records and procedures; dealing with its own shareholders; the payment of dividends; transfer of shares, including issuance, redemption and repurchase of shares; preparation of share certificates; reports and notices to shareholders; calling and holding of shareholders' and trustees' meetings; miscellaneous office expenses; brokerage commissions; custodian fees; legal, auditing, fund accounting, and financial administration fees; taxes; federal and state registration fees; and other costs and expenses approved by the Board of Trustees. Trustees, officers and employees of the Investment Manager may be directors, trustees, officers and employees of any of the investment companies within the Delaware Investments family of funds (including the Trust). Trustees, officers and employees of the Investment Manager who are directors, trustees, officers and/or employees of these investment companies shall not receive any compensation from such companies for acting in such dual capacity.

In the conduct of the respective businesses of the parties hereto and in the performance of this Agreement, the Trust and Investment Manager may share facilities common to each, which may include legal and accounting personnel, with appropriate proration of expenses between them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. (a) Subject to the primary objective of obtaining the best execution, the Investment Manager may place orders for the purchase and sale of portfolio securities and other instruments with such broker/dealers selected by the Investment Manager who provide statistical, factual and financial information and services to the Trust, to the Investment Manager, to any sub-adviser (as defined in Paragraph 5 hereof, a "Sub-Adviser") or to any other fund or account for which the Investment Manager or any Sub-Adviser provides investment advisory services and/or with broker/dealers who sell shares of the Trust or who sell shares of any other investment company (or series thereof) for which the Investment Manager or any Sub-Adviser provides investment advisory services. Broker/dealers who sell shares of any investment companies or series thereof for which the Investment Manager or Sub-Adviser provides investment advisory services shall only receive orders for the purchase or sale of portfolio securities to the extent that the placing of such orders is in compliance with the rules of the Securities and Exchange Commission (the "SEC") and Financial Industry Regulatory Authority, Inc. ("FINRA") and does not take into account such broker/dealer's promotion or sale of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of subparagraph (a) above and subject to such policies and procedures as may be adopted by the Board of Trustees and officers of the Trust, the Investment Manager may cause a Fund to pay a member of an exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of an exchange, broker or dealer would have charged for effecting that transaction, in such instances where the Investment Manager has determined in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or the Investment Manager's overall responsibilities with respect to the Trust and to other investment companies (or series thereof) and other advisory accounts for which the Investment Manager exercises investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. As compensation for the investment services to be rendered to a particular Fund by the Investment Manager under the provisions of this Agreement, the Trust shall pay monthly to the Investment Manager exclusively from that Fund's assets, a fee based on the average daily net assets of that Fund during the month. Such fee shall be calculated in accordance with the fee schedule applicable to that Fund as set forth in Exhibit A hereto.

If this Agreement is terminated prior to the end of any calendar month with respect to a particular Fund, the management fee for such Fund shall be prorated for the portion of any month in which this Agreement is in effect with respect to such Fund according to the proportion which the number of calendar days during which the Agreement is in effect bears to the number of calendar days in the month, and shall be payable within 10 calendar days after the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Investment Manager may, at its expense, select and contract with one or more investment advisers registered under the Advisers Act ("Sub-Advisers") to perform some or all of the services for a Fund for which it is responsible under this Agreement. The Investment Manager will compensate any Sub-Adviser for its services to the Fund. The Investment Manager may terminate the services of any Sub-Adviser at any time in its sole discretion, and shall at such time assume the responsibilities of such Sub-Adviser unless and until a successor Sub-Adviser is selected and the requisite approval of the Fund's shareholders, if required, is obtained. The Investment Manager will continue to have responsibility for all advisory services furnished by any Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The services to be rendered by the Investment Manager to the Trust under the provisions of this Agreement are not to be deemed to be exclusive. The Investment Manager, its trustees, officers, employees, agents and shareholders may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm or individual, and may render underwriting services to the Trust or to any other investment company, corporation, association, firm or individual, so long as the Investment Manager's other activities do not impair its ability to render the services provided for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. It is understood and agreed that so long as the Investment Manager and/or its advisory affiliates shall continue to serve as the Trust's investment adviser, other investment companies as may be sponsored or advised by the Investment Manager or its affiliates may have the right permanently to adopt and to use the words "Delaware," "Delaware Investments" or "Delaware Group" in their names and in the names of any series or class of shares of such funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. In the absence of willful misfeasance, bad faith, gross negligence, or a reckless disregard of the performance of its duties as the Investment Manager to the Trust, the Investment Manager shall not be subject to liability to the Trust or to any shareholder of the Trust for any action or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. (a) This Agreement shall be executed and become effective as of the date written below, and shall become effective with respect to a particular Fund as of the effective date set forth in Exhibit A for that Fund, only if approved by the vote of a majority of the outstanding voting securities of that Fund. It shall continue in effect for an initial period of two years for each Fund and may be renewed thereafter only so long as such renewal and continuance is specifically approved at least annually by the Board of Trustees or by the vote of a majority of the outstanding voting securities of that Fund and only if the terms and the renewal hereof have been approved by the vote of a majority of the Trustees of the Trust who are not parties hereto or interested persons of any such party ("Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement (and Exhibit A hereto) may be amended without the approval of a majority of the outstanding voting securities of the Fund if the amendment relates solely to a management fee reduction or other change that is permitted or not prohibited under then current federal law, rule, regulation or SEC staff interpretation thereof to be made without shareholder approval. This Agreement may be amended from time to time pursuant to a written agreement executed by the Trust, on behalf of the applicable Fund, and the Investment Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be terminated as to any Fund by the Trust at any time, without the payment of a penalty, on sixty days' written notice to the Investment Manager of the Trust's intention to do so, pursuant to action by the Board of Trustees of the Trust or pursuant to the vote of a majority of the outstanding voting securities of the affected Fund. The Investment Manager may terminate this Agreement at any time, without the payment of a penalty, on sixty days' written notice to the Trust of its intention to do so. Upon termination of this Agreement, the obligations of all the parties hereunder shall cease and terminate as of the date of such termination, except for any obligation to respond for a breach of this Agreement committed prior to such termination, and except for the obligation of the Trust to pay to the Investment Manager the fee provided in Paragraph 4 hereof, prorated to the date of termination. This Agreement shall automatically terminate in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. This Agreement shall extend to and bind the administrators, successors and permitted assigns of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. For the purposes of this Agreement, (i) the terms "vote of a majority of the outstanding voting securities"; "interested persons"; and "assignment" shall have the meaning ascribed to them in the 1940 Act, and (ii) references to the SEC and FINRA shall be deemed to include any successor regulators.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed by their duly authorized officers as of the 1st day of December, 2025.

DELAWARE MANAGEMENT COMPANY,

a series of Nomura Investment Management Business Trust

---

| | |
|:---|:---|
| By: | /s/ Shawn K. Lytle |
| Name: | Shawn K. Lytle |
| Title: | President/Senior Managing Director |

---

Delaware Group Global & International Funds,

on behalf of the Funds listed on Exhibit A

---

| | |
|:---|:---|
| By: | /s/ Richard Salus |
| Name: | Richard Salus |
| Title: | SVP/Global Head of Fund Services/Managing Director |

---

**EXHIBIT A**

**OF THE INVESTMENT MANAGEMENT AGREEMENT**

THIS EXHIBIT to the Investment Management Agreement dated December 1, 2025 (the "Agreement") between **DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS and DELAWARE MANAGEMENT COMPANY** (the "Investment Manager"), a series of Nomura Investment Management Business Trust lists the Funds for which the Investment Manager provides investment management services pursuant to this Agreement, along with the management fee rate schedule for each Fund and the date on which the Agreement became effective for each Fund.

---

| | | |
|:---|:---|:---|
| <br> <u>Fund Name</u> | &nbsp;&nbsp; <br> <u>Effective Date</u> | Management Fee Schedule (as a<br> percentage of average daily net assets)<br> <u>Annual Rate</u> |
| Nomura Emerging Markets Fund<br> *(formerly, Macquarie Emerging Markets Fund)* | &nbsp;&nbsp; December 1, 2025 | 1.25% on first $500 million<br> 1.20% on next $500 million<br> 1.15% on next $1.5 billion<br> 1.10% on next $5.5 billion<br> 1.075% on assets in excess of $8.0 billion. |

---

## Ex-99.D2

**EX-99.d.2**

Delaware Management Company

100 Independence, 610 Market Street

Philadelphia, PA 19106-2354

March 19, 2026

Delaware Group<sup>®</sup> Global & International Funds

100 Independence, 610 Market Street

Philadelphia, PA 19106-2354

Re: <u>Expense Limitations</u>

To whom it may concern:

By our execution of this letter agreement (the "Agreement"), intending to be legally bound hereby, Delaware Management Company, a series of Nomura Investment Management Business Trust (the "Manager"), agrees that in order to improve the performance of the Nomura Emerging Markets Fund (the "Fund"), a series of Delaware Group Global & International Funds, the Manager shall waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations (collectively, the "Excluded Expenses")) in an aggregate amount equal to the amount by which the Fund's total annual fund operating expenses (excluding any Excluded Expenses) exceed the percentages set forth below for the period from March 31, 2026 through March 30, 2027. For purposes of this Agreement, Excluded Expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Fund's Board of Trustees and the Manager.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class A, Class C,** <br> **Class R and** <br> **Institutional Class**<br> **<u>Expense Cap</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Class R6**<br> **<u>Expense Cap</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Emerging Markets Fund | 1.15% | 1.06% |

---

The Manager acknowledges that it (1) shall not be entitled to collect on, or make a claim for, waived fees at any time in the future, and (2) shall not be entitled to collect on, or make a claim for, reimbursed Fund expenses at any time in the future.

Delaware Management Company, a series of

Nomura Investment Management Business Trust

---

| | |
|:---|:---|
| By: | /s/ Richard Salus |
|  | Name: Richard Salus |
|  | Title: Senior Vice President |

---

## Ex-99.E1

**EX-99.e.1**

**DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS**

**DISTRIBUTION AGREEMENT**

Distribution Agreement (the "Agreement") made as of December 1, 2025, by and between **DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS**, a Delaware statutory trust (the "Trust"), for the series identified on Schedule I attached hereto, as from time to time amended (the "Series"), and **DELAWARE DISTRIBUTORS, L.P.** (the "Distributor"), a Delaware limited partnership.

**WITNESSETH**

**WHEREAS**, the Trust is an investment company regulated by Federal and State regulatory bodies, and

**WHEREAS**, the Distributor is engaged in the business of promoting the distribution of the securities of investment companies and, in connection therewith and acting solely as agent for such investment companies and not as principal, advertising, promoting, offering and selling their securities to the public, and

**WHEREAS**, the Trust desires to enter into an agreement with the Distributor as of the date hereof, pursuant to which the Distributor shall serve as the national distributor of each class of each Series identified on Schedule I hereto, as from time to time amended, which Trust, Series and classes may do business under the names set forth on Schedule I hereto or such other names as the Board of Trustees may designate from time to time, on the terms and conditions set forth below.

**NOW, THEREFORE,** the parties hereto, intending to be legally bound hereby, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust hereby engages the Distributor to promote the distribution of the shares of each Series and, in connection therewith and
as agent for the Trust and not as principal, to advertise, promote, offer and sell shares of each Series to the public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. (a) The Distributor agrees to serve as distributor of each Series' shares and, as agent for the Trust and not as principal,
to advertise, promote and use its best efforts to sell each Series' shares wherever their sale is legal, either through dealers
or otherwise, in such places and in such manner, as may be mutually determined by the Trust and the Distributor from time to time and
that comply with: (1) the provisions of this Agreement; (2) all applicable laws, rules and regulations, including, without limitation,
the Investment Company Act of 1940, as amended ("1940 Act"), the Securities Act of 1933, as amended, the Securities Exchange
Act of 1934, as amended ("1934 Act"), all rules and regulations promulgated by the Securities and Exchange Commission ("SEC")
thereunder and all rules and regulations adopted by any securities association registered under the

1934 Act; (3) the Trust's Agreement and Declaration of Trust and By-laws; (4) instructions received from the Trustees of the Trust; and (5) the Trust's Registration Statement under the 1933 Act, including the Summary Prospectuses, the Statutory Prospectuses, and the Statements of Additional Information contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the Class R6 and Institutional Class Shares of each Series,
the Distributor will bear all costs of financing any activity which is primarily intended to result in the sale of that class of shares,
including, but not necessarily limited to, advertising, compensation of underwriters, dealers and sales personnel, the printing and mailing
of sales literature and distribution of that class of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For its services as agent for the Class A Shares, Class C
Shares and Class R Shares of each Series, the Distributor shall be entitled to compensation on each sale or redemption, as appropriate,
of shares of such classes equal to any front-end or deferred sales charge described in the Prospectus for such Series, as amended and
supplemented from time to time, and may allow concessions to dealers in such amounts and on such terms as are therein set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the Class A Shares, Class C Shares and Class R Shares of each Series, the Trust shall, in addition, compensate the Distributor
for its services as provided in the Distribution Plan as adopted on behalf of the Class A Shares, Class C Shares and Class R Shares, respectively,
pursuant to Rule 12b-l under the 1940 Act (the "Plans"), copies of which as presently in force are attached hereto as Exhibits
and at the rates set forth on Schedule I hereto, as from time to time amended, or at such lower rates as may be set from time to time
by the Board in agreement with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. (a) The Trust agrees to make available for sale by the Trust through the Distributor all or such part of the authorized but unissued
shares of beneficial interest of the Series as the Distributor shall require from time to time and, except as provided in Paragraph 3(b)
hereof, the Trust will not sell Series' shares other than through the efforts of the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust reserves the right from time to time (1) to sell and issue shares other than for cash; (2) to issue shares in exchange for
substantially all of the assets of any corporation or trust, or in exchange of shares of any corporation or trust; (3) to pay stock dividends
to its shareholders, or to pay dividends in cash or shares of beneficial interest at the option of its shareholders, or to sell shares
of beneficial interest to existing shareholders to the extent of dividends payable from time to time in cash, or to split up or combine
its outstanding shares; (4) to offer shares for cash to its shareholders as a whole, by the use of transferable rights or otherwise, and
to sell and issue shares pursuant to such offers; (5) to act as its own distributor in any jurisdiction in which the Distributor is not
registered as a broker-dealer; and (6) to reject any order for shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Distributor may, at its expense, select and contract with one or more registered broker-dealers to perform some or all of the
services for a Series for which it is responsible under this agreement. The Distributor will be responsible for paying the compensation,
if any, to any such broker-dealer for its services with respect to the Series. The Distributor may terminate the services of any such
broker-dealer at any time in its sole discretion, and shall at such time assume the responsibilities of such broker-dealer unless or until
a replacement is selected and approved by the Board of Trustees. The Distributor will continue to have responsibility for all distribution-related
services furnished by any such broker-dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Trust warrants the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust is, or will be, a properly registered investment company, and any and all Series' shares which it will sell through
the Distributor are, or will be, properly registered with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of this Agreement do not violate the terms of any instrument by which the Trust is bound, nor do they violate any law
or regulation of any body having jurisdiction over the Trust or its property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) The Trust will supply to the Distributor a conformed copy of the Registration Statement and all amendments thereto, including
all exhibits and each Summary Prospectus, Statutory Prospectus, and Statement of Additional Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust will register or qualify the Series' shares for sale in such states as is deemed desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust, without expense to the Distributor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) will give the Distributor and continue to give such financial statements and other information as may be required by the SEC or the
proper public bodies of the states in which the Series' shares may be qualified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) from time to time, will furnish to the Distributor as soon as reasonably practicable true copies of its periodic reports to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) will promptly advise the Distributor in person, by telephone, or by email or other electronic means, and promptly confirm such advice
in writing, (a) when any amendment or supplement to the Registration Statement becomes effective, (b) of any request by the SEC for amendments
or supplements to the Registration Statement

or the Summary Prospectuses, Statutory Prospectuses, Statements of Additional Information, or for additional information, and (c) of the issuance by the SEC of any Stop Order suspending the effectiveness of the Registration Statement, or the initiation of any proceedings for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) if at any time the SEC shall issue any Stop Order suspending the effectiveness of the Registration Statement, will make every reasonable
effort to obtain the lifting of such order at the earliest possible moment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) before filing any further amendment to the Registration Statement or to any Summary Prospectus, Statutory Prospectus or Statement
of Additional Information, will furnish to the Distributor copies of the proposed amendment and will not, at any time, whether before
or after the effective date of the Registration Statement, file any amendment to the Registration Statement or supplement to any Summary
Prospectus, Statutory Prospectus or Statement of Additional Information of which the Distributor shall not previously have been advised
or to which the Distributor shall reasonably object (based upon the accuracy or completeness thereof) in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) will continue to make available to its shareholders (and forward copies to the Distributor) of such periodic, interim and any other
reports as are now, or as hereafter may be, required by the provisions of the Investment Company Act of 1940, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) will, for the purpose of computing the offering price of each class of each Series' shares, advise the Distributor within two
hours after the close of the New York Stock Exchange (or as soon as practicable thereafter) on each business day upon which the New York
Stock Exchange may be open of the net asset value per share of each class of each Series' shares of beneficial interest outstanding,
determined in accordance with any applicable provisions of law and the provisions of the Agreement and Declaration of Trust, as amended,
of the Trust as of the close of business on such business day. In the event that prices are to be calculated more than once daily, the
Trust will promptly advise the Distributor of the time of each calculation and the price computed at each such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Distributor agrees to submit to the Trust, prior to its use, the form of all sales literature, institutional sales material, and
independently prepared reprints (each as defined below) proposed to be generally disseminated by or for the Distributor, all advertisements
proposed to be used by the Distributor, all sales literature,

advertisements, institutional sales material and independently prepared reprints (each as defined in Rule 2210 of the Conduct Rules of FINRA, Inc. ("FINRA") or any successor rule) prepared by or for the Distributor for such dissemination or for use by others in connection with the sale of the Series' shares, and the form of dealers' sales contract the Distributor intends to use in connection with sales of the Series' shares. The Distributor also agrees that the Distributor will submit such sales literature and advertisements to the FINRA, SEC or other regulatory agency as from time to time may be appropriate, considering practices then current in the industry. The Distributor agrees not to use such form of dealers' sales contract or to use or to permit others to use such sales literature, advertisements, institutional sales material, or independently prepared reprints, without the written consent of the Trust if any regulatory agency expresses objection thereto or if the Trust delivers to the Distributor a written objection thereto. Neither the Distributor nor any dealer or other person is authorized by the Trust to provide any information or make any representation about the Trust or its Series other than those contained in the Trust's Registration Statement, Summary Prospectuses, Statutory Prospectuses, Statements of Additional Information, advertising, sales literature or institutional sales material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The purchase price of each share sold hereunder shall be the offering price per share mutually agreed upon by the parties hereto and,
as described in the Trust's Prospectuses, as amended from time to time, determined in accordance with any applicable provision of
law, the provisions of its Agreement and Declaration of Trust and the Conduct Rules of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The responsibility of the Distributor hereunder shall be limited to the promotion of sales of Series' shares. The Distributor
shall undertake to promote such sales solely as agent of the Trust, and shall not purchase or sell such shares as principal. Orders for
Series' shares and payment for such orders shall be directed to the Trust's agent, Delaware Investments Fund Services Company,
for acceptance on behalf of the Trust. The Distributor is not empowered to approve orders for sales of Series' shares or accept
payment for such orders. Sales of Series' shares shall be deemed to be made when and where accepted by Delaware Investments Fund
Services Company on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. With respect to the apportionment of costs between the Trust and the Distributor of activities with which both are concerned, the
following will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust and the Distributor will cooperate in preparing the Registration Statements, the Summary Prospectuses, Statutory Prospectuses,
the Statements of Additional Information, and all amendments, supplements and replacements thereto. The Trust will pay all costs incurred
in the preparation and filing of the Trust's Registration Statement, including typesetting, the costs incurred in printing and mailing
Summary Prospectuses, Statutory Prospectuses, Statements of Additional Information and any supplements or amendments thereto to its own
Shareholders. The Trust will also pay all costs included in preparing, typesetting, printing and mailing all Annual,
Semi-Annual and other financial reports to its own shareholders. The Trust will pay all fees and expenses of its counsel and accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor will pay the costs incurred in printing and mailing copies of Summary Prospectuses, Statutory Prospectuses and any
Statements of Additional Information to prospective investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor will pay advertising and promotional expenses, including the costs of literature sent to prospective investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust will pay the costs and fees incurred in registering or qualifying the Series' shares with the various states and with
the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Distributor will pay the costs of any additional copies of Trust financial and other reports and other Trust literature supplied
to the Distributor by the Trust for sales promotion purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The books and records maintained by the Distributor shall be the property of the Trust. The Distributor shall prepare, maintain and
preserve such books and records as required by the 1940 Act and other applicable laws, rules and regulations. The Distributor shall surrender
such books and records to the Trust, in the form in which such books and records have been maintained or preserved, promptly upon receipt
of instructions from the Trust. The Trust shall have access to such books and records at all time during the Distributor's normal
business hours. Upon the reasonable request of the Trust, copies of any such books and records shall be provided by the Distributor to
the Trust at the Trust's expense. The Distributor shall assist the Trust, the Trust's independent auditors, or, upon approval
of the Trust, any regulatory body, in any requested review of the Trust's books and records, and reports by the Distributor or its
independent accountants concerning its accounting system and internal auditing controls will be open to such entities for audit or inspection
upon reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Distributor shall maintain at all times a program reasonably designed to prevent violations of the federal securities laws (as
defined in Rule 38a-1 under the 1940 Act) with respect to the services provided, and shall provide to the Trust a certification to such
effect no less than annually or as otherwise reasonably requested by the Trust. The Distributor shall make available its compliance personnel
and shall provide at its own expense summaries and other relevant materials relating to such program as reasonably requested by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Distributor agrees to maintain an anti-money laundering program in compliance with Title III of the Uniting and Strengthening America
by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the "USA Patriot Act") and all applicable
laws and regulations promulgated thereunder. At the request of the Trust, the Distributor will supply the Trust with copies of the Distributor's
anti-money laundering policy and procedures, and such other relevant certifications and representations regarding such policy and procedures
as the Trust may reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Distributor may engage in other business, provided such other business does not interfere with the performance by the Distributor
of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. The Trust agrees to indemnify, defend and hold harmless from the assets of the relevant Series, the Distributor and each person, if
any, who controls the Distributor within the meaning of Section 15 of the Securities Act of 1933, from and against any and all losses,
damages, or liabilities to which, jointly or severally, the Distributor or such controlling person may become subject, insofar as the
losses, damages or liabilities arise out of the performance of the Distributor's duties hereunder, except that the Trust shall not
be liable for indemnification of the Distributor or any controlling person thereof for any liability resulting from the willful misfeasance,
bad faith, or gross negligence of the Distributor or any controlling person thereof in the performance of the Distributor's duties
under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Copies of financial reports, Registration Statements, Summary Prospectuses and Statutory Prospectuses, as well as demands, notices,
requests, consents, waivers, and other communications in writing which it may be necessary or desirable for either party to deliver or
furnish to the other will be duly delivered or furnished, if delivered to such party at its address shown below during regular business
hours, or if sent to that party by registered mail or overnight mail, postage prepaid, in all cases within the time or times herein prescribed,
addressed to the recipient at One Commerce Square, Philadelphia, Pennsylvania 19103, or at such other address as the Trust or the Distributor
may designate in writing and furnish to the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. This Agreement shall not be assigned, as that term is defined in the Investment Company Act of 1940, by the Distributor and shall
terminate automatically in the event of its attempted assignment by the Distributor. This Agreement shall not be assigned by the Trust
without the written consent of the Distributor signed by its duly authorized officers and delivered to the Trust. Except as specifically
provided in the indemnification provision contained in Paragraph 15 herein, this Agreement and all conditions and provisions hereof are
for the sole and exclusive benefit of the parties hereto and their legal successors and no express or implied provision of this Agreement
is intended or shall be construed to give any person other than the parties hereto and their legal successors any legal or equitable right,
remedy or claim under or in respect of this Agreement or any provisions herein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. (a) This Agreement shall be executed and become effective as of the date first written above, and shall become effective with respect
to a particular Series as of the effective date set forth in Schedule I for that Series. It shall remain in force for a period of two
years from the date hereof for each Series and from year to year thereafter, but only so long as such

continuance is specifically approved at least annually by the Board of Trustees or, with respect to each Series, by vote of a majority of the outstanding voting securities of that Series and only if the terms and the renewal thereof have been approved by the vote of a majority of the Trustees of the Trust who are not parties hereto or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor may terminate this Agreement as to any Series on written notice to the Trust at any time in case the effectiveness
of the Registration Statement shall be suspended, or in case Stop Order proceedings are initiated by the SEC in respect of the Registration
Statement and such proceedings are not withdrawn or terminated within thirty days. The Distributor may also terminate this Agreement as
to any Series at any time by giving the Trust written notice of its intention to terminate the Agreement at the expiration of three months
from the date of delivery of such written notice of intention to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust may terminate this Agreement as to any Series at any time on at least thirty days' prior written notice to the Distributor
(1) if proceedings are commenced by the Distributor or any of its partners for the Distributor's liquidation or dissolution or the
winding up of the Distributor's affairs; (2) if a receiver or trustee of the Distributor or any of its property is appointed and
such appointment is not vacated within thirty days thereafter; (3) if, due to any action by or before any court or any federal or state
commission, regulatory body, or administrative agency or other governmental body, the Distributor shall be prevented from selling securities
in the United States or because of any action or conduct on the Distributor's part, sales of the shares are not qualified for sale.
The Trust may also terminate this Agreement as to any Series at any time upon prior written notice to the Distributor of its intention
to so terminate at the expiration of three months from the date of the delivery of such written notice to the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be amended only if such amendment is approved (1) either by action of the Trustees of the Trust or at a meeting
of the shareholders of the Trust by the affirmative vote of a majority of the outstanding shares of the Trust; and (2) by a majority of
the Trustees of the Trust who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation
of this Agreement by vote cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. The validity, interpretation and construction of this Agreement, and of each part hereof, will be governed by the laws of the Commonwealth
of Pennsylvania.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder
of the Agreement, which shall continue to be in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. This Agreement is executed by the Trust with respect to each of the Series and the obligations hereunder are not binding upon any
of the Trustees, officers or shareholders of the Trust individually but are binding only upon the Series to which such obligations pertain
and the assets and property of such Series. All obligations of the Trust under this Agreement shall apply only on a Series-by-Series basis,
and the assets of one Series shall not be liable for the obligations of another Series.

---

| | |
|:---|:---|
| **DELAWARE DISTRIBUTORS, L.P.** | **DELAWARE DISTRIBUTORS, L.P.** |
| **DELAWARE DISTRIBUTORS, INC.,** | **DELAWARE DISTRIBUTORS, INC.,** |
| **General Partner** | **General Partner** |
| By: | /s/ Richard Salus |
| Name: | Richard Salus |
| Title: | SVP/Global Head of Fund Services/Managing Director |
| **DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS, on behalf of the Series listed on Schedule I** | **DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS, on behalf of the Series listed on Schedule I** |
| By: | /s/ Shawn K. Lytle |
| Name: | Shawn K. Lytle |
| Title: | President / Senior Managing Director |

---

**EXHIBIT A**

**CLASS A**

**DISTRIBUTION PLAN**

The following Distribution Plan (the "Plan") has been adopted pursuant to Rule 12b-l under the Investment Company Act of 1940, as amended (the "Act"), by Delaware Group & International Funds (the "Trust"), separately for each Series of the Trust identified on Schedule I as amended from time to time (the "Series") on behalf of the A Class shares of each such Series identified on Schedule I as amended from time to time (the "Class"), which Trust, Series and Classes may do business under these or such other names as the Board of Trustees of the Trust may designate from time to time. The Plan has been approved by a majority of the Board of Trustees, including a majority of the Trustees who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation of the Plan or in any agreements related thereto ("non-interested Trustees"), cast in person at a meeting called for the purpose of voting on such Plan. Such approval by the Trustees included a determination that in the exercise of reasonable business judgment and in light of their fiduciary duties, there is a reasonable likelihood that the Plan will benefit each such Series and shareholders of each such Class.

The Trust is a business trust organized under the laws of the State of Delaware, is authorized to issue different series and classes of securities and is an open-end management investment company registered under the Act. Delaware Distributors, L.P. (the "Distributor") is the principal underwriter and national distributor for the Series' shares, including shares of the Class, pursuant to the Distribution Agreement between the Distributor and the Trust on behalf of each Series ("Distribution Agreement").

The Plan provides that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust shall pay to the Distributor, out of the assets of a particular Class, a monthly fee not to exceed the fee rate set forth on Schedule I for such Class as may be determined by the Trust's Board of Trustees from time to time. Such monthly fee shall be reduced by the aggregate sums paid by the Trust on behalf of the Series to persons other than broker-dealers (the "Service Providers") who may, pursuant to servicing agreements, provide to the Series services in the Series' marketing of shares of the Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. (a) The Distributor shall use the monies paid to it pursuant to paragraph 1 above to furnish, or cause or encourage others to furnish, services and incentives in connection with the promotion, offering and sale of the relevant Class shares and, where suitable and appropriate, the retention of such Class shares by shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Service Providers shall use the monies paid respectively to them to reimburse themselves for the actual costs they have incurred in confirming that their customers have received the Prospectus and Statement of Additional Information, if applicable, and as a fee for (1) assisting such customers in maintaining proper records with the Trust, (2) answering questions relating to their respective accounts, and (3) aiding in maintaining the investment of their respective customers in the Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Distributor shall report to the Trust at least monthly on the amount and the use of the monies paid to it under the Plan. The Service Providers shall inform the Trust monthly and in writing of the amounts each claims under the Plan; both the Distributor and the Service Providers shall furnish the Board of Trustees of the Trust with such other information as the Board may reasonably request in connection with the payments made under the Plan and the use thereof by the Distributor and the Service Providers, respectively, in order to enable the Board to make an informed determination of the amount of the Trust" payments with respect to each Class and whether the Plan should be continued with respect to each Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The officers of the Trust shall furnish to the Board of Trustees of the Trust, for their review, on a quarterly basis, a written report of the amounts expended under the Plan with respect to each Class and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Plan shall take effect with respect to the A Class of a particular Series as of the effective date set forth on Schedule I (the "Commencement Date"); thereafter, the Plan shall continue in effect with respect to the A Class of a particular Series for a period of more than one year from the Commencement Date only so long as such continuance is specifically approved at least annually by a vote of the Board of Trustees of the Trust, and of the non-interested Trustees, cast in person at a meeting called for the purpose of voting on such Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) The Plan may be terminated as to the A Class of any particular Series at any time by vote of a majority of the non-interested Trustees or by vote of a majority of the outstanding voting securities of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Plan may not be amended as to the A Class of any particular Series to increase materially the amount to be spent for distribution
pursuant to paragraph 1 hereof without approval by the shareholders of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. All material amendments to this Plan shall be approved by the non-interested Trustees in the manner described in paragraph 5 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. So long as the Plan is in effect, the selection and nomination of the Trust's non-interested Trustees shall be committed to the discretion of such non-interested Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The definitions contained in Sections 2(a)(19) and 2(a)(42) of the Act shall govern the meaning of "interested person(s)" and "vote of a majority of the outstanding voting securities," respectively, for the purposes of this Plan.

This Plan shall take effect on the Commencement Date, as previously defined.

April 19, 2001

**EXHIBIT B**

**CLASS C**

**DISTRIBUTION PLAN**

The following Distribution Plan (the "Plan") has been adopted pursuant to Rule 12b-l under the Investment Company Act of 1940, as amended (the "Act"), by Delaware Group Global & International Funds (the "Trust"), separately for each Series of the Trust identified on Schedule I as amended from time to time (the "Series") on behalf of the C Class shares of each such Series identified on Schedule I as amended from time to time (the "Class"), which Trust, Series and Classes may do business under these or such other names as the Board of Trustees of the Trust may designate from time to time. The Plan has been approved by a majority of the Board of Trustees, including a majority of the Trustees who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation of the Plan or in any agreements related thereto ("non-interested Trustees"), cast in person at a meeting called for the purpose of voting on such Plan. Such approval by the Trustees included a determination that in the exercise of reasonable business judgment and in light of their fiduciary duties, there is a reasonable likelihood that the Plan will benefit each such Series and shareholders of each such Class.

The Trust is a business trust organized under the laws of the State of Delaware, is authorized to issue different series and classes of securities and is an open-end management investment company registered under the Act. Delaware Distributors, L.P. (the "Distributor") is the principal underwriter and national distributor for the Series' shares, including shares of the Class, pursuant to the Distribution Agreement between the Distributor and the Trust on behalf of each Series ("Distribution Agreement").

The Plan provides that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (a) The Trust shall pay to the Distributor, out of the assets of a particular Class, a monthly fee not to exceed the fee rate set forth on Schedule I for such Class as may be determined by the Trust's Board of Trustees from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the amounts described in (a) above, the Trust shall pay (i) to the Distributor for payment to dealers or others, or (ii) directly to others, an amount not to exceed the service fee rate set forth on Schedule I for such Class, as a service fee pursuant to dealer or servicing agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. (a) The Distributor shall use the monies paid to it pursuant to paragraph 1(a) above to assist in the distribution and promotion of shares of the relevant Class. Payments made to the Distributor under the Plan may be used for, among other things, preparation and distribution of advertisements, sales literature and prospectuses and reports used for sales purposes, as well as compensation related to sales and marketing personnel, and holding special promotions. In addition, such fees may be used to pay for advancing the commission costs to dealers with respect to the sale of the relevant Class shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The monies to be paid pursuant to paragraph 1 (b) above shall be used to pay dealers or others for among other things, furnishing personal services and maintaining shareholder accounts, which services include confirming that customers have received the Prospectus and Statement of Additional Information, if applicable; assisting such customers in maintaining proper records with the Trust; answering questions relating to their respective accounts; and aiding in maintaining the investment of their respective customers in the relevant Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Distributor shall report to the Trust at least monthly on the amount and the use of the monies paid to it under paragraph 1(a) above. In addition, the Distributor and others shall inform the Trust monthly and in writing of the amounts paid under paragraph 1(b) above; both the Distributor and any others receiving fees under the Plan shall furnish the Board of Trustees of the Trust with such other information as the Board may reasonably request in connection with the payments made under the Plan with respect to each Class and the use thereof by the Distributor and others in order to enable the Board to make an informed determination of the amount of the Trust's payments and whether the Plan should be continued with respect to each Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The officers of the Trust shall furnish to the Board of Trustees of the Trust, for their review, on a quarterly basis, a written report of the amounts expended under the Plan with respect to each Class and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Plan shall take effect with respect to the C Class of a particular Series as of the effective date set forth on Schedule I (the "Commencement Date"); thereafter, the Plan shall continue in effect with respect to the C Class of a particular Series for a period of more than one year from the Commencement Date only so long as such continuance is specifically approved at least annually by a vote of the Board of Trustees of the Trust, and of the non-interested Trustees, cast in person at a meeting called for the purpose of voting on such Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) The Plan may be terminated as to the C Class of any particular Series at any time by vote of a majority of the non-interested Trustees or by vote of a majority of the outstanding voting securities of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Plan may not be amended as to the C Class of any particular Series to increase materially the amount to be spent for distribution pursuant to paragraph 1 hereof without approval by the shareholders of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. All material amendments to this Plan shall be approved by the non-interested Trustees in the manner described in paragraph 5 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. So long as the Plan is in effect, the selection and nomination of the Trust's non-interested Trustees shall be committed to the discretion of such non-interested Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The definitions contained in Sections 2(a)(19) and 2(a)(42) of the Act shall govern the meaning of "interested person(s)" and "vote of a majority of the outstanding voting securities," respectively, for the purposes of this Plan.

This Plan shall take effect on the Commencement Date, as previously defined.

April 19, 2001

**EXHIBIT C**

**CLASS R**

**DISTRIBUTION PLAN**

The following Distribution Plan (the "Plan") has been adopted pursuant to Rule 12b-l under the Investment Company Act of 1940, as amended (the "Act"), by Delaware Group Global & International Funds (the "Trust")', separately for each Series of the Trust identified on Schedule I as amended from time to time (the "Series") on behalf of the R Class shares of each such Series identified on Schedule I as amended from time to time (the "Class"), which Trust, Series and Classes may do business under these or such other names as the Board of Trustees of the Trust may designate from time to time. The Plan has been approved by a majority of the Board of Trustees, including a majority of the Trustees who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation of the Plan or in any agreements related thereto ("non-interested Trustees"), cast in person at a meeting called for the purpose of voting on such Plan. Such approval by the Trustees included a determination that in the exercise of reasonable business judgment and in light of their fiduciary duties, there is a reasonable likelihood that the Plan will benefit each such Series and shareholders of each such Class.

The Trust is a business trust organized under the laws of the State of Delaware, is authorized to issue different series and classes of securities and is an open-end management investment company registered under the Act. Delaware Distributors, L.P. (the "Distributor") is the principal underwriter and national distributor for the Series' shares, including shares of the Class, pursuant to the Distribution Agreement between the Distributor and the Trust on behalf of each Series ("Distribution Agreement").

The Plan provides that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust shall pay to the Distributor, out of the assets of a particular Class, a monthly fee not to exceed the fee rate set forth on Schedule I for such Class as may be determined by the Trust's Board of Trustees from time to time. Such monthly fee shall be reduced by the aggregate sums paid by the Trust on behalf of the Series to persons other than broker-dealers (the "Service Providers") who may, pursuant to servicing agreements, provide to the Series services in the Series' marketing of shares of the Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. (a) The Distributor shall use the monies paid to it pursuant to paragraph 1 above to furnish, or cause or encourage others to furnish, services and incentives in connection with the promotion, offering and sale of the relevant Class shares and, where suitable and appropriate, the retention of such Class shares try shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Service Providers shall use the monies paid respectively to them to reimburse themselves for the actual costs they have incurred in confirming that their customers have received the Prospectus and Statement of Additional Information, if applicable, and as a fee for (1) assisting such customers in maintaining proper records with the Trust, (2) answering questions relating to their respective accounts, and (3) aiding in maintaining the investment of their respective customers in the Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Distributor shall report to the Trust at least monthly on the amount and the use of the monies paid to it under the Plan. The Service Providers shall inform the Trust monthly and in writing of the amounts each claims under the Plan; both the Distributor and the Service Providers shall furnish the Board of Trustees of the Trust with such other information as the Board may reasonably request in connection with the payments made under the Plan and the use thereof by the Distributor and the Service Providers, respectively, in order to enable the Board to make an informed determination of the amount of the Trust" payments with respect to each Class and whether the Plan should be continued with respect to each Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The officers of the Trust shall furnish to the Board of Trustees of the Trust, for their review, on a quarterly basis, a written report of the amounts expended under the Plan with respect to each Class and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Plan shall take effect with respect to the R Class of a particular Series as of the effective date set forth on Schedule I (the "Commencement Date"); thereafter, the Plan shall continue in effect with respect to the R Class of a particular Series for a period of more than one year from the Commencement Date only so long as such continuance is specifically approved at least annually by a vote of the Board of Trustees of the Trust, and of the non-interested Trustees, cast in person at a meeting called for the purpose of voting on such Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) The Plan may be terminated as to the R Class of any particular Series at any time by vote of a majority of the non-interested Trustees or by vote of a majority of the outstanding voting securities of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Plan may not be amended as to the R Class of any particular Series to increase materially the amount to be spent for distribution pursuant to paragraph 1 hereof without approval by the shareholders of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. All material amendments to this Plan shall be approved by the non-interested Trustees in the manner described in paragraph 5 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. So long as the Plan is in effect, the selection and nomination of the Trust's non-interested Trustees shall be committed to the discretion of such non-interested Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The definitions contained in Sections 2(a)(19) and 2(a)(42) of the Act shall govern the meaning of "interested person(s)" and "vote of a majority of the outstanding voting securities," respectively, for the purposes of this Plan.

This Plan shall take effect on the Commencement Date, as previously defined.

May 15, 2003

**SCHEDULE I**

**TO THE DISTRIBUTION AGREEMENT**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series Name | Class Names | Total 12b-l Plan Fee Rate (per annum of the Series' average daily net assets represented by shares of the Class) | Portion designated as Service Fee Rate (per annum of the Series' average daily net assets represented by shares of the Class) | Effective Date |
| Nomura Emerging Markets Fund | Class A | 0.25% |  | December 1, 2025 |
|  | Class C | 1.00% | 0.25% | December 1, 2025 |
|  | Class R | 0.50% |  | December 1, 2025 |
|  | Class R6 | N/A |  | December 1, 2025 |
|  | Institutional Class | N/A |  | December 1, 2025 |

---

## Ex-99.E2

**EX-99.e.2**

**NOMURA FUNDS**

**dealer's Agreement**

We are the national distributor for all of the shares of all of the Classes (now existing or hereafter added) of all of the Nomura Funds which retain us to act as exclusive national distributor. The term "Fund" as used in this Agreement refers to each Nomura Fund that retains us to promote and sell its shares, and any Fund that may hereafter be added to the Nomura Funds to retain us as national distributor. The term "Class" as used in this Agreement refers to a class of shares of a Fund as described in the Fund's prospectus. You, a broker/dealer ("you"), have indicated that you wish to act as agent for your customer(s) (the "customer(s)") in connection with the purchase, sale and redemption of Fund shares and/or desire to provide certain services to your customers relating to their ownership of Fund shares, all in accordance with the terms of this Agreement.

**<u>AGENT FOR CUSTOMERS</u>:** In placing orders for the purchase and sale of Fund shares, you will be acting solely as agent for your customers and will not have any authority to act as agent for us, any of the Funds or any of our affiliates or representatives. Each transaction in Fund shares will be initiated solely upon the order of a customer, or by you pursuant to a written agreement with a customer giving you investment discretion to act on such customer's behalf, and shall be for the account of a customer. You also agree that you will refrain from placing orders with us that you have received from your customers for your own gain. Neither you nor any of your employees or agents are authorized to make any representations concerning the Funds or Fund shares except those contained in the then current Prospectus and Statement of Additional Information ("Prospectus"). All references in this Agreement to the "Prospectus" refer to the then current version of the Summary Prospectus and the Statutory Prospectus and includes the Statement of Additional Information incorporated by reference therein and any stickers or supplements thereto. In purchasing Fund shares your customers may rely only on such authorized information.

**<u>OFFERING PRICE TO PUBLIC</u>:** Orders for shares received from you and accepted by a Fund or its agent, will be at the public offering price applicable to each order as set forth in that Fund's Prospectus. The manner of computing the net asset value of shares, the public offering price and the effective time of orders received from you are described in the Prospectus for each Fund. We reserve the right, at any time and without notice, to suspend the sale of Fund shares.

**<u>CONCESSIONS TO YOU</u>:** You will be entitled to deduct the applicable concession as set forth in the then current Prospectus of a Fund from the purchase price of certain purchase orders placed by you for shares of a Fund having a sales charge. We reserve the right from time to time, without prior notice, to modify, suspend or eliminate such concessions by amendment, sticker or supplement to the Prospectus for the Fund. The concession will not exceed the maximum limits on sales charges specified in Rule 2341 of the Financial Industry Regulatory Authority, Inc. ("FINRA"). You will not accept any fee otherwise allowed under the terms of this Agreement, for any shares purchased under this

Agreement, if prohibited by the Employee Retirement Income Security Act or trust or similar laws to which you are subject, in the case of purchases or redemptions of Fund shares involving retirement plans, trusts or similar accounts. You will make payments for Fund shares in the manner described in the PAYMENT section below. If any shares confirmed to you under the terms of this Agreement are redeemed or repurchased by the Fund or by us as agent for the Fund, or are tendered for redemption or repurchase, within seven business days after the date of our confirmation of the original purchase order, you shall promptly refund the concession allowed to you on such shares. It is understood that for the purposes hereof, no Fund share shall be considered to have been sold by you and no concession shall be payable to you with respect to any order for Fund shares which is rejected by us or the Fund. Any consideration that you may receive in connection with a rejected purchase order shall be returned to us promptly. We reserve the right to deduct any amount that should be returned to us pursuant to this Paragraph from any present or future commission due to you.

**<u>PURCHASE PLANS</u>:** The purchase price on all orders placed by you and any concessions or other fees otherwise due to you under this Agreement will be subject to the then current terms and provisions of any applicable special plans and accounts (e.g., volume purchases, letters of intent, rights of accumulation, combined purchases privilege, exchange and reinvestment privileges and retirement plan accounts) as set forth from time to time in the Prospectus. You agree to notify us when an order is placed if it qualifies for a reduced sales charge under any of these plans. We reserve the right, at any time, without prior notice, to modify, suspend or eliminate any such plans or accounts by amendment, sticker or supplement to the Prospectus for the Fund.

**<u>SALES, ORDERS AND CONFIRMATIONS</u>:** In offering Fund shares to the public or otherwise, you shall act as agent for your own account, and in no transaction shall you have any authority to act as agent for the Fund, for any other selected dealer or for us. No person is authorized to make any representations concerning the shares of the Fund except those contained in the Prospectus and in written information issued by the Fund or by us as a supplement to such Prospectus. In purchasing Fund shares, you shall rely only on such representations.

All sales must be made subject to confirmation and orders are subject to acceptance or rejection by the Fund in its sole discretion. Your orders must be wired, telephoned or written to the Fund or its agent or placed via National Securities Clearing Corporation ("NSCC") Fund/Serv system. You agree to place orders for the same number of shares sold by you at the price at which such shares are sold. We will not accept any conditional orders. You agree that you will not purchase Fund shares except for investment or for the purpose of covering purchase orders already received and that you will not, as principal, sell Fund shares unless purchased by you from the Fund under the terms hereof. You also agree that you will not withhold placing with us orders received from your customers so as to profit yourself from such withholding. Each of your orders shall be confirmed by you in writing on the same day, and you shall be responsible for the accuracy, timeliness and completeness of any order transmitted by you. We shall not be responsible for any loss related to a failure of electronic transmission. You agree that any purchase or redemption orders that you send to the Fund to be priced at that day's net asset value will have been received before the close of the New York Stock Exchange's ("NYSE") regular trading hours (ordinarily 4:00 P.M. Easter Standard Time) on such day. You agree that you will maintain appropriate documentation as to the timing of order instructions and make the same available to us upon our reasonable request therefor. It is agreed and understood that, whether shares are registered in the purchaser's name, in your name or in the name of your nominee, your customer will have full beneficial ownership of the Fund shares.

**<u>PAYMENT</u>:** The shares purchased by you hereunder shall be paid for in full at the public offering price, less any concession to you as set forth above, via the NSCC net settlement process or by wire or by check payable to the Fund, at its office within three business days after our acceptance of your order. If not so paid, we reserve the right to cancel the sale and to hold you responsible for any loss sustained by us or the Fund (including lost profit) as a result of your failure to make such payment. You shall not be entitled to the benefit, whether by offset or otherwise, resulting from any increase in asset value of Fund shares for which we have not received payment.

**<u>REDEMPTION</u>:** The Prospectus describes the provisions whereby the Fund, under all ordinary circumstances, will redeem shares held by shareholders on demand. You acknowledge that the Funds have the right to delay payment of redemptions per the Funds' Prospectus. You agree that you will not make any representations to shareholders relating to the redemption of their shares other than the statements contained in the Prospectus and the underlying organizational documents of the Fund, to which it refers,

and that you will quote as the redemption price only the price determined by the Fund. You shall not repurchase any shares from your customers at a price below the next quoted price by the Fund for redemption. You may, however, repurchase shares from your customers at the price next quoted by the Fund and charge your customers a reasonable fee for services in connection with the repurchase by you of such shares. You may hold such repurchased shares only for investment purposes or submit such shares to the Fund for redemption.

**<u>12b-1 PLAN</u>:** With respect to any Fund that offers shares of classes for which Distribution Plans have been adopted pursuant to Rule 12b-1 (individually a "12b-1 Plan") of the Investment Company Act of 1940 (the "1940 Act"), we expect you to provide distribution and marketing services in the promotion of the Fund's shares. In consideration of your receipt of distribution fees and/or the receipt of service fees as set forth under 12b-1 Plan(s) applicable to the class or classes of Fund shares purchased by your customers, we expect you to provide administrative and other services to your customers who own Fund shares, including, but not limited to assisting in changing dividend options, account designations and addresses maintaining accounts or such other services as the Fund may require, to the extent permitted by applicable statutes, rules or regulations. In consideration of such services we will pay you a fee, as established by us from time to time, based on a portion of the net asset value of the accounts of your customers in the Fund. We are permitted to make this payment under the terms of the 12b-1 Plans adopted by certain of the Funds, as such Plans may be in effect from time to time. The 12b-1 Plans in effect on the date of this Agreement are described in the Funds' Prospectuses. Each Fund reserves the right to terminate or suspend its 12b-1 Plan at any time as specified in the Plan and we reserve the right, at any time, without notice, to modify, suspend or terminate payments hereunder in connection with such 12b-1 Plan. You will furnish the Fund and us with such information as may be reasonably requested by the Fund or its directors or trustees or by us with respect to such fees paid to you pursuant to this Agreement.

**<u>GENERAL COMPLIANCE</u>:** To the extent that you are subject to the USA PATRIOT ACT, FINRA Rules and/or NYSE Rules, including, without limitation, rules requiring you to implement an Anti-money Laundering Program and a Customer Identification Program ("CIP"), you are, and will remain, in compliance with such Act or Rules. Specifically, you warrant that to the extent that you are required under such Act or rules to (a) provide notice of CIP to your customers, (b) obtain required identifying data elements for each new customer, (c) reasonably verify the identity of each new customer (using data elements), and (d) take appropriate action with respect to customers in cases where identity cannot be verified, that you will take the actions described in (a) through (d) above, as appropriate. In addition to the extent applicable, you shall be solely responsible for complying with the requirements of Regulation Best Interest in making any recommendations for the purchase and sale of Fund shares to retail customers.

**<u>LEGAL COMPLIANCE</u>:** This Agreement and any transaction with, or payment to, you pursuant to the terms hereof is conditioned on your representation to us that, as of the date of this Agreement you are, and at all times during its effectiveness you will be: (a) a registered broker/dealer under the Securities Exchange Act of 1934, as amended, and qualified under applicable state securities laws in each jurisdiction in which you are required to be qualified to act as a broker/dealer in securities, and a member in good standing of FINRA; or (b) a foreign broker/dealer not eligible for membership in the FINRA and otherwise in compliance with applicable U.S. federal and state securities laws. You agree to notify us promptly in writing and immediately suspend sales of Fund shares if this representation ceases to be true. You also agree that, whether or not you are a member of the FINRA or a foreign broker/dealer not eligible for such membership, you will comply with applicable FINRA Rules including, in particular, FINRA Rules 2111, 2341, and 2342, and that you will maintain adequate records with respect to your customers and transactions with the Funds. You agree to comply with all applicable terms of the Funds' Prospectuses, and you agree to cooperate with any efforts initiated by the Funds and/or their agents to identify and prevent abusive or disruptive trading practices as described in the Funds' prospectuses, including, but not limited to, activities such as "market-timing", short-term trading, excessive trading, and late trading ("Abusive Trading Practices"). You shall cooperate with any requests made by the Funds and/or their agents towards this end, including providing the Funds and/or their agents with information about the trading history of any particular shareholder that you maintain on your recordkeeping systems. You represent that you have reviewed your policies and procedures to ensure that they are reasonably designed to prevent Abusive Trading Practices. You agree to make any changes to your policies and procedures necessary to comply with any laws or regulations applicable to any party to this Agreement and/or the Funds that relate to the performance of services under this Agreement.

**<u>BLUE SKY MATTERS</u>:** We shall have no obligation or responsibility with respect to your right to sell Fund shares in any state or jurisdiction. Upon your request, we may furnish you with information identifying the states and jurisdictions, under the securities laws of which it is believed a Fund's shares may be sold. You will not transact orders for Fund shares in states or jurisdictions in which we indicate Fund shares may not be sold. You agree to offer and sell Fund shares outside the United States only in compliance with all applicable laws, rules and regulations of any foreign government having jurisdiction over such transactions in addition to any applicable laws, rules and regulations of the United States.

**<u>PRIVACY</u>:** Each party to this Agreement affirms that it has in place procedures that are reasonably designed to protect the privacy of non-public customer information and it will maintain such information that it may acquire pursuant to this Agreement in confidence and in accordance with all applicable privacy laws. Each of the parties agrees not to use, or permit the use of, any such customer information for any purpose except to carry out the terms of this Agreement and/or pursuant to any applicable exceptions set forth in such privacy laws. This provision shall survive the termination of this Agreement.

**<u>CONFIDENTIALITY</u>:** Each party agrees to maintain the confidentiality of the terms of this Agreement and documents and information relating to the business of the other that are not publicly available (collectively, the "Confidential Information"). Specifically, each party will not disclose the Confidential Information of the other to any outside party (except as required by law, judicial process, or regulation) and will not use the Confidential Information of the other for any purpose other than the performance of its obligations under this Agreement or as is otherwise legally permissible. In the event that disclosure by a party of the other party's Confidential Information is required, the disclosing party will, to the extent legally permissible, promptly give the other party prior written notice of the disclosure.

**<u>LITERATURE</u>:** We will furnish you with copies of each Fund's Prospectus, sales literature and other information made publicly available by the Fund, upon your request. You agree to deliver a copy of the current Prospectus in accordance with the provisions of the Securities Act of 1933, as amended, to each purchaser of Fund shares for whom you act as broker. We shall file Fund sales literature and promotional material with FINRA and SEC as required. You may not publish or use any sales literature or promotional materials with respect to the Funds without our prior review and written approval.

**<u>NOTICES AND COMMUNICATIONS</u>:**

All communications from you should be addressed to us at Delaware Distributors, L.P., 100 Independence, 610 Market Street, Philadelphia, PA 19106, Attention: <u>IntermediaryContracts@nomura.com</u>.

Any notice from us to you shall be deemed to have been duly given if mailed to you at the address set forth below, or via electronic mail at the address set forth below or transmitted via facsimile at the number set forth below:

If via mail: ___________________________________

If via electronic mail: ___________________________

If via facsimile: ________________________________

Each of us may change the address to which notices shall be sent by notice to the other in accordance with the terms hereof.

**<u>TERMINATION</u>:** This Agreement may be terminated by either party at any time by written notice to that effect. This Agreement will terminate without notice upon the appointment of a trustee for you under the Securities

Investor Protection Act, or in the event of any other act of insolvency by you. Notwithstanding the termination of this Agreement, you shall remain liable for any amounts otherwise owing to us or the Funds for your portion of any transfer tax or other liability which may be asserted or assessed against the Fund, or us, or upon any one or more of the selected dealers based upon the claim that the selected dealers or any of them constitute a partnership, an unincorporated business or other separate entity.

**<u>AMENDMENT</u>:** This Agreement may be amended or revised at any time by us upon notice to you and, unless you notify us in writing to the contrary, you will be deemed to have accepted such modifications.

**<u>GENERAL</u>:** Your acceptance hereof will constitute an obligation on your part to observe all the terms and conditions hereof. In the event you breach any of the terms and conditions of this Agreement, you will indemnify us, the Funds, and our affiliates for any damages, losses, costs and expenses (including reasonable attorneys' fees) arising out of or relating to such breach and we may offset any such damages, losses, costs and expenses against any amounts due to you hereunder. Nothing contained herein shall constitute you, us and any dealers an association or partnership, and, in the event that any transfer tax or liability is asserted or assessed against the Fund, or us, or upon any one or more of the selected dealers party to an agreement with us based upon the claim that the selected dealers or any of them constitute a partnership, an unincorporated business or other separate entity, you shall be liable for any amounts otherwise owing to us or

the Funds for your portion of any such transfer tax or other liability. This Agreement supersedes and replaces any prior agreement between us and you with respect to your purchase and sale of Fund shares. This Agreement is not assignable or transferable by a party without the prior written consent of the other party, which consent may be withheld in such party's sole discretion. This Agreement may be executed in one or more counterparts each of which will be deemed an original, but all of which together shall constitute one in the same instrument. Each party acknowledges and agrees that this Agreement and the arrangement described herein are intended to be non-exclusive and that each of the parties may enter into similar agreements with other entities. This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to its conflict of laws provisions. Each of the provisions set forth in this Paragraph shall survive termination of this Agreement.

Please confirm this Agreement by executing one copy of this Agreement below and returning it to us. Keep the enclosed duplicate copy for your records.

**DELAWARE DISTRIBUTORS, L.P.**

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| |
|:---|
| By: |
| Name: |
| Title: |

---

**DEALER'S AGREEMENT ACCEPTANCE**

The undersigned hereby confirms the Dealer's Agreement and acknowledges that any purchase of Fund shares made during the effectiveness of this Agreement is subject to all the applicable terms and conditions set forth in this Agreement, and agrees to pay for the shares at the price and upon the terms and conditions stated in the Agreement. The undersigned hereby acknowledges receipt of Prospectuses relating to the Fund shares and confirms that, in executing the Dealer's Agreement, it has relied in such Prospectuses and not on any other statement whatsoever, written or oral.

INVESTMENT DEALER PLEASE SIGN HERE AND COMPLETE BELOW

---

| |
|:---|
| **(DEALER)** |
| By: |
| Name: |
| Title: |
| Date: |

---

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| |
|:---|
| <br> Firm's Tax Identification Number |
| <br> Street Address |
| <br> City/State/Zip |

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## Ex-99.E3

**EX-99.e.3**

&nbsp;&nbsp;**NOMURA FUNDS** <br> **REGISTERED INVESTMENT ADVISERS AGREEMENT**<br>

We are the national distributor for all of the shares of all of the Classes (now existing or hereafter added) of all of the Funds in Nomura Funds which retain us, Delaware Distributors, L.P., to act as exclusive national distributor. The term "Fund" as used in this Agreement refers to each Fund in Nomura Funds which retains us to promote and sell its shares, and any Fund which may hereafter be added to Nomura Funds to retain us as national distributor. The term "Class" as used in this Agreement refers to a class of shares of a Fund as described in the Fund's prospectus. You have indicated that you wish to act as agent for your customers in connection with the purchase, sale and redemption of Fund shares and/or desire to provide certain services to your customers relating to their ownership of Fund shares, all in accordance with the terms of this Agreement.

**AGENT FOR CUSTOMERS:** In placing orders for the purchase and sale of Fund shares, you will be acting solely as agent for your customers and will not have any authority to act as agent for us, any of the Funds or any of our affiliates or representatives. Each transaction in Fund shares will be initiated solely upon the order of a customer, or by you pursuant to a written agreement with a customer giving you investment discretion to act on such customer's behalf, and shall be for the account of a customer. You also agree that you will not withhold placing with us orders received from your customers so as to profit yourself from such withholding. Neither you nor any of your employees or agents are authorized to make any representations concerning the Funds or Fund shares except those contained in the then current "Prospectus" and in written information issued by the Fund or by us as a supplement to the Prospectus. In purchasing Fund shares your customers may rely only on such authorized information.

**OFFERING PRICE TO PUBLIC:** Orders for shares received from you and accepted by a Fund or its agent, Delaware Investments Fund Services Company, will be at the public offering price applicable to each order as set forth in the Fund's Prospectus. The manner of computing the net asset value of shares, the public offering price and the effective time of orders received from you are described in the Prospectus for each Fund. We reserve the right at any time, without notice, to suspend the sale of Fund shares.

**PURCHASE PLANS:** The purchase price on all orders placed by you will be subject to the then current terms and provisions of any applicable special plans and accounts as set forth from time to time in the Prospectus. We reserve the right, at any time, without prior notice, to modify, suspend or eliminate any such plans or accounts by amendment, supplement or revision to the Prospectus for the Fund.

**SALES, ORDERS, AND CONFIRMATIONS:** All orders must be made subject to confirmation and orders are subject to acceptance or rejection by the Fund in its sole discretion. Your orders must be wired, telephoned or written to the Fund or its agent. You agree to place orders on behalf of your customers for the number of shares in bona fide orders from your customers, or pursuant to the investment discretion granted to you by

your customers, and at the price at which such shares are sold. We will not accept any conditional orders. It is agreed and understood that, whether shares are registered in the purchaser's name, in your name or in the name of your nominee, your customer will have full beneficial ownership of the Fund shares.

**FUND SERV PROCESSING:** Firm's orders will be placed via electronic transmission (Fund Serv). Fund Serv permits the transmission of shareholder trade and registration data between you and the Funds. Trade, registration and corrections on orders provided to the Funds' agent through Fund Serv shall be accurate, complete and in the format prescribed by the NSCC. If for some reason there is failure of electronic transmission, orders can be placed via telephone and/or fax. These orders will need to be placed before 6:00 p.m. Eastern Standard Time registration and payment for these trades shall follow immediately.

**PAYMENT AND ISSUANCE OF CERTIFICATES:** The shares purchased by you hereunder shall be paid for in full at the public offering price by check payable to the Fund at its office, Fed Fund wire or NSCC within three business days after our acceptance of your order. If not so paid, we reserve the right, without notice, to cancel the sale and to hold you responsible for any loss sustained by us or the Fund (including lost profit) in consequence. Certificates representing Fund shares will not be issued unless a specific request is received from you or your customer. Certificates, if requested, will be issued in the names indicated by registration instructions accompanying payment.

**REDEMPTION:** The Prospectus describes the provisions whereby the Fund, under all ordinary circumstances, will redeem shares held by shareholders on demand. You agree that you will not make any representations to shareholders relating to redemption of their shares other than the statements contained in the Prospectus and the underlying organizational documents of the Fund to which it refers, and that you will quote as the redemption price only the price determined by the Fund. You shall not repurchase any shares from your customers at a price other than that next quoted by the Fund for redemption. You may charge a reasonable fee for services in connection with the repurchase by you from your customers of shares.

**12b-1 PLAN:** With respect to any Fund that offers shares for which a Plan has been adopted under Rule 12b-1 (individually a "12b-1 Plan") of the Investment Company Act of 1940 (the "1940 Act"), you will be entitled to receive payments from the 12b-1 Plan fees for providing shareholder and administrative services to your customers who own Fund shares as set forth under the 12b-1 Plan(s) applicable to the Class or Classes of Fund shares purchased by your customers. Such shareholder and administrative services may include: answering inquiries regarding the Fund; assisting in changing dividend options, account designations and addresses; performing sub-accounting; establishing and maintaining shareholder accounts and records; processing purchase and redemption transactions; providing periodic statements and/or updates showing a customer's account balance and integrating such statements with those of other transactions and balances in the customer's other accounts serviced by you; and arranging for bank wires. You will transmit promptly to customers all communications sent to you for transmittal to customers by or on behalf of us, and the Fund or such Fund's investment advisor, custodian or transfer or dividend disbursing agent. You will promptly answer all written complaints received by you relating to Fund accounts or promptly forward such complaints to us and assist us in answering such complaints. For such services we will pay you a fee, as established by us from time to time, based on a portion of the net asset value of the accounts of your customers in the various Classes of the Fund. We are permitted to make this payment under the terms of the 12b-1 Plans adopted by certain of the Funds, as such Plans may be in effect from time to time. The 12b-1 Plans in effect on the date of this Agreement are described in the Funds' Prospectuses. Each Fund reserves the right to terminate or suspend its 12b-1 Plan at any time as specified in the Plan and we reserve the right, at any time, without notice, to modify, suspend or terminate payments hereunder in connection with such 12b-1 Plan. You will furnish the Fund and us with such information as may be reasonably requested by the Fund or its directors or trustees or by us with respect to such fees paid to you pursuant to this Agreement. You may request not to receive 12b-1 Plan fees. Any such request must be made to us in writing.

**LEGAL COMPLIANCE:** This Agreement and any transaction with, or payment to, you pursuant to the terms hereof is conditioned on your representation to us that, as of the date of this Agreement you are not, and at all times during its effectiveness you will not be, required to register as a broker or dealer under the Securities Exchange Act of 1934. You agree to notify us promptly in writing if this representation ceases to be true. You also agree that, regardless of whether you are a member of the FINRA, you will comply with the rules of the FINRA, including, in particular, Sections 2310, IM 2310-2, and 2830 of the FINRA Conduct Rules, and that you will maintain adequate records with respect to your

customers and their transactions, and that such transactions will be without recourse against you by your customers. Because you will be the only one having a direct relationship with the customer, you will be responsible in that relationship for insuring compliance with all laws and regulations, including those of all applicable federal and state regulatory authorities and bodies having jurisdiction over you or your customers to the extent applicable to securities purchases hereunder.

**BLUE SKY MATTERS:** We shall have no obligation or responsibility with respect to your right to sell Fund shares in any state or jurisdiction. From time to time we shall furnish you with information identifying the states under the securities laws of which it is believed a Fund's shares may be sold. You will not transact orders for Fund shares in states or jurisdictions in which we indicate Fund shares may not be sold. You agree to offer and sell Fund shares outside the United States only in compliance with all applicable laws, rules and regulations of any foreign government having jurisdiction over such transactions in addition to any applicable laws, rules and regulations of the United States.

**LITERATURE:** We will furnish you with copies of each Fund's Prospectus, sales literature and other information made publicly available by the Fund, in reasonable quantities upon your request. We shall file Fund sales literature and promotional material with the FINRA and SEC as required. You agree to deliver a copy of the current Prospectus to your customers in accordance with the provisions of the Securities Act of 1933. You may not publish or use any sales literature or promotional materials with respect to the Funds without our prior review and written approval.

**CUSTOMERS:** The names of your customers will remain your sole property and will not be used by us except for servicing or informational mailings and other correspondence in the normal course of business.

**NOTICES AND COMMUNICATIONS:** All communications from you should be addressed to us at One Independence, 610 Market Street, Philadelphia, PA 19106. Any notice from us to you shall be deemed to have been duly given if mailed or telegraphed to you at the address set forth above. Each of us may change the address to which notices shall be sent by notice to the other in accordance with the terms hereof.

**TERMINATION:** This Agreement may be terminated by either party at any time by written notice to that effect and will terminate without notice upon the appointment of a trustee for you under any act of insolvency by you. Notwithstanding the termination of this Agreement, you shall remain liable for any amounts otherwise owing to us or the Fund and your portion of any transfer tax or other liability which may be asserted or assessed against the Fund, or us, or upon any one or more of our dealers, based upon the claim that you and such dealers or any one of them constitute a partnership, an unincorporated business or other separate entity.

**AMENDMENT:** This Agreement may be amended or revised at any time by us upon notice to you and, unless you promptly notify us in writing to the contrary, you will be deemed to have accepted such modifications.

**GENERAL:** Your acceptance hereof will constitute an obligation on your part to observe all the terms and conditions hereof. In the event you breach any of the terms and conditions of this Agreement, you will indemnify us, the Funds and our affiliates for any damages, losses, costs and expenses (including reasonable attorneys' fees) arising out of or relating to such breach, and we may offset such damages, losses, costs and expenses against any amounts due to you hereunder. Nothing contained herein shall constitute

you, us and any dealers an association or partnership. All references in this Agreement to the "Prospectus" of a Fund refer to the then current version of the Prospectus and includes the Statement of Additional Information incorporated by reference therein and any supplements thereto. This Agreement supersedes and replaces any prior agreement between us and you with respect to your purchase and sale of Fund shares and is to be construed in accordance with the laws of the State of Delaware. Please confirm the Agreement by executing one copy of this Agreement below and returning it to us. Keep the enclosed duplicate copy for your records.

The undersigned hereby confirms this Agreement and acknowledges that any orders for Fund shares placed by it, on behalf of its Customer, during the effectiveness of this Agreement is subject to all the applicable terms and conditions set forth in this Agreement, and agrees to pay for the shares, as agent of its Customer, at the price and upon the terms and conditions stated in this Agreement. The undersigned hereby acknowledges receipt of Prospectuses relating to the Fund shares and confirms that, in executing this Agreement, it has relied on such Prospectuses and not on any other statement whatsoever, written or oral.

DELAWARE DISTRIBUTORS, L.P. (DEALER)

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| |
|:---|
| By:  |
| Name:  |
| Title:  |
| Date: |

---

## Ex-99.E4

**EX-99.e.4**

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| |
|:---|
| &nbsp;&nbsp; **NOMURA FUNDS** <br> **BANK/TRUST AGREEMENT** |
| &nbsp;&nbsp; **NOMURA FUNDS** <br> **BANK/TRUST AGREEMENT** |

---

We are the national distributor for all of the shares of all of the Classes (now existing or hereafter added) of all of the Funds in Nomura Funds which retain us, Delaware Distributors, L.P., to act as exclusive national distributor. The term "Fund" as used in this Agreement refers to each Fund in Nomura Funds that retains us to promote and sell its shares, and any Fund that may hereafter be added to Nomura Funds to retain us as national distributor. The term "Class" as used in this Agreement refers to a class of shares of a Fund as described in the Fund's prospectus. You, a Bank/Trust ("you") have indicated that you wish to act as agent for your customer(s) wishing to purchase, sell and redeem Fund shares ("Customer(s)") and/or desire to provide certain services to your Customers relating to their ownership of Fund shares, all in accordance with the terms of this Agreement.

**AGENT FOR CUSTOMERS**: In placing orders for the purchase and sale of Fund shares, you will be acting solely as agent for your Customers and will not have any authority to act as agent for us, any of the Funds or any of our affiliates or representatives. Each transaction in Fund shares will be initiated solely upon the order of a Customer, or by you pursuant to a written agreement with a Customer giving you investment discretion to act on such Customer's behalf, and shall be for the account of a Customer. You also agree that you will not refrain from placing orders with us that you have received from your Customers for your own gain. Neither you nor any of your employees or agents are authorized to make any representations concerning the Funds or Fund shares except those contained in the then current "Prospectus" and in written information issued by the Fund or by us as a supplement to the Prospectus. In purchasing Fund shares your Customers may rely only on such authorized information.

**OFFERING PRICE TO PUBLIC**: Orders for shares received from you and accepted by a Fund or its agent, will be at the public offering price applicable to each order as set forth in the Fund's Prospectus. The manner of computing the net asset value of shares, the public offering price and the effective time of orders received from you are described in the Prospectus for each Fund. We reserve the right at any time, without notice, to suspend the sale of Fund shares.

**PURCHASE PLANS**: The purchase price on all orders placed by you and any concessions or other fees otherwise due to you under this Agreement will be subject to the then current terms and provisions of any applicable special plans and accounts (e.g., volume purchases, letters of intent, rights of accumulation, combined purchases privilege, exchange and reinvestment privileges and retirement plan accounts) as set forth from time to time in the Prospectus. We must be notified when an order is placed if it qualifies for a reduced sales charge under any of these plans. We reserve the right, at any time, without prior notice, to modify, suspend or eliminate any such plans or accounts by amendment, supplement or revision to the Prospectus for the Fund.

**SALES, ORDERS, AND CONFIRMATIONS**: All orders must be made subject to confirmation and orders are subject to acceptance or rejection by the Fund in its sole discretion. Your orders must be wired, telephoned or written to the Fund or its agent or placed via National Securities Clearing Corporation ("NSCC") Fund/Serv system. You agree to place orders on behalf of your Customers for the number of shares in bona fide orders from your Customers, and at the price at which

such shares are sold. We will not accept any conditional orders. You agree that you will not purchase Fund shares except for investment or for the purpose of covering purchaser orders already received and that you will not, as principal, sell any Fund shares unless purchased by you from the Fund under the terms hereof. You also agree that you will not withhold placing with us orders received from your Customers so as to profit yourself from such withholding. Each of your orders shall be confirmed by you in writing on the same day, and you shall be responsible for the accuracy, timeliness and completeness of any order transmitted by you. We shall not be responsible for any loss related to a failure of electronic transmission. You agree that any purchase or redemption orders that you send to the Fund to be priced at that day's net asset value will have been received before the close of the New York Stock Exchange's ("NYSE") regular trading hours (ordinarily 4:00 P.M. Eastern Standard Time) on such day. You agree that you will maintain appropriate documentation as to the timing of order instructions and make the same available to us upon our reasonable request therefor. It is agreed and understood that, whether shares are registered in the purchaser's name, in your name or in the name of your nominee, your Customer will have full beneficial ownership of the Fund shares.

**AGENCY FEES**: On each order accepted by us for a Fund with a sales charge, we understand that you will charge your customer an agency commission or agency transaction fee ("agency fee") as set forth in the schedule of sales concessions and agency fees set forth in that Fund's Prospectus, as it may be amended from time to time. This fee shall be subject to the provisions of all terms set forth in the Prospectus for volume purchases and special plans and accounts (e.g. retirement plans, letter of intent, etc.). The agency fee will not exceed the maximum limits on sales charges specified in Rule 2830 of the Conduct Rules of the Financial Industry Regulatory Authority ("FINRA") regardless of whether you are a member of the FINRA or not. You will not accept or withhold any fee otherwise allowed under the terms of this Agreement, for any shares purchased under this Agreement, if prohibited by the Employee Retirement Income Security Act or trust or similar laws to which you are subject, in the case of purchases or redemptions of Fund shares involving retirement plans, trusts or similar accounts. You may elect to make payments for Fund shares in either of two ways: (a) you may send us the public offering price for the Fund shares purchased less the amount of the agency fee due you, or (b) you or your Customer may send us the entire public offering price for the Fund shares and we will, on a periodic basis, remit to you the agency fee due.

You will specify in writing the method of payment you elect (See NOTICES AND COMMUNICATIONS Section below). If any shares sold to your Customer under the terms of this Agreement are repurchased by the Fund or by us, or are tendered to a Fund for redemption or repurchase, within seven (7) business days after the date of the confirmation of the original purchase order, you will promptly refund to us the full agency fee paid or allowed to you on such shares. You shall not be due an agency fee to the extent that you or your Customer is qualified to buy, and is buying, shares of a Fund that are not subject to a sales charge. It is understood that for the purposes hereof, no Fund share shall be considered to have been sold by you and no agency fee shall be payable to you with respect to any order for Fund shares which is rejected by us or the Fund. Any consideration that you may receive in connection with a rejected purchase order shall be returned to us promptly. We reserve the right to deduct any amount that should be returned to us pursuant to this Paragraph from any present or future agency fee due to you.

**PAYMENT**: The shares purchased by you hereunder shall be paid for in full at the public offering price (less any agency fee retained by you as set forth above) via the NSCC net settlement process or by wire transfer received by us within three business days after our acceptance of your order. If not so paid, we reserve the right, without notice, to cancel the sale and to hold you responsible for any loss sustained by us or the Fund (including lost profit) as a result of your failure to make such payment. You shall not be entitled to the benefit, whether by offset or otherwise, resulting from any increase in asset value for Fund shares for which we have not received payment.

**REDEMPTION**: The Prospectus describes the provisions whereby the Fund, under all ordinary circumstances, will redeem shares held by shareholders on demand. You agree that you will not make any representations to shareholders relating to redemption of their shares other than the statements contained in the Prospectus and the underlying organizational documents of the Fund to which it refers, and that you will quote as the redemption price only the price determined by the Fund. You shall not repurchase any shares from your Customers at a price other than that next quoted by the Fund for redemption. You may, however, repurchase shares from your Customers at the price next quoted by the Fund and charge your Customers a reasonable fee for services in connection with the repurchase by you of such shares.

**IF YOU WANT TO RECEIVE 12b-1 PLAN FEES**, please check the box below:

❒

**IF YOU DO NOT WANT TO RECEIVE 12b-1 PLAN FEES,** please disregard the following paragraph.

**12b-1 PLAN**: With respect to any Fund that offers shares for which a Plan has been adopted pursuant to Rule 12b-1 (individually a "12b-1 Plan") of the Investment Company Act of 1940 (the "1940 Act"), you will be entitled to receive 12b-1 Plan fees in consideration of your providing shareholder and

administrative services to your Customers who own Fund shares as set forth under the 12b-1 Plan(s) applicable to the Class or Classes of Fund shares purchased by your Customers and, under certain circumstances, for assisting in the promotion of the Fund's shares. Such shareholder and administrative services may include, but shall not be limited to: answering Customer inquiries regarding the Fund; assisting in changing dividend options, account designations and addresses; establishing and maintaining shareholder accounts and records; processing purchase and redemption transactions; providing periodic statements and/or updates showing a Customer's account balance and integrating such statements with those for transactions and balances in the Customer's other accounts serviced by you; arranging for bank wires; or such other services as the Fund may require to the extent permitted by applicable statutes, rules or regulations. In addition, you will transmit promptly to Customers all communications sent to you for transmittal to Customers by or on behalf of us, and the Fund or such Fund's investment advisor, custodian or transfer or dividend disbursing agent. You will also promptly answer all written complaints received by you relating to Fund accounts or promptly forward such complaints to us and assist us in answering such complaints. In consideration of such services we will pay you a fee, as established by us from time to time, based on a portion of the net asset value of the accounts of your Customers in the various Classes of the Fund. We are permitted to make this payment under the terms of the 12b-1 Plans adopted by certain of the Funds, as such Plans may be in effect from time to time. The 12b-1 Plans in effect on the date of this Agreement are described in the Funds' Prospectuses. Each Fund reserves the right to terminate or suspend its 12b-1 Plan at any time as specified in the Plan and we reserve the right, at any time, without notice, to modify, suspend or terminate payments hereunder in connection with such 12b-1 Plan. You will furnish the Fund and us with such information as may be reasonably requested by the Fund or its directors or trustees or by us with respect to such fees paid to you pursuant to this Agreement.

**SALE OF NO-LOAD – NON 12b-1 PLAN FUNDS**: In connection with any orders placed by you on behalf of your Customers for shares of Funds that do not charge a sales load and/or do not have a 12b-1 Plan, we understand that you may charge your Customers a limited service or transaction fee, in accordance with current interpretations and rulings of the Staff of the Securities Exchange Commission. Such fees may not exceed the maximum limits on sales charges specified in Rule 2830 of the FINRA Conduct Rules.

**GENERAL COMPLIANCE:** To the extent that you are subject to the USA PATRIOT ACT, FINRA Rules and/or NYSE Rules, including, without limitation, rules requiring you to implement an Anti-money Laundering Program and a Customer Identification Program ("CIP"), you are, and will remain, in compliance with such Act or Rules. Specifically, you warrant that to the extent that you are required under such Act or rules to (a) provide notice of CIP to Customers, (b) obtain required identifying data elements for each new Customer, (c) reasonably verify the identity of each new Customer (using data elements), and (d) take appropriate action with respect to Customers in cases where identity cannot be verified, that you will take the actions described in (a) through (d) above, as appropriate.

**LEGAL COMPLIANCE**: This Agreement and any transaction with, or payment to, you pursuant to the terms hereof is conditioned on your representation to us that, as of the date of this Agreement you are, and at all times during its effectiveness you will be, a bank as defined in Section 3(a)(6) of the Securities Exchange Act of 1934 (or other financial institution) and not otherwise required to register as a broker or dealer under such Act. You agree to notify us promptly in writing if this representation ceases to be true. You also agree that, regardless of whether you are a member of the FINRA, you will comply with the rules of the FINRA, including, in particular, Sections 2310, IM 2310-2, and 2830 of the FINRA Conduct Rules, and that you will maintain adequate records with respect to your Customers and their transactions, and that such transactions will be without recourse against you by your Customers. We recognize that, in addition to applicable provisions of state and federal securities laws, you may be subject to the provisions of the Glass-Steagall Act and other laws governing, among other things, the conduct of activities by federal and state chartered and supervised financial institutions and their affiliated organizations. As such, you may be restricted in the activities that you may undertake and for which you may be paid, and, therefore, we recognize that you will not perform activities that are inconsistent with your statutory and regulatory obligations. Because you will be the only one having a direct relationship with the Customer, you will be responsible in that relationship for insuring compliance with all laws and regulations, including those of all applicable federal and state regulatory authorities and bodies having jurisdiction over you or your Customers to the extent applicable to securities purchases hereunder. You agree to cooperate with any efforts initiated by the Funds and/or their agents to identify and prevent abusive trading practices as described in the Funds' Prospectuses, including, but not limited to, activities such as "market-timing", short-term trading, excessive trading, and late trading ("Abusive Trading Practices"). You shall cooperate with any requests made by the Funds and/or their agents towards this end, including providing the Funds and/or their agents with information about the trading history of any particular shareholder that you maintain on your recordkeeping systems. You further agree to make any changes necessary to comply with any laws or regulations regarding Abusive Trading Practices applicable to any party to this Agreement and/or the Funds that relate to the performance of services under this Agreement.

**BLUE SKY MATTERS**: We shall have no obligation or responsibility with respect to your right to sell Fund shares in any state or jurisdiction. From time to time we shall furnish you with information identifying the states under the securities laws in which it is believed a Fund's shares may be sold. You will not transact orders for Fund shares in states or jurisdictions in which we indicate Fund shares may not be sold. You agree to offer and sell Fund shares outside the United States only in compliance with all applicable laws, rules and regulations of any foreign government having jurisdiction over such transactions in addition to any applicable laws, rules and regulations of the United States.

**PRIVACY:** Each party to this Agreement affirms that it has in place procedures that are reasonably designed to protect the privacy of non-public customer information and it will maintain such information that it may acquire pursuant to this Agreement in confidence and in accord with all applicable privacy laws. Each of the parties agrees not to use, or permit the use of, any such customer information for any purpose except to carry out the terms of this Agreement and/or pursuant to any applicable exceptions set forth in such privacy laws. This provision shall survive the termination of this Agreement.

**CONFIDENTIALITY**: Each party agrees to maintain the confidentiality of the terms of this Agreement and documents and information relating to the business of the other that are not publicly available (collectively, the "Confidential Information"). Specifically, each party will not disclose the Confidential Information of the other to any outside party (except as required by law, judicial process, or regulation) and will not use the Confidential Information of the other for any purpose other than the performance of its obligations under this Agreement or as is otherwise legally permissible. In the event that disclosure by a party of the other party's Confidential Information is required, the disclosing party will, to the extent legally permissible, promptly give the other party prior written notice of the disclosure

**LITERATURE**: We will furnish you with copies of each Fund's Prospectus, sales literature and other information made publicly available by the Fund, in reasonable quantities upon your request. We shall file Fund sales literature and promotional material with the FINRA and SEC as required. You agree to deliver a copy of the current Prospectus to your Customers in accordance with the provisions of the Securities Act of 1933. You may not publish or use any sales literature or promotional materials with respect to the Funds without our prior review and written approval.

**CUSTOMERS**: The names of your Customers will remain your sole property and will not be used by us except for servicing or informational mailings and other correspondence in the normal course of business.

**STATEMENT GENERATION:** Any account level detail provided by us to you electronically for Level 0 – Trust-Controlled Accounts through NSCC systems and pursuant to this Agreement shall satisfy the delivery obligations as outlined under the Securities Exchange Act of 1934, as amended, and, as such, we have your informed consent to stop delivering Customer statements in paper form, and to suppress the following paper media going forward:

• Daily Account Maintenance Confirmations

• Daily Change of Address Notices

• Shareholder Investor Statements

• Tax Reporting

**NOTICES AND COMMUNICATIONS**: All communications from you should be addressed to us at Delaware Distributors, L.P., 100 Independence, 610 Market Street, Philadelphia, PA 19106, Attention: IntermediaryContracts@nomura.com. Any notice from us to

you shall be deemed to have been duly given if mailed to you at the address set forth below, or via electronic mail at the address set forth below or transmitted via facsimile at the number set forth below.

If via mail:  

If via electronic mail:  

If via facsimile:  

Each of us may change the address to which notices shall be sent by notice to the other in accordance with the terms hereof.

**TERMINATION**: This Agreement may be terminated by either party at any time by written notice to that effect. This Agreement will terminate without notice upon the appointment of a trustee for you or in the event of any act of insolvency by you.

**AMENDMENT**: This Agreement may be amended or revised at any time by us upon notice to you and, unless you promptly notify us in writing to the contrary, you will be deemed to have accepted such modifications.

**GENERAL**: Your acceptance hereof will constitute an obligation on your part to observe all the terms and conditions hereof. In the event you breach any of the terms and conditions of this Agreement, you will indemnify us, the Funds and our affiliates for any damages, losses, costs and expenses (including reasonable attorneys' fees) arising out of or relating to such breach, and we may offset such damages, losses, costs and expenses against any amounts due to you hereunder. Nothing contained herein shall constitute you, us

and any dealers as forming an association or partnership, and, in the event that any transfer tax or liability is asserted or assessed against the Fund, or us, or upon any one or more of the selected dealers party to an agreement with us based upon the claim that the selected dealers or any of them constitute a partnership, an unincorporated business or other separate entity, you shall be liable for any amounts otherwise owing to us or the Funds for your portion of any such transfer tax or other liability. All references in this Agreement to the "Prospectus" of a Fund refer to the then current version of the Prospectus and includes the Statement of Additional Information incorporated by reference therein and any supplements thereto. This Agreement supersedes and replaces any prior agreement between us and you with respect to your purchase and sale of Fund shares. This Agreement is not assignable or transferable by a party without the prior written consent of the other party, which consent may be withheld in such party's sole discretion. This Agreement may be executed in one or more counterparts each of which will be deemed an original, but all of which together shall constitute one in the same instrument. Each party acknowledges and agrees that this Agreement and the arrangement described herein are intended to be non-exclusive and that each of the parties may enter into similar agreements with other entities. This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to its conflict of laws provisions. Each of the provisions set forth in this Paragraph shall survive termination of this Agreement.

Please confirm your acceptance of this Agreement by executing two copies of the Agreement and returning them to us. Once executed by DDLP, a duplicate copy will be sent to you to keep with your records. Your execution of this Agreement signifies your acknowledgment that any orders for Fund shares placed by you, on behalf of your Customer(s), during the effectiveness of this Agreement, are subject to all the applicable terms and conditions set forth in this Agreement, and confirms your agreement to pay for the shares, as agent for your Customer(s), at the price and upon the terms and conditions stated in this Agreement. In addition, you confirm that you have had the opportunity to review the Prospectuses relating to the Fund shares and you acknowledge that, in executing this Agreement, you have relied on such Prospectuses and not on any other statement(s) whatsoever, written or oral.

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|:---|:---|
| **DELAWARE DISTRIBUTORS, L.P.** | (BANK/TRUST) |

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|:---|
| By: |
| Name: |
| Title: |
| Date: |

---

## Ex-99.G1Vi

**EX-99.g.1.vi**

Execution

**AMENDMENT NO. 8 TO MUTUAL FUND CUSTODY AND SERVICES AGREEMENT**

This Amendment ("Amendment") is made as of April 1, 2025 ("Effective Date") to that certain Mutual Fund Custody and Services Agreement dated as of July 20, 2007 (as amended, restated, supplemented, or otherwise modified, the "Agreement") by and between each investment company set forth on Appendix D thereto (referred to herein, each separately, as the "Fund"), on behalf of its respective Series, and The Bank of New York Mellon (referred to herein as the "Custodian").

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Custodian serves as custodian and performs certain services for the Funds pursuant to the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The parties desire to amend the Agreement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. This Background section is incorporated by reference into and made part of this Amendment.

**TERMS:**

The parties hereby agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The first sentence of Article IV Section 7.a of the Agreement is hereby deleted in its entirety and replaced
with the following: The term of this Agreement shall continue until March 31, 2030 (the "Initial Term").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Article I Section 8 of the Agreement is hereby deleted in its entirety and replaced
with the following: **8. <u>Overdraft Facility and Security for Payment</u>.** In the event that the Custodian receives Instructions
to make payments or transfers of Assets on behalf of the Series for which there would be, at the close of business on the Business Day
of such payment or transfer, insufficient monies held by the Custodian on behalf of the Series, the Custodian may, in its sole discretion,
provide an overdraft (an "Overdraft") to the Series in an amount sufficient to allow the completion of such payment or transfer.
Any Overdraft provided hereunder: (a) shall be payable on the next Business Day, unless otherwise agreed by the Series and the Custodian;
and (b) shall accrue interest from the date of the Overdraft to the date of payment in full by the Series at a rate agreed upon from time
to time by the Custodian and the Series or, in the absence of specific agreement, at such rate as charged to other customers of the Custodian
under procedures uniformly applied. The Custodian and the Series acknowledge that the purpose of such Overdraft is to temporarily finance
the purchase of Securities for prompt delivery in accordance with the terms hereof, to meet unanticipated or unusual redemptions, to allow
the settlement of foreign exchange contracts or to meet other unanticipated Series expenses. The Custodian shall promptly notify the Series
(an "Overdraft Notice") of any Overdraft. To secure payment of any Overdraft and related interest and expenses, the Series
hereby grants to the Custodian a first priority security interest in and right of setoff against the Assets in the Series' account,
including all income, substitutions and

proceeds, whether now owned or hereafter acquired (the "Collateral"), in the full amount of such Overdraft, interest and expenses, provided that the Series does not grant the Custodian a security interest in any Securities issued by an affiliate of the Custodian (as defined in Section 23A of the Federal Reserve Act and related implementing regulations (Regulation W, 12 C.F.R. part 223)) (such Securities, "Affiliate Securities") with the exception of Affiliate Securities that (i) constitute "eligible affiliated mutual fund securities" as defined in Section 223.24(c) of Regulation W (12 C.F.R 223.24(c)) and (ii) meet the requirements in Section 223.24(c) of Regulation W (12 C.F.R 223.24(c)). The Custodian and the Series intend that, as the securities intermediary with respect to the Collateral, the Custodian's security interest shall automatically be perfected when it attaches. Should the Series fail to pay promptly any amounts owed hereunder, the Custodian shall be entitled to use available Assets in the Series' account and to liquidate Securities in the account as necessary to meet the Series' obligations relating to such Overdraft, interest and expenses. In any such case, and without limiting the foregoing, the Custodian shall be entitled to take such other action(s) or exercise such other options, powers and rights as the Custodian now or hereafter has as a secured creditor under the Pennsylvania Uniform Commercial Code or any other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For clarity, as of the Effective Date of this Amendment the Agreement shall be deemed to be in its
"Initial Term" (as defined in Section 1 above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As hereby amended and supplemented, the Agreement, as well as capitalized terms not defined in this Amendment,
shall remain in full force and effect. In the event of a conflict between the terms of this Amendment and the terms of the Agreement,
the terms of this Amendment shall control with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agreement, as amended hereby, constitutes the complete understanding and agreement
of the parties with respect to the subject matter thereof and supersedes all prior communications with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent required by applicable law, the terms of this Amendment and the fees
and expenses associated with this Amendment have been disclosed to and approved by the governing body of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Amendment shall be governed by the laws of the Commonwealth of Pennsylvania, without regard to its
principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The parties expressly agree that this Amendment may be executed in one or more counterparts and expressly
agree that such execution may occur by manual signature on a physically delivered copy of this Amendment, by a manual signature on a copy
of this Amendment transmitted by facsimile transmission, by a manual signature on a copy of this Amendment transmitted as an imaged document
attached to an email, or by "Electronic Signature", which is hereby defined to mean

inserting an image, representation, or symbol of a signature into an electronic copy of this Amendment by electronic, digital, or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Amendment and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

**IN WITNESS WHEREOF**, each of the parties hereto has caused this Amendment to be executed as of the Effective Date by its duly authorized representative indicated below. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

THE BANK OF NEW YORK MELLON

---

| | |
|:---|:---|
| By: | /s/ Robert M Stein Jr |
| Name: | Robert M Stein Jr |
| Title: | Vice President |

---

CHATTANOOGA OPPORTUNITIES LLC<br>By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity of investment adviser<br>By signing below Macquarie Alternative Strategies in its individual capacity covenants to the Custodian that Chattanooga Opportunities LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment <br>

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Treasurer |

---

IVY ASF II, LTD.<br>By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity of investment adviser<br>By signing below Macquarie Alternative Strategies in its individual capacity covenants to the Custodian that Ivy ASF II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie <br>

Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Treasurer |

---

IVY VIP ASF II, LTD.<br>By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity of investment adviser <br>By signing below Macquarie Alternative Strategies in its individual capacity covenants to the Custodian that Ivy VIP ASF II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment <br>

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Treasurer |

---

IVY ASF III, LLC<br>By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity of investment adviser <br>By signing below Macquarie Alternative Strategies in its individual capacity covenants to the Custodian that Ivy ASF III, LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment<br>

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Treasurer |

---

IVY VIP ASF III (SBP), LLC<br>By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity of investment adviser <br>By signing below Macquarie Alternative Strategies in its individual capacity covenants to the Custodian that Ivy VIP ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, <br>

Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Treasurer |

---

IVY WGA ASF III (SBP), LLC<br>By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity of investment adviser <br>By signing below Macquarie Alternative Strategies in its individual capacity covenants to the Custodian that Ivy WGA ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment <br>

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Treasurer |

---

DELAWARE GROUP ADVISER FUNDS

DELAWARE GROUP CASH RESERVE

DELAWARE GROUP EQUITY FUNDS II

DELAWARE GROUP EQUITY FUNDS IV

DELAWARE GROUP EQUITY FUNDS V

DELAWARE GROUP GOVERNMENT FUND

DELAWARE GROUP INCOME FUNDS

DELAWARE GROUP STATE TAX-FREE INCOME TRUST <br> DELAWARE GROUP TAX-FREE FUND

DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS

VOYAGEUR INSURED FUNDS

VOYAGEUR MUTUAL FUNDS

VOYAGEUR MUTUAL FUNDS II

DELAWARE GROUP GOVERNMENT FUND

DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS

DELAWARE POOLED TRUST

VOYAGEUR TAX FREE FUNDS

DELAWARE VIP TRUST

IVY FUNDS

IVY VARIABLE INSURANCE

PORTFOLIOS

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Treasurer |

---

## Ex-99.G1Vii

**EX-99.g.1.vii**

EXECUTION

**AMENDMENT NO. 9 TO**

**MUTUAL FUND CUSTODY AND SERVICES AGREEMENT**

THIS AMENDMENT ("**Amendment**") is made as of April 25, 2025 (the "**Effective Date**") to that certain Mutual Fund Custody and Services Agreement dated as of July 20, 2007 (as amended, restated, supplemented or otherwise modified, the "**Agreement**") by and between each investment company set forth on Appendix D thereto (each an "**Existing Fund**" and collectively, the "**Existing Funds**"), on behalf of its respective Series, and The Bank of New York Mellon (the "**Custodian**").

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Custodian
 serves as custodian and performs certain services for the Existing Funds pursuant to the
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each
 New Fund (defined below, and collectively with the Existing Funds, the "**Funds** ")
 is not a registered investment company and desires to retain the Custodian to act as custodian
 of its assets and to perform the services described in the Agreement as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 parties desire to amend the Agreement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. This
 Background section is incorporated by reference into and made part of this Amendment

**TERMS:**

In consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party, and intending to be legally bound, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Agreement is hereby amended as of the Effective Date by adding the following Funds (each a "**New Fund**") to Appendix D of the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NC Macau I, Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NC Macau II, Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capitalized terms used in this Amendment not otherwise defined herein shall have the meanings set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As hereby amended and supplemented, the Agreement shall remain in full force and effect. In the event of a conflict between the terms of this Amendment and the terms of the Agreement, the terms of this Amendment shall control with respect to the matters described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties expressly agree that this Amendment may be executed in one or more counterparts and expressly agree that such execution may occur by manual signature on a physically delivered copy of this Amendment, by a manual signature on a copy of this Amendment transmitted by facsimile transmission, by a manual signature on a copy of this Amendment transmitted as an imaged document attached to an email, or by "Electronic Signature", which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of this Amendment by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Amendment and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any provision or provisions of this Amendment shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

*[Remainder of page intentionally left blank] <br> [Signature pages follow]*

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by their duly authorized officers designated below on the date and year first above written. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

THE BANK OF NEW YORK MELLON

---

| | |
|:---|:---|
| By: | /s/ Michael Gronsky |
| Name: | Michael Gronsky |
| Title: | Senior Vice President |

---

NC MACAU I, LTD.<br>By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity of investment adviser<br>By signing below Macquarie Alternative Strategies in its individual capacity covenants to the Custodian that NC Macau I, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment <br>

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

<br> NC MACAU II, LTD.<br>By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity of investment adviser<br>By signing below Macquarie Alternative Strategies in its individual capacity covenants to the Custodian that NC Macau II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment <br>

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

CHATTANOOGA OPPORTUNITIES LLC<br>By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity of investment adviser<br>By signing below Macquarie Alternative Strategies in its individual capacity covenants to the Custodian that Chattanooga Opportunities LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment <br>

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY ASF II, LTD.

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity of investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to the Custodian that Ivy ASF II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY VIP ASF II, LTD.

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity of investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to the Custodian that Ivy VIP ASF II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY ASF III, LLC

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity of investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to the Custodian that Ivy ASF III, LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY VIP ASF III (SBP), LLC

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity of investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to the Custodian that Ivy VIP ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY WGA ASF III (SBP), LLC

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity of investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to the Custodian that Ivy WGA ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

DELAWARE GROUP ADVISER FUNDS<br> DELAWARE GROUP CASH RESERVE<br> DELAWARE GROUP EQUITY FUNDS II<br> DELAWARE GROUP EQUITY FUNDS IV<br> DELAWARE GROUP EQUITY FUNDS V<br> DELAWARE GROUP GOVERNMENT FUND<br> DELAWARE GROUP INCOME FUNDS

DELAWARE GROUP STATE TAX-FREE INCOME TRUST

DELAWARE GROUP TAX-FREE FUND

DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS

VOYAGEUR INSURED FUNDS

VOYAGEUR MUTUAL FUNDS

VOYAGEUR MUTUAL FUNDS II

DELAWARE GROUP GOVERNMENT FUND

DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS

DELAWARE POOLED TRUST

VOYAGEUR TAX FREE FUNDS

DELAWARE VIP TRUST

IVY FUNDS

IVY VARIABLE INSURANCE PORTFOLIOS

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

## Ex-99.G1Viii

**EX-99.g.1.viii**

**AMENDMENT NO.10 TO**

**MUTUAL FUND CUSTODY AND SERVICES AGREEMENT**

THIS AMENDMENT ("**Amendment**") is made as of December 1, 2025 (the "**Effective Date**") to that certain Mutual Fund Custody and Services Agreement dated as of July 20, 2007 (as amended, restated, supplemented or otherwise modified, the "**Agreement**") by and between each investment company set forth on Appendix D thereto (each an "**Existing Fund**" and collectively, the "**Existing Funds**"), on behalf of its respective Series, and The Bank of New York Mellon (the "**Custodian**").

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Custodian
 serves as custodian and performs certain services for the Existing Funds pursuant to the
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The parties
 desire to amend the Agreement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. This Background
 section is incorporated by reference into and made part of this Amendment

**TERMS:**

In consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party, and intending to be legally bound, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Appendix
 D of the Agreement is hereby deleted in its entirety and replaced with Appendix D attached
 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capitalized terms used in this Amendment not otherwise defined herein shall have the meanings set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As hereby amended and supplemented, the Agreement shall remain in full force and effect. In the event of a conflict between the terms of this Amendment and the terms of the Agreement, the terms of this Amendment shall control with respect to the matters described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties expressly agree that this Amendment may be executed in one or more counterparts and expressly agree that such execution may occur by manual signature on a physically delivered copy of this Amendment, by a manual signature on a copy of this Amendment transmitted by facsimile transmission, by a manual signature on a copy of this Amendment transmitted as an imaged document attached to an email, or by "Electronic Signature", which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of this Amendment by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Amendment and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any provision or provisions of this Amendment shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by their duly authorized officers designated below on the date and year first above written. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

THE BANK OF NEW YORK MELLON

---

| | |
|:---|:---|
| By: | /s/ Allison M. Gardner |
| Name: | Allison M. Gardner |
| Title: | Senior Vice President |

---

NC MACAU I, LTD.<br>By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity of investment adviser<br>By signing below Nomura Alternative Strategies in its individual capacity covenants to the Custodian that NC Macau I, Ltd. has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment <br>

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

<br> NC MACAU II, LTD.<br>By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity of investment adviser<br>By signing below Nomura Alternative Strategies in its individual capacity covenants to the Custodian that NC Macau II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment <br>

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

CHATTANOOGA OPPORTUNITIES LLC<br>By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity of investment adviser<br>By signing below Nomura Alternative Strategies in its individual capacity covenants to the Custodian that Chattanooga Opportunities LLC has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment <br>

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY ASF II, LTD.

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity of investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to the Custodian that Ivy ASF II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY VIP ASF II, LTD.

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity of investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to the Custodian that Ivy VIP ASF II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY ASF III, LLC

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity of investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to the Custodian that Ivy ASF III, LLC has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY VIP ASF III (SBP), LLC

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity of investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to the Custodian that Ivy VIP ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY WGA ASF III (SBP), LLC

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity of investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to the Custodian that Ivy WGA ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

DELAWARE GROUP ADVISER FUNDS<br> DELAWARE GROUP CASH RESERVE<br> DELAWARE GROUP EQUITY FUNDS II<br> DELAWARE GROUP EQUITY FUNDS IV <br> DELAWARE GROUP EQUITY FUNDS V

DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS<br> DELAWARE GROUP GOVERNMENT FUND

DELAWARE GROUP INCOME FUNDS

DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS<br> DELAWARE GROUP STATE TAX-FREE INCOME TRUST<br> DELAWARE GROUP TAX-FREE FUND

DELAWARE POOLED TRUST <br> DELAWARE VIP TRUST<br> IVY FUNDS

IVY VARIABLE INSURANCE PORTFOLIOS<br> VOYAGEUR MUTUAL FUNDS<br> VOYAGEUR MUTUAL FUNDS II <br> VOYAGEUR TAX FREE FUNDS

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

**<u>Appendix D</u>**

The following Registrants and Series are covered by, and made parties to, the Agreement as of the date first written above.

---

| |
|:---|
| **Registrants and Series** |
| **Delaware Group<sup>®</sup> Adviser Funds**<br> Nomura Diversified Income Fund |
| **Delaware Group<sup>®</sup> Cash Reserve**<br> Nomura Ultrashort Fund |
| **Delaware Group<sup>®</sup> Equity Funds II**<br> Nomura Value**<sup>®</sup>** Fund |
| **Delaware Group<sup>®</sup> Equity Funds IV**<br> Nomura Healthcare Fund<br> Nomura Growth and Income Fund<br> Nomura Opportunity Fund |
| **Delaware Group<sup>®</sup> Equity Funds V**<br> Nomura Small Cap Core Fund<br> Nomura Small Cap Value Fund<br> Nomura Wealth Builder Fund |
| **Delaware Group<sup>®</sup> Global & International Funds**<br> Nomura Emerging Markets Fund |
| **Delaware Group<sup>®</sup> Government Fund**<br> Nomura Emerging Markets Debt Corporate Fund<br> Nomura Strategic Income Fund |
| **Delaware Group<sup>®</sup> Income Funds**<br> Nomura Corporate Bond Fund<br> Nomura Extended Duration Bond Fund<br> Nomura Floating Rate Fund |
| **Delaware Group<sup>®</sup> Limited-Term Government Funds**<br> Nomura Limited-Term Diversified Income Fund<br> Nomura Tax-Free Oregon Fund |
| **Delaware Group<sup>®</sup> State Tax-Free Income Trust**<br> Nomura Tax-Free Pennsylvania Fund |
| **Delaware Group<sup>®</sup> Tax-Free Fund**<br> Nomura Tax-Free USA Fund<br> Nomura Tax-Free USA Intermediate Fund |
| **Delaware Pooled<sup>®</sup> Trust**<br> Nomura Global Listed Real Assets Fund |

---

---

| |
|:---|
| **Registrants and Series** |
| **Delaware VIP<sup>®</sup> Trust**<br> Nomura VIP**<sup>®</sup>** Emerging Markets Series<br> Nomura VIP**<sup>®</sup>** Small Cap Value Series <br> Nomura VIP**<sup>®</sup>** Fund for Income Series <br> Nomura VIP**<sup>®</sup>** Growth and Income Series <br> Nomura VIP**<sup>®</sup>** Growth Equity Series <br> Nomura VIP**<sup>®</sup>** International Series <br> Nomura VIP**<sup>®</sup>** Investment Grade Series<br> Nomura VIP**<sup>®</sup>** Limited Duration Bond Series <br> Nomura VIP**<sup>®</sup>** Opportunity Series<br> Nomura VIP**<sup>®</sup>** Total Return Series |
| **Ivy Funds**<br> Nomura Asset Strategy Fund<br> Nomura Balanced Fund <br> Nomura Core Equity Fund <br> Nomura Climate Solutions Fund<br> Nomura Global Bond Fund <br> Nomura Global Growth Fund <br> Nomura High Income Fund<br> Nomura International Core Equity Fund <br> Nomura Large Cap Growth Fund <br> Nomura Mid Cap Growth Fund<br> Nomura Mid Cap Income Opportunities Fund <br> Nomura Natural Resources Fund<br> Nomura Science and Technology Fund <br> Nomura Real Estate Securities Fund <br> Nomura Small Cap Growth Fund <br> Nomura Smid Cap Core Fund<br> Nomura Systematic Emerging Markets Equity Fund |
| **Ivy Variable Insurance Portfolios**<br> Nomura VIP Asset Strategy Series <br> Nomura VIP Balanced Series <br> Nomura VIP Core Equity Series <br> Nomura VIP Corporate Bond Series <br> Nomura VIP Energy Series<br> Nomura VIP Global Growth Series<br> Nomura VIP Growth Series <br> Nomura VIP High Income Series<br> Nomura VIP International Core Equity Series |

---

---

| |
|:---|
| **Registrants and Series** |
| **Ivy Variable Insurance Portfolios (continued)**<br> Nomura VIP Limited-Term Bond Series <br> Nomura VIP Mid Cap Growth Series<br> Nomura VIP Natural Resources Series <br> Nomura VIP Pathfinder Aggressive Series <br> Nomura VIP Pathfinder Conservative Series <br> Nomura VIP Pathfinder Moderate Series<br> Nomura VIP Pathfinder Moderate - Managed Volatility Series <br> Nomura VIP Pathfinder Moderately Aggressive Series<br> Nomura VIP Pathfinder Moderately Aggressive - Managed Volatility Series <br> Nomura VIP Pathfinder Moderately Conservative Series<br> Nomura VIP Pathfinder Moderately Conservative - Managed Volatility Series <br> Nomura VIP Science and Technology Series<br> Nomura VIP Smid Cap Core Series <br> Nomura VIP Small Cap Growth Series<br> Nomura VIP Value Series |
| **Voyageur Mutual Funds**<br> Nomura Minnesota High-Yield Municipal Bond Fund <br> Nomura National High-Yield Municipal Bond Fund <br> Nomura Tax-Free California Fund<br> Nomura Tax-Free Idaho Fund<br> Nomura Tax-Free New York Fund |
| **Voyageur Mutual Funds II**<br> Nomura Tax-Free Colorado Fund |
| **Voyageur Tax Free Funds**<br> Nomura Tax-Free Minnesota Fund |
| **NC Macau I, Ltd.** |
| **NC Macau II, Ltd.** |
| **Chattanooga Opportunities LLC** |
| **Ivy ASF II, Ltd.** |
| **Ivy VIP ASF II, Ltd.** |
| **Ivy ASF III, LLC** |
| **Ivy VIP ASF III (SBP), LLC** |
| **Ivy WGA ASF III (SBP), LLC** |

---

## Ex-99.G2Iii

**EX-99.g.2.iii**

<u>**AMENDMENT NO. 3 TO SECURITIES LENDING AUTHORIZATION AGREEMENT**</u>

This AMENDMENT NO. 3 TO SECURITIES LENDING AUTHORJZATION AGREEMENT is made and effective as of the 12th day of October, 2010 (the "Effective Date"), by and between each investment company listed on Schedule 1 attached hereto (referred to herein, individually, as a "Client" and, collectively, as the "Clients") on behalf of one or more of its series funds listed below such investment company on Schedule 1 attached hereto (referred to herein, individually, as a "Fund" and, collectively, as the "Funds") and **THE BANK OF NEW YORK MELLON**, successor by operation of law to Mellon Bank, N.A (the "Lending Agent").

WHEREAS, the Client and Mellon Bank, N.A., have entered into a certain Securities Lending Authorization Agreement dated as of July 20, 2007 with respect to certain lendable securities held by each Fund (as amended, modified or supplemented from time to time, the "Agreement"); and

WHEREAS, The Bank of New York Mellon has succeeded by operation of law to all right, title and interest of Mellon Bank, N.A., in, to and under the Agreement; and

WHEREAS, the Client and the Lending Agent desire to amend the Agreement in certain respects as hereinafter provided:

NOW, THEREFORE, the parties hereto, each intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. From and after the Effective Date, the Agreement is hereby amended by deleting the first three sentences of Section 6(a) (entitled "Collateral Investment") therefrom and substituting in lieu thereof the following.

6(a). <u>Collateral Investment</u>. The Lending Agent is hereby authorized to invest and reinvest, on behalf of each Fund, any and all Cash Collateral in any Approved Investment as agreed upon by the Lending Agent and the Client and as set forth in Exhibit B hereto ("Approved Investments").

The assets of any Approved Investment consisting of a collective investment fund utilized by the Lending Agent for the investment of Cash Collateral (each a "Collective Investment Fund") shall be invested and reinvested in accordance with the Investment Objective and Policies of such Collective Investment Fund. In order to facilitate the investment of Cash Collateral on behalf of each Fund, and as a condition precedent to the effectiveness of this Amendment, the Client shall, at the request of the Lending Agent, execute on behalf of such Fund and deliver to the Lending Agent, a Subscription Agreement for such Approved Investment in the form attached hereto as Exhibit D or such other form as may be prescribed by the Approved Investment from time to time.

For purposes hereof:

"Cash Collateral" shall mean, collectively,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) redemption proceeds of all units of the BNY Mellon Securities Lending Overnight Fund, a series of the BNY Institutional Cash Reserves Trust held by the Lending Agent for the account of each Fund as of the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) cash Collateral (or additional cash Collateral) received by the Lending Agent from and after the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) cash proceeds received for the account of a Fund in respect of Pre-existing Collateral Investments, as hereinafter defined.

"Pre-existing Collateral Investments" shall mean (i) any investments of cash Collateral held by the Lending Agent for the account of a Fund (other than units of the BNY Mellon Securities Lending Overnight Fund, a series of the BNY Institutional Cash Reserves Trust) as of the Effective Date including, without limitation, units and/or other interests of the Fund in and to the BNY Mellon SL DBT II Liquidating Fund, and the Mellon GSL Reinvestment Trust II; and/or (ii) any non-cash assets received by the Lending Agent from and after the Effective Date for the account of a Fund as a result of any in-kind redemption or in-kind distribution of or by any collective investment fund or vehicle in respect of any units/interests thereof held by the Lending Agent for the account of the Fund including, without limitation, any such in-kind redemption or in-kind distribution by or from the BNY Mellon SL DBT 11 Liquidating Fund and the Mellon GSL Reinvestment Trust II.

Notwithstanding any other provision hereof, it is acknowledged and agreed that the Pre-existing Collateral Investments held for the account of each Fund shall constitute Approved Investments as defined herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. From and after the Effective Date, the Agreement is hereby amended by deleting Exhibit B therefrom in its entirety and substituting in lieu thereof a new Exhibit B identical to that which is attached hereto as Attachment 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except as expressly amended hereby, all of the provisions of the Agreement (including, without limitation, those provisions of Section 6 not expressly hereby amended) shall continue in full force and effect; and are hereby ratified and confirmed in all respects. Upon the effectiveness of this Amendment, all references in the Agreement to "this Agreement" (and all indirect references such as "herein", "hereby", "hereunder" and "hereof") shall be deemed to refer to the Agreement as amended by this Amendment.

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date set forth above.

---

| | |
|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** |
| By: | /s/ David J. DiNardo |
| Title: | MANAGING DIRECTOR |

---

DELAWARE GROUP ADVISER FUNDS, on

behalf of its Funds identified on Schedule 1

DELAWARE GROUP EQUITY FUNDS I, on

behalf of its Funds identified on Schedule 1

DELAWARE GROUP EQUITY FUNDS II, on

behalf of its Funds identified on Schedule 1

DELAWARE GROUP EQUITY FUNDS III, on

behalf of its Funds identified on Schedule 1

DELAWARE GROUP EQUITY FUNDS IV, on

behalf of its Funds identified on Schedule 1

DELAWARE GROUP EQUITY FUNDS V, on

behalf of its Funds identified on Schedule 1

DELAWARE GROUP FOUNDATION FUNDS,

on behalf of its Funds identified on Schedule 1

DELAWARE GROUP INCOME FUNDS, on

behalf of its Funds identified on Schedule 1

DELAWARE GROUP TAX-FREE FUND, on

behalf of its Funds identified on Schedule 1

DELAWARE GROUP GLOBAL &

INTERNATIONAL FUNDS, on behalf of its Funds identified on Schedule 1

DELAWARE GROUP GOVERNMENT FUND, on

behalf of its Funds identified on Schedule 1

DELAWARE GROUP LIMITED-TERM

GOVERNMENT FUNDS, on behalf of its Funds identified on Schedule 1

DELAWARE POOLED TRUST, on behalf of its Funds identified on Schedule 1

VOYAGEUR MUTUAL FUNDS III, on behalf of its Funds identified on Schedule 1

DELAWARE VIP TRUST, on behalf of its Funds identified on Schedule 1

DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC.

DELAWARE INVESTMENTS GLOBAL DIVIDEND AND INCOME FUND, INC.

DELAWARE INVESTMENTS ENHANCED GLOBAL DIVIDEND AND INCOME FUND

---

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

---

**ATTACHMENT 1**

to

AMENDMENT NO. 3 TO SECURITIES LENDING AUTHORIZATION AGREEMENT

which Amendment is made and effective as of October 12, 2010, by and between **THE BANK OF NEW YORK MELLON,** successor by operation of law to Mellon Bank, (the "Lending Agent") and the Clients on behalf of their respective Funds.

**EXHIBIT B**

to

**SECURlTIES LENDING AUTHORIZATION AGREEMENT**

dated July 20, 2007

by and between

**THE BANK OF NEW YORK MELLON,** as Lending Agent, and the Clients on behalf of their respective Funds, (as amended from time to time, the "Agreement'')

**<u>SECURITIES LENDING CASH COLLATERAL INVESTMENT GUIDELINES</u>**

The following guidelines shall apply to all Cash Collateral (as defined in Agreement) received by the Lending Agent for the account of the Funds from and after October 12, 2010 (the "Effective Date").

**APPROVED INVESTMENTS**

In accordance with Section 6 of the Agreement, from and after the Effective Date, Cash Collateral received by the Lending Agent on behalf of the Funds shall be invested and maintained by the Lending Agent in the following Approved Investments:

**DELAWARE INVESTMENTS COLLATERAL FUND NO. 1, a series of the DELAWARE INVESTMENTS COLLATERAL TRUST**

Client Acknowledges receipt of the **Agreement and Declaration of Trust** of the **Delaware Investments Collateral Trust** (including Investment Objective and Policies).

Agreed to and Approved by the Clients:

DELAWARE GROUP ADVISER FUNDS, on

behalf of its Funds identified on Schedule 1

DELAWARE GROUP EQUITY FUNDS I, on

behalf of its Funds identified on Schedule 1

DELAWARE GROUP EQUITY FUNDS II, on

behalf of its Funds identified on Schedule 1

DELAWARE GROUP EQUITY FUNDS III, on

behalf of its Funds identified on Schedule 1

DELAWARE GROUP EQUITY FUNDS IV, on

behalf of its Funds identified on Schedule 1

DELAWARE GROUP EQUITY FUNDS V, on

behalf of its Funds identified on Schedule 1

DELAWARE GROUP FOUNDATION FUNDS,

on behalf of its Funds identified on Schedule 1

DELAWARE GROUP INCOME FUNDS, on

behalf of its Funds identified on Schedule 1

DELAWARE GROUP TAX-FREE FUND, on

behalf of its Funds identified on Schedule 1

DELAWARE GROUP GLOBAL &

INTERNATIONAL FUNDS, on behalf of its Funds identified on Schedule 1

DELAWARE GROUP GOVERNMENT FUND, on

behalf of its Funds identified on Schedule 1

DELAWARE GROUP LIMITED-TERM

GOVERNMENT FUNDS, on behalf of its Funds identified on Schedule 1

DELAWARE POOLED TRUST, on behalf of its Funds identified on Schedule 1

VOYAGEUR MUTUAL FUNDS III, on behalf of its Funds identified on Schedule 1

DELAWARE VIP TRUST, on behalf of its Funds identified on Schedule 1

DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC.

DELAWARE INVESTMENTS GLOBAL

DIVIDEND AND INCOME FUND, INC.

DELAWARE INVESTMENTS ENHANCED GLOBAL DIVIDEND AND INCOME FUND

---

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

---

Agreed to and Approved by Lending Agent

---

| | |
|:---|:---|
| By: | /s/ David J. DiNardo |
| Title: | MANAGING DIRECTOR |
| Date: | 10/12/10 |

---

**ATTACHMENT 2**

to

AMENDMENT NO. 3 TO SECURITIES LENDING AUTHORIZATION AGREEMENT

which Amendment is made and effective as of October 12, 2010 by and between **THE BANK OF NEW YORK MELLON,** successor by operation of law to Mellon Bank, (the "Lending Agent'') and the Clients on behalf of their respective Funds.

**EXHlBIT D**

to

**SECURITIES LENDING AUTHORIZATION AGREEMENT**

dated July 20, 2007

by and between

**THE BANK OF NEW YORK MELLON,** as Lending Agent, and the Clients on behalf of their respective Funds. (as amended from time to time, the "Agreement")

**DELAWARE INVESTMENTS COLLATERAL FUND NO. 1**

**a series of the**

DELAWARE INVESTMENTS COLLATERAL TRUST

<u>SUBSCRIPTION AGREEMENT</u>

[To be attached]

**SUBSCRIPTION AGREEMENT**

DELAWARE INVESTMENTS SECURITIES LENDING COLLATERAL FUND No.1.

A SERIES OF

DELAWARE INVESTMENTS COLLATERAL TRUST

(A Delaware Statutory Trust)

**DELAWARE INVESTMENTS SECURITIES LENDING COLLATERAL FUND No.1.**

**SUBSCRIPTION INSTRUCTIONS**

Please find the following materials (the "<u>Subscription Documents</u>") that are enclosed with or attached to these Subscription Instructions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Agreement and Declaration of Trust (the " <u>Declaration of Trust</u> ") of Delaware Investments
Collateral Trust (the " <u>Trust</u> ") and the Fund Schedule for the **DELAWARE INVESTMENTS SECURITIES LENDING COLLATERAL FUND NO. 1.** (the " <u>Fund</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Subscription Agreement of the Fund (the " <u>Subscription Agreement</u> "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. United States Internal Revenue Service Form W-9 (the " <u>IRS Form W-9</u> ").

To subscribe for Shares in the Fund, a prospective investor (the "<u>Subscriber</u>") must review each of the Subscription Documents and complete and return certain of the Subscription Documents as instructed below. The subscription for Shares in the Fund is being made pursuant to and in connection with (and these Subscription Documents supplement) the Subscriber's securities lending arrangement with The Bank of New York Mellon (the "<u>Lending Agent</u>") and should be read in conjunction with the documents applicable to such arrangement (the "<u>Securities Lending Authorization</u>'').

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Read the Subscription Agreement in its entirety and complete the Subscriber and Contact Information requested
on <u>Attachment A</u> of the Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Complete and sign the IRS Form W-9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Sign and date two (2) copies of the Subscriber signature page on page S-1 of the Subscription Agreement;
and

Send to the address below <u>one (1)</u> fully-executed and completed copy of the foregoing by facsimile and <u>two (2)</u> fully-executed and completed copies by overnight courier to:

The Bank of New York Mellon.

Bank of New York Mellon Client Service Center<br> 500 Ross Street, Suite 850

Pittsburgh Pennsylvania, 15259

Attention: Global Securities Lending Contract Administration Unit

If you have any questions concerning the completion of the Subscription Documents, please contact Mia Butler at (412) 236-1126.

**DELAWARE INVESTMENTS SECURITIES LENDING COLLATERAL FUND NO. l.**

**SUBSCRIPTION AGREEMENT**

Each undersigned investment company on behalf of one or more of its series funds identified on Schedule 1 attached hereto (each such series, individually referred to herein as the "<u>Subscriber</u>") hereby agrees with **DELAWARE INVESTMENTS SECURITIES LENDING COLLATERAL FUND NO. 1.,** (the "<u>Fund</u>"), a series of Delaware Investments Collateral Trust, a Delaware statutory trust (the "<u>Trust</u>"), as set forth below. Capitalized terms not otherwise defined herein shall have the respective meanings set forth in the Agreement and Declaration of Trust of the Trust, as amended and/or restated and in effect from time to time (the "<u>Declaration of Trust</u>") or the Fund Schedule for the fund, as amended and/or restated and in effect from time to time (the "<u>Fund Schedule</u>"). This Agreement shall be deemed to create a separate agreement between the Fund and each Subscriber to the same extent as though each such Subscriber had separately executed an identical Agreement. Any reference to "Subscriber" in this Agreement shall be deemed to refer separately and exclusively to a each particular Subscriber identified on Schedule 1 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Subscription</u>.** Pursuant to the Securities Lending Authorization, the
Lending Agent will cause the collateral received by the Subscriber in securities lending transactions arranged by the Lending Agent to
be invested in the Fund. For such purpose, the Subscriber hereby irrevocably subscribes for shares in the Fund (the " <u>Shares</u> ")
in accordance with and subject to the terms, provisions and conditions set forth herein and in the Declaration of Trust and the Fund Schedule
and, in connection therewith, agrees to become a beneficial owner of the Fund (a " <u>Beneficial Owner</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Acceptance/Rejection of Subscription; Payment</u>.** Acceptance of this
Subscription Agreement shall be by the execution of this Subscription Agreement by the Custodial Trustee on behalf of the Fund. The Subscriber
understands that the Custodial Trustee reserves the right to reject the subscription evidenced by this Subscription Agreement in whole
or in part for any reason whatsoever. In the event that this Subscription Agreement is rejected by the Fund, the subscription of the Subscriber
herein shall become null and void. Upon such rejection, the Subscriber shall have no further obligations to the Fund, except for such
obligations of confidentiality as the Subscriber has agreed to by acceptance of the Memorandum (as defined below). If the subscription
evidenced by this Subscription Agreement is accepted by the Custodial Trustee, in whole or in part, the Subscriber shall be admitted to
the Fund as a Beneficial Owner on the date established by the Fund (the " <u>Admission Date</u> "). The Subscriber agrees to
pay, or cause and direct the Lending Agent to pay on its behalf, its subscription amount at the times and in the manner set forth in the
Declaration of Trust and the Fund Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Acknowledgements, Representations, Warranties and Agreements</u>.** The Subscriber acknowledges, represents, warrants and agrees that the following statements are true as of the date hereof and will
 be true as of the date the Fund admits the Subscriber to the Fund as a Beneficial Owner and on each date on which the Subscriber
 purchases any Shares in the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 *<u>Subscriber Contact and Account Information</u>.* The Subscriber contact and account information
specified by the Subscriber on <u>Attachment A</u> hereto is complete and correct. All contributions to the Fund for
the account of the Subscriber, and all redemptions and distributions from the Fund for the account of the Subscriber, shall be effected
by and through the Lending Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 *<u>Subscriber's Diligence</u>.* The Subscriber has been furnished with, and has carefully
read, the Declaration of Trust and the Fund Schedule, and the Subscriber acknowledges and agrees that the Declaration of Trust and Fund
Schedule supersede any other offering materials previously made available to prospective investors. In considering its subscription, the
Subscriber has been given the opportunity to (a) make a thorough investigation of the current and proposed activities of the Fund, has
been furnished with all materials relating to the Fund and its proposed activities that the Subscriber has requested, and has been afforded
the opportunity to obtain any additional information necessary to verify the accuracy of any representations made or information conveyed
to the Subscriber, and (b) ask questions and receive answers concerning the Fund and the terms and conditions of the offering of Shares,
as well as the opportunity to obtain any additional information necessary to verify the accuracy of information furnished in connection
with such offering that the Fund, the Delaware Trustee the Custodial Trustee or the Investment Manager possesses or can acquire without
unreasonable effort or expense. In considering its subscription, the Subscriber has not relied upon any representations made by, or other
information (whether oral or written) furnished by or on behalf of, the Fund, the Custodial Trustee, the Delaware Trustee, the Investment
Manager, or any director, officer, employee, agent of the Fund or any affiliate of such persons, other than as set forth in this Subscription
Agreement, the Declaration of Trust and the Fund Schedule. The Subscriber recognizes that an investment in the Fund involves certain risks
and the Subscriber understands and accepts such risks. The Subscriber has carefully considered and has, to the extent it believes such
discussion necessary, discussed with legal, tax, accounting, regulatory and financial advisers the suitability and potential risks of
the subscription in light of its particular tax and financial situation, and has determined that the Shares are a suitable investment
for it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 *<u>Subscriber's Sophistication</u>.* The Subscriber (either alone or together with any advisors
retained by such Subscriber in connection with evaluating the merits and risks of the prospective investment in the Fund) has sufficient
knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of subscribing for the
Shares and making an informed investment decision with respect thereto, and is able to bear the economic risk of its investment in the
Fund for an indefinite period of time, including a complete loss of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 *<u>Subscriber Not an Advisory Client</u>.* The Subscriber acknowledges that: (a) neither the Investment
Manager, the Lending Agent, any of their affiliates nor any of their respective officers, employees or agents (each, a " <u>Manager Party</u> ") has acted for the Subscriber or advised the Subscriber in connection with the Subscriber's subscription for the
Shares; (b) accordingly, no Manager Party is responsible for providing the Subscriber with the protections afforded to

clients of any Manager Party in connection with the Subscriber's subscription for the Shares; and (c) the Subscriber has taken such advice from such other persons (if any) as the Subscriber considers appropriate. The Subscriber further acknowledges the Subscriber has consulted its own legal and tax advisors in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 *<u>Subscription for Investment Only</u>.* The Shares are being subscribed to for the Subscriber's
own account and not for the account of any other person, for investment only and not with a view to, or with any intention of, a distribution
or resale thereof, in whole or in part, or the grant of any participation therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 *Not a Registered Offering; Accredited Investor Status.* The Subscriber is fully aware that the offering and sale of Shares in
 the Fund, including the Shares being acquired by the Subscriber, have not been and will not
 be registered under the U.S. Securities
 Act of 1933, as amended (the " <u>Securities Act</u> "), or any applicable securities
 laws of any states or other jurisdictions and have been made in reliance upon federal and
 state exemptions for transactions not involving a public offering. In furtherance thereof,
 the Subscriber represents and warrants that it is an "accredited investor" as
 such term is defined in Rule 501(a) of Regulation D under the Securities Act (an " <u>Accredited Investor</u> ") because the Subscriber is an investment company registered under the
 U.S. Investment Company Act of 1940, as amended (the " <u>Investment Company Act</u> "),
 or a business development company as defined in Section 2(a)(48) of the Investment Company
 Act. The Subscriber acknowledges that at no time was the Subscriber presented with, or solicited
 by, any leaflet, public promotional meeting, newspaper or magazine article, radio or television
 advertisement or any other form of general advertising or general solicitation with respect
 to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 *<u>Restrictions on Transfer</u>.* The Subscriber understands that the Shares cannot be resold or
transferred unless they are subsequently registered under the Securities Act and the applicable laws of any states or other jurisdictions,
or unless an exemption from such registration is available. The Subscriber also understands that any transfer of the Shares, or any part
thereof, is subject to certain restrictions set forth in the Declaration of Trust, including without limitation, approval by the Custodial
Trustee. The Subscriber shall not engage in any hedging transactions involving the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 *<u>Investment Company Act Representations</u>.* The Subscriber represents and warrants that it is
an investment company registered under the Investment Company Act and it is advised by the Sponsor or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 *<u>Qualified Purchaser Status</u>.* The Subscriber acknowledges that the Fund has not been and
will not be registered as an investment company under the Investment Company Act, and that Shares in the Fund may be purchased only by
Subscribers who are "qualified purchasers" as defined in Section 2(a)(51) of the Investment Company Act and the related rules
thereunder (each a " <u>Qualified Purchaser</u> "). In furtherance thereof, the Subscriber represents and

warrants that the Subscriber is a Qualified Purchaser because the Subscriber is a "qualified institutional buyer" (a "<u>QIB</u>") within the meaning of Rule 144A of the U.S. Securities Act of 1933, as amended ("<u>Rule 144A</u>"), acting for its own account, the account of another QIB, because the Subscriber is an investment company registered under the Investment Company Act, acting for its own account or for the accounts of other QIBs, that is part of a family of investment companies<sup>1</sup> which own in the aggregate at least $100 million in securities of issuers, other than issuers that are affiliated with the investment company or are part of such family of investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 *<u>Independent Decision,· Power and Authority,· No Conflicts</u>.* The Subscriber
represents and warrants that: (a) it was not formed or recapitalized (e.g., through new investments made in the Subscriber solely for
the purpose of financing its acquisition of the Shares and not pursuant to a prior financial commitment) for the purpose of investing
in the Fund; (b) its decision to purchase the Shares was made in a centralized fashion (e.g., by a board of directors, general partner,
manager, trustee, investment committee or similar governing or managing body); (c) it is not managed to facilitate the individual decisions
of its beneficial owners regarding investments (including the purchase of the Shares); (d) its shareholders, partners, members or beneficiaries,
as applicable, did not and will not (i) have any discretion to determine whether or how much of the Subscriber's assets are invested
in any investment made by the Subscriber (including the Subscriber's purchase of the Shares), or (ii) have the ability individually
to elect whether or to what extent such shareholder, partner, member or beneficiary, as applicable, will participate in the Subscriber's
purchase of the Shares; (e) it is duly organized or formed, validly existing and in good standing under the laws of its jurisdiction of
organization or formation; (f) the execution, delivery and performance by it of this Subscription Agreement are within its powers, have
been duly authorized by all necessary corporate or other action on its behalf, require no action by or in respect of, or filing with,
any governmental body, agency or official, except as has been previously obtained and is in full force and effect, and do not and will
not contravene, or constitute a default under, any provision of applicable law or regulation or of its certificate of

<sup>1</sup> Family of investment companies means any two or more investment companies registered under the Investment Company Act, except for a unit investment trust whose assets consist solely of shares of one or more registered investment companies, that have the same investment adviser (or, in the case of unit investment trusts, the same depositor), provided that: each series of a series company (as defined in Rule 18f-2 under the Investment Company Act) shall be deemed to be a separate investment company; and Investment companies shall be deemed to have the same adviser (or depositor) if their advisers (or depositors) are majority-owned subsidiaries of the same parent, or if one investment company's adviser (or depositor) is a majority-owned subsidiary of the other investment company's adviser (or depositor).

incorporation or other comparable organizational documents or any agreement, judgment, injunction, order, decree or other instrument to which the Subscriber is a party or by which the Subscriber or any of its properties is bound; and (g) it has its principal place of business at the address set forth on <u>Attachment A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 *<u>Confidentiality</u>.* The Subscriber acknowledges that it may receive or have access to confidential
proprietary information concerning the Fund, including, without limitation, portfolio positions, valuations, information regarding potential
investments, financial information, trade secrets and the like (collectively, " <u>Confidential Information</u> "), which is
proprietary in nature and non-public. The Subscriber agrees that it shall not disclose or cause to be disclosed any Confidential Information
to any person or use any Confidential Information for its own purposes or its own account, except in connection with its investment in
the Fund and except as otherwise required by any regulatory authority, law or regulation, or by legal process. Furthermore, the Subscriber
has not and shall not reproduce, duplicate or deliver the Declaration of Trust, the Fund Schedule or this Subscription Agreement to any
other person, except professional advisers to the Subscriber or as authorized by the Fund. For the avoidance of doubt and not by way of
limitation, the Subscriber may not provide information concerning the Fund to any third-party, knowing that such third-party may use such
information in any form of printed, electronic or "on-line" publication, newsletter or circular, whether publicly or privately
distributed. The Subscriber agrees that the Fund and the Investment Manager would be subject to potentially irreparable injury as a result
of any breach by the Subscriber or the covenants and agreements set forth in this Section 3.11, and that monetary damages would not be
sufficient to compensate or make whole either the Fund or the Investment Manager for any such breach. Accordingly, the Subscriber agrees
that the Fund or the Investment Manager and each of them shall be entitled to equitable and injunctive relief, on an emergency, temporary,
preliminary and/or permanent basis, to prevent any such breach or the continuation thereof. Notwithstanding anything to the contrary herein,
the Subscriber (and each employee, representative or other agent of the Subscriber) may disclose to any and all persons, without limitation
of any kind, the tax treatment and tax structure of: (i) the Fund; and (ii) any of its transactions, and all materials of any kind (including
opinions or other tax analyses) that are provided to the Subscriber relating to such tax treatment and tax structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 *<u>Circular 230 Notice</u>.* The Subscriber acknowledges that (i) any discussion in this Subscription
Agreement related to U.S. federal tax issues was not intended or written to be used, and cannot be used, by any taxpayer for the purpose
of avoiding any U.S. federal tax penalties that may be imposed on such taxpayer, and (ii) any such discussion was written to support the
promotion or marketing of an investment in the Fund, and (iii) each taxpayer should seek advice regarding an investment in the Fund based
on its particular circumstances from an independent tax adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>**Tax Matters.**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 *<u>Documentation Relating to Withholding</u>.* The Subscriber certifies that the information contained in the executed copy (or copies) of
IRS Form W-9, submitted herewith is true, correct and complete. The Subscriber shall (i) promptly inform the Custodial Trustee of any
change in such information and (ii) furnish to the Fund a new properly completed and executed IRS Form W-9, as may be requested from time
to time by the Fund and as may be required under the Internal Revenue Service instructions to such forms, the Code or any applicable Treasury
Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 *<u>Additional Tax Information.</u>* The Subscriber shall also promptly provide such information,
documentation or certification as may be requested by the Custodial Trustee to determine whether withholding may be required with respect
to the Subscriber's Shares in the Fund or in connection with tax filings in any jurisdiction in which or through which the Fund
invests, including any information or certification required for the Fund or its subsidiaries (or any other entity in which the Fund directly
or indirectly invests) to comply with any tax return or information filing requirements or to obtain a reduced rate of, or exemption from,
any applicable tax, whether pursuant to the laws of such jurisdiction or an applicable tax treaty. Such information may include, without
limitation, information regarding the ultimate beneficial owners of the Subscriber. The Subscriber hereby acknowledges and agrees that
the Custodial Trustee may provide any such information, documentation or certifications to any applicable tax authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  **<u>Anti -Money Laundering Representations</u>.** The Subscriber represents
and warrants that the amounts paid or to be paid by it to the Fund in respect of this Subscription Agreement are not directly, or to the
Subscriber's knowledge indirectly, derived from activities that may contravene U.S. federal or state or non-U.S. laws and regulations,
including laws and regulations governing money laundering and terrorist financing. The Subscriber also represents and warrants to, and
agrees and covenants with, the Fund, as of the date hereof and as of each subsequent date on which the Subscriber acquires any additional
Shares in the Fund that, to the best of its knowledge, none of (a) the Subscriber, (b) any person controlling or controlled by the Subscriber,
(c) if the Subscriber is a privately held entity, any person having a beneficial interest in the Subscriber, or (d) any person for which
the Subscriber is acting as agent or nominee in connection with this Subscription Agreement (those persons covered by (a), (b) and (c)
collectively being referred to as " <u>Related Parties</u> ") is named on any list of prohibited persons, entities or jurisdictions
maintained and administered by the U.S. Treasury Department's Office of Foreign Assets Control (" <u>OFAC</u> "), or otherwise
covered by any other sanctions program administered by OFAC. The lists of OFAC prohibited persons, entities or jurisdictions can be found
on the OFAC website at <u>www.treas.gov/ofac</u> and the Subscriber should review the website before making this representation. The Subscriber
agrees promptly to notify the Fund should the Subscriber become aware of any change in the information set forth in this Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.  **<u>Anti-Money Laundering Compliance</u>.** The Subscriber acknowledges that,
to comply with anti-money laundering, OFAC and related requirements that are applicable to the Fund, the Custodial Trustee may at any
time require such information as the Custodial Trustee deems necessary to establish the identity of the Subscriber and any

Related Parties and may seek to verify such identity and the source of funds for the subscription. If the Custodial Trustee deems it necessary, for other reasons, to comply with anti-money laundering, OFAC and related requirements applicable to the Fund, including, without limitation, as a result of any delay or failure by the Subscriber or any Related Party to produce any information required for identification, identity verification and/or source-of-funds confirmation purposes, the Custodial Trustee, on behalf of the Fund, may refuse to accept this Subscription Agreement and/or any portion or all of the subscription and may return any funds received to the account from which such funds were sent (unless such return is, in the judgment of the Custodial Trustee, contrary to applicable law or regulation or contrary to the dictate of law enforcement officials, in which case the funds may be blocked or retained). The Subscriber acknowledges that the Custodial Trustee may refuse to make any distribution or other payment to Subscriber if the Custodial Trustee determines, suspects, or is advised that such distribution or payment might result in a violation of any applicable anti-money laundering, OFAC or other laws or regulations by any person in any relevant jurisdiction, or such refusal is considered by the Custodial Trustee necessary or appropriate to ensure the compliance by the Custodial Trustee with any such laws or regulations in any relevant jurisdiction. The Subscriber acknowledges that the Custodial Trustee or the Fund may be required to report transactions that raise suspicions of money laundering or OFAC violations and to disclose the identity of the Subscriber and any Related Parties to appropriate government authorities. The Subscriber agrees further that the Indemnified Persons (as defined in Section 9 below) shall be held harmless and indemnified against any loss, claim, cost, damage or expense (a) arising as a result of a failure to process any subscription or the refusal to make a distribution or other payment under terms of this Section 6, or (b) which the Fund or the Custodial Trustee may suffer as a result of any violations of law, rule or regulation committed by the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.  **<u>Additional Information</u>.** The Subscriber agrees to supply any additional
written information concerning the representations in this Subscription Agreement that the Custodial Trustee may reasonably request from
time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.  **<u>Confirmation of Representations</u>.** The Subscriber (i) is deemed to
confirm the accuracy of the representations in this Subscription Agreement, including the attachments hereto, to the Fund as of the date
the Custodial Trustee, on behalf of the Fund, accepts this Subscription Agreement and each subsequent date on which the Subscriber acquires
any additional Shares in the Fund, (ii) shall promptly notify the Fund if the Subscriber becomes aware that such representations are,
at any time, inaccurate in any respect and (iii) shall furnish the Fund with such updated information as may be necessary in order to
ensure that the Subscriber's responses to all portions of this Subscription Agreement are, at all times, accurate and complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.  **<u>Indemnification</u>.** The Subscriber shall indemnify and hold harmless
the Investment Manager, the Lending Agent, the Custodial Trustee, the Delaware Trustee, the Sponsor and their respective partners, members,
directors, managers, officers, employees, agents, affiliates, successors, heirs and assigns (collectively, the " <u>Indemnified Persons</u> ")
from and against any losses, claims, damages, liabilities, costs or expenses to which any of them may become subject arising out of or
based upon any false

representation or warranty, or any breach of or failure to comply with any covenant or agreement, made by the Subscriber in this Subscription Agreement or in any other document furnished to the Fund in connection with the Subscriber's acquisition of the Shares. The Subscriber will reimburse each indemnified Person and the Fund for their reasonable legal and other expenses (including the cost of any investigation and preparation) as they are incurred in connection with any action, proceeding or investigation arising out of or based upon the foregoing. The indemnity and reimbursement obligations of the Subscriber under this Section 9 shall be in addition to any liability which the Subscriber may otherwise have (including, without limitation, liability under the Declaration of Trust or the Fund Schedule).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.  **<u>Disclosure of Information</u>.** The Subscriber consents to the disclosure
by the Investment Manager, the Custodial Trustee, the Delaware Trustee, the Sponsor and the Fund of the Subscriber's identity, investment
in the Fund and qualification to invest in the Fund (e.g., the Subscriber's status as an Accredited Investor), as well as any relationship
between the Subscriber and the Investment Manager, the Custodial Trustee, the Delaware Trustee or the Sponsor; (a) to the Investment Manager
and its affiliates; (b) to existing and prospective investors in the Fund and any other investment funds, account or programs sponsored
or managed by the Investment Manager or its affiliates; (c) to any bank or other party with whom the Fund has or intends to conduct business
that has requested such information; (d) to any regulatory authority having jurisdiction over the Investment Manager, the Lending Agent,
the Custodial Trustee, the Delaware Trustee, the Sponsor, the Fund, any Beneficial Owner or any of their respective affiliates or any
regulatory authority that requests such information in connection with any proposed investment or disposition of an investment; (e) in
connection with any litigation or other dispute or otherwise as necessary or appropriate to enforce the terms of the Declaration of Trust
or the Fund Schedule; (e) to any directors, officers, employees, agents, attorneys, accow1tants or other service providers of the Investment
Manager, the Lending Agent, the Custodial Trustee, the Delaware Trustee, the Sponsor or any of their respective affiliates; and (f) as
required by any law, rule or regulation or in response to any subpoena or other legal process; and (g) otherwise as the Custodial Trustee
deems reasonably necessary for the conduct of the Fund's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.  **<u>Subscription Not Transferable</u>.** Neither this Subscription Agreement
nor the rights accruing pursuant to this Subscription Agreement shall be transferable without the Custodial Trustee's prior written
consent, which consent may be withheld for any or no reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.  **<u>Binding Agreement; Modification</u>.** This Subscription Agreement shall be
binding upon the heirs, executors, administrators, successors and assigns of the Subscriber, subject to the requirements of Section 11,
and, if accepted by the Fund, shall be binding upon the Fund's successors and assigns. Neither this Subscription Agreement nor any
provision hereof may be waived, modified, discharged or terminated except by an instrument in writing signed by the party against whom
such waiver, modification, discharge or termination is sought to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.  **<u>Headings</u>.** Section and subsection headings used herein are for convenience
of reference only, are not part of this
Subscription Agreement and shall not be considered in interpreting this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.  **<u>Integration; Separability</u>.** This Subscription Agreement, the Declaration
of Trust, the Fund Schedule and the Securities Lending Authorization constitute the entire agreement among the parties hereto pertaining
to the subject matter hereof and supersede all prior and contemporaneous agreements and understandings of the parties in connection therewith.
No covenant, representation or condition not expressed in this Subscription Agreement, the Declaration of Trust or the Fund Schedule shall
affect, or be effective to interpret, change or restrict, the express provisions of this Subscription Agreement. Each provision of this
Subscription Agreement shall be considered separable and if for any reason any provision or provisions hereof are determined to be invalid
and contrary to any existing or future law, such invalidity shall not impair the operation of or affect those portions of this Subscription
Agreement which are valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.  **<u>Counterparts</u>.** This Subscription Agreement. may be executed in counterparts
with the same effect as if the parties executing the counterparts had all executed one counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.  **<u>Governing Law</u>.** This Subscription Agreement shall be governed by,
and interpreted and construed in accordance with the internal laws of the State of Delaware, without regard to its principles of conflict
of laws. The Subscriber hereby irrevocably consents to the personal jurisdiction of, and agrees that all causes of action arising out
of this Subscription Agreement and any and all related documents and agreements may be brought in the courts of, the State of Delaware.
The Subscriber hereby irrevocably waives any objection which it may now or hereafter have to the laying of venue in such courts and any
claims that any such court is an inconvenient forum. THE SUBSCRIBER HEREBY IRREVOCABLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN CONNECTION
WITH ANY CAUSE OF ACTION ARISING OUT OF THIS AGREEMENT AND ANY AND ALL RELATED DOCUMENTS AND AGREEMENTS.

[THE REMAINDER OF THIS PAGE WAS INTENTIONALLY LEFT BLANK.]

IN WITNESS WHEREOF, the foregoing Subscription Agreement is hereby executed by the undersigned as of this<u> </u> day of<u> </u>_, 2010.

SUBSCRIBER:

DELAWARE GROUP ADVISER FUNDS, on behalf <br> of its Funds identified on Schedule 1

DELAWARE GROUP EQUITY FUNDS I, on behalf of <br> its Funds identified on Schedule 1

DELAWARE GROUP EQUITY FUNDS II, on behalf of

its Funds identified on Schedule 1

DELAWARE GROUP EQUITY FUNDS III, on behalf of

its Funds identified on Schedule 1

DELAWARE GROUP EQUITY FUNDS IV, on behalf of

its Funds identified on Schedule 1

DELAWARE GROUP EQUITY FUNDS V, on behalf of

its Funds identified on Schedule 1

DELAWARE GROUP FOUNDATION FUNDS, on behalf

of its Funds identified on Schedule 1

DELAWARE GROUP INCOME FUNDS, on behalf of<br> its Funds identified on Schedule 1

DELAWARE GROUP TAX-FREE FUND, on behalf of<br> its Funds identified on Schedule 1

DELAWARE GROUP GLOBAL & lNTERNATIONAL

FUNDS, on behalf of its Funds identified on Schedule 1

DELAWARE GROUP GOVERNMENT FUND, on behalf

of its Funds identified on Schedule 1

DELAWARE GROUP LIMITED-TERM GOVERNMENT

FUNDS, on behalf of its Funds identified on Schedule 1

DELAWARE POOLED TRUST, on behalf of its Funds<br> identified on Schedule 1

VOYAGEUR MUTUAL FUNDS III on behalf of its<br> Funds identified on Schedule 1

DELAWARE VIP TRUST, on behalf of its Funds <br> identified on Schedule 1

DELAWARE INVESTMENTS DIVIDEND <br> AND INCOME FUND, INC.

DELAWARE INVESTMENTS GLOBAL DIVIDEND <br> AND INCOME FUND, INC.

DELAWARE INVESTMENTS ENHANCED<br> GLOBAL DIVIDEND AND INCOME FUND

---

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

---

---

| | |
|:---|:---|
| Subscriber's name and | 2005 Market Street |
| address: | Philadelphia, PA 19103 |
| Subscriber's Federal |  |
| Tax Identification | See Schedule 1 hereto |
| Number: |  |

---

Is the party signing this document acting as a nominee or custodian for another person or entity? Yes No <u>X</u>

Type of Person or Entity *(e.g. individual, corporation, estate, revocable trust, irrevocable trust, partnership, exempt organization, IRA, nominee, custodian); if a nominee or custodian for another entity or organization, please also indicate the type of person or entity for which the party signing this document serves as nominee or custodian:*

 

 <u>See Schedule 1</u> 

Consent to receive notices by electronic transmission: Yes x_ No _

**ACCEPTANCE**

The foregoing Subscription Agreement is hereby accepted, as of the date set forth below, upon the terms and conditions set forth herein and in the Declaration of Trust and Fund Schedule.

FUND:

**DELAWARE INVESTMENTS SECURITIES LENDING COLLATERAL FUND NO. 1.**

**A SERIES OF DELAWARE INVESTMENTS COLLATERAL TRUST**

By: The Bank of New York Mellon, its Custodial Trustee

---

| | |
|:---|:---|
| By: | /s/ David J. DiNardo |
| Name: | David J. DiNardo |
| Title: | MANAGING DIRECTOR |

---

Date: October 12, 2010

**<u>ATTACHMENT A</u>**

---

| | |
|:---|:---|
| Subscriber Information |  |
| Name of Subscriber<br> SEE SCHEDULE 1 |  |
| Address of Subscriber | Address of Subscriber |
| Country of Residence/ State of Incorporation | Taxpayer Identification Number |
| Total Amount of Subscription (in$) | Date of end of U.S. Federal Income Tax Year |

---

---

| | |
|:---|:---|
| Contact Information | |
| Name of Contact and Position or Title of Contact/Relationship to Subscriber | Name of Contact and Position or Title of Contact/Relationship to Subscriber |
| Address of Contact | |
| Telephone Number | Facsimile Number |
| E-Mail Address | |

---

Sch 1 - 1

**SCHEDULE** 1

**to**

**Subscription Agreement**

**DELAWARE GROUP ADVISER FUNDS,** a Delaware statutory trust

SEC Registration No. 811-7972 (1940 Act)

33-67490 (1933 Act)

Registrant CIK# 910682<br> Tax Year End: October 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added to</u>**<br> **<u>the Securities</u>**<br> **<u>Lending</u>**<br> **<u>Authorization</u>**<br> **<u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLE SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Diversified Income Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional | 07/20/2007 | &nbsp;&nbsp; <br> 246248744<br> 246248611<br> 246248595<br> 246248553<br> 246248587 | <br> DPDFX<br> DPBFX<br> DPCFX<br> DPRFX<br> DPFFX | [TIN OMITTED] | S000003911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware U.S. Growth Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional | 07/20/2007 | &nbsp;&nbsp; <br> 245917505<br> 245917604<br> 245917703<br> 245917711<br> 245917802 | <br> DUGAX<br> DEUBX<br> DEUCX<br> DEURX<br> DEUIX | [TIN OMITTED] | S000003912 |

---

Sch 1 - 2

**DELAWARE GROUP EQUITY FUNDS I**, a Delaware statutory trust

SEC Registration No. 811-249 (1940 Act)

2-10765 (1933 Act)

Registrant CIK# 027801 <br> Tax Year End: October 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added to</u>**<br> **<u>the Securities</u>**<br> **<u>Lending</u>**<br> **<u>Authorization</u>**<br> **<u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Mid Cap Value Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 02/01/2008 | &nbsp;&nbsp; <br> 246093868<br> 246093850<br> 246093843<br> 246093835 | <br> DLMAX<br> DLMCX<br> DLMRX<br> DLMIX | [TIN OMITTED] | S000020812 |

---

Sch 1-2

**DELAWARE GROUP EQUITY FUNDS II**, a Delaware statutory trust

SEC Registration No. 811-750 (1940 Act)

2-13017 (1933 Act)

Registrant CIK# 027574

Tax Year End: November 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Securities</u>**<br> **<u>Lending</u>**<br> **<u>Authorization</u>**<br> **<u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Large Cap Value Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245907100<br> 245907605<br> 245907704<br> 245907886<br> 245907407 | <br> DELDX<br> DEIBX<br> DECCX<br> DECRX<br> DEDIX | [TIN OMITTED] | S000002392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Value Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 24610C881<br> 24610C873<br> 24610C865<br> 245907860<br> 24610C857 | <br> DDVAX<br> DDVBX<br> DDVCX<br> DDVRX<br> DDVIX | [TIN OMITTED] | S000002391 |

---

Sch 1-3

**DELAWARE GROUP EQUITY FUNDS III**, a Delaware statutory trust

SEC Registration No. 811-1485 (1940 Act)

2-28871 (1933 Act)

Registrant CIK#027937<br> Tax Year End: June 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Securities</u>**<br> **<u>Lending</u>**<br> **<u>Authorization</u>**<br> **<u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Growth Equity Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 24581P101<br> 24581P309<br> 24581P408<br> 24581P507<br> 24581P200 | <br> DASAX<br> DASBX<br> DAMCX<br> DASRX<br> DASIX | [TIN OMITTED] | S000002394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Trend Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | <br> 245905104<br> 245905302<br> 245905401<br> 245905500<br> 245905203 | <br> DELTX<br> DERBX<br> DETCX<br> DETRX<br> DGTIX | [TIN OMITTED] | S000002396 |

---

Sch 1-4

**DELAWARE GROUP EQUITY FUNDS IV**, a Delaware statutory trust

SEC Registration No. 811-4413 (1940 Act)

33-442 (1933 Act)

Registrant CIK# 778108

Tax Year End: September 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Securities</u>**<br> **<u>Lending</u>**<br> **<u>Authorization</u>**<br> **<u>Agreement</u>** | <br> **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Smid Cap Growth Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245906102<br> 245906300<br> 245906409<br> 245906508<br> 245906201 | <br> DFCIX<br> DFBIX<br> DEEVX<br> DFRIX<br> DFDIX | [TIN OMITTED] | S000003914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Macquarie Global Real Estate Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 08/15/2007 | &nbsp;&nbsp; <br> 24610D103<br> 24610D202<br> N/A<br> 24610D400 | <br> DLRAX<br> N/A<br> N/A<br> DLRIX | [TIN OMITTED] | S000018872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Healthcare Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 08/15/2007 | &nbsp;&nbsp; <br> 24610E101<br> 24610E200<br> 24610E309<br> 24610E408 | <br> DLHAX<br> N/A<br> N/A<br> DLHIX | [TIN OMITTED] | S000018873 |

---

Sch 1-5

**DELAWARE GROUP EQUITY FUNDS V,** a Delaware statutory trust

SEC Registration No. 811-4997 (1940 Act)

33-11419 (1933 Act)

Registrant CIK# 809821

Tax Year End: November 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Securities</u>**<br> **<u>Lending</u>**<br> **<u>Authorization</u>**<br> **<u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Dividend Income Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 24610B107<br> 24610B206<br> 24610B305<br> 24610B842<br> 24610B404 | <br> DDIAX<br> DDDBX<br> DDICX<br> DDDRX<br> DDIIX | [TIN OMITTED] | S000002399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Small Cap Core Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 24610B883<br> 24610B867<br> 24610B834<br> 24610B859 | <br> DCCAX<br> DCCCX<br> DCCRX<br> DCCIX | [TIN OMITTED] | S000002400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Small Cap Value Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 246097109<br> 246097307<br> 246097406<br> 246097505<br> 246097208 | <br> DEVLX<br> DEVBX<br> DEVCX<br> DVLRX<br> DEVIX | [TIN OMITTED] | S000002401 |

---

Sch 1-6

**DELAWARE GROUP FOUNDATION FUNDS,** a Delaware statutory trust

SEC Registration No. 811-08457 (1940 Act)

333-38801 (1933 Act)

Registrant CIK# 1048133

Tax Year End: September 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Securities</u>**<br> **<u>Lending</u>**<br> **<u>Authorization</u>**<br> **<u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Foundation Growth Allocation Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 05/22/2008 | &nbsp;&nbsp; <br>245918883<br> 245918875<br> 245918867<br> 245918826<br> 245918859 | <br>DFGAX<br> DFGDX<br> DFGCX<br> DFGRX<br> DFGIX | [TIN OMITTED] | S000004197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Foundation Conservative Allocation Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 05/22/2008 | &nbsp;&nbsp; <br>245918107<br> 245918206<br> 245918305<br> 245918818<br> 245918404 | <br>DFIAX<br> DFIDX<br> DFICX<br> DFIRX<br> DFIIX | [TIN OMITTED] | S000004198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Foundation Moderate Allocation Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 05/22/2008 | &nbsp;&nbsp; <br>245918503<br> 245918602<br> 245918701<br> 245918834<br> 245918800 | <br>DFBAX<br> DFBBX<br> DFBCX<br> DFBRX<br> DFFIX | [TIN OMITTED] | S000004196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Foundation Equity Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 01/01/2010 | &nbsp;&nbsp; <br> 245918792<br> 245918784<br> 245918776<br> 245918768 | <br> DFEAX<br> DFECX<br> DFERX<br> DFEIX | [TIN OMITTED] | S000026306 |

---

Sch 1-7

**DELAWARE GROUP INCOME FUNDS,** a Delaware statutory trust

SEC Registration No. 811-2071 (1940 Act)

2-37707 (1933 Act)

Registrant CIK# 027825

Tax Year End: July 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Securities</u>**<br> **<u>Lending</u>**<br> **<u>Authorization</u>**<br> **<u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Corporate Bond Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245908785<br> 245908777<br> 245908769<br> 245908744<br> 245908751 | <br> DGCAX<br> DGCBX<br> DGCCX<br> DGCRX<br> DGCIX | [TIN OMITTED] | S000003921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Extended Duration Bond Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245908835<br> 245908827<br> 245908819<br> 245908728<br> 245908793 | <br> DEEAX<br> DEEBX<br> DEECX<br> DEERX<br> DEEIX | [TIN OMITTED] | S000003923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware High-Yield Opportunities Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245908876<br> 245908868<br> 245908850<br> 245908736<br> 245908843 | <br> DHOAX<br> DHOBX<br> DHOCX<br> DHIRX<br> DHOIX | [TIN OMITTED] | S000003924 |

---

Sch 1-8

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Core Bond Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 01/01/2010 | &nbsp;&nbsp; <br> 245908710<br> 245908694<br> 245908686<br> 245908678 | <br> DPFIX<br> DCBCX<br> DEBRX<br> DCBIX | [TIN OMITTED] | S000026275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Diversified Floating Rate Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 10/01/10 | &nbsp;&nbsp; <br> 245908660<br> 245908652<br> 245908645<br> 245908637 | <br> DDFAX<br> DDFCX<br> DDFFX<br> DDFLX<br>| [TIN OMITTED] | S000028004 |

---

Sch 1-9

**DELAWARE GROUP TAX-FREE FUND,** a Delaware statutory trust

SEC Registration No. 811-3850 (1940 Act)

2-86606 (1933 Act)

Registrant CIK# 728352

Tax Year End: August 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Securities</u>**<br> **<u>Lending</u>**<br> **<u>Authorization</u>**<br> **<u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Tax-Free USA Intermediate<br> Class A<br> Class B<br> Class C<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245909304<br> 245909601<br> 245909882<br> 24610H203 | <br> DMUSX<br> DUIBX<br> DUICX<br> DUSIX | [TIN OMITTED] | S000002404 |

---

Sch 1-10

**DELAWARE GROUP GLOBAL** & **INTERNATIONAL FUNDS,** a Delaware statutory trust

SEC Registration No. 811-6324 (1940 Act)

33-41034 (1933 Act)

Registrant CIK# 875610

Tax Year End: November 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Securities</u>**<br> **<u>Lending</u>**<br> **<u>Authorization</u>**<br> **<u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Emerging Markets Fund<br> Class A<br> Class B<br> Class C<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245914841<br> 245914833<br> 245914825<br> 245914817 | <br> DEMAX<br> DEMBX<br> DEMCX<br> DEMIX | [TIN OMITTED] | S000003916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Global Value Fund<br> Class A<br> Class B<br> Class C<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245914718<br> 245914692<br> 245914684<br> 245914676 | <br> DABAX<br> DABBX<br> DABCX<br> DABIX | [TIN OMITTED] | S000003917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware International Value Equity Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245914106<br> 245914700<br> 245914858<br> 245914577<br> 245914403 | <br> DEGIX<br> DEIEX<br> DEGCX<br> DIVRX<br> DEQIX | [TIN OMITTED] | S000003918 |

---

Sch 1-11

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Focus Global Growth FundClass A<br> Class C<br> Class R<br> Institutional Class | 11/19/2008 | &nbsp;&nbsp;246118541<br> 246118533<br> 246118525<br> 246118517 | DGGAX<br> N/A<br> N/A<br> DGGIX | [TIN OMITTED] | S000024716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Macquarie Global Infrastructure Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 01/01/2010 | &nbsp;&nbsp; <br>245914551<br> 245914544<br> 245914528<br> 245914536 | <br>DMGAX<br> DMGCX<br> DMGRX<br> DMGIX | [TIN OMITTED] | S000027634 |

---

Sch 1-12

**DELAWARE GROUP GOVERNMENT FUND,** a Delaware statutory trust

SEC Registration No. 811-4304 (1940 Act)

2-97889 (1933 Act)

Registrant CIK# 769220 <br> Tax Year End: July 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Securities</u>**<br> **<u>Lending</u>**<br> **<u>Authorization</u>**<br> **<u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Core Plus Bond Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 246094205<br> 246094601<br> 246094700<br> 246094809<br> 246094502 | <br> DEGGX<br> DEGBX<br> DUGCX<br> DUGRX<br> DUGIX | [TIN OMITTED] | S000003919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Inflation Protected Bond Fund<br> Class A<br> Class B<br> Class C<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 246094882<br> 246094874<br> 246094866<br> 246094858 | <br> DIPAX<br> DlPBX<br> DIPCX<br> DIPIX | [TIN OMITTED] | S000003920 |

---

Sch 1-13

**DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS, a Delaware statutory trust**

SEC Registration No. 811-3363 (1940 Act)

2-75526 (1933 Act)

Registrant CIK# 357059

Tax Year End: December 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Securities</u>**<br> **<u>Lending</u>**<br> **<u>Authorization</u>**<br> **<u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Limited-Term Diversified Income Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br>245912308<br> 245912605<br> 245912704<br> 245912803<br> 245912506 | <br>DTRIX<br> DTIBX<br> DTICX<br> DLTRX<br> DTINX | [TIN OMITTED] | S000002397 |

---

Sch 1-14

**DELAWARE POOLED TRUST,** a Delaware statutory trust

SEC Registration No. 811-6322 (1940 Act)

33-40991 (1933 Act)

Registrant CIK# 875352

Tax Year End: October 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Securities</u>**<br> **<u>Lending</u>**<br> **<u>Authorization</u>**<br> **<u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| The Large-Cap Growth Equity<br> Portfolio | 07/20/2007 | 246248512 | DPLGX | [TIN OMITTED] | S000003930 |
| The Large-Cap Value Equity Portfolio | 07/20/2007 | 246248108 | DPDEX | [TIN OMITTED] | S000003931 |
| The Focus Smid-Cap Growth Equity Portfolio | 07/20/2007 | 246248546 | DGCTX | [TIN OMITTED] | S000003935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Real Estate Investment Trust Portfolio<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | <br> 246248868<br> 246248819<br> 246248793<br> 246248561<br> 246248777 | <br> DPREX<br> DPRBX<br> DPRCX<br> DPRRX<br> DPRSX | [TIN OMITTED] | S000003937 |
| The Real Estate Investment Trust Portfolio II | 07/20/2007 | 246248827 | DPRTX | [TIN OMITTED] | S000003933 |
| The Select 20 Portfolio | 07/20/2007 | 246248645 | DPCEX | [TIN OMITTED] | S000003928 |
| The International Equity Portfolio | 07/20/2007 | 246248306 | DPIEX | [TIN OMITTED] | S000003944 |
| The Labor Select International<br> Equity Portfolio | 07/20/2007 | 246248876 | DELPX | [TIN OMITTED] | S000003929 |

---

Sch 1-15

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Securities</u>**<br> **<u>Lending</u>**<br> **<u>Authorization</u>**<br> **<u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| The Emerging Markets Portfolio | 07/20/2007 | 246248843 | DPEMX | [TIN OMITTED] | S000003940 |
| The Global Real Estate Securities Portfolio | 07/20/2007 | 246248488 | DGROX | [TIN OMITTED] | S000015133 |
| The Core Focus Fixed Income Portfolio | 07/20/2007 | 246248538 | DCFIX | [TIN OMITTED] | S000003938 |
| The High-Yield Bond Portfolio | 07/20/2007 | 246248850 | DPHYX | [TIN OMITTED] | S000003942 |
| The Core Plus Fixed Income Portfolio | 07/20/2007 | 246248538 | DCPFX | [TIN OMITTED] | S000003939 |
| The Global Fixed Income P011folio | 07/20/2007 | 246248603 | DPGIX | [TIN OMITTED] | S000003941 |
| The International Fixed Income Portfolio | 07/20/2007 | 246248702 | DPIFX | [TIN OMITTED] | S000003945 |
| The Emerging Markets Portfolio II | 10/01/10 | 246248470 | DPEGX | [TIN OMITTED] | S000025841 |
| The Delaware Macquarie Real Estate Portfolio | 10/01/10 | 246248462 | DPDMX | [TIN OMITTED] | S000029315 |

---

Sch 1-16

**VOYAGEUR MUTUAL FUNDS III**, a Delaware statutory trust

SEC Registration No. 811-4547 (1940 Act)

2-95928 (1933 Act)

Registrant CIK# 763749 <br> Tax Year End: April 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Securities</u>**<br> **<u>Lending</u>**<br> **<u>Authorization</u>**<br> **<u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Large Cap Core Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 246118582<br> 246118574<br> 246118566<br> 246118558 | <br> DDCAX<br> N/A<br> N/A<br> DDCIX | [TIN OMITTED] | S000013156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Select Growth Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 0712012007 | &nbsp;&nbsp; <br> 928931104<br> 928931849<br> 928931203<br> 928931740<br> 928931757 | <br> DVEAX<br> DVEBX<br> DVECX<br> DFSRX<br> VAGGX | [TIN OMITTED] | S000003946 |

---

Sch 1-17

**DELAWARE VIP TRUST,** a Delaware statutory trust

SEC Registration No. 811-5162 (1940 Act)

33-14363 (1933 Act)

Registrant CIK# 814230

Tax Year End: December 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Securities</u>**<br> **<u>Lending</u>**<br> **<u>Authorization</u>**<br> **<u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Limited-Term Diversified Income Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br>246493563<br> 246493571 | N/A | [TIN OMITTED] | S000002479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Limited-Term Diversified Income Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br>246493407<br> 246493308 | N/A | [TIN OMITTED] | S000002480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Diversified Income Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br>246493548<br> 246493555 | N/A | [TIN OMITTED] | S000002481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Emerging Markets Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br>246493878<br> 246493886 | N/A | [TIN OMITTED] | S000002482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Smid-Cap Growth Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br>246493837<br> 246493845 | N/A | [TIN OMITTED] | S000002484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP High Yield Series<br> Standard Class | 07/20/2007 | &nbsp;&nbsp; <br> 246493811 | N/A | [TIN OMITTED] | S000002485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class |  | &nbsp;&nbsp;&nbsp;&nbsp;246493829 |  |  |  |

---

Sch 1-18

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Securities</u>**<br> **<u>Lending</u>**<br> **<u>Authorization</u>**<br> **<u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP International Value Equity Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br> 246493761<br> 246493779 | N/A | [TIN OMITTED] | S000002486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP REIT Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br> 246493720<br> 246493738 | N/A | [TIN OMITTED] | S000002473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Small Cap Value Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br>246493670<br> 246493688 | N/A | [TIN OMITTED] | S000002475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Trend Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br> 246493613<br> 246493621 | N/A | [TIN OMITTED] | S000002476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP U.S. Growth Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br> 246493589<br> 246493597 | N/A | [TIN OMITTED] | S000002477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Value Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br> 246493746<br> 246493753 | N/A | [TIN OMITTED] | S000002478 |

---

Sch 1-19

**DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC.,** a Maryland corporation

SEC Registration No. 811-7460 (1940 Act)

33-57808 (1933 Act)

Registrant CIK# 896923

Tax Year End: November 30

CUSIP: 245915103

Tax ID#: [TIN OMITTED]

**DELAWARE INVESTMENTS GLOBAL DIVIDEND AND INCOME FUND, INC.,** a Maryland corporation

SEC Registration No. 811-8246 (1940 Act)

33-73430 (1933 Act)

Registrant CIK# 916713

Tax Year End: November 30

CUSIP: 245916101

Tax ID#: [TIN OMITTED]

**DELAWARE INVESTMENTS ENHANCED GLOBAL DIVIDEND AND INCOME FUND,** a Delaware statutory trust

SEC Registration No. 811-22050 (1940 Act)

333-142103 (1933 Act)

Registrant CIK# 1396167

Tax Year End: November 30

CUSIP: 246060107

Tax ID#: [TIN OMITTED]

Sch 1-20

**SCHEDULE 1**

**to**

AMENDMENT NO. 3 TO SECURITIES LENDING AUTHORIZATION AGREEMENT

which Amendment is made and effective as of October 12, 2010 by and between **THE BANK OF NEW YORK MELLON,** successor by operation of law to Mellon Bank, (the ''Lending Agent") and the Clients on behalf of their respective Funds.

**DELAWARE GROUP ADVISER FUNDS,** a Delaware statutory trust

SEC Registration No. 811-7972 (1940 Act)

33-67490 (1933 Act)

Registrant CIK# 910682

Tax Year End: October 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Diversified Income Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional | 07/20/2007 | &nbsp;&nbsp; <br> 246248744<br> 246248611<br> 246248595<br> 246248553<br> 246248587 | <br> DPDFX<br> DPBFX<br> DPCFX<br> DPRFX<br> DPFFX | [TIN OMITTED] | S000003911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware U.S. Growth Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional | 07/20/2007 | &nbsp;&nbsp; <br> 245917505<br> 245917604<br> 245917703<br> 245917711<br> 245917802 | <br> DUGAX<br> DEUBX<br> DEUCX<br> DEURX<br> DEUIX | [TIN OMITTED] | S000003912 |

---

**DELAWARE GROUP EQUITY FUNDS I**, a Delaware statutory trust

SEC Registration No. 811-249 (1940 Act)

2-10765 (1933 Act)

Registrant CIK# 027801

Tax Year End: October 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Agreement</u>** | **<u>CUSIP</u>** | &nbsp;&nbsp; **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | &nbsp;&nbsp; **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | &nbsp;&nbsp; **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Mid Cap Value Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 02/01/2008 | &nbsp;&nbsp; <br> 246093868<br> 246093850<br> 246093843<br> 246093835 | &nbsp;&nbsp; <br> DLMAX<br> DLMCX<br> DLMRX<br> DLMIX | [TIN OMITTED] | S000020812 |

---

**DELAWARE GROUP EQUITY FUNDS II**, a Delaware statutory trust

SEC Registration No. 811-750 (1940 Act)

2-13017 (1933 Act)

Registrant CIK# 027574

Tax Year End: November 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Agreement</u>** | **<u>CUSIP</u>** | &nbsp;&nbsp; **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | &nbsp;&nbsp; **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | &nbsp;&nbsp; **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Large Cap Value Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245907100<br> 245907605<br> 245907704<br> 245907886<br> 245907407 | &nbsp;&nbsp; <br> DELDX<br> DEIBX<br> DECCX<br> DECRX<br> DEDIX | [TIN OMITTED] | S000002392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Value Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 24610C881<br> 24610C873<br> 24610C865<br> 245907860<br> 24610C857 | &nbsp;&nbsp; <br> DDVAX<br> DDVBX<br> DDVCX<br> DDVRX<br> DDVIX | [TIN OMITTED] | S000002391 |

---

**DELAWARE GROUP EQUITY FUNDS III**, a Delaware statutory trust

SEC Registration No. 811-1485 (1940 Act)

2-28871 (1933 Act)

Registrant CIK#027937

Tax Year End: June 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Growth Equity Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 24581P101<br> 24581P309<br> 24581P408<br> 24581P507<br> 24581P200 | <br> DASAX<br> DASBX<br> DAMCX<br> DASRX<br> DASIX | [TIN OMITTED] | S000002394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Trend Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245905104<br> 245905302<br> 245905401<br> 245905500<br> 245905203 | <br> DELTX<br> DERBX<br> DETCX<br> DETRX<br> DGTIX | [TIN OMITTED] | S000002396 |

---

**DELAWARE GROUP EQUITY FUNDS IV**, a Delaware statutory trust

SEC Registration No. 811-4413 (1940 Act)

33-442 (1933 Act)

Registrant CIK# 778108

Tax Year End: September 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Agreement</u>** | **<u>CUSIP</u>** | &nbsp;&nbsp; **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | &nbsp;&nbsp; **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | &nbsp;&nbsp; **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Smid Cap Growth Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245906102<br> 245906300<br> 245906409<br> 245906508<br> 245906201 | &nbsp;&nbsp; <br> DFCIX<br> DFBIX<br> DEEVX<br> DFRIX<br> DFDIX | [TIN OMITTED] | S000003914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Macquarie Global Real Estate Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 08/15/2007 | &nbsp;&nbsp; <br> 24610D103<br> 24610D202<br> N/A<br> 24610D400 | &nbsp;&nbsp; <br> DLRAX<br> N/A<br> N/A<br> DLRIX | [TIN OMITTED] | S000018872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Healthcare Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 08/15/2007 | &nbsp;&nbsp; <br> 24610E101<br> 24610E200<br> 24610E309<br> 24610E408 | &nbsp;&nbsp; <br> DLHAX<br> N/A<br> N/A<br> DLHIX | [TIN OMITTED] | S000018873 |

---

**DELAWARE GROUP EQUITY FUNDS V,** a Delaware statutory trust

SEC Registration No. 811-4997 (1940 Act)

33-11419 (1933 Act)

Registrant CIK# 809821

Tax Year End: November 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Dividend Income Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 24610B107<br> 24610B206<br> 24610B305<br> 24610B842<br> 24610B404 | <br> DDIAX<br> DDDBX<br> DDICX<br> DDDRX<br> DDIIX | [TIN OMITTED] | S000002399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Small Cap Core Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 24610B883<br> 24610B867<br> 24610B834<br> 24610B859 | <br> DCCAX<br> DCCCX<br> DCCRX<br> DCCIX | [TIN OMITTED] | S000002400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Small Cap Value Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 246097109<br> 246097307<br> 246097406<br> 246097505<br> 246097208 | <br> DEVLX<br> DEVBX<br> DEVCX<br> DVLRX<br> DEVIX | [TIN OMITTED] | S000002401 |

---

**DELAWARE GROUP FOUNDATION FUNDS,** a Delaware statutory trust

SEC Registration No. 811-08457 (1940 Act)

333-38801 (1933 Act)

Registrant CIK# 1048133

Tax Year End: September 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Foundation Growth Allocation Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 05/22/2008 | &nbsp;&nbsp; <br> 245918883<br> 245918875<br> 245918867<br> 245918826<br> 245918859 | <br> DFGAX<br> DFGDX<br> DFGCX<br> DFGRX<br> DFGIX | [TIN OMITTED] | S000004197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Foundation Conservative Allocation Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 05/22/2008 | &nbsp;&nbsp; <br> 245918107<br> 245918206<br> 245918305<br> 245918818<br> 245918404 | <br> DFIAX<br> DFIDX<br> DFICX<br> DFIRX<br> DFIIX | [TIN OMITTED] | S000004198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Foundation Moderate Allocation Fund<br> Class A<br> Class B<br> Class C | 05/22/2008 | &nbsp;&nbsp; <br> 245918503<br> 245918602<br> 245918701 | <br> DFBAX<br> DFBBX<br> DFBCX | [TIN OMITTED] | S000004196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R<br> Institutional Class |  | &nbsp;&nbsp; 245918834<br> 245918800 | DFBRX<br> DFFIX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Foundation Equity Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 01/01/2010 | &nbsp;&nbsp; <br> 245918792<br> 245918784<br> 245918776<br> 245918768 | <br> DFEAX<br> DFECX<br> DFERX<br> DFEIX | [TIN OMITTED] | S000026306 |

---

**DELAWARE GROUP INCOME FUNDS,** a Delaware statutory trust

SEC Registration No. 811-2071 (1940 Act)

2-37707 (1933 Act)

Registrant CIK# 027825

Tax Year End: July 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Corporate Bond Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245908785<br> 245908777<br> 245908769<br> 245908744<br> 245908751 | <br> DGCAX<br> DGCBX<br> DGCCX<br> DGCRX<br> DGCIX | [TIN OMITTED] | S000003921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Extended Duration Bond Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245908835<br> 245908827<br> 245908819<br> 245908728<br> 245908793 | <br> DEEAX<br> DEEBX<br> DEECX<br> DEERX<br> DEEIX | [TIN OMITTED] | S000003923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware High-Yield Opportunities Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245908876<br> 245908868<br> 245908850<br> 245908736<br> 245908843 | <br> DHOAX<br> DHOBX<br> DHOCX<br> DHIRX<br> DHOIX | [TIN OMITTED] | S000003924 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Core Bond Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 01/01/2010 | &nbsp;&nbsp; <br> 245908710<br> 245908694<br> 245908686<br> 245908678 | <br> DPFIX<br> DCBCX<br> DEBRX<br> DCBIX | [TIN OMITTED] | S000026275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Diversified Floating Rate Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 10/01/10 | &nbsp;&nbsp; <br> 245908660<br> 245908652<br> 245908645<br> 245908637 | <br> DDFAX<br> DDFCX<br> DDFFX<br> DDFLX<br>| [TIN OMITTED] | S000028004 |

---

**DELAWARE GROUP TAX-FREE FUND,** a Delaware statutory trust

SEC Registration No. 811-3850 (1940 Act)

2-86606 (1933 Act)

Registrant CIK# 728352

Tax Year End: August 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Tax-Free USA Intermediate<br> Class A<br> Class B<br> Class C<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245909304<br> 245909601<br> 245909882<br> 24610H203 | <br> DMUSX<br> DUIBX<br> DUICX<br> DUSIX | [TIN OMITTED] | S000002404 |

---

**DELAWARE GROUP GLOBAL** & **INTERNATIONAL FUNDS,** a Delaware statutory trust

SEC Registration No. 811-6324 (1940 Act)

33-41034 (1933 Act)

Registrant CIK# 875610

Tax Year End: November 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Emerging Markets Fund<br> Class A<br> Class B<br> Class C<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245914841<br> 245914833<br> 245914825<br> 245914817 | <br> DEMAX<br> DEMBX<br> DEMCX<br> DEMDC | [TIN OMITTED] | S000003916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Global Value Fund<br> Class A<br> Class B<br> Class C<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245914718<br> 245914692<br> 245914684<br> 245914676 | <br> DABAX<br> DABBX<br> DABCX<br> DABIX | [TIN OMITTED] | S000003917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware International Value Equity Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245914106<br> 245914700<br> 245914858<br> 245914577<br> 245914403 | <br> DEGIX<br> DEIEX<br> DEGCX<br> DIVRX<br> DEQIX | [TIN OMITTED] | S000003918 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Focus Global Growth Fund<br> Class A | 11/19/2008 | &nbsp;&nbsp; <br> 246118541 | <br> DGGAX | [TIN OMITTED] | S000024716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br> Class R<br> Institutional Class |  | &nbsp;&nbsp; 246118533<br> 246118525<br> 246118517 | &nbsp;&nbsp; N/A<br> N/A<br> DGGIX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Macquarie Global Infrastructure Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 01/01/2010 | &nbsp;&nbsp; <br>245914551<br> 245914544<br> 245914528<br> 245914536 | <br>DMGAX<br> DMGCX<br> DMGRX<br> DMGIX | [TIN OMITTED] | S000027634 |

---

**DELAWARE GROUP GOVERNMENT FUND,** a Delaware statutory trust

SEC Registration No. 811-4304 (1940 Act)

2-97889 (1933 Act)

Registrant CIK# 769220<br> Tax Year End: July 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Core Plus Bond Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 246094205<br> 246094601<br> 246094700<br> 246094809<br> 246094502 | <br> DEGGX<br> DEGBX<br> DUGCX<br> DUGRX<br> DUGIX | [TIN OMITTED] | S000003919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Inflation Protected Bond Fund<br> Class A<br> Class B<br> Class C<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 246094882<br> 246094874<br> 246094866<br> 246094858 | <br> DIPAX<br> DlPBX<br> DIPCX<br> DIPIX | [TIN OMITTED] | S000003920 |

---

**DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS, a Delaware statutory trust**

SEC Registration No. 811-3363 (1940 Act)

2-75526 (1933 Act)

Registrant CIK# 357059

Tax Year End: December 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Limited-Term Diversified Income Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245912308<br> 245912605<br> 245912704<br> 245912803<br> 245912506 | <br> DTRIX<br> DTIBX<br> DTICX<br> DLTRX<br> DTINX | [TIN OMITTED] | S000002397 |

---

**DELAWARE POOLED TRUST,** a Delaware statutory trust

SEC Registration No. 811-6322 (1940 Act)

33-40991 (1933 Act)

Registrant CIK# 875352 <br> Tax Year End: October 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| The Large-Cap Growth Equity Portfolio | 07/20/2007 | 246248512 | DPLGX | [TIN OMITTED] | S000003930 |
| The Large-Cap Value Equity Portfolio | 07/20/2007 | 246248108 | DPDEX | [TIN OMITTED] | S000003931 |
| The Focus Smid-Cap Growth Equity Portfolio | 07/20/2007 | 246248546 | DGCTX | [TIN OMITTED] | S000003935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Real Estate Investment Trust Portfolio<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | <br> 246248868<br> 246248819<br> 246248793<br> 246248561<br> 246248777 | <br> DPREX<br> DPRBX<br> DPRCX<br> DPRRX<br> DPRSX | [TIN OMITTED] | S000003937 |
| The Real Estate Investment Trust Portfolio II | 07/20/2007 | 246248827 | DPRTX | [TIN OMITTED] | S000003933 |
| The Select 20 Portfolio | 07/20/2007 | 246248645 | DPCEX | [TIN OMITTED] | S000003928 |
| The International Equity Portfolio | 07/20/2007 | 246248306 | DPIEX | [TIN OMITTED] | S000003944 |
| The Labor Select International Equity Portfolio | 07/20/2007 | 246248876 | DELPX | [TIN OMITTED] | S000003929 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**<br>| &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| The Emerging Markets Portfolio | 07/20/2007 | 246248843 | DPEMX | [TIN OMITTED] | S000003940 |
| The Global Real Estate Securities Portfolio | 07/20/2007 | 246248488 | DGROX | [TIN OMITTED] | S000015133 |
| The Core Focus Fixed Income Portfolio | 07/20/2007 | 246248538 | DCFIX | [TIN OMITTED] | S000003938 |
| The High-Yield Bond Portfolio | 07/20/2007 | 246248850 | DPHYX | [TIN OMITTED] | S000003942 |
| The Core Plus Fixed Income Portfolio | 07/20/2007 | 246248538 | DCPFX | [TIN OMITTED] | S000003939 |
| The Global Fixed Income Portfolio | 07/20/2007 | 246248603 | DPGIX | [TIN OMITTED] | S000003941 |
| The International Fixed Income Portfolio | 07/20/2007 | 246248702 | DPIFX | [TIN OMITTED] | S000003945 |
| The Emerging Markets Portfolio II | 10/01/10 | 246248470 | DPEGX | [TIN OMITTED] | S000025841 |
| The Delaware Macquarie Real Estate Portfolio | 10/01/10 | 246248462 | DPDMX | [TIN OMITTED] | S000029315 |

---

**VOYAGEUR MUTUAL FUNDS III**, a Delaware statutory trust

SEC Registration No. 811-4547 (1940 Act)

2-95928 (1933 Act)

Registrant CIK# 763749

Tax Year End: April 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Large Cap Core Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 246118582<br> 246118574<br> 246118566<br> 246118558 | <br> DDCAX<br> N/A<br> N/A<br> DDCIX | [TIN OMITTED] | S000013156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Select Growth Fund<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 0712012007 | &nbsp;&nbsp; <br> 928931104<br> 928931849<br> 928931203<br> 928931740<br> 928931757 | <br> DVEAX<br> DVEBX<br> DVECX<br> DFSRX<br> VAGGX | [TIN OMITTED] | S000003946 |

---

**DELAWARE VIP TRUST,** a Delaware statutory trust

SEC Registration No. 811-5162 (1940 Act)

33-14363 (1933 Act)

Registrant CIK# 814230

Tax Year End: December 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp; **<u>Date added to</u>**<br> **<u>the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Limited-Term Diversified Income Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br>246493563<br> 246493571 | N/A | [TIN OMITTED] | S000002479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Cash Reserve Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br>246493407<br> 246493308 | N/A | [TIN OMITTED] | S000002480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Diversified Income Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br>246493548<br> 246493555 | N/A | [TIN OMITTED] | S000002481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Emerging Markets Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br>246493878<br> 246493886 | N/A | [TIN OMITTED] | S000002482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Smid-Cap Growth Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br>246493837<br> 246493845 | N/A | [TIN OMITTED] | S000002484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP High Yield Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br> 246493811<br> 246493829 | N/A | [TIN OMITTED] | S000002485 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | &nbsp;&nbsp;**<u>Date added to</u>**<br> **<u>the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKLER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number (Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP International Value Equity Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br> 246493761<br> 246493779 | N/A | [TIN OMITTED] | S000002486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP REIT Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br> 246493720<br> 246493738 | N/A | [TIN OMITTED] | S000002473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP Small Cap Value Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br>246493670<br> 246493688 | N/A | [TIN OMITTED] | S000002475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP Trend Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br> 246493613<br> 246493621 | N/A | [TIN OMITTED] | S000002476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP U.S. Growth Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br> 246493589<br> 246493597 | N/A | [TIN OMITTED] | S000002477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP Value Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br> 246493746<br> 246493753 | N/A | [TIN OMITTED] | S000002478 |

---

**DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC.,** a Maryland corporation

SEC Registration No. 811-7460 (1940 Act)

33-57808 (1933 Act)

Registrant CIK# 896923

Tax Year End: November 30

CUSIP: 245915103

Tax ID#: [TIN OMITTED]

**DELAWARE INVESTMENTS GLOBAL DIVIDEND AND INCOME FUND, INC.,** a Maryland corporation

SEC Registration No. 811-8246 (1940 Act)

33-73430 (1933 Act)

Registrant CIK# 916713

Tax Year End: November 30

CUSIP: 245916101

Tax ID#: [TIN OMITTED]

**DELAWARE INVESTMENTS ENHANCED GLOBAL DIVIDEND AND INCOME FUND,** a Delaware statutory trust

SEC Registration No. 811-22050 (1940 Act)

333-142103 (1933 Act)

Registrant CIK# 1396167

Tax Year End: November 30

CUSIP: 246060107

Tax ID#: [TIN OMITTED]

## Ex-99.G2Iv

**<u>EX-99.g.2.iv</u>**

**<u>AMENDMENT NO. 4 TO SECURITIES LENDING AUTHORIZATION AGREEMENT</u>**

This AMENDMENT NO. 4 TO SECURITIES LENDING AUTHORIZATION AGREEMENT is made and effective as of the 17th day of December, 2015 (the "Effective Date"), by and between each investment company listed on Schedule 1 attached hereto (referred to herein, individually, as a "Client" and, collectively, as the "Clients") on behalf of one or more of its series funds listed below such investment company on Schedule 1 attached hereto (referred to herein, individually, as a "Fund" and, collectively, as the "Funds") and **THE BANK OF NEW YORK MELLON**, successor by operation of law to Mellon Bank, N.A (the "Lending Agent").

WHEREAS, the Client and Mellon Bank, N.A., have entered into a certain Securities Lending Authorization Agreement dated as of July 20, 2007 with respect to certain lendable securities held by each Fund (as amended, modified or supplemented from time to time, the "Agreement"); and

WHEREAS, The Bank of New York Mellon has succeeded by operation of law to all right, title and interest of Mellon Bank, N.A., in, to and under the Agreement; and

WHEREAS, the Client and the Lending Agent desire to amend the Agreement in certain respects as hereinafter provided:

NOW, THEREFORE**,** the parties hereto, each intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. From and after the Effective Date, the Agreement is hereby amended by deleting the first five paragraphs of Section 6(a) (entitled "Collateral Investment"), which had been added to the Agreement in Amendment No. 3 thereto, and substituting in lieu thereof the following:

6(a). <u>Collateral Investment</u>. The Lending Agent is hereby authorized to invest and reinvest, on behalf of each Fund, any and all Cash Collateral (as defined below) in any Approved Investment as agreed upon by the Lending Agent and the Client and as set forth in Exhibit B hereto ("Approved Investments").

For purposes hereof:

"Cash Collateral" shall mean, collectively,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) redemption proceeds of all units of the Delaware Investments Collateral Fund No. 1 (the "Delaware Investments Collective Fund"), a series of Delaware Investments Collateral Trust, held by the Lending Agent for the account of each Fund as of the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) cash Collateral (or additional cash Collateral) received by the Lending Agent from and after the Effective Date.

Notwithstanding any other provision hereof, it is acknowledged and agreed that units of the Delaware Investments Collective Fund held for the account of each Fund shall continue to constitute an Approved Investment pending the redemption of all of the Fund's units in connection with the establishment of a separately managed cash collateral account for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. From and after the Effective Date, the Agreement is hereby amended by deleting Exhibit B therefrom in its entirety and substituting in lieu thereof a new Exhibit B identical to that which is attached hereto as Attachment 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except as expressly amended hereby, all of the provisions of the Agreement shall continue in full force and effect; and are hereby ratified and confirmed in all respects. Upon the effectiveness of this Amendment, all references in the Agreement to "this Agreement" (and all indirect references such as "herein", "hereby", "hereunder" and "hereof") shall be deemed to refer to the Agreement as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties have executed this Amendment as of the date set forth above.

---

| | |
|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** |
| By: | /s/ David J. DiNardo |
| Title: | Managing Director, COO |
|  | BNY Mellon Securities Finance |
| Date: | December 17, 2015 |

---

---

| |
|:---|
| **DELAWARE GROUP ADVISER FUNDS,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP CASH RESERVE,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP EQUITY FUNDS I,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP EQUITY FUNDS II,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP EQUITY FUNDS IV,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP EQUITY FUNDS V,** on |
| behalf of its Funds identified on Schedule 1 |

---

---

| |
|:---|
| **DELAWARE GROUP FOUNDATION FUNDS,** |
| on behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP GOVERNMENT FUND,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP INCOME FUNDS,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP TAX-FREE FUND,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE POOLED TRUST,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE VIP TRUST,** on |
| behalf of its Funds identified on Schedule 1 |
| **VOYAGEUR MUTUAL FUNDS III,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC.** |
| **DELAWARE ENHANCED GLOBAL DIVIDEND & INCOME FUND** |

---

---

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

---

**ATTACHMENT 1**

to

AMENDMENT NO. 4 TO SECURITIES LENDING AUTHORIZATION AGREEMENT

which Amendment is made and effective as of December ___, 2015, by and between **THE BANK OF NEW YORK MELLON**, successor by operation of law to Mellon Bank, (the "Lending Agent") and the Clients on behalf of their respective Funds.

**EXHIBIT B**

to

**SECURITIES LENDING AUTHORIZATION AGREEMENT** 

dated July 20, 2007

by and between

**THE BANK OF NEW YORK MELLON,** as Lending Agent, and the Clients on behalf of their respective Funds. (as

amended from time to time, the "Agreement")

**APPROVED INVESTMENTS**

In accordance with Section 6 of the Agreement, Cash Collateral received by the Lending Agent on behalf of each Fund shall be held and maintained in a separately managed Cash Collateral account established and maintained by the Lending Agent for such Fund (the "Cash Collateral Account"), the assets of which shall be invested and reinvested in one or more of the Approved Investments as set forth below and issued by issuers who, at the time of purchase, are on the list provided to Lending Agent by the Clients and updated by the Clients from time to time in their sole discretion (the "Approved List"). Notwithstanding the foregoing sentence, direct obligations of the U.S. Treasury are approved for purchase at any time.

While each Fund's Cash Collateral Account will be operated on a cost basis, there is no guarantee that there will not be differences from time to time between the cost and the underlying fair market value of the assets held in the Cash Collateral Account. The cost or book value of the investment assets held in a Cash Collateral Account and their fair market value may differ from time to time. This difference may constitute an investment loss. In accordance with Section 6 of the Agreement, if at any time an Affected Fund's Cash Collateral Account is insufficient to satisfy the Affected Fund's obligation to return the full amount of Cash Collateral owed to the Borrowers, the Affected Fund shall be solely responsible for such shortfall except to the extent that any such shortfall results from the negligence or bad faith of the Lending Agent.

All Approved Investment, Credit Quality, Concentration and Liquidity guidelines set forth herein shall be applicable only at time of purchase (i.e., trade date).

Approved Investments may have fixed or floating interest rate provisions. Floating rate notes will reset no less frequently than quarterly.

Lending Agent and/or affiliates of Lending Agent may provide services with respect to Approved Investments, and may receive compensation with respect to these services. The Clients consent to the retention by Lending Agent and/or affiliates of Lending Agent of such compensation.

**A. APPROVED INVESTMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Instruments</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 Government Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obligations
 issued by any Government Sponsored Enterprises ("GSE") which GSE is included
 on the Approved List

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase
 transactions (including tri-party repurchase transactions) collateralized at 102% or greater
 at time of purchase and marked to market on each business day. Collateral will consist
 of direct obligations of the US Treasury with maturities of five years or less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obligations
 issued by the central government of any Organisation for Economic Cooperation and Development
 (OECD) country and any of their respective agencies, instrumentalities or establishments
 ("OECD Obligations").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obligations
 issued by 'supranational organizations'.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial
 paper, notes, bonds and other debt obligations (including funding agreements and guaranteed
 investment contracts), whether or not registered under the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certificates
 of deposit, time deposits and other bank obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset-backed
 securities, including asset-backed commercial paper.

Securities not specifically permitted pursuant to this Section A1. are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Currency</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall
 be limited to US dollars.

**B. CREDIT QUALITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All
 investments must be First Tier Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Lending Agent must make a determination that the investment presents credit risk minimally
 contemplated and required by these guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Lending Agent is responsible for monitoring the Collateral Account to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assess
 compliance with these guidelines, including, without limitation, the quality and credit risks
 contemplated by these guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate
 whether after readjustment of interest rates with respect to floating or variable rate securities,
 those securities will still have market value that approximates amortized cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When
 purchasing an unrated security or a security with no short-term rating of an issuer, the
 Lending Agent must make a determination that the security is of comparable quality to a First
 Tier Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Lending Agent may purchase securities subject to a Guarantee provided that both the issuer
 and the guarantor are on the Approved List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase
 transaction counterparties must have executed a written repurchase agreement with Lending
 Agent, and will be limited to those counterparties on both the client and Lending Agent approved
 repo counterparty lists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase
 agreement counterparties must be rated at least A2, P2 or F2 by one designated NRSRO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obligations
 issued by 'supranational organizations' must be rated AAA or equivalent by at
 least one designated NRSRO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OECD
 Obligations, bank obligations, commercial paper (including asset-backed commercial paper),
 notes, bonds and other debt obligations must be rated at least A-1, P-1 or F1 or equivalent
 by a designated NRSRO. Obligations rated by more than one designated NRSRO must be rated
 A-1, P-1 or F1 or equivalent by at least two designated NRSROs. Obligations without a short
 term rating must have a long term rating of at least A, A2 or A or equivalent by a designated
 NRSRO. Obligations that have a long term rating from more than one designated NRSRO (but
 no short term rating) must be rated A, A2 or A or equivalent by at least two designated NRSROs.
 Obligations that are not rated will be Approved Investments if the issuer of the obligation
 meets the above rating criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset-backed
 securities (as defined above) (other than asset-backed commercial paper) (ABS) must be rated
 AAA, Aaa or AAA by at least one designated NRSRO. Asset-backed securities (other than asset-backed
 commercial paper) rated by more than one designated NRSRO must be rated AAA, Aaa or AAA by
 at least two designated NRSROs. Asset-backed securities (other than asset-backed commercial
 paper) that have only short term ratings must be rated A-1+, P-1 or F1+ by a designated NRSRO.
 Asset-backed securities (other than asset-backed commercial paper) that have only a short
 term rating from more than one designated NRSRO must be rated A-1+, P-1 or F1+ by at least
 two designated NRSROs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Government
 Securities do not require a rating by a NRSRO.

**C. CONCENTRATION /DIVERSIFICATION GUIDELINES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Excluding
 Government Securities and repurchase agreements, concentration of any Approved Investment
 in the Cash Collateral Account will not exceed 5% per issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diversification
 for ABS will be determined by reference to designation of issuers on the Approved List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Lending Agent must treat an ABS sponsor as a guarantor, unless a non-reliance determination
 is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Lending Agent must count exposure to affiliated entities within a corporate family as one
 issuer if the entities are 50% voting control affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Demand
 features and guarantees are subject to a limit of 10% of assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 maximum of 25% of the Cash Collateral in the Cash Collateral Account may be invested in repurchase
 transactions with a single counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase
 Agreements must be collateralized fully.

**D. MATURITY GUIDELINES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approved
 Investments will have a maximum final maturity of 397 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Floating
 rate and variable rate securities that must unconditionally be paid in 397 calendar days
 or less shall be deemed to have a maturity equal to the earlier of the period remaining until
 the next readjustment of the interest rate or the period remaining until the principal amount
 can be recovered through demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase
 agreements will be deemed to have a maturity equal to the period remaining until the date
 on which the repurchase of the underlying securities is scheduled to occur, or, where the
 agreement is subject to demand, the notice period applicable to a demand for the repurchase
 of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 Government security that is a floating rate security will have a maturity of one day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase
 agreements will have a maturity of the shorter of 7 days or the period remaining until the
 repurchase of the underlying security is scheduled to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 maturity is determined based on interest rate resets, the Lending Agent must determine that
 market value approximates amortized costs for floating or variable rate securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 weighted average life of Approved Investments in the Cash Collateral Account based on final
 maturity shall not exceed 120 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 weighted average maturity of Approved Investments in the Cash Collateral Account (based upon
 the shorter of final maturity or days to reset for floating rate obligations) shall not exceed
 60 days.

**E. LIQUIDITY GUIDELINES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All
 Approved Investments shall be deemed to be liquid at time of purchase, with the exception
 of time deposits and repurchase agreements having a final maturity greater than 7 days, which
 shall be deemed to be illiquid for purposes hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Illiquid
 securities" shall not exceed 5% of the total amount of Approved Investments in the
 Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No
 Approved Investment having a final maturity longer than one business day shall be made if,
 immediately after such investment, the total amount of Approved Investments in the Cash Collateral
 Account would have less than 10% of total assets maturing in one business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No
 Approved Investments other than Weekly Liquid Assets (as defined below) shall be made if,
 immediately after such investment, the Cash Collateral Account would have less than 30% of
 total assets invested in Weekly Liquid Assets. Weekly Liquid Assets are defined as cash,
 direct obligations of the U.S. Government (i.e., bills, bonds and notes), U.S. government
 agency discount notes with a remaining maturity of 60 days or less, and any other Approved
 Investments that will mature in, or have an unconditional put option of, five business days
 or less.

**F. CERTAIN DEFINITIONS**

As used in these guidelines:

**"*Asset backed security"*** means a fixed income security (other than a Government Security) issued by a Special Purpose Entity (as defined in this paragraph), substantially all of the assets of which consist of Qualifying Assets (as defined in this paragraph). "*Special Purpose Entity"* means a trust, corporation, partnership or other entity organized for the sole purpose of issuing securities that entitle their holders to receive payments that depend primarily on the cash flow from Qualifying Assets, but does not include a registered investment company. "*Qualifying Assets"* means financial assets, either fixed or revolving, that by their terms convert into cash within a finite time period, plus any rights or other assets designed to assure the servicing or timely distribution of proceeds to security holders.

***"*Collateralized fully"** shall mean

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The value of the securities collateralizing the repurchase agreement is, and during the entire term of the repurchase agreement remains, at least equal to the repurchase price provided in the repurchase agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Lending Agent has perfected its security interest in the collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The collateral is maintained in an account of the Fund with the Lending Agent or a third party that qualifies as a custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The collateral consists entirely of;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Cash items; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Government Securities

**"Demand feature"** means a feature permitting the holder of a security to sell the security at an exercise price equal to the approximate amortized cost of the security plus accrued interest, if any, at the later of the time of exercise or settlement of the transaction, paid within 397 calendar days of exercise.

**"Designated NRSRO"** means any one of Standard & Poor, Moody's Investor Service and Fitch.

**"Eligible security"** means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A rated security with a remaining maturity of 397 calendar days or less that has received a rating from the requisite NRSROs in one of the two highest short-term rating categories (within which there may be sub-categories or gradations indicating relative standing); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Unrated security that is of comparable quality to a security meeting the requirements for a rated security in paragraph (i) of this section, as determined by the Fund's board of directors; provided, however, that: a security that at the time of issuance had a remaining maturity of more than 397 calendar days but that has a remaining maturity of 397 calendar days or less and that is an unrated security is not an eligible security if the security has received a long-term rating from any designated NRSRO that is not within the designated NRSRO's three highest long-term ratings categories (within which there may be sub-categories or gradations indicating relative standing), unless the security has received a long-term rating from the requisite NRSROs in one of the three highest rating categories. (For purposes hereof, any Unrated security (including any Certificates of deposit, time

deposits and other bank obligations) issued by an issuer on the Approved List shall be deemed for all purposes to have been determined by the Fund's board of directors to of comparable quality to a security meeting the requirements for a rated security in paragraph (i) of this section.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In addition, in the case of a security that it subject to a demand feature or guarantee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The guarantee has received a rating from a designated NRSRO or the guarantee is issued by a guarantor that has received a rating from a designated NRSRO with respect to a class of debt obligations (or any debt obligation within that class) that is comparable in priority and security to the guarantee, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The guarantee is issued by a person that, directly or indirectly, controls, is controlled by or is under common control with the issuer of the security subject to the guarantee (other than a sponsor of a special purpose entity with respect to an asset-backed security);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The security subject to the guarantee is a repurchase agreement that is collateralized fully; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The guarantee is itself a government security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The issuer of the demand feature or guarantee, or another institution, has undertaken promptly to notify the holder of the security in the event the demand feature or guarantee is substituted with another demand feature or guarantee (if such substitution is permissible under the terms of the demand feature or guarantee).

**"First Tier Security"** means any Eligible Security that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Is a Rated Security that has received a short-term rating from the Requisite NRSROs in the highest short-term rating category for debt obligations (within which there may be sub-categories or gradations indicating relative standing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Is an Unrated Security (including Certificates of deposit, time deposits and other bank obligations) that is of comparable quality to a security meeting the requirements for a Rated Security in paragraph (i) of this section, as determined by the Fund's board of directors; (For purposes hereof, any Unrated Security issued by an issuer on the Approved List shall be deemed for all purposes to have been determined by the Fund's board of directors to of comparable quality to a security meeting the requirements for a Rated Security in paragraph (i) of this section.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Is a security issued by a registered investment company that is a money market fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Is a Government Security

"**Government Security"** means any security issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing

**"Guarantee"** (i) means an unconditional obligation of a person other than the issuer of the security to undertake to pay, upon presentment by the holder of the guarantee (if required), the principal amount of the underlying security plus accrued interest when due or upon default, or, in the case of an unconditional demand feature, an obligation that entitles the holder to receive upon the later of exercise or the settlement of the transaction the approximate amortized cost of the underlying security or securities, plus accrued interest, if any. A guarantee includes a letter of credit, financial guaranty (bond) insurance, and an unconditional demand feature (other than an unconditional demand feature provided by the issuer of the security).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The sponsor of a special purpose entity with respect to an asset-backed security shall be deemed to have provided a guarantee with respect to the entire principal amount of the asset-backed security for purposes of this section, except with respect to the definition of eligible security.

**"Illiquid security"** means a security that cannot be sold or disposed of in the ordinary course of business within seven calendar days at approximately the value ascribed to it by the fund.

**"Rated security"** means a security that meets the requirements of paragraphs (i) or (ii) below, in each case subject to paragraph (iii) below of this section:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The security has received a short-term rating from a designated NRSRO, or has been issued by an issuer that has received a short-term rating from a designated NRSRO with respect to a class of debt obligations (or any debt obligation within that class) that is comparable in priority and security with the security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The security is subject to a guarantee that has received a short-term rating from a designated NRSRO, or a guarantee issued by a guarantor that has received a short-term rating from a designated NRSRO with respect to a class of debt obligations (or any debt obligation within that class) that is comparable in priority and security with the guarantee; but

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A security is not a rated security if it is subject to an external credit support agreement (including an arrangement by which the security has become a refunded security) that was not in effect when the security was assigned its rating, unless the security has received a short-term rating

reflecting the existence of the credit support agreement as provided in paragraph(i) of this section, or the credit support agreement with respect to the security has received a short-term rating as provided in paragraph (ii) of this section.

**"Requisite NRSROs**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Any two designated NRSROs that have issued a rating with respect to a security or class of debt obligations of an issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If only one designated NRSRO has issued a rating with respect to such security or class of debt obligations of an issuer at the time the fund acquires the security, that designated NRSRO.

**"Unrated security"** means a security that is not a Rated Security.

---

| | |
|:---|:---|
| Agreed to and Approved by Lending Agent | Agreed to and Approved by Lending Agent |
| **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** |
| By: | /s/ David J. DiNardo |
| Title: | Managing Director, CCO |
| Date: | December 17, 2015 |

---

---

| |
|:---|
| Agreed to and Approved by the Clients |
| **DELAWARE GROUP ADVISER FUNDS,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP CASH RESERVE,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP EQUITY FUNDS I,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP EQUITY FUNDS II,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP EQUITY FUNDS IV,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP EQUITY FUNDS V,** on |
| behalf of its Funds identified on Schedule 1 |

---

---

| |
|:---|
| **DELAWARE GROUP FOUNDATION FUNDS,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP GOVERNMENT FUND,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP INCOME FUNDS,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP TAX-FREE FUND,** on behalf of its Funds identified on Schedule 1 |
| **DELAWARE POOLED TRUST,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE VIP TRUST,** on |
| behalf of its Funds identified on Schedule 1 |
| **VOYAGEUR MUTUAL FUNDS III,** on |
| behalf of its Funds identified on Schedule 1 |
| **DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC.** |
| **DELAWARE ENHANCED GLOBAL DIVIDEND & INCOME FUND** |

---

---

| | |
|:---|:---|
| By: | /s/ Richard Salus |
| Title: | Chief Financial Officer |
| Date: | December 17, 2015 |

---

**SCHEDULE 1**

to

**AMENDMENT NO 4. TO SECURITIES LENDING AUTHORIZATION AGREEMENT**

which Amendment is made and effective as of December __, 2015, by and between **THE BANK OF NEW YORK MELLON**, successor by operation of law to Mellon Bank, (the "Lending Agent") and the Clients on behalf of their respective Funds.

**DELAWARE GROUP ADVISER FUNDS**, a Delaware statutory trust

SEC Registration No. 811-07972 (1940 Act)

033-67490 (1933 Act)

Registrant CIK# 0000910682

Tax Year End: October 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Series and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **<u>(Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Diversified Income Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | <br> 246248744<br> 246248595<br> 246248553<br> 246248587 | <br> DPDFX<br> DPCFX<br> DPRFX<br> DPFFX | [TIN OMITTED] | S000003911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware U.S. Growth Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | <br> 245917505<br> 245917703<br> 245917711<br> 245917802 | <br> DUGAX<br> DEUCX<br> DEURX<br> DEUIX | [TIN OMITTED] | S000003912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Global Real Estate Opportunities Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 09/28/2012 | <br> 245917653<br> 245917646<br> 245917638<br> 245917620 | <br> DGRPX<br> DLPCX<br> DLPRX<br> DGROX | [TIN OMITTED] | S000037873 |

---

**DELAWARE GROUP CASH RESERVE**, a Delaware statutory trust

SEC Registration No. 811-02806 (1940 Act)

2-60770 (1933 Act)

Registrant CIK# 230173

Tax Year End: March 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Series and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **<u>(Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Delaware Investments Ultrashort Fund</u><br> Class A<br> Class C<br> Class L<br> Institutional Class | <u>11/19/2015</u> | <br><u>245910609</u><br> <u>245910708</u><br> <u>245910807</u><br> <u>245910500</u> | <br> <u>DLTAX</u><br> <u>DLTCX</u><br> <u>DLTLX</u><br> <u>DULTX</u> | [TIN OMITTED] | <u>S000003913</u> |

---

**DELAWARE GROUP EQUITY FUNDS I**, a Delaware statutory trust

SEC Registration No. 811-249 (1940 Act)

2-10765 (1933 Act)

Registrant CIK# 027801

Tax Year End: October 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **<u>(Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Mid Cap Value Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 02/01/2008<br>| <br> 246093868<br> 246093850<br> 246093843<br> 246093835 | <br> DLMAX<br> DLMCX<br> DLMRX<br> DLMIX | [TIN OMITTED] | S000020812<br>|

---

**DELAWARE GROUP EQUITY FUNDS II**, a Delaware statutory trust

SEC Registration No. 811-750 (1940 Act)

2-13017 (1933 Act)

Registrant CIK# 027574

Tax Year End: November 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **<u>(Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Value Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | <br> 24610C881<br> 24610C865<br> 245907860<br> 24610C857 | <br> DDVAX<br> DDVCX<br> DDVRX<br> DDVIX | [TIN OMITTED] | S000002391 |

---

**DELAWARE GROUP EQUITY FUNDS IV**, a Delaware statutory trust

SEC Registration No. 811-4413 (1940 Act)

033-442 (1933 Act)

Registrant CIK# 778108

Tax Year End: March 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **<u>(Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Healthcare Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 08/15/2007 | <br> 24610E101<br> 24610E200<br> 24610E309<br> 24610E408 | <br> DLHAX<br> N/A<br> N/A<br> DLHIX | [TIN OMITTED] | S000018873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Smid Cap Growth Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 7/20/2007 | <br> 245906102<br> 245906409<br> 245906508<br> 245906201 | <br> DFCIX<br> DEEVX<br> DFRIX<br> DFDIX | [TIN OMITTED] | S000003914 |

---

**DELAWARE GROUP EQUITY FUNDS V**, a Delaware statutory trust

SEC Registration No. 811-4997 (1940 Act)

33-11419 (1933 Act)

Registrant CIK# 809821

Tax Year End: November 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **<u>(Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Dividend Income Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | <br> 24610B107<br> 24610B305<br> 24610B842<br> 24610B404 | <br> DDIAX<br> DDICX<br> DDDRX<br> DDIIX | [TIN OMITTED] | S000002399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Small Cap Core Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | <br> 24610B883<br> 24610B867<br> 24610B834<br> 24610B859 | <br> DCCAX<br> DCCCX<br> DCCRX<br> DCCIX | [TIN OMITTED] | S000002400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Small Cap Value Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | <br> 246097109<br> 246097406<br> 246097505<br> 246097208 | <br> DEVLX<br> DEVCX<br> DVLRX<br> DEVIX | [TIN OMITTED] | S000002401 |

---

**DELAWARE GROUP FOUNDATION FUNDS**, a Delaware statutory trust

SEC Registration No. 811-08457 (1940 Act)

333-38801 (1933 Act)

Registrant CIK# 1048133

Tax Year End: March 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **<u>(Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Foundation Growth Allocation Fund <br> Class A<br> Class C<br> Class R<br> Institutional Class | 05/22/2008 | <br> 245918883<br> 245918867<br> 245918826<br> 245918859<br>| <br> DFGAX<br> DFGCX<br> DFGRX<br> DFGIX | [TIN OMITTED] | S000004197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Foundation Conservative Allocation Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 05/22/2008 | <br>245918107<br> 245918305<br> 245918818<br> 245918404<br>| <br> DFIAX<br> DFICX<br> DFIRX<br> DFIIX | [TIN OMITTED] | S000004198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Foundation Moderate Allocation Fund<br>Class A<br> Class C<br> Class R<br> Institutional Class<br>| 05/22/2008 | <br>245918503<br> 245918701<br> 245918834<br> 245918800 | <br>DFBAX<br> DFBCX<br> DFBRX<br> DFFIX | [TIN OMITTED] | S000004196 |

---

**DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS**, a Delaware statutory trust

SEC Registration No. 811-6324 (1940 Act)

33-41034 (1933 Act)

Registrant CIK# 875610

Tax Year End: November 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **<u>(Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Emerging Markets Fund<br> Class A<br> Class C<br> Institutional Class | 07/20/2007 | <br> 245914841<br> 245914825<br> 245914817 | <br> DEMAX<br> DEMCX<br> DEMIX | [TIN OMITTED] | S000003916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Global Value Fund<br> Class A<br> Class C<br> Institutional Class | 07/20/2007 | <br> 245914718<br> 245914684<br> 245914676 | <br> DABAX<br> DABCX<br> DABIX | [TIN OMITTED] | S000003917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware International Value Equity Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | <br>245914106<br> 245914858<br> 245914577<br> 245914403 | <br> DEGIX<br> DEGCX<br> DIVRX<br> DEQIX | [TIN OMITTED] | S000003918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Focus Global Growth Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 11/19/2008<br>| <br>246118541<br> 246118533<br> 246118525<br> 246118517 | <br>DGGAX<br> N/A<br> N/A<br> DGGIX | [TIN OMITTED] | S000024716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Macquarie Asia Select Fund<br> Class A<br> Class C<br> Institutional Class | <u>11/19/2015</u> | <br>24610H401<br> 24610H500<br> 24610H609 | <br>DMAAX<br> DMACX<br> DMSIX | [TIN OMITTED] | S000051734 |

---

**DELAWARE GROUP GOVERNMENT FUND**, a Delaware statutory trust

SEC Registration No. 811-4304 (1940 Act)

2-97889 (1933 Act)

Registrant CIK# 769220

Tax Year End: July 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **<u>(Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Core Plus Bond Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | <br> 246094205<br> 246094700<br> 246094809<br> 246094502 | <br> DEGGX<br> DUGCX<br> DUGRX<br> DUGIX | [TIN OMITTED] | S000003919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Emerging Markets Debt Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class |  | <br>246094841<br> 246094833<br> 246094825<br> 246094817 | <br>DEDAX<br> DEDCX<br> DEDRX<br> DEDIX | [TIN OMITTED] | S000041892 |

---

**DELAWARE GROUP INCOME FUNDS**, a Delaware statutory trust

SEC Registration No. 811-2071 (1940 Act)

2-37707 (1933 Act)

Registrant CIK# 027825

Tax Year End: July 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **<u>(Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Corporate Bond Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | <br> 245908785<br> 245908769<br> 245908744<br> 245908751 | <br> DGCAX<br> DGCCX<br> DGCRX<br> DGCIX | [TIN OMITTED] | S000003921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Extended Duration Bond Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | <br>245908835<br> 245908819<br> 245908728<br> 245908793 | <br>DEEAX<br> DEECX<br> DEERX<br> DEEIX | [TIN OMITTED] | S000003923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware High-Yield Opportunities Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | <br>245908876<br> 245908850<br> 245908736<br> 245908843 | <br>DHOAX<br> DHOCX<br> DHIRX<br> DHOIX<br>| [TIN OMITTED] | S000003924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Diversified Floating Rate Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 10/01/2010 | <br><u>245908660</u><br> <u>245908652</u><br> <u>245908645</u><br> <u>245908637</u> | <br>DDFAX<br> DDFCX<br> DDFFX<br> DDFLX | [TIN OMITTED] | S000028004 |

---

**DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS, a Delaware statutory trust**

SEC Registration No. 811-3363 (1940 Act)

2-75526 (1933 Act)

Registrant CIK# 357059

Tax Year End: December 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **<u>(Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Limited-Term Diversified Income Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | <br>245912308<br> 245912704<br> 245912803<br> 245912506 | <br>DTRIX<br> DTICX<br> DLTRX<br> DTINX | [TIN OMITTED] | S000002397 |

---

**DELAWARE GROUP TAX-FREE FUND**, a Delaware statutory trust

SEC Registration No. 811-3850 (1940 Act)

2-86606 (1933 Act)

Registrant CIK# 728352

Tax Year End: August 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **<u>(Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Tax-Free USA Intermediate Fund<br> Class A<br> Class C<br> Institutional Class | 07/20/2007 | <br>245909304<br> 245909882<br> 24610H203<br>| <br>DMUSX<br> DUICX<br> DUSIX | [TIN OMITTED] | S000002404 |

---

**DELAWARE POOLED TRUST**, a Delaware statutory trust

SEC Registration No. 811-6322 (1940 Act)

33-40991 (1933 Act)

Registrant CIK# 875352

Tax Year End: October 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **<u>(Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| The Large-Cap Growth Equity Portfolio | 07/20/2007 | 246248512 | DPLGX | [TIN OMITTED] | S000003930 |
| The Large-Cap Value Equity Portfolio | 07/20/2007 | 246248108 | DPDEX | [TIN OMITTED] | S000003931 |
| The Focus Smid-Cap Growth Equity Portfolio | 07/20/2007 | 246248546 | DGCTX | [TIN OMITTED] | S000003935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Real Estate Investment Trust Portfolio<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007<br>| <br>246248868<br> 246248819<br> 246248793<br> 246248561<br> 246248777<br>| <br>DPREX<br> DPRBX<br> DPRCX<br> DPRRX<br> DPRSX<br>| [TIN OMITTED] | S000003937 |
| The Select 20 Portfolio | 07/20/2007 | 246248645 | DPCEX | [TIN OMITTED] | S000003928 |
| The International Equity Portfolio | 07/20/2007 | 246248306 | DPIEX | [TIN OMITTED] | S000003944 |
| The Labor Select International Equity Portfolio | 07/20/2007 | 246248876 | DELPX | [TIN OMITTED] | S000003929 |
| The Emerging Markets Portfolio | 07/20/2007 | 246248843 | DPEMX | [TIN OMITTED] | S000003940 |
| The High-Yield Bond Portfolio | 07/20/2007 | 246248850 | DPHYX | [TIN OMITTED] | S000003942 |
| The Core Plus Fixed Income Portfolio | 07/20/2007 | 246248538 | DCPFX | [TIN OMITTED] | S000003939 |
| The Emerging Markets Portfolio II | 10/01/2010 | 246248470 | DPEGX | [TIN OMITTED] | S000025841 |

---

**DELAWARE VIP TRUST**, a Delaware statutory trust

SEC Registration No. 811-5162 (1940 Act)

33-14363 (1933 Act)

Registrant CIK# 814230

Tax Year End: December 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **<u>(Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP Limited-Term Diversified Income Series<br> Standard Class<br> Service Class | 07/20/2007 | <br>246493563<br> 246493571 | N/A | [TIN OMITTED] | S000002479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP Diversified Income Series<br> Standard Class<br> Service Class | 07/20/2007 | <br>246493548<br> 246493555 | N/A | [TIN OMITTED] | S000002481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP Emerging Markets Series<br> Standard Class<br> Service Class | 07/20/2007 | <br>246493878<br> 246493886 | N/A | [TIN OMITTED] | S000002482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP High Yield Series<br> Standard Class<br> Service Class | 07/20/2007 | <br> 246493811<br> 246493829 | N/A | [TIN OMITTED] | S000002485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP International Value Equity Series<br> Standard Class<br> Service Class | 07/20/2007 | <br>246493761<br> 246493779 | N/A | [TIN OMITTED] | S000002486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP REIT Series<br> Standard Class<br> Service Class | 07/20/2007 | <br> 246493720<br> 246493738 | N/A | [TIN OMITTED] | S000002473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP Small Cap Value Series<br> Standard Class<br> Service Class | 07/20/2007 | <br>246493670<br> 246493688 | N/A | [TIN OMITTED] | S000002475 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **<u>(Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP U.S. Growth Series<br> Standard Class<br> Service Class | 07/20/2007 | <br> 246493589<br> 246493597 | N/A | [TIN OMITTED] | S000002477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP Value Series<br> Standard Class<br> Service Class | 07/20/2007 | <br> 246493746<br> 246493753 | N/A | [TIN OMITTED] | S000002478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP Smid Cap Growth Series<br> Standard Class<br> Service Class | 7/20/2007 | <br>246493837<br> 246493845 | N/A | [TIN OMITTED] | S000002484 |

---

**VOYAGEUR MUTUAL FUNDS III**, a Delaware statutory trust

SEC Registration No. 811-4547 (1940 Act)

2-95928 (1933 Act)

Registrant CIK# 763749

Tax Year End: October 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **<u>(Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Select Growth Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | <br> 928931104<br> 928931203<br> 928931740<br> 928931757 | <br> DVEAX<br> DVECX<br> DFSRX<br> VAGGX | [TIN OMITTED] | S000003946 |

---

**DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC.**, a Maryland corporation

SEC Registration No. 811-7460 (1940 Act)

33-57808 (1933 Act)

Registrant CIK# 896923

Tax Year End: November 30

CUSIP: 245915103

Tax ID#: [TIN OMITTED]

**DELAWARE INVESTMENTS ENHANCED GLOBAL DIVIDEND AND INCOME FUND,** a Delaware statutory trust

SEC Registration No. 811-22050 (1940 Act)

333-142103 (1933 Act)

Registrant CIK# 1396167

Tax Year End: November 30

CUSIP: 246060107

Tax ID#: [TIN OMITTED]

## Ex-99.G2V

**EX-99.g.2.v**

**<u>AMENDMENT NO. 5 TO SECURITIES LENDING AUTHORIZATION AGREEMENT</u>**

This AMENDMENT NO. 5 TO SECURITIES LENDING AUTHORIZATION AGREEMENT is made and effective as of the 10<sup>th</sup> day of August, 2016 (the "Effective Date"), by and between each investment company listed on Schedule 1 attached hereto (referred to herein, individually, as a "Client" and, collectively, as the "Clients") on behalf of one or more of its series funds listed below such investment company on Schedule 1 attached hereto (referred to herein, individually, as a "Fund" and, collectively, as the "Funds") and **THE BANK OF NEW YORK MELLON,** successor by operation of law to Mellon Bank, N.A (the "Lending Agent").

WHEREAS, the Client and Mellon Bank, N.A., have entered into a certain Securities Lending Authorization Agreement dated as of July 20, 2007 with respect to certain lendable securities held by each Fund (as amended, modified or supplemented from time to time, the "Agreement"); and

WHEREAS, The Bank of New York Mellon has succeeded by operation of law to all right, title and interest of Mellon Bank, N.A., in, to and under the Agreement; and

WHEREAS, the Client and the Lending Agent desire to amend the Agreement in certain respects as hereinafter provided:

NOW, THEREFORE, the parties hereto, each intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. From and after the Effective Date, the Agreement is hereby amended by deleting Schedule 1 therefrom in its entirety and substituting in lieu thereof a new Schedule 1 identical to that which is attached hereto as Attachment 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as expressly amended hereby, all of the provisions of the Agreement shall continue in full force and effect; and are hereby ratified and confirmed in all respects. Upon the effectiveness of this Amendment, all references in the Agreement to "this Agreement" (and all indirect references such as "herein", "hereby", "hereunder" and "hereof") shall be deemed to refer to the Agreement as amended by this Amendment.

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date set forth above.

---

| | |
|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** |
| By: | /s/ Todd Levy |
| Title: | Todd Levy |
|  | Director, Securities Finance |
|  | BNY Mellon |

---

**DELAWARE GROUP ADVISER FUNDS,** on

behalf of its Funds identified on Schedule 1

**DELAWARE GROUP CASH RESERVE,** on

behalf of its Funds identified on Schedule 1

**DELAWARE GROUP EQUITY FUNDS I**, on

behalf of its Funds identified on Schedule 1

**DELAWARE GROUP EQUITY FUNDS II**, on

behalf of its Funds identified on Schedule 1

**DELAWARE GROUP EQUITY FUNDS IV,** on

behalf of its Funds identified on Schedule 1

**DELAWARE GROUP EQUITY FUNDS V,** on

behalf of its Funds identified on Schedule 1

**DELAWARE GROUP FOUNDATION FUNDS,**

on behalf of its Funds identified on Schedule 1

**DELAWARE GROUP GLOBAL &**

**INTERNATIONAL FUNDS,** on behalf of its Funds identified on Schedule 1

**DELAWARE GROUP GOVERNMENT FUND,**

on behalf of its Funds identified on Schedule 1

**DELAWARE GROUP INCOME FUNDS,** on

behalf of its Funds identified on Schedule 1

**DELAWARE GROUP LIMITED-TERM**

**GOVERNMENT FUNDS,** on behalf of its Funds identified on Schedule 1

**DELAWARE GROUP TAX-FREE FUND,** on

behalf of its Funds identified on Schedule 1

**DELAWARE POOLED TRUST,** on behalf of its Funds identified on Schedule 1

**DELAWARE VIP TRUST,** on behalf of its Funds identified on Schedule 1

**VOYAGEUR MUTUAL FUNDS III,** on behalf of its Funds identified on Schedule 1

---

| | |
|:---|:---|
| **DELAWARE INVESTMENTS DIVIDEND**<br> **AND INCOME FUND, INC.** | **DELAWARE INVESTMENTS DIVIDEND**<br> **AND INCOME FUND, INC.** |
| **DELAWARE ENHANCED GLOBAL**<br> **DIVIDEND & INCOME FUND** | **DELAWARE ENHANCED GLOBAL**<br> **DIVIDEND & INCOME FUND** |
| By: | /s/ Richard Salus |
| Title: | Chief Financial Officer |

---

**Attachment 1 to**

**AMENDMENT NO. 5 TO SECURITIES LENDING AUTHORIZATION AGREEMENT** 

**SCHEDULE 1**

which Amendment is made and effective as of July_, 2016, by and between **THE BANK OF NEW YORK MELLON,** successor by operation of law to Mellon Bank, (the "Lending Agent") and the Clients on behalf of their respective Funds.

**DELAWARE GROUP ADVISER FUNDS,** a Delaware statutory trust

SEC Registration No. 811-07972 (1940 Act)

033-67490 (1933 Act)

Registrant CIK# 0000910682

Tax Year End: October 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **<u>Name of Series and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number</u>**<br> **<u>(P</u>** **<u>ortfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier#</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Diversified Income Fund<br> Class A<br> Class C<br> Class R<br> Class R6<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 246248744<br> 246248595<br> 246248553<br> 245917612<br> 246248587 | <br> DPDFX<br> DPCFX<br> DPRFX<br> DPZRX<br> DPFFX | &nbsp;&nbsp; [TIN OMITTED] | <br> S000003911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware U.S. Growth Fund<br> Class A<br> Class C<br> Class R<br> Class R6<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245917505<br> 245917703<br> 245917711<br> 245917596<br> 245917802 | <br> DUGAX<br> DEUCX<br> DEURX<br> DUZRX<br> DEUIX | [TIN OMITTED] | S000003912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Global Real Estate Opportunities Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 09/28/2012 | &nbsp;&nbsp; <br>245917653<br> 245917646<br> 245917638<br> 245917620 | <br>DGRPX<br> DLPCX<br> DLPRX<br> DGROX | [TIN OMITTED] | S000037873 |

---

**DELAWARE GROUP CASH RESERVE,** a Delaware statutory trust

SEC Registration No. 811-02806 (1940 Act)

2-60770 (1933 Act)

Registrant CIK# 230173

Tax Year End: March 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **<u>Name of Series and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number</u>**<br> **<u>(P</u>** **<u>ortfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Delaware Investments Ultrashort Fund</u><br> Class A<br> Class C<br> Class L<br> Institutional Class | 11/19/2015 | &nbsp;&nbsp; <br> 245910609<br> 245910708<br> 245910807<br> 245910500 | <br> DLTAX<br> DLTCX<br> DLTLX<br> DULTX | [TIN OMITTED] | S000003913 |

---

**DELAWARE GROUP EQUITY FUNDS** I, a Delaware statutory trust

SEC Registration No. 811-249 (1940 Act)

2-10765 (1933 Act)

Registrant CIK# 027801

Tax Year End: October 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **<u>Name of Fund and any Share</u>**<br> **<u>Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number</u>**<br> **<u>(P</u>** **<u>ortfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier#</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Mid Cap Value Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 02/01/2008 | &nbsp;&nbsp; <br> 246093868<br> 246093850<br> 246093843<br> 246093835 | <br> DLMAX<br> DLMCX<br> DLMRX<br> DLMIX | [TIN OMITTED] | S000020812 |

---

**DELAWARE GROUP EQUITY FUNDS II**, a Delaware statutory trust

SEC Registration No. 811-750 (1940 Act)

2-13017 (1933 Act)

Registrant CIK# 027574

Tax Year End: November 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **<u>Name of Fund and any Share</u>**<br> **<u>Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer</u>**<br> <u>I**dentification**</u><br> **<u>Number</u>**<br> **<u>(</u>** **<u>Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier#</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Value Fund<br> Class A<br> Class C<br> Class R<br> Class R6<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 24610C881<br> 24610C865<br> 245907860<br> 24610C840<br> 24610C857 | <br> DDVAX<br> DDVCX<br> DDVRX<br> DDZRX<br> DDVIX | [TIN OMITTED] | S000002391 |

---

**DELAWARE GROUP EQUITY FUNDS IV,** a Delaware statutory trust

SEC Registration No. 811-4413 (1940 Act)

033-442 (1933 Act)

Registrant CIK# 778108

Tax Year End: March 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **<u>(</u>** **<u>Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio} or</u>**<br> **<u>Class Identifier#</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Healthcare Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 08/15/2007 | 24610E101<br> 24610E200<br> 24610E309<br> 24610E408 | DLHAX<br> N/A<br> N/A<br> DLHIX | [TIN OMITTED]<br>| S000018873<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Smid Cap Growth Fund<br> Class A<br> Class C<br> Class R<br> Class R6<br> Institutional Class | 7/20/2007<br>| <br> 245906102<br> 245906409<br> 245906508<br> 24610A505<br> 245906201 | <br> DFCIX<br> DEEVX<br> DFRIX<br> DFZRX<br> DFDIX | [TIN OMITTED]<br>| S000003914<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Small Cap Growth Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 6/30/2016<br>| 24610A604<br> 24610A703<br> 24610A885<br> 24610A802  | DSGDX<br> DSGEX<br> DSGFX<br> DSGGX  | [TIN OMITTED]<br>| -<br>|

---

**DELAWARE GROUP EQUITY FUNDS V,** a Delaware statutory trust

SEC Registration No. 811-4997 (1940 Act)

33-11419 (1933 Act)

Registrant CIK# 809821

Tax Year End: November 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number</u>**<br> **<u>(</u>** **<u>Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier#</u>** |
| &nbsp;&nbsp;Delaware Wealth Builder Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000002399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | &nbsp;&nbsp;24610B107 | DDIAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | &nbsp;&nbsp;24610B305 | DDICX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R<br> Institutional Class |  | &nbsp;&nbsp; 24610B842<br> 24610B404 | DDDRX<br> DDIIX |  |  |
| &nbsp;&nbsp;Delaware Small Cap Core Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000002400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | &nbsp;&nbsp;24610B883 | DCCAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | &nbsp;&nbsp;24610B867 | DCCCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | &nbsp;&nbsp;24610B834 | DCCRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | &nbsp;&nbsp;24610B826 | DCZRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | &nbsp;&nbsp;24610B859 | DCCIX |  |  |
| &nbsp;&nbsp;Delaware Small Cap Value Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000002401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | &nbsp;&nbsp;246097109 | DEVLX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | &nbsp;&nbsp;246097406 | DEVCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | &nbsp;&nbsp;246097505 | DVLRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | &nbsp;&nbsp;24610B818 | DVZRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | &nbsp;&nbsp;246097208 | DEVIX |  |  |

---

**DELAWARE GROUP FOUNDATION FUNDS,** a Delaware statutory trust

SEC Registration No. 811-08457 (1940 Act)

333-38801 (1933 Act)

Registrant CIK# 1048133

Tax Year End: March 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | &nbsp;&nbsp;&nbsp; **<u>Taxpayer Identification</u>**<br> **<u>Number</u>**<br> **<u>(</u>** **<u>Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier#</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Foundation Growth Allocation Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 05/22/2008<br>| &nbsp;&nbsp;&nbsp;&nbsp; <br>245918883<br> 245918867<br> 245918826<br> 245918859 | DFGAX<br> DFGCX<br> DFGRX<br> DFGIX | [TIN OMITTED] | S000004197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Foundation Conservative Allocation Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 05/22/2008<br>| &nbsp;&nbsp;&nbsp;&nbsp; <br>245918107<br> 245918305<br> 245918818<br> 245918404 | <br> DFIAX<br> DFICX<br> DFIRX<br> DFIIX | [TIN OMITTED] | S000004198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Foundation Moderate Allocation Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 05/22/2008<br>| &nbsp;&nbsp;&nbsp;&nbsp; <br> 245918503<br> 245918701<br> 245918834<br> 245918800 | <br>DFBAX<br> DFBCX<br> DFBRX<br> DFFIX | [TIN OMITTED] | S000004196 |

---

**DELAWARE GROUP GLOBAL** & **INTERNATIONAL FUNDS,** a Delaware statutory trust

SEC Registration No. 811-6324 (1940 Act)

33-41034 ()933 Act)

Registrant CIK# 875610

Tax Year End: November 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name of Fund and any Share Classes** | **Date added**<br> **to the Agreement** | **CUSIP** | **TICKER SYMBOL** | **Taxpayer**<br> **Identification Number** **(Portfolio)** | **SEC Series (Portfolio) or Class**<br> **Identifier #** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Emerging Markets Fund<br> Class A<br> Class C<br> Class R<br> Class R6<br> Institutional Class | 07/20/2007 | <br> 245914841<br> 245914825<br> 245914569<br> 245914510<br> 245914817 | <br> DEMAX<br> DEMCX<br> DEMRX<br> DEMZX<br> DEMIX | [TIN OMITTED] | S000003916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Global Value Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | <br> 245914718<br> 245914684<br> N/A<br> 245914676 | <br> DABAX<br> DABCX<br> N/A<br> DABIX | [TIN OMITTED] | S000003917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware International Value Equity Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | <br>245914106<br> 245914858<br> 245914577<br> 245914403 | <br>DEGIX<br> DEGCX<br> DIVRX<br> DEQIX | [TIN OMITTED] | S000003918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Focus Global Growth Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 11/19/2008 | <br> 246118541<br> 246118533<br> 246118525<br> 246118517 | <br> DGGAX<br> N/A<br> N/A<br> DGGIX | [TIN OMITTED] | S000024716 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Fund and any Share Classes** | &nbsp;&nbsp;**Date added**<br> **to the Agreement** | **CUSIP** | &nbsp;&nbsp;**TICKER SYMBOL** | **Taxpayer Identification Number** **(Portfolio)** | **SEC Series (Portfolio) or Class Identifier#** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Asia Select Fund<br> Class A<br> Class C<br> Institutional Class | &nbsp;&nbsp; <u>11</u><u>/19/2015</u> | &nbsp;&nbsp; <br> 24610H401<br> 24610H500<br> 24610H609 | <br> DMAAX<br> DMACX<br> DMSIX | [TIN OMITTED] | S000051734 |

---

(Execution page to follow)

**DELAWARE GROUP GOVERNMENT FUND,** a Delaware statutory trust

SEC Registration No. 811-4304 (1940 Act)

2-97889 (1933 Act)

Registrant CIK# 769220 Tax Year End: July 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number</u>**<br> **<u>(</u>** **<u>Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio} or</u>**<br> **<u>Class Identifier#</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Core Plus Bond Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 246094205<br> 246094700<br> 246094809<br> 246094502 | <br> DEGGX<br> DUGCX<br> DUGRX<br> DUGIX | [TIN OMITTED] | S000003919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Emerging Markets Debt Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class |  | &nbsp;&nbsp; <br>246094841<br> 246094833<br> 246094825<br> 246094817 | <br>DEDAX<br> DEDCX<br> DEDRX<br> DEDIX | [TIN OMITTED] | S000041892 |

---

**DELAWARE GROUP INCOME FUNDS,** a Delaware statutory trust

SEC Registration No. 811-2071 (1940 Act)

2-37707 (1933 Act)

Registrant CIK# 027825 Tax Year End: July 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **<u>Name of Fund and any Share</u>**<br> **<u>Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number</u>**<br> **<u>(</u>** **<u>Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier</u>**<br> **<u>#</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Corporate Bond Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 245908785<br> 245908769<br> 245908744<br> 245908751 | <br> DGCAX<br> DGCCX<br> DGCRX<br> DGCIX | [TIN OMITTED] | S000003921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Extended Duration Bond Fund<br> Class A<br> Class C<br> Class R<br> Class R6<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br>245908835<br> 245908819<br> 245908728<br> 245908629<br> 245908793 | <br>DEEAX<br> DEECX<br> DEERX<br> DEZRX<br> DEEIX | [TIN OMITTED] | S000003923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware High-Yield Opportunities Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br>245908876<br> 245908850<br> 245908736<br> 245908843 | <br>DHOAX<br> DHOCX<br> DHIRX<br> DHOIX | [TIN OMITTED] | S000003924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Diversified Floating Rate Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 10/01/2010 | &nbsp;&nbsp; <br>245908660<br> 245908652<br> 245908645<br> 245908637 | <br>DDFAX<br> DDFCX<br> DDFFX<br> DDFLX | [TIN OMITTED] | S000028004 |

---

**DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS**, a Delaware statutory trust

SEC Registration No. 811-3363 (1940 Act)

2-75526 (1933 Act)

Registrant CIK# 357059

Tax Year End: December 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | &nbsp;&nbsp;&nbsp; **<u>Taxpayer Identification</u>**<br> **<u>Number</u>**<br> **<u>(P</u>** **<u>ortfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier#</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Limited-Term Diversified Income Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br>245912308<br> 245912704<br> 245912803<br> 245912506 | <br>DTRIX<br> DTICX<br> DLTRX<br> DTINX | [TIN OMITTED] | S000002397 |

---

**DELAWARE GROUP TAX-FREE FUND,** a Delaware statutory trust

SEC Registration No. 811-3850 (1940 Act)

2-86606 (1933 Act)

Registrant CIK# 728352 Tax Year End: August 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number</u>**<br> **<u>(P</u>** **<u>ortfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier#</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Tax-Free USA Intermediate Fund<br> Class A<br> Class C<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br>245909304<br> 245909882<br> 24610H203 | <br>DMUSX<br> DUICX<br> DUSIX | [TIN OMITTED] | S000002404 |

---

**DELAWARE POOLED TRUST,** a Delaware statutory trust

SEC Registration No. 811-6322 (1940 Act)

33-40991 (1933 Act)

Registrant CIK# 875352 Tax Year End: October 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number</u>**<br> **<u>(Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;The Large-Cap Growth Equity Portfolio | 07/20/2007 | 246248512 | DPLGX | [TIN OMITTED] | S000003930 |
| &nbsp;&nbsp; The Large-Cap Value Equity<br> Portfolio | 07/20/2007 | 246248108 | DPDEX | [TIN OMITTED] | S000003931 |
| &nbsp;&nbsp;The Focus Smid-Cap Growth Equity Portfolio | 07/20/2007 | 246248546 | DGCTX | [TIN OMITTED] | S000003935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Real Estate Investment Trust Portfolio<br> Class A<br> Class B<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br>246248868<br> 246248819<br> 246248793<br> 246248561<br> 246248777 | <br>DPREX<br> DPRBX<br> DPRCX<br> DPRRX<br> DPRSX | [TIN OMITTED] | S000003937 |
| &nbsp;&nbsp;The Select 20 Portfolio | 07/20/2007 | 246248645 | DPCEX | [TIN OMITTED] | S000003928 |
| &nbsp;&nbsp;The Labor Select International Equity Portfolio | 07/20/2007 | 246248876 | DELPX | [TIN OMITTED] | S000003929 |
| &nbsp;&nbsp;The Emerging Markets Portfolio | 07/20/2007 | 246248843 | DPEMX | [TIN OMITTED] | S000003940 |
| &nbsp;&nbsp;The High-Yield Bond Portfolio | 07/20/2007 | 246248850 | DPHYX | [TIN OMITTED] | S000003942 |
| &nbsp;&nbsp;The Core Plus Fixed Income Portfolio | 07/20/2007 | 246248538 | DCPFX | [TIN OMITTED] | S000003939 |
| &nbsp;&nbsp;The Emerging Markets Portfolio II | 10/01/2010 | 246248470 | DPEGX | [TIN OMITTED] | S000025841 |

---

**DELAWARE VIP TRUST,** a Delaware statutory trust

SEC Registration No. 811-5162 (1940 Act)

33-14363 (1933 Act)

Registrant CIK# 814230

Tax Year End: December 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | &nbsp;&nbsp; **<u>Taxpayer Identification</u>**<br> **<u>Number</u>**<br> **<u>(P</u>** **<u>ortfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio} or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Limited-Term Diversified Income Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br>246493563<br> 246493571 | N/A | [TIN OMITTED] | S000002479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Diversified Income Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br>246493548<br> 246493555 | N/A | [TIN OMITTED] | S000002481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Emerging Markets Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br>246493878<br> 246493886 | N/A | [TIN OMITTED] | S000002482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP High Yield Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br> 246493811<br> 246493829 | N/A | [TIN OMITTED] | S000002485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP International Value Equity Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br>246493761<br> 246493779 | N/A | [TIN OMITTED] | S000002486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP REIT Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br> 246493720<br> 246493738 | N/A | [TIN OMITTED] | S000002473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Small Cap Value Series<br> Standard Class | 07/20/2007 | &nbsp;&nbsp; <br>246493670 | N/A | [TIN OMITTED] | S000002475 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer Identification</u>**<br> **<u>Number</u>**<br> **<u>(</u>** **<u>Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier#</u>** |
| &nbsp;&nbsp;Service Class |  | 246493688 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP U.S. Growth Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br> 246493589<br> 246493597 | N/A | [TIN OMITTED] | S000002477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware VIP Value Series<br> Standard Class<br> Service Class | 07/20/2007 | &nbsp;&nbsp; <br> 246493746<br> 246493753 | N/A | [TIN OMITTED] | S000002478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Smid Cap Growth Series<br> Standard Class<br> Service Class | 7/20/2007 | &nbsp;&nbsp; <br>246493837<br> 246493845 | N/A | [TIN OMITTED] | S000002484 |

---

**VOYAGEUR MUTUAL FUNDS III**, a Delaware statutory trust

SEC Registration No. 811-4547 (1940 Act)

2-95928 (1933 Act)

Registrant CIK# 763749

Tax Year End: October 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | &nbsp;&nbsp; **<u>Taxpayer Identification</u>**<br> **<u>Number</u>**<br> **<u>(</u>** **<u>Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier#</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Select Growth Fund<br> Class A<br> Class C<br> Class R<br> Institutional Class | 07/20/2007 | &nbsp;&nbsp; <br> 928931104<br> 928931203<br> 928931740<br> 928931757 | <br> DVEAX<br> DVECX<br> DFSRX<br> VAGGX | [TIN OMITTED] | S000003946 |

---

**DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC.,** a Maryland corporation

SEC Registration No. 811-7460 (1940 Act)

33-57808 (1933 Act)

Registrant CIK# 896923

Tax Year End: November 30

CUSIP: 245915103

Tax ID#: [TIN OMITTED]

**DELAWARE INVESTMENTS ENHANCED GLOBAL DIVIDEND AND INCOME FUND,** a Delaware statutory trust

SEC Registration No. 811-22050 (1940 Act)

333-142103 (1933 Act)

Registrant CIK# 1396167

Tax Year End: November 30

CUSIP: 246060107

Tax ID#: [TIN OMITTED]

## Ex-99.G2Vi

**EX-99.g.2.vi**

**EXECUTION VERSION**

**<u>AMENDMENT NO. 6 TO SECURITIES LENDING AUTHORIZATION AGREEMENT</u>**

This AMENDMENT NO. 6 TO SECURITIES LENDING AUTHORIZATION AGREEMENT is made and effective as of the 14th day of November, 2019 (the "Effective Date"), by and between each investment company listed on Schedule 1 attached hereto (referred to herein, individually, as a "Client" and, collectively, as the "Clients") on behalf of one or more of its series funds listed below such investment company on Schedule 1 attached hereto (referred to herein, individually, as a "Fund" and, collectively, as the "Funds") and **THE BANK OF NEW YORK MELLON,** successor by operation of law to Mellon Bank, N.A. (the "Lending Agent").

WHEREAS, the Client and Mellon Bank, N.A., have entered into a certain Securities Lending Authorization Agreement dated as of July 20, 2007 with respect to certain lendable securities held by each Fund (as amended, modified or supplemented from time to time, the "Agreement"); and

WHEREAS, The Bank of New York Mellon has succeeded by operation of law to all right, title and interest of Mellon Bank, N.A., in, to and under the Agreement; and

WHEREAS, the Client and the Lending Agent desire to amend the Agreement in certain respects as hereinafter provided:

NOW, THEREFORE, the parties hereto, each intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. From and after the Effective Date, the Agreement is hereby amended by deleting Schedule 1 therefrom in its entirety and substituting in lieu thereof a new Schedule 1 identical to that which is attached hereto as Attachment 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as expressly amended hereby, all of the provisions of the Agreement shall continue in full force and effect; and are hereby ratified and confirmed in all respects. Upon the effectiveness of this Amendment, all references in the Agreement to "this Agreement" (and all indirect references such as "herein", "hereby", "hereunder" and "hereof') shall be deemed to refer to the Agreement as amended by this Amendment.

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date set forth above.

---

| | |
|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** |
| By: | /s/ Todd Levy |
| Title: | Director, Securities Finance |
|  | BNY Mellon |
| By: | /s/ Maria B. Fox |
| Title: | Director |
|  | BNY Mellon Securities Finance |

---

**DELAWARE GROUP ADVISER FUNDS, on**

behalf of its Funds identified on Schedule 1

**DELAWARE GROUP CASH RESERVE, on**

behalf of its Funds identified on Schedule 1

**DELAWARE GROUP EQUITY FUNDS I, on**

behalf of its Funds identified on Schedule 1

**DELAWARE GROUP EQUITY FUNDS II, on**

behalf of its Funds identified on Schedule 1

**DELAWARE GROUP EQUITY FUNDS IV, on**

behalf of its Funds identified on Schedule 1

**DELAWARE GROUP EQUITY FUNDS V, on**

behalf of its Funds identified on Schedule 1

**DELAWARE GROUP FOUNDATION FUNDS,**

on behalf of its Funds identified on Schedule 1

**DELAWARE GROUP GLOBAL &**

**INTERNATIONAL FUNDS,** on behalf of its

Funds identified on Schedule 1

**DELAWARE GROUP GOVERNMENT FUND,**

on behalf of its Funds identified on Schedule 1

**DELAWARE GROUP INCOME FUNDS, on**

behalf of its Funds identified on Schedule 1

**DELAWARE GROUP LIMITED-TERM**

**GOVERNMENT FUNDS,** on behalf of its

Funds identified on Schedule 1

**DELAWARE GROUP TAX-FREE FUND, on**

behalf of its Funds identified on Schedule 1

**DELAWARE POOLED TRUST,** on behalf of its Funds identified on Schedule 1

**DELAWARE VIP TRUST,** on behalf of its Funds identified on Schedule 1

**VOYAGEUR MUTUAL FUNDS** III, on behalf

of its Funds identified on Schedule 1

**DELAWARE INVESTMENTS DIVIDEND AND**

**INCOME FUND, INC.**

**DELAWARE ENHANCED GLOBAL**

**DIVIDEND & INCOME FUND**

---

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

---

**Attachment 1** to

**AMENDMENT NO. 6 TO SECURITIES LENDING AUTHORIZATION AGREEMENT** 

**SCHEDULE 1**

which Amendment is made and effective as of November 14, 2019, by and between **THE BANK OF NEW YORK MELLON**, successor by operation of law to Mellon Bank, (the "Lending Agent") and the Clients on behalf of their respective Funds.

**DELAWARE GROUP ADVISER FUNDS**, a Delaware statutory trust

SEC Registration No. 811-07972 (1940 Act)

033-67490 (1933 Act)

Registrant CIK# 0000910682

Tax Year End: October 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Series and any Share Classes</u>**  | **<u>Date added to</u><br> <u>the</u><br> <u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u><br> <u>SYMBOL</u>** | **<u>Taxpayer</u><br> <u>Identification</u><br> <u>Number</u><br> <u>(Portfolio)</u>** | **<u>SEC Series</u><br> <u>(Portfolio) or</u><br> <u>Class Identifier #</u>** |
| Delaware Diversified Income Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000003911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 246248744 | DPDFX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 246248595 | DPCFX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 246248553 | DPRFX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 245917612 | DPZRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 246248587 | DPFFX |  |  |
| Delaware U.S. Growth Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000003912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245917505 | DUGAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245917703 | DEUCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 245917711 | DEURX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 245917596 | DUZRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245917802 | DEUIX |  |  |
| Delaware Global Real Estate | 09/28/2012 |  |  | [TIN OMITTED] | S000037873 |
| Opportunities Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245917653 | DGRPX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245917646 | DLPCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 245917638 | DLPRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245917620 | DGROX |  |  |

---

**DELAWARE GROUP CASH RESERVE**, a Delaware statutory trust

SEC Registration No. 811-02806 (1940 Act)

2-60770 (1933 Act)

Registrant CIK# 230173

Tax Year End: March 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Series and any Share Classes</u>**  | **<u>Date added to</u><br> <u>the</u><br> <u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u><br> <u>SYMBOL</u>** | **<u>Taxpayer</u><br> <u>Identification</u><br> <u>Number</u><br> <u>(Portfolio)</u>** | **<u>SEC Series</u><br> <u>(Portfolio) or</u><br> <u>Class Identifier #</u>** |
| Delaware Investments Ultrashort Fund | 11/19/2015 |  |  | [TIN OMITTED] | S000003913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245910609 | DLTAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245910708 | DLTCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class L |  | 245910807 | DLTLX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245910500 | DULTX |  |  |

---

**DELAWARE GROUP EQUITY FUNDS I**, a Delaware statutory trust

SEC Registration No. 811-249 (1940 Act)

2-10765 (1933 Act)

Registrant CIK# 027801

Tax Year End: October 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**  | **<u>Date added to</u><br> <u>the</u><br> <u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u><br> <u>SYMBOL</u>** | **<u>Taxpayer</u><br> <u>Identification</u><br> <u>Number</u><br> <u>(Portfolio)</u>** | **<u>SEC Series</u><br> <u>(Portfolio) or</u><br> <u>Class Identifier #</u>** |
| Delaware Mid Cap Value Fund | 02/01/2008 |  |  | [TIN OMITTED] | S000020812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 246093868 | DLMAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 246093850 | DLMCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 246093843 | DLMRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 246093835 | DLMIX |  |  |

---

**DELAWARE GROUP EQUITY FUNDS II**, a Delaware statutory trust

SEC Registration No. 811-750 (1940 Act)

2-13017 (1933 Act)

Registrant CIK# 027574

Tax Year End: November 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**  | **<u>Date added to</u><br> <u>the</u><br> <u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u><br> <u>SYMBOL</u>** | **<u>Taxpayer</u><br> <u>Identification</u><br> <u>Number</u><br> <u>(Portfolio)</u>** | **<u>SEC Series</u><br> <u>(Portfolio) or</u><br> <u>Class Identifier #</u>** |
| Delaware Value Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000002391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24610C881 | DDVAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 24610C865 | DDVCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 245907860 | DDVRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24610C840 | DDZRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24610C857 | DDVIX |  |  |

---

**DELAWARE GROUP EQUITY FUNDS IV**, a Delaware statutory trust

SEC Registration No. 811-4413 (1940 Act)

033-442 (1933 Act)

Registrant CIK# 778108

Tax Year End: March 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**  | **<u>Date added to</u><br> <u>the</u><br> <u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u><br> <u>SYMBOL</u>** | **<u>Taxpayer</u><br> <u>Identification</u><br> <u>Number</u><br> <u>(Portfolio</u>)** | **<u>SEC Series</u><br> <u>(Portfolio) or</u><br> <u>Class Identifier #</u>** |
| Delaware Healthcare Fund | 08/15/2007 |  |  | [TIN OMITTED] | S000018873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24610E101 | DLHAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 24610E200 | N/A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 24610E309 | N/A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24610E408 | DLHIX |  |  |
| Delaware Smid Cap Growth Fund | 7/20/2007 |  |  | [TIN OMITTED] | S000003914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245906102 | DFCIX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245906409 | DEEVX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 245906508 | DFRIX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24610A505 | DFZRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245906201 | DFDIX |  |  |
| Delaware Small Cap Growth Fund | 6/30/2016 |  |  | [TIN OMITTED] | S000054164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24610A604 | DSGDX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 24610A703 | DSGEX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 24610A885 | DSGFX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24610A802 | DSGGX |  |  |
| Delaware Covered Call Strategy Fund | 10/4/2019 |  |  | [TIN OMITTED] | S000065913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24611Dl02 | FRCCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24611D300 | FRCEX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  | 24611D201 | FRCDX |  |  |
| Delaware Equity Income Fund | 10/4/2019 |  |  | [TIN OMITTED] | S000065923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24611D409 | FIUTX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24611D607 | FIUVX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24611D508 | FIUUX |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Delaware Floating Rate II Fund | 10/4/2019 |  |  | [TIN OMITTED] | S000065924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24611D615 | FRFDX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24611D581 | FRFNX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24611D599 | FRFEX |  |  |
| Delaware Fund for Income | 10/4/2019 |  |  | [TIN OMITTED] | S000065925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24611D573 | FIFIX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24611D557 | FIFLX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24611D565 | FIFKX |  |  |
| Delaware Global Equity Fund | 10/4/2019 |  |  | [TIN OMITTED] | S000065926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24611D706 | FIISX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24611D805 | FIIUX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24611D888 | FIITX |  |  |
| Delaware Government Cash Management Fund | 10/4/2019 |  |  | [TIN OMITTED] | S000065927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24611D540 | FICXX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24611D532 | FIFXX |  |  |
| Delaware Growth Equity Fund | 10/4/2019 |  |  | [TIN OMITTED] | S000065928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24611D714 | FICGX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 246110680 | FICIX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24611D698 | FICHX |  |  |
| Delaware Growth and Income Fund | 10/4/2019 |  |  | [TIN OMITTED] | S000065929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24611D870 | FGINX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 246110854 | FGIQX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  | 246110862 | FGIPX |  |  |
| Delaware Hedged U.S. Equity Opportunities Fund | 10/4/2019 |  |  | [TIN OMITTED] | S000065930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 246110847 | FHEJX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24611D821 | FHELX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 246110839 | FHEKX |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Delaware International Fund | 10/4/2019 |  |  | [TIN OMITTED] | S000065914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 246110813 | FIINX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24611D789 | FIIQX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24611D797 | FIIPX |  |  |
| Delaware International Opportunities Bond Fund | 10/4/2019 |  |  | [TIN OMITTED] | 8000065915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 246 U D524 | FIOBX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24611D490 | FIOEX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24611D516 | FIODX |  |  |
| Delaware Investment Grade Fund | 10/4/2019 |  |  | [TIN OMITTED] | 8000065916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24611D482 | FIIGX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24611D466 | FIIKX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24611D474 | FIDX |  |  |
| Delaware Limited Duration Bond Fund | 10/4/2019 |  |  | [TIN OMITTED] | 8000065917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24611D458 | FLDKX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24611D433 | FLDMX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24611D441 | FLDLX |  |  |
| Delaware Opportunity Fund | 10/4/2019 |  |  | [TIN OMITTED] | S000065918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24611D771 | FIUSX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24611D755 | FNVX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24611D763 | FNUX |  |  |
| Delaware Premium Income Fund | 10/4/2019 |  |  | [TIN OMITTED] | S000065919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24611D748 | FPIKX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24611D722 | FPIMX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24611D730 | FPILX |  |  |
| Delaware Special Situations Fund | 10/4/2019 |  |  | [TIN OMITTED] | S000065920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24611D672 | FIS8X |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24611D656 | FI8UX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24611D664 | FISTX |  |  |
| Delaware Strategic Income II | 10/4/2019 |  |  | [TIN OMITTED] | 8000065921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24611D425 | F8IFX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24611D417 | FSIHX |  |  |
| Delaware Total Return Fund | 10/4/2019 |  |  | [TIN OMITTED] | 8000065922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24611D649 | FITRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24611D623 | FITVX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24611D631 | FITUX |  |  |

---

**DELAWARE GROUP EQUITY FUNDS V**, a Delaware statutory trust

SEC Registration No. 811-4997 (1940 Act)

33-11419 (1933 Act)

Registrant CIK# 809821

Tax Year End: November 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**  | **<u>Date added to</u><br> <u>the</u><br> <u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u><br> <u>SYMBOL</u>** | **<u>Taxpayer</u><br> <u>Identification</u><br> <u>Number</u><br> <u>(Portfolio)</u>** | **<u>SEC Series</u><br> <u>(Portfolio) or</u><br> <u>Class Identifier #</u>** |
| Delaware Wealth Builder Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000002399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24610B107 | DDIAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 24610B305 | DDICX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 24610B842 | DDDRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24610B404 | DDIIX |  |  |
| Delaware Small Cap Core Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000002400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24610B883 | DCCAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 24610B867 | DCCCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 24610B834 | DCCRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24610B826 | DCZRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24610B859 | DCCIX |  |  |
| Delaware Small Cap Value Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000002401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 246097109 | DEVLX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 246097406 | DEVCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 246097505 | DVLRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24610B818 | DVZRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 246097208 | DEVIX |  |  |

---

**DELAWARE GROUP FOUNDATION FUNDS**, a Delaware statutory trust

SEC Registration No. 811-08457 (1940 Act)

333-38801 (1933 Act)

Registrant CIK# 1048133

Tax Year End: March 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**  | **<u>Date added to</u><br> <u>the</u><br> <u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u><br> <u>SYMBOL</u>** | **<u>Taxpayer</u><br> <u>Identification</u><br> <u>Number</u><br> <u>(Portfolio</u>)** | **<u>SEC Series</u><br> <u>(Portfolio) or</u><br> <u>Class Identifier #</u>** |
| Delaware Strategic Allocation Fund | 05/22/2008 |  |  | [TIN OMITTED] | S000004196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245918503 | DFBAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 245918701 | DFBCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245918834 | DFBRX |  |  |
|  |  | 245918800 | DFFIX |  |  |

---

**DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS**, a Delaware statutory trust

SEC Registration No. 811-6324 (1940 Act)

33-41034 (1933 Act)

Registrant CIK# 875610

Tax Year End: November 30

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**  | **<u>Date added to</u><br> <u>the</u><br> <u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u><br> <u>SYMBOL</u>** | **<u>Taxpayer</u><br> <u>Identification</u><br> <u>Number</u><br> <u>(Portfolio</u>)** | **<u>SEC Series</u><br> <u>(Portfolio) or</u><br> <u>Class Identifier #</u>** |
| Delaware Emerging Markets Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000003916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245914841 | DEMAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245914825 | DEMCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 245914569 | DEMRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 245914510 | DEMZX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245914817 | DEMIX |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Delaware Global Value Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000003917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245914718 | DABAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245914684 | DABCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | N/A | N/A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245914676 | DABIX |  |  |
| Delaware International Value Equity Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000003918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245914106 | DEGIX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245914858 | DEGCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 245914577 | DIVRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245914403 | DEQIX |  |  |
| Delaware International Small Cap Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000024716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 246118541 | DGGAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 246118533 | N/A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 246118525 | N/A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 246118517 | DGGIX |  |  |

---

**DELAWARE GROUP GOVERNMENT FUND**, a Delaware statutory trust

SEC Registration No. 811-4304 (1940 Act)

2-97889 (1933 Act)

Registrant CIK# 769220

Tax Year End: July 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**  | **<u>Date added to</u><br> <u>the</u><br> <u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u><br> <u>SYMBOL</u>** | **<u>Taxpayer</u><br> <u>Identification</u><br> <u>Number</u><br> <u>(Portfolio</u>)** | **<u>SEC Series</u><br> <u>(Portfolio) or</u><br> <u>Class Identifier #</u>** |
| Delaware Strategic Income Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000003919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 246094205 | DEGGX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 246094700 | DUGCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 246094809 | DUGRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 246094502 | DUGIX |  |  |
| Delaware Emerging Markets Debt Fund | 09/30/2013 |  |  | [TIN OMITTED] | S000041892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 246094841 | DEDAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 246094833 | DEDCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 246094825 | DEDRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 246094817 | DEDIX |  |  |

---

**DELAWARE GROUP INCOME FUNDS**, a Delaware statutory trust

SEC Registration No. 811-2071 (1940 Act)

2-37707 (1933 Act)

Registrant CIK# 027825

Tax Year End: July 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**  | **<u>Date added to</u><br> <u>the</u><br> <u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u><br> <u>SYMBOL</u>** | **<u>Taxpayer</u><br> <u>Identification</u><br> <u>Number</u><br> <u>(Portfolio</u>)** | **<u>SEC Series</u><br> <u>(Portfolio) or</u><br> <u>Class Identifier #</u>** |
| Delaware Corporate Bond Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000003921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245908785 | DGCAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245908769 | DGCCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 245908744 | DGCRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245908751 | DGCIX |  |  |
| Delaware Extended Duration Bond | 07/20/2007 |  |  | [TIN OMITTED] | S000003923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245908835 | DEEAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245908819 | DEECX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 245908728 | DEERX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 245908629 | DEZRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245908793 | DEEIX |  |  |
| Delaware High-Yield Opportunities | 07/20/2007 |  |  | [TIN OMITTED] | S000003924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245908876 | DHOAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245908850 | DHOCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 245908736 | DHIRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245908843 | DHOIX |  |  |
| Delaware Floating Rate Fund | 10/01/2010 |  |  | [TIN OMITTED] | S000028004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | <u>245908660</u> | DDFAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | <u>245908652</u> | DDFCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | <u>245908645</u> | DDFFX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | <u>245908637</u> | DDFLX |  |  |

---

**DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS, a Delaware statutory trust**

SEC Registration No. 811-3363 (1940 Act)

2-75526 (1933 Act)

Registrant CIK# 357059

Tax Year End: December 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**  | **<u>Date added to</u><br> <u>the</u><br> <u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u><br> <u>SYMBOL</u>** | **<u>Taxpayer</u><br> <u>Identification</u><br> <u>Number</u><br> <u>(Portfolio)</u>** | **<u>SEC Series</u><br> <u>(Portfolio) or</u><br> <u>Class Identifier #</u>** |
| Delaware Limited-Term Diversified | 07/20/2007 |  |  | [TIN OMITTED] | S000002397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245912308 | DTRIX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245912704 | DTICX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 245912803 | DLTRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 245912886 | DLTZX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245912506 | DTINX |  |  |
| Delaware Tax-Exempt Income | 10/4/2019 |  |  | [TIN OMITTED] | S000065931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245912878 | FITAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 245912852 | FITEX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245912860 | FITDX |  |  |
| Delaware Tax-Exempt | 10/4/2019 |  |  | [TIN OMITTED] | S000065932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opportunities Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245912845 | EIITX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 245912829 | EIINX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245912837 | EIIAX |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Delaware Tax-Free California II | 10/4/2019 |  |  | [TIN OMITTED] | S000065933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245912811 | FICAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 245912787 | FICLX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245912795 | FICJX |  |  |
| Delaware Tax-Free New Jersey Fund | 10/4/2019 |  |  | [TIN OMITTED] | S000065934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund |  | 245912779 | FINJX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245912753 | FINNX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 245912761 | FINLX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  |  |  |  |  |
| Delaware Tax-Free New York II Fund | 10/4/2019 |  |  | [TIN OMITTED] | S000065935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245912746 | FNYFX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 245912720 | FNYJX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245912738 | FNYHX |  |  |
| Delaware Tax-Free Oregon Fund | 10/4/2019 |  |  | [TIN OMITTED] | S000065936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245912712 | FTORX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 245912688 | FTOUX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245912696 | FTOTX |  |  |

---

**DELAWARE GROUP TAX-FREE FUND**, a Delaware statutory trust

SEC Registration No. 811-3850 (1940 Act)

2-86606 (1933 Act)

Registrant CIK# 728352

Tax Year End: August 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**  | **<u>Date added to</u><br> <u>the</u><br> <u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u><br> <u>SYMBOL</u>** | **<u>Taxpayer</u><br> <u>Identification</u><br> <u>Number</u><br> <u>(Portfolio)</u>** | **<u>SEC Series</u><br> <u>(Portfolio) or</u><br> <u>Class Identifier #</u>** |
| Delaware Tax-Free USA Intermediate Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000002404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245909304 | DMUSX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245909882 | DUICX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24610H203 | DUSIX |  |  |

---

**DELAWARE POOLED TRUST**, a Delaware statutory trust

SEC Registration No. 811-6322 (1940 Act)

33-40991 (1933 Act)

Registrant CIK# 875352

Tax Year End: October 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u><br> <u> </u>** | **<u>Date added to</u><br> <u>the</u><br> <u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u><br> <u>SYMBOL</u>** | **<u>Taxpayer</u><br> <u>Identification</u><br> <u>Number</u><br> <u>(Portfolio)</u>** | **<u>SEC Series</u><br> <u>(Portfolio) or</u><br> <u>Class Identifier #</u>** |
| Macquarie Large-Cap Value Equity Portfolio | 07/20/2007 | 246248108 | DPDEX | [TIN OMITTED] | S000003931 |
| Delaware Global Listed Real Assets Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000003937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 246248868 | DPREX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B |  | 246248819 | DPRBX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 246248793 | DPRCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 246248561 | DPRRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 246248777 | DPRSX |  |  |
| Macquarie Labor Select International Equity Portfolio | 07/20/2007 | 246248876 | DELPX | [TIN OMITTED] | S000003929 |
| Macquarie Emerging Markets Portfolio | 07/20/2007 | 246248843 | DPEMX | [TIN OMITTED] | S000003940 |
| Macquarie High Yield Bond Portfolio | 07/20/2007 | 246248850 | DPHYX | [TIN OMITTED] | S000003942 |
| Macquarie Core Plus BondPortfolio | 07/20/2007 | 246248538 | DCPFX | [TIN OMITTED] | S000003939 |
| Macquarie Emerging Markets Portfolio II | 10/01/2010 | 246248470 | DPEGX | [TIN OMITTED] | S000025841 |

---

**DELAWARE VIP TRUST**, a Delaware statutory trust

SEC Registration No. 811-5162 (1940 Act)

33-14363 (1933 Act)

Registrant CIK# 814230

Tax Year End: December 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u><br> <u> </u>** | **<u>Date added to</u><br> <u>the</u><br> <u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u><br> <u>SYMBOL</u>** | **<u>Taxpayer</u><br> <u>Identification</u><br> <u>Number</u><br> <u>(Portfolio</u>)** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Limited-Term Diversified Income Series <br> Standard Class<br> Service Class | 07/20/2007 | <br> 246493563<br> 246493571 | N/A | [TIN OMITTED] | S000002479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Diversified Income Series<br> Standard Class<br> Service Class | 07/20/2007 | <br> 246493548<br> 246493555 | N/A | [TIN OMITTED] | S000002481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Emerging Markets Series<br> Standard Class<br> Service Class | 07/20/2007 | <br> 246493878<br> 246493886 | N/A | [TIN OMITTED] | S000002482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP High Yield Series<br> Standard Class<br> Service Class | 07/20/2007 | 246493811<br> 246493829 | N/A | [TIN OMITTED] | S000002485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP International Value Equity Series<br> Standard Class<br> Service Class | 07/20/2007 | <br> 246493761<br> 246493779 | N/A | [TIN OMITTED] | S000002486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP REIT Series<br> Standard Class<br> Service Class | 07/20/2007 | 246493720<br> 246493738 | N/A | [TIN OMITTED] | S000002473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Small Cap Value Series<br> Standard Class<br> Service Class | 07/20/2007 | <br> 246493670<br> 246493688 | N/A | [TIN OMITTED] | S000002475 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u><br> <u> </u>** | **<u>Date added to</u><br> <u>the</u><br> <u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u><br> <u>SYMBOL</u>** | **<u>Taxpayer</u><br> <u>Identification</u><br> <u>Number</u><br> <u>(Portfolio</u>)** | **<u>SEC Series</u><br> <u>(Portfolio) or</u><br> <u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP U.S. Growth Series<br> Standard Class<br> Service Class | 07/20/2007 | 246493589<br> 246493597 | N/A | [TIN OMITTED] | S000002477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Value Series<br> Standard Class<br> Service Class | 07/20/2007 | 246493746<br> 246493753 | N/A | [TIN OMITTED] | S000002478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Smid Cap Core Series<br> Standard Class<br> Service Class | 7/20/2007 | <br> 246493837<br> 246493845 | N/A | [TIN OMITTED] | S000002484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Covered Call Strategy Series<br> Standard Class | 10/4/2019 | <br> 246493530 | N/A | [TIN OMITTED] | S000065937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Equity Income Series<br> Standard Class | 10/4/2019 | <br> 246493498 | N/A | [TIN OMITTED] | S000065941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Fund for Income Series<br> Standard Class | 10/4/2019 | 246493522 | N/A | [TIN OMITTED] | S000065942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Government Cash Management Series<br> Standard Class | 10/4/2019 | 246493480 | N/A | [TIN OMITTED] | S000065943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Growth and Income Series<br> Standard Class | 10/4/2019 | 246493472 | N/A | [TIN OMITTED] | S000065945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Growth Equity Series<br> Standard Class | 10/4/2019 | 246493514 | N/A | [TIN OMITTED] | S000065944 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u><br> <u> </u>** | **<u>Date added to</u><br> <u>the</u><br> <u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u><br> <u>SYMBOL</u>** | **<u>Taxpayer</u><br> <u>Identification</u><br> <u>Number</u><br> <u>(Portfolio</u>)** | **<u>SEC Series</u><br> <u>(Portfolio) or</u><br> <u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP International Series<br> Standard Class | 10/4/2019 | 246493431 | N/A | [TIN OMITTED] | S000065946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Investment Grade Series<br> Standard Class<br> Service Class | 10/4/2019 | 246493399<br> 246493381 | N/A | [TIN OMITTED] | S000065947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Limited Duration Bond Series<br> Standard Class | 10/4/2019 | 246493456 | N/A | [TIN OMITTED] | S000065948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Opportunity Series<br> Standard Class | 10/4/2019 | 246493464 | N/A | [TIN OMITTED] | S000065938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Special Situations Series<br> Standard Class | 10/4/2019 | <br> 246493449 | N/A | [TIN OMITTED] | S000065939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware VIP Total Return Series<br> Standard Class<br> Service Class | 10/4/2019 | <br> 246493423<br> 246493415 | N/A | [TIN OMITTED] | S000065940 |

---

**VOYAGEUR MUTUAL FUNDS III**, a Delaware statutory trust

SEC Registration No. 811-4547 (1940 Act)

2-95928 (1933 Act)

Registrant CIK# 763749 <br> Tax Year End: October 31

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**  | **<u>Date added to</u><br> <u>the</u><br> <u>Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER<br> SYMBOL</u>** | **<u>Taxpayer</u><br> <u>Identification</u><br> <u>Number</u><br> <u>(Portfolio)</u>** | **<u>SEC Series</u><br> <u>(Portfolio) or</u><br> <u>Class Identifier #</u>** |
| Delaware Select Growth Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000003946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 928931104 | DVEAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 928931203 | DVECX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 928931740 | DFSRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 928931757 | VAGGX |  |  |

---

**DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC.**, a Maryland corporation

SEC Registration No. 811-7460 (1940 Act)

33-57808 (1933 Act)

Registrant CIK# 896923

Tax Year End: November 30

CUSIP: 245915103

Tax ID#: [TIN OMITTED]

**DELAWARE INVESTMENTS ENHANCED GLOBAL DIVIDEND AND INCOME FUND,** a Delaware statutory trust

SEC Registration No. 811-22050 (1940 Act)

333-142103 (1933 Act)

Registrant CIK# 1396167 Tax Year End: November 30 <br> CUSIP: 246060107

Tax ID#: [TIN OMITTED]

## Ex-99.G2Vii

**EX-99.g.2.vii**

**AMENDMENT <br> TO**

**SECURITIES LENDING AUTHORIZATION**

**(Delaware Group Global & International Funds)**

AMENDMENT AGREEMENT (this "Amendment Agreement") dated as of December 3, 2020 by and between each investment company ("Client") on behalf of its funds (each, a "Fund") listed on Appendix A attached hereto and The Bank of New York Mellon ("Lending Agent") (formerly known as Mellon Bank, N.A.).

WHEREAS, Client and Lending Agent have entered into a Securities Lending Authorization dated as of November 20, 2007 (as amended, modified and supplemented, the "Agreement"); and

WHEREAS, the parties wish to amend the Agreement in certain respects as provided below;

NOW THEREFORE, in consideration of the mutual promises set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 6 of the Agreement is hereby amended by adding the following paragraphs at the end of Section 6 of the Agreement:

"(d) Notwithstanding the provisions of the preceding paragraphs, on any business day an authorized person of the Client may make a written request that Lending Agent entrust to a Fund Cash Collateral then held by Lending Agent as collateral for securities loaned by such Fund. If such request is received by 10:00am (New York time), Lending Agent. in its sole discretion, agrees to release all or part of the Cash Collateral to such Fund ("Client-Managed Cash Collateral"), on the same business day as Client's request, or if such request is received after 10:00am (New York time), then on the business day next succeeding Lending Agent's receipt of such request, Lending Agent shall entrust to the care and custody of the Fund such Client-Managed Cash Collateral; <u>provided</u> that, (x) the aggregate amount of Client-Managed Cash Collateral after giving effect to such request would not exceed 80%of the Cash Collateral delivered to Lending Agent by the relevant Borrowers under the Agreement with respect to such Fund, (y) the aggregate amount of Client-Managed Cash Collateral after giving effect to such request would not exceed $50,000,000.00 for such Fund, and (z) Client is not in default of any of its obligations under the Agreement as amended hereby. Notwithstanding any other provision of this Agreement including paragraph (a) above, (i) Lending Agent shall have no duty or responsibility hereunder or otherwise to invest and/or reinvest Client-Managed Cash Collateral pursuant hereto or to see to the use, application or investment thereof by Client in any Approved Investment or otherwise; and (ii) the release by Lending Agent to a Fund of Cash Collateral pursuant hereto shall be in lieu of Lending Agent's obligation to invest in Approved Investments with and to the extent of such Cash Collateral so released to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If Client wishes to return all or part of the Client-Managed Cash Collateral held by a Fund to the Lending Agent or if Lending Agent in its discretion requests the return of all or part of the Client-Managed Cash Collateral held by a Fund, upon request specifying the amount of Cash Collateral that will be returned, Client agrees to return to Lending Agent such Client-Managed Cash Collateral held by such Fund (x) on the same business day if such request is made by 10:00 a.m. (New York time), or (y) by 10:00 a.m. (New York time) on the next business day if such request is made after 10:00 a.m. (New York time). Client agrees that Lending Agent may make such demand upon termination of the securities loan to which such Client-Managed Cash Collateral relates whenever Lending Agent is required to return any Cash Collateral to the related borrower or otherwise whenever Lending Agent in its discretion so determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) Fund shall pay to the Lending Agent interest on the amount of Client-Managed Cash Collateral held by the Fund at a rate per annum (based on a 360 day year for the actual number of days involved) equal to the Overnight Bank Funding Rate (or any successor benchmark rate adopted by Lending Agent in accordance with current industry practices). All amounts remitted by the Fund to Lending Agent pursuant to this sub-paragraph shall be included in the calculation of "net securities lending revenue" in accordance with Exhibit C hereof. The amounts calculated by the Lending Agent pursuant to this section shall be invoiced by the Lending Agent on a monthly basis and shall be payable by the Fund within five (5) business days of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In addition to amounts payable pursuant to sub-paragraph (f)(i), Fund shall pay to the Lending Agent on a monthly basis an amount equal to the amount of Client-Managed Cash Collateral held by a Fund each day during such month multiplied by 25 basis points per annum (based on a 360-day year for the actual number of days involved) for each day during the period. All amounts remitted by a Fund to Lending Agent pursuant to this sub-paragraph (f)(ii) shall be for the account of, and retained by, Lending Agent and shall not be included in the calculation of "net securities lending revenue" in accordance with Exhibit C hereof. The amounts calculated by Lending Agent pursuant to this sub-paragraph (f)(ii) shall be invoiced by Lending Agent on a monthly basis and shall be payable by the Fund within five (5) Business Days of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding the foregoing paragraphs, Lending Agent may, in its sole discretion, advance funds to or for the account of a Fund in order to return Cash Collateral to any borrower who has returned loaned securities or to pay rebates to any borrower, the Fund agrees to repay Lending Agent immediately upon Lending Agent's demand the amount of any advance plus accrued interest at a rate per annum (based on a 360-day year for the actual number of days involved) equal to the Overnight Bank Funding Rate (or any successor benchmark rate adopted by Lending Agent in accordance with current industry practices). In the event that any such advance or other amounts owed by a Fund are not so paid, Lending Agent is hereby authorized to obtain such amounts directly from, and setoff such amount against, the custodial account(s) established and maintained by The Bank of New York Mellon with respect to such Fund for the safekeeping of securities and monies received from time to time ("Custody Account") or such Fund's Cash Collateral Account. In order to secure repayment of any advance or other indebtedness of a Fund to Lending Agent arising hereunder, Client, on behalf of itself and the Funds listed on Appendix A hereto, hereby grants to Lending Agent and agrees that Lending Agent shall have a continuing lien and security interest in, and a right of setoff against, all assets now or hereafter held in the Custody Account and the Cash Collateral Account (held on a Fund's behalf) and any other property at any time held by it for the benefit of the Fund or in which the Fund may have an interest which is then in Lending Agent's possession or control or in the possession or control of any third party acting on Lending Agent's behalf; <u>provided</u> that Lending Agent shall have no lien or security interest hereunder in any security issued or guaranteed by an affiliate of the Lending Agent. In connection with the foregoing, Lending Agent shall be entitled to all the rights and remedies of a pledgee under common law and a secured party under the New York Uniform Commercial Code and/or any other applicable laws and/or regulations as then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Client represents and warrants to Lending Agent that the transfer by Lending Agent to a Fund, and the use by a Fund, of the Client-Managed Cash Collateral does not violate, and will not violate, any applicable law or regulation, including any margin regulations, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Section 9 of the Agreement is hereby amended by adding a new paragraph, which shall read in its entirety as follows:

"(d) Notwithstanding any provision in this Agreement to the contrary, with respect to any loan collateralized by Client-Managed Cash Collateral, Lending Agent's sole obligation shall be to credit a Fund's Custody Account with cash in an amount equal to (x) the market value of the loaned securities not returned, <u>minus</u> (y) the aggregate amount of Client-Managed Cash Collateral and not previously returned to Lending Agent that collateralizes such loan, <u>minus</u> (z) any amounts owed by the Fund pursuant to paragraph 6. Upon the Lending Agent's making of any such payment, the Fund shall be entitled to retain

and become the owner of such Client-Managed Cash Collateral without any obligations to Lending Agent with respect thereto. Lending Agent shall have no obligation to make any payment hereunder so long as a stay order is in effect with respect to the borrower under applicable bankruptcy laws or under the Securities Investor Protection Act of 1970."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The parties agree and acknowledge that any advance made by Lending Agent under the Agreement (including, without limitation, pursuant to section 2(d)(v) of Article IV) and any grant by Fund of any security for the repayment of any such advance shall constitute a "securities contract," as such term is defined in Section 741 of Title 11 of the United States Code (the "Bankruptcy Code"), as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All provisions contained in the Agreement govern this Amendment Agreement except as expressly modified below. In the event of any inconsistency between the Agreement or the custody agreement between Client and Lending Agent and the terms of this Amendment Agreement, the terms of this Amendment Agreement shall prevail. All capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Amendment Agreement shall become effective as of the date hereof upon execution by the parties hereto. From and after the execution hereof, any reference to the Agreement shall be a reference to the Agreement as amended hereby. Except as amended hereby, the Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Amendment Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument.

IN WITNESS WHEREOF, Client and Lending Agent have caused this Amendment Agreement to be executed by their respective officers, thereunto duly authorized, as of the date first above written.

DELAWARE GROUP GLOBAL & <br> INTERNATIONAL FUNDS, on behalf of the <br> funds listed on Appendix A hereto

---

| | |
|:---|:---|
| By | /s/ Richard Salus |
| Title: | Senior Vice President |

---

THE BANK OF NEW YORK MELLON

---

| | |
|:---|:---|
| By | /s/ Maria Fox |
| Title: | Director securities Finance |
| By | /s/ Todd Levy |
| Title: | Director |

---

**Appendix A**

Delaware Group Global & International Funds

---

| | | |
|:---|:---|:---|
| **Name of Fund and any Share<br> Classes** | **TICKER SYMBOL** | **Taxpayer Identification Number<br> (Portfolio)** |
| Delaware Emerging Markets Fund |  | [TIN OMITTED] |
| Class A<br>| DEMAX |  |
| Class C | DEMBX |  |
| Class R<br>| DEMCX |  |
| Institutional Class | DEMIX | |

---

## Ex-99.G2Viii

**EX-99.g.2.viii**

**AMENDMENT NO. 8 TO SECURITIES LENDING AUTHORIZATION AGREEMENT**

This AMENDMENT NO. 8 TO SECURITIES LENDING AUTHORIZATION AGREEMENT is made and effective as of the 1st day of December, 2025 (the "Effective Date"), by and between each investment company listed on Schedule 1 attached hereto (referred to herein, individually, as a "Client" and, collectively, as the "Clients") on behalf of one or more of its series funds listed below such investment company on Schedule 1 attached hereto (referred to herein, individually, as a "Fund" and, collectively, as the "Funds") and THE BANK OF NEW YORK MELLON, successor by operation of law to Mellon Bank, N.A. (the "Lending Agent").

WHEREAS, the Client and Mellon Bank, N.A., have entered into a certain Securities Lending Authorization Agreement dated as of July 20, 2007, with respect to certain lendable securities held by each Fund (as amended, modified or supplemented from time to time, the "Agreement"); and

WHEREAS, The Bank of New York Mellon has succeeded by operation of law to all right, title and interest of Mellon Bank, N.A., in, to and under the Agreement; and

WHEREAS, the Client and the Lending Agent desire to amend the Agreement in certain respects as hereinafter provided:

NOW, THEREFORE, the parties hereto, each intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. From and after the Effective Date, the Agreement is hereby amended by deleting Schedule 1 therefrom in its entirety and substituting in lieu thereof a new Schedule 1 identical to that which is attached hereto as Attachment 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as expressly amended hereby, all of the provisions of the Agreement shall continue in full force and effect; and are hereby ratified and confirmed in all respects. Upon the effectiveness of this Amendment, all references in the Agreement to "this Agreement" (and all indirect references such as "herein", "hereby", "hereunder" and "hereof') shall be deemed to refer to the Agreement as amended by this Amendment.

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date set forth above.

---

| | |
|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** |
| By: | /s/ Alison M. Gardner |
| Title: | Senior Vice President |
| By: | /s/ Alison M. Gardner |
| Title: | Senior Vice President |

---

---

| | |
|:---|:---|
| **DELAWARE GROUP ADVISER FUNDS,** on | **DELAWARE GROUP ADVISER FUNDS,** on |
| behalf of its Funds identified on Schedule 1 | behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP CASH RESERVE,** on | **DELAWARE GROUP CASH RESERVE,** on |
| behalf of its Fund identified on Schedule 1 | behalf of its Fund identified on Schedule 1 |
| **DELAWARE GROUP EQUITY FUNDS II,** on | **DELAWARE GROUP EQUITY FUNDS II,** on |
| behalf of its Fund identified on Schedule 1 | behalf of its Fund identified on Schedule 1 |
| **DELAWARE GROUP EQUITY FUNDS IV,** on | **DELAWARE GROUP EQUITY FUNDS IV,** on |
| behalf of its Funds identified on Schedule 1 | behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP EQUITY FUNDS V,** on | **DELAWARE GROUP EQUITY FUNDS V,** on |
| behalf of its Funds identified on Schedule 1 | behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP GLOBAL &** | **DELAWARE GROUP GLOBAL &** |
| **INTERNATIONAL FUNDS,** on behalf of its Fund identified on Schedule 1 | **INTERNATIONAL FUNDS,** on behalf of its Fund identified on Schedule 1 |
| **DELAWARE GROUP GOVERNMENT FUND,** | **DELAWARE GROUP GOVERNMENT FUND,** |
| on behalf of its Funds identified on Schedule 1 | on behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP INCOME FUNDS,** on | **DELAWARE GROUP INCOME FUNDS,** on |
| behalf of its Funds identified on Schedule 1 | behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP LIMITED-TERM** | **DELAWARE GROUP LIMITED-TERM** |
| **GOVERNMENT FUNDS,** on behalf of its Funds identified on Schedule 1 | **GOVERNMENT FUNDS,** on behalf of its Funds identified on Schedule 1 |
| **DELAWARE GROUP STATE TAX-FREE INCOME** | **DELAWARE GROUP STATE TAX-FREE INCOME** |
| **TRUST,** behalf of its Fund identified on Schedule 1 | **TRUST,** behalf of its Fund identified on Schedule 1 |
| **DELAWARE GROUP TAX-FREE FUND,** on | **DELAWARE GROUP TAX-FREE FUND,** on |
| behalf of its Funds identified on Schedule 1 | behalf of its Funds identified on Schedule 1 |
| **DELAWARE POOLED TRUST,** on behalf of its Fund identified on Schedule 1 | **DELAWARE POOLED TRUST,** on behalf of its Fund identified on Schedule 1 |
| **DELAWARE VIP TRUST,** on behalf of its Funds identified on Schedule 1 | **DELAWARE VIP TRUST,** on behalf of its Funds identified on Schedule 1 |
| By: | /s/ Daniel V. Geatens |
| Name: | Daniel V. Geatens |
| Title: | Treasurer |

---

**Attachment 1 to**

**AMENDMENT NO. 8 TO SECURITIES LENDING AUTHORIZATION AGREEMENT** 

**SCHEDULE 1**

which Amendment is made and effective as of December 1, 2025, by and between **THE BANK OF NEW YORK MELLON**, successor by operation of law to Mellon Bank, (the "Lending Agent") and the Clients on behalf of their respective Funds.

**DELAWARE GROUP ADVISER FUNDS**, a Delaware statutory trust

---

| | |
|:---|:---|
| SEC Registration No. | 811-07972 (1940 Act) |
|  | 033-67490 (1933 Act) |
| Registrant CIK# 910682 | Registrant CIK# 910682 |
| Tax Year End: October 31 | Tax Year End: October 31 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Series and any Share Classes</u>** | **<u>Date added<br> to the Agreement</u>** | **<u>CUSIP</u>** | &nbsp;&nbsp;**<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **(Portfolio)** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Diversified Income Fund<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 07/20/2007 | 246248744 | DPDFX | [TIN OMITTED] | S000003911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 246248595 | DPCFX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 246248553 | DPRFX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 245917612 | DPZRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 246248587 | DPFFX |  |  |

---

**DELAWARE GROUP CASH RESERVE**, a Delaware statutory trust

---

| | |
|:---|:---|
| SEC Registration No. | 811-02806 (1940 Act) |
|  | 2-60770 (1933 Act) |
| Registrant CIK# 230173 | Registrant CIK# 230173 |
| Tax Year End: March 31 | Tax Year End: March 31 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Series and any Share</u>** **<u>Classes</u>** | **<u>Date added<br> to the Agreement</u>** | **<u>CUSIP</u>** | &nbsp;&nbsp;**<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **(Portfolio)** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Ultrashort Fund<br> Institutional Class | 11/19/2015 | <br> 245910500 | <br> DULTX | [TIN OMITTED] | S000003913 |

---

**DELAWARE GROUP EQUITY FUNDS II**, a Delaware statutory trust

---

| | |
|:---|:---|
| SEC Registration No. | 811-00750 (1940 Act) |
|  | 2-13017 (1933 Act) |
| Registrant CIK# 027574 | Registrant CIK# 027574 |
| Tax Year End: November 30 | Tax Year End: November 30 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **(Portfolio)** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Value Fund<br>| 07/20/2007 |  |  | [TIN OMITTED] | S000002391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24610C881 | DDVAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 24610C865 | DDVCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 245907860 | DDVRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24610C840 | DDZRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24610C857 | DDVIX |  |  |

---

**DELAWARE GROUP EQUITY FUNDS IV**, a Delaware statutory trust

---

| | |
|:---|:---|
| SEC Registration No. | 811-04413 (1940 Act) |
|  | 033-00442 (1933 Act) |
| Registrant CIK# 778108 | Registrant CIK# 778108 |
| Tax Year End: March 31 | Tax Year End: March 31 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>** | **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **(Portfolio)** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| Nomura Healthcare Fund | 08/15/2007 |  |  | [TIN OMITTED] | S000018873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 24610E101 | DLHAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 24610E200 | DLHCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 24610E309 | DLRHX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24610E408 | DLHIX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Growth and Income Fund<br> Class A | 10/4/2019 | <br> 24611D870 | <br> FGINX | [TIN OMITTED] | S000065929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 246110854 | FGIQX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 246110862 | FGIPX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Opportunity Fund<br> Class A | 10/4/2019 | <br> 24611D771 | <br> FIUSX | [TIN OMITTED] | S000065918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 24611D755 | FIVCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 24611D375 | FIZRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24611D755 | FNVX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24611D763 | FNUX |  |  |

---

**DELAWARE GROUP EQUITY FUNDS V**, a Delaware statutory trust

---

| | |
|:---|:---|
| SEC Registration No. | 811-04997 (1940 Act) |
|  | 33-11419 (1933 Act) |
| Registrant CIK# 809821 | Registrant CIK# 809821 |
| Tax Year End: November 30 | Tax Year End: November 30 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**<br>| **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **(Portfolio)** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Wealth Builder Fund<br> Class A | 07/20/2007 | <br> 24610B107 | <br> DDIAX | [TIN OMITTED] | S000002399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 24610B305 | DDICX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 24610B842 | DDDRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24610B776 | DDERX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24610B404 | DDIIX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Small Cap Core Fund<br> Class A | 07/20/2007 | <br> 24610B883 | <br> DCCAX | [TIN OMITTED] | S000002400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 24610B867 | DCCCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 24610B834 | DCCRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24610B826 | DCZRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24610B859 | DCCIX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Small Cap Value Fund<br> Class A | 07/20/2007 | <br> 246097109 | <br> DEVLX | [TIN OMITTED] | S000002401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 246097406 | DEVCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 246097505 | DVLRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24610B818 | DVZRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 246097208 | DEVIX |  |  |

---

**DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS**, a Delaware statutory trust

---

| | |
|:---|:---|
| SEC Registration No. | 811-06324 (1940 Act) |
|  | 33-41034 (1933 Act) |
| Registrant CIK# 875610 | Registrant CIK# 875610 |
| Tax Year End: November 30 | Tax Year End: November 30 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**<br>| **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **(Portfolio)** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br>  **<u>Class Identifier #</u>** |
| Nomura Emerging Markets Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000003916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245914841 | DEMAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245914825 | DEMCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 245914569 | DEMRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 245914510 | DEMZX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245914817 | DEMIX |  |  |

---

**DELAWARE GROUP GOVERNMENT FUND**, a Delaware statutory trust

---

| | |
|:---|:---|
| SEC Registration No. | 811-04304 (1940 Act) |
|  | 2-97889 (1933 Act) |
| Registrant CIK# 769220 | Registrant CIK# 769220 |
| Tax Year End: July 31 | Tax Year End: July 31 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**<br>| **<u>Date added</u>**<br> **<u>to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **(Portfolio)** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| Nomura Emerging Markets Debt Corporate Fund | 09/30/2013 |  |  | [TIN OMITTED] | S000041892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 246094841 | DEDAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 246094833 | DEDCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 246094817 | DEDIX |  |  |
| Nomura Strategic Income Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000003919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 246094205 | DEGGX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 246094700 | DUGCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 246094809 | DUGRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 246094502 | DUGIX |  |  |

---

**DELAWARE GROUP INCOME FUNDS**, a Delaware statutory trust

---

| | |
|:---|:---|
| SEC Registration No. | 811-02071 (1940 Act) |
|  | 2-37707 (1933 Act) |
| Registrant CIK# 027825 | Registrant CIK# 027825 |
| Tax Year End: July 31 | Tax Year End: July 31 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**<br>| **<u>Date added<br> to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **(Portfolio)** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier</u> #** |
| Nomura Corporate Bond Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000003921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245908785 | DGCAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245908769 | DGCCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 245908744 | DGCRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 24610J100 | DGCZX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245908751 | DGCIX |  |  |
| Nomura Extended Duration Bond Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000003923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245908835 | DEEAX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245908819 | DEECX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 245908728 | DEERX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 245908629 | DEZRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245908793 | DEEIX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Floating Rate Fund<br> Class A | 10/01/2010 | <br> 245908660 | <br> DDFAX | [TIN OMITTED] | S000028004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245908652 | DDFCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 245908645 | DDFFX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 245908595 | DDFZX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245908637 | DDFLX |  |  |

---

**DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS,** a Delaware statutory trust

---

| | |
|:---|:---|
| SEC Registration No. | 811-03363 (1940 Act) |
|  | 2-75526 (1933 Act) |
| Registrant CIK# 357059 | Registrant CIK# 357059 |
| Tax Year End: December 31 | Tax Year End: December 31 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**<br>| **<u>Date added<br> to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **(Portfolio)** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| Nomura Limited-Term Diversified <br> Income Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000002397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245912308 | DTRIX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245912704 | DTICX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 245912803 | DLTRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 245912886 | DLTZX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245912506 | DTINX |  |  |
| Nomura Tax-Free Oregon Fund | 10/4/2019 |  |  | [TIN OMITTED] | S000065936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245912712 | FTORX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 245912696 | FTOTX |  |  |

---

**DELAWARE GROUP STATE TAX-FREE INCOME TRUST,** a Delaware statutory trust

---

| | |
|:---|:---|
| SEC Registration No. | 811-02715 (1940 Act) |
|  | 2-57791 (1933 Act) |
| Registrant CIK# 201670 | Registrant CIK# 201670 |
| Tax Year End: August 31 | Tax Year End: August 31 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**<br>| **<u>Date added<br> to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **(Portfolio)** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| Nomura Tax-Free Pennsylvania Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000002393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 233216100 | DELIX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 233216308 | DPTCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24609H701 | DTPIX |  |  |

---

**DELAWARE GROUP TAX-FREE FUND**, a Delaware statutory trust

---

| | |
|:---|:---|
| SEC Registration No. | 811-03850 (1940 Act) |
|  | 2-86606 (1933 Act) |
| Registrant CIK# 728352 | Registrant CIK# 728352 |
| Tax Year End: August 31 | Tax Year End: August 31 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**<br>| **<u>Date added<br> to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **(Portfolio)** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Tax-Free USA Fund<br> Class A | 07/20/2007 | <br> 245909106 | <br> DMTFX | [TIN OMITTED] | S000002403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245909700 | DUSCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24610H104 | DTFIX |  |  |
| Nomura Tax-Free USA Intermediate Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000002404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 245909304 | DMUSX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 245909882 | DUICX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24610H203 | DUSIX |  |  |

---

**DELAWARE POOLED TRUST**, a Delaware statutory trust

---

| | |
|:---|:---|
| SEC Registration No. | 811-06322 (1940 Act) |
|  | 33-40991 (1933 Act) |
| Registrant CIK# 875352 | Registrant CIK# 875352 |
| Tax Year End: October 31 | Tax Year End: October 31 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**<br>| **<u>Date added<br> to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>**<br> **<u>Number</u>**<br> **(Portfolio)** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier #</u>** |
| Nomura Global Listed Real Assets Fund | 07/20/2007 |  |  | [TIN OMITTED] | S000003937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | 246248868 | DPREX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | 246248793 | DPRCX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 246248561 | DPRRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 |  | 246248454 | DPRDX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 246248777 | DPRSX |  |  |

---

**DELAWARE VIP TRUST**, a Delaware statutory trust

---

| | |
|:---|:---|
| SEC Registration No. | 811-05162 (1940 Act) |
|  | 33-14363 (1933 Act) |
| Registrant CIK# 814230 | Registrant CIK# 814230 |
| Tax Year End: December 31 | Tax Year End: December 31 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**<br>| **<u>Date added<br> to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer</u>**<br> **<u>Identification</u>** <br>**<u>Number</u>**<br> **(Portfolio)** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier</u> #** |
| Nomura VIP Emerging Markets Series | 07/20/2007 |  | N/A | [TIN OMITTED] | S000002482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class |  | 246493878 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class |  | 246493886 |  |  |  |
| Nomura VIP Small Cap Value Series | 07/20/2007 |  | N/A | [TIN OMITTED] | S000002475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Class |  | 246493670 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class |  | 246493688 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Fund for Income Series<br> Standard Class | 10/4/2019 | <br> 246493522 | N/A | [TIN OMITTED] | S000065942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class |  | 246493365 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura VIP Growth and Income Series<br> Standard Class | 10/4/2019 | 246493472 | N/A | [TIN OMITTED] | S000065945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura VIP Growth Equity Series<br> Standard Class | 10/4/2019 | <br> 246493514 | N/A | [TIN OMITTED] | S000065944 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Name of Fund and any Share Classes</u>**<br>| **<u>Date added<br> to the Agreement</u>** | **<u>CUSIP</u>** | **<u>TICKER</u>**<br> **<u>SYMBOL</u>** | **<u>Taxpayer</u>**<br>  **<u>Identification</u>**<br> **<u>Number</u>**<br> **<u>(Portfolio)</u>** | **<u>SEC Series</u>**<br> **<u>(Portfolio) or</u>**<br> **<u>Class Identifier</u> #** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura VIP Investment Grade Series<br> Standard Class<br>| 10/4/2019 | <br> 246493399<br>| N/A | [TIN OMITTED] | S000065947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class |  | 246493381 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura VIP Limited Duration Bond Series<br> Standard Class | 10/4/2019 | <br>246493456 | N/A | [TIN OMITTED] | S000065948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura VIP Opportunity Series<br> Standard Class | 10/4/2019 | <br> 246493464 | N/A | [TIN OMITTED] | S000065938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura VIP Total Return Series<br> Standard Class<br>| 10/4/2019 | <br> 246493423<br>| N/A | [TIN OMITTED] | S000065940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Class |  | 246493415 |  |  |  |

---

## Ex-99.H1Ii

**EX-99.h.1.ii**

**AMENDED AND RESTATED**

**<br> <u>SCHEDULE A</u>**

**DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS**

**SHAREHOLDER SERVICES AGREEMENT**

**<br> APPLICABLE SERIES**

**AS OF DECEMBER 1, 2025**

Nomura Emerging Markets Fund *(formerly, Macquarie Emerging Markets Fund)* Effective as of April 19, 2001

---

| | |
|:---|:---|
| **AGREED AND ACCEPTED:** |  |
| **DELAWARE INVESTMENTS FUND SERVICE COMPANY** | **DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS**<br> for its series set forth in this Schedule A |

---

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Richard Salus | By: | /s/ Shawn K. Lytle |
| Name: | Richard Salus | Name: | Shawn K. Lytle |
| Title: | SVP/Global Head of Fund Services/Managing Director | Title: | President/Senior Managing Director |

---

## Ex-99.H2Vii

**EX-99.h.2.vii**

**AMENDMENT NO. 7 TO AMENDED AND RESTATED FUND ACCOUNTING AND <br> FINANCIAL ADMINISTRATION SERVICES AGREEMENT**

This Amendment ("Amendment") is an amendment to that certain Amended and Restated Fund Accounting and Financial Administration Services Agreement dated as of January 1, 2014 (as amended, restated, supplemented, or otherwise modified) by and between each investment company listed on Schedule A attached thereto (referred to herein, individually, as a "Fund" and collectively, the "Funds") and The Bank of New York Mellon (referred to herein as "BNY").

The date of this Amendment is April 1, 2025 ("Effective Date").

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Funds and BNY are parties to an Amended and Restated Fund Accounting and Financial Administration
 Services Agreement dated as of January 1, 2014 (the "Agreement"), as amended
 by Amendment No. 1 dated July 1, 2017, Amendment No. 2 dated October 11, 2021, Amendment
 No. 3 dated December 31, 2021, Amendment No. 4 dated January 31, 2022, Amendment No. 5 dated
 May 15, 2024, and Amendment No.6 dated July 30, 2024, relating to BNY's provision of
 fund accounting, financial administration, and related services described in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 parties desire to amend the Agreement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. This
 Background section is incorporated by reference into and made part of this Amendment.

**TERMS:**

In consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party, and intending to be legally bound, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section
 3. A of the Agreement is hereby deleted in its entirety and replaced with the following: The
 revised term of this Agreement shall commence on April 1, 2025 and continue for a period
 expiring on March 31, 2030 and then for subsequent five (5) year periods (the period expiring
 on March 31, 2030 and each subsequent five (5) year period, each a "Renewal Term").
 Unless this Agreement is otherwise terminated in accordance with its terms, BNYM shall either
 (i) request that this Agreement be extended for an additional five (5) year period or (ii)
 indicate that this Agreement will be terminated upon the expiration of the then-current Renewal
 Term, in either case by sending a written notice of its intent to the Funds no later than
 nine (9) months prior to the end of the then-current Renewal Term. If BNYM requests that
 this Agreement be extended for an additional five (5) year period and the Funds do not reject
 such request in writing to BNYM by no later than six (6) months prior to the end of the then-current
 Renewal Term, then this Agreement shall be extended for an additional five (5) year period.
 If either (a) BNYM indicates that this Agreement will be terminated upon the expiration of
 the then-current Renewal Term by sending a written notice

of its intent to the Funds no later than nine (9) months prior to the end of the then-current Renewal Term or (b) the Funds respond to BNYM's request to extend this Agreement for an additional five (5) year period by rejecting such request in writing to BNYM by no later than six (6) months prior to the end of the then-current Renewal Term, then this Agreement shall continue in effect until the date on which the Funds complete their conversion to a successor service provider, provided that such date (i) shall not be earlier than the end of the Renewal Term and (ii) shall not be later than one (1) year after the end of the Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 third sentence of Section 3.D of the Agreement is hereby deleted in its entirety and replaced
 with the following: The Stated Percentage shall be inapplicable
after January 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Schedule
 C of the Agreement is hereby deleted in its entirety. The first sentence of Section 2.A of
 the Agreement is hereby deleted in its entirety and replaced with the following: In return
 for performing the Services, each Fund shall compensate BNYM as set forth in this Section
 and as set forth in a fee schedule agreed in writing between the Fund and BNYM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As
 hereby amended and supplemented, the Agreement, as well as capitalized terms not defined
 in this Amendment, shall remain in full force and effect. In the event of a conflict between
 the terms of this Amendment and the terms of the Agreement, the terms of this Amendment shall
 control with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Agreement, as amended hereby, constitutes the complete understanding and agreement of the
 parties with respect to the subject matter thereof and supersedes all prior communications
 with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 the extent required by applicable law, the terms of this Amendment and the fees and expenses
 associated with this Amendment have been disclosed to and approved by the governing body
 of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 Amendment shall be governed by the laws of the Commonwealth of Pennsylvania, without regard
 to its principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 parties expressly agree that this Amendment may be executed in one or more counterparts and
 expressly agree that such execution may occur by manual signature on a physically delivered
 copy of this Amendment, by a manual signature on a copy of this Amendment transmitted by
 facsimile transmission, by a manual signature on a copy of this Amendment transmitted as
 an imaged document attached to an email, or by "Electronic Signature", which is
 hereby defined to mean inserting an image, representation, or symbol of a signature into
 an electronic copy of this Amendment by electronic, digital, or other technological methods.
 Each counterpart executed in accordance with the foregoing shall be deemed an original, with
 all such counterparts together constituting one and the same instrument. The exchange of

executed counterparts of this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Amendment and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

**IN WITNESS WHEREOF**, each of the parties hereto has caused this Amendment to be executed as of the Effective Date by its duly authorized representative indicated below. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

CHATTANOOGA OPPORTUNITIES LLC

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNY that Chattanooga Opportunities LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Richard Salus |
| Name: | Richard Salus |
| Title: | CFO |

---

IVY ASF II, LTD.

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy ASF II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Richard Salus |
| Name: | Richard Salus |
| Title: | CFO |

---

IVY VIP ASF II, LTD.

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy VIP ASF II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Richard Salus |
| Name: | Richard Salus |
| Title: | CFO |

---

IVY ASF III (SBP), LLC

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Richard Salus |
| Name: | Richard Salus |
| Title: | CFO |

---

IVY VIP ASF III (SBP), LLC

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy VIP ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Richard Salus |
| Name: | Richard Salus |
| Title: | CFO |

---

IVY WGA ASF III (SBP), LLC

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy WGA ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Richard Salus |
| Name: | Richard Salus |
| Title: | CFO |

---

DELAWARE GROUP ADVISER FUNDS

DELAWARE GROUP CASH RESERVE

DELAWARE GROUP EQUITY FUNDS II

DELAWARE GROUP EQUITY FUNDS IV

DELAWARE GROUP EQUITY FUNDS V

DELAWARE GROUP INCOME FUNDS

DELAWARE GROUP STATE TAX-FREE INCOME TRUST

DELAWARE GROUP TAX-FREE FUND

DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS

VOYAGEUR INSURED FUNDS

VOYAGEUR MUTUAL FUNDS

VOYAGEUR MUTUAL FUNDS II

DELAWARE GROUP GOVERNMENT FUND,

DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS

DELAWARE POOLED TRUST

VOYAGEUR TAX FREE FUNDS

DELAWARE VIP TRUST

IVY FUNDS

IVY VARIABLE INSURANCE PORTFOLIOS

---

| | |
|:---|:---|
| By: | /s/ Richard Salus |
| Name: | Richard Salus |
| Title: | CFO |

---

The Bank of New York Mellon

---

| | |
|:---|:---|
| By: | /s/ Michael Gronsky |
| Name: | Michael Gronsky |
| Title: | Senior Vice President |

---

## Ex-99.H2Viii

**EX-99.h.2.viii**

EXECUTION

**AMENDMENT NO. 8**

**TO AMENDED AND RESTATED FUND ACCOUNTING AND FINANCIAL <br> ADMINISTRATION SERVICES AGREEMENT**

THIS AMENDMENT ("Amendment") is made as of April 25, 2025 (the "Effective Date") to that certain Amended and Restated Fund Accounting and Financial Administration Services Agreement dated as of January 1, 2014 (as amended, restated, supplemented or otherwise modified) by and between each investment company listed on Schedule A attached thereto (each an "Existing Fund" and collectively, the "Existing Funds") and The Bank of New York Mellon (referred to herein as "BNY").

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Existing Funds and BNY are parties to an Amended and Restated Fund Accounting and Financial
 Administration Services Agreement dated as of January 1, 2014 (the Agreement"), as
 amended by Amendment No. 1 dated July 1, 2017, Amendment No. 2 dated October 11, 2021, Amendment
 No. 3 dated December 31, 2021, Amendment No. 4 dated January 31, 2022, Amendment No. 5 dated
 May 15, 2024, Amendment No. 6 dated July 30, 2024, and Amendment No. 7 dated April 1, 2025
 relating to BNY's provision of fund accounting, financial administration and related
 services described in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each
 New Fund (defined below, and collectively with the Existing Funds, the "Funds")
 is not a registered investment company and desires to retain BNY to perform the services
 described in the Agreement as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 parties desire to amend the Agreement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. This
 Background section is incorporated by reference into and made part of this Amendment.

**TERMS:**

In consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party, and intending to be legally bound, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Agreement is hereby amended as of the Effective Date by adding the following Funds (each a "New Fund") to Schedule A of the Agreement:

NC Macau I, Ltd.

NC Macau II, Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capitalized terms used in this Amendment not otherwise defined herein shall have the meanings set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As hereby amended and supplemented, the Agreement shall remain in full force and effect. In the event of a conflict between the terms of this Amendment and the terms ofthe Agreement, the terms of this Amendment shall control with respect to the matters described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties expressly agree that this Amendment may be executed in one or more counterparts and expressly agree that such execution may occur by manual signature on a physically delivered copy of this Amendment, by a manual signature on a copy of this Amendment transmitted by facsimile transmission, by a manual signature on a copy of this Amendment transmitted as an imaged document attached to an email, or by "Electronic Signature", which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of this Amendment by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Amendment and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any provision or provisions of this Amendment shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

*[Remainder of page intentionally left blank]* 

*[Signature pages follow]*

**IN WITNESS WHEREOF**, each of the parties hereto has caused this Amendment to be executed as of the Effective Date by its duly authorized representative indicated below. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

NC MACAU I, LTD.

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity of investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNY that NC Macau I, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

NC MACAU II, LTD.

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity of investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNY that NC Macau II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

CHATTANOOGA OPPORTUNITIES LLC

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNY that Chattanooga Opportunities LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY ASF II, LTD.

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy ASF II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY VIP ASF II, LTD.

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy VIP ASF II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY ASF III (SBP), LLC

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY VIP ASF III (SBP), LLC

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy VIP ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY WGA ASF III (SBP), LLC

By: Macquarie Alternative Strategies, a series of Macquarie Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM that Ivy WGA ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Macquarie Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

DELAWARE GROUP ADVISER FUNDS

DELAWARE GROUP CASH RESERVE

DELAWARE GROUP EQUITY FUNDS II

DELAWARE GROUP EQUITY FUNDS IV

DELAWARE GROUP EQUITY FUNDS V

DELAWARE GROUP INCOME FUNDS

DELAWARE GROUP STATE TAX-FREE INCOME TRUST <br> DELAWARE GROUP TAX-FREE FUND

DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS <br> VOYAGEUR INSURED FUNDS

VOYAGEUR MUTUAL FUNDS <br> VOYAGEUR MUTUAL FUNDS II

DELAWARE GROUP GOVERNMENT FUND,

DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS <br> DELAWARE POOLED TRUST

VOYAGEUR TAX FREE FUNDS

DELAWARE VIP TRUST

IVY FUNDS

IVY VARIABLE INSURANCE PORTFOLIOS

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

The Bank of New York Mellon

---

| | |
|:---|:---|
| By: | /s/ Michael Gronsky |
| Name: | Michael Gronski |
| Title: | Senior Vice President |

---

## Ex-99.H2Ix

**EX-99.h.2.ix**

**AMENDMENT NO. 9**

**TO AMENDED AND RESTATED FUND ACCOUNTING AND FINANCIAL <br> ADMINISTRATION SERVICES AGREEMENT**

THIS AMENDMENT ("Amendment") is made as of December 1, 2025 (the "Effective Date") to that certain Amended and Restated Fund Accounting and Financial Administration Services Agreement dated as of January 1, 2014 (as amended, restated, supplemented or otherwise modified) by and between each investment company listed on Schedule A attached thereto (each an "Existing Fund" and collectively, the "Existing Funds") and The Bank of New York Mellon (referred to herein as "BNY").

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
Existing Funds and BNY are parties to an Amended and Restated Fund Accounting and Financial Administration Services Agreement dated as
of January 1, 2014 (the Agreement"), as amended by Amendment No. 1 dated July 1, 2017, Amendment No. 2 dated October 11, 2021,
Amendment No. 3 dated December 31, 2021, Amendment No. 4 dated January 31, 2022, Amendment No. 5 dated May 15, 2024, relating to BNY's
provision of fund accounting, financial administration and related services described in the Agreement and Amendment No.6 dated July
30, 2024, Amendment No.7 dated April 1, 2025, and Amendment No. 8 dated April 25, 2025 relating to BNY's provision of fund accounting,
financial administration, and related services described in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The
 parties desire to amend the Agreement as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. This
 Background section is incorporated by reference into and made part of this Amendment.

**TERMS:**

In consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party, and intending to be legally bound, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Schedule A of the Agreement is hereby deleted in its entirety and replaced Schedule A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capitalized terms used in this Amendment not otherwise defined herein shall have the meanings set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As hereby amended and supplemented, the Agreement shall remain in full force and effect. In the event of a conflict between the terms of this Amendment and the terms oft he Agreement, the terms of this Amendment shall control with respect to the matters described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties expressly agree that this Amendment may be executed in one or more counterparts and expressly agree that such execution may occur by manual signature on a physically delivered copy of this Amendment, by a manual signature on a copy of this Amendment transmitted by facsimile transmission, by a manual signature on a copy of this Amendment transmitted as an imaged document attached to an email, or by "Electronic Signature", which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of this Amendment by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Amendment or of executed signature pages to counterparts of this Amendment, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Amendment and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any provision or provisions of this Amendment shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

*[Remainder of page intentionally left blank]* 

*[Signature pages follow]*

**IN WITNESS WHEREOF**, each of the parties hereto has caused this Amendment to be executed as of the Effective Date by its duly authorized representative indicated below. An authorized representative, if executing this Amendment by Electronic Signature, affirms authorization to execute this Amendment by Electronic Signature and that the Electronic Signature represents an intent to enter into this Amendment and an agreement with its terms.

NC MACAU I, LTD.

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to BNY that NC Macau I, Ltd. has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

NC MACAU II, LTD.

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to BNY that NC Macau II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

CHATTANOOGA OPPORTUNITIES LLC

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to BNY that Chattanooga Opportunities LLC has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY ASF II, LTD.

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to BNY that Ivy ASF II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY VIP ASF II, LTD.

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to BNY that Ivy VIP ASF II, Ltd. has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY ASF III (SBP), LLC

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to BNY that Ivy ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY VIP ASF III (SBP), LLC

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to BNY that Ivy VIP ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

IVY WGA ASF III (SBP), LLC

By: Nomura Alternative Strategies, a series of Nomura Investment Management Business Trust, solely in its capacity as investment adviser

By signing below Nomura Alternative Strategies in its individual capacity covenants to BNY that Ivy WGA ASF III (SBP), LLC has the power to authorize and direct, and has duly authorized and directed, Nomura Alternative Strategies to bind it to the terms of this Amendment

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

DELAWARE GROUP ADVISER FUNDS <br> DELAWARE GROUP CASH RESERVE <br> DELAWARE GROUP EQUITY FUNDS II <br> DELAWARE GROUP EQUITY FUNDS IV <br> DELAWARE GROUP EQUITY FUNDS V

DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS <br> DELAWARE GROUP GOVERNMENT FUND

DELAWARE GROUP INCOME FUNDS

DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS

DELAWARE GROUP STATE TAX-FREE INCOME TRUST<br> DELAWARE GROUP TAX-FREE FUND

DELAWARE POOLED TRUST <br> DELAWARE VIP TRUST

IVY FUNDS

IVY VARIABLE INSURANCE PORTFOLIOS<br> VOYAGEUR MUTUAL FUNDS <br> VOYAGEUR MUTUAL FUNDS II <br> VOYAGEUR TAX FREE FUNDS

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| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

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The Bank of New York Mellon

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| By: | /s/ Alison M. Gardner |
| Name: | Allison M. Gardner |
| Title: | Senior Vice President |

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**<u>Schedule A</u>**

The following Fund and its Portfolios and share classes are covered by, and made parties to, the Amendment as of the date first written above:

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| &nbsp;&nbsp;&nbsp;**Registrant, Name of Portfolio and Share Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Adviser Funds**<br> Nomura Diversified Income Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Cash Reserve**<br> Nomura Ultrashort Fund – Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Equity Funds II**<br> Nomura Value Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Equity Funds IV**<br> Nomura Healthcare Fund – Class A, Class C, Class R and Institutional Class Shares <br> Nomura Growth and Income Fund – Class A, R6 and Institutional Class Shares<br> Nomura Opportunity Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Equity Funds V**<br> Nomura Small Cap Core Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares <br> Nomura Cap Value Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares <br> Nomura Wealth Builder Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Global & International Funds**<br> Nomura Emerging Markets Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Government Fund**<br> Nomura Emerging Markets Debt Corporate Fund – Class A, Class C and Institutional Class Shares <br> Nomura Strategic Income Fund – Class A, Class C, Class R and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Income Funds**<br> Nomura Corporate Bond Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares<br> Nomura Extended Duration Bond Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares <br> Nomura Floating Rate Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Limited-Term Government Funds**<br> Nomura Limited-Term Diversified Income Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares<br> Nomura Tax-Free Oregon Fund – Class A and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® State Tax-Free Income Trust**<br> Nomura Tax-Free Pennsylvania Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Group® Tax-Free Fund**<br> Nomura Tax-Free USA Fund – Class A, Class C, and Institutional Class Shares<br> Nomura Tax-Free USA Intermediate Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware Pooled® Trust**<br> Nomura Global Listed Real Assets Fund – Class A, Class C, Class R, Class R6 and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware VIP® Trust**<br> Nomura VIP Emerging Markets Series – Standard Class Shares and Service Class Shares <br> Nomura VIP Small Cap Value Series – Standard Class Shares and Service Class Shares <br> Nomura VIP Fund for Income Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Growth and Income Series – Standard Class Shares<br> Nomura VIP Growth Equity Series – Standard Class Shares<br> Nomura VIP Investment Grade Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Limited Duration Bond Series – Standard Class Shares<br> Nomura VIP Opportunity Series– Standard Class Shares<br> Nomura VIP Total Return Series– Standard Class Shares and Service Class Shares |

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|:---|
| &nbsp;&nbsp;&nbsp;**Registrant, Name of Portfolio and Share Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ivy Funds**<br> Nomura Asset Strategy Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares <br> Nomura Balanced Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares <br> Nomura Core Equity Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares <br> Nomura Climate Solutions Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares <br> Nomura Global Bond Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares<br> Nomura Global Growth Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares <br> Nomura High Income Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares<br> Nomura International Core Equity Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares<br> Nomura Large Cap Growth Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares <br> Nomura Mid Cap Growth Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares <br> Nomura Mid Cap Income Opportunities Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares<br> Nomura Natural Resources Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares <br> Nomura Science and Technology Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares<br> Nomura Real Estate Securities Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares <br> Nomura Small Cap Growth Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares<br> Nomura Smid Cap Core Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares<br> Nomura Systematic Emerging Markets Equity Fund – Class A, Class C, Class R, Class R6, Y Class and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ivy Variable Insurance Portfolios**<br> Nomura VIP Asset Strategy Series– Standard Class and Service Class Shares <br> Nomura VIP Balanced Series – Service Class Shares<br> Nomura VIP Core Equity Series – Service Class Shares<br> Nomura VIP Corporate Bond Series – Service Class Shares<br> Nomura VIP Energy Series – Standard and Service Class Shares<br> Nomura VIP Global Growth Series – Service Class Shares<br> Nomura VIP Growth Series – Service Class Shares<br> Nomura VIP High Income Series – Standard and Service Class Shares<br> Nomura VIP International Core Equity Series – Standard and Service Class Shares<br> Nomura VIP Limited-Term Bond Series – Service Class Shares<br> Nomura VIP Mid Cap Growth – Standard and Service Class Shares <br> Nomura VIP Natural Resources Series – Service Class Shares<br> Nomura VIP Pathfinder Aggressive Series – Service Class Shares<br> Nomura VIP Pathfinder Conservative Series – Service Class Shares <br> Nomura VIP Pathfinder Moderate Series – Service Class Shares<br> Nomura VIP Pathfinder Moderate – Managed Volatility Series – Service Class Shares <br> Nomura VIP Pathfinder Moderately Aggressive Series – Service Class Shares<br> Nomura VIP Pathfinder Moderately Aggressive - Managed Volatility Series – Service Class Shares <br> Nomura VIP Pathfinder Moderately Conservative Series – Service Class Shares<br> Nomura VIP Pathfinder Moderately Conservative – Service Managed Volatility Series – Service Class Shares <br> Nomura VIP Science and Technology Series – Standard and Service Class Shares<br> Nomura VIP Small Cap Growth Series – Standard and Service Class Shares<br> Nomura VIP Smid Cap Core Series – Service Class Shares<br> Nomura VIP Value Series – Service Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Voyageur Mutual Funds**<br> Nomura Minnesota High-Yield Municipal Bond Fund – Class A, Class C and Institutional Class Shares<br> Nomura National High-Yield Municipal Bond Fund – Class A, Class C and Institutional Class Shares <br> Nomura Tax-Free California Fund – Class A, Class C and Institutional Class Shares<br> Nomura Tax-Free Idaho Fund – Class A, Class C and Institutional Class Shares<br> Nomura Tax-Free New York Fund – Class A, Class C and Institutional Class Shares |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;**Registrant, Name of Portfolio and Share Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Voyageur Mutual Funds II**<br> Nomura Tax-Free Colorado Fund – Class A, Class C and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp; **Voyageur Tax Free Funds**<br> Nomura Tax-Free Minnesota Fund – Class A, Class C and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;**Chattanooga Opportunities LLC** |
| &nbsp;&nbsp;&nbsp;**Ivy ASF II, Ltd.** |
| &nbsp;&nbsp;&nbsp;**Ivy VIP ASF II, Ltd.** |
| &nbsp;&nbsp;&nbsp;**Ivy ASF III (SBP), LLC** |
| &nbsp;&nbsp;&nbsp;**Ivy VIP ASF III (SBP), LLC** |
| &nbsp;&nbsp;&nbsp;**Ivy WGA ASF III (SBP), LLC** |
| &nbsp;&nbsp;&nbsp;**NC Macau I, Ltd.** |
| &nbsp;&nbsp;&nbsp;**NC Macau II, Ltd.** |

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## Ex-99.H3

**EX-99.** **h.3**

**FUND ACCOUNTING and financial administration oversight <br> agreement**

THIS AGREEMENT is made as of the 1<sup>st</sup> day of December, 2025 (the "Effective Date"), by and between each fund in the **Nomura Funds** complex listed on <u>Schedule A</u> (each, a "Fund" and collectively, the "Funds"), having their principal place of business at 100 Independence, 610 Market Street, Philadelphia, PA 19106, and **Delaware Investments Fund Services Company**, ("DIFSC"), a Delaware statutory trust having its principal place of business at 100 Independence, 610 Market Street, Philadelphia, PA 19106.

WHEREAS, each Fund is registered with the Securities and Exchange Commission ("SEC") as an investment company under the Investment Company Act of 1940 (the "1940 Act");

WHEREAS, the Funds have engaged The Bank of New York Mellon ("BNY") to provide fund accounting, financial administration and related services for the Funds pursuant to the Amended and Restated Fund Accounting and Financial Administration Services Agreement, dated as of January 1, 2014 (the "BNY Fund Accounting Agreement");

WHEREAS, pursuant to a Fund Accounting and Financial Administration Oversight Agreement dated as of January 1, 2014, as amended, DIFSC previously provided the Funds with fund accounting, financial administration and related services similar to those described in this Agreement to supplement the services provided by BNY pursuant to the BNY Fund Accounting Agreement (the "Prior DIFSC Oversight Agreement");

WHEREAS, the Prior DIFSC Oversight Agreement terminated effective with the acquisition of DIFSC's parent company by Nomura Holding America, Inc. as of December 1, 2025;

WHEREAS, the Funds desire that DIFSC continue to perform the fund accounting, financial administration and related services provided to the Funds under the Prior DIFSC Oversight Agreement as described in this Agreement to supplement the services provided by BNY pursuant to the BNY Fund Accounting Agreement;

WHEREAS, the Funds also desire that DIFSC establish and monitor certain service level requirements with respect to BNY's performance of its duties pursuant to the BNY Fund Accounting Agreement; and

WHEREAS, DIFSC is willing to perform the aforementioned services on the terms and conditions set forth in this Agreement;

NOW, THEREFORE, in exchange for good and valuable consideration, the receipt and sufficiency of which are acknowledged, and intending to be legally bound, the Funds and DIFSC agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Services</u>

DIFSC shall perform for each Fund and its series (including all share classes) listed in <u>Schedule A,</u> the fund accounting, financial administration and related services set forth in <u>Schedule B</u> to this Agreement ("Services"). A Fund may add to, or delete from, this Agreement a Fund series and/or class if such Fund series and/or class is added to, or deleted from, the BNY Fund Accounting Agreement. Such addition or deletion must be evidenced by amending <u>Schedule A</u>. Each existing and future series of a Fund (including all share classes) covered by this Agreement is individually and collectively referred to as a "Portfolio." DIFSC may perform other services for each Fund only upon terms, conditions and compensation that DIFSC and the Fund mutually agree to, as evidenced by an amendment to this Agreement or <u>Schedule B</u>. To the extent that BNY does not consent to the addition of a new Portfolio or share class to the BNY Fund Accounting Agreement and a different service provider is engaged to provide the fund accounting and financial administration services for such Portfolio or share class, DIFSC agrees to negotiate in good faith with the applicable Fund concerning the provision of the fund accounting and financial administration oversight services for such Portfolio or share class given the scope of services to be provided by the new fund accounting and financial administration service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Compensation and Expenses</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In return for performing the Services, the Funds shall compensate DIFSC as set forth in this Section and in <u>Schedule C</u> to this Agreement. Fees due shall be accrued daily. If this Agreement is lawfully terminated before the end of any month, fees shall be calculated on a pro rated basis through the date of termination and shall be due upon the Agreement's termination date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Funds will pay all of their own expenses that are incurred in the Funds' operation and not specifically assumed by DIFSC. Expenses to be borne by the Funds include, but are not limited to: pricing, security and other similar data information vendor services; organizational expenses; costs of services of the Funds' independent registered public accounting firm ("independent accountant") and the Funds' outside legal and tax counsel (including such counsel's review of the Funds' registration statements, proxy materials, federal and state tax qualification as regulated investment companies and any review of reports and materials prepared by DIFSC under this Agreement); costs of any services contracted for by the Funds directly from parties other than DIFSC; trade association dues; costs of trading operations and brokerage fees, commissions and transfer taxes in connection with the purchase and sale of securities for the Funds; investment advisory fees; taxes; Fund insurance premiums and other Fund insurance-related fees and expenses applicable to their operations; costs incidental to any meetings of shareholders, including, but not limited to, legal and auditor fees, proxy filing fees and the costs of printing and mailing of any proxy materials; costs incidental to Fund board meetings, including fees and expenses of Fund board members, but excluding costs specifically assumed by DIFSC; the salary and expenses of any officer, director/trustee or employee of the Funds who is not also a DIFSC employee; registration fees, filing fees, and costs incidental to the preparation, typesetting, printing and/or distribution, as applicable, of the Funds' registration statements on Forms N-1A, N-2, N-3, N-4, N-6, and N-14, as applicable, and any amendments thereto, shareholder reports on Form N-CSR, Form N-SAR, Form N-Q, Form N-PX, Form N-MFP, tax returns, and all notices, registrations and amendments associated with applicable federal and state tax and securities laws; and other expenses properly payable by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Funds agree to reimburse DIFSC for its actual out-of-pocket expenses in providing the Services, including without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Electronic
 transmission expenses incurred by DIFSC in communicating with each Fund, the Fund's
 investment advisers (which term, for purposes of this Agreement, shall be interpreted to
 include any sub-advisers) or custodian, BNY, dealers or others as required for DIFSC to perform
 the Services if a Fund officer requests such electronic transmission and provides DIFSC with
 prior written approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 cost of creating microfilm, microfiche or electronic copies of Fund records, and the cost
 of storage of paper and electronic copies of Fund records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 charges for services provided by the vendors set forth on <u>Schedule D</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any
 additional expenses reasonably incurred by DIFSC in the performance of the Services, provided
 that: (a) if any individual expense is less than $1,000, DIFSC shall provide prior written
 notice to the applicable Fund to the extent practicable; and (b) if any individual expense
 is $1,000 or more, DIFSC shall obtain the prior written consent of an officer of the applicable
 Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) In
 the event that DIFSC is requested or authorized by the Funds or is required by law, summons,
 subpoena, investigation, examination or other legal or regulatory process to produce documents
 or personnel with respect to the Services, and so long as DIFSC is not the subject of the
 investigation or proceeding in question, the Funds will reimburse DIFSC for its actual out-of-pocket
 expenses (including reasonable attorneys' fees) incurred in responding to these requests;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Any
 additional expenses incurred by DIFSC at the written direction of a Fund officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. DIFSC shall be entitled to receive the following amounts:

Any systems development and project fees for new or enhanced services requested by the Funds (including significant enhancements required by regulatory changes), and all systems-related expenses associated with the provision of special reports and services, in each case as agreed upon by a Fund officer in advance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Ad
 hoc reporting fees billed at an agreed upon rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. DIFSC shall bill each Fund on a monthly basis for the fees and expenses owed to DIFSC by such Fund under this Agreement. The monthly bill shall be set forth on a detailed invoice in a form mutually agreed upon by DIFSC and the Funds. DIFSC shall send such invoice to each Fund no later than fifteen (15) days after the last day of each month; provided, however, that the failure by DIFSC to do so shall not be considered a breach of this Agreement. Each Fund shall pay such invoice within fifteen (15) days of receipt of such invoice by such Fund. In the event that a Fund does not receive an invoice within fifteen (15) days after the last day of a month, such Fund shall have fifteen (15) days from the date of receipt of such invoice to pay DIFSC. Any undisputed fees or expenses that are not paid by a Fund within the required time frame shall be subject to a late fee of 1.5% of the amount billed for each month that such fees or expenses remain unpaid, and the late fee shall be due and payable upon demand. If any fees or expenses are disputed by a Fund, DIFSC and such Fund shall work together in good faith to resolve the dispute promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. DIFSC will assume responsibility for the costs of its ordinary and necessary office facilities (including telephone, telephone transmission, and telecopy expenses), equipment and personnel to perform the Services, including the compensation of its employees who serve as Fund trustees, directors or officers. In the event that DIFSC is the subject of an examination, subpoena, investigation, proceeding or legal or regulatory process relating to the Services it provides to the Funds ("DIFSC Services Inquiry"), and if DIFSC requests that the Funds provide, or if the Funds are required by law, summons, subpoena, investigation, examination or other legal or regulatory process, to produce documents or personnel with respect to the Services, then DIFSC will reimburse the Funds for their actual out-of-pocket expenses (including reasonable attorneys' fees) incurred in responding to these requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Length and Termination of Agreement</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The revised term of this Agreement shall commence on April 1, 2025 and continue for a term expiring on July 31, 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A party may terminate this Agreement for one or more of the following reasons, provided the terminating party provides the applicable written notice to the other party or parties of the reason for such termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) <u>Non-Renewal</u>: Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) <u>Mutual Agreement</u>: The parties may mutually agree in writing to terminate this Agreement at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) "<u>For Cause"</u>: A party may terminate the Agreement "For Cause," as defined below, by providing the other party or parties with 60 days' advance written notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) <u>Termination of Investment Manager</u>: Upon the termination of the investment management agreement(s) between a Fund (on behalf of its Portfolio(s)) and its investment adviser, whether terminated by the investment adviser, the Fund, its board of directors/trustees or its shareholders, this Agreement shall automatically terminate; provided, however, that neither (a) a change in such Fund's investment adviser to another investment adviser that is under common ownership with such Fund's investment adviser or its successor, nor (b) entering into a new

investment management agreement with any such investment adviser shall automatically terminate this Agreement. In the event of the automatic termination of this Agreement with respect to a Fund due to the termination of such Fund's investment management agreement, DIFSC agrees to negotiate in good faith with the applicable Fund in connection with DIFSC's provision of Services during the transition to a new fund accounting and financial administration oversight service provider. For purposes of this subparagraph B(iv) only, the term "investment adviser" does not include any subadvisers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) <u>Termination of BNY Fund Accounting Agreement</u>: This Agreement shall automatically terminate in the event that the BNY Fund Accounting Agreement is terminated, provided that DIFSC agrees to negotiate in good faith with the Funds to enter into a new fund accounting and financial administration oversight agreement reflecting the appropriate scope of services to be provided by DIFSC given the scope of services to be provided by BNY's successor as fund accounting provider.

For purposes of subparagraph (iii) above, "For Cause" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a material breach of this Agreement that has not been remedied for at least thirty (30) days following the receipt of written notice by the non-breaching party or parties that identifies in reasonable detail the alleged failure of the other party to perform; provided, however, that if such breach is capable of being cured, then the breaching party or parties shall be entitled to such longer period of time as may reasonably be required to cure such breach if the breaching party or parties have commenced such cure and or diligently pursuing such cure, but such cure must be completed within one hundred twenty (120) days following the discovery of such breach in any event; provided, however, that for the avoidance of doubt, written notice must be provided promptly after discovery of any breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when a party commits any act or omission that constitutes negligence, willful misconduct, fraud or reckless disregard of its duties under this Agreement and that act or omission results in material adverse consequences to the other party or parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a final, unappealable judicial, regulatory or administrative ruling or order in which the party or parties to be terminated have been found guilty of criminal or unethical behavior in the conduct of their business that directly relates to the subject matter of the Services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) when a party shall make a general assignment for the benefit of its creditors or any proceeding shall be instituted by or against such party to adjudicate it as bankrupt or insolvent, or to seek to liquidate, wind up, or reorganize such party, or protect or relieve such party's debts under any law, or to seek the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or for a substantial portion of its assets, which proceeding shall remain unstayed for sixty (60) days or such party has taken steps to authorize any of the above actions or has become unable to pay its debts as they mature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. If this Agreement is terminated by any party (regardless of whether it is terminated pursuant to paragraph B. above or for any reason other than those specified in paragraph B. above), the Funds shall pay to DIFSC on or before the effective date of such termination any undisputed and unpaid fees, and shall reimburse DIFSC for any undisputed and unpaid out-of-pocket costs and expenses owed to DIFSC under this Agreement prior to its termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If either (i) DIFSC terminates this Agreement with respect to a Fund at any time for any reason other than those specified in paragraph B. above, or (ii) a Fund terminates this Agreement with respect to such Fund at any time "For Cause" under subparagraph B(iii) of this Section, then DIFSC shall reimburse such Fund for any Costs and Expenses incurred by such Fund in connection with converting such Fund to a successor service provider with respect to the Services, including without limitation the delivery to such successor service provider, such Fund and/or other Fund service providers any of such Fund's property, records, data, instruments and documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. If this Agreement is (i) not renewed upon the expiration of the Term, (ii) terminated by DIFSC and the Funds at any time "upon mutual agreement" under subsection 3B(ii), (iii) terminated by DIFSC at any time as a result of the "termination of investment manager" under subsection 3B(iv), (iv) terminated by the Funds at any time for any reason other than non-renewal or any of those reasons specified in subsection 3B above, or (v) terminated by DIFSC at any time "For Cause" under subsection 3B(iii), and if the Funds request that DIFSC assist the Funds in converting them to a successor service provider with respect to the Services, then, in connection with such expiration or termination, the Funds shall reimburse DIFSC promptly for any Costs and Expenses (as defined below) incurred by DIFSC in connection with effecting such expiration or termination and converting the Funds to a successor service provider with respect to the Services, including without limitation the delivery to such successor service provider, to the Funds, and/or to any other Fund service provider(s) any of the Funds' property, records, data, instruments, and documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. For purposes of this Section 3, "Costs and Expenses" incurred by a party shall mean any provable, reasonable, customary and direct costs and expenses actually incurred by such party. For purposes of this Section 3, Costs and Expenses shall not include any wind-down costs, including, without limitation, non-cancelable lease payments; severance payments due and payable to DIFSC or sub-contractors' personnel; unused equipment expense; and non-cancelable payments or termination charges regarding hosting and other subcontracting services that were not incurred at the written direction of the Funds and that cannot be transferred or redeployed by DIFSC. Such party must provide the other party with written evidence of such costs and expenses before the other party is obligated to pay them. Such party also has a duty to mitigate, and must exercise its duty to mitigate, such costs and expenses. Except as expressly set forth in Sections 3 and 9 and Schedule C, no party hereto shall be responsible for any costs and expenses or damages of any kind whatsoever resulting from, related to or otherwise in connection with the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. In the event of the termination of this Agreement, DIFSC agrees to cooperate and act in good faith to ensure an orderly transition to DIFSC's successor with respect to the Services provided herein. Without limiting the generality of the foregoing sentence, DIFSC agrees that, in the event that this Agreement is terminated by a party or the parties, DIFSC shall deliver a Fund's or the Funds' property, records, data, instruments and documents to such Fund or Funds, its or their successor service providers and/or its or their other service providers, as the case may be, in a non-proprietary, commercially available electronic format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The termination of this Agreement with respect to any given Fund or Portfolio shall in no way affect the continued validity of this Agreement with respect to any other Fund or Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Amendments, Assignment and Delegation</u>

A modification of this Agreement (which term includes all <u>Schedules</u>) will be effective only if in writing and signed by the parties. No party shall assign the rights or delegate the duties pursuant to this Agreement without the prior written consent of the other party or parties, except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) DIFSC
 may employ such person or persons it may deem desirable to assist it in performing the Services
 without notice to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) DIFSC
 may hire a third party to assist it in performing the Services (each a "Subcontractor").
 DIFSC shall obtain the Funds' prior written consent before DIFSC engages a Subcontractor
 to provide significant services or functions to assist DIFSC in performing the Services under
 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) DIFSC
 may delegate one or more of the functions or assign this Agreement to any direct or indirect
 majority-owned affiliate of Nomura Holdings, Inc. with prior written notice to the Funds;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A
 Fund merger or reorganization that does not result in a change in such Fund's investment
 adviser and where the fund surviving from such merger or reorganization assumes the duties
 and obligations of such Fund under this Agreement shall not require DIFSC's consent.
 For purposes of the this sub-paragraph 4(iv), the term "investment adviser" does
 not include any sub-advisers.

With respect to the delegation of duties under (i), (ii) and (iii) above, DIFSC shall: (a) be responsible for the acts or omissions of such persons, Subcontractors or affiliates to the same extent as DIFSC's own acts or omissions under this Agreement; (b) be responsible for the compensation of such persons, Subcontractors or affiliates; and (c) not be relieved of any of its responsibilities under this Agreement by virtue of the use of such persons, Subcontractors or affiliates. However, if the Funds instruct DIFSC to engage a specific Subcontractor for the performance of any of the Services, DIFSC will not be responsible for any acts or omissions by, or compensation payable to, such Subcontractor.

This Agreement shall be binding upon, and shall inure to the benefit of, the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Documentation</u>

Each Fund represents that it has provided or made available to DIFSC (or has given DIFSC an opportunity to examine) copies of the following documents, current as of the Effective Date of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Articles of Incorporation, Agreement and Declaration of Trust, Partnership Agreement, or
 other similar charter document, as relevant, evidencing the Fund's form of organization
 and any current amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 By-Laws or procedural guidelines of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any
 resolution or other action of the Fund or the Fund's board establishing or affecting
 the rights, privileges or other status of any class of shares of a Portfolio, or altering
 or abolishing any such class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A
 copy of a resolution of the Fund board appointing DIFSC to provide the Services for each
 Portfolio and authorizing the execution of this Agreement and its Schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) A
 copy of the Fund's currently effective prospectus(es) and statement(s) of additional
 information ("Registration Statement") under the Securities Act of 1933 (the
 "1933 Act") and 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Copies
 of all pertinent Fund policies and procedures that affect the Services that DIFSC is to provide
 under this Agreement, including, but not limited to, those relating to valuation, pricing,
 Section 2(a)(41) of the 1940 Act and Rules 2a-4 and 2a-7 thereunder, net asset value errors,
 and "as-of" processing (e.g., relating to error corrections, post-trade revisions
 or similar processing policies that may exist); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Such
 other documents that DIFSC reasonably believes to be necessary or appropriate in the proper
 performance of the Services, subject to the agreement of the Fund, which shall not be unreasonably
 withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Representations and Warranties of the Funds</u>

Each Fund represents and warrants the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund is duly organized and validly existing, in good standing under the laws of the jurisdiction of its organization, and qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund has requisite authority and power under its organizational documents and applicable law to execute, deliver, consummate and perform this Agreement; this Agreement is legally valid, binding and enforceable against the Fund; and the Fund has all necessary registrations and/or licenses necessary to conduct the activities as described in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. There is no pending or threatened legal proceeding or regulatory action that would materially impair the Fund's ability to perform its obligations under this Agreement. The Fund's performance of its obligations under this Agreement will not conflict with or result in a breach of any terms or provisions of any agreement to which the Fund is a party or bound, and does not violate any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The execution and delivery of this Agreement have been authorized by the Fund's directors/trustees and signed by an authorized Fund officer, acting as such, and neither such authorization by the Fund directors/trustees nor such execution and delivery by the Fund officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, and the obligations of this Agreement are not binding upon any of the Fund directors/trustees or shareholders, but bind only the property of the Fund, as provided in its charter documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of DIFSC</u>

DIFSC represents and warrants to the Funds the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DIFSC is duly organized as a business in the State of Delaware; is in good standing; and is qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. DIFSC has requisite authority and power under its organizational documents and applicable law to execute, deliver, consummate and perform this Agreement; this Agreement is legally valid, binding and enforceable against DIFSC; and DIFSC has all necessary registrations and/or licenses necessary to perform the Services described in <u>Schedule B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. There is no pending or threatened legal proceeding or regulatory action that would materially impair DIFSC's ability to provide the Services. DIFSC's performance of the Services will not conflict with or result in a breach of any of the terms or provisions of any agreement to which DIFSC is a party or bound, and does not violate any applicable law to which DIFSC is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. DIFSC has completed, obtained and performed all registrations, filings, approvals, and authorizations, consents or examinations required by any government or governmental authority to which DIFSC is subject, to perform the Services contemplated by this Agreement and will maintain the same in effect for so long as this Agreement remains in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. DIFSC has implemented and maintains reasonable procedures and systems (including reasonable disaster recovery and business continuity plans and procedures consistent with legal, regulatory and business needs applicable to DIFSC's delivery of the Services) to safeguard the Funds' records and data and DIFSC's records, data, equipment facilities and other property that DIFSC uses in the performance of its obligations hereunder from loss or damage attributable to fire, theft, or any other cause, and DIFSC will make such changes to the procedures and systems from time to time as are reasonably required for the secure performance of its obligations hereunder.

EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, THERE ARE NO EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES AS TO THE SERVICES UNDER THIS AGREEMENT OR THE PERFORMANCE THEREOF, INCLUDING WITHOUT LIMITATION, THE MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE SERVICES (IRRESPECTIVE OF ANY COURSE OF DEALING, CUSTOM OR USAGE OF TRADE).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Standard of Care</u>

DIFSC shall act in good faith and exercise reasonable care in performing the Services under this Agreement. DIFSC's duties shall be confined to those expressly set forth herein, and no implied duties are assumed by or may be asserted against DIFSC hereunder. In that regard, DIFSC shall have no responsibility for the actions or activities of any other party, including service providers, except as provided in Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification and Limitation of Liability</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DIFSC will not be liable to the Funds for any loss incurred by the Funds as a result of any error of judgment, mistake of law, act or omission in the course of, or in connection with the Services rendered by, DIFSC under the Agreement in the absence of fraud, negligence or willful misconduct of DIFSC or the reckless disregard of its duties under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. DIFSC agrees to indemnify, defend and hold harmless the Funds, their trustees, directors, officers, employees, agents and nominees and their respective successors and permitted assigns from and against claims, demands, actions, suits, judgments, liabilities, losses, fines, damages, costs, charges, and counsel fees (collectively, "Losses") resulting directly and proximately from DIFSC's fraud, negligence or willful misconduct in the performance of the Services, or reckless disregard of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In order for these indemnification provisions to apply, a party or parties seeking indemnification or to be held harmless shall fully and promptly advise the indemnifying party or parties in writing of all pertinent facts concerning the situation in question which are actually known by the party or parties seeking indemnification. The party or parties seeking indemnification will use reasonable care to identify and notify the indemnifying party or parties in writing promptly concerning any situation which presents or appears likely to present the probability of an indemnification claim. However, failure to do so in good faith shall not affect the rights under this provision unless the indemnifying party or parties are materially prejudiced by such failure. As to any matter eligible for indemnification, the indemnified party or parties shall act reasonably and in accordance with good faith business judgment, and shall not effect any settlement or confess judgment without the consent of the indemnifying party or parties, which consent shall not be withheld or delayed unreasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The indemnifying party or parties shall be entitled to participate in the defense at their own expense, or assume the defense, of any suit brought to enforce any claims subject to this indemnity provision. If the indemnifying party or parties elect to assume the defense, they shall be conducted by counsel of their choosing that is reasonably satisfactory to the indemnified party or parties; the indemnified party or parties shall bear the fees and expenses of any additional counsel they retain. If the indemnifying party or parties do not elect to assume the defense of such suit, they will reimburse the indemnified party or parties for the reasonable fees and expenses of any counsel the indemnified party or parties retain, which is reasonably satisfactory to the indemnifying party or parties. The indemnifying party or parties shall not effect any settlement without the consent of the indemnified party or parties (which shall not be withheld or delayed unreasonably) unless such settlement imposes no liability, responsibility or other obligation upon the indemnified party or parties and relieves them of all fault.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The parties shall have a duty to mitigate damages for which the other party or parties may become responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. No party hereto shall be liable to any other party for any special, indirect, incidental or consequential damages of any kind whatsoever. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, IN NO EVENT SHALL THE FUNDS, DIFSC, THEIR AFFILIATES OR ANY OF ITS OR THEIR TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR SUBCONTRACTORS BE LIABLE FOR EXEMPLARY, PUNITIVE, SPECIAL, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, ATTORNEYS' FEES), LOSS OF BUSINESS, OR LOST PROFITS, EACH OF WHICH IS HEREBY EXCLUDED BY AGREEMENT OF THE PARTIES REGARDLESS OF WHETHER SUCH DAMAGES WERE FORESEEABLE OR WHETHER A PARTY OR ANY ENTITY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Books and Records, Retention and Rights of Ownership</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DIFSC shall maintain on behalf of the Funds all books and records which are customary or which are legally required to be kept in connection with DIFSC's performance of Services, including without limitation those required by Rules 31a-1 and 31a-2 promulgated under the 1940 Act ("**Records**") to the extent that such Records are not maintained by BNY in connection with the BNY Fund Accounting Agreement. DIFSC will prepare and maintain such Records at the Funds' expense, and the Records shall be the Funds' property. DIFSC will make the Records available for inspection by the SEC, including giving the SEC access to the Records, and otherwise surrender the Records promptly in accordance with Rule 31a-3 promulgated under the 1940 Act. DIFSC will allow the Funds and their authorized persons and representatives to review the Records during DIFSC's normal business hours or, upon reasonable notice, at such other times as the Funds may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding the foregoing, all computer programs, systems and procedures employed or developed by or on behalf of DIFSC, or on behalf of DIFSC by system providers or vendors used by DIFSC, to perform the Services that are not Records are the sole and exclusive property of DIFSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Reports</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DIFSC shall furnish reports to the Funds, their other service providers, their broker/dealers and to others that the Funds designate in writing at such times as are prescribed pursuant to this Agreement to be provided or completed by DIFSC, or as subsequently agreed upon by the parties pursuant to this Agreement or any amendment thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. DIFSC will provide reasonable access to the Funds' independent accountant as well as internal auditors employed by the Funds' administrator or affiliate to periodically perform a reasonable review of DIFSC's internal controls and procedures relevant to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Notices</u>

Any communication, notice, or demand made or given pursuant to this Agreement shall be properly addressed, in writing and delivered by personal service (including express or courier service), registered or certified mail, or by facsimile with proof of proper transmission and a means for confirmation of delivery to recipient, as follows:

If to DIFSC:

**Delaware Investments Fund Services Company**

100 Independence, 610 Market Street

Philadelphia, PA 19106-2354

Attention: General Counsel

If to the Funds:

**Nomura Funds**

100 Independence, 610 Market Street

Philadelphia, PA 19106-2354

Attention: Chairman of the Board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Advice and Reliance</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DIFSC may consult with DIFSC's or the Funds' counsel, independent accountant and other experts with respect to any matter arising in connection with the Services performed by DIFSC, and DIFSC shall not be liable nor accountable for any action taken or omitted by it in good faith in accordance with the advice of such counsel, independent accountant or other experts. DIFSC shall in no event be liable to the Funds or any Fund shareholder or beneficial owner for any action reasonably taken pursuant to such advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. DIFSC agrees to cooperate with the Funds' independent accountant, to reasonably support the independent accountant's engagement with the Funds, and to provide the independent accountant reasonable access to the Records. DIFSC also agrees to provide periodic sub-certifications to each Fund's chief compliance officer and certifying principal executive and financial officers relating to the Services DIFSC performs, based on a form of sub-certification that DIFSC and the Funds mutually and reasonably agree to, and subject to such limitations as may be reasonable or necessary to not make a material misstatement, omission or untrue statement of fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Compliance with Law</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In performing the Services, DIFSC shall comply with all applicable laws, and its standard of performance shall be in accord with such standards as may be imposed by law and the requirements of all regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. DIFSC shall use commercially reasonable efforts to make its employees who are responsible for providing the Services ("Relevant Employees") available to federal, state and local governmental and regulatory and supervisory authorities having jurisdiction over the performance of the Services ("Governmental Authorities") as may be required by such Governmental Authorities pursuant to applicable law, subpoena or order, and as may be requested by any Governmental Authorities on behalf of or with respect to the Funds or any of their affiliates or as may be requested by the Funds to be made available to such Governmental Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Governing Law and Jurisdiction</u>

This Agreement and performance hereunder and all suits and proceedings hereunder shall be governed by and construed in accordance with the internal laws of the Commonwealth of Pennsylvania, without giving effect to conflict of law principles. Each of the parties to this Agreement expressly and irrevocably submits to the exclusive jurisdiction of the courts of Pennsylvania and waives any claims of inconvenient forum or venue. To the extent that the laws of the Commonwealth of Pennsylvania conflict with the applicable provisions of the 1940 Act, the applicable provisions of the 1940 Act shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Services Not Exclusive</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. DIFSC's Services are not exclusive to the Funds and DIFSC shall be free to render similar services to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. DIFSC shall perform the Services solely as an independent contractor and no joint venture, partnership, employment, agency or any other relationship is intended, accomplished or embodied in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In performing the Services, DIFSC is acting solely on behalf of the Funds and no contractual or service relationship shall be deemed to be established between DIFSC and any other person, including without limitation the custodian and Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Force Majeure and Uncontrollable Events</u>

DIFSC shall maintain adequate and reliable computer and other equipment necessary or appropriate to carry out its obligations under this Agreement. Upon the Funds' reasonable request, DIFSC shall provide supplemental information concerning the aspects of its disaster recovery and business continuity plan that are relevant to the Services. Notwithstanding the foregoing or any

other provision of this Agreement, DIFSC assumes no responsibility hereunder, and shall not be liable for, any damage, loss of data, business interruption, delay or any other loss whatsoever caused by "Force Majeure Events." "Force Majeure Events" are events beyond the reasonable control of DIFSC, its agents and its Subcontractors. In the event of Force Majeure Events, or any disaster that causes a business interruption, DIFSC shall act in good faith and follow applicable procedures in its disaster recovery and business continuity plan and use all commercially reasonable efforts to minimize service interruptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Severability</u>

If any provision of this Agreement shall be held or made invalid, the remainder of this Agreement and the parties' rights and obligations under it shall not be affected by such action, and the invalid provisions of the Agreement shall be deemed to be severable only in the jurisdiction that so determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Survivability</u>

The following provisions shall survive beyond the expiration and termination of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All
 compensation provisions, including Section 2 <u>Compensation and Expenses</u>, Section 3.C
 regarding termination fees and expenses, and <u>Schedule C;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section
 4. <u>Amendments, Assignment and Delegation;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section
 6. <u>Representations and Warranties of the Funds</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section
 7. <u>Representations and Warranties of DIFSC</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section
 9. <u>Indemnification and Limitation of Liability</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section
 10. <u>Books and Records, Retention and Rights of Ownership;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section
 17. <u>Force Majeure and Uncontrollable Events</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section
 18. <u>Severability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Confidential Information</u>

"Confidential Information" of a party shall be maintained confidential by any other party, and shall include: (a) any data or information that is competitively sensitive material, and not generally known to the public, including, but not limited to, information about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal performance results relating to the past, present or future business activities of a Fund or DIFSC, their respective subsidiaries and affiliated companies and the customers, clients and suppliers of any of them; (b) any scientific or technical

information, design, process, procedure, formula, or improvement that is commercially valuable and secret in the sense that its confidentiality affords a Fund or DIFSC a competitive advantage over its competitors; (c) all confidential or proprietary concepts, documents, reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions, know-how, and trade secrets, whether or not patentable or copyrightable; (d) non-public portfolio holdings information of a Portfolio; and (e) anything designated as confidential. DIFSC shall maintain adequate safeguards to prevent the use of the Confidential Information by DIFSC, its employees, Subcontractors and affiliates for any purpose other than performing the Services under this Agreement. DIFSC also shall maintain adequate safeguards to limit the dissemination of a Portfolio's non-public portfolio holdings information to third parties (x) that assist DIFSC in the performance of the Services under this Agreement and have entered into a confidentiality agreement no less restrictive than the terms in this Agreement and (y) with the prior written consent of an officer of the applicable Fund. "Confidential information" shall include, without limitation, any customer or shareholder personal information in the possession, custody, or control of the Funds or of DIFSC.

However, Confidential Information shall not be subject to such confidentiality obligations if it: (a) is already known to a receiving party at the time it is obtained; (b) is or becomes publicly known or available through no wrongful act of a receiving party; (c) is rightfully received from a third party who, to the best of a receiving party's knowledge, is not under a duty of confidentiality; (d) is released by a protected party to a third party without restriction; (e) is required to be disclosed pursuant to a Fund's Registration Statement or by a requirement of a court order, subpoena, governmental or regulatory agency or law (provided the disclosing party will promptly provide the other party written notice of such requirement, to the extent such notice is permitted); (f) is relevant to the defense of any claim or cause of action asserted against a receiving party; or (g) has been or is independently developed or obtained by a receiving party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Contract Terms To Be Exclusive</u>

This Agreement constitutes the complete agreement of the parties about the covered subject matter, and supersedes all prior negotiations, understandings and agreements bearing upon the covered subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Waiver</u>

A party's waiver of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach by any party. A party's failure to insist upon strict adherence to any provision of the Agreement shall not constitute a waiver or deprive such party of the right to insist upon strict adherence to such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Counterparts and Reproduction of Documents</u>

This Agreement may be executed in any number of counterparts, each of which is deemed an original and all of which together evidence the entire Agreement. This Agreement and any amendments may be reproduced by any commercially acceptable process. The parties agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceedings, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement facsimile or further reproduction of such reproduction shall be likewise admissible in evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Miscellaneous</u>

Paragraph headings in this Agreement are included for convenience only and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Covenants of DIFSC</u>

Covenants of DIFSC. DIFSC hereby covenants and agrees with the Funds that (i) DIFSC shall maintain a fidelity bond and an insurance policy with respect to errors and omissions coverage in form and amount that are commercially reasonable in light of the duties and responsibilities of DIFSC under the Agreement as modified by this Amendment; and (ii) DIFSC shall provide notice to the Funds of any breach of this Agreement committed by DIFSC promptly after the discovery thereof.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed all as of the day and year first above written.

---

| | |
|:---|:---|
| **NOMURA FUNDS**<br> (as listed on Schedule A) | **DELAWARE INVESTMENTS FUND**<br> **SERVICES COMPANY** |

---

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Richard Salus | By: | /s/ Daniel V. Geatens |
| Name: | Richard Salus | Name: | Daniel V. Geatens |
| Title: | SVP/Global Head of Fund Services | Title: | SVP/Head of US Fund Administration |

---

**<u>SCHEDULE A</u>**

---

| |
|:---|
| &nbsp;&nbsp;**Series, Portfolio and Share Class** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Adviser Funds**<br> Nomura Diversified Income Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Cash Reserve**<br> Nomura Ultrashort Fund – Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds II**<br> Nomura Value Fund – Class A, Class C, Class R, Class R6, Class T, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds IV**<br> Nomura Healthcare Fund – Class A, Class C, Class R, and Institutional Class Shares<br> Nomura Growth and Income Fund – Class A, Class R6, and Institutional Class Shares<br> Nomura Opportunity Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Equity Funds V**<br> Nomura Small Cap Core Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Nomura Small Cap Value Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Nomura Wealth Builder Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Global & International Funds**<br> Nomura Emerging Markets Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Government Fund**<br> Nomura Emerging Markets Debt Corporate Fund – Class A, Class C, Class R, and Institutional Class Shares<br> Nomura Strategic Income Fund – Class A, Class C, Class R, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Income Funds**<br> Nomura Corporate Bond Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Nomura Extended Duration Bond Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Nomura Floating Rate Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Limited-Term Government Funds**<br> Nomura Limited-Term Diversified Income Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares<br> Nomura Tax-Free Oregon Fund – Class A and Institutional Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> State Tax-Free Income Trust**<br> Nomura Tax-Free Pennsylvania Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Group<sup>®</sup> Tax-Free Fund**<br> Nomura Tax-Free USA Fund – Class A, Class C, and Institutional Class Shares<br> Nomura Tax-Free USA Intermediate Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware Pooled<sup>®</sup> Trust**<br> Nomura Global Listed Real Assets Fund – Class A, Class C, Class R, Class R6, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Delaware VIP<sup>®</sup> Trust**<br> Nomura VIP Emerging Markets Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Small Cap Value Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Fund for Income Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Growth and Income Series – Standard Class Shares<br> Nomura VIP Growth Equity Series – Standard Class Shares<br> Nomura VIP Investment Grade Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Limited Duration Bond Series – Standard Class Shares<br> Nomura VIP Opportunity Series – Standard Class Shares<br> Nomura VIP Total Return Series – Standard Class Shares and Service Class Shares |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ivy Variable Insurance Portfolios**<br> Nomura VIP Asset Strategy Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Balanced Series – Service Class Shares<br> Nomura VIP Core Equity Series – Service Class Shares<br> Nomura VIP Corporate Bond Series – Service Class Shares<br> Nomura VIP Energy Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Global Growth Series – Service Class Shares<br> Nomura VIP Growth Series – Service Class Shares<br> Nomura VIP High Income Series – Standard Class Shares and Service Class Shares<br> Nomura VIP International Core Equity Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Limited-Term Bond Series – Service Class Shares<br> Nomura VIP Mid Cap Growth Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Natural Resources Series – Service Class Shares<br> Nomura VIP Pathfinder Aggressive Series – Service Class Shares<br> Nomura VIP Pathfinder Conservative Series – Service Class Shares<br> Nomura VIP Pathfinder Moderate Series – Service Class Shares<br> Nomura VIP Pathfinder Moderate – Managed Volatility Series – Service Class Shares<br> Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series – Service Class Shares<br> Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series – Service Class Shares<br> Nomura VIP Pathfinder Moderately Aggressive Series – Service Class Shares<br> Nomura VIP Pathfinder Moderately Conservative Series – Service Class Shares<br> Nomura VIP Science and Technology Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Small Cap Growth Series – Standard Class Shares and Service Class Shares<br> Nomura VIP Smid Cap Core Series – Service Class Shares<br> Nomura VIP Value Series – Service Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ivy Funds**<br> Nomura Climate Solutions Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Real Estate Securities Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Asset Strategy Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Balanced Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Core Equity Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Global Bond Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Global Growth Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura High Income Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura International Core Equity Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Large Cap Growth Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Mid Cap Growth Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Mid Cap Income Opportunities Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Natural Resources Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Science and Technology Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Small Cap Growth Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Smid Cap Core Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y<br> Nomura Systematic Emerging Markets Equity Fund – Class A, Class C, Institutional Class, Class R6, Class R, and Class Y |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Voyageur Mutual Funds**<br> Nomura Minnesota High-Yield Municipal Bond Fund – Class A, Class C, and Institutional Class Shares<br> Nomura National High-Yield Municipal Bond Fund – Class A, Class C, and Institutional Class Shares<br> Nomura Tax-Free California Fund – Class A, Class C, and Institutional Class Shares<br> Nomura Tax-Free Idaho Fund – Class A, Class C, and Institutional Class Shares<br> Nomura Tax-Free New York Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Voyageur Mutual Funds II**<br> Nomura Tax-Free Colorado Fund – Class A, Class C, and Institutional Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Voyageur Tax Free Funds**<br> Nomura Tax-Free Minnesota Fund – Class A, Class C, and Institutional Class Shares |

---

**<u>SCHEDULE B</u>**

DIFSC shall perform for each Fund and each of its Portfolios the following fund accounting, financial administration and related services. Unless otherwise noted, capitalized terms used herein shall have the same meanings assigned to them in the Agreement.

**A. Valuations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Participate
 on the Fund's fair value committee, manage the committee's decision-making process
 and provide BNY with fair value pricing decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide
 oversight of the Fund's pricing process, including maintaining a relationship with
 pricing vendors, providing BNY with sources for prices obtained through broker/dealer quotes,
 and reviewing stale pricing reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Verify
 that the daily net asset value ("NAV") is disseminated to interested parties;
 facilitate resolution of NAV errors, and ensure that corrective action is implemented, if
 necessary; review procedures with BNY to verify that appropriate controls are in place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Subject
 to the oversight and approval, if necessary, of the Fund's Board, select pricing vendors
 and negotiate and maintain contracts with such vendors for the benefit of the Fund.

**B. Calculation and Payment of Expenses**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Process
 and pay certain invoices on behalf of the Fund and approve bills for payment by BNY and provide
 BNY with allocation instructions and wire instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide
 BNY with information on the amount of directors'/trustees' fees to be accrued
 and the methodology for allocating these expenses among the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Issue
 checks on behalf of the Fund to directors/trustees for director/trustee compensation (net
 of Philadelphia city wage tax) and for reimbursement of meeting expenses; remit Philadelphia
 city wage tax on behalf of directors/trustees with respect to such payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide
 BNY with asset-based fee information on an annual basis, promptly notify BNY of any changes
 impacting these fees, and review and approve BNY's fee calculations based on timeframes
 detailed in the applicable Service Level Document (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Provide
 BNY with any applicable expense limitations and review Portfolio expenses to ensure that
 expense limitations have been properly implemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Review
 budget assumptions employed by BNY for new and existing Portfolios, inform BNY of any significant
 new items requiring accrual or changes to current accruals, and review the over accruals/under
 accruals and approve non-routine adjustments to journal entries before the year-end excise
 tax period.

**C. Financial Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Manage
 certifications and sub-certification process as required for financial reports, data and
 processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Review
 financial reporting information provided by BNY for prospectuses, statements of additional
 information and other disclosure documents and coordinate completion of financial administration
 responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Review
 reports on regulatory forms (including, but not limited to, Form N-CSR, Form N-MFP, Form
 N-PORT and Form N-CEN) for accuracy, completeness, and proper financial disclosures in conjunction
 with BNY. Participate in review by, and resolution of comments from, external auditors when
 necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If
 a closed-end fund, analyze financial data and coordinate tender offer process with Fund management
 and the investment manager's legal department, the investment manager's investment
 team and BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Support
 regulatory reporting for filings (including, but not limited to, Form N-PORT and Form N-CEN)
 by completing and reviewing responses to financial questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Provide
 financial data for inclusion in board reports, and furnish direction to BNY regarding board
 reporting requirements. Review financial information included in board reports prior to distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In
 conjunction with BNY, provide analysis and recommendations regarding the impact of new accounting
 pronouncements on the Fund.

**D. Portfolio Securities Transactions and Trade Operations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Coordinate
 notification of, and responses to, voluntary corporate actions between BNY and the investment
 manager's investment team. Facilitate and ensure issues resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain
 data requirements for order management and trading systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Ensure
 that information on executed trades is provided to BNY, broker/dealers and agents, including
 information on trades not executed through trading systems (e.g., derivatives, swaps and
 currency contracts). Confirm executed trades with broker/dealers and agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide
 support and trade maintenance for soft dollar transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Provide
 ad hoc support for trading systems, including testing and implementation of enhancements
 and modifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Manage
 trade settlement processes between the custodians and broker/dealers for Fund for standard
 trades, next day settlements, cash trades and mortgage-backed securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Maintain
 relationships with custodian banks in support of trade settlement processes.

DIFSC may rely on Delaware Management Company ("DMC") or BNY to provide any of the Services enumerated in this section to the extent such Services are provided by DMC or BNY.

**E. Dividends and Distributions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review
 dividend projections prepared by BNY, prepare Section 19(a) notices and coordinate with the
 investment manager's legal department to prepare press releases regarding dividends
 and distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Coordinate
 dividend process with BNY, the Fund's transfer agent, Fund management, and the investment
 manager's legal department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Ensure
 timely payout of Fund distributions for both net income and capital gains, and verify appropriate
 and timely dissemination of data to interested parties. Conduct summary level review of distribution
 calculations and amounts.

**F. Reconciliation and Cash Management**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review
 cash and principal assets reconciliation reports to mitigate potential NAV impacts resulting
 from cash, position or share discrepancies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Monitor
 the daily delivery of investable cash information to the investment manager's investment
 team and respond to questions and ensure timely resolution of issues. Act as liaison between
 the investment manager's investment team and BNY.

**G. Fund Performance Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide
 oversight for timely dissemination of performance information and conduct trend analysis
 review on performance information.

**H. Audit Support**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In
 coordination with BNY, participate in planning and execution of external audits and coordinate
 and participate in responses to inquiries from external auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Receive
 and maintain copy of external audit correspondence.

**I. Tax Reporting and Consulting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide
 detailed review of all federal, state and city tax returns and ancillary schedules, including
 year-end excise tax distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide
 consulting services, including interpretation of applicable regulations, to the Fund and
 BNY regarding tax diversification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Ensure
 that all tax returns are filed in accordance with filing deadlines and maintain copies of
 tax returns, including proof of timely mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Monitor
 and be familiar with new and proposed tax legislation through membership in the Investment
 Company Institute's tax committee and other legal, financial and trade organizations.
 Provide analysis and recommendations regarding the impact of new tax legislation on the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Prepare
 non-shareholder tax forms, as required, including Form 1099, for each member of the board
 of directors/trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Review
 and provide comments on the tax-related sections of shareholder reports, Section 19(a) notices,
 prospectuses, statements of additional information and other disclosure documents, and audit
 work preparation.

**J. Tax Compliance Monitoring**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Ensure
 that diversification tests are completed as prescribed by Internal Revenue Service and Securities
 and Exchange Commission regulations. Facilitate corrective action with the investment manager's
 investment team as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Ensure
 compliance with Subchapter M and Section 4982 of the Internal Revenue Code.

**K. Dissemination of Fund Data**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Participate
 in managing the dissemination of Fund data to third parties by furnishing BNY with details
 regarding new requests and notification of changes to Fund and Fund management.

**L. Performance of Services by BNY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Establish
 and monitor certain service level requirements as detailed in the service level documents
 (each a "Service Level Document") entered into between DIFSC and BNY with respect
 to BNY's performance of its duties pursuant to the BNY Fund Accounting Agreement with
 the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Evaluate
 BNY's performance against the mutually agreed upon requirements as detailed in the
 applicable Service Level Document and recommend adjustments as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Conduct
 periodic due diligence review of BNY's processes as detailed in the applicable Service
 Level Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Ensure
 that corrective action plans are developed and implemented by BNY as a result of a service
 requirement default as detailed in the applicable Service Level Documents.

**M. Business Continuity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Confirm
 the adequacy of disaster recovery plans with respect to systems and processes of third party
 vendors selected by the Fund or DIFSC and relating to fund accounting and financial administration.

**N. Relationship Management**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Participate
 in meetings with BNY to discuss trends, technology and strategic direction, and report pertinent
 information to the Fund board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Represent
 interests of Fund board at regular meetings with BNY to discuss services provided, system
 functionality and policy/procedural documentation.

**O. Other**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review
 leverage requirements and manage credit facilities on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Monitor
 the flow of information between BNY and the Fund's proxy voting agent. In order to
 ensure proper voting of proxies received in connection with securities held by the Portfolio(s),
 review the Fund's proxy voting summaries, which will be prepared by BNY from the records
 of the proxy voting agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If
 a closed-end fund, act as liaison between BNY and the investment manager's investment
 team, ratings agencies and the investment manager's Compliance Department for closed-end
 ratings agency tests, ensuring that communication and corrective action protocols are maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Arrange
 in good faith for the amendment of the BNY Fund Accounting Agreement or the negotiation of
 new contractual arrangements with another service provider with respect to new fund accounting
 or financial administration services requested by the Funds or required by applicable law
 after the date of this Agreement.

**<u>SCHEDULE C</u>**

**Annual Fee**

Each Fund will be charged an annual fee equal to the sum of (a) a base fee of $4,000 ("Flat Fee") plus (b) a Pro Rata AUM Fee calculated as follows:

First, a total annual fee will be calculated by multiplying the average daily net assets of all Funds during the year by the applicable fee rates in the following table to calculate the "Total Fee."

---

| | |
|:---|:---|
| Average Daily Net Assets | Annual Fees |
| First $60 billion of average daily net assets | .00500% |
| Next $30 billion of average daily net assets | .00475% |
| Over $90 billion of average daily net assets | .00150% |

---

Second, the Flat Fee will be multiplied by the number of Funds in the complex to calculate the "Aggregate Flat Fee."

Third, the Aggregate Flat Fee will be subtracted from the Total Fee to calculate the "Total AUM Allocation Fee."

Fourth, the Pro Rata AUM Fee for each Fund will be equal to the product of the Total AUM Allocation Fee multiplied by a fraction, the numerator of which is such Fund's average daily net assets in the year of calculation and the denominator of which is the average daily net assets of all Funds during such year.

**Example:**

Assume that the complex has 60 Funds and $60,000,000,000 in AUM. The annual fee would be calculated as follows:

The Funds, as a complex, would be charged $3,000,000 ($60,000,000,000 \* .00500% = $3,000,000)

Each of the 60 Funds would be allocated a flat fee of $4,000 (60 \* $4,000 = $240,000)

Each of the 60 Funds would be charged an asset based fee on the remaining $2,760,00 ($3,000,000 - $240,000 = $2,760,000)

The asset based fee on the $2,760,000 would be allocated pro rata to each of the 60 Funds based on AUM per Fund

Assume that the complex launches a new Fund and has 61 Funds, but assets remain at $60,000,000,000 in AUM. The annual fee would be calculated as follows:

The Funds, as a complex, would still be charged $3,000,000 ($60,000,000,000 \* .00500% = $3,000,000)

Each of the 61 Funds would be allocated a flat fee of $4,000 (61 \* $4,000 = $244,000)

Each of the 61 Funds would be charged an asset based fee on the remaining $2,756,000 ($3,000,000 - $244,000 = $2,756,000)

The asset based fee on the $2,756,000 would be allocated pro rata to each of the 61 Funds based on AUM per Fund

The complex would be charged the same total amount. The difference would be that the pro rata calculation would be based on a smaller amount because there are more funds in the complex.

**<u>SCHEDULE D</u>**

**LIST OF AUTHORIZED PRICING VENDORS:**

---

| | |
|:---|:---|
| **<u>Name of Vendor</u>** | **<u>Types of Securities</u>** |
| Interactive Data | Equities (US and Foreign), Taxable Bonds, Non Taxable Bonds, CDS |
| Standard & Poor's (including JJ Kenny) | Non Taxable Bonds, Taxable Bonds |
| Bloomberg | Equities, Bonds, Futures, Options |
| Thomson Reuters | Exchange Rates, Equities, Taxable Bonds, Bank Loans |
| Markit | Bank Loans, Swaps, OTC Derivatives |

---

**FAIR VALUATION INFORMATION VENDOR(S):**

---

| | |
|:---|:---|
| **<u>Name of Vendor</u>** | **<u>Types of Securities</u>** |
| Interactive Data Fair Value Service | Foreign Equities |

---

**LIST OF AUTHORIZED DATA INFORMATION VENDORS:**

---

| | |
|:---|:---|
| **<u>Name of Vendor</u>** | **<u>Type of Service</u>** |
| GICS | Security Classifications |
| S&P – CUSIP | CUSIP Database |
| LSE – SEDOL License | SEDOL Database |

---

## Ex-99.J1

**EX-99.j.1**

![](imgj1_001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated January 26, 2026, relating to the financial statements and financial highlights of Nomura Emerging Markets Fund (formerly Macquarie Emerging Markets Fund), a series of Delaware Group Global & International Funds, which are included in Form N-CSR for the year ended November 30, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus and "Financial Statements" in the Statement of Additional Information.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

March 27, 2026

![](imgj1_002.jpg)

## Ex-99.J2

**EX-99.j.2**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of Delaware Group Global & International Funds of our report dated January 28, 2025, relating to the financial statements and financial highlights of Macquarie Emerging Markets Fund (effective December 1, 2025, renamed Nomura Emerging Markets Fund), which appears in Delaware Group Global & International Funds' Certified Shareholder Report on Form N-CSR for the year ended November 30, 2024.

---

| |
|:---|
| /s/ PricewaterhouseCoopers LLP |
| Philadelphia, Pennsylvania |
| March 27, 2026 |

---

## Ex-99.N1

**EX-99.n.1**

**Nomura Funds**

**Amended and Restated<br> Multiple Class Plan Pursuant to Rule 18f-3**

This Multiple Class Plan (the "Plan") has been adopted by a majority of the Board of Trustees of each of the investment companies listed on Appendix A as may be amended from time to time (each individually a "Fund" and, collectively, the "Funds"), including a majority of the Trustees who are not interested persons of each Fund, pursuant to Rule 18f-3 under the Investment Company Act of 1940, as amended (the "Act"). The Board of each Fund has determined that the Plan, including the allocation of expenses, is in the best interests of the Fund as a whole, each series of shares offered by such Fund (individually and collectively the "Series") where the Fund offers its shares in multiple series, and each class of shares offered by the Fund or Series, as relevant. The Plan sets forth the provisions relating to the establishment of multiple classes of shares for each Fund and, if relevant, its Series. To the extent that a subject matter set forth in this Plan is covered by a Fund's Agreement and Declaration of Trust or By-Laws, such Agreement and Declaration of Trust or By-Laws will control in the event of any inconsistencies with descriptions contained in this Plan.

The term "Portfolio," when used in this Plan in the context of a Fund that offers only a single series of shares, shall be a reference to the Fund, and when used in the context of a Fund that offers multiple series of shares, shall be a reference to each series of such Fund.

**<u>CLASSES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Appendix A to this Plan describes the classes to be issued by each Portfolio and identifies the names of such classes.

**<u>FRONT-END SALES CHARGE</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Class A shares carry a front-end sales charge as described in the Funds' relevant prospectuses; and Class C, Class R, Class R6, and Institutional Class shares are sold without a front-end sales charge.

**<u>CONTINGENT DEFERRED SALES CHARGE</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Class A shares are not subject to a contingent deferred sales charge ("CDSC"), except as described in the Funds' relevant prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Class C shares are subject to a CDSC as described in the Funds' relevant prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. As described in the Funds' relevant prospectuses, the CDSC for each class declines to zero over time and is waived in certain circumstances. Shares that are subject to a CDSC age one month at the end of the month in which the shares were purchased, regardless of the specific date during the month that the shares were purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Class R, Class R6, and Institutional Class shares are not subject to a CDSC.

**<u>RULE 12b-1 PLANS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In accordance with the Rule 12b-1 Plan for the Class A shares of each Portfolio, each Fund shall pay to Delaware Distributors, L.P. (the "Distributor") a monthly fee not to exceed the maximum rate set forth in Appendix A as may be determined by the Fund's Board of Trustees from time to time for distribution services.

The monthly fee shall be reduced by the aggregate sums paid by or on behalf of such Portfolio to persons other than broker-dealers pursuant to shareholder servicing agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. In accordance with the Rule 12b-1 Plan for the Class C shares of each Portfolio, each Fund shall pay to the Distributor a monthly fee not to exceed the maximum rate set forth in Appendix A as may be determined by the Fund's Board of Trustees from time to time for distribution services. In addition to these amounts, the Fund shall pay (i) to the Distributor for payment to dealers or others, or (ii) directly to others, an amount not to exceed the maximum rate set forth in Appendix A for shareholder support services pursuant to dealer or servicing agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. In accordance with the respective Rule 12b-1 Plan for the Class R shares of each Portfolio, each Fund shall pay to the Distributor a monthly fee not to exceed the maximum rate set forth in Appendix A as may be determined by the Fund's Board of Trustees from time to time for distribution and shareholder support services. The monthly fee shall be reduced by the aggregate sums paid by or on behalf of such Portfolio to persons other than broker-dealers pursuant to shareholder servicing agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. A Rule 12b-1 Plan has not been adopted for the Class R6 and Institutional Class shares of any Portfolio (or any Fund in Delaware Pooled Trust, other than Delaware Global Listed Real Assets Fund, as applicable).

**<u>ALLOCATION OF EXPENSES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Each Fund shall allocate to each class of shares of a Portfolio any fees and expenses incurred by the Fund in connection with the distribution or servicing of such class of shares under a Rule 12b-1 Plan, if any, adopted for such class. In addition, each Fund reserves the right, subject to approval by the Fund's Board of Trustees, to allocate fees and expenses of the following nature to a particular class of shares of a Portfolio (to the extent that such fees and expenses actually vary among each class of shares or vary by types of services provided to each class of shares of the Portfolio):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) transfer
 agency and other recordkeeping costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Securities
 and Exchange Commission ("SEC") and blue sky registration or qualification fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) printing
 and postage expenses related to printing and distributing class-specific materials, such
 as shareholder reports, prospectuses and proxies to current shareholders of a particular
 class or to regulatory authorities with respect to such class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) audit
 or accounting fees or expenses relating solely to such class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 expenses of administrative personnel and services as required to support the shareholders
 of such class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) litigation
 or other legal expenses relating solely to such class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Trustees'
 fees and expenses incurred as a result of issues relating solely to such class of shares;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) other
 expenses subsequently identified and determined to be properly allocated to such class of
 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. (a) <u>Daily Dividend Portfolios</u>. With respect to Portfolios that declare a dividend to shareholders on a daily basis, all expenses incurred by a Portfolio will be allocated to each class of shares of such Portfolio on the basis of "settled shares" (net assets valued in accordance with generally accepted accounting principles but excluding the value of subscriptions receivable) of each class in relation to the net assets of the Portfolio, except for any expenses that are allocated to a particular class as described in paragraph 11 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-Daily Dividend Portfolios</u>. With respect to Portfolios that do not declare a dividend to shareholders on a daily basis, all expenses incurred by a Portfolio will be allocated to each class of shares of such Portfolio on the basis of the net asset value of each such class in relation to the net asset value of the Portfolio, except for any expenses that are allocated to a particular class as described in paragraph 11 above.

**<u>ALLOCATION OF INCOME AND GAINS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. (a) <u>Daily Dividend Portfolios</u>. With respect to Portfolios that declare a dividend to shareholders on a daily basis, income will be allocated to each class of shares of such Portfolio on the basis of settled shares of each class in relation to the net assets of the Portfolio, and realized and unrealized capital gains and losses of the Portfolio will be allocated to each class of shares of such Portfolio on the basis of the net asset value of each such class in relation to the net asset value of the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Non-Daily Dividend Portfolios</u>. With respect to Portfolios that do not declare a dividend to shareholders on a daily basis, income and realized and unrealized capital gains and losses of a Portfolio will be allocated to each class of shares of such Portfolio on the basis of the net asset value of each such class in relation to the net asset value of the Portfolio.

**<u>CONVERSIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. (a) Except for shares acquired through a reinvestment of dividends or distributions, Class C shares held for a period of time after purchase specified in Appendix A are eligible for automatic conversion into Class A shares of the same Portfolio in accordance with the terms described in the relevant prospectus. Class C shares acquired through a reinvestment of dividends or distributions will convert into Class A shares of the same Portfolio pro rata with the Class C shares that were not acquired through the reinvestment of dividends and distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The automatic conversion feature of Class C shares of each Fund shall be suspended at any time that the Board of Trustees of the Fund determines that there is not available a reasonably satisfactory opinion of counsel to the effect that (i) the assessment of the higher fee under the Fund's Rule 12b-1 Plan for Class C does not result in the Fund's dividends or distributions constituting a preferential dividend under the Internal Revenue Code of 1986, as amended, and (ii) the conversion of Class C shares into Class A shares does not constitute a taxable event under federal income tax law. In addition, the Board of Trustees of each Fund may suspend the automatic conversion feature by determining that any other condition to conversion set forth in the relevant prospectus, as amended from time to time, is not satisfied. The terms of a Fund's prospectus may also contain exceptions to the automatic conversion feature of Class C shares described above, including but not limited to exceptions for certain types of Class C shareholders or for Class C shares held through certain financial intermediaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board of Trustees of each Fund may also suspend the automatic conversion of Class C shares if it determines that suspension is appropriate to comply with the requirements of the Act, or any rule or regulation issued thereunder, relating to voting by Class C shareholders on the Fund's Rule 12b-1 Plan for Class A or, in the alternative, the Board of Trustees may provide Class C shareholders with alternative conversion or exchange rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Class A, Class R, Class R6, and Institutional Class shares do not have a conversion feature.

**<u>EXCHANGES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Holders of Class A, Class C, Class R, and Class R6, and Institutional Class shares of a Portfolio shall have such exchange privileges as set forth in the relevant prospectuses and statements of additional information. All exchanges are subject to the eligibility and minimum purchase requirements set forth in the Funds' prospectuses and statements of additional information. Exchanges cannot be made between open-end funds within the Nomura Funds complex.

**<u>OTHER PROVISIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Each class will vote separately with respect to the Rule 12b-1 Plan related to that class; provided, however, that Class C shares of a Portfolio may vote on any proposal to materially increase the fees to be paid by the Portfolio under the Rule 12b-1 Plan for the Class A shares of the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. As described more fully in the Funds' relevant prospectuses, broker-dealers that sell shares of each Portfolio will be compensated differently depending on which class of shares the investor selects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Each Fund reserves the right to increase, decrease or waive the sales charge imposed on any existing or future class of shares of each Portfolio within the ranges permissible under applicable rules and regulations of the SEC and the rules of the Financial Industry Regulatory Authority ("FINRA"), as such rules may be amended or adopted from time to time. Each Fund may in the future alter the terms of the existing classes of each Portfolio or create new classes in compliance with applicable rules and regulations of the SEC and FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. All material amendments to this Plan must be approved by a majority of the Trustees of each Fund affected by such amendments, including a majority of the Trustees who are not interested persons of the Fund.

Initially Effective as of November 16, 2000

Amended as of September 19-20, 2001

Amended as of November 1, 2001

Amended as of May 2003

Amended as of October 31, 2005

Amended as of August 31, 2006

Amended as of February 18, 2010

Amended and restated as of September 25, 2014

Amended as of February 25, 2016

Amended as of February 28, 2018

Amended as of November 18, 2020

Last approved on May 25, 2023, effective on July 28, 2023

Effective December 1, 2025 as Nomura Funds

**APPENDIX A, effective as of December 1, 2025**

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| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Maximum Annual Distribution Fee (as a percentage of average daily net assets of class)** | **Maximum Annual Shareholder Servicing Fee (as a percentage of average daily net assets of class)** | **Years <br> To <br> Conversion** |
| **Delaware Group<sup>®</sup> Equity Funds II** | | | |
| Nomura Value Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| **Delaware Group<sup>®</sup> Equity Funds IV** |  |  |  |
| Nomura Healthcare Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Growth and Income Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Opportunity Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| **Delaware Group<sup>®</sup> Equity Funds V** |  |  |  |
| Nomura Small Cap Core Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Small Cap Value Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Wealth Builder Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |

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| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Maximum Annual Distribution Fee (as a percentage of average daily net assets of class)** | **Maximum Annual Shareholder Servicing Fee (as a percentage of average daily net assets of class)** | **Years <br> To <br> Conversion** |
| **Delaware Group<sup>®</sup> Income Funds** | | | |
| Nomura Corporate Bond Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Extended Duration Bond Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Floating Rate Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| **Delaware Group<sup>®</sup> Limited-Term Government Funds** |  |  |  |
| Nomura Limited-Term Diversified Income Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Tax-Free Oregon Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| **Delaware Group<sup>®</sup> Government Fund** |  |  |  |
| Nomura Emerging Markets Debt Corporate Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Strategic Income Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |

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| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Maximum Annual Distribution Fee (as a percentage of average daily net assets of class)** | **Maximum Annual Shareholder Servicing Fee (as a percentage of average daily net assets of class)** | **Years <br> To <br> Conversion** |
| **Delaware Group<sup>®</sup> State Tax-Free Income Trust** | | | |
| Nomura Tax-Free Pennsylvania Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Institutional Class | N/A | N/A | N/A |
| **Delaware Group<sup>®</sup> Tax Free Fund** |  |  |  |
| Nomura Tax-Free USA Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Institutional Class | N/A | N/A | N/A |
| Nomura Tax-Free USA Intermediate Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Institutional Class | N/A | N/A | N/A |
| **Delaware Group<sup>®</sup> Global & International Funds** |  |  |  |
| Nomura Emerging Markets Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| **Delaware Group<sup>®</sup> Adviser Funds** |  |  |  |
| Nomura Diversified Income Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| **Delaware Pooled<sup>®</sup> Trust** |  |  |  |
| Nomura Global Listed Real Assets Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |

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---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Maximum Annual Distribution Fee (as a percentage of average daily net assets of class)** | **Maximum Annual Shareholder Servicing Fee (as a percentage of average daily net assets of class)** | **Years <br> To <br> Conversion** |
| **Voyageur Mutual Funds** | | | |
| Macquarie Minnesota High-Yield Municipal Bond Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Institutional Class | N/A | N/A | N/A |
| Macquarie National High-Yield Municipal Bond Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Institutional Class | N/A | N/A | N/A |
| Macquarie Tax-Free California Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Institutional Class | N/A | N/A | N/A |
| Macquarie Tax-Free Idaho Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Institutional Class | N/A | N/A | N/A |
| Macquarie Tax-Free New York Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Institutional Class | N/A | N/A | N/A |
| **Voyageur Mutual Funds II** |  |  |  |
| Macquarie Tax-Free Colorado Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Institutional Class | N/A | N/A | N/A |
| **Voyageur Tax Free Funds** |  |  |  |
| Macquarie Tax-Free Minnesota Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Institutional Class | N/A | N/A | N/A |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Maximum Annual Distribution Fee (as a percentage of average daily net assets of class)** | **Maximum Annual Shareholder Servicing Fee (as a percentage of average daily net assets of class)** | **Years <br> To <br> Conversion** |
| **Ivy Funds** | | | |
| Nomura Asset Strategy Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Class Y | .25% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Balanced Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Class Y | .25% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Core Equity Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Class Y | .25% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Climate Solutions Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Class Y | .25% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Global Bond Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Class Y | .25% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Global Growth Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Class Y | .25% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |

---

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| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Maximum Annual Distribution Fee (as a percentage of average daily net assets of class)** | **Maximum Annual Shareholder Servicing Fee (as a percentage of average daily net assets of class)** | **Years <br> To <br> Conversion** |
| Nomura High Income Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Class Y | .25% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura International Core Equity Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Class Y | .25% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Large Cap Growth Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Class Y | .25% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Mid Cap Growth Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Class Y | .25% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Mid Cap Income Opportunties Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Class Y | .25% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Natural Resources Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Class Y | .25% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Science and Technology Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Class Y | .25% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Real Estate Securities Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Class Y | .25% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |

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| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Maximum Annual Distribution Fee (as a percentage of average daily net assets of class)** | **Maximum Annual Shareholder Servicing Fee (as a percentage of average daily net assets of class)** | **Years <br> To <br> Conversion** |
| Nomura Small Cap Growth Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Class Y | .25% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Nomura Smid Cap Core Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Class Y | .25% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |
| Macquarie Systematic Emerging Markets Equity Fund |  |  |  |
| Class A | .25% | N/A | N/A |
| Class C | .75% | .25% | 8 |
| Class R | .50% | N/A | N/A |
| Class R6 | N/A | N/A | N/A |
| Class Y | .25% | N/A | N/A |
| Institutional Class | N/A | N/A | N/A |

---

## Ex-99.P1

**EX-99.p.1**

**Compliance Policy & Procedures <br>Code of Ethics**

---

| | |
|:---|:---|
| Document classification: | Nomura Asset Management International Policy & Procedures |
| Owner(s): | NIMBT Compliance |
| Date Approved: | 12/01/2025 |
| Rationale: | This global-level policy and related procedures (the "**CPP**") sets out standards of conduct designed to address potential conflicts of interest that might arise between the fiduciary duty to the Firm's Clients and a Covered Person's personal activities. This CPP also addresses certain requirements of other related CPPs governing the Firm and its affiliates. |
| Transition Period: | Prior to the sale of Macquarie Investment Management Business Trust ("**MIMBT**") to Nomura Holdings Inc., this CPP shall apply exclusively to MIMBT. |

---

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **I.** | **INTRODUCTION** | **3** |
| A. | General Principles | 3 |
| B. | Your Fiduciary Duty | 3 |
| C. | Compliance with Applicable Federal Securities Laws | 4 |
| D. | Obligation to Report Violations of the Code | 4 |
| **II.** | **YOUR OBLIGATIONS AS A COVERED PERSON** | **4** |
| A. | Categories of Covered Persons | 4 |
| B. | Immediate Family Member of an Employee | 4 |
| C. | Your Obligations at Time of Hire | 5 |
| D. | Your Obligations on a Daily Basis | 5 |
| E. | Your Obligations on a Quarterly Basis | 10 |
| F. | Your Obligations on an Annual Basis | 10 |
| **III.** | **FUND PERSON RESPONSIBILITIES** | **10** |
| A. | Fiduciary Duty | 10 |
| B. | Reporting and Certification Requirements | 10 |
| **IV.** | **REVIEW AND ENFORCEMENT OF THE CODE** | **10** |
| A. | Administration of the Code | 10 |
| B. | Review of Employee Activity | 11 |
| C. | Sanctions for Non-Compliance with Code | 11 |
| D. | Maintenance of Records | 11 |
| **Glossary to the Code of Ethics** | **Glossary to the Code of Ethics** | **12** |

---

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. INTRODUCTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General Principles

The Code of Ethics (the "Code") is based on the principle that Nomura Asset Management International Inc. ("Nomura Asset Management International" or the "Firm")<sup>1</sup>, its directors, officers, trustees, and employees (each, a "Covered Person" and collectively, "Covered Persons"), owe a fiduciary duty of undivided loyalty to the Nomura Funds, the Optimum Fund Trust, and the Nomura ETF Trust (collectively, the "Funds") and any other investment advisory client (each, a "Client" and collectively, our "Clients") that the Firm advises.<sup>2</sup> In addition, the Code is based on the principle that the directors, trustees and fund- only personnel associated with the Funds (collectively, "Fund Persons") owe a fiduciary duty of undivided loyalty to their respective Funds. The Trustees of the Nomura Funds (the "Nomura Funds") and the Optimum Funds Trust (the "Optimum Funds"), who are not "interested persons," as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the "Independent Trustees") are subject to the Nomura Funds' and Optimum Funds' Code of Ethics for Independent Trustees. The Independent Trustees are not subject to the provisions of this Code.

This Code sets out standards of conduct designed to address potential conflicts of interest that might arise between this fiduciary duty to the Firm's Clients and a Covered Person's personal activities. Specifically, each Covered Person must avoid participating in transactions, activities, and relationships that might interfere (or appear to interfere) with making decisions in the best interests of those Clients.

As a Covered Person, you are responsible for reading the Code and understanding your obligations in order to comply with its provisions. Additionally, your duty to comply with this Code includes the requirement that your personal and business activities be conducted in compliance with all other CPPs governing the Firm and its affiliates. Examples of such CPPs include, but are not limited to, the NHA Compliance Policy Manual – Chapter 7: Gifts, Gratuities and Entertainment, Nomura Asset Management International Insider Trading CPP, and Nomura Asset Management International Political Dealings and Activities ("Pay-to-Play") CPP . If you have any questions regarding the Code and its related CPPs or your resultant obligations and duties, please contact the Compliance Department for assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Your Fiduciary Duty

The Firm is committed to fostering a culture that promotes honesty and high ethical standards. Consequently, all Covered Persons have an obligation to conduct themselves in accordance with the following general fiduciary principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a duty to place the interests of our Clients ahead of your own interests at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a duty to attempt to avoid actual and potential conflicts of interest
between your personal activities and the activities of our Clients, as well as to avoid any activities that may give the appearance of
creating a conflict of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must not take inappropriate advantage of your position at the Firm.

<sup>1</sup> For the purposes of this Code, all references to "Nomura Asset Management International" or the "Firm" shall be taken to mean Nomura Asset Management International Inc. and its subsidiaries

<sup>2</sup> Definitions of certain capitalized terms can be found in the Glossary to the Code of Ethics. These definitions are an integral part of the Code and a proper understanding of them is necessary to comply with the Code. It is important that you review and understand all of the definitions contained in the Glossary and refer back to them as necessary to understand your responsibilities under the Code.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

Covered Persons are reminded that violations of the Code and/or any associated CPPs may result in disciplinary action, including fines, disgorgement of profits, and possibly suspension and/or dismissal procedures may result in disciplinary action, including fines, disgorgement of profits, and possibly suspension and/or dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Compliance with Applicable Federal Securities Laws

As a Covered Person under this Code, it is your duty to conduct all personal and professional activities in a manner that is consistent with any and all Applicable Federal Securities Laws (as defined in the Glossary to this Code ("Glossary").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Obligation to Report Violations of the Code

You have a duty to report violations of the Code. If you become aware of a violation of the Firm's Code committed by another Covered Person, you have an ongoing obligation to report that violation to the Compliance Department. It is the Firm's policy to protect the confidentiality of any such report made in good faith and any Covered Person reporting such a violation will not be subject to retaliation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. YOUR OBLIGATIONS AS A COVERED PERSON

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Categories of Covered Persons

Upon becoming subject to the provisions of this Code, each Covered Person is assigned to one of the following three categories below based on their responsibilities and/or privileges at the Firm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affiliated Person

You will be advised of the category to which you are assigned during your initial training on this Code. It is important to know the category to which you are assigned, as belonging to a certain category may cause you to be subject to additional obligations and/or limitations under the Code. A complete definition for each category is included in the Glossary. You are encouraged to review the definitions for each category carefully, as well as any sections of the Code that may pertain only to Covered Persons assigned to your category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Immediate Family Member of an Employee

In accordance with federal securities laws, certain restrictions and limitations found within the Code are also applicable to the personal investment activities of any immediate family members that reside in your household ("Immediate Family Members"). As a Covered Person, it is your responsibility to alert your Immediate Family Members of any applicable restrictions or limitations that may impact their personal investment activities to ensure that both you and your Immediate Family Members conduct all personal investment activities in a manner consistent with the Code.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Your Obligations at Time of Hire

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Initial Holdings Report** 

All Access and Investment Persons must submit an initial holdings report within ten (10) calendar days of commencing employment with the Firm or otherwise becoming an Access or Investment Person to disclose the Required Holdings Information for both their own and their Immediate Family Members' personal securities holdings. The information included in the initial holdings report must be current as of a date no more than forty-five (45) calendar days prior to the commencement of employment with the Firm (or becoming subject to the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Use of Approved Brokers

All Covered Persons, with limited exceptions, must maintain all personal brokerage accounts with approved brokerage firms ("Approved Brokers"). A list of the Approved Brokers from which the FIrm is currently able to receive such data feeds can be found via the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Disclosure of Outside Business Activities

Covered Persons may not engage in full-time or part-time service as an officer, director, partner, manager, consultant or employee of any business organization or non-profit organization other than the Firm without receiving prior written approval from the Compliance Department. Any such service is considered an "Outside Business Activity," even if performed on a volunteer basis. Any existing Outside Business Activities must be disclosed at the time that you become subject to this Code and are subject to review and approval. Similarly, you have an ongoing obligation to disclose any Outside Business Activities that you undertake during your employment with the Firm and receive written approval from the Compliance Department prior to participating in such activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclosure of Political Contributions

In addition to the Code, all Covered Persons and their Immediate Family Members are subject to the NIMBT Political Dealings and Activities ("Pay-to-Play") CPP. Covered Persons are required to disclose all political contributions made during the two-year period prior to the date that they become subject to this Code. This disclosure must also include all political contributions made by your Immediate Family Members during the two-year period. The information provided may be shared in the aggregate in response to requests for proposals or client information requests but will otherwise remain strictly confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Written Acknowledgement of Receipt of Code

All Covered Persons are required to certify that they have received this Code within ten (10) calendar days of their hire date. You will also be required to certify your ongoing compliance with this Code on an annual basis and whenever the Code is updated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Your Obligations on a Daily Basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Pre-clearance of Personal Securities Transactions** 

Covered Persons and their Immediate Family Members must pre-clear each personal investment transaction and receive approval for the activity prior to executing the transaction, unless the transaction is subject to an exemption from the pre-clearance requirements of the Code as outlined below.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Duration of Approval

Approval for a pre-clearance request is valid for the same day only and the trade must be executed on the same day that approval is granted. If a transaction is not executed (or is only partially completed) on the same day that you receive approval, you must repeat the pre- clearance process and receive approval on the day that you do execute (or complete) the transaction. Similarly, if the information in your pre-clearance request changes in any material way, you must resubmit your pre-clearance request prior to executing the transaction.

Note: Approvals for Covered Persons located in Australia and/or Asia only are valid for execution through the 24-hour period following approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Exceptions to the Pre-clearance Requirement

You are not required to pre-clear and receive approval for the personal investment transaction types listed below prior to execution, although you are still responsible for complying with the reporting requirements of this Code for these transactions, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Involuntary transactions

The acquisition or disposition of a security as the result of a stock dividend, stock split, reverse stock split, merger, consolidation, spin- off or other similar corporate distribution or reorganization applicable to all holders of a class of securities does not require pre-clearance under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Affiliated Funds and Pooled Vehicles

Purchases or sales of affiliated pooled vehicle such as open-end mutual funds, SICAVS, and other managed investment schemes to which the Firm provides advisory services, also referred to as "Affiliated Funds";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchases or sales of exchange-traded funds ("ETFs")

Unaffiliated ETFs, except for single stock ETFs, are exempt from the preapproval requirements, however they are subject to the reporting and holding period requirements of the Code. For Single security or issuer ETFs pre-clearance is required on the underlying security/issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Transactions in Managed Accounts

Pre-clearance is not required for transactions made in an account over which neither you nor an Immediate Family Member (a) exercises investment discretion, (b) receives notice of transactions prior to execution, and/or (c) otherwise has direct or indirect influence or control ("Managed Account").

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

Note: Covered Persons and their Immediate Family Members must receive approval from the Compliance Department in order to maintain a Managed Account. **Additionally, you should be aware that Managed Accounts are still subject to the reporting requirements of the Code.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Donated Shares

Pre-clearance and approval are not required for any securities that are donated to a charitable organization. However, such transactions are still subject to the reporting requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Transactions Excluded from BOTH the Pre-clearance and Approval Requirement and the Reporting Requirement

All personal investment transactions by Covered Persons must be reported under the Code with a few limited exceptions. The following types of personal investment transactions are exempt from <u>both</u> the pre-clearance and the reporting requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases or sales of unaffiliated pooled vehicles such as open-end mutual funds, SICAVs, UCITS and other
managed investment schemes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Purchases or sales of direct obligations of the U.S. Government or any other national government and
futures and options with respect to such obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** Purchases or sales of bank certificates of deposit, bankers' acceptances, commercial paper and
other high quality short- term debt instruments (having a maturity at issuance of less than 366 calendar days and rated in one of the
two highest ratings categories by a nationally recognized statistical ratings organization, including repurchase agreements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Purchases which are made by reinvesting cash dividends including reinvestments pursuant to an Automatic Investment Plan; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Transactions in Section 529 plans.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compliance with Trading Restrictions** 

All Covered Persons and their Immediate Family Members are subject to certain trading restrictions on their personal investment activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All Covered Persons – Restrictions on Trading in Nomura Securities

Covered Persons who wish to trade Nomura Holdings, Inc. ("Nomura") securities directly through the EquatePlus by Computershare system or through a similar plan, must complete all trades during designated staff trading windows. Transactions in Nomura securities must comply with all applicable Nomura policies, including the Nomura Trading Policy.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) All Covered Persons – Seven (7) Calendar Day Blackout Period

All Covered Persons and their Immediate Family Members are prohibited from trading a security in their personal brokerage accounts for seven (7) calendar days after the Firm executes a buy or sell transaction in that same security. Depending on the facts and circumstances and at the discretion of the CCO or their designee, personal trades involving covered securities that receive preapproval and are executed within 7 calendar days prior to the Firm executing a buy or sell transaction in that same security may be required to be unwound or subject to disgorgement of profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** De Minimus Exception

Covered Persons will be permitted a de minimis exception when requesting to trade of up to $10,000 USD per day of any security included in the Russell 3000 Index. Other highly capitalized and or widely held securities may also be considered by exception, i.e. ADRs or foreign securities. Please contact Compliance for all exception requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Holding Periods:

All Covered Persons are prohibited from engaging in activities that could be considered "market timing" in violation of Rule 22c-1 of the 1940 Act and, therefore, subject to required holding periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Access and Affiliated Persons – 60 Calendar Day General Holding Period

If you are categorized as an Access Person or Affiliated Person under this Standard, you are subject to sixty (60) calendar days holding period for most personal securities transactions. Accordingly, Access and Affiliated Persons must hold all opening positions, including those in stock options, for a total period of sixty (60) calendar days before they can be closed at a profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Investment Persons – 60 Calendar Day General Holding Period

Investment Persons are prohibited from engaging in short term trading in their personal investment accounts that results in a profit. Accordingly, Investment Persons must hold all opening positions, including those in stock options, for a total period of sixty (60) calendar days before they can be closed at a profit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** All Covered Persons – 60 Calendar Day Holding Period for Affiliated Mutual Funds

All Covered Persons must hold any newly opened positions in Affiliated Mutual Funds for sixty (60) calendar days before the position may be closed for a profit.

**Note: Investment Persons, Access and Affiliated Persons are permitted to close positions at any time at a loss of 20% or greater. The loss calculation will be based upon Last-In First-Out (LIFO).**

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** **Restricted Securities** 

The Firm maintains a list of certain restricted securities that may not be traded by Covered Persons (the "Restricted List"). You are generally prohibited from purchasing or selling any security on the Restricted List, except that this prohibition shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Involuntary and/or automatic transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions made in an approved Managed Account, provided that such transactions do not reflect a
prohibited pattern of conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions for which specific approval has been granted due to unusual or unforeseen circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Initial Public Offerings/Private Placements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Investment Persons, Access and Affiliated Persons

Investment Persons, Access and Affiliated Persons are prohibited from participating in initial public offerings and may only participate in a private placement with prior written permission. Additionally, an employee who purchased privately placed securities prior to becoming subject to this Standard is required to disclose the purchases to the Compliance Department before they can participate in the consideration of an investment in the securities of that issuer or its affiliates for a Client account. In order to avoid a potential conflict of interest, any decision to invest in the issuer in question will be subject to an independent review by additional Investment Persons that do not have a personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Registered Representatives

All Covered Persons holding valid Financial Industry Regulatory Authority (FINRA) registrations are prohibited from participating in initial public offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Pre-clearance of Political Contributions

All Covered Persons and their Immediate Family Members must submit a pre- clearance request and receive approval prior to making a political contribution. Examples of political contributions that would require pre-clearance and approval include, but are not limited to, donations of cash, stock, service or anything of value to a candidate for public office, a sitting public official, political party or a political action committee, whether at the local, state, and/or federal level. Please review the NIMBT Pay-to-Play CPP for more information on applicable restrictions and reporting obligations for political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Obligation to Report Changes to Personal Information

You have an ongoing obligation to report any changes in your personal information that may impact your obligations under this Code. Examples include changes to your personal brokerage accounts (e.g., opening or closing an account), disclosures of new outside business activities for review and approval, and changes to your address, Immediate Family Members, or other personal information.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Your Obligations on a Quarterly Basis

<u>Quarterly Report/Certification of Transactions</u>

Within thirty (30) calendar days after each quarter's end, all Covered Persons must report and certify their personal investment activity during the previous quarter. Please note that all Covered Persons are required to complete the quarterly certification each quarter, even if they did not complete any personal investment transactions during the quarter. Additionally, Covered Persons will be asked to review the list of brokerage accounts that they have previously disclosed and certify to its accuracy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Your Obligations on an Annual Basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Annual Certification of Holdings** 

All Access and Investment Persons are required to submit an annual report of all personal investment holdings in their personal brokerage accounts and the personal brokerage accounts of their Immediate Family Members. The report must contain information that is current as of a date no more than forty-five (45) calendar days prior to the date the report is submitted and must be submitted no later than forty-five (45) calendar days after year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annual Code of Ethics Certification

At least annually, all Covered Persons must review this Code in its entirety and certify to their understanding and ongoing compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. FUND PERSON RESPONSIBILITIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Fiduciary Duty

All Fund Persons have an obligation to conduct themselves in accordance with the general fiduciary principles outlined above. Specifically, you have a duty to place the interests of the applicable Fund ahead of your own interests at all times; you have a duty to attempt to avoid actual and potential conflicts of interest between your personal activities and the activities of the applicable Fund, as well as to avoid any activities that may give the appearance of creating a conflict of interest; and you must not take inappropriate advantage of your position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Reporting and Certification Requirements

Fund Persons are not subject to the holding's disclosure requirements outlined above nor are they required to pre-clear all personal investment transactions prior to executing a transaction. Similarly, Fund Persons are only required to submit and certify quarterly transaction reports for any personal investment transactions where, at the time of the transaction, they knew, or in the ordinary course of fulfilling their official duties should have known, that during the fifteen (15) calendar day period immediately before or after the date of the transaction, such Security was purchased or sold by an applicable Fund or the Firm on behalf of the applicable Fund or was being considered for purchase or sale by an applicable Fund or the Firm on behalf of the applicable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. REVIEW AND ENFORCEMENT OF THE CODE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Administration of the Code

The Code shall be administered by the Compliance Department and/or an appropriate management committee that shall include a majority of Compliance and/or Legal Department representatives. Where exceptions are granted to any provision of this Code, the rationale for such exceptions shall be documented.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Review of Employee Activity

Trading activity may be reviewed for patterns of trading that are inconsistent with the tenets of this Code. Excessive or inappropriate trading that interferes with job performance or compromises the duty that the Firm owes to our Clients is not permitted. Patterns of excessive trading or other trading activity that is deemed to be inappropriate may lead to sanctions, including restrictions on future trading and/or other disciplinary action under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Sanctions for Non-Compliance with Code

Appropriate sanctions for a violation will include the nature and severity of the violation, the presence of any mitigating circumstances, and any previous violations that may have been committed by the Covered Person. Examples of possible sanctions include, but are not limited to, written warnings or reprimands, monetary penalties, trading freezes, suspension, and/or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Maintenance of Records

The Firm will maintain all necessary books and records required to remain compliant with applicable laws and regulations. More information on specific record-keeping requirements and processes may be found in the Firm's record-keeping policies and procedures.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

**Glossary to the Code of Ethics**

**Access Person**

The term "Access Person" means an officer or director, or employee of a registered investment adviser, or any other person identified as a "control person" on the Form ADV or the Form BD filed by the adviser with the US Securities and Exchange Commission, as well as any employee, (1) who, in connection with his or her regular functions or duties, generates, participates in, has access to or obtains information regarding that adviser's purchase or sale of a security by or on behalf of an advisory client; (2) whose regular functions or duties relate to the making of any recommendations with respect to such purchases or sales or has access to such recommendations that are non-public; (3) who obtains or has access to information or exercises influence concerning investment recommendations made to an advisory client of that adviser; (4) who has line oversight or management responsibilities over employees described in (1), (2) or (3) above; or (5) who has access to non-public information regarding any advisory clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any fund for which an adviser serves as investment adviser or any fund whose investment adviser or principal underwriter controls, is controlled by, or is under common control with the Firm.

**Affiliated Fund**

The term "Affiliated Fund" refers to open-end (non-money market) mutual funds and ETFs to which the Firm provides advisory services are considered to be "Affiliated Funds." A list of the Firm's Affiliated Funds can be found on <u>nomuraassetmanagement.com</u>.

**Affiliated Person**

The term "Affiliated Person" means any officer, director, partner, or employee of a Nomura Asset Management International Fund or any subsidiary of the Firm and any other person so designated by the Compliance Department.

**Applicable Federal Securities Laws**

For the purposes of the Code, the term "Applicable Federal Securities Laws" refers to any and all federal securities laws or regulations that may be applicable, including, but not limited to, the Securities Act of 1933, as amended (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, as amended (the "1940 Act"), the Investment Advisers Act of 1940, as amended (the "Advisers Act"), Title V of Gramm-Leach-Bliley Act, any rules adopted by the U.S. Securities and Exchange Commission (the "SEC") under any of these statutes, and the Bank Secrecy Act as it applies to funds and investment advisers and any rules adopted thereunder by the SEC or Department of the Treasury.

**Approved Broker**

The term "Approved Broker" refers to a broker-dealer that is included on the Firm's "Approved Broker List." Effective September 1, 2013, all new brokerage accounts opened by a Covered Person, or their Immediate Family Member must be opened with a broker-dealer that can provide the Firm with trade confirmations and other information about employee personal trading activity electronically. This list will be updated from time-to-time to reflect changing business relationships.

**Client**

The term "Client" refers to the Firm's investment advisory clients, including the registered investment companies, institutional investment clients, personal trusts and estates, guardianships, employee benefit trusts, and other clients that the Firm serves.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

**Compliance Department**

The term "Compliance Department" refers to the Firm's Compliance Department.

**Covered Person**

The term "Covered Person" means a person subject to the provisions of this Code. This includes the Firm's employees and their Immediate Family Members, such as spouses and minor children, as well as other persons designated as Covered Persons by the Compliance Department or the Code of Ethics Committee. Such persons may include some or all of the directors, officers, trustees, and employees under the control of the Firm or its affiliated entities.

**Fund Person**

Any directors, trustees and fund-only personnel associated with the Nomura Funds and/or the Optimum Fund Trust. Fund-only personnel are considered to be those who are not employed by the Firm or otherwise considered a Covered Person but provide services to the Funds.

**Immediate Family Member of an Employee**

Immediate Family Member of an Employee – means: (1) any of the following persons sharing the same household with the Employee (which does not include temporary house guests): a person's child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son- in-law, daughter-in-law, brother-in-law, sister-in-law, legal guardian, adoptive relative, or domestic partner; (2) any person sharing the same household with the Employee (which does not include temporary house guests)that holds an account in which the Employee is a joint owner or listed as a beneficiary; or (3) any person sharing the same household with the Employee in which the Employee contributes to the maintenance of the household and material financial support of such person.

**Investment Person**

The term "Investment Person" means a portfolio manager who, in connection with his/her regular functions or duties, makes, or participates in the making of, investment decisions affecting an investment company, and any control person who obtains information concerning the recommendation of securities for purchase or sale by a fund or an account. Any staff working in a support role to a portfolio manager, including, but not limited to, analysts and administrative assistants, are also considered to be Investment Persons. All Investment Persons are also considered Access Persons by definition.

**Managed Account**

The term "Managed Account" refers to an account over which neither you nor an Immediate Family Member (a) exercises investment discretion, (b) receives notice of transactions prior to execution, and/or (c) otherwise has direct or indirect influence or control. All Covered Persons must request and received approval from the Compliance Department in order to maintain a Managed Account.

**Outside Business Activity**

The term "Outside Business Activity" means any full-time or part-time service as an officer, director, partner, manager, consultant or employee of any business organization or non-profit organization other than the Firm. A Covered Person who engages in such service, whether or not s/he receives compensation for doing so, will be considered to be participating in an Outside Business Activity and must disclose such service to the Compliance Department and receive approval for same.

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.

Code of Ethics Policy and Procedures

**Required Holdings Information**

Certain information regarding your personal securities holdings is required to be reported. Such reports must include the date and nature of the transaction, identify the security transacted, the price at which the transaction was effected, the broker through which the transaction was effected and the date in which the Access or Investment Person submitted the report.

**RedOak ID: 5001850**

The Firm reserves the right to modify, replace, or terminate this CPP at any time and without notice to authorized recipients. This CPP supersedes any prior versions and is not for distribution outside the Firm except as specified herein. This CPP is confidential and distribution to third parties by authorized recipients is strictly prohibited.