# EDGAR Filing Document

**Accession Number:** 0001969995
**File Stem:** 0001206774-25-000546
**Filing Date:** 2025-8
**Character Count:** 41841
**Document Hash:** 909740dd134ea4a0441def955f961004
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001206774-25-000546.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001206774-25-000546

**CONFORMED SUBMISSION TYPE**: DEFA14A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Macquarie ETF Trust
- **CENTRAL INDEX KEY:** 0001969995

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** DEFA14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 811-23890
- **FILM NUMBER:** 251187985

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106
- **BUSINESS PHONE:** (800) 523-1918

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

## Series and Classes Contracts Data

### Macquarie Global Listed Infrastructure ETF (Series ID: S000082262)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000245546 | Macquarie Global Listed Infrastructure ETF | BILD            |

### Macquarie Energy Transition ETF (Series ID: S000082263)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000245547 | Macquarie Energy Transition ETF | PWER            |

### Macquarie Tax-Free USA Short Term ETF (Series ID: S000082264)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000245548 | Macquarie Tax-Free USA Short Term ETF | STAX            |

### Macquarie Focused Large Growth ETF (Series ID: S000084942)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000249711 | Macquarie Focused Large Growth ETF | LRGG            |

### Macquarie Focused Emerging Markets Equity ETF (Series ID: S000085746)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000251129 | Macquarie Focused Emerging Markets Equity ETF | EMEQ            |

### Macquarie Focused International Core ETF (Series ID: S000090013)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000256889 | Macquarie Focused International Core ETF | EXUS            |

### Macquarie National High-Yield Municipal Bond ETF (Series ID: S000090015)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000256891 | Macquarie National High-Yield Municipal Bond ETF | HTAX            |

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 14A INFORMATION**

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934 (Amendment No. __)

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☐ Definitive Proxy Statement

☒ Definitive Additional Materials

☐ Soliciting Material under § 240.14a-12

**MACQUARIE ETF TRUST**

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

☒ No fee required <br> ☐ Fee paid previously with preliminary materials <br> ☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

**MACQUARIE ETF**

Hi __________,

I'm reaching out to inform you of the types of shareholder communications and related timing that shareholders of the Macquarie ETFs may have received regarding the upcoming Special Meeting of Shareholders.

Below are the details of the mailing(s):

<u>[Endeavor letter</u>

**WHAT**: an Endeavor letter, marked "Urgent Notice", requesting shareholders to contact the indicated number. The Endeavor letter is the 1<sup>st</sup> letter in this [SEC Letter Filing](https://www.sec.gov/Archives/edgar/data/1969995/000120677425000467/metft4500964-defa14a.htm) (filed with the SEC and public).

**WHO:** a targeted group of shareholders who have not yet voted and have greater than [x] shares.

**WHEN**: the mailing commenced [Date].]

<u>[Mission letter]</u> 

**WHAT**: a Mission letter, marked "Urgent Notice", reminding Fund shareholders of the Special Shareholder Meeting and requesting them to vote their shares. The Mission letter is the 4<sup>th</sup> letter in this [SEC Letter Filing](https://www.sec.gov/Archives/edgar/data/1969995/000120677425000467/metft4500964-defa14a.htm) (filed with the SEC and public).

**WHO:** a targeted group of shareholders who have not yet voted and have greater than [x] shares.

**WHEN**: the mailing commenced [Date].]

<u>[Mission letter DNC]</u>

**WHAT**: a Mission letter, marked "**Important Notice**", reminding Fund shareholders of the Special Shareholder Meeting and requesting them to vote their shares. The Mission letter DNC is the 5<sup>th</sup> letter in this [SEC Letter Filing](https://www.sec.gov/Archives/edgar/data/1969995/000120677425000467/metft4500964-defa14a.htm) (filed with the SEC and public).

**WHO:** a targeted group of shareholders who have not yet voted and have greater than [x] shares.

**WHEN**: the mailing commenced [Date].]

<u>[Reminder Letters]</u>

**WHAT**: a Reminder letter reminding Fund shareholders of the Special Shareholder Meeting and requesting them to vote their shares. The Reminder letters are the 2<sup>nd</sup> and 3<sup>rd</sup> letters in this [SEC Letter Filing](https://www.sec.gov/Archives/edgar/data/1969995/000120677425000467/metft4500964-defa14a.htm) (filed with the SEC and public).

**WHO:** a targeted group of shareholders who have not yet voted and have greater than [x] shares.

**WHEN**: the mailing commenced [Date].]

Information for contacting the proxy solicitors to vote shares is included in these mailings. <u>Solicitation will cease once the shareholder has voted</u>. We ask that you please encourage your clients to read the proxy statement carefully and vote their shares.

Please reach out with any questions, and I would be happy to help.

Best regards,

[Name]

**The Macquarie ETF Trust Funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with any Macquarie entity, including Macquarie Asset Management and Delaware Distributors, L.P.**

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities and multi-asset solutions. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. Investment advisory services are provided to the Macquarie ETF Trust Funds by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a Securities and Exchange Commission (SEC) registered investment adviser.

On April 21, 2025, Macquarie Group Limited and Nomura Holding America Inc. (Nomura) announced that they had entered into an agreement for Nomura to acquire Macquarie Asset Management's US and European public investments business, which comprises Delaware Management Company, a series of Macquarie Investment Management Business Trust, and certain of its affiliates. The transaction is subject to customary closing conditions, including the receipt of applicable regulatory and shareholder approvals. Subject to such approvals and the satisfaction of these conditions, the transaction is expected to close by the end of 2025.

![](metft4518931-defa14a1x5x1.jpg)

Macquarie to divest public investments business in US and Europe to Nomura

Frequently asked questions

August 4, 2025

What is happening?

As communicated in April 2025, Macquarie Group Limited announced it had entered into an agreement for Nomura to acquire Macquarie Asset Management's (MAM) US and European public investments business, comprising equities, fixed income, and multi-asset. Nomura will acquire all of the assets, investment teams, offices, and operating models related to the business, ensuring continuity for clients.

At special meetings held in June 2025, the Macquarie Funds Board, Macquarie ETF Board, and Optimum Funds Board approved and recommended shareholders approve a new investment advisory agreement for each fund that, pending shareholder approval, would go into effect at the closing of the transaction. In addition, the applicable Boards also approved changes to certain fund names in which "Macquarie" would be replaced with "Nomura," effective at the closing of the transaction. Supplements with this information, along with the anticipated fund names, were filed with the SEC on June 12 for the Macquarie ETF Trust and June 18 for the Macquarie Funds and Optimum Funds.

In mid- to late-July, shareholders will receive proxy materials asking for their vote on matters relevant to their investment. Information regarding the proxy solicitation process can be found on pages 3-5 of this document.

Institutional clients managed by MAM through Macquarie Investment Management Advisers (MIMA), a series of Macquarie Investment Management Business Trust (MIMBT), will receive notification of the Nomura transaction and be requested to consent to MIMA continuing to provide services for these accounts. In addition, financial intermediary sponsors who offer SMA/wrap/model accounts managed by MAM through Delaware Capital Management (DCM), a series of MIMBT, will receive notification of the Nomura transaction and in certain instances be requested to consent to DCM continuing to provide services for these accounts. Information regarding the consent process can be found on page 5 of this document.

The transaction is subject to customary closing conditions and is expected to close on or about October 31, 2025.

We recognize that there is a lot of information for you and your clients to absorb as part of this change. Our goal is to keep you informed throughout this period. Over the coming months, we will work to ensure a smooth transition, while remaining focused on continuing to serve the interests of our clients. Your MAM colleagues are here to support you with guidance and information along the way. In the meantime, we have provided FAQs on the following pages.

**This FAQ document is not a solicitation of any proxy. When it is available, please read the proxy statement carefully because it will contain important information regarding the proposed new advisory agreement and the transaction. The proxy statement will be available for free on the SEC's website (<u>sec.gov</u>).**

Q&A – General benefits and impact

**Q1. What are the benefits of the transaction between Nomura and Macquarie?**

We believe that Nomura will be a great home for our business and a strong strategic parent as it takes the public investments business into its next

For financial professional use only. Not for use with the public. \| Ó 2025 Macquarie Management Holdings, Inc. 1

phase of expansion. Nomura has deep asset management roots and clear ambitions to grow.

Nomura views asset management as a key strategic growth priority, with an ambition to build a scaled global asset management business. Our products will be the cornerstone of these plans and Nomura has expressed its commitment to build upon that strong foundation.

Nomura's strategy will include investments to grow the fund's distribution platform and develop new product capabilities. A key priority will be scaling the existing exchange-traded fund (ETF) business established last year, drawing upon Nomura's experience as the largest ETF provider in Japan. We believe our strengths are highly complementary, and combining our capabilities and expertise will help us achieve our goal of delivering exceptional value to our collective clients.

**Q2. Will there be additional fund reorganizations due to the transaction with Nomura?**

There are no anticipated additional Macquarie Fund reorganizations as a result of the transaction.

**Q3. Will there be any changes to investments, including the funds' investment strategies and policies, institutional strategies or SMA/wrap/model products?**

Shareholders' investments in the funds will not change as a result of the transaction. Shareholders will still own the same fund shares, and the underlying value of those shares will not change as a result of the transaction. The funds' investment objectives, policies, and strategies will not change.

The transaction will not impact institutional clients or clients invested in SMA/wrap/model products, and their investment strategies and holdings will not be impacted as a result of the transaction.

**Q4. What will the impact be to personnel, including portfolio managers and sales teams?**

As part of the transaction, Nomura is taking more than 700 personnel who support the public markets business.

The portfolio managers for the funds, except for certain US leveraged credit funds,<sup>1</sup> are expected to continue in those roles following the closing of the transaction. For the US leveraged credit funds, certain investment professionals will remain Macquarie employees after closing and will no longer support these funds. For Macquarie Floating Rate Fund, however, these Macquarie employees are expected to support the Fund through a new sub-advisory arrangement.

In addition, a limited number of other investment professionals who provide services related to the funds' use of the Macquarie global equity and global fixed income investment platforms and who are employees of a current Macquarie affiliated sub-advisor will remain Macquarie employees after the closing and will no longer support the applicable funds while others will ultimately continue to provide these same investment services after the closing as Nomura employees through participating affiliate arrangements.

The transaction is not expected to change the portfolio managers, except for certain high yield credit team personnel who will remain with Macquarie, or relationship managers who provide services to institutional clients or clients invested in SMA/wrap/model products, or have any impact to our US Wealth sales team.

**Q5. What back-office functions will be impacted? Will there be a change to the client service center, transfer agent, etc.?**

We are planning a seamless transition as we move from Macquarie to Nomura. For the mutual funds and VIP products, BNY Mellon will continue to be the Custodian and Fund Accountant, and will continue providing sub-transfer agency services. DIFSC will continue to be the Transfer Agent. For the ETFs, JP Morgan Chase will continue as the Custodian, Fund Accountant, and Transfer Agent. For the institutional accounts and SMA/wrap/model products, there are no changes relating to operational support structure. Therefore, there are no anticipated changes to back-office contact information as a result of the transaction.

**Q6. What will the transaction's impact be on the funds' capital gains?**

The sale of Macquarie's US and European public markets business to Nomura is not expected to create a taxable event nor impact capital gains distributed by the funds. Capital gains generated by the funds, if any, will be paid out per the normal course of business as required. There are also no expected tax impacts for institutional clients or the SMA/wrap/model accounts as a result of the transaction.

**Q7. Will there be a blackout period for trading?**

There will not be a blackout period in advance of the transition to Nomura.

<sup>1</sup> Macquarie Global Bond Fund, Macquarie High Income Fund, Macquarie VIP High Income Series, Macquarie Strategic Income Fund, and Macquarie Floating Rate Fund.

For financial professional use only. Not for use with the public. \| Ó 2025 Macquarie Management Holdings, Inc. 2

**Q8. What is happening to the Premier Models?**

The Premier Models are included in the transaction.

**Q9. Will fund fees change as a result of the transaction?**

It is important to note that the fund fees under the new advisory agreements will remain the same. The fee waivers and expense caps currently in effect will remain the same through their current contractual term.

There are also no fee changes resulting from the transaction for institutional clients or the SMA/wrap/model products.

Q&A – Proxy solicitation for the Macquarie Funds, Macquarie ETFs, and Optimum Funds

**Q1. Why are shareholders being asked to vote?**

The transition from Macquarie to Nomura will result in a change in control of the investment adviser, Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust. The closing of this transaction will result in the automatic termination of each fund's investment advisory agreement with DMC, and any sub-advisory agreement, as applicable.

Fund shareholders are being asked to vote to approve new investment advisory agreements that would go into effect at the closing of the transaction.

**Q2. When can fund shareholders expect to receive proxy materials and solicitations?**

Starting in mid-to-late July, shareholders of record as of July 3, 2025, will receive proxy statements, and each shareholder will be asked to approve new advisory contracts between each applicable fund and DMC.

Solicitation efforts via phone will not start until sufficient time has passed after proxy materials are sent in order to allow shareholders time to receive and review the materials. Shareholders who vote their shares during that time period will not be solicited by phone.

**Q3. Which fund shareholders can expect to receive a proxy statement?**

All shareholders of record as of July 3, 2025, in the Macquarie Funds, Macquarie ETF Trust Funds, and Optimum Funds will receive a proxy statement.

For financial professional use only. Not for use with the public. \| Ó 2025 Macquarie Management Holdings, Inc. 3

**Q4. How can fund shareholders vote?**

Shareholders will have three options for voting their shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Mail back their proxy cards in the postage-paid envelope provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Call the dedicated toll-free proxy voting lines of the proxy solicitor, EQ (refer to the proxy ballot for the applicable phone number).
Shareholders will be required to provide the control number located on their proxy cards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Visit the website on their proxy cards.

Once shareholders vote, they should not receive any further communications from the proxy solicitor regarding their vote on this matter.

**Q5. What if fund shareholders have questions about the proposals and how to vote?**

If shareholders have any questions about the proposals or how to vote, they may call EQ Fund Solutions (EQ) and a representative will assist them.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Macquarie Funds** | &nbsp;&nbsp;(800) 659-6590 |
| &nbsp;&nbsp;**Macquarie VIP Funds** | &nbsp;&nbsp;(800) 769-7666 |
| &nbsp;&nbsp;**Macquarie ETF Trust** | &nbsp;&nbsp;(800) 431-9645 |
| &nbsp;&nbsp;**Optimum Funds** | &nbsp;&nbsp;(800) 714-3312 |

---

**Q6. How will fund shareholders be contacted to vote on their shares?**

In addition to solicitations by mail, solicitations also may be made by telephone, email, text message, other electronic media, or personal contacts. Broker/dealer firms, custodians, nominees, and fiduciaries will be asked to forward proxy materials to the beneficial owners of the shares of record.

We expect solicitation efforts will primarily be made by mail, telephone, email, text message, or oral solicitations.

Unvoted shareholder accounts will also receive reminder communications.

**Q7. How will fund shareholders who use eDelivery be notified?**

Shareholder accounts set to receive materials via eDelivery can expect to receive materials via email. The funds do not have the ability to change instructions on how shareholders have elected to receive materials.

**Q8. What are the benefits to shareholders of voting for new management contracts?**

Approval of the new advisory contracts will provide:

&nbsp;&nbsp;&nbsp;&nbsp;· Continuity of the investment strategies and funds shareholders selected and will allow their fund's
operations to continue uninterrupted after the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;· An organization with greater scale and resources, broader distribution capabilities, and opportunities
for organic growth.

&nbsp;&nbsp;&nbsp;&nbsp;· Initiatives such as developing new investment capabilities, scaling of the active ETF platform,
and investing in analytics, will build upon the current strengths of the business, and will aim to position our strategies to continue
delivering strong, long-term investment performance.

**Q9. What will happen if a fund's shareholders do not approve new management contracts?**

If a fund's shareholders do not approve a new management contract and the transaction closes, proxy solicitation for that fund will continue until shareholder approval is obtained. If this should happen, DMC will continue to provide advisory services for your fund for a period of up to 150 days following consummation of the transaction pursuant to an interim management agreement.

We are therefore asking shareholders of each fund to approve a new management agreement.

**Q10. What is the expected client experience for fund shareholders?**

We understand the frustration that comes from proxy actions and solicitations. As a result, we are working to minimize shareholder frustration as much as possible.

To that end, we will have:

&nbsp;&nbsp;&nbsp;&nbsp;· one proxy statement to contain details for all Macquarie Funds, both retail and the VIP funds.

&nbsp;&nbsp;&nbsp;&nbsp;· one proxy statement for all Macquarie ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;· one proxy statement for all Optimum Funds.

Each proxy statement will contain the information necessary for shareholders to vote on the proposal.

For financial professional use only. Not for use with the public. \| Ó 2025 Macquarie Management Holdings, Inc. 4

**Q11. How will fund shareholders who hold multiple funds be treated (for example, Household accounts)?**

Shareholders who hold multiple Macquarie Funds or whose accounts are combined with a spouse or other adult living within the household should receive only one proxy statement, no matter how many funds are held across those accounts.

While each shareholder account with multiple fund investments may receive one proxy statement, the shareholder will receive a proxy card to register their vote for each fund in which they invest.

For example:

&nbsp;&nbsp;&nbsp;&nbsp;· John Smith invests in five Macquarie Funds. He can expect to receive one proxy statement and five
proxy cards to register his vote.

&nbsp;&nbsp;&nbsp;&nbsp;· Jane Jones invests in three Macquarie Funds and one Macquarie ETF. She will receive two proxy statements
and four proxy cards to vote.

**Q12. What is the control number listed on each proxy statement?**

The control number is a randomly generated number that the proxy solicitor uses to identify a shareholder during the proxy campaign. This is not the shareholder's actual account number and does not contain any personally identifying information.

Q&A – Consent solicitation process – Institutional and SMA/Wrap/Model accounts

**Q1. What is happening?**

Because this transaction may be deemed an assignment of our agreement with you, we will be requesting your acknowledgement and consent as necessary to continue to provide services for your institutional account and/or SMA/wrap/model account platforms after the close of the transaction. For most clients, if we do not receive a signed written consent from you, we will be unable to continue to manage your account; therefore, please sign and return the acknowledgement and consent as soon as possible.

**Q2. What does this mean?**

MAM will notify its institutional and SMA "dual contract" clients of the transaction and request them to consent to MIMA or DCM, as applicable, continuing to provide services to those accounts. We plan to include the consultants and financial advisors of record for these clients on communications from MAM so that they will be prepared for questions from clients.

SMA/wrap/model sponsor firms will also be requested to consent to DCM continuing to provide services and take any necessary steps in connection thereto. To the extent necessary, after receiving the consent documentation from MAM, please check with your internal legal and compliance departments regarding next steps and reach out to your MAM relationship contact with any questions.

Q&A – Rebrand

**Q1. What is happening?**

As part of the transaction, our business will adopt the name of our new parent company, Nomura. Likewise, our investment solutions will be renamed, replacing Macquarie with Nomura. All of our US investment solutions – including our mutual funds, VIPs, ETFs, SMAs, Premier Models, and collective investment trusts (CITs) – will be included in the rebrand. In addition, certain corporate entity names, such as the SEC-registered investment adviser, Macquarie Investment Management Business Trust, will be rebranded "Nomura."

The new fund names can be found in Appendix A and the new SMA/model names can be found in Appendix B.

**Q2. Why is this happening? Didn't the funds just go through a rebrand?**

The prior brand consolidation project aimed to simplify the client experience and bring our investment expertise to the market under a single brand. It was an 18-month effort. The brand consolidation project was well underway and had passed several critical milestones prior to the development of an executable transaction for the sale of the US and European public markets businesses.

**Q3. Are any other entity names changing?**

Macquarie Investment Management Advisers is expected to be renamed Nomura Investment Management Advisers, and Macquarie Investment Management Business Trust is expected to be renamed Nomura Investment Management Business Trust effective at the closing of the transaction.

Delaware Capital Management will not be renamed.

For financial professional use only. Not for use with the public. \| Ó 2025 Macquarie Management Holdings, Inc. 5

**Q4. When and how will the rebrand happen?**

Shortly after the transaction closes, US and European investment solutions – including our mutual funds, VIPs, ETFs, SMAs, Premier Models, and CITs – will change their name from "Macquarie" to "Nomura." All quarterly collateral and client statements will reflect the new fund names.

**Q5. Will there be any impact to the product lineup as a result of the rebrand?**

No, the rebrand will only impact fund names, the name of the ETF complex, and certain corporate entity names. Additionally, all CUSIPs and ticker symbols will remain the same.

For financial professional use only. Not for use with the public. \| Ó 2025 Macquarie Management Holdings, Inc. 6

Appendix A: Fund name changes

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Current name** | &nbsp;&nbsp;**New name** |
| &nbsp;&nbsp;Macquarie Asset Strategy Fund | &nbsp;&nbsp;Nomura Asset Strategy Fund |
| &nbsp;&nbsp;Macquarie Balanced Fund | &nbsp;&nbsp;Nomura Balanced Fund |
| &nbsp;&nbsp;Macquarie Climate Solutions Fund | &nbsp;&nbsp;Nomura Climate Solutions Fund |
| &nbsp;&nbsp;Macquarie Core Equity Fund | &nbsp;&nbsp;Nomura Core Equity Fund |
| &nbsp;&nbsp;Macquarie Corporate Bond Fund | &nbsp;&nbsp;Nomura Corporate Bond Fund |
| &nbsp;&nbsp;Macquarie Diversified Income Fund | &nbsp;&nbsp;Nomura Diversified Income Fund |
| &nbsp;&nbsp;Macquarie Emerging Markets Debt Corporate Fund | &nbsp;&nbsp;Nomura Emerging Markets Debt Corporate Fund |
| &nbsp;&nbsp;Macquarie Emerging Markets Fund | &nbsp;&nbsp;Nomura Emerging Markets Fund |
| &nbsp;&nbsp;Macquarie Extended Duration Bond Fund | &nbsp;&nbsp;Nomura Extended Duration Bond Fund |
| &nbsp;&nbsp;Macquarie Floating Rate Fund | &nbsp;&nbsp;Nomura Floating Rate Fund |
| &nbsp;&nbsp;Macquarie Global Allocation Fund | &nbsp;&nbsp;Nomura Global Allocation Fund |
| &nbsp;&nbsp;Macquarie Global Bond Fund | &nbsp;&nbsp;Nomura Global Bond Fund |
| &nbsp;&nbsp;Macquarie Global Growth Fund | &nbsp;&nbsp;Nomura Global Growth Fund |
| &nbsp;&nbsp;Macquarie Global Listed Real Assets Fund | &nbsp;&nbsp;Nomura Global Listed Real Assets Fund |
| &nbsp;&nbsp;Macquarie Growth and Income Fund | &nbsp;&nbsp;Nomura Growth and Income Fund |
| &nbsp;&nbsp;Macquarie Healthcare Fund | &nbsp;&nbsp;Nomura Healthcare Fund |
| &nbsp;&nbsp;Macquarie High Income Fund | &nbsp;&nbsp;Nomura High Income Fund |
| &nbsp;&nbsp;Macquarie International Core Equity Fund | &nbsp;&nbsp;Nomura International Core Equity Fund |
| &nbsp;&nbsp;Macquarie Large Cap Growth Fund | &nbsp;&nbsp;Nomura Large Cap Growth Fund |
| &nbsp;&nbsp;Macquarie Limited-Term Diversified Income Fund | &nbsp;&nbsp;Nomura Limited-Term Diversified Income Fund |
| &nbsp;&nbsp;Macquarie Mid Cap Growth Fund | &nbsp;&nbsp;Nomura Mid Cap Growth Fund |
| &nbsp;&nbsp;Macquarie Mid Cap Income Opportunities Fund | &nbsp;&nbsp;Nomura Mid Cap Income Opportunities Fund |
| &nbsp;&nbsp;Macquarie Minnesota High-Yield Municipal Bond Fund | &nbsp;&nbsp;Nomura Minnesota High-Yield Municipal Bond Fund |
| &nbsp;&nbsp;Macquarie National High-Yield Municipal Bond Fund | &nbsp;&nbsp;Nomura National High-Yield Municipal Bond Fund |
| &nbsp;&nbsp;Macquarie Natural Resources Fund | &nbsp;&nbsp;Nomura Natural Resources Fund |
| &nbsp;&nbsp;Macquarie Opportunity Fund | &nbsp;&nbsp;Nomura Opportunity Fund |
| &nbsp;&nbsp;Macquarie Real Estate Securities Fund | &nbsp;&nbsp;Nomura Real Estate Securities Fund |
| &nbsp;&nbsp;Macquarie Science and Technology Fund | &nbsp;&nbsp;Nomura Science and Technology Fund |
| &nbsp;&nbsp;Macquarie Small Cap Core Fund | &nbsp;&nbsp;Nomura Small Cap Core Fund |
| &nbsp;&nbsp;Macquarie Small Cap Growth Fund | &nbsp;&nbsp;Nomura Small Cap Growth Fund |
| &nbsp;&nbsp;Macquarie Small Cap Value Fund | &nbsp;&nbsp;Nomura Small Cap Value Fund |
| &nbsp;&nbsp;Macquarie Smid Cap Core Fund | &nbsp;&nbsp;Nomura Smid Cap Core Fund |
| &nbsp;&nbsp;Macquarie Strategic Income Fund | &nbsp;&nbsp;Nomura Strategic Income Fund |
| &nbsp;&nbsp;Macquarie Systematic Emerging Markets Equity Fund | &nbsp;&nbsp;Nomura Systematic Emerging Markets Equity Fund |
| &nbsp;&nbsp;Macquarie Tax-Free California Fund | &nbsp;&nbsp;Nomura Tax-Free California Fund |
| &nbsp;&nbsp;Macquarie Tax-Free Colorado Fund | &nbsp;&nbsp;Nomura Tax-Free Colorado Fund |
| &nbsp;&nbsp;Macquarie Tax-Free Idaho Fund | &nbsp;&nbsp;Nomura Tax-Free Idaho Fund |
| &nbsp;&nbsp;Macquarie Tax-Free Minnesota Fund | &nbsp;&nbsp;Nomura Tax-Free Minnesota Fund |
| &nbsp;&nbsp;Macquarie Tax-Free New York Fund | &nbsp;&nbsp;Nomura Tax-Free New York Fund |
| &nbsp;&nbsp;Macquarie Tax-Free Oregon Fund | &nbsp;&nbsp;Nomura Tax-Free Oregon Fund |
| &nbsp;&nbsp;Macquarie Tax-Free Pennsylvania Fund | &nbsp;&nbsp;Nomura Tax-Free Pennsylvania Fund |
| &nbsp;&nbsp;Macquarie Tax-Free USA Fund | &nbsp;&nbsp;Nomura Tax-Free USA Fund |
| &nbsp;&nbsp;Macquarie Tax-Free USA Intermediate Fund | &nbsp;&nbsp;Nomura Tax-Free USA Intermediate Fund |
| &nbsp;&nbsp;Macquarie Ultrashort Fund | &nbsp;&nbsp;Nomura Ultrashort Fund |
| &nbsp;&nbsp;Macquarie Value Fund | &nbsp;&nbsp;Nomura Value Fund |
| &nbsp;&nbsp;Macquarie Wealth Builder Fund | &nbsp;&nbsp;Nomura Wealth Builder Fund |
| &nbsp;&nbsp;Macquarie VIP Asset Strategy Series | &nbsp;&nbsp;Nomura VIP Asset Strategy Series |
| &nbsp;&nbsp;Macquarie VIP Balanced Series | &nbsp;&nbsp;Nomura VIP Balanced Series |
| &nbsp;&nbsp;Macquarie VIP Core Equity Series | &nbsp;&nbsp;Nomura VIP Core Equity Series |
| &nbsp;&nbsp;Macquarie VIP Corporate Bond Series | &nbsp;&nbsp;Nomura VIP Corporate Bond Series |
| &nbsp;&nbsp;Macquarie VIP Emerging Markets Series | &nbsp;&nbsp;Nomura VIP Emerging Markets Series |
| &nbsp;&nbsp;Macquarie VIP Energy Series | &nbsp;&nbsp;Nomura VIP Energy Series |
| &nbsp;&nbsp;Macquarie VIP Fund for Income Series | &nbsp;&nbsp;Nomura VIP Fund for Income Series |
| &nbsp;&nbsp;Macquarie VIP Global Growth Series | &nbsp;&nbsp;Nomura VIP Global Growth Series |
| &nbsp;&nbsp;Macquarie VIP Growth and Income Series | &nbsp;&nbsp;Nomura VIP Growth and Income Series |
| &nbsp;&nbsp;Macquarie VIP Growth Equity Series | &nbsp;&nbsp;Nomura VIP Growth Equity Series |
| &nbsp;&nbsp;Macquarie VIP Growth Series | &nbsp;&nbsp;Nomura VIP Growth Series |

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For financial professional use only. Not for use with the public. \| Ó 2025 Macquarie Management Holdings, Inc. 7

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| | |
|:---|:---|
| &nbsp;&nbsp;**Current name** | &nbsp;&nbsp;**New name** |
| &nbsp;&nbsp;Macquarie VIP High Income Series | &nbsp;&nbsp;Nomura VIP High Income Series |
| &nbsp;&nbsp;Macquarie VIP International Core Equity Series | &nbsp;&nbsp;Nomura VIP International Core Equity Series |
| &nbsp;&nbsp;Macquarie VIP Investment Grade Series | &nbsp;&nbsp;Nomura VIP Investment Grade Series |
| &nbsp;&nbsp;Macquarie VIP Limited Duration Bond Series | &nbsp;&nbsp;Nomura VIP Limited Duration Bond Series |
| &nbsp;&nbsp;Macquarie VIP Limited-Term Bond Series | &nbsp;&nbsp;Nomura VIP Limited-Term Bond Series |
| &nbsp;&nbsp;Macquarie VIP Mid Cap Growth Series | &nbsp;&nbsp;Nomura VIP Mid Cap Growth Series |
| &nbsp;&nbsp;Macquarie VIP Natural Resources Series | &nbsp;&nbsp;Nomura VIP Natural Resources Series |
| &nbsp;&nbsp;Macquarie VIP Opportunity Series | &nbsp;&nbsp;Nomura VIP Opportunity Series |
| &nbsp;&nbsp;Macquarie VIP Pathfinder Aggressive Series | &nbsp;&nbsp;Nomura VIP Pathfinder Aggressive Series |
| &nbsp;&nbsp;Macquarie VIP Pathfinder Conservative Series | &nbsp;&nbsp;Nomura VIP Pathfinder Conservative Series |
| &nbsp;&nbsp;Macquarie VIP Pathfinder Moderate Series | &nbsp;&nbsp;Nomura VIP Pathfinder Moderate Series |
| &nbsp;&nbsp;Macquarie VIP Pathfinder Moderately Aggressive Series | &nbsp;&nbsp;Nomura VIP Pathfinder Moderately Aggressive Series |
| &nbsp;&nbsp;Macquarie VIP Pathfinder Moderately Conservative Series | &nbsp;&nbsp;Nomura VIP Pathfinder Moderately Conservative Series |
| &nbsp;&nbsp;Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series | &nbsp;&nbsp;Nomura VIP Pathfinder Moderately Aggressive – Managed Volatility Series |
| &nbsp;&nbsp;Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series | &nbsp;&nbsp;Nomura VIP Pathfinder Moderately Conservative – Managed Volatility Series |
| &nbsp;&nbsp;Macquarie VIP Pathfinder Moderate – Managed Volatility Series | &nbsp;&nbsp;Nomura VIP Pathfinder Moderate – Managed Volatility Series |
| &nbsp;&nbsp;Macquarie VIP Science and Technology Series | &nbsp;&nbsp;Nomura VIP Science and Technology Series |
| &nbsp;&nbsp;Macquarie VIP Small Cap Growth Series | &nbsp;&nbsp;Nomura VIP Small Cap Growth Series |
| &nbsp;&nbsp;Macquarie VIP Small Cap Value Series | &nbsp;&nbsp;Nomura VIP Small Cap Value Series |
| &nbsp;&nbsp;Macquarie VIP Smid Cap Core Series | &nbsp;&nbsp;Nomura VIP Smid Cap Core Series |
| &nbsp;&nbsp;Macquarie VIP Total Return Series | &nbsp;&nbsp;Nomura VIP Total Return Series |
| &nbsp;&nbsp;Macquarie VIP Value Series | &nbsp;&nbsp;Nomura VIP Value Series |
| &nbsp;&nbsp;Macquarie ETF Trust | &nbsp;&nbsp;Nomura ETF Trust |
| &nbsp;&nbsp;Macquarie Global Listed Infrastructure ETF | &nbsp;&nbsp;Nomura Global Listed Infrastructure ETF |
| &nbsp;&nbsp;Macquarie Energy Transition ETF | &nbsp;&nbsp;Nomura Energy Transition ETF |
| &nbsp;&nbsp;Macquarie Tax-Free USA Short Term ETF | &nbsp;&nbsp;Nomura Tax-Free USA Short Term ETF |
| &nbsp;&nbsp;Macquarie Focused Large Growth ETF | &nbsp;&nbsp;Nomura Focused Large Growth ETF |
| &nbsp;&nbsp;Macquarie Focused Emerging Markets Equity ETF | &nbsp;&nbsp;Nomura Focused Emerging Markets Equity ETF |
| &nbsp;&nbsp;Macquarie National High-Yield Municipal Bond ETF | &nbsp;&nbsp;Nomura National High-Yield Municipal Bond ETF |
| &nbsp;&nbsp;Macquarie Focused International Core ETF | &nbsp;&nbsp;Nomura Focused International Core ETF |
| &nbsp;&nbsp;Macquarie Focused SMID Cap Core ETF | &nbsp;&nbsp;Nomura Focused SMID Cap Core ETF |
| &nbsp;&nbsp;Macquarie Tax-Free USA ETF | &nbsp;&nbsp;Nomura Tax-Free USA ETF |
| &nbsp;&nbsp;Macquarie Tax-Free USA Intermediate ETF | &nbsp;&nbsp;Nomura Tax-Free USA Intermediate ETF |

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Appendix B: SMA/model name changes

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| | |
|:---|:---|
| &nbsp;&nbsp;**Current name** | &nbsp;&nbsp;**New name** |
| &nbsp;&nbsp;Macquarie Large Cap Growth Equity | &nbsp;&nbsp;Nomura Large Cap Growth Equity |
| &nbsp;&nbsp;Macquarie Mid Cap Growth Equity | &nbsp;&nbsp;Nomura Mid Cap Growth Equity |
| &nbsp;&nbsp;Macquarie Mid Cap Income Opportunities | &nbsp;&nbsp;Nomura Mid Cap Income Opportunities |
| &nbsp;&nbsp;Macquarie Small Cap Growth Equity | &nbsp;&nbsp;Nomura Small Cap Growth Equity |
| &nbsp;&nbsp;Macquarie Science and Technology | &nbsp;&nbsp;Nomura Science and Technology |
| &nbsp;&nbsp;Macquarie Large Cap Value Equity | &nbsp;&nbsp;Nomura Large Cap Value Equity |

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For financial professional use only. Not for use with the public. \| Ó 2025 Macquarie Management Holdings, Inc. 8

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| | |
|:---|:---|
| &nbsp;&nbsp;**Current name** | &nbsp;&nbsp;**New name** |
| &nbsp;&nbsp;Macquarie Small Cap Core Equity | &nbsp;&nbsp;Nomura Small Cap Core Equity |
| &nbsp;&nbsp;Macquarie Small Cap Value Equity | &nbsp;&nbsp;Nomura Small Cap Value Equity |
| &nbsp;&nbsp;Macquarie Smid Cap Core Equity | &nbsp;&nbsp;Nomura Smid Cap Core Equity |
| &nbsp;&nbsp;Macquarie International Equity ADR | &nbsp;&nbsp;Nomura International Equity ADR |
| &nbsp;&nbsp;Macquarie Intermediate Duration US Government | &nbsp;&nbsp;Nomura Intermediate Duration US Government |
| &nbsp;&nbsp;Macquarie US Government | &nbsp;&nbsp;Nomura US Government |
| &nbsp;&nbsp;Macquarie Low Duration US Government | &nbsp;&nbsp;Nomura Low Duration US Government |
| &nbsp;&nbsp;Macquarie Intermediate National Municipal | &nbsp;&nbsp;Nomura Intermediate National Municipal |
| &nbsp;&nbsp;Macquarie Long National Municipal | &nbsp;&nbsp;Nomura Long National Municipal |
| &nbsp;&nbsp;Macquarie Short National Municipal | &nbsp;&nbsp;Nomura Short National Municipal |
| &nbsp;&nbsp;Macquarie California Municipal | &nbsp;&nbsp;Nomura California Municipal |
| &nbsp;&nbsp;Macquarie New York Municipal | &nbsp;&nbsp;Nomura New York Municipal |
| &nbsp;&nbsp;Macquarie Municipal Bond Ladder | &nbsp;&nbsp;Nomura Municipal Bond Ladder |
| &nbsp;&nbsp;Macquarie Premier Models | &nbsp;&nbsp;Nomura Premier Models |

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**IMPORTANT DISCLOSURE:**

**Investing involves risk, including the possible loss of principal.** 

**Past performance is not a guarantee of future results.**

The information in this document is not, and should not be construed as, an advertisement, an invitation, an offer, a solicitation of an offer or a recommendation to participate in any investment strategy or take any other action, including to buy or sell any product or security or offer any banking or financial service or facility in any jurisdiction where it would be unlawful to do so. This document has been prepared without taking into account any person's objectives, financial situation or needs.

Recipients should not construe the contents of this document as financial, investment or other advice. It should not be relied on in making any investment decision.

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities and multi-asset solutions. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. Investment advisory services are provided to the Macquarie Funds by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. The Macquarie Funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of MIMBT. Institutional and managed account services are provided by Macquarie Investment Management Advisers and Delaware Capital Management, respectively, each a series of MIMBT.

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

All third-party marks cited are the property of their respective owners.© 2025 Macquarie Management Holdings Inc.

[4721044] 08/2025

For financial professional use only. Not for use with the public. \| Ó 2025 Macquarie Management Holdings, Inc. 9