# EDGAR Filing Document

**Accession Number:** 0000201670
**File Stem:** 0001133228-25-014203
**Filing Date:** 2025-12
**Character Count:** 1576477
**Document Hash:** a515421327c2667ad61115742710acd4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-014203.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001133228-25-014203

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 62

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DELAWARE GROUP STATE TAX-FREE INCOME TRUST
- **CENTRAL INDEX KEY:** 0000201670

**ORGANIZATION NAME:**
- **EIN:** 232021993
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02715
- **FILM NUMBER:** 251609768

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18002552139

**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 STATE TAX FREE INCOME TRUST/PA/
- **DATE OF NAME CHANGE:** 19980423

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DMC TAX FREE INCOME TRUST PA
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DELAWARE GROUP STATE TAX-FREE INCOME TRUST
- **CENTRAL INDEX KEY:** 0000201670

**ORGANIZATION NAME:**
- **EIN:** 232021993
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-57791
- **FILM NUMBER:** 251609767

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18002552139

**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 STATE TAX FREE INCOME TRUST/PA/
- **DATE OF NAME CHANGE:** 19980423

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DMC TAX FREE INCOME TRUST PA
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Nomura Tax-Free Pennsylvania Fund (Series ID: S000002393)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000006342 | Class A             | DELIX           |
| C000006344 | Class C             | DPTCX           |
| C000135933 | Institutional Class | DTPIX           |

?xml version='1.0' encoding='ASCII'? 2025-10-28December-StateMunicipal_Pro

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-1A**

File No. 002-57791

File No. 811-02715

---

| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☒ |
| Pre-Effective Amendment No. <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> | ☐ |
| Post-Effective Amendment No. <u>84</u> | ☒ |
| and/or |  |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☒ |
| Amendment No. <u>84</u> | ☒ |

---

(Check appropriate box or boxes)

**DELAWARE GROUP STATE TAX-FREE INCOME TRUST**

(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: December 30, 2025

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

☐ immediately upon filing pursuant to paragraph (b)

☒ on December 30, 2025 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. 84 to Registration File No. 002-57791 includes the following:

1. Facing Page

2. Contents Page

3. Part A – Prospectus (1)

4. Part B - Statement of Additional Information (1)

5. Part C - Other Information (1)

6. Signatures

7. Exhibits

This Post-Effective Amendment relates only to the Class A, Class C and Institutional Class shares of the Registrant's one series, Nomura Tax-Free Pennsylvania Fund.

---

| | |
|:---|:---|
| (1) | This Post-Effective Amendment contains a Prospectus and Statement of Additional Information for four registrants (each of which offers its shares in one or more series). A separate post-effective amendment, which includes the common Prospectus and Statement of Additional Information and its own Part C, is being filed for each of the other three registrants.<br>|
|  | The Prospectus and Statement of Additional Information contained in this Post-Effective Amendment relate to the Class A, Class C and Institutional Class shares of the Registrant's one series, Nomura Tax-Free Pennsylvania Fund. The Prospectus and Statement of Additional Information also relate to the shares of Nomura Minnesota High-Yield Municipal Bond Fund, Nomura Tax-Free California Fund, Nomura Tax-Free Idaho Fund and Nomura Tax-Free New York Fund series of Voyageur Mutual Funds; Nomura Tax-Free Colorado Fund series of Voyageur Mutual Funds II; and Nomura Tax-Free Minnesota Fund series of Voyageur Tax Free Funds. The Part C contained in this Post-Effective Amendment relates only to the Registrant's one series. Separate post-effective amendments which include the Prospectus and Statement of Additional Information as they relate to the series of the other registrants as well as their own Part C are being filed for Voyageur Mutual Funds, Voyageur Mutual Funds II and Voyageur Tax Free Funds. |

---

---

| |
|:---|
| ![image](pr2277img001.jpg) |
| Prospectus |

---

Fixed income mutual funds

---

| | | | |
|:---|:---|:---|:---|
|  | Nasdaq ticker symbols | Nasdaq ticker symbols | Nasdaq ticker symbols |
|  | Class A | Class C | Institutional Class |
| Nomura Tax-Free California Fund<br>(formerly, Macquarie Tax-Free California Fund) | DVTAX | DVFTX | DCTIX |
| Nomura Tax-Free Colorado Fund<br>(formerly, Macquarie Tax-Free Colorado Fund) | VCTFX | DVCTX | DCOIX |
| Nomura Tax-Free Idaho Fund<br>(formerly, Macquarie Tax-Free Idaho Fund) | VIDAX | DVICX | DTIDX |
| Nomura Tax-Free New York Fund<br>(formerly, Macquarie Tax-Free New York Fund) | FTNYX | DVFNX | DTNIX |
| Nomura Tax-Free Pennsylvania Fund<br>(formerly, Macquarie Tax-Free Pennsylvania Fund) | DELIX | DPTCX | DTPIX |
| Nomura Tax-Free Minnesota Fund<br>(formerly, Macquarie Tax-Free Minnesota Fund) | DEFFX | DMOCX | DMNIX |
| Nomura Minnesota High-Yield Municipal Bond Fund<br>(formerly, Macquarie Minnesota High-Yield Municipal Bond Fund) | DVMHX | DVMMX | DMHIX |

---

December 30, 2025

**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 summaries**..........................................................................................](#ref_chapter_2_2277)  | [1](#ref_chapter_2_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura Tax-Free California Fund................................................................................](#ref_chapter_2-sect1_1_319386_2277)  | [1](#ref_chapter_2-sect1_1_319386_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura Tax-Free Colorado Fund................................................................................](#ref_chapter_2-sect1_2_319387_2277)  | [5](#ref_chapter_2-sect1_2_319387_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura Tax-Free Idaho Fund...................................................................................](#ref_chapter_2-sect1_3_319388_2277)  | [9](#ref_chapter_2-sect1_3_319388_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura Tax-Free New York Fund................................................................................](#ref_chapter_2-sect1_4_319389_2277)  | [13](#ref_chapter_2-sect1_4_319389_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura Tax-Free Pennsylvania Fund..............................................................................](#ref_chapter_2-sect1_5_319390_2277)  | [17](#ref_chapter_2-sect1_5_319390_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura Tax-Free Minnesota Fund................................................................................](#ref_chapter_2-sect1_6_319391_2277)  | [21](#ref_chapter_2-sect1_6_319391_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nomura Minnesota High-Yield Municipal Bond Fund.....................................................................](#ref_chapter_2-sect1_7_319392_2277)  | [25](#ref_chapter_2-sect1_7_319392_2277)  |
| [**How we manage the Funds**..................................................................................](#ref_chapter_3_2277)  | [29](#ref_chapter_3_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Our principal investment strategies................................................................................](#ref_chapter_3-sect1_1_319394_2277)  | [29](#ref_chapter_3-sect1_1_319394_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [The securities in which the Funds typically invest.......................................................................](#ref_chapter_3-sect1_2_319395_2277)  | [29](#ref_chapter_3-sect1_2_319395_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Other investment strategies....................................................................................](#ref_chapter_3-sect1_3_319396_2277)  | [33](#ref_chapter_3-sect1_3_319396_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [The risks of investing in the Funds................................................................................](#ref_chapter_3-sect1_4_319397_2277)  | [33](#ref_chapter_3-sect1_4_319397_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Disclosure of portfolio holdings information...........................................................................](#ref_chapter_3-sect1_5_319398_2277)  | [38](#ref_chapter_3-sect1_5_319398_2277)  |
| [**Who manages the Funds**....................................................................................](#ref_chapter_4_2277)  | [39](#ref_chapter_4_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investment manager........................................................................................](#ref_chapter_4-sect1_1_319400_2277)  | [39](#ref_chapter_4-sect1_1_319400_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio managers.........................................................................................](#ref_chapter_4-sect1_2_319401_2277)  | [39](#ref_chapter_4-sect1_2_319401_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Manager of managers structure..................................................................................](#ref_chapter_4-sect1_3_319402_2277)  | [40](#ref_chapter_4-sect1_3_319402_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Who's who..............................................................................................](#ref_chapter_4-sect1_4_319403_2277)  | [40](#ref_chapter_4-sect1_4_319403_2277)  |
| [**About your account**........................................................................................](#ref_chapter_5_2277)  | [42](#ref_chapter_5_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investing in the Funds.......................................................................................](#ref_chapter_5-sect1_1_319405_2277)  | [42](#ref_chapter_5-sect1_1_319405_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Choosing a share class.......................................................................................](#ref_chapter_5-sect1_2_319406_2277)  | [42](#ref_chapter_5-sect1_2_319406_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Dealer compensation........................................................................................](#ref_chapter_5-sect1_3_319407_2277)  | [44](#ref_chapter_5-sect1_3_319407_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Payments to intermediaries....................................................................................](#ref_chapter_5-sect1_4_319408_2277)  | [45](#ref_chapter_5-sect1_4_319408_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [How to reduce your sales charge.................................................................................](#ref_chapter_5-sect1_5_319409_2277)  | [45](#ref_chapter_5-sect1_5_319409_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Buying Class A shares at net asset value............................................................................](#ref_chapter_5-sect1_6_319410_2277)  | [46](#ref_chapter_5-sect1_6_319410_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Waivers of contingent deferred sales charges.........................................................................](#ref_chapter_5-sect1_7_319411_2277)  | [47](#ref_chapter_5-sect1_7_319411_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [How to buy shares.........................................................................................](#ref_chapter_5-sect1_8_319412_2277)  | [47](#ref_chapter_5-sect1_8_319412_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Calculating share price.......................................................................................](#ref_chapter_5-sect1_9_319413_2277)  | [48](#ref_chapter_5-sect1_9_319413_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Fair valuation.............................................................................................](#ref_chapter_5-sect1_10_319414_2277)  | [48](#ref_chapter_5-sect1_10_319414_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Document delivery.........................................................................................](#ref_chapter_5-sect1_11_319416_2277)  | [49](#ref_chapter_5-sect1_11_319416_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Inactive accounts..........................................................................................](#ref_chapter_5-sect1_12_319417_2277)  | [49](#ref_chapter_5-sect1_12_319417_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [How to redeem shares.......................................................................................](#ref_chapter_5-sect1_13_319418_2277)  | [49](#ref_chapter_5-sect1_13_319418_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Low balance accounts.......................................................................................](#ref_chapter_5-sect1_14_319419_2277)  | [50](#ref_chapter_5-sect1_14_319419_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investor services...........................................................................................](#ref_chapter_5-sect1_15_319420_2277)  | [51](#ref_chapter_5-sect1_15_319420_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Frequent trading of Fund shares (market timing and disruptive trading)..........................................................](#ref_chapter_5-sect1_16_319421_2277)  | [52](#ref_chapter_5-sect1_16_319421_2277)  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Dividends, distributions, and taxes................................................................................](#ref_chapter_5-sect1_17_319422_2277)  | [54](#ref_chapter_5-sect1_17_319422_2277)  |
| [**Financial highlights**........................................................................................](#ref_chapter_6_2277)  | [58](#ref_chapter_6_2277)  |
| [**Broker-defined sales charge waiver policies**.....................................................................](#ref_chapter_7_2277)  | [80](#ref_chapter_7_2277)  |
| [**Additional information**......................................................................................](#ref_chapter_8_2277)  | [90](#ref_chapter_8_2277)  |

---

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| |
|:---|
| Fund summaries |
| **Nomura Tax-Free California Fund,** a series of Voyageur Mutual Funds<br>(formerly, Macquarie Tax-Free California Fund) |

---

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

Nomura Tax-Free California Fund seeks as high a level of current income exempt from federal income tax and from the California state personal income tax as is consistent with preservation of capital.

**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 $100,000 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 | Inst. |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price........  | 4.50% |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or <br>redemption price, 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 | Inst. |
| Management fees.........................................................  | 0.55% | 0.55% | 0.55% |
| Distribution and service (12b-1) fees............................................  | 0.25% | 1.00% |  |
| Other expenses...........................................................  | 0.18%<sup>2</sup>  | 0.18%<sup>2</sup>  | 0.18%<sup>2</sup>  |
| Total annual fund operating expenses...........................................  | 0.98% | 1.73% | 0.73% |
| Fee waivers and expense reimbursements.......................................  | (0.18%)<sup>3</sup>  | (0.18%)<sup>3</sup>  | (0.18%)<sup>3</sup>  |
| Total annual fund operating expenses after fee waivers and expense reimbursements........  | 0.80% | 1.55% | 0.55% |

---

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| | |
|:---|:---|
| 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 $250,000 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. |

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| | |
|:---|:---|
| 2 | Other expenses exclude litigation expenses the Fund incurred during the most recent fiscal year. If such expenses had been included, other expenses would have been 0.19%. |

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| | |
|:---|:---|
| 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, inverse floater program expenses, 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 0.55% of the Fund's average daily net assets from December 30, 2025 through December 29, 2026. 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| Class | A | (if not<br>redeemed)<br>C | C | Inst. |
| 1 year........................................................  | $528 | $158 | $258 | $56 |
| 3 years.......................................................  | $731 | $527 | $527 | $215 |
| 5 years.......................................................  | $951 | $922 | $922 | $388 |
| 10 years......................................................  | $1582 | $2026 | $2026 | $890 |

---

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[Back to **Table of Contents**](#TOC_2277)

Fund summaries

**Portfolio turnover**

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

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

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities the income from which is exempt from federal income tax, including the federal alternative minimum tax, and from California state personal income taxes. This is a fundamental investment policy that may not be changed without prior shareholder approval.

Municipal debt obligations are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses. Municipal debt obligations in which the Fund may invest may also include securities issued by US territories and possessions (such as the Commonwealth of Puerto Rico, Guam, and the US Virgin Islands) to the extent that these securities are also exempt from federal income tax and California state personal income taxes. The types of municipal debt obligations in which the Fund may invest include, but are not limited to, advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation. The Fund may invest up to 20% of its net assets in high yield (junk) bonds. The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions. The Manager will adjust the average maturity of the bonds in the portfolio to attempt to provide a high level of tax-exempt income consistent with preservation of capital. The Fund's income level will vary depending on current interest rates and the specific securities in the portfolio. The Fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors does not suit its investment needs. The Fund may invest in insured municipal bonds. The Fund will generally have a dollar-weighted average effective maturity of between 5 and 30 years.

**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.

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Credit risk** — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

**High yield (junk) bond risk** — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.

**Call risk** — The risk that a bond issuer will prepay the bond during periods of low interest rates, forcing a fund to reinvest that money at interest rates that might be lower than rates on the called bond.

**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.

**Geographic concentration risk** — The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession.

**Alternative minimum tax risk** — If a fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the fund's distributions would be taxable for shareholders who are subject to this tax.

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[Back to **Table of Contents**](#TOC_2277)

**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. For example, a tax-exempt security may be reclassified by the Internal Revenue Service or a state tax authority as taxable, and/or future legislative, administrative, or court actions could cause interest from a tax-exempt security to become taxable, possibly retroactively.

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

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

**How has** **Nomura** **Tax-Free California 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 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](pr2277img002.jpg)

As of September 30, 2025, the Fund's Class A shares had a calendar year-to-date return of -0.04%. During the periods illustrated in this bar chart, Class A's highest quarterly return was 10.92% for the quarter ended December 31, 2023, and its lowest quarterly return was -6.36% for the quarter ended March 31, 2022. The maximum Class A sales charge of 4.50%, 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.

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[Back to **Table of Contents**](#TOC_2277)

Fund summaries

**Average annual total returns for periods ended December 31, 2024**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Class A return before taxes.................................................  | -1.84% | 0.55% | 2.10% |
| Class A return after taxes on distributions.......................................  | -1.84% | 0.55% | 2.06% |
| Class A return after taxes on distributions and sale of Fund shares.....................  | 0.28% | 1.15% | 2.35% |
| Class C return before taxes.................................................  | 0.93% | 0.73% | 1.81% |
| Institutional Class return before taxes..........................................  | 3.04% | 1.74% | 2.84% |
| Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)........  | 1.05% | 0.99% | 2.25% |

---

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

**Who manages the Fund?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Fund** |
|  Gregory Gizzi  | &nbsp;&nbsp; Managing Director, Head of Fixed Income and Municipal Bonds | &nbsp;&nbsp; December 2012 |
|  Stephen Czepiel  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; July 2007 |
|  William Roach, CFA, CMT  | &nbsp;&nbsp; Executive Director, Senior Portfolio Manager | &nbsp;&nbsp; May 2023 |

---

**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. For Institutional Class shares (except those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in this Prospectus under "Choosing a share class" and on the Fund's website. We may reduce or waive the minimums or eligibility requirements in certain cases.

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

**Tax information**

The Fund's distributions primarily are exempt from regular federal income taxes and state personal income taxes for residents of California. A portion of these distributions, however, may be subject to the federal alternative minimum tax for noncorporate shareholders and state and local taxes. The Fund may also make distributions that are taxable to you as ordinary income, capital gains, or some combination of both.

**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.

------

[Back to **Table of Contents**](#TOC_2277)

---

| |
|:---|
| Fund summaries |
| **Nomura Tax-Free Colorado Fund,** a series of Voyageur Mutual Funds II<br>(formerly, Macquarie Tax-Free Colorado Fund) |

---

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

Nomura Tax-Free Colorado Fund seeks as high a level of current income exempt from federal income tax and from the personal income tax in Colorado as is consistent with preservation of capital.

**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 $100,000 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 | Inst. |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price........  | 4.50% |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or <br>redemption price, 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 | Inst. |
| Management fees.........................................................  | 0.55% | 0.55% | 0.55% |
| Distribution and service (12b-1) fees............................................  | 0.25% | 1.00% |  |
| Other expenses...........................................................  | 0.18%<sup>2</sup>  | 0.18%<sup>2</sup>  | 0.18%<sup>2</sup>  |
| Total annual fund operating expenses...........................................  | 0.98% | 1.73% | 0.73% |
| Fee waivers and expense reimbursements.......................................  | (0.16%)<sup>3</sup>  | (0.16%)<sup>3</sup>  | (0.16%)<sup>3</sup>  |
| Total annual fund operating expenses after fee waivers and expense reimbursements........  | 0.82% | 1.57% | 0.57% |

---

---

| | |
|:---|:---|
| 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 $250,000 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 exclude litigation expenses the Fund incurred during the most recent fiscal year. If such expenses had been included, other expenses would have been 0.20%. |

---

---

| | |
|:---|:---|
| 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, inverse floater program expenses, 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 0.57% of the Fund's average daily net assets from December 30, 2025 through December 29, 2026. 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 | (if not<br>redeemed)<br>C | C | Inst. |
| 1 year........................................................  | $530 | $160 | $260 | $58 |
| 3 years.......................................................  | $733 | $529 | $529 | $217 |
| 5 years.......................................................  | $952 | $924 | $924 | $390 |
| 10 years......................................................  | $1583 | $2028 | $2028 | $891 |

---

------

[Back to **Table of Contents**](#TOC_2277)

Fund summaries

**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 20% of the average value of its portfolio.

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

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities the income from which is exempt from federal income tax, including the federal alternative minimum tax, and from Colorado state personal income taxes. This is a fundamental investment policy that may not be changed without prior shareholder approval.

Municipal debt obligations are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses. Municipal debt obligations in which the Fund may invest may also include securities issued by US territories and possessions (such as the Commonwealth of Puerto Rico, Guam, and the US Virgin Islands) to the extent that these securities are also exempt from federal income tax and Colorado state personal income taxes. The types of municipal debt obligations in which the Fund may invest include, but are not limited to, advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation. The Fund may invest up to 20% of its net assets in high yield (junk) bonds. The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions. The Manager will adjust the average maturity of the bonds in the portfolio to attempt to provide a high level of tax-exempt income consistent with preservation of capital. The Fund's income level will vary depending on current interest rates and the specific securities in the portfolio. The Fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors does not suit its investment needs. The Fund may invest in insured municipal bonds. The Fund will generally have a dollar-weighted average effective maturity of between 5 and 30 years.

**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.

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Credit risk** — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

**High yield (junk) bond risk** — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.

**Call risk** — The risk that a bond issuer will prepay the bond during periods of low interest rates, forcing a fund to reinvest that money at interest rates that might be lower than rates on the called bond.

**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.

**Geographic concentration risk** — The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession.

**Alternative minimum tax risk** — If a fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the fund's distributions would be taxable for shareholders who are subject to this tax.

------

[Back to **Table of Contents**](#TOC_2277)

**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. For example, a tax-exempt security may be reclassified by the Internal Revenue Service or a state tax authority as taxable, and/or future legislative, administrative, or court actions could cause interest from a tax-exempt security to become taxable, possibly retroactively.

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

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

**How has** **Nomura** **Tax-Free Colorado 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 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](pr2277img003.jpg)

As of September 30, 2025, the Fund's Class A shares had a calendar year-to-date return of 1.06%. During the periods illustrated in this bar chart, Class A's highest quarterly return was 10.16% for the quarter ended December 31, 2023, and its lowest quarterly return was -5.49% for the quarter ended March 31, 2022. The maximum Class A sales charge of 4.50%, 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.

------

[Back to **Table of Contents**](#TOC_2277)

Fund summaries

**Average annual total returns for periods ended December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Class A return before taxes.................................................  | -1.16% | 0.36% | 1.85% |
| Class A return after taxes on distributions.......................................  | -1.16% | 0.36% | 1.85% |
| Class A return after taxes on distributions and sale of Fund shares.....................  | 0.68% | 0.96% | 2.14% |
| Class C return before taxes.................................................  | 1.73% | 0.51% | 1.54% |
| Institutional Class return before taxes..........................................  | 3.76% | 1.53% | 2.57% |
| Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)........  | 1.05% | 0.99% | 2.25% |

---

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

**Who manages the Fund?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Fund** |
|  Gregory Gizzi  | &nbsp;&nbsp; Managing Director, Head of Fixed Income and Municipal Bonds | &nbsp;&nbsp; December 2012 |
|  Stephen Czepiel  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; July 2007 |
|  William Roach, CFA, CMT  | &nbsp;&nbsp; Executive Director, Senior Portfolio Manager | &nbsp;&nbsp; May 2023 |

---

**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. For Institutional Class shares (except those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in this Prospectus under "Choosing a share class" and on the Fund's website. We may reduce or waive the minimums or eligibility requirements in certain cases.

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

**Tax information**

The Fund's distributions primarily are exempt from regular federal income taxes and state personal income taxes for residents of Colorado. A portion of these distributions, however, may be subject to the federal alternative minimum tax for noncorporate shareholders and state and local taxes. The Fund may also make distributions that are taxable to you as ordinary income, capital gains, or some combination of both.

**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.

------

[Back to **Table of Contents**](#TOC_2277)

---

| |
|:---|
| Fund summaries |
| **Nomura Tax-Free Idaho Fund,** a series of Voyageur Mutual Funds<br>(formerly, Macquarie Tax-Free Idaho Fund) |

---

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

Nomura Tax-Free Idaho Fund seeks as high a level of current income exempt from federal income tax and from Idaho personal income taxes as is consistent with preservation of capital.

**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 $100,000 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 | Inst. |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price........  | 4.50% |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or <br>redemption price, 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 | Inst. |
| Management fees.........................................................  | 0.55% | 0.55% | 0.55% |
| Distribution and service (12b-1) fees............................................  | 0.25% | 1.00% |  |
| Other expenses...........................................................  | 0.26%<sup>2</sup>  | 0.26%<sup>2</sup>  | 0.26%<sup>2</sup>  |
| Total annual fund operating expenses...........................................  | 1.06% | 1.81% | 0.81% |
| Fee waivers and expense reimbursements.......................................  | (0.20%)<sup>3</sup>  | (0.20%)<sup>3</sup>  | (0.20%)<sup>3</sup>  |
| Total annual fund operating expenses after fee waivers and expense reimbursements........  | 0.86% | 1.61% | 0.61% |

---

---

| | |
|:---|:---|
| 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 $250,000 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 exclude litigation expenses the Fund incurred during the most recent fiscal year. If such expenses had been included, other expenses would have been 0.28%. |

---

---

| | |
|:---|:---|
| 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, inverse floater program expenses, 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 0.61% of the Fund's average daily net assets from December 30, 2025 through December 29, 2026. 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 | (if not<br>redeemed)<br>C | C | Inst. |
| 1 year........................................................  | $534 | $164 | $264 | $62 |
| 3 years.......................................................  | $753 | $550 | $550 | $239 |
| 5 years.......................................................  | $990 | $961 | $961 | $430 |
| 10 years......................................................  | $1669 | $2110 | $2110 | $983 |

---

------

[Back to **Table of Contents**](#TOC_2277)

Fund summaries

**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 16% of the average value of its portfolio.

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

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities the income from which is exempt from federal income tax, including the federal alternative minimum tax, and from Idaho state personal income taxes. This is a fundamental investment policy that may not be changed without prior shareholder approval.

Municipal debt obligations are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses. Municipal debt obligations in which the Fund may invest may also include securities issued by US territories and possessions (such as the Commonwealth of Puerto Rico, Guam, and the US Virgin Islands) to the extent that these securities are also exempt from federal income tax and Idaho state personal income taxes. The types of municipal debt obligations in which the Fund may invest include, but are not limited to, advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation. The Fund may invest up to 20% of its net assets in high yield (junk) bonds. The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions. The Manager will adjust the average maturity of the bonds in the portfolio to attempt to provide a high level of tax-exempt income consistent with preservation of capital. The Fund's income level will vary depending on current interest rates and the specific securities in the portfolio. The Fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors does not suit its investment needs. The Fund may invest in insured municipal bonds. The Fund will generally have a dollar-weighted average effective maturity of between 5 and 30 years.

**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.

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Credit risk** — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

**High yield (junk) bond risk** — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.

**Call risk** — The risk that a bond issuer will prepay the bond during periods of low interest rates, forcing a fund to reinvest that money at interest rates that might be lower than rates on the called bond.

**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.

**Geographic concentration risk** — The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession.

**Alternative minimum tax risk** — If a fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the fund's distributions would be taxable for shareholders who are subject to this tax.

------

[Back to **Table of Contents**](#TOC_2277)

**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. For example, a tax-exempt security may be reclassified by the Internal Revenue Service or a state tax authority as taxable, and/or future legislative, administrative, or court actions could cause interest from a tax-exempt security to become taxable, possibly retroactively.

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

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

**How has** **Nomura** **Tax-Free Idaho 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 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](pr2277img004.jpg)

As of September 30, 2025, the Fund's Class A shares had a calendar year-to-date return of 0.94%. During the periods illustrated in this bar chart, Class A's highest quarterly return was 10.10% for the quarter ended December 31, 2023, and its lowest quarterly return was -5.79% for the quarter ended September 30, 2023. The maximum Class A sales charge of 4.50%, 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.

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Fund summaries

**Average annual total returns for periods ended December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Class A return before taxes.................................................  | -1.57% | 0.09% | 1.52% |
| Class A return after taxes on distributions.......................................  | -1.57% | 0.09% | 1.52% |
| Class A return after taxes on distributions and sale of Fund shares.....................  | 0.36% | 0.73% | 1.84% |
| Class C return before taxes.................................................  | 1.35% | 0.28% | 1.24% |
| Institutional Class return before taxes..........................................  | 3.47% | 1.29% | 2.26% |
| Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)........  | 1.05% | 0.99% | 2.25% |

---

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

**Who manages the Fund?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Fund** |
|  Gregory Gizzi  | &nbsp;&nbsp; Managing Director, Head of Fixed Income and Municipal Bonds | &nbsp;&nbsp; December 2012 |
|  Stephen Czepiel  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; July 2007 |
|  William Roach, CFA, CMT  | &nbsp;&nbsp; Executive Director, Senior Portfolio Manager | &nbsp;&nbsp; May 2023 |

---

**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. For Institutional Class shares (except those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in this Prospectus under "Choosing a share class" and on the Fund's website. We may reduce or waive the minimums or eligibility requirements in certain cases.

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

**Tax information**

The Fund's distributions primarily are exempt from regular federal income taxes and state personal income taxes for residents of Idaho. A portion of these distributions, however, may be subject to the federal alternative minimum tax for noncorporate shareholders and state and local taxes. The Fund may also make distributions that are taxable to you as ordinary income, capital gains, or some combination of both.

**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.

------

[Back to **Table of Contents**](#TOC_2277)

---

| |
|:---|
| Fund summaries |
| **Nomura Tax-Free New York Fund,** a series of Voyageur Mutual Funds<br>(formerly, Macquarie Tax-Free New York Fund) |

---

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

Nomura Tax-Free New York Fund seeks as high a level of current income exempt from federal income tax and from New York state personal income taxes as is consistent with preservation of capital.

**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 $100,000 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 | Inst. |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price........  | 4.50% |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or <br>redemption price, 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 | Inst. |
| Management fees.........................................................  | 0.55% | 0.55% | 0.55% |
| Distribution and service (12b-1) fees............................................  | 0.25% | 1.00% |  |
| Other expenses...........................................................  | 0.17%<sup>2</sup>  | 0.17%<sup>2</sup>  | 0.17%<sup>2</sup>  |
| Total annual fund operating expenses...........................................  | 0.97% | 1.72% | 0.72% |
| Fee waivers and expense reimbursements.......................................  | (0.17%)<sup>3</sup>  | (0.17%)<sup>3</sup>  | (0.17%)<sup>3</sup>  |
| Total annual fund operating expenses after fee waivers and expense reimbursements........  | 0.80% | 1.55% | 0.55% |

---

---

| | |
|:---|:---|
| 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 $250,000 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 exclude litigation expenses the Fund incurred during the most recent fiscal year. If such expenses had been included, other expenses would have been 0.18%. |

---

---

| | |
|:---|:---|
| 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, inverse floater program expenses, 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 0.55% of the Fund's average daily net assets from December 30, 2025 through December 29, 2026. 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 | (if not<br>redeemed)<br>C | C | Inst. |
| 1 year........................................................  | $528 | $158 | $258 | $56 |
| 3 years.......................................................  | $729 | $525 | $525 | $213 |
| 5 years.......................................................  | $946 | $917 | $917 | $384 |
| 10 years......................................................  | $1571 | $2016 | $2016 | $879 |

---

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[Back to **Table of Contents**](#TOC_2277)

Fund summaries

**Portfolio turnover**

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

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

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities the income from which is exempt from federal income tax, including the federal alternative minimum tax, and from New York state personal income taxes. This is a fundamental investment policy that may not be changed without prior shareholder approval.

Municipal debt obligations are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses. Municipal debt obligations in which the Fund may invest may also include securities issued by US territories and possessions (such as the Commonwealth of Puerto Rico, Guam, and the US Virgin Islands) to the extent that these securities are also exempt from federal income tax and New York state personal income taxes. The types of municipal debt obligations in which the Fund may invest include, but are not limited to, advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation. The Fund may invest up to 20% of its net assets in high yield (junk) bonds. The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions. The Manager will adjust the average maturity of the bonds in the portfolio to attempt to provide a high level of tax-exempt income consistent with preservation of capital. The Fund's income level will vary depending on current interest rates and the specific securities in the portfolio. The Fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors does not suit its investment needs. The Fund may invest in insured municipal bonds. The Fund will generally have a dollar-weighted average effective maturity of between 5 and 30 years.

**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.

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Credit risk** — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

**High yield (junk) bond risk** — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.

**Call risk** — The risk that a bond issuer will prepay the bond during periods of low interest rates, forcing a fund to reinvest that money at interest rates that might be lower than rates on the called bond.

**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.

**Geographic concentration risk** — The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession.

**Alternative minimum tax risk** — If a fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the fund's distributions would be taxable for shareholders who are subject to this tax.

------

[Back to **Table of Contents**](#TOC_2277)

**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. For example, a tax-exempt security may be reclassified by the Internal Revenue Service or a state tax authority as taxable, and/or future legislative, administrative, or court actions could cause interest from a tax-exempt security to become taxable, possibly retroactively.

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

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

**How has** **Nomura** **Tax-Free New York 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 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](pr2277img005.jpg)

As of September 30, 2025, the Fund's Class A shares had a calendar year-to-date return of 0.40%. During the periods illustrated in this bar chart, Class A's highest quarterly return was 10.10% for the quarter ended December 31, 2023, and its lowest quarterly return was -5.82% for the quarter ended June 30, 2022. The maximum Class A sales charge of 4.50%, 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.

------

[Back to **Table of Contents**](#TOC_2277)

Fund summaries

**Average annual total returns for periods ended December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Class A return before taxes.................................................  | -2.07% | 0.30% | 1.85% |
| Class A return after taxes on distributions.......................................  | -2.07% | 0.28% | 1.82% |
| Class A return after taxes on distributions and sale of Fund shares.....................  | 0.17% | 0.92% | 2.11% |
| Class C return before taxes.................................................  | 0.75% | 0.48% | 1.56% |
| Institutional Class return before taxes..........................................  | 2.86% | 1.48% | 2.58% |
| Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)........  | 1.05% | 0.99% | 2.25% |

---

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

**Who manages the Fund?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Fund** |
|  Gregory Gizzi  | &nbsp;&nbsp; Managing Director, Head of Fixed Income and Municipal Bonds | &nbsp;&nbsp; December 2012 |
|  Stephen Czepiel  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; July 2007 |
|  William Roach, CFA, CMT  | &nbsp;&nbsp; Executive Director, Senior Portfolio Manager | &nbsp;&nbsp; May 2023 |

---

**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. For Institutional Class shares (except those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in this Prospectus under "Choosing a share class" and on the Fund's website. We may reduce or waive the minimums or eligibility requirements in certain cases.

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

**Tax information**

The Fund's distributions primarily are exempt from regular federal income taxes and state personal income taxes for residents of New York. A portion of these distributions, however, may be subject to the federal alternative minimum tax for noncorporate shareholders and state and local taxes. The Fund may also make distributions that are taxable to you as ordinary income, capital gains, or some combination of both.

**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.

------

[Back to **Table of Contents**](#TOC_2277)

---

| |
|:---|
| Fund summaries |
| **Nomura Tax-Free Pennsylvania Fund,** a series of Delaware Group<sup>®</sup> State Tax-Free Income Trust<br>(formerly, Macquarie Tax-Free Pennsylvania Fund) |

---

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

Nomura Tax-Free Pennsylvania Fund seeks as high a level of current income exempt from federal income tax and from Pennsylvania state personal income tax as is consistent with preservation of capital.

**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 $100,000 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 | Inst. |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price........  | 4.50% |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or <br>redemption price, 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 | Inst. |
| Management fees.........................................................  | 0.55% | 0.55% | 0.55% |
| Distribution and service (12b-1) fees............................................  | 0.25% | 1.00% |  |
| Other expenses...........................................................  | 0.15%<sup>2</sup> | 0.15%<sup>2</sup> | 0.15%<sup>2</sup> |
| Total annual fund operating expenses...........................................  | 0.95% | 1.70% | 0.70% |
| Fee waivers and expense reimbursements.......................................  | (0.12%)<sup>3</sup> | (0.12%)<sup>3</sup> | (0.12%)<sup>3</sup> |
| Total annual fund operating expenses after fee waivers and expense reimbursements........  | 0.83% | 1.58% | 0.58% |

---

---

| | |
|:---|:---|
| 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 $250,000 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 exclude litigation expenses the Fund incurred during the most recent fiscal year. If such expenses had been included, other expenses would have been 0.16%. |

---

---

| | |
|:---|:---|
| 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, inverse floater program expenses, 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 0.58% of the Fund's average daily net assets from December 30, 2025 through December 29, 2026. These waivers and reimbursements may only be terminated by agreement of the Manager and the Fund. The Fund's Class A shares also are subject to a blended 12b-1 fee of 0.10% on all shares acquired prior to June 1, 1992 and 0.25% on all shares acquired on or after June 1, 1992. |

---

**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 | (if not<br>redeemed)<br>C  | C | Inst. |
| 1 year........................................................  | $531 | $161 | $261 | $59 |
| 3 years.......................................................  | $728 | $524 | $524 | $212 |
| 5 years.......................................................  | $941 | $912 | $912 | $378 |
| 10 years......................................................  | $1553 | $1999 | $1999 | $859 |

---

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[Back to **Table of Contents**](#TOC_2277)

Fund summaries

**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 30% of the average value of its portfolio.

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

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities that provide income that is exempt from federal income tax, including the federal alternative minimum tax, and the personal income taxes of the Commonwealth of Pennsylvania. This is a fundamental investment policy that may not be changed without prior shareholder approval.

Municipal debt obligations are securities issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses. Municipal debt obligations in which the Fund may invest may also include securities issued by US territories and possessions (such as the Commonwealth of Puerto Rico, Guam, and the US Virgin Islands) to the extent that these securities are also exempt from federal income tax and the personal income taxes of the Commonwealth of Pennsylvania. The types of municipal debt obligations in which the Fund may invest include, but are not limited to, advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation. The Fund may invest up to 20% of its net assets in high yield (junk) bonds. The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions. The Manager will adjust the average maturity of the bonds in the portfolio to attempt to provide a high level of tax-exempt income consistent with preservation of capital. The Fund's income level will vary depending on current interest rates and the specific securities in the portfolio. The Fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors does not suit its investment needs. The Fund may invest in insured municipal bonds. The Fund will generally have a dollar-weighted average effective maturity of between 5 and 30 years.

**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.

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Credit risk** — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

**High yield (junk) bond risk** — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.

**Call risk** — The risk that a bond issuer will prepay the bond during periods of low interest rates, forcing a fund to reinvest that money at interest rates that might be lower than rates on the called bond.

**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.

**Geographic concentration risk** — The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession.

------

[Back to **Table of Contents**](#TOC_2277)

**Alternative minimum tax risk** — If a fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the fund's distributions would be taxable for shareholders who are subject to this tax.

**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. For example, a tax-exempt security may be reclassified by the Internal Revenue Service or a state tax authority as taxable, and/or future legislative, administrative, or court actions could cause interest from a tax-exempt security to become taxable, possibly retroactively.

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

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

**How has** **Nomura** **Tax-Free Pennsylvania 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 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](pr2277img006.jpg)

As of September 30, 2025, the Fund's Class A shares had a calendar year-to-date return of 0.47%. During the periods illustrated in this bar chart, Class A's highest quarterly return was 10.77% for the quarter ended December 31, 2023, and its lowest quarterly return was -5.70% for the quarter ended March 31, 2022. The maximum Class A sales charge of 4.50%, 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.

------

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Fund summaries

**Average annual total returns for periods ended December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Class A return before taxes.................................................  | -1.77% | 0.63% | 1.98% |
| Class A return after taxes on distributions.......................................  | -1.77% | 0.57% | 1.92% |
| Class A return after taxes on distributions and sale of Fund shares.....................  | 0.45% | 1.21% | 2.26% |
| Class C return before taxes.................................................  | 0.97% | 0.80% | 1.68% |
| Institutional Class return before taxes..........................................  | 2.98% | 1.78% | 2.70% |
| Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)........  | 1.05% | 0.99% | 2.25% |

---

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

**Who manages the Fund?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Fund** |
|  Gregory Gizzi  | &nbsp;&nbsp; Managing Director, Head of Fixed Income and Municipal Bonds | &nbsp;&nbsp; December 2012 |
|  Stephen Czepiel  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; July 2007 |
|  William Roach, CFA, CMT  | &nbsp;&nbsp; Executive Director, Senior Portfolio Manager | &nbsp;&nbsp; May 2023 |

---

**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. For Institutional Class shares (except those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in this Prospectus under "Choosing a share class" and on the Fund's website. We may reduce or waive the minimums or eligibility requirements in certain cases.

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

**Tax information**

The Fund's distributions primarily are exempt from regular federal income taxes and state personal income taxes for residents of the Commonwealth of Pennsylvania. A portion of these distributions, however, may be subject to the federal alternative minimum tax for noncorporate shareholders and state and local taxes. The Fund may also make distributions that are taxable to you as ordinary income, capital gains, or some combination of both.

**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.

------

[Back to **Table of Contents**](#TOC_2277)

---

| |
|:---|
| Fund summaries |
| **Nomura Tax-Free Minnesota Fund,** a series of Voyageur Tax-Free Funds<br>(formerly, Macquarie Tax-Free Minnesota Fund) |

---

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

Nomura Tax-Free Minnesota Fund seeks as high a level of current income exempt from federal income tax and from Minnesota personal income taxes as is consistent with preservation of capital.

**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 $100,000 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 | Inst. |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price........  | 4.50% |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or <br>redemption price, 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 | Inst. |
| Management fees.........................................................  | 0.55% | 0.55% | 0.55% |
| Distribution and service (12b-1) fees............................................  | 0.25% | 1.00% |  |
| Other expenses...........................................................  | 0.16%<sup>2</sup>  | 0.16%<sup>2</sup>  | 0.16%<sup>2</sup>  |
| Total annual fund operating expenses...........................................  | 0.96% | 1.71% | 0.71% |
| Fee waivers and expense reimbursements.......................................  | (0.15%)<sup>3</sup>  | (0.15%)<sup>3</sup>  | (0.15%)<sup>3</sup>  |
| Total annual fund operating expenses after fee waivers and expense reimbursements........  | 0.81% | 1.56% | 0.56% |

---

---

| | |
|:---|:---|
| 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 $250,000 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 exclude litigation expenses the Fund incurred during the most recent fiscal year. If such expenses had been included, other expenses would have been 0.17%. |

---

---

| | |
|:---|:---|
| 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, inverse floater program expenses, 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 0.56% of the Fund's average daily net assets from December 30, 2025 through December 29, 2026. 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 | (if not<br>redeemed)<br>C | C | Inst. |
| 1 year........................................................  | $529 | $159 | $259 | $57 |
| 3 years.......................................................  | $728 | $524 | $524 | $212 |
| 5 years.......................................................  | $943 | $914 | $914 | $380 |
| 10 years......................................................  | $1562 | $2007 | $2007 | $868 |

---

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Fund summaries

**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 17% of the average value of its portfolio.

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

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities the income from which is exempt from federal income tax, including the federal alternative minimum tax, and from Minnesota state personal income taxes. This is a fundamental investment policy that may not be changed without prior shareholder approval.

The Fund is required to derive at least 95% of its income from Minnesota obligations in order for any of its income to be exempt from Minnesota state personal income taxes. Municipal debt obligations are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses. The types of municipal debt obligations in which the Fund may invest include, but are not limited to, advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation. The Fund may invest up to 20% of its net assets in high yield (junk) bonds. The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions. The Manager will adjust the average maturity of the bonds in the portfolio to attempt to provide a high level of tax-exempt income consistent with preservation of capital. The Fund's income level will vary depending on current interest rates and the specific securities in the portfolio. The Fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors does not suit its investment needs. The Fund may invest in insured municipal bonds. Under normal circumstances, the Fund will generally have a dollar-weighted average effective maturity of between 5 and 30 years.

**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.

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Credit risk** — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

**High yield (junk) bond risk** — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.

**Call risk** — The risk that a bond issuer will prepay the bond during periods of low interest rates, forcing a fund to reinvest that money at interest rates that might be lower than rates on the called bond.

**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.

**Geographic concentration risk** — The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession.

**Alternative minimum tax risk** — If a fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the fund's distributions would be taxable for shareholders who are subject to this tax.

------

[Back to **Table of Contents**](#TOC_2277)

**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. For example, a tax-exempt security may be reclassified by the Internal Revenue Service or a state tax authority as taxable, and/or future legislative, administrative, or court actions could cause interest from a tax-exempt security to become taxable, possibly retroactively.

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

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

**How has** **Nomura** **Tax-Free Minnesota 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 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](pr2277img007.jpg)

As of September 30, 2025, the Fund's Class A shares had a calendar year-to-date return of 1.35%. During the periods illustrated in this bar chart, Class A's highest quarterly return was 7.86% for the quarter ended December 31, 2023, and its lowest quarterly return was -5.36% for the quarter ended March 31, 2022. The maximum Class A sales charge of 4.50%, 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.

------

[Back to **Table of Contents**](#TOC_2277)

Fund summaries

**Average annual total returns for periods ended December 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Class A return before taxes.................................................  | -1.86% | -0.42% | 1.26% |
| Class A return after taxes on distributions.......................................  | -1.86% | -0.42% | 1.23% |
| Class A return after taxes on distributions and sale of Fund shares.....................  | 0.23% | 0.30% | 1.62% |
| Class C return before taxes.................................................  | 1.00% | -0.24% | 0.97% |
| Institutional Class return before taxes..........................................  | 3.02% | 0.76% | 1.98% |
| Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)........  | 1.05% | 0.99% | 2.25% |

---

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

**Who manages the Fund?**

**Investment manager**

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

---

| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Fund** |
|  Gregory Gizzi  | &nbsp;&nbsp; Managing Director, Head of Fixed Income and Municipal Bonds | &nbsp;&nbsp; December 2012 |
|  Stephen Czepiel  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; July 2007 |
|  William Roach, CFA, CMT  | &nbsp;&nbsp; Executive Director, Senior Portfolio Manager | &nbsp;&nbsp; May 2023 |

---

**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. For Institutional Class shares (except those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in this Prospectus under "Choosing a share class" and on the Fund's website. We may reduce or waive the minimums or eligibility requirements in certain cases.

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

**Tax information**

The Fund's distributions primarily are exempt from regular federal income taxes and state personal income taxes for residents of Minnesota. A portion of these distributions, however, may be subject to the federal alternative minimum tax for noncorporate shareholders and state and local taxes. The Fund may also make distributions that are taxable to you as ordinary income, capital gains, or some combination of both.

**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.

------

[Back to **Table of Contents**](#TOC_2277)

---

| |
|:---|
| Fund summaries |
| **Nomura Minnesota High-Yield Municipal Bond Fund,** a series of Voyageur Mutual Funds<br>(formerly, Macquarie Minnesota High-Yield Municipal Bond Fund) |

---

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

Nomura Minnesota High-Yield Municipal Bond Fund seeks a high level of current income that is exempt from federal income tax and from Minnesota state personal income taxes, primarily through investment in medium- and lower-grade municipal obligations.

**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 $100,000 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 | Inst. |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price........  | 4.50% |  |  |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or <br>redemption price, 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 | Inst. |
| Management fees.........................................................  | 0.55% | 0.55% | 0.55% |
| Distribution and service (12b-1) fees............................................  | 0.25% | 1.00% |  |
| Other expenses...........................................................  | 0.21%<sup>2</sup>  | 0.21%<sup>2</sup>  | 0.21%<sup>2</sup>  |
| Total annual fund operating expenses...........................................  | 1.01% | 1.76% | 0.76% |
| Fee waivers and expense reimbursements.......................................  | (0.17%)<sup>3</sup>  | (0.17%)<sup>3</sup>  | (0.17%)<sup>3</sup>  |
| Total annual fund operating expenses after fee waivers and expense reimbursements........  | 0.84% | 1.59% | 0.59% |

---

---

| | |
|:---|:---|
| 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 $250,000 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 exclude litigation expenses the Fund incurred during the most recent fiscal year. If such expenses had been included, other expenses would have been 0.22%. |

---

---

| | |
|:---|:---|
| 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, inverse floater program expenses, 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 0.59% of the Fund's average daily net assets from December 30, 2025 through December 29, 2026. 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 | (if not<br>redeemed)<br>C | C | Inst. |
| 1 year........................................................  | $532 | $162 | $262 | $60 |
| 3 years.......................................................  | $741 | $538 | $538 | $226 |
| 5 years.......................................................  | $967 | $938 | $938 | $406 |
| 10 years......................................................  | $1616 | $2059 | $2059 | $926 |

---

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[Back to **Table of Contents**](#TOC_2277)

Fund summaries

**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 20% of the average value of its portfolio.

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

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities the income from which is exempt from federal income tax, including the federal alternative minimum tax, and from Minnesota state personal income taxes. This is a fundamental investment policy that may not be changed without prior shareholder approval.

The Fund is required to derive at least 95% of its income from Minnesota obligations in order for any of its income to be exempt from Minnesota state personal income taxes. Municipal debt obligations are issued by state and local governments to raise funds for various public purposes such as hospitals, schools, and general capital expenses. The types of municipal debt obligations in which the Fund may invest include, but are not limited to, advance refunded bonds, revenue bonds, general obligation bonds, insured municipal bonds, private activity bonds, municipal leases, and certificates of participation. The Fund will invest its assets in securities with maturities of various lengths, depending on market conditions. The Manager will adjust the average maturity of the bonds in the portfolio to attempt to provide a high level of tax-exempt income consistent with preservation of capital. The Fund's income level will vary depending on current interest rates and the specific securities in the portfolio. The Fund may concentrate its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors does not suit its investment needs. The Fund may invest in insured municipal bonds. Under normal circumstances, the Fund will generally have a dollar-weighted average effective maturity of between 5 and 30 years.

The Fund may invest without limit in lower-rated municipal securities ("junk bonds"), which typically offer higher income potential and involve greater risk than higher-quality securities.

**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.

**Interest rate risk** — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

**Credit risk** — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner.

**High yield (junk) bond risk** — The risk that high yield securities, commonly known as "junk bonds," are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.

**Call risk** — The risk that a bond issuer will prepay the bond during periods of low interest rates, forcing a fund to reinvest that money at interest rates that might be lower than rates on the called bond.

**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.

**Geographic concentration risk** — The risk that heightened sensitivity to regional, state, US territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin Islands), and local political and economic conditions could adversely affect the holdings in and performance of a fund. There is also the risk that there could be an inadequate supply of municipal bonds in a particular state or US territory or possession.

------

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**Alternative minimum tax risk** — If a fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the fund's distributions would be taxable for shareholders who are subject to this tax.

**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. For example, a tax-exempt security may be reclassified by the Internal Revenue Service or a state tax authority as taxable, and/or future legislative, administrative, or court actions could cause interest from a tax-exempt security to become taxable, possibly retroactively.

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

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

**How has** **Nomura** **Minnesota High-Yield Municipal Bond 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 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](pr2277img008.jpg)

As of September 30, 2025, the Fund's Class A shares had a calendar year-to-date return of 0.94%. During the periods illustrated in this bar chart, Class A's highest quarterly return was 8.47% for the quarter ended December 31, 2023, and its lowest quarterly return was -4.96% for the quarter ended June 30, 2022. The maximum Class A sales charge of 4.50%, 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.

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Fund summaries

**Average annual total returns for periods ended December 31, 2024**

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| | | | |
|:---|:---|:---|:---|
|  | 1 year | 5 years | 10 years |
| Class A return before taxes.................................................  | -0.24% | 0.08% | 1.75% |
| Class A return after taxes on distributions.......................................  | -0.24% | 0.08% | 1.75% |
| Class A return after taxes on distributions and sale of Fund shares.....................  | 1.29% | 0.74% | 2.03% |
| Class C return before taxes.................................................  | 2.68% | 0.25% | 1.46% |
| Institutional Class return before taxes..........................................  | 4.73% | 1.25% | 2.48% |
| Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)........  | 1.05% | 0.99% | 2.25% |

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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)

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| | | |
|:---|:---|:---|
|  **Portfolio managers**  | &nbsp;&nbsp; **Title with Delaware Management Company** | &nbsp;&nbsp; **Start date on the Fund** |
|  Gregory Gizzi  | &nbsp;&nbsp; Managing Director, Head of Fixed Income and Municipal Bonds | &nbsp;&nbsp; December 2012 |
|  Stephen Czepiel  | &nbsp;&nbsp; Managing Director, Senior Portfolio Manager | &nbsp;&nbsp; July 2007 |
|  William Roach, CFA, CMT  | &nbsp;&nbsp; Executive Director, Senior Portfolio Manager | &nbsp;&nbsp; May 2023 |

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**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. For Institutional Class shares (except those shares purchased through an automatic investment plan), there is no minimum initial purchase requirement, but certain eligibility requirements must be met. The eligibility requirements are described in this Prospectus under "Choosing a share class" and on the Fund's website. We may reduce or waive the minimums or eligibility requirements in certain cases.

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

**Tax information**

The Fund's distributions primarily are exempt from regular federal income taxes and state personal income taxes for residents of Minnesota. A portion of these distributions, however, may be subject to the federal alternative minimum tax for noncorporate shareholders and state and local taxes. The Fund may also make distributions that are taxable to you as ordinary income, capital gains, or some combination of both.

**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 Funds

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 Manager analyzes economic and market conditions, seeking to identify the securities or market sectors that it thinks are the best investments for a particular Fund.

The Funds will invest primarily in tax-exempt obligations of issuers in their respective states.

The Funds may also invest in securities issued by US territories and possessions (such as the Commonwealth of Puerto Rico, Guam, and the US Virgin Islands) to the extent that these securities are exempt from federal income tax and the applicable state's personal income taxes. Although Nomura Tax-Free Minnesota Fund and Nomura Minnesota High-Yield Municipal Bond Fund may invest in securities issued by US territories and possessions, these Funds will not typically invest a substantial portion of their respective assets in such securities because these Funds are required to derive at least 95% of their income from Minnesota obligations in order for any of their income to be exempt from Minnesota state personal income taxes.

The Funds will generally invest in securities for income rather than seeking capital appreciation through active trading. However, the Manager may sell securities for a variety of reasons such as: to reinvest the proceeds in higher yielding securities; to eliminate investments not consistent with the preservation of capital; to honor redemption requests; or to address a weakening credit situation. As a result, the Funds may realize capital gains that could be taxable to shareholders or they may realize losses.

Each Fund generally will have a dollar-weighted average effective maturity of between 5 and 30 years.

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

**The securities in which the Funds typically invest**

Fixed income securities offer the potential for greater income payments than stocks, and also may provide capital appreciation. Municipal bond securities typically pay income free of federal income tax and may also be free of state income taxes in the state where they are issued.

Please see the Funds' SAI for additional information about certain of the securities described below as well as other securities in which the Funds may invest.

**Tax-exempt obligations** <br>

Tax-exempt obligations are commonly known as municipal bonds. These are debt obligations issued by or for a state, territory, or possession, its agencies or instrumentalities, municipalities, or other political subdivisions. The interest on these debt obligations can generally be excluded from federal income tax as well as personal income taxes in the state, territory, or possession where the bond is issued. Determination of a bond's tax-exempt status is based on the opinion of the bond issuer's legal counsel. Tax-exempt obligations may include securities subject to the alternative minimum tax.

**How the Funds use them:** Under normal conditions, each Fund (except for Nomura Minnesota High-Yield Municipal Bond Fund) may invest without limit in tax-exempt investment grade debt obligations. Tax-exempt investment grade debt obligations are bonds rated in the top four quality grades by Standard & Poor's Financial Services LLC (S&P) or similarly rated by another nationally recognized statistical rating organization (NRSRO), or in unrated tax-exempt obligations if, in the Manager's opinion, they are equivalent in quality to being rated in the top four quality grades. These bonds may include general obligation bonds and revenue bonds.

Each Fund (other than Nomura Minnesota High-Yield Municipal Bond Fund) may invest up 20% of its net assets in below-investment-grade debt obligations, also known as high yield fixed income securities or junk bonds. Nomura Minnesota High Yield Municipal Bond Fund may invest without limit in high yield fixed income securities. High yield fixed income securities are securities that are rated below the top four quality grades by S&P or similarly rated by another NRSRO or, in the case of unrated tax-exempt obligations, if, in the Manager's opinion, they are equivalent in quality to being rated below the top four quality grades. Below-investment-grade bonds may include general obligation bonds and revenue bonds.

Nomura Minnesota High-Yield Municipal Bond Fund may invest all or a portion of its assets in higher grade securities if the Manager determines that abnormal market conditions make investing in lower-rated securities inconsistent with shareholders' best interests.

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How we manage the Funds

**High yield, high-risk municipal bonds (junk bonds)** <br>

High yield, high-risk municipal bonds are municipal debt obligations rated lower than BBB- by S&P or Baa3 by Moody's Investors Service, Inc. (Moody's), or similarly rated by another NRSRO or, if unrated, of comparable quality. High yield bonds, also known as "junk bonds," are issued by issuers that have lower credit quality and may have difficulty repaying principal and interest.

**How the Funds use them:** Each Fund (except for Nomura Minnesota High-Yield Municipal Bond Fund) may invest up to 20% of its net assets in high yield fixed income securities.

Nomura Minnesota High-Yield Municipal Bond Fund may invest without limit in high yield fixed income securities.

**General obligation bonds** <br>

General obligation bonds are municipal bonds on which the payment of principal and interest is secured by the issuer's pledge of its full faith, credit, and taxing power.

**How the Funds use them:** Each Fund (except for Nomura Minnesota High-Yield Municipal Bond Fund) may invest without limit in general obligation bonds in the top four quality grades or bonds that are unrated, but which the Manager determines to be of equal quality. Nomura Minnesota High-Yield Municipal Bond Fund may invest without limit in general obligation bonds.

**Revenue bonds** <br>

Revenue bonds are municipal bonds on which principal and interest payments are made from revenues derived from a particular facility, from the proceeds of a special excise tax, or from revenue generated by an operating project. Principal and interest are not secured by the general taxing power. Tax-exempt industrial development bonds, in most cases, are a type of revenue bond that is not backed by the credit of the issuing municipality and may therefore involve more risk.

**How the Funds use them:** Each Fund (except for Nomura High-Yield Municipal Bond Fund) may invest without limit in revenue bonds in the top four quality grades or bonds that are unrated, but which the Manager determines to be of equal quality. Nomura Minnesota High-Yield Municipal Bond Fund may invest without limit in revenue bonds.

**Insured municipal bonds** <br>

Various municipal issuers may obtain insurance for their obligations. In the event of a default, the insurer is required to make payments of interest and principal when due to the bondholders. However, there is no assurance that the insurance company will meet its obligations. Insured obligations are typically rated in the top quality grades by an NRSRO.

**How the Funds use them:** The Funds may invest without limit in insured bonds. It is possible that a substantial portion of a Fund's portfolio may consist of municipal bonds that are insured by a single insurance company.

Insurance is available on uninsured bonds and a Fund may purchase such insurance directly. The Manager will generally do so only if it believes that purchasing and insuring a bond provides an investment opportunity at least comparable to owning other available insured securities.

The purpose of insurance is to protect against credit risk. It does not insure against market risk or guarantee the value of the securities in the portfolio or the value of shares of a Fund.

**Private activity or private placement bonds** <br>

Private activity bonds are municipal bonds whose proceeds are used to finance certain nongovernment activities, including some types of industrial revenue bonds and privately owned sports facilities. Interest on certain private activity bonds, while exempt from regular federal income tax, is a tax preference item for taxpayers when determining their alternative minimum tax, if applicable, under the Internal Revenue Code of 1986, as amended (Internal Revenue Code).

Private placement bonds are bonds sold directly to qualified institutional investors or accredited investors, such as banks, mutual funds, insurance companies, pension funds, and foundations. Private placement bonds do not require registration with the US Securities and Exchange Commission, provided the securities are bought for investment purposes rather than resale. Privately placed bonds encompass a wide variety of fixed income investments including corporate obligations and real estate-related, project finance, and asset-backed loans.

**How the** **Funds use them:** Under normal circumstances, each Fund may invest without limit in private activity bonds or private placement bonds, except that a Fund's investments in these bonds will be limited if such investments, in the aggregate, would cause the Fund to have less than 80% of its net assets invested in municipal securities the income from which is exempt from federal income tax and applicable state personal income taxes.

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**Inverse floaters** <br>

Inverse floaters are instruments with floating or variable interest rates that move in the opposite direction of short-term interest rates. Consequently, the market values of inverse floaters will generally be more volatile than other tax-exempt investments. Certain inverse floater programs may be considered a form of borrowing.

**How the Funds use them:** Each Fund (except for Nomura Minnesota High-Yield Municipal Bond Fund) may invest up to 25% of its net assets in inverse floaters when the underlying bond is tax-exempt. However, a Fund's investments in taxable securities (including investments in inverse floaters on taxable securities and taxable high yield fixed income securities) are limited to 20% of the Fund's net assets.

Nomura Minnesota High-Yield Municipal Bond Fund may invest up to 25% of its net assets in inverse floaters.

**Advance refunded bonds** <br>

Escrow secured bonds or defeased bonds are created when an issuer refunds in advance of maturity (or pre-refunds) an outstanding bond issue that is not immediately callable, and it becomes necessary or desirable to set aside funds for redemption of the bonds at a future date. In an advance refunding, the issuer will use the proceeds of a new bond issue to purchase high grade interest-bearing debt securities, which are then deposited in an irrevocable escrow account held by a trustee bank to secure all future payments of principal and interest on pre-existing bonds, which are then considered to be "advance refunded bonds." Escrow-secured bonds will often receive a rating of AAA from S&P and Aaa from Moody's.

**How the** **Funds use them:** The Funds may invest without limit in advance refunded bonds. These bonds are generally considered to be of very high quality because of the escrow account, which typically holds US Treasurys.

**Short-term tax-free instruments** <br>

Short-term tax-free instruments include instruments such as tax-exempt commercial paper and general obligation, revenue, and project notes, as well as variable floating-rate demand obligations.

**How the Funds use them:** The Funds may invest without limit in high-quality, short-term tax-free instruments and "floating-rate" and "variable-rate" obligations.

**Futures and options** <br>

Futures contracts are agreements for the purchase or sale of a security or a group of securities at a specified price, on a specified date. Unlike purchasing an option, a futures contract must be executed unless it is sold before the settlement date.

Options represent a right to buy or sell a swap agreement, a futures contract, or a security or a group of securities at an agreed-upon price at a future date. The purchaser of an option may or may not choose to go through with the transaction. The seller of an option, however, must go through with the transaction if the purchaser exercises the option.

Certain futures and options may be considered illiquid.

**How the Funds use them:** The Funds may invest in futures, options, and closing transactions related thereto. These activities will not be entered into for speculative purposes, but rather for hedging purposes and to facilitate the ability to quickly deploy into the market a Fund's cash, short-term debt securities, and other money market instruments at times when the Fund's assets are not fully invested. Each Fund may only enter into these transactions for hedging purposes if it is consistent with its investment objective and policies.

A Fund may invest up to an aggregate of 20% of its net assets in futures, options, swaps, and other taxable instruments (including taxable fixed income securities rated below investment grade).

At times when the Manager anticipates adverse conditions, it may want to protect gains on securities or swap agreements for a Fund without actually selling them. The Manager may use futures or options on futures to seek to neutralize the effect of any price declines, without selling the securities or swap agreements.

Use of these strategies can increase the operating costs of the Funds and can lead to loss of principal.

**Repurchase agreements** <br>

A repurchase agreement is an agreement between a buyer of securities, such as a fund, and a seller of securities, in which the seller agrees to buy the securities back within a specified time at the same price the buyer paid for them, plus an amount equal to an agreed-upon interest rate. Repurchase agreements are often viewed as equivalent to cash.

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How we manage the Funds

**How the Funds use them:** Typically, each Fund uses repurchase agreements as short-term investments for its cash position or for temporary defensive purposes. In order to enter into these repurchase agreements, a Fund must have collateral of at least 102% of the repurchase price. A Fund will only enter into repurchase agreements in which the collateral is composed of US government securities. In the Manager's discretion, a Fund may invest overnight cash balances in short-term discount notes issued or guaranteed by the US government, its agencies or instrumentalities, or government-sponsored corporations.

**Restricted securities** <br>

Restricted securities are privately placed securities whose resale is restricted under US securities laws.

**How the Funds use them:** Each Fund may invest in privately placed securities, including those that are eligible for resale only among certain institutional buyers without registration, which are commonly known as "Rule 144A Securities." Restricted securities that are determined to be illiquid may not exceed a Fund's limit on investments in illiquid investments.

**Illiquid investments** <br>

Illiquid investments are any investment that a 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 Investment Company Act of 1940 and applicable rules and regulations thereunder.

**How the Funds use them:** Each Fund may invest up to 15% of its net assets in illiquid investments.

**Interest rate swap, index swap, and credit default swap agreements** <br>

In an interest rate swap, a fund receives payments from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An interest rate swap can also work in reverse with a fund receiving payments based on a fixed interest rate and making payments based on a variable or floating interest rate.

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.

In a credit default swap, a fund may transfer the financial risk of a credit event occurring (a bond default, bankruptcy, or restructuring, for example) on a particular security or basket of securities to another party by paying that party a periodic premium; likewise, a fund may assume the financial risk of a credit event occurring on a particular security or basket of securities in exchange for receiving premium payments from another party.

Interest rate swaps, index swaps, and credit default swaps may be considered illiquid.

**How the Funds use them:** Each Fund may use interest rate swaps to adjust its sensitivity to interest rates by changing its duration. Each Fund may also use interest rate swaps to hedge against changes in interest rates. Index swaps may be used to gain exposure to markets that a Fund invests in and also as a substitute for futures, options, or forward contracts if such contracts are not directly available to the Fund on favorable terms. A Fund enters into credit default swaps in order to hedge against a credit event, to enhance total return, or to gain exposure to certain securities or markets.

Each Fund may invest up to an aggregate of 20% of its net assets in futures, options, swaps (subject to its 15% limitation on the aggregate notional amount of credit default swaps when the Fund is selling protection on a security or purchasing protection on a security that the Fund does not own), and other taxable investments (including taxable high yield fixed income securities).

At times when the Manager anticipates adverse conditions, the Manager may want to protect gains on securities without actually selling them. The Manager may use swaps to seek to neutralize the effect of any price declines without selling the securities.

Use of these strategies can increase the operating costs of the Funds and can lead to loss of principal.

**Municipal leases and certificates of participation** <br>

Certificates of participation (COPs) are widely used by state and local governments to finance the purchase of property and facilities. COPs are like installment purchase agreements. A governmental corporation may create a COP when it issues long-term bonds to pay for the acquisition of property or facilities. The property or facilities are then leased to a municipality, which makes lease payments to repay interest and principal to the holders of the bonds. Once the lease payments are completed, the municipality gains ownership of the property for a nominal sum.

**How the Funds use them:** Each Fund may invest without limit in investment grade municipal lease obligations (primarily through COPs), which are rated in the top four quality grades by S&P, similarly rated by another NRSRO, or those that are deemed to be of comparable quality by the Manager.

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Each Fund (except for Nomura Minnesota High-Yield Municipal Bond Fund) may invest in below-investment-grade municipal lease obligations subject to its 20% limit on investments in high yield fixed income securities. Nomura Minnesota High-Yield Municipal Bond Fund may invest without limit in below-investment-grade municipal lease obligations.

As with a Fund's other investments, the Manager expects the Fund's investments in municipal lease obligations to be exempt from regular federal income tax. Each Fund will rely on the opinion of the bond issuer's counsel for a determination of the bond's tax-exempt status.

A feature that distinguishes COPs from municipal debt is that leases typically contain a "non-appropriation" or "abatement" clause. This means that the municipality leasing the property or facility must use its best efforts to make lease payments, but may terminate the lease without penalty if its legislature or other appropriating body does not allocate the necessary money. In such a case, the creator of the COP, or its agent, is typically entitled to repossess the property. In many cases, however, the market value of the property will be less than the amount the municipality was paying.

**Zero coupon bonds** <br>

Zero coupon bonds 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. Therefore, they are issued and traded at a discount from their respective face amount or par value.

**How the Funds use them:** Each Fund may invest in zero coupon bonds. The market prices of these bonds are generally more volatile than the market prices of securities that pay interest periodically and are likely to react to changes in interest rates to a greater degree than interest-paying bonds having similar maturities and credit quality. The bonds may have certain tax consequences which, under certain conditions, could be adverse to a Fund.

**Other investment strategies**

**Downgraded quality ratings** <br>

The credit quality restrictions described above for each Fund apply only at the time of purchase. Each Fund may continue to hold a security whose quality rating has been lowered or in the case of an unrated bond, after the Manager has changed its assessment of the bond's credit quality.

**Borrowing from banks** <br>

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

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

Each 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).

**Concentration** <br>

Depending on the supply of available bonds and how those bonds suit a Fund's investment needs, the Fund may concentrate its investments (invest more than 25% of net assets) in a particular segment of the bond market such as the housing, healthcare, transportation, education, and/or utility sectors. Each Fund may also invest more than 25% of total assets in industrial development bonds.

**Temporary defensive positions** <br>

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

**The risks of investing in the Funds**

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 Funds, you should carefully evaluate the risks. Because of the nature of the Funds, 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 Funds. You should also note that the failure of an issuer of a

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How we manage the Funds

tax-exempt security to comply with certain legal or contractual requirements relating to the security could cause interest on the security, as well as Fund distributions derived from this interest, to become taxable, in some cases retroactively to the date the security was issued. 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 security prices can change daily, sometimes rapidly or unpredictably. As a result, a 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 a Fund will rise in value. Market risk may affect a single issuer or the market as a whole. At times, a Fund may hold a relatively high percentage of its assets in securities related to a particular 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. This may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time.

Global economies and financial markets have become increasingly interconnected, meaning that conditions in one country or region may adversely affect issuers in another country or region, which in turn may adversely affect securities held by a 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 a Fund.

The value of a Fund's investments – or the income from the Fund'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.

**Interest rate risk** <br>

The value of a debt security may decline due to changes in market interest rates. Generally, when interest rates rise, the value of such a security or obligation generally decreases. Conversely, when interest rates decline, the value of such a security generally increases. Long-term debt securities and certain other fixed-income obligations generally are more sensitive to interest rate changes than short-term debt securities. A Fund may experience a decline in its income due to falling interest rates. A Fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.

Changes to monetary policy by the Federal Reserve or other regulatory actions may affect interest rates. It is difficult to predict the impact of these rate changes and any future rate changes on various markets.

Market developments and other factors, including a general rise in interest rates, have the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed-income securities. Such a move, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed-income securities may result in decreased liquidity and increased volatility in the fixed-income markets, which could cause a Fund's NAV to fluctuate more and adversely affect a Fund's return.

In general, a portfolio of debt securities and other fixed-income obligations experiences a decrease in principal value with an increase in interest rates. The extent of the decrease in principal value may be affected by a Fund's duration of its portfolio of debt securities and other fixed-income obligations. Duration measures the relative price sensitivity of a security to changes in interest rates. "Effective" duration takes into consideration the likelihood that a security will be called, or prepaid, prior to maturity given current market interest rates. Typically, a security with a longer duration is more price sensitive than a security with a shorter duration. In general, a portfolio of debt securities experiences a percentage decrease in principal value equal to its effective duration for each 1% increase in interest rates. For example, if a Fund holds a portfolio of securities with an effective duration of five years and interest rates rise 1%, the principal value of such securities could be expected to decrease by approximately 5%.

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Swaps and inverse floaters may be particularly sensitive to interest rate changes. Depending on the actual movements of interest rates and how well the Manager anticipates them, a Fund could experience a higher or lower return than anticipated. For example, if a Fund holds interest rate swaps and is required to make payments based on variable interest rates, it will have to make interest payments if interest rates rise, which will not necessarily be off-set by the fixed-rate payments it is entitled to receive under the swap agreement.

**Credit risk** <br>

An issuer of a fixed-income obligation may not make payments on the obligation when due, or the other party to a contract may default on its obligation. There also is the risk that an issuer could suffer adverse changes in its financial condition that could lower the credit quality of a security. In the case of municipal bonds, issuers may be affected by poor economic conditions in their states. This could lead to greater volatility in the price of the security, could affect the security's liquidity, and could make it more difficult to sell. A downgrade or default affecting any of a Fund's securities could affect the Fund's performance. In general, the longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk. If a Fund purchases unrated securities and obligations, it will depend on the Manager's analysis of credit risk more heavily than usual.

**High yield, high-risk municipal bond (junk bond) risk** <br>

In general, low-rated debt securities (commonly referred to as "high-yield" or "junk" bonds) offer higher yields due to the increased risk that the issuer will be unable to meet its obligations on interest or principal payments at the time called for by the debt instrument. For this reason, these securities are considered speculative and could significantly weaken a Fund's returns. In adverse economic or other circumstances, issuers of these low-rated securities and obligations are more likely to have difficulty making principal and interest payments than issuers of higher-rated securities and obligations.

In addition, these low-rated securities and obligations may fluctuate more widely in price and yield than higher-rated securities and obligations and may fall in price during times when the economy is weak or is expected to become weak. Low-rated securities and obligations also may require a greater degree of judgment to establish a price, may be difficult to sell at the time and price a Fund desires, and may carry higher transaction costs. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case a Fund may lose its entire investment. In addition, a defaulted obligation or other restructuring of an obligation could involve an exchange of such obligation for other debt or equity securities of the issuer or its affiliates, which may in turn be illiquid, speculative or unregistered. Low-rated securities and obligations are susceptible to such a default or decline in market value due to real or perceived adverse economic and business developments relating to the issuer, the industry in general, market interest rates and market liquidity. The market value of these securities can be volatile. Ratings of a security or obligation may not accurately reflect the actual credit risk associated with such a security. The creditworthiness of issuers of low-rated securities may be more complex to analyze than that of issuers of investment-grade debt securities.

High yield bonds are sometimes issued by municipalities with less financial strength and therefore less ability to make projected debt payments on the bonds.

**Call risk** <br>

Income from a Fund's debt securities may decline if the Fund invests the proceeds from matured, traded, prepaid or called securities in securities with interest rates lower than the current earnings rate of the Fund's portfolio. For example, debt securities with high relative interest rates may be paid by the issuer prior to maturity, particularly during periods of falling interest rates. During periods of falling interest rates, there is the possibility that an issuer will call its securities if they can be refinanced by issuing new securities with a lower interest rate (commonly referred to as optional call risk).

**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. A 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. To the extent that a fund holds fixed income securities in smaller "odd lot" sizes, such positions may be less liquid and harder to sell.

There is generally no established retail secondary market for high yield securities. As a result, the secondary market for high yield securities is more limited and less liquid than other secondary securities markets. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds, and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. A less liquid secondary market may have an adverse effect on a Fund's ability to dispose of particular issues, 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 the issuer.

Adverse publicity and investor perceptions may also disrupt the secondary market for high yield securities.

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How we manage the Funds

**Geographic concentration risk** <br>

From time to time, a Fund may have a significant position in the municipal securities of a particular state, territory, or possession such as the Commonwealth of Puerto Rico, and may be subject to geographic concentration risk. Geographic concentration risk is the risk that a Fund that concentrates on investments from a particular state, region, or US territory or possession could be adversely affected by political and economic conditions in that state, region, or US territory or possession. There is also the risk that an inadequate supply of municipal bonds exists in a particular state or US territory or possession.

**Industry and sector risk** <br>

Industry and sector risk is the risk that the value of securities in a particular industry or sector (such as financial services or manufacturing) will decline because of changing expectations for the performance of that industry or sector.

At times, a Fund may invest primarily in municipal securities that finance similar types of projects, such as those in health care, life care, public power, education and transportation, among others, and in municipal securities of issuers located in the same geographical area. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project or a declining need for the project, likely would affect all similar projects, thereby increasing a Fund's risk.

Where the Manager feels there is a limited supply of appropriate investments, the Manager may concentrate (invest more than 25% of net assets) each Fund's investments in just a few industries or sectors. This will expose a Fund to greater industry and sector risk.

**Alternative minimum tax risk** <br>

If a Fund invests in bonds whose income is subject to the alternative minimum tax, that portion of the fund's distributions would be taxable for shareholders who are subject to this tax.

**Taxability risk** <br>

In purchasing municipal securities, a Fund and the Manager will rely on the opinion of an issuer's bond counsel that the interest paid in the issuer's securities will not be subject to federal income tax. A tax opinion generally is provided at the time a municipal security is initially issued. However, after a Fund buys a security backed by such an opinion, distributions by the Fund may become taxable to shareholders due to noncompliant conduct by a bond issuer, unfavorable changes in federal or state tax laws, or adverse interpretations of tax laws by the IRS or other authorities or because of other factors. Such adverse interpretations or actions could cause interest from a security to become taxable, possibly retroactively, subjecting shareholders to increased tax liability. In addition, such adverse interpretations or actions could cause the value of a security, and therefore, the value of a Fund's shares, to decline. In the case of derivative securities, a Fund and the Manager will rely on the opinion of the sponsor's counsel on the tax-exempt status of interest on municipal bond obligations and payments under tax-exempt derivative securities. Neither a Fund nor the Manager will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities.

**Derivatives risk** <br>

Derivatives risk is the possibility that a 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 the opposite direction from what the Manager had anticipated. If a market or markets, or prices of particular classes of investments, move in an unexpected manner, a 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 a fund from using the strategy. In addition, changes in government regulation of derivatives could affect the character, timing, and amount of a Fund's taxable income or gains. A 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 a 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. A 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 a 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 a 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, a Fund may be required to hold a derivatives instrument to maturity and

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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 a Fund may not realize the intended benefits.

**Counterparty risk** <br>

Counterparty risk is the risk that if a 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, a 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 a 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.

**Government and regulatory risks** <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 a Fund.

The municipal securities market generally, or certain municipal securities in particular, may be significantly affected by adverse political, legislative or regulatory changes or litigation at the federal or state level. For example, political or legislative changes (as well as economic conditions) in a particular state or political subdivision of the state may affect the ability of the state or subdivision's governmental entities to pay interest, to repay principal on their obligations or to issue new municipal obligations.

In addition, the value of municipal securities is affected by the value of tax-exempt income to investors. For example, a significant change in rates or a restructuring of the federal income tax (or serious consideration of such a change by the US government) may cause a decline in municipal securities prices, since lower income tax rates or tax restructuring could reduce the advantage of owning municipal securities. Lower state or municipal income tax rates may have a similar effect on the value of municipal securities issued by a governmental entity in that state or municipality.

**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 a 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 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.

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How we manage the Funds

**Disclosure of portfolio holdings information**

A description of the Funds' policies and procedures with respect to the disclosure of their portfolio securities is available in the SAI.

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Who manages the Funds

**Investment manager**

The Manager, located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, is the Funds' 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 Funds, manages the Funds' business affairs, and provides daily administrative services. For its services to the Funds, the Manager was paid an aggregate fee, net of fee waivers (if applicable), during the last fiscal year as follows:

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| | |
|:---|:---|
|  | As a percentage of<br>average daily net<br>assets |
| **Nomura Tax-Free California Fund**..................................................................  | 0.38% |
| **Nomura Tax-Free Colorado Fund**...................................................................  | 0.39% |
| **Nomura Tax-Free Idaho Fund**.....................................................................  | 0.35% |
| **Nomura Tax-Free New York Fund**..................................................................  | 0.38% |
| **Nomura Tax-Free Pennsylvania Fund**...............................................................  | 0.43% |
| **Nomura Tax-Free Minnesota Fund**..................................................................  | 0.40% |
| **Nomura Minnesota High-Yield Municipal Bond Fund**....................................................  | 0.38% |

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A discussion of the basis for the Boards' approval of the Funds' investment advisory contract is available on the Funds' website and is filed with the SEC on the Funds' Forms N-CSR for the fiscal period ended August 31, 2025.

**Portfolio managers**

Gregory Gizzi, Stephen Czepiel, and William Roach have an equal role in the management of the Funds. Mr. Gizzi, Mr. Czepiel, and Mr. Roach assumed primary responsibility for making day-to-day investment decisions for the Funds in December 2012, July 2007, and May 2023, respectively.

**Gregory Gizzi**

*Managing Director, Head of Fixed Income and Municipal Bonds*

Greg is Head of Fixed Income and Municipal Bonds of Nomura Asset Management International, a role he assumed in July 2022 at Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Greg oversees the US fixed income business, leads the firm's municipal business, and is team lead on several of the firm's tax-exempt strategies. Greg also leads the firm's taxable municipal business, and he is a member of the Nomura Asset Management International Executive Committee. Previously, he was a Co-Portfolio Manager of Macquarie Asset Management's municipal bond funds and several client accounts, a role he assumed in November 2011. Before that, he was Head of Municipal Bond Trading at Delaware Investments (which was acquired by Macquarie in 2010). Greg has more than 20 years of trading experience in the municipal securities industry at firms including Lehman Brothers, UBS, Dillon Read, and Kidder Peabody. He earned his Bachelor of Arts in economics from Harvard University.

**Stephen Czepiel**

*Managing Director, Senior Portfolio Manager*

Stephen is a Senior Portfolio Manager for municipal bond funds and accounts at Nomura Asset Management International. 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, he held the same role at Macquarie Asset Management, and he first assumed portfolio management responsibilities with Delaware Investments (which was acquired by Macquarie in 2010) in 2007. Before that, he was a Senior Bond Trader at Delaware Investments and a Vice President at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a Municipal Bond Trader at Kidder Peabody and has more than 40 years of experience in the municipal securities industry. Stephen earned a Bachelor of Science in finance and economics from Duquesne University.

**William Roach**

*Executive Director , Senior Portfolio Manager*

Bill is a Senior Portfolio Manager for municipal bond funds and client accounts at Nomura Asset Management International, a role he assumed in May 2023 at Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura's acquisition of Macquarie Asset Management's US and European public investments business in 2025. Bill joined Macquarie's Municipal Bond Team in April 2015, and before that,

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Who manages the Funds

he spent three years as an Internal Sales Consultant in Macquarie's Client Solutions Group, where he managed relationships across the country and across asset classes. Previously, he worked at Merrill Lynch as an Investment Consultant and Analyst and Creative Financial Group as a Financial Advisor. He earned a Bachelor of Science with dual concentrations in business administration and political science from Albright College and a Master of Business Administration with a concentration in finance from Villanova University. He holds the Chartered Financial Analyst<sup>®</sup> and Chartered Market Technician® designations.

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

**Manager of managers structure**

The Funds 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 Funds' Boards, 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 Funds without shareholder approval (Manager of Managers Structure). Under the Manager of Managers Structure, the Manager has ultimate responsibility, subject to oversight by the Boards, for overseeing the Funds' sub-advisors and recommending to the Boards their hiring, termination, or replacement.

The Manager of Managers Structure enables the Funds 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 Funds without shareholder approval. Shareholders will be notified of the hiring of any new sub-advisor within 90 days of the hiring.

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

**Who's who**

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

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

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![image](pr2277img009.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 Funds**

You can choose from a number of share classes for each 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 Funds 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 and Class C 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 a 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 a 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 Funds 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 4.50% that you pay when you buy the shares.

● If you invest $100,000 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. The Board has adopted a formula for calculating 12b-1 plan expenses for the Class A shares of Nomura Tax-Free Pennsylvania Fund. The total 12b-1 fee to be paid by Class A shareholders of the Fund will be the sum of 0.10% of the average daily net assets representing the shares that were acquired prior to June 1, 1992 and 0.25% of the average daily net assets representing the shares that were acquired on or after June 1, 1992. All Class A shareholders will bear the Class A 12b-1 fee at the same rate, the blended rate based upon the allocation of the 0.10% and 0.25% rates described above. 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 shares.

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

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**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 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 $100,000.........................................................  | 4.50% | 4.71% |
| $100,000 but less than $250,000...............................................  | 3.50% | 3.63% |
| $250,000 or more..........................................................  | none\* | none\* |

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\* There is no front-end sales charge when you purchase $250,000 or more of Class A shares. However, if Delaware Distributors, L.P. (Distributor) paid your financial intermediary a commission on your purchase of $250,000 or more of Class A shares of a Fund, 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 a 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 Funds' SAI for more details on this automatic conversion feature.

● You may purchase only up to $250,000 of Class C shares at any one time. Orders that equal or exceed $250,000 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 and Institutional Class 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 a 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.

**Institutional Class** <br>

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

● Institutional Class shares are not subject to a CDSC.

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About your account

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

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

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

○ 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 a 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.

Each 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 Funds may be eligible to receive the following amounts as compensation for your investment in the Funds. These amounts are paid by the Distributor to the securities dealer with whom your financial advisor is associated. Institutional Class 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>  |
| Commission (%)......................................................................  |  | 1.00% |
| Investment less than $100,000............................................................  | 4.00% |  |
| $100,000 but less than $250,000..........................................................  | 3.00% |  |
| $250,000 but less than $500,000..........................................................  | 1.00% |  |
| $500,000 but less than $1 million..........................................................  | 1.00% |  |
| $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% |

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| | |
|:---|:---|
| 1 | On sales of Class A shares, the Distributor reallows to your securities dealer a portion of the front-end sales charge depending upon the amount you invested. Your securities dealer may be eligible to receive a 12b-1 fee of up to 0.25% from the date of purchase. Additionally, Nomura Tax-Free Pennsylvania Fund's Class A shares are subject to a blended 12b-1 fee of 0.10% on all shares acquired prior to June 1, 1992, and 0.25% on all shares acquired on or after June 1, 1992. 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, |

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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.

**Payments to intermediaries**

The Distributor and its affiliates may pay additional compensation at their own expense and not as an expense of a 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 a 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 a 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 a Fund and/or some or all other Nomura Funds), a 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.

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 a 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 a 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 Funds' 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 Funds 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 Funds' 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 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.

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

Class A shares of a 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 a Fund at NAV may continue to be eligible to purchase Class A shares at NAV. The Funds reserve 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.

● 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 shares of a Fund's Institutional Class, if applicable.

● 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.

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

● 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 Funds, their 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. Institutional Class 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.

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

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 Funds do not consider the US Postal Service or other independent delivery services to be their agent. Therefore, deposits in the mail or with such services or receipt at the Funds' post office box, of purchase orders, do not constitute receipt by the Funds or their agent. Please note that the Funds reserve 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.

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About your account

**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.

**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). A Fund does not calculate its NAV on days the NYSE is closed for trading. If the NYSE has an unscheduled early close, a 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 Boards. Pricing services generally price fixed income securities assuming orderly transactions of an institutional "round lot" size. While the Funds do not seek to purchase odd lots as a general rule, a Fund may from time to time trade in smaller "odd lot" sizes. Odd lots typically trade at lower prices than institutional round lot trades. Over certain time periods, such differences could materially impact the performance of a fund that holds odd lots. For all other securities, we use methods approved by the Boards 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 a 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 each 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.

A 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, a Fund may determine the fair value of investments based on information

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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 a 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.

**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, a 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. Each 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 a 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, each 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 Funds 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.

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About your account

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.

**Through your financial intermediary** <br>

Your financial intermediary (if applicable) can handle all the details of redeeming your shares (selling them back to a 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 Funds do not consider the US Postal Service or other independent delivery services to be their agent. Therefore, redemption requests placed in the mail or with such services or receipt at the Funds' post office box, of redemption requests, do not constitute receipt by the Funds 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 Funds have 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 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 Institutional Class shares, if you redeem shares and your account balance falls below $500, your shares may be redeemed after 60 days' written notice to you.

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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.

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, a 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.

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About your account

**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.

**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, each 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 Funds discourage purchases by market timers and purchase orders (including the purchase side of exchange orders) by shareholders identified as market timers may be rejected. The Boards have adopted policies and procedures designed to detect, deter, and prevent trading activity detrimental to the Funds and their shareholders, such as market timing and disruptive trading. The Funds 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 Funds consider short-term round trips to include rapid purchases and sales of Fund shares through the exchange privilege. The Funds reserve the right to consider other trading patterns to be market timing.

Your ability to use the Funds' exchange privilege may be limited if you are identified as a market timer. If you are identified as a market timer, the Funds will execute the redemption side of your exchange order but may refuse the purchase side of your exchange order. The Funds reserve 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 Funds' market timing policy are not necessarily deemed accepted by the Funds and may be rejected by a Fund on the next Business Day following receipt by a Fund.

Redemptions will continue to be permitted in accordance with the Funds' 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.

Each Fund reserves the right to modify this policy at any time without notice, including modifications to a 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 Funds seek to make judgments and applications that are consistent with the interests of each Fund's shareholders. While the Funds will take actions designed to detect and prevent market timing, there can be no assurance that such trading activity will be completely eliminated. Moreover, a Fund's market timing policy does not require the Fund to take action in response to frequent trading activity. If a Fund elects not to take any action in response to frequent trading, such frequent trading activity could continue.

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**Risks of market timing**

By realizing profits through short-term trading, shareholders who engage in rapid purchases and sales or exchanges of the Funds' 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, a Fund may have difficulty implementing its long-term 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 a Fund's shares may also force a Fund to sell portfolio securities at inopportune times to raise cash to accommodate short-term trading activity. This could adversely affect a Fund's performance, if, for example, a 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**

Each 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 Funds' market timing policy or other patterns of short-term or excessive trading. For purposes of these transaction monitoring procedures, the Funds 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 Funds, particularly among certain broker/dealers and other financial intermediaries, including sponsors of retirement plans and variable insurance products. The Funds will attempt to have financial intermediaries apply the Funds' monitoring procedures to these omnibus accounts and to the individual participants in such accounts. However, the Funds' 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 Funds' frequent trading policy with respect to an omnibus account, the Funds' 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 Funds' transfer agent believes the intermediary's procedures are reasonably designed to enforce the Funds' 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 Funds' 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 Funds from a financial intermediary will be sufficient to effectively detect or deter excessive trading in omnibus accounts. If the Funds' 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 Funds and their agents to detect market timing in Fund shares, there is no guarantee that the Funds will be able to identify these shareholders or curtail their trading practices. In particular, the Funds 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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About your account

**Dividends, distributions, and taxes**

**Dividends and distributions**

Each Fund intends to qualify each year as a regulated investment company under the Internal Revenue Code. As a regulated investment company, a Fund generally pays no federal income tax on the income and gains it distributes to you. Each Fund expects to declare dividends daily and distribute all of its net investment income, if any, to shareholders as dividends monthly. Each Fund will distribute net realized capital gains, if any, at least annually. A 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 a 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 Funds will send you an annual statement (Form 1099) of your account activity to assist you in completing your federal, state, and local tax returns. Your statement will show the exempt-interest dividends you received and the separately-identified portion that constitutes an item of tax preference for purposes of the alternative minimum tax (tax-exempt AMT interest). 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 Funds make every effort to reduce the number of corrected forms mailed to you. However, if a 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, a 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 a Fund just before it declares an income dividend or capital gains distribution is sometimes known as "buying a dividend."

**Tax considerations**

*Fund distributions.* Each Fund expects, based on its investment objective and strategies, that its distributions, if any, will be exempt from regular federal income tax. Each Fund may also make distributions that are 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.

*Exempt-interest dividends.* Dividends from the Funds will consist primarily of exempt-interest dividends from interest earned on municipal securities. In general, exempt-interest dividends are exempt from regular federal income tax. Exempt-interest dividends from interest earned on municipal securities of a state, or its political subdivisions, generally are exempt from that state's personal income tax. Most states, however, do not grant tax-free treatment to interest from municipal securities of other states.

Because of these tax exemptions, a tax-free fund may not be a suitable investment for retirement plans and other tax-exempt investors. These dividends may be taxable to corporate shareholders subject to a state's corporate franchise tax, corporate income tax, or both and such shareholders should consult with their tax advisors about the taxability of this income before investing in a Fund.

Exempt-interest dividends are taken into account when determining the taxable portion of your social security or railroad retirement benefits. Each Fund may invest a portion of its assets in private activity bonds. The income from these bonds is a tax preference item when determining federal alternative minimum tax for noncorporate shareholders, unless such bonds were issued in 2009 or 2010.

While each Fund endeavors to purchase only bona fide tax-exempt securities, there are risks that: (i) a security issued as tax-exempt may be reclassified by the Internal Revenue Service (IRS) or a state tax authority as taxable and/or (ii) future legislative, administrative, or court actions could adversely impact the qualification of income from a tax-exempt security as tax-free. Such reclassifications or actions could cause interest from a security to become taxable, possibly retroactively, subjecting you to increased tax liability. In addition, such reclassifications or actions could cause the value of a security, and therefore, the value of a Fund's shares, to decline.

*Taxable income dividends.* Each Fund may invest a portion of its assets in securities that pay income that is not tax-exempt. Each Fund also may distribute to you any market discount and net short-term capital gains from the sale of its portfolio securities. If you are a taxable investor, Fund distributions from this income are taxable to you as ordinary income, and generally will not be treated as qualified dividend income subject to reduced rates of taxation for individuals. Distributions of ordinary income are taxable whether you reinvest your distributions in additional Fund shares or receive them in cash.

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The use of derivatives by a 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 a Fund, defer losses to a Fund, and cause adjustments in the holding periods of a Fund's securities. These rules, therefore, could affect the amount, timing and/or character of distributions to shareholders.

*Capital gain distributions.* Each Fund also may realize net long-term capital gains from the sale of its portfolio securities. 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.

*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 Funds are 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 Funds' default method, unless you instruct a Fund to use a different calculation method. Shareholders should carefully review the cost basis information provided by the Funds 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 a 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. Net investment income does not include exempt-interest dividends. This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

*Backup withholding.* By law, if you do not provide a 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. A 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.* Except as otherwise provided in the section below entitled "State tax considerations," 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 a Fund from net long-term capital gains, if any, exempt-interest dividends, interest-related dividends paid by a Fund from its qualified net interest income from US sources and short-term capital gain dividends, if such amounts are reported by a 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), a 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). A 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 a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

**State tax considerations**

The following sections address certain state income tax aspects of distributions from the Funds. However, it is for general information only and should not be construed as tax advice. You should consult your tax advisor before making an investment in a Fund. Unless otherwise noted, the discussion is limited to state income taxes applicable to individual shareholders. In addition, many states require that the portion of a Fund's income that is exempt from taxation be specifically designated.

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About your account

*California state taxation.* Exempt-interest dividends paid by Nomura Tax-Free California Fund are excluded from California taxable income for purposes of the California personal income tax if:

● the dividends are derived from interest on obligations of the State of California and its political subdivisions, or qualifying obligations of US territories and possessions that are exempt from state taxation under federal law;

● the dividends paid do not exceed the amount of interest (minus certain nondeductible expenses) the Fund receives, during its taxable year, on obligations that, when held by an individual, pay interest exempt from taxation by California; and

● the Fund properly identifies and designates the dividends as California exempt-interest dividends in a written notice mailed to shareholders.

Nomura Tax-Free California Fund may designate dividends as exempt-interest dividends (and therefore exempt from California income tax), only if:

● it qualifies as a regulated investment company under the Internal Revenue Code; and

● at the close of each quarter of its taxable year, at least 50% of the value of its total assets consists of obligations the interest on which is exempt from taxation by the State of California when held by an individual.

Tax-exempt interest is not an item of preference (and not taken into account) for purposes of the California alternative minimum tax on individuals.

Distributions from Nomura Tax-Free California Fund, including exempt-interest dividends, may be taxable to shareholders that are subject to the California Corporation Tax Law.

*Colorado state taxation.* Exempt-interest dividends paid by Nomura Tax-Free Colorado Fund are exempt from Colorado taxable income for purposes of the Colorado individual income tax if the dividends are excluded from gross income for federal income tax purposes and if the dividends are derived from interest on:

● obligations of the State of Colorado or its political subdivisions that are issued on or after May 1, 1980; and

● obligations of the State of Colorado or its political subdivisions that were issued before May 1, 1980, to the extent that such interest is specifically exempt from income taxation under the Colorado state laws authorizing the issuance of such obligations.

Such exempt-interest dividends also should be excluded for purposes of calculating Colorado alternative minimum taxable income for individuals.

Exempt-interest dividends derived from qualifying obligations of US territories and possessions that are exempt from state taxation under federal law may also be exempt.

*Idaho state taxation.* Exempt-interest dividends paid by Nomura Tax-Free Idaho Fund are not subject to the Idaho personal income tax as long as the dividends are excluded from gross income for federal income tax purposes and are derived from:

● interest earned on bonds issued by the State of Idaho, its cities and political subdivisions; or

● interest earned on qualifying obligations of the US territories and possessions that are exempt from state taxation under federal law.

*Minnesota state taxation.* Exempt-interest dividends paid by Nomura Tax-Free Minnesota Fund and Nomura Minnesota High-Yield Municipal Bond Fund are exempt from taxable income for purposes of the Minnesota individual income tax provided that (i) such dividends are derived from tax-exempt interest on obligations of Minnesota and its political subdivisions, (ii) such dividends are excluded from gross income for federal income tax purposes, and (iii) the exempt-interest dividends from tax-exempt obligations of Minnesota and its political subdivisions represent 95% or more of the total exempt-interest dividends (including the portion of exempt-interest dividends exempt from state taxation under the laws of the United States) paid to shareholders by the Fund. If at least 95% of the total exempt-interest dividends are derived from municipal obligations of the state of Minnesota and its political subdivisions, that portion of such exempt-interest dividends is exempt from the Minnesota individual income tax and the portion of such exempt-interest dividends not derived from obligations of Minnesota and its political subdivisions is taxable for Minnesota individual income tax purposes. If less than 95% of the total exempt-interest dividends are derived from obligations of the state of Minnesota and its political subdivisions, the full amount of such exempt-interest dividends is taxable for Minnesota individual income tax purposes. As a matter of policy, the Fund will seek to earn at least 95% of its income from interest on municipal securities issued by Minnesota and its political subdivisions.

Dividends attributable to interest derived from qualifying obligations of the US may be excluded from Minnesota taxable income to the extent such interest was included in federal taxable income (however such obligations and the dividends therefrom could affect the ability of the Fund to satisfy the above-referenced 95% requirement with respect to obligations of Minnesota and its political subdivisions).

Exempt-interest dividends that are excluded from Minnesota regular taxable income but that are subject to the federal alternative minimum tax are also subject to the Minnesota alternative minimum tax on individuals, estates and trusts. Corporations that receive distributions from the Minnesota Funds, including exempt-interest dividends, may be subject to the Minnesota franchise tax imposed on corporations.

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*New York state and city taxation.* Exempt-interest dividends paid by Nomura Tax-Free New York Fund are exempt taxable income for purposes of the New York state personal income tax and the New York City personal income tax if the dividends are excluded from gross income for federal income tax purposes and if the dividends are derived from interest on:

● obligations of the State of New York or its political subdivisions;

● qualifying obligations of US territories and possessions.

Shareholders that are subject to the New York state and New York City franchise taxes on business corporations and insurance companies should consult their tax advisors regarding the taxation of distributions attributable to or the value of shares of Nomura Tax-Free New York Fund.

*Pennsylvania state taxation.* Distributions paid by Nomura Tax-Free Pennsylvania Fund that are derived from interest on Pennsylvania state and municipal obligations or qualifying obligations of the US and certain of its territories or possessions, the interest on which is exempt from state taxation under the laws of Pennsylvania or the US, will be exempt from Pennsylvania personal income tax. For shareholders who are residents of Philadelphia, income from these sources, as well as distributions paid by the Fund that are designated as capital gain dividends for federal income tax purposes, will also be exempt from Philadelphia School District investment income tax. Other Pennsylvania counties, cities, and townships generally do not tax individuals on unearned income.

*Expenses to carry tax-exempt obligations.* Note that in addition to the discussion of the various state income taxes above, interest on indebtedness incurred or continued to purchase or carry obligations, the income from which is exempt from state taxation, may not be deductible for state income tax purposes (or may be required to be added to the base upon which such taxes are imposed).

**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 a Fund.**

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Financial highlights

The financial highlights tables are intended to help you understand each 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 a Fund (assuming reinvestment of all dividends and distributions). The information has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, whose reports, along with the Funds' financial statements, are available upon request by calling 800 523-1918, and are also available on the Funds' website and are included in the Funds' Forms N-CSR filed with the SEC.

**Nomura Tax-Free California Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $11.33 | $10.68 | $10.97 | $12.64 | $12.18 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.41 | 0.41 | 0.39 | 0.35 | 0.37 |
| Net realized and unrealized gain (loss).......................  | (0.88) | 0.64 | (0.30) | (1.65) | 0.46 |
| 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; (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.40) | (0.40) | (0.38) | (0.35) | (0.37) |
| 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; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.64 |
| **Total return<sup>3</sup>**.........................................  | (4.23%)<sup>2</sup>  | 9.98% | 0.87% | (10.48%) | 6.88% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $85730 | $88231 | $69093 | $71308 | $86059 |
| Ratio of expenses to average net assets......................  | 0.81%<sup>4</sup>  | 0.80% | 0.81% | 0.82% | 0.86% |
| Ratio of expenses to average net assets prior to fees waived........  | 0.99%<sup>4</sup>  | 1.00% | 1.00% | 0.99% | 1.06% |
| Ratio of net investment income to average net assets.............  | 3.76% | 3.70% | 3.62% | 2.94% | 2.95% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 3.58% | 3.50% | 3.43% | 2.77% | 2.75% |
| Portfolio turnover......................................  | 46% | 25% | 22% | 31% | 14% |

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1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

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|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

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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 | Includes litigation expenses of 0.01% for the year ended August 31, 2025. |

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**Nomura Tax-Free California Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $11.35 | $10.71 | $11.00 | $12.66 | $12.21 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.33 | 0.32 | 0.31 | 0.26 | 0.27 |
| Net realized and unrealized gain (loss).......................  | (0.88) | 0.63 | (0.30) | (1.64) | 0.45 |
| 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; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.32) | (0.31) | (0.30) | (0.26) | (0.27) |
| 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; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.66 |
| **Total return<sup>3</sup>**.........................................  | (4.93%)<sup>2</sup>  | 9.05% | 0.12% | (11.05%) | 5.99% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $1848 | $2573 | $2001 | $2479 | $3843 |
| Ratio of expenses to average net assets......................  | 1.56%<sup>4</sup>  | 1.55% | 1.56% | 1.57% | 1.61% |
| Ratio of expenses to average net assets prior to fees waived........  | 1.74%<sup>4</sup>  | 1.75% | 1.75% | 1.74% | 1.81% |
| Ratio of net investment income to average net assets.............  | 2.99% | 2.95% | 2.87% | 2.19% | 2.20% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 2.81% | 2.75% | 2.68% | 2.02% | 2.00% |
| Portfolio turnover......................................  | 46% | 25% | 22% | 31% | 14% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

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

---

---

| | |
|:---|:---|
| 4 | Includes litigation expenses of 0.01% for the year ended August 31, 2025. |

---

------

[Back to **Table of Contents**](#TOC_2277)

Financial highlights

**Nomura Tax-Free California Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Class shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $11.33 | $10.69 | $10.97 | $12.64 | $12.18 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.44 | 0.43 | 0.42 | 0.38 | 0.40 |
| Net realized and unrealized gain (loss).......................  | (0.88) | 0.63 | (0.29) | (1.65) | 0.46 |
| 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; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.43) | (0.42) | (0.41) | (0.38) | (0.40) |
| 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; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.64 |
| **Total return<sup>3</sup>**.........................................  | (3.99%)<sup>2</sup>  | 10.15% | 1.22% | (10.26%) | 7.14% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $190089 | $196405 | $132338 | $79900 | $45996 |
| Ratio of expenses to average net assets......................  | 0.56%<sup>4</sup>  | 0.55% | 0.56% | 0.57% | 0.61% |
| Ratio of expenses to average net assets prior to fees waived........  | 0.74%<sup>4</sup>  | 0.75% | 0.75% | 0.74% | 0.81% |
| Ratio of net investment income to average net assets.............  | 4.01% | 3.95% | 3.87% | 3.19% | 3.20% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 3.83% | 3.75% | 3.68% | 3.02% | 3.00% |
| Portfolio turnover.....................................  | 46% | 25% | 22% | 31% | 14% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

| | |
|:---|:---|
| 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 | Includes litigation expenses of 0.01% for the year ended August 31, 2025. |

---

------

[Back to **Table of Contents**](#TOC_2277)

**Nomura Tax-Free Colorado Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $10.51 | $9.92 | $10.30 | $11.70 | $11.36 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.36 | 0.37 | 0.35 | 0.30 | 0.29 |
| Net realized and unrealized gain (loss).......................  | (0.59) | 0.58 | (0.39) | (1.40) | 0.34 |
| 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; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.70 |
| **Total return<sup>3</sup>**.........................................  | (2.21%)<sup>2</sup>  | 9.77% | (0.39%) | (9.49%) | 5.64% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $127979 | $126556 | $127477 | $142904 | $164258 |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 0.84%<sup>5</sup>  | 0.82% | 0.82% | 0.82% | 0.83% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 1.00%<sup>5</sup>  | 0.98% | 0.98% | 0.96% | 0.96% |
| Ratio of net investment income to average net assets.............  | 3.62% | 3.62% | 3.43% | 2.76% | 2.54% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 3.46% | 3.46% | 3.27% | 2.62% | 2.41% |
| Portfolio turnover......................................  | 20% | 16% | 34% | 24% | 10% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

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

---

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

---

| | |
|:---|:---|
| 5 | Includes litigation expenses of 0.02% for the year ended August 31, 2025. |

---

------

[Back to **Table of Contents**](#TOC_2277)

Financial highlights

**Nomura Tax-Free Colorado Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $10.54 | $9.94 | $10.32 | $11.73 | $11.39 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.29 | 0.30 | 0.27 | 0.22 | 0.21 |
| Net realized and unrealized gain (loss).......................  | (0.60) | 0.59 | (0.39) | (1.41) | 0.34 |
| 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; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.73 |
| **Total return<sup>3</sup>**.........................................  | (3.02%)<sup>2</sup>  | 9.05% | (1.14%) | (10.22%) | 4.85% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $2181 | $2236 | $3111 | $4845 | $6758 |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 1.59%<sup>5</sup>  | 1.57% | 1.57% | 1.57% | 1.58% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 1.75%<sup>5</sup>  | 1.73% | 1.73% | 1.71% | 1.71% |
| Ratio of net investment income to average net assets.............  | 2.86% | 2.87% | 2.68% | 2.01% | 1.79% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 2.70% | 2.71% | 2.52% | 1.87% | 1.66% |
| Portfolio turnover......................................  | 20% | 16% | 34% | 24% | 10% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

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

---

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

---

| | |
|:---|:---|
| 5 | Includes litigation expenses of 0.02% for the year ended August 31, 2025. |

---

------

[Back to **Table of Contents**](#TOC_2277)

**Nomura Tax-Free Colorado Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Class shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $10.51 | $9.92 | $10.30 | $11.70 | $11.36 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.39 | 0.40 | 0.37 | 0.33 | 0.32 |
| Net realized and unrealized gain (loss).......................  | (0.59) | 0.58 | (0.39) | (1.40) | 0.34 |
| 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; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.70 |
| **Total return<sup>3</sup>**.........................................  | (1.97%)<sup>2</sup>  | 10.05% | (0.14%) | (9.27%) | 5.91% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $103958 | $95146 | $82209 | $82431 | $76092 |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 0.59%<sup>5</sup>  | 0.57% | 0.57% | 0.57% | 0.58% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 0.75%<sup>5</sup>  | 0.73% | 0.73% | 0.71% | 0.71% |
| Ratio of net investment income to average net assets.............  | 3.87% | 3.87% | 3.68% | 3.01% | 2.79% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 3.71% | 3.71% | 3.52% | 2.87% | 2.66% |
| Portfolio turnover......................................  | 20% | 16% | 34% | 24% | 10% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

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

---

| | |
|:---|:---|
| 5 | Includes litigation expenses of 0.02% for the year ended August 31, 2025. |

---

------

[Back to **Table of Contents**](#TOC_2277)

Financial highlights

**Nomura Tax-Free Idaho Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $10.62 | $10.06 | $10.44 | $11.91 | $11.52 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.36 | 0.36 | 0.34 | 0.30 | 0.30 |
| Net realized and unrealized gain (loss).......................  | (0.65) | 0.55 | (0.39) | (1.47) | 0.39 |
| 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; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.91 |
| **Total return<sup>3</sup>**.........................................  | (2.83%)<sup>2</sup>  | 9.19% | (0.51%) | (10.00%) | 6.03% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $72721 | $65895 | $64691 | $67247 | $71345 |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 0.88%<sup>5</sup>  | 0.86% | 0.86% | 0.86% | 0.86% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 1.08%<sup>5</sup>  | 1.03% | 1.03% | 1.01% | 1.01% |
| Ratio of net investment income to average net assets.............  | 3.44% | 3.45% | 3.27% | 2.62% | 2.53% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 3.24% | 3.28% | 3.10% | 2.47% | 2.38% |
| Portfolio turnover......................................  | 16% | 14% | 25% | 38% | 17% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

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

---

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

---

| | |
|:---|:---|
| 5 | Includes litigation expenses of 0.02% for the year ended August 31, 2025. |

---

------

[Back to **Table of Contents**](#TOC_2277)

**Nomura Tax-Free Idaho Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $10.62 | $10.06 | $10.44 | $11.90 | $11.51 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.28 | 0.28 | 0.26 | 0.21 | 0.21 |
| Net realized and unrealized gain (loss).......................  | (0.65) | 0.55 | (0.39) | (1.46) | 0.39 |
| 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; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.90 |
| **Total return<sup>3</sup>**.........................................  | (3.56%)<sup>2</sup>  | 8.38% | (1.26%) | (10.59%) | 5.24% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $3656 | $4556 | $4532 | $4997 | $6453 |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 1.63%<sup>5</sup>  | 1.61% | 1.61% | 1.61% | 1.61% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 1.83%<sup>5</sup>  | 1.78% | 1.78% | 1.76% | 1.76% |
| Ratio of net investment income to average net assets.............  | 2.68% | 2.70% | 2.52% | 1.87% | 1.78% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 2.48% | 2.53% | 2.35% | 1.72% | 1.63% |
| Portfolio turnover......................................  | 16% | 14% | 25% | 38% | 17% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

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

---

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

---

| | |
|:---|:---|
| 5 | Includes litigation expenses of 0.02% for the year ended August 31, 2025. |

---

------

[Back to **Table of Contents**](#TOC_2277)

Financial highlights

**Nomura Tax-Free Idaho Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Class shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $10.62 | $10.07 | $10.44 | $11.91 | $11.52 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.38 | 0.38 | 0.36 | 0.32 | 0.33 |
| Net realized and unrealized gain (loss).......................  | (0.64) | 0.54 | (0.38) | (1.47) | 0.39 |
| 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; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.91 |
| **Total return<sup>3</sup>**.........................................  | (2.49%)<sup>2</sup>  | 9.35% | (0.17%) | (9.77%) | 6.29% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $50504 | $60207 | $51205 | $49393 | $51125 |
| Ratio of expenses to average net assets<sup>4</sup>.....................  | 0.63%<sup>5</sup>  | 0.61% | 0.61% | 0.61% | 0.61% |
| Ratio of expenses to average net assets prior to fees waived<sup>4</sup>.......  | 0.83%<sup>5</sup>  | 0.78% | 0.78% | 0.76% | 0.76% |
| Ratio of net investment income to average net assets.............  | 3.68% | 3.70% | 3.52% | 2.87% | 2.78% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 3.48% | 3.53% | 3.35% | 2.72% | 2.63% |
| Portfolio turnover......................................  | 16% | 14% | 25% | 38% | 17% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

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

---

| | |
|:---|:---|
| 5 | Includes litigation expenses of 0.02% for the year ended August 31, 2025. |

---

------

[Back to **Table of Contents**](#TOC_2277)

**Nomura Tax-Free New York Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $10.77 | $10.23 | $10.56 | $12.06 | $11.66 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.40 | 0.39 | 0.37 | 0.31 | 0.29 |
| Net realized and unrealized gain (loss).......................  | (0.81) | 0.53 | (0.34) | (1.50) | 0.45 |
| 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; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.39) | (0.38) | (0.36) | (0.31) | (0.29) |
| 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; —<sup>3</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.06 |
| **Total return<sup>4</sup>**.........................................  | (3.93%)<sup>2</sup>  | 9.14% | 0.29% | (9.96%) | 6.46% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $156624 | $163180 | $130791 | $130721 | $161593 |
| Ratio of expenses to average net assets......................  | 0.81%<sup>5</sup>  | 0.80% | 0.80% | 0.80% | 0.83% |
| Ratio of expenses to average net assets prior to fees waived........  | 0.98%<sup>5</sup>  | 0.97% | 0.98% | 0.97% | 1.01% |
| Ratio of net investment income to average net assets.............  | 3.83% | 3.71% | 3.56% | 2.78% | 2.47% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 3.66% | 3.54% | 3.38% | 2.61% | 2.29% |
| Portfolio turnover......................................  | 46% | 21% | 24% | 30% | 13% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

| | |
|:---|:---|
| 3 | Amount is less than $(0.005) per share. |

---

---

| | |
|:---|:---|
| 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 | Includes litigation expenses of 0.01% for the year ended August 31, 2025. |

---

------

[Back to **Table of Contents**](#TOC_2277)

Financial highlights

**Nomura Tax-Free New York Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $10.75 | $10.21 | $10.53 | $12.03 | $11.63 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.32 | 0.31 | 0.29 | 0.23 | 0.21 |
| Net realized and unrealized gain (loss).......................  | (0.82) | 0.53 | (0.33) | (1.50) | 0.45 |
| 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; (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.31) | (0.30) | (0.28) | (0.23) | (0.21) |
| 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; —<sup>3</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.03 |
| **Total return<sup>4</sup>**.........................................  | (4.76%)<sup>2</sup>  | 8.34% | (0.37%) | (10.66%) | 5.68% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $3986 | $4613 | $2757 | $3818 | $4720 |
| Ratio of expenses to average net assets......................  | 1.56%<sup>5</sup>  | 1.55% | 1.55% | 1.55% | 1.58% |
| Ratio of expenses to average net assets prior to fees waived........  | 1.73%<sup>5</sup>  | 1.72% | 1.73% | 1.72% | 1.76% |
| Ratio of net investment income to average net assets.............  | 3.07% | 2.96% | 2.81% | 2.02% | 1.72% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 2.90% | 2.79% | 2.63% | 1.85% | 1.54% |
| Portfolio turnover......................................  | 46% | 21% | 24% | 30% | 13% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

| | |
|:---|:---|
| 3 | Amount is less than $(0.005) per share. |

---

---

| | |
|:---|:---|
| 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 | Includes litigation expenses of 0.01% for the year ended August 31, 2025. |

---

------

[Back to **Table of Contents**](#TOC_2277)

**Nomura Tax-Free New York Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Class shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $10.77 | $10.22 | $10.55 | $12.06 | $11.66 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.42 | 0.41 | 0.39 | 0.34 | 0.32 |
| Net realized and unrealized gain (loss).......................  | (0.82) | 0.54 | (0.34) | (1.51) | 0.45 |
| 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; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.41) | (0.40) | (0.38) | (0.34) | (0.32) |
| 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; —<sup>3</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.06 |
| **Total return<sup>4</sup>**.........................................  | (3.78%)<sup>2</sup>  | 9.52% | 0.54% | (9.82%) | 6.73% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $89470 | $96684 | $67698 | $64447 | $50997 |
| Ratio of expenses to average net assets......................  | 0.56%<sup>5</sup>  | 0.55% | 0.55% | 0.55% | 0.58% |
| Ratio of expenses to average net assets prior to fees waived........  | 0.73%<sup>5</sup>  | 0.72% | 0.73% | 0.72% | 0.76% |
| Ratio of net investment income to average net assets.............  | 4.08% | 3.96% | 3.81% | 3.03% | 2.72% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 3.91% | 3.79% | 3.63% | 2.86% | 2.54% |
| Portfolio turnover......................................  | 46% | 21% | 24% | 30% | 13% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

| | |
|:---|:---|
| 3 | Amount is less than $(0.005) per share. |

---

---

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

---

---

| | |
|:---|:---|
| 5 | Includes litigation expenses of 0.01% for the year ended August 31, 2025. |

---

------

[Back to **Table of Contents**](#TOC_2277)

Financial highlights

**Nomura Tax-Free Pennsylvania Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $7.44 | $7.06 | $7.31 | $8.34 | $8.06 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.28 | 0.28 | 0.27 | 0.22 | 0.23 |
| Net realized and unrealized gain (loss).......................  | (0.53) | 0.38 | (0.25) | (1.00) | 0.32 |
| 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; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.28) | (0.28) | (0.27) | (0.22) | (0.23) |
| 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; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.34 |
| **Total return<sup>3</sup>**.........................................  | (3.48%)<sup>2</sup>  | 9.61% | 0.29% | (9.59%) | 7.04% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $289415 | $323008 | $307781 | $338811 | $384915 |
| Ratio of expenses to average net assets......................  | 0.84%<sup>4</sup>  | 0.83% | 0.84% | 0.84% | 0.83% |
| Ratio of expenses to average net assets prior to fees waived........  | 0.96%<sup>4</sup>  | 0.93% | 0.95% | 0.94% | 0.92% |
| Ratio of net investment income to average net assets.............  | 3.86% | 3.91% | 3.75% | 2.75% | 2.86% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 3.74% | 3.81% | 3.64% | 2.65% | 2.77% |
| Portfolio turnover......................................  | 30% | 16% | 35% | 47% | 32% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

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

---

---

| | |
|:---|:---|
| 4 | Includes litigation expenses of 0.01% for the year ended August 31, 2025. |

---

------

[Back to **Table of Contents**](#TOC_2277)

**Nomura Tax-Free Pennsylvania Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $7.44 | $7.07 | $7.31 | $8.34 | $8.06 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.22 | 0.23 | 0.21 | 0.16 | 0.17 |
| Net realized and unrealized gain (loss).......................  | (0.53) | 0.37 | (0.24) | (1.00) | 0.32 |
| 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; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.22) | (0.23) | (0.21) | (0.16) | (0.17) |
| 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; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.34 |
| **Total return<sup>3</sup>**.........................................  | (4.20%)<sup>2</sup>  | 8.64% | (0.33%) | (10.27%) | 6.24% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $11346 | $11056 | $8854 | $10540 | $14040 |
| Ratio of expenses to average net assets......................  | 1.59%<sup>4</sup>  | 1.58% | 1.59% | 1.59% | 1.59% |
| Ratio of expenses to average net assets prior to fees waived........  | 1.71%<sup>4</sup>  | 1.68% | 1.70% | 1.69% | 1.68% |
| Ratio of net investment income to average net assets.............  | 3.12% | 3.16% | 3.00% | 1.99% | 2.10% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 3.00% | 3.06% | 2.89% | 1.89% | 2.01% |
| Portfolio turnover......................................  | 30% | 16% | 35% | 47% | 32% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

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

---

---

| | |
|:---|:---|
| 4 | Includes litigation expenses of 0.01% for the year ended August 31, 2025. |

---

------

[Back to **Table of Contents**](#TOC_2277)

Financial highlights

**Nomura Tax-Free Pennsylvania Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Class shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $7.44 | $7.06 | $7.31 | $8.33 | $8.05 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.30 | 0.30 | 0.29 | 0.24 | 0.25 |
| Net realized and unrealized gain (loss).......................  | (0.53) | 0.38 | (0.25) | (0.99) | 0.32 |
| 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; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | (0.30) | (0.30) | (0.29) | (0.24) | (0.25) |
| 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; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.33 |
| **Total return<sup>3</sup>**.........................................  | (3.24%)<sup>2</sup>  | 9.88% | 0.53% | (9.26%) | 7.31% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $92186 | $84012 | $63482 | $72330 | $72333 |
| Ratio of expenses to average net assets......................  | 0.59%<sup>4</sup>  | 0.58% | 0.59% | 0.59% | 0.59% |
| Ratio of expenses to average net assets prior to fees waived........  | 0.71%<sup>4</sup>  | 0.68% | 0.70% | 0.69% | 0.68% |
| Ratio of net investment income to average net assets.............  | 4.12% | 4.16% | 4.00% | 2.99% | 3.10% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 4.00% | 4.06% | 3.89% | 2.89% | 3.01% |
| Portfolio turnover......................................  | 30% | 16% | 35% | 47% | 32% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

| | |
|:---|:---|
| 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 | Includes litigation expenses of 0.01% for the year ended August 31, 2025. |

---

------

[Back to **Table of Contents**](#TOC_2277)

**Nomura Tax-Free Minnesota Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $11.32 | $10.93 | $11.36 | $12.70 | $12.49 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.39 | 0.39 | 0.32 | 0.27 | 0.29 |
| Net realized and unrealized gain (loss).......................  | (0.64) | 0.37 | (0.42) | (1.34) | 0.21 |
| 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; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.70 |
| **Total return<sup>3</sup>**.........................................  | (2.26%)<sup>2</sup>  | 7.10% | (0.89%) | (8.51%) | 4.05% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $280504 | $298904 | $276596 | $317184 | $375799 |
| Ratio of expenses to average net assets......................  | 0.82%<sup>4</sup>  | 0.83% | 0.84% | 0.85% | 0.85% |
| Ratio of expenses to average net assets prior to fees waived........  | 0.97%<sup>4</sup>  | 0.97% | 0.98% | 0.93% | 0.93% |
| Ratio of net investment income to average net assets.............  | 3.59% | 3.52% | 2.89% | 2.25% | 2.30% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 3.44% | 3.38% | 2.75% | 2.17% | 2.22% |
| Portfolio turnover......................................  | 17% | 27% | 35% | 24% | 3% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

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

---

---

| | |
|:---|:---|
| 4 | Includes litigation expenses of 0.01% for the year ended August 31, 2025. |

---

------

[Back to **Table of Contents**](#TOC_2277)

Financial highlights

**Nomura Tax-Free Minnesota Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $11.36 | $10.96 | $11.40 | $12.75 | $12.53 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.31 | 0.31 | 0.24 | 0.18 | 0.20 |
| Net realized and unrealized gain (loss).......................  | (0.64) | 0.38 | (0.43) | (1.35) | 0.22 |
| 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; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.75 |
| **Total return<sup>3</sup>**.........................................  | (2.97%)<sup>2</sup>  | 6.39% | (1.71%) | (9.23%) | 3.35% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $4104 | $7212 | $8592 | $12837 | $17096 |
| Ratio of expenses to average net assets......................  | 1.57%<sup>4</sup>  | 1.58% | 1.59% | 1.60% | 1.60% |
| Ratio of expenses to average net assets prior to fees waived........  | 1.72%<sup>4</sup>  | 1.72% | 1.73% | 1.68% | 1.68% |
| Ratio of net investment income to average net assets.............  | 2.82% | 2.77% | 2.14% | 1.50% | 1.55% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 2.67% | 2.63% | 2.00% | 1.42% | 1.47% |
| Portfolio turnover......................................  | 17% | 27% | 35% | 24% | 3% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

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

---

---

| | |
|:---|:---|
| 4 | Includes litigation expenses of 0.01% for the year ended August 31, 2025. |

---

------

[Back to **Table of Contents**](#TOC_2277)

**Nomura Tax-Free Minnesota Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Class shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $11.32 | $10.93 | $11.36 | $12.70 | $12.49 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.42 | 0.42 | 0.35 | 0.30 | 0.32 |
| Net realized and unrealized gain (loss).......................  | (0.64) | 0.37 | (0.42) | (1.34) | 0.21 |
| 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; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.70 |
| **Total return<sup>3</sup>**.........................................  | (2.02%)<sup>2</sup>  | 7.37% | (0.64%) | (8.28%) | 4.31% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $246048 | $244776 | $203564 | $211322 | $218886 |
| Ratio of expenses to average net assets......................  | 0.57%<sup>4</sup>  | 0.58% | 0.59% | 0.60% | 0.60% |
| Ratio of expenses to average net assets prior to fees waived........  | 0.72%<sup>4</sup>  | 0.72% | 0.73% | 0.68% | 0.68% |
| Ratio of net investment income to average net assets.............  | 3.84% | 3.77% | 3.14% | 2.50% | 2.55% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 3.69% | 3.63% | 3.00% | 2.42% | 2.47% |
| Portfolio turnover......................................  | 17% | 27% | 35% | 24% | 3% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

| | |
|:---|:---|
| 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 | Includes litigation expenses of 0.01% for the year ended August 31, 2025. |

---

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Financial highlights

**Nomura Minnesota High-Yield Municipal Bond Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $10.15 | $9.65 | $10.08 | $11.34 | $11.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.36 | 0.37 | 0.32 | 0.27 | 0.28 |
| Net realized and unrealized gain (loss).......................  | (0.63) | 0.49 | (0.43) | (1.26) | 0.34 |
| 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; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.28) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.28) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.34 |
| **Total return<sup>3</sup>**.........................................  | (2.68%)<sup>2</sup>  | 9.10% | (1.06%) | (8.79%) | 5.71% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $78092 | $89655 | $91116 | $98592 | $112606 |
| Ratio of expenses to average net assets......................  | 0.85%<sup>4</sup>  | 0.85% | 0.87% | 0.88% | 0.89% |
| Ratio of expenses to average net assets prior to fees waived........  | 1.02%<sup>4</sup>  | 1.00% | 0.99% | 0.98% | 0.97% |
| Ratio of net investment income to average net assets.............  | 3.76% | 3.74% | 3.33% | 2.58% | 2.52% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 3.59% | 3.59% | 3.21% | 2.48% | 2.44% |
| Portfolio turnover......................................  | 20% | 19% | 36% | 23% | 3% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

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

---

---

| | |
|:---|:---|
| 4 | Includes litigation expenses of 0.01% for the year ended August 31, 2025. |

---

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[Back to **Table of Contents**](#TOC_2277)

**Nomura Minnesota High-Yield Municipal Bond Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C shares | 8/31.25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $10.17 | $9.67 | $10.10 | $11.36 | $11.02 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.29 | 0.30 | 0.25 | 0.19 | 0.20 |
| Net realized and unrealized gain (loss).......................  | (0.64) | 0.49 | (0.43) | (1.26) | 0.34 |
| 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; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.36 |
| **Total return<sup>3</sup>**.........................................  | (3.49%)<sup>2</sup>  | 8.28% | (1.79%) | (9.46%) | 4.92% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $5818 | $7785 | $8163 | $11476 | $14317 |
| Ratio of expenses to average net assets......................  | 1.60%<sup>4</sup>  | 1.60% | 1.62% | 1.63% | 1.64% |
| Ratio of expenses to average net assets prior to fees waived........  | 1.77%<sup>4</sup>  | 1.75% | 1.74% | 1.73% | 1.72% |
| Ratio of net investment income to average net assets.............  | 3.00% | 2.99% | 2.58% | 1.82% | 1.77% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 2.83% | 2.84% | 2.46% | 1.73% | 1.69% |
| Portfolio turnover......................................  | 20% | 19% | 36% | 23% | 3% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

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

---

---

| | |
|:---|:---|
| 4 | Includes litigation expenses of 0.01% for the year ended August 31, 2025. |

---

------

[Back to **Table of Contents**](#TOC_2277)

Financial highlights

**Nomura Minnesota High-Yield Municipal Bond Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Class shares | 8/31/25 | 8/31/24 | 8/31/23 | 8/31/22 | Year ended<br>8/31/21 |
| **Net asset value, beginning of period**.......................  | $10.15 | $9.65 | $10.07 | $11.33 | $11.00 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>1</sup>..................................  | 0.39 | 0.39 | 0.35 | 0.30 | 0.31 |
| Net realized and unrealized gain (loss).......................  | (0.64) | 0.49 | (0.42) | (1.26) | 0.33 |
| 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; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| **Less dividends and distributions from:** |  |  |  |  |  |
| Net investment income..................................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31) |
| Total dividends and distributions............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31) |
| **Net asset value, end of period**............................  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.33 |
| **Total return<sup>3</sup>**.........................................  | (2.54%)<sup>2</sup>  | 9.38% | (0.71%) | (8.58%) | 5.89% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| Net assets, end of period (000 omitted).......................  | $130727 | $126266 | $104870 | $107300 | $102787 |
| Ratio of expenses to average net assets......................  | 0.60%<sup>4</sup>  | 0.60% | 0.62% | 0.63% | 0.64% |
| Ratio of expenses to average net assets prior to fees waived........  | 0.77%<sup>4</sup>  | 0.75% | 0.74% | 0.73% | 0.72% |
| Ratio of net investment income to average net assets.............  | 4.02% | 3.99% | 3.58% | 2.83% | 2.77% |
| Ratio of net investment income to average net assets prior to fees <br>waived............................................  | 3.85% | 3.84% | 3.46% | 2.73% | 2.69% |
| Portfolio turnover......................................  | 20% | 19% | 36% | 23% | 3% |

---

1 Calculated using average shares outstanding for the years ended August 31, 2024, 2023, 2022 and 2021.

---

| | |
|:---|:---|
| 2 | Payment by affiliates is less than $0.005 per share and 0.005% on total return. See Note 2 in "Notes to financial statements" in the Fund's Form N-CSR for the year ended August 31, 2025. |

---

---

| | |
|:---|:---|
| 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 | Includes litigation expenses of 0.01% for the year ended August 31, 2025. |

---

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**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. Incorporated ("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 share of the same fund.

— Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.

— Shares purchase from the proceeds of redemptions from another Nomura Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) 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 Funds' investments is available in their annual and semiannual shareholder reports and in Form N-CSR filed with the SEC. In the Funds' annual shareholder reports, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during the period covered by the reports. In Form N-CSR, you will find the Funds' annual and semiannual financial statements. [You can find more information about the Funds in the current SAI, which is filed electronically with the SEC, and which is legally a part of this Prospectus (it is incorporated by reference).](#a_0100) To receive a free copy of the SAI, an annual or semiannual report, or other information such as the Funds' financial statements, or if you have any questions about investing in the Funds, 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 Funds' SAI, shareholder reports and financial statements are available, free of charge, through the Funds' website at nomuraassetmanagement.com/literature. You may also obtain additional information about the Funds from your financial advisor.

You can find reports and other information about the Funds 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: 811-07742, 811-04989, 811-03910, and 811-02715

**PR-322 12/25**<br>

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![image](sa2290img001.jpg)<br>

Statement of Additional Information

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| | |
|:---|:---|
|  | **Nasdaq** **ticker** **symbols** |
| **Voyageur Mutual Funds** **<br> Nomura Tax-Free California Fund** **<br> (formerly, Macquarie Tax-Free** **California Fund)** |  |
| Class A | DVTAX |
| Class C | DVFTX |
| Institutional Class | DCTIX |
| **Delaware Group<sup>®</sup>** **State Tax-Free** **Income Trust** **<br> Nomura Tax-Free Pennsylvania Fund** **<br> (formerly, Macquarie Tax-Free** **Pennsylvania Fund)** |  |
| Class A | DELIX |
| Class C | DPTCX |
| Institutional Class | DTPIX |

---

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| | |
|:---|:---|
|  | **Nasdaq** **ticker** **symbols**  |
| **Voyageur Mutual Funds<br> Nomura Tax-Free Idaho Fund<br> (formerly, Macquarie Tax-Free Idaho Fund)** |  |
| Class A | VIDAX |
| Class C | DVICX |
| Institutional Class | DTIDX |
| **Voyageur Mutual Funds** **<br> Nomura Tax-Free New York Fund** **<br> (formerly, Macquarie Tax-Free New** **York Fund)** |  |
| Class A | FTNYX |
| Class C | DVFNX |
| Institutional Class | DTNIX |
| **Voyageur Mutual Funds** **<br> Nomura Minnesota High-Yield** **Municipal Bond Fund** **<br> (formerly, Macquarie Minnesota** **High-Yield Municipal Bond Fund)** |  |
| Class A | DVMHX |
| Class C | DVMMX |
| Institutional Class | DMHIX |

---

---

| | |
|:---|:---|
|  | **Nasdaq** **ticker** **symbols**  |
| **Voyageur Tax Free Funds** **<br> Nomura Tax-Free Minnesota Fund** **<br> (formerly, Macquarie Tax-Free** **Minnesota Fund)** |  |
| Class A | DEFFX |
| Class C | DMOCX |
| Institutional Class | DMNIX |
| **Voyageur Mutual Funds II** **<br> Nomura Tax-Free Colorado Fund** **<br> (formerly, Macquarie Tax-Free Colorado** **Fund)** |  |
| Class A | VCTFX |
| Class C | DVCTX |
| Institutional Class | DCOIX |

---

December 30, 2025

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 December 30, 2025, as it may be amended from time to time, for each of the municipal bond funds listed above (each, a "Fund" and collectively, the "Funds").

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 Funds' 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 Funds' financial statements, the notes relating thereto, the financial highlights, and the report of the independent registered public accounting firm are incorporated by reference into this SAI from the most recent Form N-CSR, as follows for: (i) [Nomura Tax-Free Colorado Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000809872/000119312525260412/d13556dncsr.htm); (ii) [Nomura Tax-Free Pennsylvania Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/201670/000119312525260408/d17661dncsr.htm); (iii) [Nomura Tax-Free Minnesota Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000733362/000119312525260404/d59394dncsr.htm); and (iv) [all other Funds](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000906236/000119312525260402/d15344dncsr.htm). Each 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_2290)  | [3](#ref_chapter_2_2290)  |
| [**Investment Objectives, Restrictions, and Policies**](#ref_chapter_3_2290)  | [4](#ref_chapter_3_2290)  |
| [**Investment Strategies and Risks**](#ref_chapter_4_2290)  | [5](#ref_chapter_4_2290)  |
| [**Insurance**](#ref_chapter_5_2290)  | [22](#ref_chapter_5_2290)  |
| [**Disclosure of Portfolio Holdings Information**](#ref_chapter_6_2290)  | [23](#ref_chapter_6_2290)  |
| [**Management of the Trust**](#ref_chapter_7_2290)  | [24](#ref_chapter_7_2290)  |
| [**Code of Ethics**](#ref_chapter_8_2290)  | [32](#ref_chapter_8_2290)  |
| [**Proxy Voting Policy**](#ref_chapter_9_2290)  | [32](#ref_chapter_9_2290)  |
| [**Investment Manager and Other Service Providers**](#ref_chapter_10_2290)  | [33](#ref_chapter_10_2290)  |
| [**Portfolio Managers**](#ref_chapter_11_2290)  | [38](#ref_chapter_11_2290)  |
| [**Trading Practices and Brokerage**](#ref_chapter_12_2290)  | [40](#ref_chapter_12_2290)  |
| [**Capital Structure**](#ref_chapter_13_2290)  | [41](#ref_chapter_13_2290)  |
| [**Purchasing Shares**](#ref_chapter_14_2290)  | [41](#ref_chapter_14_2290)  |
| [**Investment Plans**](#ref_chapter_15_2290)  | [49](#ref_chapter_15_2290)  |
| [**Determining Offering Price and Net Asset Value**](#ref_chapter_16_2290)  | [51](#ref_chapter_16_2290)  |
| [**Redemption and Exchange**](#ref_chapter_17_2290)  | [52](#ref_chapter_17_2290)  |
| [**Distributions and Taxes**](#ref_chapter_18_2290)  | [56](#ref_chapter_18_2290)  |
| [**Performance Information**](#ref_chapter_19_2290)  | [64](#ref_chapter_19_2290)  |
| [**Financial Statements**](#ref_chapter_20_2290)  | [65](#ref_chapter_20_2290)  |
| [**Principal Holders**](#ref_chapter_21_2290)  | [65](#ref_chapter_21_2290)  |
| [**Appendix A — Description of Ratings**](#ref_chapter_22_2290)  | [76](#ref_chapter_22_2290)  |
| [**Appendix B — Special Factors Affecting the Funds**](#ref_chapter_23_2290)  | [79](#ref_chapter_23_2290)  |

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**Organization and Classification**

This SAI describes the Funds, which are series of Voyageur Mutual Funds, Voyageur Tax Free Funds, Voyageur Mutual Funds II, and Delaware Group<sup>®</sup> State Tax-Free Income Trust (individually and collectively, the "Trust"). Each Fund offers Class A and Class C shares (collectively, the "Retail Classes"). Each Fund also offers an Institutional Class (together with the Retail Classes, the "Classes"). All references to "shares" in this SAI refer to all classes of shares of the Funds, except where noted. The Funds' investment manager is Delaware Management Company (the "Manager"), a series of Nomura Investment Management Business Trust ("NIMBT") (a Delaware statutory trust).

**Organization**

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| | | |
|:---|:---|:---|
| Trust | Original Form of Organization<br> (date) | Current Form of Organization<br> (date) |
| Voyageur Mutual Funds | Minnesota Corporation<br> (April 14, 1993) | Delaware Statutory Trust<br> (November 1, 1999) |
| Voyageur Mutual Funds II | Minnesota Corporation<br> (January 13, 1987) | Delaware Statutory Trust<br> (November 1, 1999) |
| Voyageur Tax Free Funds | Minnesota Corporation<br> (November 10, 1983) | Delaware Statutory Trust<br> (November 1, 1999) |
| Delaware Group State Tax-Free Income Trust | Pennsylvania Business Trust<br> (November 23, 1976) | Delaware Statutory Trust<br> (April 29, 2000) |

---

**History**

Effective as of the close of business on December 4, 2020, Delaware Tax-Free California II Fund, a series of Delaware Group Limited-Term Government Funds, merged into Delaware Tax-Free California Fund and Delaware New York II Fund, a series of Delaware Group Limited-Term Government Funds, merged into Delaware Tax-Free New York Fund.

Effective as of the close of business on September 15, 2023, Delaware Ivy California Municipal High Income Fund, a series of Ivy Funds, merged into Delaware Tax-Free California Fund.

Effective as of the close of business on June 7, 2024, Delaware Tax-Free Minnesota Intermediate Fund, a series of Voyageur Intermediate Tax Free Funds, merged into Delaware Tax-Free Minnesota Fund.

On December 31, 2024, Delaware Tax-Free California Fund was renamed Macquarie Tax-Free California Fund, Delaware Tax-Free Idaho Fund was renamed Macquarie Tax-Free Idaho Fund, Delaware Tax-Free Minnesota Fund was renamed Macquarie Tax-Free Minnesota Fund, Delaware Tax-Free New York Fund was renamed Macquarie Tax-Free New York Fund, Delaware Tax-Free Colorado Fund was renamed Macquarie Tax-Free Colorado Fund, Delaware Tax-Free Pennsylvania Fund was renamed Macquarie Tax-Free Pennsylvania Fund and Delaware Minnesota High-Yield Municipal Bond Fund was renamed Macquarie Minnesota High-Yield Municipal Bond Fund. Also on December 31, 2024, Delaware Funds by Macquarie was renamed Macquarie Funds.

On December 1, 2025, Macquarie Tax-Free California Fund was renamed Nomura Tax-Free California Fund, Macquarie Tax-Free Idaho Fund was renamed Nomura Tax-Free Idaho Fund, Macquarie Tax-Free Minnesota Fund was renamed Nomura Tax-Free Minnesota Fund, Macquarie Tax-Free New York Fund was renamed Nomura Tax-Free New York Fund, Macquarie Tax-Free Colorado Fund was renamed Nomura Tax-Free Colorado Fund, Macquarie Tax-Free Pennsylvania Fund was renamed Nomura Tax-Free Pennsylvania Fund and Macquarie Minnesota High-Yield Municipal Bond Fund was renamed Nomura Minnesota High-Yield Municipal Bond Fund. Also on December 1, 2025, Macquarie Funds was renamed Nomura Funds.

**Classification**

Each Trust is an open-end management investment company.

Each 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 a Fund's outstanding shares as described below.

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**Investment Objectives, Restrictions, and Policies**

**Investment Objectives**

Each Fund's investment objective is described in the Prospectus. Each 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 a Fund will notify shareholders at least 60 days prior to a material change in the Fund's investment objective.

**Fundamental Investment Restrictions**

Each 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 a Fund to sell any portfolio security to comply with these limitations.

Each 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").

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 a Fund, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. This restriction does not prevent a 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, each Fund will be subject to the following investment restriction, which is considered nonfundamental and may be changed by each Fund's respective Board without shareholder approval: Each 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.

In applying each Fund's concentration policy (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.

Except for the Funds' 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 a utilization of assets and such excess results therefrom.

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**Portfolio Turnover**

Portfolio trading will be undertaken principally to accomplish each Fund's respective investment objective. The Funds are 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 a Fund's respective investment objective. The Funds 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 each Fund's respective investment objective.

The portfolio turnover rate tells you the amount of trading activity in a Fund's portfolio. A turnover rate of 100% would occur, for example, if all of a 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 a 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, a Fund may hold securities for any period of time.

It is generally anticipated that a Fund's portfolio turnover rate will be less than 100% but it is possible that a Fund's portfolio turnover may exceed 100%.

For the fiscal years ended August 31, 2024 and 2025, the Funds' portfolio turnover rates were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **2024** | **2025**  |
| **Nomura Tax-Free California Fund** | 25% | 46% |
| **Nomura Tax-Free Colorado Fund** | 16% | 20% |
| **Nomura Tax-Free Idaho Fund** | 14% | 16% |
| **Nomura Tax-Free Minnesota Fund** | 27% | 17% |
| **Nomura Minnesota High-Yield Municipal Bond Fund** | 19% | 20% |
| **Nomura Tax-Free New York Fund** | 21% | 46% |
| **Nomura Tax-Free Pennsylvania Fund** | 16% | 30% |

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**Investment Strategies and Risks**

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

**Tax–Exempt Obligations — Generally**

The Funds invest primarily in tax-exempt obligations, often referred to as municipal bonds. The term "Tax-Exempt Obligations" refers to debt obligations issued by or on behalf of a state or that state's counties, municipalities, authorities, agencies, or other subdivisions, as well as by the District of Columbia and United States territories such as Puerto Rico, Guam, or the US Virgin Islands. These securities generally pay interest free from federal income tax (except, in certain instances, the alternative minimum tax, which will depend on a shareholder's tax status) and from state personal income taxes, if any, for residents of that state. Generally for all Tax-Exempt Obligations, the issuer pays a fixed, floating or variable rate of interest, and must repay the amount borrowed (the "principal") at maturity. Tax-Exempt Obligations are issued to raise money for a variety of public or private purposes, including financing state or local government, specific projects, or public facilities. Tax-Exempt Obligations are classified as general or revenue obligations.

The value of the Tax-Exempt Obligations may be highly sensitive to events affecting the fiscal stability of the municipalities, agencies, authorities and other instrumentalities that issue securities. In particular, economic, legislative, regulatory, or political developments affecting the ability of the issuers to pay interest or repay principal may significantly affect the value of a Fund's investments. These developments can include or arise from, for example, insolvency of an issuer, uncertainties related to the tax status of municipal securities, tax base erosion, state or federal constitutional limits on tax increases or other actions, budget deficits and other financial difficulties, or changes in the credit ratings assigned to municipal issuers.

Securities in which the Funds may invest, including Tax-Exempt Obligations, are subject to the provisions of bankruptcy, insolvency, reorganization, and other laws affecting the rights and remedies of creditors, such as the federal Bankruptcy Code, and laws, if any, which may be enacted by the US Congress or a state's legislature extending the time for payment of principal or interest, or both, or imposing other constraints upon enforcement of such obligations within constitutional limitations. There is also the possibility that, as a result of litigation or other conditions, the power or ability of issuers to meet their obligations for the payment of interest on, and principal of, their Tax-Exempt Obligations may be materially affected.

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**Investment Strategies and Risks**

Each Fund also concentrates its investments in a particular state. Therefore, there are risks associated with each Fund that would not be present if the Fund were diversified nationally. These risks include any new legislation that would adversely affect Tax-Exempt Obligations, regional or local economic conditions that could adversely affect such obligations, and differing levels of supply and demand for municipal bonds particular to the state in which a Fund focuses its investments.

From time to time, legislation, some of which became law, has been introduced in the US Congress for the purpose of restricting the availability of, or eliminating the federal income tax exemption for, interest on Tax-Exempt Obligations. Additional proposals may be introduced in the future which, if enacted, could affect the availability of Tax-Exempt Obligations for investment by the Funds and the value of each Fund's portfolio. In such event, management of the Funds may discontinue the issuance of shares to new investors and may reevaluate each Fund's investment objective and policies and submit possible changes in the structure of each Fund for shareholder approval.

To the extent that the ratings given by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Financial Services LLC ("S&P"), or Fitch Ratings, Inc. ("Fitch") for Tax-Exempt Obligations may change as a result of changes in such organizations or their rating systems, the Funds will attempt to use comparable ratings as standards for their investments in accordance with the investment policies contained in the Funds' Prospectus and this SAI. The ratings of Moody's, S&P, and Fitch represent their opinions as to the quality of the Tax-Exempt Obligations, which they undertake to rate. It should be emphasized, however, that ratings are relative and subjective and are not absolute standards of quality. Although these ratings provide an initial criterion for selection of portfolio investments, the Manager will subject these securities to other evaluative criteria prior to investing in such securities.

*General obligation bonds.* Issuers of general obligation bonds include states, counties, cities, towns, and regional districts. The proceeds of these obligations are used to fund a wide range of public projects, including construction or improvement of schools, highways, and roads. The basic security behind general obligation bonds is the issuer's pledge of its full faith, credit, and taxing power for the payment of principal and interest. The taxes that can be levied for the payment of debt service may be limited or unlimited as to the rate or amount of special assessments.

*Revenue bonds.* The full faith, credit, and taxing power of the issuer do not secure revenue bonds. Instead, the principal security for a revenue bond generally is the net revenue derived from a particular facility, group of facilities, or, in some cases, the proceeds of a special excise tax or other specific revenue source. Revenue bonds are issued to finance a wide variety of capital projects, including: electric, gas, water, and sewer systems; highways, bridges, and tunnels; port and airport facilities; colleges and universities; and hospitals. The principal security behind these bonds may vary. For example, housing finance authorities have a wide range of security, including partially or fully insured mortgages, rent subsidized and/or collateralized mortgages, and/or the net revenues from housing or other public projects. Many bonds provide additional security in the form of a debt service reserve fund that may be used to make principal and interest payments. Some authorities have further security in the form of state assurances (although without obligation) to make up deficiencies in the debt service reserve fund. As a result, an investment in revenue obligations is subject to greater risk of delay or non-payment if revenue does not accrue as expected or if other conditions are not met for reasons outside the control of a Fund. Conversely, if revenue accrues more quickly than anticipated, a Fund may receive payment before expected and have difficulty reinvesting the proceeds on equally favorable terms.

**Derivatives Instruments**

The Funds may invest in some or all of the following types of derivatives instruments: futures, options, options on futures contracts, and swaps, all of which are described in more detail in this section of the SAI. Each Fund may invest up to an aggregate of 20% of its net assets in futures, options, swaps, and other taxable investments and securities that are rated below investment grade, except for Nomura Minnesota High-Yield Municipal Bond Fund, which may invest without limit in securities that are rated below investment grade.

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 a Fund to gain or reduce exposure to the value of a reference instrument without actually owning or selling the instrument.

A 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 a 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 Funds 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 Funds in reliance upon applicable exemptions from registration under the Commodity Exchange Act.

The terms of the CPO exclusion require a 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 Funds, each 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

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Funds are not intended as vehicles 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 Funds, their respective investment strategies, or this SAI.

Generally, the exclusion from CPO definition and regulation on which the Manager relies requires a 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 Funds' positions in commodity interests may not exceed 5% of the liquidation value of the Funds' portfolio (after taking into account unrealized profits and unrealized losses on any such positions); or (2) the aggregate net notional value of the Funds' commodity interest positions, determined at the time the most recent such position was established, may not exceed 100% of the liquidation value of the Funds' portfolio (after taking into account unrealized profits and unrealized losses on any such positions). In addition to meeting one of these trading limitations, a 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, a 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, a 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 a Fund from using or limit a Fund's use of these instruments effectively as a part of its investment strategy, and could adversely affect a 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 a Fund, may increase the cost of the Funds' investments and cost of doing business.

**Duration**

Most debt obligations provide interest (coupon) payments in addition to a final (par) payment at maturity. Some obligations also have call provisions. Depending on the relative magnitude of these payments and the nature of the call provisions, the market values of debt obligations may respond differently to changes in the level and structure of interest rates. Traditionally, a debt security's term-to-maturity has been used as a proxy for the sensitivity of the security's price to changes in interest rates (which is the interest rate risk or volatility of the security). However, term-to-maturity measures only the time until a debt security provides its final payment, taking no account of the pattern of the security's payments prior to maturity.

Duration is a measure of the expected life of a fixed income security on a present value basis that was developed as a more precise alternative to the concept of term-to-maturity. Duration incorporates a bond's yield, coupon interest payments, final maturity, and call features into one measure. Duration is one of the fundamental tools used by the Manager in the selection of fixed income securities. Duration takes the length of the time intervals between the present time and the time that the interest and principal payments are scheduled or, in the case of a callable bond, expected to be received, and weights them by the present values of the cash to be received at each future point in time. For any fixed income security with interest payments occurring prior to the payment of principal, duration is always less than maturity. In general, all other factors being the same, the lower the stated or coupon rate of interest of a fixed income security, the longer the duration of the security; conversely, the higher the stated or coupon rate of interest of a fixed income security, the shorter the duration of the security.

There are some situations where even the standard duration calculation does not properly reflect the interest rate exposure of a security. For example, floating and variable rate securities often have final maturities of 10 or more years; however, their interest rate exposure corresponds to the frequency of the coupon reset. Another example where the interest rate exposure is not properly captured by duration is the case of mortgage pass-through securities. The stated final maturity of such securities is generally 30 years, but current prepayment rates are more critical in determining the securities' interest rate exposure. In these and other similar situations, the Manager will use sophisticated analytical techniques that incorporate the economic life of a security into the determination of its interest rate exposure.

**Futures and Options on Futures**

Certain Funds may enter into contracts for the purchase or sale for future delivery of securities or contracts based on securities indices, including any index of securities to which a Fund may seek exposure ("futures contracts"), and may purchase and write put and call options to buy or sell futures contracts ("options on futures contracts"). These transactions may be entered into for bona fide hedging and other permissible risk-management purposes. Futures and options on futures will be used to facilitate allocation of a Fund's investments among asset classes, or to hedge against changes in interest rates or declines in securities prices or increases in prices of securities proposed to be purchased. Different uses of futures and options have different risk and return characteristics. Generally, selling futures contracts, purchasing put options, and writing (i.e., selling) call options are strategies designed to protect against falling securities prices and can limit potential gains if prices rise. Purchasing futures

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**Investment Strategies and Risks**

contracts, purchasing call options, and writing put options are strategies whose returns tend to rise and fall together with securities prices and can cause losses if prices fall. If securities prices remain unchanged over time, option writing strategies tend to be profitable, while option buying strategies tend to decline in value.

*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 a 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, a Fund will incur brokerage fees when it buys or sells futures contracts.

The Funds generally buy and sell 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 a 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 a 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 margin is monitored by the Manager and the Funds' custodian on a daily basis. When the futures contract is closed out, if a 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 a Fund has a loss of less than the margin amount, the excess margin is returned to the Fund. If a 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.* A 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 a 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 a Fund. In addition, if a 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 a Fund to experience substantial losses on an investment in a futures contract.

There is a risk of loss by a 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 a 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, a 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.

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A 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, a Fund's overall performance will be poorer than if it had not entered into a futures contract. For example, if a 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 a 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 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 a 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.* A Fund's use of options on futures contracts is subject to the risks related to derivatives instruments generally. In addition, the amount of risk a 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

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**Investment Strategies and Risks**

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.

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

Securities rated lower than BBB- by S&P or Baa3 by Moody's or similarly rated by another nationally recognized statistical rating organization ("NRSRO") are commonly known as junk bonds. Each Fund (except for Nomura Minnesota High-Yield Municipal Bond Fund) may invest up to 20% of its net assets in high yield, high-risk fixed income securities or junk bonds. Nomura Minnesota High-Yield Municipal Bond Fund may invest without limit in high yield, high-risk fixed income securities.

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."

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 a 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.

A 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**

Each Fund is permitted to invest up to 15% of its respective net assets in illiquid investments. For purposes of a 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.

Each Fund may purchase privately placed debt and other securities whose resale is restricted under applicable securities laws. Each 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 Funds. 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 a 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 a 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, a 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.

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**Inverse Floaters**

Each Fund (except for Nomura National High-Yield Municipal Bond Fund) may invest up to 25% of its net assets in inverse floaters when the underlying bond is tax-exempt. Otherwise, each Fund's investments in taxable instruments and securities rated below investment grade, including inverse floaters on taxable bonds, are limited to 20% of a Fund's respective net assets, except for Nomura Minnesota High-Yield Municipal Bond Fund, which may invest more than 20% of its net assets in securities that are rated below investment grade. Nomura Minnesota High-Yield Municipal Bond Fund may invest up to 25% of its net assets in inverse floaters.

Inverse floaters are instruments with floating or variable interest rates that move in the opposite direction to short-term interest rates or interest rate indices. Certain expenses of an inverse floater program will be deemed to be expenses of a Fund where the Fund has transferred its own municipal bonds to the trust that issues the inverse floater. To the extent that income from the inverse floater offsets these expenses, the additional income will have a positive effect on a Fund's performance. Conversely, to the extent that these expenses exceed income earned from the trust collateral, the shortfall will have a negative effect on performance. Typically, a Fund invests in inverse floaters that permit the holder of the inverse floater to terminate the program in the event the fees and interest expense exceed income earned by the municipal bonds held by the trust. Inverse floaters may be more volatile than other tax-exempt investments.

**Investment Companies**

Each 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. A 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, a 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 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.

Each Fund may invest in securities issued by closed-end funds, subject to any of its investment policies. If a 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 a 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 a 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.

**Municipal Lease Obligations**

Each Fund may invest in municipal lease obligations, primarily through certificates of participation, which represent a proportionate interest in the payments under a specified lease or leases.

Municipal lease obligations generally are issued to support a government's infrastructure by financing or refinancing equipment or property acquisitions or the construction, expansion, or rehabilitation of public facilities. In such transactions, equipment or property is leased to a state or local government, which, in turn, pays lease payments to the lessor consisting of interest and principal payments on the obligations. Municipal lease obligations differ from other municipal securities because each year the lessee's governing body must appropriate (set aside) the money to make the lease payments. If the money is not appropriated, the issuer or the lessee typically can end the lease without penalty. If the lease is cancelled, investors who own the municipal lease obligations may not be paid.

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Because annual appropriations are required to make lease payments, municipal lease obligations generally are not subject to constitutional limitations on the issuance of debt, and may allow an issuer to increase government liabilities beyond constitutional debt limits. When faced with increasingly tight budgets, local governments have more discretion to curtail lease payments under a municipal lease obligation than they do to curtail payments on other municipal securities. If not enough money is appropriated to make the lease payments, the leased property may be repossessed as security for holders of the municipal lease obligations. If this happens, there is no assurance that the property's private sector or releasing value will be enough to make all outstanding payments on the municipal lease obligations or that the payments will continue to be tax-free.

While cancellation risk is inherent to municipal lease obligations, the Manager believes that this risk may be reduced, although not eliminated, by its policies on the credit quality of municipal securities in which it may invest.

**Options**

The Funds may purchase and write put and call options on the securities in which they invest and on securities indices.

The Funds may use put and call transactions to hedge against market risk and facilitate portfolio management. Options may be used to attempt to protect against possible declines in the market value of a Fund's portfolio resulting from downward trends in the debt securities markets (generally due to a rise in interest rates), to protect the Fund's unrealized gains in the value of its portfolio securities, to facilitate the sale of such securities for investment purposes, to manage the effective maturity or duration of the Fund's portfolio or to establish a position in the securities markets as a temporary substitute for purchasing particular securities. Other transactions may be used by the Funds in the future for hedging purposes as they are developed to the extent deemed appropriate by the Board.

*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 a 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 a Fund's orders to close out open options positions.

*Purchasing call and put options.* As the buyer of a call option, a 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). A Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, a 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 a 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.

As the buyer of a put option, a 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, a Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. A 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 a 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. A 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.

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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. A Fund will write call options on a covered basis only.

If a 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. A 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, a 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 a Fund to sell the underlying instrument at the exercise price. In that case, a 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, a 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, a 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. A 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 a 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 a 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 a 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 a Fund. Closing transactions allow a Fund to terminate its positions in written and purchased options. A 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 a 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 a 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.

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 a 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. A 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 a 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. A 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.

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**Investment Strategies and Risks**

*Risks of options.* A 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 a Fund may have difficulty effecting closing transactions in particular options. Therefore, a 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. A Fund could then incur transaction costs upon the sale of the underlying reference instruments. Similarly, when a 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 a 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 a Fund's portfolio that is being hedged. In addition, a 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 a Fund's investments, the Fund's performance will be worse than if the Manager did not employ such strategies.

**Private Activity Bonds**

Each Fund may invest without limit in private activity bonds, except that a Fund's investments in these bonds will be limited if such investments, in the aggregate, would cause the Fund to have less than 80% of its net assets invested in municipal securities the income from which is exempt from federal income tax, including the alternative minimum tax, and applicable state personal income taxes. If a Fund invests in private activity bonds, a portion of that Fund's distributions may be subject to the federal alternative minimum tax.

Private activity bonds are bonds whose proceeds are used to finance certain nongovernmental activities, and could include some types of industrial revenue bonds such as privately owned sports and convention facilities. The Tax Reform Act of 1986 (the "Tax Act") limits the amount of new "private purpose" bonds that each state may issue and subjects interest income from these bonds to the federal alternative minimum tax. The Tax Act also makes the tax-exempt status of certain bonds depend upon the issuer's compliance with specific requirements after the bonds are issued.

Private activity bonds are a type of municipal bond issued when funds are to be used for a nonessential purpose. Private activities for which tax-exempt bonds may be issued include airports, electric and gas distribution systems, government mass transportation systems, housing bonds, privately owned sports facilities, hazardous waste disposal facilities, solid waste disposal facilities, and student loans. Small issues of industrial development revenue bonds and nonprofit college and hospital bonds are also permitted. The Internal Revenue Code limits the amount of new private activity bonds that each state can issue. The interest on certain private activity bonds, while exempt from regular federal income tax, is a tax preference item for taxpayers when determining their alternative minimum tax under the Internal Revenue Code.

**Repurchase Agreements**

Each Fund may, from time to time, enter into repurchase agreement transactions which are at least 102% collateralized by US government securities.

Under a repurchase agreement, a 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 a 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 a 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 a Fund's ability to sell the underlying securities and additional expenses in seeking to enforce the Fund's rights and recover any losses. A 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 a 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 a Fund to incur expenses to liquidate the collateral. In addition, the collateral may decline in value before it can be liquidated by a Fund. A repurchase agreement with more than seven days to maturity may be considered an illiquid investment and may be subject to a Fund's investment restriction on illiquid investments.

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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, a 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.

**Reverse Repurchase Agreements**

Nomura Tax-Free California Fund, Nomura Tax-Free Idaho Fund, Nomura Minnesota High-Yield Municipal Bond Fund, and Nomura Tax-Free New York Fund may enter into reverse repurchase agreements with banks and securities dealers with respect to not more than 10% of each Fund's total assets.

A reverse repurchase agreement is the sale of a security by a Fund and its agreement to repurchase the security at a specified time and price. Under the 1940 Act, reverse repurchase agreements may be considered borrowings by a Fund; accordingly, the Fund will limit its investments in reverse repurchase agreements, together with any other borrowings, to no more than one-third of its total assets. The use of reverse repurchase agreements by a Fund creates leverage which increases the Fund's investment risk. If the income and gains on securities purchased with the proceeds of reverse repurchase agreements exceed the costs of the agreements, a Fund's earnings or NAV will increase faster than otherwise would be the case; conversely, if the income and gains fail to exceed the costs, earnings or NAV would decline faster than otherwise would be the case.

**Swaps**

Each Fund may enter into credit default swap ("CDS") contracts to the extent consistent with its investment objectives and strategies. The aggregate notional amount (typically, the principal amount of the reference security or securities) of a Fund's investments in CDS contracts will be limited to 15% of the Fund's total net assets. Each Fund may invest in inflation, interest rate, and total return swaps to the extent consistent with its investment objectives and strategies. A Fund will only invest in these types of swap transactions when all the reference rates are related to or derived from instruments or markets in which the Fund is otherwise eligible to invest, and subject to the investment limitations on the instruments to which the purchased reference rate relates. The Funds will not be permitted to enter into any swap transaction unless, at the time of entering into such transaction, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by S&P or Baa3 by Moody's or is determined to be of equivalent credit quality by the Manager. In addition, the Manager will monitor the ongoing creditworthiness of swap counterparties in order to seek to minimize the risk of swaps.

Swaps may be priced using fair value pricing. The income provided by a swap should be qualifying income for purposes of Subchapter M of the Internal Revenue Code. Swaps should not otherwise result in any significant diversification or valuation issues under Subchapter M of the Internal Revenue Code.

*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. A 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, a 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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**Investment Strategies and Risks**

Currently, the Funds do 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 Funds, if a 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, a 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 a 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 a 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 a Fund has a loss of less than the margin amount, the excess margin is returned to the Fund. If a 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.

*Credit default swaps.* The "buyer" of protection in a credit default swap agreement is obligated to pay the "seller" a periodic stream of payments over the term of the agreement in return for a payment by the "seller" that is contingent upon the occurrence of a credit event with respect to a specific underlying reference debt obligation (whether as a single debt instrument or as part of an index of debt instruments). The contingent payment by the seller generally is the face amount of the debt obligation, in return for the buyer's obligation to make periodic cash payments and deliver in physical form the reference debt obligation or a cash payment equal to the then-current market value of that debt obligation at the time of the credit event. If no credit event occurs, the seller would receive a fixed rate of income throughout the term of the contract, while the buyer would lose the amount of its payments and recover nothing. The buyer is also subject to the risk that the seller will not satisfy its contingent payment obligation, if and when due.

Purchasing protection through a credit default swap may be used to attempt to hedge against a decline in the value of debt security or securities due to a credit event. The seller of protection under a credit default swap receives periodic payments from the buyer but is exposed to the risk that the value of the reference debt obligation declines due to a credit event and that it will have to pay the face amount of the reference obligation to the buyer. Selling protection under a credit default swap may also permit the seller to gain exposure that is similar to owning the reference debt obligation directly. As the seller of protection, a Fund would effectively add leverage to its portfolio because, in addition to its total assets, the Fund would be subject to the risk that there would be a credit event and the Fund would have to make a substantial payment in the future.

Generally, a credit event means bankruptcy, failure to timely pay interest or principal, obligation acceleration default, or repudiation or restructuring of the reference debt obligation. There may be disputes between the buyer or seller of a credit default swap agreement or within the swaps market as a whole as to whether or not a credit event has occurred or what the payout should be which could result in litigation. In some instances where there is a dispute in the credit default swap market, a regional Determinations Committee set up by ISDA may make an official binding determination regarding the existence of credit events with respect to the reference debt obligation of a credit default swap agreement or, in the case of a credit default swap on an index, with respect to a component of the index underlying the credit default swap agreement. In the case of a credit default swap on an index, the existence of a credit event is determined according to the index methodology, which may in turn refer to determinations made by ISDA's Determinations Committees with respect to particular components of the index.

ISDA's Determinations Committees are comprised principally of dealers in the OTC derivatives markets which may have a conflicting interest in the determination regarding the existence of a particular credit event. In addition, in the sovereign debt market, a credit default swap agreement may not provide the protection generally anticipated because the government issuer of the sovereign debt instruments may be able to restructure or renegotiate the debt in such a manner as to avoid triggering a credit event. Moreover, (1) sovereign debt obligations may not incorporate common, commercially acceptable provisions, such as collective action clauses, or (2) the negotiated restructuring of the sovereign debt may be deemed non-mandatory on all holders. As a result, the Determinations Committees might then not be able to determine, or may be able to avoid having to determine, that a credit event under the credit default agreement has occurred. For these and other reasons, the buyer of protection in a credit default swap agreement is subject to the risk that certain occurrences, such as particular restructuring events affecting the value of the underlying

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reference debt obligation, or the restructuring of sovereign debt, may not be deemed credit events under the credit default swap agreement. Therefore, if the credit default swap was purchased as a hedge or to take advantage of an anticipated increase in the value of credit protection for the underlying reference obligation, it may not provide any hedging benefit or otherwise increase in value as anticipated. Similarly, the seller of protection in a credit default swap agreement is subject to the risk that certain occurrences may be deemed to be credit events under the credit default swap agreement, even if these occurrences do not adversely impact the value or creditworthiness of the underlying reference debt obligation.

*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 a 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 a 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.

*Total return swaps.* A total return swap (also sometimes referred to as a synthetic equity swap or "contract for difference") is an agreement between two parties under which the parties agree to make payments to each other so as to replicate the economic consequences that would apply had a purchase or short sale of the underlying reference instrument taken place. For example, one party agrees to pay the other party the total return earned or realized on the notional amount of an underlying equity security and any dividends declared with respect to that equity security. In return the other party makes payments, typically at a floating rate, calculated based on the notional amount.

*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 a 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 a Fund will be less than its performance would have been if it had not used the swap agreements.

The risk of loss to a 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 a Fund, the risk of loss to the Fund is loss of the entire amount that the Fund is entitled to receive. If a 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, a 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 a Fund's limitation on investments in illiquid investments. If a swap transaction is particularly large or if the relevant market is illiquid, a 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 Funds' 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 a 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 a 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.

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**Investment Strategies and Risks**

*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, a 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. A 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, a 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 a 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 a 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 a 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 a 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, a 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, a 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 a 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, a 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.

**Taxable Obligations**

The Funds may invest to a limited extent in obligations and instruments, the interest on which is includable in gross income for purposes of federal and state income (or property) taxation. The Funds also may invest in certificates of deposit, bankers' acceptances, and other time deposits. With respect to Nomura Tax-Free Colorado Fund, investments in time deposits generally are limited to London branches of domestic banks that have total assets in excess of one billion dollars.

***Obligations of Domestic Banks, Foreign Banks and Foreign Branches of US Banks.*** A 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 a 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.

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

● *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 days may be considered to be illiquid investments.

**US Government Securities**

The Fund may invest in US government securities.

US government securities include obligations of, or guaranteed by, the US federal government, its agencies, instrumentalities, or sponsored enterprises. Some US government securities are supported by the full faith and credit of the US government. These include US Treasury obligations and securities issued by Ginnie Mae. A second category of US government securities is those supported by the right of the agency, instrumentality or sponsored enterprise to borrow from the US government to meet its obligations. These include securities issued by Federal Home Loan Banks.

A third category of US government securities is those supported by only the credit of the issuing agency, instrumentality, or sponsored enterprise. These include securities issued by Fannie Mae and Freddie Mac. In the event of a default, an investor like a Fund would only have legal recourse to the issuer, not the US government. Although the US government has provided support for these securities in the past, there can be no assurance that it will do so in the future. The US government has also made available additional guarantees for limited periods to stabilize or restore a market in the wake of an economic, political, or natural crisis. Such guarantees, and the economic opportunities they present, are likely to be temporary and cannot be relied upon by a Fund. Any downgrade of the credit rating of the securities issued by the US government may result in a downgrade of securities issued by its agencies or instrumentalities, including government-sponsored entities.

**Variable and Floating Rate Notes**

The Funds may invest in variable- and floating-rate demand notes.

Variable-rate master demand notes, in which a Fund may invest, are unsecured demand notes that permit the indebtedness thereunder to vary and provide for periodic adjustments in the interest rate according to the terms of the instrument. Because master demand notes are direct lending arrangements between a Fund and the issuer, they are not normally traded. Although there is no secondary market in the notes, a Fund may demand payment of principal and accrued interest at any time. Although the notes are not typically rated by credit rating agencies, issuers of variable amount master demand notes (which are normally manufacturing, retail, financial, and other business concerns) must satisfy the same criteria as set forth above for commercial paper. In determining average weighted portfolio maturity, a variable amount master demand note will be deemed to have a maturity equal to the period of time remaining until the principal amount can be recovered from the issuer through demand.

A variable-rate note is one whose terms provide for the adjustment of its interest rate on set dates and which, upon such adjustment, can reasonably be expected to have a market value that approximates its par value. A floating-rate note is one whose terms provide for the adjustment of its interest rate whenever a specified interest rate changes and which, at any time, can reasonably be expected to have a market value that approximates its par value. Such notes are frequently not rated by credit rating agencies; however, unrated variable- and floating-rate notes purchased by a Fund will be determined by the Manager under guidelines established by the Board to be of comparable quality at the time of purchase to rated instruments eligible for purchase under the Fund's investment policies. In making such determinations, the Manager will consider the earning power, cash flow, and other liquidity ratios of the issuers of such notes (such issuers include financial, merchandising, bank holding, and other companies) and will continuously monitor their financial condition. Although there may be no active secondary market with respect to a particular variable- or floating-rate note purchased by a Fund, the Fund may resell the note at any time to a third party. The absence of such an active secondary market, however, could make it difficult for a Fund to dispose of the variable- or floating-rate note involved in the event the issuer of the note defaulted on its payment obligations, and the Fund could, for this or other reasons, suffer a loss to the extent of the default. Variable- or floating-rate notes may be secured by bank letters of credit.

If not rated, such instruments must be found by the Manager under guidelines established by the Board, to be of comparable quality to instruments that are rated high quality. A rating may be relied upon only if it is provided by an NRSRO that is not affiliated with the issuer or guarantor of the instruments. See "Appendix A–Description of Ratings" for a description of the rating symbols of S&P and Moody's.

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

New issues of Tax-Exempt Obligations and other securities are often purchased on a when-issued or delayed-delivery basis, with delivery and payment for the securities normally taking place 15 to 45 days after the date of the transaction.

Each 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.

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**Investment Strategies and Risks**

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 Funds may invest in zero coupon bonds or 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, a 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. A 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 a 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. A 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 Funds and their 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 a Fund or Fund service providers (including, but not limited to, the Manager, distributor, fund accountants, custodian, transfer agent, and financial intermediaries) to suffer data 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 a 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 a 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 a 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 a 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 Funds do not control the cybersecurity systems and plans of the issuers of securities in which the Funds invest or the Funds' third party service providers or trading counterparties or any other service providers whose operations may affect the Funds or their 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

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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.

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.

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**Insurance**

**Financial health of municipal bond insurance companies**

A Fund may invest in municipal bonds that are "wrapped" with a municipal bond insurance policy from one of several "monoline" financial guarantors.

During the period of the mid 1990s through mid 2000s, several financial guarantors expanded their business lines to include the writing of insurance policies and credit default swap contracts for structured finance, which includes residential mortgage-backed securities ("RMBS") and collateralized debt obligations ("CDOs") that contain both sub-prime and prime mortgages and home equity lines of credit ("HELOCs"). The structured finance portion of the financial guarantors accounted for about one third of the $2.5 trillion in insured par values.

The national housing slowdown and the widespread decline of home prices that began in 2006 triggered a significant increase in mortgage delinquencies and foreclosures, especially in the sub-prime mortgage sector. The rate of delinquencies and foreclosures greatly exceeded historical averages, especially for sub-prime mortgages and HELOCs that were underwritten in 2006 and 2007 as underwriting standards declined. During the summer and fall of 2007, all but two of the seven "first tier" or AAA-rated financial guarantors began to report sharp increases in their mark-to-market losses associated with the credit default swap contracts for insured RMBS and CDO exposure. The monoline insurers also began to set aside case loss reserves for future expected monetary losses associated with the payment of future claims in their structured finance portfolios. With the rise in delinquencies and weaker performance in mortgage pools, and CDOs with sub-prime exposure, the three rating agencies developed updates of their capital adequacy models for the financial guarantors. Extensive revisions to the capital models were completed in the second half of 2007. The revised capital models projected that future cumulative losses from sub-prime mortgages, HELOCs, and CDOs with sub-prime exposure would eat into the excess capital reserves that are necessary for the monoline insurers to maintain their AAA insurer financial strength rating. All three rating agencies disclosed that several of the monoline insurers would experience capital shortfalls that would require new capital infusions and risk reduction measures or else the insurer financial strength rating for the monoline insurers would be downgraded to below AAA.

In response to the higher loss expectations in structured finance, several of the monoline insurers announced or completed plans to raise additional capital and claims-paying resources. Starting in January 2008, the three rating agencies began to take negative actions against a number of the municipal bond insurers. These actions included actual rating downgrades, assigning negative outlooks, and/or placing the insurer financial strength rating on credit watch for possible downgrade.

During 2008, the rating agencies continued to revise their capital adequacy models to incorporate higher loss assumptions in the insured structured finance portfolios of RMBS and CDOs with mortgage-backed securities exposure. These more severe stress case loss scenarios resulted in additional downgrades for the monoline firms in 2008, with additional downgrades continuing through 2013.

In 2013, several of the monoline firms reached settlements related to insured RMBS, resulting in cash payments. Following the announcement of such settlements, the ratings for each of the firms was upgraded, and their outlook was deemed to be positive.

In 2014, insurers were impacted by the enactment by the Commonwealth of Puerto Rico of a law, the Puerto Rico Public Corporation Debt Enforcement and Recovery Act (Recovery Act), that allowed public corporations to defer or restructure their debt obligations. Subsequently in 2014, the ratings agencies adjusted their outlooks on account of exposure to Puerto Rico insurers.

Total municipal bond issuance year-to-date as of October 31, 2025, was $493.1 billion. The amount of bonds sold as insured was $37.5 billion, or 7.6% of total sales.

The Manager anticipates that substantially all of the insured municipal obligations in the Funds' investment portfolios will be covered by either primary insurance or secondary market insurance. Primary insurance is a municipal bond insurance policy that is attached to a municipal bond at the time the bond is first sold in the primary market ("Primary Insurance"). Secondary market insurance is a municipal bond insurance policy that is underwritten for a bond that has been previously issued and sold ("Secondary Market Insurance"). Both Primary Insurance and Secondary Market Insurance are non-cancelable and continue in force so long as the insured security is outstanding and the respective insurer remains in business. Premiums for Secondary Market Insurance, if any, would be paid from a Fund's assets and would reduce the current yield on its investment portfolio by the amount of such premiums.

Insurer financial strength ratings continue to be provided by Moody's and S&P. A Moody's insurer financial strength rating is an opinion of the ability of an insurance company to repay punctually senior policyholder obligations and claims. An insurer with an insured financial strength rating of Aaa is adjudged by Moody's to be of the best quality. In the opinion of Moody's, the policy obligations of an insurance company with an insured financial strength rating of Aaa carry the smallest degree of credit risk and, while the financial strength of these companies is likely to change, such changes as can be visualized are most unlikely to impair the company's fundamentally strong position. An S&P insurer financial strength, financial enhancement rating is an assessment of an operating insurance company's financial capacity to meet obligations under an insurance policy in accordance with its terms. An insurer with an insurer financial strength, financial enhancement rating of AAA has the highest rating assigned by S&P. The capacity of an insurer so rated to honor insurance contracts is adjudged by S&P to be extremely strong and highly likely to remain so over a long period of time.

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An insurer financial strength rating by Moody's or S&P does not constitute an opinion on any specific insurance contract in that such an opinion can only be rendered upon the review of the specific insurance contract. Furthermore, an insurer financial strength rating does not take into account deductibles, surrender, or cancellation penalties or the timeliness of payment; nor does it address the ability of a company to meet non-policy obligations (i.e., debt contracts).

The assignment of ratings by Moody's or S&P to debt issues that are fully or partially supported by insurance policies, contracts or guarantees is a separate process from the determination of insurer financial strength ratings. The likelihood of a timely flow of funds from the insurer to the trustee for the bondholders is a likely element in the rating determination for such debt issues.

The following table is a summary snapshot of the insurer financial strength ratings of certain municipal bond insurers that may insure bonds held by a Fund available as of December 1, 2025:

**Funds' investment in insured bonds**

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| | | | |
|:---|:---|:---|:---|
| **Insurer** | **Moody's** | **S&P** | **Fitch**  |
| **Assured Guaranty Corp.** | A1 (Stable Outlook) | AA (Stable Outlook) | WD |
| **Assured Guaranty Municipal Corp.** | WR | NR | WD |
| **Build America Mutual** | Not Rated | AA (Stable Outlook) | Not Rated |
| **Berkshire Hathaway Assurance Co.** | Aa1 (Stable Outlook) | AA+ (Stable Outlook) | Not Rated |
| **National Public Finance Guaranty** | Baa3 (Negative Outlook) | NR | WD |

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Source: Moody's, S&P, Fitch

Insurer financial strength ratings for the municipal bond insurers may continue to change. None of Assured Guaranty Corp., Assured Guaranty Municipal Corp., Build America Mutual, Berkshire Hathaway Assurance Co., or National Public Finance Guaranty has any material business relationship with the Funds.

**Disclosure of Portfolio Holdings Information**

The Funds have 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 each Fund's portfolio holdings monthly, with an approximate 30-day lag, on the Funds' 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 each 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 Funds' shares, are generally treated similarly and are not provided with the Funds' portfolio holdings in advance of when they are generally available to the public.

The Funds 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 Funds are provided with the Funds' portfolio holdings only to the extent necessary to perform services under agreements relating to the Funds. 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 Funds' independent registered public accounting firm, the Funds' custodian, the Funds' legal counsel, the Funds' financial printer (DG3), and the Funds' proxy voting service. These entities are obligated to keep such information confidential.

Third-party rating and ranking organizations and consultants who have signed agreements ("Nondisclosure Agreements") with the Funds 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 Funds' 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 Funds, 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 Funds' 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 November 30, 2025, the officers and Trustees of the Trust directly owned less than 1% of the outstanding shares of each Class of each 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–Present)<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–Present)<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.

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**Management of the Trust**

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

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 Funds. 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 Funds. 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 Funds and of shares of all Nomura Funds as of December 31, 2024.

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|:---|:---|:---|
| **Name** | **Dollar Range of Equity Securities in the Funds** | **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 |  | Over $100,000 |
| ***Independent Trustees*** |  |  |
| Jerome D. Abernathy |  | Over $100,000 |
| Ann D. Borowiec |  | 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 August 31, 2025. Only the Independent Trustees of the Trust receive compensation from the Trust.

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| | | | |
|:---|:---|:---|:---|
| **Trustee** | **Aggregate Compensation** **from the Funds in this SAI** | **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 | $10545 |  | $422500 |
| Ann D. Borowiec | $10545 |  | $422500 |
| Joseph W. Chow | $9795 |  | $392500 |
| H. Jeffrey Dobbs | $9795 |  | $392500 |
| John A. Fry | $9795 |  | $392500 |
| Joseph Harroz, Jr. | $10545 |  | $422500 |
| Sandra A.J. Lawrence | $9795 |  | $392500 |
| Frances A. Sevilla-Sacasa | $10630 |  | $425833 |
| Thomas K. Whitford (Chair) | $12879 |  | $515833 |
| Christianna Wood | $10545 |  | $422500 |

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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.

***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

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**Management of the Trust**

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.

***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, 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 Funds. 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 Investments Committee, and Committee of Independent Trustees. The role of the Chair of the Board is to preside at all meetings

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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 five 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 Funds 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 Funds' compliance program and the Funds' 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 Funds and their service providers (other than matters primarily involving the Funds' 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 three 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 Funds 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 four 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 three meetings during the Trust's last fiscal year.

***Committee of Independent Trustees:*** This committee oversees the approval process of the Funds' advisory and distribution agreements and arrangements, serves as a liaison between the Board and the Manager and the Funds' 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 five meetings during the Trust's last fiscal year.

***Board Role in Risk Oversight:*** Investing in general and the operation of a 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 Funds. 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

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**Management of the Trust**

Manager, sub-advisers, the Funds' Chief Compliance Officer, the Funds' independent registered public accounting firm, counsel, and other parties, as appropriate, regarding risks faced by the Funds and the risk management programs of the Manager and certain service providers. The actual day-to-day risk management with respect to the Funds resides with the Manager and other service providers to the Funds. 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 Funds 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 Funds 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 Funds, 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 Policy**

The Trust has formally delegated to the Manager the responsibility for making all proxy voting decisions in relation to portfolio securities held by the Funds. If and when proxies need to be voted on behalf of the Funds, the Manager and any Nomura affiliates advising the Funds (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 Funds. 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 Funds.

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 Funds 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 Funds, 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 Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds' website at nomuraassetmanagement.com/proxy; and (ii) on the Commission's website at [http://www.sec.gov](DUMMY_2290_8_9).

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 Funds.

As stated above, the Procedures also list specific Guidelines on how to vote proxies on behalf of the Funds. 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 Funds are 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 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

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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 Funds, 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 Funds 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 Funds. 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 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 Funds.

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 Funds' 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 a 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 Funds 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**  |
| **Nomura Tax-Free California Fund**<br>**Nomura Tax-Free Colorado Fund**<br>**Nomura Tax-Free Idaho Fund**<br>**Nomura Tax-Free Minnesota Fund**<br>**Nomura Tax-Free New York Fund**<br>**Nomura Tax-Free Pennsylvania Fund**<br>**Nomura Minnesota High-Yield Municipal Bond** **Fund** | 0.55% on the first $500 million;<br>0.50% on the next $500 million;<br>0.45% on the next $1.5 billion;<br>0.425% on assets in excess of $2.5 billion |

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

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **August 31, 2025** | **August 31, 2024** | **August 31, 2023**  |
| **Nomura Tax-Free California Fund** | $1,656,365 earned<br>$1,132,389 paid<br>$523,976 waived | $1,331,456 earned<br>$849,479 paid<br>$481,977 waived | $972,747 earned<br>$637,374 paid<br>$335,373 waived |
| **Nomura Tax-Free Colorado Fund** | $1,303,147 earned<br>$918,180 paid<br>$384,967 waived | $1,157,984 earned<br>$829,954 paid<br>$328,030 waived | $1,191,018 earned<br>$843,023 paid<br>$347,995 waived |

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**Investment Manager and Other Service Providers**

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **August 31, 2025** | **August 31, 2024** | **August 31, 2023**  |
| **Nomura Tax-Free Idaho Fund** | $727,814 earned<br>$461,888 paid<br>$265,926 waived | $682,199 earned<br>$476,040 paid<br>$206,159 waived | $652,559 earned<br>$451,226 paid<br>$201,333 waived |
| **Nomura Tax-Free Minnesota Fund** | $2,984,177 earned<br>$2,197,977 paid<br>$786,200 waived | $2,726,861 earned<br>$2,058,623 paid<br>$668,238 waived | $2,791,142 earned<br>$2,100,989 paid<br>$690,153 waived |
| **Nomura Minnesota High-Yield Fund Municipal** **Bond Fund** | $1,252,762 earned<br>$870,840 paid<br>$381,922 waived | $1,136,916 earned<br>$823,966 paid<br>$312,950 waived | $1,158,996 earned<br>$896,405 paid<br>$262,591 waived |
| **Nomura Tax-Free New York Fund** | $1,531,312 earned<br>$1,056,119 paid<br>$475,193 waived | $1,243,158 earned<br>$866,053 paid<br>$377,105 waived | $1,057,586 earned<br>$705,905 paid<br>$351,681 waived |
| **Nomura Tax-Free Pennsylvania Fund** | $2,280,410 earned<br>$1,793,862 paid<br>$486,548 waived | $2,145,047 earned<br>$1,754,703 paid<br>$390,344 waived | $2,157,539 earned<br>$1,706,719 paid<br>$450,820 waived |

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Except for those expenses borne by the Manager under the Investment Management Agreement, and the Distributor under the Distribution Agreement, each Fund is responsible for all of its own expenses. Among others, such expenses include each 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 Funds' shares under a Distribution Agreement dated May 15, 2003, as amended and restated January 4, 2010, and further amended and restated on February 25, 2016. 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 Funds. See the Prospectus for information on how to invest in the Funds. Shares of the Funds 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.

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

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| | | | |
|:---|:---|:---|:---|
| **Fund/Fiscal Year Ended** | **Total Amount of Underwriting** **Commissions** | **Amounts Reallowed to**<br>**Dealers** | **Net Commission to**<br>**Distributor**  |
| **Nomura Tax-Free California Fund** |  |  |  |
| **8/31/2025** | $10454 | $9187 | $1267 |
| **8/31/2024** | $32271 | $28014 | $4257 |
| **8/31/2023** | $22177 | $19439 | $2738 |
| **Nomura Tax-Free Colorado Fund** |  |  |  |
| **8/31/2025** | $29581 | $25885 | $3696 |
| **8/31/2024** | $28316 | $24633 | $3683 |
| **8/31/2023** | $22078 | $19135 | $2943 |
| **Nomura Tax-Free Idaho Fund** |  |  |  |
| **8/31/2025** | $72124 | $62804 | $9320 |
| **8/31/2024** | $41076 | $35593 | $5483 |
| **8/31/2023** | $36335 | $31672 | $4663 |
| **Nomura Tax-Free Minnesota Fund** |  |  |  |
| **8/31/2025** | $53269 | $46398 | $6871 |
| **8/31/2024** | $44565 | $38967 | $5598 |
| **8/31/2023** | $26205 | $22675 | $3530 |
| **Nomura Minnesota High-Yield Municipal** **Bond Fund** |  |  |  |
| **8/31/2025** | $37830 | $33113 | $4717 |
| **8/31/2024** | $43836 | $38136 | $5700 |
| **8/31/2023** | $21805 | $18905 | $2900 |
| **Nomura Tax-Free New York Fund** |  |  |  |
| **8/31/2025** | $21679 | $18983 | $2696 |
| **8/31/2024** | $52320 | $45490 | $6830 |
| **8/31/2023** | $36937 | $32305 | $4632 |
| **Nomura Tax-Free Pennsylvania Fund** |  |  |  |
| **8/31/2025** | $67705 | $58854 | $8851 |
| **8/31/2024** | $69594 | $60298 | $9296 |
| **8/31/2023** | $45780 | $39955 | $5825 |

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

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| | | |
|:---|:---|:---|
| **Fund/Fiscal Year Ended** | **Class A** | **Class C**  |
| **Nomura Tax-Free California Fund** |  |  |
| **8/31/2025** | $10060 | $185 |
| **8/31/2024** | $4434 |  |
| **8/31/2023** | $1132 | $323 |
| **Nomura Tax-Free Colorado Fund** |  |  |
| **8/31/2025** | $1658 |  |
| **8/31/2024** | $376 | $47 |
| **8/31/2023** | $21766 | $415 |
| **Nomura Tax-Free Idaho Fund** |  |  |

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**Investment Manager and Other Service Providers**

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| | | |
|:---|:---|:---|
| **Fund/Fiscal Year Ended** | **Class A** | **Class C**  |
| **8/31/2025** | $47326 | $311 |
| **8/31/2024** | $18187 | $388 |
| **8/31/2023** | $3593 | $539 |
| **Nomura Tax-Free Minnesota Fund** |  |  |
| **8/31/2025** | $2562 | $291 |
| **8/31/2024** | $7113 | $623 |
| **8/31/2023** | $2139 | $2402 |
| **Nomura Minnesota High-Yield Municipal Bond Fund** |  |  |
| **8/31/2025** | $3225 | $738 |
| **8/31/2024** | $3448 | $103 |
| **8/31/2023** | $7511 | $1591 |
| **Nomura Tax-Free New York Fund** |  |  |
| **8/31/2025** | $42353 | $3198 |
| **8/31/2024** | $9986 |  |
| **8/31/2023** | $2143 | $340 |
| **Nomura Tax-Free Pennsylvania Fund** |  |  |
| **8/31/2025** | $29981 | $30 |
| **8/31/2024** | $4195 | $4201 |
| **8/31/2023** | $10346 | $225 |

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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 Funds' 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 Funds for providing these services consisting of an asset-based fee and certain out-of-pocket expenses. The Transfer Agent will bill, and the Funds 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 Funds. The Transfer Agent's compensation is fixed each year and approved by the Board, including a majority of the Independent Trustees.

Each 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 Funds. For purposes of pricing, the Funds 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 Funds. In connection with these services, BNYIS administers the overnight investment of cash pending investment in a Fund or payment of redemptions. The proceeds of this investment program are used to offset the Funds' 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 Funds. Those services include performing functions related to calculating the Funds' NAVs and providing financial reporting information, regulatory compliance testing, and other related accounting services. For these services, the Funds pay 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 Funds. Those services include overseeing the Funds' pricing process, the calculation and payment of fund 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 Funds pay 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 past three fiscal years, the Funds paid the following amounts to BNY for fund accounting and financial administration services:

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| | | |
|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura Tax-Free** **California Fund** | **Nomura Tax-Free** **Colorado Fund**  |
| **8/31/2025** | $72246 | $64388 |
| **8/31/2024** | $44969 | $39154 |
| **8/31/2023** | $46472 | $48902 |

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| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura Tax-Free Idaho** **Fund** | **Nomura Tax-Free New** **York Fund** | **Nomura Tax-Free** **Pennsylvania Fund**  |
| **8/31/2025** | $53164 | $69813 | $84251 |
| **8/31/2024** | $30064 | $41520 | $59352 |
| **8/31/2023** | $41220 | $46948 | $67384 |

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| | | |
|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura Tax-Free** **Minnesota Fund** | **Nomura Minnesota** **High-Yield Municipal** **Bond Fund**  |
| **8/31/2025** | $92560 | $63045 |
| **8/31/2024** | $73473 | $39265 |
| **8/31/2023** | $67897 | $50536 |

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During the past three fiscal years, the Funds paid the following amounts to DIFSC for fund accounting and financial administration oversight services:

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| | | |
|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura Tax-Free** **California Fund** | **Nomura Tax-Free** **Colorado Fund**  |
| **8/31/2025** | $17691 | $14771 |
| **8/31/2024** | $14359 | $12948 |
| **8/31/2023** | $9231 | $10388 |

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| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura Tax-Free Idaho** **Fund** | **Nomura Tax-Free**<br>**New York Fund** | **Nomura Tax-Free** **Pennsylvania Fund**  |
| **8/31/2025** | $10016 | $16658 | $22850 |
| **8/31/2024** | $9282 | $13666 | $20611 |
| **8/31/2023** | $7503 | $9675 | $15571 |

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| | | |
|:---|:---|:---|
| **Fiscal Year Ended** | **Nomura Tax-Free** **Minnesota Fund** | **Nomura Minnesota** **High-Yield Municipal** **Bond Fund**  |
| **8/31/2025** | $36775 | $15139 |
| **8/31/2024** | $25151 | $12801 |
| **8/31/2023** | $18993 | $10218 |

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**Securities Lending Agent**

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

During the fiscal year ended August 31, 2025, the Funds did not earn income or pay any fees and/or compensation pursuant to the Securities Lending Agreement between the Trust with respect to the Funds and the Securities Lending Agent.

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**Investment Manager and Other Service Providers**

**Custodian**

BNY is the custodian for the assets of the Funds. BNY holds securities, cash, and other assets of the Funds as required by the 1940 Act. As custodian for the Funds, BNY maintains a separate account or accounts for each Fund; receives, holds, and releases portfolio securities on account of each Fund; receives and disburses money on behalf of each Fund; and collects and receives income and other payments and distributions on account of each Fund's portfolio securities.

**Legal Counsel**

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

**Portfolio Managers**

**Other Accounts Managed**

The following chart lists certain information about types of other accounts for which each portfolio manager is primarily responsible as of August 31, 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**<br>**with Performance-**<br>**Based Fees** | **Total Assets in Accounts**<br>**with Performance-Based**<br>**Fees**  |
| **Gregory Gizzi** |  |  |  |  |
| Registered Investment Companies | 15 | $8.15 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $26.7 million | 0 | $0 |
| Other Accounts | 25 | $2.41 billion | 0 | $0 |
| **Stephen Czepiel** |  |  |  |  |
| Registered Investment Companies | 15 | $8.15 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $26.7 million | 0 | $0 |
| Other Accounts | 25 | $2.41 billion | 0 | $0 |
| **William Roach** |  |  |  |  |
| Registered Investment Companies | 15 | $8.15 billion | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $26.7 million | 0 | $0 |
| Other Accounts | 25 | $2.41 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 Funds and the investment action for each such other fund or account and the Funds 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 a Fund. Additionally, the management of multiple funds or accounts and a 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 Funds. 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.

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.

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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**

Each portfolio manager's compensation consists of the following:

**Base Salary** **—** Each 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.

**Profit Share** **—** Investment professionals are eligible to receive a profit share allocation, which is based on quantitative and qualitative factors. Profit share allocations to individuals consider individual remuneration levels in the market in which the Nomura Asset Management business operates and are primarily based on business profits and individual contribution to profits for Nomura Asset Management revenue generating employees. Individual contribution is assessed on a range of factors including the successful completion of key fund and portfolio investment initiatives, and the long-term performance of the investments for which an individual is responsible. The total amount available for profit share allocations to individual investment professionals is determined by assets managed (including investment companies, insurance product-related accounts and other separate accounts), management fees and related expenses (including fund waiver expenses) for registered investment companies, pooled vehicles, and managed separate accounts. For investment companies, each manager is compensated according to the Fund's Broadridge Financial Solutions, Inc. (formerly, Lipper Inc.) ("Broadridge") or Morningstar, Inc. peer group percentile ranking on a 1-, 3-, and 5-year basis, with longer term performance more heavily weighted. For managed separate accounts, the portfolio managers are compensated according to the composite percentile ranking against the eVestment Alliance database (or similar sources of relative performance data) on a one-, three-, and five-year basis, with longer term performance more heavily weighted; composite performance relative to the benchmark is also evaluated for the same time periods. Incentives reach maximum potential at the top 25th-30th percentile. The remaining portion of the profit allocation is discretionary as determined by Nomura Asset Management and takes into account subjective factors.

For new and recently transitioned portfolio managers, the compensation may be weighted more heavily towards a portfolio manager's actual contribution and ability to influence performance, rather than longer-term performance. Management intends to move the compensation structure towards longer-term performance for these portfolio managers over time.

As of August 31, 2025, the portfolio managers also received the following compensation:

**MAM Notional Investment Plan** **—** A portion of a 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).<br>

**Macquarie Group Employee Retained Equity Plan** **—** A portion of a 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).<br>

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

Following the closing of the Nomura Transaction, portfolio managers may participate in retention programs at Nomura, similar to the retention programs at Macquarie described above and receive compensation in the form of deferred compensation.

**Ownership of Fund Shares**

As of August 31, 2025, the portfolio managers beneficially owned shares of the Funds, as described below. If no information is shown below for a portfolio manager, the portfolio manager did not own shares of any Fund.

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Dollar Range of Fund Shares Owned<sup>1,</sup>**<sup>**2**</sup>  |
| William Roach | Nomura Tax-Free Pennsylvania Fund | $10001 - $50000 |

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| | |
|:---|:---|
| 1 | The ranges for Fund share ownership by portfolio managers are: None; $1-$10,000; $10,001-$50,000; $50,001-$100,000; $100,001-$500,000; $500,001-$1 million; or over $1 million. |

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|:---|:---|
| 2 | Includes Fund shares beneficially owned by portfolio manager and immediate family members sharing the same household. |

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**Trading Practices and Brokerage**

The Manager selects broker/dealers to execute transactions on behalf of the Funds 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 Funds. 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 Funds either buy securities directly from the dealer or sell them to the 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 Funds pay 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, a Fund pays a minimal share transaction cost when the transaction presents no difficulty.

During the past three fiscal years, the Funds did not pay any brokerage commissions.

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.

As provided in the Securities Exchange Act of 1934, as amended, and the Funds' 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 a 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 a 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 a 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 Funds or other funds and not for the advantage of the Manager.

During the last fiscal year, the Funds did not engage in any portfolio transactions resulting in brokerage commissions directed to brokers for brokerage and research services.

As of August 31, 2025, the Funds did not hold securities of their 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.

From time to time, the Manager may recommend or execute trades in certain instruments between a 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 a 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 a 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 Funds have

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adopted a policy requiring all cross trades for a 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 a 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.

Each Fund has the authority to participate in a commission recapture program. Under the program and subject to seeking best execution (as described above), a 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 a 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 each 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 a Fund represent an undivided proportionate interest in the assets of the Fund. Shareholders of a Fund's Institutional Class 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, a Fund's Class C shares may vote on any proposal to increase materially the fees to be paid by such Fund under the Rule 12b-1 Plan relating to its Class A shares. Except for the foregoing, each share Class of a Fund has the same voting and other rights and preferences as the other Classes of such Fund. General expenses of a 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.

On September 25, 2014, all remaining Class B shares of the Funds were converted to Class A shares of their corresponding Fund.

**Noncumulative Voting**

Each 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 Funds 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 a 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 Institutional Class shares (except those purchased through an automatic investment plan), but certain eligibility requirements must be met.

You may purchase only up to $250,000 of Class C shares of each Fund at one time. Orders that exceed $250,000 or more will be rejected. An investor should keep in mind that reduced front-end sales charges apply to investments of $100,000 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. Each 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. Each 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. Each 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.

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**Purchasing Shares**

Each Fund also reserves the right, following shareholder notification, to charge a service fee on 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 Funds 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, each 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 shares of the Funds. 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 Funds. No charge is assessed by the Trust for any certificate issued. The Funds do 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 Funds. 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 applicable 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 each Fund, or to purchase Class C shares and have the entire initial purchase amount invested in a 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.

For the distribution and related services provided to, and the expenses borne on behalf of, the Funds, 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. 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 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.

Dividends, if any, paid on the Retail Classes 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.

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***Class A Shares:*** Purchases of $100,000 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 that 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 a Fund under certain circumstances, depending on such Program's eligibility to purchase either Class A shares or Institutional Class shares of a 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.

**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 a 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 $250,000 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.

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**Purchasing Shares**

**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 a Fund acquired through a reinvestment of dividends will convert to Class A shares of the Fund pro rata with Class C shares of that 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, a 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, a 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 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.

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

Pursuant to Rule 12b-1 under the 1940 Act, each Trust has adopted a plan for each of the Retail Classes (the "Plans"). Each Plan permits a 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. 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 Funds' Institutional Class shares. Shareholders of the Institutional Class may not vote on matters affecting the Plans.

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

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 Agreements, 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 Agreements, 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 Agreements. With respect to a 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 applicable Board, including a majority of Independent Trustees who have no direct or indirect financial interest in the Plans or Distribution Agreements. 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 Agreements. Persons authorized to make payments under the Plans must provide written reports at least quarterly to the applicable Board for its review.

Nomura Tax-Free Pennsylvania Fund's Board has determined that the annual fee payable on a monthly basis for the Fund's Class A shares, pursuant to its Plan, will be equal to the sum of: (i) the amount obtained by multiplying 0.25% by the average daily net assets represented by Class A shares of the Fund that were acquired by shareholders on or after June 1, 1992, and (ii) the amount obtained by multiplying 0.10% by the average daily net assets represented by Class A shares of the Fund that were acquired before June 1, 1992. While this is the method for calculating Class A shares' Rule 12b-1 expense, such expense is a Class expense so that all shareholders of Class A shares of the Fund, regardless of when they purchased their shares, will bear Rule 12b-1 expenses at the same rate per share. As Class A shares of the Fund are sold on or after June 1, 1992, the initial rate of at least 0.10% will increase over time. Thus, as the proportion of Class A shares purchased on or after June 1, 1992 to Class A shares outstanding prior to June 1, 1992 increases, the expenses attributable to payments under the Plan relating to Class A shares will also increase but will not exceed 0.25% of average daily net assets. While this describes the current basis for calculating the fees that will be payable under the Plan with respect to Nomura Tax-Free Pennsylvania Fund's Class A shares, the Plan permits a full 0.25% on all Class A shares' assets to be paid at any time following appropriate Board approval.

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**Purchasing Shares**

For the fiscal year ended August 31, 2025, the Rule 12b-1 payments for Nomura Tax-Free California Fund's Class A shares and Class C shares were: $232,780 and $22,633, respectively. Such amounts were used for the following purposes:

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| | | |
|:---|:---|:---|
| **Nomura Tax-Free California Fund** | **Class A shares** | **Class C shares**  |
| **Advertising** | $– | $– |
| **Annual/Semiannual Reports** | $– | $– |
| **Broker Sales Charge** | $– | $3173 |
| **Broker Trails\*** | $– | $15851 |
| **Salaries & Commissions to Wholesalers** | $141105 | $1417 |
| **Interest on Broker Sales Charge** | $– | $106 |
| **Promotion–Other** | $– | $– |
| **Prospectus Printing** | $– | $– |
| **Wholesaler Expenses** | $91675 | $2086 |
| **Total Expenses** | $232780 | $22633 |

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For the fiscal year ended August 31, 2025, the Rule 12b-1 payments for Nomura Tax-Free Colorado Fund's Class A shares and Class C shares were: $324,216 and $21,392, respectively. Such amounts were used for the following purposes:

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| | | |
|:---|:---|:---|
| **Nomura Tax-Free Colorado Fund** | **Class A shares** | **Class C shares**  |
| **Advertising** | $– | $– |
| **Annual/Semiannual Reports** | $– | $– |
| **Broker Sales Charge** | $– | $3199 |
| **Broker Trails\*** | $– | $16112 |
| **Salaries & Commissions to Wholesalers** | $248269 | $– |
| **Interest on Broker Sales Charge** | $– | $129 |
| **Promotion–Other** | $– | $– |
| **Prospectus Printing** | $– | $– |
| **Wholesaler Expenses** | $75947 | $1952 |
| **Total Expenses** | $324216 | $21392 |

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For the fiscal year ended August 31, 2025, the Rule 12b-1 payments for Nomura Tax-Free Idaho Fund's Class A shares and Class C shares were: $176,040 and $41,775, respectively. Such amounts were used for the following purposes:

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| | | |
|:---|:---|:---|
| **Nomura Tax-Free Idaho Fund** | **Class A shares** | **Class C shares**  |
| **Advertising** | $– | $– |
| **Annual/Semiannual Reports** | $– | $– |
| **Broker Sales Charges** | $– | $5292 |
| **Broker Trails\*** | $– | $32372 |
| **Salaries & Commissions to Wholesalers** | $123287 | $– |
| **Interest on Broker Sales Charges** | $– | $170 |
| **Promotion–Other** | $– | $– |
| **Prospectus Printing** | $– | $– |
| **Wholesaler Expenses** | $52753 | $3941 |
| **Total Expenses** | $176040 | $41775 |

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For the fiscal year ended August 31, 2025, the Rule 12b-1 payments for Nomura Tax-Free Minnesota Fund's Class A shares and Class C shares were: $742,229 and $58,292, respectively. Such amounts were used for the following purposes:

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| | | |
|:---|:---|:---|
| **Nomura Tax-Free Minnesota Fund** | **Class A shares** | **Class C shares**  |
| **Advertising** | $– | $– |

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| | | |
|:---|:---|:---|
| **Nomura Tax-Free Minnesota Fund** | **Class A shares** | **Class C shares**  |
| **Annual/Semiannual Reports** | $– | $– |
| **Broker Sales Charge** | $– | $4472 |
| **Broker Trails\*** | $358899 | $48953 |
| **Salaries & Commissions to Wholesalers** | $241488 | $– |
| **Interest on Broker Sales Charge** | $– | $190 |
| **Promotion–Other** | $– | $– |
| **Prospectus Printing** | $– | $– |
| **Wholesaler Expenses** | $123842 | $4677 |
| **Total Expenses** | $724229 | $58292 |

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For the fiscal year ended August 31, 2025, the Rule 12b-1 payments for Nomura Minnesota High-Yield Municipal Bond Fund's Class A shares and Class C shares were: $218,028 and $71,291, respectively. Such amounts were used for the following purposes:

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| | | |
|:---|:---|:---|
| **Nomura Minnesota High-Yield Municipal Bond Fund** | **Class A shares** | **Class C shares**  |
| **Advertising** | $– | $– |
| **Annual/Semiannual Reports** | $– | $– |
| **Broker Sales Charge** | $– | $13343 |
| **Broker Trails\*** | $– | $53247 |
| **Salaries & Commissions to Wholesalers** | $155200 | $– |
| **Interest on Broker Sales Charge** | $– | $526 |
| **Promotion–Other** | $– | $– |
| **Prospectus Printing** | $– | $– |
| **Wholesaler Expenses** | $62828 | $4175 |
| **Total Expenses** | $218028 | $71291 |

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For the fiscal year ended August 31, 2025, the Rule 12b-1 payments for Nomura Tax-Free New York Fund's Class A shares and Class C shares were: $426,812 and $47,456, respectively. Such amounts were used for the following purposes:

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| | | |
|:---|:---|:---|
| **Nomura Tax-Free New York Fund** | **Class A shares** | **Class C shares**  |
| **Advertising** | $– | $– |
| **Annual/Semiannual Reports** | $– | $– |
| **Broker Sales Charge** | $– | $23382 |
| **Broker Trails\*** | $– | $16687 |
| **Salaries & Commissions to Wholesalers** | $302727 | $– |
| **Interest on Broker Sales Charge** | $– | $811 |
| **Promotion–Other** | $– | $– |
| **Prospectus Printing** | $– | $– |
| **Wholesaler Expenses** | $124085 | $6576 |
| **Total Expenses** | $426812 | $47456 |

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For the fiscal year ended August 31, 2025, the Rule 12b-1 payments for Nomura Tax-Free Pennsylvania Fund's Class A shares and Class C shares were: $767,622 and $115,453, respectively. Such amounts were used for the following purposes:

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| | | |
|:---|:---|:---|
| **Nomura Tax-Free Pennsylvania Fund** | **Class A shares** | **Class C shares**  |
| **Advertising** | $– | $– |
| **Annual/Semiannual Reports** | $– | $– |
| **Broker Sales Charge** | $– | $35153 |
| **Broker Trails** **\*** | $222760 | $57958 |

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**Purchasing Shares**

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| | | |
|:---|:---|:---|
| **Nomura Tax-Free Pennsylvania Fund** | **Class A shares** | **Class C shares**  |
| **Salaries & Commissions to Wholesalers** | $408084 | $– |
| **Interest on Broker Sales Charge** | $– | $13820 |
| **Promotion–Other** | $– | $– |
| **Prospectus Printing** | $– | $– |
| **Wholesaler Expenses** | $136778 | $8522 |
| **Total Expenses** | $767622 | $115453 |

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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**

***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 Funds do 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 Funds 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 Funds and the corresponding classes of shares of other Nomura Funds that offer such shares may be aggregated with Class A shares of the Funds. Your financial intermediary may have different procedures for administering this feature.

***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 Funds 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 a Fund and/or shares of any other of the classes described in the previous sentence with a value of $90,000 and subsequently purchases $10,000 at offering price of additional Class A shares of a Fund, the charge applicable to the $10,000 purchase would currently be 3.50%. 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.

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***Right of Reinvestment Privilege:*** Holders of Class A shares of the Funds (and of the Institutional Class shares of the Funds 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 Funds 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 Funds' shareholder servicing agent, about the applicability of the Class A Limited CDSC in connection with the features described above.

**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 Funds, 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 Funds, 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, and dividends from Institutional Class shares may only be directed to other Institutional Class 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 Funds. 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 Prospectus. See Redemption and Exchange below for more complete information concerning your exchange privileges.

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**Investment Plans**

**Investing by Electronic Fund Transfer**

***Direct Deposit Purchase Plan:*** Investors may arrange for the Funds 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 Funds' 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 would be handled electronically through EFT. If you participate in an automatic investment program for an account held directly with the Funds' 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 Funds 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 Funds 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 Funds do 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 Funds 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

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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.

**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 a Fund, its agent, or certain other authorized persons. Orders for purchases and redemptions of all of a 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, a 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 a Fund's NAV is not calculated. In these instances, calculation of a 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, a 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. A 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 a 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 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. In determining a 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 each 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 a Fund will bear, pro rata, all of the common expenses of that Fund. The NAVs of all outstanding shares of each Class of a Fund will be computed on a pro rata basis for each outstanding share based on the proportionate participation in that Fund represented by the value of shares of that Class. All income earned and expenses incurred by a Fund, will be borne on a pro rata basis by each outstanding share of a Class, based on each Class's percentage in that Fund represented by the value of shares of such Classes, except that Institutional Class 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. Due to the specific distribution expenses and other costs that will be allocable to each Class, the NAV of each Class of a 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 a 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, a 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 Funds 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 Funds 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 Funds will process written and telephone redemption requests to the extent that the purchase orders for the shares being redeemed have already settled. The Funds will honor redemption requests as to shares for which a check was tendered as payment, but the Funds will not mail or wire the proceeds until they are 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. Each 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 Funds 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 Funds 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 Funds of securities owned by them is not reasonably practical, or it is not reasonably practical for a Fund to fairly value its assets, or in the event that the SEC has provided for such suspension for the protection of shareholders, the Funds 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 each Fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1.00% of the NAV of such Fund during any 90-day period for any one shareholder.

The value of each Fund's investments is subject to changing market prices. Thus, a shareholder redeeming shares of the Funds 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 Prospectuses 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 Funds 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, a 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 a 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 Funds 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.

Each 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 objectives and policies, or would otherwise potentially be adversely affected. A shareholder's purchase exchanges may be restricted or refused if a Fund receives or anticipates simultaneous orders affecting significant portions of the Fund's assets.

The Funds discourage purchases by market timers and purchase orders (including the purchase side of exchange orders) by shareholders identified as market timers may be rejected. The Funds will consider anyone who follows a pattern deemed market timing in any Nomura Fund to be a market timer. Your ability to use the Funds' 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 Funds' Prospectus for more information on their 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 Funds (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 Funds require 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"). Each Fund reserves the right to reject a signature guarantee supplied by an eligible institution based on its creditworthiness. The Funds may require further documentation from corporations, executors, 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 Funds (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 Funds in which you have your account in writing that you do not wish to have such services available with respect to your account. Each 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 Funds by telephone during periods when market or economic conditions lead to an unusually large volume of telephone requests.

The Funds and their 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, a 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 a 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 Funds, 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 each 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 Class shares by phone using the on demand service. When you authorize the Funds 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 Funds do 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. 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.

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 Funds must be terminated before a systematic withdrawal plan with respect to such shares can take effect, except if the shareholder 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 Funds reserve 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 Funds do not charge a fee for this service; however, your bank may charge a fee.

**Contingent Deferred Sales Charges 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."

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.

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**Redemption and 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 the Funds 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.

**Distributions and Taxes**

**Distributions**

The following supplements the information in the Prospectus.

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

Each Class of shares of a 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. A 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 a Fund (sometimes referred to as "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.

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).

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● 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.

*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

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**Distributions and Taxes**

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.

*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, 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.

***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. None of the dividends paid by the Fund are anticipated to qualify as qualified dividend income subject to reduced rates of taxation in the case of noncorporate shareholders.

*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

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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").

*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, 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.

*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 2017 legislation commonly known as 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.

*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). Net investment income does not include exempt-interest dividends. This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

***Taxation of Fund Distributions — Tax Exempt Interest.*** The Fund intends to qualify each year to pay exempt-interest dividends by satisfying the requirement that at the close of each quarter of the Fund's taxable year at least 50% of the Fund's total assets consists of municipal securities, which are exempt from federal income tax.

*Exempt-interest dividends.* Distributions from the Fund will constitute exempt-interest dividends to the extent of the Fund's tax-exempt interest income (net of allocable expenses and amortized bond premium). Exempt-interest dividends distributed to shareholders of the Fund are excluded from gross income for federal income tax purposes. However, shareholders required to file a federal income tax return will be required to report the receipt of exempt-interest dividends on their returns. Moreover, while exempt-interest dividends are excluded from gross income for federal income tax purposes, they may be subject to alternative minimum tax ("AMT") in certain circumstances and may have other collateral tax consequences as discussed below.

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**Distributions and Taxes**

*Distributions of ordinary income and capital gains.* Any gain or loss from the sale or other disposition of a tax-exempt security generally is treated as either long-term or short-term capital gain or loss, depending upon its holding period, and is fully taxable. However, gain recognized from the sale or other disposition of a tax-exempt security purchased after April 30, 1993, will be treated as ordinary income to the extent of the accrued market discount on such security. Distributions by the Fund of ordinary income and capital gains will be taxable to shareholders as discussed above under "Taxation of Fund Distributions."

*Alternative minimum tax –* private activity bonds. AMT is imposed in addition to, but only to the extent it exceeds, the regular tax and is computed at a maximum rate of 28% for non-corporate taxpayers on the excess of the taxpayer's alternative minimum taxable income ("AMTI") over an exemption amount. Exempt-interest dividends derived from certain "private activity" municipal securities issued after August 7, 1986 generally will constitute an item of tax preference includable in AMTI for non-corporate taxpayers. However, tax-exempt interest on private activity bonds issued in 2009 and 2010 is not an item of tax preference for purposes of the AMT. Consistent with its stated investment objective, the Fund intends to limit its investments in private activity bonds subject to the AMT to no more than 20% of its total assets in any given year.

*Effect on taxation of social security benefits; denial of interest deduction; "substantial users."* Exempt-interest dividends must be taken into account in computing the portion, if any, of social security or railroad retirement benefits that must be included in an individual shareholder's gross income subject to federal income tax. Further, a shareholder of the Fund is denied a deduction for interest on indebtedness incurred or continued to purchase or carry shares of the Fund. Moreover, a shareholder who is (or is related to) a "substantial user" of a facility financed by industrial development bonds held by the Fund will likely be subject to tax on dividends paid by the Fund which are derived from interest on such bonds. Receipt of exempt-interest dividends may result in other collateral federal income tax consequences to certain taxpayers, including financial institutions, property and casualty insurance companies and foreign corporations engaged in a trade or business in the United States.

*Exemption from state tax.* To the extent that exempt-interest dividends are derived from interest on obligations of a state or its political subdivisions, or from interest on qualifying US territorial obligations (including qualifying obligations of Puerto Rico, the US Virgin Islands, and Guam), they also may be exempt from that state's personal income taxes. Most states do not grant tax-free treatment to interest on state and municipal securities of other states.

*Failure of a municipal security to qualify to pay exempt-interest.* Failure of the issuer of a tax-exempt security to comply with certain legal or contractual requirements relating to a municipal security could cause interest on the municipal security, as well as Fund distributions derived from this interest, to become taxable, perhaps retroactively to the date the municipal security was issued. In such a case, the Fund may be required to report to the IRS and send to shareholders amended Forms 1099 for a prior taxable year in order to report additional taxable income. This, in turn, could require shareholders to file amended federal and state income tax returns for such prior year to report and pay tax and interest on their pro rata share of the additional amount of taxable income.

***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.

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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. Any loss incurred on the redemption or exchange of shares held for six months or less will be disallowed to the extent of any exempt-interest dividends paid to you with respect to your Fund shares, and any remaining loss will be treated as a long-term capital loss to the extent of any long-term capital gain distributed to you by the Fund on those shares. However, this rule does not apply to any loss incurred on a redemption or exchange of shares of a tax-free money market fund or other fund that declares exempt-interest dividends daily and distributes them at least monthly for which your holding period began after December 22, 2010.

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

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

● the exchange of Class C 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.

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**Distributions and Taxes**

*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 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.

*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. Additionally, in the case of a fund with a strategy of investing in tax-exempt securities, any payments made "in lieu of" tax-exempt interest will be considered taxable income to the fund, and thus, to the investors, even though such interest may be tax-exempt when paid to the borrower.

*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.

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***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, 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.

*Exempt-interest dividends.* In general, exempt-interest dividends reported by the Fund to shareholders as paid from net tax-exempt income are not subject to US withholding tax.

*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, 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.

*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.

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**Distributions and Taxes**

*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 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 accountholders 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 Funds' most current performance information, please call 800 523-1918 or visit our website at nomuraassetmanagement.com/performance.

Performance quotations represent the Funds' past performance and should not be considered as representative of future results. The Funds will calculate their 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.

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**Financial Statements**

PricewaterhouseCoopers LLP ("PwC"), which is located at 2001 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 Funds' Form N-CSR filed with the SEC. The Funds' Statements of Assets and Liabilities, Schedules of Investments, Statements of Operations, Statements of Changes in Net Assets, Financial Highlights, and Notes to Financial Statements, as well as the reports of PwC, the independent registered public accounting firm, for the fiscal year ended August 31, 2025, are included in the Funds' Form N-CSR. The financial statements and Financial Highlights, the notes relating thereto and the reports of PwC listed above are incorporated by reference into this SAI as follows: (i) from the most recent [Form N-CSR for Nomura Tax-Free Colorado Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000809872/000119312525260412/d13556dncsr.htm); (ii) from the most recent [Form N-CSR for Nomura Tax-Free Pennsylvania Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/201670/000119312525260408/d17661dncsr.htm); (iii) from the most recent [Form N-CSR for Nomura Tax-Free Minnesota Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000733362/000119312525260404/d59394dncsr.htm); and (iv) from the most recent [Form N-CSR for all other Funds](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000906236/000119312525260402/d15344dncsr.htm). Each Fund's shareholder report, and/or financial statements can be obtained, without charge, by calling 800 523-1918.

**Principal Holders**

As of November 30, 2025, the Manager believes the following shareholders held of record or beneficially 5% or more of the outstanding shares of any Class of a Fund. The Manager generally does not have knowledge of any beneficial owners that invest through record owners.

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| | | |
|:---|:---|:---|
| **Fund/Class** | **Name and Address of Account** | **Percentage**  |
| **Nomura Tax-Free California Fund** |  |  |
| **Class A** | AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS MN 55402 | 12.06% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 13.54% |
|  | 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 | 8.61% |
|  | 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 | 5.28% |
|  | 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 | 26.23% |
| **Class C** | AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS MN 55402 | 5.33% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 31.29% |
|  | 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 | 17.02% |
|  | 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 | 42.80% |

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**Principal Holders**

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| | | |
|:---|:---|:---|
| **Fund/Class** | **Name and Address of Account** | **Percentage**  |
| **Institutional Class** | AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS MN 55402 | 14.75% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 29.62% |
|  | 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 | 23.13% |
|  | 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 | 17.77% |
| **Nomura Tax-Free Colorado Fund** |  |  |
| **Class A** | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY ACCT FOR THE EXCL<br>BNFT OF CUSTS ATTN MUT FDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1905 | 5.54% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY ACCT FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105 | 5.54% |
|  | EDWARD D JONES AND CO<br>FOR THE BENEFIT OF CUSTOMERS<br>12555 MANCHESTER ROAD<br>ST LOUIS MO 63131-3710 | 10.41% |
|  | 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 | 5.06% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 5.93% |
|  | 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 | 17.56% |
| **Class C** | AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS MN 55402 | 19.87% |

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| | | |
|:---|:---|:---|
| **Fund/Class** | **Name and Address of Account** | **Percentage**  |
|  | 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 | 12.44% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 21.03% |
|  | 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 | 5.23% |
|  | 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 | 8.94% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>ATTN COURTNEY WALLER<br>880 CARILLON PARKWAY<br>ST PETERSBURG FL 33713 | 10.83% |
|  | 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 | 11.32% |
| **Institutional Class** | AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS MN 55402 | 6.47% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY ACCT FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105 | 7.52% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 16.18% |
|  | 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 | 12.42% |

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**Principal Holders**

---

| | | |
|:---|:---|:---|
| **Fund/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 | 8.34% |
|  | PERSHING LLC<br>1 PERSHING PLAZA<br>JERSEY CITY NJ 07399-0002 | 12.16% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>ATTN COURTNEY WALLER<br>880 CARILLON PARKWAY<br>ST PETERSBURG FL 33713 | 9.78% |
|  | UBS WM USA<br>SPEC CDY A/C EXL BEN CUSTOMERS<br>OF UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086 | 9.03% |
|  | 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 | 10.65% |
| **Nomura Tax-Free Idaho Fund** |  |  |
| **Class A** | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY ACCT FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1905 | 13.04% |
|  | EDWARD D JONES AND CO<br>FOR THE BENEFIT OF CUSTOMERS<br>12555 MANCHESTER ROAD<br>ST LOUIS MO 63131-3710 | 27.92% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 18.08% |
|  | 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 | 15.70% |
| **Class C** | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 29.42% |
|  | 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 | 5.58% |

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| | | |
|:---|:---|:---|
| **Fund/Class** | **Name and Address of Account** | **Percentage**  |
|  | 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 | 50.08% |
| **Institutional Class** | BAND & CO C/O US BANK NA<br>1555 N RIVERCENTER DR STE 302<br>MILWAUKEE, WI 53212 | 7.20% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 44.65% |
|  | 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 | 7.65% |
|  | 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 | 10.78% |
|  | RAYMOND JAMES<br>OMNIBUS FOR MUTUAL FUNDS<br>ATTN COURTNEY WALLER<br>880 CARILLON PARKWAY<br>ST PETERSBURG FL 33713 | 9.53% |
| **Nomura Tax-Free Minnesota Fund** |  |  |
| **Class A** | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY ACCT FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1905 | 5.00% |
|  | EDWARD D JONES AND CO<br>FOR THE BENEFIT OF CUSTOMERS<br>12555 MANCHESTER ROAD<br>ST LOUIS MO 63131-3710 | 13.05% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 8.80% |
|  | 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 | 19.74% |
|  | PERSHING LLC<br>1 PERSHING PLAZA<br>JERSEY CITY NJ 07399-0002 | 5.25% |

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**Principal Holders**

---

| | | |
|:---|:---|:---|
| **Fund/Class** | **Name and Address of Account** | **Percentage**  |
| **Class C** | AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS MN 55402 | 8.18% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY ACCT FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105 | 5.12% |
|  | EDWARD D JONES AND CO<br>FOR THE BENEFIT OF CUSTOMERS<br>12555 MANCHESTER ROAD<br>ST LOUIS MO 63131-3710 | 5.34% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 38.91% |
|  | PERSHING LLC<br>1 PERSHING PLAZA<br>JERSEY CITY NJ 07399-0002 | 9.58% |
|  | 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 | 14.26% |
| **Institutional Class** | AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS MN 55402 | 12.81% |
|  | BAND & CO C/O US BANK NA<br>1555 N RIVERCENTER DR STE 302<br>MILWAUKEE WI 53212 | 19.67% |
|  | 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 | 7.80% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 22.46% |
|  | 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 | 16.57% |
|  | PERSHING LLC<br>1 PERSHING PLAZA<br>JERSEY CITY NJ 07399-0002 | 6.05% |
| **Nomura Tax-Free New York Fund** |  |  |

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---

| | | |
|:---|:---|:---|
| **Fund/Class** | **Name and Address of Account** | **Percentage**  |
| **Class A** | 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 | 9.04% |
|  | PERSHING LLC<br>1 PERSHING PLAZA<br>JERSEY CITY NJ 07399-0002 | 28.70% |
|  | 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 | 14.29% |
| **Class C** | AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS MN 55402 | 5.76% |
|  | 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 | 7.04% |
|  | PERSHING LLC<br>1 PERSHING PLAZA<br>JERSEY CITY NJ 07399-0002 | 38.50% |
|  | 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 | 37.82% |
| **Institutional Class** | AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS MN 55402 | 21.00% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 14.80% |
|  | 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 | 21.25% |
|  | PERSHING LLC<br>1 PERSHING PLAZA<br>JERSEY CITY NJ 07399-0002 | 8.89% |
|  | UBS WM USA<br>SPEC CDY A/C EXL BEN CUSTOMERS OF UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086 | 10.19% |
|  | 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 | 12.00% |
| **Nomura Tax-Free Pennsylvania Fund** |  |  |

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**Principal Holders**

---

| | | |
|:---|:---|:---|
| **Fund/Class** | **Name and Address of Account** | **Percentage**  |
| **Class A** | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY ACCT FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105 | 8.14% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 7.65% |
|  | 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 | 10.08% |
|  | 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 | 21.51% |
|  | 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 | 7.86% |
| **Class C** | AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS, MN 55402 | 11.20% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY ACCT FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1905 | 7.47% |
|  | 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 | 46.13% |
|  | 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 | 6.72% |
|  | WELLS FARGO CLEARING SVCS LLC<br>SPECIAL CUSTODY ACCT FOR THE<br>EXCLUSIVE BENEFIT OF CUSTOMERS<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | 12.64% |
| **Institutional Class** | AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS, MN 55402 | 8.74% |

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---

| | | |
|:---|:---|:---|
| **Fund/Class** | **Name and Address of Account** | **Percentage**  |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 17.21% |
|  | 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 | 8.06% |
|  | 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 | 7.07% |
|  | 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 | 16.83% |
|  | PERSHING LLC<br>1 PERSHING PLAZA<br>JERSEY CITY NJ 07399-0002 | 11.09% |
|  | 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 | 14.58% |
| **Nomura Minnesota High Yield Municipal Bond Fund** | **Nomura Minnesota High Yield Municipal Bond Fund** | **Nomura Minnesota High Yield Municipal Bond Fund** |
| **Class A** | AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS, MN 55402 | 5.96% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY ACCT FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105 | 6.18% |
|  | EDWARD D JONES AND CO<br>FOR THE BENEFIT OF CUSTOMERS<br>12555 MANCHESTER ROAD<br>ST LOUIS MO 63131-3710 | 16.88% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 13.92% |
|  | MORGAN STANLEY SMITH BARNEY LLC<br>FOR THE EXCLUSIVE BENEFIT OF ITS<br>CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901 | 5.17% |
|  | PERSHING LLC<br>1 PERSHING PLAZA<br>JERSEY CITY NJ 07399-0002 | 7.42% |

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**Principal Holders**

---

| | | |
|:---|:---|:---|
| **Fund/Class** | **Name and Address of Account** | **Percentage**  |
|  | RBC CAPITAL MARKETS LLC<br>MUTUAL FUND OMNIBUS PROCESSING<br>OMNIBUS<br>ATTN MUTUAL FUND OPS MANAGER<br>250 NICOLLET MALL SUITE 1400<br>MINNEAPOLIS MN 55401-1931 | 7.93% |
|  | 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 | 8.44% |
| **Class C** | AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS, MN 55402 | 12.94% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY ACCT FBO<br>CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105 | 5.62% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 8.76% |
|  | PERSHING LLC<br>1 PERSHING PLAZA<br>JERSEY CITY NJ 07399-0002 | 42.61% |
|  | RBC CAPITAL MARKETS LLC<br>MUTUAL FUND OMNIBUS PROCESSING<br>OMNIBUS<br>ATTN MUTUAL FUND OPS MANAGER<br>250 NICOLLET MALL SUITE 1400<br>MINNEAPOLIS MN 55401-1931 | 9.15% |
|  | 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 | 12.36% |
| **Institutional Class** | AMERICAN ENTERPRISE INV SVCS<br>901 SOUTH 3RD AVENUE<br>MINNEAPOLIS, MN 55402 | 22.26% |
|  | CHARLES SCHWAB & CO INC<br>SPECIAL CUSTODY ACCT FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1905 | 11.44% |
|  | LPL FINANCIAL<br>OMNIBUS CUSTOMER ACCOUNT<br>ATTN LINDSAY OTOOLE<br>4707 EXECUTIVE DRIVE<br>SAN DIEGO CA 92121 | 28.49% |

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| | | |
|:---|:---|:---|
| **Fund/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 | 7.01% |
|  | PERSHING LLC<br>1 PERSHING PLAZA<br>JERSEY CITY NJ 07399-0002 | 11.35% |

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**Appendix A — Description of Ratings**

<u>**DESCRIPTION OF MUNICIPAL BOND RATINGS**</u>

*Moody's*

The following describe characteristics of the global long-term (original maturity of 1 year or more) bond ratings provided by Moody's:

**Aaa:** Judged to be obligations of the highest quality, they are subject to the lowest level of credit risk.

**Aa:** Judged to be obligations of high quality, they are subject to very low credit risk. Together with the Aaa group, they make up what are generally known as high-grade bonds.

**A:** Judged to be upper-medium-grade obligations, they are subject to low credit risk.

**Baa:** Judged to be medium-grade obligations, subject to moderate credit risk, they may possess certain speculative characteristics.

**Ba:** Judged to be speculative obligations, they are subject to substantial credit risk.

**B:** Considered to be speculative obligations, they are subject to high credit risk.

**Caa:** Judged to be speculative obligations of poor standing, they are subject to very high credit risk.

**Ca:** Viewed as highly speculative obligations, they are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C:** Viewed as the lowest rated obligations, they are typically in default, with little prospect for recovery of principal and interest.

*For all categories from Aa through Caa, Moody's also supplies numerical indicators (1, 2, and 3) to rating categories. The modifier 1 indicates that the security is in the higher end of its rating category, the modifier 2 indicates a mid-range ranking, and the modifier 3 indicates a ranking toward the lower end of the category.*

*Standard and Poor's*

The following describe characteristics of the long-term (original maturity of 1 year or more) bond ratings provided by Standard and Poor's:

**AAA:** These are the highest rated obligations. The capacity to pay interest and repay principal is extremely strong.

**AA:** These also qualify as high-grade obligations. They have a very strong capacity to pay interest and repay principal, and they differ from AAA issues only in small degree.

**A:** These are regarded as upper-medium-grade obligations. They have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher-rated categories.

**BBB:** These are regarded as having an adequate capacity to pay interest and repay principal. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity in this regard. This group is the lowest that qualifies for commercial bank investment.

**BB, B, CCC, CC, and C:** These obligations range from speculative to significantly speculative with respect to the capacity to pay interest and repay principal. BB indicates the lowest degree of speculation and C the highest.

**D:** These obligations are in default, and payment of principal and/or interest is likely in arrears.

*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.*

*Fitch*

**AAA:** Judged to be highest credit quality; obligor has exceptionally strong ability to pay interest and repay principal, which is unlikely to be affected by reasonably foreseeable events.

**AA:** Judged to be very high credit quality; obligor's ability to pay interest and repay principal is very strong. Because bonds rated in the AAA and AA categories are not significantly vulnerable to foreseeable future developments, short-term debt of these issuers is generally rated F-1+.

**A:** Judged to be high credit quality; obligor's ability to pay interest and repay principal is considered to be strong, but may be more vulnerable to adverse changes in economic conditions and circumstances than higher-rated bonds.

**BBB:** Judged to be satisfactory credit quality; obligor's ability to pay interest and repay principal is considered adequate. Unfavorable changes in economic conditions and circumstances are more likely to adversely affect these bonds and impair timely payment. The likelihood that the ratings of these bonds will fall below investment grade is higher than for higher-rated bonds.

**BB, B, CCC, CC, C:** These are not investment grade; predominantly speculative with respect to the issuer's capacity to repay interest and repay principal in accordance with the terms of the obligation for bond issues not in default. BB is the least speculative. C is the most speculative.

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<u>**DESCRIPTION OF COMMERCIAL PAPER RATINGS**</u>

*Moody's*

**P-1:** Judged to have a superior ability to repay short-term debt obligations.

**P-2:** Judged to have a strong ability to repay short-term debt obligations.

**P-3:** Judged to have an acceptable ability to repay short-term debt obligations.

*Standard and Poor's*

**A-1:** These are the highest rated obligations. The capacity of the obligor to pay interest and repay principal is strong. The addition of a plus sign (+) would indicate a very strong capacity.

**A-2:** These obligations are somewhat susceptible to changing economic conditions. The obligor has a satisfactory capacity to pay interest and repay principal.

**A-3:** These obligations are more susceptible to the adverse effects of changing economic conditions, which could lead to a weakened capacity to pay interest and repay principal.

**B:** These obligations are vulnerable to nonpayment and are significantly speculative, but the obligor currently has the capacity to meet its financial commitments.

**C:** These obligations are vulnerable to nonpayment, but the obligor must rely on favorable economic conditions to meet its financial commitment.

**D:** These obligations are in default, and payment of principal and/or interest is likely in arrears.

*Fitch*

**F-1+:** Exceptionally strong quality

**F-1:** Very strong quality

**F-2:** Good credit quality

**F-3:** Fair quality

**F-S:** Weak credit quality

<u>**DESCRIPTION OF STATE AND MUNICIPAL NOTES RATINGS**</u>

*Moody's*

Moody's ratings for state and municipal notes and other short-term (up to 3 years) obligations are designated Municipal Investment Grade (MIG).

**MIG 1:** Indicates superior quality, enjoying the excellent protection of established cash flows, liquidity support, and broad-based access to the market for refinancing.

**MIG 2:** Indicates strong credit quality with ample margins of protection, although not as large as in the preceding group.

**MIG 3:** Indicates acceptable credit quality, with narrow liquidity and cash-flow protection and less well-established market access for refinancing.

**SG:** Indicates speculative credit quality with questionable margins of protection.

*Standard and Poor's*

The following describe characteristics of U.S. municipal short-term (original maturity of 3 years or less) note ratings provided by Standard and Poor's:

**SP-1:** Indicates a strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2:** Indicates a satisfactory capacity to pay principal and interest.

**SP-3:** Indicates a speculative capacity to pay principal and interest.

*Fitch*

**F-1+:** Exceptionally strong quality

**F-1:** Very strong quality

**F-2:** Good credit quality

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**Appendix A — Description of Ratings**

**F-3:** Fair quality

**F-S:** Weak credit quality

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**Appendix B — Special Factors Affecting the Funds**

The following information is a brief summary of certain state factors affecting the Funds and does not purport to be a complete description of such factors. The financial condition of a state, its public authorities and local governments could affect the market values and marketability of, and therefore the NAV per share and the interest income of the respective state Fund, or result in the default of existing obligations, including obligations which may be held by a Fund. Further, each state faces numerous forms of litigation seeking significant damages that, if awarded, may adversely affect the financial situation of such state or issuers located in such state. It should be noted that the creditworthiness of obligations issued by local issuers may be unrelated to the creditworthiness of a state, and there is no obligation on the part of a state to make payment on such local obligations in the event of default in the absence of a specific guarantee or pledge provided by a state.

Bond ratings received on a state's general obligation bonds, if any, may be discussed below. Moody's, S&P and/or Fitch, Inc. ("Fitch") provide an assessment/rating of the creditworthiness of an obligor. The debt rating is not a recommendation to purchase, sell, or hold a security, inasmuch as it does not comment as to market price or suitability for a particular investor. The ratings are based on information furnished by the issuer or obtained by the rating service from other sources it considers reliable. Each rating service does not perform an audit in connection with any rating and may, on occasion, rely on unaudited financial information. The ratings may be changed, suspended, or withdrawn as a result of changes in, or unavailability of, such information, or based on other circumstances. There is no assurance that such ratings will continue for any given period of time or that they will not be revised or withdrawn entirely by any such rating agencies, if in their respective judgments, circumstances so warrant.

A revision or withdrawal of any such credit rating could have an effect on the market price of the related debt obligations. An explanation of the significance and status of such credit ratings may be obtained from the rating agencies furnishing the same. In addition, a description of Moody's, S&P's and Fitch's bond ratings is set forth in Appendix A.

The information contained below is based primarily upon information derived from state official statements, Annual Comprehensive Financial Reports, state and industry trade publications, newspaper articles, other public documents relating to securities offerings of issuers of such states, and other historically reliable sources. It is only a brief summary of the complex factors affecting the financial situation in various states. It has not been independently verified by the Funds. The Funds make no representation or warranty regarding the completeness or accuracy of such information. The market value of shares of any Fund may fluctuate due to factors such as changes in interest rates, matters affecting a particular state, or for other reasons.

**Factors affecting** **Nomura** **Tax-Free California Fund**<br>

*Economic condition and outlook.* California's civilian labor force consists of approximately 19.9 million individuals. As of August 2025, California had an unemployment rate of approximately 5.5%, which was higher than the 5.4% rate in August 2024. California's unemployment rate was above the national average of 4.3% in August 2025. From August 2024 to August 2025, California's total nonfarm employment increased by approximately 55,400 jobs or 0.3%.

Year-over-year gains were reported in August 2025 for four of the eleven sectors. The industry sectors with gains were education and health services (approximately 162,300 jobs); government (approximately 37,800 jobs); and leisure and hospitality (approximately 5,100 jobs).

*Revenues and expenditures*. The expenses of the primary government totaled $478.6 billion for the fiscal year ended June 30, 2024. Of this amount, $245.0 billion (51.2%) was funded with program revenues (charges for services or program-specific grants and contributions), leaving $233.6 billion to be funded with general revenues (mainly taxes). The primary government's general revenues of $238.6 billion were greater than the unfunded expenses. As a result, the total net position, as restated, increased by $5.0 billion.

The two main State pension funds each continue to face unfunded future liabilities in the tens of billions of dollars. For fiscal year 2024-25, the actuarially determined General Fund pension contributions to the California Public Employees' Retirement System ("CalPERS") and the California State Teachers' Retirement System ("CalSTRS") were approximately $3.5 billion and $4.3 billion, respectively. For fiscal year 2025-26, the actuarially determined General Fund pension contributions to CalPERS and CalSTRS are approximately $4.9 billion and $4.6 billion, respectively.

The State also provides retiree health care and dental benefits to retired State employees and their eligible dependents and almost exclusively utilizes a "pay-as-you-go" funding policy. The State's total other postemployment benefits ("OPEB") liability is estimated to be $100.5 billion as of June 30, 2024, of which $91.5 billion is unfunded, as compared to a total OPEB liability of $91.0 billion estimated as of June 30, 2023.

*Debt administration.* As of July 1, 2025, the State had approximately $80.8 billion of outstanding general obligation bonds and lease revenue bonds payable principally from the State's General Fund or from lease payments paid from the operating budget of the respective lessees, which operating budgets are primarily, but not exclusively, derived from the General Fund. As of July 1, 2025, there were approximately $43.3 billion of authorized and unissued long-term voter-approved general obligation bonds which, when issued, will be payable principally from the General Fund and approximately $6.1 billion of authorized and unissued lease revenue bonds.

**Factors affecting** **Nomura** **Tax-Free Colorado Fund**<br>

*Economic condition and outlook.* Colorado's civilian labor force consists of approximately 3.3 million individuals. As of August 2025, Colorado had an unemployment rate of 4.2%, which is lower than the 4.5% rate in August 2024. Colorado's unemployment rate equaled the national average of 4.2% in August 2025. From August 2024 to August 2025, Colorado's total nonfarm employment increased by 21,000 jobs (0.7%).

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**Appendix B — Special Factors Affecting the Funds**

Year-over-year gains were reported in August 2025 for five of the eleven sectors. The industry sectors with the largest gains included education and health services (approximately 9,700 jobs); leisure and hospitality (approximately 9,700 jobs); and government (approximately 9,500 jobs).

*Revenues and expenditures.* The State's General Fund general-purpose revenues reflect the overall condition of the State economy, which showed an increase in fiscal year 2024; General Fund revenues increased by $1,387 million (9.7%) from the prior year.

The State's combined total net position of both governmental and business-type activities increased 20.5% from the prior fiscal year by $4,842.4 million from $23,568.8 million in fiscal year 2023, to $28,411.2 million in fiscal year 2024.

For the State's governmental activities, total revenues and permanent fund additions during fiscal year 2024 exceeded total expenses and transfers-out, which resulted in an increase to net position of $2,432.6 million, net of prior period adjustment. Program revenues for governmental activities increased by $2,052.3 million (14.2%), and General revenues for governmental activities increased by $1,069.7 million (6.0%). Total expenses for governmental activities increased by $848.4 million (2.7%) from the prior fiscal year, due to increases in social assistance, education, transportation, justice. These increases were slightly offset by decreases in spending related to general government, health and rehabilitation.

Business-type activities' total revenues, transfers-in, and permanent fund additions exceeded total expenses and transfers-out, which resulted in an increase to net position of $2,474.1 million. From the prior year to the current year, program revenue from business-type activities increased by $2,504.0 million (14.3%), while expenses also increased by $1,264.1 million (7.5%) due to a significant increase in labor and employment insurance.

Under Article X, Section 20 of the State Constitution, the Taxpayer's Bill of Rights ("TABOR"), revenue received from certain sources is subject to an annual limit determined by the prior year's limit after adjustments for inflation and population growth. Any TABOR revenue received above the cap is to be refunded to taxpayers in the subsequent fiscal year. The State is currently subject to an Excess State Revenue Cap ("ESRC"). Calculation of the original TABOR limit continues to apply, but the ESRC replaced the previous TABOR limit for triggering taxpayer refunds. For fiscal year 2024, State revenues subject to TABOR were $19,427.7 million, which was $1,354.5 million over the ESRC, and $4,839.7 million over the fiscal year spending limit. Revenue in excess of the ESRC must be refunded to the taxpayers in the next fiscal year including any remaining un-refunded revenues. Therefore, the total amount to be refunded in future fiscal years is $1,643.4 million.

*Debt management.* Under its Constitution, the State of Colorado is not permitted to issue general obligation bonds secured by the full faith and credit of the State except to fund buildings for State use, to defend the State or the US (in time of war), or to provide for unforeseen revenue deficiencies.

**Factors affecting** **Nomura** **Tax-Free Idaho Fund**<br>

*Economic condition and outlook.*

Idaho's civilian labor force consists of approximately 1.0 million individuals. As of August 2025, Idaho had an unemployment rate of 3.7%, which was lower than the 3.8% rate in August 2024. Idaho's unemployment rate was below the national average of 4.2% in August 2025. From August 2024 to August 2025, Idaho's total nonfarm employment increased by approximately 13,200 jobs or 1.5%.

Year-over-year gains were reported in August 2025 for eight of the eleven sectors. The industry sectors with the largest gains include leisure and hospitality (approximately 6,500 jobs); construction (approximately 5,300 jobs); and financial activities (approximately 1,300 jobs).

*Revenues and expenditures.* The State's assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $22.5 billion for the 2024 fiscal year. The State's combined net position increased $1.3 billion over the course of this fiscal year's operations. Net position of governmental activities increased $1.1 billion and business-type activities' net position increased $277.1 million.

At the close of the 2024 fiscal year, the State's governmental funds reported combined ending fund balances of $10.1 billion, an increase of $0.7 billion in comparison with fiscal year 2023. The governmental fund balance is classified as follows: (i) non-spendable either due to its form or legal constraints such as permanent trusts: $2.4 billion (23.8%); (ii) restricted for a specific purpose either by creditors, grantors, constitutional provisions, or enabling legislation: $3.1 billion (30.2%); (iii) committed for specific purposes by the Legislature or for satisfying contractual requirements: $3.1 billion (30.9%); (iv) assigned for a specific purpose as that intent is expressed by the Legislature or by a governing body or official: $186.2 million (1.8%); and (v) unassigned is the General Fund balance that has not been designated for another fund and that has not been restricted, committed, or assigned to a specific purpose within the General Fund: $1.3 billion (13.3%).

*Debt management.* The State of Idaho has no outstanding general obligation bond debt. The State Code authorizes the State Treasurer, on approval of the State Board of Examiners, to borrow money in anticipation of current-year tax receipts. General Fund revenues are received in relatively uneven amounts throughout the fiscal year. The State uses external tax anticipation notes to cover the shortfall between General Fund revenues and disbursements during the year.

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**Factors affecting the** **Nomura** **Tax-Free Minnesota Funds**<br>

*Economic condition and outlook.* Minnesota's civilian labor force consists of approximately 3.2 million individuals. As of August 2025, Minnesota had an unemployment rate of 3.6%, which was higher than the 3.2% rate in August 2024. Minnesota's unemployment rate was below the national average of 4.2% in August 2025. From August 2024 to August 2025, Minnesota's total nonfarm employment increased by approximately 43,300 jobs or 1.4%.

Year-over-year gains were reported in August 2025 for seven of the eleven sectors. The industry sectors with the largest gains include education and health services (approximately 28,700 jobs); construction (approximately 7,100 jobs); and government (approximately 4,400 jobs).

*Revenues and Expenditures.* The State's combined net position for governmental and business-type activities increased $1.1 billion (2.5%) over the course of the 2024 fiscal year. This resulted from a $538.1 million (1.4%) increase in net position of governmental activities, and a $565.6 million (14.0%) increase in net position business-type activities.

Approximately 58% of the State's total revenue (governmental and business-type activities) came from taxes, while 32% resulted from grants and contributions, including federal aid. Charges for various goods and services provided 8% of the total revenues. The remaining 2% came from other general revenues.

*Debt management.* The State debt management policy currently has three guidelines: 1) total tax-supported principal outstanding shall be 3.25% or less of total State personal income; 2) total amount of principal (both issued, and authorized but unissued) for State general obligations, State moral obligations, equipment capital leases, and real estate capital leases are not to exceed 6% of State personal income; and 3) 40.0% of general obligation debt shall be due within five years and 70% within 10 years, if consistent with the useful life of the financial assets and/or market conditions.

The State's long-term liabilities decreased by $498.5 million (3.4%) during the current fiscal year. This decrease is primarily attributable to a decrease in the Net Pension Liability of $853.4 million, which was offset by an increase associated with the issuance of Certificates of Participation for the financing of the design, renovation, expansion and equipping of the state office building serving the House of Representatives.

**Factors affecting** **Nomura** **Tax-Free New York Fund**<br>

*Economic condition and outlook.* New York's civilian labor force consists of approximately 9.9 million individuals. As of August 2025, New York had an unemployment rate of 4.0%, which was lower than the 4.4% rate in August 2024. New York's unemployment rate was lower than the national average of 4.2% in August 2025. From August 2024 to August 2025, New York's total nonfarm employment increased by approximately 125,600 jobs or 1.3%.

Year-over-year gains were reported in August 2025 for six of the eleven sectors. The industry sectors with the largest gains include education and health services (approximately 97,100 jobs); government (approximately 48,000 jobs); and leisure and hospitality (approximately 11,200 jobs).

*Revenues and expenditures.* For the fiscal year ended March 31, 2025, New York State reported a net position surplus of $60.8 billion, comprising $288.5 billion in total assets and $13.6 billion in deferred outflows of resources, less $226.2 billion in total liabilities and $15.1 billion in deferred inflows of resources.

The State's net position increased by $15.5 billion as a result of this year's operations. The State's governmental activities had total revenues of $284 billion, which exceeded total expenses of $266.8 billion, excluding transfers to business-type activities of $5.1 billion, by $17.2 billion.

*Debt management.* The State's debt levels are typically measured by the State Division of the Budget using two categories: State supported debt and State-related debt. State-supported debt represents obligations of the State that are paid from traditional State resources (i.e., tax revenue) and have a budgetary impact. It includes general obligation debt, to which the full faith and credit of the State has been pledged, and lease-purchase and contractual obligations of public authorities and municipalities, where the State's legal obligation to make payments to those public authorities and municipalities is subject to and paid from annual appropriations made by the Legislature. These include the State PIT Revenue Bond Program and the State Sales Tax Revenue Bond program. State-related debt is a broad category that combines all forms of debt for which the State is liable, either directly or on a contingent basis, including all State-supported debt and State guaranteed and moral obligation date. At March 31, 2025, the State had $2.269 billion in general obligation bonds outstanding. The total amount of general obligation bonds authorized but not issued as of March 31, 2025 was $5.6 billion. At March 31, 2025, the State had $62.2 billion in bonds, notes, and other financing agreements outstanding compared with $61.6 billion in the prior year, an increase of $600 million.

**Factors affecting** **Nomura** **Tax-Free Pennsylvania Fund**<br>

*Economic condition and outlook.* Pennsylvania's civilian labor force consists of approximately 6.5 million individuals. As of August 2025, Pennsylvania had an unemployment rate of 4.0%, which was above the 3.6% rate in August 2024. Pennsylvania's unemployment rate was lower than the national average of 4.2% in August 2025. From August 2024 to August 2025, Pennsylvania's total nonfarm employment increased by approximately 99,200 jobs or 1.6%.

Year-over-year gains were reported in nine of the eleven sectors. The industry sectors with the largest gains include education and health services (approximately 51,600 jobs); leisure and hospitality (approximately 17,200 jobs); and other services (approximately 6,700 jobs).

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**Appendix B — Special Factors Affecting the Funds**

*Revenues and expenditures.* The General Fund, the Commonwealth's largest operating fund, receives all tax revenues, nontax revenues, and federal grants and entitlements that are not specified by law to be deposited elsewhere. The majority of the Commonwealth's operating and administrative expenses are payable from the General Fund. Debt service on all bonded indebtedness of the Commonwealth, except that issued for highway purposes or for the benefit of other special revenue funds, is payable from the General Fund.

Legislation enacted with the adoption of the fiscal year 2003 budget abolished the Tax Stabilization Reserve Fund and transferred its balance of $1,038 million to the General Fund. Balances in the Budget Stabilization Reserve Fund are to be used only when emergencies involving the health, safety, or welfare of the residents of the Commonwealth or downturns in the economy resulting in significant unanticipated revenue shortfalls cannot be dealt with through the normal budget process. As of April 30, 2025, the amount on deposit in the Budget Stabilization Reserve Fund was $7,346.0 million.

On a budgetary basis, General Fund revenues of the Commonwealth were above the certified estimate by $862.9 million or 1.9% during fiscal year 2024. Final Commonwealth General Fund revenues for the fiscal year totaled $45,473.5 million. Total expenditures, net of appropriation lapses and including public health and human services assessments and expenditures from additional sources were $45,440.8 million. After accounting for a fiscal year 2024 beginning balance of $8,084.9 million, and a transfer to the Budget Stabilization Reserve Fund, the Commonwealth ended fiscal year 2024 with a surplus of $6,632.1 million.

*Debt management.* The Commonwealth is permitted by its Constitution to incur the following types of debt: (i) debt to suppress insurrection or rehabilitate areas affected by disaster, (ii) electorate-approved debt, (iii) debt for capital projects subject to an aggregate debt limit of 1.75 times the annual average tax revenues of the preceding five fiscal years, and (iv) tax anticipation notes payable in the fiscal year of issuance. All debt, except debt incurred through the issuance of tax anticipation notes must be amortized in substantial and regular amounts.

Debt service on Commonwealth general obligation debt is paid from appropriations out of the General Fund, except for debt issued for highway purposes, which is paid from Motor License Fund appropriations. Net outstanding general obligation debt totaled $10,505.6 million at June 30, 2024.

**Factors affecting Puerto Rico**<br>

*Puerto Rico introduction.* The Commonwealth of Puerto Rico (the "Commonwealth") Government and the Financial Oversight and Management Board for Puerto Rico (the "Oversight Board") together have made significant progress in achieving fiscal responsibility, stabilizing Puerto Rico's finances, substantially reducing its debt burden, and making significant strides to reform its civil service.

When the U.S. Congress passed the bipartisan Puerto Rico Oversight, Management, and Economic Stability Act of 2016 ("PROMESA") that created the Oversight Board, the Governor of Puerto Rico had declared the debt unpayable, and the Puerto Rico Government was in default. Decades of economic decline and chronic financial mismanagement left Puerto Rico in crisis, soon exacerbated by natural disasters, including Hurricanes Irma and Maria in 2017, earthquakes, and the global COVID-19 pandemic in 2020.

According to a U.S. Government Accountability Office report from 2018, the causes of the crisis were: (i) inadequate financial management and oversight practices, such as the overestimation of potential revenues and persistent spending in excess of appropriated amounts; (ii) prolonged economic contraction, impacted by outmigration and the resulting diminished labor force, the high cost of energy and importing goods, regulatory challenges to doing business, the phaseout of the possessions tax credit, and banking and housing struggles; and (iii) policy decisions, such as allowing the use of debt proceeds to balance budgets, insufficiently addressing public pension funding shortfalls, and inadequately managing the financial condition of the Puerto Rico Electric Power Authority ("PREPA").

Prior to PROMESA and for each of the first 16 consecutive years of this century, from fiscal years 2000 to 2016, Government spending exceeded recurring Government revenues. Controls and guardrails, to the extent they existed, were insufficient to prevent overestimation of revenues, excessive borrowing, overspending, and the deficits that eroded Puerto Rico's economic stability. Before PROMESA, Government pensions were not sufficiently funded, putting pension payments for current and future retirees at risk.

As result of these practices, the consolidated Commonwealth's outstanding debt and pension liabilities had grown to over $120 billion – with more than $70 billion in financial debt and more than $50 billion in pension liabilities – an amount almost twice the size of Puerto Rico's economy.

*Puerto Rico economy.* Puerto Rico's economy is closely linked to the economy of the United States, as most of the external factors that affect the Commonwealth's economy (other than oil prices) are determined by the policies and performance of the mainland economy. However, the performance of Puerto Rico's economy has significantly diverged from the performance of the United States economy. Puerto Rico's economy entered into a recession in the fourth quarter of fiscal year 2006, two years before the rest of the United States, and has continued to face substantial economic challenges. In addition, in December 2017, Congress enacted the Tax Cuts and Jobs Act, which subjects companies located in the Commonwealth to a tax on income generated from certain intellectual property. Previously, companies located in the Commonwealth had been exempt from paying federal income taxes on such income. It is not presently possible to predict the extent of the impact that the tax will have on the Commonwealth's economy.

Puerto Rico's civilian labor force consists of approximately 1.2 million individuals. As of August 2025, Puerto Rico had an unemployment rate of 5.6%, which was higher than the 5.5% rate in August 2024. Puerto Rico's unemployment rate was higher than the national average of 4.2% in August 2025. From August 2024 to August 2025, Puerto Rico's total nonfarm employment increased by 12,100 jobs or 1.3%.

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Year-over-year gains were reported in August 2025 in ten of the eleven sectors. The industry sectors with the largest gains include leisure and hospitality (approximately 3,800 jobs); education and health services (approximately 3,400 jobs); and construction (approximately 1,600 jobs).

In recent years, Puerto Rico has received an unprecedented influx of federal funds in the form of Disaster Relief Funding, COVID-19 stimulus, and funds from the Bipartisan Infrastructure Law which have strengthened Puerto Rico's economy but may mask underlying weaknesses. Prior to 2017, Puerto Rico gross national product was trending downwards, a trend which was compounded by subsequent natural disasters, including Hurricanes Irma and Maria in 2017, earthquakes in 2020, and a global pandemic. Through successive federal stimulus packages, Puerto Rico has been allocated approximately $120 billion in federal funds, equivalent to approximately 145% of its 2023 gross national product. Puerto Rico's economic growth is highly dependent on its ability to efficiently deploy those federal funds. The 2024 Fiscal Plan assumes full deployment of this stimulus by the end of fiscal year 2035, after which their stimulative effect on the economy will end.

*Revenues and expenditures.* The General Fund is the chief operating fund of the Commonwealth. For more than a decade, the Commonwealth has experienced significant General Fund budget deficits. These deficits, including the payment of a portion of the Commonwealth's debt service obligations, have been covered primarily with the net proceeds of bonds issued by the Puerto Rico Sales Tax Financing Authority ("COFINA") and Commonwealth general obligation bonds, with interim financings provided by the Government Development Bank ("GDB") and, in some cases, with extraordinary onetime revenue measures or expense adjustment measures. The Commonwealth expects that its ability to finance future budget deficits will be severely limited.

The Commonwealth's retirement systems include the Employees Retirement System ("ERS"), the Teachers Retirement System ("TRS") and the Judiciary Retirement System ("JRS" and together with the ERS and TRS, the "Pension Systems"). As of July 1, 2017, the total actuarial liabilities for the ERS, the TRS and the JRS were approximately $31.0 billion, $17.0 billion and $700 million, respectively. The total annual benefits due from the ERS, TRS and JRS for fiscal year 2018 totaled approximately $1.5 billion, $700 million, and $25 million, respectively. In 2017, the Legislative Assembly enacted laws to reform the operation and funding of the Pension Systems.

The Oversight Board reported in its 2022 Fiscal Plan that, over many decades, successive Commonwealth governments have failed to adequately fund these retirement plans, and that the ERS, TRS and JRS were insolvent. The Plan of Adjustment (see the "Debt, PROMESA and Plan of Adjustment" section below) provided that a pension reserve trust be established and funded to ensure that future benefits can be supported regardless of the future economic or political situation in the Commonwealth.

On April 10, 2024, the Commonwealth filed its audited financial statements for fiscal year 2022 with the Municipal Securities Rulemaking Board's Electronic Municipal Market Access system. Total assets plus deferred outflows of resources and total liabilities plus deferred inflows of resources of the primary government as of June 30, 2022, amounted to approximately $34.4 billion and $85.5 billion, respectively, for a net deficit of approximately $51.1 billion as of June 30, 2022, compared to a net deficit of approximately $59.2 billion as of June 30, 2021 (as restated). The 2022 audited financial statements noted that notwithstanding the circumstances existing on June 30, 2022, based on subsequent events that remediated the Commonwealth's financial condition and addressed its liabilities, management does not believe there is substantial doubt about the Commonwealth's ability to continue as a going concern as of the date of the basic financial statements. The 2022 audited financial statements noted that various component units, including PREPA, have been identified as having substantial doubt about their ability to continue as a going concern.

*Debt, PROMESA and Plan of Adjustment.* Certain of the Commonwealth's component units defaulted on debt service payments during fiscal year 2016. As a result, the Governor issued several executive orders declaring emergency periods and suspending certain transfers and payments with respect to the Commonwealth and several of its component units. On July 1, 2016, the Commonwealth and various additional component units were unable to comply with their scheduled debt service obligations, and defaulted on $911 million of their scheduled debt obligations, including $779 million in general obligation debt service. Since 2016, the Commonwealth continued to default on debt service payments for multiple bonds, including general obligation bonds and those issued by various component units, including PREPA, the Puerto Rico Public Finance Corporation, and the Puerto Rico Public Buildings Authority (PBA), among others.

In general terms, PROMESA seeks to provide the Commonwealth with fiscal and economic discipline through, among other things: (i) the establishment of the Oversight Board, whose responsibilities include the certification of fiscal plans and budgets for the Commonwealth and its related entities; (ii) a temporary stay of all creditor lawsuits under Title IV of PROMESA; and (iii) two alternative methods to adjust unsustainable debt: (a) a voluntary debt modification process under Title VI of PROMESA, which establishes a largely out-of-court debt restructuring process through which modifications to financial debt can be accepted by a supermajority of creditors; and (b) a quasi-bankruptcy proceeding under Title III of PROMESA, which establishes an in-court debt restructuring process substantially based upon incorporated provisions of Title 11 of the United States Code (US Bankruptcy Code).

**On May 3, 2017, after termination of the original stay preventing creditors from suing the territory, the Oversight Board filed a bankruptcy** **petition under Title III of PROMESA beginning a broad-based debt restructuring process. The Oversight Board also filed Title III** **bankruptcy petitions for PREPA, ERS, and COFINA.** Chief Justice John Roberts appointed Judge Laura Taylor Swain of the US District Court for the Southern District of New York to preside over the Title III cases. Judge Laura Taylor Swain appointed five judges to serve as a mediation team to facilitate settlement negotiations of any and all issues and proceedings arising in the Title III cases and proceedings.

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**Appendix B — Special Factors Affecting the Funds**

In February 2019, the U.S. District Court approved the Plan of Adjustment for the COFINA, the first debt restructuring completed under PROMESA's Title III. It reduced COFINA debt by $6 billion, from $18 billion to $12 billion.

In August 2019, the Puerto Rico Aqueduct and Sewer Authority ("PRASA") and the Government of Puerto Rico reached an agreement with the U.S. Environmental Protection Agency and U.S. Department of Agriculture to a consensual modification of about $1 billion of outstanding loans under PROMESA's Section 2017. This agreement lowers PRASA's debt service payments on the U.S. Government program loans by about $380 million over the next 10 years and eliminates approximately $1 billion in guaranty claims against the Puerto Rico Government.

On November 3, 2021, the Oversight Board filed the Eighth Amended Plan of Adjustment (the "Plan of Adjustment"). On January 18, 2022, the Title Ill Court entered an order confirming the Plan of Adjustment.

On January 18, 2022, Judge Laura Taylor Swain confirmed the Commonwealth Plan of Adjustment restructuring approximately $35 billion of debt and other claims against the Commonwealth of Puerto Rico, the PBA, and ERS, as well as more than $50 billion of unfunded pension liabilities. The Plan of Adjustment saves Puerto Rico more than $50 billion in debt service and reduces outstanding obligations to just over $7 billion. On January 18, 2022, the Title III Court entered its Findings of Fact and Confirmation Order with respect to the Plan of Adjustment. Between January 28, 2022, and February 17, 2022, six appeals of the Confirmation Order were filed in the First Circuit. By March 11, 2022, the First Circuit denied all parties' motions for stay pending appeal. On March 15, 2022, the conditions precedent to the Effective Date of the Plan of Adjustment were satisfied and/or waived by the Oversight Board, and the Plan of Adjustment became effective.

On the Effective Date, the principal elements of the Plan of Adjustment were executed reducing the Commonwealth's total funded debt obligations from approximately $34.3 billion of prepetition debt to approximately $7.4 billion, representing a total debt reduction of 78%. This debt reduction will also reduce the Commonwealth's maximum annual debt service (inclusive of COFINA) from approximately $4.2 billion to $1.15 billion, representing a total debt service reduction of 73%. Also as of the Effective Date, all of the legacy Commonwealth general obligation bonds, ERS bonds, and PBA bonds were discharged, and all of the Commonwealth, ERS, and PBA obligations and guarantees related thereto were discharged. In addition, all Commonwealth laws that required the transfer of funds from the Commonwealth to other entities have been deemed preempted, and the Commonwealth has no obligation to transfer additional amounts pursuant to those laws. Importantly, effectuating the Plan of Adjustment provides a path for Puerto Rico to access the credit markets and develop balanced annual budgets.

A critical component of the Plan of Adjustment is the post-effective date issuance of new general obligation bonds (the "New GO Bonds") and contingent value instruments ("CVIs") that will be used to provide recoveries to general obligation and PBA bondholders, and to Puerto Rico Highways and Transportation Authority and Puerto Rico Infrastructure Financing Authority bondholders under separate restructurings.

With respect to PREPA's Title III proceeding, on June 26, 2023, Judge Laura Taylor Swain issued an opinion and order estimating that bondholders had an unsecured net revenue claim asserted by PREPA at $2.388 billion as of July 3, 2017, versus an asserted claim of $8.5 billion. The Oversight Board's Third Amended Plan of Adjustment for PREPA was approved by the Tittle III court on November 17. Bondholders successfully petitioned to the 1st Circuit Court of Appeals, overturning Judge Swain's decision that bondholders have an unsecured net revenue claim. The initial 1st Circuit ruling stated that Net Revenues were "Accounts". Subsequently, the Oversight Board appealed, resulting in the 1st Circuit amending and clarifying their ruling that Net Revenues consist of "General Intangibles", which are still considered a secured revenue claim. The Oversight Board has appealed the new opinion.

On March 28, 2025, the Oversight Board filed the Fifth Amended Plan of Adjustment for PREPA (the "PREPA Plan"). The Plan of Adjustment case remains open.

On August 1, 2025, President Trump dismissed five of the seven members of the Oversight Board: Arthur J. Gonzalez, Cameron McKenzie, Betty A. Rosa, Juan A. Sabater, and Luis A. Ubiñas. On August 13, 2025, a week after Oversight Board member Andrew G. Biggs described the dismissals as a "setback for Puerto Rico," he received a notice of dismissal from the White House, according to an Oversight Board statement. On August 8, 2025, the U.S. District Court handling PROMESA Title III cases temporarily suspended deadlines and ordered the Oversight Board to report on the "status of its membership and what effect, if any, the recent events will have on its participation in matters pending before the Court" by August 25, 2025. On August 25, 2025, the Oversight Board informed the federal district court that John E. Nixon was currently the sole appointed member of the Board.

On September 18, 2025, Judge Gonzalez, Dr. Rosa, and Dr. Biggs sued to challenge their dismissals, contending that "in violation of the statutory text, Judge Gonzalez, Dr. Biggs, and Dr. Rosa were purportedly terminated without cause, as the emails provided no basis, justification, or authority for the terminations." On October 3, 2025 a federal judge issued an order temporarily blocking President Trump from firing members of the Oversight Board. In granting their claim, the judge effectively returned the three Oversight Board members to their posts, finding that she did not have to formally order their reinstatement because they had not been properly removed.

On October 22, 2025, Judge Swain directed the PREPA mediation parties to meet and confer about a schedule for discovery.

This process is ongoing. Any future negative developments could adversely affect Fund performance. It is not presently possible to predict the results of all of the restructurings and related issuance of the New GO Bonds and CVIs and other debt securities, but such outcomes will have a significant impact on bondholders. If the Commonwealth or its instrumentalities are unable to obtain favorable results, there would be negative impacts on Fund performance.

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[Back to **Table of Contents**](#TOC_2290)

*Fiscal plan and budget.* The Commonwealth has faced a number of significant fiscal challenges, including a structural imbalance between its General Fund revenues and expenditures. Such challenges contributed to the passage of PROMESA. Only after the Oversight Board has certified a fiscal plan may the Governor submit a fiscal year Commonwealth budget and fiscal year budgets for certain Commonwealth instrumentalities (as approved by the Oversight Board) to the Legislature. PROMESA also contains a provision that grants the Oversight Board powers to monitor compliance with certified fiscal plans and budgets and undertake certain actions, including spending reductions and the submission of recommended actions to the Governor that promote budgetary compliance.

On June 6, 2025, the Oversight Board certified the revised 2024 Fiscal Plan for Puerto Rico. The 2024 Fiscal Plan reports that Puerto Rico is stable, and the Commonwealth government is solvent. The massive debt is almost completely restructured, a critical element of fiscal responsibility and market access. Under the Fiscal Plans and PROMESA certified budgets, Puerto Rico has moved from structural deficits to fiscal stability. The Oversight Board developed a comprehensive process to evaluate budget changes throughout the year to ensure sufficient funding sources are available to support operating needs. However, the government must still undertake significant work to put in place the practices needed to ensure that this progress is sustained beyond the longevity of the Oversight Board. In particular, the government must establish robust financial management and oversight practices, while also making targeted investments to promote sustainable and inclusive economic development. The 2024 Fiscal Plan highlights a set of initiatives that aim to ensure the successful pursuit of these objectives. Separate 2025 Fiscal Plans were certified for COFINA on May 30, 2025, PRASA on June 27, 2025 and PREPA on February 6, 2025.There is no assurance that the Oversight Board will be successful in achieving budgetary and fiscal balance through the fiscal plans or otherwise.

*Bond ratings.* In February 2014, Puerto Rico's then outstanding general obligation bonds were downgraded to non-investment grade or "junk" status by Moody's and S&P. Following multiple further downgrades S&P discontinued its ratings for the Commonwealth's then outstanding general obligation bonds in 2018 and Moody's withdrew its ratings for the Commonwealth's then outstanding general obligation bonds in 2021. As of December 9, 2025, the New GO Bonds had not been rated by Moody's or S&P.

*Other considerations.* On September 6, 2017 and September 20, 2017, respectively, Hurricanes Irma and Maria struck Puerto Rico, causing unprecedented humanitarian, economic, and infrastructure-related damages and upending the daily lives of Puerto Rico's over three million residents. Thousands of residents were left homeless, basic utilities were completely shut down, and schools, hospitals, and businesses were destroyed. Tens of thousands of local residents fled the Island. The Federal Government's response has become one of the largest and most complex disaster relief efforts in US history. In addition, the southwestern part of Puerto Rico has been struck by a swarm of earthquakes that began on December 28, 2019, and continued into 2021. On September 18, 2022, Hurricane Fiona made landfall, again causing significant infrastructure damages and loss of basic utilities. All of these events had had material adverse effects on the Commonwealth's finances and may negatively impact the payment of principal and interest, the marketability, liquidity and value of securities issued by the Commonwealth.

Outstanding issues relating to the potential for a transition to statehood may also have broad implications for Puerto Rico and its financial and credit positions. The power to grant statehood lies with the US Congress.

**AI-322 12/25**85

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PART C

(Delaware Group<sup>®</sup> State Tax-Free Income Trust)

File Nos. 002-57791/811-02715

Post-Effective Amendment No. 84

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/201670/000095011600000399/0000950116-00-000399.txt) incorporated into this filing by reference to Post-Effective Amendment No. 44 filed February 29, 2000. |
|  | (i) | [Certificate of Amendment (November 15, 2006)](https://www.sec.gov/Archives/edgar/data/201670/000120677407001579/exhibit99_a1-i.htm) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 53 filed June 18, 2007. |
|  | (ii) | [Certificate of Amendment (February 26, 2009)](https://www.sec.gov/Archives/edgar/data/201670/000120677409001247/exhibit99_a1-ii.htm) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 55 filed June 26, 2009. |
|  | (iii) | [Certificate of Amendment (August 18, 2009)](https://www.sec.gov/Archives/edgar/data/201670/000145078910000143/certificateofamend.htm) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 56 filed April 29, 2010. |
|  | (iv) | [Certificate of Amendment (May 21, 2015)](https://www.sec.gov/Archives/edgar/data/201670/000120677415003917/exhibit99_a1-iv.htm) to the Agreement and Declaration of Trust incorporated into this filing by reference to Post-Effective Amendment No. 69 filed December 24, 2015. |
|  | (2) | [Certificate of Trust (December 17, 1998)](https://www.sec.gov/Archives/edgar/data/201670/000120677408001202/exhibit99_a2.htm) incorporated into this filing by reference to Post-Effective Amendment No. 54 filed June 26, 2008. |
| (b) | <u>By-Laws</u>. [Amended and Restated By-Laws (April 1, 2015)](https://www.sec.gov/Archives/edgar/data/201670/000120677415003917/exhibit99_b.htm) incorporated into this filing by reference to Post-Effective Amendment No. 69 filed December 24, 2015. | <u>By-Laws</u>. [Amended and Restated By-Laws (April 1, 2015)](https://www.sec.gov/Archives/edgar/data/201670/000120677415003917/exhibit99_b.htm) incorporated into this filing by reference to Post-Effective Amendment No. 69 filed December 24, 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)](dgstfit-efp21368_ex99d1.htm) between Delaware Management Company (a series of Nomura Investment Management Business Trust) and the Registrant attached as Exhibit No. EX-99.d.1. |
|  | (2) | [Investment Advisory Expense Limitation Letter (December 2025)](dgstfit-efp21368_ex99d2.htm) from Delaware Management Company (a series of Nomura Investment Management Business Trust) relating to the Registrant attached as Exhibit No. EX-99.d.2. |
| (e) | <u>Underwriting Contracts</u>. | <u>Underwriting Contracts</u>. |
|  | (1) | [Distribution Agreement (December 1, 2025)](dgstfit-efp21368_ex99e1.htm) between Delaware Distributors, L.P. and the Registrant attached as Exhibit No. EX-99.e.1. |
|  | (2) | [Form of Dealer's Agreement](dgstfit-efp21368_ex99e2.htm) attached as Exhibit No. EX-99.e.2. |
|  | (3) | [Form of Registered Investment Advisers Agreement](dgstfit-efp21368_ex99e3.htm) attached as Exhibit No. EX-99.e.3. |
|  | (4) | [Form of Bank/Trust Agreement](dgstfit-efp21368_ex99e4.htm) attached as Exhibit No. EX-99.e.4. |
| (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/201670/000120677409001247/exhibit99_g1.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. 55 filed June 26, 2009.

(i) [Amendment No. 2 (July 1, 2017)](https://www.sec.gov/Archives/edgar/data/201670/000120677417003550/mimstfit3317014-ex99g1ii.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment
 No. 73 filed December 28, 2017.

(ii) [Amendment No. 4 (July 19, 2019)](https://www.sec.gov/Archives/edgar/data/201670/000114544321000455/d3873811-ex99g1iii.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective Amendment
 No. 80 filed December 28, 2021.

(iii) [Amendment No. 5 (December 31, 2021)](https://www.sec.gov/Archives/edgar/data/201670/000114544322000317/d3973881-ex99g1iv.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective
 Amendment No. 81 filed December 28, 2022.

(iv) [Amendment No. 6 (December 31, 2021)](https://www.sec.gov/Archives/edgar/data/201670/000114544322000317/d3973881-ex99g1v.htm) to Mutual Fund Custody and Services Agreement incorporated into this filing by reference to Post-Effective
 Amendment No. 81 filed December 28, 2022.

(v) [Amendment No. 7 (July 30, 2024)](dgstfit-efp21368_ex99g1v.htm) to Mutual Fund Custody and Services Agreement attached as Exhibit No. EX-99.g.1.v.

(vi) [Amendment No. 8 (April 1, 2025)](dgstfit-efp21368_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)](dgstfit-efp21368_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)](dgstfit-efp21368_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/728352/000120677407002983/exhibit99_g2.htm) between The Bank of New York Mellon (formerly, Mellon Bank, N.A.) and the Registrant
 incorporated into this filing by reference to Delaware Group Tax-Free Fund (File No. 002-86606) Post-Effective Amendment No. 35 filed
 December 28, 2007 (Accession No. 0001206774-07-002983).

(i) [Amendment (September 22, 2009)](https://www.sec.gov/Archives/edgar/data/728352/000113743910000194/ex99g2i.htm) to the Securities Lending Authorization Agreement incorporated into this filing by reference to Delaware Group
 Tax-Free Fund (File No. 002-86606) Post-Effective Amendment No. 40 filed October 29, 2010 (Accession No. 0001137439-10-000194.)

(ii) [Amendment No. 2 (January 1, 2010)](https://www.sec.gov/Archives/edgar/data/728352/000113743910000194/ex99g2ii.htm) to the Securities Lending Authorization Agreement incorporated into this filing by reference to Delaware Group
 Tax-Free Fund (File No. 002-86606) Post-Effective Amendment No. 40 filed October 29, 2010 (Accession No. 0001137439-10-000194).

(iii) [Amendment No. 3 (October 12, 2010)](dgstfit-efp21368_ex99g2iii.htm) to the Securities Lending Authorization Agreement attached as Exhibit No. EX-99.g.2.iii.

(iv) [Amendment No. 4 (December 17, 2015)](dgstfit-efp21368_ex99g2iv.htm) to the Securities Lending Authorization Agreement attached as Exhibit No. EX-99.g.2.iv.

(v) [Amendment No. 5 (August 10, 2016)](dgstfit-efp21368_ex99g2v.htm) to the Securities Lending Authorization Agreement attached as Exhibit No. EX-99.g.2.v.

(vi) [Amendment No. 6 (November 14, 2019)](dgstfit-efp21368_ex99g2vii.htm) to the Securities Lending Authorization Agreement attached as Exhibit No. EX-99.g.2.vi.

(vii) [Amendment (December 3, 2020)](dgstfit-efp21368_ex99g2vii.htm) to the Securities Lending Authorization Agreement attached as Exhibit No. EX-99.g.2.vii.

(viii) [Amendment No. 8 (December 1, 2025)](dgstfit-efp21368_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/201670/000095011602000885/ex99_h1.txt) between Delaware Service Company, Inc. and the Registrant incorporated into this filing by reference
 to Post-Effective Amendment No. 47 filed April 30, 2002.

(i) [Letter Amendment (August 23, 2002)](https://www.sec.gov/Archives/edgar/data/201670/000120677415003917/exhibit99_h1-i.htm) to the Shareholder Services Agreement incorporated into this filing by reference to Post-Effective Amendment
 No. 69 filed December 24, 2015.

(ii) [Amended and Restated Schedule A (December 1, 2025)](dgstfit-efp21368_ex99h1ii.htm) to the Shareholder Services Agreement attached as Exhibit No. EX-99.h.1.ii.

(iii) [Amended and Restated Schedule B (June 25, 2022)](https://www.sec.gov/Archives/edgar/data/201670/000114544322000317/d3973881-ex99h1iii.htm) to the Shareholder Services Agreement incorporated into this filing by reference to Post-Effective
 Amendment No. 81 filed December 28, 2022.

(iv) [Assignment and Assumption Agreement (November 1, 2014)](https://www.sec.gov/Archives/edgar/data/201670/000120677414003691/exhibit99_h1-iii.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. 67 filed December
 30, 2014.

(2) [Amended and Restated Fund Accounting and Financial Administration Services Agreement (January 1, 2014)](https://www.sec.gov/Archives/edgar/data/201670/000120677414003691/exhibit99_h2.htm) between The Bank of New York Mellon
 and the Registrant incorporated into this filing by reference to Post-Effective Amendment No. 67 filed December 30, 2014.

(i) [Amendment No. 1 (July 1, 2017)](https://www.sec.gov/Archives/edgar/data/201670/000120677417003550/mimstfit3317014-ex99h2i.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement incorporated into this
 filing by reference to Post-Effective Amendment No. 73 filed December 28, 2017.

(ii) [Amendment No. 2 (October 11, 2021)](https://www.sec.gov/Archives/edgar/data/201670/000114544323000201/d4198161-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 December 28, 2023.

(iii) [Amendment No. 3 (December 31, 2021)](https://www.sec.gov/Archives/edgar/data/201670/000114544323000201/d4198161-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 December 28, 2023.

(iv) [Amendment No. 4 (January 31, 2022)](https://www.sec.gov/Archives/edgar/data/201670/000114544323000201/d4198161-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 December 28, 2023.

(v) [Amendment No. 5 (effective May 31, 2024)](dgstfit-efp21368_ex99h2v.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement attached as Exhibit No. EX-99.h.2.v.

(vi) [Amendment No. 6 (July 30, 2024)](dgstfit-efp21368_ex99h2vi.htm) to Amended and Restated Fund Accounting and Financial Administration Services Agreement attached as Exhibit No. EX-99.h.2.vi.

(vii) [Amendment No. 7 (April 1, 2025)](dgstfit-efp21368_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)](dgstfit-efp21368_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)](dgstfit-efp21368_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)](dgstfit-efp21368_ex99h3.htm) between Delaware Investments Fund Services Company and the Registrant attached as Exhibit No. EX-99.h.3. |
|  | (i) | <u>Legal Opinion</u>. | <u>Legal Opinion</u>. |
|  |  | (1) | [Opinion and Consent of Counsel (February 28, 2000)](https://www.sec.gov/Archives/edgar/data/201670/000095011600000399/0000950116-00-000399.txt) incorporated into this filing by reference to Post-Effective Amendment No. 44 filed February 29, 2000. |
|  |  | (2) | [Opinion and Consent of Counsel (December 27, 2013)](https://www.sec.gov/Archives/edgar/data/201670/000120677413004654/exhibit99_i-2.htm) with respect to the Institutional Class of the Nomura Tax-Free Pennsylvania Fund (formerly, Delaware Tax-Free Pennsylvania Fund) incorporated into this filing by reference to Post-Effective Amendment No. 65 filed December 30, 2013. |
|  | (j) | [<u>Other Opinions</u>. Consent of Independent Registered Public Accounting Firm (December 2025)](dgstfit-efp21368_ex99j.htm) attached as Exhibit No. EX-99.j. | [<u>Other Opinions</u>. Consent of Independent Registered Public Accounting Firm (December 2025)](dgstfit-efp21368_ex99j.htm) attached as Exhibit No. EX-99.j. |
|  | (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/201670/000095011602000885/ex99_m1.txt) incorporated into this filing by reference to Post-Effective Amendment No. 47 filed April 30, 2002. |
|  |  | (2) | [Plan under Rule 12b-1 for Class C (April 19, 2001)](https://www.sec.gov/Archives/edgar/data/201670/000095011602000885/ex99_m3.txt) incorporated into this filing by reference to Post-Effective Amendment No. 47 filed April 30, 2002. |
|  | (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)](dgstfit-efp21368_ex99n1.htm) attached as Exhibit No. EX-99.n.1. |
|  | (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)](dgstfit-efp21368_ex99p1.htm) attached as Exhibit No. EX-99.p.1. |
|  | (q) | <u>Other</u>. | <u>Other</u>. |
|  |  | (1) | [Powers of Attorney (January 20, 2022)](https://www.sec.gov/Archives/edgar/data/201670/000114544322000317/d3973881-ex99q1.htm) incorporated into this filing by reference to Post-Effective Amendment No. 81 filed December 28, 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>. [Article VII, Section 2 (November 15, 2006) to the Agreement and Declaration of Trust](https://www.sec.gov/Archives/edgar/data/201670/000120677407001579/exhibit99_a1-i.htm) incorporated into this filing by reference to Post-Effective Amendment No. 53 filed June 18, 2007. [Article VI of the Amended and Restated By-Laws (April 1, 2015)](https://www.sec.gov/Archives/edgar/data/201670/000120677415003917/exhibit99_b.htm) incorporated into this filing by reference to Post-Effective Amendment No. 69 filed December 24, 2015. | <u>Indemnification</u>. [Article VII, Section 2 (November 15, 2006) to the Agreement and Declaration of Trust](https://www.sec.gov/Archives/edgar/data/201670/000120677407001579/exhibit99_a1-i.htm) incorporated into this filing by reference to Post-Effective Amendment No. 53 filed June 18, 2007. [Article VI of the Amended and Restated By-Laws (April 1, 2015)](https://www.sec.gov/Archives/edgar/data/201670/000120677415003917/exhibit99_b.htm) incorporated into this filing by reference to Post-Effective Amendment No. 69 filed December 24, 2015. | <u>Indemnification</u>. [Article VII, Section 2 (November 15, 2006) to the Agreement and Declaration of Trust](https://www.sec.gov/Archives/edgar/data/201670/000120677407001579/exhibit99_a1-i.htm) incorporated into this filing by reference to Post-Effective Amendment No. 53 filed June 18, 2007. [Article VI of the Amended and Restated By-Laws (April 1, 2015)](https://www.sec.gov/Archives/edgar/data/201670/000120677415003917/exhibit99_b.htm) incorporated into this filing by reference to Post-Effective Amendment No. 69 filed December 24, 2015. |
| Item 31. | <u>Business and Other Connections of the Investment Adviser</u>. | <u>Business and Other Connections of the Investment Adviser</u>. | <u>Business and Other Connections of the Investment Adviser</u>. |

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| | |
|:---|:---|
|  | 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 Global & International Funds, Delaware Group Government Fund, Delaware Group Income Funds, Delaware Group Limited-Term Government Funds, 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 |
| 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 |

---

---

| | | |
|:---|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** | **Positions and Offices with Registrant** |
| 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 |
| Kathryn 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 |
| 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 |

---

---

| | | |
|:---|:---|:---|
| **Name and Principal Business Address** | **Positions and Offices with Underwriter** | **Positions and Offices with Registrant** |
| 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 |
| Aaron Buser | VP/Associate General Counsel/Assistant Secretary/Managing Director | Vice President/General Counsel/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 |

---

---

| | | |
|:---|:---|:---|
|  | (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 29th day of December, 2025.

---

| | |
|:---|:---|
| **DELAWARE GROUP STATE TAX-FREE INCOME TRUST** | **DELAWARE GROUP STATE TAX-FREE INCOME TRUST** |
| 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 | December 29, 2025 |
| Shawn K. Lytle | (Principal Executive Officer) and Trustee |  |
| Jerome D. Abernathy \* | Trustee | December 29, 2025 |
| Jerome D. Abernathy |  |  |
| Ann D. Borowiec \* | Trustee | December 29, 2025 |
| Ann D. Borowiec |  |  |
| Joseph W. Chow \* | Trustee | December 29, 2025 |
| Joseph W. Chow |  |  |
| H. Jeffrey Dobbs \* | Trustee | December 29, 2025 |
| H. Jeffrey Dobbs |  |  |
| John A. Fry \* | Trustee | December 29, 2025 |
| John A. Fry |  |  |
| Joseph Harroz, Jr. \* | Trustee | December 29, 2025 |
| Joseph Harroz, Jr. |  |  |
| Sandra A.J. Lawrence \* | Trustee | December 29, 2025 |
| Sandra A. J. Lawrence |  |  |

---

---

| | | |
|:---|:---|:---|
| Frances A. Sevilla-Sacasa\* | Trustee | December 29, 2025 |
| Frances A. Sevilla-Sacasa |  |  |
| Thomas K. Whitford \* | Chair and Trustee | December 29, 2025 |
| Thomas K. Whitford |  |  |
| Christianna Wood \* | Trustee | December 29, 2025 |
| Christianna Wood |  |  |
| Richard Salus \* | Senior Vice President/Chief Financial Officer | December 29, 2025 |
| 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> State Tax-Free Income Trust N-1A)

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Exhibit</u> |
| 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](dgstfit-efp21368_ex99d1.htm) |
| EX-99.d.2 | [Investment Advisory Expense Limitation Letter (December 2025) from Delaware Management Company (a series of Nomura Investment Management Business Trust) relating to the Registrant](dgstfit-efp21368_ex99d2.htm) |
| EX-99.e.1 | [Distribution Agreement (December 1, 2025) between Delaware Distributors, L.P. and the Registrant](dgstfit-efp21368_ex99e1.htm) |
| EX-99.e.2 | [Form of Dealer's Agreement](dgstfit-efp21368_ex99e2.htm) |
| EX-99.e.3 | [Form of Registered Investment Advisers Agreement](dgstfit-efp21368_ex99e3.htm) |
| EX-99.e.4 | [Form of Bank/Trust Agreement](dgstfit-efp21368_ex99e4.htm) |
| EX-99.g.1.v | [Amendment No. 7 (July 30, 2024) to Mutual Fund Custody and Services Agreement](dgstfit-efp21368_ex99g1v.htm) |
| EX-99.g.1.vi | [Amendment No. 8 (April 1, 2025) to Mutual Fund Custody and Services Agreement](dgstfit-efp21368_ex99g1vi.htm) |
| EX-99.g.1.vii | [Amendment No. 9 (April 25, 2025) to Mutual Fund Custody and Services Agreement](dgstfit-efp21368_ex99g1vii.htm) |
| EX-99.g.1.viii | [Amendment No. 10 (December 1, 2025) to Mutual Fund Custody and Services Agreement](dgstfit-efp21368_ex99g1viii.htm) |
| EX-99.g.2.iii | [Amendment No. 3 (October 12, 2010) to the Securities Lending Authorization Agreement](dgstfit-efp21368_ex99g2iii.htm) |
| EX-99.g.2.iv | [Amendment No. 4 (December 17, 2015) to the Securities Lending Authorization Agreement](dgstfit-efp21368_ex99g2iv.htm) |
| EX-99.g.2.v | [Amendment No. 5 (August 10, 2016) to the Securities Lending Authorization Agreement](dgstfit-efp21368_ex99g2v.htm) |
| EX-99.g.2.vi | [Amendment No. 6 (November 14, 2019) to the Securities Lending Authorization Agreement](dgstfit-efp21368_ex99g2vi.htm) |
| EX-99.g.2.vii | [Amendment (December 3, 2020) to the Securities Lending Authorization Agreement](dgstfit-efp21368_ex99g2vii.htm) |
| EX-99.g.2.viii | [Amendment No. 8 (December 1, 2025) to the Securities Lending Authorization Agreement](dgstfit-efp21368_ex99g2viii.htm) |
| EX-99.h.1.ii | [Amended and Restated Schedule A (December 1, 2025) to the Shareholder Services Agreement](dgstfit-efp21368_ex99h1ii.htm) |
| EX-99.h.2.v | [Amendment No. 5 (effective May 31, 2024) to Amended and Restated Fund Accounting and Financial Administration Services Agreement](dgstfit-efp21368_ex99h2v.htm) |
| EX-99.h.2.vi | [Amendment No. 6 (July 30, 2024) to Amended and Restated Fund Accounting and Financial Administration Services Agreement](dgstfit-efp21368_ex99h2vi.htm) |
| EX-99.h.2.vii | [Amendment No. 7 (April 1, 2025) to Amended and Restated Fund Accounting and Financial Administration Services Agreement](dgstfit-efp21368_ex99h2vii.htm) |
| EX-99.h.2.viii | [Amendment No. 8 (April 25, 2025) to Amended and Restated Fund Accounting and Financial Administration Services Agreement](dgstfit-efp21368_ex99h2viii.htm) |
| EX-99.h.2.ix | [Amendment No. 9 (December 1, 2025) to Amended and Restated Fund Accounting and Financial Administration Services Agreement](dgstfit-efp21368_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](dgstfit-efp21368_ex99h3.htm) |
| EX-99.j | [Consent of Independent Registered Public Accounting Firm (December 2025)](dgstfit-efp21368_ex99j.htm) |
| EX-99.n.1 | [Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3 (December 1, 2025)](dgstfit-efp21368_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)](dgstfit-efp21368_ex99p1.htm) |

---

## Ex-99.D1

**EX-99.d.1**

INVESTMENT MANAGEMENT AGREEMENT

AGREEMENT, made by and between **DELAWARE GROUP STATE TAX-FREE INCOME TRUST**, 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 State Tax-Free Income Trust, <br> on behalf of the Funds listed on Exhibit A | Delaware Group State Tax-Free Income Trust, <br> 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 STATE TAX-FREE INCOME TRUST** 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) <u><br> Annual Rate</u> |
| Nomura Tax-Free Pennsylvania Fund *(formerly, Macquarie Tax-Free Pennsylvania Fund)* | &nbsp;&nbsp; December 1, 2025 | 0.55% on the first $500 million 0.50% on the next $500 million 0.45% on the next $1.5 billion 0.425% on assets in excess of $2.5 billion |

---

## Ex-99.D2

**EX-99.d.2**

Delaware Management Company

100 Independence, 610 Market Street

Philadelphia, PA 19106-2354

December 16, 2025

Delaware Group State Tax-Free Income Trust

Delaware Group Tax-Free Fund

Voyageur Mutual Funds

Voyageur Mutual Funds II

Voyageur Tax Free 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 municipal bond funds listed in the table below (collectively, the "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, inverse floater program expenses, 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 Funds' respective total annual fund operating expenses (excluding any Excluded Expenses) exceed the amounts indicated below for the period from December 30, 2025 through December 29, 2026, except as noted below. 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 Funds' Boards of Trustees and the Manager. Inverse floater program expenses include, but are not limited to, interest expense, remarketing fees, liquidity fees, and trustees' fees from a Fund's participation in inverse floater programs where it has transferred its own bonds to a trust that issues the inverse floaters.

---

| | |
|:---|:---|
| **<u>Registrant/Fund</u>** | **<u>Expense Cap</u>** |
| ***Delaware Group State Tax-Free Income Trust*** |  |
| Nomura Tax-Free Pennsylvania Fund | 0.58% |
| ***Delaware Group Tax-Free Fund*** |  |
| Nomura Tax-Free USA Intermediate Fund | 0.50% |
| Nomura Tax-Free USA Fund | 0.55% |
| ***Voyageur Mutual Funds*** |  |
| Nomura Minnesota High-Yield Municipal Bond Fund | 0.59% |
| Nomura National High-Yield Municipal Bond Fund | 0.60% |
| Nomura Tax-Free California Fund | 0.55% |
| Nomura Tax-Free Idaho Fund | 0.61% |
| Nomura Tax-Free New York Fund | 0.55% |

---

Delaware Management Company

December 16, 2025

---

| | |
|:---|:---|
| **<u>Registrant/Fund</u>** | **<u>Expense Cap</u>** |
| ***Voyageur Mutual Funds II*** |  |
| Nomura Tax-Free Colorado Fund | 0.57% |
| ***Voyageur Tax Free Funds*** |  |
| Nomura Tax-Free Minnesota Fund | 0.56% |

---

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<br> Nomura Investment Management Business Trust

---

| | | |
|:---|:---|:---|
| By: | /s/ Richard Salus | /s/ Richard Salus |
|  | Name: | Richard Salus |
|  | Title: | Senior Vice President |

---

## Ex-99.E1

**EX-99.e.1**

**DELAWARE GROUP STATE TAX-FREE INCOME TRUST**

**DISTRIBUTION AGREEMENT**

Distribution Agreement (the "Agreement") made as of December 1, 2025, by and between **DELAWARE GROUP STATE TAX-FREE INCOME TRUST**, 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 STATE TAX-FREE INCOME <br> TRUST, on behalf of the Series listed on Schedule I** | **DELAWARE GROUP STATE TAX-FREE INCOME <br> TRUST, 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 State Tax-Free Income Trust (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 State Tax-Free Income Trust (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

**SCHEDULE I**

**TO THE DISTRIBUTION AGREEMENT**

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| | | | | |
|:---|:---|:---|:---|:---|
| 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 State Tax-Free Pennsylvania Fund | Class A | 0.25% |  | December 1, 2025 |
|  | Class C | 1.00% | 0.25% | 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: |

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**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: |

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## 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: |

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## Ex-99.G1V

**EX-99.g.1.v**

EXECUTION

**AMENDMENT NO. 7 <br>TO**

**MUTUAL FUND CUSTODY AND SERVICES AGREEMENT**

THIS AMENDMENT ("**Amendment**") is made as of July 30, 2024 (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
 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 Fund ("**New Fund**") to Appendix D of the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chattanooga Opportunities LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous.</u>

&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;(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;(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;(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 |

---

CHATTANOOGA OPPORTUNITIES 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 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 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<br>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

DELAWARE GROUP EQUITY FUNDS II

<br> DELAWARE GROUP EQUITY FUNDS IV

<br> DELAWARE GROUP EQUITY FUNDS V

DELAWARE GROUP GOVERNMENT FUND

DELAWARE GROUP INCOME FUNDS

DELAWARE GROUP STATE TAX-FREE INCOME TRUST

DELAWARE GROUP TAX-FREE FUND

DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS

VOYAGEUR INSURED FUNDS <br>

VOYAGEUR MUTUAL FUNDS

VOYAGEUR MUTUAL FUNDS II

DELAWARE GROUP GOVERNMENT FUND

DELAWARE GROUP LIMITED-TERM <br> GOVERNMENT FUNDS

DELAWARE POOLED TRUST

VOYAGEUR TAX FREE FUNDS <br>

DELAWARE VIP TRUST

IVY FUNDS

IVY VARIABLE INSURANCE PORTFOLIOS

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

## 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

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| | |
|:---|:---|
| 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 ftrst 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 oftbeir 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 tbe 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 Memorandwn (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 anAgreements</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 perfomance 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 infomation 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 regarrung 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 trus 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 tbe Fund Schedule shall
affect, or be effective to interpret, change or restrict, tbe 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

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| | |
|:---|:---|
| By: | /s/ Richard Salus |
| Name: | Richard Salus |
| Title: | Chief Financial Officer |

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| | |
|:---|:---|
| 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 organizalion, 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 Identificmion 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 CoreBond 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>24591455]<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> DfPCX<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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<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 lntemational 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 HighYield 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 behalfoftheir 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] | S000002394 |
| &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 CoreBond 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>24591455]<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> DfPCX<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 lntemational 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>Taxpanr 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;246108826 | DCZRX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | &nbsp;&nbsp;246108859 | 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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<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 |  |  |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<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 | 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 | [TIN OMITTED] |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 24610E309 | DLRHX | [TIN OMITTED] |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 24610E408 | DLHIX | [TIN OMITTED] |  |
| &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 | [TIN OMITTED] |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 246110862 | FGIPX | [TIN OMITTED] |  |
| &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; NomuraTax-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**

**<u>SCHEDULE A</u>**

**DELAWARE GROUP STATE TAX-FREE INCOME TRUST**

**SHAREHOLDER SERVICES AGREEMENT**

**APPLICABLE SERIES**

**AS OF DECEMBER 1, 2025**

Nomura Tax-Free Pennsylvania Fund (*formerly Macquarie Tax-Free Pennsylvania Fund*) Effective as of April 19, 2001

---

| | |
|:---|:---|
| **AGREED AND ACCEPTED:** |  |
| **DELAWARE INVESTMENTS FUND <br> SERVICE COMPANY** | **DELAWARE GROUP STATE TAX-FREE INCOME TRUST**<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/<br> Managing Director | Title: | President/Senior Managing Director |

---

## Ex-99.H2V

**EX-99.h.2.v**

EXECUTION

AMENDMENT NO. 5<br> TO

AMENDED AND RESTATED FUND ACCOUNTING AND FINANCIAL<br> ADMINISTRATION SERVICES AGREEMENT

(Tailored Shareholder Reports)

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 Mellon").

The date of this Amendment is May 15, 2024, but for clarity the terms of Section 1 and Section 2 of this Amendment are not effective until May 31, 2024.

BACKGROUND:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Funds and BNY Mellon 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, and Amendment No. 4 dated January
31, 2022, relating to BNY Mellon'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;1. The description of services currently set forth in Schedule B, Section C(1) of
the Agreement relating to BNY Mellon's preparation of annual and semi-annual shareholder reports is hereby deleted from the Agreement,
the typesetting services that are currently applicable to BNY Mellon's preparation of annual and semi-annual shareholder reports
will no longer be applicable to BNY Mellon's preparation of annual and semi-annual shareholder reports, and the following terms
regarding BNY Mellon's preparation of annual and semi-annual shareholder reports are hereby added to the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. BNY Mellon will prepare a Fund's respective class level annual and semi-annual
shareholder reports with respect to a Fund registered on Form N-1A for shareholder delivery, inclusion in Form N-CSR and webhosting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The foregoing preparation of annual and semi-annual shareholder reports requires typesetting services,
and the following terms apply to the typesetting services applicable to BNY Mellon's preparation of the aforementioned annual and
semi-annual shareholder reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon will create financial compositions for the applicable financial report and related EDGAR
files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon will maintain country codes, industry class codes, security class codes, and state codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon will create components that will specify the proper grouping and sorting for display of
portfolio 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon will create components that will specify the proper calculation and display of financial
data required for each applicable financial
report (except for identified manual entries, which BNY Mellon will enter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon will process, convert, and load security and general ledger data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon will perform document publishing, including the output of print-ready PDF files and EDGAR
html files (such EDGAR html files will be limited to one per the applicable financial report and unless mutually agreed to in writing
between BNY Mellon and the Fund, BNY Mellon will use the same layout for production data for every successive reporting period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon will generate financial reports (using the capabilities of a financial printer or other vendor)
which include 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o identifying information at the beginning of the shareholder report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o class expense example;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Management Discussion of Fund Performance (semi-annual shareholder report at the Fund's option);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o key Portfolio statistics including total advisory fees paid by the Portfolio, portfolio turnover rate,
net assets, and number of holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o graphical representation of holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o material Portfolio changes (if applicable) (semi-annual shareholder report at the Fund's option);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o changes in and disagreements with accountants in summary form (if 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;o statement regarding the availability of certain additional information; 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;o additional Portfolio information as mutually agreed in writing between BNY Mellon and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon will include tagging in the financial report such that the financial report provides for
the financial report to be read out loud in logical order, graphics to be described out loud (or skipped over), and tables to be logically
read out loud in conformance with Web Content Accessibility Guidelines 2.1 AA (or such other guidelines agreed between BNY Mellon and
the Fund from time to time). BNY Mellon will utilize a financial printer or other vendor to perform the foregoing activity, and while
BNY Mellon will use reasonable care to select the financial printer or other vendor, BNY Mellon's liability with respect to the
foregoing activity will be limited to the liability of such financial printer or other vendor to BNY Mellon with respect to such activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless mutually agreed in writing between BNY Mellon and the Fund, BNY Mellon will use the same layout
and format for every successive reporting period for the typeset reports. At the request of the Fund and upon the mutual written agreement
of BNY Mellon and the Fund as to the scope of any changes and additional compensation of BNY Mellon, BNY Mellon will, or will cause the
financial printer or other applicable vendor to, change the format or layout of reports from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. BNY Mellon will prepare a Fund's annual and semi-annual shareholder reports
with respect to a Fund not registered on Form N-1A for shareholder delivery and inclusion in Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The foregoing preparation of annual and semi-annual shareholder reports requires typesetting services,
and the following terms apply to the typesetting services applicable to BNY Mellon's preparation of the aforementioned annual and
semi-annual shareholder reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon will create financial compositions for the applicable financial report and related EDGAR files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon will maintain country codes, industry class codes, security class codes, and state codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon will map individual general ledger accounts into master accounts to be displayed in the applicable
financial reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon will create components that will specify the proper grouping and sorting for display of portfolio
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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon will create components that will specify the proper calculation and display of financial
data required for each applicable financial report (except for identified manual entries, which BNY Mellon will enter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon will process, convert, and load security and general ledger data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon will include data in financial reports provided from external parties to BNY Mellon which
includes, but is not limited to: shareholder letters, "Management Discussion and Analysis" commentary, notes on performance,
notes to financials, report of independent auditors, Portfolio management listing, service providers listing, and Portfolio spectrums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon will perform document publishing, including the output of print-ready PDF files and EDGAR
html files (such EDGAR html files will be limited to one per the applicable financial report and unless mutually agreed to in writing
between BNY Mellon and the Fund, BNY Mellon will use the same layout for production data for every successive reporting period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY Mellon will generate financial reports (using the capabilities of a financial printer or other
vendor) which include 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o front/back cover;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o table of contents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o shareholder letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Management Discussion and Analysis commentary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o sector weighting graphs/tables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o disclosure of Portfolio expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o schedules of investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o statement of net assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o statements of assets and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o statements of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o statements of changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o statements of cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o financial highlights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o notes to financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o report of independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o tax information; 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;o additional Portfolio information as mutually agreed in writing between BNY Mellon and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless mutually agreed in writing between BNY Mellon and the Fund, BNY Mellon will use the same layout
and format for every successive reporting period for the typeset reports. At the request of the Fund and upon the mutual written agreement
of BNY Mellon and the Fund as to the scope of any changes and additional compensation of BNY Mellon, BNY Mellon will, or will cause the
financial printer or other applicable vendor to, change the format or layout of reports from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For clarity, BNY Mellon will prepare each Portfolio's schedule of investments,
financial statements, financial highlights, and other detailed information for inclusion in Form N-CSR. The foregoing preparation of a
schedule of investments, financial statements, financial highlights, and other detailed information requires typesetting services, and
the typesetting services terms set forth in section 1(b) above apply to the typesetting services applicable to BNY Mellon's preparation of the aforementioned
schedule of investments, financial statements, financial highlights, and other detailed information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Miscellaneous.

&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;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;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;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.

Each party hereto has caused this Amendment to be executed 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.

Agreed:

IVY ASF II, LTD.

By: Macquarie Alternative Strategies, a series off Macquarie Investment Management Businesss Trust, solely in its capacity as investment adviser

By signing below Macquarie Alternative Strategies in its individual capacity covenants to BNYM tha 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 |

---

---

| | |
|:---|:---|
| The Bank of New York Mellon | The Bank of New York Mellon |
| By: | /s/ Michael Gronsky |
| Name: | Michael Gronsky |
| 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 tha 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 tha 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 tha 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 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 tha Ivy WGA 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 EME, 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 tha Ivy EME, 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 |

---

DELAWARE GROUP CASH RESERVE

DELAWARE GROUP EQUITY FUNDS I

DELAWARE GROUP EQUITY FUNDS II

DELAWARE GROUP EQUITY FUNDS IV

DELAWARE GROUP EQUITY FUNDS V

DELAWARE GROUP FOUNDATION FUNDS,

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 INTERMEDIATE TAX FREE FUNDS

VOYAGEUR MUTUAL FUNDS

VOYAGEUR MUTUAL FUNDS II

DELAWARE GROUP GOVERNMENT FUND,

DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS

DELAWARE POOLED TRUST

VOYAGEUR MUTUAL FUNDS III

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.H2Vi

**EX-99.h.2.vi**

EXECUTION

**AMENDMENT NO. 6**

**TO AMENDED AND RESTATED FUND ACCOUNTING AND FINANCIAL <br> ADMINISTRATION SERVICES AGREEMENT**

THIS AMENDMENT ("Amendment") is made as of July 30, 2024 (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 and Amendment No. 5
 dated May 15, 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;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 Fund ("New Fund") to Schedule A of the Agreement:

Chattanooga Opportunities LLC

&nbsp;&nbsp;&nbsp;&nbsp;&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 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;&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.

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

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 |

---

The Bank of New York Mellon

---

| | |
|:---|:---|
| By: | /s/ Michael Gronsky |
| Name: | Michael Gronsky |
| Title: | Senior Vice President |

---

## 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

---

| | |
|:---|:---|
| By: | /s/ Daniel Geatens |
| Name: | Daniel Geatens |
| Title: | Senior Vice President |

---

The Bank of New York Mellon

---

| | |
|:---|:---|
| By: | /s/ Alison M. Gardner |
| Name: | Allison M. Gardner |
| Title: | Senior Vice President |

---

**<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:

---

| |
|:---|
| &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 |

---

---

| |
|:---|
| &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 |

---

---

| |
|:---|
| &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.** |

---

## 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.

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| | |
|:---|:---|
| **NOMURA FUNDS**<br> (as listed on Schedule A) | **DELAWARE INVESTMENTS FUND**<br> **SERVICES COMPANY** |

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| | | | |
|:---|:---|:---|:---|
| 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 |

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**<u>SCHEDULE A</u>**

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| |
|:---|
| &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 |

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---

| |
|:---|
| &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 |

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**<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.J

**EX-99.j**

<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 the registrants listed in Appendix A (hereafter collectively referred to as the "Registrants") of our reports dated October 24, 2025, relating to the financial statements and financial highlights of the funds listed in Appendix A, which appear in the Registrants' Certified Shareholder Reports on Form N-CSR for the year ended August 31, 2025. We also consent to the references to us under the headings "Financial Highlights" and "Financial Statements" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP <br> Philadelphia, Pennsylvania <br> December 23, 2025

**Appendix A** 

---

| |
|:---|
| **Registrants** |
| Voyageur Mutual Funds Macquarie Tax-Free California Fund <sup>(1)</sup><br> Macquarie Tax-Free Idaho Fund <sup>(2)</sup><br> Macquarie Tax-Free New York <sup>Fund (3)</sup><br> Macquarie Minnesota High-Yield Municipal Bond Fund <sup>(4)</sup> |
| Voyageur Mutual Funds II Macquarie Tax-Free Colorado <sup>Fund (5)</sup> |
| Delaware Group State Tax-Free Income Trust Macquarie Tax-Free Pennsylvania <sup>Fund (6)</sup> |
| Voyageur Tax Free Funds Macquarie Tax-Free Minnesota <sup>Fund (7)</sup> |

---

 

<sup>(1)</sup> Effective December 1, 2025, the fund was renamed Nomura Tax-Free California Fund

<sup>(2)</sup> Effective December 1, 2025, the fund was renamed Nomura Tax-Free Idaho Fund

<sup>(3)</sup> Effective December 1, 2025, the fund was renamed Nomura Tax-Free New York Fund

<sup>(4)</sup> Effective December 1, 2025, the fund was renamed Nomura Minnesota High-Yield Municipal Bond Fund

<sup>(5)</sup> Effective December 1, 2025, the fund was renamed Nomura Tax-Free Colorado Fund

<sup>(6)</sup> Effective December 1, 2025, the fund was renamed Nomura Tax-Free Pennsylvania Fund

<sup>(7)</sup> Effective December 1, 2025, the fund was renamed Nomura Tax-Free Minnesota Fund

## 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**

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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