EX-99.d.5
EXECUTION COPY
AMENDMENT NO. 2 TO SUB-ADVISORY AGREEMENT
THIS AMENDMENT NO. 2 TO SUB-ADVISORY AGREEMENT (this “Amendment”) is made by and between DELAWARE MANAGEMENT COMPANY, a series of NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST (the “Investment Manager”) and NOMURA CORPORATE RESEARCH AND ASSET MANAGEMENT INC. (the “Sub-Adviser”).
WITNESSETH:
WHEREAS, the Investment Manager and Sub-Adviser are parties to that certain Sub-Advisory Agreement dated as of April 30, 2026 (the “Agreement”), pursuant to which the Sub-Adviser agrees to provide investment advisory and other services with respect to certain Funds noted in the Agreement; and
WHEREAS, the parties desire to amend the Agreement as set forth herein.
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:
| 1. | Schedule A of the Agreement is hereby deleted in its entirety and replaced with Schedule A attached hereto. |
| 2. | Schedule B of the Agreement is hereby deleted in its entirety and replaced with Schedule B attached hereto. |
| 3. | Miscellaneous: |
| 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. |
| 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. |
| c. | This Amendment may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. |
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed by their duly authorized officers and duly attested as of the 13th day of July, 2026.
NOMURA CORPORATE RESEARCH AND ASSET MANAGEMENT INC.
| By: | /s/ David Crall | |
| Name: | David Crall | |
| Title: | Chief Executive Officer and Chief Investment Officer |
DELAWARE MANAGEMENT COMPANY,
a series of NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST
| By: | /s/ Richard Salus | |
| Name: | Richard Salus | |
| Title: | Senior Vice President |
Agreed to and accepted as of the day and year first above written:
IVY FUNDS
on behalf of Nomura Asset Strategy Fund, Nomura Balanced Fund, Nomura Global Bond Fund and Nomura High Income Fund
| By: | /s/ Daniel Geatens | |
| Name: | Daniel Geatens | |
| Title: | Senior Vice President |
DELAWARE GROUP INCOME FUNDS
on behalf of Nomura Corporate Bond Fund and Nomura Extended Duration Bond Fund
| By: | /s/ Daniel Geatens | |
| Name: | Daniel Geatens | |
| Title: | Senior Vice President |
DELAWARE GROUP ADVISER FUNDS
on behalf of Nomura Diversified Income Fund
| By: | /s/ Daniel Geatens | |
| Name: | Daniel Geatens | |
| Title: | Senior Vice President |
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DELAWARE POOLED TRUST
on behalf of Nomura Global Listed Real Assets Fund
| By: | /s/ Daniel Geatens | |
| Name: | Daniel Geatens | |
| Title: | Senior Vice President |
DELAWARE GROUP LIMITED-TERM GOVERNMENT FUNDS
on behalf of Nomura Limited-Term Diversified Income Fund
| By: | /s/ Daniel Geatens | |
| Name: | Daniel Geatens | |
| Title: | Senior Vice President |
DELAWARE GROUP GOVERNMENT FUND
on behalf of Nomura Strategic Income Fund
| By: | /s/ Daniel Geatens | |
| Name: | Daniel Geatens | |
| Title: | Senior Vice President |
DELAWARE GROUP EQUITY FUNDS V
on behalf of Nomura Wealth Builder Fund
| By: | /s/ Daniel Geatens | |
| Name: | Daniel Geatens | |
| Title: | Senior Vice President |
IVY VARIABLE INSURANCE PORTFOLIOS
on behalf of Nomura VIP Asset Strategy Series, Nomura VIP Balanced Series, Nomura VIP Corporate Bond Series, Nomura VIP High Income Series and Nomura VIP Limited-Term Bond Series
| By: | /s/ Daniel Geatens | |
| Name: | Daniel Geatens | |
| Title: | Senior Vice President |
DELAWARE VIP TRUST
on behalf of Nomura VIP Fund for Income Series, Nomura VIP Investment Grade Series, Nomura VIP Limited Duration Bond Series and Nomura VIP Total Return Series
| By: | /s/ Daniel Geatens | |
| Name: | Daniel Geatens | |
| Title: | Senior Vice President |
NOMURA ETF TRUST II
on behalf of Nomura Strategic Income ETF
| By: | /s/ Daniel Geatens | |
| Name: | Daniel Geatens | |
| Title: | Senior Vice President |
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SCHEDULE A
TO
SUB-ADVISORY AGREEMENT
______________
FUNDS
______________
Ivy Funds
Nomura Asset Strategy Fund
Nomura Balanced Fund
Nomura Global Bond Fund
Nomura High Income Fund
Delaware Group Income Funds
Nomura Corporate Bond Fund
Nomura Extended Duration Bond Fund
Delaware Group Adviser Funds
Nomura Diversified Income Fund
Delaware Pooled Trust
Nomura Global Listed Real Assets Fund
Delaware Group Limited-Term Government Funds
Nomura Limited-Term Diversified Income Fund
Delaware Group Government Fund
Nomura Strategic Income Fund
Delaware Group Equity Funds V
Nomura Wealth Builder Fund
Ivy Variable Insurance Portfolios
Nomura VIP Asset Strategy Series
Nomura VIP Balanced Series
Nomura VIP Corporate Bond Series
Nomura VIP High Income Series
Nomura VIP Limited-Term Bond Series
Delaware VIP Trust
Nomura VIP Fund for Income Series
Nomura VIP Investment Grade Series
Nomura VIP Limited Duration Bond Series
Nomura VIP Total Return Series
Nomura ETF Trust II
Nomura Strategic Income ETF
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SCHEDULE B
TO
SUB-ADVISORY AGREEMENT
FEE SCHEDULE
The compensation payable to Sub-Adviser for its services hereunder, pursuant to Paragraph 4 of the Sub-Advisory Agreement, shall be calculated and paid as follows in regards to the Funds:
The total fee will be the sum of the following percentage (on an annual basis) of all or a portion of the average daily net assets within the Funds (as set forth in the chart below):
| FUND | EFFECTIVE DATE | INVESTMENT MANAGEMENT FEE |
| Ivy Funds – Nomura Asset Strategy Fund | June 12, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Ivy Funds – Nomura Balanced Fund | June 12, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Ivy Funds – Nomura Global Bond Fund | June 12, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Ivy Funds – Nomura High Income Fund | April 30, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Delaware Group Income Funds – Nomura Corporate Bond Fund | June 12, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Delaware Group Income Funds – Nomura Extended Duration Bond Fund | June 12, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Delaware Group Adviser Funds – Nomura Diversified Income Fund | June 12, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Delaware Pooled Trust – Nomura Global Listed Real Assets Fund | June 12, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Delaware Group Limited-Term Government Funds – Nomura Limited-Term Diversified Income Fund | June 12, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
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| Delaware Group Government Fund – Nomura Strategic Income Fund | June 12, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Delaware Group Equity Funds V – Nomura Wealth Builder Fund | June 12, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Ivy Variable Insurance Portfolios – Nomura VIP Asset Strategy Series | June 12, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Ivy Variable Insurance Portfolios – Nomura VIP Balanced Series | June 12, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Ivy Variable Insurance Portfolios – Nomura VIP Corporate Bond Series | June 12, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Ivy Variable Insurance Portfolios – Nomura VIP High Income Series | April 30, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Ivy Variable Insurance Portfolios – Nomura VIP Limited-Term Bond Series | June 12, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Delaware VIP Trust – Nomura VIP Fund for Income Series | April 30, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Delaware VIP Trust – Nomura VIP Investment Grade Series | June 12, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Delaware VIP Trust – Nomura VIP Limited Duration Bond Series | June 12, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Delaware VIP Trust – Nomura VIP Total Return Series | June 12, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
| Nomura ETF Trust II – Nomura Strategic Income ETF | July 13, 2026 | 0.30% on the portion of the assets managed by the Sub-Adviser |
The fee shall be payable on the Funds’ average daily net assets monthly to the Sub-Adviser on or before the fifteenth (15th) day of the next succeeding calendar month, subject to Investment Manager receiving an invoice from Sub-Adviser within the timeframe described below. If this Amendment becomes effective or terminates before the end of any month, the sub-advisory fee for the period from the effective date to the end of such month or from the beginning of such month to the date of termination, as the case may be, shall be prorated according to the proration which such period bears to the full month in which such effectiveness or termination occurs.
Each month, the Investment Manager will provide the Sub-Adviser with a worksheet that sets forth its computation of such sub-advisory fee on or before the fifth (5th) day of the relevant month in order for the Sub-Adviser to validate the computation and generate an invoice that is sent back to the Investment Manager by the tenth (10th) day of the relevant month. Payment shall be made by wire transfer, ACH or other electronic means agreed to by the Parties.
Billing contact – Krista Briddes – krista.briddes@nomura.com
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