Shareholder Report
Jul. 31, 2026
USD ($)
Holding
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 12 months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $46 | 0.46% |
Management's discussion of Fund performance
Performance highlights
Nomura Corporate Bond Fund (Class R6) returned 2.16% (excluding sales charge) for the 12 months ended July 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 2.71%, while the Bloomberg US Corporate Bond Index, the Fund's narrowly based securities market index (benchmark), returned 2.53%.
Top contributors to performance:
An overweight investment allocation compared to the Fund’s benchmark to lower-quality corporate debt, such as BBB‑rated (investment grade) and BB‑rated (high yield) bonds, which outperformed higher-quality investments over the Fund's fiscal year due to the continued positive risk sentiment that persisted for most of the fiscal year.
Investments in banking and non-cyclicals.
Top detractors from performance:
Long-duration investments, which lagged as US Treasury rates climbed over the Fund's fiscal year.
Investments in capital goods and real estate investment trusts (REITs).
Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Class for the life of the Class. It also assumes a $10,000 initial investment at the Class's inception date in a broad-based securities market index and an additional narrowly based securities market index for the same period.
Growth of $10,000 investment
For the period January 31, 2019 (Class R6's inception), through July 31, 2026
| Average annual total returns (as of July 31, 2026) | 1 year | 5 year | Since inception (1/31/19) | |||
| Nomura Corporate Bond Fund (Class R6) – including sales charge | 2.16 | % | -0.70 | % | 2.75 | % |
| Nomura Corporate Bond Fund (Class R6) – excluding sales charge | 2.16 | % | -0.70 | % | 2.75 | % |
| Bloomberg US Aggregate Index | 2.71 | % | -0.40 | % | 1.62 | % |
| Bloomberg US Corporate Bond Index | 2.53 | % | -0.27 | % | 2.62 | % |
Fund statistics (as of July 31, 2026)
| Fund net assets | $893,588,559 |
| Total number of portfolio holdings* | 288 |
| Total net advisory fees paid (during reporting period) | $3,669,096 |
| Portfolio turnover rate | 219% |
| * |
Excludes cash and cash equivalents. |
Fund holdings (as of July 31, 2026)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation*
| Banking | 22.39% |
| Electric | 10.43% |
| Energy | 8.19% |
| Communications | 8.15% |
| Finance Companies | 7.42% |
| Consumer Non-Cyclical | 7.10% |
| Technology | 5.41% |
| Consumer Cyclical | 5.21% |
| Capital Goods | 4.78% |
| Insurance | 4.69% |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Corporate Bond Fund.
Effective December 1, 2025, the Fund introduced a revised fee waiver for Class R6 shares of 0.46% (excluding certain items, such as distribution and service (12b-1) fees).
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Effective December 1, 2025, the Fund was renamed Nomura Corporate Bond Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective December 1, 2025, the Fund introduced a revised fee waiver for Class R6 shares of 0.46% (excluding certain items, such as distribution and service (12b-1) fees).
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Changes in and disagreements with accountants
During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On May 20, 2026, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through May 20, 2026.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 12 months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $55 | 0.54% |
Management's discussion of Fund performance
Performance highlights
Nomura Corporate Bond Fund (Institutional Class) returned 2.07% (excluding sales charge) for the 12 months ended July 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 2.71%, while the Bloomberg US Corporate Bond Index, the Fund's narrowly based securities market index (benchmark), returned 2.53%.
Top contributors to performance:
An overweight investment allocation compared to the Fund’s benchmark to lower-quality corporate debt, such as BBB‑rated (investment grade) and BB‑rated (high yield) bonds, which outperformed higher-quality investments over the Fund's fiscal year due to the continued positive risk sentiment that persisted for most of the fiscal year.
Investments in banking and non-cyclicals.
Top detractors from performance:
Long-duration investments, which lagged as US Treasury rates climbed over the Fund's fiscal year.
Investments in capital goods and real estate investment trusts (REITs).
Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.
Growth of $10,000 investment
For the period July 31, 2016, through July 31, 2026
| Average annual total returns (as of July 31, 2026) | 1 year | 5 year | 10 year | |||
| Nomura Corporate Bond Fund (Institutional Class) – including sales charge | 2.07 | % | -0.78 | % | 2.36 | % |
| Nomura Corporate Bond Fund (Institutional Class) – excluding sales charge | 2.07 | % | -0.78 | % | 2.36 | % |
| Bloomberg US Aggregate Index | 2.71 | % | -0.40 | % | 1.35 | % |
| Bloomberg US Corporate Bond Index | 2.53 | % | -0.27 | % | 2.27 | % |
Fund statistics (as of July 31, 2026)
| Fund net assets | $893,588,559 |
| Total number of portfolio holdings* | 288 |
| Total net advisory fees paid (during reporting period) | $3,669,096 |
| Portfolio turnover rate | 219% |
| * |
Excludes cash and cash equivalents. |
Fund holdings (as of July 31, 2026)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation*
| Banking | 22.39% |
| Electric | 10.43% |
| Energy | 8.19% |
| Communications | 8.15% |
| Finance Companies | 7.42% |
| Consumer Non-Cyclical | 7.10% |
| Technology | 5.41% |
| Consumer Cyclical | 5.21% |
| Capital Goods | 4.78% |
| Insurance | 4.69% |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Corporate Bond Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Effective December 1, 2025, the Fund was renamed Nomura Corporate Bond Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Changes in and disagreements with accountants
During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On May 20, 2026, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through May 20, 2026.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 12 months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R | $105 | 1.04% |
Management's discussion of Fund performance
Performance highlights
Nomura Corporate Bond Fund (Class R) returned 1.56% (excluding sales charge) for the 12 months ended July 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 2.71%, while the Bloomberg US Corporate Bond Index, the Fund's narrowly based securities market index (benchmark), returned 2.53%.
Top contributors to performance:
An overweight investment allocation compared to the Fund’s benchmark to lower-quality corporate debt, such as BBB‑rated (investment grade) and BB‑rated (high yield) bonds, which outperformed higher-quality investments over the Fund's fiscal year due to the continued positive risk sentiment that persisted for most of the fiscal year.
Investments in banking and non-cyclicals.
Top detractors from performance:
Long-duration investments, which lagged as US Treasury rates climbed over the Fund's fiscal year.
Investments in capital goods and real estate investment trusts (REITs).
Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.
Growth of $10,000 investment
For the period July 31, 2016, through July 31, 2026
| Average annual total returns (as of July 31, 2026) | 1 year | 5 year | 10 year | |||
| Nomura Corporate Bond Fund (Class R) – including sales charge | 1.56 | % | -1.28 | % | 1.87 | % |
| Nomura Corporate Bond Fund (Class R) – excluding sales charge | 1.56 | % | -1.28 | % | 1.87 | % |
| Bloomberg US Aggregate Index | 2.71 | % | -0.40 | % | 1.35 | % |
| Bloomberg US Corporate Bond Index | 2.53 | % | -0.27 | % | 2.27 | % |
Fund statistics (as of July 31, 2026)
| Fund net assets | $893,588,559 |
| Total number of portfolio holdings* | 288 |
| Total net advisory fees paid (during reporting period) | $3,669,096 |
| Portfolio turnover rate | 219% |
| * |
Excludes cash and cash equivalents. |
Fund holdings (as of July 31, 2026)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation*
| Banking | 22.39% |
| Electric | 10.43% |
| Energy | 8.19% |
| Communications | 8.15% |
| Finance Companies | 7.42% |
| Consumer Non-Cyclical | 7.10% |
| Technology | 5.41% |
| Consumer Cyclical | 5.21% |
| Capital Goods | 4.78% |
| Insurance | 4.69% |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Corporate Bond Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Effective December 1, 2025, the Fund was renamed Nomura Corporate Bond Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Changes in and disagreements with accountants
During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On May 20, 2026, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through May 20, 2026.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 12 months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $155 | 1.54% |
Management's discussion of Fund performance
Performance highlights
Nomura Corporate Bond Fund (Class C) returned 1.05% (excluding sales charge) for the 12 months ended July 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 2.71%, while the Bloomberg US Corporate Bond Index, the Fund's narrowly based securities market index (benchmark), returned 2.53%.
Top contributors to performance:
An overweight investment allocation compared to the Fund’s benchmark to lower-quality corporate debt, such as BBB‑rated (investment grade) and BB‑rated (high yield) bonds, which outperformed higher-quality investments over the Fund's fiscal year due to the continued positive risk sentiment that persisted for most of the fiscal year.
Investments in banking and non-cyclicals.
Top detractors from performance:
Long-duration investments, which lagged as US Treasury rates climbed over the Fund's fiscal year.
Investments in capital goods and real estate investment trusts (REITs).
Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.
Growth of $10,000 investment
For the period July 31, 2016, through July 31, 2026
| Average annual total returns (as of July 31, 2026) | 1 year | 5 year | 10 year | |||
| Nomura Corporate Bond Fund (Class C) – including sales charge | 0.08 | % | -1.75 | % | 1.36 | % |
| Nomura Corporate Bond Fund (Class C) – excluding sales charge | 1.05 | % | -1.75 | % | 1.36 | % |
| Bloomberg US Aggregate Index | 2.71 | % | -0.40 | % | 1.35 | % |
| Bloomberg US Corporate Bond Index | 2.53 | % | -0.27 | % | 2.27 | % |
Fund statistics (as of July 31, 2026)
| Fund net assets | $893,588,559 |
| Total number of portfolio holdings* | 288 |
| Total net advisory fees paid (during reporting period) | $3,669,096 |
| Portfolio turnover rate | 219% |
| * |
Excludes cash and cash equivalents. |
Fund holdings (as of July 31, 2026)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation*
| Banking | 22.39% |
| Electric | 10.43% |
| Energy | 8.19% |
| Communications | 8.15% |
| Finance Companies | 7.42% |
| Consumer Non-Cyclical | 7.10% |
| Technology | 5.41% |
| Consumer Cyclical | 5.21% |
| Capital Goods | 4.78% |
| Insurance | 4.69% |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Corporate Bond Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Effective December 1, 2025, the Fund was renamed Nomura Corporate Bond Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Changes in and disagreements with accountants
During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On May 20, 2026, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through May 20, 2026.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 12 months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $80 | 0.79% |
Management's discussion of Fund performance
Performance highlights
Nomura Corporate Bond Fund (Class A) returned 1.81% (excluding sales charge) for the 12 months ended July 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 2.71%, while the Bloomberg US Corporate Bond Index, the Fund's narrowly based securities market index (benchmark), returned 2.53%.
Top contributors to performance:
An overweight investment allocation compared to the Fund’s benchmark to lower-quality corporate debt, such as BBB‑rated (investment grade) and BB‑rated (high yield) bonds, which outperformed higher-quality investments over the Fund's fiscal year due to the continued positive risk sentiment that persisted for most of the fiscal year.
Investments in banking and non-cyclicals.
Top detractors from performance:
Long-duration investments, which lagged as US Treasury rates climbed over the Fund's fiscal year.
Investments in capital goods and real estate investment trusts (REITs).
Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.
Growth of $10,000 investment
For the period July 31, 2016, through July 31, 2026
| Average annual total returns (as of July 31, 2026) | 1 year | 5 year | 10 year | |||
| Nomura Corporate Bond Fund (Class A) – including sales charge | -2.77 | % | -1.94 | % | 1.64 | % |
| Nomura Corporate Bond Fund (Class A) – excluding sales charge | 1.81 | % | -1.02 | % | 2.11 | % |
| Bloomberg US Aggregate Index | 2.71 | % | -0.40 | % | 1.35 | % |
| Bloomberg US Corporate Bond Index | 2.53 | % | -0.27 | % | 2.27 | % |
Fund statistics (as of July 31, 2026)
| Fund net assets | $893,588,559 |
| Total number of portfolio holdings* | 288 |
| Total net advisory fees paid (during reporting period) | $3,669,096 |
| Portfolio turnover rate | 219% |
| * |
Excludes cash and cash equivalents. |
Fund holdings (as of July 31, 2026)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation*
| Banking | 22.39% |
| Electric | 10.43% |
| Energy | 8.19% |
| Communications | 8.15% |
| Finance Companies | 7.42% |
| Consumer Non-Cyclical | 7.10% |
| Technology | 5.41% |
| Consumer Cyclical | 5.21% |
| Capital Goods | 4.78% |
| Insurance | 4.69% |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Corporate Bond Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Effective December 1, 2025, the Fund was renamed Nomura Corporate Bond Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Changes in and disagreements with accountants
During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On May 20, 2026, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through May 20, 2026.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 12 months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $81 | 0.81% |
Management's discussion of Fund performance
Performance highlights
Nomura Extended Duration Bond Fund (Class A) returned 0.19% (excluding sales charge) for the 12 months ended July 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 2.71%, while the Bloomberg Long US Corporate Index, the Fund's narrowly based securities market index (benchmark), returned 0.74%.
Top contributors to performance:
An overweight investment allocation compared to the Fund’s benchmark to lower-quality corporate debt, such as BBB‑rated (investment grade) and BB-rated (high yield) bonds, which outperformed higher-quality investments over the Fund's fiscal year due to the continued positive risk sentiment that persisted for most of the fiscal year.
Investments in banking and communications.
Top detractors from performance:
Long-duration investments, which lagged as US Treasury rates climbed over the Fund's fiscal year.
Investments in consumer electric and insurance.
Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.
Growth of $10,000 investment
For the period July 31, 2016, through July 31, 2026
| Average annual total returns (as of July 31, 2026) | 1 year | 5 year | 10 year | |||
| Nomura Extended Duration Bond Fund (Class A) – including sales charge | -4.34 | % | -5.12 | % | 0.43 | % |
| Nomura Extended Duration Bond Fund (Class A) – excluding sales charge | 0.19 | % | -4.23 | % | 0.89 | % |
| Bloomberg US Aggregate Index | 2.71 | % | -0.40 | % | 1.35 | % |
| Bloomberg Long US Corporate Index | 0.74 | % | -3.51 | % | 1.48 | % |
Fund statistics (as of July 31, 2026)
| Fund net assets | $242,907,254 |
| Total number of portfolio holdings* | 174 |
| Total net advisory fees paid (during reporting period) | $921,694 |
| Portfolio turnover rate | 124% |
| * |
Excludes cash and cash equivalents. |
Fund holdings (as of July 31, 2026)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation*
| Electric | 13.93% |
| Consumer Non-Cyclical | 13.57% |
| Communications | 12.20% |
| Banking | 11.45% |
| Energy | 10.60% |
| Capital Goods | 8.06% |
| Insurance | 6.31% |
| Technology | 5.71% |
| Consumer Cyclical | 3.90% |
| Natural Gas | 2.89% |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Extended Duration Bond Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Effective December 1, 2025, the Fund was renamed Nomura Extended Duration Bond Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Changes in and disagreements with accountants
During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On May 20, 2026, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through May 20, 2026.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 12 months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $156 | 1.56% |
Management's discussion of Fund performance
Performance highlights
Nomura Extended Duration Bond Fund (Class C) returned -0.57% (excluding sales charge) for the 12 months ended July 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 2.71%, while the Bloomberg Long US Corporate Index, the Fund's narrowly based securities market index (benchmark), returned 0.74%.
Top contributors to performance:
An overweight investment allocation compared to the Fund’s benchmark to lower-quality corporate debt, such as BBB‑rated (investment grade) and BB-rated (high yield) bonds, which outperformed higher-quality investments over the Fund's fiscal year due to the continued positive risk sentiment that persisted for most of the fiscal year.
Investments in banking and communications.
Top detractors from performance:
Long-duration investments, which lagged as US Treasury rates climbed over the Fund's fiscal year.
Investments in consumer electric and insurance.
Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.
Growth of $10,000 investment
For the period July 31, 2016, through July 31, 2026
| Average annual total returns (as of July 31, 2026) | 1 year | 5 year | 10 year | |||
| Nomura Extended Duration Bond Fund (Class C) – including sales charge | -1.52 | % | -4.95 | % | 0.15 | % |
| Nomura Extended Duration Bond Fund (Class C) – excluding sales charge | -0.57 | % | -4.95 | % | 0.15 | % |
| Bloomberg US Aggregate Index | 2.71 | % | -0.40 | % | 1.35 | % |
| Bloomberg Long US Corporate Index | 0.74 | % | -3.51 | % | 1.48 | % |
Fund statistics (as of July 31, 2026)
| Fund net assets | $242,907,254 |
| Total number of portfolio holdings* | 174 |
| Total net advisory fees paid (during reporting period) | $921,694 |
| Portfolio turnover rate | 124% |
| * |
Excludes cash and cash equivalents. |
Fund holdings (as of July 31, 2026)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation*
| Electric | 13.93% |
| Consumer Non-Cyclical | 13.57% |
| Communications | 12.20% |
| Banking | 11.45% |
| Energy | 10.60% |
| Capital Goods | 8.06% |
| Insurance | 6.31% |
| Technology | 5.71% |
| Consumer Cyclical | 3.90% |
| Natural Gas | 2.89% |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Extended Duration Bond Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Effective December 1, 2025, the Fund was renamed Nomura Extended Duration Bond Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Changes in and disagreements with accountants
During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On May 20, 2026, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through May 20, 2026.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 12 months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R | $106 | 1.06% |
Management's discussion of Fund performance
Performance highlights
Nomura Extended Duration Bond Fund (Class R) returned -0.05% (excluding sales charge) for the 12 months ended July 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 2.71%, while the Bloomberg Long US Corporate Index, the Fund's narrowly based securities market index (benchmark), returned 0.74%.
Top contributors to performance:
An overweight investment allocation compared to the Fund’s benchmark to lower-quality corporate debt, such as BBB‑rated (investment grade) and BB-rated (high yield) bonds, which outperformed higher-quality investments over the Fund's fiscal year due to the continued positive risk sentiment that persisted for most of the fiscal year.
Investments in banking and communications.
Top detractors from performance:
Long-duration investments, which lagged as US Treasury rates climbed over the Fund's fiscal year.
Investments in consumer electric and insurance.
Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.
Growth of $10,000 investment
For the period July 31, 2016, through July 31, 2026
| Average annual total returns (as of July 31, 2026) | 1 year | 5 year | 10 year | |||
| Nomura Extended Duration Bond Fund (Class R) – including sales charge | -0.05 | % | -4.48 | % | 0.65 | % |
| Nomura Extended Duration Bond Fund (Class R) – excluding sales charge | -0.05 | % | -4.48 | % | 0.65 | % |
| Bloomberg US Aggregate Index | 2.71 | % | -0.40 | % | 1.35 | % |
| Bloomberg Long US Corporate Index | 0.74 | % | -3.51 | % | 1.48 | % |
Fund statistics (as of July 31, 2026)
| Fund net assets | $242,907,254 |
| Total number of portfolio holdings* | 174 |
| Total net advisory fees paid (during reporting period) | $921,694 |
| Portfolio turnover rate | 124% |
| * |
Excludes cash and cash equivalents. |
Fund holdings (as of July 31, 2026)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation*
| Electric | 13.93% |
| Consumer Non-Cyclical | 13.57% |
| Communications | 12.20% |
| Banking | 11.45% |
| Energy | 10.60% |
| Capital Goods | 8.06% |
| Insurance | 6.31% |
| Technology | 5.71% |
| Consumer Cyclical | 3.90% |
| Natural Gas | 2.89% |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Extended Duration Bond Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Effective December 1, 2025, the Fund was renamed Nomura Extended Duration Bond Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Changes in and disagreements with accountants
During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On May 20, 2026, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through May 20, 2026.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 12 months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $56 | 0.56% |
Management's discussion of Fund performance
Performance highlights
Nomura Extended Duration Bond Fund (Institutional Class) returned 0.50% (excluding sales charge) for the 12 months ended July 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 2.71%, while the Bloomberg Long US Corporate Index, the Fund's narrowly based securities market index (benchmark), returned 0.74%.
Top contributors to performance:
An overweight investment allocation compared to the Fund’s benchmark to lower-quality corporate debt, such as BBB‑rated (investment grade) and BB-rated (high yield) bonds, which outperformed higher-quality investments over the Fund's fiscal year due to the continued positive risk sentiment that persisted for most of the fiscal year.
Investments in banking and communications.
Top detractors from performance:
Long-duration investments, which lagged as US Treasury rates climbed over the Fund's fiscal year.
Investments in consumer electric and insurance.
Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.
Growth of $10,000 investment
For the period July 31, 2016, through July 31, 2026
| Average annual total returns (as of July 31, 2026) | 1 year | 5 year | 10 year | |||
| Nomura Extended Duration Bond Fund (Institutional Class) – including sales charge | 0.50 | % | -3.99 | % | 1.16 | % |
| Nomura Extended Duration Bond Fund (Institutional Class) – excluding sales charge | 0.50 | % | -3.99 | % | 1.16 | % |
| Bloomberg US Aggregate Index | 2.71 | % | -0.40 | % | 1.35 | % |
| Bloomberg Long US Corporate Index | 0.74 | % | -3.51 | % | 1.48 | % |
Fund statistics (as of July 31, 2026)
| Fund net assets | $242,907,254 |
| Total number of portfolio holdings* | 174 |
| Total net advisory fees paid (during reporting period) | $921,694 |
| Portfolio turnover rate | 124% |
| * |
Excludes cash and cash equivalents. |
Fund holdings (as of July 31, 2026)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation*
| Electric | 13.93% |
| Consumer Non-Cyclical | 13.57% |
| Communications | 12.20% |
| Banking | 11.45% |
| Energy | 10.60% |
| Capital Goods | 8.06% |
| Insurance | 6.31% |
| Technology | 5.71% |
| Consumer Cyclical | 3.90% |
| Natural Gas | 2.89% |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Extended Duration Bond Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Effective December 1, 2025, the Fund was renamed Nomura Extended Duration Bond Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Changes in and disagreements with accountants
During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On May 20, 2026, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through May 20, 2026.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 12 months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $47 | 0.47% |
Management's discussion of Fund performance
Performance highlights
Nomura Extended Duration Bond Fund (Class R6) returned 0.59% (excluding sales charge) for the 12 months ended July 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 2.71%, while the Bloomberg Long US Corporate Index, the Fund's narrowly based securities market index (benchmark), returned 0.74%.
Top contributors to performance:
An overweight investment allocation compared to the Fund’s benchmark to lower-quality corporate debt, such as BBB‑rated (investment grade) and BB-rated (high yield) bonds, which outperformed higher-quality investments over the Fund's fiscal year due to the continued positive risk sentiment that persisted for most of the fiscal year.
Investments in banking and communications.
Top detractors from performance:
Long-duration investments, which lagged as US Treasury rates climbed over the Fund's fiscal year.
Investments in consumer electric and insurance.
Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.
Growth of $10,000 investment
For the period July 31, 2016, through July 31, 2026
| Average annual total returns (as of July 31, 2026) | 1 year | 5 year | 10 year | |||
| Nomura Extended Duration Bond Fund (Class R6) – including sales charge | 0.59 | % | -3.88 | % | 1.24 | % |
| Nomura Extended Duration Bond Fund (Class R6) – excluding sales charge | 0.59 | % | -3.88 | % | 1.24 | % |
| Bloomberg US Aggregate Index | 2.71 | % | -0.40 | % | 1.35 | % |
| Bloomberg Long US Corporate Index | 0.74 | % | -3.51 | % | 1.48 | % |
Fund statistics (as of July 31, 2026)
| Fund net assets | $242,907,254 |
| Total number of portfolio holdings* | 174 |
| Total net advisory fees paid (during reporting period) | $921,694 |
| Portfolio turnover rate | 124% |
| * |
Excludes cash and cash equivalents. |
Fund holdings (as of July 31, 2026)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation*
| Electric | 13.93% |
| Consumer Non-Cyclical | 13.57% |
| Communications | 12.20% |
| Banking | 11.45% |
| Energy | 10.60% |
| Capital Goods | 8.06% |
| Insurance | 6.31% |
| Technology | 5.71% |
| Consumer Cyclical | 3.90% |
| Natural Gas | 2.89% |
* Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Extended Duration Bond Fund.
Effective December 1, 2025, the Fund introduced a revised fee waiver for Class R6 shares of 0.48% (excluding certain items, such as distribution and service (12b-1) fees).
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Effective December 1, 2025, the Fund was renamed Nomura Extended Duration Bond Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective December 1, 2025, the Fund introduced a revised fee waiver for Class R6 shares of 0.48% (excluding certain items, such as distribution and service (12b-1) fees).
Effective June 12, 2026, Nomura Corporate Research and Asset Management Inc. became a sub-advisor of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Changes in and disagreements with accountants
During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On May 20, 2026, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through May 20, 2026.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 12 months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R6 | $62 | 0.60% |
Management's discussion of Fund performance
Performance highlights
Nomura Floating Rate Fund (Class R6) returned 5.38% (excluding sales charge) for the 12 months ended July 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 2.71%, while the Morningstar LSTA US Leveraged Loan Index, the Fund's narrowly based securities market index (benchmark), returned 4.28%.
Top contributors to performance:
Security selection and an overweight allocation in the utilities and materials sectors relative to the Fund’s benchmark
The Fund’s positions in collateralized loan obligation debt securities and high yield bonds
Security selection and an underweight allocation to the software and services sector relative to the benchmark
Top detractors from performance:
Security selection and an underweight allocation to the energy sector relative to the benchmark
An underweight allocation to the pharmaceuticals sector relative to the benchmark
Security selection within the telecommunication services and food and beverage sectors
Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Class for the life of the Class. It also assumes a $10,000 initial investment at the Class's inception date in a broad-based securities market index and an additional narrowly based securities market index for the same period.
Growth of $10,000 investment
For the period August 31, 2021 (Class R6's inception), through July 31, 2026
| Average annual total returns (as of July 31, 2026) | 1 year | Since inception (8/31/21) | ||
| Nomura Floating Rate Fund (Class R6) – including sales charge | 5.38 | % | 6.29 | % |
| Nomura Floating Rate Fund (Class R6) – excluding sales charge | 5.38 | % | 6.29 | % |
| Bloomberg US Aggregate Index | 2.71 | % | -0.37 | % |
| Morningstar LSTA US Leveraged Loan Index | 4.28 | % | 6.19 | % |
Fund statistics (as of July 31, 2026)
| Fund net assets | $610,173,148 |
| Total number of portfolio holdings* | 234 |
| Total net advisory fees paid (during reporting period) | $3,128,383 |
| Portfolio turnover rate | 65% |
| * |
Excludes cash and cash equivalents. |
Fund holdings (as of July 31, 2026)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
| Industrials | 17.21% |
| Financials | 16.48% |
| Consumer Discretionary | 12.01% |
| Materials | 11.45% |
| Healthcare | 10.16% |
| Information Technology | 9.03% |
| Communication Services | 8.12% |
| Utilities | 5.20% |
| Consumer Staples | 4.89% |
| Energy | 0.26% |
Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Floating Rate Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective December 1, 2025, Macquarie Asset Management Credit Advisers US, LLC (MAMCA) was added as an unaffiliated sub-advisor to the Fund. Delaware Management Company (DMC), the Fund's investment manager, will regularly consult with MAMCA to determine how much of the Fund’s assets to allocate among the different types of securities in which the Fund may invest. As part of this process, MAMCA provides nondiscretionary recommendations to DMC with respect to the Fund’s investments and executes trades on behalf of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Effective December 1, 2025, the Fund was renamed Nomura Floating Rate Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Changes in and disagreements with accountants
During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On May 20, 2026, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through May 20, 2026.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 12 months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $70 | 0.68% |
Management's discussion of Fund performance
Performance highlights
Nomura Floating Rate Fund (Institutional Class) returned 5.16% (excluding sales charge) for the 12 months ended July 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 2.71%, while the Morningstar LSTA US Leveraged Loan Index, the Fund's narrowly based securities market index (benchmark), returned 4.28%.
Top contributors to performance:
Security selection and an overweight allocation in the utilities and materials sectors relative to the Fund’s benchmark
The Fund’s positions in collateralized loan obligation debt securities and high yield bonds
Security selection and an underweight allocation to the software and services sector relative to the benchmark
Top detractors from performance:
Security selection and an underweight allocation to the energy sector relative to the benchmark
An underweight allocation to the pharmaceuticals sector relative to the benchmark
Security selection within the telecommunication services and food and beverage sectors
Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.
Growth of $10,000 investment
For the period July 31, 2016, through July 31, 2026
| Average annual total returns (as of July 31, 2026) | 1 year | 5 year | 10 year | |||
| Nomura Floating Rate Fund (Institutional Class) – including sales charge | 5.16 | % | 6.17 | % | 5.23 | % |
| Nomura Floating Rate Fund (Institutional Class) – excluding sales charge | 5.16 | % | 6.17 | % | 5.23 | % |
| Bloomberg US Aggregate Index | 2.71 | % | -0.40 | % | 1.35 | % |
| Morningstar LSTA US Leveraged Loan Index | 4.28 | % | 6.18 | % | 5.43 | % |
Fund statistics (as of July 31, 2026)
| Fund net assets | $610,173,148 |
| Total number of portfolio holdings* | 234 |
| Total net advisory fees paid (during reporting period) | $3,128,383 |
| Portfolio turnover rate | 65% |
| * |
Excludes cash and cash equivalents. |
Fund holdings (as of July 31, 2026)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
| Industrials | 17.21% |
| Financials | 16.48% |
| Consumer Discretionary | 12.01% |
| Materials | 11.45% |
| Healthcare | 10.16% |
| Information Technology | 9.03% |
| Communication Services | 8.12% |
| Utilities | 5.20% |
| Consumer Staples | 4.89% |
| Energy | 0.26% |
Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Floating Rate Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective December 1, 2025, Macquarie Asset Management Credit Advisers US, LLC (MAMCA) was added as an unaffiliated sub-advisor to the Fund. Delaware Management Company (DMC), the Fund's investment manager, will regularly consult with MAMCA to determine how much of the Fund’s assets to allocate among the different types of securities in which the Fund may invest. As part of this process, MAMCA provides nondiscretionary recommendations to DMC with respect to the Fund’s investments and executes trades on behalf of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Effective December 1, 2025, the Fund was renamed Nomura Floating Rate Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Changes in and disagreements with accountants
During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On May 20, 2026, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through May 20, 2026.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 12 months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class R | $121 | 1.18% |
Management's discussion of Fund performance
Performance highlights
Nomura Floating Rate Fund (Class R) returned 4.76% (excluding sales charge) for the 12 months ended July 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 2.71%, while the Morningstar LSTA US Leveraged Loan Index, the Fund's narrowly based securities market index (benchmark), returned 4.28%.
Top contributors to performance:
Security selection and an overweight allocation in the utilities and materials sectors relative to the Fund’s benchmark
The Fund’s positions in collateralized loan obligation debt securities and high yield bonds
Security selection and an underweight allocation to the software and services sector relative to the benchmark
Top detractors from performance:
Security selection and an underweight allocation to the energy sector relative to the benchmark
An underweight allocation to the pharmaceuticals sector relative to the benchmark
Security selection within the telecommunication services and food and beverage sectors
Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.
Growth of $10,000 investment
For the period July 31, 2016, through July 31, 2026
| Average annual total returns (as of July 31, 2026) | 1 year | 5 year | 10 year | |||
| Nomura Floating Rate Fund (Class R) – including sales charge | 4.76 | % | 5.64 | % | 4.71 | % |
| Nomura Floating Rate Fund (Class R) – excluding sales charge | 4.76 | % | 5.64 | % | 4.71 | % |
| Bloomberg US Aggregate Index | 2.71 | % | -0.40 | % | 1.35 | % |
| Morningstar LSTA US Leveraged Loan Index | 4.28 | % | 6.18 | % | 5.43 | % |
Fund statistics (as of July 31, 2026)
| Fund net assets | $610,173,148 |
| Total number of portfolio holdings* | 234 |
| Total net advisory fees paid (during reporting period) | $3,128,383 |
| Portfolio turnover rate | 65% |
| * |
Excludes cash and cash equivalents. |
Fund holdings (as of July 31, 2026)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
| Industrials | 17.21% |
| Financials | 16.48% |
| Consumer Discretionary | 12.01% |
| Materials | 11.45% |
| Healthcare | 10.16% |
| Information Technology | 9.03% |
| Communication Services | 8.12% |
| Utilities | 5.20% |
| Consumer Staples | 4.89% |
| Energy | 0.26% |
Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Floating Rate Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective December 1, 2025, Macquarie Asset Management Credit Advisers US, LLC (MAMCA) was added as an unaffiliated sub-advisor to the Fund. Delaware Management Company (DMC), the Fund's investment manager, will regularly consult with MAMCA to determine how much of the Fund’s assets to allocate among the different types of securities in which the Fund may invest. As part of this process, MAMCA provides nondiscretionary recommendations to DMC with respect to the Fund’s investments and executes trades on behalf of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Effective December 1, 2025, the Fund was renamed Nomura Floating Rate Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Changes in and disagreements with accountants
During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On May 20, 2026, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through May 20, 2026.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 12 months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $171 | 1.68% |
Management's discussion of Fund performance
Performance highlights
Nomura Floating Rate Fund (Class C) returned 4.12% (excluding sales charge) for the 12 months ended July 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 2.71%, while the Morningstar LSTA US Leveraged Loan Index, the Fund's narrowly based securities market index (benchmark), returned 4.28%.
Top contributors to performance:
Security selection and an overweight allocation in the utilities and materials sectors relative to the Fund’s benchmark
The Fund’s positions in collateralized loan obligation debt securities and high yield bonds
Security selection and an underweight allocation to the software and services sector relative to the benchmark
Top detractors from performance:
Security selection and an underweight allocation to the energy sector relative to the benchmark
An underweight allocation to the pharmaceuticals sector relative to the benchmark
Security selection within the telecommunication services and food and beverage sectors
Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period.
Growth of $10,000 investment
For the period July 31, 2016, through July 31, 2026
| Average annual total returns (as of July 31, 2026) | 1 year | 5 year | 10 year | |||
| Nomura Floating Rate Fund (Class C) – including sales charge | 3.13 | % | 5.12 | % | 4.19 | % |
| Nomura Floating Rate Fund (Class C) – excluding sales charge | 4.12 | % | 5.12 | % | 4.19 | % |
| Bloomberg US Aggregate Index | 2.71 | % | -0.40 | % | 1.35 | % |
| Morningstar LSTA US Leveraged Loan Index | 4.28 | % | 6.18 | % | 5.43 | % |
Fund statistics (as of July 31, 2026)
| Fund net assets | $610,173,148 |
| Total number of portfolio holdings* | 234 |
| Total net advisory fees paid (during reporting period) | $3,128,383 |
| Portfolio turnover rate | 65% |
| * |
Excludes cash and cash equivalents. |
Fund holdings (as of July 31, 2026)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
| Industrials | 17.21% |
| Financials | 16.48% |
| Consumer Discretionary | 12.01% |
| Materials | 11.45% |
| Healthcare | 10.16% |
| Information Technology | 9.03% |
| Communication Services | 8.12% |
| Utilities | 5.20% |
| Consumer Staples | 4.89% |
| Energy | 0.26% |
Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Floating Rate Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective December 1, 2025, Macquarie Asset Management Credit Advisers US, LLC (MAMCA) was added as an unaffiliated sub-advisor to the Fund. Delaware Management Company (DMC), the Fund's investment manager, will regularly consult with MAMCA to determine how much of the Fund’s assets to allocate among the different types of securities in which the Fund may invest. As part of this process, MAMCA provides nondiscretionary recommendations to DMC with respect to the Fund’s investments and executes trades on behalf of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Effective December 1, 2025, the Fund was renamed Nomura Floating Rate Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Changes in and disagreements with accountants
During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On May 20, 2026, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through May 20, 2026.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 12 months ?
(Based on a hypothetical $10,000 investment)
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $95 | 0.93% |
Management's discussion of Fund performance
Performance highlights
Nomura Floating Rate Fund (Class A) returned 4.90% (excluding sales charge) for the 12 months ended July 31, 2026. During the same period, the Bloomberg US Aggregate Index, the Fund's broad-based securities market index, returned 2.71%, while the Morningstar LSTA US Leveraged Loan Index, the Fund's narrowly based securities market index (benchmark), returned 4.28%.
Top contributors to performance:
Security selection and an overweight allocation in the utilities and materials sectors relative to the Fund’s benchmark
The Fund’s positions in collateralized loan obligation debt securities and high yield bonds
Security selection and an underweight allocation to the software and services sector relative to the benchmark
Top detractors from performance:
Security selection and an underweight allocation to the energy sector relative to the benchmark
An underweight allocation to the pharmaceuticals sector relative to the benchmark
Security selection within the telecommunication services and food and beverage sectors
Fund performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a broad-based securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.
Growth of $10,000 investment
For the period July 31, 2016, through July 31, 2026
| Average annual total returns (as of July 31, 2026) | 1 year | 5 year | 10 year | |||
| Nomura Floating Rate Fund (Class A) – including sales charge | 2.08 | % | 5.32 | % | 4.69 | % |
| Nomura Floating Rate Fund (Class A) – excluding sales charge | 4.90 | % | 5.91 | % | 4.97 | % |
| Bloomberg US Aggregate Index | 2.71 | % | -0.40 | % | 1.35 | % |
| Morningstar LSTA US Leveraged Loan Index | 4.28 | % | 6.18 | % | 5.43 | % |
Fund statistics (as of July 31, 2026)
| Fund net assets | $610,173,148 |
| Total number of portfolio holdings* | 234 |
| Total net advisory fees paid (during reporting period) | $3,128,383 |
| Portfolio turnover rate | 65% |
| * |
Excludes cash and cash equivalents. |
Fund holdings (as of July 31, 2026)
The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
| Industrials | 17.21% |
| Financials | 16.48% |
| Consumer Discretionary | 12.01% |
| Materials | 11.45% |
| Healthcare | 10.16% |
| Information Technology | 9.03% |
| Communication Services | 8.12% |
| Utilities | 5.20% |
| Consumer Staples | 4.89% |
| Energy | 0.26% |
Material Fund changes
Effective December 1, 2025, the Fund was renamed Nomura Floating Rate Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
Effective December 1, 2025, Macquarie Asset Management Credit Advisers US, LLC (MAMCA) was added as an unaffiliated sub-advisor to the Fund. Delaware Management Company (DMC), the Fund's investment manager, will regularly consult with MAMCA to determine how much of the Fund’s assets to allocate among the different types of securities in which the Fund may invest. As part of this process, MAMCA provides nondiscretionary recommendations to DMC with respect to the Fund’s investments and executes trades on behalf of the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Effective December 1, 2025, the Fund was renamed Nomura Floating Rate Fund.
Effective December 1, 2025, Macquarie Investment Management Austria Kapitalanlage AG (which was renamed Nomura Investment Management Austria Kapitalanlage AG on December 6, 2025), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited no longer serve as sub-advisors to the Fund.
This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2026, at nomuraassetmanagement.com/literature or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.
Changes in and disagreements with accountants
During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On May 20, 2026, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through May 20, 2026.
| [1] | Excludes cash and cash equivalents. |
| [2] | Excludes cash and cash equivalents. |
| [3] | Excludes cash and cash equivalents. |
| [4] | Excludes cash and cash equivalents. |
| [5] | Excludes cash and cash equivalents. |
| [6] | Excludes cash and cash equivalents. |
| [7] | Excludes cash and cash equivalents. |
| [8] | Excludes cash and cash equivalents. |
| [9] | Excludes cash and cash equivalents. |
| [10] | Excludes cash and cash equivalents. |
| [11] | Excludes cash and cash equivalents. |
| [12] | Excludes cash and cash equivalents. |
| [13] | Excludes cash and cash equivalents. |
| [14] | Excludes cash and cash equivalents. |
| [15] | Excludes cash and cash equivalents. |