M&A - DELAWARE GROUP CASH RESERVE

Form Type: 497K

Filing Date: 2025-06-18

Corporate Action: Acquisition

Type: New

Accession Number: 000113743925000817

Filing Summary: On June 18, 2025, an agreement was announced between Macquarie Group Limited, the parent company of Delaware Management Company (DMC), and Nomura Holding America Inc. for Nomura to acquire Macquarie Asset Management’s US and European public investments business. This transaction will lead to the automatic termination of the current investment advisory agreements for each Macquarie Fund managed by DMC. In anticipation of this closure, the Board of Trustees for each Fund approved a new investment advisory agreement, pending shareholder approval, which will take effect upon completion of the transaction. Proxy materials for a special shareholder meeting will be distributed for approval of the new agreement, expected to be mailed in late July 2025. The Board also unanimously approved an interim investment advisory agreement to allow DMC to continue providing investment services for up to 150 days following the transaction’s closure or until the new agreement is approved. Additionally, upon the transaction's completion, multiple funds will undergo name changes from Macquarie to Nomura, reflecting the new management. A future fund supplement will provide more details about the transaction's closing timing.

Form Type: 497K

Filing Date: 2025-04-21

Corporate Action: Acquisition

Type: New

Accession Number: 000113743925000369

Filing Summary: On April 21, 2025, Macquarie Group Limited announced an agreement for Nomura Holding America Inc. to acquire the US and European public investments asset management business of Macquarie Asset Management. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close by the end of October 2025, pending these conditions. As a result of this acquisition, the investment advisory agreement with Delaware Management Company (DMC) will automatically terminate, leading to the requirement for the Board of Trustees to approve new advisory agreements. If approved, the new agreements will be presented to Fund shareholders for approval and would take effect upon closing of the transaction. The document also emphasizes the importance of consulting tax professionals due to unique tax situations for investors.