M&A - DELAWARE GROUP EQUITY FUNDS V
Form Type: 497K
Filing Date: 2025-06-18
Corporate Action: Acquisition
Type: New
Accession Number: 000113743925000818
Filing Summary: Macquarie Group Limited and Nomura Holding America Inc. announced an agreement for Nomura to acquire Macquarie Asset Management's US and European public investments business. This transaction will lead to the termination of each Fund's investment advisory agreement with Delaware Management Company (DMC) and necessitates shareholder approval for a new investment advisory agreement. On June 18, 2025, the Board of Trustees approved a new investment advisory agreement and recommended that shareholders approve it. Proxy materials for a special meeting of the Fund's shareholders will be sent out, and a new interim investment advisory agreement with DMC was also approved. Name changes for several funds to reflect the new management structure were approved, transitioning several Macquarie Funds to new Nomura names. Further details regarding the transaction's timing will be provided in a future fund supplement, and the documentation is available on the SEC's website.
Additional details:
Record Date: to be determined
New Investment Advisory Agreement: pending shareholder approval
Interim Agreement Duration: up to 150 days
Name Changes: [{"current_name":"Macquarie Asset Strategy Fund","new_name":"Nomura Asset Strategy Fund"},{"current_name":"Macquarie Balanced Fund","new_name":"Nomura Balanced Fund"},{"current_name":"Macquarie Climate Solutions Fund","new_name":"Nomura Climate Solutions Fund"},{"current_name":"Macquarie Core Equity Fund","new_name":"Nomura Core Equity Fund"},{"current_name":"Macquarie Corporate Bond Fund","new_name":"Nomura Corporate Bond Fund"},{"current_name":"Macquarie Diversified Income Fund","new_name":"Nomura Diversified Income Fund"},{"current_name":"Macquarie Emerging Markets Debt Corporate Fund","new_name":"Nomura Emerging Markets Debt Corporate Fund"},{"current_name":"Macquarie Emerging Markets Fund","new_name":"Nomura Emerging Markets Fund"},{"current_name":"Macquarie Extended Duration Bond Fund","new_name":"Nomura Extended Duration Bond Fund"},{"current_name":"Macquarie Floating Rate Fund","new_name":"Nomura Floating Rate Fund"},{"current_name":"Macquarie Global Allocation Fund","new_name":"Nomura Global Allocation Fund"},{"current_name":"Macquarie Global Bond Fund","new_name":"Nomura Global Bond Fund"},{"current_name":"Macquarie Global Growth Fund","new_name":"Nomura Global Growth Fund"},{"current_name":"Macquarie Global Listed Real Assets Fund","new_name":"Nomura Global Listed Real Assets Fund"},{"current_name":"Macquarie Growth and Income Fund","new_name":"Nomura Growth and Income Fund"},{"current_name":"Macquarie Healthcare Fund","new_name":"Nomura Healthcare Fund"},{"current_name":"Macquarie High Income Fund","new_name":"Nomura High Income Fund"},{"current_name":"Macquarie International Core Equity Fund","new_name":"Nomura International Core Equity Fund"},{"current_name":"Macquarie Large Cap Growth Fund","new_name":"Nomura Large Cap Growth Fund"},{"current_name":"Macquarie Limited-Term Diversified Income Fund","new_name":"Nomura Limited-Term Diversified Income Fund"},{"current_name":"Macquarie Mid Cap Growth Fund","new_name":"Nomura Mid Cap Growth Fund"},{"current_name":"Macquarie Mid Cap Income Opportunities Fund","new_name":"Nomura Mid Cap Income Opportunities Fund"},{"current_name":"Macquarie Minnesota High-Yield Municipal Bond Fund","new_name":"Nomura Minnesota High-Yield Municipal Bond Fund"},{"current_name":"Macquarie National High-Yield Municipal Bond Fund","new_name":"Nomura National High-Yield Municipal Bond Fund"},{"current_name":"Macquarie Natural Resources Fund","new_name":"Nomura Natural Resources Fund"},{"current_name":"Macquarie Opportunity Fund","new_name":"Nomura Opportunity Fund"},{"current_name":"Macquarie Real Estate Securities Fund","new_name":"Nomura Real Estate Securities Fund"},{"current_name":"Macquarie Science and Technology Fund","new_name":"Nomura Science and Technology Fund"},{"current_name":"Macquarie Small Cap Core Fund","new_name":"Nomura Small Cap Core Fund"},{"current_name":"Macquarie Small Cap Growth Fund","new_name":"Nomura Small Cap Growth Fund"},{"current_name":"Macquarie Small Cap Value Fund","new_name":"Nomura Small Cap Value Fund"},{"current_name":"Macquarie Smid Cap Core Fund","new_name":"Nomura Smid Cap Core Fund"},{"current_name":"Macquarie Strategic Income Fund","new_name":"Nomura Strategic Income Fund"},{"current_name":"Macquarie Systematic Emerging Markets Equity Fund","new_name":"Nomura Systematic Emerging Markets Equity Fund"},{"current_name":"Macquarie Tax-Free California Fund","new_name":"Nomura Tax-Free California Fund"},{"current_name":"Macquarie Tax-Free Colorado Fund","new_name":"Nomura Tax-Free Colorado Fund"},{"current_name":"Macquarie Tax-Free Idaho Fund","new_name":"Nomura Tax-Free Idaho Fund"},{"current_name":"Macquarie Tax-Free Minnesota Fund","new_name":"Nomura Tax-Free Minnesota Fund"},{"current_name":"Macquarie Tax-Free New York Fund","new_name":"Nomura Tax-Free New York Fund"},{"current_name":"Macquarie Tax-Free Oregon Fund","new_name":"Nomura Tax-Free Oregon Fund"},{"current_name":"Macquarie Tax-Free Pennsylvania Fund","new_name":"Nomura Tax-Free Pennsylvania Fund"},{"current_name":"Macquarie Tax-Free USA Fund","new_name":"Nomura Tax-Free USA Fund"},{"current_name":"Macquarie Tax-Free USA Intermediate Fund","new_name":"Nomura Tax-Free USA Intermediate Fund"},{"current_name":"Macquarie Ultrashort Fund","new_name":"Nomura Ultrashort Fund"},{"current_name":"Macquarie Value Fund","new_name":"Nomura Value Fund"},{"current_name":"Macquarie Wealth Builder Fund","new_name":"Nomura Wealth Builder Fund"},{"current_name":"Macquarie VIP Asset Strategy Series","new_name":"Nomura VIP Asset Strategy Series"},{"current_name":"Macquarie VIP Balanced Series","new_name":"Nomura VIP Balanced Series"},{"current_name":"Macquarie VIP Core Equity Series","new_name":"Nomura VIP Core Equity Series"},{"current_name":"Macquarie VIP Corporate Bond Series","new_name":"Nomura VIP Corporate Bond Series"},{"current_name":"Macquarie VIP Emerging Markets Series","new_name":"Nomura VIP Emerging Markets Series"},{"current_name":"Macquarie VIP Energy Series","new_name":"Nomura VIP Energy Series"},{"current_name":"Macquarie VIP Fund for Income Series","new_name":"Nomura VIP Fund for Income Series"},{"current_name":"Macquarie VIP Global Growth Series","new_name":"Nomura VIP Global Growth Series"},{"current_name":"Macquarie VIP Growth and Income Series","new_name":"Nomura VIP Growth and Income Series"},{"current_name":"Macquarie VIP Growth Equity Series","new_name":"Nomura VIP Growth Equity Series"},{"current_name":"Macquarie VIP Growth Series","new_name":"Nomura VIP Growth Series"},{"current_name":"Macquarie VIP High Income Series","new_name":"Nomura VIP High Income Series"},{"current_name":"Macquarie VIP International Core Equity Series","new_name":"Nomura VIP International Core Equity Series"},{"current_name":"Macquarie VIP Investment Grade Series","new_name":"Nomura VIP Investment Grade Series"},{"current_name":"Macquarie VIP Limited Duration Bond Series","new_name":"Nomura VIP Limited Duration Bond Series"},{"current_name":"Macquarie VIP Limited-Term Bond Series","new_name":"Nomura VIP Limited-Term Bond Series"},{"current_name":"Macquarie VIP Mid Cap Growth Series","new_name":"Nomura VIP Mid Cap Growth Series"},{"current_name":"Macquarie VIP Natural Resources Series","new_name":"Nomura VIP Natural Resources Series"},{"current_name":"Macquarie VIP Opportunity Series","new_name":"Nomura VIP Opportunity Series"},{"current_name":"Macquarie VIP Pathfinder Aggressive Series","new_name":"Nomura VIP Pathfinder Aggressive Series"},{"current_name":"Macquarie VIP Pathfinder Conservative Series","new_name":"Nomura VIP Pathfinder Conservative Series"},{"current_name":"Macquarie VIP Pathfinder Moderate Series","new_name":"Nomura VIP Pathfinder Moderate Series"},{"current_name":"Macquarie VIP Pathfinder Moderately Aggressive Series","new_name":"Nomura VIP Pathfinder Moderately Aggressive Series"},{"current_name":"Macquarie VIP Pathfinder Moderately Conservative Series","new_name":"Nomura VIP Pathfinder Moderately Conservative Series"},{"current_name":"Macquarie VIP Pathfinder Moderate - Managed Volatility Series","new_name":"Nomura VIP Pathfinder Moderate - Managed Volatility Series"},{"current_name":"Macquarie VIP Science and Technology Series","new_name":"Nomura VIP Science and Technology Series"},{"current_name":"Macquarie VIP Small Cap Growth Series","new_name":"Nomura VIP Small Cap Growth Series"},{"current_name":"Macquarie VIP Small Cap Value Series","new_name":"Nomura VIP Small Cap Value Series"},{"current_name":"Macquarie VIP Smid Cap Core Series","new_name":"Nomura VIP Smid Cap Core Series"},{"current_name":"Macquarie VIP Total Return Series","new_name":"Nomura VIP Total Return Series"},{"current_name":"Macquarie VIP Value Series","new_name":"Nomura VIP Value Series"}]
Form Type: 497K
Filing Date: 2025-06-18
Corporate Action: Acquisition
Type: New
Accession Number: 000113743925000819
Filing Summary: On June 18, 2025, a significant announcement was made regarding the acquisition of Macquarie Asset Management’s US and European public investments business by Nomura Holding America Inc. This acquisition will lead to the automatic termination of investment advisory agreements between each Macquarie Fund and Delaware Management Company (DMC). To prepare for this event, the Board of Trustees for each Fund approved a new investment advisory agreement, pending shareholder approval. Shareholders will receive proxy materials concerning the new agreement, expected to be mailed in late July 2025. Additionally, the Board approved an interim advisory agreement allowing DMC to continue providing services until the shareholder approval is obtained. As a result of the acquisition, several funds will undergo name changes to include 'Nomura' in their titles. Detailed changes were outlined for numerous funds under the Macquarie brand. Further updates regarding the closing of the transaction will follow in future communications.
Additional details:
Interim Agreement: approved
Shareholder Meeting: special meeting to consider new advisory agreement
Proxy Materials Mail Date: late July 2025
Termination Agreement: investment advisory agreement termination upon acquisition
Name Changes: various funds will change names to include 'Nomura'
Form Type: 497K
Filing Date: 2025-06-18
Corporate Action: Acquisition
Type: Update
Accession Number: 000113743925000820
Filing Summary: On June 18, 2025, Delaware Management Company (DMC), a subsidiary of Macquarie Group Limited, announced an agreement with Nomura Holding America Inc. for Nomura to acquire Macquarie Asset Management’s US and European public investments business. The transaction's closing will result in the automatic termination of the investment advisory agreement between each Fund and DMC. In anticipation of this closing, each Fund's Board of Trustees approved a new investment advisory agreement to be effective upon shareholder approval at a forthcoming special meeting. Additionally, the Board recognized the need for an interim investment advisory agreement, effective at the time of the transaction, allowing DMC to provide services for up to 150 days post-effectiveness or until approval of the new agreement. The Board also approved multiple name changes for the affected funds from Macquarie to Nomura branding, including the Macquarie Asset Strategy Fund to the Nomura Asset Strategy Fund and others. Proxy materials are expected to be mailed in late July 2025, with further details on the transaction's closing timing to be shared later.
Additional details:
Current Name: Macquarie Asset Strategy Fund
New Name: Nomura Asset Strategy Fund
Current Name: Macquarie Balanced Fund
New Name: Nomura Balanced Fund
Current Name: Macquarie Climate Solutions Fund
New Name: Nomura Climate Solutions Fund
Current Name: Macquarie Core Equity Fund
New Name: Nomura Core Equity Fund
Current Name: Macquarie Corporate Bond Fund
New Name: Nomura Corporate Bond Fund
Current Name: Macquarie Diversified Income Fund
New Name: Nomura Diversified Income Fund
Current Name: Macquarie Emerging Markets Debt Corporate Fund
New Name: Nomura Emerging Markets Debt Corporate Fund
Current Name: Macquarie Emerging Markets Fund
New Name: Nomura Emerging Markets Fund
Current Name: Macquarie Extended Duration Bond Fund
New Name: Nomura Extended Duration Bond Fund
Current Name: Macquarie Floating Rate Fund
New Name: Nomura Floating Rate Fund
Current Name: Macquarie Global Allocation Fund
New Name: Nomura Global Allocation Fund
Current Name: Macquarie Global Bond Fund
New Name: Nomura Global Bond Fund
Current Name: Macquarie Global Growth Fund
New Name: Nomura Global Growth Fund
Current Name: Macquarie Global Listed Real Assets Fund
New Name: Nomura Global Listed Real Assets Fund
Current Name: Macquarie Growth and Income Fund
New Name: Nomura Growth and Income Fund
Current Name: Macquarie Healthcare Fund
New Name: Nomura Healthcare Fund
Current Name: Macquarie High Income Fund
New Name: Nomura High Income Fund
Current Name: Macquarie International Core Equity Fund
New Name: Nomura International Core Equity Fund
Current Name: Macquarie Large Cap Growth Fund
New Name: Nomura Large Cap Growth Fund
Current Name: Macquarie Limited-Term Diversified Income Fund
New Name: Nomura Limited-Term Diversified Income Fund
Current Name: Macquarie Mid Cap Growth Fund
New Name: Nomura Mid Cap Growth Fund
Current Name: Macquarie Mid Cap Income Opportunities Fund
New Name: Nomura Mid Cap Income Opportunities Fund
Current Name: Macquarie Minnesota High-Yield Municipal Bond Fund
New Name: Nomura Minnesota High-Yield Municipal Bond Fund
Current Name: Macquarie National High-Yield Municipal Bond Fund
New Name: Nomura National High-Yield Municipal Bond Fund
Current Name: Macquarie Natural Resources Fund
New Name: Nomura Natural Resources Fund
Current Name: Macquarie Opportunity Fund
New Name: Nomura Opportunity Fund
Current Name: Macquarie Real Estate Securities Fund
New Name: Nomura Real Estate Securities Fund
Current Name: Macquarie Science and Technology Fund
New Name: Nomura Science and Technology Fund
Current Name: Macquarie Small Cap Core Fund
New Name: Nomura Small Cap Core Fund
Current Name: Macquarie Small Cap Growth Fund
New Name: Nomura Small Cap Growth Fund
Current Name: Macquarie Small Cap Value Fund
New Name: Nomura Small Cap Value Fund
Current Name: Macquarie Smid Cap Core Fund
New Name: Nomura Smid Cap Core Fund
Current Name: Macquarie Strategic Income Fund
New Name: Nomura Strategic Income Fund
Current Name: Macquarie Systematic Emerging Markets Equity Fund
New Name: Nomura Systematic Emerging Markets Equity Fund
Current Name: Macquarie Tax-Free California Fund
New Name: Nomura Tax-Free California Fund
Current Name: Macquarie Tax-Free Colorado Fund
New Name: Nomura Tax-Free Colorado Fund
Current Name: Macquarie Tax-Free Idaho Fund
New Name: Nomura Tax-Free Idaho Fund
Current Name: Macquarie Tax-Free Minnesota Fund
New Name: Nomura Tax-Free Minnesota Fund
Current Name: Macquarie Tax-Free New York Fund
New Name: Nomura Tax-Free New York Fund
Current Name: Macquarie Tax-Free Oregon Fund
New Name: Nomura Tax-Free Oregon Fund
Current Name: Macquarie Tax-Free Pennsylvania Fund
New Name: Nomura Tax-Free Pennsylvania Fund
Current Name: Macquarie Tax-Free USA Fund
New Name: Nomura Tax-Free USA Fund
Current Name: Macquarie Tax-Free USA Intermediate Fund
New Name: Nomura Tax-Free USA Intermediate Fund
Current Name: Macquarie Ultrashort Fund
New Name: Nomura Ultrashort Fund
Current Name: Macquarie Value Fund
New Name: Nomura Value Fund
Current Name: Macquarie Wealth Builder Fund
New Name: Nomura Wealth Builder Fund
Current Name: Macquarie VIP Asset Strategy Series
New Name: Nomura VIP Asset Strategy Series
Current Name: Macquarie VIP Balanced Series
New Name: Nomura VIP Balanced Series
Current Name: Macquarie VIP Core Equity Series
New Name: Nomura VIP Core Equity Series
Current Name: Macquarie VIP Corporate Bond Series
New Name: Nomura VIP Corporate Bond Series
Current Name: Macquarie VIP Emerging Markets Series
New Name: Nomura VIP Emerging Markets Series
Current Name: Macquarie VIP Energy Series
New Name: Nomura VIP Energy Series
Current Name: Macquarie VIP Fund for Income Series
New Name: Nomura VIP Fund for Income Series
Current Name: Macquarie VIP Global Growth Series
New Name: Nomura VIP Global Growth Series
Current Name: Macquarie VIP Growth and Income Series
New Name: Nomura VIP Growth and Income Series
Current Name: Macquarie VIP Growth Equity Series
New Name: Nomura VIP Growth Equity Series
Current Name: Macquarie VIP Growth Series
New Name: Nomura VIP Growth Series
Current Name: Macquarie VIP High Income Series
New Name: Nomura VIP High Income Series
Current Name: Macquarie VIP International Core Equity Series
New Name: Nomura VIP International Core Equity Series
Current Name: Macquarie VIP Investment Grade Series
New Name: Nomura VIP Investment Grade Series
Current Name: Macquarie VIP Limited Duration Bond Series
New Name: Nomura VIP Limited Duration Bond Series
Current Name: Macquarie VIP Limited-Term Bond Series
New Name: Nomura VIP Limited-Term Bond Series
Current Name: Macquarie VIP Mid Cap Growth Series
New Name: Nomura VIP Mid Cap Growth Series
Current Name: Macquarie VIP Natural Resources Series
New Name: Nomura VIP Natural Resources Series
Current Name: Macquarie VIP Opportunity Series
New Name: Nomura VIP Opportunity Series
Current Name: Macquarie VIP Pathfinder Aggressive Series
New Name: Nomura VIP Pathfinder Aggressive Series
Current Name: Macquarie VIP Pathfinder Conservative Series
New Name: Nomura VIP Pathfinder Conservative Series
Current Name: Macquarie VIP Pathfinder Moderate Series
New Name: Nomura VIP Pathfinder Moderate Series
Current Name: Macquarie VIP Pathfinder Moderately Aggressive Series
New Name: Nomura VIP Pathfinder Moderately Aggressive Series
Current Name: Macquarie VIP Pathfinder Moderately Conservative Series
New Name: Nomura VIP Pathfinder Moderately Conservative Series
Current Name: Macquarie VIP Pathfinder Moderately Aggressive - Managed Volatility Series
New Name: Nomura VIP Pathfinder Moderately Aggressive - Managed Volatility Series
Current Name: Macquarie VIP Pathfinder Moderately Conservative - Managed Volatility Series
New Name: Nomura VIP Pathfinder Moderately Conservative - Managed Volatility Series
Current Name: Macquarie VIP Pathfinder Moderate - Managed Volatility Series
New Name: Nomura VIP Pathfinder Moderate - Managed Volatility Series
Current Name: Macquarie VIP Science and Technology Series
New Name: Nomura VIP Science and Technology Series
Current Name: Macquarie VIP Small Cap Growth Series
New Name: Nomura VIP Small Cap Growth Series
Current Name: Macquarie VIP Small Cap Value Series
New Name: Nomura VIP Small Cap Value Series
Current Name: Macquarie VIP Smid Cap Core Series
New Name: Nomura VIP Smid Cap Core Series
Current Name: Macquarie VIP Total Return Series
New Name: Nomura VIP Total Return Series
Current Name: Macquarie VIP Value Series
New Name: Nomura VIP Value Series
Form Type: 497K
Filing Date: 2025-04-21
Corporate Action: Acquisition
Type: New
Accession Number: 000113743925000371
Filing Summary: On April 21, 2025, Macquarie Group Limited, the parent company of Delaware Management Company (DMC), along with its affiliates, 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 contingent upon customary closing conditions, including regulatory approvals. Expected to close by the end of October 2025, the deal will lead to the automatic termination of each Fund’s investment advisory agreement with DMC under the Investment Company Act of 1940. The Funds' Board of Trustees will be required to approve new investment advisory and sub-advisory agreements, which, if approved, will take effect upon the transaction's closing. Investors are advised to consult tax professionals regarding potential tax implications from this investment.
Additional details:
Investment Advisory Agreement Status: terminated
Expected Closing Date: 2025-10-31
Form Type: 497K
Filing Date: 2025-04-21
Corporate Action: Acquisition
Type: New
Accession Number: 000113743925000372
Filing Summary: On April 21, 2025, Macquarie Group Limited, along with its subsidiary Delaware Management Company (DMC), announced an agreement for Nomura Holding America Inc. to acquire the US and European public investments asset management business of Macquarie Asset Management. This acquisition is subject to customary closing conditions including necessary regulatory approvals, with an expected closing by the end of October 2025. Upon closing, the transaction will automatically terminate each Fund’s investment advisory agreement with DMC, necessitating the approval of a new investment advisory agreement by the Fund's Board of Trustees. If the new agreement is approved by the Board, it will then be presented to Fund shareholders for their approval, taking effect upon closing of the transaction. Investors are advised to consult with tax professionals regarding potential tax consequences related to investments.
Additional details:
Investment Advisory Agreement Status: will terminate upon closing
Expected Closing Date: end of October 2025
Transaction Type: acquisition
Informed Parties: Delaware Management Company, Macquarie Group Limited, Nomura Holding America Inc.
Form Type: 497K
Filing Date: 2025-04-21
Corporate Action: Acquisition
Type: New
Accession Number: 000113743925000374
Filing Summary: On April 21, 2025, Macquarie Group Limited, the parent company of Delaware Management Company (DMC), announced an agreement for Nomura Holding America Inc. to acquire the US and European public investments asset management business of Macquarie Asset Management. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close by the end of October 2025. Following this acquisition, the investment advisory agreement with DMC will automatically terminate. Consequently, the Board of Trustees of each Fund will need to approve new investment advisory agreements, which will be presented to Fund shareholders for approval. This transition will become effective upon the closing of the transaction.
Additional details:
Investment Advisory Agreement Termination: automatic termination of each Fund’s investment advisory agreement with DMC upon closing
Expected Closing Date: by the end of October 2025
New Investment Advisory Agreement Approval: Board will be asked to approve a new investment advisory agreement
Shareholder Approval Required: new investment advisory agreement will be presented to Fund shareholders for approval if approved by the Board
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