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shareholder report contains important information about Nomura Diversified Income Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 1, 2024,</span> to October 31, 2025. annual shareholder report You can find additional information about the Fund atnomuraassetmanagement.com/literature.You can also request this information by contacting us at800 523-1918, weekdays from8:30am to 6:00pm ET. nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the<br/>Material Fund changes section.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class A</td> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>69</td> <td style="break-inside: avoid-page; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">0.67<span>%</span></td> </tr> </table> 69 0.0067 <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Performance highlights</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">Nomura Diversified Income Fund (Class A) returned 6.42% (excluding sales charge) for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">October 31, 2025.</span> During the same period, the Bloomberg US Aggregate Index (benchmark), the Fund's broad-based securities market index, returned 6.16%.</div> <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top contributors to performance:</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">The Fund outperformed the benchmark due to a combination of allocations to securitized assets (structured finance), corporate bonds (both investment grade and high yield), and emerging markets debt.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">The Fund’s positioning across the curve contributed to performance relative to the benchmark. Treasury yields ended lower over the period as the US Federal Reserve (Fed) resumed its easing cycle. However, there was marked volatility in yields during the period as trade tensions, fiscal policy, and uncertainty around the timing and magnitude of the Fed easing cycle moved in line with economic data, and the Fund adjusted its positioning accordingly.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">As mentioned above, allocations to the securitized assets and corporate bond sectors contributed to the Fund’s performance – despite volatility earlier in the period – as a resilient economy, reinforced by a resumption of the Fed’s easing cycle, provided a tailwind for risk markets. Security selection within agency mortgage-backed securities (MBS) was a contributor as well.</div> <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top detractors from performance:</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Selection within investment grade public corporates – especially allocations within financials – detracted from performance as broader concerns around credit performance emerged later in the period, which impacted the sector.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Selection within emerging market debt, particularly to sovereign and suprnational debt, detracted from performance.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">An allocation to Treasury inflation-protected securities (TIPS) detracted from performance. Inflation expectations were unchanged over the entire period but exhibited volatility during the period. Our allocation to TIPS was a detractor as inflation breakevens declined from their recent peaks.</div> <div style="break-before: always; margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt;">Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">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 <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">For the period October 31, 2015, through October 31, 2025</div> <div style="margin-bottom: 8pt;"> <img alt="Fund Performance - Growth of 10K" src="g35748chartimages_10904833.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 0 3pt 0;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>October 31, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 0 3pt 0;">Nomura Diversified Income Fund (Class A) – including sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">1.63</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">-0.60</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">1.94</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 0 3pt 0;">Nomura Diversified Income Fund (Class A) – excluding sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">6.42</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">0.31</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">2.40</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 0 3pt 0;">Bloomberg US Aggregate Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">6.16</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">-0.24</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">1.90</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Nomura Diversified Income Fund (Class A) – including sales charge 0.0163 -0.0060 0.0194 Nomura Diversified Income Fund (Class A) – excluding sales charge 0.0642 0.0031 0.0240 Bloomberg US Aggregate Index 0.0616 -0.0024 0.0190 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of October 31, 2025)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>2,439,969,208</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;">817</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>6,915,747</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;">102<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 10pt;"> <tr style="border-bottom-width: 0px; border-bottom-style: initial; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; margin-bottom: 0; font-weight: normal; font-family: 'Arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); width: 1%; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; margin-bottom: 0; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 2439969208 817 6915747 1.02 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of October 31, 2025)</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Portfolio composition</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">37.31<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Agency Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">28.07<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">8.46<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">US Treasury Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">7.41<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Asset-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.20<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Collateralized Mortgage Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">3.33<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Collateralized Loan Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">3.00<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Loan Agreements</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">1.85<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Sovereign Bonds</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Government Agency Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">1.15<span>%</span></td> </tr> </table> 0.3731 0.2807 0.0846 0.0741 0.0420 0.0333 0.0300 0.0185 0.0144 0.0115 <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Diversified Income Fund.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 2, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Diversified Income Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 2, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP 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 <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP as the Fund’s independent registered public accounting firm. 2025-09-09 Nomura Diversified Income Fund(formerly, Macquarie Diversified Income Fund) Class C DPCFX This annual shareholder report contains important information about Nomura Diversified Income Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 1, 2024,</span> to October 31, 2025. annual shareholder report You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET. nomuraassetmanagement.com/literature  800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the<br/>Material Fund changes section.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class C</td> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>146</td> <td style="break-inside: avoid-page; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">1.42<span>%</span></td> </tr> </table> 146 0.0142 <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Performance highlights</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">Nomura Diversified Income Fund (Class C) returned 5.77% (excluding sales charge) for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">October 31, 2025.</span> During the same period, the Bloomberg US Aggregate Index (benchmark), the Fund's broad-based securities market index, returned 6.16%.</div> <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top contributors to performance:</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">The Fund outperformed the benchmark due to a combination of allocations to securitized assets (structured finance), corporate bonds (both investment grade and high yield), and emerging markets debt.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">The Fund’s positioning across the curve contributed to performance relative to the benchmark. Treasury yields ended lower over the period as the US Federal Reserve (Fed) resumed its easing cycle. However, there was marked volatility in yields during the period as trade tensions, fiscal policy, and uncertainty around the timing and magnitude of the Fed easing cycle moved in line with economic data, and the Fund adjusted its positioning accordingly.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">As mentioned above, allocations to the securitized assets and corporate bond sectors contributed to the Fund’s performance – despite volatility earlier in the period – as a resilient economy, reinforced by a resumption of the Fed’s easing cycle, provided a tailwind for risk markets. Security selection within agency mortgage-backed securities (MBS) was a contributor as well.</div> <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top detractors from performance:</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Selection within investment grade public corporates – especially allocations within financials – detracted from performance as broader concerns around credit performance emerged later in the period, which impacted the sector.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Selection within emerging market debt, particularly to sovereign and suprnational debt, detracted from performance.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">An allocation to Treasury inflation-protected securities (TIPS) detracted from performance. Inflation expectations were unchanged over the entire period but exhibited volatility during the period. Our allocation to TIPS was a detractor as inflation breakevens declined from their recent peaks.</div> <div style="break-before: always; margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt;">Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">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 <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index for the same period.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">For the period October 31, 2015, through October 31, 2025</div> <div style="margin-bottom: 8pt;"> <img alt="Fund Performance - Growth of 10K" src="g35748chartimages_10904873.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 0 3pt 0;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>October 31, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 0 3pt 0;">Nomura Diversified Income Fund (Class C) – including sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">4.77</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">-0.42</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">1.64</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 0 3pt 0;">Nomura Diversified Income Fund (Class C) – excluding sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">5.77</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">-0.42</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">1.64</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 0 3pt 0;">Bloomberg US Aggregate Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">6.16</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">-0.24</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">1.90</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Nomura Diversified Income Fund (Class C) – including sales charge 0.0477 -0.0042 0.0164 Nomura Diversified Income Fund (Class C) – excluding sales charge 0.0577 -0.0042 0.0164 Bloomberg US Aggregate Index 0.0616 -0.0024 0.0190 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of October 31, 2025)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>2,439,969,208</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;">817</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>6,915,747</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;">102<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 10pt;"> <tr style="border-bottom-width: 0px; border-bottom-style: initial; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; margin-bottom: 0; font-weight: normal; font-family: 'Arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); width: 1%; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; margin-bottom: 0; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 2439969208 817 6915747 1.02 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of October 31, 2025)</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Portfolio composition</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">37.31<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Agency Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">28.07<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">8.46<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">US Treasury Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">7.41<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Asset-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.20<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Collateralized Mortgage Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">3.33<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Collateralized Loan Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">3.00<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Loan Agreements</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">1.85<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Sovereign Bonds</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Government Agency Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">1.15<span>%</span></td> </tr> </table> 0.3731 0.2807 0.0846 0.0741 0.0420 0.0333 0.0300 0.0185 0.0144 0.0115 <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Diversified Income Fund.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 2, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Diversified Income Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 2, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP 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 <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP as the Fund’s independent registered public accounting firm. 2025-09-09 Nomura Diversified Income Fund(formerly, Macquarie Diversified Income Fund) Class R DPRFX This annual shareholder report contains important information about Nomura Diversified Income Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 1, 2024,</span> to October 31, 2025. annual shareholder report You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET. nomuraassetmanagement.com/literature  800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the<br/>Material Fund changes section.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class R</td> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>95</td> <td style="break-inside: avoid-page; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">0.92<span>%</span></td> </tr> </table> 95 0.0092 <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Performance highlights</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">Nomura Diversified Income Fund (Class R) returned 6.16% (excluding sales charge) for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">October 31, 2025.</span> During the same period, the Bloomberg US Aggregate Index (benchmark), the Fund's broad-based securities market index, returned 6.16%.</div> <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top contributors to performance:</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">The Fund outperformed the benchmark due to a combination of allocations to securitized assets (structured finance), corporate bonds (both investment grade and high yield), and emerging markets debt.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">The Fund’s positioning across the curve contributed to performance relative to the benchmark. Treasury yields ended lower over the period as the US Federal Reserve (Fed) resumed its easing cycle. However, there was marked volatility in yields during the period as trade tensions, fiscal policy, and uncertainty around the timing and magnitude of the Fed easing cycle moved in line with economic data, and the Fund adjusted its positioning accordingly.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">As mentioned above, allocations to the securitized assets and corporate bond sectors contributed to the Fund’s performance – despite volatility earlier in the period – as a resilient economy, reinforced by a resumption of the Fed’s easing cycle, provided a tailwind for risk markets. Security selection within agency mortgage-backed securities (MBS) was a contributor as well.</div> <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top detractors from performance:</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Selection within investment grade public corporates – especially allocations within financials – detracted from performance as broader concerns around credit performance emerged later in the period, which impacted the sector.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Selection within emerging market debt, particularly to sovereign and suprnational debt, detracted from performance.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">An allocation to Treasury inflation-protected securities (TIPS) detracted from performance. Inflation expectations were unchanged over the entire period but exhibited volatility during the period. Our allocation to TIPS was a detractor as inflation breakevens declined from their recent peaks.</div> <div style="break-before: always; margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt;">Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">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 <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index for the same period.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">For the period October 31, 2015, through October 31, 2025</div> <div style="margin-bottom: 8pt;"> <img alt="Fund Performance - Growth of 10K" src="g35748chartimages_10904913.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 0 3pt 0;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>October 31, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 0 3pt 0;">Nomura Diversified Income Fund (Class R) – including sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">6.16</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">0.05</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">2.15</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 0 3pt 0;">Nomura Diversified Income Fund (Class R) – excluding sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">6.16</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">0.05</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">2.15</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 0 3pt 0;">Bloomberg US Aggregate Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">6.16</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">-0.24</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">1.90</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Nomura Diversified Income Fund (Class R) – including sales charge 0.0616 0.0005 0.0215 Nomura Diversified Income Fund (Class R) – excluding sales charge 0.0616 0.0005 0.0215 Bloomberg US Aggregate Index 0.0616 -0.0024 0.0190 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of October 31, 2025)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>2,439,969,208</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;">817</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>6,915,747</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;">102<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 10pt;"> <tr style="border-bottom-width: 0px; border-bottom-style: initial; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; margin-bottom: 0; font-weight: normal; font-family: 'Arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); width: 1%; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; margin-bottom: 0; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 2439969208 817 6915747 1.02 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of October 31, 2025)</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Portfolio composition</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">37.31<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Agency Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">28.07<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">8.46<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">US Treasury Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">7.41<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Asset-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.20<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Collateralized Mortgage Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">3.33<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Collateralized Loan Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">3.00<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Loan Agreements</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">1.85<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Sovereign Bonds</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Government Agency Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">1.15<span>%</span></td> </tr> </table> 0.3731 0.2807 0.0846 0.0741 0.0420 0.0333 0.0300 0.0185 0.0144 0.0115 <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Diversified Income Fund.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 2, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Diversified Income Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 2, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP 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 <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP as the Fund’s independent registered public accounting firm. 2025-09-09 Nomura Diversified Income Fund(formerly, Macquarie Diversified Income Fund) Institutional Class DPFFX This annual shareholder report contains important information about Nomura Diversified Income Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 1, 2024,</span> to October 31, 2025. annual shareholder report You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET. nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the<br/>Material Fund changes section.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Institutional Class</td> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>43</td> <td style="break-inside: avoid-page; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">0.42<span>%</span></td> </tr> </table> 43 0.0042 <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Performance highlights</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">Nomura Diversified Income Fund (Institutional Class) returned 6.69% (excluding sales charge) for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">October 31, 2025.</span> During the same period, the Bloomberg US Aggregate Index (benchmark), the Fund's broad-based securities market index, returned 6.16%.</div> <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top contributors to performance:</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">The Fund outperformed the benchmark due to a combination of allocations to securitized assets (structured finance), corporate bonds (both investment grade and high yield), and emerging markets debt.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">The Fund’s positioning across the curve contributed to performance relative to the benchmark. Treasury yields ended lower over the period as the US Federal Reserve (Fed) resumed its easing cycle. However, there was marked volatility in yields during the period as trade tensions, fiscal policy, and uncertainty around the timing and magnitude of the Fed easing cycle moved in line with economic data, and the Fund adjusted its positioning accordingly.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">As mentioned above, allocations to the securitized assets and corporate bond sectors contributed to the Fund’s performance – despite volatility earlier in the period – as a resilient economy, reinforced by a resumption of the Fed’s easing cycle, provided a tailwind for risk markets. Security selection within agency mortgage-backed securities (MBS) was a contributor as well.</div> <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top detractors from performance:</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Selection within investment grade public corporates – especially allocations within financials – detracted from performance as broader concerns around credit performance emerged later in the period, which impacted the sector.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Selection within emerging market debt, particularly to sovereign and suprnational debt, detracted from performance.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">An allocation to Treasury inflation-protected securities (TIPS) detracted from performance. Inflation expectations were unchanged over the entire period but exhibited volatility during the period. Our allocation to TIPS was a detractor as inflation breakevens declined from their recent peaks.</div> <div style="break-before: always; margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt;">Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">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 <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index for the same period.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">For the period October 31, 2015, through October 31, 2025</div> <div style="margin-bottom: 8pt;"> <img alt="Fund Performance - Growth of 10K" src="g35748chartimages_10904993.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 0 3pt 0;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>October 31, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 0 3pt 0;">Nomura Diversified Income Fund (Institutional Class) – including sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">6.69</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">0.56</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">2.66</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 0 3pt 0;">Nomura Diversified Income Fund (Institutional Class) – excluding sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">6.69</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">0.56</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">2.66</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 0 3pt 0;">Bloomberg US Aggregate Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">6.16</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">-0.24</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">1.90</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Nomura Diversified Income Fund (Institutional Class) – including sales charge 0.0669 0.0056 0.0266 Nomura Diversified Income Fund (Institutional Class) – excluding sales charge 0.0669 0.0056 0.0266 Bloomberg US Aggregate Index 0.0616 -0.0024 0.0190 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of October 31, 2025)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>2,439,969,208</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;">817</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>6,915,747</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;">102<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 10pt;"> <tr style="border-bottom-width: 0px; border-bottom-style: initial; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; margin-bottom: 0; font-weight: normal; font-family: 'Arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); width: 1%; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; margin-bottom: 0; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 2439969208 817 6915747 1.02 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of October 31, 2025)</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Portfolio composition</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">37.31<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Agency Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">28.07<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">8.46<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">US Treasury Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">7.41<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Asset-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.20<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Collateralized Mortgage Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">3.33<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Collateralized Loan Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">3.00<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Loan Agreements</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">1.85<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Sovereign Bonds</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Government Agency Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">1.15<span>%</span></td> </tr> </table> 0.3731 0.2807 0.0846 0.0741 0.0420 0.0333 0.0300 0.0185 0.0144 0.0115 <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Diversified Income Fund.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 2, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Diversified Income Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 2, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP 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 <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP as the Fund’s independent registered public accounting firm. 2025-09-09 Nomura Diversified Income Fund(formerly, Macquarie Diversified Income Fund) Class R6 DPZRX This annual shareholder report contains important information about Nomura Diversified Income Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 1, 2024,</span> to October 31, 2025. annual shareholder report You can find additional information about the Fund at nomuraassetmanagement.com/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET. nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the<br/>Material Fund changes section.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div><div style="margin-top: 0px; margin-bottom: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class R6</td> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>34</td> <td style="break-inside: avoid-page; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">0.33<span>%</span></td> </tr> </table> 34 0.0033 <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Performance highlights</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">Nomura Diversified Income Fund (Class R6) returned 6.91% (excluding sales charge) for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">October 31, 2025.</span> During the same period, the Bloomberg US Aggregate Index (benchmark), the Fund's broad-based securities market index, returned 6.16%.</div> <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top contributors to performance:</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">The Fund outperformed the benchmark due to a combination of allocations to securitized assets (structured finance), corporate bonds (both investment grade and high yield), and emerging markets debt.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">The Fund’s positioning across the curve contributed to performance relative to the benchmark. Treasury yields ended lower over the period as the US Federal Reserve (Fed) resumed its easing cycle. However, there was marked volatility in yields during the period as trade tensions, fiscal policy, and uncertainty around the timing and magnitude of the Fed easing cycle moved in line with economic data, and the Fund adjusted its positioning accordingly.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">As mentioned above, allocations to the securitized assets and corporate bond sectors contributed to the Fund’s performance – despite volatility earlier in the period – as a resilient economy, reinforced by a resumption of the Fed’s easing cycle, provided a tailwind for risk markets. Security selection within agency mortgage-backed securities (MBS) was a contributor as well.</div> <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top detractors from performance:</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Selection within investment grade public corporates – especially allocations within financials – detracted from performance as broader concerns around credit performance emerged later in the period, which impacted the sector.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Selection within emerging market debt, particularly to sovereign and suprnational debt, detracted from performance.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">An allocation to Treasury inflation-protected securities (TIPS) detracted from performance. Inflation expectations were unchanged over the entire period but exhibited volatility during the period. Our allocation to TIPS was a detractor as inflation breakevens declined from their recent peaks.</div> <div style="break-before: always; margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt;">Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">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 <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index for the same period.</div> <div style="margin-top: 0px; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">For the period May 2, 2016 (Class R6's inception), through October 31, 2025</div> <div style="margin-bottom: 8pt;"> <img alt="Fund Performance - Growth of 10K" src="g35748chartimages_10904953.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); height: auto;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 0 3pt 0;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>October 31, 2025</strong>)</td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>Since inception</strong><strong><br/>(5/2/16)</strong></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 0 3pt 0;">Nomura Diversified Income Fund (Class R6) – including sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">6.91</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">0.67</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">2.70</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 0 3pt 0;">Nomura Diversified Income Fund (Class R6) – excluding sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">6.91</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">0.67</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">2.70</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; line-height: 100%; padding: 6pt 0 3pt 0;">Bloomberg US Aggregate Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">6.16</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">-0.24</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 3pt 0;">1.72</td> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 2016-05-02 Nomura Diversified Income Fund (Class R6) – including sales charge 0.0691 0.0067 0.0270 Nomura Diversified Income Fund (Class R6) – excluding sales charge 0.0691 0.0067 0.0270 Bloomberg US Aggregate Index 0.0616 -0.0024 0.0172 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of October 31, 2025)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>2,439,969,208</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;">817</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>6,915,747</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; vertical-align: middle; line-height: 90%; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding: 6pt 0 6pt 0;">102<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid; margin-top: 10pt;"> <tr style="border-bottom-width: 0px; border-bottom-style: initial; break-inside: avoid-page; height: auto; border-bottom-color: initial;"> <td style="break-inside: avoid-page; margin-bottom: 0; font-weight: normal; font-family: 'Arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); width: 1%; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; margin-bottom: 0; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 2439969208 817 6915747 1.02 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of October 31, 2025)</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">The table below shows the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div><div style="border-bottom-width: 1pt; border-bottom-style: solid; line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Portfolio composition</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">37.31<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Agency Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">28.07<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">8.46<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">US Treasury Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">7.41<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Asset-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.20<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Non-Agency Collateralized Mortgage Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">3.33<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Collateralized Loan Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">3.00<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Loan Agreements</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">1.85<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Sovereign Bonds</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0);"> <td style="break-inside: avoid-page; line-height: 90%; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Government Agency Obligations</td> <td style="break-inside: avoid-page; text-align: right; line-height: 90%; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">1.15<span>%</span></td> </tr> </table> 0.3731 0.2807 0.0846 0.0741 0.0420 0.0333 0.0300 0.0185 0.0144 0.0115 <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt; margin-top: 0px;">Material Fund changes</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Diversified Income Fund.</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 2, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Diversified Income Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 2, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="line-height: 110%; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold; margin-bottom: 7pt; margin-top: 0px;">Changes in and disagreements with accountants</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP 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 <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 9, 2025</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP as the Fund’s independent registered public accounting firm. 2025-09-09 Excludes cash and cash equivalents. Excludes cash and cash equivalents. Excludes cash and cash equivalents. Excludes cash and cash equivalents. Excludes cash and cash equivalents.