Information Statement (Form DEF 14C)

Optimum Large Cap Growth Fund

Optimum Large Cap Value Fund

Optimum Small-Mid Cap Growth Fund

Optimum Small-Mid Cap Value Fund

Optimum International Fund

Optimum Fixed Income Fund

100 Independence, 610 Market Street
Philadelphia, PA 19106-2354

JOINT INFORMATION STATEMENT

This Joint Information Statement is being furnished on behalf of the Board of Trustees ("Trustees" or "Board") of Optimum Fund Trust (the "Trust") to inform shareholders of the funds listed above (each a "Fund" and together, the "Funds") about recent changes related to the Funds' sub-advisory arrangement. The changes were approved by the Board on the recommendation of the Funds' investment manager, Delaware Management Company ("DMC" or the "Manager"), without shareholder approval as is permitted by an order of the U.S. Securities and Exchange Commission ("SEC"). WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.

A Notice of Internet Availability of Joint Information Statement relating to this Joint Information Statement ("Notice") was mailed beginning on or about December 8, 2025 to shareholders of record of each Fund as of December 3, 2025 (the "Record Date"). The Joint Information Statement is available on the Funds' website at optimummutualfunds.com/literature on or about December 8, 2025 until at least May 8, 2026. A paper or e-mail copy of the Joint Information Statement may be obtained, without charge, by contacting your financial intermediary, or by calling each Fund's service agent toll free at 800 914-0278.

INTRODUCTION

The Trust and the Manager have agreed to comply with certain conditions when acting in reliance on the relief granted in the SEC Order. These conditions require, among other things, that within ninety (90) days of hiring a new sub-advisor, the affected fund will notify the shareholders of the fund of the changes. The Notice provides such notice of the changes and this Joint Information Statement presents additional details regarding the Sub-Advisors and their respective Sub-Advisory Agreements.

THE INVESTMENT MANAGER

The Manager is located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, and is a series of Nomura Investment Management Business Trust, which is an indirect subsidiary of Nomura Asset Management International Inc., which in turn is an indirect subsidiary, and subject to the ultimate control, of Nomura Holdings, Inc. ("Nomura"). The Manager is registered as an investment advisor with the SEC under the Investment Advisers Act of 1940, as amended.

The Manager provides investment advisory services to the Funds pursuant to a new investment management agreement dated December 1, 2025 between the Trust and the Manager (the "New Investment Advisory Agreement"). The New Investment Advisory Agreement was approved by the Board, including a majority of the Independent Trustees, at a meeting held on June 18, 2025 and by Fund shareholders on November 25, 2025. The New Investment Advisory Agreements became effective on December 1, 2025, which was the effective date of the closing of Transaction. The Trust employs the Manager to generally manage the investment and reinvestment of the assets of the Funds. In so doing, the Manager may hire one or more sub-advisors to carry out the investment program of the Funds, subject to the approval of the Board. The Manager continuously reviews and supervises the investment program of the Funds. The Manager furnishes regular reports to the Board regarding the investment program and performance of the Funds.

Pursuant to the New Investment Advisory Agreement, the Manager has full discretion and responsibility, subject to the overall supervision of the Board, to select and contract with one or more investment sub-advisors, to manage the investment operations and composition of the Funds, and to render investment advice for the Funds, including the purchase, retention, and disposition of investments, securities, and cash held by the Funds. The New Investment Advisory Agreement obligates the Manager to implement decisions with respect to the allocation or reallocation of the Funds' respective assets among one or more current or additional sub-advisors, and to monitor the sub-advisors' compliance with the Funds' investment objective(s), policies, and restrictions. Under the New Investment Advisory Agreement, the Trust will bear the expenses of conducting their business. In addition, the Manager pays the salaries of all officers and Trustees of the Trust who are officers, directors, or employees of the Manager or its affiliates.

As compensation for the services rendered under the New Investment Advisory Agreement, the Funds pay the Manager an annual management fee as a percentage of average daily net assets as described in Exhibit A. During the last fiscal year, the Funds paid investment management fees, after any applicable waivers, to the Manager as described in Exhibit B.

As compensation for the services rendered under the Sub-Advisory Agreements, the Manager pays the Sub-Advisors fees as a percentage of the Funds' average daily net assets as described in Exhibit C.

The name and principal occupation of each executive officer of the Manager is listed below. The address of each officer is 100 Independence, 610 Market Street, Philadelphia, PA 19106.

AMERICAN CENTURY INVESTMENT MANAGEMENT, INC.

American Century, headquartered at 4500 Main Street, Kansas City, MO, 64111 was approved by the Board to continue to serve as a sub-advisor to the Optimum Large Cap Growth Fund at the Meeting. American Century is registered as an investment advisor with the SEC. As of September 30, 2025, American Century's total assets under management were approximately $298 billion. The effective date for American Century's New Sub-Advisory Agreement is December 1, 2025.

American Century is an affiliate of Nomura and indirectly the Manager. American Century discharges its responsibilities subject to the oversight and supervision of the Manager. American Century is compensated out of the fees that the Manager receives from the Optimum Large Cap Growth Fund. There will be no increase in the advisory fees paid by the Optimum Large Cap Growth Fund to the Manager as a consequence of the implementation of the Sub-Advisory Agreement. The fees paid by the Manager to American Century depend upon the fee rates negotiated by the Manager and approved by the Board and on the percentage of the Optimum Large Cap Growth Fund's assets allocated to American Century by the Manager. In accordance with procedures adopted by the Board, American Century may effect Fund portfolio transactions through an affiliated broker/dealer and the affiliated broker/dealer may receive brokerage commissions in connection therewith as permitted by applicable law.

American Century serves as an investment advisor or sub-advisor to other registered investment companies with similar investment objectives to the Optimum Large Cap Growth Fund. The fee schedules for those comparable accounts are listed below.

The names and principal occupations of the principal executive officers and/or directors of American Century are listed below. The address of each principal executive officer and/or director listed

below, as it relates to the person's position with American Century, is 4500 Main Street, Kansas City, MO, 64111:

LOS ANGELES CAPITAL MANAGEMENT, LLC

LA Capital, headquartered at 11150 Santa Monica Blvd, Suite 200, Los Angeles, CA 90025 was approved by the Board to continue to serve as a sub-advisor to the Optimum Large Cap Growth Fund at the Meeting. LA Capital is registered as an investment advisor with the SEC. As of September 30, 2025, LA Capital's total assets under management were approximately $37.3 billion. The effective date for LA Capital's New Sub-Advisory Agreement is December 1, 2025.

LA Capital is not affiliated with the Manager, and LA Capital discharges its responsibilities subject to the oversight and supervision of the Manager. LA Capital is compensated out of the fees that the Manager receives from the Optimum Large Cap Growth Fund. There will be no increase in the advisory fees paid by the Optimum Large Cap Growth Fund to the Manager as a consequence of the implementation of the Sub-Advisory Agreement. The fees paid by the Manager to LA Capital depend upon the fee rates negotiated by the Manager and approved by the Board and on the percentage of the Optimum Large Cap Growth Fund's assets allocated to LA Capital by the Manager. In accordance with procedures adopted by the Board, LA Capital may effect Fund portfolio transactions through an affiliated broker/dealer and the affiliated broker/dealer may receive brokerage commissions in connection therewith as permitted by applicable law.

The names and principal occupations of the principal executive officers and/or directors of LA Capital are listed below. The address of each principal executive officer and/or director listed below, as it

relates to the person's position with LA Capital, is 11150 Santa Monica Blvd, Suite 200, Los Angeles, CA 90025:

MFS, headquartered at 111 Huntington Avenue, Boston, MA 02199 was approved by the Board to serve as a sub-advisor to the Optimum Large Cap Value Fund at the Meeting. MFS is registered as an investment advisor with the SEC. As of September 30, 2025, MFS's total assets under management were approximately $657.8 million. The effective date for MFS's New Sub-Advisory Agreement is December 1, 2025.

MFS is not affiliated with the Manager, and MFS discharges its responsibilities subject to the oversight and supervision of the Manager. MFS is compensated out of the fees that the Manager receives from the Optimum Large Cap Value Fund. There will be no increase in the advisory fees paid by the Optimum Large Cap Value Fund to the Manager as a consequence of the implementation of the Sub-Advisory Agreement. The fees paid by the Manager to MFS depend upon the fee rates negotiated by the Manager and approved by the Board and on the percentage of the Optimum Large Cap Value Fund's assets allocated to MFS by the Manager. In accordance with procedures adopted by the Board, MFS may effect Fund portfolio transactions through an affiliated broker/dealer and the affiliated broker/dealer may receive brokerage commissions in connection therewith as permitted by applicable law.

MFS serves as an investment advisor or sub-advisor to other registered investment companies with similar investment objectives to the Optimum Large Cap Value Fund. The fee schedules for those comparable accounts are listed below.

The names and principal occupations of the principal executive officers and/or directors of MFS are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with MFS, is 111 Huntington Avenue, Boston, MA 02199:

GREAT LAKES ADVISORS, LLC

Great Lakes, headquartered at 231 S. LaSalle St, 4th Floor, Chicago, IL 60604 was approved by the Board to serve as a sub-advisor to the Optimum Large Cap Value Fund at the Meeting. Great Lakes is registered as an investment advisor with the SEC. As of September 30, 2025, Great Lakes' total assets under management were approximately $ 19.3 billion. The effective date for Great Lakes' New Sub-Advisory Agreement is December 1, 2025.

Great Lakes is not affiliated with the Manager, and Great Lakes discharges its responsibilities subject to the oversight and supervision of the Manager. Great Lakes is compensated out of the fees that the Manager receives from the Optimum Large Cap Value Fund. There will be no increase in the advisory fees paid by the Optimum Large Cap Value Fund to the Manager as a consequence of the implementation of the Sub-Advisory Agreement. The fees paid by the Manager to Great Lakes depend upon the fee rates

Great Lakes serves as an investment advisor or sub-advisor to other registered investment companies with similar investment objectives to the Optimum Large Cap Value Fund. The fee schedules for those comparable accounts are listed below.

The names and principal occupations of the principal executive officers and/or directors of Great Lakes are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with Great Lakes, is 231 S. LaSalle St, 4th Floor, Chicago, IL 60604:

PRINCIPAL GLOBAL INVESTORS, LLC

Principal, headquartered at 801 Grand Avenue, Des Moines, Iowa, 50392 was approved by the Board to serve as a sub-advisor to the Optimum Small-Mid Cap Growth Fund at the Meeting. Principal is registered as an investment advisor with the SEC. As of September 30, 2025, Principal's total assets under management were approximately $ 601.5 billion. The effective date for Principal's New Sub-Advisory Agreement is December 1, 2025

Principal is not affiliated with the Manager, and Principal discharges its responsibilities subject to the oversight and supervision of the Manager. Principal is compensated out of the fees that the Manager receives from the Optimum Small-Mid Cap Growth Fund. There will be no increase in the advisory fees paid by the Optimum Small-Mid Cap Growth Fund to the Manager as a consequence of the implementation of the Sub-Advisory Agreement. The fees paid by the Manager to Principal depend upon the fee rates negotiated by the Manager and approved by the Board and on the percentage of the Optimum Small-Mid Cap Growth Fund's assets allocated to Principal by the Manager. In accordance with procedures adopted by the Board, Principal may effect Fund portfolio transactions through an affiliated broker/dealer and the affiliated broker/dealer may receive brokerage commissions in connection therewith as permitted by applicable law.

The names and principal occupations of the principal executive officers and/or directors of Principal are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with Principal, is 801 Grand Avenue, Des Moines, Iowa, 50392:

PEREGRINE CAPITAL MANAGEMENT, LLC

Peregrine is not affiliated with the Manager, and Peregrine discharges its responsibilities subject to the oversight and supervision of the Manager. Peregrine is compensated out of the fees that the Manager receives from the Optimum Small-Mid Cap Growth Fund. There will be no increase in the advisory fees paid by the Optimum Small-Mid Cap Growth Fund to the Manager as a consequence of the implementation of the Sub-Advisory Agreement. The fees paid by the Manager to Peregrine depend upon the fee rates negotiated by the Manager and approved by the Board and on the percentage of the Optimum Small-Mid Cap Growth Fund's assets allocated to Peregrine by the Manager. In accordance with procedures adopted by the Board, Peregrine may effect Fund portfolio transactions through an affiliated broker/dealer and the affiliated broker/dealer may receive brokerage commissions in connection therewith as permitted by applicable law.

Peregrine serves as an investment advisor or sub-advisor to other registered investment companies with similar investment objectives to the Optimum Small-Mid Cap Growth Fund. The fee schedules for those comparable accounts are listed below.

The names and principal occupations of the principal executive officers and/or directors of Peregrine are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with Peregrine, is 800 LaSalle Avenue, Suite 1750, Minneapolis, MN 55402:

LSV ASSET MANAGEMENT

LSV serves as an investment advisor or sub-advisor to other registered investment companies with similar investment objectives to the Optimum Small-Mid Cap Value Fund. The fee schedules for those comparable accounts are listed below.

The names and principal occupations of the principal executive officers and/or directors of LSV are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with LSV, is 155 North Wacker Drive, Suite 4600, Chicago, IL 60606:

WELLINGTON MANAGEMENT COMPANY LLP

Wellington, headquartered at 280 Congress Street, Boston, MA 02210 was approved by the Board to serve as a sub-advisor to the Optimum Small-Mid Cap Value Fund at the Meeting. Wellington is registered as an investment advisor with the SEC. As of September 30, 2025, Wellington's total assets under management were approximately $1.327 billion. The effective date for Wellington's New Sub-Advisory Agreement is December 1, 2025.

Wellington is not affiliated with the Manager, and Wellington discharges its responsibilities subject to the oversight and supervision of the Manager. Wellington is compensated out of the fees that the Manager receives from the Optimum Small-Mid Cap Value Fund. There will be no increase in the advisory fees paid by the Optimum Small-Mid Cap Value Fund to the Manager as a consequence of the implementation of the Sub-Advisory Agreement. The fees paid by the Manager to Wellington depend upon the fee rates negotiated by the Manager and approved by the Board and on the percentage of the Optimum Small-Mid Cap Value Fund's assets allocated to Wellington by the Manager. In accordance with procedures adopted by the Board,

The names and principal occupations of the principal executive officers and/or directors of Wellington are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with Wellington, is 280 Congress Street, Boston, MA 02210:

BAILLIE GIFFORD OVERSEAS LIMITED

Baillie Gifford, headquartered at Calton Square, 1 Greenside Row, Edinburgh EH1 3AN, UK was approved by the Board to serve as a sub-advisor to the Optimum International Fund at the Meeting. Baillie Gifford is registered as an investment advisor with the SEC. As of September 30, 2025, Baillie Gifford's total assets under management were approximately $286.93 billion . The effective date for Baillie Gifford's New Sub-Advisory Agreement is December 1, 2025.

Baillie Gifford is not affiliated with the Manager, and Baillie Gifford discharges its responsibilities subject to the oversight and supervision of the Manager. Baillie Gifford is compensated out of the fees that the Manager receives from the Optimum International Fund. There will be no increase in the advisory fees paid by the Optimum International Fund to the Manager as a consequence of the implementation of the Sub-Advisory Agreement. The fees paid by the Manager to Baillie Gifford depend upon the fee rates negotiated by the Manager and approved by the Board and on the percentage of the Optimum International Fund's assets allocated to Baillie Gifford by the Manager. In accordance with procedures adopted by the Board, Baillie Gifford may effect Fund portfolio transactions through an affiliated broker/dealer and the affiliated broker/dealer may receive brokerage commissions in connection therewith as permitted by applicable law.

Baillie Gifford serves as an investment advisor or sub-advisor to other registered investment companies with similar investment objectives to the Optimum International Fund. The fee schedules for those comparable accounts are listed below.

The names and principal occupations of the principal executive officers and/or directors of Baillie Gifford are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with Baillie Gifford, is Calton Square, 1 Greenside Row, Edinburgh EH1 3AN, UK:

Acadian Asset Management LLC

Acadian, headquartered at 260 Franklin Street, Boston, MA 02110 was approved by the Board to serve as a sub-advisor to the Optimum International Fund at the Meeting. Acadian is registered as an investment advisor with the SEC. As of September 30, 2025, Acadian's total assets under management were approximately $166.4 billion. The effective date for Acadian's New Sub-Advisory Agreement is December 1, 2025.

Acadian is not affiliated with the Manager, and Acadian discharges its responsibilities subject to the oversight and supervision of the Manager. Acadian is compensated out of the fees that the Manager receives from the Optimum International Fund. There will be no increase in the advisory fees paid by the Optimum International Fund to the Manager as a consequence of the implementation of the Sub-Advisory Agreement. The fees paid by the Manager to Acadian depend upon the fee rates negotiated by the Manager and approved by the Board and on the percentage of the Optimum International Fund's assets allocated to Acadian by the Manager. In accordance with procedures adopted by the Board, Acadian may effect Fund portfolio transactions through an affiliated broker/dealer and the affiliated broker/dealer may receive brokerage commissions in connection therewith as permitted by applicable law.

The names and principal occupations of the principal executive officers and/or directors of Acadian are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with Acadian, is 260 Franklin Street, Boston, MA 02110:

PACIFIC INVESTMENT MANAGEMENT COMPANY

PIMCO, headquartered at 650 Newport Center Drive, Newport Beach, California 92660 was approved by the Board to serve as a sub-advisor to the Optimum Fixed Income Fund at the Meeting. PIMCO is registered as an investment advisor with the SEC. As of September 30, 2025, PIMCO's total assets under management were approximately $2.20 trillion. The effective date for PIMCO's New Sub-Advisory Agreement is December 1, 2025.

PIMCO is not affiliated with the Manager, and PIMCO discharges its responsibilities subject to the oversight and supervision of the Manager. PIMCO is compensated out of the fees that the Manager receives from the Optimum Fixed Income Fund. There will be no increase in the advisory fees paid by the Optimum Fixed Income Fund to the Manager as a consequence of the implementation of the Sub-Advisory Agreement. The fees paid by the Manager to PIMCO depend upon the fee rates negotiated by the Manager and approved by the Board and on the percentage of the Optimum Fixed Income Fund's assets allocated to PIMCO by the Manager. In accordance with procedures adopted by the Board, PIMCO may effect Fund portfolio transactions through an affiliated broker/dealer and the affiliated broker/dealer may receive brokerage commissions in connection therewith as permitted by applicable law.

PIMCO serves as an investment advisor or sub-advisor to other registered investment companies with similar investment objectives to the Optimum Fixed Income Fund. The fee schedules for those comparable accounts are listed below.

The names and principal occupations of the principal executive officers and/or directors of September 30, 2025 are listed below. The address of each principal executive officer and/or director listed below, as it relates to the person's position with PIMCO, is 650 Newport Center Drive, Newport Beach, California 92660:

THE SUB-ADVISORY AGREEMENTS

THE MANAGER'S RECOMMENDATION AND THE BOARD'S CONSIDERATIONS OF THE BOARD CONSIDERATION OF OPTIMUM FUND TRUST INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS

Investment Performance. The Board considered the overall investment performance of DMC and the Funds. The Board placed significant emphasis on the investment performance of the Funds in view of its importance to shareholders. Although the Board gave appropriate consideration to performance reports and discussions with portfolio managers at Board meetings throughout the year, it gave particular weight to its review of investment performance in connection with the approval of the Current Investment Advisory Agreement at the Board meeting held in September 2024. At that meeting, the Board reviewed reports for each Fund prepared by Broadridge Financial Solutions, Inc., an independent investment company data provider ("Broadridge"), which showed the Fund's investment performance as of June 30, 2024 in comparison to a group of funds selected by Broadridge as being similar to the Fund (the "Performance Universe"). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 20% of funds in the Performance Universe made up the first quintile; the next 20% made up the second quintile; the next 20% made up the third quintile; the next 20% made up the fourth quintile; and the poorest/worst performing 20% of funds in the Performance Universe made up the fifth quintile. Annualized investment performance for each Fund was shown for the past 1-, 3-, 5-, and 10-year periods compared to that of the Performance Universe. In addition, the Board was provided with benchmark returns and gross performance returns for the Funds and each of their respective Sub-Advisors for various calendar years and periods ended June 30, 2024. During the September 2024 review process, the Board observed that the relative investment performance of the Optimum Funds (other than the Optimum Large Cap Growth Fund, Optimum Small-Mid Cap Value Fund, and Optimum Large Cap Value Fund) was satisfactory or trending in a positive direction as compared to the Funds' prior performance. For Optimum Large Cap Growth Fund and Optimum Small-Mid Cap Value Fund, the Board noted changes to the third-party Sub-Advisors and other steps taken by DMC to improve performance were encouraging. For the Optimum Large Cap Value Fund, while the Board was not satisfied with performance relative to its peers, the Board found, on an overall basis, performance to be acceptable given the relative performance to its benchmark.

At its June 2025 Meeting, the Board reviewed updated investment performance information for each of the Funds. The Board compared the performance of each Fund in the complex to that of its respective Performance Universe for the 1-, 3-, 5-, and 10-year periods ended April 30, 2025. As of April 30, 2025, four of the Funds (Optimum Fixed Income Fund, Optimum International Fund, Optimum Large Cap Growth Fund and Optimum Large Cap Value Fund) had investment performance relative to that of the respective Performance Universe that was in the same performance quintile or a better quintile as compared to the corresponding relative investment performance for each Fund at June 30, 2024 for all applicable time periods (except for the 10-year performance quintile of Optimum Large Cap Growth Fund). The Optimum Small-Mid Cap Growth Fund had poorer relative investment performance at April 30, 2025 compared to its performance at June 30, 2024 for each time period, but the Fund still remained in the second best quintile for the 5-year period. At April 30, 2025, the Optimum Small-Mid Cap Value Fund had investment performance relative to that of its Performance Universe that was in the same performance quintile as compared to the corresponding relative investment performance at June 30, 2024 for three of the four applicable time periods and only had poorer relative investment performance for the 3-year period at April 30, 2025 compared to that at June 30, 2024. The Board also noted that one of the Sub-Advisors for the Optimum Small-Mid Cap Value Fund has been replaced approximately one-year ago and acknowledged this step taken by DMC to seek to improve the Fund's performance

The Board therefore concluded that the investment performance of the Funds on an aggregate basis had remained relatively stable since the Board reviewed the Funds' performance at the September 2024 meeting. In addition, the Board noted that DMC had provided a presentation to the Board at the June 2025 Meeting regarding its review of the current Fund product lineup and evaluating whether enhancements could be made to the Funds to better position them moving forward. Based on this performance data and information provided by DMC and Nomura, the Board concluded that neither the Transaction, the New Investment Advisory Agreement nor the New Sub-Advisory Agreements would likely have an adverse

effect on the investment performance of any Fund because (i) DMC and Nomura did not currently expect the Transaction to cause any material change to the Funds' portfolio management teams responsible for investment performance, which the Board found to be acceptable along with the steps recently taken by DMC or being evaluated to improve the performance in the future, (ii) as discussed in more detail below, the Funds' expenses were not expected to increase as a result of the Transaction, (iii) the Funds would not bear any Transaction-related expenses, and (iv) there was not expected to be any "unfair burden" imposed on the Funds as a result of the Transaction.

Comparative Expenses. At its June 2025 Meeting, the Board also evaluated expense comparison data for the Funds previously considered in September 2024. At that meeting, DMC provided the Board with information on pricing levels and fee structures for the Funds and comparative funds. The Board focused on a comparative analysis provided by Broadridge of the effective management fees and total expense ratios of each Fund versus the effective management fees and expense ratios of other multi-advised institutional funds (the "Expense Universe"). In reviewing comparative costs, each Fund's actual total expenses (taking into account fee waivers) and the actual management fees incurred by the Fund were compared with the actual total expenses and actual management fees (as reported by each fund) of other funds within the Expense Universe, taking into account any applicable breakpoints and fee limitations. The Board also considered fees paid to DIFSC for non-management services. According to the Broadridge reports furnished for the September 2024 meeting, the actual total expenses were in the quintile having the second highest expenses for Optimum Fixed Income Fund, Optimum Large Cap Value Fund and Optimum Small Mid-Cap Value Fund versus their respective Expense Universe and in the highest expense quintile for Optimum International Fund, Optimum Large Cap Growth Fund and Optimum Small Mid-Cap Growth Fund versus their respective Expense Universes. The actual investment management fees were in the middle quintile for the Optimum Fixed Income Fund, Optimum International Fund and Optimum Large Cap Value Fund, in the second highest expense quintile for Optimum Small-Mid Cap Value Fund and Optimum Large Cap Growth Fund and in the highest expense quintile for the Optimum Small-Mid Cap Growth Fund versus their respective Broadridge Expense Universe. At the meeting held in September 2024, the Board noted the then recent fee restructuring and conversations with DMC in this regard and ultimately found that the expense structure of the Funds was acceptable. At the June 2025 Meeting, DMC advised the Board that the more recent comparative total expenses for the Funds that was provided by Broadridge for the updated period through April 30, 2025 remained generally consistent with the previous review in September 2024. DMC also reported that the Funds' actual investment management fees had generally gone up for the period through April 30, 2025 but that DMC's projected total expense waiver budget for the Funds was increasing by approximately 35% for the upcoming contractual expense limitation one-year period from July 2025 - 2026. Consequently, the Trustees concluded that expense structure of the Funds continued to be acceptable.

Based on the foregoing expense data and information provided by DMC and Nomura, the Board concluded that neither the Transaction, the New Investment Advisory Agreement nor New Sub-Advisory Agreements would likely have an adverse effect on the Funds' expenses because (i) each Fund's contractual fee rates under the New Investment Advisory Agreement would remain the same, (ii) the Board was assured by DMC that they had no current intention to change DMC's existing contractual expense limitations and reimbursement policy as a result of the Transaction, (iii) under the Purchase Agreement, Macquarie and Nomura would pay all costs related to the related proxy solicitation, and (iv) Nomura and Macquarie represented that, consistent with Section 15(f) of the 1940 Act, no "unfair burden" would be imposed on the Funds for the first two years after the Closing.

Management Profitability. At its June 2025 Meeting, the Board evaluated DMC's profitability in connection with the operation of the Funds. The Board had previously considered DMC's profitability in connection with the operation of the Funds at its September 2024 meeting. At that meeting, the Board reviewed an analysis that addressed the overall profitability of DMC's business in providing management and other services to each of the Funds and the complex as a whole. Specific attention was given to the

methodology followed in allocating costs for the purpose of determining profitability. At that meeting, the Board found that the management fees charged under the Current Investment Advisory Agreement were reasonable in light of the services rendered and the level of profitability of DMC. At the June 2025 Meeting, Nomura and DMC advised the Boards that DMC did not expect the Transaction to affect materially the profitability of DMC compared to the level of profitability considered during the September 2024 review because Nomura advised the Board that the methodology followed in allocating costs for the purpose of determining profitability will remain substantially the same following the Closing, and because services and costs were expected to be substantially the same.

The Board also requested and reviewed financial statements provided by Nomura for Nomura Holdings Inc., the parent of Nomura, for the purpose of evaluating Nomura's ability to financially support DMC's advisory business after the Closing and to seek to ensure that DMC can continue to provide services of a similar nature, extent, and quality to the Funds following the Closing as it has under the Current Investment Advisory Agreement.

Based on information provided by DMC and Nomura, the Board concluded that DMC would have sufficient financial resources following the Transaction to continue to provide the same level and quality of services to the Funds under the New Investment Advisory Agreement as is the case under the Current Investment Advisory Agreement. The Board also concluded that Nomura had sufficient financial strength and resources, as well as an ongoing commitment to a global asset management business, to continue investing in DMC to the extent that Nomura determined it was appropriate. Accordingly, the Board concluded that the fees charged under the New Investment Advisory Agreement would be reasonable in light of the services to be provided and the expected profitability of DMC.

Economies of Scale. The Board considered whether economies of scale would be realized by DMC as each Fund's assets increase and the extent to which any economies of scale would be reflected in the management fees charged. The Board acknowledged Nomura's statement that the Transaction would not by itself immediately provide additional economies of scale given Nomura's limited presence in the US mutual fund market. Nonetheless, the Board concluded that additional economies of scale could potentially be achieved in the future if DMC were owned by Nomura as a result of Nomura's willingness to invest additional amounts in DMC. The Board further concluded that potential economies of scale could be achieved as a result of DMC's potentially expanded distribution capabilities arising from the Transaction, as well as opportunities that might arise from Nomura's commitment to its global asset management business.

Fall-Out Benefits. The Board acknowledged that DMC would continue to benefit from potential fall-out benefits derived or to be derived by DMC and its affiliates or the third-party Sub-Advisors in connection with their relationship to the Funds, such as the fees received for non-investment management services provided to the Funds by certain affiliates of DMC, soft dollar arrangements, and commissions paid to affiliated broker-dealers. The Board also considered that Nomura and DMC may derive reputational, strategic, and other benefits from their association with the Funds, including service relationships with DMC, DIFSC, and Delaware Distributors, L.P., and evaluated the extent to which DMC might derive ancillary benefits from Fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Funds and the potential benefits from allocation of Fund brokerage to improve trading efficiencies.

The Purchase Agreement. The Board considered the terms of the Purchase Agreement, including those related to Section 15(f) of the 1940 Act and that Macquarie and Nomura will bear the expenses related to the Funds' proxy solicitation. At the meeting, the Board discussed the conditions to the Closing, including the requirements for obtaining consents to the change in control from DMC's advisory clients, such as the Funds.

Board Review of Nomura. The Board reviewed detailed information supplied by Nomura about its operations. As previously noted, to consider DMC's ability to continue to provide the same level and quality of services to the Funds, the Board requested, received and reviewed information from Nomura concerning its financial condition to demonstrate its ability to support DMC's advisory business after the Closing. Based on this review, the Board concluded that DMC would continue to have the financial ability to maintain the high quality of services required by the Funds.

Nomura described its proposed changes to DMC's corporate governance, primarily through the anticipated addition of certain Nomura officers to DMC's parent company. The Board considered favorably Nomura's statement that it had no current intention to change the executive, administrative, investment, or support staff of DMC in any significant way as a result of the Transaction. Nomura described the proposed harmonization of the compensation system in use at DMC with the compensation plan used by Nomura, including short-term and long-term incentive compensation and equity interests for executive officers and investment personnel.

The Board also considered Nomura's current strategic plans to increase its asset management activities, one of its core businesses, particularly in North America, and its statement that its acquisition of DMC is an important component of this strategic growth and the establishment of a significant presence in the United States. Based in part on the information provided by DMC and Nomura, the Board concluded that Nomura's acquisition of DMC could potentially enhance the nature, quality, and extent of services provided to the Funds and their shareholders.

The Board noted that DMC and certain Sub-Advisors have placed brokerage transactions with broker/dealer affiliates of Nomura in the past and received research in connection with those transactions. In addition, certain other Nomura affiliates participate as underwriters for securities offerings outside of the United States. Consequently, the Board determined to have DMC report to them regularly to monitor any brokerage transactions with Nomura affiliates for compliance with the requirements of Section 15(f) and Section 17(e) of the 1940 Act, and to ensure compliance with the Funds' procedures under Rule 10f-3 under the 1940 Act for offerings in which a Nomura affiliate is a member of the underwriting syndicate.

Conclusion. The Independent Trustees deliberated in executive session; the entire Board, including the Independent Trustees, then approved the Proposed Advisory Agreements. The Board concluded that the advisory fee rates under the New Investment Advisory Agreement are reasonable in relation to the services provided and that execution of the New Investment Advisory Agreement is in the best interests of the shareholders. For each Fund, the Board noted that they had concluded in their most recent advisory agreement continuance considerations in September 2024 that the management fees and total expense ratios were at acceptable levels in light of the quality of services provided to the Funds and in comparison to those of the Funds' respective peer groups; that the advisory fee schedule would not be increased and would stay the same for all of the Funds; that the total expense ratio had not changed materially since that determination; and that DMC had represented that the overall expenses for each Fund were not expected to be adversely affected by the Transaction. The Board also noted, with respect to the Funds that currently had the benefit of contractual fee limitations, that Nomura had no present intention to cause DMC to alter any contractual expense limitations or reimbursements currently in effect for the Funds. On that basis, the Board concluded that each of the total expense ratio and proposed advisory fee for the Funds anticipated to result from the Transaction was acceptable.

In reaching its determination regarding the approval of the Proposed Advisory Agreements, the Board considered the factors, conclusions and information they believed relevant in the exercise of their reasonable judgment, including, but not limited to, the factors, conclusions and information discussed above.

Further, in their deliberations, the Board members did not identify any particular factor (or conclusion with respect thereto) or information that was all important or controlling, and each Board member may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

The Funds' distributor, Delaware Distributors, L.P. ("Distributor"), located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, serves as the national distributor of the Funds' shares under a Distribution Agreement dated December 1, 2025. The Distributor is an affiliate of the Manager and bears all of the costs of promotion and distribution, except for payments by the retail class shares under their respective Rule 12b-1 Plans. The Distributor is an indirect subsidiary of Nomura Asset Management International Inc., and, therefore, of Nomura. The Distributor has agreed to use its best efforts to sell shares of the Funds. Shares of the Funds are offered on a continuous basis by the Distributor and may be purchased through authorized investment dealers or directly by contracting the Distributor or the Trust. The Distributor also serves as the national distributor for the Nomura Funds. The Board annually reviews fees paid to the Distributor.

Delaware Investments Fund Services Company ("DIFSC"), located at 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354, serves as the Trust's shareholder servicing, dividend disbursing, and transfer agent. DIFSC provides fund accounting and financial administration oversight services to the Funds. Those services include overseeing the Funds' pricing process, the calculation and payment of Fund expenses, and financial reporting in shareholder reports, registration statements, and other regulatory filings. Additionally, DIFSC manages the process for the payment of dividends and distributions and the dissemination of Fund net asset values and performance data. DIFSC is an affiliate of the Manager, and is an indirect subsidiary of Nomura Asset Management International Inc. and, therefore, of Nomura.

The Bank of New York Mellon, located at 240 Greenwich Street, New York, NY 10286-0001, provides fund accounting and financial administration services to the Funds. Those services include performing functions related to calculating the Funds' net asset value and providing financial reporting information, regulatory compliance testing and other related accounting services.

As of Record Date, the shareholders holding 5% or more of the total outstanding shares of any Class of shares of each Fund are described in Exhibit E. As of the Record Date, the Manager believes that the Funds' officers and Trustees directly owned less than 1% of the outstanding shares of each Class of each Fund.

EXHIBIT A

MANAGEMENT FEE SCHEDULE

As compensation for services rendered under the New Investment Advisory Agreement, the Manager is entitled to receive an annual fee equal to the following percentage rates of the average daily net assets of the Funds:

EXHIBIT B

MANAGEMENT FEES PAID

During the fiscal year ended March 31, 2025, the Fund paid the following investment management fees to the Manager:

EXHIBIT C

SUB-ADVISORY FEE SCHEDULE AND FEES PAID

Pursuant to the terms of the Sub-Advisory Agreements, the investment sub-advisory fees are paid by the Manager to the Sub-Advisors that are not affiliated persons of the Manager as a percentage of the average daily net assets of a given Fund managed by such Sub-advisor. For the past three fiscal years, the Manager paid the Sub-advisors the following investment sub-advisory fees (shown on an aggregated abasis per Fund):

EXHIBIT D

NUMBER OF SHARES OF THE FUND OUTSTANDING

As of the Record Date

Optimum Large Cap Growth Fund

Optimum Large Cap Value Fund

Optimum Small-Mid Cap Growth Fund

Optimum Small-Mid Cap Value Fund

Optimum International Fund

Optimum Fixed Income Fund

100 Independence
610 Market Street
Philadelphia, PA 19106-2354

NOTICE OF INTERNET AVAILABILITY
OF INFORMATION STATEMENT

The Joint Information Statement details the approval of new sub-advisory agreements with each of American Century Investment Management, Inc., Los Angeles Capital Management, LLC, Massachusetts Financial Services Company, Great Lakes Advisors, LLC, Principal Global Investors, LLC, Peregrine Capital Management, LLC, LSV Asset Management, Wellington Management Company LLP, Baillie Gifford Overseas Limited, Acadian Asset Management LLC, and Pacific Investment Management Company (each a "Sub-Advisor," and together the "Sub-Advisors") as sub-advisors to the Funds. The sub-advisory agreements became necessary due to Nomura Holding Inc.'s acquisition (the "Transaction") of the U.S. and European public asset management business of Macquarie Group Ltd., which included Delaware Management Company (the "Manager"), a series of Nomura Investment Management Business Trust, and which, under the Investment Company Act of 1940, resulted in the automatic termination of the Manager's then existing advisory agreement with the Trust and the Sub-Advisors' then existing sub-advisory agreements with the Manager and the Funds. The Sub-Advisors' new sub-advisory agreements became effective December 1, 2025, which is the effective date of the closing of the Transaction. A more detailed description of each Sub-Advisor and its investment operations, information about the sub-advisory agreement, and the reasons the Board of Trustees (the "Board") of the Trust approved the Sub-Advisors as sub-advisors, are included in the Joint Information Statement.

The Manager is the investment manager to the Funds. The Manager employs a "manager of managers" arrangement in managing the assets of the Trust. In connection therewith, the Trust and the Manager have received an exemptive order from the U.S. Securities and Exchange Commission (the "SEC Order"), which permits the Manager, with the approval of the Board, to hire, terminate, or replace sub-advisors who are affiliated or unaffiliated with the Trust or the Manager, and to enter into and modify material terms and conditions of the related sub-advisory agreement without shareholder approval.

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