# DELAWARE DISTRIBUTORS, L.P. X-17A-5 (2026-06-29) — Broker-dealer annual report - Company: DELAWARE DISTRIBUTORS, L.P. - Form: X-17A-5 - Filed: 2026-06-29 - Period: 2026-03-31 - Accession: 0000929638-26-002379 - CIK: 719993 - File #: 8-29755 - Type: Broker-dealer - Material weakness: No - Auditor: PriceWaterhouse Coopers - Auditor location: Philadelphia, PA - Contact: Stephen Hoban - Phone: 445-314-3546 - Email: stephen.hoban@nomura.com - Website: nomura.com - Signed by: Stephen Hoban (Executive Director, Controller, Vice President, FINOP) Original filing: https://www.sec.gov/Archives/edgar/data/719993/000092963826002379/financialstatement2026.pdf --- {0}------------------------------------------------ #### FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION Delaware Distributors, L.P. Fiscal Year Ended March 31, 2026 Report of Independent Registered Public Accounting Firm {1}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** **0MB APPROVAL 0MB Number: 32.35-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12** # **ANNUAL REPORTS FORM X-17 A-5 PART Ill** | SEC FILE NUMBER | | |-----------------|--| | 8-29755 | | **FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** FILING FOR THE PERIOD BEGINNING 04/01 /25 MM/DD/YY AND ENDING 03131126 --------- **A. REGISTRANT IDENTIFICATION** NAME OF FIRM: Delaware Distributors, L.P. TYPE OF REGISTRANT (check all applicable boxes}: MM/DD/ YY 0 Broker-dealer D Security-based swap dealer D Major security-based swap participant D Check here **if** respondent is also an **OTC** derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 100 Independence, 610 Market Street {No. and Street) Philadelphia PA (City) (State) PERSON TO CONTACT WITH REGARD TO THIS FILING 19106 (Zip Code) Stephen Hoban 445-314-3546 stephen.hoban@nomura.com (Name) (Area Code-Telephone Number) (Email Address) **B. ACCOUNTANT IDENTIFICATION** INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* PriceWaterhouse Coopers | (Name - if individual, state last, first, and middle name) | | | | | |------------------------------------------------------------|-----------------------|---------|-------------------------------------------|--| | 2001 Market Street | Philadelphia | PA | 19103 | | | (Address) | (City) | (State) | (Zip Code) | | | October 20, 2003 | | 238 | | | | te of Regfatratioa w;U, PCAOB)Of appl;cable) | | | (PCAOB Regfatratioa N"mbec, ;r applkable) | | | r | FOR OFFICIAL USE ONLY | | I | | \* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-S(e)(1)(ii), if applicable. Persons who are to respond to the collection of Information contained In this form are not required to respond unless the form displays II currently valid 0MB control number. {2}------------------------------------------------ #### OATH OR AFFIRMATION | I, stephen Hoban | | | | swear (or affirm) that, to the best of my knowledge and belief, the | |------------------------------------------------------------------------------|----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------|-------|-------------------------------------------------------------------------------------------------------------------------------------| | financial report pertaining to the firm of Delaware Distributors, LP. | | | | as of | | •
3/31 | | | | 2� is true and correct. I further swear (or affirm) that neither the company nor any | | | | | | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely | | as that of a customer.
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Exe;utive Director, Controller, Vice President, FINOP | **This filing\*\* contains (check all applicable boxes):** - !!!!I (a) Statement of financial condition. - **□** (b) Notes to consolidated statement of financial condition. - � (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in§ 210.1-02 of Regulation S-X). - !!I (d) Statement of cash flows. - !!I (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - D (f) Statement of changes in liabilities subordinated to claims of creditors. - !!I (g) Notes to consolidated financial statements. - !!I (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - D (i) Computation of tangible net worth under 17 CFR 240.18a-2. - D U) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - D (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.1Sc3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - D (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.1Sc3-3. - **□** (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - **□** (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - !!I (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.1Sc3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - D (p) Summary offinancial data for subsidiaries not consolidated in the statement of financial condition. - **l!!i** (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - □ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - !!!I (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (t) Independent public accountant's report based on an examination of the statement of financial condition. - !!!I (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - D (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - l!iil **(w)** Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - !!I **(x)** Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.1Sc3-1e or 17 CFR 240.17a-12, as applicable. - D (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). **□** (z) other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ - - *nro request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5{e}(3) or 17 CFR 240.1Ba-7{d}(2), as applicable.* {3}------------------------------------------------ #### **Financial Statements and Supplemental Information** #### **Fiscal Year Ended March 31, 2026** #### **Contents** | Report of Independent Registered Public Accounting Firm | 2 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----| | Statement of Financial Condition | 3 | | Statement of Operations | 4 | | Statement of Changes in Partners' Capital | 5 | | Statement of Cash Flows | 6 | | Notes to Financial Statements | 7 | | Supplemental Information | | | Schedule I -
Computation of Net Capital Under Rule l 5c3-l of the Securities and Exchange
Commission | 17 | | Schedule II -Computation for Determination of Reserve Requirements and Information
Relating to Possession or Control Requirements for Brokers or Dealers Under Rule I 5c3-3 of | | | the Securities and Exchange Commission | 18 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### **Report of Independent Registered Public Accounting Firm** To the Board of Directors and Partners of Delaware Distributors, L.P. #### *Opinion* **on** *the Financial Statements* We have audited the accompanying statement of financial condition of Delaware Distributors, L.P. (the "Pa1tnership") as of March 31, 2026, and the related statement of operations, changes in pa1tners' capital and cash flows for the year then ended, including the related notes (collectively referred to as the" financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Partnership as of March 31, 2026, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. #### *Basis for Opinion* These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the Partnership's financial statements based on our audit. We are a public accounting firm registered with the Public Pa1tnership Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Pa1tnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as, evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. #### *Supplemental Information* The accompanying Schedule I - Computation of Net Capital Under Rule 15c3-1 of the Securities and Exchange Commission and Schedule II - Computation for Determination of Reserve Requirements and Information Relating to Possession or Control Requirements for Brokers or Dealers Under Rule 15c3-3 of the Securities and Exchange Commission as of March 31, 2026 (collectively, the "supplemental information") has been subjected to audit procedures performed in conjunction with the audit of the Partnership's financial statements. The supplemental information is the responsibility of the Partnership's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with {5}------------------------------------------------ Rule 17a-5 under the Securities Exchange Act of 1934. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole. Philadelphia, PA June 29, 2026 We have served as the Partnership's auditor since 2011. {6}------------------------------------------------ #### Statement of Financial Condition March 31, 2026 *(In Thousands)* | Assets | | |------------------------------------------------------------------------|--------------| | Cash | \$
54,814 | | Distribution fees due from affiliated funds | 7,966 | | Due from affiliates | 2,224 | | Prepaid expenses and other assets | 692 | | Deferred dealer commissions, less accumulated
amortization of \$240 | 337 | | Total assets | \$
66,033 | | | | | Liabilities and partners' capital | | | Liabilities: | | | Distribution fees payable | 25,649 | | Accounts payable and accrued liabilities | 1,869 | | Due to affiliates | 7,347 | | | | | Total liabilities | \$
34,865 | | | | | Partners' capital: | | | Limited paiiners | 30,885 | | General partner | 283 | | Total paiiners' capital | \$
31,168 | | Total liabilities and paiiners' capital | 66,033 | *See accompanying notes which are an integral part of these financial statements.* {7}------------------------------------------------ #### Statement of Operations #### Fiscal Year Ended March 31, 2026 #### *(In Thousands)* | Revenues | | |----------------------------------------|---------------| | Administrative fees | \$
132,197 | | Distribution fees | 114,863 | | Commissions income | 1,775 | | Interest income | 756 | | Total revenues | \$
249,591 | | Expenses | | | Distribution costs | \$
173,168 | | Salaries and related expenses | 45,320 | | Selling, general, and administrative | 23,800 | | Defened dealer commission amortization | 669 | | | | | Total expenses | \$
242,957 | | | | | Net income | \$
6,634 | *See accompanying notes ·which are an integral part of these financial statements.* {8}------------------------------------------------ Statement of Changes in Partners' Capital Fiscal Year Ended March 31, 2026 *(In Thousands)* | | Delaware
Distributors, Inc.
(General Partner) | Limited
Partners | Total | |--------------------------------|-----------------------------------------------------|---------------------|--------------| | Balances as of March 31, 2025 | \$ 341 | 37,193
\$ | 37,534
\$ | | Distributions to Paitners | (118) | (12,882) | (13,000) | | Net income for the fiscal year | | | | | ended March 31, 2026 | 60 | 6,574 | 6,634 | | Balances as of March 31, 2026 | \$ 283 | \$ 30,885 | 31,168
\$ | *See accompanying notes ·which are an integral part of these financial statements.* {9}------------------------------------------------ #### Statement of Cash Flows ### Fiscal Year Ended March 31, 2026 #### *(In Thousands)* | Cash Flows from operating activities | | | |-------------------------------------------------------------|----------------|-----| | Net income | \$
6,634 | | | Adjustments to reconcile net income to net cash provided by | | | | operating activities: | | | | Deferred dealer commission ammiization | | 669 | | Foreign exchange, net | (197) | | | Change in assets and liabilities: | | | | Increase in Deferred dealer commissions | (643) | | | Decrease in Distribution fees due from affiliated funds | 11,190 | | | Decrease in Prepaid expenses and other assets | 984 | | | Decrease in Due from affiliates | 5,963 | | | Decrease in Due to affiliates | (6,519) | | | Decrease in Distribution fees payable | (1,808) | | | Decrease in Accounts payable and accrued liabilities | (3,600) | | | Decrease in Accrued salaries and related expenses | (7,297) | | | Net cash provided by operating activities | 5,376 | | | | | | | Cash Flows from financing activities | | | | Distributions to Partners | \$
(13,000) | | | Net cash used in financing activities | (13,000) | | | | | | | Net decrease in cash | \$
(7,624) | | | Cash at beginning of year | 62,438 | | | Cash at end of year | 54,814 | | *See accompanying notes which are an integral part of these financial statements.* {10}------------------------------------------------ Notes to Financial Statements March 31, 2026 *(In Thousands)* #### **1. Description of Business and Ownership** Delaware Distributors, L.P. (the "Partnership") is a registered broker-dealer with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA"). The Partnership provides distribution and servicing for its affiliated funds and certain administrative services to affiliates. The paiinership is named national distributor or placement agent, as applicable, for its affiliated funds and is an integral part of Nomura Holding America Inc. ("Nomura") investment management services. On April 21, 2025, Nomura entered into an agreement to acquire 100% of the stock of Macquarie's U.S and European public asset management business ("Macquarie") for an all cash purchase price of \$1.8 billion. The transaction closed on December 1, 2025, when Macquarie transferred all of Nomura Asset Management International Inc. ("NAMI"), formerly known as Macquarie Management Holdings, Inc. ("MMHI"), outstanding common stock and subsidiaries to Nomura ("The Transaction"). The paiinership served as national distributor for Macquarie prior to the sale to Nomura on December 1, 2025 and for Nomura thereafter. Delaware Distributors, Inc. ("DDI") is the general partner of the Partnership. Delaware Investments Distribution Paiiner, Inc. ("DIDP"), Ivy Distributors, Inc. ("IDI") and Delaware Capital Management Series of Nomura Investment Management Business Trust ("DCM") are the limited paiiners. DDI is a direct wholly-owned subsidiary of NAMI. IDI, DIDP, and DCM are indirect wholly-owned subsidiaries ofNAMI. IDI, DIDP, DCM and DDI are all indirect whollyowned subsidiaries of Nomura. IDI, DIDP, DCM, DDI, and DDLP operated as part of Macquarie prior to the sale to Nomura on December **1,** 2025. The Paiinership and other affiliated entities with which the Partnership does business are under common ownership and management control. The existence of this control could result in operating results or financial position of the Partnership significantly different from those that would have been obtained if the Paiinership were autonomous. {11}------------------------------------------------ Notes to Financial Statements ( continued) March 3 I , 2026 *(In Thousands)* ### **2. Significant Accounting Policies** ## **Basis of Presentation** The accompanying financial statements are prepared in accordance with United States generally accepted accounting principles ("GAAP"). ## **Cash** Cash is maintained in demand deposit accounts. The Pminership had cash at March 31, 2026 of \$54,814 which was held at a reputable financial institution. The cash held with the financial institution exceeds the Federal Deposit Insurance Corporation insurance limit of \$250. ## **Distribution Fees Due from Affiliated Funds** Amounts included in Distribution fees due from affiliated funds on the Statement of Financial Condition are deemed to approximate fair value due to the short collection cycle. ## **Deferred Dealer Commissions** Sales commissions paid to dealers in connection with the sale of ce1iain shares of open-end affiliated mutual funds sold without a front-end sales charge are capitalized and amortized over a period that approximates the period of time during which such commissions are expected to be recovered from distribution plan (12b-l) payments received from the applicable affiliated mutual funds and contingent deferred sales charges received from shareholders upon the redemption of their shares. Deferred dealer commissions are amo1iized over a 12-month period. The deferred dealer commission asset is evaluated for impairment at least annually based on estimated future undiscounted cash flows expected to be received. The results of the impairment evaluation at March 31, 2026 indicated that the respective deferred dealer commission asset is not impaired. {12}------------------------------------------------ Notes to Financial Statements ( continued) March 3 1, 2026 *(In Thousands)* #### **Revenue Recognition** The Pminership recognizes revenue from contracts with customers in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers. It requires the identification of discrete performance obligations within a customer contract and an associated transaction price is allocated to these obligations. Revenue is recognized upon satisfaction of these performance obligations, which occurs when control of the goods or services is transferred to the customer. #### **Distribution Fees** Distribution fees are received from affiliated funds to reimburse the Patinership for ce1iain costs such as marketing, selling fund interest, and providing sales related support to investors. The Pminership's performance obligations primarily involve providing distribution-related services. Distribution fees are recorded as revenue in the period when the performance obligation is satisfied. Revenue recognition occurs either monthly or qumierly, depending on the terms of the underlying agreement, and is based on the contracted rate. At month-end or qumier-end, the variable consideration of the transaction price are not constrained as the net assets of the funds and committed capital are calculated and the value of the consideration is determined. In turn, the Pminership enters into agreements with and compensates third-pmiy brokers / sub placement agents, who sell interest in the affiliated funds. The Pminership also incurs other distribution and placements costs relating to marketing and selling fund interest. The compensation to third-party brokers and the other distribution costs relating to marketing and selling fund interest are classified within Distribution costs on the Statement of Operations. Because it is considered the principal distributor or placement agent, as applicable, to the funds, the Pminership utilizes the gross basis of presentation of reporting distribution fees and related distribution costs. The Pminership accrues the corresponding distribution costs monthly as the expenses are incurred. ### **Administrative Fees** Administrative fees are earned for additional adve1iising, promotion and distribution of affiliates' products. The Pminership's performance obligation is to provide distribution services for its affiliates under the terms of the administration agreement it has entered into. Depending on the jurisdiction of the affiliate, the administrative fees charged to the affiliates are based upon either the cost or cost plus markup of supplying the service and are recognized monthly as the services {13}------------------------------------------------ #### Notes to Financial Statements (continued) March 31, 2026 *(In Thousands)* ### **2. Significant Accounting Policies ( continued)** ## **Revenue Recognition ( continued)** #### **Administrative Fees ( continued)** are provided. At month-end, the variable consideration of the transaction price is no longer constrained as the cost of supplying the services can be calculated and the value of the consideration is determined. The application of the terms of the contract is reviewed at least annually for appropriateness by the Partnership and by the affiliates to which the services are provided. For the fiscal year ended March 31, 2026, the Paiinership recognized \$116,601 of administrative fees from affiliates earned at cost and \$15,596 of administrative fees from affiliates earned at cost plus markup. #### **Commissions** Commissions are recorded as of trade date and are comprised of sales charges retained and deferred sales charges received relating to purchases and redemptions of shares of affiliated funds and related products. As of the trade date, the variable consideration of the transaction price is no longer constrained as the commission can be calculated and the value of the consideration is determined. #### **Interest Income** Interest income is outside the scope of ASC 606 and is recognized as earned. #### **Stock-Based Compensation** Under the Macquarie Group Employee Retained Equity Plan ("MEREP"), Macquarie issued restricted stock units ("RSUs") and deferred stock units ("DSUs"). The awards were measured at their grant dates based on Macquarie's publicly traded market value. The grant date fair value of the Macquarie awards granted to the Paiinership' s employees were expensed over the required service period and the awards generally vest over three to four years. The expense related to these awards was charged to the Partnership by Macquarie as an intercompany charge and is included in salaries and related expenses on the Partnership's Statement of Operations. {14}------------------------------------------------ Notes to Financial Statements (continued) March 3 I, 2026 *(In Thousands)* ### **2. Significant Accounting Policies ( continued)** #### **Stock-Based Compensation (continued)** The Partnership recognized \$783 of expense for the fiscal year ended March 31, 2026 related to these stock-based compensation awards and is included in salaries and related expenses on the Partnership's Statement of Operations. Effective with The Transaction, the MEREP awards were terminated by Macquarie. At that time, RSUs were issued by Nomura at a value and remaining vesting period commensurate with that of the terminated MEREP awards. Nomura RSUs vest annually in equal increments over a three-year period. The Paiinership's employees are granted the right to receive Nomura Holdings, Inc. ("NHI") stock under RSU awards. RSU awards do not receive dividends or dividend equivalent amounts that would have been paid had actual NHI shares been granted during the vesting period. RSUs are measured at fair value based on the number of units granted multiplied by the stock price at the grant date, adjusted for a discount related to the present value of the expected dividends to be paid on NHI shares during the vesting period (and which will not be paid on the unvested RSU). Compensation cost is recognized on a straight-line basis over the service period from the grant date to the vesting date. The Partnership is charged for RSU awards as an intercompany charge by Nomura Investment Management Advisors ("NIMA"). During the year ended March 31, 2026, the Partnership recorded \$557 in compensation expense related to these RSU awards and is included in salaries and related expenses on the Paiinership's Statement of Operations. The total compensation cost related to unvested Nomura RSUs not yet recognized is \$3,050. {15}------------------------------------------------ Notes to Financial Statements ( continued) March 3 1, 2026 *(In Thousands)* ### **2. Significant Accounting Policies ( continued)** #### **Use of Estimates** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the repmied amounts of revenues and expenses during the repmiing period. Actual results could differ from those estimates. #### **Single Reportable Segment Entity** Operating segments are defined as components of a company that engage in business activities and for which discrete financial information is available and regularly provided to and reviewed by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess performance. The Partnership's operations constitute a single segment because information is reported to the CODM on an aggregated basis and, strategic and financial management decisions are determined by the CODM on this basis. The Board of Directors has been identified as the CODM for the Paiinership. The CODM uses several financial measures, including excess net capital, which is not a measure of profit and loss, to make operational decisions. The measure of excess net capital, which is identical to segment excess net capital, is repo1ied in Note 7 - Net Capital Requirement. #### **Taxes** The Paiinership is required to file a Federal and State Partnership return. However, in accordance with the provisions of the Internal Revenue Code and applicable state regulations, the taxable income or loss of the Partnership passes through and is repmied in the tax returns of the paiiners in accordance with the terms of the partnership agreement. The Partnership also files the Business Income and Receipts Tax return with Philadelphia and incurs a tax which is based primarily upon receipts and is included in Selling, general and administrative expense on the Statement of Operations. The Partnership also files a Washington Business and Occupation (B&O) Tax Return and incurs a tax which is included in Selling, general and administrative expense on the Statement of Operations. Accordingly, no provision has been made in the accompanying financial statements for federal, state or local income taxes. {16}------------------------------------------------ Notes to Financial Statements (continued) March 31, 2026 *(In Thousands)* ### **2. Significant Accounting Policies ( continued)** #### **Taxes ( continued)** The Partnership does not have any uncertain tax positions at March 31, 2026 for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date. As of March 31, 2026, the statute of limitations is open for tax years 2022 through current for the state of Pennsylvania and the city of Philadelphia filings as well as filings made under the Internal Revenue Code. ### **3. Employee Benefit Plans** ### **Defined Contribution Plans** Prior to The Transaction, the Partnership participated in a 401(k) plan sponsored by NAMI for ce1iain employees and in a 401 (k) plan sponsored by Macquarie Holdings (USA) Inc. ("MHUSA") for ce1iain employees. Under both plans, the Paiinership made matching contributions equal to 100% of each paiiicipant's pre-tax contribution up to 3% of compensation plus an additional contribution equal to 50% of the next 2% of eligible compensation, as defined by the plans, contributed by the paiiicipant. Expense related to the 401 (k) plans totaled \$694 for the period prior to the sale. These expenses are included in Salaries and related expenses on the Statement of Operations. After The Transaction, the Partnership pmiicipated in a 401 (k) plan sponsored by Nomura Securities International ("NSI"). Under the plan, the Partnership makes matching contributions equal to 100% of each pmiicipant's pre-tax contribution up to 6% of compensation. In addition, there is a discretionary contribution equal to 6% of eligible compensation, limited to \$10 per employee. Expense related to this 401(k) plan totaled \$938 for the period after the sale. These expenses are included in Salaries and related expenses on the Statement of Operations. {17}------------------------------------------------ Notes to Financial Statements ( continued) March 3 1, 2026 *(In Thousands)* ### **3. Employee Benefit Plans ( continued)** #### **Notional Investment Policy** Prior to The Transaction, the bonus compensation of certain employees was deferred in accordance with Macquarie's bonus retention policy for NAMI and its subsidiaries. The Delaware Investments Notional Investment Policy ("Notional Plan") is an investment vehicle for such retained bonuses. In accordance with this policy, a designated p01iion of the employee's bonus is notionally invested in a p01ifolio of Delaware-managed products as determined by the Macquarie compensation committee. The notional investment vests in three equal tranches in the second, third and fourth year following the date of the investment. Once the notional investment vests, it is settled by NIMA. The expense related to this plan is recognized over the vesting period of the tranches, commencing as of the first day of the service period of the employee's bonus. The expense recognized for the period prior to the sale was \$2,558 and is included in Salaries and related expenses on the Statement of Operations. Effective with The Transaction, the Notional Plan awards were terminated by Macquarie. At that time, Nomura issued Notional Fund Units ("NFUs") at a value and remaining vesting period commensurate with that of the terminated Notional Plan awards. Nomura NFUs vest quaiierly in equal increments over a three-year period. NFUs are based on the performance of funds that are managed by affiliates. ### **4. Related Party Transactions** The related party transactions below are in addition to those discussed elsewhere in the notes to the financial statements. In the fiscal year ended March 31, 2026, the Partnership was charged selling, general, and administrative expenses of \$16,947 primarily by Macquarie affiliates prior to The Transaction and by NAMI and Nomura affiliates subsequent to The Transaction for services provided by employees of affiliates. These expenses primarily relate to, but are not limited to, occupancy, information technology, human resources, finance, and legal services provided to the Partnership. {18}------------------------------------------------ Notes to Financial Statements (continued) March 3 1, 2026 *(In Thousands)* ## **4. Related Party Transactions ( continued)** The Paiinership allocated certain costs related to the distribution of managed account products to an affiliate. The allocated costs presented as a reduction of Salaries and related expenses on the Statement of Operations in the fiscal year ended March 31, 2026 were \$1,714. The allocated costs presented as a reduction of selling, general and administrative expenses were \$1,071. In the fiscal year ended March 31, 2026, the Pa1inership earned Distribution fees of \$114,863 from affiliated funds to reimburse the Partnership for the costs of marketing and selling fund interest. Amounts included in Distribution fees due from affiliated funds on the Statement of Financial Condition related to these fees as of March 31, 2026 were \$7,940. In the fiscal year ended March 31, 2026, the Paiinership earned Administrative fees of \$132,197 for additional advertising, promotion and distribution of affiliates' products. At March 31, 2026, amounts included in Due from affiliates on the Statement of Financial Condition related to Administrative fees earned at cost plus markup were \$3 while there were no amounts due for Administrative fees earned at cost. The Paiinership generally settles its intercompany balances on a regular basis. Due from affiliates and Due to affiliates on the Statement of Financial Condition includes all outstanding balances arising from the above transactions. ## **5. Concentration Risk** Financial instruments that potentially subject the Partnership to concentration of credit risk consist primarily of cash. The Partnership maintains its cash in a financial institution. To the extent that such deposits exceed the maximum insurance levels, they are uninsured. ## **6. Commitments and Contingencies** In the normal course of business, the Paiinership may enter into contracts that contain a variety of representations and customary indemnifications. The Paiinership's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the {19}------------------------------------------------ Notes to Financial Statements ( continued) March 31, 2026 *(In Thousands)* #### **6. Commitments and Contingencies ( continued)** Partnership that have not yet occurred. The Partnership is not aware of any contingencies, claims against it, or guarantees that would likely result in a liability. #### **7. Net Capital Requirements** The Pminership is subject to the United States Securities and Exchange Commission Uniform Net Capital Rule (Rule 15c3-1) which requires the maintenance of minimum net capital and requires that the aggregate indebtedness to net capital, both as defined, shall not exceed 15-to-1. At March 31, 2026, the Pminership' s net capital, required net capital, and ratio of aggregate indebtedness to net capital were as follows: | Net capital | \$24,755 | |------------------------------------------------|-----------| | Required net capital | \$2,324 | | Ratio of aggregate indebtedness to net capital | 1.41 to 1 | The Partnership does not claim an exemption under paragraph (k) of 17 C.F.R. § 240. 15c3-3. The Partnership relies on Footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5. #### **8. Subsequent Events** In accordance with the Subsequent Events topic ("Topic 855") of the FASB ASC, the Pminership evaluates subsequent events that occurred after the Statement of Financial Condition date but before the financial statements have been issued. The Partnership evaluated subsequent events through June 29, 2026, the date the Pminership's financial statements were available to be issued. {20}------------------------------------------------ #### Supplemental Information #### Delaware Distributors, L.P. #### Schedule I-Computation of Net Capital Under Rule 15c3-1 of the Securities and Exchange Commission #### March 31, 2026 #### *(In Thousands)* | Net capital | | | |------------------------------------------------------------------------------------------------|---------|-----------| | Total pminers' capital | | \$31,168 | | Deductions: | | | | Total nonallowable assets: | | (6,413) | | Distribution fees due from affiliated funds | (3,160) | | | Due from affiliates | (2,224) | | | Prepaid expenses and other assets | (692) | | | Deferred dealer commission, net of amortization of \$240 | (337) | | | Net capital | | \$24,755 | | Aggregate indebtedness | | | | Items included in Statement of Financial Condition: | | | | Total liabilities | | \$34,865 | | Total aggregate indebtedness | | \$34,865 | | Computation of basic net capital requirement based on 6 and
2/3 % of aggregate indebtedness | | | | Minimum net capital required | | \$2,324 | | Excess net capital | | \$22,431 | | Excess net capital at 1000% (net capital less 10% of
aggregate indebtedness) | | \$21,269 | | Ratio: Aggregate indebtedness to net capital | | 1.41 to 1 | There were no material differences between the audited Computation of Net Capital included in this report and the corresponding schedule included in the Paiinership's unaudited March 31, 2026, amended Paii TIA Focus Filing as amended on June 24, 2026. {21}------------------------------------------------ Supplemental Information Delaware Distributors, L.P. Schedule II - Computation for Determination of Reserve Requirements and Information Relating to Possession or Control Requirements for Brokers or Dealers Under Rule 15c3-3 of the Securities and Exchange Commission March 31, 2026 Computation for determination of reserve requirements and information relating to the possession or control requirements pursuant to Rule 15c3-3 are not included in this supplemental schedule, as the Partnership relies on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240. l 7a-5. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.