# EDGAR Filing Document

**Accession Number:** 0000906236
**File Stem:** 0000940400-26-002563
**Filing Date:** 2026-1
**Character Count:** 142812
**Document Hash:** a22819959c281eb4a8005a8fa5c7f226
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-002563.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0000940400-26-002563

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251128

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VOYAGEUR MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0000906236

**ORGANIZATION NAME:**
- **EIN:** 411720518
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07742
- **FILM NUMBER:** 26564473

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18005231918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VOYAGEUR MUTUAL FUNDS INC
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### Nomura Tax-Free California Fund (Series ID: S000002414)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000006415 | Class A             | DVTAX           |
| C000006417 | Class C             | DVFTX           |
| C000135926 | Institutional Class | DCTIX           |

## Nport-Ex

Schedule of investments

Nomura Tax-Free California Fund November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds — 97.89%** | &nbsp;&nbsp;**Municipal Bonds — 97.89%** | &nbsp;&nbsp;**Municipal Bonds — 97.89%** |
| &nbsp;&nbsp;Education Revenue Bonds — 22.67% | &nbsp;&nbsp;Education Revenue Bonds — 22.67% | &nbsp;&nbsp;Education Revenue Bonds — 22.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anaheim, California Housing & Public Improvements<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Electric Utility Distribution System Improvements)<br> Series A 5.50% 10/1/55 | 1000000 | &nbsp;&nbsp;$1057650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community College Financing Authority<br> Student Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Napa Valley College Project)<br> Series A 144A 5.75% 7/1/60 # | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1158135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Stanford University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series U-7 5.00% 6/1/46 | 2045000 | &nbsp;&nbsp;&nbsp;&nbsp; 2357660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series V-1 5.00% 5/1/49 | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4013870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series V-2 2.25% 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp; 541168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series V-2 5.00% 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 570540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University of Southern California)<br> Series A 5.00% 10/1/55 | 2675000 | &nbsp;&nbsp;&nbsp;&nbsp; 2859308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Enterprise Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Curtis School Foundation Project)<br> 4.00% 6/1/53 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 931400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Heights Christian Schools Project)<br> Series A 144A 6.375% 6/1/63 # | 1395000 | &nbsp;&nbsp;&nbsp;&nbsp; 1336870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Real Journey Academies – Obligated Group)<br> Series A 144A 5.00% 6/1/64 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 914530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 7/1/64 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 928680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(UCSF Clinical and Life Science)<br> 5.25% 5/15/59 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2143200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Ascent 613 Project)<br> Series A 144A 5.50% 1/1/60 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 989430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(California Baptist University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.375% 11/1/40 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.375% 11/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp; 791221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.625% 11/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 509680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CHF - Davis I, LLC - West Village Student Housing Project)<br> 4.00% 5/15/48 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 279717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Emerson College)<br> Series B 5.00% 1/1/33 | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Julian Charter School Project)<br> Series A 144A 5.625% 3/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp; 775701 |

---

NQ- WEST [1125] 0126 (5100810) 1

------

Schedule of investments

Nomura Tax-Free California Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Palmdale Aerospace Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;$623348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/49 # | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 273459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Creative Center of Los Altos Project - Pinewood School and Oakwood School)<br> Series B 144A 4.50% 11/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 462030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Westside Neighborhood School Project)<br> 144A 6.20% 6/15/54 # | 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1733457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.00% 6/1/63 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 488400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Aspire Public Schools - Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 8/1/41 # | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp; 225005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 8/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp; 697146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Camino Nuevo Charter Academy - Obligated Group)<br> Series A 144A 5.25% 6/1/53 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Classical Academies Project)<br> Series A 144A 5.00% 10/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 244103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Envision Education - Obligated Group)<br> Series A 144A 5.00% 6/1/64 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 878820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Escuela Popular Project)<br> 144A 6.50% 7/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp; 346846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Fortune School of Education Obligated Group)<br> Series A 144A 5.125% 6/1/64 # | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1328235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Granada Hills Charter Obligated Group)<br> 144A 5.00% 7/1/49 # | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1233637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Granada Hills Charter School Obligated Group)<br> Series A 144A 5.00% 7/1/64 # | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1740456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Dot Public Schools California Projects) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 8/1/35 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 8/1/48 # | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Grimmway Schools - Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/36 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 501445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.25% 7/1/51 # | &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp; 821335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Harbor Springs Obligated Group)<br> Series A 144A 5.625% 7/1/63 # | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 706153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hawking Steam Charter School Project)<br> Series A 144A 5.50% 7/1/62 # | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp; 760678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ICEF - View Park Elementary & Middle Schools)<br> Series A 5.625% 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp; 470118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Integrity Charter School Project)<br> 144A 5.60% 7/1/64 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 935940 |

---

2 NQ- WEST [1125] 0126 (5100810)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Grimmway Schools - Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(John Adams Academies - Obligated Group)<br> Series A 144A 5.00% 7/1/52 # | 1000000 | &nbsp;&nbsp;$922000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Magnolia Public Schools-Obligated Group)<br> Series A 144A 5.00% 7/1/55 # | 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2679588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Partnerships To Uplift Communities Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 8/1/38 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 515560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 8/1/47 # | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp; 527788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Stem Preparatory Schools - Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 6/1/43 # | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp; 280739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.125% 6/1/53 # | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 789096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.375% 5/1/63 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sycamore Creek Community Charter School Project)<br> Series A 144A 6.75% 6/1/64 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 483455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State University Systemwide Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 11/1/52 | 6650000 | &nbsp;&nbsp;&nbsp;&nbsp; 5069494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 11/1/50 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 11/1/56 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2179120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of California General Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BK 5.00% 5/15/52 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2090840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BS 5.00% 5/15/44 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2187760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series CC 5.00% 5/15/47 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2710625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of California Limited Project<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series Q 3.00% 5/15/51 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 767560 |
|  |  | &nbsp;&nbsp;&nbsp; 65052060 |
| &nbsp;&nbsp;Electric Revenue Bonds — 5.08% | &nbsp;&nbsp;Electric Revenue Bonds — 5.08% | &nbsp;&nbsp;Electric Revenue Bonds — 5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tax-Exempt Forward Delivery)<br> Series A 5.00% 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles, California Department of Water & Power<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/50 | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3647945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Power System) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00% 7/1/44 | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2438414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 5.00% 7/1/26 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Electric Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/42 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 233625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.05% 7/1/42 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 46725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.75% 7/1/36 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp; 123488 |

---

NQ- WEST [1125] 0126 (5100810) 3

------

Schedule of investments

Nomura Tax-Free California Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Electric Revenue Bonds (continued) | &nbsp;&nbsp;Electric Revenue Bonds (continued) | &nbsp;&nbsp;Electric Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Electric Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AAA 5.25% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;$26600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series CCC 5.25% 7/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp; 216937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series TT 5.00% 7/1/32 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp; 226950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series TT 5.00% 7/1/37 ‡ | 1165000 | &nbsp;&nbsp;&nbsp;&nbsp; 777637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.00% 7/1/28 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp; 313725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.25% 7/1/33 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 223612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.50% 7/1/38 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp; 487275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 4.75% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 30038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.25% 7/1/40 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp; 153525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.75% 7/1/36 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 100125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 4.75% 7/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 23363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 5.25% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 36575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern California Public Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Southern Transmission System Renewal Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/53 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1297750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1 5.00% 7/1/53 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1 5.25% 7/1/45 (BAM) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089200 |
|  |  | &nbsp;&nbsp;&nbsp; 14560985 |
| &nbsp;&nbsp;Healthcare Revenue Bonds — 12.53% | &nbsp;&nbsp;Healthcare Revenue Bonds — 12.53% | &nbsp;&nbsp;Healthcare Revenue Bonds — 12.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cedars-Sinai Health System) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 8/15/51 | 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2162907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 8/15/51 (BAM) | 1910000 | &nbsp;&nbsp;&nbsp;&nbsp; 1486763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CommonSpirit Health) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 4/1/45 | 2280000 | &nbsp;&nbsp;&nbsp;&nbsp; 2141353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 4/1/49 | 5550000 | &nbsp;&nbsp;&nbsp;&nbsp; 5079527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Episcopal Communities & Services) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 11/15/53 | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1431094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 11/15/58 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Kaiser Permanente) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinate Series A-2 4.00% 11/1/44 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 952790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subseries A-2 5.00% 11/1/47 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2840975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Adventist Health Energy Projects)<br> Series A 5.25% 7/1/54 | 3850000 | &nbsp;&nbsp;&nbsp;&nbsp; 3932544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Community Medical Centers)<br> Series A 5.00% 2/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp; 953182 |

---

4 NQ- WEST [1125] 0126 (5100810)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Goodwill Industry of Sacramento Valley & Northern Nevada Project)<br> 5.00% 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;$550691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Northbay Healthcare Group)<br> Series A 5.25% 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Palomar Health Certificates)<br> Series A 5.25% 11/1/52 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 515485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority Senior Living<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mt. San Antonio Gardens Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 612885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 11/15/56 | 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 859484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Public Finance Authority Senior Living Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Enso Village Project - Green Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 11/15/46 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 459400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 11/15/56 # | 1640000 | &nbsp;&nbsp;&nbsp;&nbsp; 1443922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Emanate Health)<br> Series A 4.00% 4/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 473315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Enloe Medical Center)<br> Series A 5.25% 8/15/52 (AG) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2055620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Front Porch Communities and Services)<br> 4.00% 4/1/51 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 878170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(John Muir Health)<br> Series A 5.25% 12/1/54 | 3265000 | &nbsp;&nbsp;&nbsp;&nbsp; 3462141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Marin General Hospital - Green Bonds)<br> Series A 4.00% 8/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 444520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Industrial, Tourist, Educational, Medical &<br> Environmental Control Facilities Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hospital Auxilio Mutuo Obligated Group Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp; 474156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp; 964926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Township, California Health Care District<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.75% 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp; 254105 |
|  |  | &nbsp;&nbsp;&nbsp; 35949330 |

---

NQ- WEST [1125] 0126 (5100810) 5

------

Schedule of investments

Nomura Tax-Free California Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Housing Revenue Bonds — 3.28% | &nbsp;&nbsp;Housing Revenue Bonds — 3.28% | &nbsp;&nbsp;Housing Revenue Bonds — 3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California CSCDA Community Improvement Authority<br> Essential Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Jefferson - Anaheim)<br> Series A-2 144A 3.125% 8/1/56 # | 1500000 | &nbsp;&nbsp;$1132305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pasadena Portfolio)<br> Series A-2 144A 3.00% 12/1/56 # | 3510000 | &nbsp;&nbsp;&nbsp;&nbsp; 2505473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Witmer Manor)<br> Series A 4.875% 11/1/43 FNMA | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Cities, California Finance Authority Mobile<br> Home Park Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pillar Ridge) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 5/15/44 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 5/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp; 850425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles, California Housing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Union Portfolio Project)<br> Series A 3.25% 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 245300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Social Certificates)<br> Series 4 3.987% 7/20/39 • | 1984042 | &nbsp;&nbsp;&nbsp;&nbsp; 1960372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santa Clara County, California Multifamily Housing<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(RiverTown Apartments Project)<br> Series A 5.85% 8/1/31 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp; 671494 |
|  |  | &nbsp;&nbsp;&nbsp; 9417609 |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 11.90% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 11.90% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 11.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Clean Energy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/1/54 • | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2678350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 12/1/53 • | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1584780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 3/1/56 • | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3294270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.25% 1/1/54 • | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3195600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 5.50% 5/1/54 • | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2117880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G 5.00% 11/1/55 • | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Bonds)<br> Series E 5.00% 2/1/55 • | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2690125 |

---

6 NQ- WEST [1125] 0126 (5100810)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California County Tobacco Securitization Agency<br> Settlement Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation - Stanislaus County Tobacco Funding Corporation)<br> Series D 9.019% 6/1/55 ^ | 1000000 | &nbsp;&nbsp;$75980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Brightline West Passenger Rail Project)<br> Series B 12.00% 1/1/65 (AMT) • | 2525000 | &nbsp;&nbsp;&nbsp;&nbsp; 2146250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California M-S-R Energy Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 6.50% 11/1/39 | 1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 2345969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 7.00% 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 366288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Calplant I Project)<br> 144A 8.00% 7/1/39 (AMT) #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 3375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Poseidon Resources (ChannelSide) LP Desalination Project)<br> 144A 5.00% 11/21/45 (AMT) # | &nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp; 940000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Commonwealth of Puerto Rico<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tobacco Settlement Asset-Backed)<br> Series A 8.869% 5/15/57 ^ | 47000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2245190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State, California Tobacco Securitization<br> Settlement Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation)<br> Subordinate Series B-2 5.267% 6/1/66 ^ | 14175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1525655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inland, California Empire Tobacco Securitization Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation Turbo Asset-Backed) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 144A 8.596% 6/1/57 #, ^ | 8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 532610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F 144A 1.437% 6/1/57 #, ^ | 30440000 | &nbsp;&nbsp;&nbsp;&nbsp; 1526262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Beach, California Bond Finance Authority Natural<br> Gas Purchase Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp; 196472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern California Public Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Natural Gas Project)<br> Series A 5.00% 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp; 324196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Securitization Authority of Southern California<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation - Second Subordinate Lien)<br> Series C 7.028% 6/1/46 ^ | 16770000 | &nbsp;&nbsp;&nbsp;&nbsp; 3332199 |

---

NQ- WEST [1125] 0126 (5100810) 7

------

Schedule of investments

Nomura Tax-Free California Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Securitization Authority of Southern California<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation - Third Subordinate Lien)<br> Series D 7.487% 6/1/46 ^ | 5270000 | &nbsp;&nbsp;$930524 |
|  |  | &nbsp;&nbsp;&nbsp; 34152355 |
| &nbsp;&nbsp;Lease Revenue Bonds — 5.08% | &nbsp;&nbsp;Lease Revenue Bonds — 5.08% | &nbsp;&nbsp;Lease Revenue Bonds — 5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State Public Works Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 3.00% 10/1/36 (AG) | 1525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1469795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(May Lee State Office Complex)<br> Series A 5.00% 4/1/49 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2659925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Various Capital Projects) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 4/1/50 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1597845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 5/1/39 | 1555000 | &nbsp;&nbsp;&nbsp;&nbsp; 1590516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 584520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00% 11/1/47 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2161540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garden Grove, California Public Financing Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 4/1/54 (BAM) | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1422120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Irvine, California Facilities Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gateway Preserve Land Acquisition Project)<br> 4.25% 5/1/53 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1448355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles, California Municipal Improvement Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Los Angeles Convention Center)<br> Series A 5.50% 5/1/55 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1630440 |
|  |  | &nbsp;&nbsp;&nbsp; 14565056 |
| &nbsp;&nbsp;Local General Obligation Bonds — 2.81% | &nbsp;&nbsp;Local General Obligation Bonds — 2.81% | &nbsp;&nbsp;Local General Obligation Bonds — 2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alameda, California Oakland Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 8/1/48 (AG) | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1614240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bass Lake, California Joint Union Elementary School<br> District Election of 2006 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40% 8/1/45 (AG) ^ | 2025000 | &nbsp;&nbsp;&nbsp;&nbsp; 832741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Beach, California Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 3.00% 8/1/38 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1156637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moreno Valley County, California Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/1/50 (BAM) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2134260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Health, California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 8/1/37 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 873040 |

---

8 NQ- WEST [1125] 0126 (5100810)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Local General Obligation Bonds (continued) | &nbsp;&nbsp;Local General Obligation Bonds (continued) | &nbsp;&nbsp;Local General Obligation Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego County, California Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Dedicated Unlimited Ad Valorem Property Tax Bonds)<br> Series G-3 4.00% 7/1/53 | 1500000 | &nbsp;&nbsp;$1439640 |
|  |  | &nbsp;&nbsp;&nbsp; 8050558 |
| &nbsp;&nbsp;Pre-Refunded Bonds — 0.16% | &nbsp;&nbsp;Pre-Refunded Bonds — 0.16% | &nbsp;&nbsp;Pre-Refunded Bonds — 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CommonSpirit Health)<br> Series A 4.00% 4/1/49-30 § | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 58556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Escuela Popular Project)<br> 144A 6.50% 7/1/50-27 #, § | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp; 168877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco City & County, California Airports<br> Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(San Francisco International Airport) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 5/1/49-29 (AMT) § | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 4.00% 5/1/50-29 (AMT) § | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp; 218350 |
|  |  | &nbsp;&nbsp;&nbsp; 466094 |
| &nbsp;&nbsp;Special Tax Revenue Bonds — 10.83% | &nbsp;&nbsp;Special Tax Revenue Bonds — 10.83% | &nbsp;&nbsp;Special Tax Revenue Bonds — 10.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Irvine, California Community Facilities District<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Park)<br> 4.00% 9/1/58 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 693368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.197% 11/1/43 • | 4120619 | &nbsp;&nbsp;&nbsp;&nbsp; 2642348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDB Debt Recovery Authority of Puerto Rico Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% 8/20/40 | 5263807 | &nbsp;&nbsp;&nbsp;&nbsp; 5123262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Irvine, California Facilities Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Irvine Great Park Infrastructure Project)<br> Series A 4.00% 9/1/58 (BAM) | 1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 1123855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jurupa Valley, California Community Facilities<br> District No. 36 Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Eastvale Area) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.125% 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 191150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.25% 9/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 279984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matching Fund Special Purpose Securitization, Virgin<br> Islands Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 528380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 0.674% 7/1/51 ^ | 2673000 | &nbsp;&nbsp;&nbsp;&nbsp; 666138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.75% 7/1/53 | 3727000 | &nbsp;&nbsp;&nbsp;&nbsp; 3548104 |

---

NQ- WEST [1125] 0126 (5100810) 9

------

Schedule of investments

Nomura Tax-Free California Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.785% 7/1/46 ^ | 26029000 | &nbsp;&nbsp;$8875629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 7/1/58 | 5995000 | &nbsp;&nbsp;&nbsp;&nbsp; 5844885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.329% 7/1/40 | 1595000 | &nbsp;&nbsp;&nbsp;&nbsp; 1555731 |
|  |  | &nbsp;&nbsp;&nbsp; 31072834 |
| &nbsp;&nbsp;State General Obligation Bonds — 7.04% | &nbsp;&nbsp;State General Obligation Bonds — 7.04% | &nbsp;&nbsp;State General Obligation Bonds — 7.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured)<br> Series A-1 4.00% 7/1/41 | 1257743 | &nbsp;&nbsp;&nbsp;&nbsp; 1163035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured)<br> Series A-1 4.00% 7/1/46 | 3154636 | &nbsp;&nbsp;&nbsp;&nbsp; 2806932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Various Purpose) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 3/1/46 | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1819395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 12/1/46 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 805280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% 3/1/45 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/39 | 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2672514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 3/1/45 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1090040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 8/1/44 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2789500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 8/1/55 | 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3553973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 8/1/49 | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2502720 |
|  |  | &nbsp;&nbsp;&nbsp; 20208779 |
| &nbsp;&nbsp;Transportation Revenue Bonds — 14.75% | &nbsp;&nbsp;Transportation Revenue Bonds — 14.75% | &nbsp;&nbsp;Transportation Revenue Bonds — 14.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burbank-Glendale-Pasadena, California Airport Authority<br> Brick Campaign Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior)<br> Series B 4.375% 7/1/49 (AMT) (AG) | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1201775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority Senior Lien<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(LINXS APM Project)<br> Series A 4.00% 12/31/47 (AMT) | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1537900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles, California Department of Airports<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 5/15/33 (AMT) | 1545000 | &nbsp;&nbsp;&nbsp;&nbsp; 1700427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 5/15/55 (AMT) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3219510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 4.00% 5/15/41 (AMT) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2950200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 5.25% 5/15/51 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2159320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 5.25% 5/15/55 | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3767505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F 4.00% 5/15/49 (AMT) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1814000 |

---

10 NQ- WEST [1125] 0126 (5100810)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Transportation Revenue Bonds (continued) | &nbsp;&nbsp;Transportation Revenue Bonds (continued) | &nbsp;&nbsp;Transportation Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles, California Department of Airports<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series H 4.00% 5/15/47 (AMT) | 1500000 | &nbsp;&nbsp;$1390695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Sacramento, California Airport System<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 7/1/54 | 1285000 | &nbsp;&nbsp;&nbsp;&nbsp; 1377597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foothill-Eastern, California Transportation Corridor<br> Agency Toll Road Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subseries B-1 3.95% 1/15/53 | 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 934239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subseries B-2 3.50% 1/15/53 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 432055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Junior Lien)<br> Series C 4.00% 1/15/43 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Lien) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 1/15/46 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 970460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 1/15/46 (BAM) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 978430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverside County, California Transportation Commission<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(RCTC 91 Express Lanes)<br> Series B-1 3.00% 6/1/49 | 2735000 | &nbsp;&nbsp;&nbsp;&nbsp; 2031394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego County Regional Airport Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Private Activity) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.50% 7/1/55 (AMT) | 2575000 | &nbsp;&nbsp;&nbsp;&nbsp; 2773713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinate Series B 4.00% 7/1/56 (AMT) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 888600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego County, California Regional Airport Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 7/1/56 (AMT) (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp; 617253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 7/1/37 (AMT) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Private Activity)<br> Series B 5.00% 7/1/46 (AMT) | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1535940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco City & County, California Airport<br> Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(San Francisco International Airport) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 5/1/49 (AMT) | 2005000 | &nbsp;&nbsp;&nbsp;&nbsp; 1810716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 5/1/44 (AMT) | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1598955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 5/1/55 (AMT) | 2440000 | &nbsp;&nbsp;&nbsp;&nbsp; 2558242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 4.00% 5/1/50 (AMT) | 2285000 | &nbsp;&nbsp;&nbsp;&nbsp; 2054306 |
|  |  | &nbsp;&nbsp;&nbsp; 42321712 |

---

NQ- WEST [1125] 0126 (5100810) 11

------

Schedule of investments

Nomura Tax-Free California Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Water & Sewer Revenue Bonds — 1.76% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 1.76% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority Water<br> Furnishing Revenue Refunding Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(San Diego County Water Authority Desalination Project Pipeline)<br> 144A 5.00% 11/21/45 # | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;$253170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Francisco, California Public Utilities<br> Commission Water Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hetch Hetchy Water)<br> Series E 5.25% 11/1/55 | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3783850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Government Waterworks Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/46 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023800 |
|  |  | &nbsp;&nbsp;&nbsp; 5060820 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $280,881,138)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $280,881,138)** | &nbsp;&nbsp;&nbsp;**280878192** |
| &nbsp;&nbsp;**Short-Term Investments — 0.77%** | &nbsp;&nbsp;**Short-Term Investments — 0.77%** | &nbsp;&nbsp;**Short-Term Investments — 0.77%** |
| &nbsp;&nbsp;Variable Rate Demand Notes — 0.77% | &nbsp;&nbsp;Variable Rate Demand Notes — 0.77% | &nbsp;&nbsp;Variable Rate Demand Notes — 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of California General Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Variable Rate Demand Bonds)<br> Series AL-3 2.50% 5/15/48 ¤ | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco, California Bay Area Toll Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Variable Rate Bonds)<br> Series I 2.40% 4/1/59 <br> (LOC - TD Bank, N.A.)¤ | 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $2,200,000)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $2,200,000)** | &nbsp;&nbsp;&nbsp; **2200000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—98.66%<br> (cost $283,081,138)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**283078192** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—1.34%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **3845645** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 26,189,332 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$286923837** |

---

---

| |
|:---|
| Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At November 30, 2025, the aggregate value of Rule 144A securities was $41,626,504, which represents 14.51% of the Fund's net assets. |
| Security is currently in default. |

---

12 NQ- WEST [1125] 0126 (5100810)

------

---

| | |
|:---|:---|
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at November 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| § | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. |
| ¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of November 30, 2025. |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| AG – Insured by Assured Guaranty Inc. |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |
| CHF – Collegiate Housing Foundation |
| CSCDA – California Statewide Communities Development Authority |
| FNMA – Federal National Mortgage Association Collateral |
| ICEF – Inner City Education Foundation |
| LLC – Limited Liability Corporation |
| LOC – Letter of Credit |
| N.A. – National Association |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| USD – US Dollar |

---

NQ- WEST [1125] 0126 (5100810) 13

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Voyageur Mutual Funds

- **b. Investment Company Act file number:** 811-07742

- **c. CIK number of Registrant:** 0000906236

- **d. LEI of Registrant:** 549300D8BQFTKREY6O09

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

  - **Telephone number:** 800-523-1918

**Item A.2. Information about the Series.**

- **a. Name of Series:** Nomura Tax-Free California Fund

- **b. EDGAR series identifier (if any):** S000002414

- **c. LEI of Series:** I77CW6L89B72OZ5GY868

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-28

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $287753477.60

**Total Liabilities:** $1415382.46

**Net Assets:** $286338095.14

**Cash Not Reported:** $1223034.14

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 151.12070000 | **1-Year:** 1745.09843000 | **5-Year:** 25556.07243000 | **10-Year:** 207910.58353000 | **30-Year:** 26392.16713000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 15.45231000 | **1-Year:** 68.57204000 | **5-Year:** 2225.49465000 | **10-Year:** 12834.07539000 | **30-Year:** 3219.67769000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006415 | 4.06%                | 1.35%                | 0.23%                |
| Class ID C000006417 | 4.09%                | 1.19%                | 0.26%                |
| Class ID C000135926 | 4.18%                | 1.28%                | 0.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-347507.17              | $10811353.28                               |
| Month 2  | $-516148.69              | $3346968.33                                |
| Month 3  | $128327.26               | $-279102.15                                |

### Schedule of Portfolio Investments

| Name                           | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LONG BEACH CA BOND FIN AUTH NA | Long Beach Bond Finance Authority                                               | CUSIP: 54241AAZ6<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |    165000 | PA      | $196472.10    | 0.07%             | 2037-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STHRN CALIFORNIA ST PUBLIC PWR | Southern California Public Power Authority                                      | CUSIP: 842469DK1<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041790.00   | 0.36%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT | California Statewide Communities Development Authority                          | CUSIP: 13080SYX6<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $473315.00    | 0.17%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3727000 | PA      | $3548104.00   | 1.24%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                           | CUSIP: 13034A7E4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2146250.00   | 0.75%             | 2065-01-01      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QWE8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    150000 | PA      | $100125.00    | 0.03%             | 2036-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVC3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    470000 | PA      | $313725.00    | 0.11%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT | California Educational Facilities Authority                                     | CUSIP: 130179SD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $4013870.00   | 1.40%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CNTY CA ARPT SYS RE | County of Sacramento CA Airport System Revenue                                  | CUSIP: 786107VC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1377597.10   | 0.48%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT | California Statewide Communities Development Authority                          | CUSIP: 13080SUG7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $444520.00    | 0.16%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA REVENUES    | University of California                                                        | CUSIP: 91412GSH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.10%             | 2048-05-15      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ED | California Municipal Finance Authority                                          | CUSIP: 130497AX8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1733457.00   | 0.61%             | 2054-06-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA | California School Finance Authority                                             | CUSIP: 13059TBD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $470117.50    | 0.16%             | 2034-10-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT | California Statewide Communities Development Authority                          | CUSIP: 13080SM76<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2055620.00   | 0.72%             | 2052-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH | California Municipal Finance Authority                                          | CUSIP: 13048DCQ9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    300000 | PA      | $273459.00    | 0.10%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A | California Enterprise Development Authority                                     | CUSIP: 13067RDW0<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $931400.00    | 0.33%             | 2053-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QXP2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     55000 | PA      | $36575.00     | 0.01%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TRX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002630.00   | 0.35%             | 2063-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                                | CUSIP: 13032UXE3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2141353.20   | 0.75%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                      | CUSIP: 544445NV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1814000.00   | 0.63%             | 2049-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TQF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $922000.00    | 0.32%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   4120620 | PA      | $2642347.36   | 0.92%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                      | CUSIP: 5444457H6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3767505.00   | 1.32%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IRVINE CA FACS FING AUTH SPL T | Irvine Facilities Financing Authority                                           | CUSIP: 46360WAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1123855.30   | 0.39%             | 2058-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                      | CUSIP: 544445F53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1390695.00   | 0.49%             | 2047-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES | University of California                                                        | CUSIP: 91412HKU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $767560.00    | 0.27%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QKW1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    340000 | PA      | $226950.00    | 0.08%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REVENUE     | California State University                                                     | CUSIP: 13077DRU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6650000 | PA      | $5069494.50   | 1.77%             | 2052-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    350000 | PA      | $233625.00    | 0.08%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TCK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $697146.45    | 0.24%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P | Los Angeles Department of Water & Power                                         | CUSIP: 544532MS0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2438414.00   | 0.85%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN | M-S-R Energy Authority                                                          | CUSIP: 55374SAJ9<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   1905000 | PA      | $2345969.40   | 0.82%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A | California Enterprise Development Authority                                     | CUSIP: 13068WAG6<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1336870.35   | 0.47%             | 2063-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                                | CUSIP: 13032UMP0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2840975.00   | 0.99%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DWB1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20311.60     | 0.01%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                 | CUSIP: 13013JGF7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3294270.00   | 1.15%             | 2056-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                 | CUSIP: 13013JBL9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1584780.00   | 0.55%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS | Guam Government Waterworks Authority                                            | CUSIP: 40065FEG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023800.00   | 0.36%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TTM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $706153.00    | 0.25%             | 2063-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QKX9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $777637.50    | 0.27%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TRV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $280739.20    | 0.10%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOOTHILL ESTRN TRANSPRTN CORRI | Foothill-Eastern Transportation Corridor Agency                                 | CUSIP: 345105GT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $934238.40    | 0.33%             | 2053-01-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| GDB DEBT RECOVERY AUTH OF CMWL | GDB Debt Recovery Authority of Puerto Rico                                      | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4963473 | PA      | $4832139.50   | 1.69%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FOOTHILL ESTRN TRANSPRTN CORRI | Foothill-Eastern Transportation Corridor Agency                                 | CUSIP: 345105JJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000670.00   | 0.35%             | 2043-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TEL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $821335.20    | 0.29%             | 2051-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74527EFL7<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |    445000 | PA      | $474156.40    | 0.17%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                      | CUSIP: 544445SN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1700427.00   | 0.59%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TLZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225004.50    | 0.08%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                             | CUSIP: 13063DUQ9<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1819395.00   | 0.64%             | 2046-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                          | CUSIP: 13048TS20<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    950000 | PA      | $953182.50    | 0.33%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA MUNI IMPT CORPL | Municipal Improvement Corp of Los Angeles                                       | CUSIP: 5445875X2<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1630440.00   | 0.57%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1555731.10   | 0.54%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| GDB DEBT RECOVERY AUTH OF CMWL | GDB Debt Recovery Authority of Puerto Rico                                      | CUSIP: 36829QAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300334 | PA      | $291122.76    | 0.10%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                 | CUSIP: 13013JDR4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2678350.00   | 0.94%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                          | CUSIP: 13048TWL3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000380.00   | 0.35%             | 2040-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TRW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $789096.00    | 0.28%             | 2053-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN | California Pollution Control Financing Authority                                | CUSIP: 130536RA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $3375.00      | 0.00%             | 2039-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH | California Municipal Finance Authority                                          | CUSIP: 13048DBR8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    670000 | PA      | $623347.90    | 0.22%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON TWP CA HLTH CARE DI | Washington Township Health Care District                                        | CUSIP: 940204DW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $254104.95    | 0.09%             | 2031-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TUM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1328235.00   | 0.46%             | 2064-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| OAKLAND CA UNIF SCH DIST ALAME | Oakland Unified School District/Alameda County                                  | CUSIP: 672325R58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1614240.00   | 0.56%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU | San Diego County Regional Airport Authority                                     | CUSIP: 79739GNU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1535940.00   | 0.54%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TEJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501445.00    | 0.18%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P | Los Angeles Department of Water & Power                                         | CUSIP: 544532FX7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011890.00   | 0.35%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                      | CUSIP: 5444456K0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2159320.00   | 0.75%             | 2051-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L | California State Public Works Board                                             | CUSIP: 13068XRQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2161540.00   | 0.75%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVX7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    230000 | PA      | $153525.00    | 0.05%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT | California Educational Facilities Authority                                     | CUSIP: 130179YE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2675000 | PA      | $2859307.50   | 1.00%             | 2055-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN | California Public Finance Authority                                             | CUSIP: 13057GAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1443921.60   | 0.50%             | 2056-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH | California Municipal Finance Authority                                          | CUSIP: 13048DBB3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    850000 | PA      | $775701.50    | 0.27%             | 2045-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST | Tobacco Securitization Authority of Southern California                         | CUSIP: 888804BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5270000 | PA      | $930523.90    | 0.32%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TTH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488400.00    | 0.17%             | 2063-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                      | CUSIP: 5444453D9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3219510.00   | 1.12%             | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DWF2<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2054306.40   | 0.72%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY & CNTY P | City of San Francisco CA Public Utilities Commission Water Revenue              | CUSIP: 79771FLL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3783850.00   | 1.32%             | 2055-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA TRANSPRTN CO | Riverside County Transportation Commission                                      | CUSIP: 76912DBA5<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |   2735000 | PA      | $2031393.90   | 0.71%             | 2049-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3154636 | PA      | $2806932.02   | 0.98%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA CLARA CNTY CA HSG AUTH   | Santa Clara County Housing Authority                                            | CUSIP: 801617EM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $671494.10    | 0.23%             | 2031-08-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT | California Educational Facilities Authority                                     | CUSIP: 130179TM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $541168.30    | 0.19%             | 2051-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DWW5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1598955.00   | 0.56%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IRVINE CA FACS FING AUTH LEASE | Irvine Facilities Financing Authority                                           | CUSIP: 46360XAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1448355.00   | 0.51%             | 2053-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES | University of California                                                        | CUSIP: 91412HVX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2710625.00   | 0.95%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TRE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $760678.00    | 0.27%             | 2062-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TSG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $527787.75    | 0.18%             | 2047-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT | California Statewide Communities Development Authority                          | CUSIP: 13080ST79<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3265000 | PA      | $3462140.70   | 1.21%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVZ2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     45000 | PA      | $30037.50     | 0.01%             | 2026-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST | Tobacco Securitization Authority of Southern California                         | CUSIP: 888804BA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16770000 | PA      | $3332199.00   | 1.16%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L | California State Public Works Board                                             | CUSIP: 13068XLF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2659925.00   | 0.93%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA | California School Finance Authority                                             | CUSIP: 13059THU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $346845.75    | 0.12%             | 2050-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES | University of California                                                        | CUSIP: 91412HND1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2090840.00   | 0.73%             | 2052-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CO | California Municipal Finance Authority                                          | CUSIP: 130493CL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515485.00    | 0.18%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST CMNTY CLG FING A | California Community College Financing Authority                                | CUSIP: 13012TAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1158135.00   | 0.40%             | 2060-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                 | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2100380.00   | 0.73%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT | California Educational Facilities Authority                                     | CUSIP: 130179TN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $570540.00    | 0.20%             | 2051-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                          | CUSIP: 13048VCA4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1537900.00   | 0.54%             | 2047-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                                | CUSIP: 13032UL22<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1431094.00   | 0.50%             | 2053-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                             | CUSIP: 13063END4<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3553972.50   | 1.24%             | 2055-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN | CSCDA Community Improvement Authority                                           | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3510000 | PA      | $2505473.10   | 0.88%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JURUPA CA CMNTY SVCS DIST SPLT | Jurupa Community Services District                                              | CUSIP: 4820976S6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $191150.00    | 0.07%             | 2042-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA | California School Finance Authority                                             | CUSIP: 13059THR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $168876.80    | 0.06%             | 2050-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST | California Municipal Finance Authority                                          | CUSIP: 13049YBL4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    300000 | PA      | $279717.00    | 0.10%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                 | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3195600.00   | 1.12%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L | California State Public Works Board                                             | CUSIP: 13068XBT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $584520.00    | 0.20%             | 2046-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TRS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002410.00   | 0.35%             | 2053-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT | California Educational Facilities Authority                                     | CUSIP: 130179GV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2045000 | PA      | $2357660.05   | 0.82%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STHRN CA PUBLIC PWR AUTH NATUR | Southern California Public Power Authority                                      | CUSIP: 842471AY0<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    295000 | PA      | $324196.15    | 0.11%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN | M-S-R Energy Authority                                                          | CUSIP: 55374SAH3<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    300000 | PA      | $366288.00    | 0.13%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GARDEN GROVE CA PUBLIC FING AU | Garden Grove Public Financing Authority                                         | CUSIP: 36527RBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1422120.00   | 0.50%             | 2054-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                                | CUSIP: 13032UL30<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018890.00   | 0.36%             | 2058-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TSE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515560.00    | 0.18%             | 2038-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                          | CUSIP: 13048TSX2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    635000 | PA      | $550691.05    | 0.19%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SE | California Municipal Finance Authority                                          | CUSIP: 13049RBR6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    750000 | PA      | $612885.00    | 0.21%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECUR | Inland Empire Tobacco Securitization Corp                                       | CUSIP: 45734TAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $532610.00    | 0.19%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JURUPA CA CMNTY SVCS DIST SPLT | Jurupa Community Services District                                              | CUSIP: 4820976T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $279984.00    | 0.10%             | 2047-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                             | CUSIP: 13063ECN4<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2789500.00   | 0.97%             | 2044-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                          | CUSIP: 13048TA37<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $462030.00    | 0.16%             | 2046-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PALOMAR HLTH CA                | Palomar Health                                                                  | CUSIP: 697527BE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $873040.00    | 0.30%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                 | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2690125.00   | 0.94%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DWC9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    215000 | PA      | $218349.70    | 0.08%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH STUDEN | California Municipal Finance Authority                                          | CUSIP: 13051EAK6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989430.00    | 0.35%             | 2060-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVE9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    730000 | PA      | $487275.00    | 0.17%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU | San Diego County Regional Airport Authority                                     | CUSIP: 79739GGM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017810.00   | 0.36%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TUW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $935940.00    | 0.33%             | 2064-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| BURBANK GLENDALE PASADENA CA A | Burbank-Glendale-Pasadena Airport Authority Brick Campaign                      | CUSIP: 120827EE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1201775.00   | 0.42%             | 2049-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN | California Public Finance Authority                                             | CUSIP: 13057GAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $459400.00    | 0.16%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                          | CUSIP: 13048V3F3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    775000 | PA      | $791220.75    | 0.28%             | 2045-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TVE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2679588.00   | 0.94%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVD1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    335000 | PA      | $223612.50    | 0.08%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                      | CUSIP: 544445S59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2950200.00   | 1.03%             | 2041-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MF | California Municipal Finance Authority                                          | CUSIP: 130483HW3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051620.00   | 0.37%             | 2043-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT | California Statewide Communities Development Authority                          | CUSIP: 13080SC93<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $878170.00    | 0.31%             | 2051-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                          | CUSIP: 13048TP49<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500485.00    | 0.17%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN | CSCDA Community Improvement Authority                                           | CUSIP: 126292AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1132305.00   | 0.40%             | 2056-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QWX6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     35000 | PA      | $23362.50     | 0.01%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FOOTHILL ESTRN TRANSPRTN CORRI | Foothill-Eastern Transportation Corridor Agency                                 | CUSIP: 345105KT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978430.00    | 0.34%             | 2046-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU | San Diego County Regional Airport Authority                                     | CUSIP: 79739GPP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $617253.30    | 0.22%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1257743 | PA      | $1163034.95   | 0.41%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE & EC | California Infrastructure & Economic Development Bank                           | CUSIP: 13035CAC9<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $928680.00    | 0.32%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A | California Enterprise Development Authority                                     | CUSIP: 13069ABE7<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $914530.00    | 0.32%             | 2064-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECUR | Inland Empire Tobacco Securitization Corp                                       | CUSIP: 45734TAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  30440000 | PA      | $1526261.60   | 0.53%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74527EFN3<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |    900000 | PA      | $964926.00    | 0.34%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                                | CUSIP: 13032UB31<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2162907.00   | 0.76%             | 2051-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                                | CUSIP: 13032UD70<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1486763.10   | 0.52%             | 2051-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CA HSG & PUBLIC IMPT A | Anaheim Housing & Public Improvements Authority                                 | CUSIP: 032556PY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057650.00   | 0.37%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                          | CUSIP: 13048V3G1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509680.00    | 0.18%             | 2054-11-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SE | California Municipal Finance Authority                                          | CUSIP: 13049RBS4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $859484.00    | 0.30%             | 2056-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                             | CUSIP: 13063EMF0<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090040.00   | 0.38%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STHRN CALIFORNIA ST PUBLIC PWR | Southern California Public Power Authority                                      | CUSIP: 842469DH8<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089200.00   | 0.38%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REVENUE     | California State University                                                     | CUSIP: 13077DWG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2179120.00   | 0.76%             | 2056-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                           | CUSIP: 13034A5L0<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   3850000 | PA      | $3932544.00   | 1.37%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI | Golden State Tobacco Securitization Corp                                        | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14175000 | PA      | $1525655.25   | 0.53%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TKA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $244102.50    | 0.09%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DWE5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2005000 | PA      | $1810715.50   | 0.63%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                             | CUSIP: 13063EME3<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005390.00   | 0.35%             | 2045-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA | California School Finance Authority                                             | CUSIP: 13059TJS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1740456.00   | 0.61%             | 2064-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC | California County Tobacco Securitization Agency                                 | CUSIP: 13016NCW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $75980.00     | 0.03%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                             | CUSIP: 13063ECR5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2502720.00   | 0.87%             | 2049-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                             | CUSIP: 13063EAN6<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2672514.00   | 0.93%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TTS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $878820.00    | 0.31%             | 2064-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA HSG AUTH MTGE R | Los Angeles Housing Authority                                                   | CUSIP: 54456FBW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $245300.00    | 0.09%             | 2035-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QXY3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     40000 | PA      | $26600.00     | 0.01%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L | California State Public Works Board                                             | CUSIP: 13068XBQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1590516.20   | 0.56%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MORENO VLY CA UNIF SCH DIST    | Moreno Valley Unified School District/CA                                        | CUSIP: 616871NV7<br>LEI: 549300G4WBO7HSZKUD51 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2134260.00   | 0.75%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QA69<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    185000 | PA      | $123487.50    | 0.04%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA UNIF SCH DIST     | San Diego Unified School District/CA                                            | CUSIP: 797356JG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1439640.00   | 0.50%             | 2053-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                 | CUSIP: 13013JCS3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2117880.00   | 0.74%             | 2054-05-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA | California School Finance Authority                                             | CUSIP: 13059TFH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1051984.50   | 0.37%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOOTHILL ESTRN TRANSPRTN CORRI | Foothill-Eastern Transportation Corridor Agency                                 | CUSIP: 345105JH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970460.00    | 0.34%             | 2046-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STHRN CALIFORNIA ST PUBLIC PWR | Southern California Public Power Authority                                      | CUSIP: 842469CM8<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1297750.00   | 0.45%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QZY1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     70000 | PA      | $46725.00     | 0.02%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI | Bay Area Toll Authority                                                         | CUSIP: 072024C75<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1900000.00   | 0.66%             | 2059-04-01      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REVENUE     | California State University                                                     | CUSIP: 13077DWF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094670.00   | 0.38%             | 2050-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2673000 | PA      | $666138.33    | 0.23%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY | San Francisco City & County Airport Comm-San Francisco International Airport    | CUSIP: 79766DXP9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2440000 | PA      | $2558242.40   | 0.89%             | 2055-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN | California Pollution Control Financing Authority                                | CUSIP: 13054WAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253170.00    | 0.09%             | 2045-11-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  26029000 | PA      | $8875628.71   | 3.10%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                                | CUSIP: 13032UY36<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     55000 | PA      | $58556.30     | 0.02%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA | California School Finance Authority                                             | CUSIP: 13059TGK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1233637.50   | 0.43%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P | Los Angeles Department of Water & Power                                         | CUSIP: 544532PU2<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3647945.00   | 1.27%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA | California School Finance Authority                                             | CUSIP: 13059TCC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000740.00   | 0.35%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                          | CUSIP: 13048T6D0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1066249.60   | 0.37%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                           | CUSIP: 13034A7C8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2143200.00   | 0.75%             | 2059-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FOOTHILL ESTRN TRANSPRTN CORRI | Foothill-Eastern Transportation Corridor Agency                                 | CUSIP: 345105JD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $432055.00    | 0.15%             | 2053-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| INDEP CITIES CA FIN AUTH MOBIL | Independent Cities Finance Authority                                            | CUSIP: 45385LEF6<br>LEI: 549300ZZZYTBUL6FR983 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000620.00   | 0.35%             | 2044-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L | California State Public Works Board                                             | CUSIP: 13068XPW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1597845.00   | 0.56%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                                | CUSIP: 13032UY44<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   5550000 | PA      | $5079526.50   | 1.77%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BASS LAKE CA JT UNION ELEM SCH | Bass Lake Joint Elementary District                                             | CUSIP: 07014YCK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2025000 | PA      | $832740.75    | 0.29%             | 2045-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TVA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483455.00    | 0.17%             | 2064-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REVENUE          | Guam Power Authority                                                            | CUSIP: 400653KG5<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |    970000 | PA      | $1013795.50   | 0.35%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    325000 | PA      | $216937.50    | 0.08%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IRVINE CA SPL TAX              | City of Irvine CA                                                               | CUSIP: 46360TGS6<br>LEI: 549300PJ9FL2XGFR8J79 | Long             | DBT              | MUN               | US        |    750000 | PA      | $693367.50    | 0.24%             | 2058-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDEP CITIES CA FIN AUTH MOBIL | Independent Cities Finance Authority                                            | CUSIP: 45385LEG4<br>LEI: 549300ZZZYTBUL6FR983 | Long             | DBT              | MUN               | US        |    850000 | PA      | $850425.00    | 0.30%             | 2049-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS | New Hampshire Business Finance Authority                                        | CUSIP: 63607WBB9<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |   1985449 | PA      | $1961762.35   | 0.69%             | 2039-07-20      | Variable      | 3.92%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN | California Pollution Control Financing Authority                                | CUSIP: 13054WAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $940000.00    | 0.33%             | 2045-11-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5995000 | PA      | $5844885.20   | 2.04%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L | California State Public Works Board                                             | CUSIP: 13068LD51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1469795.00   | 0.51%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU | San Diego County Regional Airport Authority                                     | CUSIP: 79739GTE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2773712.75   | 0.97%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                                | CUSIP: 13032UMN5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $952790.00    | 0.33%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MATCHING FUND SPL PURPOSE SECU | Matching Fund Special Purpose Securitization Corp                               | CUSIP: 57665NAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528380.00    | 0.18%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU | San Diego County Regional Airport Authority                                     | CUSIP: 79739GNZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $888600.00    | 0.31%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES | University of California                                                        | CUSIP: 91412HQY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2187760.00   | 0.76%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THE CHILDRENS TRUST FUND PR TO | Children's Trust Fund                                                           | CUSIP: 16876QBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  47000000 | PA      | $2245190.00   | 0.78%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA CMNTY CLG DIST   | Long Beach Community College District                                           | CUSIP: 542411PX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1156637.50   | 0.40%             | 2038-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                             | CUSIP: 13063DA40<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $805280.00    | 0.28%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-27

**Name of Applicant:** Voyageur Mutual Funds

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

**Title:** Division Director - Head of US Fund Administration