# EDGAR Filing Document

**Accession Number:** 0000906236
**File Stem:** 0000940400-26-002557
**Filing Date:** 2026-1
**Character Count:** 150952
**Document Hash:** 27a96c77da4c5dcea7ebc7b1fa4182f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-002557.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0000940400-26-002557

**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:** 26564467

**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 Minnesota High-Yield Municipal Bond Fund (Series ID: S000002412)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000006409 | Class A             | DVMHX           |
| C000006411 | Class C             | DVMMX           |
| C000135925 | Institutional Class | DMHIX           |

## Nport-Ex

Schedule of investments

Nomura Minnesota High-Yield Municipal Bond Fund November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds — 96.87%** | &nbsp;&nbsp;**Municipal Bonds — 96.87%** | &nbsp;&nbsp;**Municipal Bonds — 96.87%** |
| &nbsp;&nbsp;Education Revenue Bonds — 27.82% | &nbsp;&nbsp;Education Revenue Bonds — 27.82% | &nbsp;&nbsp;Education Revenue Bonds — 27.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bethel, Minnesota Charter School Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Spectrum High School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;$833305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp; 805783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.25% 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 638257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.375% 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 208043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Brooklyn Park, Minnesota Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Prairie Seeds Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% 6/15/54 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 916160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 6/15/64 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1360830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Cologne, Minnesota Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cologne Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp; 220084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 350073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp; 336906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Deephaven, Minnesota Charter School Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Eagle Ridge Academy Project)<br> Series A 5.50% 7/1/50 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Eagan, Minnesota Charter School Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Oaks Academy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.25% 2/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp; 635923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.375% 2/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 682213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Forest Lake, Minnesota Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lakes International Language Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.50% 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.375% 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp; 953638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.75% 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp; 585146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Ham Lake, Minnesota Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(DaVinci Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp; 229981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp; 613106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Parnassus Preparatory School Project)<br> Series A 5.00% 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp; 619047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Hugo, Minnesota Charter School Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Noble Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/34 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp; 473002 |

---

NQ- 313 [1125] 0126 (5100810) 1

------

Schedule of investments

Nomura Minnesota High-Yield Municipal Bond 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;City of Minneapolis, Minnesota Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cyber Village Academy Project)<br> Series A 5.50% 6/1/57 | 1400000 | &nbsp;&nbsp;$1237166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hiawatha Academies Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.375% 7/1/42 # | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp; 620972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.50% 7/1/52 # | 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 958308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.50% 7/1/57 # | &nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp; 733119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Minneapolis, Minnesota Student Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Riverton Community Housing Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 698227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp; 523950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp; 675142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Otsego, Minnesota Charter School Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Kaleidoscope Charter School Project)<br> Series A 5.00% 9/1/44 | 1435000 | &nbsp;&nbsp;&nbsp;&nbsp; 1254219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Cloud, Minnesota Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Stride Academy Project)<br> Series A 5.00% 4/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 607598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Paul, Minnesota Housing & Redevelopment<br> Authority Charter School Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Academia Cesar Chavez School Project)<br> Series A 5.25% 7/1/50 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1491630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great River School Project)<br> Series A 144A 5.50% 7/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp; 415087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hmong College Preparatory Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/43 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 974610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/55 | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.75% 9/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 501205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.00% 9/1/51 | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3509135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Nova Classical Academy Project)<br> Series A 4.125% 9/1/47 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Twin Cities Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.375% 7/1/50 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1501110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.125% 7/1/65 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 984700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Paul, Minnesota Housing & Redevelopment<br> Authority Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great River School Project)<br> Series A 144A 4.75% 7/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Nova Classical Academy Project)<br> Series A 4.00% 9/1/36 | 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1550453 |

---

2 NQ- 313 [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;City of St. Paul, Minnesota Housing & Redevelopment<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hmong College Preparatory Academy Project)<br> Series A 5.00% 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;$715114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Woodbury, Minnesota Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Math & Science Academy)<br> 144A 5.50% 6/1/63 # | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2325125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Woodbury Leadership Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp; 750519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/1/51 | 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 844763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp; 563041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.00% 7/1/65 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 992570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duluth Housing & Redevelopment Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Duluth Public Schools Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 638974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/1/48 | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1370846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Higher Education Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Bethel University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/1/37 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1248575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/1/47 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2716500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Carleton College)<br> 4.00% 3/1/47 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1450185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Bonds)<br> Series A 5.00% 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 546820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gustavus Adolphus College)<br> 5.00% 10/1/47 | 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2350869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Macalester College) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp; 327704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp; 269965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 3/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 558054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minneapolis College of Art & Design)<br> 4.00% 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Catherine University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 717997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp; 878950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/45 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 982180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Olaf College)<br> 4.00% 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp;&nbsp; 876843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Trustees of the Hamline University of Minnesota) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 301521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 10/1/39 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003340 |

---

NQ- 313 [1125] 0126 (5100810) 3

------

Schedule of investments

Nomura Minnesota High-Yield Municipal Bond 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;Minnesota Higher Education Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Trustees of the Hamline University of Minnesota) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 10/1/47 | 1055000 | &nbsp;&nbsp;$1029648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University of St. Thomas) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 303984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp; 479336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.125% 10/1/53 | 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1205909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/49 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1289175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 10/1/52 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Office of Higher Education Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Supplemental Student Loan Program)<br> 4.00% 11/1/42 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 242038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Minnesota Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp; 919899 |
|  |  | &nbsp;&nbsp;&nbsp; 62199884 |
| &nbsp;&nbsp;Electric Revenue Bonds — 1.68% | &nbsp;&nbsp;Electric Revenue Bonds — 1.68% | &nbsp;&nbsp;Electric Revenue Bonds — 1.68% |
| &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 5.05% 7/1/42 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp; 110137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AAA 5.25% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp; 63175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series CCC 5.25% 7/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp; 433875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.00% 7/1/28 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp; 390487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 4.75% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp; 70088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.25% 7/1/40 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp; 196912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.75% 7/1/36 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp; 246975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 4.75% 7/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp; 56738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 5.25% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp; 86450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Minnesota Municipal Power Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul, Minnesota Port Authority District Energy Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1 5.00% 10/1/46 | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1147069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Minnesota Municipal Power Agency Supply<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Red Rock Hydroelectric Project)<br> Series A 5.00% 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp; 562715 |
|  |  | &nbsp;&nbsp;&nbsp; 3765377 |
| &nbsp;&nbsp;Healthcare Revenue Bonds — 37.83% | &nbsp;&nbsp;Healthcare Revenue Bonds — 37.83% | &nbsp;&nbsp;Healthcare Revenue Bonds — 37.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Anoka, Minnesota Healthcare & Housing Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Homestead at Anoka Project)<br> 5.125% 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 350608 |

---

4 NQ- 313 [1125] 0126 (5100810)

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---

| | | |
|:---|:---|:---|
|  | 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;City of Apple Valley, Minnesota Senior Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PHS Senior Housing, Inc. Orchard Path Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;$718276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/43 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 988280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/58 | 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 9/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp; 633094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.625% 9/1/65 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Apple Valley, Minnesota Senior Living Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Living LLC Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Tier Series D 7.00% 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp; 254942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Tier Series D 7.25% 1/1/52 | 1495000 | &nbsp;&nbsp;&nbsp;&nbsp; 657875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Tier Series B 5.00% 1/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp; 298573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bethel, Minnesota Housing & Health Care Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Benedictine Health System – St. Peter Communities Project)<br> Series A 5.50% 12/1/48 | 1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1236186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Ecumen Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.125% 3/1/44 | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.125% 3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 291216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bethel, Minnesota Senior Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Lodge at the Lakes at Stillwater Project)<br> 5.25% 6/1/58 | 1475000 | &nbsp;&nbsp;&nbsp;&nbsp; 1295021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Brainerd, Minnesota Senior Housing and<br> Healthcare Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pinecrest of Country Manor Project)<br> Series A 6.00% 5/1/60 | 1775000 | &nbsp;&nbsp;&nbsp;&nbsp; 1795998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Brooklyn Center, Minnesota Multifamily Housing<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sanctuary at Brooklyn Center Project)<br> Series A 5.50% 11/1/35 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;626098 | &nbsp;&nbsp;&nbsp;&nbsp; 438268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chatfield, Minnesota Healthcare & Housing<br> Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Chosen Valley Care Center Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 218785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/52 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1266765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Crookston, Minnesota Health Care Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Riverview Health Project)<br> 5.00% 5/1/51 | 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 502291 |

---

NQ- 313 [1125] 0126 (5100810) 5

------

Schedule of investments

Nomura Minnesota High-Yield Municipal Bond 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;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Glencoe, Minnesota Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Glencoe Regional Health Services Project)<br> 4.00% 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;$185002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Hayward, Minnesota Health Care Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(American Baptist Homes Midwest Obligated Group)<br> 5.375% 8/1/34 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 583725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. John's Lutheran Home of Albert Lea Project)<br> Series A 5.375% 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 47700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Maple Grove, Minnesota Health Care Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Maple Grove Hospital Corporation)<br> 4.00% 5/1/37 | 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1601730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(North Memorial Health Care)<br> 4.00% 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 297585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Maple Plain, Minnesota Senior Housing & Health<br> Care Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Haven Homes Incorporate Project)<br> 5.00% 7/1/49 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 916390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Minneapolis, Minnesota Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University Gateway Project)<br> 5.00% 12/1/45 | 1440000 | &nbsp;&nbsp;&nbsp;&nbsp; 1553558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Minneapolis, Minnesota Health Care System<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Allina Health System) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 11/15/39 | 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1898062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 11/15/40 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 989650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Fairview Health Services) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 11/15/48 | 2855000 | &nbsp;&nbsp;&nbsp;&nbsp; 2457042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/32 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1250850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/49 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 985460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Minneapolis, Minnesota Senior Housing &<br> Healthcare Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Ecumen-Abiitan Mill City Project)<br> 5.375% 11/1/50 | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1580660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Minneapolis, St. Paul Housing & Redevelopment<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Children's Health Care) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/15/40 | 1740000 | &nbsp;&nbsp;&nbsp;&nbsp; 1909772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/15/42 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2142520 |

---

6 NQ- 313 [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;City of Morris, Minnesota Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Farmington Health Services) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10% 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;$378395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20% 8/1/49 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rochester, Minnesota Health Care & Housing<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Homestead at Rochester Project)<br> Series A 6.875% 12/1/48 | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1200624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rochester, Minnesota Health Care Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mayo Clinic) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 11/15/39 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1541340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/15/57 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.25% 11/15/50 | 1605000 | &nbsp;&nbsp;&nbsp;&nbsp; 1564361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.375% 11/15/53 | 2215000 | &nbsp;&nbsp;&nbsp;&nbsp; 2202951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Sartell, Minnesota Health Care & Housing Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Country Manor Campus LLC Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 600060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/32 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 350973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Sauk Rapids, Minnesota Health Care Housing<br> Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Good Shepherd Lutheran Home)<br> 5.125% 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp; 705154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Shakopee, Minnesota Senior Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Benedictine Senior Living Obligated Group – Windermere Way Project)<br> 5.875% 11/1/65 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Bonifacius, Minnesota Health Care Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Augustana Chapel View Homes, Inc. Project)<br> 6.50% 6/1/60 | 1790000 | &nbsp;&nbsp;&nbsp;&nbsp; 1811211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Cloud, Minnesota Health Care Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Centracare Health System Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 5/1/49 | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2055532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 5/1/50 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2255525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Joseph, Minnesota Senior Housing &<br> Healthcare Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Woodcrest Country Manor Project)<br> 5.00% 7/1/55 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 905030 |

---

NQ- 313 [1125] 0126 (5100810) 7

------

Schedule of investments

Nomura Minnesota High-Yield Municipal Bond 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;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Paul, Minnesota Housing & Redevelopment<br> Authority Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Episcopal Homes Obligated Group)<br> Series A 4.00% 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;$588609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Fairview Health Services) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 11/15/43 | 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1389017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/47 | 1875000 | &nbsp;&nbsp;&nbsp;&nbsp; 1856550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Marian Center Project)<br> Series A 5.375% 5/1/43 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 954430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Paul, Minnesota Housing & Redevelopment<br> Authority Senior Housing & Health Care Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Episcopal Homes Project)<br> 5.125% 5/1/48 | 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1614468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Victoria, Minnesota Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Augustana Emerald Care Project)<br> 5.00% 8/1/39 | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Wayzata, Minnesota Senior Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Folkestone Senior Living Community) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 479225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 488805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 389264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 315301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/1/54 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1208200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of West St. Paul, Minnesota Rochester Health Care &<br> Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Walker Westwood Ridge Campus Project)<br> 5.00% 11/1/49 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1348635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dakota County Community Development Agency Senior<br> Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Walker Highview Hills Project)<br> Series A 144A 5.00% 8/1/51 # | 1995000 | &nbsp;&nbsp;&nbsp;&nbsp; 1812039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deephaven, Minnesota Housing & Healthcare Facility<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Therese Senior Living Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 318896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp; 295987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp; 157868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duluth Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Benedictine Health System) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/1/31 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1448355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/1/41 | 1155000 | &nbsp;&nbsp;&nbsp;&nbsp; 973988 |

---

8 NQ- 313 [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;Duluth Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Essentia Health Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.25% 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;$391000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/15/53 | 1590000 | &nbsp;&nbsp;&nbsp;&nbsp; 1603436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/15/58 | 6940000 | &nbsp;&nbsp;&nbsp;&nbsp; 7000100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 2/15/58 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2011840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Luke's Hospital of Duluth Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 6/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp; 397655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 6/15/52 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Agricultural & Economic Development Board<br> Healthcare Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Health Partners Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 1/1/49 | 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1864741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 1/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 528165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp; 676007 |
|  |  | &nbsp;&nbsp;&nbsp; 84568469 |
| &nbsp;&nbsp;Housing Revenue Bonds — 3.91% | &nbsp;&nbsp;Housing Revenue Bonds — 3.91% | &nbsp;&nbsp;Housing Revenue Bonds — 3.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bethel, Minnesota Senior Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Birchwood Landing at the Lakes at Stillwater Project)<br> 5.00% 5/1/54 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 891310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Stillwater, Minnesota Multifamily Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Orleans Homes Project)<br> 5.50% 2/1/42 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 726240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dakota County Community Development Agency<br> Multifamily Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Heart of the City Apartments Project)<br> 4.20% 5/1/43 (FNMA) | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 738293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Housing Finance Agency Residential Housing<br> Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Social Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F 2.40% 7/1/46 (GNMA) (FNMA) (FHLMC) | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 900912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F 4.85% 7/1/45 (GNMA) (FNMA) (FHLMC) | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1629776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Housing Finance Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A1 4.90% 8/1/66 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 352961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 5.50% 7/1/53 (GNMA) (FNMA) (FHLMC) | &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp; 883630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I 2.20% 1/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp; 410908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series O 4.45% 7/1/38 (GNMA) (FNMA) (FHLMC) | &nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp; 953313 |

---

NQ- 313 [1125] 0126 (5100810) 9

------

Schedule of investments

Nomura Minnesota High-Yield Municipal Bond 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 (continued) | &nbsp;&nbsp;Housing Revenue Bonds (continued) | &nbsp;&nbsp;Housing Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwest Multi-County Housing & Redevelopment<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pooled Housing Program)<br> 5.50% 7/1/45 | 1275000 | &nbsp;&nbsp;$1247945 |
|  |  | &nbsp;&nbsp;&nbsp; 8735288 |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 3.24% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 3.24% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Cottonwood, Minnesota Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Extreme Holdings LLC Project)<br> Series A 144A 5.00% 12/1/50 (AMT) # | 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 984710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Municipal Gas Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minnesota Community Energy)<br> Sub-Series A 4.00% 12/1/52 • | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul, Minnesota Port Authority Solid Waste Disposal<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gerdau St. Paul Steel Mill Project)<br> Series 7 144A 4.50% 10/1/37 (AMT) # | 5350000 | &nbsp;&nbsp;&nbsp;&nbsp; 5246531 |
|  |  | &nbsp;&nbsp;&nbsp; 7244501 |
| &nbsp;&nbsp;Lease Revenue Bonds — 1.29% | &nbsp;&nbsp;Lease Revenue Bonds — 1.29% | &nbsp;&nbsp;Lease Revenue Bonds — 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chaska, Minnesota Economic Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minnesota Lease Obligation)<br> Series A 4.125% 2/1/54 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1216625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New London, Economic Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SWWC Service Cooperative Lease With Option to Purchase Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp; 888140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.50% 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp; 349271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hibbing Independent School District No. 701 Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 3/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 429395 |
|  |  | &nbsp;&nbsp;&nbsp; 2883431 |
| &nbsp;&nbsp;Local General Obligation Bonds — 7.57% | &nbsp;&nbsp;Local General Obligation Bonds — 7.57% | &nbsp;&nbsp;Local General Obligation Bonds — 7.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anoka-Hennepin Independent School District No. 11 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minnesota School District Credit Enhancement Program)<br> Series A 3.00% 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 588390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cass Lake-Bena Independent School District No. 115 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minnesota School District Credit Enhancement Program)<br> Series A 4.00% 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 804920 |

---

10 NQ- 313 [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;City of Minneapolis, Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 12/1/37 | 1300000 | &nbsp;&nbsp;$1229618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 12/1/38 | 1970000 | &nbsp;&nbsp;&nbsp;&nbsp; 1834346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 12/1/42 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 851610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rosemount, Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/53 | 2930000 | &nbsp;&nbsp;&nbsp;&nbsp; 2763254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Virginia, Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/38 (AG) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dilworth Glyndon Felton Independent School<br> District No. 2164 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp; 198443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elk River Independent School District No. 728 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp; 468621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gibbon, Minnesota Independent School District No. 2365 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.125% 2/1/52 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1237250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Council General Obligation Wastewater |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minneapolis-St. Paul Metropolitan Area) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.00% 3/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 611598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.00% 3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp; 577944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ramsey County, Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 505645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rice County, Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State Credit Enhancement Program)<br> Series A-1 4.00% 2/1/52 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1436655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rosemount-Apple Valley-Eagan Independent School<br> District No. 196 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/44 | 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Peter Independent School District No. 508, Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 148263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp; 320840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stillwater Independent School District No. 834 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minnesota School District Credit Enhancement Program)<br> Series A 4.00% 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp; 442852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Bear Lake Independent School District No. 624 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 2/1/42 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 851090 |
|  |  | &nbsp;&nbsp;&nbsp; 16926867 |

---

NQ- 313 [1125] 0126 (5100810) 11

------

Schedule of investments

Nomura Minnesota High-Yield Municipal Bond 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;Pre-Refunded Bond — 0.34% | &nbsp;&nbsp;Pre-Refunded Bond — 0.34% | &nbsp;&nbsp;Pre-Refunded Bond — 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duluth Independent School District No. 709 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.20% 3/1/34-27 § | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;$763567 |
|  |  | &nbsp;&nbsp;&nbsp; 763567 |
| &nbsp;&nbsp;Special Tax Revenue Bonds — 3.69% | &nbsp;&nbsp;Special Tax Revenue Bonds — 3.69% | &nbsp;&nbsp;Special Tax Revenue Bonds — 3.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Minneapolis, Minnesota Tax Increment Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Village of St. Anthony Falls Project)<br> 4.00% 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate)<br> 2.653% 11/1/43 • | 1420214 | &nbsp;&nbsp;&nbsp;&nbsp; 910713 |
| &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 0.505% 7/1/51 ^ | 5075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1264741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.75% 7/1/53 | 1405000 | &nbsp;&nbsp;&nbsp;&nbsp; 1337560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 7/1/58 | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.74% 7/1/46 ^ | 1271000 | &nbsp;&nbsp;&nbsp;&nbsp; 433398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.536% 7/1/53 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2736360 |
|  |  | &nbsp;&nbsp;&nbsp; 8255243 |
| &nbsp;&nbsp;State General Obligation Bonds — 2.45% | &nbsp;&nbsp;State General Obligation Bonds — 2.45% | &nbsp;&nbsp;State General Obligation Bonds — 2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico 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 4.00% 7/1/37 | 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 7/1/46 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 889780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/1/43 | 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3560180 |
|  |  | &nbsp;&nbsp;&nbsp; 5478679 |
| &nbsp;&nbsp;Transportation Revenue Bonds — 7.05% | &nbsp;&nbsp;Transportation Revenue Bonds — 7.05% | &nbsp;&nbsp;Transportation Revenue Bonds — 7.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Private Activity) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 1/1/54 | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3207225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/32 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 348810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/39 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 516620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/47 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 254517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/49 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 603768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 1/1/42 (AMT) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 1/1/44 (AMT) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 1/1/49 (AMT) | 2310000 | &nbsp;&nbsp;&nbsp;&nbsp; 2406235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/44 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4111080 |

---

12 NQ- 313 [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;Minneapolis-St. Paul Metropolitan Airports Commission<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/44 (AMT) | 2150000 | &nbsp;&nbsp;$2170468 |
|  |  | &nbsp;&nbsp;&nbsp; 15754333 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $224,209,014)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $224,209,014)** | &nbsp;&nbsp;&nbsp;**216575639** |
| &nbsp;&nbsp;**Short-Term Investments — 1.25%** | &nbsp;&nbsp;**Short-Term Investments — 1.25%** | &nbsp;&nbsp;**Short-Term Investments — 1.25%** |
| &nbsp;&nbsp;Variable Rate Demand Note — 1.25% | &nbsp;&nbsp;Variable Rate Demand Note — 1.25% | &nbsp;&nbsp;Variable Rate Demand Note — 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rochester, Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mayo Clinic) Series D 2.00% 11/15/64 <br> (LOC - Barclays Bank)¤ | 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $2,800,000)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $2,800,000)** | &nbsp;&nbsp;&nbsp; **2800000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—98.12%<br> (cost $227,009,014)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**219375639** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—1.88%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **4196120** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 22,429,699 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$223571759** |

---

---

| | |
|:---|:---|
| ° | 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 $14,614,727, which represents 6.54% of the Fund's net assets. |
| ‡ | Security is currently in default. |
| • | 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. |
| § | 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. |

---

NQ- 313 [1125] 0126 (5100810) 13

------

Schedule of investments

Nomura Minnesota High-Yield Municipal Bond Fund

---

| | |
|:---|:---|
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| ¤ | 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 |
| FHLMC – Federal Home Loan Mortgage Corporation Collateral |
| FNMA – Federal National Mortgage Association Collateral |
| GNMA – Government National Mortgage Association Collateral |
| LLC – Limited Liability Corporation |
| LOC – Letter of Credit |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| USD – US Dollar |

---

14 NQ- 313 [1125] 0126 (5100810)

## 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 Minnesota High-Yield Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002412

- **c. LEI of Series:** YBLW7P81WLFJTSTCRO52

**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:** $225326476.66

**Total Liabilities:** $2215234.61

**Net Assets:** $223111242.05

**Delayed Delivery Securities:** $981700.00

**Cash Not Reported:** $2516954.73

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 124.03158000 | **1-Year:** 2537.53168000 | **5-Year:** 34719.52308000 | **10-Year:** 105161.49322000 | **30-Year:** 3881.05485000

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

- **3-Month:** 69.49995000 | **1-Year:** 561.65347000 | **5-Year:** 5198.45315000 | **10-Year:** 16680.08535000 | **30-Year:** 504.23162000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006409 | 3.80%                | 1.44%                | 0.42%                |
| Class ID C000006411 | 3.84%                | 1.38%                | 0.35%                |
| Class ID C000135925 | 3.82%                | 1.57%                | 0.44%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $31686.87                | $7410575.39                                |
| Month 2  | $-99017.83               | $2687356.90                                |
| Month 3  | $40189.03                | $125545.36                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416H3Z5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2716500.00   | 1.22%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JDV9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    365000 | PA      | $327704.30    | 0.15%             | 2040-03-01      | Fixed         | 3.00%                 | 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        |   1405000 | PA      | $1337560.00   | 0.60%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RAMSEY CNTY MN                 | County of Ramsey MN                                                | CUSIP: 751622XZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505645.00    | 0.23%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE  | City of Wayzata MN                                                 | CUSIP: 946829BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $315301.00    | 0.14%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN CHARTER SCH LEA | City of Minneapolis MN                                             | CUSIP: 60375CBZ6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $958307.80    | 0.43%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416H7G3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    300000 | PA      | $301521.00    | 0.14%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE | City of Rochester MN                                               | CUSIP: 771902HP1<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1564361.40   | 0.70%             | 2050-11-15      | Fixed         | 4.25%                 | 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        |    370000 | PA      | $246975.00    | 0.11%             | 2036-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297BX7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1550453.40   | 0.69%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue             | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2736360.00   | 1.23%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| EAGAN MN CHRTR SCH LEASE REVEN | City of Eagan MN                                                   | CUSIP: 26940AAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $635923.20    | 0.29%             | 2045-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DILWORTH-GLYNDON-FELTON MN IND | Dilworth Glyndon Felton Independent School District No 2164        | CUSIP: 254278KU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $198443.25    | 0.09%             | 2041-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN | City of St Cloud MN                                                | CUSIP: 78916VDW7<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2055532.50   | 0.92%             | 2049-05-01      | Fixed         | 4.00%                 | 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        |    585000 | PA      | $390487.50    | 0.18%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN | City of Minneapolis MN/St Paul Housing & Redevelopment Authority   | CUSIP: 603695KD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2142520.00   | 0.96%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV | City of Woodbury MN                                                | CUSIP: 979134AT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $750519.20    | 0.34%             | 2041-07-01      | 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        |    130000 | PA      | $86450.00     | 0.04%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297CK4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    440000 | PA      | $415087.20    | 0.19%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SARTELL MN HLTH CARE & HSG FAC | City of Sartell MN                                                 | CUSIP: 803807BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350973.00    | 0.16%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C | Duluth Economic Development Authority                              | CUSIP: 26444CJF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $397654.80    | 0.18%             | 2033-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                        | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1420215 | PA      | $910712.65    | 0.41%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416H7J7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003340.00   | 0.45%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN STUDENT HSG REV | City of Minneapolis MN                                             | CUSIP: 60379NCL8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    570000 | PA      | $523949.70    | 0.23%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                   | CUSIP: 60416TGV4<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $900912.50    | 0.40%             | 2046-07-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| OTSEGO CHRT SCH LEASE REVENUE  | City of Otsego MN                                                  | CUSIP: 689149AC6<br>LEI: 549300C7IZXQ4JXHZS47 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1254218.70   | 0.56%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416HF74<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100007.00    | 0.04%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297BY5<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1059325.00   | 0.47%             | 2047-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE | City of Rochester MN                                               | CUSIP: 771902HQ9<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   2215000 | PA      | $2202950.40   | 0.99%             | 2053-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| STILLWATER MN INDEP SCH DIST # | Stillwater Independent School District No 834                      | CUSIP: 860758TB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $442851.75    | 0.20%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY S | Dakota County Community Development Agency                         | CUSIP: 23410LBX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1995000 | PA      | $1812038.55   | 0.81%             | 2051-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JBH2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    920000 | PA      | $878949.60    | 0.39%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST OFFICE OF HGR EDU | Minnesota Office of Higher Education                               | CUSIP: 60416MCA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $242037.50    | 0.11%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN CHARTER SCH LEA | City of Minneapolis MN                                             | CUSIP: 60375CCA0<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    880000 | PA      | $733119.20    | 0.33%             | 2057-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN CHARTER SCH LEA | City of Minneapolis MN                                             | CUSIP: 60375CBY9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    690000 | PA      | $620972.40    | 0.28%             | 2042-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MINNESOTA MUNI GAS AGY COMMODI | Minnesota Municipal Gas Agency                                     | CUSIP: 60406UAM9<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013260.00   | 0.45%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE  | City of Wayzata MN                                                 | CUSIP: 946829BN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $389264.00    | 0.17%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE MN CHARTER SCH LEA | City of Forest Lake MN                                             | CUSIP: 345856AJ7<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    585000 | PA      | $585146.25    | 0.26%             | 2044-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MN CHRT SCH LEASE REV | City of Ham Lake MN                                                | CUSIP: 406511AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $613106.30    | 0.27%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MN HSG & HLTHCARE    | Deephaven Housing & Healthcare                                     | CUSIP: 24379CAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $318896.55    | 0.14%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JBY5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    450000 | PA      | $479335.50    | 0.21%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLOGNE MN CHRT SCH LEASE REVE | City of Cologne MN                                                 | CUSIP: 195239AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $220083.60    | 0.10%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN PORT AUTH SOL WS | St Paul Port Authority                                             | CUSIP: 79307RAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5350000 | PA      | $5246531.00   | 2.35%             | 2037-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLOGNE MN CHRT SCH LEASE REVE | City of Cologne MN                                                 | CUSIP: 195239AJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350073.50    | 0.16%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLENCOE MN HLTHCARE FACS REVEN | City of Glencoe MN                                                 | CUSIP: 378160BW4<br>LEI: 549300YD6XHLXYWWYP70 | Long             | DBT              | MUN               | US        |    185000 | PA      | $185001.85    | 0.08%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EAGAN MN CHRTR SCH LEASE REVEN | City of Eagan MN                                                   | CUSIP: 26940AAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $682213.00    | 0.31%             | 2055-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN | City of Minneapolis MN/St Paul Housing & Redevelopment Authority   | CUSIP: 603695KB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1909771.80   | 0.86%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA MN                    | City of Virginia MN                                                | CUSIP: 9278722V2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004660.00   | 0.45%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                   | CUSIP: 60416TH92<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    840000 | PA      | $883629.60    | 0.40%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827N44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3207225.00   | 1.44%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAYWARD HSG & HLTHCARE FACS RE | City of Hayward MN                                                 | CUSIP: 421307AM1<br>LEI: 549300YF6QD4DXUDGL81 | Long             | DBT              | MUN               | US        |     90000 | PA      | $47700.00     | 0.02%             | 2044-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827E28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $348810.00    | 0.16%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MN HSG & HLTHCARE    | Deephaven Housing & Healthcare                                     | CUSIP: 24379CAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $295986.60    | 0.13%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARTELL MN HLTH CARE & HSG FAC | City of Sartell MN                                                 | CUSIP: 803807BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005880.00   | 0.45%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416H7L2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1029648.35   | 0.46%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COTTONWOOD MN REVENUE          | City of Cottonwood MN                                              | CUSIP: 22188TAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $984710.10    | 0.44%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST AGRIC & ECON DEVB | Minnesota Agricultural & Economic Development Board                | CUSIP: 6049203E6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $676006.50    | 0.30%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLOGNE MN CHRT SCH LEASE REVE | City of Cologne MN                                                 | CUSIP: 195239AK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $336906.00    | 0.15%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHAKOPEE MN SENIORHSG REVENUE  | City of Shakopee MN Senior Housing Revenue                         | CUSIP: 81919TAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007920.00   | 0.45%             | 2065-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297AY6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501110.00   | 0.67%             | 2050-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MN CHRT SCH LEASE REV | City of Ham Lake MN                                                | CUSIP: 406511AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $229980.40    | 0.10%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE  | City of Wayzata MN                                                 | CUSIP: 946829BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488805.00    | 0.22%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JBJ8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982180.00    | 0.44%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV | City of Woodbury MN                                                | CUSIP: 979134BB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992570.00    | 0.44%             | 2065-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SARTELL MN HLTH CARE & HSG FAC | City of Sartell MN                                                 | CUSIP: 803807AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600060.00    | 0.27%             | 2037-09-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE | City of Rochester MN                                               | CUSIP: 771902HS5<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2800000.00   | 1.25%             | 2064-11-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN | City of Bethel MN                                                  | CUSIP: 086759AJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $833305.20    | 0.37%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HIBBING MN INDEP SCH DIST #701 | Hibbing Independent School District No 701                         | CUSIP: 428599AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $429395.00    | 0.19%             | 2041-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BRAINERD MN SENIOR HSG & HLTHC | City of Brainerd MN                                                | CUSIP: 10501DAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1795998.25   | 0.80%             | 2060-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MORRIS MN HLTH CARE FACS REVEN | City of Morris MN                                                  | CUSIP: 618147AP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1084845.00   | 0.49%             | 2049-08-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827F35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $603768.00    | 0.27%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GIBBON MN INDEP SCH DIST #2365 | Gibbon Independent School District No 2365/MN                      | CUSIP: 374627DH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1237250.00   | 0.55%             | 2052-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE  | City of Wayzata MN                                                 | CUSIP: 946829BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $479225.00    | 0.21%             | 2037-08-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN | City of Bethel MN                                                  | CUSIP: 086759AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $805783.00    | 0.36%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297DA5<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974610.00    | 0.44%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MN HSG & HLTHCARE    | Deephaven Housing & Healthcare                                     | CUSIP: 24379CAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $157867.90    | 0.07%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VICTORIA MN HLTH CARE FACS REV | City of Victoria MN                                                | CUSIP: 92627TAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1025823.00   | 0.46%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C | Duluth Economic Development Authority                              | CUSIP: 26444CHG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6940000 | PA      | $7000100.40   | 3.14%             | 2058-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN                 | City of Minneapolis MN                                             | CUSIP: 60375BHF6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1970000 | PA      | $1834345.80   | 0.82%             | 2038-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827F27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2170468.00   | 0.97%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW LONDON ECON DEV AUTH MN PU | City of New London Economic Development Authority                  | CUSIP: 646565AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $888140.00    | 0.40%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827Q82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2406234.60   | 1.08%             | 2049-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JDA5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    935000 | PA      | $876843.00    | 0.39%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE | City of Apple Valley MN                                            | CUSIP: 03800RBK1<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    625000 | PA      | $633093.75    | 0.28%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JGG9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017630.00   | 0.46%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE MN CHARTER SCH LEA | City of Forest Lake MN                                             | CUSIP: 345856AV0<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    975000 | PA      | $953637.75    | 0.43%             | 2050-08-01      | Fixed         | 5.38%                 | 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        |    295000 | PA      | $196912.50    | 0.09%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MN CHRT SCH LEASE REV | City of Ham Lake MN                                                | CUSIP: 406511AP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $619047.00    | 0.28%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEMOUNT MN                   | City of Rosemount MN                                               | CUSIP: 7775773Y1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2930000 | PA      | $2763253.70   | 1.24%             | 2053-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297CD0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501205.00    | 0.22%             | 2046-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE MN CHARTER SCH LEA | City of Forest Lake MN                                             | CUSIP: 345856AE8<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125013.75    | 0.06%             | 2026-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN PORT AUTH DIST E | St Paul Port Authority                                             | CUSIP: 79308GBC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1147069.00   | 0.51%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN TAX INCR REVENU | City of Minneapolis MN                                             | CUSIP: 603795CY9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500015.00    | 0.22%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416H6L3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    600000 | PA      | $558054.00    | 0.25%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C | Duluth Economic Development Authority                              | CUSIP: 26444CKL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038910.00   | 0.47%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C | Duluth Economic Development Authority                              | CUSIP: 26444CHF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011840.00   | 0.90%             | 2058-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                        | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $889780.00    | 0.40%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN | City of St Cloud MN                                                | CUSIP: 78916VET3<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2255525.00   | 1.01%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV | City of Apple Valley MN                                            | CUSIP: 03789YDS2<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    490000 | PA      | $254942.10    | 0.11%             | 2037-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JHZ6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1289175.00   | 0.58%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C | Duluth Economic Development Authority                              | CUSIP: 26444CGZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $391000.00    | 0.18%             | 2043-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ANOKA MN HLTHCARE & HSG FAC RE | City of Anoka MN                                                   | CUSIP: 03632RAH3<br>LEI: 549300R336CIYVDY0N47 | Long             | DBT              | MUN               | US        |    400000 | PA      | $350608.00    | 0.16%             | 2049-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827Q74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058880.00   | 0.47%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ST CLOUD MN CHRT SCH LEASE REV | City of St Cloud MN                                                | CUSIP: 788326AD8<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    750000 | PA      | $607597.50    | 0.27%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297DB3<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1005312.00   | 0.45%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412AN41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3560180.00   | 1.60%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW LONDON ECON DEV AUTH MN PU | City of New London Economic Development Authority                  | CUSIP: 646565AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $349271.10    | 0.16%             | 2033-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ANOKA-HENNEPIN MN INDEP SCH DI | Anoka-Hennepin Independent School District No 11                   | CUSIP: 0363034T9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $588390.00    | 0.26%             | 2045-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE | City of Apple Valley MN                                            | CUSIP: 03800RBL9<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014570.00   | 0.45%             | 2065-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CASS LAKE MN INDEP SCH DIST #1 | Cass Lake-Bena Independent School District No 115                  | CUSIP: 148087LM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $804920.00    | 0.36%             | 2043-02-01      | Fixed         | 4.00%                 | 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        |    105000 | PA      | $70087.50     | 0.03%             | 2026-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MET COUNCIL MINNEAPOLIS-SAINT  | Metropolitan Council                                               | CUSIP: 5918524L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $577944.00    | 0.26%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416H3Y8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1248575.00   | 0.56%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOKLYN CENTER MN MF HSG REVE | City of Brooklyn Center MN                                         | CUSIP: 113880EG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    626098 | PA      | $438268.38    | 0.20%             | 2035-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JGW4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $717997.50    | 0.32%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                   | CUSIP: 60416TCQ9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    635000 | PA      | $410908.50    | 0.18%             | 2051-01-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE  | City of Wayzata MN                                                 | CUSIP: 946829BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150940.50    | 0.07%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV | City of Apple Valley MN                                            | CUSIP: 03789YDT0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $657874.75    | 0.29%             | 2052-01-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297EE6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984700.00    | 0.44%             | 2065-07-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| DULUTH MN HSG & REDEV AUTH CHR | Duluth Housing & Redevelopment Authority                           | CUSIP: 264454AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1370846.00   | 0.61%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV | City of Woodbury MN                                                | CUSIP: 979134AV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $563040.90    | 0.25%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STHRN MINNESOTA ST MUNI PWR AG | Southern Minnesota Municipal Power Agency                          | CUSIP: 843375C38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400756.00    | 0.18%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MN HLTH CARE FACS  | City of Maple Grove MN                                             | CUSIP: 56516TBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1601730.00   | 0.72%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN SENIOR HSG REVENUE   | City of Bethel MN                                                  | CUSIP: 08676PBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $891310.00    | 0.40%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEMOUNT MN INDEP SCH DIST #1 | Rosemount-Apple Valley-Eagan Independent School District No 196    | CUSIP: 777594ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1050868.40   | 0.47%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ST JOSEPH MN SENIOR HSG & HLTH | City of St Joseph MN                                               | CUSIP: 790755AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $905030.00    | 0.41%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416H3W2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1450185.00   | 0.65%             | 2047-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SENIOR HSG & HL | City of Minneapolis MN                                             | CUSIP: 603787AN2<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1580660.00   | 0.71%             | 2050-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792892HM6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954430.00    | 0.43%             | 2043-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV | City of Woodbury MN                                                | CUSIP: 979134AU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $844762.80    | 0.38%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416H4Y7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2350869.50   | 1.05%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN HSG & REDEV AUTH CHR | Duluth Housing & Redevelopment Authority                           | CUSIP: 264454AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $638974.00    | 0.29%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C | Duluth Economic Development Authority                              | CUSIP: 26444CHE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1603435.50   | 0.72%             | 2053-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827Q58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076730.00   | 0.48%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MN CHARTER SCH LEASE | City of Deephaven MN                                               | CUSIP: 24380HAS1<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.45%             | 2050-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JCB4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    300000 | PA      | $303984.00    | 0.14%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                   | CUSIP: 60416USQ9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1629776.00   | 0.73%             | 2045-07-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN STUDENT HSG REV | City of Minneapolis MN                                             | CUSIP: 60379NCK0<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    750000 | PA      | $698227.50    | 0.31%             | 2043-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MAPLE PLAIN MN SR HSG & HLTH C | City of Maple Plain MN                                             | CUSIP: 56531SAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $916390.00    | 0.41%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN SENIOR HSG REVENUE   | City of Bethel MN                                                  | CUSIP: 08676PAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1295020.50   | 0.58%             | 2058-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CROOKSTON MN HLTH CARE FACS RE | City of Crookston MN                                               | CUSIP: 227235BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $502291.00    | 0.23%             | 2051-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792909FM0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1856550.00   | 0.83%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATFIELD MN HLTHCARE & HSG FA | City of Chatfield MN                                               | CUSIP: 161818AR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $218785.00    | 0.10%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297CE8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3509135.00   | 1.57%             | 2051-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MET COUNCIL MINNEAPOLIS-SAINT  | Metropolitan Council                                               | CUSIP: 5918524J4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $611598.00    | 0.27%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAUK RAPIDS MN HLTH CARE HSG F | City of Sauk Rapids MN                                             | CUSIP: 804359BW6<br>LEI: 549300EEYEG1XIKNKU21 | Long             | DBT              | MUN               | US        |    790000 | PA      | $705154.00    | 0.32%             | 2039-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HUGO MN CHTR SCH LEASE REVENUE | City of Hugo MN                                                    | CUSIP: 444584AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000390.00   | 0.45%             | 2034-07-01      | Fixed         | 5.00%                 | 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        |     85000 | PA      | $56737.50     | 0.03%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV | City of Apple Valley MN                                            | CUSIP: 03789YDH6<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    535000 | PA      | $298572.80    | 0.13%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JCE8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    100000 | PA      | $92934.00     | 0.04%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RICE CNTY MN                   | County of Rice MN                                                  | CUSIP: 762698LE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1436655.00   | 0.64%             | 2052-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHATFIELD MN HLTHCARE & HSG FA | City of Chatfield MN                                               | CUSIP: 161818AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1266765.00   | 0.57%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN                 | City of Minneapolis MN                                             | CUSIP: 60375BHE9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1229618.00   | 0.55%             | 2037-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF MINNESOTA MN           | University of Minnesota                                            | CUSIP: 914460QL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $919899.00    | 0.41%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE | City of Apple Valley MN                                            | CUSIP: 03800RAT3<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    840000 | PA      | $718275.60    | 0.32%             | 2053-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MN HLTH CARE FACS  | City of Maple Grove MN                                             | CUSIP: 56516TAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $297585.00    | 0.13%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HUGO MN CHTR SCH LEASE REVENUE | City of Hugo MN                                                    | CUSIP: 444584AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $473002.20    | 0.21%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                        | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1028719.40   | 0.46%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JEY2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $546820.00    | 0.25%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE & HSG R | City of Rochester MN                                               | CUSIP: 771906CV4<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200624.00   | 0.54%             | 2048-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JDW7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    325000 | PA      | $269964.50    | 0.12%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WHITE BEAR LAKE MN INDEP SCH D | White Bear Lake Independent School District No 624                 | CUSIP: 963439C36<br>LEI: 549300I7BXOUJLASQ618 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $851090.00    | 0.38%             | 2042-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE | City of Apple Valley MN                                            | CUSIP: 03800RAU0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1073033.50   | 0.48%             | 2058-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN CHARTER SCH LEA | City of Minneapolis MN                                             | CUSIP: 60375CBV5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1237166.00   | 0.55%             | 2057-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BETHEL MN HSG AND HLTH CARE FA | City of Bethel MN Housing and Health Care Facilities Revenue       | CUSIP: 08675RAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $291216.00    | 0.13%             | 2049-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BROOKLYN PK MN CHRT SCH LEASE  | City of Brooklyn Park MN                                           | CUSIP: 114224AQ1<br>LEI: 549300SRSB2KMQNYBB75 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $916160.00    | 0.41%             | 2054-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VEV1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989650.00    | 0.44%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297CG3<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200700.00    | 0.09%             | 2029-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN                 | City of Minneapolis MN                                             | CUSIP: 60375BHK5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $851610.00    | 0.38%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VEF6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985460.00    | 0.44%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297AS9<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1491630.00   | 0.67%             | 2050-07-01      | Fixed         | 5.25%                 | 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        |    165000 | PA      | $110137.50    | 0.05%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827C53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4111080.00   | 1.84%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827E93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516620.00    | 0.23%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                   | CUSIP: 60416UCG8<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    350000 | PA      | $352961.00    | 0.16%             | 2066-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST AGRIC & ECON DEVB | Minnesota Agricultural & Economic Development Board                | CUSIP: 6049203D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1864741.50   | 0.84%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue             | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5075000 | PA      | $1264740.75   | 0.57%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN | City of Bethel MN                                                  | CUSIP: 086759AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $638257.50    | 0.29%             | 2047-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                   | CUSIP: 60416T5M6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    920000 | PA      | $953313.20    | 0.43%             | 2038-07-01      | Fixed         | 4.45%                 | 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        |   1271000 | PA      | $433398.29    | 0.19%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH REVENU | Duluth Economic Development Authority                              | CUSIP: 26444VAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $973988.40    | 0.44%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ELK RIVER MN INDEP SCH DIST #7 | Elk River Independent School District No 728                       | CUSIP: 287425N99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $468620.70    | 0.21%             | 2040-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAINT PETER MN INDEP SCH DIST# | St Peter Independent School District No 508                        | CUSIP: 793181KN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $320840.00    | 0.14%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WSTRN MN MUNI PWR AGY          | Western Minnesota Municipal Power Agency                           | CUSIP: 958697KL7<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |    555000 | PA      | $562714.50    | 0.25%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VEU3<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1898062.00   | 0.85%             | 2039-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN REVENUE         | City of Minneapolis MN                                             | CUSIP: 603786JY1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1553558.40   | 0.70%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE | City of Rochester MN                                               | CUSIP: 771902HJ5<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1541340.00   | 0.69%             | 2039-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792909FL2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1389017.00   | 0.62%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE | City of Apple Valley MN                                            | CUSIP: 03800RAR7<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988280.00    | 0.44%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N W MULTI-CNTY MN HSG & REDEV  | Northwest Multi-County Housing & Redevelopment Authority           | CUSIP: 667579DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1247944.50   | 0.56%             | 2045-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE | City of Rochester MN                                               | CUSIP: 771902HM8<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032010.00   | 0.46%             | 2057-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE  | City of Wayzata MN                                                 | CUSIP: 946829BR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1208200.00   | 0.54%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792908CH6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1614468.00   | 0.72%             | 2048-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MORRIS MN HLTH CARE FACS REVEN | City of Morris MN                                                  | CUSIP: 618147AN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $378395.00    | 0.17%             | 2044-08-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| ST BONIFACIUS MN HLTHCARE REVE | City of St Bonifacius MN                                           | CUSIP: 78763EAL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1811211.50   | 0.81%             | 2060-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VEE9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2855000 | PA      | $2457041.55   | 1.10%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV | City of Woodbury MN                                                | CUSIP: 979134BA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2325125.00   | 1.04%             | 2063-06-01      | Fixed         | 5.50%                 | 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        |     95000 | PA      | $63175.00     | 0.03%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAINT PETER MN INDEP SCH DIST# | St Peter Independent School District No 508                        | CUSIP: 793181KM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $148263.00    | 0.07%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297CZ1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    715000 | PA      | $715114.40    | 0.32%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHASKA MN ECON DEV AUTH LEASE  | Chaska Economic Development Authority                              | CUSIP: 16166NGK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1216625.00   | 0.55%             | 2054-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827L46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254517.50    | 0.11%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VDR1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250850.00   | 0.56%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN | City of Bethel MN                                                  | CUSIP: 086759AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $208042.50    | 0.09%             | 2052-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP SCH DIST #709  | Duluth Independent School District No 709                          | CUSIP: 264474JJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $763567.50    | 0.34%             | 2034-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| W SAINT PAUL MN HSG & HLTH CAR | City of West St Paul MN                                            | CUSIP: 95568PAP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1348635.00   | 0.60%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN STUDENT HSG REV | City of Minneapolis MN                                             | CUSIP: 60379NBX3<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    675000 | PA      | $675141.75    | 0.30%             | 2039-08-01      | Fixed         | 5.25%                 | 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        |    650000 | PA      | $433875.00    | 0.19%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JJA9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1205909.00   | 0.54%             | 2053-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792908DG7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    700000 | PA      | $588609.00    | 0.26%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN HSG AND HLTHCARE REV | City of Bethel MN Housing and Health Care Facilities Revenue       | CUSIP: 08675TAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1236185.60   | 0.55%             | 2048-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue             | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1072456.00   | 0.48%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY M | Dakota County Community Development Agency                         | CUSIP: 23409VFP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $738292.50    | 0.33%             | 2043-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST AGRIC & ECON DEVB | Minnesota Agricultural & Economic Development Board                | CUSIP: 6049203C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528165.00    | 0.24%             | 2047-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BETHEL MN HSG AND HLTH CARE FA | City of Bethel MN Housing and Health Care Facilities Revenue       | CUSIP: 08675RAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1104917.00   | 0.50%             | 2044-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| HAYWARD MN HLTH CARE FACS REVE | City of Hayward MN                                                 | CUSIP: 421306AB7<br>LEI: 549300YF6QD4DXUDGL81 | Long             | DBT              | MUN               | US        |    750000 | PA      | $583725.00    | 0.26%             | 2034-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BROOKLYN PK MN CHRT SCH LEASE  | City of Brooklyn Park MN                                           | CUSIP: 114224AR9<br>LEI: 549300SRSB2KMQNYBB75 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1360830.00   | 0.61%             | 2064-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH REVENU | Duluth Economic Development Authority                              | CUSIP: 26444VAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1448355.00   | 0.65%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STILLWATER MN MF REVENUE       | City of Stillwater MN                                              | CUSIP: 860770BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $726240.00    | 0.33%             | 2042-02-01      | Fixed         | 5.50%                 | 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