# EDGAR Filing Document

**Accession Number:** 0000728352
**File Stem:** 0000940400-26-002558
**Filing Date:** 2026-1
**Character Count:** 239631
**Document Hash:** 6229d7f8c6bdd3494842b7aee1b014d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-002558.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0000940400-26-002558

**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:** DELAWARE GROUP TAX FREE FUND
- **CENTRAL INDEX KEY:** 0000728352

**ORGANIZATION NAME:**
- **EIN:** 232448684
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03850
- **FILM NUMBER:** 26564468

**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:** DELAWARE GROUP TAX FREE FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DMC TAX FREE INCOME USA INC
- **DATE OF NAME CHANGE:** 19890904

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DMC TAX FREE BOND FUND INC
- **DATE OF NAME CHANGE:** 19831122

## Series and Classes Contracts Data

### Nomura Tax-Free USA Intermediate Fund (Series ID: S000002404)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000006388 | Class A             | DMUSX           |
| C000006390 | Class C             | DUICX           |
| C000074147 | Institutional Class | DUSIX           |

## Nport-Ex

Schedule of investments

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds — 98.19%** | &nbsp;&nbsp;**Municipal Bonds — 98.19%** | &nbsp;&nbsp;**Municipal Bonds — 98.19%** |
| &nbsp;&nbsp;Education Revenue Bonds — 7.87% | &nbsp;&nbsp;Education Revenue Bonds — 7.87% | &nbsp;&nbsp;Education Revenue Bonds — 7.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(American Charter Schools Foundation Project)<br> 144A 6.00% 7/1/37 # | 1220000 | &nbsp;&nbsp;$1256881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Empower College Prep Project)<br> 144A 6.00% 7/1/49 # | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp; 867816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(KIPP NYC Public Charter Schools - Macombs Facility Project)<br> Series A 4.00% 7/1/51 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1675120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Odyssey Preparatory Academy Project)<br> Series A 144A 5.50% 7/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp; 821021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Social Bonds)<br> Series A 5.00% 11/1/42 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Governors of the Colorado State University<br> System Enterprise Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 3/1/43 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2234600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bucks County, Pennsylvania Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(School Lane Charter School Project)<br> 5.125% 3/15/36 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2019840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC, New York Resource Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(East Harlem Scholars Academy Charter School Project)<br> 144A 5.75% 6/1/42 # | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 764062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(KIPP NYC Public School Facilities - Canal West Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp; 447374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp; 442419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp; 582599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/42 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community College Financing Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Napa Valley College Project)<br> Series A 144A 4.25% 7/1/32 # | 1480000 | &nbsp;&nbsp;&nbsp;&nbsp; 1318547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Educational Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Stanford University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series T-1 5.00% 3/15/39 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6168500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series U-6 5.00% 5/1/45 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1160140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series U-7 5.00% 6/1/46 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1152890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.50% 6/1/53 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 941490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(California Baptist University)<br> Series A 144A 5.125% 11/1/40 # | 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1378636 |

---

NQ- 019 [1125] 0126 (5100810) 1

------

Schedule of investments

Nomura Tax-Free USA Intermediate Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Partnerships to Uplift Communities Project)<br> 144A 5.00% 8/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;$641272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Florida Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Liza Jackson Preparatory School Project)<br> Series A 5.00% 8/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 764336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University Bridge, LLC Student Housing Project)<br> Series A 144A 5.25% 12/1/43 # | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago, Illinois Board of Education Dedicated Capital<br> Improvement Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 4/1/48 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2635150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix, Arizona Industrial Development Authority<br> Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Downtown Phoenix Student Housing, LLC - Arizona State University Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 359002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp; 240454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Ascent Classical Academy Charter Schools)<br> Series A 144A 5.25% 4/1/39 # | 1520000 | &nbsp;&nbsp;&nbsp;&nbsp; 1537511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Global Village Academy - Northglenn Project)<br> 144A 5.00% 12/1/40 # | 2215000 | &nbsp;&nbsp;&nbsp;&nbsp; 2125093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(KIPP DC Issue) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 7/1/39 | 1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1237604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 7/1/44 | 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mater Academy Projects) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp; 418881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 408660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Meridian South Charter School Project)<br> 144A 4.00% 5/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp; 540537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sage International School of Boise Project)<br> Series A 4.00% 5/1/55 | 1540000 | &nbsp;&nbsp;&nbsp;&nbsp; 1283452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CHF - Chicago, LLC - University of Illinois at Chicago Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp; 264381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp; 395881 |

---

2 NQ- 019 [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;Illinois Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CHF - Chicago, LLC - University of Illinois at Chicago Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;$268620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tippecanoe LLC Student Housing Project)<br> Series A 5.00% 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 631164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knox County, Tennessee Health Educational & Housing<br> Facility Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University of Tennessee Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 7/1/43 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp; 573062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 7/1/44 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp; 647031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lincoln Preparatory School Project)<br> Series A 144A 6.125% 6/1/37 # | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 395840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County, Arizona Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Arizona Autism Charter Schools Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/40 # | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp; 853016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Highland Prep Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp; 460340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 482970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County, Florida Educational Facilities<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University of Miami Issue)<br> Series A 5.25% 4/1/48 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1609290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada State Department of Business & Industry<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Somerset Academy)<br> Series A 144A 5.00% 12/15/38 # | 1295000 | &nbsp;&nbsp;&nbsp;&nbsp; 1294987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(New York University)<br> Series A 5.75% 7/1/27 (NATL) | 3265000 | &nbsp;&nbsp;&nbsp;&nbsp; 3372647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pace University)<br> Series A 5.25% 5/1/43 | 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1445072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newark, Texas Higher Education Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Village Tech Schools)<br> Series A 5.125% 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp; 799059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon State Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Metro East Web Academy Project)<br> Series A 144A 5.00% 6/15/49 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 884580 |

---

NQ- 019 [1125] 0126 (5100810) 3

------

Schedule of investments

Nomura Tax-Free USA Intermediate 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;Regents of the University of California General Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series BK 5.00% 5/15/52 | 1740000 | &nbsp;&nbsp;$1819031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs - Economic Development Authority<br> Educational Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(High Point Academy Project)<br> Series A 144A 5.75% 6/15/39 # | 1245000 | &nbsp;&nbsp;&nbsp;&nbsp; 1175766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia College Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Regent University Project)<br> 6.00% 6/1/50 | 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1148863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Radford Court and Nordheim Court Portfolio) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/37 | 1825000 | &nbsp;&nbsp;&nbsp;&nbsp; 1959502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/38 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance Authority Charter School<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Foundation Academy Charter School Project)<br> 144A 4.75% 7/1/45 # | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1183858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CFP3 – Eastern Michigan University Student Housing Project)<br> Series A-1 5.25% 7/1/42 (BAM) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3175260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lindenwood Education System)<br> Series A 144A 4.75% 6/1/40 # | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4005800 |
|  |  | &nbsp;&nbsp;&nbsp; 71055845 |
| &nbsp;&nbsp;Electric Revenue Bonds — 4.61% | &nbsp;&nbsp;Electric Revenue Bonds — 4.61% | &nbsp;&nbsp;Electric Revenue Bonds — 4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Municipal Power, Ohio Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AMP Fremont Energy Center Project)<br> Series A 4.00% 2/15/37 | 1330000 | &nbsp;&nbsp;&nbsp;&nbsp; 1358967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles, Department of Water & Power<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 7/1/45 (BAM) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1085360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tax-Exempt Forward Delivery) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/33 | 2915000 | &nbsp;&nbsp;&nbsp;&nbsp; 3216557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp; 956312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Missouri Joint Municipal Electric Utility Commission<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Bonds - Climate Bond Certified) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 560070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 558905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp; 720603 |

---

4 NQ- 019 [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;Electric Revenue Bonds (continued) | &nbsp;&nbsp;Electric Revenue Bonds (continued) | &nbsp;&nbsp;Electric Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Missouri Joint Municipal Electric Utility Commission<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Bonds - Climate Bond Certified) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 12/1/42 | 1000000 | &nbsp;&nbsp;$1097100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Plant Vogtle Units 3 & 4 Project)<br> Series A 5.00% 1/1/39 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5155600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Utility Debt Securitization Authority<br> Restructuring Bonds Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/15/35 | 5090000 | &nbsp;&nbsp;&nbsp;&nbsp; 5094479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/15/36 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5004400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Electric Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series CCC 5.25% 7/1/27 ‡ | 1520000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series TT 5.00% 7/1/32 ‡ | 1555000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.25% 7/1/33 ‡ | 1015000 | &nbsp;&nbsp;&nbsp;&nbsp; 677513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.50% 7/1/26 ‡ | 3910000 | &nbsp;&nbsp;&nbsp;&nbsp; 2600150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.50% 7/1/38 ‡ | 1925000 | &nbsp;&nbsp;&nbsp;&nbsp; 1284937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.25% 7/1/40 ‡ | 4630000 | &nbsp;&nbsp;&nbsp;&nbsp; 3090525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 5.00% 7/1/26 ‡ | 2990000 | &nbsp;&nbsp;&nbsp;&nbsp; 1988350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Public Service Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Santee Cooper) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 5.25% 12/1/37 (AG) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3348090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 5.25% 12/1/38 (AG) | 1615000 | &nbsp;&nbsp;&nbsp;&nbsp; 1791584 |
|  |  | &nbsp;&nbsp;&nbsp; 41642065 |
| &nbsp;&nbsp;Healthcare Revenue Bonds — 8.75% | &nbsp;&nbsp;Healthcare Revenue Bonds — 8.75% | &nbsp;&nbsp;Healthcare Revenue Bonds — 8.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Kaiser Permanente)<br> Subseries A-2 5.00% 11/1/47 | 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2954614 |
| &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;(Minnesota Senior Living LLC Project)<br> Second Tier Series B 5.25% 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp; 544343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix, Arizona Industrial Development Authority<br> Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Christian Care Surprise, Inc. Project)<br> Series A 5.25% 12/1/45 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1953000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Saint Paul, Minnesota Housing & Redevelopment<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(HealthPartners Obligated Group)<br> Series A 4.00% 7/1/35 | 5630000 | &nbsp;&nbsp;&nbsp;&nbsp; 5630788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AdventHealth Obligated Group)<br> Series A 4.00% 11/15/46 | 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6539820 |

---

NQ- 019 [1125] 0126 (5100810) 5

------

Schedule of investments

Nomura Tax-Free USA Intermediate 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;Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CommonSpirit Health) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 8/1/37 | 1000000 | &nbsp;&nbsp;$1003890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 5.00% 8/1/37 | 1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1151067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Franklin, Ohio Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Nationwide Children's Hospital Project)<br> Series 2019A 5.00% 11/1/48 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1652340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cuyahoga County, Ohio Hospital Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The MetroHealth System)<br> 5.00% 2/15/37 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Escambia County, Florida Health Facilities Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Baptist Health Care Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 8/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp; 587601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 8/15/50 | 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 1677682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainesville & Hall County, Georgia Hospital Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Northeast Georgia Health System Project)<br> Series A 3.00% 2/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp; 377758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glendale, Arizona Industrial Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Glencroft Retirement Community Project)<br> 5.25% 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp; 777560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henrico County, Virginia Economic Development<br> Authority Residential Care Facility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Westminster Canterbury Richmond)<br> Series A 5.00% 10/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp; 673790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.00% 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Admiral at the Lake Project)<br> 5.50% 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp; 714516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority Senior Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PHS Council Bluffs, Inc. Project)<br> 5.00% 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 499300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kalispell, Montana Housing and Healthcare Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Immanuel Lutheran Corporation Project)<br> Series A 5.25% 5/15/37 | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1407196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County, Arizona Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Christian Care Surprise, Inc. Project)<br> 144A 5.75% 1/1/36 # | 1540000 | &nbsp;&nbsp;&nbsp;&nbsp; 1568259 |

---

6 NQ- 019 [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;Maryland Health & Higher Educational Facilities Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Adventist Healthcare Obligated)<br> Series A 5.50% 1/1/36 | 2000000 | &nbsp;&nbsp;$2036820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Trinity Health Credit Group)<br> 4.00% 12/1/40 | 2185000 | &nbsp;&nbsp;&nbsp;&nbsp; 2149144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe County, New York Industrial Development<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Rochester Regional Health Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 12/1/40 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 823970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/38 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 987340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moon, Pennsylvania Industrial Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Baptist Homes Society Obligation)<br> 5.625% 7/1/30 | 2440000 | &nbsp;&nbsp;&nbsp;&nbsp; 2382221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire, National Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Springpoint Senior Living Project)<br> 4.00% 1/1/51 | 1330000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope, Texas Cultural Education Facilities Finance<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sanctuary LTC Project)<br> Series A-1 5.50% 1/1/57 | 1615000 | &nbsp;&nbsp;&nbsp;&nbsp; 1447847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma Development Finance Authority Health System<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(OU Medicine Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 8/15/43 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 8/15/48 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1997080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon Health & Science University Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Bonds)<br> Series A 3.00% 7/1/51 | 3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2343594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Beach County, Florida Health Facilities Authority<br> Hospital Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Baptist Health South Florida Obligated Group)<br> 3.00% 8/15/44 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3954800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<br> First Mortgage Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tapestry Moon Senior Housing Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.50% 12/1/38 #, ‡ | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.75% 12/1/53 #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 |

---

NQ- 019 [1125] 0126 (5100810) 7

------

Schedule of investments

Nomura Tax-Free USA Intermediate 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;Pennsylvania Economic Development Financing Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Presbyterian Senior Living Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2 5.00% 7/1/38 | 3000000 | &nbsp;&nbsp;$3148920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2 5.00% 7/1/42 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1533735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prince George's County, Maryland Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Collington Episcopal Life Care Community)<br> 5.00% 4/1/30 | 2880000 | &nbsp;&nbsp;&nbsp;&nbsp; 2897050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 5/15/54 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2034200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lifespan Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp; 612634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 737135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 728189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 720181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salem, Oregon Hospital Facility Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Manor Project)<br> 4.00% 5/15/40 | 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1371367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seminole County, Florida Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Legacy Pointe at UCF Project)<br> Series A 5.25% 11/15/39 | 5340000 | &nbsp;&nbsp;&nbsp;&nbsp; 5319601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempe, Arizona Industrial Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mirabella at ASU Project)<br> Series A 144A 6.00% 10/1/37 # | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 908268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(LifeSpire of Virginia)<br> Series A 4.50% 12/1/44 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1207050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(West Virginia University Health System Obligated Group)<br> Series A 5.25% 6/1/42 | 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3886704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westchester County, New York Local Development<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Westchester Medical Center Obligated Group Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/1/47 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 515985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 11/1/48 (AG) | 1875000 | &nbsp;&nbsp;&nbsp;&nbsp; 2045137 |
|  |  | &nbsp;&nbsp;&nbsp; 78990707 |

---

8 NQ- 019 [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;Housing Revenue Bond — 0.13% | &nbsp;&nbsp;Housing Revenue Bond — 0.13% | &nbsp;&nbsp;Housing Revenue Bond — 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, New York Housing Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8 Spruce Street)<br> Series D 4.00% 12/15/43 | 1125000 | &nbsp;&nbsp;$1152765 |
|  |  | &nbsp;&nbsp;&nbsp; 1152765 |
| &nbsp;&nbsp;Housing Revenue Bonds — 6.15% | &nbsp;&nbsp;Housing Revenue Bonds — 6.15% | &nbsp;&nbsp;Housing Revenue Bonds — 6.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver City & County, Colorado Housing Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Flo Senior Apartments Project)<br> Series A 4.50% 7/1/41 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1537395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Housing Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K 4.95% 10/1/38 (GNMA) (FNMA) (FHLMC) | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2639125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K 5.25% 10/1/43 (GNMA) (FNMA) (FHLMC) | 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2936640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Community Development Administration<br> Multifamily Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sustainability Bonds)<br> Series D 4.35% 2/1/44 (FNMA) | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3963280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nebraska Investment Finance Authority Single Family<br> Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G 4.95% 9/1/38 (GNMA) (FNMA) (FHLMC) | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1327050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G 5.15% 9/1/43 (GNMA) (FNMA) (FHLMC) | 2610000 | &nbsp;&nbsp;&nbsp;&nbsp; 2722621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, New York Housing Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8 Spruce Street)<br> Series E 4.375% 12/15/43 | 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Mortgage Agency Homeowner Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 250 4.80% 10/1/48 (SONYMA) | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4055040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Housing Finance Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1998 Trust Agreement)<br> Series 49 4.875% 7/1/42 (GNMA) (FNMA) (FHLMC) | 4735000 | &nbsp;&nbsp;&nbsp;&nbsp; 4965074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Dakota Housing Finance Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 4.50% 7/1/43 | 1740000 | &nbsp;&nbsp;&nbsp;&nbsp; 1774191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency Single Family<br> Mortgage Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 142A 4.85% 10/1/43 | 10730000 | &nbsp;&nbsp;&nbsp;&nbsp; 10965738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 143A 5.125% 10/1/41 | 2840000 | &nbsp;&nbsp;&nbsp;&nbsp; 2994212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Social Bonds)<br> Series 149A 5.10% 10/1/45 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5178150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 81-A 5.25% 10/1/43 (GNMA) | 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4747185 |

---

NQ- 019 [1125] 0126 (5100810) 9

------

Schedule of investments

Nomura Tax-Free USA Intermediate 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;San Antonio, Texas Housing Trust Public Facility<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cedar Ridge Terrace Apartments)<br> Series A 4.45% 4/1/43 (FNMA) | 4500000 | &nbsp;&nbsp;$4576680 |
|  |  | &nbsp;&nbsp;&nbsp; 55532502 |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 21.10% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 21.10% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 21.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Legacy Cares, Inc. Project)<br> Series A 144A 7.75% 7/1/50 #, ‡ | 5520000 | &nbsp;&nbsp;&nbsp;&nbsp; 129720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arkansas Development Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United States Steel Corporation Project)<br> 5.70% 5/1/53 (AMT) | 7750000 | &nbsp;&nbsp;&nbsp;&nbsp; 7907247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Belt, Alabama Energy Gas District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 6/1/51 • | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5156300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gas Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 5/1/55 • | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5486150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 10/1/55 • | 4850000 | &nbsp;&nbsp;&nbsp;&nbsp; 5245178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye, Ohio Tobacco Settlement Financing Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 Class 1 4.00% 6/1/48 | 5235000 | &nbsp;&nbsp;&nbsp;&nbsp; 4554188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2 Class 2 5.00% 6/1/55 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1687040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Clean Energy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 12/1/53 • | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3697820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1 4.00% 2/1/52 • | 4910000 | &nbsp;&nbsp;&nbsp;&nbsp; 5002259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.25% 1/1/54 • | 4280000 | &nbsp;&nbsp;&nbsp;&nbsp; 4559056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 5.50% 5/1/54 • | 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7412580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G 5.00% 11/1/55 • | 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5776045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Brightline West Passenger Rail Project)<br> Series B 12.00% 1/1/65 (AMT) • | 6135000 | &nbsp;&nbsp;&nbsp;&nbsp; 5214750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Calplant I Project)<br> 144A 8.00% 7/1/39 (AMT) #, ‡ | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 14063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Poseidon Resources (Channelside) LP Desalination Project)<br> 144A 5.00% 7/1/37 (AMT) # | 3700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3701702 |

---

10 NQ- 019 [1125] 0126 (5100810)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Plains, Nebraska Energy Project Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Project No. 3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/35 | 1250000 | &nbsp;&nbsp;$1376500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/36 | 2480000 | &nbsp;&nbsp;&nbsp;&nbsp; 2730703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Texas Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United Airlines, Inc. Terminal E Project)<br> Series A 4.00% 7/1/41 (AMT) | 1220000 | &nbsp;&nbsp;&nbsp;&nbsp; 1110749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Broward, Florida Convention Center Hotel<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(First Tier)<br> 5.00% 1/1/47 | 3830000 | &nbsp;&nbsp;&nbsp;&nbsp; 3984004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erie County, New York Tobacco Asset Securitization<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation-Asset-Backed)<br> Series A 144A 0.90% 6/1/60 #, ^ | 58725000 | &nbsp;&nbsp;&nbsp;&nbsp; 2062422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance Authority of Maine Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TimberHP Madison, LLC Project)<br> 8.50% 6/1/35 (AMT) | 1735000 | &nbsp;&nbsp;&nbsp;&nbsp; 889916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Brightline Florida Passenger Rail Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 7/1/53 (AG) (AMT) | 8875000 | &nbsp;&nbsp;&nbsp;&nbsp; 8863196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 7/1/53 (AMT) | 5225000 | &nbsp;&nbsp;&nbsp;&nbsp; 4336750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George L Smith II World Congress Center, Georgia<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Convention Center Hotel Second Tier)<br> Series B 144A 5.00% 1/1/36 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Main Street Natural Gas Supply Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/1/55 • | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inland, California Empire Tobacco Securitization Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation Turbo Asset-Backed) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 144A 0.935% 6/1/57 #, ^ | 62600000 | &nbsp;&nbsp;&nbsp;&nbsp; 3922516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F 144A 4.454% 6/1/57 #, ^ | 74090000 | &nbsp;&nbsp;&nbsp;&nbsp; 3714873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Tobacco Settlement Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 Class 1 4.00% 6/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 295851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 Class 1 4.00% 6/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 587364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 Class 1 4.00% 6/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 288753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson County, Texas Industrial Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TRP Crude Marketing, LLC Project)<br> 144A 7.75% 4/1/39 #, ‡ | 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 82250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.25% 4/1/54 • | 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2984712 |

---

NQ- 019 [1125] 0126 (5100810) 11

------

Schedule of investments

Nomura Tax-Free USA Intermediate Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/55 • | 3750000 | &nbsp;&nbsp;$4034775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A Class 1 4.00% 6/1/49 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1737800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M-S-R Energy Authority, California Gas Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 6.50% 11/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp; 714258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 7.00% 11/1/34 | 2905000 | &nbsp;&nbsp;&nbsp;&nbsp; 3546889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties, New York Tobacco Trust V<br> Pass-Through Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate Turbo Capital Appreciation Bond)<br> Series S4B 144A 8.459% 6/1/60 #, ♦, ^ | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 840200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Special Facility<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Delta Airlines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% 10/1/45 (AMT) | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2358775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 1/1/34 (AMT) | 4210000 | &nbsp;&nbsp;&nbsp;&nbsp; 4302494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 1/1/36 (AMT) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3050130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/40 (AMT) | 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1141785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% 4/1/35 (AMT) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2208200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port of Beaumont, Texas Navigation District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Jefferson Gulf Coast Energy Project)<br> Series A 144A 5.00% 1/1/39 (AMT) # | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1965100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Transportation District, Colorado Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Denver Transit Partners Eagle P3 Project)<br> Series A 4.00% 7/15/33 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Verde, Arizona Financial Senior Gas Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/37 | 7200000 | &nbsp;&nbsp;&nbsp;&nbsp; 7820064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Joaquin Valley Clean Energy, California Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Bonds)<br> Series A 5.50% 1/1/56 • | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3992520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs - Economic Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AAC East LLC Project - Green Bonds)<br> Series A 144A 7.00% 5/1/39 (AMT) # | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Jasper Pellets, LLC Project - Green Bonds)<br> Series A 144A 7.00% 11/1/38 (AMT) #, ‡ | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 12500 |

---

12 NQ- 019 [1125] 0126 (5100810)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority, A Cooperative District<br> Revenue, Alabama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Project No. 3)<br> Series A-1 5.50% 1/1/53 • | 5500000 | &nbsp;&nbsp;$5912225 |
| &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) # | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1961320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suffolk, New York Regional Off-Track Betting Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 12/1/44 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5085800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennergy Gas Supply, Tennessee Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/51 • | 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4483732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 1/1/55 • | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1655055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Securitization Authority of Southern California<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation - Second Subordinate Lien)<br> Series C 7.242% 6/1/46 ^ | 9655000 | &nbsp;&nbsp;&nbsp;&nbsp; 1918449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation - Third Subordinate Lien)<br> Series D 2.609% 6/1/46 ^ | 1630000 | &nbsp;&nbsp;&nbsp;&nbsp; 287809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSASC, New York Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal 2017 Senior Series A 5.00% 6/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp; 486723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal 2017 Senior Series A 5.00% 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp; 486300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tuscaloosa County, Alabama Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hunt Refining Project)<br> Series A 144A 5.25% 5/1/44 # | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2506675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Tobacco Settlement Financing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Subordinate Series C 1.96% 6/1/47 ^ | 58500000 | &nbsp;&nbsp;&nbsp;&nbsp; 14992965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Subordinate Series D 2.466% 6/1/47 ^ | 8185000 | &nbsp;&nbsp;&nbsp;&nbsp; 2054517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Convertible Bond)<br> Senior Series B-2 5.20% 6/1/46 ~ | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1085250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Lien - Grand Hyatt San Antonio Hotel Acquisition Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/1/62 | 2720000 | &nbsp;&nbsp;&nbsp;&nbsp; 2702130 |
|  |  | &nbsp;&nbsp;&nbsp;190519833 |

---

NQ- 019 [1125] 0126 (5100810) 13

------

Schedule of investments

Nomura Tax-Free USA Intermediate 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;Lease Revenue Bonds — 7.17% | &nbsp;&nbsp;Lease Revenue Bonds — 7.17% | &nbsp;&nbsp;Lease Revenue Bonds — 7.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State Public Works Board Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Various Capital Project)<br> Series D 5.00% 11/1/46 | 5000000 | &nbsp;&nbsp;$5347100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Pier & Exposition Authority, Illinois Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(McCormick Place Expansion Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/15/42 | 5740000 | &nbsp;&nbsp;&nbsp;&nbsp; 5379069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/15/47 | 11560000 | &nbsp;&nbsp;&nbsp;&nbsp; 10146327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 6/15/52 | 1970000 | &nbsp;&nbsp;&nbsp;&nbsp; 1674677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 6/15/52 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp; 361573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.733% 12/15/51 (BAM) ^ | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2886500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1 4.57% 6/15/47 (AG) ^ | 8965000 | &nbsp;&nbsp;&nbsp;&nbsp; 3278949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(NJ Transit Transportation Project)<br> Series A 4.00% 11/1/39 | 2835000 | &nbsp;&nbsp;&nbsp;&nbsp; 2851812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.20% 12/15/38 (BAM) ^ | 9380000 | &nbsp;&nbsp;&nbsp;&nbsp; 5800592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.396% 12/15/39 (BAM) ^ | 15910000 | &nbsp;&nbsp;&nbsp;&nbsp; 9330101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series CC 5.25% 6/15/39 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2215500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series CC 5.25% 6/15/43 | 4750000 | &nbsp;&nbsp;&nbsp;&nbsp; 5101880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4 World Trade Center - Green Bond)<br> Series A 2.875% 11/15/46 (BAM) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 743630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 3.00% 3/15/49 | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4543740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Public Building Authority Public Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/1/45 | 4680000 | &nbsp;&nbsp;&nbsp;&nbsp; 5042607 |
|  |  | &nbsp;&nbsp;&nbsp; 64704057 |
| &nbsp;&nbsp;Local General Obligation Bonds — 3.19% | &nbsp;&nbsp;Local General Obligation Bonds — 3.19% | &nbsp;&nbsp;Local General Obligation Bonds — 3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago, Illinois Board of Education |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 12/1/40 | 2810000 | &nbsp;&nbsp;&nbsp;&nbsp; 2429133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago, Illinois Board of Education Dedicated Capital<br> Improvement Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp; 834818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp; 323382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bend, Oregon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 6/1/43 | 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2576164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 1/1/35 | 1980000 | &nbsp;&nbsp;&nbsp;&nbsp; 2052448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 6.00% 1/1/45 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2138160 |

---

14 NQ- 019 [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 Chicago, Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Chicago Recovery Plan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/43 | 2900000 | &nbsp;&nbsp;$2839071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 1/1/45 | 4350000 | &nbsp;&nbsp;&nbsp;&nbsp; 4292058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County, Texas Permanent Improvement Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Certificates of Obligation)<br> 5.00% 9/15/42 | 5090000 | &nbsp;&nbsp;&nbsp;&nbsp; 5521021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas, Nevada Valley Water District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 6/1/43 | 3450000 | &nbsp;&nbsp;&nbsp;&nbsp; 3413568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Bridgeland Water & Utility Districts)<br> 144A 5.375% 12/15/35 # | 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2398344 |
|  |  | &nbsp;&nbsp;&nbsp; 28818167 |
| &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 1.09% | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 1.09% | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00% 1/1/26 | 1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1282304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.00% 2/15/41-27 § | 3740000 | &nbsp;&nbsp;&nbsp;&nbsp; 3809788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority Midwestern Disaster Area<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Iowa Fertilizer Company Project)<br> 5.00% 12/1/50-32 § | 4135000 | &nbsp;&nbsp;&nbsp;&nbsp; 4757483 |
|  |  | &nbsp;&nbsp;&nbsp; 9849575 |
| &nbsp;&nbsp;Special Tax Revenue Bonds — 15.49% | &nbsp;&nbsp;Special Tax Revenue Bonds — 15.49% | &nbsp;&nbsp;Special Tax Revenue Bonds — 15.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allentown, Pennsylvania Neighborhood Improvement<br> Zone Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Forward Delivery) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp; 722702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 808778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp; 912109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp; 906925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celebration Pointe, Florida Community Development<br> District No. 1 Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/1/34 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp; 664000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Tampa, Florida Capital Improvement Cigarette Tax<br> Allocation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H. Lee Moffitt Cancer Center Project)<br> Series A 5.08% 9/1/45 ^ | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4600440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate)<br> 3.006% 11/1/43 • | 18226328 | &nbsp;&nbsp;&nbsp;&nbsp; 11687633 |

---

NQ- 019 [1125] 0126 (5100810) 15

------

Schedule of investments

Nomura Tax-Free USA Intermediate Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver, Colorado Convention Center Hotel Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/26 | 2500000 | &nbsp;&nbsp;$2536475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 608130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp; 912051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/32 | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1822914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/34 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1516455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/35 | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1211916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp; 907929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Downtown Revitalization Public Infrastructure District,<br> Utah Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(First Lien - SEG Redevelopment Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/1/36 (AG) | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1719520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 6/1/41 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp; 857834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 6/1/42 (AG) | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1927835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Second Lien - SEG Redevelopment Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 6/1/41 (AG) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 6/1/42 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp; 908836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDB Debt Recovery Authority of Puerto Rico Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Taxable)<br> 7.50% 8/20/40 | 21489534 | &nbsp;&nbsp;&nbsp;&nbsp; 20920921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indianapolis, Indiana Local Public Improvement Bond<br> Bank Convention Center Hotel Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior)<br> Series E 5.75% 3/1/43 | 3350000 | &nbsp;&nbsp;&nbsp;&nbsp; 3548956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matching Fund Special Purpose Securitization, Virgin<br> Islands Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/39 | 1785000 | &nbsp;&nbsp;&nbsp;&nbsp; 1853205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Government Nashville & Davidson County,<br> Tennessee Sports Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Stadium Project)<br> Series A 5.00% 7/1/43 (AG) | 4050000 | &nbsp;&nbsp;&nbsp;&nbsp; 4282915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County, Florida Special Obligation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% 10/1/42 (BAM) ^ | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1491810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, New York Transitional Finance Authority<br> Future Tax Secured Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subseries E-1 5.00% 2/1/32 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5121300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subseries I-1 5.00% 5/1/43 | 4110000 | &nbsp;&nbsp;&nbsp;&nbsp; 4421538 |

---

16 NQ- 019 [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;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(General Purpose)<br> Series A 3.00% 3/15/50 | 1350000 | &nbsp;&nbsp;$1001336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority State Personal Income<br> Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 3/15/41 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5402850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Triborough Bridge & Tunnel Authority Payroll<br> Mobility Tax Senior Lien Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(MTA Bridges and Tunnels)<br> Subseries A-1 4.00% 5/15/46 | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5615940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Triborough Bridge & Tunnel Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TBTA Capital Lockbox Fund)<br> Series A 5.25% 12/1/54 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5303450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pasco County, Florida Capital Improvement Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H. Lee Moffitt Cancer Center Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 9/1/42 (AG) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 9/1/43 (AG) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 9/1/44 (AG) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077890 |
| &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 1.37% 7/1/51 ^ | 22552000 | &nbsp;&nbsp;&nbsp;&nbsp; 5620184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.55% 7/1/40 | 5765000 | &nbsp;&nbsp;&nbsp;&nbsp; 5751568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.75% 7/1/53 | 14048000 | &nbsp;&nbsp;&nbsp;&nbsp; 13373696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 7/1/58 | 3775000 | &nbsp;&nbsp;&nbsp;&nbsp; 3680474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.58% 7/1/46 ^ | 15976000 | &nbsp;&nbsp;&nbsp;&nbsp; 5447656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.329% 7/1/40 | 5453000 | &nbsp;&nbsp;&nbsp;&nbsp; 5318747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah Telecommunication Open Infrastructure Agency<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 6/1/35 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1134260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington County, Pennsylvania Redevelopment<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Victory Centre Tax Increment Financing Project)<br> 5.00% 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 502445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(American Dream @ Meadowlands Project)<br> 144A 7.00% 12/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp; 404000 |
|  |  | &nbsp;&nbsp;&nbsp;139800333 |
| &nbsp;&nbsp;State General Obligation Bonds — 7.31% | &nbsp;&nbsp;State General Obligation Bonds — 7.31% | &nbsp;&nbsp;State General Obligation Bonds — 7.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Various Purpose) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/1/33 | 4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 4164616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/36 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4059560 |

---

NQ- 019 [1125] 0126 (5100810) 17

------

Schedule of investments

Nomura Tax-Free USA Intermediate 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;State General Obligation Bonds (continued) | &nbsp;&nbsp;State General Obligation Bonds (continued) | &nbsp;&nbsp;State General Obligation Bonds (continued) |
| &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 | 7488979 | &nbsp;&nbsp;$7200054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 7/1/46 | 12920000 | &nbsp;&nbsp;&nbsp;&nbsp; 11495958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 1/1/28 | 1630000 | &nbsp;&nbsp;&nbsp;&nbsp; 1632690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/1/36 | 1965000 | &nbsp;&nbsp;&nbsp;&nbsp; 1989975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 5/1/39 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2671750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 3/1/41 | 4650000 | &nbsp;&nbsp;&nbsp;&nbsp; 4442145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.125% 12/1/29 | 3260000 | &nbsp;&nbsp;&nbsp;&nbsp; 3390367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 10/1/35 | 6630000 | &nbsp;&nbsp;&nbsp;&nbsp; 6695239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.00% 10/1/37 | 1710000 | &nbsp;&nbsp;&nbsp;&nbsp; 1703075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Rebuild Illinois Program) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 11/1/35 | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2217028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 11/1/38 | 1810000 | &nbsp;&nbsp;&nbsp;&nbsp; 1779773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Bidding Group 2 Bond)<br> Series A 5.00% 6/1/39 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5741250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Various Purpose) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/1/35 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3333810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series R 5.00% 8/1/39 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3425970 |
|  |  | &nbsp;&nbsp;&nbsp; 65943260 |
| &nbsp;&nbsp;Transportation Revenue Bonds — 14.16% | &nbsp;&nbsp;Transportation Revenue Bonds — 14.16% | &nbsp;&nbsp;Transportation Revenue Bonds — 14.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago, Illinois O'Hare International Airport Senior Lien<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 1/1/36 | 1180000 | &nbsp;&nbsp;&nbsp;&nbsp; 1197452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/36 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2634325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City & County of Denver, Colorado Airport System<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/48 (AMT) | 5555000 | &nbsp;&nbsp;&nbsp;&nbsp; 4954060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/43 (AMT) | 2335000 | &nbsp;&nbsp;&nbsp;&nbsp; 2182571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/43 (AMT) | 6300000 | &nbsp;&nbsp;&nbsp;&nbsp; 6386688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Greater Orlando, Florida Aviation Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Airport Facilities Bond)<br> 5.25% 10/1/42 (AMT) | 6475000 | &nbsp;&nbsp;&nbsp;&nbsp; 7010029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Brightline Florida Passenger Rail Expansion Project)<br> Series B 144A 10.00% 7/1/57 (AMT) #, • | 7840000 | &nbsp;&nbsp;&nbsp;&nbsp; 5880000 |

---

18 NQ- 019 [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;Florida Development Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Brightline Florida Passenger Rail Project)<br> 144A 12.00% 7/15/32 (AMT) #, • | 10000000 | &nbsp;&nbsp;$3250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior)<br> Series A 5.25% 1/1/45 | 9250000 | &nbsp;&nbsp;&nbsp;&nbsp; 9928950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Nashville, Tennessee Airport Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.50% 7/1/41 (AMT) | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1630275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.50% 7/1/42 (AMT) | 1855000 | &nbsp;&nbsp;&nbsp;&nbsp; 1995294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington D.C. Airports Authority Dulles<br> Toll Road Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Dulles Metrorail and Capital Improvement Projects)<br> Series B 4.00% 10/1/38 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe County, Florida Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Key West International Airport) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/36 (AMT) | 1235000 | &nbsp;&nbsp;&nbsp;&nbsp; 1320166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/37 (AMT) | 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1350200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/38 (AMT) | 1360000 | &nbsp;&nbsp;&nbsp;&nbsp; 1438880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/40 (AMT) | 1475000 | &nbsp;&nbsp;&nbsp;&nbsp; 1534870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/15/29 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1516110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Port Authority Consolidated Bonds)<br> Series 1WTC 2.75% 2/15/44 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7553000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Metropolitan Transportation Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subseries A-2 4.00% 11/15/41 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2928510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Climate Bond Certified - Green Bonds)<br> Series A 5.25% 11/15/43 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3257220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority General Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Junior Indebtedness Obligations)<br> Series B 4.00% 1/1/41 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9847200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Special Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(John F. Kennedy International Airport New Terminal One Project - Green Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 6/30/43 (AMT) | 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5671545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% 6/30/60 (AMT) | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2508925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 6/30/38 (AMT) | 1670000 | &nbsp;&nbsp;&nbsp;&nbsp; 1791142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 6/30/40 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 845648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 6/30/42 (AG) (AMT) | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1853705 |

---

NQ- 019 [1125] 0126 (5100810) 19

------

Schedule of investments

Nomura Tax-Free USA Intermediate 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;Transportation Revenue Bonds (continued) | &nbsp;&nbsp;Transportation Revenue Bonds (continued) | &nbsp;&nbsp;Transportation Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Special Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Terminal 4 John F. Kennedy International Airport Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/33 (AMT) | 3955000 | &nbsp;&nbsp;$4312651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/37 (AMT) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/35 (AMT) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two Hundred Eighteenth Series 4.00% 11/1/41 (AMT) | 2480000 | &nbsp;&nbsp;&nbsp;&nbsp; 2432409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two Hundred Twenty-First Series 4.00% 7/15/36 (AMT) | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1212360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Industrial, Tourist, Educational, Medical &<br> Environmental Control Facilities Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(San Juan Cruise Terminal Project)<br> Subseries A-3 6.75% 1/1/46 (AMT) | 4750000 | &nbsp;&nbsp;&nbsp;&nbsp; 5334773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego County, California Regional Airport Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Private Activity)<br> Series B 5.25% 7/1/41 (AMT) | 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5005935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Jersey Port, New Jersey Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinated Marine Terminal) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/30 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp; 238351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/33 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp;&nbsp; 727609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/34 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp; 463721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/35 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp; 252159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/36 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp; 236288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Lien) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 6/30/42 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 522315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 6/30/43 (AMT) | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1557165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Lien - Georgia SR 400 Express Lanes Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% 12/31/65 (AMT) | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3633140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% 12/31/65 (AMT) | 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8300025 |
|  |  | &nbsp;&nbsp;&nbsp;127818356 |
| &nbsp;&nbsp;Water & Sewer Revenue Bonds — 1.17% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 1.17% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Aurora, Colorado Water Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(First-Lien Water Revenue Bonds)<br> 4.00% 8/1/54 | 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2567813 |

---

20 NQ- 019 [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;Water & Sewer Revenue Bonds (continued) | &nbsp;&nbsp;Water & Sewer Revenue Bonds (continued) | &nbsp;&nbsp;Water & Sewer Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson County, Alabama Sewer Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 10/1/41 | 3400000 | &nbsp;&nbsp;$3704402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 10/1/43 | 3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3472852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Antonio, Texas River Authority Wastewater System<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 1/1/40 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp; 820730 |
|  |  | &nbsp;&nbsp;&nbsp; 10565797 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $886,625,487)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $886,625,487)** | &nbsp;&nbsp;&nbsp;**886393262** |

---

---

| | | |
|:---|:---|:---|
|  | Number of<br> shares |  |
| &nbsp;&nbsp;**Common Stock — 0.07%** | &nbsp;&nbsp;**Common Stock — 0.07%** | &nbsp;&nbsp;**Common Stock — 0.07%** |
| &nbsp;&nbsp;Industrial — 0.07% | &nbsp;&nbsp;Industrial — 0.07% | &nbsp;&nbsp;Industrial — 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TimberHP =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;139071 | &nbsp;&nbsp; 668709 |
| &nbsp;&nbsp;&nbsp;**Total Common Stock (cost $668,709)** | &nbsp;&nbsp;&nbsp;**Total Common Stock (cost $668,709)** | **668709** |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount |  |
| &nbsp;&nbsp;**Short-Term Investments — 0.29%** | &nbsp;&nbsp;**Short-Term Investments — 0.29%** | &nbsp;&nbsp;**Short-Term Investments — 0.29%** |
| &nbsp;&nbsp;Variable Rate Demand Notes — 0.29% | &nbsp;&nbsp;Variable Rate Demand Notes — 0.29% | &nbsp;&nbsp;Variable Rate Demand Notes — 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix, Arizona Industrial Development Authority<br> Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mayo Clinic) Series B 2.25% 11/15/52 <br> (SPA - Northern Trust)¤ | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco, California Bay Area Toll Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I 2.40% 4/1/59 <br> (LOC - TD Bank, N.A.)¤ | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $2,600,000)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $2,600,000)** | &nbsp;&nbsp;&nbsp; **2600000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—98.55%<br> (cost $889,894,196)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**889661971** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—1.45%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **13112314** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 82,493,291 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$902774285** |

---

---

| | |
|:---|:---|
| ° | 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 $62,011,503, which represents 6.87% of the Fund's net assets. |

---

NQ- 019 [1125] 0126 (5100810) 21

------

Schedule of investments

Nomura Tax-Free USA Intermediate Fund

---

| | |
|:---|:---|
| ‡ | 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. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| ♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| ~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at November 30, 2025. |
| § | 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. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| † | Non-income producing security. |
| π | Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At November 30, 2025, the aggregate value of restricted securities was $668,709, which represented 0.07% of the Fund's net assets. See Note 10 in "Notes to financial statements" and the following table for additional details on restricted securities. |
| ¤ | 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. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** |  |  |  |
| Investments | &nbsp;&nbsp;Date of Acquisition | &nbsp;&nbsp;Cost | &nbsp;&nbsp;Value |
| TimberHP | &nbsp;&nbsp;6/26/25 | &nbsp;&nbsp;$668709 | &nbsp;&nbsp;$668709 |

---

22 NQ- 019 [1125] 0126 (5100810)

------

---

| |
|:---|
| **Summary of abbreviations:** |
| AG – Insured by Assured Guaranty Inc. |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |
| CHF – Collegiate Housing Foundation |
| FHLMC – Federal Home Loan Mortgage Corporation Collateral |
| FNMA – Federal National Mortgage Association Collateral |
| GNMA – Government National Mortgage Association Collateral |
| KIPP – Knowledge is Power Program |
| LLC – Limited Liability Corporation |
| LOC – Letter of Credit |
| N.A. – National Association |
| NATL – Insured by National Public Finance Guarantee Corporation |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| SONYMA – State of New York Mortgage Agency |
| SPA – Stand-by Purchase Agreement |
| USD – US Dollar |

---

NQ- 019 [1125] 0126 (5100810) 23

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Delaware Group Tax Free Fund

- **b. Investment Company Act file number:** 811-03850

- **c. CIK number of Registrant:** 0000728352

- **d. LEI of Registrant:** 549300XYDSVXWKYZUD98

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

  - **Street Address 1:** 100 Independence

  - **City:** PHILADELPHIA

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

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

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

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

- **b. EDGAR series identifier (if any):** S000002404

- **c. LEI of Series:** AR7B6K97L47PY8QU8S91

**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:** $906990828.95

**Total Liabilities:** $6236171.06

**Net Assets:** $900754657.89

**Cash Not Reported:** $3504715.77

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 790.90963000 | **1-Year:** 14827.61636000 | **5-Year:** 160705.71366000 | **10-Year:** 426806.99983000 | **30-Year:** 39693.81648000

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

- **3-Month:** 42.64368000 | **1-Year:** 169.10894000 | **5-Year:** 6320.29502000 | **10-Year:** 36253.93210000 | **30-Year:** 10392.11397000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006388 | 3.10%                | 1.08%                | 0.06%                |
| Class ID C000006390 | 3.04%                | 1.02%                | 0.00%                |
| Class ID C000074147 | 3.19%                | 1.10%                | 0.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-758488.70              | $25956121.78                               |
| Month 2  | $-513121.56              | $6369028.92                                |
| Month 3  | $191555.32               | $-2968535.88                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NEW YORK ST THRUWAY AUTH PERSO | New York State Thruway Authority                                                | CUSIP: 650028XK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $4543740.00   | 0.50%             | 2049-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE | Tempe Industrial Development Authority                                          | CUSIP: 87972MAW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $908268.00    | 0.10%             | 2037-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                              | CUSIP: 83704MAL0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1175765.55   | 0.13%             | 2039-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS | Oklahoma Development Finance Authority                                          | CUSIP: 67884XCH8<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997080.00   | 0.22%             | 2048-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                           | CUSIP: 59261AK97<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2928510.00   | 0.33%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV  | Westchester County Local Development Corp                                       | CUSIP: 95737TFM3<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $2045137.50   | 0.23%             | 2048-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI PROJ REVENU | Public Finance Authority                                                        | CUSIP: 74444UAU6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3175260.00   | 0.35%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                            | CUSIP: 167593L83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2634325.00   | 0.29%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH ENVIRONM | Arkansas Development Finance Authority                                          | CUSIP: 04110FAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7750000 | PA      | $7907247.50   | 0.88%             | 2053-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                     | City of Chicago IL                                                              | CUSIP: 167486WY1<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1282304.00   | 0.14%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SENIOR LI | New Hampshire Business Finance Authority                                        | CUSIP: 63608SAM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1088206.00   | 0.12%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                      | CUSIP: 45204FYF6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    115000 | PA      | $117145.90    | 0.01%             | 2041-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC | Downtown Revitalization Public Infrastructure District                          | CUSIP: 26118TAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1719520.00   | 0.19%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250EY6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1970000 | PA      | $1674677.30   | 0.19%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                              | CUSIP: 83704DAF3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $12500.00     | 0.00%             | 2038-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2508925.00   | 0.28%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                | CUSIP: 56681NGB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $460340.40    | 0.05%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Developm | New York City Housing Development Corp                                          | CUSIP: 64966TGV0<br>LEI: 549300SQWVHKBRF8D702 | Long             | ABS-MBS          | MUN               | US        |   1125000 | PA      | $1152765.00   | 0.13%             | 2043-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HSG & MTGE FIN | Rhode Island Housing & Mortgage Finance Corp                                    | CUSIP: 76221SAL5<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4747185.00   | 0.53%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 70869PLY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $200000.00    | 0.02%             | 2038-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FKP8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1151067.45   | 0.13%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                               | CUSIP: 4521526L0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2671750.00   | 0.30%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DENVER CO CONVENTION CENTER HO | Denver Convention Center Hotel Authority                                        | CUSIP: 249189DP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1211916.00   | 0.13%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                     | City of Chicago IL                                                              | CUSIP: 167486D71<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $2052448.20   | 0.23%             | 2035-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL | Rhode Island Health and Educational Building Corp                               | CUSIP: 762244MJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034200.00   | 0.23%             | 2054-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                     | City of Chicago IL                                                              | CUSIP: 167486W70<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2138160.00   | 0.24%             | 2045-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY NJ PORT CORP      | South Jersey Port Corp                                                          | CUSIP: 838530RB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $727609.35    | 0.08%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REVENUE          | Guam Power Authority                                                            | CUSIP: 400653KG5<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |    915000 | PA      | $956312.25    | 0.11%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CCG1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $5101880.00   | 0.57%             | 2043-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                        | CUSIP: 04052BDB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $821021.25    | 0.09%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH D | Metropolitan Washington Airports Authority Dulles Toll Road Revenue             | CUSIP: 592643DB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003130.00   | 0.11%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250CF9<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $2886500.00   | 0.32%             | 2051-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SPL OBLIG   | County of Miami-Dade FL                                                         | CUSIP: 59333NN82<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1491810.00   | 0.17%             | 2042-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1014600.00   | 0.11%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN | California Pollution Control Financing Authority                                | CUSIP: 130536RA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $14062.50     | 0.00%             | 2039-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                           | CUSIP: 59261A5A1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3257220.00   | 0.36%             | 2043-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TENNERGY CORP TN GAS REVENUE   | Tennergy Corp/TN                                                                | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4483732.00   | 0.50%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SALEM OR HOSP FAC AUTH REVENUE | Salem Hospital Facility Authority                                               | CUSIP: 794458GJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1371366.50   | 0.15%             | 2040-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3775000 | PA      | $3680474.00   | 0.41%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TIMBERHP BY GO LAB INC         | TIMBERHP BY GO LAB INC                                                          | CUSIP: 886934108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    139071 | NS      | $668709.00    | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC | Regional Transportation District                                                | CUSIP: 759151BP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037180.00   | 0.12%             | 2033-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC | Metropolitan Government Nashville & Davidson County Sports Authority            | CUSIP: 592090JX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4050000 | PA      | $4282915.50   | 0.48%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 65000B4W5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1445071.80   | 0.16%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116GQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1791141.80   | 0.20%             | 2038-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645URE6<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1537510.40   | 0.17%             | 2039-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES | University of California                                                        | CUSIP: 91412HND1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1819030.80   | 0.20%             | 2052-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                 | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4910000 | PA      | $5002258.90   | 0.56%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| GEO L SMITH II GA CONGRESS CTR | George L Smith II Congress Center Authority                                     | CUSIP: 37255MAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023900.00   | 0.11%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HS | Knox County Health Educational & Housing Facility Board                         | CUSIP: 499526AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $647031.25    | 0.07%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FAC | Miami-Dade County Educational Facilities Authority                              | CUSIP: 59333APB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1609290.00   | 0.18%             | 2048-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP V | Tobacco Settlement Financing Corp/VA                                            | CUSIP: 88880NAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8185000 | PA      | $2054516.85   | 0.23%             | 2047-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY NJ PORT CORP      | South Jersey Port Corp                                                          | CUSIP: 838530RC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $463720.50    | 0.05%             | 2034-01-01      | Fixed         | 5.00%                 | 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        |  14048000 | PA      | $13373696.00  | 1.48%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HS | Knox County Health Educational & Housing Facility Board                         | CUSIP: 499526AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $573061.50    | 0.06%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                           | CUSIP: 13034A7E4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   6135000 | PA      | $5214750.00   | 0.58%             | 2065-01-01      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                | CUSIP: 56681NGD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $482970.00    | 0.05%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116GS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $845648.00    | 0.09%             | 2040-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1141785.00   | 0.13%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH MIDWSTRN DISA | Iowa Finance Authority                                                          | CUSIP: 46246SAU9<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   4135000 | PA      | $4757482.90   | 0.53%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN | California Pollution Control Financing Authority                                | CUSIP: 13054WAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3701702.00   | 0.41%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE ST FIN AUTH              | Finance Authority of Maine                                                      | CUSIP: 56042BCV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $889916.20    | 0.10%             | 2035-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A | Greater Orlando Aviation Authority                                              | CUSIP: 392275EJ8<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   6475000 | PA      | $7010029.25   | 0.78%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC | Public Finance Authority                                                        | CUSIP: 74443DLV1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4005800.00   | 0.44%             | 2040-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G | Central Plains Energy Project                                                   | CUSIP: 154871CL9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1376500.00   | 0.15%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY FL ARPT REVENUE    | County of Monroe FL Airport Revenue                                             | CUSIP: 610466AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1350200.50   | 0.15%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOON INDL DEV AUTH PA REVENUE  | Moon Industrial Development Authority                                           | CUSIP: 61543RAR7<br>LEI: 549300CGX4T1GTNHL435 | Long             | DBT              | MUN               | US        |   2440000 | PA      | $2382220.80   | 0.26%             | 2030-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP V | Tobacco Settlement Financing Corp/VA                                            | CUSIP: 88880NAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  58500000 | PA      | $14992965.00  | 1.66%             | 2047-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY NJ PORT CORP      | South Jersey Port Corp                                                          | CUSIP: 838530RE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $236288.20    | 0.03%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                            | CUSIP: 167593N99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1197452.20   | 0.13%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IA TOB | Iowa Tobacco Settlement Authority                                               | CUSIP: 888805CE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $288753.00    | 0.03%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H | Illinois Finance Authority                                                      | CUSIP: 45203KAH8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    260000 | PA      | $264381.00    | 0.03%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA CNTY FL HLTH FACS AUT | Escambia County Health Facilities Authority                                     | CUSIP: 296110GD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $587600.50    | 0.07%             | 2045-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FJX3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003890.00   | 0.11%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC | Downtown Revitalization Public Infrastructure District                          | CUSIP: 26118TAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1927835.00   | 0.21%             | 2042-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                     | CUSIP: 56035DJZ6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089050.00   | 0.12%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  18226328 | PA      | $11687632.62  | 1.30%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BRD OF GOVERNORS U | Board of Governors of Colorado State University System                          | CUSIP: 196707MR1<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2234600.00   | 0.25%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                      | CUSIP: 45204FN50<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     10000 | PA      | $9795.00      | 0.00%             | 2041-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 70869PLZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $175000.00    | 0.02%             | 2053-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority                       | CUSIP: 574218T29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036820.00   | 0.23%             | 2036-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QKW1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1037962.50   | 0.12%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN | Florida Development Finance Corp                                                | CUSIP: 34061UFT0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    400000 | PA      | $408660.00    | 0.05%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU | Public Finance Authority                                                        | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3633140.00   | 0.40%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461362S9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  15910000 | PA      | $9330101.30   | 1.04%             | 2039-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS | Indiana Finance Authority                                                       | CUSIP: 45471FAD3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    600000 | PA      | $631164.00    | 0.07%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CONVENTION CENTER HO | Denver Convention Center Hotel Authority                                        | CUSIP: 249189DQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $907929.00    | 0.10%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                     | CUSIP: 93978LHC3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065690.00   | 0.12%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT | California Educational Facilities Authority                                     | CUSIP: 130178JD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $6168500.00   | 0.68%             | 2039-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CNTYS NY TOBACCO TRUS | New York Counties Tobacco Trust V                                               | CUSIP: 649441AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $840200.00    | 0.09%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST HSG FIN AGY  | North Carolina Housing Finance Agency                                           | CUSIP: 658207T62<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4735000 | PA      | $4965073.65   | 0.55%             | 2042-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL CONVENTION CTR | County of Broward FL Convention Center Hotel Revenue                            | CUSIP: 115012AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3830000 | PA      | $3984004.30   | 0.44%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH PERSO | New York State Thruway Authority                                                | CUSIP: 650028YT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5402850.00   | 0.60%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELEBRATION POINTE CMNTY DEV D | Celebration Pointe Community Development District No 1                          | CUSIP: 15102HAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $664000.00    | 0.07%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOAQUIN VLY CLEAN ENERGY A | San Joaquin Valley Clean Energy Authority                                       | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3992520.00   | 0.44%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                                | CUSIP: 13032UMP0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2954614.00   | 0.33%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY FL ARPT REVENUE    | County of Monroe FL Airport Revenue                                             | CUSIP: 610466AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1438880.00   | 0.16%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF | Pennsylvania Housing Finance Agency                                             | CUSIP: 70879QTW3<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |  10730000 | PA      | $10965738.10  | 1.22%             | 2043-10-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP        | Florida Development Finance Corp                                                | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   5225000 | PA      | $4336750.00   | 0.48%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UTAH ST TELECOMMUNICATION OPEN | Utah Telecommunication Open Infrastructure Agency                               | CUSIP: 91756SAN3<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1134260.00   | 0.13%             | 2035-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE  | County of Jefferson AL Sewer Revenue                                            | CUSIP: 472682ZN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3472852.50   | 0.39%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL INDL DEV AUTH | Seminole County Industrial Development Authority                                | CUSIP: 81669TAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5340000 | PA      | $5319601.20   | 0.59%             | 2039-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182LV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6386688.00   | 0.71%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST PUB BLDG AUTH PUBL | Virginia Public Building Authority                                              | CUSIP: 928173EK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4680000 | PA      | $5042606.40   | 0.56%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTILITY DEBT SECURITIZATION AU | Utility Debt Securitization Authority                                           | CUSIP: 91802RBT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5004400.00   | 0.56%             | 2036-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IA TOB | Iowa Tobacco Settlement Authority                                               | CUSIP: 888805CD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $587364.00    | 0.07%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT | California Educational Facilities Authority                                     | CUSIP: 1301783W4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1160140.00   | 0.13%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 649838FX2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3265000 | PA      | $3372647.05   | 0.37%             | 2027-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH RENTA | Industrial Development Authority of the City of Phoenix Arizona/The             | CUSIP: 71885LAB0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1953000.00   | 0.22%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                 | CUSIP: 13013JBL9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3697820.00   | 0.41%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH HOSP FACS REV | County of Franklin OH                                                           | CUSIP: 353187EL7<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1652340.00   | 0.18%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK HGR EDU FIN CORP TX EDU | Newark Higher Education Finance Corp                                            | CUSIP: 650346DC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $799058.75    | 0.09%             | 2047-08-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVD1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $677512.50    | 0.08%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                        | CUSIP: 04052BQG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1675120.00   | 0.19%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU | Public Finance Authority                                                        | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8300025.00   | 0.92%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008ETU0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    415000 | PA      | $442419.05    | 0.05%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                      | CUSIP: 45204FN43<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3625000 | PA      | $3692642.50   | 0.41%             | 2041-02-15      | Fixed         | 4.00%                 | 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        |   2000000 | PA      | $1961320.00   | 0.22%             | 2037-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H | Illinois Finance Authority                                                      | CUSIP: 45203KAF2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400840.00    | 0.04%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                     | CUSIP: 93978LHB5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1959502.50   | 0.22%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                               | CUSIP: 452152A50<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1632689.50   | 0.18%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2208200.00   | 0.25%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250EW0<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   5740000 | PA      | $5379068.80   | 0.60%             | 2042-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                                  | CUSIP: 09182TEC7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4850000 | PA      | $5245178.00   | 0.58%             | 2055-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                                | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $4034775.00   | 0.45%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GDB DEBT RECOVERY AUTH OF CMWL | GDB Debt Recovery Authority of Puerto Rico                                      | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21489534 | PA      | $20920920.93  | 2.32%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | Texas Municipal Gas Acquisition & Supply Corp V                                 | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1655055.00   | 0.18%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP | Metropolitan Nashville Airport Authority/The                                    | CUSIP: 592190QW5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1630275.00   | 0.18%             | 2041-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IA TOB | Iowa Tobacco Settlement Authority                                               | CUSIP: 888805CC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $295851.00    | 0.03%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A | South Carolina Public Service Authority                                         | CUSIP: 837151T33<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1791584.10   | 0.20%             | 2038-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PASCO CNTY FL CAPITAL IMPT CIG | County of Pasco FL                                                              | CUSIP: 70252AAU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084980.00   | 0.12%             | 2043-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX NAV DIST DOCK | Port of Beaumont Navigation District                                            | CUSIP: 73360CAP9<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1965100.00   | 0.22%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                             | CUSIP: 13063C4T4<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4164616.00   | 0.46%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                               | CUSIP: 452152S85<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3260000 | PA      | $3390367.40   | 0.38%             | 2029-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP V | Tobacco Settlement Financing Corp/VA                                            | CUSIP: 88880NAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1085250.00   | 0.12%             | 2046-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECUR | Inland Empire Tobacco Securitization Corp                                       | CUSIP: 45734TAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  62600000 | PA      | $3922516.00   | 0.44%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOTEL REVEN | Public Finance Authority                                                        | CUSIP: 74447DAC1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200606.00    | 0.02%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI LIMITED OBL | Public Finance Authority                                                        | CUSIP: 74446HAD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    505000 | PA      | $404000.00    | 0.04%             | 2050-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH REVEN | Illinois Housing Development Authority                                          | CUSIP: 45203MSC6<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2936640.00   | 0.33%             | 2043-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REVENUE          | Guam Power Authority                                                            | CUSIP: 400653JY8<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |   2915000 | PA      | $3216556.75   | 0.36%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU | Louisiana Public Facilities Authority                                           | CUSIP: 546399PG5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    400000 | PA      | $395840.00    | 0.04%             | 2037-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT | Allentown Neighborhood Improvement Zone Development Authority                   | CUSIP: 018444BY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $906924.50    | 0.10%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF | Pennsylvania Housing Finance Agency                                             | CUSIP: 70879QUH4<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   2840000 | PA      | $2994212.00   | 0.33%             | 2041-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5453000 | PA      | $5318747.14   | 0.59%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS VLY NV WTR DIST      | Las Vegas Valley Water District                                                 | CUSIP: 517845NG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3413568.00   | 0.38%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING | Suffolk Regional Off-Track Betting Corp                                         | CUSIP: 86480TAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5085800.00   | 0.56%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT  | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5235000 | PA      | $4554188.25   | 0.51%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA INDL DEV AUTH    | Bucks County Industrial Development Authority                                   | CUSIP: 118612MB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019840.00   | 0.22%             | 2036-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY FL ARPT REVENUE    | County of Monroe FL Airport Revenue                                             | CUSIP: 610466AS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1534870.25   | 0.17%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G | Central Plains Energy Project                                                   | CUSIP: 154871CM7<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   2480000 | PA      | $2730703.20   | 0.30%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592248BE7<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   8965000 | PA      | $3278948.75   | 0.36%             | 2047-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ INDL DEV AUTH      | Glendale Industrial Development Authority                                       | CUSIP: 378286JA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $777560.00    | 0.09%             | 2046-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH  | American Municipal Power Inc                                                    | CUSIP: 02765URG1<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1358967.40   | 0.15%             | 2037-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                                         | CUSIP: 73358W5M2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1212360.00   | 0.13%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PASCO CNTY FL CAPITAL IMPT CIG | County of Pasco FL                                                              | CUSIP: 70252AAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093660.00   | 0.12%             | 2042-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC | Downtown Revitalization Public Infrastructure District                          | CUSIP: 26118TAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $857833.90    | 0.10%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A | South Carolina Public Service Authority                                         | CUSIP: 837151T25<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3348090.00   | 0.37%             | 2037-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE | Industrial Development Authority of the City of Phoenix Arizona/The             | CUSIP: 71885DCV2<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    350000 | PA      | $359002.00    | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP | Metropolitan Nashville Airport Authority/The                                    | CUSIP: 592190QX3<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1855000 | PA      | $1995293.65   | 0.22%             | 2042-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                | CUSIP: 56682PBT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1568259.00   | 0.17%             | 2036-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008ETS5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    415000 | PA      | $447374.15    | 0.05%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                               | CUSIP: 4521527B1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1703074.50   | 0.19%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                                       | CUSIP: 64577XBC9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2835000 | PA      | $2851811.55   | 0.32%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S | Salt Verde Financial Corp                                                       | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   7200000 | PA      | $7820064.00   | 0.87%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER | State of New York Mortgage Agency Homeowner Mortgage Revenue                    | CUSIP: 64988YSF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4055040.00   | 0.45%             | 2048-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOTEL REVEN | Public Finance Authority                                                        | CUSIP: 74447DAD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2720000 | PA      | $2702129.60   | 0.30%             | 2062-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QXC1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2990000 | PA      | $1988350.00   | 0.22%             | 2019-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT | Allentown Neighborhood Improvement Zone Development Authority                   | CUSIP: 018444BX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $912109.50    | 0.10%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH  | Illinois State Toll Highway Authority                                           | CUSIP: 452252QD4<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   9250000 | PA      | $9928950.00   | 1.10%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE    | City of Houston TX Airport System Revenue                                       | CUSIP: 442349FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1110749.00   | 0.12%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 70869PPF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1533735.00   | 0.17%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE | Chicago Board of Education Dedicated Capital Improvement Tax                    | CUSIP: 167510AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $323382.40    | 0.04%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667CM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1557165.00   | 0.17%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH HLTHC | Industrial Development Authority of the City of Phoenix Arizona/The             | CUSIP: 71884SAC4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.04%             | 2052-11-15      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| ERIE CNTY NY TOBACCO ASSET SEC | Erie Tobacco Asset Securitization Corp                                          | CUSIP: 295095BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  58725000 | PA      | $2062422.00   | 0.23%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116CP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3050130.00   | 0.34%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE       | District of Columbia                                                            | CUSIP: 25483VWB6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1237604.25   | 0.14%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX HSG TRUST PUBLI | San Antonio Housing Trust Public Facility Corp                                  | CUSIP: 79626WAB3<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |   4500000 | PA      | $4576680.00   | 0.51%             | 2043-04-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL | Rhode Island Health and Educational Building Corp                               | CUSIP: 762244MD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $737135.00    | 0.08%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GFT7<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    710000 | PA      | $540537.20    | 0.06%             | 2046-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY  | Missouri Joint Municipal Electric Utility Commission                            | CUSIP: 606094DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $560070.00    | 0.06%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                                         | CUSIP: 73358W3Z5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2480000 | PA      | $2432408.80   | 0.27%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC | Downtown Revitalization Public Infrastructure District                          | CUSIP: 26118TBQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $908836.50    | 0.10%             | 2042-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN | M-S-R Energy Authority                                                          | CUSIP: 55374SAE0<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   2905000 | PA      | $3546888.80   | 0.39%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVX7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   4630000 | PA      | $3090525.00   | 0.34%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST | Tobacco Securitization Authority of Southern California                         | CUSIP: 888804BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $287809.10    | 0.03%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792905DJ7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   5630000 | PA      | $5630788.20   | 0.63%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE | South Carolina Jobs-Economic Development Authority                              | CUSIP: 837031YR8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1050000.00   | 0.12%             | 2039-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE   | Michigan Finance Authority                                                      | CUSIP: 59447TL76<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1737800.00   | 0.19%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE       | District of Columbia                                                            | CUSIP: 25483VWC4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1002120.00   | 0.11%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2182571.20   | 0.24%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  12920000 | PA      | $11495957.60  | 1.28%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT | Allentown Neighborhood Improvement Zone Development Authority                   | CUSIP: 018444BW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $808777.50    | 0.09%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                                  | CUSIP: 09182TDL8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5486150.00   | 0.61%             | 2055-05-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                               | CUSIP: 452153AV1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4650000 | PA      | $4442145.00   | 0.49%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H | Illinois Finance Authority                                                      | CUSIP: 45203KAM7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    265000 | PA      | $268619.90    | 0.03%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSASC INC NY                   | TSASC Inc/NY                                                                    | CUSIP: 898526EZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $486300.25    | 0.05%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PASCO CNTY FL CAPITAL IMPT CIG | County of Pasco FL                                                              | CUSIP: 70252AAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077890.00   | 0.12%             | 2044-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                | CUSIP: 56681NEV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $853016.50    | 0.09%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116DQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054320.00   | 0.12%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY  | Missouri Joint Municipal Electric Utility Commission                            | CUSIP: 606094DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $558905.00    | 0.06%             | 2040-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AURORA CO WTR REVENUE          | City of Aurora CO Water Revenue                                                 | CUSIP: 051595DF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2567812.50   | 0.29%             | 2054-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                        | CUSIP: 04052BAT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1256880.60   | 0.14%             | 2037-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU | Texas Private Activity Bond Surface Transportation Corp                         | CUSIP: 882667CL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522315.00    | 0.06%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN | M-S-R Energy Authority                                                          | CUSIP: 55374SAF7<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |    580000 | PA      | $714258.40    | 0.08%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                               | CUSIP: 4521525Q0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2217028.00   | 0.25%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETT | City of Tampa FL                                                                | CUSIP: 875146BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $4600440.00   | 0.51%             | 2045-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2358775.00   | 0.26%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250FC3<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    415000 | PA      | $361572.90    | 0.04%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL | Rhode Island Health and Educational Building Corp                               | CUSIP: 762244MC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $612633.75    | 0.07%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO | Arizona Industrial Development Authority                                        | CUSIP: 04052FFB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039070.00   | 0.12%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                     | City of Chicago IL                                                              | CUSIP: 167486S83<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2839071.00   | 0.32%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R | New York State Thruway Authority                                                | CUSIP: 650010CD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9847200.00   | 1.09%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST | Tobacco Securitization Authority of Southern California                         | CUSIP: 888804BA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9655000 | PA      | $1918448.50   | 0.21%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SENIOR HSG RE | Iowa Finance Authority                                                          | CUSIP: 46245FAN4<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499300.00    | 0.06%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CONVENTION CENTER HO | Denver Convention Center Hotel Authority                                        | CUSIP: 249189DE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2536475.00   | 0.28%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU | San Diego County Regional Airport Authority                                     | CUSIP: 79739GSY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $5005935.00   | 0.56%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645UEQ3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2215000 | PA      | $2125093.15   | 0.24%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE | Chicago Board of Education Dedicated Capital Improvement Tax                    | CUSIP: 167510BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2635150.00   | 0.29%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                 | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5776045.00   | 0.64%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DIRECTOR OF THE ST OF NEVADA D | State of Nevada Department of Business & Industry                               | CUSIP: 25490LAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1294987.05   | 0.14%             | 2038-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA CNTY FL HLTH FACS AUT | Escambia County Health Facilities Authority                                     | CUSIP: 296110GF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1677682.50   | 0.19%             | 2050-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CMNTY DEV ADMIN MD MF DEV REVE | Maryland Community Development Administration                                   | CUSIP: 20364NCJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3963280.00   | 0.44%             | 2044-02-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                               | CUSIP: 4521525T4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1779773.00   | 0.20%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVE9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1284937.50   | 0.14%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L | New York Liberty Development Corp                                               | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $7553000.00   | 0.84%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CH | California Municipal Finance Authority                                          | CUSIP: 13048DCG1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $941490.00    | 0.10%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY FL ARPT REVENUE    | County of Monroe FL Airport Revenue                                             | CUSIP: 610466AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1320165.60   | 0.15%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE  | County of Jefferson AL Sewer Revenue                                            | CUSIP: 472682ZL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3704402.00   | 0.41%             | 2041-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST                    | State of Maryland                                                               | CUSIP: 574193XJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5741250.00   | 0.64%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116FH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3955000 | PA      | $4312650.65   | 0.48%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTILITY DEBT SECURITIZATION AU | Utility Debt Securitization Authority                                           | CUSIP: 91802RBQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5090000 | PA      | $5094479.20   | 0.57%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR | California School Finance Authority                                             | CUSIP: 13058TSD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $641272.20    | 0.07%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY NJ PORT CORP      | South Jersey Port Corp                                                          | CUSIP: 838530QY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $238351.30    | 0.03%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY    | North Dakota Housing Finance Agency                                             | CUSIP: 6589093H7<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1774191.00   | 0.20%             | 2043-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L | New York Liberty Development Corp                                               | CUSIP: 649519EG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $743630.00    | 0.08%             | 2046-11-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008ETV8<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    550000 | PA      | $582598.50    | 0.06%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                      | CUSIP: 45204EC48<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    875000 | PA      | $714516.25    | 0.08%             | 2054-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FSG0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6539820.00   | 0.73%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461362U4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   9380000 | PA      | $5800592.00   | 0.64%             | 2038-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE | Chicago Board of Education Dedicated Capital Improvement Tax                    | CUSIP: 167510AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $834817.50    | 0.09%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CONVENTION CENTER HO | Denver Convention Center Hotel Authority                                        | CUSIP: 249189DH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $608130.00    | 0.07%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                  | State of Washington                                                             | CUSIP: 93974ERQ1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3333810.00   | 0.37%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GEORGIA      | Municipal Electric Authority of Georgia                                         | CUSIP: 626207W91<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5155600.00   | 0.57%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA CLG BLDG AUTH EDUCTNL | Virginia College Building Authority                                             | CUSIP: 92778FLY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1148863.25   | 0.13%             | 2050-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                 | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4280000 | PA      | $4559056.00   | 0.51%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY PA REDEV AUTH  | Redevelopment Authority of The County of Washington                             | CUSIP: 938618AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502445.00    | 0.06%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN | New Hampshire Business Finance Authority                                        | CUSIP: 63608TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2398344.00   | 0.27%             | 2035-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority                                            | CUSIP: 896032BB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5303450.00   | 0.59%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV | City of Apple Valley MN                                                         | CUSIP: 03789YDU7<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    915000 | PA      | $544342.65    | 0.06%             | 2037-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT | California Educational Facilities Authority                                     | CUSIP: 130179GV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1152890.00   | 0.13%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H | Illinois Finance Authority                                                      | CUSIP: 45203KAK1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    390000 | PA      | $395881.20    | 0.04%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE & HALL CNTY GA HOS | Gainesville & Hall County Hospital Authority                                    | CUSIP: 362762QQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $377757.65    | 0.04%             | 2051-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP        | Florida Development Finance Corp                                                | CUSIP: 340618DV6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   8875000 | PA      | $8863196.25   | 0.98%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST CMNTY CLG FING A | California Community College Financing Authority                                | CUSIP: 13012TAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1318546.80   | 0.15%             | 2032-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TUSCALOOSA CNTY AL INDL DEV AU | Tuscaloosa County Industrial Development Authority                              | CUSIP: 90068FAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2506675.00   | 0.28%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC | Downtown Revitalization Public Infrastructure District                          | CUSIP: 26118TBP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114070.00   | 0.12%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY & CNTY MF HSG R | Denver City & County Housing Authority                                          | CUSIP: 24917QBJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1537395.00   | 0.17%             | 2041-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN | Florida Development Finance Corp                                                | CUSIP: 34061UFS2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    410000 | PA      | $418880.60    | 0.05%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL STUDENT H | Capital Trust Agency Inc                                                        | CUSIP: 140536AC7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003540.00   | 0.22%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OREGON ST FACS AUTH REVENUE    | Oregon State Facilities Authority                                               | CUSIP: 68608JXQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $884580.00    | 0.10%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENRICO CNTY VA ECON DEV AUTH  | Henrico County Economic Development Authority                                   | CUSIP: 42605QHK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $673790.00    | 0.07%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                               | CUSIP: 452152N31<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1989975.15   | 0.22%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F | Capital Trust Agency Inc                                                        | CUSIP: 14054CDF3<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    800000 | PA      | $764336.00    | 0.08%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KALISPELL MT HSG & HLTHCARE FA | City of Kalispell MT                                                            | CUSIP: 48342YAP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1407196.00   | 0.16%             | 2037-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX RIVER AUTH WSTW | San Antonio River Authority Wastewater System Revenue                           | CUSIP: 796352EQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $820729.80    | 0.09%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008ETW6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024540.00   | 0.11%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSASC INC NY                   | TSASC Inc/NY                                                                    | CUSIP: 898526EY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $486723.00    | 0.05%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R | Monroe County Industrial Development Corp/NY                                    | CUSIP: 61075TWP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $823970.00    | 0.09%             | 2040-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NEIGHBORHOOD IMPT | Allentown Neighborhood Improvement Zone Development Authority                   | CUSIP: 018444BT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $722702.20    | 0.08%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY TX INDL DEV COR | Jefferson County Industrial Development Corp/TX                                 | CUSIP: 47353PAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $82250.00     | 0.01%             | 2039-04-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH STUDE | Industrial Development Authority of the City of Phoenix Arizona/The             | CUSIP: 71885DCX8<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    235000 | PA      | $240454.35    | 0.03%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                        | CUSIP: 04052BHW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $867816.25    | 0.10%             | 2049-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CONVENTION CENTER HO | Denver Convention Center Hotel Authority                                        | CUSIP: 249189DL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1822914.00   | 0.20%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY  | Missouri Joint Municipal Electric Utility Commission                            | CUSIP: 606094DS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $720603.00    | 0.08%             | 2041-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74528LAD3<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $5334772.50   | 0.59%             | 2046-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PRINCE GEORGES CNTY MD REVENUE | County of Prince George's MD                                                    | CUSIP: 741724BZ0<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   2880000 | PA      | $2897049.60   | 0.32%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602HAA5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5615940.00   | 0.62%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING  | Pennsylvania Economic Development Financing Authority                           | CUSIP: 70869PPD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3148920.00   | 0.35%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4210000 | PA      | $4302493.70   | 0.48%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                | CUSIP: 56681NEU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250137.50    | 0.03%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP        | Florida Development Finance Corp                                                | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $3250000.00   | 0.36%             | 2032-07-15      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182LP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5555000 | PA      | $4954060.10   | 0.55%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008ETJ5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    750000 | PA      | $764062.50    | 0.08%             | 2042-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT  | Buckeye Tobacco Settlement Financing Authority                                  | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1687040.00   | 0.19%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST HLTH & SCIENCE UNIV  | Oregon Health & Science University                                              | CUSIP: 685869HG7<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $2343594.00   | 0.26%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116HH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5671545.00   | 0.63%             | 2043-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL | Rhode Island Health and Educational Building Corp                               | CUSIP: 762244MF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $720181.00    | 0.08%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY NJ PORT CORP      | South Jersey Port Corp                                                          | CUSIP: 838530RD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $252158.90    | 0.03%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QUT7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1463000.00   | 0.16%             | 2017-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX                 | County of Harris TX                                                             | CUSIP: 4140054B1<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   5090000 | PA      | $5521021.20   | 0.61%             | 2042-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                  | State of Washington                                                             | CUSIP: 93974FAQ6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3425970.00   | 0.38%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 64613CCC0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2215500.00   | 0.25%             | 2039-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL | Rhode Island Health and Educational Building Corp                               | CUSIP: 762244ME8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $728189.00    | 0.08%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INLAND EMPIRE CA TOBACCO SECUR | Inland Empire Tobacco Securitization Corp                                       | CUSIP: 45734TAH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  74090000 | PA      | $3714872.60   | 0.41%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                          | CUSIP: 13048V3E6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1378636.00   | 0.15%             | 2040-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BEND OR                        | City of Bend OR                                                                 | CUSIP: 081617XZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2576164.00   | 0.29%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU          | Chicago Board of Education                                                      | CUSIP: 167505YK6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2810000 | PA      | $2429132.60   | 0.27%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1853705.00   | 0.21%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE | Public Finance Authority                                                        | CUSIP: 744396KF8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1183858.00   | 0.13%             | 2045-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                                  | CUSIP: 09182NBR0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5156300.00   | 0.57%             | 2051-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY  | Missouri Joint Municipal Electric Utility Commission                            | CUSIP: 606094DT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097100.00   | 0.12%             | 2042-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH ECON  | Arizona Industrial Development Authority                                        | CUSIP: 040523AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5520000 | PA      | $129720.00    | 0.01%             | 2050-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L | California State Public Works Board                                             | CUSIP: 13068XKR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5347100.00   | 0.59%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                                | CUSIP: 74440DEC4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2984712.50   | 0.33%             | 2054-04-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QUV2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1137150.00   | 0.13%             | 2019-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971W4Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5121300.00   | 0.57%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   7488979 | PA      | $7200054.19   | 0.80%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P | Los Angeles Department of Water & Power                                         | CUSIP: 544532PS7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085360.00   | 0.12%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DENVER CO CONVENTION CENTER HO | Denver Convention Center Hotel Authority                                        | CUSIP: 249189DK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $912051.00    | 0.10%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                             | CUSIP: 13063CC65<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4059560.00   | 0.45%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                  | CUSIP: 6461363L3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516110.00   | 0.17%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO | New York State Dormitory Authority                                              | CUSIP: 64990FYT5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1001335.50   | 0.11%             | 2050-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN | Virginia Small Business Financing Authority                                     | CUSIP: 928103AX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1207050.00   | 0.13%             | 2044-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                               | CUSIP: 4521526Z9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6630000 | PA      | $6695239.20   | 0.74%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                             | CUSIP: 64542PGC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1447847.50   | 0.16%             | 2057-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE   | Michigan Finance Authority                                                      | CUSIP: 59447TW58<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2149144.15   | 0.24%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH HLTHS | Oklahoma Development Finance Authority                                          | CUSIP: 67884XCG0<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007320.00   | 0.11%             | 2043-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                 | CUSIP: 13013JCS3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7412580.00   | 0.82%             | 2054-05-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF | Pennsylvania Housing Finance Agency                                             | CUSIP: 70879QV75<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5178150.00   | 0.57%             | 2045-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST INVESTMENT FIN AUT | Nebraska Investment Finance Authority                                           | CUSIP: 63968M2S7<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   2610000 | PA      | $2722621.50   | 0.30%             | 2043-09-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A | Palm Beach County Health Facilities Authority                                   | CUSIP: 69651ABL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3954800.00   | 0.44%             | 2044-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GEF8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1283451.40   | 0.14%             | 2055-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CNTY OH HOSP REVENUE  | County of Cuyahoga OH                                                           | CUSIP: 2322655P9<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007890.00   | 0.11%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64972JTM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4110000 | PA      | $4421538.00   | 0.49%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                     | City of Chicago IL                                                              | CUSIP: 167486T33<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4292058.00   | 0.48%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH | West Virginia Hospital Finance Authority                                        | CUSIP: 956622Y40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3886704.00   | 0.43%             | 2042-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5765000 | PA      | $5751567.55   | 0.64%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP        | Florida Development Finance Corp                                                | CUSIP: 340618EB9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   7840000 | PA      | $5880000.00   | 0.65%             | 2057-07-01      | Variable      | 10.00%                | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI | Bay Area Toll Authority                                                         | CUSIP: 072024C75<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2200000.00   | 0.24%             | 2059-04-01      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| DENVER CO CONVENTION CENTER HO | Denver Convention Center Hotel Authority                                        | CUSIP: 249189DN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516455.00   | 0.17%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                          | CUSIP: 64966TGW8<br>LEI: 549300SQWVHKBRF8D702 | Long             | ABS-MBS          | MUN               | US        |   1125000 | PA      | $1150121.25   | 0.13%             | 2031-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COMMO | Southeast Energy Authority A Cooperative District                               | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5912225.00   | 0.66%             | 2053-01-01      | Variable      | 5.50%                 | 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        |  22552000 | PA      | $5620183.92   | 0.62%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV  | Westchester County Local Development Corp                                       | CUSIP: 95737TFL5<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515985.00    | 0.06%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATCHING FUND SPL PURPOSE SECU | Matching Fund Special Purpose Securitization Corp                               | CUSIP: 57665NAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1853204.85   | 0.21%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R | Monroe County Industrial Development Corp/NY                                    | CUSIP: 61075TWM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987340.00    | 0.11%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                        | CUSIP: 592250EX8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  11560000 | PA      | $10146327.60  | 1.13%             | 2047-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15976000 | PA      | $5447656.24   | 0.60%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I | Indianapolis Local Public Improvement Bond Bank                                 | CUSIP: 45528U6W6<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3350000 | PA      | $3548956.50   | 0.39%             | 2043-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116FM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065240.00   | 0.12%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST INVESTMENT FIN AUT | Nebraska Investment Finance Authority                                           | CUSIP: 63968M2R9<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1327050.00   | 0.15%             | 2038-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH REVEN | Illinois Housing Development Authority                                          | CUSIP: 45203MSB8<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2639125.00   | 0.29%             | 2038-10-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Delaware Group Tax Free Fund

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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