# EDGAR Filing Document

**Accession Number:** 0000906236
**File Stem:** 0000940400-26-002560
**Filing Date:** 2026-1
**Character Count:** 121663
**Document Hash:** 707c02e05111ee35fc146e5aad5d0481
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-002560.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0000940400-26-002560

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251128

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07742
- **FILM NUMBER:** 26564470

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

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

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

## Series and Classes Contracts Data

### Nomura Tax-Free New York Fund (Series ID: S000002416)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000006421 | Class A             | FTNYX           |
| C000006423 | Class C             | DVFNX           |
| C000135928 | Institutional Class | DTNIX           |

## Nport-Ex

Schedule of investments

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds — 98.28%** | &nbsp;&nbsp;**Municipal Bonds — 98.28%** | &nbsp;&nbsp;**Municipal Bonds — 98.28%** |
| &nbsp;&nbsp;Education Revenue Bonds — 14.51% | &nbsp;&nbsp;Education Revenue Bonds — 14.51% | &nbsp;&nbsp;Education Revenue Bonds — 14.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albany, New York Capital Resource Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(KIPP Capital Region Public Charter Schools Project)<br> 5.00% 6/1/64 | 1000000 | &nbsp;&nbsp;$966990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buffalo & Erie County, New York Industrial Land<br> Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tapestry Charter School Project)<br> Series A 5.00% 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 474845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC, New York Resource Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Bay Ridge Preparatory School Project)<br> 144A 5.00% 9/1/49 # | 1255000 | &nbsp;&nbsp;&nbsp;&nbsp; 1172321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Civic Bronx LLC - Bold Charter School Project)<br> 144A 6.00% 7/1/60 # | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1106501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Classical Charter Schools Project)<br> Series A 4.75% 6/15/53 | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1545011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(East Harlem Scholars Academy Charter School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 6/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 497015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 6/1/62 # | 1805000 | &nbsp;&nbsp;&nbsp;&nbsp; 1759532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Inwood Academy for Leadership Charter School Project)<br> Series A 144A 5.50% 5/1/48 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 483990 |
| &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% 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp; 568547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/42 | 1365000 | &nbsp;&nbsp;&nbsp;&nbsp; 1398497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(LLC - ZETA Charter Schools Project)<br> Series A 144A 5.375% 10/15/61 # | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Manhattan College Project)<br> 4.00% 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 424485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Metropolitan College of New York Project)<br> 5.50% 11/1/44 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 420000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Metropolitan Lighthouse Charter School Project)<br> Series A 144A 5.00% 6/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 222037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(New Dawn Charter Schools Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 2/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp;&nbsp; 954007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.75% 2/1/49 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 471610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(New World Preparatory Charter School Project)<br> Series A 144A 4.00% 6/15/51 # | &nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp; 597128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Success Academy Charter Schools Project)<br> 4.00% 9/1/43 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 951680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clinton County, Capital Resource Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CVES BOCES Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 7/1/43 # | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1127478 |

---

NQ- VS [1125] 0126 (5100810) 1

------

Schedule of investments

Nomura Tax-Free New York 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;Clinton County, Capital Resource Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CVES BOCES Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 7/1/46 # | 1000000 | &nbsp;&nbsp;$1038670 |
| &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;(Eugenio Maria de Hostos Charter School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/54 # | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1794500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/59 # | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 311167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(True North Rochester Preparatory Charter School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 6/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp;&nbsp; 679049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 6/1/59 # | 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1802777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University of Rochester Project)<br> Series A 4.00% 7/1/50 | 2125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1942484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nassau County, New York Local Economic Assistance<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Roosevelt Children's Academy Charter School Project)<br> Series A 5.00% 7/1/55 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1731450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Columbia University)<br> Series A2 5.00% 10/1/46 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2847550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority Revenue Non-State<br> Supported Debt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/33 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2021380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 5/1/49 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Vaughn College of Aeronautics and Technology)<br> Series A 144A 5.50% 12/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 171366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onondaga, New York Civic Development Tax-exempt<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Syracuse University Project)<br> 5.50% 12/1/56 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1099390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverhead Industrial Development Agency Economic Job<br> Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Riverhead Charter School Project)<br> 5.375% 8/1/48 | 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2157939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yonkers, New York Economic Development Educational<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lamartine/Warburton LLC - Charter School of Educational Excellence Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp; 143735 |

---

2 NQ- VS [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;Yonkers, New York Economic Development Educational<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lamartine/Warburton LLC - Charter School of Educational Excellence Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/15/50 | 1575000 | &nbsp;&nbsp;$1477917 |
|  |  | &nbsp;&nbsp;&nbsp; 36439510 |
| &nbsp;&nbsp;Electric Revenue Bonds — 5.41% | &nbsp;&nbsp;Electric Revenue Bonds — 5.41% | &nbsp;&nbsp;Electric Revenue Bonds — 5.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC, New York Resource Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Brooklyn Navy Yard Cogeneration Partners, L.P. Project)<br> 144A 5.25% 12/31/33 (AMT) # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Long Island Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 9/1/50 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tax-Exempt Forward Delivery)<br> Series A 5.00% 10/1/35 | 1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1435315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Island, New York Power Authority Electric System<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/38 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2099260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/42 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1535400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.125% 11/15/58 (AG) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3155040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Electric Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.05% 7/1/42 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp; 43388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.75% 7/1/36 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp; 417187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AAA 5.25% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 23275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series TT 5.00% 7/1/32 ‡ | 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 747600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.25% 7/1/33 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp; 130162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.50% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 498750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 4.75% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 26700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.25% 7/1/40 ‡ | 1430000 | &nbsp;&nbsp;&nbsp;&nbsp; 954525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 4.75% 7/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 20025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 5.00% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp; 379050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 5.25% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 33250 |
|  |  | &nbsp;&nbsp;&nbsp; 13580397 |
| &nbsp;&nbsp;Healthcare Revenue Bonds — 7.17% | &nbsp;&nbsp;Healthcare Revenue Bonds — 7.17% | &nbsp;&nbsp;Healthcare Revenue Bonds — 7.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albany, New York Capital Resource Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Albany Medical Center Hospital Project)<br> Series A 5.50% 5/1/55 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078140 |

---

NQ- VS [1125] 0126 (5100810) 3

------

Schedule of investments

Nomura Tax-Free New York 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;Buffalo & Erie County, New York Industrial Land<br> Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Catholic Health System Project)<br> Series N 5.25% 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;$247578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dutchess County, New York Local Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Nuvance Health) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 7/1/44 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 915390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 7/1/49 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1761180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guilderland, New York Industrial Development Agency<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Albany Place Development LLC Project)<br> Series A 144A 5.875% 1/1/52 #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 |
| &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)<br> Series A 4.00% 12/1/38 | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1283542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nassau County, New York Local Economic Assistance<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Catholic Health Services of Long Island Obligated Group Project)<br> 5.00% 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp; 726979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Memorial Sloan Kettering Cancer Center)<br> Series 1 5.25% 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 538630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Montefiore Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 8/1/38 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 937070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 9/1/45 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1749840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Northwell Health Obligated Group)<br> Series A 5.00% 5/1/52 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2521250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority Revenue Non-State<br> Supported Debt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Northwell Health Obligated Group)<br> Series A 4.00% 5/1/54 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2247550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Orange Regional Medical Center Obligated Group)<br> 144A 5.00% 12/1/34 # | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 703906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onondaga, New York Civic Development Tax-exempt<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Crouse Health Hospital, Inc. Project)<br> Series A 5.125% 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 445730 |

---

4 NQ- VS [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;Puerto Rico Industrial, Tourist, Educational, Medical &<br> Environmental Control Facilities Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hospital Auxilio Mutuo Obligated Group Project)<br> 4.00% 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;$390420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southold, New York Local Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Peconic Landing at Southold Project)<br> 5.00% 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 739342 |
| &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;(Purchase Senior Learning Community, Inc. Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp; 572891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/56 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 883530 |
|  |  | &nbsp;&nbsp;&nbsp; 17992968 |
| &nbsp;&nbsp;Housing Revenue Bonds — 6.36% | &nbsp;&nbsp;Housing Revenue Bonds — 6.36% | &nbsp;&nbsp;Housing Revenue Bonds — 6.36% |
| &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; 4.80% 2/1/53 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1754113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8 Spruce Street) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 4.375% 12/15/31 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series RE 5.25% 12/15/43 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sustainability Bonds)<br> Series 1A 5.00% 11/1/54 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sustainable Development Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 5/1/63 | 2125000 | &nbsp;&nbsp;&nbsp;&nbsp; 2148481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1 5.30% 11/1/53 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2051080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1 5.125% 11/1/55 | 3005000 | &nbsp;&nbsp;&nbsp;&nbsp; 3063808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority Revenue Non-State<br> Supported Debt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Northwell Health Obligated Group)<br> Series A 4.00% 5/1/54 (AG) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1855900 |
| &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 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013760 |
|  |  | &nbsp;&nbsp;&nbsp; 15966642 |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 7.94% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 7.94% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 7.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Commonwealth of Puerto Rico<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tobacco Settlement Asset-Backed)<br> Series A 6.473% 5/15/57 ^ | 50780000 | &nbsp;&nbsp;&nbsp;&nbsp; 2425761 |

---

NQ- VS [1125] 0126 (5100810) 5

------

Schedule of investments

Nomura Tax-Free New York 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;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 9.384% 6/1/60 #, ^ | 65290000 | &nbsp;&nbsp;$2292985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, New York Industrial Development Agency<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Trips)<br> Series A 5.00% 7/1/28 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp; 830133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Yankee Stadium Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 3/1/40 (AG) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 883920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 3/1/49 (AG) | 3440000 | &nbsp;&nbsp;&nbsp;&nbsp; 2569989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 3/1/45 (AG) | 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1818851 |
| &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;Series 4B 144A 0.971% 6/1/60 #, ♦, ^ | 39000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1638390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Energy Finance Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/56 • | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2144860 |
| &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;(Delta Airlines - LaGuardia Airport Terminals C&D Redevelopment Project)<br> 5.00% 1/1/36 (AMT) | 2015000 | &nbsp;&nbsp;&nbsp;&nbsp; 2048671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suffolk County, New York Tobacco Asset Securitization<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Series A-2 4.00% 6/1/50 | 1595000 | &nbsp;&nbsp;&nbsp;&nbsp; 1347791 |
| &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 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1271450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westchester County, New York Tobacco Asset<br> Securitization Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinate Series C 5.00% 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 658987 |
|  |  | &nbsp;&nbsp;&nbsp; 19931788 |
| &nbsp;&nbsp;Lease Revenue Bonds — 4.74% | &nbsp;&nbsp;Lease Revenue Bonds — 4.74% | &nbsp;&nbsp;Lease Revenue Bonds — 4.74% |
| &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) | 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1204680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Class 1 - 3 World Trade Center Project)<br> 144A 5.00% 11/15/44 # | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Class 2 - 3 World Trade Center Project)<br> 144A 5.375% 11/15/40 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Class 3 - 3 World Trade Center Project)<br> 144A 7.25% 11/15/44 # | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1501110 |

---

6 NQ- VS [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;Lease Revenue Bonds (continued) | &nbsp;&nbsp;Lease Revenue Bonds (continued) | &nbsp;&nbsp;Lease Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority Revenue Non-State<br> Supported Debt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Court Facility)<br> Series A 5.50% 5/15/27 (AMBAC) | 2500000 | &nbsp;&nbsp;$2604300 |
| &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 | 3055000 | &nbsp;&nbsp;&nbsp;&nbsp; 2313521 |
| &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-1 3.00% 3/15/51 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1485900 |
|  |  | &nbsp;&nbsp;&nbsp; 11909511 |
| &nbsp;&nbsp;Local General Obligation Bonds — 1.74% | &nbsp;&nbsp;Local General Obligation Bonds — 1.74% | &nbsp;&nbsp;Local General Obligation Bonds — 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal 2023 Subordinate Series B-1 5.25% 10/1/47 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1574025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F-1 3.00% 3/1/51 (BAM) | 1360000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G-1 5.25% 2/1/50 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subseries F-1 3.00% 3/1/51 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 730270 |
|  |  | &nbsp;&nbsp;&nbsp; 4360452 |
| &nbsp;&nbsp;Pre-Refunded Bond — 0.04% | &nbsp;&nbsp;Pre-Refunded Bond — 0.04% | &nbsp;&nbsp;Pre-Refunded Bond — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Vaughn College of Aeronautics and Technology)<br> 144A 5.50% 12/1/46-26 #, § | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102833 |
|  |  | &nbsp;&nbsp;&nbsp; 102833 |
| &nbsp;&nbsp;Resource Recovery Revenue Bond — 0.54% | &nbsp;&nbsp;Resource Recovery Revenue Bond — 0.54% | &nbsp;&nbsp;Resource Recovery Revenue Bond — 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Niagara Area, New York Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Covanta Project)<br> Series A 144A 4.75% 11/1/42 (AMT) # | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1346280 |
|  |  | &nbsp;&nbsp;&nbsp; 1346280 |
| &nbsp;&nbsp;Special Tax Revenue Bonds — 24.74% | &nbsp;&nbsp;Special Tax Revenue Bonds — 24.74% | &nbsp;&nbsp;Special Tax Revenue Bonds — 24.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.87% 11/1/51 • | &nbsp;&nbsp;&nbsp;&nbsp;418041 | &nbsp;&nbsp;&nbsp;&nbsp; 273295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.449% 11/1/51 • | &nbsp;&nbsp;&nbsp;&nbsp;866929 | &nbsp;&nbsp;&nbsp;&nbsp; 506069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.132% 11/1/43 • | 5409093 | &nbsp;&nbsp;&nbsp;&nbsp; 3468581 |
| &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 | 4832686 | &nbsp;&nbsp;&nbsp;&nbsp; 4703147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glen Cove, New York Local Economic Assistance<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Garvies Point Public Improvement Project)<br> Series A 5.00% 1/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 205250 |

---

NQ- VS [1125] 0126 (5100810) 7

------

Schedule of investments

Nomura Tax-Free New York 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;Hudson Yards, New York Infrastructure Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tax-Exempt) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/15/44 | 1000000 | &nbsp;&nbsp;$965720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/15/47 (AG) | 1220000 | &nbsp;&nbsp;&nbsp;&nbsp; 1151094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matching Fund Special Purpose Securitization, Virgin<br> Islands Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 528380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, New York Transitional Finance Authority<br> Future Tax Secured Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 8/1/42 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4127360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 5/1/48 (Subordinate Bonds) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate Bonds)<br> Series A-3 3.00% 5/1/45 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1588920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, New York Transitional Finance Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1 5.00% 5/1/46 | 2570000 | &nbsp;&nbsp;&nbsp;&nbsp; 2685239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1 5.25% 2/1/53 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3154050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 5.50% 5/1/52 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1081190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate Bonds)<br> Subseries A-1 5.25% 5/1/52 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1591695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Convention Center Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hotel Unit Fee Secured)<br> 5.00% 11/15/35 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority Personal Income Tax<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(General Purpose)<br> Series E 3.00% 3/15/50 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2233110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sustainability Bonds)<br> Series A 5.25% 7/1/55 | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2366364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Urban Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(General Purpose)<br> Series A 4.00% 3/15/47 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2320275 |
| &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> Series C-3 3.00% 5/15/51 | 2215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1634847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Triborough Bridge & Tunnel Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(MTA Bridges and Tunnels)<br> Series B 5.00% 3/15/27 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2063600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TBTA Capital Lockbox Fund)<br> Series A 5.25% 12/1/54 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2121380 |

---

8 NQ- VS [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 Triborough Bridge & Tunnel Authority Sales Tax<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TBTA Capital Lockbox - City Sales Tax) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 5/15/48 | 2000000 | &nbsp;&nbsp;$1872460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 5/15/57 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 908580 |
| &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 1.148% 7/1/46 ^ | 13880000 | &nbsp;&nbsp;&nbsp;&nbsp; 4732941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.55% 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;444000 | &nbsp;&nbsp;&nbsp;&nbsp; 442966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.75% 7/1/53 | 1995000 | &nbsp;&nbsp;&nbsp;&nbsp; 1899240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 7/1/58 | 8475000 | &nbsp;&nbsp;&nbsp;&nbsp; 8262786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 6.011% 7/1/51 ^ | 9138000 | &nbsp;&nbsp;&nbsp;&nbsp; 2277281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.536% 7/1/53 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 912120 |
|  |  | &nbsp;&nbsp;&nbsp; 62117030 |
| &nbsp;&nbsp;State General Obligation Bonds — 1.40% | &nbsp;&nbsp;State General Obligation Bonds — 1.40% | &nbsp;&nbsp;State General Obligation Bonds — 1.40% |
| &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 | 1605640 | &nbsp;&nbsp;&nbsp;&nbsp; 1543695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 7/1/46 | 2230000 | &nbsp;&nbsp;&nbsp;&nbsp; 1984209 |
|  |  | &nbsp;&nbsp;&nbsp; 3527904 |
| &nbsp;&nbsp;Transportation Revenue Bonds — 17.18% | &nbsp;&nbsp;Transportation Revenue Bonds — 17.18% | &nbsp;&nbsp;Transportation Revenue Bonds — 17.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC, New York Resource Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TRIPS Obligated Group)<br> 5.50% 7/1/55 (AMT) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3120090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Metropolitan Transportation Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.00% 11/15/43 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2344600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Climate Bond Certified - Green Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 11/15/48 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 688545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 11/15/55 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 11/15/43 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 947770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 11/15/44 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 938280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 11/15/52 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 4.00% 11/15/45 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1380945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sustainable Bonds)<br> Series A 5.25% 11/15/49 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1580985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority General Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series O 3.00% 1/1/51 (BAM) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1474860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Junior Indebtedness Obligations)<br> Series B 4.00% 1/1/50 | 1775000 | &nbsp;&nbsp;&nbsp;&nbsp; 1622439 |

---

NQ- VS [1125] 0126 (5100810) 9

------

Schedule of investments

Nomura Tax-Free New York 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;(Delta Airlines - LaGuardia Airport Terminals C&D Redevelopment Project)<br> 4.00% 1/1/36 (AMT) | 1500000 | &nbsp;&nbsp;$1461990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(JFK Airport Terminal 6 Redevelopment Project)<br> Series A 5.50% 12/31/60 (AMT) | 4450000 | &nbsp;&nbsp;&nbsp;&nbsp; 4548923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(John F. Kennedy International Airport Terminal 4 Project)<br> 5.00% 12/1/38 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp; 360009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(John F. Kennedy International Airport Terminal 6 Redevelopment Project-Green Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.50% 12/31/54 (AG) (AMT) | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1432245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 12/31/54 (AMT) | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2566500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(John F. Kennedy International Airport New Terminal 1 Project-Green Bonds)<br> 5.375% 6/30/60 (AMT) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(LaGuardia Airport Terminal B Redevelopment Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/41 (AMT) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 1/1/50 (AMT) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Terminal 4 John F. Kennedy International Airport Project)<br> 5.00% 12/1/32 (AMT) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2191160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Triborough Bridge & Tunnel Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(MTA Bridges and Tunnels)<br> Subseries A-1 5.50% 11/15/53 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094730 |
| &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;Series 221 4.00% 7/15/55 (AMT) | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2214675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 234 5.50% 8/1/52 (AMT) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2119140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 248 5.00% 1/15/55 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1585515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two Hundred Twenty-First Series 4.00% 7/15/60 (AMT) | 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2397945 |
|  |  | &nbsp;&nbsp;&nbsp; 43141286 |
| &nbsp;&nbsp;Water & Sewer Revenue Bonds — 6.51% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 6.51% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 6.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, New York Municipal Water Finance<br> Authority Water & Sewer System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Second General Resolution) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 6/15/41 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal 2020 Series GG-1 4.00% 6/15/50 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 924320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AA 5.25% 6/15/53 | 8600000 | &nbsp;&nbsp;&nbsp;&nbsp; 9127696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subseries AA-1 3.50% 6/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 340040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subseries CC-1 5.25% 6/15/54 | 2645000 | &nbsp;&nbsp;&nbsp;&nbsp; 2798807 |

---

10 NQ- VS [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;New York State Environmental Facilities Clean Water and<br> Drinking Water Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(New York Municipal Water Finance Authority Projects - Second Resolution Bonds)<br> Series A 5.25% 6/15/53 | 2000000 | &nbsp;&nbsp;$2168060 |
|  |  | &nbsp;&nbsp;&nbsp; 16359583 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $248,231,238)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $248,231,238)** | &nbsp;&nbsp;&nbsp;**246776184** |
| &nbsp;&nbsp;**Short-Term Investments — 0.44%** | &nbsp;&nbsp;**Short-Term Investments — 0.44%** | &nbsp;&nbsp;**Short-Term Investments — 0.44%** |
| &nbsp;&nbsp;Variable Rate Demand Note — 0.44% | &nbsp;&nbsp;Variable Rate Demand Note — 0.44% | &nbsp;&nbsp;Variable Rate Demand Note — 0.44% |
| &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;Subseries A-4 2.85% 8/1/43 (SPA - Mizuho Bank)¤ | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $1,100,000)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $1,100,000)** | &nbsp;&nbsp;&nbsp; **1100000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—98.72%<br> (cost $249,331,238)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**247876184** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—1.28%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **3207672** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 24,179,217 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$251083856** |

---

---

| |
|:---|
| 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 $28,329,495, which represents 11.28% of the Fund's net assets. |
| Security is currently in default. |
| 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. |

---

NQ- VS [1125] 0126 (5100810) 11

------

Schedule of investments

Nomura Tax-Free New York Fund

---

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

---

---

| |
|:---|
| **Summary of abbreviations:** |
| AG – Insured by Assured Guaranty Inc. |
| AMBAC – Insured by American Municipal Bond Assurance Corporation |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |
| KIPP – Knowledge is Power Program |
| LLC – Limited Liability Corporation |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| SPA – Stand-by Purchase Agreement |
| USD – US Dollar |

---

12 NQ- VS [1125] 0126 (5100810)

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

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

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

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

- **b. EDGAR series identifier (if any):** S000002416

- **c. LEI of Series:** LPS5JH4JU6TPSOJFIG38

**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:** $251623185.81

**Total Liabilities:** $1107830.02

**Net Assets:** $250515355.79

**Cash Not Reported:** $280322.24

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 214.15704000 | **1-Year:** 2329.08298000 | **5-Year:** 20896.09468000 | **10-Year:** 175565.67341000 | **30-Year:** 23956.56527000

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

- **3-Month:** 0.00000000 | **1-Year:** 258.04165000 | **5-Year:** 1713.50626000 | **10-Year:** 9568.40432000 | **30-Year:** 298.33324000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006421 | 4.05%                | 1.11%                | 0.04%                |
| Class ID C000006423 | 4.00%                | 1.14%                | -0.12%               |
| Class ID C000135928 | 4.08%                | 1.23%                | -0.04%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-81211.11               | $9293310.79                                |
| Month 2  | $-207271.80              | $2425349.46                                |
| Month 3  | $177670.24               | $-1049790.57                               |

### 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        |   3055000 | PA      | $2313520.95   | 0.92%             | 2049-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971WGU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.44%             | 2043-08-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2230000 | PA      | $1984209.40   | 0.79%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ENERGY FIN DEV CORP   | New York Energy Finance Development Corp                                        | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2144860.00   | 0.86%             | 2056-07-01      | Variable      | 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        |   1000000 | PA      | $1022330.00   | 0.41%             | 2031-12-15      | Fixed         | 4.38%                 | 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        |   9138000 | PA      | $2277280.98   | 0.91%             | 2051-07-01      | None          | 0.00%                 | 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        |   1300000 | PA      | $1283542.00   | 0.51%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13880000 | PA      | $4732941.20   | 1.89%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK NY TOBACCO ASSET SECUR | Suffolk Tobacco Asset Securitization Corp                                       | CUSIP: 864809CA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1347790.95   | 0.54%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64990CPZ8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    700000 | PA      | $703906.00    | 0.28%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                           | CUSIP: 59261AL39<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2344600.00   | 0.94%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GK37<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   8600000 | PA      | $9127696.00   | 3.64%             | 2053-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QXY3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     35000 | PA      | $23275.00     | 0.01%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                          | CUSIP: 64972E7B9<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2051080.00   | 0.82%             | 2053-11-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVZ2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     40000 | PA      | $26700.00     | 0.01%             | 2026-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64990GZQ8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1749840.00   | 0.70%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008QAG4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3120090.00   | 1.25%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R | Monroe County Industrial Development Corp/NY                                    | CUSIP: 61075TXV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1794500.00   | 0.72%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                           | CUSIP: 59261A2H9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    750000 | PA      | $688545.00    | 0.27%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008EWW2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1039332.00   | 0.41%             | 2061-10-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008EPQ3<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    955000 | PA      | $954006.80    | 0.38%             | 2033-02-01      | Fixed         | 5.00%                 | 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        |   2000000 | PA      | $2007140.00   | 0.80%             | 2060-06-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L | New York Liberty Development Corp                                               | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2300000.00   | 0.92%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALBANY NY CAPITAL RESOURCE COR | Albany Capital Resource Corp                                                    | CUSIP: 012432EU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078140.00   | 0.43%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64972JWM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1591695.00   | 0.64%             | 2052-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008EWD4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1172320.60   | 0.47%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74527EFS2<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |    400000 | PA      | $390420.00    | 0.16%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLINTON CNTY NY CAPITAL RESOUR | Clinton County Capital Resource Corp                                            | CUSIP: 187469AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038670.00   | 0.41%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64972JAZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037970.00   | 0.41%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                             | CUSIP: 64966QVX5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $730270.00    | 0.29%             | 2051-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH PERSO | New York State Thruway Authority                                                | CUSIP: 650028XM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1485900.00   | 0.59%             | 2051-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008EUH7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1545011.00   | 0.62%             | 2053-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                                         | CUSIP: 73358XPZ9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1585515.00   | 0.63%             | 2055-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH       | New York State Thruway Authority                                                | CUSIP: 650009Y31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1474860.00   | 0.59%             | 2051-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64985SKB8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2366364.00   | 0.94%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64985SBX0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $538630.00    | 0.22%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV | Empire State Development Corp                                                   | CUSIP: 6500358G6<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2320275.00   | 0.93%             | 2047-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUILDERLAND NY INDL DEV AGY AS | Guilderland Industrial Development Agency                                       | CUSIP: 40175RAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $250000.00    | 0.10%             | 2052-01-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV  | Westchester County Local Development Corp                                       | CUSIP: 95737TET9<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    615000 | PA      | $572890.95    | 0.23%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP C | Monroe County Industrial Development Corp/NY                                    | CUSIP: 61075YAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1802777.00   | 0.72%             | 2059-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 65000B6L7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2247550.00   | 0.90%             | 2054-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8475000 | PA      | $8262786.00   | 3.30%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008EPN0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009090.00   | 0.40%             | 2033-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971XFW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4127360.00   | 1.65%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S | Long Island Power Authority                                                     | CUSIP: 542691BU3<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2099260.00   | 0.84%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008ETL0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1759532.05   | 0.70%             | 2062-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALBANY NY CAPITAL RESOURCE COR | Albany Capital Resource Corp                                                    | CUSIP: 012432EB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966990.00    | 0.39%             | 2064-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L | New York Liberty Development Corp                                               | CUSIP: 649519DD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501110.00   | 0.60%             | 2044-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY  | New York City Industrial Development Agency                                     | CUSIP: 64971PKH7<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $883920.00    | 0.35%             | 2040-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 65000B4Y1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039130.00   | 0.41%             | 2049-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L4C8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    418042 | PA      | $273294.70    | 0.11%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority                                            | CUSIP: 896032BB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2121380.00   | 0.85%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority Sales Tax Revenue                          | CUSIP: 896035BZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1872460.00   | 0.75%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MATCHING FUND SPL PURPOSE SECU | Matching Fund Special Purpose Securitization Corp                               | CUSIP: 57665NAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528380.00    | 0.21%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1461990.00   | 0.58%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| THE CHILDRENS TRUST FUND PR TO | Children's Trust Fund                                                           | CUSIP: 16876QBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  50780000 | PA      | $2425760.60   | 0.97%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008ETT3<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    530000 | PA      | $568546.90    | 0.23%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP C | Monroe County Industrial Development Corp/NY                                    | CUSIP: 61075YAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $679048.95    | 0.27%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLINTON CNTY NY CAPITAL RESOUR | Clinton County Capital Resource Corp                                            | CUSIP: 187469AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1127478.00   | 0.45%             | 2043-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                           | CUSIP: 59261AJ99<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1380945.00   | 0.55%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008ENK8<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    250000 | PA      | $222037.50    | 0.09%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116FG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2191160.00   | 0.87%             | 2032-12-01      | 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        |   1995000 | PA      | $1899240.00   | 0.76%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST ENVRNMNTL FACS COR | New York State Environmental Facilities Corp                                    | CUSIP: 64986DPL3<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2168060.00   | 0.87%             | 2053-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY  | New York City Industrial Development Agency                                     | CUSIP: 64971PLQ6<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1818851.00   | 0.73%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008ERS7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    765000 | PA      | $597128.40    | 0.24%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV  | Westchester County Local Development Corp                                       | CUSIP: 95737TEU6<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $883530.00    | 0.35%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   5409093 | PA      | $3468580.79   | 1.38%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER NY TOBACCO ASSET S | Westchester Tobacco Asset Securitization Corp                                   | CUSIP: 957480BT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $658987.50    | 0.26%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 65000B7E2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1855900.00   | 0.74%             | 2054-05-01      | 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        |   1365000 | PA      | $1398497.10   | 0.56%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GXG4<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $924320.00    | 0.37%             | 2050-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                           | CUSIP: 59261A2J5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1580985.00   | 0.63%             | 2049-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                          | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | ABS-MBS          | MUN               | US        |   1000000 | PA      | $1030230.00   | 0.41%             | 2043-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L | New York Liberty Development Corp                                               | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.20%             | 2040-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $912120.00    | 0.36%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999980.00    | 0.40%             | 2050-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUFFALO & ERIE CNTY NY INDL LA | Buffalo & Erie County Industrial Land Development Corp                          | CUSIP: 11943KDD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $474845.00    | 0.19%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                          | CUSIP: 64972KGM1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026940.00   | 0.81%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY LOCAL ECON ASSI | Nassau County Local Economic Assistance Corp                                    | CUSIP: 63166LCY5<br>LEI: 549300FCI13UFG0Y6Y37 | Long             | DBT              | MUN               | US        |    725000 | PA      | $726979.25    | 0.29%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64990GGH9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937070.00    | 0.37%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVD1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    195000 | PA      | $130162.50    | 0.05%             | 2033-07-01      | Fixed         | 5.25%                 | 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        |   1120000 | PA      | $747600.00    | 0.30%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                          | CUSIP: 64966WHK6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1754112.50   | 0.70%             | 2053-02-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| RIVERHEAD NY INDL DEV AGY ECON | Riverhead Industrial Development Agency                                         | CUSIP: 76876RAT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2157939.00   | 0.86%             | 2048-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1432245.00   | 0.57%             | 2054-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64972JGW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3154050.00   | 1.26%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008EMX1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $424485.00    | 0.17%             | 2042-08-01      | Fixed         | 4.00%                 | 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        |  39000000 | PA      | $1638390.00   | 0.65%             | 2060-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                           | CUSIP: 59261AYZ4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010100.00   | 0.40%             | 2052-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 65000BNH7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2521250.00   | 1.01%             | 2052-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                          | CUSIP: 64972KLE3<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   3005000 | PA      | $3063807.85   | 1.22%             | 2055-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NIAGARA NY AREA DEV CORP SOLID | Niagara Area Development Corp                                                   | CUSIP: 653542AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1346280.00   | 0.54%             | 2042-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY NY LOCAL DEV COR | Dutchess County Local Development Corp                                          | CUSIP: 267045MJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $915390.00    | 0.37%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ONONDAGA NY CIVIC DEV CORP     | Onondaga Civic Development Corp                                                 | CUSIP: 682832KH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $445730.00    | 0.18%             | 2044-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64985SPM9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    200000 | PA      | $171366.00    | 0.07%             | 2046-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| YONKERS NY ECON DEV CORP EDUCT | Yonkers Economic Development Corp                                               | CUSIP: 98608MAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $143734.60    | 0.06%             | 2049-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S | Long Island Power Authority                                                     | CUSIP: 542691AT7<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1535400.00   | 0.61%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GZE7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    400000 | PA      | $340040.00    | 0.14%             | 2048-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008ENQ5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $483990.00    | 0.19%             | 2048-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008EGK6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    600000 | PA      | $420000.00    | 0.17%             | 2044-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GH98<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2645000 | PA      | $2798806.75   | 1.12%             | 2054-06-15      | Fixed         | 5.25%                 | 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        |   1620000 | PA      | $1204680.60   | 0.48%             | 2046-11-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64990CDW8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2021380.00   | 0.81%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2566500.00   | 1.02%             | 2054-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                           | CUSIP: 59261A3N5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947770.00    | 0.38%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64972JHY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2570000 | PA      | $2685238.80   | 1.07%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY  | New York City Industrial Development Agency                                     | CUSIP: 64972PAL8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    830000 | PA      | $830132.80    | 0.33%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST THRUWAY AUTH GEN R | New York State Thruway Authority                                                | CUSIP: 650010CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1622438.75   | 0.65%             | 2050-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602HBZ9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2215000 | PA      | $1634847.20   | 0.65%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64990BZK2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2847550.00   | 1.14%             | 2046-10-01      | Fixed         | 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        |   4436854 | PA      | $4319454.84   | 1.72%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                          | CUSIP: 64972E4K2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2148481.25   | 0.86%             | 2063-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602RNL5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094730.00   | 0.44%             | 2053-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NASSAU CNTY NY LOCAL ECON ASSI | Nassau County Local Economic Assistance Corp                                    | CUSIP: 63165CAC6<br>LEI: 549300FCI13UFG0Y6Y37 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1731450.00   | 0.69%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority Sales Tax Revenue                          | CUSIP: 896035BF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $908580.00    | 0.36%             | 2057-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QWX6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     30000 | PA      | $20025.00     | 0.01%             | 2027-07-01      | Fixed         | 4.75%                 | 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        |    420000 | PA      | $279300.00    | 0.11%             | 2017-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64971XLN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1588920.00   | 0.63%             | 2045-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HUDSON YARDS INFRASTRUCTURE CO | Hudson Yards Infrastructure Corp                                                | CUSIP: 44420RBF6<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965720.00    | 0.39%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008EVV5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951680.00    | 0.38%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                           | CUSIP: 59261A3Q8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $938280.00    | 0.37%             | 2044-11-15      | 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        |   1250000 | PA      | $1271450.00   | 0.51%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO | New York State Dormitory Authority                                              | CUSIP: 64990FM43<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2233110.00   | 0.89%             | 2050-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GDB DEBT RECOVERY AUTH OF CMWL | GDB Debt Recovery Authority of Puerto Rico                                      | CUSIP: 36829QAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395832 | PA      | $383691.83    | 0.15%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QXP2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     50000 | PA      | $33250.00     | 0.01%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S | Long Island Power Authority                                                     | CUSIP: 542691LB4<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072380.00   | 0.43%             | 2050-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GLEN COVE NY LOCAL ECON ASSIST | Glen Cove Local Economic Assistance Corp                                        | CUSIP: 377450AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $205250.00    | 0.08%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000160.00   | 0.80%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4450000 | PA      | $4548923.50   | 1.82%             | 2060-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                                         | CUSIP: 73358W5U4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2214675.00   | 0.88%             | 2055-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    866929 | PA      | $506069.61    | 0.20%             | 2051-11-01      | Variable      | 0.01%                 | 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        |    330000 | PA      | $219450.00    | 0.09%             | 2019-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008ETK2<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $497015.00    | 0.20%             | 2052-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REVENUE          | Guam Power Authority                                                            | CUSIP: 400653KA8<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1435314.60   | 0.57%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL  | Triborough Bridge & Tunnel Authority                                            | CUSIP: 89602HHD2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2063600.00   | 0.82%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY NY LOCAL DEV COR | Dutchess County Local Development Corp                                          | CUSIP: 267045MK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1761180.00   | 0.70%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                                 | CUSIP: 64972GWZ3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000660.00   | 0.40%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1605640 | PA      | $1543694.41   | 0.62%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ONONDAGA NY CIVIC DEV CORP     | Onondaga Civic Development Corp                                                 | CUSIP: 682832LL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099390.00   | 0.44%             | 2056-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST CONVENTION CENTER  | New York Convention Center Development Corp                                     | CUSIP: 649451DH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001120.00   | 0.40%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008EPS9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $471610.00    | 0.19%             | 2049-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R | Monroe County Industrial Development Corp/NY                                    | CUSIP: 61075TUV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $1942483.75   | 0.78%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY  | New York City Industrial Development Agency                                     | CUSIP: 64971PKK0<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   3440000 | PA      | $2569989.60   | 1.03%             | 2049-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST PWR AUTH GREEN TRA | New York Power Authority                                                        | CUSIP: 65000XBV1<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3155040.00   | 1.26%             | 2058-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                             | CUSIP: 64966QZJ2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1000307.20   | 0.40%             | 2051-03-01      | Fixed         | 3.00%                 | 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        |   1000000 | PA      | $1013760.00   | 0.40%             | 2048-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                             | CUSIP: 64966QL57<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1574025.00   | 0.63%             | 2047-10-01      | Fixed         | 5.25%                 | 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        |    570000 | PA      | $379050.00    | 0.15%             | 2019-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QA69<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    625000 | PA      | $417187.50    | 0.17%             | 2036-07-01      | Fixed         | 6.75%                 | 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        |  65290000 | PA      | $2292984.80   | 0.92%             | 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        |   2015000 | PA      | $2048670.65   | 0.82%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                        | CUSIP: 650116FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $360009.00    | 0.14%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64985SNM1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102833.00    | 0.04%             | 2046-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HUDSON YARDS INFRASTRUCTURE CO | Hudson Yards Infrastructure Corp                                                | CUSIP: 44420RBH2<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1151094.40   | 0.46%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUFFALO & ERIE CNTY NY INDL LA | Buffalo & Erie County Industrial Land Development Corp                          | CUSIP: 11943KBW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $247577.50    | 0.10%             | 2035-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTHOLD NY LOCAL DEV CORP REV | Southold Local Development Corp                                                 | CUSIP: 844584AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $739342.50    | 0.30%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVX7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $954525.00    | 0.38%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                         | CUSIP: 12008EWJ1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1106501.00   | 0.44%             | 2060-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| YONKERS NY ECON DEV CORP EDUCT | Yonkers Economic Development Corp                                               | CUSIP: 98608MAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1477917.00   | 0.59%             | 2050-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                                         | CUSIP: 73358XGN6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2119140.00   | 0.85%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                                         | CUSIP: 73358W5V2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2397945.00   | 0.96%             | 2060-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue         | CUSIP: 64972JNR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081190.00   | 0.43%             | 2052-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QZY1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     65000 | PA      | $43387.50     | 0.02%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R | Monroe County Industrial Development Corp/NY                                    | CUSIP: 61075TXW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $311167.50    | 0.12%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                           | CUSIP: 59261A5G8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052560.00   | 0.42%             | 2055-11-15      | 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        |    444000 | PA      | $442965.48    | 0.18%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                              | CUSIP: 64983QJA8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2604300.00   | 1.04%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                             | CUSIP: 64966SME3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055850.00   | 0.42%             | 2050-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Voyageur Mutual Funds

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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