Schedule of investments
Nomura Global Listed Real Assets Fund January 31, 2026 (Unaudited)
    Principal
amount°
Value (US $)
Corporate Bonds — 8.66%
Basic Industry — 0.91%
Capstone Copper 144A 6.75% 3/31/33 #      185,000 $    191,809
Cleveland-Cliffs 144A 7.00% 3/15/32 #      215,000      220,909
Fortescue Treasury      
144A 5.875% 4/15/30 #       75,000       77,238
144A 6.125% 4/15/32 #      200,000      208,465
Novelis      
144A 3.875% 8/15/31 #      175,000      160,267
144A 4.75% 1/30/30 #      142,000     137,712
      996,400
Capital Goods — 1.24%
Ball 3.125% 9/15/31       290,000      266,733
Bombardier      
144A 7.25% 7/1/31 #      195,000      207,268
144A 8.75% 11/15/30 #      120,000      128,750
Clean Harbors 144A 5.125% 7/15/29 #      245,000      246,038
Sealed Air      
144A 4.00% 12/1/27 #      120,000      119,638
144A 5.00% 4/15/29 #      135,000      135,965
Terex 144A 6.25% 10/15/32 #      245,000     251,016
    1,355,408
Communications — 1.78%
CCO Holdings 144A 5.375% 6/1/29 #      240,000      237,466
CMG Media 144A 8.875% 6/18/29 #      145,000      125,734
CSC Holdings 144A 4.50% 11/15/31 #      200,000      121,510
Gray Media      
144A 5.375% 11/15/31 #       79,000       58,754
144A 7.25% 8/15/33 #       25,000       25,613
Lamar Media 3.75% 2/15/28       120,000      117,873
Nexstar Media 144A 5.625% 7/15/27 #      143,000      143,108
Outfront Media Capital 144A 4.625% 3/15/30 #      285,000      278,445
Sable International Finance 144A 7.125% 10/15/32 #      250,000      253,004
Sirius XM Radio 144A 5.50% 7/1/29 #      210,000      211,048
Virgin Media Secured Finance 144A 5.50% 5/15/29 #      200,000      197,367
Vmed O2 UK Financing I 144A 4.25% 1/31/31 #      200,000     181,086
    1,951,008
Consumer Cyclical — 1.49%
Caesars Entertainment 144A 7.00% 2/15/30 #      315,000      325,423
Goodyear Tire & Rubber 5.25% 7/15/31       176,000      167,756
Hilton Domestic Operating      
144A 4.00% 5/1/31 #      205,000      195,833
NQ- 095 [0126] 0326 (5295621)    1

 

Schedule of investments
Nomura Global Listed Real Assets Fund 
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Hilton Domestic Operating      
4.875% 1/15/30       135,000 $    135,327
Murphy Oil USA 144A 3.75% 2/15/31 #      221,000      207,739
Royal Caribbean Cruises 144A 5.50% 4/1/28 #      335,000      341,955
Wyndham Hotels & Resorts 144A 4.375% 8/15/28 #      265,000     262,071
    1,636,104
Consumer Non-Cyclical — 0.41%
CHS 144A 5.25% 5/15/30 #      213,000      201,001
Tenet Healthcare      
4.25% 6/1/29       139,000      136,672
6.875% 11/15/31       100,000     109,369
      447,042
Electric — 1.38%
California Buyer 144A 6.375% 2/15/32 #      300,000      299,488
Calpine 144A 5.125% 3/15/28 #      240,000      240,006
Constellation Energy Generation 144A 5.00% 2/1/31 #       25,000       25,355
Lightning Power 144A 7.25% 8/15/32 #      235,000      250,257
NRG Energy 144A 3.625% 2/15/31 #      125,000      116,838
TerraForm Power Operating 144A 4.75% 1/15/30 #      213,000      206,797
Vistra Operations      
144A 5.00% 7/31/27 #       50,000       50,065
144A 5.625% 2/15/27 #      190,000      190,225
XPLR Infrastructure Operating Partners 144A 8.375% 1/15/31 #      125,000     131,372
    1,510,403
Energy — 0.86%
CNX Resources 144A 6.00% 1/15/29 #      185,000      186,176
Genesis Energy 8.25% 1/15/29       205,000      213,816
Hilcorp Energy I 144A 6.00% 4/15/30 #       75,000       73,856
Nabors Industries 144A 9.125% 1/31/30 #      145,000      153,234
NGL Energy Operating 144A 8.375% 2/15/32 #      185,000      193,746
NuStar Logistics      
6.00% 6/1/26        65,000       65,230
6.375% 10/1/30        60,000      62,900
      948,958
Financials — 0.06%
HAT Holdings I 144A 3.75% 9/15/30 #       75,000      69,995
       69,995
2    NQ- 095 [0126] 0326 (5295621)

 

    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Technology — 0.37%
Iron Mountain 144A 4.50% 2/15/31 #      275,000 $    262,980
Seagate Data Storage Technology 144A 5.75% 12/1/34 #      135,000     138,214
      401,194
Transportation — 0.16%
Air Canada 144A 3.875% 8/15/26 #      175,000     174,438
      174,438
Total Corporate Bonds (cost $9,460,910)   9,490,950
Non-Agency Commercial Mortgage-Backed Securities — 0.80%
Cantor Commercial Real Estate Lending Series 2019-CF1 B 4.178% 5/15/52 •      200,000      183,917
Morgan Stanley Capital I Trust Series 2016-BNK2 B 3.485% 11/15/49       740,000     691,455
Total Non-Agency Commercial Mortgage-Backed Securities (cost $976,998)     875,372
Loan Agreements — 0.55%
Communications — 0.23%
Charter Communications Operating Tranche B5 5.911% (SOFR03M + 2.25%) 12/15/31 •      249,480     249,441
      249,441
Electric — 0.32%
Hamilton Projects Acquiror 6.172% (SOFR01M + 2.50%) 5/30/31 •      191,580      192,717
Vistra Operations 5.422% (SOFR01M + 1.75%) 12/20/30 •      159,755     160,200
      352,917
Total Loan Agreements (cost $600,901)     602,358
Sovereign Bonds — 8.30%Δ
Australia — 0.26%
Australia Government Bond
2.50% 9/20/30 ■
AUD    262,509     282,059
      282,059
NQ- 095 [0126] 0326 (5295621)    3

 

Schedule of investments
Nomura Global Listed Real Assets Fund 
    Principal
amount°
Value (US $)
Sovereign BondsΔ (continued)
Canada — 0.44%
Canadian Government Real Return Bonds      
  0.25% 12/1/54  CAD     63,948 $     30,606
  1.50% 12/1/44  CAD     77,263       54,071
  4.00% 12/1/31  CAD    472,402     402,391
      487,068
France — 1.85%
French Republic Government Bond OAT      
  144A 0.10% 3/1/26 #, ■ EUR    187,641      222,399
  144A 0.10% 3/1/29 #, ■ EUR    578,133      676,748
  144A 0.10% 3/1/36 #, ■ EUR    134,698      136,220
  144A 0.10% 7/25/38 #, ■ EUR    367,240      361,311
  144A 0.10% 7/25/47 #, ■ EUR    117,415       93,244
  144A 0.10% 7/25/53 #, ■ EUR     56,211       39,743
  144A 3.15% 7/25/32 #, ■ EUR    369,661     500,038
    2,029,703
Germany — 0.32%
Deutsche Bundesrepublik Inflation Linked Bonds      
  0.10% 4/15/46 ■ EUR    127,796      119,287
  0.50% 4/15/30 ■ EUR    195,701     232,120
      351,407
Italy — 1.27%
Italy Buoni Poliennali Del Tesoro      
  144A 0.10% 5/15/33 #, ■ EUR    595,746      651,184
  144A 0.15% 5/15/51 #, ■ EUR     60,343       44,084
  144A 1.30% 5/15/28 #, ■ EUR    374,522      451,817
  144A 2.55% 9/15/41 #, ■ EUR    191,170     249,199
    1,396,284
Japan — 0.37%
Japanese Government CPI Linked Bond
0.10% 3/10/29 
JPY 62,305,650     404,586
      404,586
Spain — 0.53%
Spain Government Inflation Linked Bonds      
  144A 1.00% 11/30/30 #, ■ EUR    312,937      377,332
  144A 2.05% 11/30/39 #, ■ EUR    157,953     198,550
      575,882
4    NQ- 095 [0126] 0326 (5295621)

 

    Principal
amount°
Value (US $)
Sovereign BondsΔ (continued)
United Kingdom — 3.26%
United Kingdom Inflation-Linked Gilt      
  0.125% 8/10/31 ■ GBP    268,970 $    355,868
  0.125% 3/22/39 ■ GBP    270,650      298,198
  0.125% 3/22/44 ■ GBP    442,538      431,391
  0.125% 11/22/56 ■ GBP    118,212       91,877
  0.125% 3/22/58 ■ GBP    291,811      223,261
  0.125% 11/22/65 ■ GBP     84,723       59,562
  0.125% 3/22/68 ■ GBP    112,405       77,889
  0.125% 3/22/73 ■ GBP     39,466       28,892
  0.25% 3/22/52 ■ GBP    222,699      192,107
  0.75% 11/22/47 ■ GBP    278,334      293,109
  1.25% 11/22/54 ■ GBP    385,586      432,503
  2.00% 1/26/35 ■ GBP    328,900   1,090,691
    3,575,348
Total Sovereign Bonds (cost $8,612,803)   9,102,337
US Treasury Obligations — 8.61%
US Treasury Inflation Indexed Bonds      
0.125% 10/15/26    1,393,833    1,392,805
0.125% 2/15/52      225,649      119,067
0.375% 7/15/27    1,673,885    1,668,974
0.75% 2/15/42      271,823      212,452
1.00% 2/15/46      461,536      348,377
1.625% 10/15/29    2,991,662    3,052,498
2.125% 1/15/35    2,182,481    2,236,519
2.125% 2/15/54      450,849     404,678
Total US Treasury Obligations (cost $9,446,090)   9,435,370
    Number of
shares
 
Common Stocks — 68.35%♣
Communication Services — 1.26%
Cellnex Telecom 144A #, †       32,526   1,003,193
China Tower Class H 144A #      157,265     226,675
Helios Towers †       63,686     150,760
    1,380,628
Consumer Discretionary — 0.43%
Hyatt Hotels Class A           686     107,270
Neinor Homes 144A #, †        5,585     133,066
NQ- 095 [0126] 0326 (5295621)    5

 

Schedule of investments
Nomura Global Listed Real Assets Fund 
    Number of
shares
Value (US $)
Common Stocks♣ (continued)
Consumer Discretionary (continued)
Wyndham Hotels & Resorts         3,109 $    226,304
      466,640
Consumer Staples — 0.60%
Bunge Global         5,827     663,579
      663,579
Diversified Real Estate Activities — 1.73%
Lendlease        18,304       61,691
Mitsubishi Estate        24,400      621,194
Mitsui Fudosan        32,400      370,038
Sumitomo Realty & Development        16,400      455,143
Sun Hung Kai Properties        24,456     393,507
    1,901,573
Energy — 13.44%
ARC Resources        31,380      582,362
BP ADR        14,279      540,889
Canadian Natural Resources        15,655      582,097
Cheniere Energy         3,863      817,102
Chord Energy         3,071      307,837
ConocoPhillips         6,920      721,272
Core Natural Resources         7,631      727,845
Diamondback Energy         5,932      972,551
Enbridge        29,919    1,460,519
Expand Energy         2,421      272,145
Gibson Energy        23,402      460,770
Helmerich & Payne        21,025      712,327
HF Sinclair         4,671      242,845
Kimbell Royalty Partners        44,017      591,148
Kinder Morgan        18,190      554,613
Koninklijke Vopak         9,112      454,286
ONEOK         7,817      619,028
Parex Resources        20,295      301,075
Peabody Energy        17,944      632,705
Permian Resources Class A        33,453      539,597
Shell        30,591    1,169,546
SLB         5,843      282,684
Unit        10,852      356,814
Valero Energy         2,899      525,966
Weatherford International         3,228     303,690
   14,731,713
6    NQ- 095 [0126] 0326 (5295621)

 

    Number of
shares
Value (US $)
Common Stocks♣ (continued)
Financials — 0.11%
HMC Capital        41,789 $    122,219
      122,219
Industrials — 5.32%
Aena 144A #       13,772      428,195
Aeroports de Paris         5,800      766,566
Airports of Thailand       141,300      226,781
Arcosa         4,970      568,916
Athens International Airport        19,137      257,010
Atlas Arteria        88,468      306,175
Auckland International Airport       162,360      807,472
Canadian National Railway         2,432      233,957
Enav 144A #      127,468      735,829
Grupo Aeroportuario del Sureste ADR         1,526      526,668
Sacyr       121,452      570,958
Transurban Group        41,174     399,968
    5,828,495
Information Technology — 0.51%
NEXTDC †       60,089     557,349
      557,349
Materials — 14.55%
Alcoa         12,034      683,651
Anglo American        20,386      950,668
Barrick Mining        11,149      510,513
Canfor †       28,572      300,901
CF Industries Holdings         8,700      811,101
Coeur Mining †       43,632      891,838
Corteva         8,442      614,578
CRH         6,696      814,177
Hudbay Minerals        44,113    1,044,596
International Paper        21,422      863,735
Louisiana-Pacific         4,343      363,683
Metallus †       14,503      289,335
Methanex        11,565      551,882
Newmont        11,970    1,344,829
Nutrien        18,121    1,248,356
SSR Mining †       15,572      354,977
Steel Dynamics         6,459    1,159,843
Teck Resources Class B        10,320      553,876
Titan         5,231      351,572
Valterra Platinum         6,658      610,402
NQ- 095 [0126] 0326 (5295621)    7

 

Schedule of investments
Nomura Global Listed Real Assets Fund 
    Number of
shares
Value (US $)
Common Stocks♣ (continued)
Materials (continued)
West Fraser Timber        11,025 $    752,921
Wheaton Precious Metals         6,655     877,595
   15,945,029
Real Estate — 0.42%
Crown Castle         5,282     458,530
      458,530
Real Estate Development — 0.15%
Henderson Land Development        19,000       75,688
Lifestyle Communities †       24,031      93,041
      168,729
Real Estate Operating Companies/Developer — 0.97%
Catena         2,404      124,795
CTP 144A #        4,783      103,866
Fastighets Balder †       21,827      164,275
Hongkong Land Holdings        27,300      231,777
LEG Immobilien         3,355      241,792
TAG Immobilien         6,979      118,215
Wihlborgs Fastigheter         7,853      81,197
    1,065,917
REIT Data Center — 1.79%
Equinix         2,337    1,918,513
Keppel DC REIT        23,969      42,960
    1,961,473
REIT Diversified — 1.18%
CapitaLand Integrated Commercial Trust       113,000      212,303
Land Securities Group        30,082      267,763
Merlin Properties Socimi        15,232      225,871
Nomura Real Estate Master Fund           219      236,462
Shaftesbury Capital        78,891      154,909
Stockland        53,859     202,151
    1,299,459
REIT Healthcare — 2.98%
American Healthcare REIT         7,162      335,969
Ventas        14,904    1,157,594
Welltower         9,411   1,772,656
    3,266,219
8    NQ- 095 [0126] 0326 (5295621)

 

    Number of
shares
Value (US $)
Common Stocks♣ (continued)
REIT Hotel & Resort — 0.31%
Invincible Investment           246 $    103,957
Ryman Hospitality Properties         2,479     234,761
      338,718
REIT Industrial — 3.18%
CapitaLand Ascendas REIT        81,300      182,144
First Industrial Realty Trust         8,114      470,855
Goodman Group        42,358      906,412
LondonMetric Property        76,040      207,995
Nippon Prologis REIT           337      196,634
Prologis         7,988    1,042,913
Rexford Industrial Realty         9,350      378,955
Warehouses De Pauw CVA         3,467      98,220
    3,484,128
REIT Multifamily — 1.01%
AvalonBay Communities         3,148      559,305
Centurion Accommodation Reit †      152,100      133,914
Essex Property Trust         1,662     418,608
    1,111,827
REIT Office — 0.71%
Japan Prime Realty Investment           293      198,602
Japan Real Estate Investment           199      160,476
Kilroy Realty         7,613      262,496
Orix JREIT           230     153,968
      775,542
REIT Retail — 3.18%
Acadia Realty Trust         9,924      198,579
Agree Realty         7,874      568,739
First Capital Real Estate Investment Trust        10,684      155,280
Link REIT        40,078      184,278
Macerich        12,417      235,054
NETSTREIT        21,261      400,557
Simon Property Group         4,482      857,451
Tanger         8,637      282,603
Unibail-Rodamco-Westfield †        5,506     606,968
    3,489,509
REIT Self-Storage — 0.78%
Public Storage         3,078     850,113
      850,113
NQ- 095 [0126] 0326 (5295621)    9

 

Schedule of investments
Nomura Global Listed Real Assets Fund 
    Number of
shares
Value (US $)
Common Stocks♣ (continued)
REIT Single Family — 0.51%
Invitation Homes        20,904 $    558,764
      558,764
REIT Specialty — 1.36%
Iron Mountain         6,187      570,008
VICI Properties        32,742     919,396
    1,489,404
REIT Telecom Tower — 0.27%
American Tower         1,626     291,509
      291,509
Utilities — 11.60%
American Electric Power         5,888      705,235
Black Hills         5,093      371,687
China Gas Holdings       200,400      198,550
CLP Holdings        51,000      482,770
CMS Energy        10,158      726,195
Dominion Energy         9,972      600,015
EDP Renovaveis        43,364      657,939
Enel        31,615      348,816
ERG        13,352      354,837
Essential Utilities        17,721      687,398
Exelon        16,533      740,348
HK Electric Investments & HK Electric Investments       142,000      121,422
National Grid        63,918    1,079,721
NextEra Energy        11,667    1,025,529
NiSource         5,427      240,362
Pennon Group        63,743      476,672
PG&E        39,098      602,891
Redeia        20,967      362,609
Sempra         9,953      866,011
Spire         2,785      235,305
SSE         8,419      279,018
Terna - Rete Elettrica Nazionale        22,416      242,485
United Utilities Group        51,205      873,727
Xcel Energy         5,676     431,717
   12,711,259
Total Common Stocks (cost $63,873,080)  74,918,325
10    NQ- 095 [0126] 0326 (5295621)

 

    Number of
shares
Value (US $)
Exchange-Traded Fund — 3.02%
abrdn Bloomberg All Commodity Strategy K-1 Free ETF      152,298 $  3,307,912
Total Exchange-Traded Fund (cost $3,088,530)   3,307,912
Short-Term Investments — 0.91%
Money Market Mutual Funds — 0.91%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.57%)      250,000      250,000
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.57%)      250,000      250,000
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.61%)      250,000      250,000
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.61%)      250,000     250,000
Total Short-Term Investments (cost $1,000,000)   1,000,000
Total Value of Securities—99.20%
(cost $97,059,312)
    108,732,624
Receivables and Other Assets Net of Liabilities—0.80%         871,720
Net Assets Applicable to 7,605,710 Shares Outstanding—100.00%     $109,604,344
° 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 January 31, 2026, the aggregate value of Rule 144A securities was $14,847,967, which represents 13.55% of the Fund’s net assets.
Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at January 31, 2026. 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.
Δ Securities have been classified by country of risk.
NQ- 095 [0126] 0326 (5295621)    11

 

Schedule of investments
Nomura Global Listed Real Assets Fund 
Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933, as amended.
Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.
Non-income producing security.
The following forward foreign currency exchange contracts were outstanding at January 31, 2026:
Forward Foreign Currency Exchange Contracts            
Counterparty   Currency to
Receive (Deliver)
  In Exchange For   Settlement
Date
  Unrealized
Appreciation
  Unrealized
Depreciation
CITI   CAD (15,300)   USD 10,974   2/20/26   $   $(272)
CITI   GBP 173,300   USD (230,422)   2/20/26   6,708  
DTC00486   EUR 35,500   USD (41,608)   2/20/26   511  
HSBCNA   CAD 150,800   USD (108,626)   2/20/26   2,214  
HSBCNA   EUR 324,800   USD (377,454)   2/20/26   7,907  
HSBCNA   GBP 68,300   USD (94,031)   2/20/26     (574)
TD   AUD (267,309)   USD 174,816   2/20/26     (11,319)
TD   CAD (801,629)   USD 574,728   2/20/26     (14,485)
TD   EUR (4,004,642)   USD 4,667,523   2/20/26     (83,806)
TD   GBP (2,848,926)   USD 3,733,548   2/20/26     (164,694)
TD   JPY (61,924,975)   USD 403,629   2/20/26   2,817  
Total Forward Foreign Currency Exchange Contracts   $20,157   $(275,150)
The use of forward foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the schedule of investments. The forward foreign currency exchange contracts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.
Summary of abbreviations:
ADR – American Depositary Receipt
CITI – Citigroup
CPI – Consumer Price Index
CVA – Certified Dutch Certificate
ETF – Exchange-Traded Fund
OAT – Obligations Assimilables du Trésor
REIT – Real Estate Investment Trust
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
TD – TD Bank
12    NQ- 095 [0126] 0326 (5295621)

 

Summary of currencies:
AUD – Australian Dollar
CAD – Canadian Dollar
EUR – European Monetary Unit
GBP – British Pound Sterling
JPY – Japanese Yen
USD – US Dollar
NQ- 095 [0126] 0326 (5295621)    13