| Nomura Tax-Free California Fund | May 31, 2026 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Municipal Bonds — 98.56% | |||
| Education Revenue Bonds — 22.65% | |||
| Anaheim, California Housing & Public Improvements Authority Revenue | |||
| (Electric Utility Distribution System Improvements) Series A 5.50% 10/1/55 | 1,000,000 | $ 1,048,110 | |
| California Community College Financing Authority Student Housing Revenue | |||
| (Napa Valley College Project) Series A 144A 5.75% 7/1/60 # | 1,500,000 | 1,028,025 | |
| California Educational Facilities Authority Revenue | |||
| (Stanford University) | |||
| Series U-7 5.00% 6/1/46 | 2,045,000 | 2,373,918 | |
| Series V-1 5.00% 5/1/49 | 3,500,000 | 3,975,895 | |
| Series V-2 2.25% 4/1/51 | 830,000 | 537,358 | |
| Series V-2 5.00% 4/1/51 | 500,000 | 562,185 | |
| (University of Southern California) Series A 5.00% 10/1/55 | 2,675,000 | 2,821,697 | |
| California Enterprise Development Authority Revenue | |||
| (Curtis School Foundation Project) 4.00% 6/1/53 | 1,000,000 | 925,660 | |
| (Heights Christian Schools Project) Series A 144A 6.375% 6/1/63 # | 1,395,000 | 1,343,427 | |
| (Real Journey Academies – Obligated Group) Series A 144A 5.00% 6/1/64 # | 1,000,000 | 941,120 | |
| California Infrastructure & Economic Development Bank Revenue | |||
| 144A 5.25% 7/1/64 # | 1,000,000 | 934,000 | |
| (UCSF Clinical and Life Science) 5.25% 5/15/59 | 2,000,000 | 2,114,860 | |
| California Municipal Finance Authority Revenue | |||
| (Ascent 613 Project) Series A 144A 5.50% 1/1/60 # | 1,000,000 | 1,009,160 | |
| (California Baptist University) | |||
| Series A 144A 5.375% 11/1/45 # | 775,000 | 796,855 | |
| Series A 144A 5.625% 11/1/54 # | 500,000 | 508,080 | |
| (CHF - Davis I, LLC - West Village Student Housing Project) 4.00% 5/15/48 (BAM) | 300,000 | 276,477 | |
| (Emerson College) Series B 5.00% 1/1/33 | 1,040,000 | 1,063,005 | |
| (Julian Charter School Project) Series A 144A 5.625% 3/1/45 # | 850,000 | 783,675 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| California Municipal Finance Authority Revenue | |||
| (Palmdale Aerospace Academy Project) | |||
| Series A 144A 5.00% 7/1/46 # | 670,000 | $ 645,290 | |
| Series A 144A 5.00% 7/1/49 # | 300,000 | 283,332 | |
| (The Creative Center of Los Altos Project - Pinewood School and Oakwood School) Series B 144A 4.50% 11/1/46 # | 500,000 | 472,705 | |
| (Westside Neighborhood School Project) 144A 6.20% 6/15/54 # | 1,650,000 | 1,731,807 | |
| California School Finance Authority Revenue | |||
| Series A 144A 6.00% 6/1/63 # | 500,000 | 490,915 | |
| (Aspire Public Schools - Obligated Group) | |||
| 144A 5.00% 8/1/41 # | 225,000 | 225,027 | |
| Series A 144A 5.00% 8/1/45 # | 715,000 | 702,059 | |
| (Camino Nuevo Charter Academy - Obligated Group) Series A 144A 5.25% 6/1/53 # | 1,000,000 | 983,400 | |
| (Classical Academies Project) Series A 144A 5.00% 10/1/50 # | 250,000 | 238,050 | |
| (Envision Education - Obligated Group) Series A 144A 5.00% 6/1/64 # | 1,000,000 | 886,830 | |
| (Escuela Popular Project) 144A 6.50% 7/1/50 # | 515,000 | 458,324 | |
| (Fortune School of Education Obligated Group) Series A 144A 5.125% 6/1/64 # | 1,500,000 | 1,285,725 | |
| (Granada Hills Charter School Obligated Group) | |||
| 144A 5.00% 7/1/49 # | 1,250,000 | 1,206,662 | |
| Series A 144A 5.00% 7/1/64 # | 1,800,000 | 1,682,820 | |
| (Green Dot Public Schools California Projects) | |||
| Series A 144A 5.00% 8/1/35 # | 1,000,000 | 1,000,400 | |
| Series A 144A 5.00% 8/1/48 # | 1,050,000 | 1,026,627 | |
| (Grimmway Schools - Obligated Group) | |||
| Series A 144A 5.00% 7/1/36 # | 500,000 | 500,200 | |
| Series A 144A 5.25% 7/1/51 # | 840,000 | 833,809 | |
| (Harbor Springs Obligated Group) Series A 144A 5.625% 7/1/63 # | 700,000 | 706,734 | |
| (Hawking Steam Charter School Project) Series A 144A 5.50% 7/1/62 # | 775,000 | 777,465 | |
| (ICEF - View Park Elementary & Middle Schools) Series A 5.625% 10/1/34 | 470,000 | 470,127 | |
| (Integrity Charter School Project) 144A 5.60% 7/1/64 # | 1,500,000 | 1,415,835 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| California School Finance Authority Revenue | |||
| (John Adams Academies - Obligated Group) Series A 144A 5.00% 7/1/52 # | 1,000,000 | $ 920,090 | |
| (Magnolia Public Schools-Obligated Group) Series A 144A 5.00% 7/1/55 # | 2,700,000 | 2,611,386 | |
| (Partnerships To Uplift Communities Project) | |||
| 144A 5.25% 8/1/38 # | 500,000 | 508,010 | |
| 144A 5.50% 8/1/47 # | 525,000 | 526,381 | |
| (Stem Preparatory Schools - Obligated Group) | |||
| Series A 144A 5.00% 6/1/43 # | 280,000 | 281,257 | |
| Series A 144A 5.125% 6/1/53 # | 800,000 | 770,336 | |
| Series A 144A 5.375% 5/1/63 # | 1,000,000 | 981,110 | |
| (Sycamore Creek Community Charter School Project) Series A 144A 6.75% 6/1/64 # | 500,000 | 478,690 | |
| California State University Systemwide Revenue | |||
| Series A 3.00% 11/1/52 | 6,650,000 | 4,928,115 | |
| Series A 5.25% 11/1/50 | 1,000,000 | 1,088,800 | |
| Series A 5.25% 11/1/56 | 2,000,000 | 2,157,880 | |
| Regents of the University of California General Revenue | |||
| Series BS 5.00% 5/15/44 | 2,000,000 | 2,179,860 | |
| Series CC 5.00% 5/15/47 | 2,500,000 | 2,690,450 | |
| Series CC 5.00% 5/15/53 | 2,000,000 | 2,114,200 | |
| 63,304,215 | |||
| Electric Revenue Bonds — 6.50% | |||
| Los Angeles, California Department of Water & Power Revenue | |||
| Series A 5.00% 7/1/50 | 3,500,000 | 3,609,970 | |
| Series D 5.00% 7/1/47 | 1,070,000 | 1,113,217 | |
| Series D 5.00% 7/1/52 | 2,000,000 | 2,059,680 | |
| (Power System) | |||
| Series C 5.00% 7/1/44 | 2,300,000 | 2,439,012 | |
| Series D 5.00% 7/1/26 | 1,000,000 | 1,001,650 | |
| Puerto Rico Electric Power Authority Revenue | |||
| Series A 5.00% 7/1/29 ‡ | 500,000 | 368,125 | |
| Series A 5.00% 7/1/42 ‡ | 350,000 | 257,688 | |
| Series A 5.05% 7/1/42 ‡ | 70,000 | 51,538 | |
| Series A 6.75% 7/1/36 ‡ | 185,000 | 137,131 | |
| Series AAA 5.25% 7/1/26 ‡ | 40,000 | 29,400 | |
| Series CCC 5.25% 7/1/27 ‡ | 325,000 | 239,281 | |
| Series TT 5.00% 7/1/32 ‡ | 340,000 | 250,325 | |
| Series TT 5.00% 7/1/37 ‡ | 1,165,000 | 857,731 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Electric Revenue Bonds (continued) | |||
| Puerto Rico Electric Power Authority Revenue | |||
| Series WW 5.00% 7/1/28 ‡ | 470,000 | $ 346,037 | |
| Series WW 5.25% 7/1/33 ‡ | 335,000 | 246,644 | |
| Series WW 5.50% 7/1/38 ‡ | 730,000 | 537,462 | |
| Series XX 4.75% 7/1/26 ‡ | 45,000 | 33,131 | |
| Series XX 5.25% 7/1/40 ‡ | 230,000 | 169,338 | |
| Series XX 5.75% 7/1/36 ‡ | 150,000 | 110,438 | |
| Series ZZ 4.75% 7/1/27 ‡ | 35,000 | 25,769 | |
| Series ZZ 5.25% 7/1/26 ‡ | 55,000 | 40,425 | |
| Southern California Public Power Authority Revenue | |||
| (Southern Transmission System Renewal Project) | |||
| Series 1 5.00% 7/1/53 | 1,000,000 | 1,026,610 | |
| Series 1 5.25% 7/1/45 (BAM) | 1,000,000 | 1,092,860 | |
| Series 1 5.25% 7/1/53 | 2,000,000 | 2,114,260 | |
| 18,157,722 | |||
| Healthcare Revenue Bonds — 12.84% | |||
| California Health Facilities Financing Authority Revenue | |||
| (Cedars-Sinai Health System) | |||
| Series A 3.00% 8/15/51 | 2,500,000 | 1,864,975 | |
| Series A 3.00% 8/15/51 (BAM) | 1,910,000 | 1,464,664 | |
| (CommonSpirit Health) | |||
| Series A 4.00% 4/1/45 | 2,280,000 | 2,176,443 | |
| Series A 4.00% 4/1/49 | 5,550,000 | 5,062,044 | |
| (Episcopal Communities & Services) Series B 5.25% 11/15/53 | 1,400,000 | 1,431,388 | |
| (Kaiser Permanente) Subseries A-2 5.00% 11/1/47 | 2,000,000 | 2,224,420 | |
| California Infrastructure & Economic Development Bank Revenue | |||
| (Adventist Health Energy Projects) Series A 5.25% 7/1/54 | 3,850,000 | 3,929,040 | |
| California Municipal Finance Authority Revenue | |||
| (Community Medical Centers) Series A 5.00% 2/1/47 | 950,000 | 951,017 | |
| (Goodwill Industry of Sacramento Valley & Northern Nevada Project) 5.00% 1/1/35 | 635,000 | 561,175 | |
| (Mt. San Antonio Gardens Project) | |||
| Series A 4.00% 11/15/52 | 750,000 | 631,860 | |
| Series A 4.00% 11/15/56 | 1,075,000 | 889,573 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| California Municipal Finance Authority Revenue | |||
| (Northbay Healthcare Group) Series A 5.25% 11/1/47 | 500,000 | $ 499,950 | |
| (Palomar Health Certificates) Series A 5.25% 11/1/52 (AG) | 500,000 | 503,930 | |
| California Public Finance Authority Senior Living Revenue | |||
| (Enso Village Project - Green Bonds) | |||
| Series A 144A 5.00% 11/15/46 # | 500,000 | 474,730 | |
| Series A 144A 5.00% 11/15/56 # | 1,640,000 | 1,458,796 | |
| California Statewide Communities Development Authority Revenue | |||
| (Emanate Health) Series A 4.00% 4/1/45 | 500,000 | 477,910 | |
| (Enloe Medical Center) Series A 5.25% 8/15/52 (AG) | 2,000,000 | 2,031,140 | |
| (Front Porch Communities and Services) 4.00% 4/1/51 | 1,000,000 | 860,000 | |
| (HR Ontario Hotel Project) Series A 5.00% 4/1/56 | 2,750,000 | 2,826,753 | |
| (John Muir Health) Series A 5.25% 12/1/54 | 3,265,000 | 3,442,518 | |
| (Marin General Hospital - Green Bonds) Series A 4.00% 8/1/45 | 500,000 | 454,945 | |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Revenue | |||
| (Hospital Auxilio Mutuo Obligated Group Project) | |||
| 5.00% 7/1/30 | 445,000 | 469,217 | |
| 5.00% 7/1/32 | 900,000 | 951,291 | |
| Washington Township, California Health Care District Revenue | |||
| Series A 3.75% 7/1/31 | 255,000 | 252,116 | |
| 35,889,895 | |||
| Housing Revenue Bonds — 2.94% | |||
| California CSCDA Community Improvement Authority Essential Housing Revenue | |||
| (Jefferson - Anaheim) Series A-2 144A 3.125% 8/1/56 # | 1,500,000 | 1,120,140 | |
| (Pasadena Portfolio) Series A-2 144A 3.00% 12/1/56 # | 2,010,000 | 1,434,979 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Housing Revenue Bonds (continued) | |||
| California Municipal Finance Authority Revenue | |||
| (Witmer Manor) Series A 4.875% 11/1/43 (FNMA) | 1,000,000 | $ 1,029,000 | |
| Independent Cities, California Finance Authority Mobile Home Park Revenue | |||
| (Pillar Ridge) | |||
| Series A 5.25% 5/15/44 | 1,000,000 | 1,000,670 | |
| Series A 5.25% 5/15/49 | 850,000 | 850,340 | |
| Los Angeles, California Housing Authority Revenue | |||
| (Union Portfolio Project) Series A 3.25% 6/1/35 | 250,000 | 242,888 | |
| New Hampshire Business Finance Authority Revenue | |||
| (Social Certificates) Series 4 3.809% 7/20/39 • | 1,974,859 | 1,918,358 | |
| Santa Clara County, California Multifamily Housing Authority Revenue | |||
| (RiverTown Apartments Project) Series A 5.85% 8/1/31 (AMT) | 625,000 | 626,362 | |
| 8,222,737 | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds — 12.76% | |||
| California Community Choice Financing Authority Revenue | |||
| (Clean Energy Project) | |||
| 5.00% 5/1/54 • | 2,500,000 | 2,652,775 | |
| Series A-1 5.00% 12/1/53 • | 1,500,000 | 1,566,615 | |
| Series A-1 5.00% 4/1/56 • | 2,500,000 | 2,701,650 | |
| Series B 5.00% 1/1/55 • | 2,000,000 | 2,059,180 | |
| Series B 5.00% 3/1/56 • | 3,000,000 | 3,227,370 | |
| Series C 5.25% 1/1/54 • | 3,000,000 | 3,186,420 | |
| Series D 5.50% 5/1/54 • | 2,000,000 | 2,089,340 | |
| (Green Bonds) Series E 5.00% 2/1/55 • | 2,500,000 | 2,657,975 | |
| California County Tobacco Securitization Agency Settlement Revenue | |||
| (Capital Appreciation - Stanislaus County Tobacco Funding Corporation) Series D 9.019% 6/1/55 ^ | 1,000,000 | 80,150 | |
| California Infrastructure & Economic Development Bank Revenue | |||
| (Brightline West Passenger Rail Project) Series B 144A 12.00% 1/1/65 (AMT) #, • | 2,625,000 | 1,470,000 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| California M-S-R Energy Authority Revenue | |||
| Series C 6.50% 11/1/39 | 1,905,000 | $ 2,349,189 | |
| Series C 7.00% 11/1/34 | 300,000 | 361,458 | |
| California Pollution Control Financing Authority Revenue | |||
| (Calplant I Project) 144A 8.00% 7/1/39 (AMT) #, ‡ | 300,000 | 3,375 | |
| (Poseidon Resources (ChannelSide) LP Desalination Project) 144A 5.00% 11/21/45 (AMT) # | 940,000 | 940,103 | |
| California Statewide Communities Development Authority Revenue | |||
| (HR Ontario Hotel Project) Series A 144A 6.25% 9/2/61 # | 400,000 | 410,156 | |
| Children's Trust Fund, Commonwealth of Puerto Rico Revenue | |||
| (Tobacco Settlement Asset-Backed) Series A 8.21% 5/15/57 ^ | 47,000,000 | 2,172,340 | |
| Golden State, California Tobacco Securitization Settlement Revenue | |||
| (Capital Appreciation) Subordinate Series B-2 5.267% 6/1/66 ^ | 14,175,000 | 1,417,358 | |
| Inland, California Empire Tobacco Securitization Revenue | |||
| (Capital Appreciation Turbo Asset-Backed) | |||
| Series E 144A 0.935% 6/1/57 #, ^ | 8,500,000 | 541,280 | |
| Series F 144A 1.437% 6/1/57 #, ^ | 30,440,000 | 1,562,181 | |
| Long Beach, California Bond Finance Authority Natural Gas Purchase Revenue | |||
| Series A 5.50% 11/15/37 | 165,000 | 188,600 | |
| Southern California Public Power Authority Revenue | |||
| (Natural Gas Project) Series A 5.00% 11/1/33 | 295,000 | 315,181 | |
| Tobacco Securitization Authority of Southern California Revenue | |||
| (Capital Appreciation - Second Subordinate Lien) Series C 7.028% 6/1/46 ^ | 16,770,000 | 2,894,670 | |
| (Capital Appreciation - Third Subordinate Lien) Series D 7.487% 6/1/46 ^ | 5,270,000 | 797,035 | |
| 35,644,401 | |||
| Lease Revenue Bonds — 2.76% | |||
| California State Public Works Board Revenue | |||
| Series E 3.00% 10/1/36 (AG) | 1,525,000 | 1,436,001 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Lease Revenue Bonds (continued) | |||
| California State Public Works Board Revenue | |||
| (May Lee State Office Complex) Series A 5.00% 4/1/49 | 2,500,000 | $ 2,635,450 | |
| (Various Capital Projects) Series C 5.00% 11/1/50 | 1,000,000 | 1,061,410 | |
| Irvine, California Facilities Financing Authority Revenue | |||
| (Gateway Preserve Land Acquisition Project) 4.25% 5/1/53 | 1,000,000 | 972,270 | |
| Los Angeles, California Municipal Improvement Revenue | |||
| (Los Angeles Convention Center) Series A 5.50% 5/1/55 | 1,500,000 | 1,610,325 | |
| 7,715,456 | |||
| Local General Obligation Bonds — 1.20% | |||
| Alameda, California Oakland Unified School District | |||
| Series A 5.25% 8/1/48 (AG) | 1,500,000 | 1,596,840 | |
| Bass Lake, California Joint Union Elementary School District Election of 2006 | |||
| 4.40% 8/1/45 (AG) ^ | 2,025,000 | 868,259 | |
| Palomar Health, California | |||
| Series B 4.00% 8/1/37 | 1,000,000 | 891,810 | |
| 3,356,909 | |||
| Pre-Refunded Bonds — 0.17% | |||
| California Health Facilities Financing Authority Revenue | |||
| (CommonSpirit Health) Series A 4.00% 4/1/49-30 § | 55,000 | 58,153 | |
| California School Finance Authority Revenue | |||
| (Escuela Popular Project) 144A 6.50% 7/1/50-27 #, § | 160,000 | 165,974 | |
| San Francisco City & County, California Airport Commission Revenue | |||
| (San Francisco International Airport) | |||
| Series A 4.00% 5/1/49-29 (AMT) § | 20,000 | 20,239 | |
| Series E 4.00% 5/1/50-29 (AMT) § | 215,000 | 217,567 | |
| 461,933 | |||
| Special Tax Revenue Bonds — 10.26% | |||
| Commonwealth of Puerto Rico Revenue | |||
| 3.197% 11/1/43 • | 4,120,619 | 2,848,378 | |
| GDB Debt Recovery Authority of Puerto Rico Revenue | |||
| 7.50% 8/20/40 | 4,971,803 | 4,877,466 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| Jurupa Valley, California Community Facilities District No. 36 Revenue | |||
| (Eastvale Area) Series A 4.125% 9/1/42 | 200,000 | $ 191,910 | |
| Matching Fund Special Purpose Securitization, Virgin Islands Revenue | |||
| Series A 5.00% 10/1/32 | 500,000 | 532,825 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 0.674% 7/1/51 ^ | 2,673,000 | 717,888 | |
| Series A-1 4.75% 7/1/53 | 3,727,000 | 3,590,443 | |
| Series A-1 5.00% 7/1/58 | 5,995,000 | 5,924,199 | |
| Series A-1 5.739% 7/1/46 ^ | 23,029,000 | 8,405,815 | |
| Series A-2 4.329% 7/1/40 | 1,595,000 | 1,590,470 | |
| 28,679,394 | |||
| State General Obligation Bonds — 8.24% | |||
| Commonwealth of Puerto Rico | |||
| (Restructured) | |||
| Series A-1 4.00% 7/1/41 | 1,257,743 | 1,198,743 | |
| Series A-1 4.00% 7/1/46 | 3,154,636 | 2,797,878 | |
| State of California | |||
| (Various Purpose) | |||
| 3.00% 3/1/46 | 1,250,000 | 1,020,225 | |
| 3.00% 12/1/46 | 1,000,000 | 812,820 | |
| 4.125% 3/1/45 | 1,000,000 | 1,009,160 | |
| 5.00% 9/1/39 | 2,350,000 | 2,637,193 | |
| 5.00% 11/1/52 | 2,500,000 | 2,650,675 | |
| 5.00% 10/1/56 | 2,000,000 | 2,113,700 | |
| 5.25% 8/1/44 | 2,500,000 | 2,786,650 | |
| 5.25% 8/1/55 | 3,250,000 | 3,499,470 | |
| 5.50% 8/1/49 | 2,250,000 | 2,487,848 | |
| 23,014,362 | |||
| Transportation Revenue Bonds — 15.06% | |||
| California Municipal Finance Authority Revenue | |||
| (LINXS APM Project) Series A 4.00% 12/31/47 (AMT) | 1,750,000 | 1,584,922 | |
| (SFMTA Potrero Yard Modernization Project) | |||
| Series A 5.00% 9/1/60 | 1,000,000 | 1,035,470 | |
| Series A 5.50% 9/1/60 | 1,000,000 | 1,078,580 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| City of Los Angeles, California Department of Airports Revenue | |||
| Series A 5.00% 5/15/33 (AMT) | 1,545,000 | $ 1,673,652 | |
| Series D 5.25% 5/15/51 | 2,000,000 | 2,153,940 | |
| Series E 5.25% 5/15/55 | 2,500,000 | 2,680,625 | |
| Series F 4.00% 5/15/49 (AMT) | 2,000,000 | 1,822,780 | |
| Series H 4.00% 5/15/47 (AMT) | 1,500,000 | 1,396,935 | |
| (Sustainable Bonds) Series A 5.50% 5/15/55 (AMT) | 3,000,000 | 3,191,700 | |
| County of Sacramento, California Airport System Revenue | |||
| 5.25% 7/1/54 | 1,285,000 | 1,364,182 | |
| Foothill-Eastern, California Transportation Corridor Agency Toll Road Revenue | |||
| Subseries B-2 3.50% 1/15/53 (AG) | 500,000 | 418,265 | |
| (Senior Lien) | |||
| Series A 4.00% 1/15/46 | 1,000,000 | 972,040 | |
| Series A 4.00% 1/15/46 (BAM) | 1,000,000 | 979,900 | |
| Riverside County, California Transportation Commission Revenue | |||
| (RCTC 91 Express Lanes) Series B-1 3.00% 6/1/49 | 2,735,000 | 2,075,756 | |
| San Diego County, California Regional Airport Authority Revenue | |||
| Series B 5.00% 7/1/37 (AMT) | 1,000,000 | 1,014,400 | |
| (Private Activity) | |||
| Series B 5.00% 7/1/46 (AMT) | 1,500,000 | 1,539,135 | |
| Series B 5.50% 7/1/55 (AMT) | 2,575,000 | 2,737,457 | |
| Subordinate Series B 4.00% 7/1/56 (AMT) | 1,000,000 | 872,640 | |
| San Francisco City & County, California Airport Commission Revenue | |||
| (San Francisco International Airport) | |||
| Series A 4.00% 5/1/49 (AMT) | 1,755,000 | 1,599,612 | |
| Series A 5.25% 5/1/44 (AMT) | 1,500,000 | 1,619,220 | |
| Series A 5.25% 5/1/45 (AMT) | 1,000,000 | 1,086,160 | |
| Series A 5.25% 5/1/55 (AMT) | 2,440,000 | 2,538,478 | |
| Series A 5.50% 5/1/56 (AMT) | 1,000,000 | 1,065,660 | |
| Series B 5.00% 5/1/56 | 1,000,000 | 1,052,290 | |
| Series D 5.50% 5/1/55 (AMT) | 3,500,000 | 3,714,900 | |
| Series E 4.00% 5/1/50 (AMT) | 910,000 | 823,532 | |
| 42,092,231 | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Water & Sewer Revenue Bonds — 3.18% | |||
| California Pollution Control Financing Authority Water Furnishing Revenue Refunding Bonds | |||
| (San Diego County Water Authority Desalination Project Pipeline) 144A 5.00% 11/21/45 # | 1,400,000 | $ 1,425,802 | |
| California State Department of Water Resources Revenue | |||
| (Central Valley Project) Series A 5.00% 12/1/56 | 1,000,000 | 1,059,350 | |
| City of San Francisco, California Public Utilities Commission Water Revenue | |||
| (Hetch Hetchy Water) Series E 5.25% 11/1/55 | 3,500,000 | 3,766,245 | |
| Guam Government Waterworks Authority Revenue | |||
| Series A 5.00% 1/1/46 | 1,000,000 | 1,028,710 | |
| Los Angeles, California Department of Water & Power Water System Revenue | |||
| Series C 5.00% 7/1/44 (BAM) | 1,500,000 | 1,611,450 | |
| 8,891,557 | |||
| Total Municipal Bonds (cost $276,748,394) | 275,430,812 | ||
| Number of shares | |||
| Warrants — 0.03% | |||
| DesertXpress Enterprises =, † | 21,000 | 64,313 | |
| Total Warrants (cost $2) | 64,313 | ||
| Principal amount° | |||
| Short-Term Investments — 1.14% | |||
| Variable Rate Demand Notes — 1.14% | |||
| San Francisco, California Bay Area Toll Authority Revenue | |||
| (Variable Rate Bonds) | |||
| Series D 2.35% 4/1/59 (LOC - TD Bank, N.A.)¤ | 2,100,000 | 2,100,000 | |
| Principal amount° | Value (US $) | ||
| Short-Term Investments (continued) | |||
| Variable Rate Demand Notes (continued) | |||
| San Francisco, California Bay Area Toll Authority Revenue | |||
| (Variable Rate Bonds) | |||
| Series I 1.57% 4/1/59 (LOC - TD Bank, N.A.)¤ | 1,100,000 | $ 1,100,000 | |
| Total Short-Term Investments (cost $3,200,000) | 3,200,000 | ||
| Total Value of Securities—99.73% (cost $279,948,396) | 278,695,125 | ||
| Receivables and Other Assets Net of Liabilities—0.27% | 751,601 | ||
| Net Assets Applicable to 25,677,076 Shares Outstanding—100.00% | $279,446,726 | ||
| ° | 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 May 31, 2026, the aggregate value of Rule 144A securities was $42,983,134, which represents 15.38% of the Fund’s net assets. |
| ‡ | Security is currently in default. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at May 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. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| § | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| † | Non-income producing security. |
| ¤ | 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 May 31, 2026. |
| Summary of abbreviations: |
| AG – Insured by Assured Guaranty Inc. |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |
| CHF – Collegiate Housing Foundation |
| CSCDA – California Statewide Communities Development Authority |
| FNMA – Federal National Mortgage Association |
| ICEF – Inner City Education Foundation |
| LLC – Limited Liability Corporation |
| LOC – Letter of Credit |
| N.A. – National Association |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| USD – US Dollar |