| Nomura Tax-Free Idaho Fund | May 31, 2026 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Municipal Bonds — 97.73% | |||
| Education Revenue Bonds — 26.42% | |||
| Boise, Idaho State University Revenue | |||
| Series A 5.00% 4/1/31 | 250,000 | $ 275,408 | |
| Series A 5.00% 4/1/32 | 500,000 | 557,390 | |
| Series A 5.00% 4/1/33 | 250,000 | 281,800 | |
| (General Project) Series A 5.00% 4/1/54 | 1,925,000 | 1,973,818 | |
| Idaho Housing & Finance Association Revenue | |||
| Series A 5.00% 6/1/50 | 1,275,000 | 1,191,717 | |
| (Alturas International Academy Project) 4.00% 5/1/52 | 1,500,000 | 1,276,785 | |
| (Anser of Idaho Project) | |||
| Series A 2.25% 5/1/51 | 1,165,000 | 643,103 | |
| Series A 3.00% 5/1/41 | 3,150,000 | 2,522,079 | |
| Series A 4.00% 5/1/56 | 1,585,000 | 1,264,481 | |
| (Compass Public Charter School Project) | |||
| Series A 144A 5.00% 7/1/54 # | 1,000,000 | 881,100 | |
| Series A 144A 6.00% 7/1/39 # | 370,000 | 376,812 | |
| Series A 144A 6.00% 7/1/49 # | 595,000 | 599,064 | |
| Series A 144A 6.00% 7/1/54 # | 1,140,000 | 1,143,933 | |
| (Elevate Academy Nampa Project) Series A 5.00% 5/1/60 | 1,000,000 | 1,005,490 | |
| (Gem Prep: Meridian Project) Series A 4.00% 5/1/57 | 1,000,000 | 821,070 | |
| (Idaho Arts Charter School Project) | |||
| Series A 4.00% 5/1/50 | 520,000 | 429,972 | |
| Series A 4.00% 5/1/55 | 305,000 | 242,841 | |
| Series A 144A 5.00% 12/1/38 # | 2,050,000 | 2,050,861 | |
| Series A 144A 5.00% 12/1/46 # | 1,535,000 | 1,453,891 | |
| (Meridian South Charter School Project) 144A 4.00% 5/1/46 # | 1,000,000 | 786,890 | |
| (North Star Charter School) | |||
| Series A 6.75% 7/1/48 | 529,151 | 531,823 | |
| Series B 144A 4.88% 7/1/49 #, ^ | 2,888,155 | 552,533 | |
| (Sage International School of Boise Project) | |||
| Series A 4.00% 5/1/50 | 3,000,000 | 2,527,410 | |
| Series A 4.00% 5/1/55 | 1,100,000 | 896,544 | |
| (Victory Charter School Project) Series A 144A 5.00% 7/1/39 # | 1,970,000 | 1,961,647 | |
| (White Pine Charter School Project) Series A 5.75% 5/1/58 | 1,000,000 | 1,026,390 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Idaho State University General Revenue | |||
| 3.00% 4/1/49 | 1,700,000 | $ 1,274,643 | |
| 4.00% 4/1/29 | 275,000 | 275,226 | |
| Series A 4.00% 4/1/37 | 350,000 | 354,623 | |
| Series A 4.50% 4/1/52 | 1,750,000 | 1,731,450 | |
| Series A 5.25% 4/1/42 | 605,000 | 658,010 | |
| The Regents of The University of Idaho General Revenue | |||
| Series A 4.00% 4/1/45 (BAM) | 700,000 | 683,270 | |
| Series A 5.00% 4/1/35 (AG) | 560,000 | 605,567 | |
| University of Idaho Revenue | |||
| Series A 5.50% 4/1/55 (AG) | 1,000,000 | 1,065,540 | |
| Series A 5.50% 4/1/57 (AG) | 2,000,000 | 2,130,120 | |
| 36,053,301 | |||
| Electric Revenue Bonds — 6.82% | |||
| Boise-Kuna, Idaho Irrigation District Revenue | |||
| (Idaho Arrowrock Hydroelectric Project) 5.00% 6/1/34 | 2,000,000 | 2,001,520 | |
| Idaho Energy Resources Authority Revenue | |||
| (Idaho Falls Power Project) | |||
| 5.00% 9/15/35 | 1,600,000 | 1,805,312 | |
| 5.00% 9/15/36 | 1,000,000 | 1,121,080 | |
| 5.00% 9/15/37 | 825,000 | 919,157 | |
| 5.00% 9/15/39 | 1,000,000 | 1,104,130 | |
| Puerto Rico Electric Power Authority Revenue | |||
| Series A 5.05% 7/1/42 ‡ | 75,000 | 55,219 | |
| Series AAA 5.25% 7/1/26 ‡ | 45,000 | 33,075 | |
| Series CCC 5.25% 7/1/27 ‡ | 345,000 | 254,006 | |
| Series WW 5.00% 7/1/28 ‡ | 320,000 | 235,600 | |
| Series WW 5.50% 7/1/38 ‡ | 1,500,000 | 1,104,375 | |
| Series XX 4.75% 7/1/26 ‡ | 50,000 | 36,812 | |
| Series XX 5.25% 7/1/40 ‡ | 595,000 | 438,069 | |
| Series XX 5.75% 7/1/36 ‡ | 175,000 | 128,844 | |
| Series ZZ 4.75% 7/1/27 ‡ | 40,000 | 29,450 | |
| Series ZZ 5.25% 7/1/26 ‡ | 60,000 | 44,100 | |
| 9,310,749 | |||
| Healthcare Revenue Bonds — 12.71% | |||
| Idaho Health Facilities Authority Revenue | |||
| (Madison Memorial Hospital Project) 5.00% 9/1/37 | 2,000,000 | 2,000,280 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Idaho Health Facilities Authority Revenue | |||
| (St. Luke's Health System Project) | |||
| 3.00% 3/1/51 (BAM) | 3,300,000 | $ 2,420,616 | |
| 4.00% 3/1/46 (BAM) | 500,000 | 474,670 | |
| 4.00% 3/1/51 (BAM) | 2,210,000 | 2,013,553 | |
| Series A 3.00% 3/1/51 | 3,000,000 | 2,146,440 | |
| Series A 4.00% 3/1/46 | 1,160,000 | 1,078,348 | |
| Series A 5.25% 3/1/53 | 1,000,000 | 1,039,270 | |
| (The Terraces of Boise Project) Series A 4.55% 10/1/56 | 500,000 | 437,255 | |
| (Trinity Health Credit Group) Series ID 4.00% 12/1/43 | 3,900,000 | 3,750,123 | |
| (Valley Vista Care Corporation) | |||
| Series A 4.00% 11/15/27 | 295,000 | 292,611 | |
| Series A 5.25% 11/15/37 | 1,005,000 | 855,838 | |
| Series A 5.25% 11/15/47 | 1,130,000 | 830,493 | |
| 17,339,497 | |||
| Housing Revenue Bonds — 7.63% | |||
| Idaho Housing & Finance Association Multifamily Housing Revenue | |||
| (Sunset Landing Apartments Project) | |||
| Series A 2.75% 7/1/40 | 1,300,000 | 1,053,689 | |
| Series A 3.125% 7/1/54 | 2,000,000 | 1,426,520 | |
| Idaho Housing & Finance Association Revenue | |||
| Series A 4.50% 1/21/49 (GNMA) | 183,278 | 179,578 | |
| (Taxable) Series C 5.945% 7/1/55 (GNMA) (FNMA) (FHLMC) | 635,000 | 632,168 | |
| Idaho Housing & Finance Association Single Family Mortgage Revenue | |||
| Series A 4.65% 1/1/54 (GNMA) (FNMA) (FHLMC) | 2,600,000 | 2,606,136 | |
| Series A 4.75% 1/1/48 (GNMA) | 900,000 | 899,856 | |
| Series C 3.00% 1/1/43 (FHA) | 400,000 | 350,616 | |
| Series C 4.80% 7/1/53 (GNMA) (FNMA) (FHLMC) | 1,720,000 | 1,721,084 | |
| Series C 5.25% 1/1/51 (GNMA) (FNMA) (FHLMC) | 1,500,000 | 1,546,020 | |
| 10,415,667 | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds — 2.52% | |||
| Children's Trust Fund, Commonwealth of Puerto Rico Revenue | |||
| (Tobacco Settlement Asset-Backed) Series A 0.601% 5/15/57 ^ | 30,905,000 | 1,428,429 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| Power County, Idaho Industrial Development Revenue | |||
| (FMC Project) 6.45% 8/1/32 (AMT) | 2,000,000 | $ 2,006,720 | |
| 3,435,149 | |||
| Lease Revenue Bonds — 6.01% | |||
| Boise, Idaho Urban Renewal Agency Revenue | |||
| 5.00% 12/15/31 | 750,000 | 757,215 | |
| 5.00% 12/15/32 | 750,000 | 756,855 | |
| Idaho Falls, Idaho Annual Appropriation Certificates of Participation Revenue | |||
| 144A 5.25% 5/15/51 # | 1,900,000 | 1,877,086 | |
| Idaho Fish & Wildlife Foundation Revenue | |||
| (Idaho Department of Fish & Game Headquarters Office Project) 4.00% 12/1/39 | 1,040,000 | 1,049,017 | |
| Idaho Health Facilities Authority Revenue | |||
| (Ada County Coroner Project) 4.00% 9/1/33 | 305,000 | 310,337 | |
| Idaho Housing & Finance Association Economic Development Facilities Revenue | |||
| (TDF Project) Series A 7.00% 2/1/36 | 1,500,000 | 1,502,850 | |
| Idaho State Building Authority Revenue | |||
| (Department of Health & Welfare Project) Series B 4.00% 9/1/48 | 1,290,000 | 1,225,126 | |
| Nez Perce County, Idaho Annual Appropriation Certificates of Participation Revenue | |||
| 5.00% 3/1/52 | 715,000 | 730,594 | |
| 8,209,080 | |||
| Local General Obligation Bonds — 4.68% | |||
| Ada & Boise Counties, Idaho Independent School District Boise City | |||
| 5.00% 8/1/34 | 1,000,000 | 1,013,940 | |
| 5.00% 8/1/35 | 500,000 | 506,630 | |
| Canyon County, Idaho School District No. 139 Vallivue | |||
| 5.00% 9/15/42 | 1,000,000 | 1,084,240 | |
| 5.00% 9/15/43 | 2,000,000 | 2,156,380 | |
| City of Ketchum, Idaho | |||
| 2.125% 9/15/41 | 500,000 | 373,025 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Local General Obligation Bonds (continued) | |||
| Idaho Bond Bank Authority Revenue | |||
| Series A 4.00% 9/15/33 | 250,000 | $ 251,680 | |
| Series A 4.00% 9/15/37 | 1,000,000 | 1,003,890 | |
| 6,389,785 | |||
| Resource Recovery Revenue Bond — 0.28% | |||
| Idawy, Idaho Solid Waste District Revenue | |||
| Series A 3.00% 1/1/50 | 550,000 | 381,211 | |
| 381,211 | |||
| Special Tax Revenue Bonds — 22.79% | |||
| Commonwealth of Puerto Rico Revenue | |||
| 3.312% 11/1/43 • | 2,565,881 | 1,773,666 | |
| (Subordinate) 3.80% 11/1/51 • | 3,021,003 | 1,907,008 | |
| GDB Debt Recovery Authority of Puerto Rico Revenue | |||
| (Taxable) 7.50% 8/20/40 | 3,588,249 | 3,521,077 | |
| Idaho Bond Bank Authority Revenue | |||
| Series A 5.00% 9/15/54 | 1,715,000 | 1,796,771 | |
| Idaho Housing & Finance Association Sales Tax Revenue | |||
| (Transportation Expansion and Congestion Mitigation) | |||
| Series A 4.00% 8/15/48 | 2,370,000 | 2,263,563 | |
| Series A 4.00% 8/15/50 | 3,000,000 | 2,822,790 | |
| Series A 5.00% 8/15/48 | 910,000 | 955,637 | |
| Series A 5.25% 8/15/48 | 500,000 | 532,055 | |
| Idaho State Building Authority Revenue | |||
| (School Modernization Facilities Fund) | |||
| Series A 5.00% 6/1/30 | 305,000 | 333,127 | |
| (School Modernization Facilities Fund) Series A 5.00% 6/1/34 | 2,000,000 | 2,295,780 | |
| Idaho Water Resource Board Loan Program Revenue | |||
| (Ground Water Rights Mitigation) Series A 5.00% 9/1/32 | 3,565,000 | 3,568,993 | |
| Matching Fund Special Purpose Securitization, Virgin Islands Revenue | |||
| Series A 5.00% 10/1/39 | 1,190,000 | 1,236,017 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Capital Appreciation - Restructured) | |||
| Series A-1 1.019% 7/1/51 ^ | 6,755,000 | 1,814,190 | |
| Series A-1 3.70% 7/1/46 ^ | 3,579,000 | 1,306,371 | |
| (Restructured) | |||
| Series A-1 4.55% 7/1/40 | 875,000 | 876,934 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 4.75% 7/1/53 | 1,310,000 | $ 1,262,001 | |
| Series A-1 5.00% 7/1/58 | 2,867,000 | 2,833,141 | |
| 31,099,121 | |||
| State General Obligation Bond — 0.65% | |||
| Commonwealth of Puerto Rico Revenue | |||
| (Restructured) Series A-1 4.00% 7/1/46 | 995,000 | 882,475 | |
| 882,475 | |||
| Transportation Revenue Bonds — 5.40% | |||
| City of Boise, Idaho Airport Revenue | |||
| (Employee Parking Facilities Project) Series B 4.00% 9/1/51 (AMT) | 1,955,000 | 1,746,069 | |
| (Public Parking Facilities Project) Series A 5.00% 9/1/51 | 1,500,000 | 1,526,250 | |
| Idaho Housing & Finance Association Revenue | |||
| Series A 4.00% 7/15/39 | 2,660,000 | 2,678,806 | |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Revenue | |||
| (San Juan Cruise Terminal Project) Subseries A-3 6.75% 1/1/46 (AMT) | 1,250,000 | 1,425,075 | |
| 7,376,200 | |||
| Water & Sewer Revenue Bonds — 1.82% | |||
| City of Boise, Idaho Water Renewal Revenue | |||
| 5.00% 9/1/51 | 1,750,000 | 1,797,985 | |
| Guam Government Waterworks Authority Revenue | |||
| Series A 5.00% 7/1/43 | 650,000 | 680,856 | |
| 2,478,841 | |||
| Total Municipal Bonds (cost $137,671,855) | 133,371,076 | ||
| Principal amount° | Value (US $) | ||
| Short-Term Investments — 1.10% | |||
| Variable Rate Demand Note — 1.10% | |||
| Idaho Health Facilities Authority Revenue | |||
| (St. Luke's Health System Project) Series D 2.80% 3/1/60 (LOC - TD Bank, N.A.)¤ | 1,500,000 | $ 1,500,000 | |
| Total Short-Term Investments (cost $1,500,000) | 1,500,000 | ||
| Total Value of Securities—98.83% (cost $139,171,855) | 134,871,076 | ||
| Receivables and Other Assets Net of Liabilities—1.17% | 1,594,116 | ||
| Net Assets Applicable to 13,017,695 Shares Outstanding—100.00% | $136,465,192 | ||
| ° | 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 $11,683,817, which represents 8.56% of the Fund’s net assets. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| ‡ | 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. |
| ¤ | 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 |
| Summary of abbreviations: (continued) |
| FHA – Federal Housing Administration |
| FHLMC – Federal Home Loan Mortgage Corporation |
| FMC – First Mile Connectivity |
| FNMA – Federal National Mortgage Association |
| GNMA – Government National Mortgage Association |
| LOC – Letter of Credit |
| N.A. – National Association |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TDF – Term Deposit Facility |
| USD – US Dollar |