| Nomura Tax-Free New York Fund | May 31, 2026 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Municipal Bonds — 97.61% | |||
| Education Revenue Bonds — 14.18% | |||
| Albany, New York Capital Resource Revenue | |||
| (KIPP Capital Region Public Charter Schools Project) 5.00% 6/1/64 | 1,000,000 | $ 948,860 | |
| Buffalo & Erie County, New York Industrial Land Development Revenue | |||
| (Tapestry Charter School Project) Series A 5.00% 8/1/52 | 500,000 | 479,805 | |
| Build NYC, New York Resource Revenue | |||
| (Bay Ridge Preparatory School Project) 144A 5.00% 9/1/49 # | 1,255,000 | 1,171,304 | |
| (Civic Bronx LLC - Bold Charter School Project) 144A 6.00% 7/1/60 # | 1,100,000 | 1,109,130 | |
| (Classical Charter Schools Project) Series A 4.75% 6/15/53 | 1,700,000 | 1,513,476 | |
| (East Harlem Scholars Academy Charter School Project) | |||
| 144A 5.75% 6/1/52 # | 500,000 | 491,000 | |
| 144A 5.75% 6/1/62 # | 1,805,000 | 1,740,110 | |
| (Inwood Academy for Leadership Charter School Project) Series A 144A 5.50% 5/1/48 # | 500,000 | 492,890 | |
| (KIPP NYC Public School Facilities - Canal West Project) | |||
| 5.00% 7/1/35 | 530,000 | 565,701 | |
| 5.00% 7/1/42 | 1,365,000 | 1,416,542 | |
| (LLC - ZETA Charter Schools Project) Series A 144A 5.375% 10/15/61 # | 1,050,000 | 1,000,598 | |
| (Manhattan College Project) 4.00% 8/1/42 | 500,000 | 428,635 | |
| (Metropolitan College of New York Project) 5.50% 11/1/44 | 216,747 | 173,398 | |
| (Metropolitan Lighthouse Charter School Project) Series A 144A 5.00% 6/1/52 # | 250,000 | 224,425 | |
| (New Dawn Charter Schools Project) | |||
| 144A 5.00% 2/1/33 # | 865,000 | 865,069 | |
| 144A 5.75% 2/1/49 # | 500,000 | 499,955 | |
| (New World Preparatory Charter School Project) Series A 144A 4.00% 6/15/51 # | 450,000 | 357,210 | |
| (South Bronx Classical Charter School V Project) Series A 5.50% 6/15/65 | 1,000,000 | 1,007,420 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Build NYC, New York Resource Revenue | |||
| (Success Academy Charter Schools Project) 4.00% 9/1/43 | 1,000,000 | $ 956,890 | |
| (The Renaissance Charter School 2 Project) Series A 5.75% 6/15/60 | 850,000 | 851,479 | |
| Clinton County, Capital Resource Revenue | |||
| (CVES BOCES Project) | |||
| 144A 4.75% 7/1/43 # | 1,100,000 | 1,132,780 | |
| 144A 5.00% 7/1/46 # | 1,000,000 | 1,034,880 | |
| Monroe County, New York Industrial Development Revenue | |||
| (Eugenio Maria de Hostos Charter School Project) Series A 144A 5.00% 7/1/54 # | 1,000,000 | 896,230 | |
| (True North Rochester Preparatory Charter School Project) | |||
| 144A 5.00% 6/1/50 # | 705,000 | 691,182 | |
| Series A 144A 5.00% 6/1/59 # | 1,900,000 | 1,827,420 | |
| Nassau County, New York Local Economic Assistance Revenue | |||
| (Roosevelt Children's Academy Charter School Project) Series A 5.00% 7/1/55 | 1,750,000 | 1,428,052 | |
| New York State Dormitory Authority Revenue | |||
| (Columbia University) Series A2 5.00% 10/1/46 | 2,500,000 | 2,860,450 | |
| New York State Dormitory Authority Revenue Non-State Supported Debt | |||
| Series A 5.00% 7/1/33 | 2,000,000 | 2,003,320 | |
| Series A 5.50% 5/1/49 | 1,000,000 | 1,043,550 | |
| (Vaughn College of Aeronautics and Technology) Series A 144A 5.50% 12/1/46 # | 200,000 | 175,150 | |
| Onondaga, New York Civic Development Tax-exempt Revenue | |||
| (Syracuse University Project) 5.50% 12/1/56 | 1,000,000 | 1,082,980 | |
| Riverhead Industrial Development Agency Economic Job Development Revenue | |||
| (Riverhead Charter School Project) 5.375% 8/1/48 | 2,100,000 | 2,138,724 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Yonkers, New York Economic Development Educational Revenue | |||
| (Lamartine/Warburton LLC - Charter School of Educational Excellence Project) | |||
| Series A 5.00% 10/15/49 | 155,000 | $ 141,317 | |
| Series A 5.00% 10/15/50 | 1,000,000 | 923,560 | |
| 33,673,492 | |||
| Electric Revenue Bonds — 4.95% | |||
| Build NYC, New York Resource Revenue | |||
| (Brooklyn Navy Yard Cogeneration Partners, L.P. Project) 144A 5.25% 12/31/33 (AMT) # | 1,000,000 | 1,010,360 | |
| Guam Power Authority Revenue | |||
| (Tax-Exempt Forward Delivery) Series A 5.00% 10/1/35 | 1,310,000 | 1,400,940 | |
| Long Island, New York Power Authority Electric System Revenue | |||
| 5.00% 9/1/42 | 1,500,000 | 1,530,795 | |
| Series A 5.25% 9/1/50 | 1,000,000 | 1,070,040 | |
| New York Power Authority Revenue | |||
| Series A 5.125% 11/15/58 (AG) | 3,000,000 | 3,126,300 | |
| Puerto Rico Electric Power Authority Revenue | |||
| Series A 5.05% 7/1/42 ‡ | 65,000 | 47,856 | |
| Series A 6.75% 7/1/36 ‡ | 625,000 | 463,281 | |
| Series AAA 5.25% 7/1/26 ‡ | 35,000 | 25,725 | |
| Series TT 5.00% 7/1/32 ‡ | 1,120,000 | 824,600 | |
| Series WW 5.25% 7/1/33 ‡ | 195,000 | 143,569 | |
| Series WW 5.50% 7/1/26 ‡ | 750,000 | 551,250 | |
| Series XX 4.75% 7/1/26 ‡ | 40,000 | 29,450 | |
| Series XX 5.25% 7/1/40 ‡ | 1,430,000 | 1,052,838 | |
| Series ZZ 4.75% 7/1/27 ‡ | 30,000 | 22,088 | |
| Series ZZ 5.00% 7/1/26 ‡ | 570,000 | 418,950 | |
| Series ZZ 5.25% 7/1/26 ‡ | 50,000 | 36,750 | |
| 11,754,792 | |||
| Healthcare Revenue Bonds — 6.05% | |||
| Albany, New York Capital Resource Revenue | |||
| (Albany Medical Center Hospital Project) Series A 5.50% 5/1/55 | 1,000,000 | 1,067,490 | |
| Dutchess County, New York Local Development Revenue | |||
| (Nuvance Health) | |||
| Series B 4.00% 7/1/44 | 1,000,000 | 926,240 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Dutchess County, New York Local Development Revenue | |||
| (Nuvance Health) | |||
| Series B 4.00% 7/1/49 | 2,000,000 | $ 1,745,040 | |
| Guilderland, New York Industrial Development Agency Revenue | |||
| (Albany Place Development LLC Project) Series A 144A 5.875% 1/1/52 #, ‡ | 500,000 | 250,000 | |
| Monroe County, New York Industrial Development Revenue | |||
| (Rochester Regional Health Project) Series A 4.00% 12/1/38 | 1,300,000 | 1,268,436 | |
| Nassau County, New York Local Economic Assistance Revenue | |||
| (Catholic Health Services of Long Island Obligated Group Project) 5.00% 7/1/33 | 725,000 | 726,878 | |
| New York State Dormitory Authority Revenue | |||
| (Memorial Sloan Kettering Cancer Center) Series 1 5.25% 7/1/54 | 500,000 | 533,545 | |
| (Montefiore Obligated Group) | |||
| Series A 4.00% 8/1/38 | 1,000,000 | 939,320 | |
| Series A 4.00% 9/1/45 | 2,000,000 | 1,812,220 | |
| (Northwell Health Obligated Group) Series A 5.00% 5/1/52 | 1,000,000 | 1,017,300 | |
| New York State Dormitory Authority Revenue Non-State Supported Debt | |||
| (Northwell Health Obligated Group) Series A 4.00% 5/1/54 | 1,000,000 | 878,100 | |
| (Orange Regional Medical Center Obligated Group) 144A 5.00% 12/1/34 # | 700,000 | 687,953 | |
| Onondaga, New York Civic Development Tax-exempt Revenue | |||
| (Crouse Health Hospital, Inc. Project) Series A 5.125% 8/1/44 | 500,000 | 483,315 | |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Revenue | |||
| (Hospital Auxilio Mutuo Obligated Group Project) 4.00% 7/1/36 | 400,000 | 385,100 | |
| Southold, New York Local Development Revenue | |||
| (Peconic Landing at Southold Project) 5.00% 12/1/45 | 750,000 | 750,007 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Westchester County, New York Local Development Revenue | |||
| (Purchase Senior Learning Community, Inc. Project) Series A 144A 5.00% 7/1/56 # | 1,000,000 | $ 907,140 | |
| 14,378,084 | |||
| Housing Revenue Bonds — 6.68% | |||
| New York City, New York Housing Development Revenue | |||
| 4.80% 2/1/53 | 1,750,000 | 1,755,215 | |
| (8 Spruce Street) | |||
| Series E 4.375% 12/15/43 | 1,000,000 | 1,016,820 | |
| Series RE 5.25% 12/15/43 | 1,000,000 | 1,031,060 | |
| (Sustainability Bonds) Series 1A 5.00% 11/1/54 | 2,000,000 | 2,024,760 | |
| (Sustainable Development Bonds) | |||
| Series A 5.00% 5/1/63 | 2,125,000 | 2,140,428 | |
| Series B-1 5.30% 11/1/53 | 2,000,000 | 2,039,320 | |
| Series C-1 5.125% 11/1/55 | 3,005,000 | 3,070,509 | |
| New York State Dormitory Authority Revenue Non-State Supported Debt | |||
| (Northwell Health Obligated Group) Series A 4.00% 5/1/54 (AG) | 2,000,000 | 1,781,360 | |
| New York State Mortgage Agency Homeowner Revenue | |||
| Series 250 4.80% 10/1/48 | 1,000,000 | 1,008,370 | |
| 15,867,842 | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds — 7.71% | |||
| Children's Trust Fund, Commonwealth of Puerto Rico Revenue | |||
| (Tobacco Settlement Asset-Backed) Series A 6.473% 5/15/57 ^ | 50,780,000 | 2,347,052 | |
| Erie County, New York Tobacco Asset Securitization Revenue | |||
| (Capital Appreciation-Asset-Backed) Series A 144A 9.384% 6/1/60 #, ^ | 65,290,000 | 1,745,855 | |
| New York City, New York Industrial Development Agency Revenue | |||
| (Senior Trips) Series A 5.00% 7/1/28 (AMT) | 830,000 | 830,515 | |
| (Yankee Stadium Project) | |||
| Series A 3.00% 3/1/40 (AG) | 1,000,000 | 887,470 | |
| Series A 3.00% 3/1/49 (AG) | 3,440,000 | 2,569,714 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | |||
| New York City, New York Industrial Development Agency Revenue | |||
| (Yankee Stadium Project) | |||
| Series A 4.00% 3/1/45 (AG) | 1,900,000 | $ 1,825,577 | |
| New York Counties, New York Tobacco Trust V Pass-Through Revenue | |||
| Series 4B 144A 0.971% 6/1/60 #, ♦, ^ | 39,000,000 | 1,682,070 | |
| New York Energy Finance Development Revenue | |||
| 5.00% 7/1/56 • | 2,000,000 | 2,069,740 | |
| New York Transportation Development Special Facilities Revenue | |||
| (Delta Airlines - LaGuardia Airport Terminals C&D Redevelopment Project) 5.00% 1/1/36 (AMT) | 1,015,000 | 1,032,884 | |
| Suffolk County, New York Tobacco Asset Securitization Revenue | |||
| Senior Series A-2 4.00% 6/1/50 | 1,595,000 | 1,356,244 | |
| Suffolk, New York Regional Off-Track Betting Revenue | |||
| 5.75% 12/1/44 | 1,250,000 | 1,286,575 | |
| Westchester County, New York Tobacco Asset Securitization Revenue | |||
| Subordinate Series C 5.00% 6/1/45 | 750,000 | 676,800 | |
| 18,310,496 | |||
| Lease Revenue Bonds — 5.03% | |||
| New York Liberty Development Revenue | |||
| (4 World Trade Center - Green Bond) Series A 2.875% 11/15/46 (BAM) | 1,620,000 | 1,225,157 | |
| (Class 1 - 3 World Trade Center Project) 144A 5.00% 11/15/44 # | 2,300,000 | 2,301,863 | |
| (Class 2 - 3 World Trade Center Project) 144A 5.375% 11/15/40 # | 500,000 | 500,340 | |
| (Class 3 - 3 World Trade Center Project) 144A 7.25% 11/15/44 # | 1,500,000 | 1,502,250 | |
| New York State Dormitory Authority Revenue Non-State Supported Debt | |||
| (Court Facility) Series A 5.50% 5/15/27 (AMBAC) | 2,500,000 | 2,569,250 | |
| New York State Thruway Authority Revenue | |||
| Series A-1 3.00% 3/15/49 | 3,055,000 | 2,341,291 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Lease Revenue Bonds (continued) | |||
| New York State Thruway Authority State Personal Income Tax Revenue | |||
| Series A-1 3.00% 3/15/51 | 2,000,000 | $ 1,502,980 | |
| 11,943,131 | |||
| Local General Obligation Bonds — 2.15% | |||
| New York City, New York | |||
| Series A 5.00% 8/1/51 | 2,270,000 | 2,329,066 | |
| Series F-1 3.00% 3/1/51 (BAM) | 1,360,000 | 999,586 | |
| Series G-1 5.25% 2/1/50 | 1,000,000 | 1,057,060 | |
| Subseries F-1 3.00% 3/1/51 | 1,000,000 | 729,790 | |
| 5,115,502 | |||
| Pre-Refunded Bond — 0.04% | |||
| New York State Dormitory Authority Revenue Non-State Supported Debt | |||
| (Vaughn College of Aeronautics and Technology) Series A 144A 5.50% 12/1/46-26 #, § | 100,000 | 101,389 | |
| 101,389 | |||
| Special Tax Revenue Bonds — 24.93% | |||
| Commonwealth of Puerto Rico Revenue | |||
| (Subordinate) | |||
| 3.132% 11/1/43 • | 5,409,093 | 3,739,035 | |
| 3.80% 11/1/51 • | 866,929 | 547,249 | |
| GDB Debt Recovery Authority of Puerto Rico Revenue | |||
| (Taxable) 7.50% 8/20/40 | 4,564,598 | 4,477,481 | |
| Glen Cove, New York Local Economic Assistance Revenue | |||
| (Garvies Point Public Improvement Project) Series A 5.00% 1/1/56 | 250,000 | 206,092 | |
| Hudson Yards, New York Infrastructure Revenue | |||
| (Tax-Exempt) | |||
| Series A 4.00% 2/15/44 | 1,000,000 | 959,740 | |
| Series A 4.00% 2/15/47 (AG) | 1,220,000 | 1,120,607 | |
| Matching Fund Special Purpose Securitization, Virgin Islands Revenue | |||
| Series A 5.00% 10/1/32 | 500,000 | 532,825 | |
| New York City, New York Transitional Finance Authority Future Tax Secured Revenue | |||
| Series A-1 5.00% 8/1/42 | 4,000,000 | 4,120,440 | |
| (Subordinate Bonds) Series A-3 3.00% 5/1/45 | 2,000,000 | 1,603,580 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| New York City, New York Transitional Finance Authority Revenue | |||
| Series 1 5.00% 5/1/46 | 1,000,000 | $ 1,055,370 | |
| Series 1 5.25% 2/1/53 | 3,000,000 | 3,135,000 | |
| (Subordinate Bonds) | |||
| Series B 5.00% 5/1/48 | 1,000,000 | 1,037,620 | |
| Subseries A-1 5.25% 5/1/52 | 1,500,000 | 1,581,525 | |
| New York Convention Center Development Revenue | |||
| (Hotel Unit Fee Secured) 5.00% 11/15/35 | 1,000,000 | 1,000,960 | |
| New York State Dormitory Authority Personal Income Tax Revenue | |||
| (General Purpose) Series E 3.00% 3/15/50 | 3,000,000 | 2,222,460 | |
| New York State Dormitory Authority Revenue | |||
| (Sustainability Bonds) Series A 5.25% 7/1/55 | 2,200,000 | 2,311,716 | |
| New York State Urban Development Revenue | |||
| (General Purpose) Series A 4.00% 3/15/47 | 2,500,000 | 2,326,600 | |
| New York Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Revenue | |||
| (MTA Bridges and Tunnels) Series C-3 3.00% 5/15/51 | 2,215,000 | 1,658,836 | |
| New York Triborough Bridge & Tunnel Authority Revenue | |||
| (MTA Bridges and Tunnels) | |||
| Series 1 5.00% 11/15/49 | 1,250,000 | 1,306,750 | |
| Series B 5.00% 3/15/27 | 2,000,000 | 2,038,880 | |
| (TBTA Capital Lockbox Fund) Series A 5.25% 12/1/54 | 2,000,000 | 2,116,980 | |
| New York Triborough Bridge & Tunnel Authority Sales Tax Revenue | |||
| (TBTA Capital Lockbox - City Sales Tax) Series A 4.00% 5/15/48 | 1,000,000 | 936,400 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-1 1.148% 7/1/46 ^ | 13,880,000 | 5,066,339 | |
| Series A-1 4.55% 7/1/40 | 444,000 | 444,981 | |
| Series A-1 4.75% 7/1/53 | 1,995,000 | 1,921,903 | |
| Series A-1 5.00% 7/1/58 | 8,475,000 | 8,374,910 | |
| Series A-1 6.011% 7/1/51 ^ | 9,138,000 | 2,454,193 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| Puerto Rico Sales Tax Financing Revenue | |||
| (Restructured) | |||
| Series A-2 4.536% 7/1/53 | 1,000,000 | $ 933,200 | |
| 59,231,672 | |||
| State General Obligation Bonds — 1.50% | |||
| Commonwealth of Puerto Rico Revenue | |||
| (Restructured) | |||
| Series A-1 4.00% 7/1/37 | 1,605,640 | 1,587,207 | |
| Series A-1 4.00% 7/1/46 | 2,230,000 | 1,977,810 | |
| 3,565,017 | |||
| Transportation Revenue Bonds — 16.72% | |||
| Build NYC, New York Resource Revenue | |||
| (TRIPS Obligated Group) 5.50% 7/1/55 (AMT) | 3,000,000 | 3,090,570 | |
| New York Metropolitan Transportation Authority Revenue | |||
| Series A-2 4.00% 11/15/43 | 2,500,000 | 2,387,275 | |
| (Climate Bond Certified - Green Bonds) | |||
| Series A 4.00% 11/15/48 (BAM) | 750,000 | 688,440 | |
| Series A 5.25% 11/15/55 | 1,000,000 | 1,035,340 | |
| Series B 4.00% 11/15/44 | 1,000,000 | 951,590 | |
| Series B 5.00% 11/15/52 | 1,000,000 | 1,012,450 | |
| Series E 4.00% 11/15/45 | 1,500,000 | 1,398,375 | |
| New York State Thruway Authority General Revenue | |||
| Series O 3.00% 1/1/51 (BAM) | 2,000,000 | 1,492,740 | |
| (Junior Indebtedness Obligations) Series B 4.00% 1/1/50 | 1,775,000 | 1,607,280 | |
| New York Transportation Development Special Facilities Revenue | |||
| (Delta Airlines - LaGuardia Airport Terminals C&D Redevelopment Project) 4.00% 1/1/36 (AMT) | 1,500,000 | 1,492,395 | |
| (John F. Kennedy International Airport Terminal 4 Project) 5.00% 12/1/38 (AMT) | 340,000 | 358,448 | |
| (John F. Kennedy International Airport Terminal 6 Redevelopment Project-Green Bonds) | |||
| Series A 4.50% 12/31/54 (AG) (AMT) | 1,500,000 | 1,443,900 | |
| Series A 5.50% 12/31/54 (AMT) | 2,500,000 | 2,558,650 | |
| (John F. Kennedy International Airport New Terminal 1 Project-Green Bonds) 5.375% 6/30/60 (AMT) | 2,000,000 | 2,009,620 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Transportation Revenue Bonds (continued) | |||
| New York Transportation Development Special Facilities Revenue | |||
| (LaGuardia Airport Terminal B Redevelopment Project) | |||
| Series A 5.00% 7/1/41 (AMT) | 2,000,000 | $ 2,000,680 | |
| Series A 5.25% 1/1/50 (AMT) | 1,000,000 | 1,000,060 | |
| (Terminal 4 John F. Kennedy International Airport Project) 5.00% 12/1/32 (AMT) | 2,000,000 | 2,166,120 | |
| New York Transportation Development Special Facility Revenue | |||
| (JFK Airport Terminal 6 Redevelopment Project) Series A 5.50% 12/31/60 (AMT) | 4,450,000 | 4,521,334 | |
| New York Triborough Bridge & Tunnel Authority Revenue | |||
| (MTA Bridges and Tunnels) | |||
| Series 1 5.50% 11/15/56 | 500,000 | 541,555 | |
| Subseries A-1 5.50% 11/15/53 | 1,000,000 | 1,079,730 | |
| Port Authority of New York & New Jersey Revenue | |||
| Series 221 4.00% 7/15/55 (AMT) | 2,500,000 | 2,211,700 | |
| Series 234 5.50% 8/1/52 (AMT) | 2,000,000 | 2,104,740 | |
| Series 248 5.00% 1/15/55 | 1,500,000 | 1,569,375 | |
| Two Hundred Twenty-First Series 4.00% 7/15/60 (AMT) | 1,130,000 | 983,100 | |
| 39,705,467 | |||
| Water & Sewer Revenue Bonds — 7.67% | |||
| New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue | |||
| (Second General Resolution) | |||
| 4.00% 6/15/41 | 1,000,000 | 1,002,070 | |
| Series AA 5.25% 6/15/53 | 8,600,000 | 9,060,616 | |
| Series DD 5.00% 6/15/39 | 1,750,000 | 1,997,415 | |
| Series GG-1 4.00% 6/15/50 | 1,000,000 | 919,540 | |
| Subseries AA-1 3.50% 6/15/48 | 400,000 | 339,408 | |
| Subseries BB 5.25% 6/15/56 | 2,000,000 | 2,117,620 | |
| Subseries CC-1 5.25% 6/15/54 | 2,645,000 | 2,777,858 | |
| 18,214,527 | |||
| Total Municipal Bonds (cost $232,549,093) | 231,861,411 | ||
| Principal amount° | Value (US $) | ||
| Short-Term Investments — 0.52% | |||
| Variable Rate Demand Note — 0.52% | |||
| New York City, New York Municipal Water Finance Authority Water & Sewer System Revenue | |||
| (Second General Resolution) Series BB-2 2.80% 6/15/49 (SPA - State Street)¤ | 1,250,000 | $ 1,250,000 | |
| Total Short-Term Investments (cost $1,250,000) | 1,250,000 | ||
| Total Value of Securities—98.13% (cost $233,799,093) | 233,111,411 | ||
| Receivables and Other Assets Net of Liabilities—1.87% | 4,434,097 | ||
| Net Assets Applicable to 22,896,852 Shares Outstanding—100.00% | $237,545,508 | ||
| ° | 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 $24,398,553, which represents 10.27% 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. |
| • | 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. |
| § | 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 May 31, 2026. |
| Summary of abbreviations: |
| AG – Aktiengesellschaft |
| 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 |