| Nomura Tax-Free Colorado Fund | May 31, 2026 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Municipal Bonds — 97.68% | |||
| Education Revenue Bonds — 11.16% | |||
| Board of Governors of the Colorado State University System Enterprise Revenue | |||
| Series A 5.00% 3/1/43 | 3,990,000 | $ 4,569,388 | |
| Series C 4.00% 3/1/47 | 1,065,000 | 973,080 | |
| Colorado Educational & Cultural Facilities Authority Revenue | |||
| (Ascent Classical Academy Charter Schools) Series A 144A 5.80% 4/1/54 # | 1,000,000 | 985,530 | |
| (Aspen View Academy Project) | |||
| 4.00% 5/1/51 | 500,000 | 411,305 | |
| 4.00% 5/1/61 | 1,250,000 | 975,550 | |
| (Charter School - Aspen Ridge School Project) | |||
| Series A 144A 5.00% 7/1/36 # | 500,000 | 500,165 | |
| Series A 144A 5.25% 7/1/46 # | 1,350,000 | 1,350,027 | |
| (Charter School Project) 5.00% 7/15/37 | 1,150,000 | 1,151,334 | |
| (Community Leadership Academy, Inc. Second Campus Project) 7.45% 8/1/48 | 1,000,000 | 1,000,780 | |
| (Global Village Academy - Northglenn Project) | |||
| 144A 5.00% 12/1/50 # | 950,000 | 867,293 | |
| 144A 5.00% 12/1/55 # | 1,000,000 | 889,200 | |
| (Golden View Classical Academy Project) 4.00% 1/1/52 | 1,115,000 | 920,812 | |
| (Littleton Preparatory Charter School Project) | |||
| 5.00% 12/1/33 | 355,000 | 355,177 | |
| 5.00% 12/1/42 | 540,000 | 538,947 | |
| (Loveland Classical Schools Project) | |||
| 144A 5.00% 7/1/36 # | 1,750,000 | 1,750,910 | |
| 144A 5.00% 7/1/46 # | 500,000 | 491,860 | |
| (Pinnacle Charter School Project) 5.00% 7/1/26 | 245,000 | 245,000 | |
| (Science Technology Engineering and Math School Project) | |||
| 5.00% 11/1/44 | 890,000 | 880,958 | |
| 5.00% 11/1/54 | 1,500,000 | 1,413,780 | |
| (University of Denver Project) | |||
| Series A 4.00% 3/1/35 | 400,000 | 400,488 | |
| Series A 4.00% 3/1/36 | 550,000 | 550,313 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Education Revenue Bonds (continued) | |||
| Colorado Educational & Cultural Facilities Authority Revenue | |||
| (University of Lab Charter School) 144A 5.00% 12/15/45 # | 1,500,000 | $ 1,470,810 | |
| (Vail Mountain School Project) 5.00% 5/1/31 | 1,000,000 | 1,000,740 | |
| Colorado School of Mines Revenue | |||
| Series A 4.00% 12/1/49 | 1,500,000 | 1,350,615 | |
| Series A 5.00% 12/1/54 | 1,000,000 | 1,033,010 | |
| Colorado State University Research Foundation Revenue | |||
| (The Prospect Project) Series A 144A 5.50% 3/1/65 # | 1,700,000 | 1,677,118 | |
| 27,754,190 | |||
| Electric Revenue Bonds — 6.41% | |||
| Colorado Springs, Colorado Utilities System Revenue | |||
| Series A 4.00% 11/15/50 | 2,035,000 | 1,874,357 | |
| Series A 5.25% 11/15/55 | 7,500,000 | 8,030,400 | |
| Guam Power Authority Revenue | |||
| (Tax-Exempt Forward Delivery) Series A 5.00% 10/1/35 | 1,640,000 | 1,753,849 | |
| Puerto Rico Electric Power Authority Revenue | |||
| Series A 5.05% 7/1/42 ‡ | 170,000 | 125,163 | |
| Series AAA 5.25% 7/1/26 ‡ | 95,000 | 69,825 | |
| Series CCC 5.25% 7/1/27 ‡ | 705,000 | 519,056 | |
| Series WW 5.00% 7/1/28 ‡ | 660,000 | 485,925 | |
| Series WW 5.25% 7/1/33 ‡ | 210,000 | 154,613 | |
| Series WW 5.50% 7/1/26 ‡ | 820,000 | 602,700 | |
| Series XX 4.75% 7/1/26 ‡ | 105,000 | 77,306 | |
| Series XX 5.25% 7/1/40 ‡ | 1,840,000 | 1,354,700 | |
| Series XX 5.75% 7/1/36 ‡ | 365,000 | 268,731 | |
| Series ZZ 4.75% 7/1/27 ‡ | 85,000 | 62,581 | |
| Series ZZ 5.00% 7/1/26 ‡ | 620,000 | 455,700 | |
| Series ZZ 5.25% 7/1/26 ‡ | 140,000 | 102,900 | |
| 15,937,806 | |||
| Healthcare Revenue Bonds — 20.88% | |||
| Colorado Health Facilities Authority Revenue | |||
| Series A 5.25% 5/15/48 | 1,000,000 | 1,024,590 | |
| (Aberdeen Ridge) Series A 5.00% 5/15/58 | 1,500,000 | 1,080,150 | |
| (AdventHealth Obligated Group) | |||
| Series A 3.00% 11/15/51 | 6,325,000 | 4,576,327 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Colorado Health Facilities Authority Revenue | |||
| (AdventHealth Obligated Group) | |||
| Series A 4.00% 11/15/43 | 2,290,000 | $ 2,208,155 | |
| Series A 4.00% 11/15/50 | 6,015,000 | 5,334,042 | |
| (American Baptist) | |||
| 7.625% 8/1/33 ‡ | 150,000 | 107,181 | |
| 8.00% 8/1/43 ‡ | 1,000,000 | 633,220 | |
| (Bethesda Project) Series A-1 5.00% 9/15/48 | 2,250,000 | 2,219,580 | |
| (Cappella of Grand Junction Project) 144A 5.00% 12/1/54 # | 2,220,000 | 1,620,600 | |
| (CommonSpirit Health) | |||
| Series A 5.00% 12/1/39 | 1,500,000 | 1,609,980 | |
| Series A 5.25% 12/1/54 | 2,000,000 | 2,070,760 | |
| Series A-1 4.00% 8/1/37 | 1,130,000 | 1,131,051 | |
| Series A-1 4.00% 8/1/38 | 120,000 | 119,422 | |
| Series A-2 4.00% 8/1/49 (BAM) | 3,670,000 | 3,288,173 | |
| Series A-2 5.00% 8/1/37 | 1,500,000 | 1,556,550 | |
| (Covenant Living Communities and Services) | |||
| Series A 4.00% 12/1/40 | 1,250,000 | 1,225,875 | |
| Series A 5.125% 12/1/55 | 2,000,000 | 1,977,420 | |
| (Craig Hospital Project) | |||
| Series A 5.00% 12/1/47 | 1,830,000 | 1,875,860 | |
| Series A 5.50% 12/1/55 | 3,000,000 | 3,142,950 | |
| (Frasier Project) Series A 4.00% 5/15/48 | 1,000,000 | 874,020 | |
| (Intermountain Health) Series A 5.00% 5/15/54 | 1,000,000 | 1,019,710 | |
| (Intermountain Healthcare) | |||
| Series A 5.00% 5/15/47 | 1,380,000 | 1,427,610 | |
| Series A 5.00% 5/15/52 | 1,195,000 | 1,222,616 | |
| (Sanford) Series A 5.00% 11/1/44 | 3,410,000 | 3,486,316 | |
| (SCL Health System) Series A 4.00% 1/1/37 | 3,470,000 | 3,502,965 | |
| (Sunny Vista Living Center) Series A 144A 6.25% 12/1/50 # | 935,000 | 653,079 | |
| (Vail Valley Medical Center Project) 5.00% 1/15/35 | 1,000,000 | 1,001,260 | |
| (Valley View Hospital Association Project) Series A 4.00% 5/15/35 | 685,000 | 687,356 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Healthcare Revenue Bonds (continued) | |||
| Denver, Colorado Health & Hospital Authority Revenue | |||
| Series A 4.00% 12/1/39 | 1,000,000 | $ 937,920 | |
| Series A 4.00% 12/1/40 | 250,000 | 232,030 | |
| Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority Revenue | |||
| (Hospital Auxilio Mutuo Obligated Group Project) 4.00% 7/1/39 | 75,000 | 70,300 | |
| 51,917,068 | |||
| Housing Revenue Bonds — 1.72% | |||
| Colorado Housing and Finance Authority Revenue | |||
| Multi-Family | |||
| Series A-1 4.80% 10/1/59 | 1,000,000 | 1,002,930 | |
| Series C-1 4.70% 10/1/59 | 750,000 | 746,865 | |
| Denver City & County, Colorado Housing Authority Revenue | |||
| (Flo Senior Apartments Project) Series A 4.50% 7/1/41 | 2,500,000 | 2,518,375 | |
| 4,268,170 | |||
| Industrial Development Revenue/Pollution ControlRevenue Bonds — 6.37% | |||
| Children's Trust Fund, Commonwealth of Puerto Rico Revenue | |||
| (Tobacco Settlement Asset-Backed) Series A 8.869% 5/15/57 ^ | 53,760,000 | 2,484,787 | |
| City & County of Denver, Colorado Special Facilities Airport Revenue | |||
| (United Airlines, Inc. Project) 5.00% 10/1/32 (AMT) | 215,000 | 215,194 | |
| Colorado Regional Transportation District Revenue | |||
| (Denver Transit Partners Eagle P3 Project) | |||
| Series A 3.00% 7/15/37 | 1,025,000 | 922,356 | |
| Series A 4.00% 7/15/34 | 1,100,000 | 1,111,814 | |
| Series A 4.00% 7/15/38 | 700,000 | 692,986 | |
| Series A 4.00% 7/15/39 | 1,500,000 | 1,473,330 | |
| Series A 4.00% 7/15/40 | 2,815,000 | 2,723,794 | |
| Series A 5.00% 7/15/32 | 1,045,000 | 1,113,615 | |
| Public Authority for Colorado Energy Natural Gas Revenue | |||
| 6.50% 11/15/38 | 4,250,000 | 5,108,075 | |
| 15,845,951 | |||
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Lease Revenue Bonds — 3.70% | |||
| Adams & Arapahoe Counties, Colorado Joint School District No. 28J Aurora | |||
| 5.50% 12/1/54 (BAM) | 1,000,000 | $ 1,065,410 | |
| Colorado Higher Education Lease Purchase Financing Program Revenue | |||
| 4.00% 9/1/41 | 1,000,000 | 1,001,160 | |
| Colorado State Department of Transportation Certificates of Participation Revenue | |||
| 5.00% 6/15/34 | 660,000 | 660,561 | |
| 5.00% 6/15/36 | 1,055,000 | 1,055,897 | |
| Denver, Colorado Health & Hospital Authority Revenue | |||
| (550 Acoma, Inc.) 4.00% 12/1/38 | 750,000 | 711,525 | |
| State of Colorado Revenue | |||
| 4.00% 3/15/37 | 1,500,000 | 1,510,635 | |
| Town of Vail, Colorado Revenue | |||
| 5.50% 12/1/64 | 3,000,000 | 3,196,080 | |
| 9,201,268 | |||
| Local General Obligation Bonds — 11.81% | |||
| Adams & Arapahoe Counties, Colorado Joint School District No. 28J Aurora | |||
| 5.50% 12/1/45 | 2,725,000 | 3,070,884 | |
| 5.50% 12/1/46 | 3,385,000 | 3,780,063 | |
| Adams & Weld Counties, Colorado School District No. 27J Brighton | |||
| 4.00% 12/1/46 | 1,370,000 | 1,331,517 | |
| Adams County, Colorado School District No. 14 | |||
| 5.50% 12/1/36 | 750,000 | 880,597 | |
| 5.50% 12/1/37 | 735,000 | 856,393 | |
| 5.50% 12/1/38 | 765,000 | 885,640 | |
| Arapahoe County, Colorado Cherry Creek School District No. 5 | |||
| 5.25% 12/15/41 | 1,500,000 | 1,699,065 | |
| 5.25% 12/15/48 | 4,000,000 | 4,372,680 | |
| Avon, Colorado Metropolitan District | |||
| Series A 5.75% 12/1/55 | 1,800,000 | 1,827,756 | |
| Beacon Point, Colorado Metropolitan District | |||
| 5.00% 12/1/30 (AG) | 1,130,000 | 1,131,571 | |
| City & County of Broomfield, Colorado Baseline Metropolitan District No. 1 | |||
| Series A 4.00% 12/1/46 (AG) | 500,000 | 480,990 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Local General Obligation Bonds (continued) | |||
| City of Castle Pines, Douglas County, Colorado Canyons Metropolitan District No. 5 | |||
| Series A 5.25% 12/1/59 (BAM) | 2,000,000 | $ 2,061,560 | |
| El Paso County, Colorado School District No. 2 Harrison | |||
| 5.00% 12/1/38 | 1,000,000 | 1,042,240 | |
| Grand River, Colorado Hospital District | |||
| 5.25% 12/1/35 (AG) | 1,000,000 | 1,037,550 | |
| La Plata County, Colorado Durango School District No. 9-R | |||
| Series R 5.25% 11/1/49 | 1,000,000 | 1,065,100 | |
| Prairie Center Metropolitan, Colorado District No. 3 Revenue | |||
| Series B 5.875% 12/15/46 | 1,000,000 | 1,058,180 | |
| Verve, Colorado Metropolitan District No. 1 | |||
| 5.00% 12/1/51 | 2,000,000 | 1,780,600 | |
| Weld County, Colorado School District No. Re-1 | |||
| 5.00% 12/15/31 (AG) | 1,000,000 | 1,010,050 | |
| 29,372,436 | |||
| Pre-Refunded Bond — 0.74% | |||
| Colorado Health Facilities Authority Revenue | |||
| (Parkview Medical Center, Inc. Project) Series A 4.00% 9/1/50-30 § | 1,750,000 | 1,848,805 | |
| 1,848,805 | |||
| Special Tax Revenue Bonds — 18.70% | |||
| Aerotropolis Regional Transportation Authority Revenue | |||
| 144A 5.50% 12/1/44 # | 1,500,000 | 1,551,030 | |
| Arapahoe County, Colorado Riverpark Metropolitan District Revenue | |||
| 6.00% 12/1/42 | 745,000 | 770,330 | |
| 6.375% 12/1/54 | 1,250,000 | 1,281,563 | |
| City & County of Denver, Colorado Dedicated Excise Tax Revenue | |||
| Series A 4.00% 8/1/51 | 1,000,000 | 920,960 | |
| City of Grand Junction, Colorado General Fund Revenue | |||
| 5.00% 3/1/49 | 2,570,000 | 2,684,185 | |
| City of Loveland, Colorado Centerra South Metropolitan District No. 1 Revenue | |||
| Series A 144A 6.25% 12/1/55 # | 1,000,000 | 1,013,320 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| Colorado Regional Transportation District Sales Tax Revenue | |||
| (FasTracks Project) Series A 5.00% 11/1/31 | 1,495,000 | $ 1,509,023 | |
| Commonwealth of Puerto Rico Revenue | |||
| 3.367% 11/1/43 • | 3,863,292 | 2,670,501 | |
| (Subordinate) 3.799% 11/1/51 • | 1,185,249 | 748,188 | |
| Denver, Colorado Convention Center Hotel Authority Revenue | |||
| 5.00% 12/1/40 | 2,660,000 | 2,665,533 | |
| Fountain, Colorado Urban Renewal Authority, Colorado Revenue | |||
| (South Academy Highlands Project) Series A 5.50% 11/1/44 | 1,375,000 | 1,374,876 | |
| GDB Debt Recovery Authority of Puerto Rico Revenue | |||
| (Taxable) 7.50% 8/20/40 | 5,810,508 | 5,701,735 | |
| Matching Fund Special Purpose Securitization, Virgin Islands Revenue | |||
| Series A 5.00% 10/1/32 | 450,000 | 479,543 | |
| Plaza Metropolitan District, Colorado No. 1 Revenue | |||
| 144A 5.00% 12/1/40 # | 1,265,000 | 1,265,595 | |
| Prairie Center Metropolitan, Colorado District No. 3 Revenue | |||
| Series A 144A 5.00% 12/15/41 # | 1,000,000 | 1,001,690 | |
| Prairie Point Community Authority Board Special Improvement District No. 1 Revenue | |||
| (In the City of Aurora, Arapahoe County, Colorado) 5.75% 12/1/45 | 1,000,000 | 1,020,510 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| (Capital Appreciation - Restructured) Series A-1 5.70% 7/1/46 ^ | 12,621,000 | 4,606,791 | |
| (Restructured) | |||
| Series A-1 4.75% 7/1/53 | 1,855,000 | 1,787,033 | |
| Series A-1 5.00% 7/1/58 | 5,041,000 | 4,981,466 | |
| Series A-1 6.37% 7/1/51 ^ | 14,280,000 | 3,835,179 | |
| Series A-2 4.536% 7/1/53 | 3,000,000 | 2,799,600 | |
| Southlands Metropolitan, Colorado District No. 1 Revenue | |||
| Series A-1 5.00% 12/1/37 | 500,000 | 503,410 | |
| Series A-1 5.00% 12/1/47 | 300,000 | 300,126 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Special Tax Revenue Bonds (continued) | |||
| Sterling Ranch, Colorado Community Authority Board Revenue | |||
| (Senior) Series A 6.50% 12/1/54 | 1,000,000 | $ 1,038,430 | |
| 46,510,617 | |||
| State General Obligation Bonds — 0.87% | |||
| Commonwealth of Puerto Rico Revenue | |||
| (Restructured) | |||
| Series A-1 4.00% 7/1/41 | 1,422,839 | 1,356,094 | |
| Series A-1 4.00% 7/1/46 | 900,000 | 798,219 | |
| 2,154,313 | |||
| Transportation Revenue Bonds — 7.11% | |||
| City & County of Denver, Colorado Airport System Revenue | |||
| Series A 4.00% 11/15/41 (AMT) | 710,000 | 696,425 | |
| Series A 4.00% 12/1/48 (AMT) | 4,845,000 | 4,377,506 | |
| Series A 5.00% 11/15/30 (AMT) | 500,000 | 514,110 | |
| Series A 5.00% 11/15/47 (AMT) | 1,000,000 | 1,024,330 | |
| Series A 5.25% 12/1/43 (AMT) | 2,000,000 | 2,052,800 | |
| Colorado Bridge & Tunnel Enterprise Revenue | |||
| (Senior Infrastructure) | |||
| Series A 5.25% 12/1/54 (AG) | 500,000 | 525,380 | |
| Series A 5.50% 12/1/54 (AG) | 2,000,000 | 2,137,940 | |
| Colorado High Performance Transportation Enterprise Revenue | |||
| (C-470 Express Lanes) | |||
| 5.00% 12/31/51 | 2,990,000 | 2,977,412 | |
| 5.00% 12/31/56 | 1,250,000 | 1,233,613 | |
| (US 36 & I-25 Managed Lanes) 5.75% 1/1/44 (AMT) | 2,140,000 | 2,141,626 | |
| 17,681,142 | |||
| Water & Sewer Revenue Bonds — 8.21% | |||
| Arapahoe County of Colorado Water & Wastewater Authority Revenue | |||
| 4.00% 12/1/36 | 3,000,000 | 3,056,370 | |
| City & County of Denver, Colorado Board of Water Commissioners Revenue | |||
| Series A 5.00% 9/15/54 | 1,900,000 | 1,978,166 | |
| City of Aurora, Colorado First Lien Water Revenue | |||
| 5.00% 8/1/54 | 1,495,000 | 1,550,719 | |
| Principal amount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| Water & Sewer Revenue Bonds (continued) | |||
| City of Brighton, Colorado Water Activity Revenue | |||
| (Water System Project) 4.25% 6/1/55 | 1,000,000 | $ 958,120 | |
| City of Westminster, Colorado Water & Wastewater Utility Revenue | |||
| 5.00% 12/1/54 | 3,185,000 | 3,313,801 | |
| Douglas County, Colorado Centennial Water & Sanitation District Revenue | |||
| 4.00% 12/1/38 | 500,000 | 505,845 | |
| Guam Government Waterworks Authority Revenue | |||
| Series A 5.00% 7/1/43 | 750,000 | 785,602 | |
| Johnstown, Colorado Wastewater Revenue | |||
| 4.00% 12/1/51 (AG) | 2,875,000 | 2,598,454 | |
| Metro Wastewater Reclamation District, Colorado Revenue | |||
| Series A 3.00% 4/1/38 | 1,620,000 | 1,493,381 | |
| Metro Water Recovery, Colorado Revenue | |||
| Series A 5.00% 4/1/51 | 2,000,000 | 2,114,620 | |
| Town of Gypsum, Colorado Sewer Enterprise Revenue | |||
| 5.00% 12/1/54 (AG) | 2,000,000 | 2,055,200 | |
| 20,410,278 | |||
| Total Municipal Bonds (cost $246,333,582) | 242,902,044 | ||
| Short-Term Investments — 0.68% | |||
| Variable Rate Demand Note — 0.68% | |||
| University of Colorado Hospital Authority | |||
| 1.90% 11/15/39 (SPA - TD Bank, N.A.)¤ | 1,700,000 | 1,700,000 | |
| Total Short-Term Investments (cost $1,700,000) | 1,700,000 | ||
| Total Value of Securities—98.36% (cost $248,033,582) | 244,602,044 | ||
| Receivables and Other Assets Net of Liabilities—1.64% | 4,066,717 | ||
| Net Assets Applicable to 24,015,974 Shares Outstanding—100.00% | $248,668,761 | ||
| ° | 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 $17,088,227, which represents 6.87% 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. |
| § | 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. |
| • | 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 |
| N.A. – National Association |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| SPA – Stand-by Purchase Agreement |
| USD – US Dollar |