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contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>88</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">0.86<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; vertical-align: top; font-style: normal; font-size: 10pt; width: 2%; text-align: right; padding: 6pt 3pt 0 0;"><sup style="font-size: smaller;"><sup style="font-size: smaller;">1</sup></sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; padding: 6pt 0 0 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; color: rgb(0, 0, 0); text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; margin-bottom: 0px; padding: 0px;">Costs paid as a percentage of a $10,000 investment would have been 0.80% if distressed investment expenses and non-recurring expenses were not included.</div> </td> </tr> </table> 88 0.0086 <div style="font-family: 'arial'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 10pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Tax-Free USA Fund (Class A) returned 5.78% (excluding sales charge) for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">August 31, 2026.</span> During the same period, the Bloomberg Municipal Bond Index, the Fund's broad-based securities market index (benchmark), returned 4.12%.</div> <div style="font-family: 'arial'; font-size: 10pt; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Market highlights</b></div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">During the reporting period, monetary policy and geopolitical uncertainty impacted the municipal bond market. US Federal Reserve (Fed) cuts in 4Q25 and legislative clarity contributed to performance. However, the US-Iran conflict and subsequent inflation concerns applied pressure to the market. Additionally, market technicals impacted performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Supply was elevated but met with strong demand as municipal mutual funds took in a near record amount in the first eight months of 2026. More importantly, the flows were evenly distributed between open-ended funds and exchange-traded funds (ETFs) in calendar year 2026.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Municipal bond yields rose on the front end of the curve and fell in the intermediate and long segments. For example, the MMD AAA 2-year yield rose 33 basis points (bps) while the 20-year yield fell 15 bps and the 30-year yield fell 1 bp (a basis point equals one-hundredth of a percentage point). As a result, the 2-year/30-year curve flattened, starting the period at 241 bps and ending the period at 207 bps.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The long end of the curve outperformed as did lower investment grade BBB-rated and below-investment-grade securities during the reporting period, in part, driven by the strong fund flows into long mutual funds. For example, the Bloomberg Municipal Bond Index returned 4.12% while the long segment (22+ years) returned 6.45%; BBB-rated and below‑investment‑grade securities returned 6.08% and 6.66%, respectively. Conversely, the front end of the curve detracted from performance for the period with the Bloomberg Municipal Bond Index’s 1-year (1-2 years) segment only up 2.36%.</div> <div style="font-family: 'arial'; font-size: 10pt; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">An overweight to the long end of the curve contributed to performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">An overweight to BBB-rated securities, in addition to a full out-of-benchmark allocation to below-investment-grade bonds, also contributed.</div> <div style="font-family: 'arial'; font-size: 10pt; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">A modest out-of-benchmark allocation to the front end of the curve (0-1 years) was a drag on performance as this part of the curve lagged the overall market.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The transportation sector was a detractor, underperforming the benchmark’s transportation return of 4.86%.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 10pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period August 31, 2016, through August 31, 2026</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g155606chartimages_12303801.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>August 31, 2026</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Tax-Free USA Fund (Class A) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.03</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-1.44</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.47</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Tax-Free USA Fund (Class A) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">5.78</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-0.53</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.94</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">4.12</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">0.54</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.91</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Nomura Tax-Free USA Fund (Class A) – including sales charge 0.0103 -0.0144 0.0147 Nomura Tax-Free USA Fund (Class A) – excluding sales charge 0.0578 -0.0053 0.0194 Bloomberg Municipal Bond Index 0.0412 0.0054 0.0191 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of August 31, 2026)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>1,067,747,417</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">327</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total net advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>4,751,222</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">25<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 1067747417 327 4751222 0.25 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of August 31, 2026)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Sector allocation</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Special Tax Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">15.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Industrial Development Revenue/Pollution Control<br/>Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">14.99<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Transportation Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">13.60<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Education Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">11.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">11.48<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Lease Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">8.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">State General Obligation Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">8.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Local General Obligation Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">4.36<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Electric Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">3.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Water &amp; Sewer Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.37<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">State and territory allocation </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Puerto Rico</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">14.00<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">California</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">10.02<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Illinois</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">9.90<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">New York</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">9.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Florida</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">5.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Texas</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">5.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Arizona</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">4.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Alabama</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">New Jersey</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Wisconsin</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.52<span>%</span></td> </tr> </table> 0.1563 0.1499 0.1360 0.1187 0.1148 0.0852 0.0840 0.0436 0.0326 0.0237 0.1400 0.1002 0.0990 0.0955 0.0595 0.0591 0.0458 0.0369 0.0356 0.0352 <div style="font-family: 'arial'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 10pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Tax-Free USA Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Tax-Free USA Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 10pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">May 20, 2026</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">May 20, 2026</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">May 20, 2026</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2026-05-20 Nomura Tax-Free USA Fund(formerly, Macquarie Tax-Free USA Fund) Class C DUSCX This annual shareholder report contains important information about Nomura Tax-Free USA Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 1, 2025,</span> to August 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature.</span> You can also request this information by contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class C</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>165</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">1.61<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; vertical-align: top; font-style: normal; font-size: 10pt; width: 2%; text-align: right; padding: 6pt 3pt 0 0;"><sup style="font-size: smaller;"><sup style="font-size: smaller;">1</sup></sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; padding: 6pt 0 0 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; color: rgb(0, 0, 0); text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; margin-bottom: 0px; padding: 0px;">Costs paid as a percentage of a $10,000 investment would have been 1.55% if distressed investment expenses and non-recurring expenses were not included.</div> </td> </tr> </table> 165 0.0161 <div style="font-family: 'arial'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 10pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Tax-Free USA Fund (Class C) returned 4.99% (excluding sales charge) for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">August 31, 2026.</span> During the same period, the Bloomberg Municipal Bond Index, the Fund's broad-based securities market index (benchmark), returned 4.12%.</div> <div style="font-family: 'arial'; font-size: 10pt; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Market highlights</b></div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">During the reporting period, monetary policy and geopolitical uncertainty impacted the municipal bond market. US Federal Reserve (Fed) cuts in 4Q25 and legislative clarity contributed to performance. However, the US-Iran conflict and subsequent inflation concerns applied pressure to the market. Additionally, market technicals impacted performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Supply was elevated but met with strong demand as municipal mutual funds took in a near record amount in the first eight months of 2026. More importantly, the flows were evenly distributed between open-ended funds and exchange-traded funds (ETFs) in calendar year 2026.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Municipal bond yields rose on the front end of the curve and fell in the intermediate and long segments. For example, the MMD AAA 2-year yield rose 33 basis points (bps) while the 20-year yield fell 15 bps and the 30-year yield fell 1 bp (a basis point equals one-hundredth of a percentage point). As a result, the 2-year/30-year curve flattened, starting the period at 241 bps and ending the period at 207 bps.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The long end of the curve outperformed as did lower investment grade BBB-rated and below-investment-grade securities during the reporting period, in part, driven by the strong fund flows into long mutual funds. For example, the Bloomberg Municipal Bond Index returned 4.12% while the long segment (22+ years) returned 6.45%; BBB-rated and below‑investment‑grade securities returned 6.08% and 6.66%, respectively. Conversely, the front end of the curve detracted from performance for the period with the Bloomberg Municipal Bond Index’s 1-year (1-2 years) segment only up 2.36%.</div> <div style="font-family: 'arial'; font-size: 10pt; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">An overweight to the long end of the curve contributed to performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">An overweight to BBB-rated securities, in addition to a full out-of-benchmark allocation to below-investment-grade bonds, also contributed.</div> <div style="font-family: 'arial'; font-size: 10pt; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">A modest out-of-benchmark allocation to the front end of the curve (0-1 years) was a drag on performance as this part of the curve lagged the overall market.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The transportation sector was a detractor, underperforming the benchmark’s transportation return of 4.86%.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 10pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period August 31, 2016, through August 31, 2026</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g155606chartimages_12303842.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>August 31, 2026</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Tax-Free USA Fund (Class C) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">3.99</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-1.26</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.19</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Tax-Free USA Fund (Class C) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">4.99</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-1.26</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.19</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">4.12</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">0.54</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.91</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Nomura Tax-Free USA Fund (Class C) – including sales charge 0.0399 -0.0126 0.0119 Nomura Tax-Free USA Fund (Class C) – excluding sales charge 0.0499 -0.0126 0.0119 Bloomberg Municipal Bond Index 0.0412 0.0054 0.0191 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of August 31, 2026)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>1,067,747,417</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">327</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total net advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>4,751,222</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">25<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 1067747417 327 4751222 0.25 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of August 31, 2026)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Sector allocation</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Special Tax Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">15.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Industrial Development Revenue/Pollution Control<br/>Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">14.99<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Transportation Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">13.60<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Education Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">11.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">11.48<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Lease Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">8.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">State General Obligation Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">8.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Local General Obligation Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">4.36<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Electric Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">3.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Water &amp; Sewer Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.37<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">State and territory allocation </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Puerto Rico</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">14.00<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">California</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">10.02<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Illinois</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">9.90<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">New York</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">9.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Florida</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">5.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Texas</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">5.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Arizona</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">4.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Alabama</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">New Jersey</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Wisconsin</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.52<span>%</span></td> </tr> </table> 0.1563 0.1499 0.1360 0.1187 0.1148 0.0852 0.0840 0.0436 0.0326 0.0237 0.1400 0.1002 0.0990 0.0955 0.0595 0.0591 0.0458 0.0369 0.0356 0.0352 <div style="font-family: 'arial'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 10pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Tax-Free USA Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Tax-Free USA Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 10pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">May 20, 2026</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">May 20, 2026</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">May 20, 2026</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2026-05-20 Nomura Tax-Free USA Fund(formerly, Macquarie Tax-Free USA Fund) Institutional Class DTFIX This annual shareholder report contains important information about Nomura Tax-Free USA Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 1, 2025,</span> to August 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature.</span> You can also request this information by contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Institutional Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>63</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">0.61<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; vertical-align: top; font-style: normal; font-size: 10pt; width: 2%; text-align: right; padding: 6pt 3pt 0 0;"><sup style="font-size: smaller;"><sup style="font-size: smaller;">1</sup></sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; padding: 6pt 0 0 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; color: rgb(0, 0, 0); text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; margin-bottom: 0px; padding: 0px;">Costs paid as a percentage of a $10,000 investment would have been 0.55% if distressed investment expenses and non-recurring expenses were not included.</div> </td> </tr> </table> 63 0.0061 <div style="font-family: 'arial'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 10pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Tax-Free USA Fund (Institutional Class) returned 6.03% (excluding sales charge) for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">August 31, 2026.</span> During the same period, the Bloomberg Municipal Bond Index, the Fund's broad-based securities market index (benchmark), returned 4.12%.</div> <div style="font-family: 'arial'; font-size: 10pt; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>Market highlights</b></div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">During the reporting period, monetary policy and geopolitical uncertainty impacted the municipal bond market. US Federal Reserve (Fed) cuts in 4Q25 and legislative clarity contributed to performance. However, the US-Iran conflict and subsequent inflation concerns applied pressure to the market. Additionally, market technicals impacted performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Supply was elevated but met with strong demand as municipal mutual funds took in a near record amount in the first eight months of 2026. More importantly, the flows were evenly distributed between open-ended funds and exchange-traded funds (ETFs) in calendar year 2026.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Municipal bond yields rose on the front end of the curve and fell in the intermediate and long segments. For example, the MMD AAA 2-year yield rose 33 basis points (bps) while the 20-year yield fell 15 bps and the 30-year yield fell 1 bp (a basis point equals one-hundredth of a percentage point). As a result, the 2-year/30-year curve flattened, starting the period at 241 bps and ending the period at 207 bps.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The long end of the curve outperformed as did lower investment grade BBB-rated and below-investment-grade securities during the reporting period, in part, driven by the strong fund flows into long mutual funds. For example, the Bloomberg Municipal Bond Index returned 4.12% while the long segment (22+ years) returned 6.45%; BBB-rated and below‑investment‑grade securities returned 6.08% and 6.66%, respectively. Conversely, the front end of the curve detracted from performance for the period with the Bloomberg Municipal Bond Index’s 1-year (1-2 years) segment only up 2.36%.</div> <div style="font-family: 'arial'; font-size: 10pt; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">An overweight to the long end of the curve contributed to performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">An overweight to BBB-rated securities, in addition to a full out-of-benchmark allocation to below-investment-grade bonds, also contributed.</div> <div style="font-family: 'arial'; font-size: 10pt; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">A modest out-of-benchmark allocation to the front end of the curve (0-1 years) was a drag on performance as this part of the curve lagged the overall market.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The transportation sector was a detractor, underperforming the benchmark’s transportation return of 4.86%.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 10pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period August 31, 2016, through August 31, 2026</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g155606chartimages_12303883.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>August 31, 2026</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Tax-Free USA Fund (Institutional Class) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">6.03</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-0.29</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">2.20</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Tax-Free USA Fund (Institutional Class) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">6.03</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-0.29</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">2.20</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">4.12</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">0.54</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.91</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Nomura Tax-Free USA Fund (Institutional Class) – including sales charge 0.0603 -0.0029 0.0220 Nomura Tax-Free USA Fund (Institutional Class) – excluding sales charge 0.0603 -0.0029 0.0220 Bloomberg Municipal Bond Index 0.0412 0.0054 0.0191 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of August 31, 2026)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>1,067,747,417</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">327</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total net advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>4,751,222</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">25<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 1067747417 327 4751222 0.25 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of August 31, 2026)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Sector allocation</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Special Tax Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">15.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Industrial Development Revenue/Pollution Control<br/>Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">14.99<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Transportation Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">13.60<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Education Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">11.87<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">11.48<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Lease Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">8.52<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">State General Obligation Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">8.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Local General Obligation Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">4.36<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Electric Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">3.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Water &amp; Sewer Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.37<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">State and territory allocation </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Puerto Rico</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">14.00<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">California</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">10.02<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Illinois</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">9.90<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">New York</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">9.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Florida</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">5.95<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Texas</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">5.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Arizona</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">4.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Alabama</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.69<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">New Jersey</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Wisconsin</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.52<span>%</span></td> </tr> </table> 0.1563 0.1499 0.1360 0.1187 0.1148 0.0852 0.0840 0.0436 0.0326 0.0237 0.1400 0.1002 0.0990 0.0955 0.0595 0.0591 0.0458 0.0369 0.0356 0.0352 <div style="font-family: 'arial'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 10pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Tax-Free USA Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Tax-Free USA Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 10pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">May 20, 2026</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">May 20, 2026</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">May 20, 2026</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2026-05-20 Nomura Tax-Free USA Intermediate Fund(formerly, Macquarie Tax-Free USA Intermediate Fund) Class A DMUSX This annual shareholder report contains important information about Nomura Tax-Free USA Intermediate Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 1, 2025,</span> to August 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature.</span> You can also request this information by contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); line-height: 115%; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 115%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div><div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); line-height: 115%; font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class A</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>79</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">0.77<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; vertical-align: top; font-style: normal; font-size: 10pt; width: 2%; text-align: right; padding: 6pt 3pt 0 0;"><sup style="font-size: smaller;"><sup style="font-size: smaller;">1</sup></sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; padding: 6pt 0 0 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; color: rgb(0, 0, 0); text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; margin-bottom: 0px; padding: 0px;">Costs paid as a percentage of a $10,000 investment would have been 0.75% if distressed investment expenses were not included.</div> </td> </tr> </table> 79 0.0077 <div style="font-family: 'arial'; line-height: 115%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 9pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 115%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Tax-Free USA Intermediate Fund (Class A) returned 4.26% (excluding sales charge)<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span>for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">August 31, 2026.</span> During the same period, the Bloomberg Municipal Bond Index, the Fund's broad-based securities market index, returned 4.12%, while the Bloomberg 3-15 Year Blend Municipal Bond Index, the Fund's narrowly based securities market index (benchmark), returned 2.93%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 115%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Market highlights</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">During the reporting period, monetary policy and geopolitical uncertainty impacted the municipal bond market. US Federal Reserve (Fed) cuts in 4Q25 and legislative clarity contributed to performance. However, the US-Iran conflict and subsequent inflation concerns applied pressure to the market. Additionally, market technicals impacted performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Supply was elevated but met with strong demand as municipal mutual funds took in a near record amount in the first eight months of 2026. More importantly, the flows were evenly distributed between open-ended funds and exchange-traded funds (ETFs) in calendar year 2026.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Municipal bond yields rose on the front end of the curve and fell in the intermediate and long segments. For example, the MMD AAA 2-year yield rose 33 basis points (bps) while the 20-year yield fell 15 bps and the 30-year yield fell 1 bp (a basis point equals one-hundredth of a percentage point). As a result, the 2-year/30-year curve flattened, starting the period at 241 bps and ending the period at 207 bps.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The long end of the curve outperformed as did lower investment grade BBB-rated and below-investment-grade securities during the reporting period, in part, driven by the strong fund flows into long mutual funds. For example, the Bloomberg Municipal Bond Index returned 4.12% while the long segment (22+ years) returned 6.45%; BBB-rated and below-investment-grade securities returned 6.08% and 6.66%, respectively. Conversely, the front end of the curve detracted from performance for the period with the Bloomberg Municipal Bond Index’s 1-year (1-2 years) segment only up 2.36%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 115%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">An out-of-benchmark allocation to the long end of the curve contributed to performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">An overweight to BBB-rated securities contributed to performance for the period.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 115%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">A modest out-of-benchmark allocation to the front end of the curve (0-2 years) was a drag on performance as this part of the curve lagged the overall market.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Industrial Development Revenue (IDR)/Pollution Control Revenue (PCR) sector was a detractor for the period. This allocation underperformed the benchmark’s IDR/PCR return as well as the overall benchmark return.</div> <div style="margin-top: 0px; font-family: 'arial'; line-height: 115%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 9pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 115%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period August 31, 2016, through August 31, 2026</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 16pt;"> <img alt="Fund Performance - Growth of 10K" src="g155606chartimages_12303678.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>August 31, 2026</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Tax-Free USA Intermediate Fund (Class A) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.38</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-0.61</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.37</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Tax-Free USA Intermediate Fund (Class A) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">4.26</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-0.05</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.66</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">4.12</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">0.54</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.91</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Bloomberg 3–15 Year Blend Municipal Bond Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">2.93</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">0.83</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.93</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Nomura Tax-Free USA Intermediate Fund (Class A) – including sales charge 0.0138 -0.0061 0.0137 Nomura Tax-Free USA Intermediate Fund (Class A) – excluding sales charge 0.0426 -0.0005 0.0166 Bloomberg Municipal Bond Index 0.0412 0.0054 0.0191 Bloomberg 3–15 Year Blend Municipal Bond Index 0.0293 0.0083 0.0193 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of August 31, 2026)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>811,257,515</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">324</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total net advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>3,163,684</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">7<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 811257515 324 3163684 0.07 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of August 31, 2026)</div><div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div><div style="font-family: 'arial'; font-size: 10pt; line-height: 115%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Sector allocation</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Industrial Development Revenue/Pollution Control<br/>Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">22.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Transportation Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">15.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Special Tax Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">15.09<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">8.28<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Education Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">7.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Lease Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">6.75<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">State General Obligation Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">6.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Housing Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">5.99<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Electric Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">3.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Local General Obligation Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table><div style="font-family: 'arial'; font-size: 10pt; line-height: 115%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">State and territory allocation </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">New York</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">14.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Puerto Rico</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">11.20<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">California</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">10.27<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Illinois</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">9.16<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Florida</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">7.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Alabama</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">4.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Colorado</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">4.48<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Pennsylvania</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.88<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">New Jersey</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Texas</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.82<span>%</span></td> </tr> </table> 0.2256 0.1558 0.1509 0.0828 0.0758 0.0675 0.0658 0.0599 0.0398 0.0258 0.1407 0.1120 0.1027 0.0916 0.0791 0.0467 0.0448 0.0388 0.0340 0.0282 <div style="font-family: 'arial'; line-height: 115%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 9pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Tax-Free USA Intermediate Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Tax-Free USA Intermediate Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; line-height: 115%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 9pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">May 20, 2026</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">May 20, 2026</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">May 20, 2026</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2026-05-20 Nomura Tax-Free USA Intermediate Fund(formerly, Macquarie Tax-Free USA Intermediate Fund) Class C DUICX This annual shareholder report contains important information about Nomura Tax-Free USA Intermediate Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 1, 2025,</span> to August 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature.</span> You can also request this information by contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); line-height: 115%; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 115%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); line-height: 115%; font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class C</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>155</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">1.52<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; vertical-align: top; font-style: normal; font-size: 10pt; width: 2%; text-align: right; padding: 6pt 3pt 0 0;"><sup style="font-size: smaller;"><sup style="font-size: smaller;">1</sup></sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; padding: 6pt 0 0 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; color: rgb(0, 0, 0); text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; margin-bottom: 0px; padding: 0px;">Costs paid as a percentage of a $10,000 investment would have been 1.50% if distressed investment expenses were not included.</div> </td> </tr> </table> 155 0.0152 <div style="font-family: 'arial'; line-height: 115%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 9pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 115%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Tax-Free USA Intermediate Fund (Class C) returned 3.48% (excluding sales charge)<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span>for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">August 31, 2026.</span> During the same period, the Bloomberg Municipal Bond Index, the Fund's broad-based securities market index, returned 4.12%, while the Bloomberg 3-15 Year Blend Municipal Bond Index, the Fund's narrowly based securities market index (benchmark), returned 2.93%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 115%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Market highlights</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">During the reporting period, monetary policy and geopolitical uncertainty impacted the municipal bond market. US Federal Reserve (Fed) cuts in 4Q25 and legislative clarity contributed to performance. However, the US-Iran conflict and subsequent inflation concerns applied pressure to the market. Additionally, market technicals impacted performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Supply was elevated but met with strong demand as municipal mutual funds took in a near record amount in the first eight months of 2026. More importantly, the flows were evenly distributed between open-ended funds and exchange-traded funds (ETFs) in calendar year 2026.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Municipal bond yields rose on the front end of the curve and fell in the intermediate and long segments. For example, the MMD AAA 2-year yield rose 33 basis points (bps) while the 20-year yield fell 15 bps and the 30-year yield fell 1 bp (a basis point equals one-hundredth of a percentage point). As a result, the 2-year/30-year curve flattened, starting the period at 241 bps and ending the period at 207 bps.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The long end of the curve outperformed as did lower investment grade BBB-rated and below-investment-grade securities during the reporting period, in part, driven by the strong fund flows into long mutual funds. For example, the Bloomberg Municipal Bond Index returned 4.12% while the long segment (22+ years) returned 6.45%; BBB-rated and below-investment-grade securities returned 6.08% and 6.66%, respectively. Conversely, the front end of the curve detracted from performance for the period with the Bloomberg Municipal Bond Index’s 1-year (1-2 years) segment only up 2.36%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 115%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">An out-of-benchmark allocation to the long end of the curve contributed to performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">An overweight to BBB-rated securities contributed to performance for the period.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 115%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">A modest out-of-benchmark allocation to the front end of the curve (0-2 years) was a drag on performance as this part of the curve lagged the overall market.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Industrial Development Revenue (IDR)/Pollution Control Revenue (PCR) sector was a detractor for the period. This allocation underperformed the benchmark’s IDR/PCR return as well as the overall benchmark return.</div> <div style="margin-top: 0px; font-family: 'arial'; line-height: 115%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 9pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index and an additional narrowly based securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 115%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period August 31, 2016, through August 31, 2026</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 16pt;"> <img alt="Fund Performance - Growth of 10K" src="g155606chartimages_12303719.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>August 31, 2026</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Tax-Free USA Intermediate Fund (Class C) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">2.48</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-0.81</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">0.84</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Tax-Free USA Intermediate Fund (Class C) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">3.48</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">-0.81</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">0.84</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">4.12</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">0.54</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.91</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Bloomberg 3–15 Year Blend Municipal Bond Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">2.93</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">0.83</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.93</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Nomura Tax-Free USA Intermediate Fund (Class C) – including sales charge 0.0248 -0.0081 0.0084 Nomura Tax-Free USA Intermediate Fund (Class C) – excluding sales charge 0.0348 -0.0081 0.0084 Bloomberg Municipal Bond Index 0.0412 0.0054 0.0191 Bloomberg 3–15 Year Blend Municipal Bond Index 0.0293 0.0083 0.0193 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of August 31, 2026)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>811,257,515</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">324</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total net advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>3,163,684</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">7<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 811257515 324 3163684 0.07 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of August 31, 2026)</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 115%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Sector allocation</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Industrial Development Revenue/Pollution Control<br/>Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">22.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Transportation Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">15.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Special Tax Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">15.09<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">8.28<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Education Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">7.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Lease Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">6.75<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">State General Obligation Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">6.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Housing Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">5.99<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Electric Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">3.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Local General Obligation Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; line-height: 115%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">State and territory allocation </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">New York</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">14.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Puerto Rico</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">11.20<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">California</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">10.27<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Illinois</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">9.16<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Florida</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">7.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Alabama</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">4.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Colorado</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">4.48<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Pennsylvania</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.88<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">New Jersey</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Texas</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.82<span>%</span></td> </tr> </table> 0.2256 0.1558 0.1509 0.0828 0.0758 0.0675 0.0658 0.0599 0.0398 0.0258 0.1407 0.1120 0.1027 0.0916 0.0791 0.0467 0.0448 0.0388 0.0340 0.0282 <div style="font-family: 'arial'; line-height: 115%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 9pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Tax-Free USA Intermediate Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Tax-Free USA Intermediate Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; line-height: 115%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 9pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">May 20, 2026</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">May 20, 2026</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">May 20, 2026</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2026-05-20 Nomura Tax-Free USA Intermediate Fund(formerly, Macquarie Tax-Free USA Intermediate Fund) Institutional Class DUSIX This annual shareholder report contains important information about Nomura Tax-Free USA Intermediate Fund (Fund) for the period of <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">September 1, 2025,</span> to August 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature.</span> You can also request this information by contacting us at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">800 523-1918</span>, weekdays from <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">8:30am to 6:00pm ET.</span> nomuraassetmanagement.com/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; color: rgb(0, 0, 0); line-height: 115%; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 115%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;"><b>What were the </b> <b>Fund's</b> <b> costs for </b> <b>the last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-weight: 400; color: rgb(0, 0, 0); line-height: 115%; font-family: 'arial'; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment<sup style="font-size: smaller;">1</sup></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Institutional Class</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>53</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; white-space: nowrap; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">0.52<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; vertical-align: top; font-style: normal; font-size: 10pt; width: 2%; text-align: right; padding: 6pt 3pt 0 0;"><sup style="font-size: smaller;"><sup style="font-size: smaller;">1</sup></sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; font-family: 'Arial'; line-height: normal; color: rgb(0, 0, 0); margin-bottom: 0; text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; padding: 6pt 0 0 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; line-height: normal; color: rgb(0, 0, 0); text-align: left; vertical-align: top; font-style: normal; font-size: 10pt; margin-bottom: 0px; padding: 0px;">Costs paid as a percentage of a $10,000 investment would have been 0.50% if distressed investment expenses were not included.</div> </td> </tr> </table> 53 0.0052 <div style="font-family: 'arial'; line-height: 115%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 9pt; margin-top: 0px;">Management's discussion of Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 115%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Performance highlights</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">Nomura Tax-Free USA Intermediate Fund (Institutional Class) returned 4.52% (excluding sales charge)<span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;"> </span>for the 12 months ended <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">August 31, 2026.</span> During the same period, the Bloomberg Municipal Bond Index, the Fund's broad-based securities market index, returned 4.12%, while the Bloomberg 3-15 Year Blend Municipal Bond Index, the Fund's narrowly based securities market index (benchmark), returned 2.93%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 115%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Market highlights</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">During the reporting period, monetary policy and geopolitical uncertainty impacted the municipal bond market. US Federal Reserve (Fed) cuts in 4Q25 and legislative clarity contributed to performance. However, the US-Iran conflict and subsequent inflation concerns applied pressure to the market. Additionally, market technicals impacted performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Supply was elevated but met with strong demand as municipal mutual funds took in a near record amount in the first eight months of 2026. More importantly, the flows were evenly distributed between open-ended funds and exchange-traded funds (ETFs) in calendar year 2026.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">Municipal bond yields rose on the front end of the curve and fell in the intermediate and long segments. For example, the MMD AAA 2-year yield rose 33 basis points (bps) while the 20-year yield fell 15 bps and the 30-year yield fell 1 bp (a basis point equals one-hundredth of a percentage point). As a result, the 2-year/30-year curve flattened, starting the period at 241 bps and ending the period at 207 bps.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The long end of the curve outperformed as did lower investment grade BBB-rated and below-investment-grade securities during the reporting period, in part, driven by the strong fund flows into long mutual funds. For example, the Bloomberg Municipal Bond Index returned 4.12% while the long segment (22+ years) returned 6.45%; BBB-rated and below-investment-grade securities returned 6.08% and 6.66%, respectively. Conversely, the front end of the curve detracted from performance for the period with the Bloomberg Municipal Bond Index’s 1-year (1-2 years) segment only up 2.36%.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 115%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top contributors to performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">An out-of-benchmark allocation to the long end of the curve contributed to performance.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">An overweight to BBB-rated securities contributed to performance for the period.</div> <div style="font-family: 'arial'; font-size: 10pt; line-height: 115%; margin-bottom: 3pt; margin-top: 15pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Top detractors from performance:</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">A modest out-of-benchmark allocation to the front end of the curve (0-2 years) was a drag on performance as this part of the curve lagged the overall market.</div> <div style="margin-top: 0px; font-size: 10pt; font-weight: 400; line-height: 115%; font-family: 'arial'; color: rgb(0, 0, 0); margin-bottom: 0px; margin-left: 26pt;">The Industrial Development Revenue (IDR)/Pollution Control Revenue (PCR) sector was a detractor for the period. This allocation underperformed the benchmark’s IDR/PCR return as well as the overall benchmark return.</div> <div style="margin-top: 0px; font-family: 'arial'; line-height: 115%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 9pt;">Fund performance</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index and an additional narrowly based securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; line-height: 115%; margin-bottom: 3pt; color: rgb(0, 0, 0); text-transform: none; letter-spacing: normal; font-weight: bold;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">For the period August 31, 2016, through August 31, 2026</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 16pt;"> <img alt="Fund Performance - Growth of 10K" src="g155606chartimages_12303760.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 3pt 3pt 3pt;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>August 31, 2026</strong>)</td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Tax-Free USA Intermediate Fund (Institutional Class) – including sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">4.52</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">0.19</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.86</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Nomura Tax-Free USA Intermediate Fund (Institutional Class) – excluding sales charge</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">4.52</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">0.19</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.86</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">4.12</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">0.54</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.91</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); text-indent: 0; width: 75%; padding: 6pt 3pt 3pt 3pt;">Bloomberg 3–15 Year Blend Municipal Bond Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">2.93</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">0.83</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 0;">1.93</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Nomura Tax-Free USA Intermediate Fund (Institutional Class) – including sales charge 0.0452 0.0019 0.0186 Nomura Tax-Free USA Intermediate Fund (Institutional Class) – excluding sales charge 0.0452 0.0019 0.0186 Bloomberg Municipal Bond Index 0.0412 0.0054 0.0191 Bloomberg 3–15 Year Blend Municipal Bond Index 0.0293 0.0083 0.0193 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit nomuraassetmanagement.com/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of August 31, 2026)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>811,257,515</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings*</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">324</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total net advisory fees paid (during reporting period)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>3,163,684</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 0 6pt 0;">7<span>%</span></td> </tr> </table> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; margin-top: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; line-height: normal; text-align: left; vertical-align: super; font-size: 7pt; font-weight: normal; width: 1%; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">*</div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: 400; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; line-height: normal; vertical-align: top; font-size: 7pt; padding: 0;"> <div style="margin-top: 0px; font-weight: 400; font-family: 'arial'; font-style: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; color: rgb(0, 0, 0); margin-bottom: 0px; padding: 0px;">Excludes cash and cash equivalents.</div> </td> </tr> </table> 811257515 324 3163684 0.07 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of August 31, 2026)</div><div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; font-size: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div><div style="font-family: 'arial'; font-size: 10pt; line-height: 115%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">Sector allocation</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Industrial Development Revenue/Pollution Control<br/>Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">22.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Transportation Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">15.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Special Tax Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">15.09<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">8.28<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Education Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">7.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Lease Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">6.75<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">State General Obligation Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">6.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Housing Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">5.99<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Electric Revenue Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">3.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Local General Obligation Bonds</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt 3pt 1pt 3pt;">2.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 400; color: rgb(0, 0, 0); line-height: 110%; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table><div style="font-family: 'arial'; font-size: 10pt; line-height: 115%; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 0, 0); font-weight: normal; text-transform: none; letter-spacing: normal; margin: 5pt 0px 5pt 0px;">State and territory allocation </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">New York</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">14.07<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Puerto Rico</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">11.20<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">California</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">10.27<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Illinois</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">9.16<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Florida</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">7.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Alabama</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">4.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Colorado</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">4.48<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Pennsylvania</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.88<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">New Jersey</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">3.40<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 10pt; line-height: 110%; text-align: left; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Texas</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 10pt; line-height: 110%; font-family: 'Arial'; font-weight: normal; color: rgb(0, 0, 0); vertical-align: bottom; white-space: nowrap; padding: 1pt;">2.82<span>%</span></td> </tr> </table> 0.2256 0.1558 0.1509 0.0828 0.0758 0.0675 0.0658 0.0599 0.0398 0.0258 0.1407 0.1120 0.1027 0.0916 0.0791 0.0467 0.0448 0.0388 0.0340 0.0282 <div style="font-family: 'arial'; line-height: 115%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 9pt; margin-top: 0px;">Material Fund changes</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Tax-Free USA Intermediate Fund.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">Effective December 1, 2025, the Fund was renamed Nomura Tax-Free USA Intermediate Fund.</div> 2025-12-01 <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2026, at <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">nomuraassetmanagement.com/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> nomuraassetmanagement.com/literature 800 523-1918 <div style="font-family: 'arial'; line-height: 115%; font-size: 12pt; font-weight: bold; color: rgb(0, 0, 0); margin-bottom: 9pt; margin-top: 0px;">Changes in and disagreements with accountants</div> <div style="margin-top: 0px; font-weight: 400; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">May 20, 2026</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. There were no disagreements with PwC during the Fund’s two most recent fiscal years or the subsequent interim period through <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">May 20, 2026</span>.</div> During the reporting period, there was a change in the Fund’s independent registered public accounting firm. On <span style="white-space: nowrap; font-family: 'times new roman'; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">May 20, 2026</span>, the Fund’s Board of Trustees, upon the recommendation of its Audit Committee, approved the appointment of Cohen &amp; Company, Ltd. as the independent registered public accounting firm for the Fund, effectively dismissing PricewaterhouseCoopers LLP (PwC) as the Fund’s independent registered public accounting firm. 2026-05-20 Costs paid as a percentage of a $10,000 investment would have been 0.75% if distressed investment expenses were not included. Excludes cash and cash equivalents. Excludes cash and cash equivalents. Costs paid as a percentage of a $10,000 investment would have been 1.50% if distressed investment expenses were not included. Excludes cash and cash equivalents. Costs paid as a percentage of a $10,000 investment would have been 0.50% if distressed investment expenses were not included. Excludes cash and cash equivalents. Costs paid as a percentage of a $10,000 investment would have been 0.80% if distressed investment expenses and non-recurring expenses were not included. Costs paid as a percentage of a $10,000 investment would have been 1.55% if distressed investment expenses and non-recurring expenses were not included. Excludes cash and cash equivalents. Costs paid as a percentage of a $10,000 investment would have been 0.55% if distressed investment expenses and non-recurring expenses were not included. Excludes cash and cash equivalents.