Nomura Tax-Free USA Intermediate Fund Q2 2026 Commentary

Nomura Tax-Free USA Intermediate Fund Institutional Class shares outperformed the median return within its Lipper peer group (Intermediate Municipal Debt Funds) by 90 basis points.

Nomura Tax-Free USA Intermediate Fund Institutional Class shares outperformed the Fund's benchmark by 112 basis points (one basis point equals one-hundredth of a percentage point), returning 2.86% versus 1.74% for its benchmark, the Bloomberg 3-15 Year Blend Municipal Bond Index, for Summary - Nomura Tax-Free USA Intermediate Fund Institutional Class shares outperformed the median return within its Lipper peer group (Intermediate Municipal Debt Funds) by 90 basis points. - The US municipal bond market recorded positive returns for 2Q26. There was a strong recovery in April following a sharp sell-off at the end of 1Q26.

- Oil markets retraced most of their gains from the surge in prices after the war started, which should be a boost to the global economy, especially in Asia and Europe, which bore the brunt of the energy supply shock. Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities and multi-asset solutions.

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