# EDGAR Filing Document

**Accession Number:** 0000809872
**File Stem:** 0001752724-25-182192
**Filing Date:** 2025-7
**Character Count:** 118420
**Document Hash:** 28b9d7abf0599a829cbbd3b45ce1f40e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182192.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182192

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250530

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VOYAGEUR MUTUAL FUNDS II
- **CENTRAL INDEX KEY:** 0000809872

**ORGANIZATION NAME:**
- **EIN:** 841044878
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04989
- **FILM NUMBER:** 251159984

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18005231918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VOYAGEUR MUTUAL FUNDS INC-II
- **DATE OF NAME CHANGE:** 19940328

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VOYAGEUR COLORADO TAX FREE FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COLORADO DOUBLE TAX EXEMPT FUND INC
- **DATE OF NAME CHANGE:** 19900625

## Series and Classes Contracts Data

### Macquarie Tax-Free Colorado Fund (Series ID: S000002417)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000006424 | Class A             | VCTFX           |
| C000006426 | Class C             | DVCTX           |
| C000135931 | Institutional Class | DCOIX           |

## Nport-Ex

Schedule of investments

Macquarie Tax-Free Colorado Fund May 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds — 100.06%** | &nbsp;&nbsp;**Municipal Bonds — 100.06%** | &nbsp;&nbsp;**Municipal Bonds — 100.06%** |
| &nbsp;&nbsp;Education Revenue Bonds — 11.97% | &nbsp;&nbsp;Education Revenue Bonds — 11.97% | &nbsp;&nbsp;Education Revenue Bonds — 11.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Governors of the Colorado State University<br> System Enterprise Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 3/1/43 | 3990000 | &nbsp;&nbsp;$4198717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.00% 3/1/47 | 1065000 | &nbsp;&nbsp;&nbsp;&nbsp; 915570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Alexander Dawson School - Nevada Project)<br> 5.00% 5/15/29 | 1230000 | &nbsp;&nbsp;&nbsp;&nbsp; 1243764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Ascent Classical Academy Charter Schools)<br> Series A 144A 5.80% 4/1/54 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 998480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Aspen View Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 393800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 5/1/61 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 935262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Charter School - Aspen Ridge School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/36 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.25% 7/1/46 # | 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1315818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Charter School Project)<br> 5.00% 7/15/37 | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Community Leadership Academy, Inc. Second Campus Project)<br> 7.45% 8/1/48 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Global Village Academy - Northglenn Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 12/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp; 830309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 12/1/55 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 855430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Golden View Classical Academy Project)<br> 4.00% 1/1/52 | 1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 871228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Littleton Preparatory Charter School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp; 390078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp; 510916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loveland Classical Schools Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 7/1/36 # | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1755320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 7/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 469595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pinnacle Charter School Project)<br> 5.00% 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp; 478776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Science Technology Engineering and Math School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp; 833209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/1/54 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1366425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University of Denver Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 399688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp; 542415 |

---

NQ- V8 [0525] 0725 (4640150) 1

------

Schedule of investments

Macquarie Tax-Free Colorado Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University of Lab Charter School)<br> 144A 5.00% 12/15/45 # | 1500000 | &nbsp;&nbsp;$1398795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Vail Mountain School Project)<br> 5.00% 5/1/31 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado School of Mines Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/49 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1283265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/54 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Colorado Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University Enterprise Refunding Revenue)<br> Series C-4 4.00% 6/1/51 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1735220 |
|  |  | &nbsp;&nbsp;&nbsp; 28396855 |
| &nbsp;&nbsp;Electric Revenue Bonds — 5.56% | &nbsp;&nbsp;Electric Revenue Bonds — 5.56% | &nbsp;&nbsp;Electric Revenue Bonds — 5.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Springs, Colorado Utilities System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 11/15/50 | 2035000 | &nbsp;&nbsp;&nbsp;&nbsp; 1800589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/49 | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1237800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 11/15/54 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3140520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 11/15/52 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2073000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tax-Exempt Forward Delivery)<br> Series A 5.00% 10/1/35 | 1640000 | &nbsp;&nbsp;&nbsp;&nbsp; 1757752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Electric Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.05% 7/1/42 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp; 93287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AAA 5.25% 7/1/25 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp; 52131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series CCC 5.25% 7/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp;&nbsp; 386869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.00% 7/1/28 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp; 362175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.25% 7/1/33 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp; 115237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.50% 7/1/17 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp; 251275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.50% 7/1/19 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp; 196650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 4.75% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp; 57619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.25% 7/1/40 ‡ | 1840000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.75% 7/1/36 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp; 200294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 4.75% 7/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp; 46644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 5.00% 7/1/19 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp; 338675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 5.25% 7/1/24 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp; 76475 |
|  |  | &nbsp;&nbsp;&nbsp; 13196692 |
| &nbsp;&nbsp;Healthcare Revenue Bonds — 20.67% | &nbsp;&nbsp;Healthcare Revenue Bonds — 20.67% | &nbsp;&nbsp;Healthcare Revenue Bonds — 20.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Aberdeen Ridge)<br> Series A 5.00% 5/15/58 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027605 |

---

2 NQ- V8 [0525] 0725 (4640150)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AdventHealth Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 11/15/51 | 6325000 | &nbsp;&nbsp;$4332119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 11/15/43 | 2290000 | &nbsp;&nbsp;&nbsp;&nbsp; 2066015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 11/15/50 | 6015000 | &nbsp;&nbsp;&nbsp;&nbsp; 5055848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(American Baptist) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625% 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 107946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% 8/1/43 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 624730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Bethesda Project)<br> Series A-1 5.00% 9/15/48 | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2024528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cappella of Grand Junction Project)<br> 144A 5.00% 12/1/54 # | 2220000 | &nbsp;&nbsp;&nbsp;&nbsp; 1565100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CommonSpirit Health) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/39 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1553910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 12/1/54 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2015280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 8/1/37 | 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp; 113857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.00% 8/1/49 (BAM) | 3670000 | &nbsp;&nbsp;&nbsp;&nbsp; 3081442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 5.00% 8/1/37 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1533930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Covenant Living Communities and Services) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/40 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1142038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.125% 12/1/55 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1964140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Covenant Retirement Communities, Inc.)<br> Series A 5.00% 12/1/35 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Craig Hospital Project)<br> Series A 5.00% 12/1/47 | 1830000 | &nbsp;&nbsp;&nbsp;&nbsp; 1846067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Frasier Project)<br> Series A 4.00% 5/15/48 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 812470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Intermountain Health)<br> Series A 5.00% 5/15/54 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Intermountain Healthcare) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 5/15/47 | 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1397374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 5/15/52 | 1195000 | &nbsp;&nbsp;&nbsp;&nbsp; 1205564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mental Health Center Denver Project)<br> Series A 5.75% 2/1/44 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(National Jewish Health Project)<br> 5.00% 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sanford)<br> Series A 5.00% 11/1/44 | 3410000 | &nbsp;&nbsp;&nbsp;&nbsp; 3360998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SCL Health System)<br> Series A 4.00% 1/1/37 | 3470000 | &nbsp;&nbsp;&nbsp;&nbsp; 3340083 |

---

NQ- V8 [0525] 0725 (4640150) 3

------

Schedule of investments

Macquarie Tax-Free Colorado Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sunny Vista Living Center)<br> Series A 144A 6.25% 12/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;$571781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Vail Valley Medical Center Project)<br> 5.00% 1/15/35 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Valley View Hospital Association Project)<br> Series A 4.00% 5/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp; 681226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver, Colorado Health & Hospital Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/39 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 916680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 226875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Industrial, Tourist, Educational, Medical &<br> Environmental Control Facilities Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hospital Auxilio Mutuo Obligated Group Project)<br> 4.00% 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp; 66634 |
|  |  | &nbsp;&nbsp;&nbsp; 49036977 |
| &nbsp;&nbsp;Housing Revenue Bonds — 1.74% | &nbsp;&nbsp;Housing Revenue Bonds — 1.74% | &nbsp;&nbsp;Housing Revenue Bonds — 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Housing and Finance Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Family |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.80% 10/1/59 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 976350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C-1 4.70% 10/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 716355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver City & County, Colorado Housing Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Flo Senior Apartments Project)<br> Series A 4.50% 7/1/41 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2422125 |
|  |  | &nbsp;&nbsp;&nbsp; 4114830 |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 7.88% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 7.88% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 7.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Commonwealth of Puerto Rico<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tobacco Settlement Asset-Backed)<br> Series A 8.21% 5/15/57 ^ | 52100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3127042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City & County of Denver, Colorado Special Facilities<br> Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(United Airlines, Inc. Project)<br> 5.00% 10/1/32 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp; 214856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Regional Transportation District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Denver Transit Partners Eagle P3 Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 7/15/37 | 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 879963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/15/34 | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 667219 |

---

4 NQ- V8 [0525] 0725 (4640150)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Regional Transportation District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Denver Transit Partners Eagle P3 Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/15/39 | 1500000 | &nbsp;&nbsp;$1410900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/15/40 | 2815000 | &nbsp;&nbsp;&nbsp;&nbsp; 2607281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/15/32 | 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver, Colorado Convention Center Hotel Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/40 | 2660000 | &nbsp;&nbsp;&nbsp;&nbsp; 2623531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy Natural Gas<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% 11/15/38 | 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4965105 |
|  |  | &nbsp;&nbsp;&nbsp; 18693029 |
| &nbsp;&nbsp;Lease Revenue Bonds — 3.36% | &nbsp;&nbsp;Lease Revenue Bonds — 3.36% | &nbsp;&nbsp;Lease Revenue Bonds — 3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Higher Education Lease Purchase Financing<br> Program Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 9/1/41 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 925570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado State Department of Transportation Certificates<br> of Participation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp; 668732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 6/15/36 | 1055000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver, Colorado Health & Hospital Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550 Acoma, Inc.)<br> 4.00% 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 697770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Colorado Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 3/15/37 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1492350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Vail Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 12/1/64 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3130440 |
|  |  | &nbsp;&nbsp;&nbsp; 7982205 |
| &nbsp;&nbsp;Local General Obligation Bonds — 14.07% | &nbsp;&nbsp;Local General Obligation Bonds — 14.07% | &nbsp;&nbsp;Local General Obligation Bonds — 14.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams & Arapahoe Counties, Colorado Joint School<br> District No. 28J Aurora |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 12/1/45 | 2725000 | &nbsp;&nbsp;&nbsp;&nbsp; 2976000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 12/1/46 | 3385000 | &nbsp;&nbsp;&nbsp;&nbsp; 3680341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams & Weld Counties, Colorado School District<br> No. 27J Brighton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 12/1/46 | 1370000 | &nbsp;&nbsp;&nbsp;&nbsp; 1243946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/48 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams County, Colorada School District No. 14 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 858405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp; 835901 |

---

NQ- V8 [0525] 0725 (4640150) 5

------

Schedule of investments

Macquarie Tax-Free Colorado Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Local General Obligation Bonds (continued) | &nbsp;&nbsp;Local General Obligation Bonds (continued) | &nbsp;&nbsp;Local General Obligation Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams County, Colorada School District No. 14 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;$861834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arapahoe County, Colorado Cherry Creek School District<br> No. 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 12/15/41 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1634790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Point, Colorado Metropolitan District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/30 (AG) | 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1138509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City & County of Broomfield, Colorado Baseline<br> Metropolitan District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/46 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 450455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Castle Pines, Douglas County, Colorado Canyons<br> Metropolitan District No. 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 12/1/59 (BAM) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2020340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver City & County, Colorado School District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/45 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5172150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas County, Colorado School District No. Re-1<br> Douglas & Elbert Counties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/15/44 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2613725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Paso County, Colorado School District No. 2 Harrison |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/38 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand River, Colorado Hospital District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 12/1/35 (AG) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La Plata County, Colorado Durango School District<br> No. 9-R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series R 5.25% 11/1/49 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prairie Center Metropolitan, Colorado District No. 3<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.875% 12/15/46 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verve, Colorado Metropolitan District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/51 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1680040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weld County, Colorado School District No. Re-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/15/31 (AG) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weld County, Colorado School District No. Re-3J |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/15/34 (BAM) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2039460 |
|  |  | &nbsp;&nbsp;&nbsp; 33391446 |
| &nbsp;&nbsp;Pre-Refunded Bonds — 1.62% | &nbsp;&nbsp;Pre-Refunded Bonds — 1.62% | &nbsp;&nbsp;Pre-Refunded Bonds — 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(NCMC Project)<br> 4.00% 5/15/32-26 § | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2015060 |

---

6 NQ- V8 [0525] 0725 (4640150)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Pre-Refunded Bonds (continued) | &nbsp;&nbsp;Pre-Refunded Bonds (continued) | &nbsp;&nbsp;Pre-Refunded Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Parkview Medical Center, Inc. Project)<br> Series A 4.00% 9/1/50-30 § | 1750000 | &nbsp;&nbsp;$1833633 |
|  |  | &nbsp;&nbsp;&nbsp; 3848693 |
| &nbsp;&nbsp;Special Tax Revenue Bonds — 18.36% | &nbsp;&nbsp;Special Tax Revenue Bonds — 18.36% | &nbsp;&nbsp;Special Tax Revenue Bonds — 18.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerotropolis Regional Transportation Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 12/1/44 # | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1482750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arapahoe County, Colorado Riverpark Metropolitan<br> District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp; 730525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% 12/1/54 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1233175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City & County of Denver, Colorado Dedicated Excise Tax<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 8/1/51 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 846740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Grand Junction, Colorado General Fund Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 3/1/49 | 2570000 | &nbsp;&nbsp;&nbsp;&nbsp; 2626566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Regional Transportation District Sales Tax<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(FasTracks Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp; 679434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/1/31 | 1495000 | &nbsp;&nbsp;&nbsp;&nbsp; 1513179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.79% 11/1/51 • | &nbsp;&nbsp;&nbsp;&nbsp;751377 | &nbsp;&nbsp;&nbsp;&nbsp; 461157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.348% 11/1/43 • | 4149462 | &nbsp;&nbsp;&nbsp;&nbsp; 2494864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate)<br> 3.799% 11/1/51 • | 1245743 | &nbsp;&nbsp;&nbsp;&nbsp; 643115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fountain, Colorado Urban Renewal Authority, Colorado<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(South Academy Highlands Project)<br> Series A 5.50% 11/1/44 | 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1305287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDB Debt Recovery Authority of Puerto Rico Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Taxable)<br> 7.50% 8/20/40 | 6647244 | &nbsp;&nbsp;&nbsp;&nbsp; 6387935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Park Metropolitan District Douglas County,<br> Colorado Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/46 (AG) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matching Fund Special Purpose Securitization, Virgin<br> Islands Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp; 459446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaza Metropolitan District, Colorado No. 1 Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 12/1/40 # | 1265000 | &nbsp;&nbsp;&nbsp;&nbsp; 1237081 |

---

NQ- V8 [0525] 0725 (4640150) 7

------

Schedule of investments

Macquarie Tax-Free Colorado Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prairie Center Metropolitan, Colorado District No. 3<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 12/15/41 # | 1000000 | &nbsp;&nbsp;$963810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation - Restructured)<br> Series A-1 5.70% 7/1/46 ^ | 12621000 | &nbsp;&nbsp;&nbsp;&nbsp; 4051720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.75% 7/1/53 | 3986000 | &nbsp;&nbsp;&nbsp;&nbsp; 3650339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 7/1/58 | 2910000 | &nbsp;&nbsp;&nbsp;&nbsp; 2734090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 6.37% 7/1/51 ^ | 14280000 | &nbsp;&nbsp;&nbsp;&nbsp; 3371080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.536% 7/1/53 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2599620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southlands Metropolitan, Colorado District No. 1,<br> Colorado Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 488110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 277176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Ranch, Colorado Community Authority Board<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior)<br> Series A 6.50% 12/1/54 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thornton, Colorado Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(East 144th Avenue & I-25 Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp; 485378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp; 810575 |
|  |  | &nbsp;&nbsp;&nbsp; 43560272 |
| &nbsp;&nbsp;State General Obligation Bonds — 0.83% | &nbsp;&nbsp;State General Obligation Bonds — 0.83% | &nbsp;&nbsp;State General Obligation Bonds — 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 7/1/41 | 1422839 | &nbsp;&nbsp;&nbsp;&nbsp; 1219956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp; 740232 |
|  |  | &nbsp;&nbsp;&nbsp; 1960188 |
| &nbsp;&nbsp;Transportation Revenue Bonds — 7.65% | &nbsp;&nbsp;Transportation Revenue Bonds — 7.65% | &nbsp;&nbsp;Transportation Revenue Bonds — 7.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City & County of Denver, Colorado Airport System<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 11/15/41 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp; 653356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/48 (AMT) | 4845000 | &nbsp;&nbsp;&nbsp;&nbsp; 4166943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/30 (AMT) | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1543230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/47 (AMT) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 992450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 12/1/43 (AMT) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2017540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Bridge & Tunnel Enterprise Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Infrastructure) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 12/1/49 (AG) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2070260 |

---

8 NQ- V8 [0525] 0725 (4640150)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Transportation Revenue Bonds (continued) | &nbsp;&nbsp;Transportation Revenue Bonds (continued) | &nbsp;&nbsp;Transportation Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Bridge & Tunnel Enterprise Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Infrastructure) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 12/1/54 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;$510010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado High Performance Transportation Enterprise<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C-470 Express Lanes) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/31/51 | 2990000 | &nbsp;&nbsp;&nbsp;&nbsp; 2864450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/31/56 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1192125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(US 36 & I-25 Managed Lanes)<br> 5.75% 1/1/44 (AMT) | 2140000 | &nbsp;&nbsp;&nbsp;&nbsp; 2141027 |
|  |  | &nbsp;&nbsp;&nbsp; 18151391 |
| &nbsp;&nbsp;Water & Sewer Revenue Bonds — 6.35% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 6.35% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 6.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arapahoe County of Colorado Water & Wastewater<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 12/1/36 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2982030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City & County of Denver, Colorado Board of Water<br> Commissioners Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 510530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/15/54 | 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1944916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Aurora, Colorado First Lien Water Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/1/54 | 1495000 | &nbsp;&nbsp;&nbsp;&nbsp; 1518830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Brighton, Colorado Water Activity Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Water System Project)<br> 4.25% 6/1/55 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 878820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas County, Colorado Centennial Water & Sanitation<br> District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 492675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Government Waterworks Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp;&nbsp;&nbsp; 865282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnstown, Colorado Wastewater Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 12/1/51 (AG) | 2875000 | &nbsp;&nbsp;&nbsp;&nbsp; 2451369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metro Wastewater Reclamation District, Colorado<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 4/1/38 | 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1388616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Gypsum, Colorado Sewer Enterprise Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/54 (AG) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2040600 |
|  |  | &nbsp;&nbsp;&nbsp; 15073668 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $251,846,394)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $251,846,394)** | &nbsp;&nbsp;&nbsp;**237406246** |

---

NQ- V8 [0525] 0725 (4640150) 9

------

Schedule of investments

Macquarie Tax-Free Colorado Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Short-Term Investments — 0.63%** | &nbsp;&nbsp;**Short-Term Investments — 0.63%** | &nbsp;&nbsp;**Short-Term Investments — 0.63%** |
| &nbsp;&nbsp;Variable Rate Demand Notes — 0.63% | &nbsp;&nbsp;Variable Rate Demand Notes — 0.63% | &nbsp;&nbsp;Variable Rate Demand Notes — 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Intermountain Health) Series E 3.00% 5/15/64<br> (SPA - TD Bank, N.A.)¤ | 1100000 | &nbsp;&nbsp;$1100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Colorado Hospital Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 11/15/39<br> (SPA - TD Bank, N.A.)¤ | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $1,500,000)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $1,500,000)** | &nbsp;&nbsp;&nbsp; **1500000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—100.69%<br> (cost $253,346,394)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**238906246** |
| &nbsp;&nbsp;&nbsp;**Liabilities Net of Receivables and Other Assets—(0.69)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(1637519)** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 23,818,741 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$237268727** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2025, the aggregate value of Rule 144A securities was $13,944,284, which represents 5.88% of the Fund's net assets. |
| ‡ | Non-income producing security. Security is currently in default. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| § | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of May 31, 2025. |

---

10 NQ- V8 [0525] 0725 (4640150)

------

---

| |
|:---|
| **Summary of abbreviations:** |
| AG – Insured by Assured Guaranty Inc. |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |
| N.A. – National Association |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| SPA – Stand-by Purchase Agreement |
| USD – US Dollar |

---

NQ- V8 [0525] 0725 (4640150) 11

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Voyageur Mutual Funds II

- **b. Investment Company Act file number:** 811-04989

- **c. CIK number of Registrant:** 0000809872

- **d. LEI of Registrant:** 549300H611PRQB3GVZ78

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

  - **Telephone number:** 800-523-1918

**Item A.2. Information about the Series.**

- **a. Name of Series:** Macquarie Tax-Free Colorado Fund

- **b. EDGAR series identifier (if any):** S000002417

- **c. LEI of Series:** UI0P83JQ1QSD6YFNC886

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $244727211.48

**Total Liabilities:** $7918657.65

**Net Assets:** $236808553.83

**Delayed Delivery Securities:** $6666530.55

**Cash Not Reported:** $2013355.52

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 151.80469000 | **1-Year:** 2566.54806000 | **5-Year:** 20508.11547000 | **10-Year:** 177886.79814000 | **30-Year:** 30445.96815000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 22.75120000 | **1-Year:** 48.14353000 | **5-Year:** 733.67773000 | **10-Year:** 1880.12608000 | **30-Year:** 79.58638000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006424 | -2.19%               | -1.18%               | -0.68%               |
| Class ID C000006426 | -2.25%               | -1.33%               | -0.65%               |
| Class ID C000135931 | -2.17%               | -1.16%               | -0.66%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-6138301.92                               |
| Month 2  | $-186464.33              | $-3533012.99                               |
| Month 3  | $-395410.38              | $-1898360.12                               |

### Schedule of Portfolio Investments

| Name                           | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BEACON POINT CO MET DIST       | Beacon Point Metropolitan District                                              | CUSIP: 07367LAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1138508.90   | 0.48%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRAIRIE CENTER CO MET DIST #3  | Prairie Center Metropolitan District No 3                                       | CUSIP: 739476AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963810.00    | 0.41%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14280000 | PA      | $3371079.60   | 1.42%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648AS30<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000340.00   | 0.84%             | 2044-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WELD & ADAMS CNTYS CO SCH DIST | Weld County School District No RE-3J                                            | CUSIP: 949170ED2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2039460.00   | 0.86%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC | Regional Transportation District                                                | CUSIP: 759151BW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2815000 | PA      | $2607281.15   | 1.10%             | 2040-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & WELD CNTYS CO SCH DIST | Adams & Weld Counties School District No 27J Brighton/CO                        | CUSIP: 005518YT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031960.00   | 0.44%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12621000 | PA      | $4051719.63   | 1.71%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY CO SCH DIST #RE-1 | Douglas County School District No Re-1 Douglas & Elbert Counties                | CUSIP: 258885S78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2613725.00   | 1.10%             | 2044-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RB42<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1398795.00   | 0.59%             | 2045-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645UER1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    950000 | PA      | $830309.50    | 0.35%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELD CNTY CO SCH DIST #RE001   | Weld County School District No Re-1                                             | CUSIP: 949238DA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022890.00   | 0.43%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RRW3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    475000 | PA      | $478776.25    | 0.20%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERPARK MET DIST CO LIMITED  | Riverpark Metropolitan District/Arapahoe County                                 | CUSIP: 76883BAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1233175.00   | 0.52%             | 2054-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182QS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $653356.20    | 0.28%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648A5H4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    935000 | PA      | $571780.55    | 0.24%             | 2050-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH CMNTY AUTH BRD  | Sterling Ranch Community Authority Board                                        | CUSIP: 85950NAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013550.00   | 0.43%             | 2054-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648AW27<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.42%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVZ2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    105000 | PA      | $57618.75     | 0.02%             | 2026-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RRC7<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1150920.00   | 0.49%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THORNTON CO DEV AUTH TAX INCR  | Thornton Development Authority                                                  | CUSIP: 885277ES8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $810575.10    | 0.34%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC | Regional Transportation District                                                | CUSIP: 759151BV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1410900.00   | 0.60%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRAIRIE CENTER CO MET DIST #3  | Prairie Center Metropolitan District No 3                                       | CUSIP: 739476AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029380.00   | 0.43%             | 2046-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QXY3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     95000 | PA      | $52131.25     | 0.02%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ADAMS & WELD CNTYS CO SCH DIST | Adams & Weld Counties School District No 27J Brighton/CO                        | CUSIP: 005518XZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1243946.30   | 0.53%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC | Regional Transportation District                                                | CUSIP: 759151BQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1092212.00   | 0.46%             | 2034-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO SPL FACS | City & County of Denver CO                                                      | CUSIP: 249271GV3<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    215000 | PA      | $214855.95    | 0.09%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FKP8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1533930.00   | 0.65%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RC74<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500015.00    | 0.21%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST SCH OF MINES INSTN | Colorado School of Mines                                                        | CUSIP: 19658QJB4<br>LEI: 549300TQMFMDZTM5HY46 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015040.00   | 0.43%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHLANDS CO MET DIST #1      | Southlands Metropolitan District No 1                                           | CUSIP: 84454RAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $277176.00    | 0.12%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648A6E0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015060.00   | 0.85%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    705000 | PA      | $386868.75    | 0.16%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648AXX8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300039.00    | 0.13%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645UGH1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $935262.50    | 0.39%             | 2061-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS CO JT S | Adams & Arapahoe Joint School District 28J Aurora                               | CUSIP: 0054824W1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3385000 | PA      | $3680341.25   | 1.55%             | 2046-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2910000 | PA      | $2734090.50   | 1.15%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FJE5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2066015.10   | 0.87%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN  | Colorado High Performance Transportation Enterprise                             | CUSIP: 19648DAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2141027.20   | 0.90%             | 2044-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AURORA CO WTR REVENUE          | City of Aurora CO Water Revenue                                                 | CUSIP: 051595DE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1518830.30   | 0.64%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO BRD OF W | Board of Water Commissioners City & County of Denver/The                        | CUSIP: 24916PML8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1944916.00   | 0.82%             | 2054-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648AQ99<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $624730.00    | 0.26%             | 2043-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY & CNTY DEDICATE | City & County of Denver CO Pledged Excise Tax Revenue                           | CUSIP: 24917DCR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $846740.00    | 0.36%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L4C8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    751377 | PA      | $461157.56    | 0.19%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FPQ1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3410000 | PA      | $3360998.30   | 1.42%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FNG5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2220000 | PA      | $1565100.00   | 0.66%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATCHING FUND SPL PURPOSE SECU | Matching Fund Special Purpose Securitization Corp                               | CUSIP: 57665NAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $459445.50    | 0.19%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RC82<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1315818.00   | 0.56%             | 2046-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LA PLATA CNTY CO SCH DIST #9-R | Durango School District No 9-R                                                  | CUSIP: 503768NX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046420.00   | 0.44%             | 2049-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO UTILITIES  | City of Colorado Springs CO Utilities System Revenue                            | CUSIP: 1966324F7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2073000.00   | 0.88%             | 2052-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| THE CHILDRENS TRUST FUND PR TO | Children's Trust Fund                                                           | CUSIP: 16876QBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  52100000 | PA      | $3127042.00   | 1.32%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST SCH OF MINES INSTN | Colorado School of Mines                                                        | CUSIP: 19658QJA6<br>LEI: 549300TQMFMDZTM5HY46 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1283265.00   | 0.54%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHLANDS CO MET DIST #1      | Southlands Metropolitan District No 1                                           | CUSIP: 84454RAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488110.00    | 0.21%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FPY4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1833632.50   | 0.77%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARAPAHOE CNTY CO WTR & WSTWTR  | Arapahoe County Water & Wastewater Authority                                    | CUSIP: 038716GR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2982030.00   | 1.26%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FYJ7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006290.00   | 0.42%             | 2054-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   4149463 | PA      | $2494864.34   | 1.05%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| BRIGHTON CO WTR ACTIVITY ENTER | City of Brighton CO Water Activity Revenue                                      | CUSIP: 10932PHR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $878820.00    | 0.37%             | 2055-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LINCOLN PARK CO MET DIST       | Lincoln Park Metropolitan District                                              | CUSIP: 534550BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013570.00   | 0.43%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182QV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992450.00    | 0.42%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FXH2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3670000 | PA      | $3081442.10   | 1.30%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METRO WTR RECOVERY CO SWR REVE | Metro Water Recovery                                                            | CUSIP: 59164GFK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1388615.40   | 0.59%             | 2038-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FYR9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100000.00   | 0.46%             | 2064-05-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| GYPSUM CO SWR ENTERPRISE REVEN | Town of Gypsum CO Sewer Revenue                                                 | CUSIP: 40377VCF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040600.00   | 0.86%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3986000 | PA      | $3650338.94   | 1.54%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645UGG3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $393800.00    | 0.17%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FTP9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1846067.40   | 0.78%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BRD OF GOVERNORS U | Board of Governors of Colorado State University System                          | CUSIP: 196707MR1<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   3990000 | PA      | $4198716.90   | 1.77%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS CO JT S | Adams & Arapahoe Joint School District 28J Aurora                               | CUSIP: 0054824V3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2975999.75   | 1.26%             | 2045-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QWE8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    365000 | PA      | $200293.75    | 0.08%             | 2036-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CANYONS MET DIST #5 CO         | Canyons Metropolitan District No 5                                              | CUSIP: 139071AY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020340.00   | 0.85%             | 2059-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2599620.00   | 1.10%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH COP | Denver Health & Hospital Authority                                              | CUSIP: 24918TAQ0<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    750000 | PA      | $697770.00    | 0.29%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVC3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    660000 | PA      | $362175.00    | 0.15%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645DBX9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006340.00   | 0.42%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645UES9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $855430.00    | 0.36%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HIGHER EDU LEASE P | Colorado Higher Education                                                       | CUSIP: 196737AV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925570.00    | 0.39%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645UBN3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1366425.00   | 0.58%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO BRD OF W | Board of Water Commissioners City & County of Denver/The                        | CUSIP: 24916PLL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510530.00    | 0.22%             | 2052-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN | Public Authority for Colorado Energy                                            | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4965105.00   | 2.10%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN  | Colorado High Performance Transportation Enterprise                             | CUSIP: 19648DAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1192125.00   | 0.50%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN  | Colorado High Performance Transportation Enterprise                             | CUSIP: 19648DAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2990000 | PA      | $2864449.90   | 1.21%             | 2051-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RRH6<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    540000 | PA      | $510915.60    | 0.22%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74527EFV5<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |     75000 | PA      | $66634.50     | 0.03%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FHS6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2024527.50   | 0.85%             | 2048-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO UTILITIES  | City of Colorado Springs CO Utilities System Revenue                            | CUSIP: 1966326P3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3140520.00   | 1.33%             | 2054-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EL PASO CNTY CO SCH DIST #2 HA | El Paso County School District No 2 Harrison                                    | CUSIP: 283371PW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024850.00   | 0.43%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645URG1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998480.00    | 0.42%             | 2054-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN DIST CO SALES T | Regional Transportation District Sales Tax Revenue                              | CUSIP: 759136TX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $679433.60    | 0.29%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RY54<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1755320.00   | 0.74%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RTT8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002460.00   | 0.42%             | 2048-08-01      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVD1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    210000 | PA      | $115237.50    | 0.05%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FSH8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   6015000 | PA      | $5055848.10   | 2.13%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF COLORADO CO HOSP AUTH  | University of Colorado Hospital Authority                                       | CUSIP: 914183BL1<br>LEI: GQ60RLZ5ZEBY2J9KLI75 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.17%             | 2039-11-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FTJ3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1027605.00   | 0.43%             | 2058-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO BRIDGE & TUNNEL ENTER | Colorado Bridge & Tunnel Enterprise                                             | CUSIP: 19633TBA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510010.00    | 0.22%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RRG8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    390000 | PA      | $390078.00    | 0.16%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY & CNTY MF HSG R | Denver City & County Housing Authority                                          | CUSIP: 24917QBJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2422125.00   | 1.02%             | 2041-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FRV8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1142037.50   | 0.48%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FLN2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3470000 | PA      | $3340083.20   | 1.41%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC | Regional Transportation District                                                | CUSIP: 759151BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1104920.30   | 0.47%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC | Regional Transportation District                                                | CUSIP: 759151BU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $667219.00    | 0.28%             | 2038-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHERRY CREEK CO SCH DIST #5    | Arapahoe County School District No 5 Cherry Creek                               | CUSIP: 164555EA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1634790.00   | 0.69%             | 2041-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GDB DEBT RECOVERY AUTH OF CMWL | GDB Debt Recovery Authority of Puerto Rico                                      | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6647244 | PA      | $6387935.01   | 2.70%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RY62<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $469595.00    | 0.20%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND JUNCTION CO REVENUE      | City of Grand Junction CO                                                       | CUSIP: 385789DE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2570000 | PA      | $2626565.70   | 1.11%             | 2049-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182LP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4845000 | PA      | $4166942.25   | 1.76%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN DIST CO SALES T | Regional Transportation District Sales Tax Revenue                              | CUSIP: 759136TY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1513179.20   | 0.64%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QWX6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     85000 | PA      | $46643.75     | 0.02%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ADAMS CNTY CO SCH DIST #14     | Adams County School District No 14                                              | CUSIP: 005662PE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $861833.70    | 0.36%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FFR0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    685000 | PA      | $681225.65    | 0.29%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QUT7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    460000 | PA      | $251275.00    | 0.11%             | 2017-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648A4M4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006070.00   | 0.42%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QXP2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    140000 | PA      | $76475.00     | 0.03%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FOUNTAIN CO URBAN RENEWAL AUTH | Fountain Urban Renewal Authority                                                | CUSIP: 35069WAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1305287.50   | 0.55%             | 2044-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FTE4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $812470.00    | 0.34%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1422839 | PA      | $1219956.39   | 0.52%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF COLORADO CO ENTERPRISE | University of Colorado                                                          | CUSIP: 91417NCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1735220.00   | 0.73%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH HLT | Denver Health & Hospital Authority                                              | CUSIP: 24918EEJ5<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $226875.00    | 0.10%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BASELINE MET DIST #1 CO SPL RE | Baseline Metropolitan District No 1                                             | CUSIP: 069826AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $450455.00    | 0.19%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERVE MET DIST #1 CO           | Verve Metropolitan District No 1                                                | CUSIP: 92538YAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1680040.00   | 0.71%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FXU3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015280.00   | 0.85%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VAIL CO COPS                   | Town of Vail CO                                                                 | CUSIP: 91878DAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3130440.00   | 1.32%             | 2064-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC | Regional Transportation District                                                | CUSIP: 759151BT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $879962.50    | 0.37%             | 2037-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO UTILITIES  | City of Colorado Springs CO Utilities System Revenue                            | CUSIP: 196632U35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2035000 | PA      | $1800588.35   | 0.76%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO UTILITIES  | City of Colorado Springs CO Utilities System Revenue                            | CUSIP: 1966326N8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1237800.00   | 0.52%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CONVENTION CENTER HO | Denver Convention Center Hotel Authority                                        | CUSIP: 249189DS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2660000 | PA      | $2623531.40   | 1.11%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS CNTY CO SCH DIST #14     | Adams County School District No 14                                              | CUSIP: 005662PD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $835900.80    | 0.35%             | 2037-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RYX3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    890000 | PA      | $833209.10    | 0.35%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645R2S9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1243763.70   | 0.53%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1245743 | PA      | $643114.60    | 0.27%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| COLORADO BRIDGE & TUNNEL ENTER | Colorado Bridge & Tunnel Enterprise                                             | CUSIP: 19633TAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2070260.00   | 0.87%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PLAZA CO MET DIST #1 REVENUE   | Plaza Metropolitan District No 1                                                | CUSIP: 72818QAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1237081.45   | 0.52%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FJY1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    120000 | PA      | $113857.20    | 0.05%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FVH4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1205563.80   | 0.51%             | 2052-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AEROTROPOLIS REGL TRANPRTN AUT | Aerotropolis Regional Transportation Authority                                  | CUSIP: 008051AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1482750.00   | 0.63%             | 2044-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REVENUE          | Guam Power Authority                                                            | CUSIP: 400653KA8<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1757752.00   | 0.74%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTENNIAL WTR & SANTN DIST CO | Centennial Water & Sanitation District                                          | CUSIP: 15141GAQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $492675.00    | 0.21%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QUV2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    360000 | PA      | $196650.00    | 0.08%             | 2019-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JOHNSTOWN CO WSTWTR REVENUE    | Town of Johnstown CO Wastewater Revenue                                         | CUSIP: 479521AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2875000 | PA      | $2451368.75   | 1.04%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645R5Y3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    400000 | PA      | $399688.00    | 0.17%             | 2035-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FSJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   6325000 | PA      | $4332119.00   | 1.83%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST DEPT OF TRANSPRTN  | State of Colorado Department of Transportation                                  | CUSIP: 19645TAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $668731.80    | 0.28%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FXT6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553910.00   | 0.66%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182LX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017540.00   | 0.85%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QXC1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    620000 | PA      | $338675.00    | 0.14%             | 2019-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FJX3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1089998.00   | 0.46%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO SCH DIST | Denver City & County School District No 1                                       | CUSIP: 249174YP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5172150.00   | 2.18%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST DEPT OF TRANSPRTN  | State of Colorado Department of Transportation                                  | CUSIP: 19645TAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1067343.50   | 0.45%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS | Guam Government Waterworks Authority                                            | CUSIP: 40065FEE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $865282.20    | 0.37%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BLDG EXCELLENT SCH | State of Colorado                                                               | CUSIP: 19668QLY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1492350.00   | 0.63%             | 2037-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRAND RIVER CO HOSP DIST       | Grand River Hospital District                                                   | CUSIP: 386448EN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030050.00   | 0.43%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ADAMS CNTY CO SCH DIST #14     | Adams County School District No 14                                              | CUSIP: 005662PC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $858405.00    | 0.36%             | 2036-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648AQ81<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    150000 | PA      | $107946.00    | 0.05%             | 2033-08-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HSG & FIN AUTH     | Colorado Housing and Finance Authority                                          | CUSIP: 19648GLU4<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976350.00    | 0.41%             | 2059-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BRD OF GOVERNORS U | Board of Governors of Colorado State University System                          | CUSIP: 196707XS7<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $915569.85    | 0.39%             | 2047-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVERPARK MET DIST CO LIMITED  | Riverpark Metropolitan District/Arapahoe County                                 | CUSIP: 76883BAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $730524.65    | 0.31%             | 2042-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FVG6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1397374.20   | 0.59%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HSG & FIN AUTH     | Colorado Housing and Finance Authority                                          | CUSIP: 19648GNY4<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    750000 | PA      | $716355.00    | 0.30%             | 2059-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVX7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1009700.00   | 0.43%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FZK3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1964140.00   | 0.83%             | 2055-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| THORNTON CO DEV AUTH TAX INCR  | Thornton Development Authority                                                  | CUSIP: 885277ER0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $485378.30    | 0.20%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QZY1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    170000 | PA      | $93287.50     | 0.04%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645R5Z0<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    550000 | PA      | $542415.50    | 0.23%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH HLT | Denver Health & Hospital Authority                                              | CUSIP: 24918EEL0<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $916680.00    | 0.39%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182KQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1543230.00   | 0.65%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645UKT0<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $871227.55    | 0.37%             | 2052-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    900000 | PA      | $740232.00    | 0.31%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

**Name of Applicant:** Voyageur Mutual Funds II

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

**Title:** Division Director - Head of US Fund Administration