# EDGAR Filing Document

**Accession Number:** 0000809872
**File Stem:** 0001752724-23-014315
**Filing Date:** 2023-1
**Character Count:** 110577
**Document Hash:** da804774122bc94b102546eec2ba7067
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-014315.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001752724-23-014315

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VOYAGEUR MUTUAL FUNDS II
- **CENTRAL INDEX KEY:** 0000809872
- **IRS NUMBER:** 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:** 23556105

**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

### DELAWARE TAX-FREE COLORADO FUND (Series ID: S000002417)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000006424 | DELAWARE TAX-FREE COLORADO FUND CLASS A | VCTFX           |
| C000006426 | DELAWARE TAX-FREE COLORADO FUND CLASS C | DVCTX           |
| C000135931 | Institutional Class                     | DCOIX           |

## Nport-Ex

Schedule of investments

Delaware Tax-Free Colorado Fund November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds — 98.87%** | &nbsp;&nbsp;**Municipal Bonds — 98.87%** | &nbsp;&nbsp;**Municipal Bonds — 98.87%** |
| &nbsp;&nbsp;Corporate Revenue Bonds — 2.49% | &nbsp;&nbsp;Corporate Revenue Bonds — 2.49% | &nbsp;&nbsp;Corporate Revenue Bonds — 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver City & County Special Facilities 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;$213456 |
| &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; 5117638 |
|  |  | &nbsp;&nbsp;&nbsp; 5331094 |
| &nbsp;&nbsp;Education Revenue Bonds — 12.45% | &nbsp;&nbsp;Education Revenue Bonds — 12.45% | &nbsp;&nbsp;Education Revenue Bonds — 12.45% |
| &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 | 2480000 | &nbsp;&nbsp;&nbsp;&nbsp; 2792480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Trustees For Colorado Mesa University<br> Enterprise Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 5/15/44 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 5/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 804142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loveland Classical Schools Project)<br> 144A 5.00% 7/1/36 # | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1175863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Science Technology Engineering and Math School Project)<br> 5.00% 11/1/54 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1429800 |
| &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; 1296272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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; 486525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.25% 7/1/46 # | 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1281731 |
| &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; 400750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 5/1/61 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 573240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Charter School Project)<br> 5.00% 7/15/37 | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1151334 |
| &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; 1017410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Global Village Academy)<br> 144A 5.00% 12/1/50 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 823210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Liberty Common Charter School Project)<br> Series A 5.00% 1/15/39 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009130 |
| &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;450000 | &nbsp;&nbsp;&nbsp;&nbsp; 449622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp; 508739 |

---

NQ-339 [11/22] 01/23 (2679894) 1

------

Schedule of investments

Delaware Tax-Free Colorado Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | 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;(Loveland Classical Schools Project)<br> 144A 5.00% 7/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;$444225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pinnacle Charter School Project)<br> 5.00% 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 705649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Science Technology Engineering and Math School Project)<br> 5.00% 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp; 870260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Skyview Academy Project)<br> 144A 5.375% 7/1/44 # | &nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp; 845406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Skyview Charter School)<br> 144A 5.50% 7/1/49 # | &nbsp;&nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp; 862744 |
| &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; 405456 |
| &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; 555698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University of Lab Charter School)<br> 144A 5.00% 12/15/45 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 506025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Vail Mountain School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp; 68656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/1/31 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University Enterprise Refunding Revenue)<br> Series C-4 4.00% 6/1/51 | 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4116720 |
|  |  | &nbsp;&nbsp;&nbsp; 26686057 |
| &nbsp;&nbsp;Electric Revenue Bonds — 5.98% | &nbsp;&nbsp;Electric Revenue Bonds — 5.98% | &nbsp;&nbsp;Electric Revenue Bonds — 5.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Springs Utilities System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 11/15/51 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 956960 |
| &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; 1714440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loveland Colorado Electric & Communications Enterprise<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/44 | 2185000 | &nbsp;&nbsp;&nbsp;&nbsp; 2274476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Platte River Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series JJ 5.00% 6/1/27 | 3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 3551790 |
| &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; 125375 |
| &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; 70538 |
| &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; 523462 |
| &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; 488400 |
| &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; 155925 |

---

2 NQ-339 [11/22] 01/23 (2679894)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Electric Revenue Bonds (continued) | &nbsp;&nbsp;Electric Revenue Bonds (continued) | &nbsp;&nbsp;Electric Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Electric Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.50% 7/1/17 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;$340975 |
| &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; 266850 |
| &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; 77306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.25% 7/1/40 ‡ | 1840000 | &nbsp;&nbsp;&nbsp;&nbsp; 1366200 |
| &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; 273750 |
| &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; 62581 |
| &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; 455700 |
| &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; 103950 |
|  |  | &nbsp;&nbsp;&nbsp; 12808678 |
| &nbsp;&nbsp;Healthcare Revenue Bonds — 19.77% | &nbsp;&nbsp;Healthcare Revenue Bonds — 19.77% | &nbsp;&nbsp;Healthcare Revenue Bonds — 19.77% |
| &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; 1146390 |
| &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 | 4325000 | &nbsp;&nbsp;&nbsp;&nbsp; 3169230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 11/15/43 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3898480 |
| &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; 151842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% 8/1/43 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014850 |
| &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; 2122335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capella of Grand Junction Project)<br> 144A 5.00% 12/1/54 # | 2320000 | &nbsp;&nbsp;&nbsp;&nbsp; 1476796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CommonSpirit Health) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 8/1/37 | 1880000 | &nbsp;&nbsp;&nbsp;&nbsp; 1754322 |
| &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; 111001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 260568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.00% 8/1/49 | 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3926427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 5.00% 8/1/37 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1557315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 5.00% 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Covenant Living Communities and Services)<br> Series A 4.00% 12/1/40 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Covenant Retirement Communities)<br> 5.00% 12/1/35 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012700 |
| &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; 1895807 |
| &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; 736310 |
| &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; 2019320 |

---

NQ-339 [11/22] 01/23 (2679894) 3

------

Schedule of investments

Delaware Tax-Free Colorado Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | 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;(National Jewish Health Project)<br> 5.00% 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;$300309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sanford Health)<br> Series A 5.00% 11/1/44 | 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4562820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SCL Health System) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 1/1/37 | 2725000 | &nbsp;&nbsp;&nbsp;&nbsp; 2759717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 1/1/38 | 3895000 | &nbsp;&nbsp;&nbsp;&nbsp; 3933132 |
| &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;&nbsp;&nbsp; 666038 |
| &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; 1021250 |
| &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; 684486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver Health & Hospital Authority Health Care Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/39 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 881660 |
| &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; 218705 |
|  |  | &nbsp;&nbsp;&nbsp; 42378919 |
| &nbsp;&nbsp;Lease Revenue Bonds — 2.32% | &nbsp;&nbsp;Lease Revenue Bonds — 2.32% | &nbsp;&nbsp;Lease Revenue Bonds — 2.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp; 696696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 6/15/36 | 1055000 | &nbsp;&nbsp;&nbsp;&nbsp; 1108626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Higher Education Lease Purchase Financing<br> Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 9/1/41 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 972250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver Health & Hospital Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 674940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 3/15/37 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1519335 |
|  |  | &nbsp;&nbsp;&nbsp; 4971847 |
| &nbsp;&nbsp;Local General Obligation Bonds — 9.28% | &nbsp;&nbsp;Local General Obligation Bonds — 9.28% | &nbsp;&nbsp;Local General Obligation Bonds — 9.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adams & Weld Counties School District No. 27J Brighton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 309249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 12/1/31 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arapahoe County School District No. 6 Littleton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Littleton Public Schools) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 12/1/33 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1141880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 392994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Point Metropolitan District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/30 (AGM) | 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1189890 |

---

4 NQ-339 [11/22] 01/23 (2679894)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | 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;Boulder Valley School District No. Re-2 Boulder |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/48 | 1370000 | &nbsp;&nbsp;$1355560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commerce City Northern Infrastructure General<br> Improvement District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/32 (AGM) | 2125000 | &nbsp;&nbsp;&nbsp;&nbsp; 2128740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Paso County 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; 1092360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand River Hospital District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 12/1/35 (AGM) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson County School District No. R-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 12/15/24 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1315275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verve Metropolitan District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/51 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1721880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weld County Reorganized School District No. Re-8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp; 711077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weld County School District No. Re-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/15/31 (AGM) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weld County School District No. Re-2 Eaton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2 5.00% 12/1/44 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2178280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weld County 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; 2132580 |
|  |  | &nbsp;&nbsp;&nbsp; 19899202 |
| &nbsp;&nbsp;Pre-Refunded Bonds — 12.90% | &nbsp;&nbsp;Pre-Refunded Bonds — 12.90% | &nbsp;&nbsp;Pre-Refunded Bonds — 12.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Colorado Water Conservancy District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Limited Tax)<br> 5.00% 12/1/33-23 § | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Platte Valley Metropolitan District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/43-23 § | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp; 739587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Atlas Preparatory Charter School)<br> 144A 5.25% 4/1/45-25 #, § | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1369901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Johnson & Wales University)<br> Series A 5.25% 4/1/37-23 § | 1790000 | &nbsp;&nbsp;&nbsp;&nbsp; 1805573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/32-22 § | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Catholic Health Initiatives)<br> Series A 5.25% 1/1/45-23 § | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2004280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Covenant Retirement Communities)<br> Series A 5.00% 12/1/33-22 § | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 |

---

NQ-339 [11/22] 01/23 (2679894) 5

------

Schedule of investments

Delaware Tax-Free Colorado Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | 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;(Frasier Meadows Retirement Community Project)<br> Series B 5.00% 5/15/48-23 § | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;$666818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(NCMC Project)<br> 4.00% 5/15/32-26 § | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2078680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SCL Health System)<br> Series A 5.00% 1/1/44-24 § | 3050000 | &nbsp;&nbsp;&nbsp;&nbsp; 3126097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Evangelical Lutheran Good Samaritan Society Project)<br> 5.625% 6/1/43-23 § | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1166250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commerce City |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/1/44-24 (AGM) § | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1556580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Area Park & Recreation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 12/1/34-22 § | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp; 360000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% 12/1/38-22 § | &nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp; 455000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Transportation District Certificates of<br> Participation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/1/33-23 § | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1517700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tallyn's Reach Metropolitan District No. 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.125% 11/1/38-23 #, § | &nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp; 756161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/1/33-23 § | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2025100 |
|  |  | &nbsp;&nbsp;&nbsp; 27651327 |
| &nbsp;&nbsp;Special Tax Revenue Bonds — 20.22% | &nbsp;&nbsp;Special Tax Revenue Bonds — 20.22% | &nbsp;&nbsp;Special Tax Revenue Bonds — 20.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broomfield Colorado Sales & Use Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/33 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1085310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.009% 11/1/43 • | 8279701 | &nbsp;&nbsp;&nbsp;&nbsp; 3777613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver City & County Dedicated Excise Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 8/1/51 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 974020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver Convention Center Hotel Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/40 | 2660000 | &nbsp;&nbsp;&nbsp;&nbsp; 2644306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fountain Urban Renewal Authority Tax Increment<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Academy Highlands Project)<br> Series A 5.50% 11/1/44 | 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1280620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDB Debt Recovery Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Taxable)<br> 7.50% 8/20/40 | 9165556 | &nbsp;&nbsp;&nbsp;&nbsp; 7676153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Park Metropolitan District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/46 (AGM) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1058720 |

---

6 NQ-339 [11/22] 01/23 (2679894)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | 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;Matching Fund Special Purpose Securitization |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;$463973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaza Metropolitan District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 12/1/40 # | 1265000 | &nbsp;&nbsp;&nbsp;&nbsp; 1193439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prairie Center Metropolitan District No. 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 12/15/41 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 934710 |
| &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) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.025% 7/1/46 ^ | 9750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2457195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.216% 7/1/51 ^ | 20624000 | &nbsp;&nbsp;&nbsp;&nbsp; 3880612 |
| &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 | 3486000 | &nbsp;&nbsp;&nbsp;&nbsp; 3185158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 7/1/58 | 2910000 | &nbsp;&nbsp;&nbsp;&nbsp; 2761037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.536% 7/1/53 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2617440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Transportation District Sales Tax 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; 721905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/1/31 | 1495000 | &nbsp;&nbsp;&nbsp;&nbsp; 1606796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/1/36 | 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2913872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southlands Metropolitan District No. 1 |  |  |
| &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; 484675 |
| &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; 275559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thornton Development Authority |  |  |
| &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; 500345 |
| &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; 835475 |
|  |  | &nbsp;&nbsp;&nbsp; 43328933 |
| &nbsp;&nbsp;State General Obligation Bonds — 0.80% | &nbsp;&nbsp;State General Obligation Bonds — 0.80% | &nbsp;&nbsp;State General Obligation Bonds — 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico |  |  |
| &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% 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;295740 | &nbsp;&nbsp;&nbsp;&nbsp; 247170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 7/1/41 | 1834787 | &nbsp;&nbsp;&nbsp;&nbsp; 1474655 |
|  |  | &nbsp;&nbsp;&nbsp; 1721825 |
| &nbsp;&nbsp;Transportation Revenue Bonds — 7.96% | &nbsp;&nbsp;Transportation Revenue Bonds — 7.96% | &nbsp;&nbsp;Transportation Revenue Bonds — 7.96% |
| &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)<br> 5.00% 12/31/56 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior U.S. 36 & I-25 Managed Lanes)<br> 5.75% 1/1/44 (AMT) | 2140000 | &nbsp;&nbsp;&nbsp;&nbsp; 2141990 |

---

NQ-339 [11/22] 01/23 (2679894) 7

------

Schedule of investments

Delaware Tax-Free Colorado Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | 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;Denver City & County Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/43 (AMT) | 1610000 | &nbsp;&nbsp;$1490458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 12/1/48 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 360672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/30 (AMT) | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1597185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/48 (AMT) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2029360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-470 Public Highway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 441276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/36 | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1428765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Transportation District |  |  |
| &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% 7/15/34 | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060917 |
| &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; 647612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/15/39 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1372860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/15/40 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1356615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/15/31 | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1127469 |
|  |  | &nbsp;&nbsp;&nbsp; 17055519 |
| &nbsp;&nbsp;Water & Sewer Revenue Bonds — 4.70% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 4.70% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arapahoe County Water & Wastewater Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 12/1/36 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3038422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Weld County Water District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 12/1/39 (AGM) | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1157970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas County Centennial Water & Sanitation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 12/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 507185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Government Waterworks Authority Water &<br> Wastewater System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/37 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1272313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnstown Wastewater Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 12/1/51 (AGM) | 2875000 | &nbsp;&nbsp;&nbsp;&nbsp; 2670559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metro Wastewater Reclamation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 4/1/38 | 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1416884 |
|  |  | &nbsp;&nbsp;&nbsp; 10063333 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $225,167,241)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $225,167,241)** | &nbsp;&nbsp;&nbsp;**211896734** |

---

---

| | | |
|:---|:---|:---|
|  | Number of<br> shares |  |
| &nbsp;&nbsp;**Short-Term Investments — 0.55%** | &nbsp;&nbsp;**Short-Term Investments — 0.55%** | &nbsp;&nbsp;**Short-Term Investments — 0.55%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.01% | &nbsp;&nbsp;Money Market Mutual Funds — 0.01% | &nbsp;&nbsp;Money Market Mutual Funds — 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Tax Exempt Cash Management (seven-day effective yield 1.78%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25862 | &nbsp;&nbsp; 25862 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25862 |

---

8 NQ-339 [11/22] 01/23 (2679894)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;Variable Rate Demand Notes — 0.54%¤ | &nbsp;&nbsp;Variable Rate Demand Notes — 0.54%¤ | &nbsp;&nbsp;Variable Rate Demand Notes — 0.54%¤ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(National Jewish Federation Bond Program)<br> Series F-2 1.04% 7/1/41 (LOC - TD Bank, N.A.) | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;$700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-6 1.05% 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Children's Hospital) Series A 1.03% 12/1/52<br> (LOC - TD Bank, N.A.) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 |
|  |  | &nbsp;&nbsp;&nbsp; 1150000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $1,175,862)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $1,175,862)** | &nbsp;&nbsp;&nbsp; **1175862** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.42%<br> (cost $226,343,103)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**213072596** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.58%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1247949** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 21,270,585 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$214320545** |

---

---

| | |
|:---|:---|
| ° | 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 November 30, 2022, the aggregate value of Rule 144A securities was $12,822,774, which represents 5.98% of the Fund's net assets. |
| ‡ | Non-income producing security. Security is currently in default. |
| § | 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 November 30, 2022. 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. LIBOR03M, LIBOR06M, 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. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |

---

NQ-339 [11/22] 01/23 (2679894) 9

------

Schedule of investments

Delaware Tax-Free Colorado Fund (Unaudited)

---

| | |
|:---|:---|
| ¤ | 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 November 30, 2022. |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| AGM – Insured by Assured Guaranty Municipal Corporation |
| AMT – Subject to Alternative Minimum Tax |
| BAM – Insured by Build America Mutual Assurance |
| ICE – Intercontinental Exchange, Inc. |
| LIBOR – London Interbank Offered Rate |
| LIBOR03M – ICE LIBOR USD 3 Month |
| LIBOR06M – ICE LIBOR USD 6 Month |
| LOC – Letter of Credit |
| N.A. – National Association |
| USD – US Dollar |

---

10 NQ-339 [11/22] 01/23 (2679894)

## 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:** Delaware 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:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $217588072.21

**Total Liabilities:** $3179789.38

**Net Assets:** $214408282.83

**Delayed Delivery Securities:** $1034790.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 384.50948000 | **1-Year:** 5131.09830000 | **5-Year:** 17766.26071000 | **10-Year:** 121395.53200000 | **30-Year:** 25199.27612000

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

- **3-Month:** 34.00844000 | **1-Year:** 199.59181000 | **5-Year:** 1382.19424000 | **10-Year:** 4728.84650000 | **30-Year:** 138.45194000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000135931 | -4.87%               | -1.23%               | 5.08%                |
| Class ID C000006426 | -4.85%               | -1.31%               | 4.88%                |
| Class ID C000006424 | -4.89%               | -1.25%               | 5.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-246923.11              | $-11512442.55                              |
| Month 2  | $-1849293.37             | $-1388834.05                               |
| Month 3  | $-425690.06              | $10228089.74                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DENVER CO HLTH & HOSP AUTH HLT     | Denver Health & Hospital Authority                                    | CUSIP: 24918EEJ5<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $218705.00    | 0.10%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR      | Puerto Rico Electric Power Authority                                  | CUSIP: 74526QUT7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    460000 | PA      | $340975.00    | 0.16%             | 2017-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO MESA UNIV CO ENTERPRI     | Colorado Mesa University                                              | CUSIP: 19652PFC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $804142.50    | 0.38%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR     | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2617440.00   | 1.22%             | 2053-07-01      | Fixed         | 4.54%                 | 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      | $1281730.50   | 0.60%             | 2046-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV     | City & County of Denver CO Airport System Revenue                     | CUSIP: 249182LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1490457.50   | 0.70%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF COLORADO CO ENTERPRISE     | University of Colorado                                                | CUSIP: 91417KZF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2025100.00   | 0.94%             | 2033-06-01      | Fixed         | 5.00%                 | 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      | $1151334.00   | 0.54%             | 2037-07-15      | 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        |   2320000 | PA      | $1476796.00   | 0.69%             | 2054-12-01      | Fixed         | 5.00%                 | 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      | $1429800.00   | 0.67%             | 2054-11-01      | Fixed         | 5.00%                 | 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      | $151842.00    | 0.07%             | 2033-08-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                  | CUSIP: 19648AN84<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3126097.50   | 1.46%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR      | Puerto Rico Electric Power Authority                                  | CUSIP: 74526QXY3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     95000 | PA      | $70537.50     | 0.03%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL     | Colorado Educational & Cultural Facilities Authority                  | CUSIP: 19645RY54<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1175862.50   | 0.55%             | 2036-07-01      | 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        |   1880000 | PA      | $1754322.00   | 0.82%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EATON CO AREA PARK & RECREATIO     | Eaton Area Park & Recreation District                                 | CUSIP: 27806EAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $360000.00    | 0.17%             | 2034-12-01      | Fixed         | 5.25%                 | 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      | $2670558.75   | 1.25%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METRO WSTWTR RECLAMATION DISTC     | Metro Wastewater Reclamation District                                 | CUSIP: 59164GFK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1416884.40   | 0.66%             | 2038-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL     | Colorado Educational & Cultural Facilities Authority                  | CUSIP: 19645RB42<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506025.00    | 0.24%             | 2045-12-15      | 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      | $835474.50    | 0.39%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV     | City & County of Denver CO Airport System Revenue                     | CUSIP: 249182KQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1597185.00   | 0.74%             | 2030-11-15      | 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      | $111001.20    | 0.05%             | 2038-08-01      | 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      | $1055870.00   | 0.49%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                  | CUSIP: 19648FLN2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2759716.50   | 1.29%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                  | CUSIP: 19648AM44<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1166249.50   | 0.54%             | 2043-06-01      | Fixed         | 5.62%                 | 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      | $1372860.00   | 0.64%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR      | Puerto Rico Electric Power Authority                                  | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    705000 | PA      | $523462.50    | 0.24%             | 2027-07-01      | Fixed         | 5.25%                 | 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      | $1014850.00   | 0.47%             | 2043-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL CO WTR CONSERVANCY DIS     | Central Colorado Water Conservancy District                           | CUSIP: 15317PAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023600.00   | 0.48%             | 2033-12-01      | Fixed         | 5.00%                 | 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      | $213456.30    | 0.10%             | 2032-10-01      | Fixed         | 5.00%                 | 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      | $444225.00    | 0.21%             | 2046-07-01      | Fixed         | 5.00%                 | 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      | $405456.00    | 0.19%             | 2035-03-01      | Fixed         | 4.00%                 | 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      | $1058720.00   | 0.49%             | 2046-12-01      | Fixed         | 5.00%                 | 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      | $881660.00    | 0.41%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                  | CUSIP: 19648FPQ1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4562820.00   | 2.13%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO UTILITIES      | City of Colorado Springs CO Utilities System Revenue                  | CUSIP: 1966322Q5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956960.00    | 0.45%             | 2051-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WELD CNTY CO REORG SCH DIST #R     | Weld County Reorganized School District No Re-8                       | CUSIP: 949323JZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $711077.40    | 0.33%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR      | Puerto Rico Electric Power Authority                                  | CUSIP: 74526QVC3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    660000 | PA      | $488400.00    | 0.23%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL     | Colorado Educational & Cultural Facilities Authority                  | CUSIP: 19645RGM7<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.09%             | 2038-09-01      | Variable      | 0.90%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR      | Puerto Rico Electric Power Authority                                  | CUSIP: 74526QXC1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    620000 | PA      | $455700.00    | 0.21%             | 2019-07-01      | Fixed         | 5.00%                 | 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      | $696696.00    | 0.32%             | 2034-06-15      | 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        |   1500000 | PA      | $1356615.00   | 0.63%             | 2040-07-15      | Fixed         | 4.00%                 | 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      | $934710.00    | 0.44%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR      | Puerto Rico Electric Power Authority                                  | CUSIP: 74526QVZ2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    105000 | PA      | $77306.25     | 0.04%             | 2026-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL     | Colorado Educational & Cultural Facilities Authority                  | CUSIP: 19645DBZ4<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     80000 | PA      | $68656.00     | 0.03%             | 2046-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dreyfus Tax Exempt Cash Management | Dreyfus Tax Exempt Cash Management                                    | CUSIP: 26202K205<br>LEI: 5493002DL5W3JXRR0R54 | Long             | STIV             | RF                | US        |    531873 | NS      | $531873.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BEACON POINT CO MET DIST           | Beacon Point Metropolitan District                                    | CUSIP: 07367LAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1189890.00   | 0.55%             | 2030-12-01      | 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      | $507185.00    | 0.24%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                  | CUSIP: 19648FKR4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5158.95      | 0.00%             | 2039-08-01      | 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        |   9750000 | PA      | $2457195.00   | 1.15%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                 | Commonwealth of Puerto Rico                                           | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    295740 | PA      | $247170.62    | 0.12%             | 2037-07-01      | Fixed         | 4.00%                 | 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      | $2761037.10   | 1.29%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOMFIELD CO SALES & USE TAX      | City & County of Broomfield CO Sales & Use Tax Revenue                | CUSIP: 114760FW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085310.00   | 0.51%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR      | Puerto Rico Electric Power Authority                                  | CUSIP: 74526QVX7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1366200.00   | 0.64%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU     | Colorado Educational & Cultural Facilities Authority                  | CUSIP: 19645UER1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $823210.00    | 0.38%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARAPAHOE CNTY CO SCH DIST #6 L     | Arapahoe County School District No 6 Littleton                        | CUSIP: 038699TZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1141880.00   | 0.53%             | 2033-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY CO SCH DIST #R-     | Jefferson County School District R-1                                  | CUSIP: 472736P92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1315275.00   | 0.61%             | 2024-12-15      | Fixed         | 5.25%                 | 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      | $555698.00    | 0.26%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EATON CO AREA PARK & RECREATIO     | Eaton Area Park & Recreation District                                 | CUSIP: 27806EAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $455000.00    | 0.21%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BRD OF GOVERNORS U     | Board of Governors of Colorado State University System                | CUSIP: 196707MR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2480000 | PA      | $2792480.00   | 1.30%             | 2043-03-01      | 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      | $1519335.00   | 0.71%             | 2037-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                  | CUSIP: 19648FKA1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    300000 | PA      | $260568.00    | 0.12%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO MESA UNIV CO ENTERPRI     | Colorado Mesa University                                              | CUSIP: 19652PFB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077570.00   | 0.50%             | 2044-05-15      | 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      | $463972.50    | 0.22%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                  | CUSIP: 19648FLP7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3895000 | PA      | $3933132.05   | 1.83%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL WELD CNTY CO WTR DIST R     | Central Weld County Water District                                    | CUSIP: 156024BZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1157969.50   | 0.54%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUBLIC HIGHWAY AUTH       | E-470 Public Highway Authority                                        | CUSIP: 26822LMT8<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1428765.00   | 0.67%             | 2036-09-01      | Fixed         | 5.00%                 | 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      | $721904.90    | 0.34%             | 2030-11-01      | 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      | $1017410.00   | 0.47%             | 2048-08-01      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                 | Commonwealth of Puerto Rico                                           | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1834787 | PA      | $1474655.01   | 0.69%             | 2041-07-01      | Fixed         | 4.00%                 | 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        |    400000 | PA      | $360672.00    | 0.17%             | 2048-12-01      | 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        |   4325000 | PA      | $3169230.25   | 1.48%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS     | Guam Government Waterworks Authority                                  | CUSIP: 40065FDD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1272312.50   | 0.59%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUBLIC HIGHWAY AUTH       | E-470 Public Highway Authority                                        | CUSIP: 26822LMS0<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |    400000 | PA      | $441276.00    | 0.21%             | 2035-09-01      | 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        |    700000 | PA      | $705649.00    | 0.33%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TALLYNS REACH CO MET DIST #3       | Tallyn's Reach Metropolitan District No 3                             | CUSIP: 87482MBB0<br>LEI: 5493001U1VNJPWBNSN91 | Long             | DBT              | MUN               | US        |    740000 | PA      | $756161.60    | 0.35%             | 2038-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL     | Colorado Educational & Cultural Facilities Authority                  | CUSIP: 19645RUQ2<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1805573.00   | 0.84%             | 2037-04-01      | Fixed         | 5.25%                 | 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      | $500345.40    | 0.23%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARAPAHOE CNTY CO WTR & WSTWTR      | Arapahoe County Water & Wastewater Authority                          | CUSIP: 038716GS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010160.00   | 0.47%             | 2037-12-01      | Fixed         | 4.00%                 | 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      | $486525.00    | 0.23%             | 2036-07-01      | 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      | $2078680.00   | 0.97%             | 2032-05-15      | Fixed         | 4.00%                 | 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      | $2644306.00   | 1.23%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV     | City & County of Denver CO Airport System Revenue                     | CUSIP: 249182LW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029360.00   | 0.95%             | 2048-12-01      | Fixed         | 5.00%                 | 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      | $300309.00    | 0.14%             | 2027-01-01      | Fixed         | 5.00%                 | 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      | $2019320.00   | 0.94%             | 2044-02-01      | Fixed         | 5.75%                 | 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      | $5117637.50   | 2.39%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL     | Colorado Educational & Cultural Facilities Authority                  | CUSIP: 19645RWZ0<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    860000 | PA      | $845405.80    | 0.39%             | 2044-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                  | CUSIP: 19648FJE5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3898480.00   | 1.82%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU     | Colorado Educational & Cultural Facilities Authority                  | CUSIP: 19645UGH1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    750000 | PA      | $573240.00    | 0.27%             | 2061-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL     | Colorado Educational & Cultural Facilities Authority                  | CUSIP: 19645RRG8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    450000 | PA      | $449622.00    | 0.21%             | 2033-12-01      | Fixed         | 5.00%                 | 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      | $1146390.00   | 0.53%             | 2058-05-15      | Fixed         | 5.00%                 | 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      | $684486.25    | 0.32%             | 2035-05-15      | Fixed         | 4.00%                 | 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        |   9165556 | PA      | $7676153.33   | 3.58%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY & CNTY DEDICATE     | City & County of Denver CO Dedicated Excise Tax Revenue               | CUSIP: 24917DCR2<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974020.00    | 0.45%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                  | CUSIP: 19648AM85<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004280.00   | 0.93%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR      | Puerto Rico Electric Power Authority                                  | CUSIP: 74526QVD1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    210000 | PA      | $155925.00    | 0.07%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                  | CUSIP: 19648FKT0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4700000 | PA      | $3926427.00   | 1.83%             | 2049-08-01      | Fixed         | 4.00%                 | 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      | $508739.40    | 0.24%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR     | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20624000 | PA      | $3880611.84   | 1.81%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC     | Regional Transportation District                                      | CUSIP: 759151BK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1127469.00   | 0.53%             | 2031-07-15      | 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      | $972250.00    | 0.45%             | 2041-09-01      | Fixed         | 4.00%                 | 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      | $1092360.00   | 0.51%             | 2038-12-01      | Fixed         | 5.00%                 | 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      | $2141990.20   | 1.00%             | 2044-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WELD CNTY CO SCH DIST #RE002 E     | Weld County School District No RE-2 Eaton                             | CUSIP: 949255HC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2178280.00   | 1.02%             | 2044-12-01      | 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      | $275559.00    | 0.13%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN DIST CO COPS        | Regional Transportation District                                      | CUSIP: 75913THT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1517700.00   | 0.71%             | 2033-06-01      | 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      | $1557315.00   | 0.73%             | 2037-08-01      | 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      | $647612.00    | 0.30%             | 2038-07-15      | Fixed         | 4.00%                 | 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      | $736310.00    | 0.34%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                  | CUSIP: 19648FGL2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    660000 | PA      | $666817.80    | 0.31%             | 2048-05-15      | Fixed         | 5.00%                 | 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      | $1895806.80   | 0.88%             | 2047-12-01      | Fixed         | 5.00%                 | 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      | $870259.80    | 0.41%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                  | CUSIP: 19648AZM0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4000000.00   | 1.87%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL     | Colorado Educational & Cultural Facilities Authority                  | CUSIP: 19645RC25<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1369901.00   | 0.64%             | 2045-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARAPAHOE CNTY CO WTR & WSTWTR      | Arapahoe County Water & Wastewater Authority                          | CUSIP: 038716GT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1845000 | PA      | $1858911.30   | 0.87%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COMMERCE CITY CO SALES & USE T     | City of Commerce City CO Sales & Use Tax Revenue                      | CUSIP: 200588MP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1556580.00   | 0.73%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLATTE RIVER CO PWR AUTH PWR R     | Platte River Power Authority                                          | CUSIP: 727818HS8<br>LEI: 549300UBIE8RGXXJ1090 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3551790.00   | 1.66%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL     | Colorado Educational & Cultural Facilities Authority                  | CUSIP: 19645RNN7<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700000.00    | 0.33%             | 2041-07-01      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL     | Colorado Educational & Cultural Facilities Authority                  | CUSIP: 19645RXA4<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    870000 | PA      | $862744.20    | 0.40%             | 2049-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN      | Colorado High Performance Transportation Enterprise                   | CUSIP: 19648DAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000340.00   | 0.93%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & WELD CNTYS CO SCH DIST     | Adams & Weld Counties School District No 27J Brighton/CO              | CUSIP: 005518VG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029700.00   | 0.48%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR      | Puerto Rico Electric Power Authority                                  | CUSIP: 74526QXP2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    140000 | PA      | $103950.00    | 0.05%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARAPAHOE CNTY CO SCH DIST #6 L     | Arapahoe County School District No 6 Littleton                        | CUSIP: 038699UE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $392994.00    | 0.18%             | 2038-12-01      | 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      | $1714439.60   | 0.80%             | 2035-10-01      | Fixed         | 5.00%                 | 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      | $2122335.00   | 0.99%             | 2048-09-15      | Fixed         | 5.00%                 | 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      | $1280620.00   | 0.60%             | 2044-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR      | Puerto Rico Electric Power Authority                                  | CUSIP: 74526QZY1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    170000 | PA      | $125375.00    | 0.06%             | 2042-07-01      | Fixed         | 5.05%                 | 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      | $1021250.00   | 0.48%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL     | Colorado Educational & Cultural Facilities Authority                  | CUSIP: 19645RWC1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009130.00   | 0.47%             | 2039-01-15      | Fixed         | 5.00%                 | 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      | $1091950.00   | 0.51%             | 2040-12-01      | Fixed         | 4.00%                 | 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      | $1012700.00   | 0.47%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR      | Puerto Rico Electric Power Authority                                  | CUSIP: 74526QWX6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     85000 | PA      | $62581.25     | 0.03%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                  | CUSIP: 19648FPT5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.12%             | 2052-12-01      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| LOVELAND CO ELEC & COMMUNICATI     | City of Loveland CO Electric & Communications Enterprise Revenue      | CUSIP: 547206AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2274475.75   | 1.06%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV     | Colorado Health Facilities Authority                                  | CUSIP: 19648AG74<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 1.40%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF COLORADO CO ENTERPRISE     | University of Colorado                                                | CUSIP: 91417NCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4116720.00   | 1.92%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                 | Commonwealth of Puerto Rico                                           | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   8279700 | PA      | $3777613.33   | 1.76%             | 2043-11-01      | Variable      | 0.01%                 | 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      | $1606796.10   | 0.75%             | 2031-11-01      | Fixed         | 5.00%                 | 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      | $484675.00    | 0.23%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLATTE VLY CO MET DIST      | Central Platte Valley Metropolitan District                           | CUSIP: 154876AZ9<br>LEI: 5493008TIE8XL32HT863 | Long             | DBT              | MUN               | US        |    725000 | PA      | $739587.00    | 0.34%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR      | Puerto Rico Electric Power Authority                                  | CUSIP: 74526QWE8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    365000 | PA      | $273750.00    | 0.13%             | 2036-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COMMERCE CITY CO NRTHRN INFRAS     | Commerce City CO-Northern Infrastructure General Improvement District | CUSIP: 20058RBU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2128740.00   | 0.99%             | 2032-12-01      | 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      | $1108625.65   | 0.52%             | 2036-06-15      | Fixed         | 5.00%                 | 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      | $1193438.95   | 0.56%             | 2040-12-01      | 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      | $1075310.00   | 0.50%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR      | Puerto Rico Electric Power Authority                                  | CUSIP: 74526QUV2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    360000 | PA      | $266850.00    | 0.12%             | 2019-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ADAMS & WELD CNTYS CO SCH DIST     | Adams & Weld Counties School District No 27J Brighton/CO              | CUSIP: 005518VF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $309249.00    | 0.14%             | 2030-12-01      | Fixed         | 4.00%                 | 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      | $400750.00    | 0.19%             | 2051-05-01      | Fixed         | 4.00%                 | 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      | $1027400.00   | 0.48%             | 2031-05-01      | Fixed         | 5.00%                 | 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      | $2132580.00   | 0.99%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELD CNTY CO REORG SCH DIST #R     | Weld County Reorganized School District No Re-8                       | CUSIP: 949323JY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $1068556.50   | 0.50%             | 2031-12-01      | 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      | $1296272.40   | 0.60%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR     | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3486000 | PA      | $3185158.20   | 1.49%             | 2053-07-01      | Fixed         | 4.75%                 | 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      | $666037.90    | 0.31%             | 2050-12-01      | Fixed         | 6.25%                 | 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      | $1060917.00   | 0.49%             | 2034-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOULDER VLY CO SCH DIST #RE-2      | Boulder Valley School District No Re-2 Boulder                        | CUSIP: 101547XN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1355560.20   | 0.63%             | 2048-12-01      | 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      | $1721880.00   | 0.80%             | 2051-12-01      | Fixed         | 5.00%                 | 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      | $674940.00    | 0.31%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN DIST CO SALES T     | Regional Transportation District Sales Tax Revenue                    | CUSIP: 759136TG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2913872.50   | 1.36%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-24

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

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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