# EDGAR Filing Document

**Accession Number:** 0000809872
**File Stem:** 0000940400-25-005616
**Filing Date:** 2025-10
**Character Count:** 70050
**Document Hash:** 4213cafcf7b4094de2255dec5cba4115
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005616.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000940400-25-005616

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**PERIOD START**: 20250831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04989
- **FILM NUMBER:** 251429340

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-08-29

**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:** $234802451.44

**Total Liabilities:** $1061046.08

**Net Assets:** $233741405.36

**Cash Not Reported:** $1546857.32

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 209.23610000 | **1-Year:** 1735.96692000 | **5-Year:** 18651.47975000 | **10-Year:** 172678.09664000 | **30-Year:** 31424.97614000

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

- **3-Month:** 11.72709000 | **1-Year:** 66.83050000 | **5-Year:** 357.95513000 | **10-Year:** 2437.09817000 | **30-Year:** 87.40451000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006424 | 0.51%                | -0.99%               | 1.03%                |
| Class ID C000006426 | 0.34%                | -0.95%               | 0.86%                |
| Class ID C000135931 | 0.53%                | -0.97%               | 1.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-885045.24              | $1295214.42                                |
| Month 2  | $-310370.52              | $-2654000.47                               |
| Month 3  | $-785423.87              | $2260792.30                                |

### Schedule of Portfolio Investments

| Name                           | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BEACON POINT CO MET DIST       | Beacon Point Metropolitan District                                              | CUSIP: 07367LAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1135661.30   | 0.49%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FJX3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1083590.90   | 0.46%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12621000 | PA      | $3988867.05   | 1.71%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RB42<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1381410.00   | 0.59%             | 2045-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645UER1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    950000 | PA      | $805495.50    | 0.34%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELD CNTY CO SCH DIST #RE001   | Weld County School District No Re-1                                             | CUSIP: 949238DA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026480.00   | 0.44%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERPARK MET DIST CO LIMITED  | Riverpark Metropolitan District/Arapahoe County                                 | CUSIP: 76883BAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1222762.50   | 0.52%             | 2054-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182QS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $638779.90    | 0.27%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648A5H4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    935000 | PA      | $568564.15    | 0.24%             | 2050-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH CMNTY AUTH BRD  | Sterling Ranch Community Authority Board                                        | CUSIP: 85950NAW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008970.00   | 0.43%             | 2054-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVZ2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    105000 | PA      | $69693.75     | 0.03%             | 2026-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RRC7<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1150943.00   | 0.49%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FVG6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1387465.80   | 0.59%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC | Regional Transportation District                                                | CUSIP: 759151BV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1395150.00   | 0.60%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRAIRIE CENTER CO MET DIST #3  | Prairie Center Metropolitan District No 3                                       | CUSIP: 739476AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022700.00   | 0.44%             | 2046-12-15      | Fixed         | 5.88%                 | 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      | $810915.30    | 0.35%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS CO JT S | Adams & Arapahoe Counties Joint School District 28J Aurora                      | CUSIP: 005484DE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034980.00   | 0.44%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ADAMS & WELD CNTYS CO SCH DIST | Adams & Weld Counties School District No 27J Brighton/CO                        | CUSIP: 005518XZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1202928.50   | 0.51%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC | Regional Transportation District                                                | CUSIP: 759151BQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100418.00   | 0.47%             | 2034-07-15      | Fixed         | 4.00%                 | 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      | $1543515.00   | 0.66%             | 2037-08-01      | 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      | $214991.40    | 0.09%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RC74<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500005.00    | 0.21%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST SCH OF MINES INSTN | Colorado School of Mines                                                        | CUSIP: 19658QJB4<br>LEI: 549300TQMFMDZTM5HY46 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001350.00   | 0.43%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRAIRIE CENTER CO MET DIST #3  | Prairie Center Metropolitan District No 3                                       | CUSIP: 739476AE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968080.00    | 0.41%             | 2041-12-15      | 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      | $274215.00    | 0.12%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648A6E0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019480.00   | 0.86%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    705000 | PA      | $467943.75    | 0.20%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648AXX8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300150.00    | 0.13%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS CO JT S | Adams & Arapahoe Counties Joint School District 28J Aurora                      | CUSIP: 0054824W1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3385000 | PA      | $3629769.35   | 1.55%             | 2046-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5041000 | PA      | $4623857.25   | 1.98%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FJE5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2032970.40   | 0.87%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN  | Colorado High Performance Transportation Enterprise                             | CUSIP: 19648DAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2140749.00   | 0.92%             | 2044-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AURORA CO WTR REVENUE          | City of Aurora CO Water Revenue                                                 | CUSIP: 051595DE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1513224.05   | 0.65%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO BRD OF W | Board of Water Commissioners City & County of Denver/The                        | CUSIP: 24916PML8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1938798.00   | 0.83%             | 2054-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RRW3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    245000 | PA      | $246974.70    | 0.11%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY & CNTY DEDICATE | City & County of Denver CO Pledged Excise Tax Revenue                           | CUSIP: 24917DCR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $844840.00    | 0.36%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648AQ99<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $622920.00    | 0.27%             | 2043-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L4C8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    451687 | PA      | $293596.67    | 0.13%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FPQ1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3410000 | PA      | $3351416.20   | 1.43%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RC82<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1281609.00   | 0.55%             | 2046-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LA PLATA CNTY CO SCH DIST #9-R | Durango School District No 9-R                                                  | CUSIP: 503768NX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036730.00   | 0.44%             | 2049-11-01      | Fixed         | 5.25%                 | 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      | $462478.50    | 0.20%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THE CHILDRENS TRUST FUND PR TO | Children's Trust Fund                                                           | CUSIP: 16876QBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  53760000 | PA      | $2635852.80   | 1.13%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST SCH OF MINES INSTN | Colorado School of Mines                                                        | CUSIP: 19658QJA6<br>LEI: 549300TQMFMDZTM5HY46 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1276080.00   | 0.55%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHLANDS CO MET DIST #1      | Southlands Metropolitan District No 1                                           | CUSIP: 84454RAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490645.00    | 0.21%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645UGH1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $921362.50    | 0.39%             | 2061-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FPY4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1876787.50   | 0.80%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARAPAHOE CNTY CO WTR & WSTWTR  | Arapahoe County Water & Wastewater Authority                                    | CUSIP: 038716GR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3010230.00   | 1.29%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTON CO WTR ACTIVITY ENTER | City of Brighton CO Water Activity Revenue                                      | CUSIP: 10932PHR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $872450.00    | 0.37%             | 2055-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FYJ7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999970.00    | 0.43%             | 2054-05-15      | Fixed         | 5.00%                 | 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      | $1005860.00   | 0.43%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182QV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988300.00    | 0.42%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FXH2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3670000 | PA      | $3094103.60   | 1.32%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METRO WTR RECOVERY CO SWR REVE | Metro Water Recovery                                                            | CUSIP: 59164GFK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1418374.80   | 0.61%             | 2038-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GYPSUM CO SWR ENTERPRISE REVEN | Town of Gypsum CO Sewer Revenue                                                 | CUSIP: 40377VCF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1990860.00   | 0.85%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1855000 | PA      | $1665827.10   | 0.71%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QXY3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     95000 | PA      | $62818.75     | 0.03%             | 2025-07-01      | Fixed         | 5.25%                 | 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      | $388530.00    | 0.17%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FTP9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1830000 | PA      | $1837045.50   | 0.79%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS CO JT S | Adams & Arapahoe Counties Joint School District 28J Aurora                      | CUSIP: 0054824V3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2935043.00   | 1.26%             | 2045-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QWE8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    365000 | PA      | $242268.75    | 0.10%             | 2036-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CANYONS MET DIST #5 CO         | Canyons Metropolitan District No 5                                              | CUSIP: 139071AY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011480.00   | 0.86%             | 2059-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2587500.00   | 1.11%             | 2053-07-01      | Fixed         | 4.54%                 | 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      | $1007010.00   | 0.43%             | 2031-05-01      | 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      | $686955.00    | 0.29%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVC3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    660000 | PA      | $438075.00    | 0.19%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645UES9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $828650.00    | 0.35%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FNG5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2220000 | PA      | $1565100.00   | 0.67%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HIGHER EDU LEASE P | Colorado Higher Education                                                       | CUSIP: 196737AV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $928500.00    | 0.40%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   4149463 | PA      | $2608974.56   | 1.12%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BRD OF GOVERNORS U | Board of Governors of Colorado State University System                          | CUSIP: 196707MR1<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   3990000 | PA      | $4190258.10   | 1.79%             | 2043-03-01      | 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      | $1347630.00   | 0.58%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN  | Colorado High Performance Transportation Enterprise                             | CUSIP: 19648DAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1160550.00   | 0.50%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN | Public Authority for Colorado Energy                                            | CUSIP: 744387AD3<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4999105.00   | 2.14%             | 2038-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CO HIGH PERFORMANCE TRANSPRTN  | Colorado High Performance Transportation Enterprise                             | CUSIP: 19648DAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2990000 | PA      | $2804231.30   | 1.20%             | 2051-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RRH6<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    540000 | PA      | $506692.80    | 0.22%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74527EFV5<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |     75000 | PA      | $66495.75     | 0.03%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FHS6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1989855.00   | 0.85%             | 2048-09-15      | Fixed         | 5.00%                 | 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      | $1023590.00   | 0.44%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645URG1<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $946050.00    | 0.40%             | 2054-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RY54<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1755390.00   | 0.75%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RTT8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002190.00   | 0.43%             | 2048-08-01      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FSH8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   6015000 | PA      | $5069923.20   | 2.17%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVD1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    210000 | PA      | $139387.50    | 0.06%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIV OF COLORADO CO HOSP AUTH  | University of Colorado Hospital Authority                                       | CUSIP: 914183BL1<br>LEI: GQ60RLZ5ZEBY2J9KLI75 | Long             | DBT              | MUN               | US        |   5190000 | PA      | $5190000.00   | 2.22%             | 2039-11-15      | Variable      | 3.50%                 | 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      | $1004190.00   | 0.43%             | 2058-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RRG8<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    390000 | PA      | $390136.50    | 0.17%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO BRIDGE & TUNNEL ENTER | Colorado Bridge & Tunnel Enterprise                                             | CUSIP: 19633TBA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510530.00    | 0.22%             | 2054-12-01      | Fixed         | 5.25%                 | 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      | $1132800.00   | 0.48%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY & CNTY MF HSG R | Denver City & County Housing Authority                                          | CUSIP: 24917QBJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2435275.00   | 1.04%             | 2041-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FLN2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3470000 | PA      | $3425341.10   | 1.47%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC | Regional Transportation District                                                | CUSIP: 759151BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1110197.55   | 0.47%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC | Regional Transportation District                                                | CUSIP: 759151BU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $661710.00    | 0.28%             | 2038-07-15      | 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        |   6151771 | PA      | $5940027.04   | 2.54%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COLORADO BRIDGE & TUNNEL ENTER | Colorado Bridge & Tunnel Enterprise                                             | CUSIP: 19633TAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2086360.00   | 0.89%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RY62<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $463590.00    | 0.20%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND JUNCTION CO REVENUE      | City of Grand Junction CO                                                       | CUSIP: 385789DE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2570000 | PA      | $2618495.90   | 1.12%             | 2049-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182LP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4845000 | PA      | $4022609.70   | 1.72%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN DIST CO SALES T | Regional Transportation District Sales Tax Revenue                              | CUSIP: 759136TY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1534169.00   | 0.66%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QWX6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     85000 | PA      | $56418.75     | 0.02%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ADAMS CNTY CO SCH DIST #14     | Adams County School District No 14                                              | CUSIP: 005662PE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $861252.30    | 0.37%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FFR0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    685000 | PA      | $686013.80    | 0.29%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QUT7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    460000 | PA      | $304175.00    | 0.13%             | 2017-07-01      | Fixed         | 5.50%                 | 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      | $1279245.00   | 0.55%             | 2044-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648A4M4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005070.00   | 0.43%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO UTILITIES  | City of Colorado Springs CO Utilities System Revenue                            | CUSIP: 1966328C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7744725.00   | 3.31%             | 2055-11-15      | Fixed         | 5.25%                 | 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      | $789530.00    | 0.34%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1422839 | PA      | $1238851.69   | 0.53%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH HLT | Denver Health & Hospital Authority                                              | CUSIP: 24918EEJ5<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $221855.00    | 0.09%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BASELINE MET DIST #1 CO SPL RE | Baseline Metropolitan District No 1                                             | CUSIP: 069826AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $451025.00    | 0.19%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERVE MET DIST #1 CO           | Verve Metropolitan District No 1                                                | CUSIP: 92538YAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1663800.00   | 0.71%             | 2051-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FXU3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1993260.00   | 0.85%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VAIL CO COPS                   | Town of Vail CO                                                                 | CUSIP: 91878DAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3105000.00   | 1.33%             | 2064-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC | Regional Transportation District                                                | CUSIP: 759151BT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $885456.50    | 0.38%             | 2037-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO UTILITIES  | City of Colorado Springs CO Utilities System Revenue                            | CUSIP: 1966326N8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1222068.00   | 0.52%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CONVENTION CENTER HO | Denver Convention Center Hotel Authority                                        | CUSIP: 249189DS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2660000 | PA      | $2624036.80   | 1.12%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHERRY CREEK CO SCH DIST #5    | Arapahoe County School District No 5 Cherry Creek                               | CUSIP: 164555EA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1626705.00   | 0.70%             | 2041-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ADAMS CNTY CO SCH DIST #14     | Adams County School District No 14                                              | CUSIP: 005662PD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $837444.30    | 0.36%             | 2037-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645RYX3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    890000 | PA      | $823579.30    | 0.35%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1245743 | PA      | $689829.95    | 0.30%             | 2051-11-01      | Variable      | 0.01%                 | 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      | $1238738.60   | 0.53%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QUV2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    360000 | PA      | $238050.00    | 0.10%             | 2019-07-01      | 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      | $1766690.00   | 0.76%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTENNIAL WTR & SANTN DIST CO | Centennial Water & Sanitation District                                          | CUSIP: 15141GAQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496155.00    | 0.21%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FVH4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1196434.00   | 0.51%             | 2052-05-15      | 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      | $112672.80    | 0.05%             | 2038-08-01      | Fixed         | 4.00%                 | 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      | $2445590.00   | 1.05%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO UTILITIES  | City of Colorado Springs CO Utilities System Revenue                            | CUSIP: 196632U35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2035000 | PA      | $1768557.45   | 0.76%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645R5Y3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400944.00    | 0.17%             | 2035-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FSJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   6325000 | PA      | $4339645.75   | 1.86%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST DEPT OF TRANSPRTN  | State of Colorado Department of Transportation                                  | CUSIP: 19645TAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $669325.80    | 0.29%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FXT6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1549905.00   | 0.66%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182LX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2011800.00   | 0.86%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIV OF COLORADO CO HOSP AUTH  | University of Colorado Hospital Authority                                       | CUSIP: 914183BJ6<br>LEI: GQ60RLZ5ZEBY2J9KLI75 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.51%             | 2035-11-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QXC1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    620000 | PA      | $409975.00    | 0.18%             | 2019-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO SCH DIST | Denver City & County School District No 1                                       | CUSIP: 249174YP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2047680.00   | 0.88%             | 2045-12-01      | 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      | $1500315.00   | 0.64%             | 2037-03-15      | Fixed         | 4.00%                 | 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      | $1067195.80   | 0.46%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QXP2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    140000 | PA      | $92575.00     | 0.04%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ADAMS CNTY CO SCH DIST #14     | Adams County School District No 14                                              | CUSIP: 005662PC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $861150.00    | 0.37%             | 2036-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648AQ81<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    150000 | PA      | $108291.00    | 0.05%             | 2033-08-01      | Fixed         | 7.62%                 | 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      | $1030930.00   | 0.44%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HSG & FIN AUTH     | Colorado Housing and Finance Authority                                          | CUSIP: 19648GLU4<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956380.00    | 0.41%             | 2059-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| RIVERPARK MET DIST CO LIMITED  | Riverpark Metropolitan District/Arapahoe County                                 | CUSIP: 76883BAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $727343.50    | 0.31%             | 2042-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BRD OF GOVERNORS U | Board of Governors of Colorado State University System                          | CUSIP: 196707XS7<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $911096.85    | 0.39%             | 2047-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HSG & FIN AUTH     | Colorado Housing and Finance Authority                                          | CUSIP: 19648GNY4<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    750000 | PA      | $698295.00    | 0.30%             | 2059-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVX7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1221300.00   | 0.52%             | 2040-07-01      | 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      | $548427.00    | 0.23%             | 2036-03-01      | Fixed         | 4.00%                 | 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      | $485548.05    | 0.21%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AEROTROPOLIS REGL TRANPRTN AUT | Aerotropolis Regional Transportation Authority                                  | CUSIP: 008051AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1427010.00   | 0.61%             | 2044-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QZY1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    170000 | PA      | $112837.50    | 0.05%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648FZK3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1918300.00   | 0.82%             | 2055-12-01      | Fixed         | 5.12%                 | 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      | $900420.00    | 0.39%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                               | CUSIP: 249182KQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518665.00    | 0.22%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU | Colorado Educational & Cultural Facilities Authority                            | CUSIP: 19645UKT0<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $859620.40    | 0.37%             | 2052-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    900000 | PA      | $743841.00    | 0.32%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS | Guam Government Waterworks Authority                                            | CUSIP: 40065FED2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752490.00    | 0.32%             | 2043-07-01      | 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        |  14280000 | PA      | $3333094.80   | 1.43%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                            | CUSIP: 19648AS30<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000080.00   | 0.86%             | 2044-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC | Regional Transportation District                                                | CUSIP: 759151BW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2815000 | PA      | $2572318.85   | 1.10%             | 2040-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

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

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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