# EDGAR Filing Document

**Accession Number:** 0000809064
**File Stem:** 0001752724-23-014306
**Filing Date:** 2023-1
**Character Count:** 74865
**Document Hash:** ea70f30fbdc560f96839c0e404b996ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-014306.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001752724-23-014306

**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 INSURED FUNDS
- **CENTRAL INDEX KEY:** 0000809064
- **IRS NUMBER:** 411686735
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04973
- **FILM NUMBER:** 23556098

**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 INSURED FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VOYAGEUR MINNESOTA INSURED FUNDS INC
- **DATE OF NAME CHANGE:** 19910926

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MINNESOTA INSURED FUND INC
- **DATE OF NAME CHANGE:** 19900131

## Series and Classes Contracts Data

### DELAWARE TAX-FREE ARIZONA FUND (Series ID: S000002406)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000006392 | DELAWARE TAX-FREE ARIZONA FUND CLASS A | VAZIX           |
| C000006394 | DELAWARE TAX-FREE ARIZONA FUND CLASS C | DVACX           |
| C000135922 | Institutional Class                    | DAZIX           |

## Nport-Ex

Schedule of investments

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds — 97.81%** | &nbsp;&nbsp;**Municipal Bonds — 97.81%** | &nbsp;&nbsp;**Municipal Bonds — 97.81%** |
| &nbsp;&nbsp;Corporate Revenue Bonds — 5.11% | &nbsp;&nbsp;Corporate Revenue Bonds — 5.11% | &nbsp;&nbsp;Corporate Revenue Bonds — 5.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Legacy Cares Project)<br> Series A 144A 7.75% 7/1/50 # | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;$199500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Legacy Cares, Inc. Project)<br> Series A 144A 6.00% 7/1/51 # | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp; 315000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chandler Industrial Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Intel Corporation Project)<br> 5.00% 9/1/42 (AMT) • | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Verde Financial Senior Gas Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/37 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2070000 |
|  |  | &nbsp;&nbsp;&nbsp; 3620140 |
| &nbsp;&nbsp;Education Revenue Bonds — 23.74% | &nbsp;&nbsp;Education Revenue Bonds — 23.74% | &nbsp;&nbsp;Education Revenue Bonds — 23.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Academies of Math & Science Projects)<br> Series A 5.00% 7/1/51 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ACCEL Schools Project)<br> Series A 144A 5.25% 8/1/48 # | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 314132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(American Charter Schools Foundation Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 7/1/37 # | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 257122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 7/1/47 # | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 405548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Doral Academy of Nevada - Fire Mesa and Red Rock Campus Projects)<br> Series A 144A 5.00% 7/15/49 # | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp; 335006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Empower College Prep Project)<br> 144A 6.00% 7/1/49 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 487020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Equitable School Revolving Fund)<br> Series A 4.00% 11/1/49 | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1423088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(GreatHearts Arizona Projects) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 2.25% 7/1/46 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 635190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 2.375% 7/1/52 | 1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 723651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Macombs Facility Project)<br> Series A 4.00% 7/1/61 | 1980000 | &nbsp;&nbsp;&nbsp;&nbsp; 1492465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Odyssey Preparatory Academy Project)<br> Series A 144A 5.50% 7/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp; 363795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona State University Energy Management Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Arizona State University Tempe Campus II Project)<br> 4.50% 7/1/24 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona State University Revenue System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/43 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Arizona Autism Charter Schools Project)<br> Series A 144A 5.00% 7/1/40 # | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 234675 |

---

NQ-322 [11/22] 01/23 (2682248) 1

------

Schedule of investments

Delaware Tax-Free Arizona 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;Maricopa County Industrial Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Creighton University Project)<br> 4.00% 7/1/50 | 1000000 | &nbsp;&nbsp;$902000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Hearts Arizona Projects)<br> Series A 5.00% 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp; 742675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Highland Prep Projects)<br> Series A 4.00% 7/1/56 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1714960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Reid Traditional Schools Projects)<br> 5.00% 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp; 788580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McAllister Academic Village Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Arizona State University Hassayampa Academic Village Project)<br> 5.00% 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 534095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Eagle College Preparatory Project)<br> Series A 5.00% 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 468230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Hearts Academic Project)<br> 5.00% 7/1/46 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pima County Industrial Development Authority Education<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Edkey Charter Schools Project)<br> 144A 5.00% 7/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 434935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Arizona Board of Regents |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp; 460793 |
|  |  | &nbsp;&nbsp;&nbsp;16809660 |
| &nbsp;&nbsp;Electric Revenue Bonds — 6.37% | &nbsp;&nbsp;Electric Revenue Bonds — 6.37% | &nbsp;&nbsp;Electric Revenue Bonds — 6.37% |
| &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% 10/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp; 578515 |
| &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 5.00% 7/1/42 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp; 333000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.05% 7/1/42 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 40562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AAA 5.25% 7/1/25 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 25988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.00% 7/1/28 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp; 407000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.50% 7/1/38 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp; 529837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 4.75% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 25769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.25% 7/1/40 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp; 263587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.75% 7/1/36 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp; 93750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 4.75% 7/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 22088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 5.25% 7/1/24 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 33412 |

---

2 NQ-322 [11/22] 01/23 (2682248)

------

(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;Salt River Project Agricultural Improvement & Power District<br> Electric System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/39 | 1000000 | &nbsp;&nbsp;$1076830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/47 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080400 |
|  |  | &nbsp;&nbsp;&nbsp; 4510738 |
| &nbsp;&nbsp;Healthcare Revenue Bonds — 22.95% | &nbsp;&nbsp;Healthcare Revenue Bonds — 22.95% | &nbsp;&nbsp;Healthcare Revenue Bonds — 22.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Health Facilities Authority Hospital System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Scottsdale Lincoln Hospital Project)<br> 5.00% 12/1/42 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 9/1/46 | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2131448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Lakes Senior Living Communities LLC Project 1st Tier)<br> Series A 5.00% 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp; 92034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Lakes Senior Living Communities LLC Project 2nd Tier) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 32119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.125% 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp; 36646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Lakes Senior Living Communities LLC Project 3rd Tier)<br> Series C 144A 5.00% 1/1/49 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 264200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Lakes Senior Living Communities LLC Project Fourth Tier)<br> 144A 7.75% 1/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 88926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Phoenix Children's Hospital)<br> Series A 4.00% 2/1/50 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 889950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glendale Industrial Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Glencroft Retirement Community Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 116602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp; 300838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Royal Oaks Inspirita Pointe Project)<br> Series A 5.00% 5/15/56 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 881070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sun Health Services)<br> Series A 5.00% 11/15/48 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Beatitudes Campus Project)<br> 5.00% 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 168448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Terraces of Phoenix Project)<br> Series A 5.00% 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp; 226237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority Health<br> Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Banner Health) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 1/1/41 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 975730 |

---

NQ-322 [11/22] 01/23 (2682248) 3

------

Schedule of investments

Delaware Tax-Free Arizona 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;Maricopa County Industrial Development Authority Health<br> Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Banner Health) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 1/1/44 | 1665000 | &nbsp;&nbsp;$1598417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 4.00% 1/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp; 607347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority Hospital<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(HonorHealth)<br> Series A 3.00% 9/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 356180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority Senior<br> Living Facility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Christian Care Surprise Project)<br> 144A 6.00% 1/1/48 # | &nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp; 286627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Industrial Tourist Educational Medical &<br> Environmental Control Facilities Financing Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hospital Auxilio Mutuo Obligated Group Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp; 287401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp; 114547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempe Industrial Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mirabella at ASU Project)<br> Series A 144A 6.125% 10/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 697560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yavapai County Industrial Development Authority Hospital<br> Facility |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Yavapai Regional Medical Center) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 8/1/43 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1442115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 8/1/33 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2023520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yuma Industrial Development Authority Hospital Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Yuma Regional Medical Center) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp; 300726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 307167 |
|  |  | &nbsp;&nbsp;&nbsp;16247195 |
| &nbsp;&nbsp;Lease Revenue Bonds — 1.42% | &nbsp;&nbsp;Lease Revenue Bonds — 1.42% | &nbsp;&nbsp;Lease Revenue Bonds — 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Game & Fish Department & Community Beneficial<br> Interest Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Administration Building Project)<br> 5.00% 7/1/32 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001920 |
|  |  | &nbsp;&nbsp;&nbsp; 1001920 |

---

4 NQ-322 [11/22] 01/23 (2682248)

------

(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 — 3.42% | &nbsp;&nbsp;Local General Obligation Bonds — 3.42% | &nbsp;&nbsp;Local General Obligation Bonds — 3.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County High School District No. 214 Tolleson<br> Union High School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(School Improvement Project)<br> Series B 4.00% 7/1/37 | 1000000 | &nbsp;&nbsp;$1023450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County School District No. 3 Tempe Elementary |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(School Improvement Project)<br> Series B 5.00% 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp; 623308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Unified School District No. 95 Queen<br> Creek |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(School Improvement)<br> 4.00% 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 514950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinal County Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 259470 |
|  |  | &nbsp;&nbsp;&nbsp; 2421178 |
| &nbsp;&nbsp;Special Tax Revenue Bonds — 19.18% | &nbsp;&nbsp;Special Tax Revenue Bonds — 19.18% | &nbsp;&nbsp;Special Tax Revenue Bonds — 19.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullhead City Excise Taxes Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% 7/1/46 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 696830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 7/1/52 | 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 971772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured)<br> 2.066% 11/1/43 • | 2248597 | &nbsp;&nbsp;&nbsp;&nbsp; 1025922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDB Debt Recovery Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50% 8/20/40 | 2707273 | &nbsp;&nbsp;&nbsp;&nbsp; 2267341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glendale Transportation Excise Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/30 (AGM) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority<br> Education Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Choice Academies, Inc. Project)<br> Series AZ 144A 5.75% 9/1/45 # | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1165913 |
| &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;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 309315 |
| &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 3.904% 7/1/51 ^ | 2814000 | &nbsp;&nbsp;&nbsp;&nbsp; 529482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.60% 7/1/46 ^ | 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 279742 |
| &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 | 2485000 | &nbsp;&nbsp;&nbsp;&nbsp; 2270545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.329% 7/1/40 | 1745000 | &nbsp;&nbsp;&nbsp;&nbsp; 1580830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.329% 7/1/40 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 905920 |

---

NQ-322 [11/22] 01/23 (2682248) 5

------

Schedule of investments

Delaware Tax-Free Arizona 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;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;Regional Public Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Maricopa County Public Transportation)<br> 5.25% 7/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;$520520 |
|  |  | &nbsp;&nbsp;&nbsp;13576902 |
| &nbsp;&nbsp;State General Obligation Bonds — 1.34% | &nbsp;&nbsp;State General Obligation Bonds — 1.34% | &nbsp;&nbsp;State General Obligation Bonds — 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured)<br> Series A-1 4.00% 7/1/41 | 1177630 | &nbsp;&nbsp;&nbsp;&nbsp; 946485 |
|  |  | &nbsp;&nbsp;&nbsp; 946485 |
| &nbsp;&nbsp;Transportation Revenue Bonds — 8.14% | &nbsp;&nbsp;Transportation Revenue Bonds — 8.14% | &nbsp;&nbsp;Transportation Revenue Bonds — 8.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Department of Transportation State Highway Fund<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 531925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Civic Improvement Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Junior Lien)<br> Series B 4.00% 7/1/37 (AMT) | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3865520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Lien) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 7/1/48 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 456125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/32 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 503800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix, Arizona Civic Improvement Corporation Airport<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Junior Lien)<br> Series B 5.00% 7/1/49 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 406020 |
|  |  | &nbsp;&nbsp;&nbsp; 5763390 |
| &nbsp;&nbsp;Water & Sewer Revenue Bonds — 6.14% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 6.14% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 6.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Water Infrastructure Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Water Quality Revenue)<br> Series A 5.00% 10/1/26 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Arizona Water Conservation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Central Arizona Project)<br> 5.00% 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 635844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodyear Water & Sewer Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 7/1/45 (AGM) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 985540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mesa Utility System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp; 877803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Civic Improvement Corporation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Junior Lien) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 538960 |

---

6 NQ-322 [11/22] 01/23 (2682248)

------

(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;Water & Sewer Revenue Bonds (continued) | &nbsp;&nbsp;Water & Sewer Revenue Bonds (continued) | &nbsp;&nbsp;Water & Sewer Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Civic Improvement Corporation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Junior Lien) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;$267363 |
|  |  | &nbsp;&nbsp;&nbsp; 4347710 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $75,159,733)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $75,159,733)** | &nbsp;&nbsp;&nbsp;**69245318** |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount |  |
| &nbsp;&nbsp;**Short-Term Investments — 0.57%** | &nbsp;&nbsp;**Short-Term Investments — 0.57%** | &nbsp;&nbsp;**Short-Term Investments — 0.57%** |
| &nbsp;&nbsp;Variable Rate Demand Note — 0.57%¤ | &nbsp;&nbsp;Variable Rate Demand Note — 0.57%¤ | &nbsp;&nbsp;Variable Rate Demand Note — 0.57%¤ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mayo Clinic) Series B 0.98% 11/15/52<br> (SPA - Northern Trust) | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $400,000)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $400,000)** | &nbsp;&nbsp;&nbsp; **400000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—98.38%<br> (cost $75,559,733)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**69645318** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—1.62%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1149963** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 7,002,394 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$70795281** |

---

---

| | |
|:---|:---|
| ° | 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 $5,849,959, which represents 8.26% of the Fund's net assets. |
| • | 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. |
| ‡ | Non-income producing security. Security is currently in default. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |

---

NQ-322 [11/22] 01/23 (2682248) 7

------

Schedule of investments

Delaware Tax-Free Arizona 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 |
| ICE – Intercontinental Exchange, Inc. |
| LIBOR – London Interbank Offered Rate |
| LIBOR03M – ICE LIBOR USD 3 Month |
| LIBOR06M – ICE LIBOR USD 6 Month |
| LLC – Limited Liability Corporation |
| SPA – Stand-by Purchase Agreement |
| USD – US Dollar |

---

8 NQ-322 [11/22] 01/23 (2682248)

## 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 Insured Funds

- **b. Investment Company Act file number:** 811-04973

- **c. CIK number of Registrant:** 0000809064

- **d. LEI of Registrant:** 549300MDC1CFCBM2JY67

- **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 Arizona Fund

- **b. EDGAR series identifier (if any):** S000002406

- **c. LEI of Series:** EP0N04JZCK4MBIUT6244

**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:** $71018319.68

**Total Liabilities:** $314025.56

**Net Assets:** $70704294.12

**Cash Not Reported:** $159679.64

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 93.83967000 | **1-Year:** 1141.23042000 | **5-Year:** 4461.86224000 | **10-Year:** 48676.21416000 | **30-Year:** 8702.69456000

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

- **3-Month:** 0.00000000 | **1-Year:** 16.35363000 | **5-Year:** 412.92878000 | **10-Year:** 3103.53332000 | **30-Year:** 89.69969000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000135922 | -5.79%               | -1.74%               | 5.97%                |
| Class ID C000006392 | -5.81%               | -1.76%               | 5.95%                |
| Class ID C000006394 | -5.85%               | -1.82%               | 5.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-670290.76              | $-3952096.38                               |
| Month 2  | $-178739.50              | $-1231603.76                               |
| Month 3  | $4695.67                 | $3779565.04                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MARICOPA CNTY AZ UNIF SCH DIST | Maricopa County Unified School District No 95 Queen Creek                       | CUSIP: 567430RK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514950.00    | 0.73%             | 2035-07-01      | Fixed         | 4.00%                 | 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: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $287400.75    | 0.41%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                        | CUSIP: 04052BAT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257122.50    | 0.36%             | 2037-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1177630 | PA      | $946484.78    | 1.34%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                | CUSIP: 56678RAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $902000.00    | 1.28%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO | Arizona Industrial Development Authority                                        | CUSIP: 04052TCX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $88926.00     | 0.13%             | 2054-01-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                        | CUSIP: 04052BAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $405548.00    | 0.57%             | 2047-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                | CUSIP: 56681NEU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $234675.00    | 0.33%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR AZ WTR & SWR REVENUE  | City of Goodyear AZ Water & Sewer Revenue                                       | CUSIP: 382900FB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985540.00    | 1.39%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALT RIVER AZ PROJ AGRIC IMPT& | Salt River Project Agricultural Improvement & Power District                    | CUSIP: 79574CEB5<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080400.00   | 1.53%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP WST | City of Phoenix Civic Improvement Corp                                          | CUSIP: 71883PKP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267362.50    | 0.38%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH ECON  | Arizona Industrial Development Authority                                        | CUSIP: 040523AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $199500.00    | 0.28%             | 2050-07-01      | Fixed         | 7.75%                 | 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        |   2814000 | PA      | $529482.24    | 0.75%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST HLTH FACS AUTH      | Arizona Health Facilities Authority                                             | CUSIP: 040507PS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012310.00   | 1.43%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                | CUSIP: 56682HCQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1598416.65   | 2.26%             | 2044-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                        | CUSIP: 04052BNR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $635190.00    | 0.90%             | 2046-07-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S | Salt Verde Financial Corp                                                       | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2070000.00   | 2.93%             | 2037-12-01      | 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        |     30000 | PA      | $22087.50     | 0.03%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MESA AZ UTILITY SYS REVENUE    | City of Mesa AZ Utility System Revenue                                          | CUSIP: 590545WC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $877803.50    | 1.24%             | 2031-07-01      | Fixed         | 4.00%                 | 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        |     55000 | PA      | $40562.50     | 0.06%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74527EFL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $114547.65    | 0.16%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM PWR AUTH REVENUE          | Guam Power Authority                                                            | CUSIP: 400653KG5<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |    565000 | PA      | $578514.80    | 0.82%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ INDL DEV AUTH SENI | Glendale Industrial Development Authority                                       | CUSIP: 378287AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009030.00   | 1.43%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YAVAPAI CNTY AZ INDL DEV AUTH  | Industrial Development Authority of the County of Yavapai/The                   | CUSIP: 985900DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023520.00   | 2.86%             | 2033-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BULLHEAD CITY AZ EXCISE TAX RE | City of Bullhead AZ Excise Taxes Revenue                                        | CUSIP: 12022MBW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $971771.85    | 1.37%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                        | CUSIP: 04052BBP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005250.00   | 1.42%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                | CUSIP: 56678PBL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $356180.00    | 0.50%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                        | CUSIP: 04052BQH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1980000 | PA      | $1492464.60   | 2.11%             | 2061-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST WTR INFRASTRUCTURE  | Arizona Water Infrastructure Finance Authority                                  | CUSIP: 040688MS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042200.00   | 1.47%             | 2026-10-01      | Fixed         | 5.00%                 | 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        |     45000 | PA      | $33412.50     | 0.05%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ ELEM SCH DIST | Maricopa County School District No 3 Tempe Elementary                           | CUSIP: 566880WT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $623308.00    | 0.88%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YAVAPAI CNTY AZ INDL DEV AUTH  | Industrial Development Authority of the County of Yavapai/The                   | CUSIP: 985900ET2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1442115.00   | 2.04%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP | City of Phoenix Civic Improvement Corp                                          | CUSIP: 71883MNW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $456125.00    | 0.65%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                | CUSIP: 56681NGZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1165912.50   | 1.65%             | 2045-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2248597 | PA      | $1025922.32   | 1.45%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ INDL DEV AUTH      | Glendale Industrial Development Authority                                       | CUSIP: 378286HY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $116602.50    | 0.16%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                | CUSIP: 56682HCK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975730.00    | 1.38%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH HLTHC | Industrial Development Authority of the City of Phoenix/The                     | CUSIP: 71884SAC4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.57%             | 2052-11-15      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP WTR | City of Phoenix Civic Improvement Corp                                          | CUSIP: 71883RPB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538960.00    | 0.76%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH EDU | Industrial Development Authority of the County of Pima/The                      | CUSIP: 72177MTP2<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $434935.00    | 0.62%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR  | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVE9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    710000 | PA      | $529837.50    | 0.75%             | 2038-07-01      | Fixed         | 5.50%                 | 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        |    300000 | PA      | $309315.00    | 0.44%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL ARIZONA ST WTR CONSV DI | Central Arizona Water Conservation District                                     | CUSIP: 15240AAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $635844.00    | 0.90%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEMPE AZ INDL DEV AUTH REVENUE | Tempe Industrial Development Authority                                          | CUSIP: 87972MAY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $697560.00    | 0.99%             | 2052-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS UNIV ARIZO | University of Arizona/The                                                       | CUSIP: 040484UD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $460792.75    | 0.65%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO | Arizona Industrial Development Authority                                        | CUSIP: 04052TAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $92034.40     | 0.13%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ INDL DEV AUTH      | Glendale Industrial Development Authority                                       | CUSIP: 378286JA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $300837.65    | 0.43%             | 2046-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BULLHEAD CITY AZ EXCISE TAX RE | City of Bullhead AZ Excise Taxes Revenue                                        | CUSIP: 12022MBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $696830.00    | 0.99%             | 2046-07-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO | Arizona Industrial Development Authority                                        | CUSIP: 04052TBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $32119.45     | 0.05%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                        | CUSIP: 04052BHW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $487020.00    | 0.69%             | 2049-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO | Arizona Industrial Development Authority                                        | CUSIP: 04052FAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1423088.00   | 2.01%             | 2049-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS            | Arizona Board of Regents                                                        | CUSIP: 040664AT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080900.00   | 1.53%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                        | CUSIP: 04052BGK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $314132.00    | 0.44%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST TRANSPRTN BRD HIGHW | Arizona Department of Transportation State Highway Fund Revenue                 | CUSIP: 040654XE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531925.00    | 0.75%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH HOSP REV | Arizona Industrial Development Authority                                        | CUSIP: 04052EAY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $889950.00    | 1.26%             | 2050-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MCALLISTER ACADEMIC VLG LLC AZ | McAllister Academic Village LLC                                                 | CUSIP: 579173CF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534095.00    | 0.76%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R | Industrial Development Authority of the City of Phoenix/The                     | CUSIP: 71885FEJ2<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004320.00   | 1.42%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $279742.20    | 0.40%             | 2046-07-01      | None          | 0.00%                 | 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        |    355000 | PA      | $263587.50    | 0.37%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ INDL DEV AUTH      | Glendale Industrial Development Authority                                       | CUSIP: 378286JN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $168448.00    | 0.24%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL PUBLIC TRANSPRTN AUTH AZ  | Regional Public Transportation Authority                                        | CUSIP: 75902JBC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520520.00    | 0.74%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP | City of Phoenix Civic Improvement Corp                                          | CUSIP: 71883MQA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $406020.00    | 0.57%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH LEASE | Arizona Industrial Development Authority                                        | CUSIP: 04052HBG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2131447.50   | 3.01%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP | City of Phoenix Civic Improvement Corp                                          | CUSIP: 71883MJF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503800.00    | 0.71%             | 2032-07-01      | 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        |    550000 | PA      | $407000.00    | 0.58%             | 2028-07-01      | 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        |     35000 | PA      | $25768.75     | 0.04%             | 2026-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                | CUSIP: 56682HCX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $607347.00    | 0.86%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST UNIV ENERGY MGMT LL | Arizona State University Energy Management LLC                                  | CUSIP: 040661AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001230.00   | 1.42%             | 2024-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| YUMA AZ INDL DEV AUTH HOSP REV | Yuma Industrial Development Authority                                           | CUSIP: 988514CE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $307167.00    | 0.43%             | 2032-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| YUMA AZ INDL DEV AUTH HOSP REV | Yuma Industrial Development Authority                                           | CUSIP: 988514CD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $300725.95    | 0.43%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $905920.00    | 1.28%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| SALT RIVER AZ PROJ AGRIC IMPT& | Salt River Project Agricultural Improvement & Power District                    | CUSIP: 79574CCY7<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076830.00   | 1.52%             | 2039-01-01      | 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        |    125000 | PA      | $93750.00     | 0.13%             | 2036-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL | Chandler Industrial Development Authority                                       | CUSIP: 158862CA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035640.00   | 1.46%             | 2042-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ INDL DEV AUTH SENI | Glendale Industrial Development Authority                                       | CUSIP: 378287BA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $881070.00    | 1.25%             | 2056-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ INDL DEV AUTH      | Glendale Industrial Development Authority                                       | CUSIP: 378286JT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $226237.00    | 0.32%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                        | CUSIP: 04052BHZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $335006.25    | 0.47%             | 2049-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                        | CUSIP: 04052BDB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $363795.00    | 0.51%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ HIGH SCH DIST | Maricopa County High School District No 214 Tolleson Union High School          | CUSIP: 567527TM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023450.00   | 1.45%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                | CUSIP: 56681NBV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $742675.50    | 1.05%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                        | CUSIP: 04052BNT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $723650.70    | 1.02%             | 2052-07-01      | Fixed         | 2.38%                 | 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        |   2485000 | PA      | $2270544.50   | 3.21%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                | CUSIP: 56681NAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $788579.60    | 1.12%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                | CUSIP: 56681NGG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1714960.00   | 2.43%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ TRANSPRTN EXCISE T | City of Glendale AZ Transportation Excise Tax Revenue                           | CUSIP: 378325BM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052770.00   | 1.49%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH ECON  | Arizona Industrial Development Authority                                        | CUSIP: 040523AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $315000.00    | 0.45%             | 2051-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1580830.40   | 2.24%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                | CUSIP: 56682PBU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $286626.60    | 0.41%             | 2048-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO | Arizona Industrial Development Authority                                        | CUSIP: 04052TCS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $264200.00    | 0.37%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR  | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QA28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    450000 | PA      | $333000.00    | 0.47%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST GAME & FISH DEPT &  | Arizona Game & Fish Department & Commission                                     | CUSIP: 04051JAZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001920.00   | 1.42%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R | Industrial Development Authority of the City of Phoenix/The                     | CUSIP: 71885FBZ9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    500000 | PA      | $468230.00    | 0.66%             | 2043-07-01      | Fixed         | 5.00%                 | 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        |   2707273 | PA      | $2267340.98   | 3.21%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO | Arizona Industrial Development Authority                                        | CUSIP: 04052TBV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $36645.70     | 0.05%             | 2054-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP ARP | City of Phoenix Civic Improvement Corp                                          | CUSIP: 71883MPV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3865520.00   | 5.47%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PINAL CNTY AZ CMNTY CLG DIST   | Pinal County Community College District                                         | CUSIP: 722035EF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259470.00    | 0.37%             | 2031-07-01      | Fixed         | 4.00%                 | 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        |     35000 | PA      | $25987.50     | 0.04%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Voyageur Insured Funds

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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