# EDGAR Filing Document

**Accession Number:** 0000809064
**File Stem:** 0001752724-25-182209
**Filing Date:** 2025-7
**Character Count:** 60491
**Document Hash:** 849d59761641df80818456120028666d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182209.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182209

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250530

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VOYAGEUR INSURED FUNDS
- **CENTRAL INDEX KEY:** 0000809064

**ORGANIZATION NAME:**
- **EIN:** 411686735
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04973
- **FILM NUMBER:** 251160009

**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

### Macquarie Tax-Free Arizona Fund (Series ID: S000002406)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000006392 | Class A             | VAZIX           |
| C000006394 | Class C             | DVACX           |
| C000135922 | Institutional Class | DAZIX           |

## Nport-Ex

Schedule of investments

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds — 96.80%** | &nbsp;&nbsp;**Municipal Bonds — 96.80%** | &nbsp;&nbsp;**Municipal Bonds — 96.80%** |
| &nbsp;&nbsp;Education Revenue Bonds — 30.51% | &nbsp;&nbsp;Education Revenue Bonds — 30.51% | &nbsp;&nbsp;Education Revenue Bonds — 30.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Board of Regents Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Bonds)<br> Series A 5.00% 7/1/50 | 1485000 | &nbsp;&nbsp;$1513170 |
| &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; 932980 |
| &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; 311528 |
| &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; 256093 |
| &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; 404748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Doral Academy of Nevada - Fire Mesa and Red Rock Campus Projects)<br> Series A 5.00% 7/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp; 331612 |
| &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; 486490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Hearts Arizona Projects) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 2.25% 7/1/46 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 603630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 2.375% 7/1/52 | 1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 670040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(KIPP NYC Public Charter Schools - Macombs Facility Project)<br> Series A 4.00% 7/1/61 | 1830000 | &nbsp;&nbsp;&nbsp;&nbsp; 1431225 |
| &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; 350520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Social Bonds - Equitable School) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 11/1/50 | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1294128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 479030 |
| &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; 1016570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix, Arizona Industrial Development Authority<br> Revenue |  |  |
| &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; 942770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County, Arizona Industrial Development Authority<br> 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; 241335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Choice Academies, Inc. Project)<br> 144A 5.75% 9/1/45 # | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1194384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Creighton University Project)<br> 4.00% 7/1/50 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 828090 |
| &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; 1557100 |

---

NQ- WEST [0525] 0425 (4640150) 1

------

Schedule of investments

Macquarie Tax-Free Arizona Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County, Arizona Industrial Development Authority<br> Revenue |  |  |
| &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;$711273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pima County, Arizona Industrial Development Authority<br> Education 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;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 525000 |
|  |  | &nbsp;&nbsp;&nbsp;16081716 |
| &nbsp;&nbsp;Electric Revenue Bonds — 8.75% | &nbsp;&nbsp;Electric Revenue Bonds — 8.75% | &nbsp;&nbsp;Electric Revenue Bonds — 8.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Electric Power Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.05% 7/1/42 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 30181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AAA 5.25% 7/1/25 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 19206 |
| &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; 301813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 4.75% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 19206 |
| &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; 68594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 4.75% 7/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 16463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 5.25% 7/1/24 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 24581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt River, Arizona Project Agricultural Improvement &<br> Power District Electric System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/47 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1537275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 1/1/53 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2596875 |
|  |  | &nbsp;&nbsp;&nbsp; 4614194 |
| &nbsp;&nbsp;Healthcare Revenue Bonds — 19.80% | &nbsp;&nbsp;Healthcare Revenue Bonds — 19.80% | &nbsp;&nbsp;Healthcare Revenue Bonds — 19.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Children's National Prince George's County Regional Medical Center) <br> Series A 4.00% 9/1/46 | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1967378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Lakes Senior Living Communities LLC Project First Tier)<br> Series A2 5.125% 1/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp; 133187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Lakes Senior Living Communities LLC Project Fourth Tier)<br> Series D 0.00% 1/1/59 ~ | &nbsp;&nbsp;&nbsp;&nbsp;174154 | &nbsp;&nbsp;&nbsp;&nbsp; 30381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Lakes Senior Living Communities LLC Project Second Tier)<br> Series B 5.125% 1/1/59 | &nbsp;&nbsp;&nbsp;&nbsp;125391 | &nbsp;&nbsp;&nbsp;&nbsp; 98295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Lakes Senior Living Communities LLC Project Third Tier)<br> Series C 0.00% 1/1/59 ~ | &nbsp;&nbsp;&nbsp;&nbsp;517536 | &nbsp;&nbsp;&nbsp;&nbsp; 281332 |
| &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; 823990 |

---

2 NQ- WEST [0525] 0425 (4640150)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glendale, Arizona Industrial Development Authority<br> 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;$135477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 11/15/46 | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp; 341433 |
| &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; 142410 |
| &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; 242951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County, Arizona Industrial Development Authority<br> Health 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; 904080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F 4.00% 1/1/45 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1557885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County, Arizona Industrial Development Authority<br> Hospital Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(HonorHealth)<br> Series A 3.00% 9/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp; 667612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County, Arizona Industrial Development Authority<br> Senior 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; 315345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempe, Arizona 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; 507712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yavapai County, Arizona Industrial Development Authority<br> Hospital Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Yavapai Regional Medical Center) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% 8/1/43 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 959413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 8/1/43 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1326375 |
|  |  | &nbsp;&nbsp;&nbsp;10435256 |
| &nbsp;&nbsp;Housing Revenue Bond — 0.98% | &nbsp;&nbsp;Housing Revenue Bond — 0.98% | &nbsp;&nbsp;Housing Revenue Bond — 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pima County, Arizona Industrial Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D-1 4.65% 7/1/54 (GNMA) | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp; 517248 |
|  |  | &nbsp;&nbsp;&nbsp; 517248 |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 7.13% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 7.13% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 7.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Legacy Cares, Inc. Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.00% 7/1/51 #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp; 13500 |

---

NQ- WEST [0525] 0425 (4640150) 3

------

Schedule of investments

Macquarie Tax-Free Arizona Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Legacy Cares, Inc. Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 7.75% 7/1/50 #, ‡ | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;$8550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chandler, Arizona Industrial Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Intel Corporation Project)<br> Second Subseries 5.00% 9/1/52 (AMT) • | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 764257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Commonwealth of Puerto Rico<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Tobacco Settlement Asset-Backed)<br> Series A 8.21% 5/15/57 ^ | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 900300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Verde, Arizona Financial Senior Gas Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/1/37 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2070180 |
|  |  | &nbsp;&nbsp;&nbsp; 3756787 |
| &nbsp;&nbsp;Lease Revenue Bonds — 2.79% | &nbsp;&nbsp;Lease Revenue Bonds — 2.79% | &nbsp;&nbsp;Lease Revenue Bonds — 2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Game & Fish Department & Community Beneficial<br> Interest Certificates Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Administration Building Project)<br> 5.00% 7/1/32 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tucson and Pima County, Arizona Industrial Development<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.70% 7/1/43 (GNMA) | &nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp; 471331 |
|  |  | &nbsp;&nbsp;&nbsp; 1472391 |
| &nbsp;&nbsp;Local General Obligation Bonds — 3.46% | &nbsp;&nbsp;Local General Obligation Bonds — 3.46% | &nbsp;&nbsp;Local General Obligation Bonds — 3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Goodyear, Arizona |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 629520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix, Arizona Various Purpose General Obligation<br> Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/46 | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1192424 |
|  |  | &nbsp;&nbsp;&nbsp; 1821944 |
| &nbsp;&nbsp;Special Tax Revenue Bonds — 16.35% | &nbsp;&nbsp;Special Tax Revenue Bonds — 16.35% | &nbsp;&nbsp;Special Tax Revenue Bonds — 16.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bullhead, Arizona Excise Taxes Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% 7/1/46 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 648950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 7/1/52 | 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 873923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.784% 11/1/51 • | &nbsp;&nbsp;&nbsp;&nbsp;186757 | &nbsp;&nbsp;&nbsp;&nbsp; 114622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.102% 11/1/43 • | 1126128 | &nbsp;&nbsp;&nbsp;&nbsp; 677085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDB Debt Recovery Authority of Puerto Rico Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Taxable)<br> 7.50% 8/20/40 | 1724313 | &nbsp;&nbsp;&nbsp;&nbsp; 1657047 |

---

4 NQ- WEST [0525] 0425 (4640150)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matching Fund Special Purpose Securitization, Virgin<br> Islands Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;$306297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Capital Appreciation - Restructured) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.674% 7/1/46 ^ | 2245000 | &nbsp;&nbsp;&nbsp;&nbsp; 720712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.75% 7/1/51 ^ | 1725000 | &nbsp;&nbsp;&nbsp;&nbsp; 407221 |
| &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; 2275738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.329% 7/1/40 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 933810 |
|  |  | &nbsp;&nbsp;&nbsp; 8615405 |
| &nbsp;&nbsp;Transportation Revenue Bonds — 6.18% | &nbsp;&nbsp;Transportation Revenue Bonds — 6.18% | &nbsp;&nbsp;Transportation Revenue Bonds — 6.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix, Arizona Civic Improvement Airport<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Junior Lien) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 7/1/37 (AMT) | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2155387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 7/1/49 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 391472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Lien)<br> 4.00% 7/1/48 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 430670 |
| &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;(San Juan Cruise Terminal Project)<br> Series A-3 6.75% 1/1/46 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 276850 |
|  |  | &nbsp;&nbsp;&nbsp; 3254379 |
| &nbsp;&nbsp;Water & Sewer Revenue Bond — 0.85% | &nbsp;&nbsp;Water & Sewer Revenue Bond — 0.85% | &nbsp;&nbsp;Water & Sewer Revenue Bond — 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodyear, Arizona Water & Sewer Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Series 4.00% 7/1/45 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 449075 |
|  |  | &nbsp;&nbsp;&nbsp; 449075 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $56,172,631)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $56,172,631)** | &nbsp;&nbsp;&nbsp;**51018395** |
| &nbsp;&nbsp;**Short-Term Investments — 1.64%** | &nbsp;&nbsp;**Short-Term Investments — 1.64%** | &nbsp;&nbsp;**Short-Term Investments — 1.64%** |
| &nbsp;&nbsp;Variable Rate Demand Notes — 1.64% | &nbsp;&nbsp;Variable Rate Demand Notes — 1.64% | &nbsp;&nbsp;Variable Rate Demand Notes — 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Phoenix Children's Hospital) Series A 3.00% 2/1/48<br> (LOC – JPMorgan Chase Bank N.A.)¤ | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 |

---

NQ- WEST [0525] 0425 (4640150) 5

------

Schedule of investments

Macquarie Tax-Free Arizona Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** |
| &nbsp;&nbsp;Variable Rate Demand Notes (continued) | &nbsp;&nbsp;Variable Rate Demand Notes (continued) | &nbsp;&nbsp;Variable Rate Demand Notes (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix, Arizona Industrial Development Authority<br> Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mayo Clinic) Series B 2.85% 11/15/52<br> (SPA - Northern Trust)¤ | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;$400000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $865,000)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $865,000)** | &nbsp;&nbsp;&nbsp; **865000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—98.44%<br> (cost $57,037,631)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**51883395** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—1.56%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **823824** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 5,430,894 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$52707219** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2025, the aggregate value of Rule 144A securities was $4,615,205, which represents 8.76% of the Fund's net assets. |
| ‡ | Non-income producing security. Security is currently in default. |
| ~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at May 31, 2025. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| ¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of May 31, 2025. |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| AG – Insured by Assured Guaranty Inc. |
| AMT – Subject to Alternative Minimum Tax |

---

6 NQ- WEST [0525] 0425 (4640150)

------

---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| GNMA – Government National Mortgage Association |
| KIPP – Knowledge is Power Program |
| LLC – Limited Liability Corporation |
| LOC – Letter of Credit |
| N.A. – National Association |
| SPA – Stand-by Purchase Agreement |

---

NQ- WEST [0525] 0425 (4640150) 7

## 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:** Macquarie 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:** 2025-08-31

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

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **Yes**

### Fund Information

**Total Assets:** $52908382.12

**Total Liabilities:** $252189.12

**Net Assets:** $52656193.00

**Cash Not Reported:** $83870.46

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 8.20869000 | **1-Year:** 160.91869000 | **5-Year:** 2842.28488000 | **10-Year:** 43725.86607000 | **30-Year:** 8232.19409000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 518.76265000 | **10-Year:** 929.97824000 | **30-Year:** 2.48799000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006392 | -2.23%               | -1.70%               | -1.31%               |
| Class ID C000006394 | -2.38%               | -1.65%               | -1.37%               |
| Class ID C000135922 | -2.21%               | -1.68%               | -1.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-1493860.18                               |
| Month 2  | $-263723.97              | $-846997.09                                |
| Month 3  | $-383720.65              | $-466393.53                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ARIZONA ST INDL DEV AUTH LEASE | Arizona Industrial Development Authority                                        | CUSIP: 04052HBG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1967377.50   | 3.74%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1126128 | PA      | $677084.46    | 1.29%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO | Arizona Industrial Development Authority                                        | CUSIP: 04052TDC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $133186.85    | 0.25%             | 2059-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GOODYEAR AZ                    | City of Goodyear AZ                                                             | CUSIP: 382505NC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $629520.00    | 1.20%             | 2039-07-01      | Fixed         | 3.00%                 | 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      | $311528.00    | 0.59%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS            | Arizona Board of Regents                                                        | CUSIP: 040664LL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1513170.45   | 2.87%             | 2050-07-01      | 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        |    750000 | PA      | $525000.00    | 1.00%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TUCSON & PIMA CNTYS AZ INDL DE | Tucson Industrial Development Authority/Pima County Industrial Development Auth | CUSIP: 898700GK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $471331.20    | 0.90%             | 2043-07-01      | Fixed         | 4.70%                 | 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        |   1725000 | PA      | $407220.75    | 0.77%             | 2051-07-01      | None          | 0.00%                 | 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      | $430670.00    | 0.82%             | 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        |   1200000 | PA      | $1194384.00   | 2.27%             | 2045-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH HLTHC | Industrial Development Authority of the City of Phoenix Arizona/The             | CUSIP: 71884SAC4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.76%             | 2052-11-15      | Variable      | 1.50%                 | 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        |   2245000 | PA      | $720712.35    | 1.37%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ                     | City of Phoenix AZ                                                              | CUSIP: 7188142A3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1192423.50   | 2.26%             | 2046-07-01      | 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      | $13500.00     | 0.03%             | 2051-07-01      | Fixed         | 6.00%                 | 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      | $256092.50    | 0.49%             | 2037-07-01      | Fixed         | 6.00%                 | 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      | $331612.50    | 0.63%             | 2049-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO | Arizona Industrial Development Authority                                        | CUSIP: 04052FBV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1294128.00   | 2.46%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALT RIVER AZ PROJ AGRIC IMPT& | Salt River Project Agricultural Improvement & Power District                    | CUSIP: 79574CFR9<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2596875.00   | 4.93%             | 2053-01-01      | 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      | $873922.95    | 1.66%             | 2052-07-01      | Fixed         | 4.00%                 | 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      | $242951.50    | 0.46%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH NATIO | Arizona Industrial Development Authority                                        | CUSIP: 04052FFF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $479030.00    | 0.91%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R | Industrial Development Authority of the City of Phoenix Arizona/The             | CUSIP: 71885FEJ2<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $942770.00    | 1.79%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVZ2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     35000 | PA      | $19206.25     | 0.04%             | 2026-07-01      | Fixed         | 4.75%                 | 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      | $603630.00    | 1.15%             | 2046-07-01      | Fixed         | 2.25%                 | 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        |   2250000 | PA      | $2155387.50   | 4.09%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH HOSP REV | Arizona Industrial Development Authority                                        | CUSIP: 04052EAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $465000.00    | 0.88%             | 2048-02-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO | Arizona Industrial Development Authority                                        | CUSIP: 04052TDD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125391 | PA      | $98295.08     | 0.19%             | 2059-01-01      | Fixed         | 5.12%                 | 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      | $648950.00    | 1.23%             | 2046-07-01      | Fixed         | 2.55%                 | 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      | $486490.00    | 0.92%             | 2049-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74528LAD3<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |    250000 | PA      | $276850.00    | 0.53%             | 2046-01-01      | Fixed         | 6.75%                 | 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      | $241335.00    | 0.46%             | 2040-07-01      | Fixed         | 5.00%                 | 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      | $828090.00    | 1.57%             | 2050-07-01      | Fixed         | 4.00%                 | 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        |     45000 | PA      | $24581.25     | 0.05%             | 2024-07-01      | Fixed         | 5.25%                 | 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      | $404748.00    | 0.77%             | 2047-07-01      | Fixed         | 6.00%                 | 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        |   1724313 | PA      | $1657047.55   | 3.15%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH SFM | Industrial Development Authority of the County of Pima/The                      | CUSIP: 721905SU2<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    550000 | PA      | $517247.50    | 0.98%             | 2054-07-01      | Fixed         | 4.65%                 | 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        |    500000 | PA      | $449075.00    | 0.85%             | 2045-07-01      | Fixed         | 4.00%                 | 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        |     30000 | PA      | $16462.50     | 0.03%             | 2027-07-01      | Fixed         | 4.75%                 | 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      | $350520.00    | 0.67%             | 2052-07-01      | Fixed         | 5.50%                 | 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        |   1830000 | PA      | $1431224.70   | 2.72%             | 2061-07-01      | Fixed         | 4.00%                 | 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      | $315345.15    | 0.60%             | 2048-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                                | CUSIP: 56682HDA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1557885.00   | 2.96%             | 2045-01-01      | Fixed         | 4.00%                 | 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      | $507712.00    | 0.96%             | 2052-10-01      | Fixed         | 6.12%                 | 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      | $135477.00    | 0.26%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO | Arizona Industrial Development Authority                                        | CUSIP: 04052TDE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    517536 | PA      | $281332.31    | 0.53%             | 2059-01-01      | None          | 0.00%                 | 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      | $1001060.00   | 1.90%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933810.00    | 1.77%             | 2040-07-01      | Fixed         | 4.33%                 | 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      | $904080.00    | 1.72%             | 2041-01-01      | Fixed         | 4.00%                 | 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      | $711272.80    | 1.35%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L4C8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    186757 | PA      | $114622.29    | 0.22%             | 2051-11-01      | Variable      | 0.01%                 | 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      | $1016570.00   | 1.93%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATCHING FUND SPL PURPOSE SECU | Matching Fund Special Purpose Securitization Corp                               | CUSIP: 57665NAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306297.00    | 0.58%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL | Chandler Industrial Development Authority                                       | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $764257.50    | 1.45%             | 2052-09-01      | Variable      | 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        |    975000 | PA      | $667611.75    | 1.27%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| YAVAPAI CNTY AZ INDL DEV AUTH  | Industrial Development Authority of the County of Yavapai/The                   | CUSIP: 985900ES4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $959412.50    | 1.82%             | 2043-08-01      | Fixed         | 3.12%                 | 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      | $341432.95    | 0.65%             | 2046-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| THE CHILDRENS TRUST FUND PR TO | Children's Trust Fund                                                           | CUSIP: 16876QBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $900300.00    | 1.71%             | 2057-05-15      | None          | 0.00%                 | 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      | $1326375.00   | 2.52%             | 2043-08-01      | Fixed         | 4.00%                 | 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      | $8550.00      | 0.02%             | 2050-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SALT RIVER AZ PROJ AGRIC IMPT& | Salt River Project Agricultural Improvement & Power District                    | CUSIP: 79574CFL2<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1537275.00   | 2.92%             | 2047-01-01      | 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      | $823990.00    | 1.56%             | 2050-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2275738.15   | 4.32%             | 2053-07-01      | Fixed         | 4.75%                 | 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      | $670040.25    | 1.27%             | 2052-07-01      | Fixed         | 2.38%                 | 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      | $2070180.00   | 3.93%             | 2037-12-01      | Fixed         | 5.00%                 | 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      | $142410.00    | 0.27%             | 2045-11-15      | Fixed         | 5.00%                 | 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        |     35000 | PA      | $19206.25     | 0.04%             | 2025-07-01      | Fixed         | 5.25%                 | 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        |    125000 | PA      | $68593.75     | 0.13%             | 2036-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH SENIO | Arizona Industrial Development Authority                                        | CUSIP: 04052TDF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    174154 | PA      | $30381.20     | 0.06%             | 2059-01-01      | None          | 0.00%                 | 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      | $932980.00    | 1.77%             | 2051-07-01      | Fixed         | 5.00%                 | 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        |    550000 | PA      | $301812.50    | 0.57%             | 2028-07-01      | Fixed         | 5.00%                 | 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      | $391472.00    | 0.74%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QZY1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     55000 | PA      | $30181.25     | 0.06%             | 2042-07-01      | Fixed         | 5.05%                 | 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      | $1557100.00   | 2.96%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Voyageur Insured Funds

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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