# EDGAR Filing Document

**Accession Number:** 0000906236
**File Stem:** 0001752724-25-182201
**Filing Date:** 2025-7
**Character Count:** 83653
**Document Hash:** 1f43dfb70b6198977b351d9bcc1778da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182201.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182201

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250530

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VOYAGEUR MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0000906236

**ORGANIZATION NAME:**
- **EIN:** 411720518
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07742
- **FILM NUMBER:** 251159972

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VOYAGEUR MUTUAL FUNDS INC
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### Macquarie Tax-Free Idaho Fund (Series ID: S000002415)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000006418 | Class A             | VIDAX           |
| C000006420 | Class C             | DVICX           |
| C000135927 | Institutional Class | DTIDX           |

## Nport-Ex

Schedule of investments

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

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds — 97.84%** | &nbsp;&nbsp;**Municipal Bonds — 97.84%** | &nbsp;&nbsp;**Municipal Bonds — 97.84%** |
| &nbsp;&nbsp;Education Revenue Bonds — 22.05% | &nbsp;&nbsp;Education Revenue Bonds — 22.05% | &nbsp;&nbsp;Education Revenue Bonds — 22.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise, Idaho State University Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(General Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;$180506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp; 435000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 4/1/54 | 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1349419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/1/50 | 1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1161589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Alturas International Academy Project)<br> 4.00% 5/1/52 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1222275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Anser of Idaho Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 2.25% 5/1/51 | 1165000 | &nbsp;&nbsp;&nbsp;&nbsp; 617427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 5/1/41 | 3150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2382723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 5/1/56 | 1585000 | &nbsp;&nbsp;&nbsp;&nbsp; 1234731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Compass Public Charter School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 7/1/54 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 856680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.00% 7/1/39 # | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp; 375021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.00% 7/1/49 # | &nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp; 597487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.00% 7/1/54 # | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp; 570707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gem Prep: Meridian Project)<br> Series A 4.00% 5/1/57 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 787610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Idaho Arts Charter School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp; 414866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp; 235878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 12/1/38 # | 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1979213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 12/1/46 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 917350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Meridian South Charter School Project)<br> 144A 4.00% 5/1/46 # | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 744500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(North Star Charter School) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.75% 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;529151 | &nbsp;&nbsp;&nbsp;&nbsp; 531612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 144A 0.000% 7/1/49 #, ^ | 2888155 | &nbsp;&nbsp;&nbsp;&nbsp; 488502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sage International School of Boise Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 5/1/50 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2403870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 5/1/55 | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 854678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Victory Charter School Project)<br> Series A 144A 5.00% 7/1/39 # | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1412895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(White Pine Charter School Project)<br> Series A 5.75% 5/1/58 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho State University General Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 4/1/49 | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1219920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp; 276697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 347060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.50% 4/1/52 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1689537 |

---

NQ- VF [0525] 0725 (4640150) 1

------

Schedule of investments

Macquarie Tax-Free Idaho 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;Idaho State University General Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;$637876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Regents of The University of Idaho General Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 4/1/45 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 633549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 4/1/35 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp; 601350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Idaho Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrefunded Series A 5.00% 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp; 345131 |
|  |  | &nbsp;&nbsp;&nbsp; 28525479 |
| &nbsp;&nbsp;Electric Revenue Bonds — 7.45% | &nbsp;&nbsp;Electric Revenue Bonds — 7.45% | &nbsp;&nbsp;Electric Revenue Bonds — 7.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise-Kuna, Idaho Irrigation District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Idaho Arrowrock Hydroelectric Project)<br> 5.00% 6/1/34 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Energy Resources Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Idaho Falls Power Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/15/35 | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1762512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/15/36 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp; 892724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/15/39 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2126160 |
| &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;75000 | &nbsp;&nbsp;&nbsp;&nbsp; 41156 |
| &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;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 24694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series CCC 5.25% 7/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp; 189319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.00% 7/1/28 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp; 175600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.50% 7/1/38 ‡ | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 823125 |
| &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;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 27438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.25% 7/1/40 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp; 326506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.75% 7/1/36 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp; 96031 |
| &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;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 21950 |
| &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;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 32775 |
|  |  | &nbsp;&nbsp;&nbsp; 9633380 |
| &nbsp;&nbsp;Healthcare Revenue Bonds — 13.87% | &nbsp;&nbsp;Healthcare Revenue Bonds — 13.87% | &nbsp;&nbsp;Healthcare Revenue Bonds — 13.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Madison Memorial Hospital Project)<br> 5.00% 9/1/37 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1942960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Luke's Health System Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 3/1/51 (BAM) | 3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2269872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 3/1/46 (BAM) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 446040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 3/1/51 (BAM) | 2210000 | &nbsp;&nbsp;&nbsp;&nbsp; 1884113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 3/1/51 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 3/1/46 | 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 997565 |

---

2 NQ- VF [0525] 0725 (4640150)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Luke's Health System Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 3/1/53 | 1000000 | &nbsp;&nbsp;$1011140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Trinity Health Credit Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ID 4.00% 12/1/43 | 3900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3510975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ID 5.00% 12/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 744308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Valley Vista Care Corporation) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp; 433073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 11/15/37 | 1005000 | &nbsp;&nbsp;&nbsp;&nbsp; 849587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 11/15/47 | 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 834618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho State Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Department of Health & Welfare Project)<br> Series B 5.00% 9/1/43 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008550 |
|  |  | &nbsp;&nbsp;&nbsp; 17940791 |
| &nbsp;&nbsp;Housing Revenue Bonds — 7.08% | &nbsp;&nbsp;Housing Revenue Bonds — 7.08% | &nbsp;&nbsp;Housing Revenue Bonds — 7.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association Multifamily Housing<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sunset Landing Apartments Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 2.75% 7/1/40 | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 967616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.125% 7/1/54 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1297860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.50% 1/21/49 (GNMA) | &nbsp;&nbsp;&nbsp;&nbsp;187675 | &nbsp;&nbsp;&nbsp;&nbsp; 183609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Taxable)<br> Series C 5.945% 7/1/55 (GNMA) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 983360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association Single Family<br> Mortgage Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.65% 1/1/54 (GNMA) | 2875000 | &nbsp;&nbsp;&nbsp;&nbsp; 2745654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.75% 1/1/48 (GNMA) | &nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp; 977130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 3.00% 1/1/43 (FHA) | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 306852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.80% 7/1/53 (GNMA) | 1720000 | &nbsp;&nbsp;&nbsp;&nbsp; 1696057 |
|  |  | &nbsp;&nbsp;&nbsp; 9158138 |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 2.94% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 2.94% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 2.94% |
| &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 0.00% 5/15/57 ^ | 30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1800600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power County, Idaho Industrial Development Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(FMC Project)<br> 6.45% 8/1/32 (AMT) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005980 |
|  |  | &nbsp;&nbsp;&nbsp; 3806580 |

---

NQ- VF [0525] 0725 (4640150) 3

------

Schedule of investments

Macquarie Tax-Free Idaho 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;Lease Revenue Bonds — 6.38% | &nbsp;&nbsp;Lease Revenue Bonds — 6.38% | &nbsp;&nbsp;Lease Revenue Bonds — 6.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise, Idaho Urban Renewal Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;$765937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 12/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 765263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Falls, Idaho Annual Appropriation Certificates of<br> Participation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 5/15/51 # | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1857220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Fish & Wildlife Foundation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Idaho Department of Fish & Game Headquarters Office Project)<br> 4.00% 12/1/39 | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 990288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Health Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Ada County Coroner Project)<br> 4.00% 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp; 304979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association Economic<br> Development Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TDF Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.50% 2/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp; 220334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 7.00% 2/1/36 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho State Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Department of Health & Welfare Project)<br> Series B 4.00% 9/1/48 | 1290000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nez Perce County, Idaho Annual Appropriation<br> Certificates of Participation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 3/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp; 715529 |
|  |  | &nbsp;&nbsp;&nbsp; 8252749 |
| &nbsp;&nbsp;Local General Obligation Bonds — 5.63% | &nbsp;&nbsp;Local General Obligation Bonds — 5.63% | &nbsp;&nbsp;Local General Obligation Bonds — 5.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ada & Boise Counties, Idaho Independent School District<br> Boise City |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/1/34 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 509895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon County, Idaho School District No. 139 Vallivue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/15/42 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1053750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/15/43 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2097560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sales Tax and Credit Enhancement Guaranty)<br> Series B 5.00% 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 533475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Ketchum, Idaho |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125% 9/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 320580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Bond Bank Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 9/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 251807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 9/15/37 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 989870 |

---

4 NQ- VF [0525] 0725 (4640150)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Local General Obligation Bonds (continued) | &nbsp;&nbsp;Local General Obligation Bonds (continued) | &nbsp;&nbsp;Local General Obligation Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Bond Bank Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00% 9/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;$507885 |
|  |  | &nbsp;&nbsp;&nbsp; 7285912 |
| &nbsp;&nbsp;Pre-Refunded Bond — 0.40% | &nbsp;&nbsp;Pre-Refunded Bond — 0.40% | &nbsp;&nbsp;Pre-Refunded Bond — 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ada & Canyon Counties, Idaho Joint School District No.<br> 3 Kuna |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sales Tax & Credit Enhancement Guaranty)<br> Series B 5.00% 9/15/35-27 § | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 518845 |
|  |  | &nbsp;&nbsp;&nbsp; 518845 |
| &nbsp;&nbsp;Resource Recovery Revenue Bond — 0.28% | &nbsp;&nbsp;Resource Recovery Revenue Bond — 0.28% | &nbsp;&nbsp;Resource Recovery Revenue Bond — 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idawy, Idaho Solid Waste District Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 1/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp; 361977 |
|  |  | &nbsp;&nbsp;&nbsp; 361977 |
| &nbsp;&nbsp;Special Tax Revenue Bonds — 22.94% | &nbsp;&nbsp;Special Tax Revenue Bonds — 22.94% | &nbsp;&nbsp;Special Tax Revenue Bonds — 22.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.783% 11/1/51 • | &nbsp;&nbsp;&nbsp;&nbsp;454941 | &nbsp;&nbsp;&nbsp;&nbsp; 279220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.232% 11/1/43 • | 2755946 | &nbsp;&nbsp;&nbsp;&nbsp; 1657012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate)<br> 3.799% 11/1/51 • | 3175192 | &nbsp;&nbsp;&nbsp;&nbsp; 1639193 |
| &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 | 4104971 | &nbsp;&nbsp;&nbsp;&nbsp; 3944836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association Sales Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Transportation Expansion And Congestion Mitigation) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/15/47 | 2415000 | &nbsp;&nbsp;&nbsp;&nbsp; 2476534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 8/15/48 | 2370000 | &nbsp;&nbsp;&nbsp;&nbsp; 2126577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 8/15/50 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 893630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/15/42 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2120560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 8/15/48 | 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1698360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho State Building Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(School Modernization Facilities Fund)<br> Series A 5.00% 6/1/34 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2266080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Water Resource Board Loan Program Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Ground Water Rights Mitigation)<br> Series A 5.00% 9/1/32 | 3565000 | &nbsp;&nbsp;&nbsp;&nbsp; 3567424 |
| &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 1.019% 7/1/51 ^ | 6755000 | &nbsp;&nbsp;&nbsp;&nbsp; 1594653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 3.70% 7/1/46 ^ | 3579000 | &nbsp;&nbsp;&nbsp;&nbsp; 1148966 |

---

NQ- VF [0525] 0725 (4640150) 5

------

Schedule of investments

Macquarie Tax-Free Idaho Fund

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) | &nbsp;&nbsp;Special Tax Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.55% 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;$834768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.75% 7/1/53 | 3045000 | &nbsp;&nbsp;&nbsp;&nbsp; 2788581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;691000 | &nbsp;&nbsp;&nbsp;&nbsp; 649229 |
|  |  | &nbsp;&nbsp;&nbsp; 29685623 |
| &nbsp;&nbsp;State General Obligation Bond — 0.63% | &nbsp;&nbsp;State General Obligation Bond — 0.63% | &nbsp;&nbsp;State General Obligation Bond — 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured)<br> Series A-1 4.00% 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp; 818368 |
|  |  | &nbsp;&nbsp;&nbsp; 818368 |
| &nbsp;&nbsp;Transportation Revenue Bonds — 6.13% | &nbsp;&nbsp;Transportation Revenue Bonds — 6.13% | &nbsp;&nbsp;Transportation Revenue Bonds — 6.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Boise, Idaho Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Employee Parking Facilities Project)<br> Series B 4.00% 9/1/51 (AMT) | 1955000 | &nbsp;&nbsp;&nbsp;&nbsp; 1634263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Public Parking Facilities Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/46 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/51 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Housing & Finance Association Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/15/39 | 3060000 | &nbsp;&nbsp;&nbsp;&nbsp; 2896504 |
| &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) | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1384250 |
|  |  | &nbsp;&nbsp;&nbsp; 7935947 |
| &nbsp;&nbsp;Water & Sewer Revenue Bonds — 2.06% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 2.06% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Boise, Idaho Water Renewal Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/51 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2030320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Government Waterworks Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp; 639392 |
|  |  | &nbsp;&nbsp;&nbsp; 2669712 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $136,940,940)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $136,940,940)** | &nbsp;&nbsp;&nbsp;**126593501** |

---

6 NQ- VF [0525] 0725 (4640150)

------

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Variable Rate Demand Note — 0.77%** | &nbsp;&nbsp;**Variable Rate Demand Note — 0.77%** | &nbsp;&nbsp;**Variable Rate Demand Note — 0.77%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Health Facilities Authority Revenue<br> Series D 3.00% 3/1/60 ¤ | 1000000 | &nbsp;&nbsp;$1000000 |
| &nbsp;&nbsp;&nbsp;**Total Variable Rate Demand Note (cost $1,000,000)** | &nbsp;&nbsp;&nbsp;**Total Variable Rate Demand Note (cost $1,000,000)** | &nbsp;&nbsp;&nbsp; **1000000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—98.61%<br> (cost $137,940,940)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**127593501** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—1.39%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1794613** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 12,888,046 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$129388114** |

---

---

| | |
|:---|:---|
| ° | 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 $9,799,575, which represents 7.57% of the Fund's net assets. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| ‡ | Non-income producing security. Security is currently in default. |
| § | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of May 31, 2025. |

---

---

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

---

NQ- VF [0525] 0725 (4640150) 7

------

Schedule of investments

Macquarie Tax-Free Idaho Fund

---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| FHA – Federal Housing Administration |
| FMC – First Mile Connectivity |
| GNMA – Government National Mortgage Association |
| TDF – Term Deposit Facility |
| USD – US Dollar |

---

8 NQ- VF [0525] 0725 (4640150)

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-07742

- **c. CIK number of Registrant:** 0000906236

- **d. LEI of Registrant:** 549300D8BQFTKREY6O09

- **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 Idaho Fund

- **b. EDGAR series identifier (if any):** S000002415

- **c. LEI of Series:** TT5N8YA3R6HMF1QRFE93

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $129665366.39

**Total Liabilities:** $533738.11

**Net Assets:** $129131628.28

**Cash Not Reported:** $269240.21

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 135.74311000 | **1-Year:** 725.16418000 | **5-Year:** 10407.79300000 | **10-Year:** 92894.94649000 | **30-Year:** 16796.06031000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 1320.63377000 | **10-Year:** 2076.23425000 | **30-Year:** 91.03767000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006418 | -2.18%               | -1.08%               | -0.99%               |
| Class ID C000006420 | -2.24%               | -1.14%               | -1.05%               |
| Class ID C000135927 | -2.16%               | -1.06%               | -0.96%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-15.02                  | $-3431651.92                               |
| Month 2  | $-53639.22               | $-1742563.46                               |
| Month 3  | $-61.11                  | $-1693189.03                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CANYON CNTY ID SCH DIST #139 V | Canyon County School District No 139 Vallivue                                   | CUSIP: 138824ME4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053750.00   | 0.82%             | 2042-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU | Idaho Health Facilities Authority                                               | CUSIP: 451295YX1<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $849586.80    | 0.66%             | 2037-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IDAHO ST UNIV REVENUES         | Idaho State University                                                          | CUSIP: 451470QX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1219920.00   | 0.94%             | 2049-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| THE CHILDRENS TRUST FUND PR TO | Children's Trust Fund                                                           | CUSIP: 16876QBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  30000000 | PA      | $1800600.00   | 1.39%             | 2057-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SF MTG | Idaho Housing & Finance Association                                             | CUSIP: 45129YS56<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    400000 | PA      | $306852.00    | 0.24%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SALES  | Idaho Housing & Finance Association                                             | CUSIP: 45130AAW5<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2476534.20   | 1.92%             | 2047-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN        | Idaho Housing & Finance Association                                             | CUSIP: 45129WQH6<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   3060000 | PA      | $2896504.20   | 2.24%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GDE2<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    370000 | PA      | $375020.90    | 0.29%             | 2039-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GCK9<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1161588.75   | 0.90%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST BLDG AUTH SALES TAX R | Idaho State Building Authority                                                  | CUSIP: 451446AK4<br>LEI: 549300XZ1VJYPPKQZU06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1133040.00   | 0.88%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOISE CITY ID ARPT REVENUE     | City of Boise City ID Airport Revenue                                           | CUSIP: 097428EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005470.00   | 0.78%             | 2051-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOISE CITY ID URBAN RENEWAL AG | Boise Urban Renewal Agency                                                      | CUSIP: 09746LCN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $765262.50    | 0.59%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ENERGY RESOURCES AUTH PW | Idaho Energy Resources Authority                                                | CUSIP: 451175AN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $892724.25    | 0.69%             | 2037-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU | Idaho Health Facilities Authority                                               | CUSIP: 451295E47<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.77%             | 2060-03-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN        | Idaho Housing & Finance Association                                             | CUSIP: 45129WPF1<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    187675 | PA      | $183608.45    | 0.14%             | 2049-01-21      | Fixed         | 4.50%                 | 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        |   3045000 | PA      | $2788580.55   | 2.16%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| IDAHO ENERGY RESOURCES AUTH PW | Idaho Energy Resources Authority                                                | CUSIP: 451175AQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2126160.00   | 1.65%             | 2039-09-15      | Fixed         | 5.00%                 | 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        |    175000 | PA      | $96031.25     | 0.07%             | 2036-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GEX9<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    520000 | PA      | $414866.40    | 0.32%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVC3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    320000 | PA      | $175600.00    | 0.14%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GFM2<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $617426.70    | 0.48%             | 2051-05-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2755946 | PA      | $1657012.66   | 1.28%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| BOISE ID ST UNIV REVENUES      | Boise State University                                                          | CUSIP: 097464G88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $435000.00    | 0.34%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GDG7<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    570000 | PA      | $570706.80    | 0.44%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOISE CITY ID ARPT REVENUE     | City of Boise City ID Airport Revenue                                           | CUSIP: 097428FC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1955000 | PA      | $1634262.70   | 1.27%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST UNIV REVENUES         | Idaho State University                                                          | CUSIP: 451470RP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1689537.50   | 1.31%             | 2052-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEZ PERCE CNTY ID ANNUAL APPRO | County of Nez Perce ID                                                          | CUSIP: 65344YAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $715529.10    | 0.55%             | 2052-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU | Idaho Health Facilities Authority                                               | CUSIP: 451295D48<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   2210000 | PA      | $1884113.40   | 1.46%             | 2051-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU | Idaho Health Facilities Authority                                               | CUSIP: 451295D55<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $2269872.00   | 1.76%             | 2051-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GCF0<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    529151 | PA      | $531611.55    | 0.41%             | 2048-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GFL4<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $2382723.00   | 1.85%             | 2041-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GFT7<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $744500.00    | 0.58%             | 2046-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVE9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $823125.00    | 0.64%             | 2038-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNIV OF IDAHO ID REVENUES      | University of Idaho                                                             | CUSIP: 9143182X7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $345130.60    | 0.27%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GCV5<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1979213.50   | 1.53%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74528LAD3<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1384250.00   | 1.07%             | 2046-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH HOSP R | Idaho Health Facilities Authority                                               | CUSIP: 45129UCG7<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3510975.00   | 2.72%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOISE ID WTR RENEWAL REVENUE   | City of Boise City ID Water Renewal Revenue                                     | CUSIP: 09747AAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2030320.00   | 1.57%             | 2051-09-01      | 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        |   4104971 | PA      | $3944836.08   | 3.05%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| IDAHO ST BLDG AUTH BLDG REVENU | Idaho State Building Authority                                                  | CUSIP: 451443D69<br>LEI: 549300XZ1VJYPPKQZU06 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1130904.30   | 0.88%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST FISH & WILDLIFE FNDTN | Idaho Fish & Wildlife Foundation Inc                                            | CUSIP: 451263CB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $990288.00    | 0.77%             | 2039-12-01      | 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        |     40000 | PA      | $21950.00     | 0.02%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU | Idaho Health Facilities Authority                                               | CUSIP: 451295YZ6<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $834618.00    | 0.65%             | 2047-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IDAWY ID SOL WST DIST REVENUE  | Idawy Solid Waste District                                                      | CUSIP: 44936TAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $361977.00    | 0.28%             | 2050-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH ANNUAL | Idaho Health Facilities Authority                                               | CUSIP: 451291AN8<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    305000 | PA      | $304978.65    | 0.24%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST BOND BANK AUTH REVENU | Idaho Bond Bank Authority                                                       | CUSIP: 451152V90<br>LEI: 5493006H5207M9WPQJ98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989870.00    | 0.77%             | 2037-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOISE-KUNA ID IRR DIST ARROWRO | Boise-Kuna Irrigation District                                                  | CUSIP: 09747EBX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000980.00   | 1.55%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST BLDG AUTH BLDG REVENU | Idaho State Building Authority                                                  | CUSIP: 451443D51<br>LEI: 549300XZ1VJYPPKQZU06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008550.00   | 0.78%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SF MTG | Idaho Housing & Finance Association                                             | CUSIP: 45129Y3T1<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1696057.60   | 1.31%             | 2053-07-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| IDAHO ENERGY RESOURCES AUTH PW | Idaho Energy Resources Authority                                                | CUSIP: 451175AL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1762512.00   | 1.36%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN MF HSG | Idaho Housing & Finance Association                                             | CUSIP: 45129XBB3<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $967616.00    | 0.75%             | 2040-07-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ADA & CANYON CNTYS ID JT SCH D | Ada & Canyon Counties Joint School District No 3 Kuna                           | CUSIP: 005176KP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518845.00    | 0.40%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST UNIV REVENUES         | Idaho State University                                                          | CUSIP: 451470RN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $637875.70    | 0.49%             | 2042-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GJM8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1222275.00   | 0.95%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GCG8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   2888155 | PA      | $488502.54    | 0.38%             | 2049-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3175192 | PA      | $1639192.69   | 1.27%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| CANYON CNTY ID SCH DIST #139 V | Canyon County School District No 139 Vallivue                                   | CUSIP: 138824MF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2097560.00   | 1.62%             | 2043-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SALES  | Idaho Housing & Finance Association                                             | CUSIP: 45130ABU8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   2370000 | PA      | $2126577.30   | 1.65%             | 2048-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SALES  | Idaho Housing & Finance Association                                             | CUSIP: 45130ADQ5<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $893630.00    | 0.69%             | 2050-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GFN0<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1234730.85   | 0.96%             | 2056-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GCP8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $917350.00    | 0.71%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST UNIV REVENUES         | Idaho State University                                                          | CUSIP: 451470RQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $347060.00    | 0.27%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CANYON CNTY ID SCH DIST #139 V | Canyon County School District No 139 Vallivue                                   | CUSIP: 138824KR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $533475.00    | 0.41%             | 2031-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GGP4<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $787610.00    | 0.61%             | 2057-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GDR3<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $856680.00    | 0.66%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST BOND BANK AUTH REVENU | Idaho Bond Bank Authority                                                       | CUSIP: 4511522Z4<br>LEI: 5493006H5207M9WPQJ98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507885.00    | 0.39%             | 2042-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ENERGY RESOURCES AUTH PW | Idaho Energy Resources Authority                                                | CUSIP: 451175AM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092410.00   | 0.85%             | 2036-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN MF HSG | Idaho Housing & Finance Association                                             | CUSIP: 45129XBC1<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1297860.00   | 1.01%             | 2054-07-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BOISE ID ST UNIV REVENUES      | Boise State University                                                          | CUSIP: 097464D73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180505.80    | 0.14%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU | Idaho Health Facilities Authority                                               | CUSIP: 451295E39<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    500000 | PA      | $446040.00    | 0.35%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GEF8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $854678.00    | 0.66%             | 2055-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SALES  | Idaho Housing & Finance Association                                             | CUSIP: 45130ABT1<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1698359.40   | 1.32%             | 2048-08-15      | Fixed         | 5.25%                 | 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        |     60000 | PA      | $32775.00     | 0.03%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QVX7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    595000 | PA      | $326506.25    | 0.25%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SF MTG | Idaho Housing & Finance Association                                             | CUSIP: 45129Y6T8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983360.00    | 0.76%             | 2055-07-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SF MTG | Idaho Housing & Finance Association                                             | CUSIP: 45129Y5J1<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   2875000 | PA      | $2745653.75   | 2.13%             | 2054-01-01      | Fixed         | 4.65%                 | 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        |     75000 | PA      | $41156.25     | 0.03%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU | Idaho Health Facilities Authority                                               | CUSIP: 451295YT0<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1942960.00   | 1.50%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $834767.50    | 0.65%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SALES  | Idaho Housing & Finance Association                                             | CUSIP: 45130ACN3<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2120560.00   | 1.64%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOISE CITY ID INDEP SCH DIST   | Ada & Boise Counties Independent School District Boise City                     | CUSIP: 097437RU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021090.00   | 0.79%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU | Idaho Health Facilities Authority                                               | CUSIP: 451295C80<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $997565.20    | 0.77%             | 2046-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    995000 | PA      | $818367.60    | 0.63%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST UNIV REVENUES         | Idaho State University                                                          | CUSIP: 451470PM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $276696.75    | 0.21%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS | Guam Government Waterworks Authority                                            | CUSIP: 40065FED2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $639392.00    | 0.50%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF IDAHO ID REVENUES      | University of Idaho                                                             | CUSIP: 9143184Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $633549.00    | 0.49%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6755000 | PA      | $1594652.85   | 1.23%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GCS2<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1412895.00   | 1.09%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SF MTG | Idaho Housing & Finance Association                                             | CUSIP: 45129YY75<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    990000 | PA      | $977130.00    | 0.76%             | 2048-01-01      | Fixed         | 4.75%                 | 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        |   3579000 | PA      | $1148966.37   | 0.89%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN ECON D | Idaho Housing & Finance Association                                             | CUSIP: 45130CAB7<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502295.00   | 1.16%             | 2036-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GEE1<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2403870.00   | 1.86%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOISE CITY ID INDEP SCH DIST   | Ada & Boise Counties Independent School District Boise City                     | CUSIP: 097437RV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509895.00    | 0.39%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO WTR RESOURCE BRD WTR RES | Idaho Water Resource Board                                                      | CUSIP: 451484AJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3565000 | PA      | $3567424.20   | 2.76%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOISE ID ST UNIV REVENUES      | Boise State University                                                          | CUSIP: 097464S85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1349419.75   | 1.04%             | 2054-04-01      | 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        |     50000 | PA      | $27437.50     | 0.02%             | 2026-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GLC7<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019820.00   | 0.79%             | 2058-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IDAHO ST BLDG AUTH SALES TAX R | Idaho State Building Authority                                                  | CUSIP: 451446AV0<br>LEI: 549300XZ1VJYPPKQZU06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1133040.00   | 0.88%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN ECON D | Idaho Housing & Finance Association                                             | CUSIP: 45130CAA9<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    220000 | PA      | $220334.40    | 0.17%             | 2026-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PWR CNTY ID INDL DEV CORP SOL  | Power County Industrial Development Corp                                        | CUSIP: 739247AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005980.00   | 1.55%             | 2032-08-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| IDAHO FALLS ID AUDITORIUM DIST | Idaho Falls Auditorium District                                                 | CUSIP: 45118AAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1857220.00   | 1.44%             | 2051-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BOISE CITY ID ARPT REVENUE     | City of Boise City ID Airport Revenue                                           | CUSIP: 097428EF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015460.00   | 0.79%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU | Idaho Health Facilities Authority                                               | CUSIP: 451295H36<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011140.00   | 0.78%             | 2053-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BOISE CITY ID URBAN RENEWAL AG | Boise Urban Renewal Agency                                                      | CUSIP: 09746LCM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $765937.50    | 0.59%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KETCHUM ID                     | City of Ketchum ID                                                              | CUSIP: 492638CF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $320580.00    | 0.25%             | 2041-09-15      | Fixed         | 2.12%                 | 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        |     45000 | PA      | $24693.75     | 0.02%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GDF9<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    595000 | PA      | $597487.10    | 0.46%             | 2049-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH HOSP R | Idaho Health Facilities Authority                                               | CUSIP: 45129UCC6<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    750000 | PA      | $744307.50    | 0.58%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST BOND BANK AUTH REVENU | Idaho Bond Bank Authority                                                       | CUSIP: 451152V58<br>LEI: 5493006H5207M9WPQJ98 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251807.50    | 0.20%             | 2033-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                                            | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    345000 | PA      | $189318.75    | 0.15%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIV OF IDAHO ID REVENUES      | University of Idaho                                                             | CUSIP: 9143183M0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $601350.40    | 0.47%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                          | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    691000 | PA      | $649229.05    | 0.50%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN NONPRO | Idaho Housing & Finance Association                                             | CUSIP: 45129GEY7<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    305000 | PA      | $235877.85    | 0.18%             | 2055-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU | Idaho Health Facilities Authority                                               | CUSIP: 451295YV5<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    435000 | PA      | $433072.95    | 0.34%             | 2027-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                     | CUSIP: 74514L4C8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    454941 | PA      | $279219.74    | 0.22%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU | Idaho Health Facilities Authority                                               | CUSIP: 451295D22<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2007990.00   | 1.55%             | 2051-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Voyageur Mutual Funds

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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