# EDGAR Filing Document

**Accession Number:** 0000906236
**File Stem:** 0001752724-25-182210
**Filing Date:** 2025-7
**Character Count:** 155377
**Document Hash:** 1d19c9e47fcd5060591bf0b1350be79b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182210.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182210

**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:** 251159994

**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 Minnesota High-Yield Municipal Bond Fund (Series ID: S000002412)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000006409 | Class A             | DVMHX           |
| C000006411 | Class C             | DVMMX           |
| C000135925 | Institutional Class | DMHIX           |

## Nport-Ex

Schedule of investments

Macquarie Minnesota High-Yield Municipal Bond Fund May 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds — 98.55%** | &nbsp;&nbsp;**Municipal Bonds — 98.55%** | &nbsp;&nbsp;**Municipal Bonds — 98.55%** |
| &nbsp;&nbsp;Education Revenue Bonds — 26.97% | &nbsp;&nbsp;Education Revenue Bonds — 26.97% | &nbsp;&nbsp;Education Revenue Bonds — 26.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bethel, Minnesota Charter School Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Spectrum High School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;$823150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp; 782714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.25% 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 636187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.375% 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 207263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Brooklyn Park, Minnesota Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Prairie Seeds Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% 6/15/54 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 897650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 6/15/64 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1338615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Cologne, Minnesota Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cologne Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp; 270041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 349478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp; 331308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Deephaven, Minnesota Charter School Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Eagle Ridge Academy Project)<br> Series A 5.50% 7/1/50 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Eagan, Minnesota Charter School Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great Oaks Academy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.25% 2/1/45 # | &nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp; 605587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 6.375% 2/1/55 # | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 656306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Forest Lake, Minnesota Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lakes International Language Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.50% 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp; 244990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.375% 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp; 940914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.75% 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp; 585076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Ham Lake, Minnesota Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(DaVinci Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp; 221332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp; 600057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Parnassus Preparatory School Project)<br> Series A 5.00% 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp; 607854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Hugo, Minnesota Charter School Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Noble Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/34 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp; 464018 |

---

NQ- 313 [0525] 0725 (4640150) 1

------

Schedule of investments

Macquarie Minnesota High-Yield Municipal Bond 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;City of Minneapolis, Minnesota Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cyber Village Academy Project)<br> Series A 5.50% 6/1/57 | 1400000 | &nbsp;&nbsp;$1216880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hiawatha Academies Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.375% 7/1/42 # | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp; 645005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.50% 7/1/52 # | 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.50% 7/1/57 # | &nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp; 788630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Minneapolis, Minnesota Student Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Riverton Community Housing Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% 8/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 671947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp; 511222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp; 669418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Otsego, Minnesota Charter School Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Kaleidoscope Charter School Project)<br> Series A 5.00% 9/1/44 | 1435000 | &nbsp;&nbsp;&nbsp;&nbsp; 1230771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Cloud, Minnesota Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Stride Academy Project)<br> Series A 5.00% 4/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 595702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Paul, Minnesota Housing & Redevelopment<br> Authority Charter School Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Academia Cesar Chavez School Project)<br> Series A 5.25% 7/1/50 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1469107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great River School Project)<br> Series A 144A 5.50% 7/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp; 409059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hmong College Preparatory Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/43 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 952690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/55 | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 988988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.75% 9/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 501200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.00% 9/1/51 | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3510885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Nova Classical Academy Project)<br> Series A 4.125% 9/1/47 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Twin Cities Academy Project)<br> Series A 5.375% 7/1/50 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1438560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Paul, Minnesota Housing & Redevelopment<br> Authority Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great River School Project)<br> Series A 144A 4.75% 7/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 299424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Nova Classical Academy Project)<br> Series A 4.00% 9/1/36 | 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502113 |

---

2 NQ- 313 [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;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Paul, Minnesota Housing & Redevelopment<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hmong College Preparatory Academy Project)<br> Series A 5.00% 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;$689224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Woodbury, Minnesota Charter School Lease<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Math & Science Academy)<br> 144A 5.50% 6/1/63 # | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2274575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Woodbury Leadership Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp; 711804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/1/51 | 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 826215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp; 553040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duluth Housing & Redevelopment Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Duluth Public Schools Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 616469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/1/48 | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1348729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Higher Education Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Bethel University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/1/37 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1174988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/1/47 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2567220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Carleton College)<br> 4.00% 3/1/47 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1344045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Bonds)<br> Series A 5.00% 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 536640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gustavus Adolphus College)<br> 5.00% 10/1/47 | 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2254801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Macalester College) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 3/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp; 302778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp; 255106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 3/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 531210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minneapolis College of Art & Design)<br> 4.00% 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Catherine University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 670178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp; 819122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/45 | 1670000 | &nbsp;&nbsp;&nbsp;&nbsp; 1546353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Olaf College)<br> 4.00% 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp;&nbsp; 810009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Trustees of the Hamline University of Minnesota) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 294255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 10/1/39 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 961610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 10/1/47 | 1055000 | &nbsp;&nbsp;&nbsp;&nbsp; 959016 |

---

NQ- 313 [0525] 0725 (4640150) 3

------

Schedule of investments

Macquarie Minnesota High-Yield Municipal Bond 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;Minnesota Higher Education Facilities Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(University of St. Thomas) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;$296103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 87377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp; 468576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.125% 10/1/53 | 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1121387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/49 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1215025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 10/1/52 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 967640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Office of Higher Education Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Supplemental Student Loan Program)<br> 4.00% 11/1/42 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 222957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul, Minnesota Independent School District No.<br> 625 Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/1/43 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Minnesota Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp; 911313 |
|  |  | &nbsp;&nbsp;&nbsp; 60512676 |
| &nbsp;&nbsp;Electric Revenue Bonds — 1.53% | &nbsp;&nbsp;Electric Revenue Bonds — 1.53% | &nbsp;&nbsp;Electric Revenue Bonds — 1.53% |
| &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;165000 | &nbsp;&nbsp;&nbsp;&nbsp; 90544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series AAA 5.25% 7/1/25 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp; 52131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series CCC 5.25% 7/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp; 356687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WW 5.00% 7/1/28 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp; 321019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 4.75% 7/1/26 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp; 57619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.25% 7/1/40 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp; 161881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series XX 5.75% 7/1/36 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp; 203037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 4.75% 7/1/27 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp; 46644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series ZZ 5.25% 7/1/24 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp; 71013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Minnesota Municipal Power Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 402308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul, Minnesota Port Authority District Energy Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1 5.00% 10/1/46 | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1108701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Minnesota Municipal Power Agency Supply<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Red Rock Hydroelectric Project)<br> Series A 5.00% 1/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp; 559390 |
|  |  | &nbsp;&nbsp;&nbsp; 3430974 |

---

4 NQ- 313 [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 — 38.90% | &nbsp;&nbsp;Healthcare Revenue Bonds — 38.90% | &nbsp;&nbsp;Healthcare Revenue Bonds — 38.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Anoka, Minnesota Healthcare & Housing Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Homestead at Anoka Project)<br> 5.125% 11/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;$339340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Apple Valley, Minnesota Senior Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(PHS Senior Housing, Inc. Orchard Path Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp; 692790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/43 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 951580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/58 | 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.50% 9/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp; 620075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.625% 9/1/65 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 995410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Apple Valley, Minnesota Senior Living Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Living LLC Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Tier Series D 7.00% 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp; 252453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Tier Series D 7.25% 1/1/52 | 1495000 | &nbsp;&nbsp;&nbsp;&nbsp; 663601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Tier Series B 5.00% 1/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp; 296984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bethel, Minnesota Housing & Health Care Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Benedictine Health System – St. Peter Communities Project)<br> Series A 5.50% 12/1/48 | 1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1182784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Ecumen Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.125% 3/1/44 | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1071345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.125% 3/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 282672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bethel, Minnesota Senior Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Lodge at the Lakes at Stillwater Project)<br> 5.25% 6/1/58 | 1475000 | &nbsp;&nbsp;&nbsp;&nbsp; 1213173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Brainerd, Minnesota Senior Housing and<br> Healthcare Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pinecrest of Country Manor Project)<br> Series A 6.00% 5/1/60 | 1775000 | &nbsp;&nbsp;&nbsp;&nbsp; 1733465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Brooklyn Center, Minnesota Multifamily Housing<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sanctuary at Brooklyn Center Project)<br> Series A 5.50% 11/1/35 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;632730 | &nbsp;&nbsp;&nbsp;&nbsp; 442911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chatfield, Minnesota Healthcare & Housing<br> Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Chosen Valley Care Center Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 204560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/52 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1201125 |

---

NQ- 313 [0525] 0725 (4640150) 5

------

Schedule of investments

Macquarie Minnesota High-Yield Municipal Bond 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;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Crookston, Minnesota Health Care Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Riverview Health Project)<br> 5.00% 5/1/51 | 1025000 | &nbsp;&nbsp;$543137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Glencoe, Minnesota Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Glencoe Regional Health Services Project)<br> 4.00% 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp; 181348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Hayward, Minnesota Health Care Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(American Baptist Homes Midwest Obligated Group)<br> 5.375% 8/1/34 ‡ | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 577935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. John's Lutheran Home of Albert Lea Project)<br> Series A 5.375% 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 47700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Maple Grove, Minnesota Health Care Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Maple Grove Hospital Corporation)<br> 4.00% 5/1/37 | 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1517701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(North Memorial Health Care)<br> 4.00% 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp; 279852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Maple Plain, Minnesota Senior Housing & Health<br> Care Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Haven Homes Incorporate Project)<br> 5.00% 7/1/49 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 886500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Minneapolis, Minnesota Health Care System<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Allina Health System) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 11/15/39 | 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1786285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 11/15/40 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 926310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Fairview Health Services) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 11/15/48 | 2855000 | &nbsp;&nbsp;&nbsp;&nbsp; 2356260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/32 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1255413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/33 | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1439704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/44 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 980440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/49 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 977170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Minneapolis, Minnesota Senior Housing &<br> Healthcare Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Ecumen-Abiitan Mill City Project)<br> 5.375% 11/1/50 | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1510722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Minneapolis, St. Paul Housing & Redevelopment<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Children's Health Care) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/15/39 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2127280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/15/41 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045970 |

---

6 NQ- 313 [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;City of Minneapolis, St. Paul Housing & Redevelopment<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Children's Health Care) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/15/42 | 1000000 | &nbsp;&nbsp;$1037100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Morris, Minnesota Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Farmington Health Services) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10% 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 361260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20% 8/1/49 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rochester, Minnesota Health Care & Housing<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Homestead at Rochester Project)<br> Series A 6.875% 12/1/48 | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1200396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rochester, Minnesota Health Care Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mayo Clinic) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 11/15/39 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1457325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 11/15/57 | 3960000 | &nbsp;&nbsp;&nbsp;&nbsp; 4025538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.25% 11/15/50 | 1605000 | &nbsp;&nbsp;&nbsp;&nbsp; 1474112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.375% 11/15/53 | 2215000 | &nbsp;&nbsp;&nbsp;&nbsp; 2040281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Sartell, Minnesota Health Care & Housing Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Country Manor Campus LLC Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 590850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/32 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 343238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Sauk Rapids, Minnesota Health Care Housing<br> Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Good Shepherd Lutheran Home)<br> 5.125% 1/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp; 670544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Shakopee, Minnesota Health Care Facilities<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Francis Regional Medical Center) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp; 128127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp; 105009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Cloud, Minnesota Health Care Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Centracare Health System Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 5/1/49 | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1920330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 5/1/50 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2130550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/1/54 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1225212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 5/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp; 614307 |

---

NQ- 313 [0525] 0725 (4640150) 7

------

Schedule of investments

Macquarie Minnesota High-Yield Municipal Bond 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;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Joseph, Minnesota Senior Housing &<br> Healthcare Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Woodcrest Country Manor Project)<br> 5.00% 7/1/55 | 1000000 | &nbsp;&nbsp;$843980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Paul, Minnesota Housing & Redevelopment<br> Authority Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Episcopal Homes Obligated Group)<br> Series A 4.00% 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 560588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Fairview Health Services) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 11/15/43 | 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1305906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/47 | 1875000 | &nbsp;&nbsp;&nbsp;&nbsp; 1836206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(HealthPartners Obligated Group Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/30 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/33 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Marian Center Project)<br> Series A 5.375% 5/1/43 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 912750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Paul, Minnesota Housing & Redevelopment<br> Authority Senior Housing & Health Care Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Episcopal Homes Project)<br> 5.125% 5/1/48 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1635760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Victoria, Minnesota Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Augustana Emerald Care Project)<br> 5.00% 8/1/39 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1264875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Wayzata, Minnesota Senior Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Folkestone Senior Living Community) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75% 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 458180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 465295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 368792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 300958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/1/54 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1158925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of West St. Paul, Minnesota Rochester Health Care &<br> Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Walker Westwood Ridge Campus Project)<br> 5.00% 11/1/49 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1313190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dakota County Community Development Agency Senior<br> Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Walker Highview Hills Project)<br> Series A 144A 5.00% 8/1/51 # | 1995000 | &nbsp;&nbsp;&nbsp;&nbsp; 1759869 |

---

8 NQ- 313 [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;Deephaven, Minnesota Housing & Healthcare Facility<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Therese Senior Living Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;$305955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp; 281868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 4/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp; 152829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duluth Economic Development Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Benedictine Health System) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/1/31 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1412955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/1/41 | 1155000 | &nbsp;&nbsp;&nbsp;&nbsp; 923746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Essentia Health Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.25% 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 363420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/15/53 | 1590000 | &nbsp;&nbsp;&nbsp;&nbsp; 1545766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/15/58 | 6940000 | &nbsp;&nbsp;&nbsp;&nbsp; 6729301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 2/15/58 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1938060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Luke's Hospital of Duluth Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 6/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp; 385651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 6/15/52 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Agricultural & Economic Development Board<br> Healthcare Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Health Partners Obligated Group) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 1/1/49 | 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1744222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 1/1/54 | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1154566 |
|  |  | &nbsp;&nbsp;&nbsp; 87272443 |
| &nbsp;&nbsp;Housing Revenue Bonds — 3.76% | &nbsp;&nbsp;Housing Revenue Bonds — 3.76% | &nbsp;&nbsp;Housing Revenue Bonds — 3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Bethel, Minnesota Senior Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Birchwood Landing at the Lakes at Stillwater Project)<br> 5.00% 5/1/54 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 857220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Stillwater, Minnesota Multifamily Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Orleans Homes Project)<br> 5.50% 2/1/42 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 693967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dakota County Community Development Agency<br> Multifamily Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Heart of the City Apartments Project)<br> 4.20% 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 681705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Housing Finance Agency Residential Housing<br> Finance Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Social Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F 2.40% 7/1/46 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 797875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series F 4.85% 7/1/45 | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1587696 |

---

NQ- 313 [0525] 0725 (4640150) 9

------

Schedule of investments

Macquarie Minnesota High-Yield Municipal Bond 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;Housing Revenue Bonds (continued) | &nbsp;&nbsp;Housing Revenue Bonds (continued) | &nbsp;&nbsp;Housing Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Housing Finance Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A1 4.90% 8/1/66 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;$341303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 5.50% 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp; 954808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series I 2.20% 1/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp; 354775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series O 4.45% 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp;&nbsp; 943721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwest Multi-County Housing & Redevelopment<br> Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pooled Housing Program)<br> 5.50% 7/1/45 | 1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1212589 |
|  |  | &nbsp;&nbsp;&nbsp; 8425659 |
| &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 3.09% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 3.09% | &nbsp;&nbsp;Industrial Development Revenue/Pollution ControlRevenue Bonds — 3.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Cottonwood, Minnesota Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Extreme Holdings LLC Project)<br> Series A 144A 5.00% 12/1/50 (AMT) # | 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 934943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Municipal Gas Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minnesota Community Energy)<br> Sub-Series A 4.00% 12/1/52 • | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul, Minnesota Port Authority Solid Waste Disposal<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gerdau St. Paul Steel Mill Project)<br> Series 7 144A 4.50% 10/1/37 (AMT) # | 5350000 | &nbsp;&nbsp;&nbsp;&nbsp; 4991068 |
|  |  | &nbsp;&nbsp;&nbsp; 6925091 |
| &nbsp;&nbsp;Lease Revenue Bonds — 1.22% | &nbsp;&nbsp;Lease Revenue Bonds — 1.22% | &nbsp;&nbsp;Lease Revenue Bonds — 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chaska, Minnesota Economic Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minnesota Lease Obligation)<br> Series A 4.125% 2/1/54 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1119425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New London, Economic Development Authority<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SWWC Service Cooperative Lease With Option to Purchase Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp; 880387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.50% 2/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp; 346853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hibbing Independent School District No. 701 Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 3/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 400340 |
|  |  | &nbsp;&nbsp;&nbsp; 2747005 |

---

10 NQ- 313 [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 — 10.00% | &nbsp;&nbsp;Local General Obligation Bonds — 10.00% | &nbsp;&nbsp;Local General Obligation Bonds — 10.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anoka-Hennepin Independent School District No. 11 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minnesota School District Credit Enhancement Program)<br> Series A 3.00% 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;$535087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cass Lake-Bena Independent School District No. 115 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minnesota School District Credit Enhancement Program) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp; 356306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp; 870740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 750784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Blaine, Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/39 | 1165000 | &nbsp;&nbsp;&nbsp;&nbsp; 1151335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Minneapolis, Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Bonds) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 12/1/37 | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 12/1/38 | 1970000 | &nbsp;&nbsp;&nbsp;&nbsp; 1670737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 12/1/42 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 776470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rosemount, Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/53 | 2930000 | &nbsp;&nbsp;&nbsp;&nbsp; 2535974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Virginia, Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/38 (AG) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 953350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Hennepin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/44 | 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1183162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dilworth Glyndon Felton Independent School<br> District No. 2164 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp; 181031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elk River Independent School District No. 728 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp; 438124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gibbon, Minnesota Independent School District No. 2365 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.125% 2/1/52 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1136200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodridge, Minnesota Independent School District No. 561 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/37 | 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1165273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Council General Obligation Wastewater |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minneapolis-St. Paul Metropolitan Area) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.00% 3/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 589092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.00% 3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp; 554507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ramsey County, Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 482900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rice County, Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State Credit Enhancement Program)<br> Series A-1 4.00% 2/1/52 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1336920 |

---

NQ- 313 [0525] 0725 (4640150) 11

------

Schedule of investments

Macquarie Minnesota High-Yield Municipal Bond 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;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;Rosemount-Apple Valley-Eagan Independent School<br> District No. 196 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/44 | 1070000 | &nbsp;&nbsp;$996266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Peter Independent School District No. 508, Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 137042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp; 296975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stillwater Independent School District No. 834 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minnesota School District Credit Enhancement Program)<br> Series A 4.00% 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp; 414077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington County, Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/1/43 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1056050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westonka Independent School District No. 277 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minnesota School District Credit Enhancement Program)<br> Series A 4.00% 2/1/44 | 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 942481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Bear Lake Independent School District No. 624 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 2/1/42 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 789400 |
|  |  | &nbsp;&nbsp;&nbsp; 22430685 |
| &nbsp;&nbsp;Pre-Refunded Bond — 0.34% | &nbsp;&nbsp;Pre-Refunded Bond — 0.34% | &nbsp;&nbsp;Pre-Refunded Bond — 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duluth Independent School District No. 709 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.20% 3/1/34-27 § | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 764295 |
|  |  | &nbsp;&nbsp;&nbsp; 764295 |
| &nbsp;&nbsp;Special Tax Revenue Bonds — 3.12% | &nbsp;&nbsp;Special Tax Revenue Bonds — 3.12% | &nbsp;&nbsp;Special Tax Revenue Bonds — 3.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Minneapolis, Minnesota Tax Increment Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Village of St. Anthony Falls Project)<br> 4.00% 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 499170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate)<br> 2.653% 11/1/43 • | 1525416 | &nbsp;&nbsp;&nbsp;&nbsp; 917156 |
| &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 0.505% 7/1/51 ^ | 5075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1198056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.75% 7/1/53 | 1505000 | &nbsp;&nbsp;&nbsp;&nbsp; 1378264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.74% 7/1/46 ^ | 1271000 | &nbsp;&nbsp;&nbsp;&nbsp; 408029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.536% 7/1/53 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2599620 |
|  |  | &nbsp;&nbsp;&nbsp; 7000295 |

---

12 NQ- 313 [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;State General Obligation Bonds — 2.82% | &nbsp;&nbsp;State General Obligation Bonds — 2.82% | &nbsp;&nbsp;State General Obligation Bonds — 2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico 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 4.00% 7/1/37 | 1070000 | &nbsp;&nbsp;$988990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.00% 7/1/46 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 822480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp; 548548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/1/35 | 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1328048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/1/43 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2642200 |
|  |  | &nbsp;&nbsp;&nbsp; 6330266 |
| &nbsp;&nbsp;Transportation Revenue Bonds — 6.80% | &nbsp;&nbsp;Transportation Revenue Bonds — 6.80% | &nbsp;&nbsp;Transportation Revenue Bonds — 6.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis-St. Paul Metropolitan Airports Commission<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Private Activity) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 1/1/54 | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3021970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/32 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 343685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/39 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 504730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/47 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 246213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/49 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 587346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 1/1/42 (AMT) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 1/1/44 (AMT) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 1/1/49 (AMT) | 2310000 | &nbsp;&nbsp;&nbsp;&nbsp; 2344119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Subordinate) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/44 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4030600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/44 (AMT) | 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2119147 |
|  |  | &nbsp;&nbsp;&nbsp; 15249630 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $238,537,313)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $238,537,313)** | &nbsp;&nbsp;&nbsp;**221089019** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—98.55%<br> (cost $238,537,313)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**221089019** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—1.45%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **3263100** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 23,440,847 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$224352119** |

---

---

| |
|:---|
| 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 $14,389,907, which represents 6.41% of the Fund's net assets. |
| Non-income producing security. Security is currently in default. |

---

NQ- 313 [0525] 0725 (4640150) 13

------

Schedule of investments

Macquarie Minnesota High-Yield Municipal Bond Fund

---

| | |
|:---|:---|
| • | 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. |
| § | 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. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| AG – Insured by Assured Guaranty Inc. |
| AMT – Subject to Alternative Minimum Tax |
| LLC – Limited Liability Corporation |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| USD – US Dollar |

---

14 NQ- 313 [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 Minnesota High-Yield Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000002412

- **c. LEI of Series:** YBLW7P81WLFJTSTCRO52

**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:** $224737411.45

**Total Liabilities:** $1233109.38

**Net Assets:** $223504302.07

**Cash Not Reported:** $217448.65

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 90.68584000 | **1-Year:** 1273.07153000 | **5-Year:** 13475.65151000 | **10-Year:** 161504.78308000 | **30-Year:** 16587.99468000

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

- **3-Month:** 44.38883000 | **1-Year:** 390.09219000 | **5-Year:** 2936.23859000 | **10-Year:** 21884.59909000 | **30-Year:** 1641.50216000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000006409 | -2.36%               | -1.62%               | -0.71%               |
| Class ID C000006411 | -2.42%               | -1.68%               | -0.77%               |
| Class ID C000135925 | -2.34%               | -1.60%               | -0.68%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $30451.50                | $-6537976.03                               |
| Month 2  | $-403105.88              | $-4054482.88                               |
| Month 3  | $-599069.48              | $-1729372.44                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H3Z5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2567220.00   | 1.15%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DILWORTH-GLYNDON-FELTON MN IND | Dilworth Glyndon Felton Independent School District No 2164        | CUSIP: 254278KU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $181030.50    | 0.08%             | 2041-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN HSG AND HLTH CARE FA | City of Bethel MN Housing and Health Care Facilities Revenue       | CUSIP: 08675RAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1071345.00   | 0.48%             | 2044-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| HAYWARD MN HLTH CARE FACS REVE | City of Hayward MN                                                 | CUSIP: 421306AB7<br>LEI: 549300YF6QD4DXUDGL81 | Long             | DBT              | MUN               | US        |    750000 | PA      | $577935.00    | 0.26%             | 2034-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BROOKLYN PK MN CHRT SCH LEASE  | City of Brooklyn Park MN                                           | CUSIP: 114224AR9<br>LEI: 549300SRSB2KMQNYBB75 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1338615.00   | 0.60%             | 2064-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN INDEP SCH DIST # | St Paul Independent School District No 625                         | CUSIP: 792897SL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047910.00   | 0.47%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH REVENU | Duluth Economic Development Authority                              | CUSIP: 26444VAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1412955.00   | 0.63%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STILLWATER MN MF REVENUE       | City of Stillwater MN                                              | CUSIP: 860770BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $693967.50    | 0.31%             | 2042-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue             | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1378263.95   | 0.62%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE  | City of Wayzata MN                                                 | CUSIP: 946829BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $300958.00    | 0.13%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RAMSEY CNTY MN                 | County of Ramsey MN                                                | CUSIP: 751622XZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $482900.00    | 0.22%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN CHARTER SCH LEA | City of Minneapolis MN                                             | CUSIP: 60375CBZ6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1025441.10   | 0.46%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JDV9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    365000 | PA      | $302778.45    | 0.14%             | 2040-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H7G3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    300000 | PA      | $294255.00    | 0.13%             | 2037-10-01      | 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        |    370000 | PA      | $203037.50    | 0.09%             | 2036-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE | City of Rochester MN                                               | CUSIP: 771902HP1<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1474112.25   | 0.66%             | 2050-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297BX7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1502112.60   | 0.67%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN | City of St Cloud MN                                                | CUSIP: 78916VDW7<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1920330.00   | 0.86%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue             | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2599620.00   | 1.16%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| EAGAN MN CHRTR SCH LEASE REVEN | City of Eagan MN                                                   | CUSIP: 26940AAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $605587.20    | 0.27%             | 2045-02-01      | Fixed         | 6.25%                 | 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        |    585000 | PA      | $321018.75    | 0.14%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN | City of Minneapolis MN/St Paul Housing & Redevelopment Authority   | CUSIP: 603695KD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037100.00   | 0.46%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV | City of Woodbury MN                                                | CUSIP: 979134AT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $711804.20    | 0.32%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412AWT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $548548.00    | 0.25%             | 2038-09-01      | 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        |    130000 | PA      | $71012.50     | 0.03%             | 2024-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297CK4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    440000 | PA      | $409059.20    | 0.18%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SARTELL MN HLTH CARE & HSG FAC | City of Sartell MN                                                 | CUSIP: 803807BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $343238.00    | 0.15%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H7J7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961610.00    | 0.43%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                        | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1525416 | PA      | $917156.22    | 0.41%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C | Duluth Economic Development Authority                              | CUSIP: 26444CJF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $385650.60    | 0.17%             | 2033-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                   | CUSIP: 60416TGV4<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $797875.00    | 0.36%             | 2046-07-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| OTSEGO CHRT SCH LEASE REVENUE  | City of Otsego MN                                                  | CUSIP: 689149AC6<br>LEI: 549300C7IZXQ4JXHZS47 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1230770.80   | 0.55%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297BY5<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1037512.50   | 0.46%             | 2047-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416HF74<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99926.00     | 0.04%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN STUDENT HSG REV | City of Minneapolis MN                                             | CUSIP: 60379NCL8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    570000 | PA      | $511221.60    | 0.23%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE | City of Rochester MN                                               | CUSIP: 771902HQ9<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   2215000 | PA      | $2040280.80   | 0.91%             | 2053-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| STILLWATER MN INDEP SCH DIST # | Stillwater Independent School District No 834                      | CUSIP: 860758TB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $414076.50    | 0.19%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY S | Dakota County Community Development Agency                         | CUSIP: 23410LBX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1995000 | PA      | $1759869.30   | 0.79%             | 2051-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JBH2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    920000 | PA      | $819122.00    | 0.37%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST OFFICE OF HGR EDU | Minnesota Office of Higher Education                               | CUSIP: 60416MCA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $222957.50    | 0.10%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN CHARTER SCH LEA | City of Minneapolis MN                                             | CUSIP: 60375CCA0<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    880000 | PA      | $788629.60    | 0.35%             | 2057-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA MUNI GAS AGY COMMODI | Minnesota Municipal Gas Agency                                     | CUSIP: 60406UAM9<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999080.00    | 0.45%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SHAKOPEE MN HLTH CARE FACS REV | City of Shakopee MN                                                | CUSIP: 819175BK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $128126.70    | 0.06%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE  | City of Wayzata MN                                                 | CUSIP: 946829BN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $368792.00    | 0.17%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHAKOPEE MN HLTH CARE FACS REV | City of Shakopee MN                                                | CUSIP: 819175BJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105009.45    | 0.05%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN CHARTER SCH LEA | City of Minneapolis MN                                             | CUSIP: 60375CBY9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    690000 | PA      | $645005.10    | 0.29%             | 2042-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE MN CHARTER SCH LEA | City of Forest Lake MN                                             | CUSIP: 345856AJ7<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    585000 | PA      | $585076.05    | 0.26%             | 2044-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MN CHRT SCH LEASE REV | City of Ham Lake MN                                                | CUSIP: 406511AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $600056.50    | 0.27%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MN HSG & HLTHCARE    | Deephaven Housing & Healthcare                                     | CUSIP: 24379CAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $305955.50    | 0.14%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JBY5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    450000 | PA      | $468576.00    | 0.21%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLOGNE MN CHRT SCH LEASE REVE | City of Cologne MN                                                 | CUSIP: 195239AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $270040.50    | 0.12%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN PORT AUTH SOL WS | St Paul Port Authority                                             | CUSIP: 79307RAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5350000 | PA      | $4991068.50   | 2.23%             | 2037-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLOGNE MN CHRT SCH LEASE REVE | City of Cologne MN                                                 | CUSIP: 195239AJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $349478.50    | 0.16%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLENCOE MN HLTHCARE FACS REVEN | City of Glencoe MN                                                 | CUSIP: 378160BW4<br>LEI: 549300YD6XHLXYWWYP70 | Long             | DBT              | MUN               | US        |    185000 | PA      | $181348.10    | 0.08%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                   | CUSIP: 60416TH92<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    910000 | PA      | $954808.40    | 0.43%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827N44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3021970.00   | 1.35%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EAGAN MN CHRTR SCH LEASE REVEN | City of Eagan MN                                                   | CUSIP: 26940AAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $656306.00    | 0.29%             | 2055-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VDV2<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980440.00    | 0.44%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA MN                    | City of Virginia MN                                                | CUSIP: 9278722V2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $953350.00    | 0.43%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAYWARD HSG & HLTHCARE FACS RE | City of Hayward MN                                                 | CUSIP: 421307AM1<br>LEI: 549300YF6QD4DXUDGL81 | Long             | DBT              | MUN               | US        |     90000 | PA      | $47700.00     | 0.02%             | 2044-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827E28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $343685.10    | 0.15%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MN HSG & HLTHCARE    | Deephaven Housing & Healthcare                                     | CUSIP: 24379CAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $281868.30    | 0.13%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARTELL MN HLTH CARE & HSG FAC | City of Sartell MN                                                 | CUSIP: 803807BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999940.00    | 0.45%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H7L2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1055000 | PA      | $959016.10    | 0.43%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN | City of Minneapolis MN/St Paul Housing & Redevelopment Authority   | CUSIP: 603695KC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045970.00   | 0.47%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COTTONWOOD MN REVENUE          | City of Cottonwood MN                                              | CUSIP: 22188TAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $934942.80    | 0.42%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLOGNE MN CHRT SCH LEASE REVE | City of Cologne MN                                                 | CUSIP: 195239AK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $331308.00    | 0.15%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST AGRIC & ECON DEVB | Minnesota Agricultural & Economic Development Board                | CUSIP: 6049203E6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1154565.50   | 0.52%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297AY6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1438560.00   | 0.64%             | 2050-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MN CHRT SCH LEASE REV | City of Ham Lake MN                                                | CUSIP: 406511AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $221332.40    | 0.10%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE  | City of Wayzata MN                                                 | CUSIP: 946829BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $465295.00    | 0.21%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JBJ8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1546353.20   | 0.69%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN | City of Minneapolis MN/St Paul Housing & Redevelopment Authority   | CUSIP: 603695KA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2127280.00   | 0.95%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARTELL MN HLTH CARE & HSG FAC | City of Sartell MN                                                 | CUSIP: 803807AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $590850.00    | 0.26%             | 2037-09-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN | City of Bethel MN                                                  | CUSIP: 086759AJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $823149.60    | 0.37%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BRAINERD MN SENIOR HSG & HLTHC | City of Brainerd MN                                                | CUSIP: 10501DAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1733465.00   | 0.78%             | 2060-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MORRIS MN HLTH CARE FACS REVEN | City of Morris MN                                                  | CUSIP: 618147AP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1040400.00   | 0.47%             | 2049-08-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827F35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $587346.00    | 0.26%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HIBBING MN INDEP SCH DIST #701 | Hibbing Independent School District No 701                         | CUSIP: 428599AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $400340.00    | 0.18%             | 2041-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GIBBON MN INDEP SCH DIST #2365 | Gibbon Independent School District No 2365/MN                      | CUSIP: 374627DH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1136200.00   | 0.51%             | 2052-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN | City of St Cloud MN                                                | CUSIP: 78916VEU0<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1225212.50   | 0.55%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE  | City of Wayzata MN                                                 | CUSIP: 946829BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $458180.00    | 0.20%             | 2037-08-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN | City of Bethel MN                                                  | CUSIP: 086759AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $782714.00    | 0.35%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MN HSG & HLTHCARE    | Deephaven Housing & Healthcare                                     | CUSIP: 24379CAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $152828.50    | 0.07%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297DA5<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $952690.00    | 0.43%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VICTORIA MN HLTH CARE FACS REV | City of Victoria MN                                                | CUSIP: 92627TAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1264875.00   | 0.57%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN | City of St Cloud MN                                                | CUSIP: 78916VDR8<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    630000 | PA      | $614306.70    | 0.27%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C | Duluth Economic Development Authority                              | CUSIP: 26444CHG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6940000 | PA      | $6729301.60   | 3.01%             | 2058-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827Q82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2344118.70   | 1.05%             | 2049-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN                 | City of Minneapolis MN                                             | CUSIP: 60375BHF6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1970000 | PA      | $1670737.30   | 0.75%             | 2038-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827F27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2119147.50   | 0.95%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW LONDON ECON DEV AUTH MN PU | City of New London Economic Development Authority                  | CUSIP: 646565AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $880387.20    | 0.39%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JDA5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    935000 | PA      | $810009.20    | 0.36%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE | City of Apple Valley MN                                            | CUSIP: 03800RBK1<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    625000 | PA      | $620075.00    | 0.28%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JGG9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $967640.00    | 0.43%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE MN CHARTER SCH LEA | City of Forest Lake MN                                             | CUSIP: 345856AV0<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    975000 | PA      | $940914.00    | 0.42%             | 2050-08-01      | Fixed         | 5.38%                 | 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        |    295000 | PA      | $161881.25    | 0.07%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MN CHRT SCH LEASE REV | City of Ham Lake MN                                                | CUSIP: 406511AP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $607854.00    | 0.27%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEMOUNT MN                   | City of Rosemount MN                                               | CUSIP: 7775773Y1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2930000 | PA      | $2535973.60   | 1.13%             | 2053-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE MN CHARTER SCH LEA | City of Forest Lake MN                                             | CUSIP: 345856AE8<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    245000 | PA      | $244990.20    | 0.11%             | 2026-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297CD0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501200.00    | 0.22%             | 2046-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN PORT AUTH DIST E | St Paul Port Authority                                             | CUSIP: 79308GBC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1108701.00   | 0.50%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN TAX INCR REVENU | City of Minneapolis MN                                             | CUSIP: 603795CY9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499170.00    | 0.22%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H6L3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    600000 | PA      | $531210.00    | 0.24%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C | Duluth Economic Development Authority                              | CUSIP: 26444CKL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013510.00   | 0.45%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C | Duluth Economic Development Authority                              | CUSIP: 26444CHF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1938060.00   | 0.87%             | 2058-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                        | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $822480.00    | 0.37%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JHZ6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1215025.00   | 0.54%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASS LAKE MN INDEP SCH DIST #1 | Cass Lake-Bena Independent School District No 115                  | CUSIP: 148087LL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $870739.50    | 0.39%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN | City of St Cloud MN                                                | CUSIP: 78916VET3<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2130550.00   | 0.95%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV | City of Apple Valley MN                                            | CUSIP: 03789YDS2<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    490000 | PA      | $252452.90    | 0.11%             | 2037-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MET COUNCIL MINNEAPOLIS-SAINT  | Metropolitan Council                                               | CUSIP: 5918524L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $554507.00    | 0.25%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C | Duluth Economic Development Authority                              | CUSIP: 26444CGZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $363420.00    | 0.16%             | 2043-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ANOKA MN HLTHCARE & HSG FAC RE | City of Anoka MN                                                   | CUSIP: 03632RAH3<br>LEI: 549300R336CIYVDY0N47 | Long             | DBT              | MUN               | US        |    400000 | PA      | $339340.00    | 0.15%             | 2049-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827Q74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021410.00   | 0.46%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ST CLOUD MN CHRT SCH LEASE REV | City of St Cloud MN                                                | CUSIP: 788326AD8<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    750000 | PA      | $595702.50    | 0.27%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297DB3<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $988988.00    | 0.44%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412AN41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2642200.00   | 1.18%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW LONDON ECON DEV AUTH MN PU | City of New London Economic Development Authority                  | CUSIP: 646565AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $346852.65    | 0.16%             | 2033-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ANOKA-HENNEPIN MN INDEP SCH DI | Anoka-Hennepin Independent School District No 11                   | CUSIP: 0363034T9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $535087.50    | 0.24%             | 2045-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE | City of Apple Valley MN                                            | CUSIP: 03800RBL9<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995410.00    | 0.45%             | 2065-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                               | CUSIP: 74526QVZ2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    105000 | PA      | $57618.75     | 0.03%             | 2026-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CASS LAKE MN INDEP SCH DIST #1 | Cass Lake-Bena Independent School District No 115                  | CUSIP: 148087LM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $750784.00    | 0.34%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H3Y8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1174987.50   | 0.53%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOKLYN CENTER MN MF HSG REVE | City of Brooklyn Center MN                                         | CUSIP: 113880EG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    632730 | PA      | $442911.06    | 0.20%             | 2035-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JGW4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $670177.50    | 0.30%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE  | City of Wayzata MN                                                 | CUSIP: 946829BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150856.50    | 0.07%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV | City of Apple Valley MN                                            | CUSIP: 03789YDT0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $663600.60    | 0.30%             | 2052-01-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                   | CUSIP: 60416TCQ9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    635000 | PA      | $354774.50    | 0.16%             | 2051-01-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| DULUTH MN HSG & REDEV AUTH CHR | Duluth Housing & Redevelopment Authority                           | CUSIP: 264454AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1348729.00   | 0.60%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV | City of Woodbury MN                                                | CUSIP: 979134AV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $553039.50    | 0.25%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STHRN MINNESOTA ST MUNI PWR AG | Southern Minnesota Municipal Power Agency                          | CUSIP: 843375C38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $402308.00    | 0.18%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MN HLTH CARE FACS  | City of Maple Grove MN                                             | CUSIP: 56516TBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1517701.25   | 0.68%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROSEMOUNT MN INDEP SCH DIST #1 | Rosemount-Apple Valley-Eagan Independent School District No 196    | CUSIP: 777594ZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $996266.30    | 0.45%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN SENIOR HSG REVENUE   | City of Bethel MN                                                  | CUSIP: 08676PBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $857220.00    | 0.38%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST JOSEPH MN SENIOR HSG & HLTH | City of St Joseph MN                                               | CUSIP: 790755AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $843980.00    | 0.38%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VDY6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1439704.00   | 0.64%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H3W2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1344045.00   | 0.60%             | 2047-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SENIOR HSG & HL | City of Minneapolis MN                                             | CUSIP: 603787AN2<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1510722.00   | 0.68%             | 2050-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792892HM6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $912750.00    | 0.41%             | 2043-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV | City of Woodbury MN                                                | CUSIP: 979134AU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $826215.00    | 0.37%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H4Y7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2254801.50   | 1.01%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN HSG & REDEV AUTH CHR | Duluth Housing & Redevelopment Authority                           | CUSIP: 264454AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $616469.00    | 0.28%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASS LAKE MN INDEP SCH DIST #1 | Cass Lake-Bena Independent School District No 115                  | CUSIP: 148087LK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $356306.25    | 0.16%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C | Duluth Economic Development Authority                              | CUSIP: 26444CHE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1545766.20   | 0.69%             | 2053-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MN CHARTER SCH LEASE | City of Deephaven MN                                               | CUSIP: 24380HAS1<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999900.00    | 0.45%             | 2050-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827Q58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030410.00   | 0.46%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JCB4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    300000 | PA      | $296103.00    | 0.13%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792905DH1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001280.00   | 0.45%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                   | CUSIP: 60416USQ9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1587696.00   | 0.71%             | 2045-07-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN STUDENT HSG REV | City of Minneapolis MN                                             | CUSIP: 60379NCK0<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    750000 | PA      | $671947.50    | 0.30%             | 2043-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MAPLE PLAIN MN SR HSG & HLTH C | City of Maple Plain MN                                             | CUSIP: 56531SAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $886500.00    | 0.40%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY MN             | County of Washington MN                                            | CUSIP: 937785WT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056050.00   | 0.47%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATFIELD MN HLTHCARE & HSG FA | City of Chatfield MN                                               | CUSIP: 161818AR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $204560.00    | 0.09%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN SENIOR HSG REVENUE   | City of Bethel MN                                                  | CUSIP: 08676PAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1213172.75   | 0.54%             | 2058-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CROOKSTON MN HLTH CARE FACS RE | City of Crookston MN                                               | CUSIP: 227235BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $543137.25    | 0.24%             | 2051-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792909FM0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1836206.25   | 0.82%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297CE8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3510885.00   | 1.57%             | 2051-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MET COUNCIL MINNEAPOLIS-SAINT  | Metropolitan Council                                               | CUSIP: 5918524J4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $589092.00    | 0.26%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAUK RAPIDS MN HLTH CARE HSG F | City of Sauk Rapids MN                                             | CUSIP: 804359BW6<br>LEI: 549300EEYEG1XIKNKU21 | Long             | DBT              | MUN               | US        |    790000 | PA      | $670544.10    | 0.30%             | 2039-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HUGO MN CHTR SCH LEASE REVENUE | City of Hugo MN                                                    | CUSIP: 444584AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000080.00   | 0.45%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR | Puerto Rico Electric Power Authority                               | CUSIP: 74526QWX6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     85000 | PA      | $46643.75     | 0.02%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV | City of Apple Valley MN                                            | CUSIP: 03789YDH6<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    535000 | PA      | $296983.85    | 0.13%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JCE8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    100000 | PA      | $87377.00     | 0.04%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN HSG AND HLTH CARE FA | City of Bethel MN Housing and Health Care Facilities Revenue       | CUSIP: 08675RAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $282672.00    | 0.13%             | 2049-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GOODRIDGE INDEP SCH DIST #561  | Goodridge Independent School District No 561                       | CUSIP: 382424AN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1165273.20   | 0.52%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RICE CNTY MN                   | County of Rice MN                                                  | CUSIP: 762698LE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1336920.00   | 0.60%             | 2052-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHATFIELD MN HLTHCARE & HSG FA | City of Chatfield MN                                               | CUSIP: 161818AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1201125.00   | 0.54%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN                 | City of Minneapolis MN                                             | CUSIP: 60375BHE9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1130402.00   | 0.51%             | 2037-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE | City of Apple Valley MN                                            | CUSIP: 03800RAT3<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    840000 | PA      | $692790.00    | 0.31%             | 2053-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412AEM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1328047.50   | 0.59%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MN HLTH CARE FACS  | City of Maple Grove MN                                             | CUSIP: 56516TAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $279852.00    | 0.13%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HUGO MN CHTR SCH LEASE REVENUE | City of Hugo MN                                                    | CUSIP: 444584AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $464017.95    | 0.21%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                        | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $988990.30    | 0.44%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JEY2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $536640.00    | 0.24%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF MINNESOTA MN           | University of Minnesota                                            | CUSIP: 914460QL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $911313.00    | 0.41%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792905DE8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001280.00   | 0.45%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE & HSG R | City of Rochester MN                                               | CUSIP: 771906CV4<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200396.00   | 0.54%             | 2048-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JDW7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    325000 | PA      | $255105.50    | 0.11%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WHITE BEAR LAKE MN INDEP SCH D | White Bear Lake Independent School District No 624                 | CUSIP: 963439C36<br>LEI: 549300I7BXOUJLASQ618 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $789400.00    | 0.35%             | 2042-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE | City of Apple Valley MN                                            | CUSIP: 03800RAU0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1033389.00   | 0.46%             | 2058-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN CHARTER SCH LEA | City of Minneapolis MN                                             | CUSIP: 60375CBV5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1216880.00   | 0.54%             | 2057-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WESTONKA MN INDEP SCH DIST #27 | Westonka Independent School District No 277                        | CUSIP: 960906GG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $942481.35    | 0.42%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROOKLYN PK MN CHRT SCH LEASE  | City of Brooklyn Park MN                                           | CUSIP: 114224AQ1<br>LEI: 549300SRSB2KMQNYBB75 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $897650.00    | 0.40%             | 2054-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VEV1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $926310.00    | 0.41%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297CG3<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    300000 | PA      | $299424.00    | 0.13%             | 2029-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST AGRIC & ECON DEVB | Minnesota Agricultural & Economic Development Board                | CUSIP: 6049203D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1744222.00   | 0.78%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN                 | City of Minneapolis MN                                             | CUSIP: 60375BHK5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $776470.00    | 0.35%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VEF6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977170.00    | 0.44%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297AS9<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1469107.50   | 0.66%             | 2050-07-01      | Fixed         | 5.25%                 | 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        |    165000 | PA      | $90543.75     | 0.04%             | 2042-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827C53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4030600.00   | 1.80%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827E93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504730.00    | 0.23%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                   | CUSIP: 60416UCG8<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    350000 | PA      | $341302.50    | 0.15%             | 2066-08-01      | Fixed         | 4.90%                 | 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        |   5075000 | PA      | $1198055.25   | 0.54%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN | City of Bethel MN                                                  | CUSIP: 086759AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $636187.50    | 0.28%             | 2047-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                   | CUSIP: 60416T5M6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    955000 | PA      | $943721.45    | 0.42%             | 2038-07-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE | City of Rochester MN                                               | CUSIP: 771902HJ5<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1457325.00   | 0.65%             | 2039-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue             | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1271000 | PA      | $408029.13    | 0.18%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH REVENU | Duluth Economic Development Authority                              | CUSIP: 26444VAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $923745.90    | 0.41%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ELK RIVER MN INDEP SCH DIST #7 | Elk River Independent School District No 728                       | CUSIP: 287425N99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $438124.50    | 0.20%             | 2040-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WSTRN MN MUNI PWR AGY          | Western Minnesota Municipal Power Agency                           | CUSIP: 958697KL7<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |    555000 | PA      | $559390.05    | 0.25%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PETER MN INDEP SCH DIST# | St Peter Independent School District No 508                        | CUSIP: 793181KN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $296975.25    | 0.13%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VEU3<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1786285.00   | 0.80%             | 2039-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE | City of Apple Valley MN                                            | CUSIP: 03800RAR7<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951580.00    | 0.43%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792909FL2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1305906.00   | 0.58%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N W MULTI-CNTY MN HSG & REDEV  | Northwest Multi-County Housing & Redevelopment Authority           | CUSIP: 667579DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1212588.75   | 0.54%             | 2045-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE | City of Rochester MN                                               | CUSIP: 771902HM8<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   3960000 | PA      | $4025538.00   | 1.80%             | 2057-11-15      | 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        |     95000 | PA      | $52131.25     | 0.02%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE  | City of Wayzata MN                                                 | CUSIP: 946829BR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1158925.00   | 0.52%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792908CH6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1635760.00   | 0.73%             | 2048-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MORRIS MN HLTH CARE FACS REVEN | City of Morris MN                                                  | CUSIP: 618147AN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $361260.00    | 0.16%             | 2044-08-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VEE9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2855000 | PA      | $2356260.05   | 1.05%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV | City of Woodbury MN                                                | CUSIP: 979134BA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2274575.00   | 1.02%             | 2063-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAINT PETER MN INDEP SCH DIST# | St Peter Independent School District No 508                        | CUSIP: 793181KM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $137041.50    | 0.06%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHASKA MN ECON DEV AUTH LEASE  | Chaska Economic Development Authority                              | CUSIP: 16166NGK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1119425.00   | 0.50%             | 2054-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297CZ1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    715000 | PA      | $689224.25    | 0.31%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827L46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $246212.50    | 0.11%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VDR1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1255412.50   | 0.56%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JJA9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1121387.25   | 0.50%             | 2053-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN | City of Bethel MN                                                  | CUSIP: 086759AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $207262.50    | 0.09%             | 2052-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| W SAINT PAUL MN HSG & HLTH CAR | City of West St Paul MN                                            | CUSIP: 95568PAP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1313190.00   | 0.59%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP SCH DIST #709  | Duluth Independent School District No 709                          | CUSIP: 264474JJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $764295.00    | 0.34%             | 2034-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN               | County of Hennepin MN                                              | CUSIP: 425507QF0<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1183162.50   | 0.53%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN STUDENT HSG REV | City of Minneapolis MN                                             | CUSIP: 60379NBX3<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    675000 | PA      | $669417.75    | 0.30%             | 2039-08-01      | Fixed         | 5.25%                 | 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        |    650000 | PA      | $356687.50    | 0.16%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792908DG7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    700000 | PA      | $560588.00    | 0.25%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN HSG AND HLTHCARE REV | City of Bethel MN Housing and Health Care Facilities Revenue       | CUSIP: 08675TAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1182784.00   | 0.53%             | 2048-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY M | Dakota County Community Development Agency                         | CUSIP: 23409VFP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $681705.00    | 0.31%             | 2043-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| BLAINE MN                      | City of Blaine MN                                                  | CUSIP: 092765LR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1151334.55   | 0.52%             | 2039-02-01      | Fixed         | 4.00%                 | 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