# EDGAR Filing Document

**Accession Number:** 0000906236
**File Stem:** 0001752724-23-014230
**Filing Date:** 2023-1
**Character Count:** 159815
**Document Hash:** b9fb8e310666e0e81887ae79e75886c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-014230.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001752724-23-014230

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VOYAGEUR MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0000906236
- **IRS NUMBER:** 411720518
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07742
- **FILM NUMBER:** 23556057

**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

### DELAWARE MINNESOTA HIGH-YIELD MUNICIPAL BOND FUND (Series ID: S000002412)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000006409 | DELAWARE MINNESOTA HIGH-YIELD MUNICIPAL BOND FUND CLASS A | DVMHX           |
| C000006411 | DELAWARE MINNESOTA HIGH-YIELD MUNICIPAL BOND FUND CLASS C | DVMMX           |
| C000135925 | Institutional Class                                       | DMHIX           |

## Nport-Ex

Schedule of investments

Delaware Minnesota High-Yield Municipal Bond Fund November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds — 95.92%** | &nbsp;&nbsp;**Municipal Bonds — 95.92%** | &nbsp;&nbsp;**Municipal Bonds — 95.92%** |
| &nbsp;&nbsp;Corporate Revenue Bonds — 2.23% | &nbsp;&nbsp;Corporate Revenue Bonds — 2.23% | &nbsp;&nbsp;Corporate Revenue Bonds — 2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cottonwood |  |  |
| &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;$885611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul Port Authority Solid Waste Disposal 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) # | 3975000 | &nbsp;&nbsp;&nbsp;&nbsp; 3733002 |
|  |  | &nbsp;&nbsp;&nbsp; 4618613 |
| &nbsp;&nbsp;Education Revenue Bonds — 26.28% | &nbsp;&nbsp;Education Revenue Bonds — 26.28% | &nbsp;&nbsp;Education Revenue Bonds — 26.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bethel 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% 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp; 705942 |
| &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; 572092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brooklyn Park Charter School Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Prairie Seeds Academy Project)<br> Series A 5.00% 3/1/39 | 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cologne Charter School Lease 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; 269986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 242718 |
| &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; 328622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deephaven Charter School Lease 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; 997130 |
| &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)<br> Series A 5.00% 11/1/48 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 882410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forest Lake Charter School Lease Revenue Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Lakes International Language Academy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.375% 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp; 630260 |
| &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; 586691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ham Lake Charter School Lease 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; 227121 |
| &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; 642933 |
| &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; 592228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hugo 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 | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp; 410244 |
| &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; 451113 |

---

NQ-313 [11/22] 01/23 (2679951) 1

------

Schedule of investments

Delaware Minnesota High-Yield Municipal Bond Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis Charter School Lease 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;$1323742 |
| &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; 641424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.50% 7/1/52 # | 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033261 |
| &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; 794921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis 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;144A 4.75% 8/1/43 # | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 684030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 8/1/53 # | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp; 534837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 801200 |
| &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% 5/1/32 | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1155370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/1/47 | 2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 2528185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Carleton College)<br> 4.00% 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp; 641318 |
| &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; 551735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gustavus Adolphus College)<br> 5.00% 10/1/47 | 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2146977 |
| &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; 308483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp; 259737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minneapolis College of Art & Design) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 5/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 5/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Catherine University) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp; 557792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp; 686294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. John's University)<br> Series 8-I 5.00% 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp; 223101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. Olaf College) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 10/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp;&nbsp; 877965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 8-G 5.00% 12/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp; 215685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 8-G 5.00% 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp; 215625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 8-N 4.00% 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 805800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 8-N 4.00% 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp; 592266 |

---

2 NQ-313 [11/22] 01/23 (2679951)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Higher Education Facilities Authority Revenue |  |  |
| &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;$304647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 10/1/39 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012700 |
| &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;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 790904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 10/1/41 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 958670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 10/1/44 | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 982243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/40 | 1365000 | &nbsp;&nbsp;&nbsp;&nbsp; 1434124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 402168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otsego Charter School Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Kaleidoscope Charter School)<br> Series A 5.00% 9/1/44 | 1435000 | &nbsp;&nbsp;&nbsp;&nbsp; 1261810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Cloud Charter School Lease 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; 549353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul Housing & Redevelopment Authority Charter<br> 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; 1455492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Great River School Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 4.75% 7/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.50% 7/1/52 # | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp; 259303 |
| &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% 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp; 201509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 689947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/55 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 874270 |
| &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; 500150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.00% 9/1/51 | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3522890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Nova Classical Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 9/1/36 | 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1095578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.125% 9/1/47 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 987675 |
| &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; 1391370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul Housing & Redevelopment Authority Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Amherst H. Wilder Foundation Project)<br> Series A 5.00% 12/1/36 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp;&nbsp; 1120487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp; 964620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp; 662761 |

---

NQ-313 [11/22] 01/23 (2679951) 3

------

Schedule of investments

Delaware Minnesota High-Yield Municipal Bond Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) | &nbsp;&nbsp;Education Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State Supported Biomedical Science Research Facilities Funding Program) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/1/31 | 1000000 | &nbsp;&nbsp;$1170590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/1/35 | 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2631706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodbury Charter School Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(MSA Building Company)<br> Series A 4.00% 12/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp; 376358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Woodbury Leadership Academy Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp; 479873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 7/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp; 402718 |
|  |  | &nbsp;&nbsp;&nbsp; 54416544 |
| &nbsp;&nbsp;Electric Revenue Bonds — 4.30% | &nbsp;&nbsp;Electric Revenue Bonds — 4.30% | &nbsp;&nbsp;Electric Revenue Bonds — 4.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hutchinson Utilities Commission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp; 360717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Municipal Power Agency Electric Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp; 171692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 520095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp; 778473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Municipal Power Agency Electric System<br> Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 532450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp; 499643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp; 242149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 214978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 335593 |
| &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; 121688 |
| &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; 70538 |
| &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; 482625 |
| &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; 432900 |
| &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; 77306 |
| &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; 219037 |
| &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; 277500 |
| &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; 62581 |
| &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; 96525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rochester Electric Utility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp; 483768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 536740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp; 557601 |

---

4 NQ-313 [11/22] 01/23 (2679951)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Electric Revenue Bonds (continued) | &nbsp;&nbsp;Electric Revenue Bonds (continued) | &nbsp;&nbsp;Electric Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Minnesota Municipal Power Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;$418604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul Housing & Redevelopment Energy Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp; 827072 |
| &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; 587318 |
|  |  | &nbsp;&nbsp;&nbsp; 8907593 |
| &nbsp;&nbsp;Healthcare Revenue Bonds — 33.15% | &nbsp;&nbsp;Healthcare Revenue Bonds — 33.15% | &nbsp;&nbsp;Healthcare Revenue Bonds — 33.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anoka Healthcare & Housing Facilities 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;&nbsp;&nbsp; 334912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Valley 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; 746659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp; 530185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/58 | 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1122254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Valley 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;2nd Tier Series B 5.00% 1/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp; 315639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4th Tier Series D 7.00% 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp; 337419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4th Tier Series D 7.25% 1/1/52 | 1495000 | &nbsp;&nbsp;&nbsp;&nbsp; 941372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bethel Housing & Health Care Facilities 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; 1054182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bethel 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; 1236492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brooklyn Center Multifamily Housing 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;645000 | &nbsp;&nbsp;&nbsp;&nbsp; 387000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Center City Healthcare Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Hazelden Betty Ford Foundation Project)<br> 4.50% 11/1/34 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chatfield Healthcare & Housing 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; 188447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/52 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1197060 |

---

NQ-313 [11/22] 01/23 (2679951) 5

------

Schedule of investments

Delaware Minnesota High-Yield Municipal Bond Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of West St. Paul Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Walker Westwood Ridge Campus Project)<br> 5.00% 11/1/49 | 1500000 | &nbsp;&nbsp;$1279590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crookston Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Riverview Health Project)<br> 5.00% 5/1/51 | 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 902964 |
| &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) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 8/1/46 # | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp; 344263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 144A 5.00% 8/1/51 # | 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1490840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deephaven Housing & Healthcare 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;&nbsp;&nbsp; 298606 |
| &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; 276381 |
| &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; 153322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duluth Economic Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Benedictine Health System)<br> Series A 4.00% 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp; 752054 |
| &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 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2387775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/15/53 | 1590000 | &nbsp;&nbsp;&nbsp;&nbsp; 1598157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 2/15/58 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2027480 |
| &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% 6/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 359124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 222027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.25% 6/15/52 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glencoe 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; 180427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hayward Health Care Facilities 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; 654390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(St. John's Lutheran Home of Albert Lea Project)<br> 5.375% 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 60973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maple Grove Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Maple Grove Hospital Corporation) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 5/1/37 | 1155000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/1/26 | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1365780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 523865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(North Memorial Health Care) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 93222 |

---

6 NQ-313 [11/22] 01/23 (2679951)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maple Grove Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(North Memorial Health Care) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;$628422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maple Plain Senior Housing & Health 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; 856130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis Health Care System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Allina Health System)<br> 4.00% 11/15/40 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 973680 |
| &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 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 896980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/33 | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1240788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/33 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 515470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/44 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/49 | 2450000 | &nbsp;&nbsp;&nbsp;&nbsp; 2502969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis Senior Housing & 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; 1556809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis–St. Paul Housing & Redevelopment<br> Authority Health Care Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Allina Health System)<br> Series A 5.00% 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp; 449329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morris 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; 376700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20% 8/1/49 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rochester Health Care & Housing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Homestead at Rochester Project)<br> Series A 5.25% 12/1/23 | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp; 174647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rochester Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mayo Clinic)<br> 5.00% 11/15/57 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4313560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rochester, Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(The Homestead at Rochester)<br> Series A 6.875% 12/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp; 960023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sartell Health Care & Housing Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Country Manor Campus LLC Project)<br> Series A 5.00% 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 324387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sauk Rapids Health Care Housing 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;825000 | &nbsp;&nbsp;&nbsp;&nbsp; 718773 |

---

NQ-313 [11/22] 01/23 (2679951) 7

------

Schedule of investments

Delaware Minnesota High-Yield Municipal Bond Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shakopee Health Care Facilities 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;$129378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp; 106046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St Paul, Minnesota Housing And Redevelopment Authority<br> Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Healthpartners Obligated Group)<br> Series A 5.00% 7/1/30 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Cloud 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 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 226455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 5/1/48 | 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4295508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 5/1/37 | 1695000 | &nbsp;&nbsp;&nbsp;&nbsp; 1674338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 5/1/46 | 2630000 | &nbsp;&nbsp;&nbsp;&nbsp; 2678734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Joseph Senior Housing & 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;&nbsp;&nbsp; 819760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul Housing & Redevelopment Authority Health Care<br> Facilities Revenue |  |  |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp; 593361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp; 494603 |
| &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 4.00% 7/1/33 | 1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 1323947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 7/1/33 | 2540000 | &nbsp;&nbsp;&nbsp;&nbsp; 2620112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul Housing & Redevelopment Authority Housing &<br> 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; 526526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Episcopal Homes Project)<br> 5.125% 5/1/48 | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1438914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul Housing & Redevelopment Authority Multifamily<br> Housing Revenue |  |  |
| &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; 848760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victoria 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; 1251465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wayzata 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; 427610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 8/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 435730 |

---

8 NQ-313 [11/22] 01/23 (2679951)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) | &nbsp;&nbsp;Healthcare Revenue Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wayzata 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; 4.00% 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;$344896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 575687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 8/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 699300 |
|  |  | &nbsp;&nbsp;&nbsp; 68648673 |
| &nbsp;&nbsp;Housing Revenue Bonds — 1.58% | &nbsp;&nbsp;Housing Revenue Bonds — 1.58% | &nbsp;&nbsp;Housing Revenue Bonds — 1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bethel 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; 810880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Housing Finance Agency |  |  |
| &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; 438220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State Appropriation - Housing Infrastructure)<br> Series C 5.00% 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwest Multi-County Housing & Redevelopment<br> Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Pooled Housing Program)<br> 5.50% 7/1/45 | 1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1210217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stillwater 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; 698678 |
|  |  | &nbsp;&nbsp;&nbsp; 3261057 |
| &nbsp;&nbsp;Lease Revenue Bonds — 2.24% | &nbsp;&nbsp;Lease Revenue Bonds — 2.24% | &nbsp;&nbsp;Lease Revenue Bonds — 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hibbing Minnesota, Independent School District No. 701 |  |  |
| &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; 414770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota General Fund Revenue Appropriations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/1/38 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1763038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 6/1/43 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State Appropriation - Housing Infrastructure)<br> Series C 5.00% 8/1/32 | 1415000 | &nbsp;&nbsp;&nbsp;&nbsp; 1459261 |
|  |  | &nbsp;&nbsp;&nbsp; 4643539 |
| &nbsp;&nbsp;Local General Obligation Bonds — 6.88% | &nbsp;&nbsp;Local General Obligation Bonds — 6.88% | &nbsp;&nbsp;Local General Obligation Bonds — 6.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anoka-Hennepin Independent School District No. 11 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 608655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.00% 2/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 423205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duluth General Obligation Entertainment Convention<br> Center Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/1/34 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1053140 |

---

NQ-313 [11/22] 01/23 (2679951) 9

------

Schedule of investments

Delaware Minnesota High-Yield Municipal Bond Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;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;Duluth Independent School District No. 709 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;$447608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.20% 3/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 698190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elk River Minnesota, Independent School District No. 728 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00% 2/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp; 450860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hennepin County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp; 985849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.00% 12/1/37 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2683700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mahtomedi Independent School District No. 832 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(School Building) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/1/28 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1047290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/1/29 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 2/1/31 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis Health Care System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Green Bonds)<br> 3.00% 12/1/42 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 839000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis Special School District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp; 219164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp; 223313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp; 453620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 2/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp; 472003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wayzata Independent School District No. 284 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(School Building)<br> Series A 5.00% 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp; 709696 |
| &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; 829970 |
|  |  | &nbsp;&nbsp;&nbsp; 14233823 |
| &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 2.18% | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 2.18% | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds — 2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deephaven Charter School Lease Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Eagle Ridge Academy Project)<br> Series A 5.50% 7/1/43-23 § | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 508395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rochester Health Care Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Olmsted Medical Center Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/27-23 § | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp; 248342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 7/1/28-23 § | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp; 228069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Paul Housing & Redevelopment Authority Hospital<br> Facility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Healtheast Care System Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/29-25 § | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp; 291536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/15/30-25 § | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp; 217326 |

---

10 NQ-313 [11/22] 01/23 (2679951)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds (continued) | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds (continued) | &nbsp;&nbsp;Pre-Refunded/Escrowed to Maturity Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Minnesota Municipal Power Agency Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/30-24 § | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;$512740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/34-24 § | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp; 461466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/40-24 § | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2050960 |
|  |  | &nbsp;&nbsp;&nbsp; 4518834 |
| &nbsp;&nbsp;Special Tax Revenue Bonds — 5.45% | &nbsp;&nbsp;Special Tax Revenue Bonds — 5.45% | &nbsp;&nbsp;Special Tax Revenue Bonds — 5.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Puerto Rico |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.632% 11/1/43 • | 1594652 | &nbsp;&nbsp;&nbsp;&nbsp; 727560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured)<br> Series A-1 4.00% 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;707440 | &nbsp;&nbsp;&nbsp;&nbsp; 568584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(YMCA Greater Twin Cities Project)<br> 4.00% 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 254495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis Tax Increment Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Grant Park Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp; 249342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Village of St. Anthony Falls Project) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 3/1/24 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 697725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00% 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp; 640640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Restructured) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 4.75% 7/1/53 | 4155000 | &nbsp;&nbsp;&nbsp;&nbsp; 3796424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 7/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp; 260923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.216% 7/1/51 ^ | 6809000 | &nbsp;&nbsp;&nbsp;&nbsp; 1281181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-2 4.536% 7/1/53 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2617440 |
|  |  | &nbsp;&nbsp;&nbsp; 11291434 |
| &nbsp;&nbsp;State General Obligation Bonds — 6.72% | &nbsp;&nbsp;State General Obligation Bonds — 6.72% | &nbsp;&nbsp;State General Obligation Bonds — 6.72% |
| &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; 573056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 795510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/1/29 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 9/1/31 | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1471025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp; 734019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/1/34 | 2185000 | &nbsp;&nbsp;&nbsp;&nbsp; 2418423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 570600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp; 972290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 5.00% 8/1/26 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1082090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 5.00% 8/1/27 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1082090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series E 5.00% 10/1/26 | 1085000 | &nbsp;&nbsp;&nbsp;&nbsp; 1178126 |

---

NQ-313 [11/22] 01/23 (2679951) 11

------

Schedule of investments

Delaware Minnesota High-Yield Municipal Bond Fund (Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;State General Obligation Bonds (continued) | &nbsp;&nbsp;State General Obligation Bonds (continued) | &nbsp;&nbsp;State General Obligation Bonds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota State |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Various Purposes)<br> Series A 5.00% 8/1/32 | 1915000 | &nbsp;&nbsp;$1982485 |
|  |  | &nbsp;&nbsp;&nbsp; 13919594 |
| &nbsp;&nbsp;Transportation Revenue Bonds — 3.92% | &nbsp;&nbsp;Transportation Revenue Bonds — 3.92% | &nbsp;&nbsp;Transportation Revenue Bonds — 3.92% |
| &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;Series B 5.00% 1/1/31 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp; 448959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior)<br> Series C 5.00% 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp; 191064 |
| &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% 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 510010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 1/1/44 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4142640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/44 (AMT) | 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2201944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 1/1/47 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 615462 |
|  |  | &nbsp;&nbsp;&nbsp; 8110079 |
| &nbsp;&nbsp;Water & Sewer Revenue Bonds — 0.99% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 0.99% | &nbsp;&nbsp;Water & Sewer Revenue Bonds — 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Council General Obligation Wastewater<br> Revenue (Minneapolis–St. Paul Metropolitan Area) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.00% 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;965000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.00% 3/1/32 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046240 |
|  |  | &nbsp;&nbsp;&nbsp; 2057560 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $212,421,460)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds (cost $212,421,460)** | &nbsp;&nbsp;&nbsp;**198627343** |
| &nbsp;&nbsp;**Short-Term Investments — 2.63%** | &nbsp;&nbsp;**Short-Term Investments — 2.63%** | &nbsp;&nbsp;**Short-Term Investments — 2.63%** |
| &nbsp;&nbsp;Variable Rate Demand Notes — 2.63%¤ | &nbsp;&nbsp;Variable Rate Demand Notes — 2.63%¤ | &nbsp;&nbsp;Variable Rate Demand Notes — 2.63%¤ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis–St. Paul Housing & Redevelopment<br> Authority Health Care Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Allina Health System) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-1A 1.00% 11/15/35<br> (LOC – JPMorgan Chase Bank N.A.) | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |

---

12 NQ-313 [11/22] 01/23 (2679951)

------

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | Principal<br> amount° | &nbsp;&nbsp;Value (US $) |
| &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** |
| &nbsp;&nbsp;Variable Rate Demand Notes (continued) | &nbsp;&nbsp;Variable Rate Demand Notes (continued) | &nbsp;&nbsp;Variable Rate Demand Notes (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis–St. Paul Housing & Redevelopment<br> Authority Health Care Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Allina Health System) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B-2 1.00% 11/15/35<br> (LOC – JPMorgan Chase Bank N.A.) | 3940000 | &nbsp;&nbsp;$3940000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $5,440,000)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (cost $5,440,000)** | &nbsp;&nbsp;&nbsp; **5440000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—98.55%<br> (cost $217,861,460)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**204067343** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—1.45%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **3004916** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 21,087,084 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$207072259** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At November 30, 2022, the aggregate value of Rule 144A securities was $10,500,376, which represents 5.07% of the Fund's net assets. |
| ‡ | Non-income producing security. Security is currently in default. |
| § | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at November 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| ¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of November 30, 2022. |

---

NQ-313 [11/22] 01/23 (2679951) 13

------

Schedule of investments

Delaware Minnesota High-Yield Municipal Bond Fund (Unaudited)

---

| |
|:---|
| **Summary of abbreviations:** |
| AMT – Subject to Alternative Minimum Tax |
| ICE – Intercontinental Exchange, Inc. |
| LIBOR – London Interbank Offered Rate |
| LIBOR03M – ICE LIBOR USD 3 Month |
| LIBOR06M – ICE LIBOR USD 6 Month |
| LLC – Limited Liability Corporation |
| LOC – Letter of Credit |
| N.A. – National Association |
| USD – US Dollar |

---

14 NQ-313 [11/22] 01/23 (2679951)

## 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:** Delaware 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:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $208165263.66

**Total Liabilities:** $1830104.90

**Net Assets:** $206335158.76

**Cash Not Reported:** $262617.05

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 132.94187000 | **1-Year:** 5359.80848000 | **5-Year:** 18929.39777000 | **10-Year:** 110464.59226000 | **30-Year:** 15638.96152000

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

- **3-Month:** 81.38771000 | **1-Year:** 251.08094000 | **5-Year:** 1705.67309000 | **10-Year:** 19236.24846000 | **30-Year:** 1613.68983000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000135925 | -5.01%               | -1.39%               | 4.99%                |
| Class ID C000006409 | -5.02%               | -1.41%               | 4.85%                |
| Class ID C000006411 | -5.17%               | -1.47%               | 4.89%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-11436493.34                              |
| Month 2  | $-2475963.79             | $-871819.03                                |
| Month 3  | $-1347306.75             | $10313748.51                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ROCHESTER MN ELEC UTILITY REVE | City of Rochester MN Electric Utility Revenue                      | CUSIP: 77158PGB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $536740.00    | 0.26%             | 2035-12-01      | Fixed         | 5.00%                 | 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      | $586690.65    | 0.28%             | 2044-08-01      | Fixed         | 5.75%                 | 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      | $2201944.00   | 1.07%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUTCHINSON MN PUBLIC UTILITY R | Hutchinson Utilities Commission                                    | CUSIP: 44835ECE6<br>LEI: 5493006H504KBMJSAU33 | Long             | DBT              | MUN               | US        |    360000 | PA      | $360716.40    | 0.17%             | 2026-12-01      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $882410.00    | 0.43%             | 2048-11-01      | 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        |    645000 | PA      | $387000.00    | 0.19%             | 2035-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VDY6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064910.00   | 0.52%             | 2033-11-15      | 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        |   1155000 | PA      | $1061075.40   | 0.51%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR  | Puerto Rico Electric Power Authority                               | CUSIP: 74526QVZ2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    105000 | PA      | $77306.25     | 0.04%             | 2026-07-01      | Fixed         | 4.75%                 | 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      | $1236492.50   | 0.60%             | 2058-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DULUTH MN                      | City of Duluth MN                                                  | CUSIP: 264438Y30<br>LEI: 54930056ACOJTRDUDE38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053140.00   | 0.51%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF MINNESOTA MN           | University of Minnesota                                            | CUSIP: 914460UK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $1120486.75   | 0.54%             | 2032-11-01      | 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: 792888KM0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    275000 | PA      | $291535.75    | 0.14%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MN CHARTER SCH LEASE | City of Deephaven MN                                               | CUSIP: 24380HAL6<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508395.00    | 0.25%             | 2043-07-01      | Fixed         | 5.50%                 | 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      | $2027480.00   | 0.98%             | 2058-02-15      | Fixed         | 5.25%                 | 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      | $1012700.00   | 0.49%             | 2039-10-01      | Fixed         | 5.00%                 | 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      | $642933.40    | 0.31%             | 2047-07-01      | 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        |    660000 | PA      | $630260.40    | 0.31%             | 2050-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VEF6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2502969.00   | 1.21%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JBG4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    580000 | PA      | $557791.80    | 0.27%             | 2037-10-01      | Fixed         | 4.00%                 | 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      | $856130.00    | 0.41%             | 2049-07-01      | Fixed         | 5.00%                 | 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      | $259736.75    | 0.13%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827ZA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $191064.30    | 0.09%             | 2046-01-01      | Fixed         | 5.00%                 | 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      | $337418.90    | 0.16%             | 2037-01-01      | Fixed         | 7.00%                 | 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      | $810880.00    | 0.39%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VDT7<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515470.00    | 0.25%             | 2034-11-15      | Fixed         | 5.00%                 | 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      | $308483.40    | 0.15%             | 2040-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF MINNESOTA MN           | University of Minnesota                                            | CUSIP: 914468FP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2631706.00   | 1.28%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H3X0<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1155370.50   | 0.56%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANOKA-HENNEPIN MN INDEP SCH DI | Anoka-Hennepin Independent School District No 11                   | CUSIP: 0363034R3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $423205.00    | 0.21%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 85236DAM0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    800000 | PA      | $827072.00    | 0.40%             | 2032-10-01      | Fixed         | 4.00%                 | 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      | $334912.00    | 0.16%             | 2049-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR  | Puerto Rico Electric Power Authority                               | CUSIP: 74526QVC3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    585000 | PA      | $432900.00    | 0.21%             | 2028-07-01      | 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        |   1000000 | PA      | $874270.00    | 0.42%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN | City of Minneapolis MN/St Paul Housing & Redevelopment Authority   | CUSIP: 603695FU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.73%             | 2035-11-15      | Variable      | 0.85%                 | 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      | $1391370.00   | 0.67%             | 2050-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN TAX INCR REVENU | City of Minneapolis MN                                             | CUSIP: 603795DK8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    200000 | PA      | $197120.00    | 0.10%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAHTOMEDI MN INDEP SCH DIST #8 | Mahtomedi Independent School District No 832                       | CUSIP: 560211MJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047290.00   | 0.51%             | 2028-02-01      | Fixed         | 5.00%                 | 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        |   1625000 | PA      | $1490840.00   | 0.72%             | 2051-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR  | Puerto Rico Electric Power Authority                               | CUSIP: 74526QVX7<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    295000 | PA      | $219037.50    | 0.11%             | 2040-07-01      | Fixed         | 5.25%                 | 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      | $60973.20     | 0.03%             | 2044-10-01      | Fixed         | 5.38%                 | 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      | $794921.60    | 0.39%             | 2057-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412AWT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $573056.00    | 0.28%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN REVENUE         | City of Minneapolis MN                                             | CUSIP: 603786JN5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254495.00    | 0.12%             | 2031-06-01      | Fixed         | 4.00%                 | 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      | $705942.00    | 0.34%             | 2037-07-01      | 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        |    535000 | PA      | $530185.00    | 0.26%             | 2043-09-01      | 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      | $435730.00    | 0.21%             | 2038-08-01      | 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      | $1598156.70   | 0.77%             | 2053-02-15      | Fixed         | 5.00%                 | 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      | $746659.20    | 0.36%             | 2053-09-01      | Fixed         | 4.50%                 | 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      | $698677.50    | 0.34%             | 2042-02-01      | Fixed         | 5.50%                 | 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      | $180426.80    | 0.09%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NTHRN MN MUNI PWR AGY ELEC SYS | Northern Municipal Power Agency                                    | CUSIP: 665444KV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $242149.50    | 0.12%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOKLYN PK MN CHRT SCH LEASE  | City of Brooklyn Park MN                                           | CUSIP: 114224AD0<br>LEI: 549300SRSB2KMQNYBB75 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1150239.00   | 0.56%             | 2039-03-01      | 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        |   3975000 | PA      | $3733002.00   | 1.81%             | 2037-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SPL SCH DIST #1 | Minneapolis Special School District No 1                           | CUSIP: 603790PK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $219164.55    | 0.11%             | 2037-02-01      | Fixed         | 4.00%                 | 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      | $1261809.85   | 0.61%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412AWL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1471025.00   | 0.71%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF MINNESOTA MN           | University of Minnesota                                            | CUSIP: 914468FK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1170590.00   | 0.57%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN MN MUNI PWR AGY ELEC SYS | Northern Municipal Power Agency                                    | CUSIP: 665444KB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $532450.00    | 0.26%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VEE9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $896980.00    | 0.43%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 6041294R4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1915000 | PA      | $1982484.60   | 0.96%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SPL SCH DIST #1 | Minneapolis Special School District No 1                           | CUSIP: 603790PL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $223313.20    | 0.11%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAHTOMEDI MN INDEP SCH DIST #8 | Mahtomedi Independent School District No 832                       | CUSIP: 560211MK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045780.00   | 0.51%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR  | Puerto Rico Electric Power Authority                               | CUSIP: 74526QZY1<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    165000 | PA      | $121687.50    | 0.06%             | 2042-07-01      | Fixed         | 5.05%                 | 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      | $1210217.25   | 0.59%             | 2045-07-01      | Fixed         | 5.50%                 | 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      | $1455492.50   | 0.71%             | 2050-07-01      | 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: 852297CZ1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    215000 | PA      | $201508.75    | 0.10%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR  | Puerto Rico Electric Power Authority                               | CUSIP: 74526QXY3<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     95000 | PA      | $70537.50     | 0.03%             | 2025-07-01      | Fixed         | 5.25%                 | 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      | $1323742.00   | 0.64%             | 2057-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNIV OF MINNESOTA MN           | University of Minnesota                                            | CUSIP: 914460QK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $662761.40    | 0.32%             | 2041-09-01      | 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      | $328622.40    | 0.16%             | 2045-07-01      | Fixed         | 5.00%                 | 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      | $684030.00    | 0.33%             | 2043-08-01      | Fixed         | 4.75%                 | 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      | $819760.00    | 0.40%             | 2055-07-01      | Fixed         | 5.00%                 | 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      | $572092.50    | 0.28%             | 2047-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR  | Puerto Rico Electric Power Authority                               | CUSIP: 74526QYY2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    650000 | PA      | $482625.00    | 0.23%             | 2027-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412AKN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1178125.55   | 0.57%             | 2026-10-01      | 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      | $188447.50    | 0.09%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE & HSG R | City of Rochester MN                                               | CUSIP: 771906CR3<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    175000 | PA      | $174646.50    | 0.08%             | 2023-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NTHRN MN MUNI PWR AGY ELEC SYS | Northern Municipal Power Agency                                    | CUSIP: 665444KW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $214978.00    | 0.10%             | 2034-01-01      | Fixed         | 5.00%                 | 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      | $227120.45    | 0.11%             | 2036-07-01      | Fixed         | 5.00%                 | 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      | $451113.30    | 0.22%             | 2044-07-01      | 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      | $427610.00    | 0.21%             | 2037-08-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST MUNI PWR AGY ELEC | Minnesota Municipal Power Agency                                   | CUSIP: 60412PEC0<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $520095.00    | 0.25%             | 2028-10-01      | 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      | $987675.00    | 0.48%             | 2047-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416HF66<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200414.00    | 0.10%             | 2025-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412AGR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082090.00   | 0.52%             | 2027-08-01      | Fixed         | 5.00%                 | 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      | $829970.00    | 0.40%             | 2042-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN               | County of Hennepin MN                                              | CUSIP: 425507GB0<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2683700.00   | 1.30%             | 2037-12-01      | Fixed         | 5.00%                 | 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        |    660000 | PA      | $479872.80    | 0.23%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST MUNI PWR AGY ELEC | Minnesota Municipal Power Agency                                   | CUSIP: 60412PFX3<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    745000 | PA      | $778472.85    | 0.38%             | 2047-10-01      | 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      | $698190.00    | 0.34%             | 2034-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN | City of Minneapolis MN/St Paul Housing & Redevelopment Authority   | CUSIP: 603695FV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3940000 | PA      | $3940000.00   | 1.91%             | 2035-11-15      | Variable      | 0.85%                 | 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        |   1050000 | PA      | $982243.50    | 0.48%             | 2044-10-01      | 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        |   2100000 | PA      | $2146977.00   | 1.04%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE  | City of Wayzata MN                                                 | CUSIP: 946829BR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $699300.00    | 0.34%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                   | CUSIP: 60416SLY4<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1459261.20   | 0.71%             | 2032-08-01      | 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      | $997130.00    | 0.48%             | 2050-07-01      | Fixed         | 5.50%                 | 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      | $1033260.70   | 0.50%             | 2052-07-01      | Fixed         | 5.50%                 | 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      | $1279590.00   | 0.62%             | 2049-11-01      | 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        |   1700000 | PA      | $1438914.00   | 0.70%             | 2048-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416HL28<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    205000 | PA      | $215625.15    | 0.10%             | 2032-12-01      | Fixed         | 5.00%                 | 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        |    800000 | PA      | $790904.00    | 0.38%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN | City of Minneapolis MN/St Paul Housing & Redevelopment Authority   | CUSIP: 603695JC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $449328.80    | 0.22%             | 2029-11-15      | 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        |    600000 | PA      | $615462.00    | 0.30%             | 2047-01-01      | 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        |    650000 | PA      | $640640.00    | 0.31%             | 2027-03-01      | 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: 792888KN8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    205000 | PA      | $217326.65    | 0.11%             | 2030-11-15      | Fixed         | 5.00%                 | 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      | $2617440.00   | 1.27%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| MET COUNCIL MINNEAPOLIS-SAINT  | Metropolitan Council                                               | CUSIP: 591852F37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $1011320.00   | 0.49%             | 2031-03-01      | 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      | $450860.40    | 0.22%             | 2040-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412APH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $734019.00    | 0.36%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H3Z5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2528185.00   | 1.23%             | 2047-05-01      | 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        |    575000 | PA      | $402718.50    | 0.20%             | 2056-07-01      | 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      | $1197060.00   | 0.58%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SPL SCH DIST #1 | Minneapolis Special School District No 1                           | CUSIP: 603790QF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $453619.65    | 0.22%             | 2037-02-01      | Fixed         | 4.00%                 | 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      | $324387.00    | 0.16%             | 2035-09-01      | 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: 852297CK4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    265000 | PA      | $259302.50    | 0.13%             | 2052-07-01      | Fixed         | 5.50%                 | 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      | $106045.80    | 0.05%             | 2034-09-01      | 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      | $941371.60    | 0.46%             | 2052-01-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827VZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510010.00    | 0.25%             | 2032-01-01      | Fixed         | 5.00%                 | 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        |    670000 | PA      | $686294.40    | 0.33%             | 2045-10-01      | Fixed         | 5.00%                 | 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      | $376700.00    | 0.18%             | 2044-08-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE & HSG R | City of Rochester MN                                               | CUSIP: 771906CV4<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    950000 | PA      | $960022.50    | 0.47%             | 2048-12-01      | Fixed         | 6.88%                 | 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      | $1015870.00   | 0.49%             | 2044-11-15      | Fixed         | 5.00%                 | 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        |    420000 | PA      | $410243.40    | 0.20%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR  | Puerto Rico Electric Power Authority                               | CUSIP: 74526QWE8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    370000 | PA      | $277500.00    | 0.13%             | 2036-07-01      | Fixed         | 5.75%                 | 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      | $129378.60    | 0.06%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue             | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4155000 | PA      | $3796423.50   | 1.84%             | 2053-07-01      | Fixed         | 4.75%                 | 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        |    750000 | PA      | $689947.50    | 0.33%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE | City of Rochester MN                                               | CUSIP: 771902GT4<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    225000 | PA      | $228069.00    | 0.11%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MN HLTH CARE FACS  | City of Maple Grove MN                                             | CUSIP: 56516TBK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1365780.00   | 0.66%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416HK94<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    205000 | PA      | $215684.60    | 0.10%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WSTRN MN MUNI PWR AGY          | Western Minnesota Municipal Power Agency                           | CUSIP: 958697JV7<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2050960.00   | 0.99%             | 2040-01-01      | 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      | $414770.00    | 0.20%             | 2041-03-01      | Fixed         | 3.00%                 | 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      | $1036740.00   | 0.50%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MN HLTH CARE FACS  | City of Maple Grove MN                                             | CUSIP: 56516TBN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523865.00    | 0.25%             | 2029-05-01      | Fixed         | 5.00%                 | 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      | $1098600.00   | 0.53%             | 2049-08-01      | Fixed         | 4.20%                 | 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        |    250000 | PA      | $242717.50    | 0.12%             | 2034-07-01      | 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: 792892HM6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $848760.00    | 0.41%             | 2043-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN ELEC UTILITY REVE | City of Rochester MN Electric Utility Revenue                      | CUSIP: 77158PGC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $557601.20    | 0.27%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP SCH DIST #709  | Duluth Independent School District No 709                          | CUSIP: 264474HA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $447607.60    | 0.22%             | 2027-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412AGQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082090.00   | 0.52%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN INDEP SCH DIST #284 | Wayzata Independent School District No 284                         | CUSIP: 946813WA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $709696.00    | 0.34%             | 2028-02-01      | Fixed         | 5.00%                 | 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      | $973680.00    | 0.47%             | 2040-11-15      | Fixed         | 4.00%                 | 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        |    930000 | PA      | $752053.80    | 0.36%             | 2041-07-01      | 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: 792905DX6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1323946.80   | 0.64%             | 2033-07-01      | Fixed         | 4.00%                 | 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      | $304647.00    | 0.15%             | 2037-10-01      | 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        |    645000 | PA      | $593361.30    | 0.29%             | 2043-11-15      | 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      | $344896.00    | 0.17%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WSTRN MN MUNI PWR AGY          | Western Minnesota Municipal Power Agency                           | CUSIP: 958697JR6<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |    450000 | PA      | $461466.00    | 0.22%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST GEN FUND REVENUE  | State of Minnesota                                                 | CUSIP: 604146CH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006470.00   | 0.49%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JCD0<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $958670.00    | 0.46%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R | City of Minneapolis MN                                             | CUSIP: 60374VDS9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1240788.00   | 0.60%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue             | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6809000 | PA      | $1281181.44   | 0.62%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CENTER CITY MN HLTH CARE FACSR | City of Center City MN                                             | CUSIP: 151452BK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001050.00   | 0.49%             | 2034-11-01      | Fixed         | 4.50%                 | 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      | $1054182.40   | 0.51%             | 2048-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MN HSG & HLTHCARE    | Deephaven Housing & Healthcare                                     | CUSIP: 24379CAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $153322.45    | 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: 852297CE8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3522890.00   | 1.71%             | 2051-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C | Duluth Economic Development Authority                              | CUSIP: 26444CKF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $222027.50    | 0.11%             | 2039-06-15      | Fixed         | 4.00%                 | 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      | $654390.00    | 0.32%             | 2034-08-01      | Fixed         | 5.38%                 | 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      | $1556809.00   | 0.75%             | 2050-11-01      | Fixed         | 5.38%                 | 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      | $608655.00    | 0.29%             | 2045-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H8E7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    400000 | PA      | $402168.00    | 0.19%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COTTONWOOD MN REVENUE          | City of Cottonwood MN                                              | CUSIP: 22188TAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $885611.10    | 0.43%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C | Duluth Economic Development Authority                              | CUSIP: 26444CKE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $359124.00    | 0.17%             | 2038-06-15      | 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        |    100000 | PA      | $98884.00     | 0.05%             | 2029-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN                 | City of Minneapolis MN                                             | CUSIP: 60375BHK5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $839000.00    | 0.41%             | 2042-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WSTRN MN MUNI PWR AGY          | Western Minnesota Municipal Power Agency                           | CUSIP: 958697JM7<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512740.00    | 0.25%             | 2030-01-01      | Fixed         | 5.00%                 | 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      | $1007770.00   | 0.49%             | 2052-06-15      | Fixed         | 5.25%                 | 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      | $551735.00    | 0.27%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAHTOMEDI MN INDEP SCH DIST #8 | Mahtomedi Independent School District No 832                       | CUSIP: 560211MM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042780.00   | 0.51%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412AYM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $972290.20    | 0.47%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416H3P7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    635000 | PA      | $641318.25    | 0.31%             | 2037-03-01      | 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        |   2500000 | PA      | $2387775.00   | 1.16%             | 2043-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET  | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827D94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $448959.00    | 0.22%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MN HLTH CARE FACS  | City of Maple Grove MN                                             | CUSIP: 56516TAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $628422.00    | 0.30%             | 2030-09-01      | 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        |    100000 | PA      | $93222.00     | 0.05%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE | City of Rochester MN                                               | CUSIP: 771902GS6<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    245000 | PA      | $248341.80    | 0.12%             | 2027-07-01      | 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      | $641424.00    | 0.31%             | 2042-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416HZ80<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    590000 | PA      | $592265.60    | 0.29%             | 2035-10-01      | Fixed         | 4.00%                 | 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      | $269986.50    | 0.13%             | 2029-07-01      | 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: 852297BX7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1095578.20   | 0.53%             | 2036-09-01      | Fixed         | 4.00%                 | 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      | $592228.00    | 0.29%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SPL SCH DIST #1 | Minneapolis Special School District No 1                           | CUSIP: 603790QG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $472002.90    | 0.23%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NTHRN MN MUNI PWR AGY ELEC SYS | Northern Municipal Power Agency                                    | CUSIP: 665444JK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $335592.95    | 0.16%             | 2024-01-01      | 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        |    800000 | PA      | $801200.00    | 0.39%             | 2039-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                   | CUSIP: 60416SLZ1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103062.00    | 0.05%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV | City of Woodbury MN                                                | CUSIP: 979134AQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $376357.50    | 0.18%             | 2050-12-01      | Fixed         | 4.00%                 | 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      | $315639.30    | 0.15%             | 2047-01-01      | 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      | $1251465.00   | 0.61%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JCC2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1434123.60   | 0.70%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR  | Puerto Rico Electric Power Authority                               | CUSIP: 74526QXP2<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    130000 | PA      | $96525.00     | 0.05%             | 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: 792893HX0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013150.00   | 0.49%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue             | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $260922.75    | 0.13%             | 2058-07-01      | 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: 792908DG7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    700000 | PA      | $526526.00    | 0.26%             | 2042-11-01      | Fixed         | 4.00%                 | 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      | $902963.50    | 0.44%             | 2051-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416HT20<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    215000 | PA      | $223101.20    | 0.11%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                        | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1594652 | PA      | $727560.13    | 0.35%             | 2043-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412APJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2185000 | PA      | $2418423.55   | 1.17%             | 2034-08-01      | Fixed         | 5.00%                 | 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      | $100180.00    | 0.05%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412AEF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059880.00   | 0.51%             | 2029-08-01      | 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: 792909FM0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    485000 | PA      | $494603.00    | 0.24%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416HF58<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250522.50    | 0.12%             | 2024-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416HZ64<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    800000 | PA      | $805800.00    | 0.39%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE | City of Rochester MN                                               | CUSIP: 771902HM8<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4313560.00   | 2.09%             | 2057-11-15      | Fixed         | 5.00%                 | 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      | $549352.50    | 0.27%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE  | City of Wayzata MN                                                 | CUSIP: 946829BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $575687.00    | 0.28%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN ELEC UTILITY REVE | City of Rochester MN Electric Utility Revenue                      | CUSIP: 77158PGA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $483768.00    | 0.23%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                        | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    707440 | PA      | $568583.68    | 0.28%             | 2041-07-01      | 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        |   2540000 | PA      | $2620111.60   | 1.27%             | 2033-07-01      | Fixed         | 5.00%                 | 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      | $438219.85    | 0.21%             | 2051-01-01      | Fixed         | 2.20%                 | 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      | $500150.00    | 0.24%             | 2046-09-01      | Fixed         | 5.75%                 | 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      | $587317.65    | 0.28%             | 2049-01-01      | Fixed         | 5.00%                 | 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      | $4142640.00   | 2.01%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST MUNI PWR AGY ELEC | Minnesota Municipal Power Agency                                   | CUSIP: 60412PDR8<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    165000 | PA      | $171692.40    | 0.08%             | 2027-10-01      | Fixed         | 5.00%                 | 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      | $534836.70    | 0.26%             | 2053-08-01      | 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      | $276381.00    | 0.13%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN | City of St Cloud MN                                                | CUSIP: 78916VDU1<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1674337.95   | 0.81%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST GEN FUND REVENUE  | State of Minnesota                                                 | CUSIP: 604146CS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1763037.50   | 0.85%             | 2038-06-01      | 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      | $298605.60    | 0.14%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY S | Dakota County Community Development Agency                         | CUSIP: 23410LBW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $344262.80    | 0.17%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN TAX INCR REVENU | City of Minneapolis MN                                             | CUSIP: 603795CX1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    700000 | PA      | $697725.00    | 0.34%             | 2024-03-01      | Fixed         | 4.00%                 | 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        |   2630000 | PA      | $2678733.90   | 1.30%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Higher Education Facilities Authority                    | CUSIP: 60416JDB3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    935000 | PA      | $877965.00    | 0.43%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NTHRN MN MUNI PWR AGY ELEC SYS | Northern Municipal Power Agency                                    | CUSIP: 665444KC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $499642.90    | 0.24%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412AED1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $795510.00    | 0.39%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF MINNESOTA MN           | University of Minnesota                                            | CUSIP: 914460QJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $964620.00    | 0.47%             | 2040-09-01      | Fixed         | 5.00%                 | 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        |    250000 | PA      | $226455.00    | 0.11%             | 2049-05-01      | 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        |    825000 | PA      | $718773.00    | 0.35%             | 2039-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN TAX INCR REVENU | City of Minneapolis MN                                             | CUSIP: 603795DL6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    260000 | PA      | $249342.60    | 0.12%             | 2030-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN               | County of Hennepin MN                                              | CUSIP: 425507GV6<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    910000 | PA      | $985848.50    | 0.48%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                   | State of Minnesota                                                 | CUSIP: 60412AYK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $570600.00    | 0.28%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET COUNCIL MINNEAPOLIS-SAINT  | Metropolitan Council                                               | CUSIP: 591852F45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046240.00   | 0.51%             | 2032-03-01      | Fixed         | 4.00%                 | 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      | $1122254.25   | 0.54%             | 2058-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWR  | Puerto Rico Electric Power Authority                               | CUSIP: 74526QWX6<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     85000 | PA      | $62581.25     | 0.03%             | 2027-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN | City of St Cloud MN                                                | CUSIP: 78916VDV9<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4295508.00   | 2.08%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STHRN MINNESOTA ST MUNI PWR AG | Southern Minnesota Municipal Power Agency                          | CUSIP: 843375C87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $418604.00    | 0.20%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Voyageur Mutual Funds

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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