| Tax-Free Fixed Income Fund II for Puerto Rico Residents, Inc. | Schedule of Investments | |
| June 30, 2026 (Unaudited) |
| Principal Amount/ Description | Rate | Maturity | Fair Value | |||||||||||||||
| Government Bonds (42.81%) |
||||||||||||||||||
| US Government and Agency Obligations (42.81%) |
||||||||||||||||||
| $ 1,000,000 | Federal Farm Credit Banks Funding Corp.(a) | 2.090 | % | 06/18/40 | $ | 707,911 | ||||||||||||
| 1,000,000 | Federal Farm Credit Banks Funding Corp.(a) | 4.140 | % | 08/02/38 | 931,899 | |||||||||||||
| 5,500,000 | Federal Farm Credit Banks Funding Corp.(a) | 4.850 | % | 04/28/42 | 5,340,051 | |||||||||||||
| 500,000 | Federal Farm Credit Banks Funding Corp.(a) | 5.050 | % | 08/18/42 | 493,095 | |||||||||||||
| 7,000,000 | Federal Farm Credit Banks Funding Corp.(a) | 5.480 | % | 06/27/42 | 6,867,229 | |||||||||||||
| 7,000,000 | Federal Home Loan Banks(a) | 2.170 | % | 06/08/40 | 4,905,390 | |||||||||||||
| 8,000,000 | Federal Home Loan Banks(a) | 2.200 | % | 06/30/45 | 4,909,998 | |||||||||||||
| 1,000,000 | Federal Home Loan Banks(a) | 5.110 | % | 08/15/42 | 983,119 | |||||||||||||
| 2,300,000 | Federal Home Loan Banks(a) | 5.200 | % | 09/28/37 | 2,282,379 | |||||||||||||
| 525,000 | Federal Home Loan Banks(b) | 5.500 | % | 07/15/36 | 566,068 | |||||||||||||
| 1,000,000 | Federal Home Loan Banks(a) | 5.500 | % | 10/07/44 | 992,262 | |||||||||||||
|
|
| |||||||||||||||||
| 28,979,401 | ||||||||||||||||||
|
|
| |||||||||||||||||
| Total Government Bonds |
||||||||||||||||||
| (Cost $34,845,487) |
28,979,401 | |||||||||||||||||
|
|
| |||||||||||||||||
| Municipal Bonds (47.60%) |
||||||||||||||||||
| Illinois (3.22%) |
||||||||||||||||||
| 2,055,000 | State of Illinois, Build America Bonds, General Obligation Unlimited |
7.100 | % | 07/01/35 | 2,180,482 | |||||||||||||
|
|
| |||||||||||||||||
| New York (0.60%) |
||||||||||||||||||
| 401,662 | New York State Dormitory Authority, Build America Bonds Series H, Revenue Bonds(c) |
5.289 | % | 03/15/33 | 406,825 | |||||||||||||
|
|
| |||||||||||||||||
| Puerto Rico (43.78%) |
||||||||||||||||||
| 9,512,000 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Capital Appreciation Restructured Series A-1, Revenue Bonds(a),(c),(d) |
0.000 | % | 07/01/46 | 3,538,117 | |||||||||||||
| 9,217,000 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Capital Appreciation Restructured Series A-1, Revenue Bonds(a),(c),(d) |
0.000 | % | 07/01/51 | 2,504,046 | |||||||||||||
| 4,591,000 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured Series A-2, Revenue Bonds(a),(c) |
4.329 | % | 07/01/40 | 4,591,718 | |||||||||||||
| 487,000 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured Series A-1, Revenue Bonds(a),(c) |
4.500 | % | 07/01/34 | 487,053 | |||||||||||||
| 137,000 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured Series A-2, Revenue Bonds(a),(c) |
4.536 | % | 07/01/53 | 130,458 | |||||||||||||
| 451,000 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured Series A-1, Revenue Bonds(a),(c) |
4.550 | % | 07/01/40 | 452,447 | |||||||||||||
| 460,000 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Taxable Restructured Series A-2, Revenue Bonds(a),(c) |
4.550 | % | 07/01/40 | 399,364 | |||||||||||||
| 3,316,000 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured Series A-1, Revenue Bonds(a),(c) |
4.750 | % | 07/01/53 | 3,273,624 | |||||||||||||
| 3,746,000 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured Series A-2, Revenue Bonds(a),(c) |
4.784 | % | 07/01/58 | 3,664,177 | |||||||||||||
| 10,616,000 | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured Series A-1, Revenue Bonds(a),(c) |
5.000 | % | 07/01/58 | 10,598,775 | |||||||||||||
|
|
| |||||||||||||||||
| 29,639,779 | ||||||||||||||||||
|
|
| |||||||||||||||||
| Total Municipal Bonds |
||||||||||||||||||
| (Cost $31,624,999) |
32,227,086 | |||||||||||||||||
|
|
| |||||||||||||||||
|
1 |
| Tax-Free Fixed Income Fund II for Puerto Rico Residents, Inc. | Schedule of Investments | |
| June 30, 2026 (Unaudited) |
| Principal Amount/ Description | Rate | Maturity | Fair Value | |||||||||||||||
| Preferred Stocks (19.55%) |
||||||||||||||||||
| $ 800,000 | Universal Group, Inc.(a),(e) | 7.150 | % | 07/29/26 | $ | 13,232,800 | ||||||||||||
|
|
| |||||||||||||||||
| Total Preferred Stocks |
||||||||||||||||||
| (Cost $11,800,000) |
13,232,800 | |||||||||||||||||
|
|
| |||||||||||||||||
| Total Investments (109.96%) |
||||||||||||||||||
| (Cost $78,270,486) |
$ | 74,439,287 | ||||||||||||||||
| Liabilities in Excess of Other Assets (-9.96%) |
(6,743,483 | ) | ||||||||||||||||
| NET ASSETS (100.00%) |
$ | 67,695,804 | ||||||||||||||||
|
|
| |||||||||||||||||
| (a) | Security may be called before its maturity date. |
| (b) | A portion or all of the security has been pledged as collateral for reverse repurchase agreements. |
| (c) | Revenue Bonds - issued by agencies and payable from revenues and other sources of income of the agency as specified in the applicable prospectus. These obligations are not an obligation of the Commonwealth of Puerto Rico. |
| (d) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (e) | Perpetual investment. Date shown reflects the next call date. |
| Counter- party |
Collateral Pledged | Interest Rate |
Settlement Date |
Maturity Date |
Repurchase Amount |
Collateral at Fair Value |
Value | |||||||||||
| Santander Capital(a) |
Federal Farm Credit Banks Funding Corp. 5.480% due 6/27/2042 | 3.83% | 6/23/2026 | 7/1/2026 | $400,341 | $441,465 | $400,000 | |||||||||||
| Santander Capital(a) |
Federal Farm Credit Banks Funding Corp. 5.480% due 6/27/2042; Federal Home Loan Banks 5.020% due 9/28/2037 | 3.83% | 6/23/2026 | 7/7/2026 | $7,235,761 | $7,904,349 | $7,225,000 | |||||||||||
| Santander Capital(a) |
Federal Home Loan Banks 5.020% due 9/28/2037 | 3.83% | 6/24/2026 | 7/1/2026 | $100,074 | $109,157 | $100,000 | |||||||||||
|
|
|
|||||||||||||||||
| $7,725,000 | ||||||||||||||||||
|
|
|
|||||||||||||||||
| (a) | Collateral received or posted is limited to the net securities sold under reverse repurchase agreements liability amounts. See above for actual collateral received and posted. |
|
2 |