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        <name>PUERTO RICO SALES TAX FING COR</name>
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        <name>PHOENIX AZ INDL DEV AUTH EDU R</name>
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        <valUSD>563570.00000000</valUSD>
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          <isin value="US04052BBP85"/>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>ARIZONA ST WTR INFRASTRUCTURE</name>
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          <isin value="US040688MS90"/>
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        <curCd>USD</curCd>
        <valUSD>1191910.00000000</valUSD>
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          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>ARIZONA ST HLTH FACS AUTH</name>
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          <isin value="US040507PS88"/>
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        <curCd>USD</curCd>
        <valUSD>1164690.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>ARIZONA BRD OF RGTS UNIV ARIZO</name>
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          <isin value="US040484HJ94"/>
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        <curCd>USD</curCd>
        <valUSD>1134580.00000000</valUSD>
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        <name>PUERTO RICO ELEC PWR AUTH PWR</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
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          <isin value="US74526QS292"/>
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        <curCd>USD</curCd>
        <valUSD>195693.75000000</valUSD>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>PUERTO RICO CMWLTH</name>
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          <isin value="US74514LB899"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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          <isin value="US56682HCQ02"/>
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        <curCd>USD</curCd>
        <valUSD>1742880.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>PIMA CNTY AZ INDL DEV AUTH EDU</name>
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        <name>PUERTO RICO ELEC PWR AUTH PWR</name>
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        <name>GLENDALE AZ INDL DEV AUTH</name>
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        <name>GUAM GOVT BUSINESS PRIVILEGE T</name>
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        <invCountry>GU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <curCd>USD</curCd>
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          <maturityDt>2025-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>PHOENIX AZ CIVIC IMPT CORP ARP</name>
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          <isin value="US71883MLY83"/>
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        <curCd>USD</curCd>
        <valUSD>1255290.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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          <isin value="US56681NEV55"/>
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        <curCd>USD</curCd>
        <valUSD>772875.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>CENTRL ARIZONA ST WTR CONSV DI</name>
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          <isin value="US15240AAQ85"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>YAVAPAI CNTY AZ INDL DEV AUTH</name>
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          <isin value="US985900ET22"/>
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        <curCd>USD</curCd>
        <valUSD>1747965.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>PUERTO RICO INDUSTRIAL TOURIST EDUCATIONAL MEDICAL &amp; ENVIRML CTL FACS FING AUTH</name>
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        <cusip>74527EFA1</cusip>
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          <isin value="US74527EFA10"/>
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        <curCd>USD</curCd>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>ARIZONA ST INDL DEV AUTH SENIO</name>
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          <isin value="US04052TBV61"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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        <name>MARICOPA CNTY AZ UNIF SCH DIST</name>
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          <isin value="US567430RK13"/>
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        <valUSD>595560.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>SALT RIVER AZ PROJ AGRIC IMPT&amp;</name>
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        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
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          <isin value="US04052BAU89"/>
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        <name>GLENDALE AZ TRANSPRTN EXCISE T</name>
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        <name>ARIZONA ST INDL DEV AUTH NATIO</name>
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        <name>ARIZONA BRD OF RGTS UNIV ARIZO</name>
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        <name>PUERTO RICO ELEC PWR AUTH PWR</name>
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        <invCountry>PR</invCountry>
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        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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        <name>MCALLISTER ACADEMIC VLG LLC AZ</name>
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        <name>MARICOPA CNTY AZ HIGH SCH DIST</name>
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          <isin value="US567527TM88"/>
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        <name>PHOENIX AZ INDL DEV AUTH HLTHC</name>
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        <name>YUMA AZ INDL DEV AUTH HOSP REV</name>
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        <name>CHANDLER AZ INDL DEV AUTH INDL</name>
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        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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        <name>MARICOPA CNTY AZ ELEM SCH DIST</name>
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        <name>PINAL CNTY AZ ELEC DIST #3</name>
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        <name>ARIZONA ST HLTH FACS AUTH</name>
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        <name>NTHRN AZ UNIV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>PHOENIX AZ INDL DEV AUTH EDU R</name>
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        <name>ARIZONA ST HLTH FACS AUTH HOSP</name>
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        <name>TEMPE AZ INDL DEV AUTH REVENUE</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PHOENIX AZ INDL DEV AUTH EDU R</name>
        <lei>549300A62PWFBDWB8332</lei>
        <title>Industrial Development Authority of the City of Phoenix/The</title>
        <cusip>71885FAT4</cusip>
        <identifiers>
          <isin value="US71885FAT49"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>536035.00000000</valUSD>
        <pctVal>0.643365361344</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.30000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARIZONA ST UNIV</name>
        <lei>254900BLZ1MCZ5JLK411</lei>
        <title>Arizona State University</title>
        <cusip>0406636P6</cusip>
        <identifiers>
          <isin value="US0406636P67"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1296900.00000000</valUSD>
        <pctVal>1.556578464332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMMONWEALTH OF PUERTO RICO</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>PUERTO RICO-A</title>
        <cusip>74514LE86</cusip>
        <identifiers>
          <isin value="US74514LE869"/>
        </identifiers>
        <balance>355000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>260037.50000000</valUSD>
        <pctVal>0.312104844181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PHOENIX AZ CIVIC IMPT CORP ARP</name>
        <lei>N/A</lei>
        <title>City of Phoenix Civic Improvement Corp</title>
        <cusip>71883MJF2</cusip>
        <identifiers>
          <isin value="US71883MJF23"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>559860.00000000</valUSD>
        <pctVal>0.671960844352</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GUAM GOVT BUSINESS PRIVILEGE T</name>
        <lei>N/A</lei>
        <title>Territory of Guam</title>
        <cusip>40065NAL1</cusip>
        <identifiers>
          <isin value="US40065NAL10"/>
        </identifiers>
        <balance>545000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>576980.60000000</valUSD>
        <pctVal>0.692509504431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>GU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PHOENIX AZ INDL DEV AUTH LEASE</name>
        <lei>549300A62PWFBDWB8332</lei>
        <title>INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX/THE</title>
        <cusip>71885MAJ1</cusip>
        <identifiers>
          <isin value="US71885MAJ18"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2150720.00000000</valUSD>
        <pctVal>2.581358959679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>Maricopa County Industrial Development Authority</title>
        <cusip>56678RAG8</cusip>
        <identifiers>
          <isin value="US56678RAG83"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2320820.00000000</valUSD>
        <pctVal>2.785518105938</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-04-24</ncom:dateSigned>
      <ncom:nameOfApplicant>Voyageur Insured Funds</ncom:nameOfApplicant>
      <ncom:signature>Dan Geatans</ncom:signature>
      <ncom:signerName>Dan Geatans</ncom:signerName>
      <ncom:title>Associate Director|Head of US and EMEA Fund Administration</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
