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      <invstOrSec>
        <name>GLENDALE AZ INDL DEV AUTH</name>
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          <isin value="US378286JN90"/>
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          <couponKind>Fixed</couponKind>
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        <name>ARIZONA ST TRANSPRTN BRD HIGHW</name>
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          <isin value="US040654XE02"/>
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          <maturityDt>2035-07-01</maturityDt>
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        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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          <isin value="US56681NAT46"/>
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        <curCd>USD</curCd>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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          <isin value="US56681NGG60"/>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>GOODYEAR AZ WTR &amp; SWR REVENUE</name>
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          <isin value="US382900FB96"/>
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        <valUSD>963800.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>MATCHING FUND SPL PURPOSE SECU</name>
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          <isin value="US57665NAF24"/>
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        <curCd>USD</curCd>
        <valUSD>301254.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>ARIZONA ST INDL DEV AUTH SENIO</name>
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          <isin value="US04052TCS24"/>
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        <fairValLevel>2</fairValLevel>
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        <name>ARIZONA ST GAME &amp; FISH DEPT &amp;</name>
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          <isin value="US04051JAZ12"/>
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        <valUSD>1001230.00000000</valUSD>
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        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
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        <title>Arizona Industrial Development Authority</title>
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          <isin value="US04052BAT17"/>
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        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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        <name>PUERTO RICO ELEC PWR AUTH PWRR</name>
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        <title>Puerto Rico Electric Power Authority</title>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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        <name>MARICOPA CNTY AZ UNIF SCH DIST</name>
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        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
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        <lei>549300YJRISCG6HQ4512</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>ARIZONA ST HLTH FACS AUTH</name>
        <lei>N/A</lei>
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        <cusip>040507PS8</cusip>
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          <isin value="US040507PS88"/>
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        <curCd>USD</curCd>
        <valUSD>500610.00000000</valUSD>
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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>2042-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>YUMA AZ INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>Yuma Industrial Development Authority</title>
        <cusip>988514CE3</cusip>
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          <isin value="US988514CE31"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>302820.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARIZONA ST INDL DEV AUTH SENIO</name>
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        <title>Arizona Industrial Development Authority</title>
        <cusip>04052TCX1</cusip>
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          <isin value="US04052TCX19"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>74742.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GLENDALE AZ INDL DEV AUTH SENI</name>
        <lei>N/A</lei>
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        <cusip>378287BA3</cusip>
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          <isin value="US378287BA35"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>798150.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARIZONA BRD OF RGTS</name>
        <lei>N/A</lei>
        <title>Arizona Board of Regents</title>
        <cusip>040664AT1</cusip>
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          <isin value="US040664AT18"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1071180.00000000</valUSD>
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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>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PHOENIX AZ INDL DEV AUTH EDU R</name>
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        <title>Industrial Development Authority of the City of Phoenix Arizona/The</title>
        <cusip>71885FEJ2</cusip>
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          <isin value="US71885FEJ21"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>950070.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052BNR1</cusip>
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          <isin value="US04052BNR14"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>631910.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.25000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
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        <cusip>04052BAU8</cusip>
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          <isin value="US04052BAU89"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>402268.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>TUCSON &amp; PIMA CNTYS AZ INDL DE</name>
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          <isin value="US898700GK91"/>
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        <balance>500000.00000000</balance>
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        <valUSD>507130.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-07-01</maturityDt>
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          <annualizedRt>4.70000000</annualizedRt>
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        <name>CHANDLER AZ INDL DEV AUTH INDL</name>
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          <isin value="US158862CB65"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-09-01</maturityDt>
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          <maturityDt>2043-11-01</maturityDt>
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        <name>PUERTO RICO ELEC PWR AUTH PWRR</name>
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        <title>Puerto Rico Electric Power Authority</title>
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          <isin value="US74526QXP26"/>
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        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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          <maturityDt>2045-09-01</maturityDt>
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          <maturityDt>2039-07-01</maturityDt>
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        <name>PUERTO RICO INDL TOURIST EDUCT</name>
        <lei>549300YJRISCG6HQ4512</lei>
        <title>Puerto Rico Industrial Tourist Educational Medical &amp; Envirml Ctl Facs Fing Auth</title>
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        <invCountry>PR</invCountry>
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        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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      <invstOrSec>
        <name>PHOENIX AZ CIVIC IMPT CORP ARP</name>
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        <valUSD>406524.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>THE CHILDRENS TRUST FUND PR TO</name>
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        <curCd>USD</curCd>
        <valUSD>1108500.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-05-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <name>MARICOPA CNTY AZ HIGH SCH DIST</name>
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          <isin value="US567527TM88"/>
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        <curCd>USD</curCd>
        <valUSD>1011100.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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        <title>Maricopa County Industrial Development Authority</title>
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          <isin value="US56681NEU72"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>234952.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isin value="US79575EAS72"/>
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        <curCd>USD</curCd>
        <valUSD>2123500.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>ARIZONA BRD OF RGTS UNIV ARIZO</name>
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          <isin value="US040484UD77"/>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>PINAL CNTY AZ CMNTY CLG DIST</name>
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        <title>Pinal County Community College District</title>
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          <isin value="US722035EF56"/>
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        <curCd>USD</curCd>
        <valUSD>255180.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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        <title>Maricopa County Industrial Development Authority</title>
        <cusip>56682HCK3</cusip>
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          <isin value="US56682HCK32"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>984090.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
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          <isin value="US04052BGK44"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>310656.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>PUERTO RICO ELEC PWR AUTH PWRR</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
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          <isin value="US74526QWX68"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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        <name>ARIZONA ST INDL DEV AUTH SENIO</name>
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          <isin value="US04052TBV61"/>
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        <name>PHOENIX AZ INDL DEV AUTH HLTHC</name>
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        <name>GLENDALE AZ INDL DEV AUTH</name>
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          <isin value="US378286JA79"/>
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        <name>YUMA AZ INDL DEV AUTH HOSP REV</name>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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      <invstOrSec>
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          <isin value="US590545R688"/>
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        <assetCat>DBT</assetCat>
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      <invstOrSec>
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        <name>ARIZONA ST INDL DEV AUTH LEASE</name>
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          <isin value="US04052HBG56"/>
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        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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          <isin value="US56682HDA41"/>
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        <name>GLENDALE AZ INDL DEV AUTH</name>
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          <isin value="US378286HY73"/>
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        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
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          <isin value="US04052BHZ04"/>
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        <name>ARIZONA ST INDL DEV AUTH ECON</name>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</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>ARIZONA ST INDL DEV AUTH EDU R</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052BHW7</cusip>
        <identifiers>
          <isin value="US04052BHW72"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>481030.00000000</valUSD>
        <pctVal>0.848733196786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</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>PHOENIX AZ CIVIC IMPT CORP ARP</name>
        <lei>N/A</lei>
        <title>City of Phoenix Civic Improvement Corp</title>
        <cusip>71883MPV0</cusip>
        <identifiers>
          <isin value="US71883MPV09"/>
        </identifiers>
        <balance>2250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2221335.00000000</valUSD>
        <pctVal>3.919341321087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</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>
      <invstOrSec>
        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>Maricopa County Industrial Development Authority</title>
        <cusip>56681NBV8</cusip>
        <identifiers>
          <isin value="US56681NBV82"/>
        </identifiers>
        <balance>725000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>729545.75000000</valUSD>
        <pctVal>1.287216382760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-01</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>PUERTO RICO CMWLTH</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
        <cusip>74514L3P0</cusip>
        <identifiers>
          <isin value="US74514L3P07"/>
        </identifiers>
        <balance>200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>166690.00000000</valUSD>
        <pctVal>0.294109175253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</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>
      <invstOrSec>
        <name>SALT RIVER AZ PROJ AGRIC IMPT&amp;</name>
        <lei>SHB8HO6GKXJ83RX5OV39</lei>
        <title>Salt River Project Agricultural Improvement &amp; Power District</title>
        <cusip>79574CFL2</cusip>
        <identifiers>
          <isin value="US79574CFL28"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1635825.00000000</valUSD>
        <pctVal>2.886262772867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-01-01</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>GLENDALE AZ INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>Glendale Industrial Development Authority</title>
        <cusip>378286JT6</cusip>
        <identifiers>
          <isin value="US378286JT60"/>
        </identifiers>
        <balance>275000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>223547.50000000</valUSD>
        <pctVal>0.394429005069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-01</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>ARIZONA ST INDL DEV AUTH NATIO</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052FBV6</cusip>
        <identifiers>
          <isin value="US04052FBV67"/>
        </identifiers>
        <balance>1600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1405936.00000000</valUSD>
        <pctVal>2.480644774248</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-01</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>
      <invstOrSec>
        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052BNT7</cusip>
        <identifiers>
          <isin value="US04052BNT79"/>
        </identifiers>
        <balance>1205000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>713082.85000000</valUSD>
        <pctVal>1.258169109730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</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>MESA AZ UTILITY SYS REVENUE</name>
        <lei>N/A</lei>
        <title>City of Mesa AZ Utility System Revenue</title>
        <cusip>590545WC9</cusip>
        <identifiers>
          <isin value="US590545WC93"/>
        </identifiers>
        <balance>850000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>863812.50000000</valUSD>
        <pctVal>1.524117715212</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</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>
      <invstOrSec>
        <name>PUERTO RICO ELEC PWR AUTH PWRR</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QZY1</cusip>
        <identifiers>
          <isin value="US74526QZY15"/>
        </identifiers>
        <balance>55000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13887.50000000</valUSD>
        <pctVal>0.024503216577</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>5.05000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</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>2024-01-23</ncom:dateSigned>
      <ncom:nameOfApplicant>Voyageur Insured Funds</ncom:nameOfApplicant>
      <ncom:signature>Dan Geatens</ncom:signature>
      <ncom:signerName>Dan Geatens</ncom:signerName>
      <ncom:title>Division Director - Head of US Fund Administration</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
