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        <name>GLENDALE AZ INDL DEV AUTH</name>
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        <title>Arizona Industrial Development Authority</title>
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        <curCd>USD</curCd>
        <valUSD>479030.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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          <maturityDt>2054-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
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          <isin value="US71885FEJ21"/>
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        <valUSD>942770.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PUERTO RICO ELEC PWR AUTH PWRR</name>
        <lei>5493003BRB67HF8ST418</lei>
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          <isin value="US74526QVZ26"/>
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        <curCd>USD</curCd>
        <valUSD>19206.25000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
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      <invstOrSec>
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        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052BNR1</cusip>
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          <isin value="US04052BNR14"/>
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        <curCd>USD</curCd>
        <valUSD>603630.00000000</valUSD>
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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>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PHOENIX AZ CIVIC IMPT CORP ARP</name>
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        <title>City of Phoenix Civic Improvement Corp</title>
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          <isin value="US71883MPV09"/>
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        <curCd>USD</curCd>
        <valUSD>2155387.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ARIZONA INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052EAC2</cusip>
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          <isin value="US04052EAC21"/>
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        <balance>465000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>465000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.15000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>ARIZONA ST INDL DEV AUTH SENIO</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052TDD4</cusip>
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          <isin value="US04052TDD46"/>
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        <balance>125390.76596100</balance>
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        <curCd>USD</curCd>
        <valUSD>98295.08000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BULLHEAD CITY AZ EXCISE TAX RE</name>
        <lei>N/A</lei>
        <title>City of Bullhead AZ Excise Taxes Revenue</title>
        <cusip>12022MBB5</cusip>
        <identifiers>
          <isin value="US12022MBB54"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>648950.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.55000000</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>04052BHW7</cusip>
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          <isin value="US04052BHW72"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>486490.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <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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          <isin value="US74528LAD38"/>
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        <curCd>USD</curCd>
        <valUSD>276850.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-01-01</maturityDt>
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          <annualizedRt>6.75000000</annualizedRt>
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        <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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        <valUSD>241335.00000000</valUSD>
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          <maturityDt>2040-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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        <name>PUERTO RICO ELEC PWR AUTH PWRR</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QXP2</cusip>
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          <isin value="US74526QXP26"/>
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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>GDB DEBT RECOVERY AUTH OF CMWL</name>
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          <isin value="US36829QAA31"/>
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        <name>PIMA CNTY AZ INDL DEV AUTH SFM</name>
        <lei>549300QDTQ25545R4K19</lei>
        <title>Industrial Development Authority of the County of Pima/The</title>
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        <name>GOODYEAR AZ WTR &amp; SWR REVENUE</name>
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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="US56682HDA41"/>
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        <valUSD>1557885.00000000</valUSD>
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        <name>TEMPE AZ INDL DEV AUTH REVENUE</name>
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          <isin value="US87972MAY84"/>
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        <name>GLENDALE AZ INDL DEV AUTH</name>
        <lei>N/A</lei>
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          <isin value="US378286HY73"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>ARIZONA ST INDL DEV AUTH SENIO</name>
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          <isin value="US04052TDE29"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-01-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>ARIZONA ST GAME &amp; FISH DEPT &amp;</name>
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          <isin value="US04051JAZ12"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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          <isin value="US74529JRH04"/>
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        <valUSD>933810.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-07-01</maturityDt>
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        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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          <isin value="US56682HCK32"/>
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        <curCd>USD</curCd>
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          <maturityDt>2041-01-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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          <isin value="US56681NAT46"/>
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        <lei>N/A</lei>
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        <name>MATCHING FUND SPL PURPOSE SECU</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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          <isin value="US56678PBL04"/>
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      <invstOrSec>
        <name>YAVAPAI CNTY AZ INDL DEV AUTH</name>
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      <invstOrSec>
        <name>GLENDALE AZ INDL DEV AUTH</name>
        <lei>N/A</lei>
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        <cusip>378286JA7</cusip>
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          <isin value="US378286JA79"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>THE CHILDRENS TRUST FUND PR TO</name>
        <lei>N/A</lei>
        <title>Children's Trust Fund</title>
        <cusip>16876QBL2</cusip>
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          <isin value="US16876QBL23"/>
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        <balance>15000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>900300.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-05-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>YAVAPAI CNTY AZ INDL DEV AUTH</name>
        <lei>N/A</lei>
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          <isin value="US985900ET22"/>
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        <curCd>USD</curCd>
        <valUSD>1326375.00000000</valUSD>
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        <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>ARIZONA ST INDL DEV AUTH ECON</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>040523AF9</cusip>
        <identifiers>
          <isin value="US040523AF98"/>
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        <balance>285000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8550.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</annualizedRt>
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          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SALT RIVER AZ PROJ AGRIC IMPT&amp;</name>
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        <title>Salt River Project Agricultural Improvement &amp; Power District</title>
        <cusip>79574CFL2</cusip>
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          <isin value="US79574CFL28"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1537275.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>ARIZONA INDL DEV AUTH HOSP REV</name>
        <lei>N/A</lei>
        <title>Arizona Industrial Development Authority</title>
        <cusip>04052EAY4</cusip>
        <identifiers>
          <isin value="US04052EAY41"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>823990.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>PUERTO RICO SALES TAX FING COR</name>
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        <title>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</title>
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          <isin value="US74529JPW98"/>
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        <balance>2485000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2275738.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>04052BNT7</cusip>
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          <isin value="US04052BNT79"/>
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        <balance>1205000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>670040.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SALT VERDE AZ FINANCIAL CORP S</name>
        <lei>549300VEWOZY6TQOIF03</lei>
        <title>Salt Verde Financial Corp</title>
        <cusip>79575EAS7</cusip>
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          <isin value="US79575EAS72"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2070180.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>GLENDALE AZ INDL DEV AUTH</name>
        <lei>N/A</lei>
        <title>Glendale Industrial Development Authority</title>
        <cusip>378286JN9</cusip>
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          <isin value="US378286JN90"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>142410.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>PUERTO RICO ELEC PWR AUTH PWRR</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
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          <isin value="US74526QXY33"/>
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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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      <invstOrSec>
        <name>ARIZONA ST INDL DEV AUTH SENIO</name>
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          <isin value="US04052TDF93"/>
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        <name>ARIZONA ST INDL DEV AUTH EDU R</name>
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          <isin value="US04052BBP85"/>
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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="US74526QVC31"/>
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        <name>PHOENIX AZ CIVIC IMPT CORP ARP</name>
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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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        <name>MARICOPA CNTY AZ INDL DEV AUTH</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-01</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>2025-07-29</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>
