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          <maturityDt>2050-02-01</maturityDt>
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        <name>NEW YORK CITY NY HSG DEV CORP</name>
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        <curCd>USD</curCd>
        <valUSD>1015250.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-15</maturityDt>
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        <curCd>USD</curCd>
        <valUSD>1834130.40000000</valUSD>
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          <maturityDt>2046-07-01</maturityDt>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-01</maturityDt>
          <couponKind>None</couponKind>
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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>2038-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>SUFFOLK NY TOBACCO ASSET SECUR</name>
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        <curCd>USD</curCd>
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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>2050-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-07-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>PUERTO RICO ELEC PWR AUTH PWRR</name>
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          <maturityDt>2054-06-15</maturityDt>
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        <name>MET TRANSPRTN AUTH NY REVENUE</name>
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      <invstOrSec>
        <name>NEW YORK ST ENVRNMNTL FACS COR</name>
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      <invstOrSec>
        <name>NEW YORK ST THRUWAY AUTH PERSO</name>
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          <isin value="US650028XM07"/>
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          <maturityDt>2051-03-15</maturityDt>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP NY REV</name>
        <lei>549300GROJFKMNLWEK84</lei>
        <title>Build NYC Resource Corp</title>
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          <isin value="US12008EUH79"/>
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        <curCd>USD</curCd>
        <valUSD>1529881.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-15</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>PORT AUTH OF NEW YORK &amp; NEW JE</name>
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        <valUSD>1531695.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-01-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>NEW YORK ST THRUWAY AUTH</name>
        <lei>N/A</lei>
        <title>New York State Thruway Authority</title>
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          <isin value="US650009Y316"/>
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        <curCd>USD</curCd>
        <valUSD>1389240.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP NY REV</name>
        <lei>549300GROJFKMNLWEK84</lei>
        <title>Build NYC Resource Corp</title>
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          <isin value="US12008ETT37"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>GUILDERLAND NY INDL DEV AGY AS</name>
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          <isin value="US40175RAA32"/>
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        <curCd>USD</curCd>
        <valUSD>250000.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority</title>
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          <isin value="US64985SBX09"/>
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          <maturityDt>2054-07-01</maturityDt>
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        <name>NEW YORK ST URBAN DEV CORP REV</name>
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        <name>WESTCHESTER CNTY NY LOCAL DEV</name>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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        <name>BUILD NYC RESOURCE CORP NY REV</name>
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      <invstOrSec>
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        <name>NEW YORK CITY NY TRANSITIONAL</name>
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      <invstOrSec>
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          <maturityDt>2064-06-01</maturityDt>
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        <name>NEW YORK ST LIBERTY DEV CORP L</name>
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          <maturityDt>2044-11-15</maturityDt>
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      <invstOrSec>
        <name>NEW YORK CITY NY INDL DEV AGY</name>
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          <maturityDt>2040-03-01</maturityDt>
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        <name>NEW YORK CITY NY MUNI WTR FIN</name>
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        <title>New York City Municipal Water Finance Authority</title>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
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          <isin value="US65000B4Y15"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-05-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <title>Commonwealth of Puerto Rico</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK ST DORM AUTH SALES TA</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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        <name>MATCHING FUND SPL PURPOSE SECU</name>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <name>THE CHILDRENS TRUST FUND PR TO</name>
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        <name>NEW YORK NY</name>
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        <name>MONROE CNTY NY INDL DEV CORP C</name>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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          <isin value="US59261A2J55"/>
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        <curCd>USD</curCd>
        <valUSD>1538160.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-15</maturityDt>
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      <invstOrSec>
        <name>NEW YORK ST LIBERTY DEV CORP L</name>
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          <isin value="US649519DC68"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>499970.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <title>New York Transportation Development Corp</title>
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          <isin value="US650116AV89"/>
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        <curCd>USD</curCd>
        <valUSD>974370.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>PUERTO RICO SALES TAX FING COR</name>
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          <isin value="US74529JRK33"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-07-01</maturityDt>
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          <annualizedRt>4.53600000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BUFFALO &amp; ERIE CNTY NY INDL LA</name>
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          <isin value="US11943KDD19"/>
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        <curCd>USD</curCd>
        <valUSD>458945.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>NEW YORK CITY NY HSG DEV CORP</name>
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        <title>New York City Housing Development Corp</title>
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          <isin value="US64966WHK62"/>
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        <balance>1750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1719235.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-02-01</maturityDt>
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          <annualizedRt>4.80000000</annualizedRt>
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        <name>PUERTO RICO ELEC PWR AUTH PWRR</name>
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        <name>MET TRANSPRTN AUTH NY REVENUE</name>
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        <name>NEW YORK CNTYS NY TOBACCO TRUS</name>
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        <name>NEW YORK ST DORM AUTH REVENUES</name>
        <lei>549300C8XO7EXTX2XU71</lei>
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      <invstOrSec>
        <name>NEW YORK ST DORM AUTH REVENUES</name>
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        <name>NEW YORK CITY NY TRUST FOR CUL</name>
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        <name>NEW YORK NY</name>
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        <name>YONKERS NY ECON DEV CORP EDUCT</name>
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        <name>LONG ISLAND NY PWR AUTH ELEC S</name>
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      <invstOrSec>
        <name>MET TRANSPRTN AUTH NY REVENUE</name>
        <lei>5493000TKYODLXADQD60</lei>
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        <name>NEW YORK CITY NY MUNI WTR FIN</name>
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        <title>New York City Municipal Water Finance Authority</title>
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        <name>BUILD NYC RESOURCE CORP NY REV</name>
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        <title>Build NYC Resource Corp</title>
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        <name>BUILD NYC RESOURCE CORP NY REV</name>
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        <name>MTA HUDSON RAIL YARDS TRUST OB</name>
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        <name>NEW YORK ST LIBERTY DEV CORP L</name>
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        <name>NIAGARA NY AREA DEV CORP SOLID</name>
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        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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        <name>MET TRANSPRTN AUTH NY REVENUE</name>
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      <invstOrSec>
        <name>GDB DEBT RECOVERY AUTH OF CMWL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NASSAU CNTY NY LOCAL ECON ASSI</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-07-01</maturityDt>
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      <invstOrSec>
        <name>GLEN COVE NY LOCAL ECON ASSIST</name>
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          <isin value="US377450AD36"/>
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          <maturityDt>2056-01-01</maturityDt>
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      <invstOrSec>
        <name>NEW YORK ST TRANSPRTN DEV CORP</name>
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          <isin value="US650116AQ94"/>
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        <valUSD>2000020.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
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      <invstOrSec>
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        <curCd>USD</curCd>
        <valUSD>2763392.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2060-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>PORT AUTH OF NEW YORK &amp; NEW JE</name>
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        <title>Port Authority of New York &amp; New Jersey</title>
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        <curCd>USD</curCd>
        <valUSD>3274040.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-07-15</maturityDt>
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        <name>TSASC INC NY</name>
        <lei>N/A</lei>
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          <isin value="US898526FF00"/>
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        <curCd>USD</curCd>
        <valUSD>1850999.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>PUERTO RICO CMWLTH</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
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          <isin value="US74514L4G98"/>
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        <curCd>USD</curCd>
        <valUSD>470394.49000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-01</maturityDt>
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          <annualizedRt>0.01000000</annualizedRt>
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      <invstOrSec>
        <name>NEW YORK ST PWR AUTH GREEN TRA</name>
        <lei>I5P1GEYFGGMMDOFX2L30</lei>
        <title>New York Power Authority</title>
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          <isin value="US65000XAS99"/>
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        <curCd>USD</curCd>
        <valUSD>970740.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>BUILD NYC RESOURCE CORP NY REV</name>
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        <title>Build NYC Resource Corp</title>
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        <curCd>USD</curCd>
        <valUSD>486725.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-06-01</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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        <name>GUAM PWR AUTH REVENUE</name>
        <lei>549300IPOV320QCKW060</lei>
        <title>Guam Power Authority</title>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>NEW YORK ST DORM AUTH ST PERSO</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>PUERTO RICO ELEC PWR AUTH PWRR</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
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        <name>NEW YORK ST THRUWAY AUTH</name>
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        <name>NEW YORK CITY NY MUNI WTR FIN</name>
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        <title>New York City Municipal Water Finance Authority</title>
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        <invCountry>US</invCountry>
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        <name>TRIBOROUGH NY BRIDGE &amp; TUNNEL</name>
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        <invCountry>US</invCountry>
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        <name>PUERTO RICO CMWLTH</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico</title>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BUFFALO &amp; ERIE CNTY NY INDL LA</name>
        <lei>N/A</lei>
        <title>Buffalo &amp; Erie County Industrial Land Development Corp</title>
        <cusip>11943KBW1</cusip>
        <identifiers>
          <isin value="US11943KBW18"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>245200.00000000</valUSD>
        <pctVal>0.091846317491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>SOUTHOLD NY LOCAL DEV CORP REV</name>
        <lei>N/A</lei>
        <title>Southold Local Development Corp</title>
        <cusip>844584AL6</cusip>
        <identifiers>
          <isin value="US844584AL67"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>712860.00000000</valUSD>
        <pctVal>0.267021068053</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-12-01</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>YONKERS NY ECON DEV CORP EDUCT</name>
        <lei>N/A</lei>
        <title>Yonkers Economic Development Corp</title>
        <cusip>98608MAL5</cusip>
        <identifiers>
          <isin value="US98608MAL54"/>
        </identifiers>
        <balance>1575000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1465128.00000000</valUSD>
        <pctVal>0.548803472484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-10-15</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 ELEC PWR AUTH PWRR</name>
        <lei>5493003BRB67HF8ST418</lei>
        <title>Puerto Rico Electric Power Authority</title>
        <cusip>74526QVX7</cusip>
        <identifiers>
          <isin value="US74526QVX77"/>
        </identifiers>
        <balance>1430000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>784712.50000000</valUSD>
        <pctVal>0.293935372815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRIBOROUGH NY BRIDGE &amp; TUNNEL</name>
        <lei>N/A</lei>
        <title>Triborough Bridge &amp; Tunnel Authority Sales Tax Revenue</title>
        <cusip>896035DH2</cusip>
        <identifiers>
          <isin value="US896035DH24"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2584075.00000000</valUSD>
        <pctVal>0.967935452165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>PORT AUTH OF NEW YORK &amp; NEW JE</name>
        <lei>54930006MR4KZ4W74Z83</lei>
        <title>Port Authority of New York &amp; New Jersey</title>
        <cusip>73358W5V2</cusip>
        <identifiers>
          <isin value="US73358W5V23"/>
        </identifiers>
        <balance>2750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2209460.00000000</valUSD>
        <pctVal>0.827613232643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-07-15</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>NEW YORK NY CITY TRANSITIONAL</name>
        <lei>5493003476LG35QAKM08</lei>
        <title>New York City Transitional Finance Authority</title>
        <cusip>64972JNR5</cusip>
        <identifiers>
          <isin value="US64972JNR58"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1060350.00000000</valUSD>
        <pctVal>0.397182882348</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</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>65000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35668.75000000</valUSD>
        <pctVal>0.013360698764</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>
      <invstOrSec>
        <name>MONROE CNTY NY INDL DEV CORP R</name>
        <lei>N/A</lei>
        <title>Monroe County Industrial Development Corp/NY</title>
        <cusip>61075TXW3</cusip>
        <identifiers>
          <isin value="US61075TXW34"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>295295.00000000</valUSD>
        <pctVal>0.110610759884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-07-01</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>MET TRANSPRTN AUTH NY REVENUE</name>
        <lei>5493000TKYODLXADQD60</lei>
        <title>Metropolitan Transportation Authority</title>
        <cusip>59261A5G8</cusip>
        <identifiers>
          <isin value="US59261A5G89"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1022260.00000000</valUSD>
        <pctVal>0.382915238656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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 Mutual 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>
