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      <invstOrSec>
        <name>BROOKLYN PK MN CHRT SCH LEASE</name>
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        <valUSD>1338615.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2064-06-15</maturityDt>
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      <invstOrSec>
        <name>SAINT PAUL MN INDEP SCH DIST #</name>
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          <maturityDt>2043-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>DULUTH MN ECON DEV AUTH REVENU</name>
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          <isin value="US26444VAF76"/>
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        <curCd>USD</curCd>
        <valUSD>1412955.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STILLWATER MN MF REVENUE</name>
        <lei>N/A</lei>
        <title>City of Stillwater MN</title>
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        <identifiers>
          <isin value="US860770BE57"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>693967.50000000</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>2042-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PUERTO RICO SALES TAX FING COR</name>
        <lei>N/A</lei>
        <title>Puerto Rico Sales Tax Financing Corp Sales Tax Revenue</title>
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        <identifiers>
          <isin value="US74529JPW98"/>
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        <balance>1505000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1378263.95000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
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          <annualizedRt>4.75000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WAYZATA MN SENIOR HSG REVENUE</name>
        <lei>N/A</lei>
        <title>City of Wayzata MN</title>
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          <isin value="US946829BP29"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>300958.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RAMSEY CNTY MN</name>
        <lei>N/A</lei>
        <title>County of Ramsey MN</title>
        <cusip>751622XZ9</cusip>
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          <isin value="US751622XZ99"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>482900.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MINNEAPOLIS MN CHARTER SCH LEA</name>
        <lei>54930069TEI1INHRHS55</lei>
        <title>City of Minneapolis MN</title>
        <cusip>60375CBZ6</cusip>
        <identifiers>
          <isin value="US60375CBZ68"/>
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        <balance>1130000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1025441.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MINNESOTA ST HGR EDU FACS AUTH</name>
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        <title>Minnesota Higher Education Facilities Authority</title>
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          <isin value="US60416JDV98"/>
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        <balance>365000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>302778.45000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>MINNESOTA ST HGR EDU FACS AUTH</name>
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        <title>Minnesota Higher Education Facilities Authority</title>
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          <isin value="US60416H7G30"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-01</maturityDt>
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      <invstOrSec>
        <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="US74526QWE87"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-07-01</maturityDt>
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        <name>ROCHESTER MN HLTH CARE FACS RE</name>
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          <isin value="US771902HP17"/>
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          <maturityDt>2050-11-15</maturityDt>
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        <name>SAINT PAUL MN HSG &amp; REDEV AUTH</name>
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        <name>SAINT CLOUD MN HLTH CARE REVEN</name>
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          <isin value="US78916VDW72"/>
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        <name>PUERTO RICO SALES TAX FING COR</name>
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        <name>EAGAN MN CHRTR SCH LEASE REVEN</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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        <balance>585000.00000000</balance>
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        <name>EAGAN MN CHRTR SCH LEASE REVEN</name>
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        <valUSD>656306.00000000</valUSD>
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          <maturityDt>2055-02-01</maturityDt>
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          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>MINNEAPOLIS MN HLTH CARE SYS R</name>
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        <curCd>USD</curCd>
        <valUSD>980440.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VIRGINIA MN</name>
        <lei>N/A</lei>
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        <valUSD>953350.00000000</valUSD>
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        <debtSec>
          <maturityDt>2038-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>HAYWARD HSG &amp; HLTHCARE FACS RE</name>
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          <isin value="US421307AM10"/>
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        <curCd>USD</curCd>
        <valUSD>47700.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MINNEAPOLIS-SAINT PAUL MN MET</name>
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          <isin value="US603827E287"/>
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        <curCd>USD</curCd>
        <valUSD>343685.10000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DEEPHAVEN MN HSG &amp; HLTHCARE</name>
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        <title>Deephaven Housing &amp; Healthcare</title>
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          <isin value="US24379CAJ53"/>
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        <curCd>USD</curCd>
        <valUSD>281868.30000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>SARTELL MN HLTH CARE &amp; HSG FAC</name>
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          <isin value="US803807BH85"/>
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        <curCd>USD</curCd>
        <valUSD>999940.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>MINNESOTA ST HGR EDU FACS AUTH</name>
        <lei>549300DI4V4CIPMX7K35</lei>
        <title>Minnesota Higher Education Facilities Authority</title>
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          <isin value="US60416H7L25"/>
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        <balance>1055000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
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          <isin value="US603695KC05"/>
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        <valUSD>1045970.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>COTTONWOOD MN REVENUE</name>
        <lei>N/A</lei>
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          <isin value="US22188TAA25"/>
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        <curCd>USD</curCd>
        <valUSD>934942.80000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>COLOGNE MN CHRT SCH LEASE REVE</name>
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          <maturityDt>2045-07-01</maturityDt>
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        <name>MINNESOTA ST AGRIC &amp; ECON DEVB</name>
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          <maturityDt>2054-01-01</maturityDt>
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        <name>SAINT PAUL MN HSG &amp; REDEV AUTH</name>
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        <name>HAM LAKE MN CHRT SCH LEASE REV</name>
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        <name>WAYZATA MN SENIOR HSG REVENUE</name>
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        <name>MINNESOTA ST HGR EDU FACS AUTH</name>
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        <title>Minnesota Higher Education Facilities Authority</title>
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          <isin value="US60416JBJ88"/>
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        <name>MINNEAPOLIS MN &amp; SAINT PAUL MN</name>
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        <name>SARTELL MN HLTH CARE &amp; HSG FAC</name>
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        <valUSD>590850.00000000</valUSD>
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          <maturityDt>2037-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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      <invstOrSec>
        <name>BETHEL MN CHRT SCH LEASE REVEN</name>
        <lei>N/A</lei>
        <title>City of Bethel MN</title>
        <cusip>086759AJ6</cusip>
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          <isin value="US086759AJ68"/>
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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>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>BRAINERD MN SENIOR HSG &amp; HLTHC</name>
        <lei>N/A</lei>
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          <isin value="US10501DAF15"/>
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        <curCd>USD</curCd>
        <valUSD>1733465.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>MORRIS MN HLTH CARE FACS REVEN</name>
        <lei>N/A</lei>
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          <isin value="US618147AP79"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1040400.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>MINNEAPOLIS-SAINT PAUL MN MET</name>
        <lei>N/A</lei>
        <title>Minneapolis-St Paul Metropolitan Airports Commission</title>
        <cusip>603827F35</cusip>
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          <isin value="US603827F359"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>587346.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2049-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>HIBBING MN INDEP SCH DIST #701</name>
        <lei>N/A</lei>
        <title>Hibbing Independent School District No 701</title>
        <cusip>428599AQ7</cusip>
        <identifiers>
          <isin value="US428599AQ75"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>400340.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>GIBBON MN INDEP SCH DIST #2365</name>
        <lei>N/A</lei>
        <title>Gibbon Independent School District No 2365/MN</title>
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        <identifiers>
          <isin value="US374627DH75"/>
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        <curCd>USD</curCd>
        <valUSD>1136200.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>SAINT CLOUD MN HLTH CARE REVEN</name>
        <lei>549300IOO80ICGIWAU74</lei>
        <title>City of St Cloud MN</title>
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          <isin value="US78916VEU08"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1225212.50000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>WAYZATA MN SENIOR HSG REVENUE</name>
        <lei>N/A</lei>
        <title>City of Wayzata MN</title>
        <cusip>946829BL1</cusip>
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          <isin value="US946829BL15"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>458180.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.75000000</annualizedRt>
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      <invstOrSec>
        <name>BETHEL MN CHRT SCH LEASE REVEN</name>
        <lei>N/A</lei>
        <title>City of Bethel MN</title>
        <cusip>086759AK3</cusip>
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          <isin value="US086759AK32"/>
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        <balance>850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>782714.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>DEEPHAVEN MN HSG &amp; HLTHCARE</name>
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        <title>Deephaven Housing &amp; Healthcare</title>
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          <isin value="US24379CAL00"/>
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        <curCd>USD</curCd>
        <valUSD>152828.50000000</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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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>SAINT PAUL MN HSG &amp; REDEV AUTH</name>
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          <isin value="US852297DA50"/>
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        <fairValLevel>2</fairValLevel>
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        <name>VICTORIA MN HLTH CARE FACS REV</name>
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          <isin value="US92627TAT34"/>
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      <invstOrSec>
        <name>SAINT CLOUD MN HLTH CARE REVEN</name>
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          <isin value="US78916VDR87"/>
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        <name>DULUTH MN ECON DEV AUTH HLTH C</name>
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        <name>MINNEAPOLIS-SAINT PAUL MN MET</name>
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        <name>MINNEAPOLIS MN</name>
        <lei>54930069TEI1INHRHS55</lei>
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      <invstOrSec>
        <name>MINNEAPOLIS-SAINT PAUL MN MET</name>
        <lei>N/A</lei>
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        <name>MINNESOTA ST HGR EDU FACS AUTH</name>
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        <lei>N/A</lei>
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        <valUSD>150856.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>APPLE VLY MN SENIOR LIVING REV</name>
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        <curCd>USD</curCd>
        <valUSD>663600.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.25000000</annualizedRt>
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        <name>MINNESOTA ST HSG FIN AGY</name>
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          <isin value="US60416TCQ94"/>
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        <curCd>USD</curCd>
        <valUSD>354774.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-01</maturityDt>
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          <annualizedRt>2.20000000</annualizedRt>
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        <name>DULUTH MN HSG &amp; REDEV AUTH CHR</name>
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          <isin value="US264454AH20"/>
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        <curCd>USD</curCd>
        <valUSD>1348729.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-11-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>WOODBURY MN CHRT SCH LEASE REV</name>
        <lei>N/A</lei>
        <title>City of Woodbury MN</title>
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          <isin value="US979134AV56"/>
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        <curCd>USD</curCd>
        <valUSD>553039.50000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2056-07-01</maturityDt>
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      <invstOrSec>
        <name>STHRN MINNESOTA ST MUNI PWR AG</name>
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          <isin value="US843375C380"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
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          <maturityDt>2037-05-01</maturityDt>
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      <invstOrSec>
        <name>ROSEMOUNT MN INDEP SCH DIST #1</name>
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          <isin value="US777594ZY14"/>
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      <invstOrSec>
        <name>BETHEL MN SENIOR HSG REVENUE</name>
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        <name>MINNEAPOLIS MN HLTH CARE SYS R</name>
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          <maturityDt>2039-11-15</maturityDt>
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      <invstOrSec>
        <name>PUERTO RICO SALES TAX FING COR</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>None</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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        <name>DULUTH MN ECON DEV AUTH REVENU</name>
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          <isin value="US26444VAH33"/>
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        <curCd>USD</curCd>
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          <maturityDt>2041-07-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>ELK RIVER MN INDEP SCH DIST #7</name>
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          <isin value="US287425N995"/>
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        <name>WSTRN MN MUNI PWR AGY</name>
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        <valUSD>559390.05000000</valUSD>
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        <name>SAINT PETER MN INDEP SCH DIST#</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-02-01</maturityDt>
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        <name>MINNEAPOLIS MN HLTH CARE SYS R</name>
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        <name>APPLE VY MN SENIOR HSG REVENUE</name>
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        <name>PUERTO RICO ELEC PWR AUTH PWRR</name>
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        <name>WAYZATA MN SENIOR HSG REVENUE</name>
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        <name>SAINT PAUL MN HSG &amp; REDEV AUTH</name>
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        <name>MINNEAPOLIS MN HLTH CARE SYS R</name>
        <lei>54930069TEI1INHRHS55</lei>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WOODBURY MN CHRT SCH LEASE REV</name>
        <lei>N/A</lei>
        <title>City of Woodbury MN</title>
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        <curCd>USD</curCd>
        <valUSD>2274575.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2063-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAINT PETER MN INDEP SCH DIST#</name>
        <lei>N/A</lei>
        <title>St Peter Independent School District No 508</title>
        <cusip>793181KM9</cusip>
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          <isin value="US793181KM94"/>
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        <curCd>USD</curCd>
        <valUSD>137041.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHASKA MN ECON DEV AUTH LEASE</name>
        <lei>N/A</lei>
        <title>Chaska Economic Development Authority</title>
        <cusip>16166NGK5</cusip>
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          <isin value="US16166NGK54"/>
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        <curCd>USD</curCd>
        <valUSD>1119425.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAINT PAUL MN HSG &amp; REDEV AUTH</name>
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        <title>Housing &amp; Redevelopment Authority of The City of St Paul Minnesota</title>
        <cusip>852297CZ1</cusip>
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          <isin value="US852297CZ11"/>
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        <balance>715000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>689224.25000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MINNEAPOLIS-SAINT PAUL MN MET</name>
        <lei>N/A</lei>
        <title>Minneapolis-St Paul Metropolitan Airports Commission</title>
        <cusip>603827L46</cusip>
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          <isin value="US603827L464"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>246212.50000000</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>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MINNEAPOLIS MN HLTH CARE SYS R</name>
        <lei>54930069TEI1INHRHS55</lei>
        <title>City of Minneapolis MN</title>
        <cusip>60374VDR1</cusip>
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          <isin value="US60374VDR15"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1255412.50000000</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>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MINNESOTA ST HGR EDU FACS AUTH</name>
        <lei>549300DI4V4CIPMX7K35</lei>
        <title>Minnesota Higher Education Facilities Authority</title>
        <cusip>60416JJA9</cusip>
        <identifiers>
          <isin value="US60416JJA97"/>
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        <balance>1325000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1121387.25000000</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>2053-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.12500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BETHEL MN CHRT SCH LEASE REVEN</name>
        <lei>N/A</lei>
        <title>City of Bethel MN</title>
        <cusip>086759AM9</cusip>
        <identifiers>
          <isin value="US086759AM97"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>207262.50000000</valUSD>
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        <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>4.37500000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>W SAINT PAUL MN HSG &amp; HLTH CAR</name>
        <lei>N/A</lei>
        <title>City of West St Paul MN</title>
        <cusip>95568PAP3</cusip>
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          <isin value="US95568PAP36"/>
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        <balance>1500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1313190.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DULUTH MN INDEP SCH DIST #709</name>
        <lei>N/A</lei>
        <title>Duluth Independent School District No 709</title>
        <cusip>264474JJ7</cusip>
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          <isin value="US264474JJ74"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>764295.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HENNEPIN CNTY MN</name>
        <lei>254900YDNULMQREFAU43</lei>
        <title>County of Hennepin MN</title>
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          <isin value="US425507QF02"/>
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        <balance>1125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1183162.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MINNEAPOLIS MN STUDENT HSG REV</name>
        <lei>54930069TEI1INHRHS55</lei>
        <title>City of Minneapolis MN</title>
        <cusip>60379NBX3</cusip>
        <identifiers>
          <isin value="US60379NBX30"/>
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        <balance>675000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>669417.75000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-01</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>
        <cusip>74526QYY2</cusip>
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        <valUSD>356687.50000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-07-01</maturityDt>
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        <name>SAINT PAUL MN HSG &amp; REDEV AUTH</name>
        <lei>549300FQCUW4VH929113</lei>
        <title>Housing &amp; Redevelopment Authority of The City of St Paul Minnesota</title>
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        <curCd>USD</curCd>
        <valUSD>560588.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-11-01</maturityDt>
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        <name>BETHEL MN HSG AND HLTHCARE REV</name>
        <lei>N/A</lei>
        <title>City of Bethel MN Housing and Health Care Facilities Revenue</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-12-01</maturityDt>
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        <name>DAKOTA CNTY MN CMNTY DEV AGY M</name>
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        <title>Dakota County Community Development Agency</title>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.20000000</annualizedRt>
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        <name>BLAINE MN</name>
        <lei>N/A</lei>
        <title>City of Blaine MN</title>
        <cusip>092765LR5</cusip>
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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>2039-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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    </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>
