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        <name>Eagle Mountain &amp; Saginaw Independent School District</name>
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        <name>New Jersey Transportation Trust Fund Authority</name>
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        <name>New Jersey Educational Facilities Authority</name>
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          <maturityDt>2031-07-01</maturityDt>
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        <name>University of Oklahoma (The)</name>
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          <isin value="US91476PXQ61"/>
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        <name>California Community Choice Financing Authority</name>
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          <isin value="US13013JEA07"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-01-01</maturityDt>
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        <name>Westmoreland County Industrial Development Authority</name>
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        <name>Summit County Development Finance Authority</name>
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        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
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        <name>Montana Facility Finance Authority</name>
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        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
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        <name>New Hampshire Business Finance Authority</name>
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          <maturityDt>2034-12-01</maturityDt>
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        <name>Shelby County Health Educational &amp; Housing Facilities Board</name>
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        <name>City of Atlanta GA Water &amp; Wastewater Revenue</name>
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        <name>Eco Maine</name>
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        <name>Indiana Finance Authority</name>
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        <name>Montrose Redevelopment Authority</name>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Central Texas Regional Mobility Authority</name>
        <lei>N/A</lei>
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          <isin value="US155498KP26"/>
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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>2045-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>County of Miami-Dade FL Aviation Revenue</name>
        <lei>N/A</lei>
        <title>County of Miami-Dade, Series 2017 B</title>
        <cusip>59333PZ92</cusip>
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          <isin value="US59333PZ927"/>
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        <curCd>USD</curCd>
        <valUSD>182765.83000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Housing &amp; Redevelopment Authority of The City of St Paul Minnesota</name>
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        <cusip>792905DJ7</cusip>
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          <isin value="US792905DJ79"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Coralville IA</name>
        <lei>549300UKC7MMW46X6P25</lei>
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          <isin value="US218086CQ78"/>
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        <curCd>USD</curCd>
        <valUSD>21057.71000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chicago O'Hare International Airport</name>
        <lei>N/A</lei>
        <title>Chicago O'Hare International Airport, Series 2022 A</title>
        <cusip>167593X56</cusip>
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          <isin value="US167593X564"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>78153.43000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>Indiana Finance Authority, Series 2017</title>
        <cusip>45506DF67</cusip>
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          <isin value="US45506DF675"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>19814.45000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>County of Boone MO</name>
        <lei>N/A</lei>
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          <isin value="US098867GB49"/>
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        <balance>65000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50222.03000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
        <lei>N/A</lei>
        <title>New York City Transitional Finance Authority Future Tax Secured, Series 2016 E-1</title>
        <cusip>64971WD49</cusip>
        <identifiers>
          <isin value="US64971WD490"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>110032.97000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority, Series 2025 A</title>
        <cusip>74442ENA4</cusip>
        <identifiers>
          <isin value="US74442ENA46"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>248653.83000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Boulder Valley School District No. Re-2 Boulder</name>
        <lei>N/A</lei>
        <title>Boulder Valley School District No. Re-2 Boulder, Series 2015</title>
        <cusip>101547UW5</cusip>
        <identifiers>
          <isin value="US101547UW53"/>
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        <curCd>USD</curCd>
        <valUSD>135190.54000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority, Series A</title>
        <cusip>45204EVC9</cusip>
        <identifiers>
          <isin value="US45204EVC91"/>
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        <balance>210000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>212921.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
        <lei>54930055TIDYHNDP4F84</lei>
        <title>San Francisco City &amp; County Airport Comm-San Francisco International Airport</title>
        <cusip>79766DYA1</cusip>
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          <isin value="US79766DYA17"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>520122.73000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Central Florida Expressway Authority</name>
        <lei>N/A</lei>
        <title>Central Florida Expressway Authority, Series 2016 B</title>
        <cusip>153476BU9</cusip>
        <identifiers>
          <isin value="US153476BU96"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100133.78000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Montana Facility Finance Authority</name>
        <lei>N/A</lei>
        <title>Montana Facility Finance Authority, Series 2020 A</title>
        <cusip>612043LM9</cusip>
        <identifiers>
          <isin value="US612043LM93"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>159359.92000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Shreveport LA Water &amp; Sewer Revenue</name>
        <lei>N/A</lei>
        <title>City of Shreveport, Series 2014 B</title>
        <cusip>825485TT2</cusip>
        <identifiers>
          <isin value="US825485TT26"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50000.73000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York State Dormitory Authority</name>
        <lei>549300C8XO7EXTX2XU71</lei>
        <title>New York State Dormitory Authority, Series 2016 A</title>
        <cusip>64990KCX9</cusip>
        <identifiers>
          <isin value="US64990KCX90"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>110806.29000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Berks County Municipal Authority (The)</name>
        <lei>N/A</lei>
        <title>Berks County Municipal Authority (The), Series 2024 A-3</title>
        <cusip>084538JH1</cusip>
        <identifiers>
          <isin value="US084538JH15"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>460720.10000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>State of Illinois</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>State of Illinois, Series 2016</title>
        <cusip>452152N80</cusip>
        <identifiers>
          <isin value="US452152N804"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
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        <name>Philadelphia Gas Works Co.</name>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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        <name>DuBois Hospital Authority</name>
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        <name>Pennsylvania State University (The)</name>
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        <name>Orange County Health Facilities Authority</name>
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        <name>Kansas City Industrial Development Authority</name>
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        <name>Florida Higher Educational Facilities Financing Authority</name>
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        <name>DuBois Hospital Authority</name>
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        <name>Sales Tax Securitization Corp.</name>
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        <name>Power County Industrial Development Corp.</name>
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        <name>Florida Local Government Finance Commission</name>
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        <name>Public Finance Authority</name>
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        <name>Williamson County Municipal Utility District No. 32</name>
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        <name>Indiana Finance Authority</name>
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        <name>Metropolitan Transportation Authority</name>
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      <invstOrSec>
        <name>Fort Bend County Industrial Development Corp.</name>
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        <name>Ohio University</name>
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        <name>Chicago Transit Authority Sales Tax Receipts Fund</name>
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        <name>State of Illinois Sales Tax Revenue</name>
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        <name>Eagle County Airport Terminal Corp.</name>
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        <name>Westchester County Local Development Corp.</name>
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        <name>Public Finance Authority</name>
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        <name>Harvest Hills South Community Development District</name>
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        <name>Oregon State Facilities Authority</name>
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      <invstOrSec>
        <name>Oakland University</name>
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        <name>City of Wichita KS</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-05-15</maturityDt>
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      <invstOrSec>
        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Grand Rapids Economic Development Corp.</name>
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          <isin value="US386246HK14"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2060-11-01</maturityDt>
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      <invstOrSec>
        <name>Mounds View Independent School District No. 621</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-02-01</maturityDt>
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      <invstOrSec>
        <name>Marysville Public Schools District</name>
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      <invstOrSec>
        <name>Arlington Higher Education Finance Corp.</name>
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          <isin value="US041807GC66"/>
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        <fairValLevel>2</fairValLevel>
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        <name>New Jersey Educational Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-07-01</maturityDt>
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          <annualizedRt>3.25000000</annualizedRt>
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        <name>Public Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Black Belt Energy Gas District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Auth</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-10-01</maturityDt>
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        <name>Chesapeake Bay Bridge &amp; Tunnel District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-07-01</maturityDt>
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        <name>Greater Orlando Aviation Authority</name>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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        <name>City of Wichita KS</name>
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        <name>Elyria City School District</name>
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        <name>Minnesota Health &amp; Education Facilities Authority</name>
        <lei>549300DI4V4CIPMX7K35</lei>
        <title>Minnesota Health &amp; Education Facilities Authority, Series 8-K</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-03-01</maturityDt>
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      <invstOrSec>
        <name>New Jersey Educational Facilities Authority</name>
        <lei>549300UTOO4X537XXG70</lei>
        <title>New Jersey Educational Facilities Authority, Series 2017 F</title>
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      <invstOrSec>
        <name>Central Texas Regional Mobility Authority</name>
        <lei>N/A</lei>
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          <isin value="US155498HZ45"/>
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      <invstOrSec>
        <name>City of Los Angeles Department of Airports</name>
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          <maturityDt>2042-05-15</maturityDt>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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          <isin value="US97712DUD64"/>
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      <invstOrSec>
        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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          <isin value="US64971WM640"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-05-01</maturityDt>
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      <invstOrSec>
        <name>DuBois Hospital Authority</name>
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          <isin value="US263804DD53"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-07-15</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of New York NY</name>
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          <maturityDt>2044-03-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City &amp; County of Denver CO Airport System Revenue</name>
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          <isin value="US249182QT69"/>
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          <maturityDt>2041-11-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Port of Seattle WA</name>
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          <isin value="US735389V887"/>
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          <maturityDt>2042-08-01</maturityDt>
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        <name>Greeneville Health &amp; Educational Facilities Board</name>
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        <name>Indiana Finance Authority</name>
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        <name>New York Counties Tobacco Trust IV</name>
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        <name>DuBois Hospital Authority</name>
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          <maturityDt>2046-07-15</maturityDt>
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        <name>West Virginia Hospital Finance Authority</name>
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        <name>Canaveral Port Authority</name>
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        <name>Harris-Waller Counties Municipal Utility District No. 3</name>
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        <name>County of Lucas OH</name>
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          <maturityDt>2049-11-01</maturityDt>
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        <name>Georgia Housing &amp; Finance Authority</name>
        <lei>549300I628IMF9PWV724</lei>
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          <maturityDt>2050-12-01</maturityDt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Baltimore MD</name>
        <lei>N/A</lei>
        <title>City of Baltimore, Series 2017 A</title>
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          <isin value="US05922KYU77"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>402205.12000000</valUSD>
        <pctVal>2.620222869841</pctVal>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>San Gorgonio Memorial Health Care District</name>
        <lei>N/A</lei>
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        <cusip>79781RGC7</cusip>
        <identifiers>
          <isin value="US79781RGC79"/>
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        <balance>45000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39654.58000000</valUSD>
        <pctVal>0.258335441900</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>2.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Metropolitan Transportation Authority</name>
        <lei>5493000TKYODLXADQD60</lei>
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          <isin value="US59261AL393"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>188928.42000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Berks County Municipal Authority (The)</name>
        <lei>N/A</lei>
        <title>Berks County Municipal Authority (The), Series 2024 B-1</title>
        <cusip>084538JK4</cusip>
        <identifiers>
          <isin value="US084538JK44"/>
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        <balance>198000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>141388.02000000</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>2044-06-30</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Virgin Islands Hotel Development Financing Corp.</name>
        <lei>N/A</lei>
        <title>Virgin Islands Hotel Development Financing Corp., Series 2025A-1</title>
        <cusip>92766AAN8</cusip>
        <identifiers>
          <isin value="US92766AAN81"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>248114.88000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>VI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rhode Island Infrastructure Bank</name>
        <lei>54930022Z6KOPRSQCG49</lei>
        <title>Rhode Island Infrastructure Bank, Series 2020 A</title>
        <cusip>76223KBG0</cusip>
        <identifiers>
          <isin value="US76223KBG04"/>
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        <balance>90000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>82704.08000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</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>Lakefront Estates Community Development District</name>
        <lei>N/A</lei>
        <title>Lakefront Estates Community Development District, Series 2025</title>
        <cusip>51152CAC6</cusip>
        <identifiers>
          <isin value="US51152CAC64"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>150082.76000000</valUSD>
        <pctVal>0.977735639270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>First Eagle Funds</ncom:nameOfApplicant>
      <ncom:signature>Shuang Wu</ncom:signature>
      <ncom:signerName>Shuang Wu</ncom:signerName>
      <ncom:title> Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
