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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Alaska Industrial Development &amp; Export Authority</name>
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          <isin value="US011903HC87"/>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US017095AD21"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Allegany County Capital Resource Corp.</name>
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          <isin value="US017095AE04"/>
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        <valUSD>1345216.29000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>Allegheny County Higher Education Building Authority</name>
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          <isin value="US01728RMH92"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Allentown Neighborhood Improvement Zone Development Authority</name>
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          <isin value="US018444AX72"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Allentown Neighborhood Improvement Zone Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Allentown Neighborhood Improvement Zone Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Antillia Community Development District</name>
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        <name>Aquarion Water Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Aquarion Water Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Arizona Industrial Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US04109FCB22"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Arlington Higher Education Finance Corp.</name>
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          <isin value="US041806E976"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Arlington Higher Education Finance Corp.</name>
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          <isin value="US041806F700"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Arlington Higher Education Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Atlanta Development Authority (The)</name>
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          <isin value="US04780NMW47"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Austin TX Airport System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Austin Convention Enterprises, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Buda TX</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Buffalo &amp; Erie County Industrial Land Development Corp.</name>
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        <name>Buffalo &amp; Erie County Industrial Land Development Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>DuBois Hospital Authority</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
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        <lei>N/A</lei>
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          <isin value="US263804CT15"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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          <isin value="US263804CU87"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>DuBois Hospital Authority</name>
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        <cusip>263804CV6</cusip>
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          <isin value="US263804CV60"/>
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        <curCd>USD</curCd>
        <valUSD>29993.91000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <cusip>263804CW4</cusip>
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          <isin value="US263804CW44"/>
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        <curCd>USD</curCd>
        <valUSD>581711.54000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>DuBois Hospital Authority</name>
        <lei>N/A</lei>
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        <cusip>263804CX2</cusip>
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          <isin value="US263804CX27"/>
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        <curCd>USD</curCd>
        <valUSD>335769.28000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>DuBois Hospital Authority</name>
        <lei>N/A</lei>
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        <cusip>263804CY0</cusip>
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          <isin value="US263804CY00"/>
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        <curCd>USD</curCd>
        <valUSD>29343.64000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>DuBois Hospital Authority</name>
        <lei>N/A</lei>
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        <cusip>263804CZ7</cusip>
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          <isin value="US263804CZ74"/>
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        <curCd>USD</curCd>
        <valUSD>301394.83000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>DuBois Hospital Authority</name>
        <lei>N/A</lei>
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        <cusip>263804DD5</cusip>
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          <isin value="US263804DD53"/>
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        <curCd>USD</curCd>
        <valUSD>38897.12000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Dutchess County Local Development Corp.</name>
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        <title>Dutchess County Local Development Corp., Series 2016 B</title>
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          <isin value="US267045GN66"/>
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        <curCd>USD</curCd>
        <valUSD>145183.70000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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      <invstOrSec>
        <name>Eagle County Airport Terminal Corp.</name>
        <lei>N/A</lei>
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        <cusip>26947EBQ2</cusip>
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          <isin value="US26947EBQ26"/>
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        <curCd>USD</curCd>
        <valUSD>5486515.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Eagle County Airport Terminal Corp.</name>
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          <isin value="US26947EBR09"/>
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        <valUSD>1004017.50000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>East Central Vermont Telecommunications District</name>
        <lei>549300UHVQS0JED3EZ33</lei>
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        <cusip>271524AE0</cusip>
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          <isin value="US271524AE08"/>
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        <valUSD>164587.18000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>East Central Vermont Telecommunications District</name>
        <lei>549300UHVQS0JED3EZ33</lei>
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          <isin value="US271524AH39"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>East Central Vermont Telecommunications District</name>
        <lei>549300UHVQS0JED3EZ33</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-12-01</maturityDt>
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      <invstOrSec>
        <name>City of East Chicago IN</name>
        <lei>N/A</lei>
        <title>City of East Chicago, Series 2025</title>
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          <isin value="US271592AH02"/>
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        <curCd>USD</curCd>
        <valUSD>517089.95000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>East Nassau Stewardship District</name>
        <lei>N/A</lei>
        <title>East Nassau Stewardship District, Series 2024</title>
        <cusip>273794AJ6</cusip>
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          <isin value="US273794AJ69"/>
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        <balance>715000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>717331.76000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>East Palm Drive Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Harris County Cultural Education Facilities Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Harrison County Utility Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Harvest Hills South Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Harvey IL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Hawaii Department of Budget &amp; Finance</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Horace ND</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Houston TX Airport System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Houston TX Airport System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Huber Heights OH</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Huntingdon County General Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Huntsville TX</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Hutchinson KS</name>
        <lei>549300TUCDL8L0PET640</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Landfall Village MN</name>
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        <name>MTA Hudson Rail Yards Trust Obligations</name>
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        <name>New York Counties Tobacco Trust IV</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Domtar Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Port of Seattle Industrial Development Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Power County Industrial Development Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Resort Core Public Infrastructure District No. 1</name>
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        <name>Rockland County Economic Assistance Corp.</name>
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        <name>Village of Romeoville IL</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>St Louis County Industrial Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Shelby County Health Educational &amp; Housing Facilities Board</name>
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        <name>Silicon Valley Tobacco Securitization Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Silverlake Community Development District</name>
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        <name>Smith Metropolitan District No. 3</name>
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        <fairValLevel>2</fairValLevel>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Tarrant County Cultural Education Facilities Finance Corp.</name>
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        <name>State of Texas</name>
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        <name>Town of Trophy Club TX Public Improvement District No. 1</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <valUSD>94860.79000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Yamhill County Hospital Authority</name>
        <lei>N/A</lei>
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          <isin value="US98464UAP12"/>
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        <balance>455000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>442419.11000000</valUSD>
        <pctVal>0.021628330807</pctVal>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yamhill County Hospital Authority</name>
        <lei>N/A</lei>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>350024.71000000</valUSD>
        <pctVal>0.017111490095</pctVal>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</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>Yarborough Lane Community Development District</name>
        <lei>N/A</lei>
        <title>Yarborough Lane Community Development District, Series 2024</title>
        <cusip>984853AA9</cusip>
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          <isin value="US984853AA92"/>
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        <balance>215000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>216726.92000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>N/A</name>
        <lei>N/A</lei>
        <title>Bbl West</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CINS" value="05594N126"/>
        </identifiers>
        <balance>2151841.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DO</assetCat>
        <issuerConditional desc="Warrant" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>BBL West</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>BBL West</issuerName>
                <issueTitle>BBL West</issueTitle>
                <identifiers>
                  <other otherDesc="Inhouse Asset ID" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>15.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2036-04-30</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>Florida Development Finance Corp., Series 2024A</title>
        <cusip>340618DY0</cusip>
        <identifiers>
          <isin value="US340618DY01"/>
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        <balance>15750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4410000.00000000</valUSD>
        <pctVal>0.215589554579</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority, Series 2025</title>
        <cusip>74442PQ73</cusip>
        <identifiers>
          <isin value="US74442PQ736"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9000000.00000000</valUSD>
        <pctVal>0.439978682814</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>Florida Development Finance Corp., Series 2024</title>
        <cusip>340618DK0</cusip>
        <identifiers>
          <isin value="US340618DK07"/>
        </identifiers>
        <balance>28500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7980000.00000000</valUSD>
        <pctVal>0.390114432095</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Atlanta Development Authority (The)</name>
        <lei>N/A</lei>
        <title>Atlanta Development Authority (The), Series 2024-1, Class A</title>
        <cusip>04780NMY0</cusip>
        <identifiers>
          <isin value="US04780NMY03"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>916085.30000000</valUSD>
        <pctVal>0.044784222626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-12-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-31</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>
