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        <name>Kreditanstalt fuer Wiederaufbau</name>
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      <invstOrSec>
        <name>Sanofi SA</name>
        <lei>549300E9PC51EN656011</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CH Robinson Worldwide, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Brenntag SE</name>
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      <invstOrSec>
        <name>British American Tobacco plc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Komatsu Ltd.</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mills Music Trust</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PSP Capital, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Province of Quebec Canada</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-11-12</maturityDt>
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      <invstOrSec>
        <name>NAVER Corp.</name>
        <lei>988400ULUQYDB2HQYJ61</lei>
        <title>NAVER Corp.</title>
        <cusip>N/A</cusip>
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      <invstOrSec>
        <name>Ross Stores, Inc.</name>
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        <title>Ross Stores, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>American Express Co.</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>American Express Co.</title>
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      <invstOrSec>
        <name>Svenska Handelsbanken AB</name>
        <lei>NHBDILHZTYCNBV5UYZ31</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Franco-Nevada Corp.</name>
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        <name>Groupe Bruxelles Lambert NV</name>
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        <name>Lloyds Banking Group plc</name>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <name>Wheaton Precious Metals Corp.</name>
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        <name>Pluxee NV</name>
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        <name>IPG Photonics Corp.</name>
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        <name>Shimano, Inc.</name>
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        <name>Becton Dickinson &amp; Co.</name>
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        <name>Imperial Oil Ltd.</name>
        <lei>549300JZNB745JT5WY51</lei>
        <title>Imperial Oil Ltd.</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MS&amp;AD Insurance Group Holdings, Inc.</name>
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          <isin value="JP3890310000"/>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912797MJ32"/>
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        <curCd>USD</curCd>
        <valUSD>19760814.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-02-06</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LVMH Moet Hennessy Louis Vuitton SE</name>
        <lei>IOG4E947OATN0KJYSD45</lei>
        <title>LVMH Moet Hennessy Louis Vuitton SE</title>
        <cusip>N/A</cusip>
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          <isin value="FR0000121014"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Engie SA</name>
        <lei>LAXUQCHT4FH58LRZDY46</lei>
        <title>Engie SA</title>
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          <isin value="US29287AL403"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-04</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>General Motors Financial Co., Inc.</name>
        <lei>5493008B6JBRUJ90QL97</lei>
        <title>General Motors Financial Co., Inc.</title>
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          <isin value="US37046TL106"/>
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        <curCd>USD</curCd>
        <valUSD>93707217.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CK Asset Holdings Ltd.</name>
        <lei>5299006GJZSGP78B8S35</lei>
        <title>CK Asset Holdings Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="KYG2177B1014"/>
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        <balance>44146500.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.77410000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Schindler Holding AG</name>
        <lei>5299007DRLI319H7Q933</lei>
        <title>Schindler Holding AG</title>
        <cusip>N/A</cusip>
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          <isin value="CH0024638196"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
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          <isin value="US6516391066"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fomento Economico Mexicano SAB de CV</name>
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        <title>Fomento Economico Mexicano SAB de CV</title>
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          <isin value="US3444191064"/>
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        <assetCat>EC</assetCat>
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        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Province of Quebec Canada</name>
        <lei>549300WN65YFEQH74Y36</lei>
        <title>Province of Quebec</title>
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          <isin value="US74800JLM52"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>NUSS</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-21</maturityDt>
          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dentsply Sirona, Inc.</name>
        <lei>9NHEHR1SOZCYXDO8HO28</lei>
        <title>Dentsply Sirona, Inc.</title>
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          <isin value="US24906P1093"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chofu Seisakusho Co. Ltd.</name>
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          <isin value="JP3527800001"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Weyerhaeuser Co.</name>
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        <title>Weyerhaeuser Co.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nutrien Ltd.</name>
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        <title>Nutrien Ltd.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Province of Quebec Canada</name>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Province of Quebec Canada</name>
        <lei>549300WN65YFEQH74Y36</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Derwent London plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Dollar General Corp.</name>
        <lei>OPX52SQVOZI8IVSWYU66</lei>
        <title>Dollar General Corp.</title>
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          <isin value="US2566771059"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Deere &amp; Co.</name>
        <lei>PWFTNG3EI0Y73OXWDH08</lei>
        <title>Deere &amp; Co.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bio-Rad Laboratories, Inc.</name>
        <lei>549300ZC1GPV35XYDK53</lei>
        <title>Bio-Rad Laboratories, Inc., Class A</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Universal Health Services, Inc.</name>
        <lei>549300YGMGQDO0NMJD09</lei>
        <title>Universal Health Services, Inc., Class B</title>
        <cusip>913903100</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FANUC Corp.</name>
        <lei>529900QTSW745LOKW705</lei>
        <title>FANUC Corp.</title>
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      <invstOrSec>
        <name>Cie Financiere Richemont SA</name>
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      <invstOrSec>
        <name>Province of Quebec Canada</name>
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        <name>Orkla ASA</name>
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      <invstOrSec>
        <name>Royal Gold, Inc.</name>
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      <invstOrSec>
        <name>Legrand SA</name>
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      <invstOrSec>
        <name>Sodexo SA</name>
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      <invstOrSec>
        <name>PSP Capital, Inc.</name>
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      <invstOrSec>
        <name>KT&amp;G Corp.</name>
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      <invstOrSec>
        <name>Ambev SA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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      <invstOrSec>
        <name>SMC Corp.</name>
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        <name>Fresnillo plc</name>
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        <name>BAE Systems plc</name>
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        <name>United States of America</name>
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        <name>Investor AB</name>
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        <name>Meta Platforms, Inc.</name>
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        <name>Medtronic plc</name>
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        <name>Apple, Inc.</name>
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        <title>Apple, Inc.</title>
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        <name>Philip Morris International, Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Willis Towers Watson plc</name>
        <lei>549300WHC56FF48KL350</lei>
        <title>Willis Towers Watson plc</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>LVMH Moet Hennessy Louis Vuitton, Inc.</name>
        <lei>529900YISWVEKZT7CN18</lei>
        <title>LVMH Moet Hennessy Louis Vuitton, Inc.</title>
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          <isin value="US55078TMD62"/>
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        <balance>65000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-12-13</maturityDt>
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      </invstOrSec>
      <invstOrSec>
        <name>Reckitt Benckiser Group plc</name>
        <lei>5493003JFSMOJG48V108</lei>
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          <isin value="GB00B24CGK77"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kreditanstalt fuer Wiederaufbau</name>
        <lei>549300GDPG70E3MBBU98</lei>
        <title>Kreditanstalt fuer Wiederaufbau</title>
        <cusip>48246TMB2</cusip>
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          <isin value="US48246TMB25"/>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-12-11</maturityDt>
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      <invstOrSec>
        <name>N/A</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="328830"/>
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        <curCd>N/A</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>UBS AG</counterpartyName>
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      <invstOrSec>
        <name>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
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          <isin value="US20030N1019"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kreditanstalt fuer Wiederaufbau</name>
        <lei>549300GDPG70E3MBBU98</lei>
        <title>Kreditanstalt fuer Wiederaufbau</title>
        <cusip>48246TLR8</cusip>
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          <isin value="US48246TLR85"/>
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        <balance>50000000.00000000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-25</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sysco Corp.</name>
        <lei>5RGWIFLMGH3YS7KWI652</lei>
        <title>Sysco Corp.</title>
        <cusip>87183AL19</cusip>
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          <isin value="US87183AL197"/>
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        <balance>27906000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Diageo plc</name>
        <lei>213800ZVIELEA55JMJ32</lei>
        <title>Diageo plc</title>
        <cusip>N/A</cusip>
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          <isin value="GB0002374006"/>
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        <balance>6038683.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Credit Agricole Corporate and Investment Bank</name>
        <lei>254900BN8XS34XZDJ223</lei>
        <title>Credit Agricole Corporate and Investment Bank</title>
        <cusip>22533TL12</cusip>
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          <isin value="US22533TL126"/>
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        <balance>26280000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hoshizaki Corp.</name>
        <lei>5299001QAMLGU3SRBG20</lei>
        <title>Hoshizaki Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="JP3845770001"/>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>US Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US Bancorp</title>
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          <isin value="US9029733048"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Bausch &amp; Lomb, Inc.</name>
        <lei>549300JPRACCHT4C0232</lei>
        <title>Bausch &amp; Lomb, Inc.</title>
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      <invstOrSec>
        <name>Unilever plc</name>
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        <name>Guoco Group Ltd.</name>
        <lei>3OIHUMDMI0Z4XVPQ8V78</lei>
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        <name>Amphenol Corp.</name>
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        <title>Amphenol Corp.</title>
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        <name>Hydro-Quebec</name>
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        <title>Hydro-Quebec</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Power Corp. of Canada</name>
        <lei>549300BE2CB8T87IJV50</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>T Hasegawa Co. Ltd.</name>
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        <title>T Hasegawa Co. Ltd.</title>
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      <invstOrSec>
        <name>Haleon plc</name>
        <lei>549300PSB3WWEODCUP19</lei>
        <title>Haleon plc</title>
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        <name>PPG Industries, Inc.</name>
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        <name>NOV, Inc.</name>
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        <name>Analog Devices, Inc.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Schlumberger NV</name>
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        <name>Colgate-Palmolive Co.</name>
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        <name>Duke Energy Corp.</name>
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        <name>Itausa SA</name>
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        <name>JP Morgan U.S. Government Money Market Fund</name>
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        <name>PSP Capital, Inc.</name>
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      <invstOrSec>
        <name>Nestle Finance International Ltd.</name>
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        <name>Industrias Penoles SAB de CV</name>
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        <name>RPM International, Inc.</name>
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        <name>Engie SA</name>
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        <name>Hyundai Mobis Co. Ltd.</name>
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        <name>United States of America</name>
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        <name>Charles Schwab Corp. (The)</name>
        <lei>549300VSGCJ7E698NM85</lei>
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        <name>Berkeley Group Holdings plc</name>
        <lei>2138009OQSSLVVHQAL78</lei>
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        <name>Heineken Holding NV</name>
        <lei>724500M1WJLFM9TYBS04</lei>
        <title>Heineken Holding NV</title>
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        <name>Sanofi SA</name>
        <lei>549300E9PC51EN656011</lei>
        <title>Sanofi SA</title>
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        <name>NRW Bank</name>
        <lei>52990002O5KK6XOGJ020</lei>
        <title>NRW Bank</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Jardine Matheson Holdings Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>USS Co. Ltd.</name>
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        <name>Engie SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Engie SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Apple, Inc.</name>
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        <name>Secom Co. Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Entergy Corp.</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PSP Capital, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Engie SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Walt Disney Co. (The)</name>
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        <name>Apple, Inc.</name>
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        <name>Engie SA</name>
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        <name>Microsoft Corp.</name>
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        <name>ONEOK, Inc.</name>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <name>Engie SA</name>
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        <name>Samsung Life Insurance Co. Ltd.</name>
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        <name>Hongkong Land Holdings Ltd.</name>
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        <name>NRW Bank</name>
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        <name>BXP, Inc.</name>
        <lei>549300OF70FSEUQBT254</lei>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nestle SA</name>
        <lei>KY37LUS27QQX7BB93L28</lei>
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        <cusip>N/A</cusip>
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          <isin value="CH0038863350"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Apple, Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple, Inc.</title>
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          <isin value="US03785DM457"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-12-04</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HCA Healthcare, Inc.</name>
        <lei>529900PH4ZGUH2MNEU89</lei>
        <title>HCA Healthcare, Inc.</title>
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          <isin value="US40412C1018"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hirose Electric Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Hirose Electric Co. Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="JP3799000009"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Swedish Export Credit</name>
        <lei>N/A</lei>
        <title>Swedish Export Credit</title>
        <cusip>87030JM30</cusip>
        <identifiers>
          <isin value="US87030JM306"/>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-03</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sanofi SA</name>
        <lei>549300E9PC51EN656011</lei>
        <title>Sanofi SA</title>
        <cusip>8010M2L67</cusip>
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          <isin value="US8010M2L678"/>
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        <balance>80000000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-06</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Equity Residential</name>
        <lei>5493008RACSH5EP3PI59</lei>
        <title>Equity Residential</title>
        <cusip>29476L107</cusip>
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          <isin value="US29476L1070"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Elevance Health, Inc.</name>
        <lei>8MYN82XMYQH89CTMTH67</lei>
        <title>Elevance Health, Inc.</title>
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          <isin value="US0367521038"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kreditanstalt fuer Wiederaufbau</name>
        <lei>549300GDPG70E3MBBU98</lei>
        <title>Kreditanstalt fuer Wiederaufbau</title>
        <cusip>48246TNN5</cusip>
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          <isin value="US48246TNN53"/>
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        <balance>75000000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-01-22</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gold bullion</name>
        <lei>N/A</lei>
        <title>Gold bullion</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="1D8935S"/>
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        <balance>2426221.60200000</balance>
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        <descOthUnits>Ounces</descOthUnits>
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        <issuerConditional desc="Gold Commodity" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Douglas Emmett, Inc.</name>
        <lei>N/A</lei>
        <title>Douglas Emmett, Inc.</title>
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          <isin value="US25960P1093"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Berkshire Hathaway, Inc.</name>
        <lei>5493000C01ZX7D35SD85</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NRW Bank</name>
        <lei>52990002O5KK6XOGJ020</lei>
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        <balance>50000000.00000000</balance>
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        <invCountry>DE</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-11-26</maturityDt>
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      <invstOrSec>
        <name>Roche Holdings, Inc.</name>
        <lei>PVJRP0EQNV6OGDPZGY95</lei>
        <title>Roche Holdings, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2024-12-10</maturityDt>
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      <invstOrSec>
        <name>Svensk Exportkredit AB</name>
        <lei>1FOLRR5RWTWWI397R131</lei>
        <title>Svensk Exportkredit AB</title>
        <cusip>87030JM22</cusip>
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          <isin value="US87030JM223"/>
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        <balance>75000000.00000000</balance>
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        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>UnitedHealth Group, Inc.</name>
        <lei>549300GHBMY8T5GXDE41</lei>
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      <invstOrSec>
        <name>Engie SA</name>
        <lei>LAXUQCHT4FH58LRZDY46</lei>
        <title>Engie SA</title>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="324409"/>
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      <invstOrSec>
        <name>Sompo Holdings, Inc.</name>
        <lei>353800CWW4SRGEYEB512</lei>
        <title>Sompo Holdings, Inc.</title>
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          <isin value="JP3165000005"/>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Prosus NV</name>
        <lei>635400Z5LQ5F9OLVT688</lei>
        <title>Prosus NV</title>
        <cusip>N/A</cusip>
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          <isin value="NL0013654783"/>
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        <balance>18115368.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Wendel SE</name>
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      <invstOrSec>
        <name>Keyence Corp.</name>
        <lei>529900M7PQBS7A89DZ11</lei>
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          <isin value="JP3236200006"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Samsung Electronics Co. Ltd.</name>
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        <name>Charter Communications, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PSP Capital, Inc.</name>
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      <invstOrSec>
        <name>Cisco Systems, Inc.</name>
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        <name>NRW Bank</name>
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      <invstOrSec>
        <name>Engie SA</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Schindler Holding AG</name>
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      <invstOrSec>
        <name>Agnico Eagle Mines Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Flowserve Corp.</name>
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        <title>Flowserve Corp.</title>
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        <name>Texas Instruments, Inc.</name>
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        <name>Kreditanstalt fuer Wiederaufbau</name>
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        <name>Salesforce, Inc.</name>
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        <name>Mitsubishi Electric Corp.</name>
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        <name>Extra Space Storage, Inc.</name>
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        <name>Noble Corp. plc</name>
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        <name>Samsung Electronics Co. Ltd.</name>
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        <name>Merck KGaA</name>
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        <name>Henkel AG &amp; Co. KGaA</name>
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        <name>Cisco Systems, Inc.</name>
        <lei>549300LKFJ962MZ46593</lei>
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        <name>Hydro-Quebec</name>
        <lei>6THEVG93PYJH84S4D167</lei>
        <title>Hydro-Quebec</title>
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        </identifiers>
        <balance>50000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49875101.50000000</valUSD>
        <pctVal>0.088510800360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-19</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>2024-12-02</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>
</edgarSubmission>
