UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-7762
First Eagle Funds
(Exact name of registrant as specified in charter)
1345 Avenue of the Americas
New York, NY 10105
(Address of principal executive offices) (Zip code)
Sheelyn Michael
First Eagle Funds
1345 Avenue of the Americas
New York, NY 10105
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-212-632-2700
Date of fiscal year end: October 31
Date of reporting period: April 30, 2020
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
| Item 1. | Reports to Stockholders. |
First Eagle Global Fund
First Eagle Overseas Fund
First Eagle U.S. Value Fund
First Eagle Gold Fund
First Eagle Global Income Builder Fund
First Eagle High Income Fund (formerly First Eagle High Yield Fund)
First Eagle Fund of America
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on www.feim.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by notifying your financial intermediary directly or, if you are a direct investor, by calling 800.334.2143 or by visiting www.Fundreports.com.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your reports. If you invest directly with a Fund, you can call 800.334.2143 or visit www.Fundreports.com. Your election to receive reports in paper will apply to all funds held with First Eagle or your financial intermediary.
Advised by First Eagle Investment Management, LLC
Forward-Looking Statement Disclosure
One of our most important responsibilities as mutual fund managers is to communicate with shareholders in an open and direct manner. Some of our comments in our letters to shareholders are based on current management expectations and are considered "forward-looking statements". Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as "may", "will", "believe", "attempt", "seek", "think", "ought", "try" and other similar terms. We cannot promise future returns. Our opinions are a reflection of our best judgment at the time this report is compiled, and we disclaim any obligation to update or alter forward-looking statements as a result of new information, future events, or otherwise.
First Eagle Funds | Semiannual Report | April 30, 2020
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Table of Contents
Letter from the President | | | 4 | | |
Management's Discussion of Fund Performance | | | 8 | | |
Performance Chart | | | 13 | | |
First Eagle Global Fund | |
Fund Overview | | | 22 | | |
Consolidated Schedule of Investments | | | 24 | | |
First Eagle Overseas Fund | |
Fund Overview | | | 38 | | |
Consolidated Schedule of Investments | | | 40 | | |
First Eagle U.S. Value Fund | |
Fund Overview | | | 52 | | |
Consolidated Schedule of Investments | | | 54 | | |
First Eagle Gold Fund | |
Fund Overview | | | 60 | | |
Consolidated Schedule of Investments | | | 62 | | |
First Eagle Global Income Builder Fund | |
Fund Overview | | | 66 | | |
Schedule of Investments | | | 68 | | |
First Eagle High Income Fund (formerly First Eagle High Yield Fund) | |
Fund Overview | | | 82 | | |
Schedule of Investments | | | 84 | | |
First Eagle Fund of America | |
Fund Overview | | | 92 | | |
Schedule of Investments | | | 94 | | |
Statements of Assets and Liabilities | | | 100 | | |
Statements of Operations | | | 108 | | |
Statements of Changes in Net Assets | | | 112 | | |
Financial Highlights | | | 124 | | |
Notes to Financial Statements | | | 150 | | |
Fund Expenses | | | 179 | | |
General Information | | | 185 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
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Letter from the President (unaudited)
Dear Fellow Shareholders,
For several years now, I have written about the disjunction between growing economic and political risks and the market's apparent lack of concern about these risks. In a world rife with hazards, investor sentiment seemed to be held aloft by a balloon of optimism. As recently as six months ago, global stock prices, as measured by the MSCI World Index, were continuing on their upward course. Who could have predicted that a microscopic bit of organic matter would act as the proverbial needle that pricks an investor optimism balloon that was over a decade in the making? The universe has a sense of humor, albeit a dark one.
While we did not anticipate that a global health crisis would be the driver of an abrupt change in risk perception, our increasing conviction that world securities markets were poised for some sort of reckoning proved prescient, and we believe we were positioned appropriately across investment strategies managed by First Eagle. Most of our funds are designed to be all-weather investments that can potentially benefit across market cycles, with bear markets used for planting seeds and bull markets for harvesting them; both phases were present in this period. While performance was generally down along with the markets, we invest with a long-term focus and believe that we strengthened our portfolios during these six months.
Shelter-in-place rules and other forms of social-distancing mandates have stifled economic activity, and unemployment in the United States has surged to levels comparable to the Great Depression. The economic landscape is cloudy. It is of particular concern that the pandemic triggered a globally coordinated slowdown in economic activity of historic magnitude; by contrast, the global financial crisis primarily affected Western developed economies, and growth elsewhere in the world—remember BRICS?—combined with massive fiscal and monetary stimuli helped moderate the negative impacts of the collapse in housing and its attendant effects on the economy and financial markets. This time, the whole world suffers together. We do not know when economies and markets will recover. It is striking that many public companies have withdrawn their financial guidance for 2020 because they have no precedent with which to model near-term business performance. Companies are not alone in
First Eagle Funds | Semiannual Report | April 30, 2020
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their lack of visibility; in its most recent annual meeting, the Chinese government declined to offer forward guidance about GDP growth for the first time since it began the practice decades ago.
Setting public policy for the pandemic is especially fraught in the United States because this is a presidential election year and the political climate is already highly polarized. While some public figures emphasize the health risks of the virus, others focus on the damage a frozen economy is inflicting on businesses and individuals. Many states have begun to allow some resumption in economic activity, but at the risk that reopening prematurely could spur a new round of infections and ultimately prolong the pandemic and recession. Against this backdrop, it may be difficult for government leaders to compromise on balanced solutions. While stock prices have recovered substantially in certain geographies and sectors since March following unprecedented levels of monetary and fiscal stimulus, as of this writing it is not certain whether the upturn reflects a definitive change in market direction or is merely a pause in what will prove to be a longer-term decline. Meanwhile, even as universities, government research centers and pharmaceutical companies across the globe work toward tests, vaccines and cures, the novel coronavirus responsible for Covid-19 remains poorly understood.
On a more personal note, I am proud of how my colleagues at First Eagle were able to execute our fiduciary responsibility to clients in this tumultuous period. We were quick to shift to a work-from-home posture, and the transition was smoother than I could have imagined. Our commitment to our employees' safety is uncompromising, and the suspension of our work-from-home guidelines will be purposefully slow and thoughtful. In addition, we reassessed the business continuity plans of third parties that provide us essential services, and we are confident in their commitment and ability to manage any potential disruptions.
As always, our commitment to our clients is unwavering, and we stand ready to support you through this challenging time.
Global Value Team
Funds managed by the Global Value team were not immune to the economic downturn and market drawdown triggered by the Covid-19 outbreak, but they did display resilience in the challenging investment environment. The funds entered this period owning shares in companies the global value team believed to be of high quality alongside meaningful holdings in cash, cash equivalents, gold bullion and gold-related stocks. The team views cash and cash equivalents as deferred purchasing power, and during the first quarter 2020 selloff it deployed this capital countercyclically as stock prices fell. The team traded actively during this period as valuations became
First Eagle Funds | Semiannual Report | April 30, 2020
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more attractive, adding to existing positions but also initiating new ones—including in some stocks that had been on the team's wish list for years. Gold played its designated role as a potential hedge, generally rising in value as equity prices slid.
High Income Team
The emergence of Covid-19 and the economic impact of the efforts to contain its transmission led to a deep, sharp repricing of risk assets as liquidity concerns emerged across the fixed income markets. These concerns were allayed in late March, however, when the Federal Reserve announced programs to target secondary bond market liquidity, including provisions that could provide relief to certain "fallen angels" (bonds issued as investment grade that have been downgraded to high yield). As a result, the primary credit market began to thaw as investment grade companies and higher-quality high yield companies tapped the markets for liquidity. Continuing to believe that it is better to be prepared early rather than late for a market downturn, the High Income team emphasized defense by choosing bonds with higher credit quality and shorter duration. The team also held a considerable amount of cash and cash equivalents so it will be ready to take advantage of the credit deterioration it believes lies ahead.
Fund of America
Because of the economic crisis, the Fund of America team became concerned that liquidity issues at portfolio companies might deteriorate into solvency issues. It analyzed balance sheets to best determine whether companies would be able to meet their maturing debt obligations. The team also increased the pace of its meetings with managements in the belief that the quality of senior managers will soon be reflected in share prices. It harvested stocks where it felt the risk of longer-term impairment was too great relative to the price decline, and it directed the proceeds toward names that may have experienced similar declines but appeared better positioned to weather the crisis and emerge from it with a strong hand.
We also have important news regarding management of Fund of America going forward. While the Fund has been subadvised by Iridian Asset Management LLC ("Iridian") in Iridian's event-driven equity style for many years, we announced in a supplement to the Fund's prospectus dated June 9, 2020 that Iridian will resign as subadviser to the Fund (expected in August). At that time, a team from First Eagle Investment Management, LLC will commence management of the Fund in a U.S.-focused value strategy that will seek, in accord with a revised investment objective, to deliver both capital appreciation and income. Also at that time, First Eagle Investment Management, LLC will lower its investment advisory fee (from an annual rate of 0.90% of the Fund's daily net assets, currently waived to 0.85%, to an
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annual rate of 0.50% of the Fund's daily net assets). We recognize these are meaningful changes, especially for longtime shareholders, and encourage you to watch for more information from us on the planned investment program as the year proceeds. In the interim, please do review the prospectus supplement carefully.
I thank you for entrusting your assets to our stewardship.
Sincerely,
Mehdi Mahmud,
President
June 2020
First Eagle Funds | Semiannual Report | April 30, 2020
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Management's Discussion of Fund Performance (unaudited)*
First Eagle Global Fund
The net asset value ("NAV") of the Fund's Class A shares decreased 8.58% for the six months ending April 30, 2020 while the MSCI World Index decreased 7.29%. The Fund's cash and cash equivalents position was 8.1% as of April 30, 2020.
The five largest contributors to the performance of First Eagle Global Fund over the period were gold bullion, Barrick Gold Corp. (metals & mining, Canada), Newmont Corp. (metals & mining, United States), Wheaton Precious Metals Corp. (metals & mining, Canada) and Microsoft Corp. (software, United States). Collectively, they accounted for 2.77% points of this period's performance.
The five largest detractors were Schlumberger Ltd. (energy equipment & services, United States), Exxon Mobil Corp. (oil, gas & consumable fuels, United States), Lloyds Banking Group plc (banks, United Kingdom), Weyerhaeuser Co. (equity real estate investment trusts, United States) and Flowserve Corp. (machinery, United States). Their combined negative performance over the period subtracted 2.46% points from fund performance.
First Eagle Overseas Fund
The NAV of the Fund's Class A shares decreased 8.86% for the six months ending April 30, 2020 while the MSCI EAFE Index decreased 14.21%. The Fund's cash and cash equivalents position was 10.3% as of April 30, 2020.
The five largest contributors to the performance of First Eagle Overseas Fund during the period were gold bullion, Newmont Corp. (metals & mining, United States) Barrick Gold Corp. (metals & mining, Canada), Wheaton Precious Metals Corp. (metals & mining, Canada) and British American Tobacco plc (tobacco, United Kingdom). Collectively, they accounted for 2.83% points of this period's performance.
The five largest detractors were Lloyds Banking Group plc (banks, United Kingdom), TechnipFMC Plc (energy equipment & services, United Kingdom), Cie de Saint-Gobain (building products, France), Haw Par Corp. Ltd. (pharmaceuticals, Singapore) and Imperial Oil Ltd. (oil, gas & consumable fuels, Canada). Their combined negative performance over the period subtracted 2.72% points from fund performance.
First Eagle Funds | Semiannual Report | April 30, 2020
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Management's Discussion of Fund Performance
First Eagle U.S. Value Fund
The NAV of the Fund's Class A shares decreased 9.72% for the six months ending April 30, 2020 while the S&P 500 Index decreased 3.16%. The Fund's cash and cash equivalents position was 9.6% as of April 30, 2020.
The five largest contributors to the performance of First Eagle U.S. Value Fund over the period were gold bullion, Barrick Gold Corp. (metals & mining, Canada), Newmont Corp. (metals & mining, United States), Microsoft Corp. (software, United States) and Facebook, Inc., Class A (interactive media & services, United States). Collectively, they accounted for 3.06% points of this period's performance.
The five largest detractors were Weyerhaeuser Co. (equity real estate investment trusts, United States), Flowserve Corp. (machinery, United States), Schlumberger Ltd. (energy equipment & services, United States), Exxon Mobil Corp. (oil, gas & consumable fuels, United States) and Alleghany Corp. (insurance, United States). Their combined negative performance over the period subtracted 4.92% points from fund performance.
First Eagle Gold Fund
The NAV of the Fund's Class A shares increased 21.97% for the six months ending April 30, 2020 while the FTSE Gold Mines Index total return increased 22.30%. The Fund's cash and cash equivalents position was 10.5% as of April 30, 2020.
The five largest contributors to the performance of First Eagle Gold Fund over the period were Newmont Corp. (metals & mining, United States), Barrick Gold Corp. (metals & mining, Canada), Novagold Resources Inc. (metals & mining, Canada), Wheaton Precious Metals Corp. (metals & mining, Canada) and B2Gold Corp. (metals & mining, Canada). Collectively, they accounted for 16.98% points of this period's performance.
The five largest detractors were Newcrest Mining Limited (metals & mining, Australia), Industrias Penoles SAB de CV (metals & mining, Mexico), OceanaGold Corporation (metals & mining, Australia), Agnico Eagle Mines Ltd. (metals & mining, Canada) and Fresnillo plc (metals & mining, Mexico). Their combined negative performance over the period subtracted 1.98% points from fund performance.
First Eagle Global Income Builder Fund
The NAV of the Fund's Class A shares decreased 7.41% for the six months ending April 30, 2020 while the MSCI World Index decreased 7.29% and the Bloomberg
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Management's Discussion of Fund Performance
Barclays U.S. Aggregate Bond Index rose 4.86%. The composite index1 was down 2.15% over the same time period. The Fund's cash and cash equivalents position was 4.4% as of April 30, 2020.
The five largest contributors to the performance of First Eagle Global Income Builder Fund over the period were gold bullion, British American Tobacco plc (tobacco, United Kingdom), Wheaton Precious Metals Corp. (metals & mining, Canada), Franco-Nevada Corp. (metals & mining, Canada) and KDDI Corp. (wireless telecommunication services, Japan). Collectively, they accounted for 1.55% points of this period's performance.
The five largest detractors were Exxon Mobil Corp. (oil, gas & consumable fuels, US), Wells Fargo & Co. (banks, United States), Schlumberger Ltd. (energy equipment & services, United States), Lloyds Banking Group plc (banks, United Kingdom) and Jardine Matheson Holdings Ltd. (industrial conglomerates, Hong Kong). Their combined negative performance over the period subtracted 2.27% points from fund performance.
First Eagle High Income Fund2
The NAV of the Fund's Class I shares decreased 6.44% for the six months ending April 30, 2020 while the Bloomberg Barclays U.S. Corporate High Yield Index decreased 6.62%. The Fund's cash and cash equivalents position was 7.8% as of April 30, 2020.
The five largest contributors to the performance of First Eagle High Income Fund over the period were HCA, Inc. 5.88% , 05/01/2023 (health care providers & services, United States), BI-LO Holding Finance LLC, 1st Term Loan B 9.38% 05/31/2024 (food & staples retailing, United States), Dell International LLC 7.13%, 06/15/2024 (technology hardware, storage & peripherals, United States), KFC Holding Co 5.00%, 06/01/2024 (hotels, restaurants & leisure, United States) and Centene Corp. 4.63%, 12/15/2029 (health care providers & services, United States). Collectively, they accounted for 0.38% points of this period's performance.
The five largest detractors were EnQuest Plc 7.00%, 04/15/2022 (oil, gas & consumable fuels, United Kingdom), Men's Wearhouse, Inc. (The) 7.00%, 07/01/2022 (specialty retail, United States), NGL Energy Partners LP 7.50%, 11/01/2023 (oil, gas & consumable fuels, United States), Precision Drilling Corp. 7.75%, 12/15/2023 (energy equipment & services, Canada) and Genesis Energy LP 6.00%, 05/15/2023 (oil, gas & consumable fuels, United States). Their combined negative performance over the period subtracted 2.98% points from fund performance.
1 The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg Barclays U.S. Aggregate Bond Index.
2 First Eagle High Income Fund was known as First Eagle High Yield Fund prior to March 1, 2020.
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Management's Discussion of Fund Performance
First Eagle Fund of America
The NAV of the Fund's Class Y shares decreased 11.33% for the six months ending April 30, 2020 while the S&P 500 Index decreased 3.16%. The Fund's cash and cash equivalents position was 7.5% as of April 30, 2020.
The five largest contributors to the performance of Fund of America over the period were Medicines Co. (biotechnology, United States), Halozyme Therapeutics, Inc. (biotechnology, United States), Innoviva, Inc. (pharmaceuticals, United States), Zillow Group, Inc., Class C (interactive media & services, United States) and Entegris, Inc. (semiconductors & semiconductor equipment, United States). Collectively, they accounted for 5.31% points of this period's performance.
The five largest detractors were Wyndham Destinations, Inc. (hotels, restaurants & leisure, United States) Marathon Petroleum Corp. (oil, gas & consumable fuels, United States), Wyndham Hotels & Resorts, Inc. (hotels, restaurants & leisure, United States), Martin Marietta Materials, Inc. (construction materials, United States) and General Dynamics Corp. (aerospace & defense, United States). Their combined negative performance over the period subtracted 10.73% points from fund performance.
| | 
| |
Matthew McLennan
Head of the Global Value Team
Portfolio Manager
Global, Overseas,
U.S. Value and Gold Funds | | T. Kimball Brooker, Jr.
Portfolio Manager
Global, Overseas,
U.S. Value and
Global Income Builder Funds | |
| | 
| |
Matt Lamphier
Portfolio Manager
U.S. Value Fund
| | Edward Meigs
Portfolio Manager
Global Income Builder and
High Income Funds | |
First Eagle Funds | Semiannual Report | April 30, 2020
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Management's Discussion of Fund Performance
| | 
| |
Sean Slein
Portfolio Manager
Global Income Builder and
High Income Funds | | Thomas Kertsos
Portfolio Manager
Gold Fund
| |
| | 
| |
Harold Levy
Portfolio Manager
Fund of America | | Eric Stone
Portfolio Manager
Fund of America | |
| | 
| |
Lukasz Thieme
Portfolio Manager
Fund of America | | Julien Albertini
Portfolio Manager
Global Income Builder Fund | |
June 2020
The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact a fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month end is available at feim.com or by calling 800.334.2143.
The commentary represents the opinion of Mehdi Mahmud and the Portfolio Management Teams as of June 2020 and is subject to change based on market and other conditions. These materials are provided for informational purposes only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.
First Eagle Funds | Semiannual Report | April 30, 2020
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Performance Chart1 (unaudited)
| | One
Year | | Three
Years | | Five
Years | | Ten
Years | | Since
Inception | | Inception Date | |
First Eagle Global Fund | |
Class A (SGENX)
without sales charge | | | -5.23 | % | | | 1.46 | % | | | 3.02 | % | | | 5.95 | % | | | 12.41 | % | | 01/01/792 | |
with sales charge | | | -9.97 | % | | | -0.26 | % | | | 1.97 | % | | | 5.41 | % | | | 12.27 | % | | 01/01/792 | |
| Class C (FESGX) | | | -5.95 | % | | | 0.70 | % | | | 2.25 | % | | | 5.16 | % | | | 8.63 | % | | 06/05/00 | |
| Class I (SGIIX) | | | -4.97 | % | | | 1.73 | % | | | 3.30 | % | | | 6.23 | % | | | 9.61 | % | | 07/31/98 | |
| Class R3 (EARGX) | | | -5.30 | % | | | — | | | | — | | | | — | | | | -1.14 | % | | 05/01/18 | |
| Class R4 (EAGRX) | | | -5.07 | % | | | — | | | | — | | | | — | | | | 2.69 | % | | 01/17/18 | |
| Class R5 (FRGLX) | | | — | | | | — | | | | — | | | | — | | | | -7.97 | % | | 07/29/19 | |
| Class R6 (FEGRX) | | | -4.90 | % | | | 1.80 | % | | | — | | | | — | | | | 1.87 | % | | 03/01/17 | |
MSCI World Index3 | | | -4.00 | % | | | 4.99 | % | | | 4.92 | % | | | 7.68 | % | | | 9.24 | % | | 01/01/79 | |
First Eagle Overseas Fund | |
Class A (SGOVX)
without sales charge | | | -4.76 | % | | | -0.13 | % | | | 1.26 | % | | | 4.44 | % | | | 9.43 | % | | 08/31/93 | |
with sales charge | | | -9.52 | % | | | -1.81 | % | | | 0.23 | % | | | 3.90 | % | | | 9.22 | % | | 08/31/93 | |
| Class C (FESOX) | | | -5.47 | % | | | -0.86 | % | | | 0.51 | % | | | 3.67 | % | | | 7.85 | % | | 06/05/00 | |
| Class I (SGOIX) | | | -4.48 | % | | | 0.16 | % | | | 1.54 | % | | | 4.72 | % | | | 9.23 | % | | 07/31/98 | |
| Class R3 (EAROX) | | | -5.04 | % | | | — | | | | — | | | | — | | | | -3.06 | % | | 05/01/18 | |
| Class R4 (FIORX) | | | -4.72 | % | | | — | | | | — | | | | — | | | | -4.22 | % | | 01/17/18 | |
| Class R5 (FEROX) | | | -4.75 | % | | | — | | | | — | | | | — | | | | -1.53 | % | | 03/11/19 | |
| Class R6 (FEORX) | | | -4.42 | % | | | 0.23 | % | | | — | | | | — | | | | 0.95 | % | | 03/01/17 | |
MSCI EAFE Index4 | | | -11.34 | % | | | -0.58 | % | | | -0.17 | % | | | 3.55 | % | | | 4.29 | % | | 08/31/93 | |
First Eagle Funds | Semiannual Report | April 30, 2020
13
Performance Chart (unaudited)
| | One
Year | | Three
Years | | Five
Years | | Ten
Years | | Since
Inception | | Inception Date | |
First Eagle U.S. Value Fund | |
Class A (FEVAX)
without sales charge | | | -8.01 | % | | | 2.10 | % | | | 3.68 | % | | | 6.47 | % | | | 7.88 | % | | 09/04/01 | |
with sales charge | | | -12.59 | % | | | 0.37 | % | | | 2.63 | % | | | 5.93 | % | | | 7.58 | % | | 09/04/01 | |
| Class C (FEVCX) | | | -8.68 | % | | | 1.33 | % | | | 2.90 | % | | | 5.67 | % | | | 7.07 | % | | 09/04/01 | |
| Class I (FEVIX) | | | -7.72 | % | | | 2.39 | % | | | 3.97 | % | | | 6.75 | % | | | 8.15 | % | | 09/04/01 | |
| Class R3 (EARVX) | | | -8.13 | % | | | — | | | | — | | | | — | | | | -1.10 | % | | 05/01/18 | |
| Class R4 (FIVRX) | | | — | | | | — | | | | — | | | | — | | | | -10.77 | % | | 07/29/19 | |
| Class R5 (FERVX) | | | — | | | | — | | | | — | | | | — | | | | -10.67 | % | | 07/29/19 | |
| Class R6 (FEVRX) | | | -7.68 | % | | | 2.41 | % | | | — | | | | — | | | | 1.94 | % | | 03/01/17 | |
S&P 500 Index5 | | | 0.86 | % | | | 9.04 | % | | | 9.12 | % | | | 11.69 | % | | | 7.32 | % | | 09/04/01 | |
First Eagle Gold Fund | |
Class A (SGGDX)
without sales charge | | | 57.84 | % | | | 10.43 | % | | | 8.77 | % | | | -1.32 | % | | | 5.98 | % | | 08/31/93 | |
with sales charge | | | 49.93 | % | | | 8.56 | % | | | 7.65 | % | | | -1.83 | % | | | 5.78 | % | | 08/31/93 | |
| Class C (FEGOX) | | | 56.55 | % | | | 9.58 | % | | | 7.91 | % | | | -2.09 | % | | | 5.73 | % | | 05/15/03 | |
| Class I (FEGIX) | | | 58.23 | % | | | 10.74 | % | | | 9.09 | % | | | -1.06 | % | | | 6.82 | % | | 05/15/03 | |
| Class R3 (EAURX) | | | 57.82 | % | | | — | | | | — | | | | — | | | | 19.63 | % | | 05/01/18 | |
| Class R4 (FIURX) | | | — | | | | — | | | | — | | | | — | | | | 26.91 | % | | 07/29/19 | |
| Class R5 (FERUX) | | | — | | | | — | | | | — | | | | — | | | | 26.81 | % | | 07/29/19 | |
| Class R6 (FEURX) | | | 58.31 | % | | | 10.83 | % | | | — | | | | — | | | | 9.63 | % | | 03/01/17 | |
FTSE Gold Mines
Index6 | | | 66.78 | % | | | 14.42 | % | | | 12.33 | % | | | -3.90 | % | | | 0.65 | % | | 08/31/93 | |
MSCI World Index3 | | | -4.00 | % | | | 4.99 | % | | | 4.92 | % | | | 7.68 | % | | | 6.57 | % | | 08/31/93 | |
First Eagle Funds | Semiannual Report | April 30, 2020
14
Performance Chart (unaudited)
| | One
Year | | Three
Years | | Five
Years | | Ten
Years | | Since
Inception | | Inception Date | |
First Eagle Global Income Builder Fund | |
Class A (FEBAX)
without sales charge | | | -5.08 | % | | | 1.01 | % | | | 2.27 | % | | | — | | | | 4.44 | % | | 05/01/12 | |
with sales charge | | | -9.82 | % | | | -0.71 | % | | | 1.22 | % | | | — | | | | 3.77 | % | | 05/01/12 | |
| Class C (FEBCX) | | | -5.82 | % | | | 0.25 | % | | | 1.50 | % | | | — | | | | 3.65 | % | | 05/01/12 | |
| Class I (FEBIX) | | | -4.85 | % | | | 1.29 | % | | | 2.55 | % | | | — | | | | 4.71 | % | | 05/01/12 | |
| Class R3 (FBRRX) | | | -5.26 | % | | | — | | | | — | | | | — | | | | -1.49 | % | | 05/01/18 | |
| Class R4 (FIBRX) | | | — | | | | — | | | | — | | | | — | | | | -6.79 | % | | 07/29/19 | |
| Class R5 (EABRX) | | | — | | | | — | | | | — | | | | — | | | | -6.72 | % | | 07/29/19 | |
| Class R6 (FEBRX) | | | -4.87 | % | | | 1.29 | % | | | — | | | | — | | | | 1.86 | % | | 03/01/17 | |
Composite Index7 | | | 2.31 | % | | | 5.41 | % | | | 4.74 | % | | | — | | | | 6.42 | % | | 05/01/12 | |
MSCI World Index3 | | | -4.00 | % | | | 4.99 | % | | | 4.92 | % | | | — | | | | 8.02 | % | | 05/01/12 | |
Bloomberg Barclays
U.S. Aggregate Bond
Index8 | | | 10.84 | % | | | 5.17 | % | | | 3.80 | % | | | — | | | | 3.34 | % | | 05/01/12 | |
First Eagle High Income Fund | |
Class A (FEHAX)
without sales charge | | | -4.72 | % | | | 0.34 | % | | | 1.46 | % | | | — | | | | 3.67 | % | | 01/03/12 | |
with sales charge | | | -9.00 | % | | | -1.19 | % | | | 0.53 | % | | | — | | | | 3.10 | % | | 01/03/12 | |
| Class C (FEHCX) | | | -5.55 | % | | | -0.44 | % | | | 0.71 | % | | | — | | | | 2.88 | % | | 01/03/12 | |
| Class I (FEHIX) | | | -4.56 | % | | | 0.60 | % | | | 1.75 | % | | | 4.56 | % | | | 6.84 | % | | 11/19/079 | |
| Class R3 (EARHX) | | | -4.84 | % | | | — | | | | — | | | | — | | | | -1.03 | % | | 05/01/18 | |
| Class R4 (FIHRX) | | | — | | | | — | | | | — | | | | — | | | | -6.58 | % | | 07/29/19 | |
| Class R5 (FERHX) | | | — | | | | — | | | | — | | | | — | | | | -6.39 | % | | 07/29/19 | |
| Class R6 (FEHRX) | | | -4.52 | % | | | 0.59 | % | | | — | | | | — | | | | 0.88 | % | | 03/01/17 | |
Bloomberg Barclays
U.S. Corporate High
Yield Index10 | | | -4.11 | % | | | 1.87 | % | | | 3.44 | % | | | 5.86 | % | | | 6.64 | % | | 11/19/07 | |
First Eagle Funds | Semiannual Report | April 30, 2020
15
Performance Chart (unaudited)
| | One
Year | | Three
Years | | Five
Years | | Ten
Years | | Since
Inception | | Inception Date | |
First Eagle Fund of America | |
Class A (FEFAX)
without sales charge | | | -10.63 | % | | | -3.21 | % | | | -1.41 | % | | | 6.43 | % | | | 6.72 | % | | 11/20/98 | |
with sales charge | | | -15.10 | % | | | -4.85 | % | | | -2.42 | % | | | 5.89 | % | | | 6.47 | % | | 11/20/98 | |
| Class C (FEAMX) | | | -11.26 | % | | | -3.92 | % | | | -2.15 | % | | | 5.64 | % | | | 6.00 | % | | 03/02/98 | |
| Class I (FEAIX) | | | -10.31 | % | | | -2.91 | % | | | -1.12 | % | | | — | | | | 3.72 | % | | 03/08/13 | |
| Class Y (FEAFX)11 | | | -10.61 | % | | | -3.21 | % | | | -1.42 | % | | | 6.43 | % | | | 10.13 | % | | 04/10/87 | |
| Class R3 (EARFX) | | | -10.74 | % | | | — | | | | — | | | | — | | | | -7.80 | % | | 05/01/18 | |
| Class R4 (EAFRX) | | | — | | | | — | | | | — | | | | — | | | | -13.28 | % | | 07/29/19 | |
| Class R5 (FERFX) | | | — | | | | — | | | | — | | | | — | | | | -13.22 | % | | 07/29/19 | |
| Class R6 (FEFRX) | | | -10.31 | % | | | -2.87 | % | | | — | | | | — | | | | -2.01 | % | | 03/01/17 | |
S&P 500 Index5 | | | 0.86 | % | | | 9.04 | % | | | 9.12 | % | | | 11.69 | % | | | 9.62 | % | | 04/10/87 | |
1 The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month end is available at feim.com or by calling 800.334.2143. The average annual returns for Class A Shares "with sales charge" of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund and First Eagle Fund of America give effect to the deduction of the maximum sales charge of 5.00%. The average annual returns for Class A Shares "with sales charge" of First Eagle High Income Fund gives effect to the deduction of the maximum sales charge of 4.50%.
The average annual returns for Class C Shares reflect the maximum contingent deferred sales charge (CDSC), which is charged on the lesser of the original purchase price or the current market value at the time of sale. This pertains to the shares sold or redeemed with the first year of purchase.
For First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Fund of America, a contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.
With respect to the First Eagle Global Income Builder Fund and the First Eagle High Income Fund, a contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $250,000 or more without an initial sales charge.
Class I Shares of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Income Fund and First Eagle Fund of America require $1 million minimum investment and are offered without a sales charge.
First Eagle Funds | Semiannual Report | April 30, 2020
16
Performance Chart (unaudited)
Class Y Shares of First Eagle Fund of America are offered without a sales charge.
Class R3 Shares, Class R4 Shares, Class R5 Shares and Class R6 Shares of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Income Fund and First Eagle Fund of America are offered without a sales charge.
2 The Fund commenced operations on April 28, 1970. Performance for periods prior to January 1, 2000, occurred while a prior portfolio manager of the fund was affiliated with another firm. Inception date shown is when this prior portfolio manager assumed portfolio management responsibilities.
3 The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed market countries. The index provides total returns in U.S. dollars with net dividends reinvested. One cannot invest directly in an index.
4 The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of companies from 21 developed market countries, excluding the United States and Canada. One cannot invest directly in an index.
5 The S&P 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy. Although the S&P 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market. The S&P 500 Index includes dividends reinvested. One cannot invest directly in an index.
6 The FTSE Gold Mines Index is designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold. The FTSE Gold Mines Index encompasses all gold mining companies that have a sustainable, attributable gold production of at least 300,000 ounces a year and that derive 51% or more of their revenue from mined gold. The Index is unmanaged, and includes dividends reinvested. One cannot invest directly in an index.
7 The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg Barclays U.S. Aggregate Bond Index.
8 The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. One cannot invest directly in an index.
9 First Eagle High Income Fund (formerly named First Eagle High Yield Fund) commenced operations in its present form on December 30, 2011, and is successor to another mutual fund pursuant to a reorganization on December 30, 2011. Information prior to December 30, 2011 is for this predecessor fund. Immediately after the reorganization, changes in net asset value of the Class I shares were partially impacted by differences in how the Fund and the predecessor fund price portfolio securities.
10 The Bloomberg Barclays U.S. Corporate High Yield Index is composed of fixed-rate, publicly issued, non-investment grade debt and is unmanaged, with dividends reinvested. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. One cannot invest directly in an index.
11 As of September 1, 2005, First Eagle Fund of America Class Y is closed to new accounts.
First Eagle Funds | Semiannual Report | April 30, 2020
17
Performance Chart (unaudited)
Expense Ratios As Stated In The Most Recent Prospectus
| | | Class A | | Class C | | Class I | | Class Y | | Class R3 | | Class R4 | | Class R5 | | Class R6 | |
First Eagle Global Fund | | | 1.11 | % | | | 1.87 | % | | | 0.85 | % | | | — | | | | 1.14 | % | | | 0.97 | % | | | 1.35 | % | | | 0.79 | % | |
First Eagle Overseas Fund | | | 1.15 | | | | 1.89 | | | | 0.86 | | | | — | | | | 1.32 | | | | 1.04 | | | | 1.12 | | | | 0.80 | | |
First Eagle U.S. Value Fund12,13 | | | 1.16 | | | | 1.92 | | | | 0.88 | | | | — | | | | 1.26 | | | | 1.51 | | | | 1.40 | | | | 0.83 | | |
First Eagle Gold Fund | | | 1.29 | | | | 2.05 | | | | 0.99 | | | | — | | | | 1.25 | | | | 1.49 | | | | 0.96 | | | | 0.89 | | |
First Eagle Global Income
Builder Fund | | | 1.18 | | | | 1.94 | | | | 0.93 | | | | — | | | | 1.37 | | | | 1.49 | | | | 1.38 | | | | 0.93 | | |
First Eagle High Income
Fund12,14 | | | 1.34 | | | | 2.10 | | | | 1.05 | | | | — | | | | 1.44 | | | | 1.70 | | | | 1.59 | | | | 1.02 | | |
First Eagle Fund of America12,15 | | | 1.39 | | | | 2.13 | | | | 1.06 | | | | 1.36 | % | | | 1.45 | | | | 1.67 | | | | 1.56 | | | | 1.01 | | |
12 For the First Eagle U.S. Value Fund, First Eagle High Income Fund and First Eagle Fund of America, had fees not been waived and/or expenses reimbursed, returns would have been lower.
13 These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 28, 2021. This waiver has the effect of reducing the management fee for the term of the waiver from 0.75% to 0.70% on First Eagle U.S. Value Fund.
14 These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.10% of the average daily value of the Fund's net assets for the period through February 28, 2021. This waiver has the effect of reducing the management fee for the term of the waiver from 0.70% to 0.60% on First Eagle High Income Fund.
15 These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's first $2.25 billion through February 28, 2021. This waiver has the effect of reducing the management fee for the term of the waiver from 0.90% to 0.85% on First Eagle Fund of America.
These expense ratios are presented as of March 1, 2020 and may differ from corresponding ratios shown elsewhere in this report because of differing time periods (and/or, if applicable, because these expense ratios do not include expense credits or waivers).
There are risks associated with investing in funds that invest in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. These risks may be more pronounced with respect to investments in emerging markets. Funds whose investments are concentrated in a specific industry or sector may be subject to a higher degree of risk than funds whose investments are diversified and may not be suitable for all investors.
All securities may be subject to adverse market trends. The value of a Fund's portfolio holdings may fluctuate in response to events specific to the companies or stock or bond markets in which a Fund invests, as well as economic, political, or social events in the United States or abroad. Markets can be volatile, and values of individual securities and other investments at times may decline significantly and rapidly. This may cause a Fund's portfolio to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer or the market as a whole. As a result, a portfolio of such securities may underperform the market as a whole.
First Eagle Funds | Semiannual Report | April 30, 2020
18
Performance Chart (unaudited)
In addition to investments in larger companies, each Fund may invest in small and medium-size companies, which historically have been more volatile in price than larger company securities, especially over the short term. Positions in smaller companies, especially when the Fund is a large holder of a small company's securities, also may be more difficult or expensive to trade. Among the reasons for the greater price volatility are the less certain growth prospects of smaller companies, the lower degree of liquidity in the markets for such securities and the greater sensitivity of smaller companies to changing economic conditions. In addition, smaller companies may lack depth of management, they may be unable to generate funds necessary for growth or development, or they may be developing or marketing new products or services for which markets are not yet established and may never become established. The Funds consider small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion.
Holding illiquid securities restricts or otherwise limits the ability for a Fund to freely dispose of its investments for specific periods of time. A Fund might not be able to sell illiquid securities at its desired price or time. Changes in the markets or in regulations governing the trading of illiquid instruments can cause rapid changes in the price or ability to sell an illiquid security. The market for lower-quality debt instruments, including junk bonds and leveraged loans, is generally less liquid than the market for higher-quality debt instruments.
Investment in gold and gold-related investments present certain risks, including political and economic risks affecting the price of gold and other precious metals including specific changes in U.S. and foreign regulatory policies, tax, currency or mining laws, increased environmental costs, international monetary and political policies, economic conditions within an individual country, trade imbalances, and trade or currency restrictions between countries. The price of gold, in turn, is likely to affect the market prices of securities of companies mining or processing gold, and accordingly, the value of investments in such securities may also be affected. Gold-related investments as a group have not performed as well as the stock market in general during periods when the U.S. dollar is strong, inflation is low and general economic conditions are stable. In addition, returns on gold-related investments have traditionally been more volatile than investments in broader equity or debt markets.
The event-driven investment style of the First Eagle Fund of America carries the additional risk that the event anticipated occurs later than expected, does not occur at all, or does not have the desired effect on the market price of the securities.
First Eagle High Income and First Eagle Global Income Builder Funds will invest in high yield instruments (commonly known as "high yield" or "junk" bonds) which may be subject to greater levels of interest rate, credit (including issuer default) and liquidity risk than investment grade securities and may experience extreme price fluctuations. The securities of such companies may be considered speculative and the ability of such companies to pay their debts on schedule may be uncertain.
First Eagle High Income and Global Income Builder Funds invest in bank loans. These investments potentially expose a fund to the credit risk of the underlying borrower, and in certain cases, of the financial institution. The fund's ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower. The market for bank loans may be illiquid and the fund may have difficulty selling them, especially in the case of leveraged loans, which can be difficult to value. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. At times, a fund may decline to receive non-public information relating to loans, which could disadvantage the fund relative to other investors.
Funds that invest in bonds are subject to credit and interest rate risk. The value of a fund's portfolio may fluctuate in response to the risk that the issuer of a bond or other instrument will not be able to make payments of interest and principal when due. In addition, fluctuations in interest rates can affect the value of debt instruments held by a fund. An increase in interest rates tends to reduce the market value of debt instruments, while a decline in interest rates tends to increase their values. Longer duration instruments tend to be more sensitive to interest rate changes than those with shorter durations.
Income generation and dividends are not guaranteed. If dividend paying stocks in the fund's portfolio stop paying or reduce dividends the fund's ability to generate income will be adversely affected.
First Eagle Funds | Semiannual Report | April 30, 2020
19
Performance Chart (unaudited)
An investment strategy that employs a "value" approach may pose a risk to a Fund that such investment strategy may not be successfully achieved. In any Fund, an investment made at a perceived "margin of safety" or "discount to intrinsic or fundamental value" can trade at prices substantially lower than when an investment is made, so that any perceived "margin of safety" or "discount to value" is no guarantee against loss. "Value" investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more "growth" oriented. In such an event, a Fund's investment returns would be expected to lag relative to returns associated with more growth-oriented investment strategies.
The value of a Fund's portfolio holdings may fluctuate in response to events specific to the companies or markets in which a Fund invests, as well as economic, political, or social events in the United States or abroad. Markets can be volatile, and values of individual securities and other investments at times may decline significantly and rapidly.
A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in Wuhan City, Hubei Province, China and has now spread globally. The virus, named "SARS-CoV-2" (and the resulting respiratory disease sometimes referred to as the "corona virus" and abbreviated as "COVID-19") has resulted in, among other things, closing borders, enhanced health screenings, disruptions to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of COVID-19, and other epidemics and pandemics that may arise in the future, has affected and may continue to affect the economies of many nations, individual companies and the global markets, including liquidity, in general in ways that cannot necessarily be foreseen at the present time. The impact of COVID-19 and other infectious diseases in developing or emerging market countries may be greater for a variety of reasons. Public health crises, including those caused by COVID-19, may exacerbate pre-existing political, social and economic risks in certain countries. The impact may be short term or may last for an extended period of time.
All investments involve the risk of loss.
First Eagle Funds | Semiannual Report | April 30, 2020
20
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Data as of April 30, 2020 (unaudited)
Investment Objective
The First Eagle Global Fund seeks long-term growth of capital by investing in a range of asset classes from markets in the United States and throughout the world. This truly global fund is managed with a highly disciplined, bottom-up, value-oriented style.
Average Annual Returns (%) | | | | | | One Year | | Five Years | | Ten Years | |
First Eagle Global Fund | | Class A | | without sales load | | | -5.23 | | | | 3.02 | | | | 5.95 | | |
| | | | with sales load | | | -9.97 | | | | 1.97 | | | | 5.41 | | |
MSCI World Index | | | | | | | -4.00 | | | | 4.92 | | | | 7.68 | | |
Consumer Price Index | | | | | | | 0.33 | | | | 1.62 | | | | 1.63 | | |
Sectors* (%) | |
Financials | | | 13.0 | | |
Commodities | | | 12.7 | | |
Industrials | | | 12.5 | | |
Consumer Staples | | | 11.5 | | |
Materials | | | 8.9 | | |
Information Technology | | | 8.3 | | |
Health Care | | | 5.0 | | |
Communication Services | | | 4.9 | | |
Consumer Discretionary | | | 4.6 | | |
Energy | | | 4.3 | | |
Real Estate | | | 3.9 | | |
Foreign Government Securities | | | 1.9 | | |
Utilities | | | 0.4 | | |
Short-Term Investments | | | 8.1 | | |
Countries*~ (%)
United States | | | 49.6 | | |
Japan | | | 10.5 | | |
United Kingdom | | | 6.0 | | |
Canada | | | 5.1 | | |
France | | | 5.1 | | |
Switzerland | | | 2.8 | | |
Hong Kong | | | 2.4 | | |
South Korea | | | 2.0 | | |
Mexico | | | 1.1 | | |
Germany | | | 1.1 | | |
Sweden | | | 1.1 | | |
Taiwan | | | 0.7 | | |
Brazil | | | 0.6 | | |
Singapore | | | 0.6 | | |
Belgium | | | 0.5 | | |
Australia | | | 0.5 | | |
Thailand | | | 0.5 | | |
Norway | | | 0.3 | | |
Poland | | | 0.3 | | |
Malaysia | | | 0.3 | | |
Peru | | | 0.3 | | |
Ireland | | | 0.2 | | |
Indonesia | | | 0.2 | | |
Denmark | | | 0.1 | | |
Short-Term Investments | | | 8.1 | | |
^ Less than 0.05%.
* Asset Allocation, Sector and Countries percentages are based on total investments in the portfolio.
~ Country allocations reflect country of risk (not currency of issue). Bonds of non-U.S. issuers may be U.S. dollar denominated.
The Fund's portfolio composition is subject to change at any time.
First Eagle Funds | Semiannual Report | April 30, 2020
22
First Eagle Global Fund | Fund Overview
Growth of a $10,000 Initial Investment
Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.
The average annual returns for Class A shares give effect to the deduction of the maximum sales charge of 5.00%.
The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed market countries. The index provides total returns in U.S. dollars with net dividends reinvested. One cannot invest directly in an index. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.
Top 10 Holdings* (%)
Gold bullion** (Precious Metal) | | | 12.6 | | |
Oracle Corp. (Software, United States) | | | 2.6 | | |
Comcast Corp. (Media, United States) | | | 2.1 | | |
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States) | | | 2.1 | | |
British American Tobacco plc (Tobacco, United Kingdom) | | | 1.8 | | |
Danone SA (Food Products, France) | | | 1.7 | | |
FANUC Corp. (Machinery, Japan) | | | 1.7 | | |
Philip Morris International, Inc. (Tobacco, United States) | | | 1.5 | | |
Colgate-Palmolive Co. (Household Products, United States) | | | 1.4 | | |
Weyerhaeuser Co. (Equity Real Estate Investment Trusts (REITs), United States) | | | 1.3 | | |
Total | | | 28.8 | | |
* Holdings in cash, commercial paper and other short-term cash equivalents have been excluded.
**The Fund invests in gold and precious metals through investment in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). Gold Bullion and commodities include the Fund's investment in the Subsidiary.
Percentages are based on total net assets.
First Eagle Funds | Semiannual Report | April 30, 2020
23
First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
Common Stocks — 76.9% | |
Australia — 0.5% | |
Newcrest Mining Ltd. | | | 10,741,275 | | | | 194,668,597 | | |
Belgium — 0.5% | |
Groupe Bruxelles Lambert SA* | | | 2,788,865 | | | | 223,097,755 | | |
Brazil — 0.6% | |
Ambev SA, ADR* | | | 94,135,533 | | | | 202,391,396 | | |
Cielo SA | | | 75,872,591 | | | | 56,647,367 | | |
| | | | 259,038,763 | | |
Canada — 5.1% | |
Agnico Eagle Mines Ltd. | | | 3,871,032 | | | | 226,179,843 | | |
Barrick Gold Corp. | | | 19,592,416 | | | | 503,916,940 | | |
Franco-Nevada Corp. | | | 1,271,780 | | | | 168,261,076 | | |
Imperial Oil Ltd. | | | 10,896,401 | | | | 176,055,216 | | |
Nutrien Ltd. | | | 11,278,104 | | | | 402,741,094 | | |
Power Corp. of Canada | | | 11,607,608 | | | | 185,628,330 | | |
Wheaton Precious Metals Corp. | | | 11,902,240 | | | | 449,428,582 | | |
| | | | 2,112,211,081 | | |
Denmark — 0.1% | |
ISS A/S* | | | 2,870,500 | | | | 42,676,646 | | |
France — 5.0% | |
Cie de Saint-Gobain | | | 7,251,932 | | | | 192,958,983 | | |
Danone SA | | | 9,851,181 | | | | 686,598,649 | | |
Legrand SA | | | 2,350,814 | | | | 157,604,818 | | |
LVMH Moet Hennessy Louis Vuitton SE | | | 264,822 | | | | 102,378,320 | | |
Rexel SA | | | 11,789,132 | | | | 110,107,983 | | |
Saint Jean Groupe SA | | | 93,252 | | | | 2,173,491 | | |
Sanofi | | | 4,486,722 | | | | 438,235,039 | | |
Sodexo SA | | | 3,802,745 | | | | 304,012,467 | | |
Wendel SE | | | 1,067,994 | | | | 91,619,023 | | |
| | | | 2,085,688,773 | | |
Germany — 1.1% | |
Brenntag AG | | | 1,553,189 | | | | 70,325,268 | | |
HeidelbergCement AG | | | 3,733,264 | | | | 176,998,308 | | |
Henkel AG & Co. KGaA (Preference) | | | 1,980,388 | | | | 175,831,850 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
24
First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
Germany — 1.1% (continued) | |
Hornbach Holding AG & Co. KGaA | | | 451,742 | | | | 25,788,989 | | |
| | | | 448,944,415 | | |
Hong Kong — 2.4% | |
CK Asset Holdings Ltd. | | | 29,853,500 | | | | 188,636,686 | | |
Guoco Group Ltd. | | | 12,693,580 | | | | 179,062,760 | | |
Hang Lung Properties Ltd. | | | 34,453,406 | | | | 73,702,962 | | |
Hongkong Land Holdings Ltd. | | | 30,205,200 | | | | 126,352,762 | | |
Hysan Development Co. Ltd. | | | 23,322,348 | | | | 77,807,050 | | |
Jardine Matheson Holdings Ltd. | | | 6,979,771 | | | | 305,722,031 | | |
Jardine Strategic Holdings Ltd. | | | 1,542,800 | | | | 33,165,436 | | |
| | | | 984,449,687 | | |
Ireland — 0.2% | |
CRH plc | | | 3,284,015 | | | | 99,014,689 | | |
Japan — 10.5% | |
Chofu Seisakusho Co. Ltd. (a) | | | 3,346,500 | | | | 73,267,601 | | |
FANUC Corp. | | | 4,173,600 | | | | 681,187,277 | | |
Hirose Electric Co. Ltd. (a) | | | 2,082,315 | | | | 228,631,749 | | |
Hoshizaki Corp. | | | 2,080,300 | | | | 158,533,080 | | |
Hoya Corp. | | | 1,355,340 | | | | 123,597,990 | | |
KDDI Corp. | | | 3,224,500 | | | | 93,395,368 | | |
Keyence Corp. | | | 630,200 | | | | 224,989,053 | | |
Komatsu Ltd. | | | 6,756,000 | | | | 127,829,822 | | |
Mitsubishi Electric Corp. | | | 17,189,500 | | | | 211,510,752 | | |
Mitsubishi Estate Co. Ltd. | | | 30,826,080 | | | | 498,708,450 | | |
MS&AD Insurance Group Holdings, Inc. | | | 6,636,820 | | | | 191,207,374 | | |
Nissin Foods Holdings Co. Ltd. | | | 250,040 | | | | 20,554,167 | | |
Olympus Corp. | | | 2,001,224 | | | | 31,753,160 | | |
Secom Co. Ltd. | | | 6,447,130 | | | | 536,525,745 | | |
Shimano, Inc. | | | 1,791,290 | | | | 263,956,801 | | |
SMC Corp. | | | 575,156 | | | | 259,983,532 | | |
Sompo Holdings, Inc. | | | 15,871,600 | | | | 514,803,558 | | |
T Hasegawa Co. Ltd. (a) | | | 3,002,800 | | | | 60,210,696 | | |
USS Co. Ltd. | | | 997,600 | | | | 15,796,848 | | |
| | | | 4,316,443,023 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
25
First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
Mexico — 0.8% | |
Fomento Economico Mexicano SAB de CV, ADR | | | 1,906,198 | | | | 122,625,717 | | |
Fresnillo plc | | | 18,230,274 | | | | 161,943,550 | | |
Industrias Penoles SAB de CV | | | 6,401,020 | | | | 49,421,261 | | |
| | | | 333,990,528 | | |
Norway — 0.3% | |
Orkla ASA | | | 13,983,441 | | | | 126,310,743 | | |
South Korea — 2.0% | |
Hyundai Mobis Co. Ltd. | | | 1,067,561 | | | | 150,931,991 | | |
Kia Motors Corp. | | | 4,738,873 | | | | 115,745,580 | | |
KT&G Corp. | | | 5,366,496 | | | | 358,307,206 | | |
Lotte Confectionery Co. Ltd. | | | 161,797 | | | | 17,050,529 | | |
Lotte Corp. | | | 913,277 | | | | 30,149,353 | | |
Namyang Dairy Products Co. Ltd. (a) | | | 39,989 | | | | 10,599,332 | | |
NAVER Corp. | | | 304,531 | | | | 49,373,785 | | |
Samsung Electronics Co. Ltd. (Preference) | | | 3,025,981 | | | | 104,897,501 | | |
| | | | 837,055,277 | | |
Sweden — 1.1% | |
Investor AB, Class A | | | 2,404,983 | | | | 118,646,423 | | |
Investor AB, Class B | | | 3,394,798 | | | | 168,715,366 | | |
Svenska Handelsbanken AB, Class A* | | | 16,841,698 | | | | 153,719,954 | | |
| | | | 441,081,743 | | |
Switzerland — 2.8% | |
Cie Financiere Richemont SA (Registered) | | | 6,374,537 | | | | 361,649,584 | | |
Nestle SA (Registered) | | | 4,497,808 | | | | 476,362,983 | | |
Pargesa Holding SA | | | 4,327,670 | | | | 307,855,509 | | |
| | | | 1,145,868,076 | | |
Taiwan — 0.7% | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 5,152,904 | | | | 273,773,790 | | |
Thailand — 0.5% | |
Bangkok Bank PCL, NVDR | | | 59,890,700 | | | | 190,402,557 | | |
United Kingdom — 6.0% | |
Berkeley Group Holdings plc | | | 5,086,651 | | | | 267,014,011 | | |
British American Tobacco plc | | | 18,990,473 | | | | 731,973,534 | | |
Diageo plc | | | 3,750,155 | | | | 129,117,288 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
26
First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
United Kingdom — 6.0% (continued) | |
GlaxoSmithKline plc | | | 14,471,132 | | | | 301,905,403 | | |
Linde plc | | | 2,051,560 | | | | 377,875,983 | | |
Lloyds Banking Group plc | | | 588,687,159 | | | | 238,187,582 | | |
TechnipFMC plc | | | 13,234,169 | | | | 117,916,446 | | |
Unilever NV | | | 6,403,844 | | | | 318,907,054 | | |
| | | | 2,482,897,301 | | |
United States — 36.7% | |
3M Co. | | | 1,923,597 | | | | 292,232,856 | | |
Alleghany Corp. | | | 418,350 | | | | 223,277,578 | | |
Alphabet, Inc., Class A* | | | 134,718 | | | | 181,424,731 | | |
Alphabet, Inc., Class C* | | | 218,828 | | | | 295,124,570 | | |
American Express Co. | | | 2,327,393 | | | | 212,374,611 | | |
Analog Devices, Inc. | | | 2,709,437 | | | | 296,954,295 | | |
Anthem, Inc. | | | 1,448,101 | | | | 406,525,394 | | |
Bank of New York Mellon Corp. (The) | | | 12,108,560 | | | | 454,555,342 | | |
Berkshire Hathaway, Inc., Class A* | | | 789 | | | | 222,261,300 | | |
Booking Holdings, Inc.* | | | 165,236 | | | | 244,643,465 | | |
Brown & Brown, Inc. | | | 5,966,695 | | | | 214,264,017 | | |
CH Robinson Worldwide, Inc. (a) | | | 7,172,180 | | | | 508,507,562 | | |
Charles Schwab Corp. (The) | | | 3,988,832 | | | | 150,458,743 | | |
Colgate-Palmolive Co. | | | 8,044,177 | | | | 565,264,318 | | |
Comcast Corp., Class A | | | 22,940,736 | | | | 863,259,896 | | |
Cummins, Inc. | | | 1,485,440 | | | | 242,869,440 | | |
Deere & Co. | | | 2,798,436 | | | | 405,941,126 | | |
DENTSPLY SIRONA, Inc. | | | 5,001,177 | | | | 212,249,952 | | |
Equity Residential, REIT | | | 1,502,686 | | | | 97,764,751 | | |
Expeditors International of Washington, Inc. | | | 1,672,498 | | | | 119,759,219 | | |
Exxon Mobil Corp. | | | 18,414,895 | | | | 855,740,171 | | |
Facebook, Inc., Class A* | | | 2,242,285 | | | | 459,018,162 | | |
Flowserve Corp. (a) | | | 8,382,216 | | | | 236,127,025 | | |
HCA Healthcare, Inc. | | | 1,665,329 | | | | 182,986,351 | | |
IPG Photonics Corp.* | | | 1,136,199 | | | | 146,944,617 | | |
JG Boswell Co. | | | 2,485 | | | | 1,315,807 | | |
Kraft Heinz Co. (The) | | | 4,743,185 | | | | 143,860,801 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
27
First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
United States — 36.7% (continued) | |
Microsoft Corp. | | | 2,381,939 | | | | 426,867,288 | | |
Mills Music Trust (a) | | | 31,592 | | | | 988,830 | | |
National Oilwell Varco, Inc. | | | 16,637,869 | | | | 210,302,664 | | |
Newmont Corp. | | | 8,919,957 | | | | 530,559,042 | | |
NOW, Inc.* | | | 1,193,093 | | | | 7,361,384 | | |
Omnicom Group, Inc. | | | 1,010,722 | | | | 57,641,476 | | |
Oracle Corp. | | | 20,466,750 | | | | 1,084,123,747 | | |
Philip Morris International, Inc. | | | 8,381,501 | | | | 625,259,975 | | |
PPG Industries, Inc. | | | 587,701 | | | | 53,380,882 | | |
Royal Gold, Inc. | | | 1,260,596 | | | | 154,460,828 | | |
San Juan Basin Royalty Trust (a) | | | 3,908,035 | | | | 9,965,489 | | |
Schlumberger Ltd. | | | 23,021,607 | | | | 387,223,430 | | |
Scotts Miracle-Gro Co. (The) | | | 886,616 | | | | 109,966,982 | | |
Teradata Corp.* (a) | | | 10,721,521 | | | | 263,642,201 | | |
Texas Instruments, Inc. | | | 2,603,572 | | | | 302,196,602 | | |
Travelers Cos., Inc. (The) | | | 2,533,520 | | | | 256,417,559 | | |
Truist Financial Corp. | | | 6,834,639 | | | | 255,068,727 | | |
UGI Corp. | | | 4,958,252 | | | | 149,640,045 | | |
Union Pacific Corp. | | | 1,349,610 | | | | 215,654,182 | | |
Universal Health Services, Inc., Class B | | | 2,116,279 | | | | 223,669,528 | | |
US Bancorp | | | 7,819,459 | | | | 285,410,254 | | |
Varian Medical Systems, Inc.* | | | 957,070 | | | | 109,469,667 | | |
Wells Fargo & Co. | | | 8,349,675 | | | | 242,558,059 | | |
Weyerhaeuser Co., REIT | | | 25,020,850 | | | | 547,205,990 | | |
Willis Towers Watson plc | | | 1,036,625 | | | | 184,819,871 | | |
WR Berkley Corp. | | | 4,472,075 | | | | 241,492,050 | | |
| | | | 15,171,052,852 | | |
Total Common Stocks
(Cost $27,683,634,906) | | | 31,768,666,296 | | |
| | | Ounces | | | |
Commodities — 12.6% | |
Gold bullion*
(Cost $3,255,381,405) | | | 3,082,705 | | | | 5,207,551,127 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
28
First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
Foreign Government Securities — 1.9% | |
Indonesia — 0.1% | |
Republic of Indonesia
8.25%, 7/15/2021 | | IDR | 965,460,000,000 | | | | 66,819,568 | | |
Malaysia — 0.3% | |
Malaysia Government Bond
3.66%, 10/15/2020 | | MYR | 54,021,000 | | | | 12,637,629 | | |
3.42%, 8/15/2022 | | MYR | 443,682,000 | | | | 105,496,536 | | |
| | | | 118,134,165 | | |
Mexico — 0.3% | |
Mex Bonos Desarr Fix Rt
6.50%, 6/9/2022 | | MXN | 1,940,060,000 | | | | 82,462,813 | | |
8.00%, 12/7/2023 | | MXN | 911,940,000 | | | | 41,042,030 | | |
| | | | 123,504,843 | | |
Peru — 0.3% | |
Republic of Peru
8.20%, 8/12/2026 (b) | | PEN | 318,059,000 | | | | 120,112,590 | | |
Poland — 0.3% | |
Republic of Poland
2.50%, 4/25/2024 | | PLN | 469,059,000 | | | | 120,794,427 | | |
Singapore — 0.6% | |
Republic of Singapore
3.25%, 9/1/2020 | | SGD | 119,604,000 | | | | 85,641,941 | | |
2.25%, 6/1/2021 | | SGD | 214,847,000 | | | | 155,533,256 | | |
| | | | 241,175,197 | | |
Total Foreign Government Securities
(Cost $825,080,847) | | | 790,540,790 | | |
Corporate Bonds — 0.0% (c) | |
United States — 0.0% (c) | |
Bausch & Lomb, Inc.
7.13%, 8/1/2028‡
(Cost $4,992,196) | | | 5,467,000 | | | | 5,508,002 | | |
Short-Term Investments — 8.1% | |
Commercial Paper — 8.0% | |
ABB Treasury Center USA, Inc.
1.80%, 6/3/2020 (b)(d) | | | 25,336,000 | | | | 25,308,195 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
29
First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
Commercial Paper — 8.0% (continued) | |
1.80%, 6/4/2020 (b)(d) | | | 28,188,000 | | | | 28,155,388 | | |
1.80%, 6/5/2020 (b)(d) | | | 31,183,000 | | | | 31,145,019 | | |
1.80%, 6/8/2020 (d) | | | 33,991,000 | | | | 33,943,056 | | |
1.80%, 6/9/2020 (b)(d) | | | 22,738,000 | | | | 22,704,398 | | |
Apple, Inc.
1.58%, 5/6/2020 (b)(d) | | | 86,050,000 | | | | 86,049,068 | | |
1.58%, 5/7/2020 (b)(d) | | | 47,030,000 | | | | 47,029,360 | | |
1.58%, 5/13/2020 (b)(d) | | | 62,116,000 | | | | 62,113,757 | | |
0.34%, 5/27/2020 (b)(d) | | | 42,594,000 | | | | 42,590,199 | | |
0.32%, 6/4/2020 (b)(d) | | | 34,541,000 | | | | 34,536,063 | | |
0.28%, 6/5/2020 (b)(d) | | | 42,503,000 | | | | 42,496,625 | | |
0.29%, 6/9/2020 (b)(d) | | | 38,639,000 | | | | 38,632,002 | | |
BASF SE
1.93%, 5/11/2020 (b)(d) | | | 46,467,000 | | | | 46,453,370 | | |
1.80%, 6/2/2020 (b)(d) | | | 77,958,000 | | | | 77,834,086 | | |
1.80%, 6/3/2020 (b)(d) | | | 61,816,000 | | | | 61,715,641 | | |
BNG Bank NV
0.20%, 5/22/2020 (b)(d) | | | 61,279,000 | | | | 61,274,656 | | |
Chevron Corp.
1.53%, 5/7/2020 (b)(d) | | | 67,964,000 | | | | 67,960,828 | | |
Eli Lilly & Co.
1.59%, 5/14/2020 (d) | | | 76,970,000 | | | | 76,966,857 | | |
Engie SA
1.70%, 5/4/2020 (b)(d) | | | 139,293,000 | | | | 139,281,253 | | |
1.70%, 5/11/2020 (d) | | | 36,755,000 | | | | 36,746,970 | | |
0.74%, 5/12/2020 (d) | | | 7,200,000 | | | | 7,198,298 | | |
0.85%, 5/20/2020 (d) | | | 38,492,000 | | | | 38,479,961 | | |
Eni Finance USA, Inc.
1.24%, 5/1/2020 (b)(d) | | | 13,863,000 | | | | 13,862,513 | | |
1.80%, 5/14/2020 (b)(d) | | | 17,416,000 | | | | 17,403,687 | | |
1.80%, 5/18/2020 (d) | | | 21,503,000 | | | | 21,483,174 | | |
Entergy Corp.
0.90%, 5/1/2020 (b)(d) | | | 10,395,000 | | | | 10,394,738 | | |
EssilorLuxottica SA
0.50%, 6/24/2020 (b)(d) | | | 25,893,000 | | | | 25,881,409 | | |
0.50%, 6/25/2020 (b)(d) | | | 25,893,000 | | | | 25,881,118 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
30
First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
Commercial Paper — 8.0% (continued) | |
Export Development Corp.
1.61%, 5/26/2020 (d) | | | 41,432,000 | | | | 41,428,559 | | |
Exxon Mobil Corp.
1.60%, 5/21/2020 (d) | | | 82,863,000 | | | | 82,840,862 | | |
General Motors Financial Co., Inc.
3.50%, 5/1/2020 (d) | | | 20,097,000 | | | | 20,095,030 | | |
Henkel of America, Inc.
1.63%, 5/5/2020 (b)(d) | | | 11,214,000 | | | | 11,213,875 | | |
1.64%, 5/7/2020 (d) | | | 31,049,000 | | | | 31,048,457 | | |
Hitachi America Capital Ltd.
0.47%, 5/1/2020 (b)(d) | | | 27,863,000 | | | | 27,862,634 | | |
HP, Inc.
1.62%, 5/13/2020 (b)(d) | | | 43,290,000 | | | | 43,276,274 | | |
Kreditanstalt fuer Wiederaufbau
1.63%, 5/5/2020 (b)(d) | | | 101,982,000 | | | | 101,980,867 | | |
1.63%, 5/6/2020 (b)(d) | | | 68,797,000 | | | | 68,796,083 | | |
1.58%, 5/26/2020 (b)(d) | | | 43,582,000 | | | | 43,578,632 | | |
0.24%, 5/27/2020 (b)(d) | | | 33,541,000 | | | | 33,538,157 | | |
0.24%, 5/28/2020 (b)(d) | | | 33,541,000 | | | | 33,537,922 | | |
0.25%, 6/8/2020 (d) | | | 61,823,000 | | | | 61,812,083 | | |
0.27%, 6/24/2020 (d) | | | 43,933,000 | | | | 43,917,965 | | |
LVMH Moet Hennessy Louis Vuitton, Inc.
0.83%, 5/15/2020 (d) | | | 88,971,000 | | | | 88,960,620 | | |
1.60%, 6/15/2020 (b)(d) | | | 37,100,000 | | | | 37,079,236 | | |
MetLife Short Term Funding LLC
0.40%, 5/13/2020 (b)(d) | | | 46,467,000 | | | | 46,464,483 | | |
Nestle Capital Corp.
0.14%, 5/19/2020 (b)(d) | | | 40,083,000 | | | | 40,081,964 | | |
0.14%, 5/20/2020 (b)(d) | | | 40,083,000 | | | | 40,081,931 | | |
0.12%, 5/28/2020 (b)(d) | | | 38,979,000 | | | | 38,977,029 | | |
0.05%, 6/12/2020 (d) | | | 50,000,000 | | | | 49,996,357 | | |
Nestle Finance International Ltd.
1.59%, 5/20/2020 (b)(d) | | | 65,836,000 | | | | 65,834,244 | | |
NRW Bank
1.65%, 5/8/2020 (b)(d) | | | 67,964,000 | | | | 67,962,958 | | |
1.63%, 5/12/2020 (b)(d) | | | 77,624,000 | | | | 77,622,344 | | |
1.61%, 5/14/2020 (d) | | | 63,491,000 | | | | 63,489,494 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
31
First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
Commercial Paper — 8.0% (continued) | |
0.23%, 5/18/2020 (b)(d) | | | 80,166,000 | | | | 80,163,795 | | |
0.30%, 5/29/2020 (b)(d) | | | 46,362,000 | | | | 46,358,490 | | |
0.22%, 7/30/2020 (d) | | | 35,175,000 | | | | 35,152,772 | | |
0.22%, 7/31/2020 (d) | | | 34,936,000 | | | | 34,913,769 | | |
Philip Morris International, Inc.
0.75%, 5/8/2020 (b)(d) | | | 28,572,000 | | | | 28,571,562 | | |
0.75%, 5/11/2020 (d) | | | 28,572,000 | | | | 28,571,171 | | |
0.35%, 5/12/2020 (b)(d) | | | 40,083,000 | | | | 40,081,610 | | |
PSP Capital, Inc.
0.30%, 5/1/2020 (b)(d) | | | 31,752,000 | | | | 31,751,981 | | |
0.23%, 6/10/2020 (b)(d) | | | 40,853,000 | | | | 40,847,649 | | |
QUALCOMM, Inc.
0.50%, 6/18/2020 (b)(d) | | | 19,397,000 | | | | 19,391,588 | | |
Schlumberger Investment SA
1.60%, 5/1/2020 (d) | | | 75,000,000 | | | | 74,998,771 | | |
Siemens Capital Co. LLC
0.25%, 6/9/2020 (b)(d) | | | 37,896,000 | | | | 37,886,315 | | |
0.27%, 6/22/2020 (b)(d) | | | 36,918,000 | | | | 36,905,663 | | |
Total Capital Canada Ltd.
1.61%, 5/19/2020 (b)(d) | | | 83,112,000 | | | | 83,065,547 | | |
Unilever Capital Corp.
0.35%, 6/1/2020 (b)(d) | | | 76,399,000 | | | | 76,385,758 | | |
0.10%, 6/15/2020 (b)(d) | | | 32,916,000 | | | | 32,911,794 | | |
0.10%, 6/22/2020 (b)(d) | | | 19,750,000 | | | | 19,747,092 | | |
Walt Disney Co. (The)
1.00%, 5/22/2020 (b)(d) | | | 78,146,000 | | | | 78,136,210 | | |
Total Commercial Paper
(Cost $3,310,054,589) | | | 3,310,841,286 | | |
U.S. Treasury Obligations — 0.1% | |
U.S. Treasury Bills
0.81%, 9/10/2020 (d)
(Cost $14,955,450) | | | 15,000,000 | | | | 14,993,400 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
32
First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
Investment Companies — 0.0% (c) | |
JP Morgan U.S. Government Money Market Fund,
Agency Shares 0.14% (e)
(Cost $80,177) | | | 80,177 | | | | 80,177 | | |
Total Short-Term Investments
(Cost $3,325,090,216) | | | 3,325,914,863 | | |
Total Investments — 99.5%
(Cost $35,094,179,570) | | | 41,098,181,078 | | |
Other Assets Less Liabilities — 0.5% | | | 204,523,439 | | |
Net Assets — 100.0% | | | 41,302,704,517 | | |
* Non-income producing security.
‡ Value determined using significant unobservable inputs.
(a) Affiliated company as defined under the Investment Company Act of 1940.
(b) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total value of all such securities at April 30, 2020 amounted to $2,558,909,650, which represents approximately 6.20% of net assets of the Fund.
(c) Represents less than 0.05% of net assets.
(d) The rate shown was the current yield as of April 30, 2020.
(e) Represents 7-day effective yield as of April 30, 2020.
As of April 30, 2020, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | | $ | 10,798,267,616 | | |
Aggregate gross unrealized depreciation | | | (4,786,822,332 | ) | |
Net unrealized appreciation | | $ | 6,011,445,284 | | |
Federal income tax cost | | $ | 35,094,179,570 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
33
First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Forward Foreign Currency Exchange Contracts outstanding as of April 30, 2020
Currency
Purchased | | Currency Sold | | Counterparty | | Settlement
Date | | Unrealized
Appreciation
(Depreciation) | |
USD | 220,761,050 | | | EUR | 197,116,000 | | | HSBC Bank plc | | 5/13/2020 | | $ | 4,716,941 | | |
USD | 87,488,071 | | | GBP | 66,763,000 | | | HSBC Bank plc | | 5/13/2020 | | | 3,397,983 | | |
GBP | 14,203,000 | | | USD | 17,486,734 | | | Goldman Sachs | | 6/17/2020 | | | 405,335 | | |
USD | 106,197,122 | | | GBP | 81,477,000 | | | Goldman Sachs | | 6/17/2020 | | | 3,557,394 | | |
Total unrealized appreciation | | | 12,077,653 | | |
JPY | 11,516,003,000 | | | USD | 108,702,042 | | | HSBC Bank plc | | 5/13/2020 | | | (1,379,320 | ) | |
USD | 354,697,932 | | | JPY | 38,311,101,000 | | | HSBC Bank plc | | 5/13/2020 | | | (2,340,152 | ) | |
USD | 73,130,333 | | | EUR | 67,507,000 | | | Goldman Sachs | | 6/17/2020 | | | (914,405 | ) | |
Total unrealized depreciation | | | (4,633,877 | ) | |
Net unrealized appreciation | | $ | 7,443,776 | | |
Abbreviations
ADR — American Depositary Receipt
EUR — Euro
GBP — British Pound
IDR — Indonesian Rupiah
JPY — Japanese Yen
MXN — Mexican Peso
MYR — Malaysia Ringgit
NVDR — Non-Voting Depositary Receipt
Preference — A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PEN — Peruvian Sol
PLN — Poland New Zloty
REIT — Real Estate Investment Trust
SGD — Singapore Dollar
USD — United States Dollar
Affiliated Securities
| Security Description | | Shares at
April 30, 2020 | | Market Value
October 31, 2019 | | Purchases at
Cost | | Proceeds from
Sales | |
Common Stock — 4.1% | |
France — 0.0% (c) | |
Saint Jean Groupe SA^ | | | 93,252 | | | $ | 6,719,259 | | | $ | — | | | $ | (3,679,606 | ) | |
Japan — 0.9% | |
Chofu Seisakusho Co. Ltd. | | | 3,346,500 | | | | 77,469,035 | | | | — | | | | — | | |
Hirose Electric Co. Ltd. | | | 2,082,315 | | | | 306,650,778 | | | | — | | | | (41,996,352 | ) | |
T Hasegawa Co. Ltd. | | | 3,002,800 | | | | 55,962,414 | | | | — | | | | — | | |
| | | | | 440,082,227 | | | | — | | | | (41,996,352 | ) | |
First Eagle Funds | Semiannual Report | April 30, 2020
34
First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Affiliated Securities (continued)
| Security Description | | Shares at
April 30, 2020 | | Market Value
October 31, 2019 | | Purchases at
Cost | | Proceeds from
Sales | |
South Korea — 0.0% (c) | |
Namyang Dairy Products Co. Ltd. | | | 39,989 | | | $ | 16,171,580 | | | $ | — | | | $ | — | | |
Switzerland — 0.7% | |
Pargesa Holding SA^ | | | 4,327,670 | | | | 342,096,567 | | | | — | | | | — | | |
United States — 2.5% | |
CH Robinson Worldwide, Inc. | | | 7,172,180 | | | | 422,526,099 | | | | 110,965,507 | | | | — | | |
Flowserve Corp. | | | 8,382,216 | | | | 409,387,429 | | | | — | | | | — | | |
Mills Music Trust | | | 31,592 | | | | 897,213 | | | | | | — | | |
San Juan Basin Royalty Trust | | | 3,908,035 | | | | 10,278,132 | | | | — | | | | — | | |
Teradata Corp.* | | | 10,721,521 | | | | 320,895,124 | | | | — | | | | — | | |
| | | | | 1,163,983,997 | | | | 110,965,507 | | | | — | | |
Total Common Stock | | | | | 1,969,053,630 | | | | 110,965,507 | | | | (45,675,958 | ) | |
Total | | | | $ | 1,969,053,630 | | | $ | 110,965,507 | | | $ | (45,675,958 | ) | |
| Security Description | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Market Value
April 30, 2020 | | Dividend/
Interest
Income | |
Common Stock — 4.1% | |
France — 0.0% (c) | |
Saint Jean Groupe SA^ | | $ | 1,848,955 | | | $ | (2,715,117 | ) | | $ | 2,173,491 | | | $ | — | | |
Japan — 0.9% | |
Chofu Seisakusho Co. Ltd. | | | — | | | | (4,201,434 | ) | | | 73,267,601 | | | | 440,349 | | |
Hirose Electric Co. Ltd. | | | 3,691,104 | | | | (39,713,781 | ) | | | 228,631,749 | | | | 2,086,662 | | |
T Hasegawa Co. Ltd. | | | — | | | | 4,248,282 | | | | 60,210,696 | | | | 451,360 | | |
| | | 3,691,104 | | | | (39,666,933 | ) | | | 362,110,046 | | | | 2,978,371 | | |
South Korea — 0.0% (c) | |
Namyang Dairy Products Co. Ltd. | | | — | | | | (5,572,248 | ) | | | 10,599,332 | | | | 25,589 | | |
Switzerland — 0.7% | |
Pargesa Holding SA^ | | | — | | | | (34,241,058 | ) | | | 307,855,509 | | | | — | | |
United States — 2.5% | |
CH Robinson Worldwide, Inc. | | | — | | | | (24,984,044 | ) | | | 508,507,562 | | | | 6,454,760 | | |
Flowserve Corp. | | | — | | | | (173,260,404 | ) | | | 236,127,025 | | | | 3,269,064 | | |
Mills Music Trust | | | — | | | | 91,617 | | | | 988,830 | | | | 56,558 | | |
San Juan Basin Royalty Trust | | | — | | | | (312,643 | ) | | | 9,965,489 | | | | 426,308 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
35
First Eagle Global Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Affiliated Securities (continued)
| Security Description | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Market Value
April 30, 2020 | | Dividend/
Interest
Income | |
Teradata Corp.* | | $ | — | | | $ | (57,252,923 | ) | | $ | 263,642,201 | | | $ | — | | |
| | | — | | | | (255,718,397 | ) | | | 1,019,231,107 | | | | 10,206,690 | | |
Total Common Stock | | | 5,540,059 | | | | (337,913,753 | ) | | | 1,701,969,485 | | | | 13,210,650 | | |
Total | | $ | 5,540,059 | | | $ | (337,913,753 | ) | | $ | 1,701,969,485 | | | $ | 13,210,650 | | |
* Non-income producing security.
^ Represents an unaffiliated issuer as of April 30, 2020.
(c) Represents less than 0.05% of net assets.
See Notes to Financial Statements.
First Eagle Funds | Semiannual Report | April 30, 2020
36
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First Eagle Overseas Fund
Data as of April 30, 2020 (unaudited)
Investment Objective
The First Eagle Overseas Fund seeks long-term growth of capital by investing primarily in equities issued by non-U.S. corporations. Management's research-driven process focuses on undervalued securities.
Average Annual Returns (%) | | | | | | One Year | | Five Years | | Ten Years | |
| First Eagle Overseas Fund | | Class A | | without sales load | | | -4.76 | | | | 1.26 | | | | 4.44 | | |
| | | | | with sales load | | | -9.52 | | | | 0.23 | | | | 3.90 | | |
MSCI EAFE Index | | | | | | | -11.34 | | | | -0.17 | | | | 3.55 | | |
Consumer Price Index | | | | | | | 0.33 | | | | 1.62 | | | | 1.63 | | |
Sectors* (%) | |
Consumer Staples | | | 15.7 | | |
Industrials | | | 13.6 | | |
Commodities | | | 12.1 | | |
Financials | | | 11.8 | | |
Materials | | | 11.6 | | |
Consumer Discretionary | | | 5.8 | | |
Health Care | | | 5.5 | | |
Real Estate | | | 4.7 | | |
Information Technology | | | 3.3 | | |
Foreign Government Securities | | | 2.7 | | |
Energy | | | 1.7 | | |
Communication Services | | | 1.2 | | |
Short-Term Investments | | | 10.3 | | |
Countries*~ (%)
Japan | | | 19.1 | | |
United States | | | 14.9 | | |
United Kingdom | | | 9.1 | | |
France | | | 8.4 | | |
Canada | | | 6.9 | | |
Hong Kong | | | 4.9 | | |
Switzerland | | | 4.8 | | |
South Korea | | | 4.1 | | |
Singapore | | | 2.4 | | |
Sweden | | | 2.3 | | |
Germany | | | 2.1 | | |
Mexico | | | 1.6 | | |
Taiwan | | | 1.2 | | |
Norway | | | 1.0 | | |
Brazil | | | 1.0 | | |
Chile | | | 0.9 | | |
Thailand | | | 0.9 | | |
Belgium | | | 0.7 | | |
Netherlands | | | 0.6 | | |
Australia | | | 0.4 | | |
Malaysia | | | 0.4 | | |
Poland | | | 0.4 | | |
Peru | | | 0.4 | | |
Ireland | | | 0.4 | | |
Denmark | | | 0.3 | | |
Indonesia | | | 0.3 | | |
Turkey | | | 0.2 | | |
Short-Term Investments | | | 10.3 | | |
* Asset Allocation, Sector and Countries percentages are based on total investments in the portfolio.
~ Country allocations reflect country of risk (not currency of issue). Bonds of non-U.S. issuers may be U.S. dollar denominated.
The Fund's portfolio composition is subject to change at any time.
First Eagle Funds | Semiannual Report | April 30, 2020
38
First Eagle Overseas Fund | Fund Overview
Growth of a $10,000 Initial Investment
Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.
The average annual returns for Class A shares give effect to the deduction of the maximum sales charge of 5.00%.
The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of companies from 21 developed market countries, excluding the United States and Canada. One cannot invest directly in an index. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption in urban households.
Top 10 Holdings* (%)
Gold bullion** (Precious Metal) | | | 12.1 | | |
Danone SA (Food Products, France) | | | 2.9 | | |
FANUC Corp. (Machinery, Japan) | | | 2.7 | | |
British American Tobacco plc (Tobacco, United Kingdom) | | | 2.4 | | |
Nestle SA (Registered) (Food Products, Switzerland) | | | 2.1 | | |
Mitsubishi Estate Co. Ltd. (Real Estate Management & Development, Japan) | | | 2.0 | | |
Secom Co. Ltd. (Commercial Services & Supplies, Japan) | | | 1.9 | | |
Sompo Holdings, Inc. (Insurance, Japan) | | | 1.8 | | |
Sanofi (Pharmaceuticals, France) | | | 1.6 | | |
Nutrien Ltd. (Chemicals, Canada) | | | 1.6 | | |
Total | | | 31.1 | | |
* Holdings in cash, commercial paper and other short-term cash equivalents have been excluded.
**The Fund invests in gold and precious metals through investment in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). Gold Bullion and commodities include the Fund's investment in the Subsidiary.
Percentages are based on total net assets.
First Eagle Funds | Semiannual Report | April 30, 2020
39
First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
Common Stocks — 74.3% | |
Australia — 0.4% | |
Newcrest Mining Ltd. | | | 2,952,094 | | | | 53,502,028 | | |
Belgium — 0.7% | |
Groupe Bruxelles Lambert SA* | | | 907,727 | | | | 72,614,435 | | |
Legris Industries SE*‡ (a)(b)(c) | | | 905,366 | | | | 7,837,948 | | |
| | | | 80,452,383 | | |
Brazil — 0.9% | |
Ambev SA, ADR* | | | 41,619,947 | | | | 89,482,886 | | |
Cielo SA | | | 31,230,830 | | | | 23,317,304 | | |
| | | | 112,800,190 | | |
Canada — 6.9% | |
Agnico Eagle Mines Ltd. | | | 1,063,638 | | | | 62,147,116 | | |
Barrick Gold Corp. | | | 6,346,707 | | | | 163,237,304 | | |
Franco-Nevada Corp. | | | 364,427 | | | | 48,215,005 | | |
Imperial Oil Ltd. | | | 8,344,360 | | | | 134,821,406 | | |
Nutrien Ltd. | | | 5,338,582 | | | | 190,640,763 | | |
Power Corp. of Canada | | | 6,041,763 | | | | 96,619,595 | | |
Wheaton Precious Metals Corp. | | | 3,269,997 | | | | 123,475,087 | | |
| | | | 819,156,276 | | |
Chile — 0.9% | |
Cia Cervecerias Unidas SA, ADR | | | 7,606,460 | | | | 108,163,861 | | |
Denmark — 0.3% | |
ISS A/S* | | | 2,163,307 | | | | 32,162,580 | | |
France — 8.3% | |
Cie de Saint-Gobain | | | 3,357,050 | | | | 89,324,190 | | |
Danone SA | | | 4,983,264 | | | | 347,319,000 | | |
Laurent-Perrier (b) | | | 558,938 | | | | 47,132,803 | | |
Legrand SA | | | 851,876 | | | | 57,112,031 | | |
LVMH Moet Hennessy Louis Vuitton SE | | | 30,062 | | | | 11,621,757 | | |
Rexel SA | | | 7,346,731 | | | | 68,616,903 | | |
Saint Jean Groupe SA | | | 18,420 | | | | 429,328 | | |
Sanofi | | | 1,976,892 | | | | 193,090,488 | | |
Sodexo SA | | | 1,665,389 | | | | 133,140,408 | | |
Wendel SE | | | 493,657 | | | | 42,348,901 | | |
| | | | 990,135,809 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
40
First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
Germany — 2.0% | |
Brenntag AG | | | 880,806 | | | | 39,881,121 | | |
FUCHS PETROLUB SE (Preference) | | | 1,112,385 | | | | 43,133,358 | | |
HeidelbergCement AG | | | 1,624,251 | | | | 77,007,594 | | |
Henkel AG & Co. KGaA (Preference) | | | 837,381 | | | | 74,348,184 | | |
Hornbach Holding AG & Co. KGaA | | | 147,330 | | | | 8,410,756 | | |
| | | | 242,781,013 | | |
Hong Kong — 4.9% | |
CK Asset Holdings Ltd. | | | 13,955,500 | | | | 88,181,261 | | |
Great Eagle Holdings Ltd. | | | 22,777,700 | | | | 67,947,238 | | |
Guoco Group Ltd. | | | 7,806,340 | | | | 110,120,611 | | |
Hang Lung Properties Ltd. | | | 13,863,441 | | | | 29,656,768 | | |
Hongkong Land Holdings Ltd. | | | 12,151,700 | | | | 50,832,335 | | |
Hysan Development Co. Ltd. | | | 17,500,405 | | | | 58,384,125 | | |
Jardine Matheson Holdings Ltd. | | | 3,892,300 | | | | 170,487,236 | | |
Jardine Strategic Holdings Ltd. | | | 233,600 | | | | 5,021,679 | | |
| | | | 580,631,253 | | |
Ireland — 0.4% | |
CRH plc | | | 1,586,739 | | | | 47,840,971 | | |
Japan — 19.0% | |
As One Corp. | | | 744,340 | | | | 66,494,274 | | |
Chofu Seisakusho Co. Ltd. (b) | | | 1,835,700 | | | | 40,190,448 | | |
Daiichikosho Co. Ltd. | | | 2,283,180 | | | | 68,527,856 | | |
FANUC Corp. | | | 1,952,540 | | | | 318,680,613 | | |
Hirose Electric Co. Ltd. | | | 919,830 | | | | 100,994,490 | | |
Hoshizaki Corp. | | | 903,300 | | | | 68,837,634 | | |
Hoya Corp. | | | 558,630 | | | | 50,943,339 | | |
Kansai Paint Co. Ltd. | | | 3,559,930 | | | | 67,619,363 | | |
KDDI Corp. | | | 1,665,200 | | | | 48,231,343 | | |
Keyence Corp. | | | 255,000 | | | | 91,038,097 | | |
Komatsu Ltd. | | | 3,814,300 | | | | 72,170,114 | | |
Maezawa Kasei Industries Co. Ltd. (b) | | | 837,200 | | | | 8,388,886 | | |
Mitsubishi Electric Corp. | | | 8,723,600 | | | | 107,340,830 | | |
Mitsubishi Estate Co. Ltd. | | | 15,121,050 | | | | 244,630,372 | | |
MS&AD Insurance Group Holdings, Inc. | | | 3,144,900 | | | | 90,604,848 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
41
First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
Japan — 19.0% (continued) | |
Nagaileben Co. Ltd. | | | 1,687,224 | | | | 41,100,717 | | |
Nissin Foods Holdings Co. Ltd. | | | 129,630 | | | | 10,656,042 | | |
Olympus Corp. | | | 840,372 | | | | 13,334,073 | | |
Secom Co. Ltd. | | | 2,777,800 | | | | 231,166,614 | | |
Shimano, Inc. | | | 710,470 | | | | 104,691,808 | | |
SK Kaken Co. Ltd. | | | 87,561 | | | | 33,330,654 | | |
SMC Corp. | | | 255,490 | | | | 115,487,264 | | |
Sompo Holdings, Inc. | | | 6,777,600 | | | | 219,834,963 | | |
T Hasegawa Co. Ltd. | | | 1,906,436 | | | | 38,226,935 | | |
USS Co. Ltd. | | | 425,500 | | | | 6,737,729 | | |
Yokogawa Electric Corp. | | | 13,600 | | | | 185,373 | | |
| | | | 2,259,444,679 | | |
Mexico — 1.2% | |
Fomento Economico Mexicano SAB de CV, ADR | | | 1,103,391 | | | | 70,981,143 | | |
Fresnillo plc | | | 5,813,900 | | | | 51,646,158 | | |
Industrias Penoles SAB de CV | | | 2,246,692 | | | | 17,346,353 | | |
| | | | 139,973,654 | | |
Netherlands — 0.6% | |
HAL Trust | | | 595,098 | | | | 76,430,590 | | |
Norway — 1.0% | |
Orkla ASA | | | 13,188,419 | | | | 119,129,405 | | |
Singapore — 1.6% | |
ComfortDelGro Corp. Ltd. | | | 20,481,815 | | | | 23,878,181 | | |
Haw Par Corp. Ltd. (b) | | | 19,447,213 | | | | 140,963,285 | | |
United Overseas Bank Ltd. | | | 828,500 | | | | 11,838,534 | | |
UOL Group Ltd. | | | 3,160,000 | | | | 15,198,555 | | |
| | | | 191,878,555 | | |
South Korea — 4.0% | |
Fursys, Inc. (b) | | | 872,463 | | | | 19,796,470 | | |
Hyundai Mobis Co. Ltd. | | | 461,565 | | | | 65,256,153 | | |
Kia Motors Corp. | | | 2,167,878 | | | | 52,949,783 | | |
KT&G Corp. | | | 2,525,785 | | | | 168,640,201 | | |
Lotte Confectionery Co. Ltd. | | | 104,605 | | | | 11,023,508 | | |
Lotte Corp. | | | 772,717 | | | | 25,509,148 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
42
First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
South Korea — 4.0% (continued) | |
Namyang Dairy Products Co. Ltd. | | | 22,950 | | | | 6,083,040 | | |
Namyang Dairy Products Co. Ltd. (Preference) (b) | | | 27,183 | | | | 2,349,748 | | |
NAVER Corp. | | | 126,327 | | | | 20,481,468 | | |
NongShim Co. Ltd. | | | 203,663 | | | | 49,369,576 | | |
Samsung Electronics Co. Ltd. (Preference) | | | 1,666,714 | | | | 57,777,671 | | |
| | | | 479,236,766 | | |
Sweden — 2.3% | |
Industrivarden AB, Class C* | | | 1,572,517 | | | | 32,178,415 | | |
Investor AB, Class A | | | 1,362,742 | | | | 67,228,942 | | |
Investor AB, Class B | | | 2,096,088 | | | | 104,171,811 | | |
Svenska Handelsbanken AB, Class A* | | | 8,041,032 | | | | 73,393,257 | | |
| | | | 276,972,425 | | |
Switzerland — 4.8% | |
Cie Financiere Richemont SA (Registered) | | | 2,717,431 | | | | 154,169,282 | | |
Nestle SA (Registered) | | | 2,338,404 | | | | 247,660,439 | | |
Pargesa Holding SA | | | 2,413,791 | | | | 171,708,762 | | |
| | | | 573,538,483 | | |
Taiwan — 1.2% | |
Taiwan Secom Co. Ltd. | | | 8,545,694 | | | | 25,276,942 | | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 2,137,976 | | | | 113,590,665 | | |
| | | | 138,867,607 | | |
Thailand — 0.9% | |
Bangkok Bank PCL, NVDR | | | 24,820,359 | | | | 78,908,075 | | |
Thai Beverage PCL | | | 52,214,985 | | | | 25,415,847 | | |
| | | | 104,323,922 | | |
Turkey — 0.2% | |
AG Anadolu Grubu Holding A/S | | | 7,603,583 | | | | 18,066,510 | | |
United Kingdom — 9.0% | |
Berkeley Group Holdings plc | | | 1,972,051 | | | | 103,519,044 | | |
British American Tobacco plc | | | 7,346,922 | | | | 283,181,596 | | |
Diageo plc | | | 1,558,209 | | | | 53,648,908 | | |
GlaxoSmithKline plc | | | 6,735,741 | | | | 140,525,054 | | |
Hiscox Ltd. | | | 6,416,935 | | | | 56,451,082 | | |
Linde plc | | | 555,620 | | | | 102,458,291 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
43
First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
United Kingdom — 9.0% (continued) | |
Lloyds Banking Group plc | | | 291,771,109 | | | | 118,052,949 | | |
TechnipFMC plc | | | 7,647,271 | | | | 68,137,184 | | |
Unilever NV | | | 3,048,460 | | | | 151,811,224 | | |
| | | | 1,077,785,332 | | |
United States — 2.8% | |
Newmont Corp. | | | 3,168,331 | | | | 188,452,328 | | |
Royal Gold, Inc. | | | 499,959 | | | | 61,259,976 | | |
Willis Towers Watson plc | | | 447,644 | | | | 79,810,449 | | |
| | | | 329,522,753 | | |
Total Common Stocks
(Cost $7,731,955,913) | | | 8,852,797,045 | | |
| | | Ounces | | | |
Commodities — 12.1% | |
Gold bullion*
(Cost $806,520,370) | | | 848,708 | | | | 1,433,706,256 | | |
| | | Principal Amount ($) | | | |
Foreign Government Securities — 2.7% | |
Indonesia — 0.3% | |
Republic of Indonesia
8.25%, 7/15/2021 | | IDR | 436,483,000,000 | | | | 30,209,025 | | |
Malaysia — 0.4% | |
Malaysia Government Bond
3.66%, 10/15/2020 | | MYR | 25,956,000 | | | | 6,072,125 | | |
3.42%, 8/15/2022 | | MYR | 181,499,000 | | | | 43,155,945 | | |
| | | | 49,228,070 | | |
Mexico — 0.4% | |
Mex Bonos Desarr Fix Rt
6.50%, 6/9/2022 | | MXN | 668,090,000 | | | | 28,397,359 | | |
8.00%, 12/7/2023 | | MXN | 377,210,000 | | | | 16,976,407 | | |
| | | | 45,373,766 | | |
Peru — 0.4% | |
Republic of Peru
8.20%, 8/12/2026 (d) | | PEN | 129,984,000 | | | | 49,087,480 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
44
First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
Poland — 0.4% | |
Republic of Poland
2.50%, 4/25/2024 | | PLN | 195,005,000 | | | | 50,218,666 | | |
Singapore — 0.8% | |
Republic of Singapore
3.25%, 9/1/2020 | | SGD | 53,521,000 | | | | 38,323,487 | | |
2.25%, 6/1/2021 | | SGD | 85,183,000 | | | | 61,666,159 | | |
| | | | 99,989,646 | | |
Total Foreign Government Securities
(Cost $337,040,101) | | | 324,106,653 | | |
Short-Term Investments — 10.2% | |
Commercial Paper — 10.1% | |
ABB Treasury Center USA, Inc.
1.80%, 6/3/2020 (d)(e) | | | 7,164,000 | | | | 7,156,138 | | |
1.80%, 6/4/2020 (d)(e) | | | 17,412,000 | | | | 17,391,856 | | |
1.80%, 6/5/2020 (d)(e) | | | 8,817,000 | | | | 8,806,261 | | |
1.80%, 6/8/2020 (e) | | | 16,009,000 | | | | 15,986,419 | | |
1.80%, 6/9/2020 (d)(e) | | | 7,262,000 | | | | 7,251,268 | | |
Apple, Inc.
1.58%, 5/6/2020 (d)(e) | | | 13,950,000 | | | | 13,949,849 | | |
1.58%, 5/7/2020 (d)(e) | | | 7,970,000 | | | | 7,969,891 | | |
1.58%, 5/13/2020 (d)(e) | | | 12,884,000 | | | | 12,883,535 | | |
0.34%, 5/27/2020 (d)(e) | | | 12,406,000 | | | | 12,404,893 | | |
0.32%, 6/4/2020 (d)(e) | | | 15,459,000 | | | | 15,456,791 | | |
0.28%, 6/5/2020 (d)(e) | | | 12,497,000 | | | | 12,495,125 | | |
0.29%, 6/9/2020 (d)(e) | | | 11,361,000 | | | | 11,358,942 | | |
BASF SE
1.93%, 5/11/2020 (d)(e) | | | 13,533,000 | | | | 13,529,031 | | |
1.80%, 6/2/2020 (d)(e) | | | 22,042,000 | | | | 22,006,964 | | |
1.80%, 6/3/2020 (d)(e) | | | 38,184,000 | | | | 38,122,008 | | |
BNG Bank NV
0.20%, 5/22/2020 (d)(e) | | | 13,721,000 | | | | 13,720,027 | | |
Chevron Corp.
1.53%, 5/7/2020 (d)(e) | | | 32,036,000 | | | | 32,034,505 | | |
Eli Lilly & Co.
1.59%, 5/14/2020 (e) | | | 23,030,000 | | | | 23,029,060 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
45
First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
Commercial Paper — 10.1% (continued) | |
Engie SA
1.70%, 5/4/2020 (d)(e) | | | 42,207,000 | | | | 42,203,441 | | |
1.70%, 5/11/2020 (e) | | | 13,245,000 | | | | 13,242,106 | | |
0.85%, 5/20/2020 (e) | | | 18,008,000 | | | | 18,002,368 | | |
1.35%, 6/4/2020 (d)(e) | | | 35,850,000 | | | | 35,826,543 | | |
Eni Finance USA, Inc.
1.24%, 5/1/2020 (d)(e) | | | 23,244,000 | | | | 23,243,183 | | |
1.80%, 5/14/2020 (d)(e) | | | 4,284,000 | | | | 4,280,971 | | |
1.80%, 5/18/2020 (e) | | | 4,447,000 | | | | 4,442,900 | | |
Entergy Corp.
0.90%, 5/1/2020 (d)(e) | | | 17,433,000 | | | | 17,432,560 | | |
EssilorLuxottica SA
0.50%, 6/24/2020 (d)(e) | | | 12,800,000 | | | | 12,794,270 | | |
0.50%, 6/25/2020 (d)(e) | | | 12,800,000 | | | | 12,794,126 | | |
Export Development Corp.
1.61%, 5/26/2020 (e) | | | 8,568,000 | | | | 8,567,288 | | |
Exxon Mobil Corp.
1.60%, 5/21/2020 (e) | | | 17,137,000 | | | | 17,132,422 | | |
General Motors Financial Co., Inc.
3.50%, 5/1/2020 (e) | | | 33,708,000 | | | | 33,704,697 | | |
Henkel of America, Inc.
1.63%, 5/5/2020 (d)(e) | | | 5,286,000 | | | | 5,285,941 | | |
1.64%, 5/7/2020 (e) | | | 8,951,000 | | | | 8,950,844 | | |
Hitachi America Capital Ltd.
0.46%, 5/1/2020 (d)(e) | | | 31,806,000 | | | | 31,805,582 | | |
HP, Inc.
1.62%, 5/13/2020 (d)(e) | | | 10,710,000 | | | | 10,706,604 | | |
Kreditanstalt fuer Wiederaufbau
1.63%, 5/5/2020 (d)(e) | | | 55,818,000 | | | | 55,817,380 | | |
1.63%, 5/6/2020 (d)(e) | | | 11,203,000 | | | | 11,202,851 | | |
1.58%, 5/26/2020 (d)(e) | | | 11,418,000 | | | | 11,417,118 | | |
0.24%, 5/27/2020 (d)(e) | | | 16,459,000 | | | | 16,457,605 | | |
0.24%, 5/28/2020 (d)(e) | | | 16,459,000 | | | | 16,457,489 | | |
0.25%, 6/8/2020 (e) | | | 18,177,000 | | | | 18,173,790 | | |
0.27%, 6/24/2020 (e) | | | 15,567,000 | | | | 15,561,673 | | |
LVMH Moet Hennessy Louis Vuitton, Inc.
0.80%, 5/15/2020 (e) | | | 11,029,000 | | | | 11,027,713 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
46
First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
Commercial Paper — 10.1% (continued) | |
MetLife Short Term Funding LLC
0.40%, 5/13/2020 (d)(e) | | | 13,533,000 | | | | 13,532,267 | | |
Nestle Capital Corp.
0.14%, 5/19/2020 (d)(e) | | | 9,917,000 | | | | 9,916,744 | | |
0.14%, 5/20/2020 (d)(e) | | | 9,917,000 | | | | 9,916,735 | | |
0.12%, 5/28/2020 (d)(e) | | | 11,021,000 | | | | 11,020,443 | | |
Nestle Finance International Ltd.
1.59%, 5/20/2020 (d)(e) | | | 22,773,000 | | | | 22,772,393 | | |
NRW Bank
1.65%, 5/8/2020 (d)(e) | | | 32,036,000 | | | | 32,035,509 | | |
1.63%, 5/12/2020 (d)(e) | | | 22,376,000 | | | | 22,375,523 | | |
1.61%, 5/14/2020 (e) | | | 11,509,000 | | | | 11,508,727 | | |
0.23%, 5/18/2020 (d)(e) | | | 19,834,000 | | | | 19,833,454 | | |
0.30%, 5/29/2020 (d)(e) | | | 28,638,000 | | | | 28,635,831 | | |
0.22%, 7/30/2020 (e) | | | 38,325,000 | | | | 38,300,781 | | |
0.22%, 7/31/2020 (e) | | | 38,064,000 | | | | 38,039,779 | | |
Philip Morris International, Inc.
0.75%, 5/8/2020 (d)(e) | | | 21,428,000 | | | | 21,427,672 | | |
0.75%, 5/11/2020 (e) | | | 21,428,000 | | | | 21,427,378 | | |
0.35%, 5/12/2020 (d)(e) | | | 9,917,000 | | | | 9,916,656 | | |
Province of Quebec Canada
1.14%, 5/1/2020 (e) | | | 40,400,000 | | | | 40,399,929 | | |
PSP Capital, Inc.
0.30%, 5/1/2020 (d)(e) | | | 9,248,000 | | | | 9,247,994 | | |
0.23%, 6/10/2020 (d)(e) | | | 9,147,000 | | | | 9,145,802 | | |
QUALCOMM, Inc.
0.50%, 6/18/2020 (d)(e) | | | 5,703,000 | | | | 5,701,409 | | |
Siemens Capital Co. LLC
0.25%, 6/9/2020 (d)(e) | | | 12,104,000 | | | | 12,100,907 | | |
0.27%, 6/22/2020 (d)(e) | | | 13,082,000 | | | | 13,077,628 | | |
Total Capital Canada Ltd.
1.61%, 5/19/2020 (d)(e) | | | 16,388,000 | | | | 16,378,840 | | |
Unilever Capital Corp.
0.35%, 6/1/2020 (d)(e) | | | 21,601,000 | | | | 21,597,256 | | |
Walt Disney Co. (The)
1.01%, 5/22/2020 (d)(e) | | | 21,854,000 | | | | 21,851,262 | | |
Total Commercial Paper
(Cost $1,202,008,728) | | | 1,202,244,947 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
47
First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
U.S. Treasury Obligations — 0.1% | |
U.S. Treasury Bills
0.81%, 9/10/2020 (e)
(Cost $14,955,450) | | | 15,000,000 | | | | 14,993,401 | | |
| | | Shares | | | |
Investment Companies — 0.0% (f) | |
JP Morgan U.S. Government Money Market Fund,
Agency Shares 0.14% (g)
(Cost $84,280) | | | 84,280 | | | | 84,280 | | |
Total Short-Term Investments
(Cost $1,217,048,458) | | | 1,217,322,628 | | |
Total Investments — 99.3%
(Cost $10,092,564,842) | | | 11,827,932,582 | | |
Other Assets Less Liabilities — 0.7% | | | 88,710,405 | | |
Net Assets — 100.0% | | | 11,916,642,987 | | |
* Non-income producing security.
‡ Value determined using significant unobservable inputs.
(a) Security fair valued as of April 30, 2020 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2020 amounted to $7,837,948, which represents approximately 0.07% of net assets of the Fund.
(b) Affiliated company as defined under the Investment Company Act of 1940.
(c) Represents a security that is subject to legal or contractual restrictions on resale.
(d) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total value of all such securities at April 30, 2020 amounted to $913,834,553, which represents approximately 7.67% of net assets of the Fund.
(e) The rate shown was the current yield as of April 30, 2020.
(f) Represents less than 0.05% of net assets.
(g) Represents 7-day effective yield as of April 30, 2020.
As of April 30, 2020, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | | $ | 2,964,041,453 | | |
Aggregate gross unrealized depreciation | | | (1,225,148,712 | ) | |
Net unrealized appreciation | | $ | 1,738,892,741 | | |
Federal income tax cost | | $ | 10,092,564,842 | | |
Restricted Securities | | Acquisition Date | | Cost | | Carrying Value
Per
Share/Principal | |
Legris Industries SE | | 04/30/04 | | $ | 23,433,066 | | | $ | 8.66 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
48
First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Forward Foreign Currency Exchange Contracts outstanding as of April 30, 2020
Currency
Purchased | | Currency Sold | | Counterparty | | Settlement
Date | | Unrealized
Appreciation
(Depreciation) | |
USD | 90,537,125 | | | EUR | 80,909,000 | | | HSBC Bank plc | | 5/13/2020 | | $ | 1,858,820 | | |
USD | 39,169,427 | | | GBP | 29,919,000 | | | HSBC Bank plc | | 5/13/2020 | | | 1,485,510 | | |
USD | 15,810,158 | | | JPY | 1,674,944,000 | | | HSBC Bank plc | | 5/13/2020 | | | 200,615 | | |
GBP | 1,867,000 | | | USD | 2,298,650 | | | Goldman Sachs | | 6/17/2020 | | | 53,282 | | |
USD | 40,342,837 | | | GBP | 30,952,000 | | | Goldman Sachs | | 6/17/2020 | | | 1,351,405 | | |
Total unrealized appreciation | | | | | | | | | 4,949,632 | | |
USD | 106,599,673 | | | JPY | 11,513,884,000 | | | HSBC Bank plc | | 5/13/2020 | | | (703,301 | ) | |
USD | 57,688,975 | | | EUR | 53,253,000 | | | Goldman Sachs | | 6/17/2020 | | | (721,330 | ) | |
Total unrealized depreciation | | | | | | | | | (1,424,631 | ) | |
Net unrealized appreciation | | | | | | | | $ | 3,525,001 | | |
Abbreviations
ADR — American Depositary Receipt
EUR — Euro
GBP — British Pound
IDR — Indonesian Rupiah
JPY — Japanese Yen
MXN — Mexican Peso
MYR — Malaysia Ringgit
NVDR — Non-Voting Depositary Receipt
PEN — Peruvian Sol
PLN — Poland New Zloty
Preference — A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SGD — Singapore Dollar
USD — United States Dollar
Affiliated Securities
| Security Description | | Shares at
April 30, 2020 | | Market Value
October 31, 2019 | | Purchases at
Cost | | Proceeds from
Sales | |
Common Stock — 2.3% | |
Belgium — 0.1% | |
Legris Industries SE*‡ (a)(c) | | | 905,366 | | | $ | 19,770,997 | | | $ | — | | | $ | — | | |
France — 0.4% | |
Laurent-Perrier | | | 558,938 | | | | 55,481,136 | | | | — | | | | — | | |
Japan — 0.4% | |
Chofu Seisakusho Co. Ltd. | | | 1,835,700 | | | | 42,652,531 | | | | — | | | | (156,044 | ) | |
Maezawa Kasei Industries Co. Ltd. | | | 837,200 | | | | 9,169,992 | | | | — | | | | — | | |
| | | | | 51,822,523 | | | | — | | | | (156,044 | ) | |
First Eagle Funds | Semiannual Report | April 30, 2020
49
First Eagle Overseas Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Affiliated Securities (continued)
| Security Description | | Shares at
April 30, 2020 | | Market Value
October 31, 2019 | | Purchases at
Cost | | Proceeds from
Sales | |
Singapore — 1.2% | |
Haw Par Corp. Ltd. | | | 19,447,213 | | | $ | 205,615,197 | | | $ | — | | | $ | (9,925,091 | ) | |
South Korea — 0.2% | |
Fursys, Inc. | | | 872,463 | | | | 23,284,177 | | | | — | | | | — | | |
Namyang Dairy Products
Co. Ltd. (Preference) | | | 27,183 | | | | 4,018,631 | | | | — | | | | — | | |
| | | | | 27,302,808 | | | | — | | | | — | | |
Total Common Stock | | | | | 359,992,661 | | | | — | | | | (10,081,135 | ) | |
Total | | | | $ | 359,992,661 | | | $ | — | | | $ | (10,081,135 | ) | |
| Security Description | | Net Realized
Gain
(Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Market Value
April 30,
2020 | | Dividend/
Interest
Income | |
Common Stock — 2.3% | |
Belgium — 0.1% | |
Legris Industries SE*‡ (a)(c) | | $ | — | | | $ | (11,933,049 | ) | | $ | 7,837,948 | | | $ | — | | |
France — 0.4% | |
Laurent-Perrier | | | — | | | | (8,348,333 | ) | | | 47,132,803 | | | | — | | |
Japan — 0.4% | |
Chofu Seisakusho Co. Ltd. | | | 19,355 | | | | (2,325,394 | ) | | | 40,190,448 | | | | 241,879 | | |
Maezawa Kasei Industries Co. Ltd. | | | — | | | | (781,106 | ) | | | 8,388,886 | | | | 104,868 | | |
| | | 19,355 | | | | (3,106,500 | ) | | | 48,579,334 | | | | 346,747 | | |
Singapore — 1.2% | |
Haw Par Corp. Ltd. | | | 3,768,167 | | | | (58,494,988 | ) | | | 140,963,285 | | | | — | | |
South Korea — 0.2% | |
Fursys, Inc. | | | — | | | | (3,487,707 | ) | | | 19,796,470 | | | | 572,460 | | |
Namyang Dairy Products
Co. Ltd. (Preference) | | | — | | | | (1,668,883 | ) | | | 2,349,748 | | | | 18,264 | | |
| | | — | | | | (5,156,590 | ) | | | 22,146,218 | | | | 590,724 | | |
Total Common Stock | | | 3,787,522 | | | | (87,039,460 | ) | | | 266,659,588 | | | | 937,471 | | |
Total | | $ | 3,787,522 | | | $ | (87,039,460 | ) | | $ | 266,659,588 | | | $ | 937,471 | | |
* Non-income producing security.
‡ Value determined using significant unobservable inputs.
(a) Security fair valued as of April 30, 2020 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2020 amounted to $7,837,948, which represents approximately 0.07% of net assets of the Fund.
(c) Represents a security that is subject to legal or contractual restrictions on resale.
See Notes to Financial Statements.
First Eagle Funds | Semiannual Report | April 30, 2020
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First Eagle U.S. Value Fund
Data as of April 30, 2020 (unaudited)
Investment Objective
The First Eagle U.S. Value Fund seeks long-term growth of capital by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity and debt securities. Management utilizes a highly disciplined, bottom-up, value-oriented approach in seeking to achieve its investment objective.
Average Annual Returns^ (%) | | | | | | One Year | | Five Years | | Ten Years | |
First Eagle U.S. Value Fund | | Class A | | without sales charge | | | -8.01 | | | | 3.68 | | | | 6.47 | | |
| | | | | with sales charge | | | -12.59 | | | | 2.63 | | | | 5.93 | | |
S&P 500 Index | | | | | | | 0.86 | | | | 9.12 | | | | 11.69 | | |
Consumer Price Index | | | | | | | 0.33 | | | | 1.62 | | | | 1.63 | | |
Sectors* (%)
Financials | | | 16.4 | | |
Commodities | | | 13.6 | | |
Information Technology | | | 10.9 | | |
Industrials | | | 9.5 | | |
Communication Services | | | 8.5 | | |
Energy | | | 8.0 | | |
Materials | | | 7.7 | | |
Consumer Staples | | | 6.1 | | |
Health Care | | | 5.2 | | |
Real Estate | | | 3.0 | | |
Consumer Discretionary | | | 1.0 | | |
Utilities | | | 0.5 | | |
Short-Term Investments | | | 9.6 | | |
^ Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.
* Asset Allocation and Sector percentages are based on total investments in the portfolio.
The Fund's portfolio composition is subject to change at any time.
First Eagle Funds | Semiannual Report | April 30, 2020
52
First Eagle U.S. Value Fund | Fund Overview
Growth of a $10,000 Initial Investment
Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.
The average annual returns for Class A shares give effect to the deduction of the maximum sales charge of 5.00%.
The S&P 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy. Although the S&P 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market. The S&P 500 Index includes dividends reinvested. One cannot invest directly in an index. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.
Top 10 Holdings* (%)
Gold bullion** (Precious Metal) | | | 13.6 | | |
Oracle Corp. (Software, United States) | | | 4.6 | | |
Comcast Corp. (Media, United States) | | | 4.1 | | |
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States) | | | 3.8 | | |
Colgate-Palmolive Co. (Household Products, United States) | | | 2.9 | | |
Philip Morris International, Inc. (Tobacco, United States) | | | 2.7 | | |
Weyerhaeuser Co. (Equity Real Estate Investment Trusts (REITs, United States) | | | 2.5 | | |
Alleghany Corp. (Insurance, United States) | | | 2.1 | | |
Bank of New York Mellon Corp. (The) (Capital Markets, United States) | | | 2.1 | | |
Facebook, Inc. (Interactive Media & Services, United States) | | | 2.0 | | |
Total | | | 40.4 | | |
* Holdings in cash, commercial paper and other short-term cash equivalents have been excluded.
**The Fund invests in gold and precious metals through investment in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). Gold Bullion and commodities include the Fund's investment in the Subsidiary.
Percentages are based on total net assets.
First Eagle Funds | Semiannual Report | April 30, 2020
53
First Eagle U.S. Value Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
Common Stocks — 74.7% | |
Air Freight & Logistics — 2.4% | |
CH Robinson Worldwide, Inc. | | | 326,601 | | | | 23,156,011 | | |
Expeditors International of Washington, Inc. | | | 89,172 | | | | 6,385,161 | | |
| | | | 29,541,172 | | |
Banks — 4.2% | |
Truist Financial Corp. | | | 464,547 | | | | 17,336,894 | | |
US Bancorp | | | 558,039 | | | | 20,368,423 | | |
Wells Fargo & Co. | | | 448,638 | | | | 13,032,934 | | |
| | | | 50,738,251 | | |
Capital Markets — 2.8% | |
Bank of New York Mellon Corp. (The) | | | 662,458 | | | | 24,868,674 | | |
Charles Schwab Corp. (The) | | | 222,681 | | | | 8,399,527 | | |
| | | | 33,268,201 | | |
Chemicals — 2.8% | |
Linde plc (United Kingdom) | | | 60,413 | | | | 11,115,388 | | |
Nutrien Ltd. (Canada) | | | 354,371 | | | | 12,654,588 | | |
PPG Industries, Inc. | | | 34,068 | | | | 3,094,396 | | |
Scotts Miracle-Gro Co. (The) | | | 52,116 | | | | 6,463,948 | | |
| | | | 33,328,320 | | |
Consumer Finance — 0.9% | |
American Express Co. | | | 124,144 | | | | 11,328,140 | | |
Diversified Financial Services — 1.0% | |
Berkshire Hathaway, Inc., Class A* | | | 41 | | | | 11,549,700 | | |
Electronic Equipment, Instruments & Components — 0.7% | |
IPG Photonics Corp.* | | | 65,950 | | | | 8,529,313 | | |
Energy Equipment & Services — 2.9% | |
National Oilwell Varco, Inc. | | | 806,298 | | | | 10,191,606 | | |
Schlumberger Ltd. | | | 1,181,301 | | | | 19,869,483 | | |
TechnipFMC plc (United Kingdom) | | | 620,002 | | | | 5,524,218 | | |
| | | | 35,585,307 | | |
Equity Real Estate Investment Trusts (REITs) — 3.0% | |
Equity Residential | | | 82,098 | | | | 5,341,296 | | |
Weyerhaeuser Co. | | | 1,401,279 | | | | 30,645,972 | | |
| | | | 35,987,268 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
54
First Eagle U.S. Value Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
Food Products — 0.5% | |
Kraft Heinz Co. (The) | | | 206,681 | | | | 6,268,635 | | |
Gas Utilities — 0.5% | |
UGI Corp. | | | 217,278 | | | | 6,557,450 | | |
Health Care Equipment & Supplies — 1.5% | |
DENTSPLY SIRONA, Inc. | | | 291,999 | | | | 12,392,438 | | |
Varian Medical Systems, Inc.* | | | 54,656 | | | | 6,251,553 | | |
| | | | 18,643,991 | | |
Health Care Providers & Services — 3.6% | |
Anthem, Inc. | | | 70,624 | | | | 19,826,275 | | |
HCA Healthcare, Inc. | | | 98,362 | | | | 10,808,017 | | |
Universal Health Services, Inc., Class B | | | 123,366 | | | | 13,038,553 | | |
| | | | 43,672,845 | | |
Household Products — 2.9% | |
Colgate-Palmolive Co. | | | 496,668 | | | | 34,900,860 | | |
Industrial Conglomerates — 1.1% | |
3M Co. | | | 88,450 | | | | 13,437,324 | | |
Insurance — 6.5% | |
Alleghany Corp. | | | 47,917 | | | | 25,573,782 | | |
Brown & Brown, Inc. | | | 396,625 | | | | 14,242,803 | | |
Travelers Cos., Inc. (The) | | | 128,831 | | | | 13,038,986 | | |
Willis Towers Watson plc | | | 60,274 | | | | 10,746,251 | | |
WR Berkley Corp. | | | 264,820 | | | | 14,300,280 | | |
| | | | 77,902,102 | | |
Interactive Media & Services — 4.2% | |
Alphabet, Inc., Class A* | | | 7,298 | | | | 9,828,216 | | |
Alphabet, Inc., Class C* | | | 12,094 | | | | 16,310,694 | | |
Facebook, Inc., Class A* | | | 120,766 | | | | 24,722,008 | | |
| | | | 50,860,918 | | |
Internet & Direct Marketing Retail — 1.0% | |
Booking Holdings, Inc.* | | | 8,032 | | | | 11,891,938 | | |
Machinery — 4.7% | |
Cummins, Inc. | | | 72,632 | | | | 11,875,332 | | |
Deere & Co. | | | 168,017 | | | | 24,372,546 | | |
Flowserve Corp. | | | 708,399 | | | | 19,955,600 | | |
| | | | 56,203,478 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
55
First Eagle U.S. Value Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
Media — 4.3% | |
Comcast Corp., Class A | | | 1,299,185 | | | | 48,888,331 | | |
Omnicom Group, Inc. | | | 44,190 | | | | 2,520,156 | | |
| | | | 51,408,487 | | |
Metals & Mining — 4.9% | |
Agnico Eagle Mines Ltd. (Canada) | | | 112,057 | | | | 6,547,359 | | |
Barrick Gold Corp. (Canada) | | | 694,605 | | | | 17,865,241 | | |
Franco-Nevada Corp. (Canada) | | | 37,731 | | | | 4,991,947 | | |
Newcrest Mining Ltd. (Australia) | | | 304,794 | | | | 5,523,908 | | |
Newmont Corp. | | | 286,250 | | | | 17,026,150 | | |
Royal Gold, Inc. | | | 60,422 | | | | 7,403,508 | | |
| | | | 59,358,113 | | |
Oil, Gas & Consumable Fuels — 4.2% | |
Exxon Mobil Corp. | | | 992,177 | | | | 46,106,465 | | |
Imperial Oil Ltd. (Canada) | | | 297,287 | | | | 4,803,323 | | |
| | | | 50,909,788 | | |
Road & Rail — 1.2% | |
Union Pacific Corp. | | | 89,296 | | | | 14,268,608 | | |
Semiconductors & Semiconductor Equipment — 2.5% | |
Analog Devices, Inc. | | | 143,380 | | | | 15,714,448 | | |
Texas Instruments, Inc. | | | 128,555 | | | | 14,921,379 | | |
| | | | 30,635,827 | | |
Software — 7.7% | |
Microsoft Corp. | | | 115,611 | | | | 20,718,648 | | |
Oracle Corp. | | | 1,047,926 | | | | 55,508,640 | | |
Teradata Corp.* | | | 672,539 | | | | 16,537,734 | | |
| | | | 92,765,022 | | |
Tobacco — 2.7% | |
Philip Morris International, Inc. | | | 435,178 | | | | 32,464,279 | | |
Trading Companies & Distributors — 0.0% (a) | |
NOW, Inc.* | | | 58,844 | | | | 363,067 | | |
Total Common Stocks
(Cost $745,752,686) | | | 902,368,404 | | |
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56
First Eagle U.S. Value Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Ounces | | Value ($) | |
Commodities — 13.6% | |
Gold bullion*
(Cost $100,941,624) | | | 97,185 | | | | 164,173,408 | | |
| | | Principal Amount ($) | | | |
Corporate Bonds — 1.6% | |
Banks — 1.0% | |
Wachovia Capital Trust III
(ICE LIBOR USD 3 Month + 0.93%, 5.57% Floor),
5.57%, 6/4/2020 (b)(c) | | | 12,404,000 | | | | 12,321,886 | | |
Health Care Equipment & Supplies — 0.1% | |
Bausch & Lomb, Inc.
7.13%, 8/1/2028‡ | | | 600,000 | | | | 604,500 | | |
Oil, Gas & Consumable Fuels — 0.5% | |
CITGO Petroleum Corp.
6.25%, 8/15/2022 (d) | | | 6,542,000 | | | | 6,263,965 | | |
Total Corporate Bonds
(Cost $19,386,239) | | | 19,190,351 | | |
| | | Shares | | | |
Master Limited Partnerships — 0.3% | |
Oil, Gas & Consumable Fuels — 0.3% | |
Enterprise Products Partners LP
(Cost $3,936,180) | | | 192,623 | | | | 3,382,460 | | |
| | | Principal Amount ($) | | | |
Short-Term Investments — 9.6% | |
Commercial Paper — 4.6% | |
Apple, Inc.
1.26%, 5/11/2020 (d)(e) | | | 25,000,000 | | | | 24,999,312 | | |
Dow Chemical Co. (The)
0.45%, 5/4/2020 (e) | | | 10,000,000 | | | | 9,999,848 | | |
Eni Finance USA, Inc. (Italy)
1.24%, 5/1/2020 (d)(e) | | | 4,894,000 | | | | 4,893,828 | | |
Entergy Corp.
0.90%, 5/1/2020 (d)(e) | | | 3,671,000 | | | | 3,670,907 | | |
General Motors Financial Co., Inc.
3.50%, 5/1/2020 (e) | | | 7,096,000 | | | | 7,095,305 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
57
First Eagle U.S. Value Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
Commercial Paper — 4.6% (continued) | |
Hitachi America Capital Ltd.
0.45%, 5/1/2020 (d)(e) | | | 5,384,000 | | | | 5,383,929 | | |
Total Commercial Paper
(Cost $56,035,875) | | | 56,043,129 | | |
| | | Shares | | | |
Investment Companies — 0.0% (a) | |
JP Morgan U.S. Government Money Market Fund,
Agency Shares, 0.14% (f)
(Cost $15,545) | | | 15,545 | | | | 15,545 | | |
| | | Principal Amount ($) | | | |
U.S. Treasury Obligations — 5.0% | |
U.S. Treasury Bills
0.49%, 5/5/2020 (e) | | | 30,000,000 | | | | 29,999,833 | | |
0.10%, 6/9/2020 (e) | | | 30,000,000 | | | | 29,997,075 | | |
Total U.S. Treasury Obligations
(Cost $59,995,116) | | | 59,996,908 | | |
Total Short-Term Investments
(Cost $116,046,536) | | | 116,055,582 | | |
Total Investments — 99.8%
(Cost $986,063,265) | | | 1,205,170,205 | | |
Other Assets Less Liabilities — 0.2% | | | 1,830,486 | | |
Net Assets — 100.0% | | | 1,207,000,691 | | |
* Non-income producing security.
‡ Value determined using significant unobservable inputs.
(a) Represents less than 0.05% of net assets.
(b) Perpetual security. The rate reflected was the rate in effect on April 30, 2020. The maturity date reflects the next call date.
(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2020.
(d) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total value of all such securities at April 30, 2020 amounted to $45,211,941, which represents approximately 3.75% of net assets of the Fund.
(e) The rate shown was the current yield as of April 30, 2020.
(f) Represents 7-day effective yield as of April 30, 2020.
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58
First Eagle U.S. Value Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
As of April 30, 2020, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | | $ | 371,871,014 | | |
Aggregate gross unrealized depreciation | | | (152,764,074 | ) | |
Net unrealized appreciation | | $ | 219,106,940 | | |
Federal income tax cost | | $ | 986,063,265 | | |
Abbreviations
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rate
USD — United States Dollar
See Notes to Financial Statements.
First Eagle Funds | Semiannual Report | April 30, 2020
59
Data as of April 30, 2020 (unaudited)
Investment Objective
The First Eagle Gold Fund is a non-diversified fund that seeks to provide investors the opportunity to participate in the investment characteristics of gold (and to a limited extent other precious metals) for a portion of their overall investment portfolio. In seeking to achieve its objective, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in gold, and/or securities directly related to gold or issuers principally engaged in the gold industry.
Average Annual Returns (%) | | | | | | One Year | | Five Years | | Ten Years | |
First Eagle Gold Fund | | Class A | | without sales load | | | 57.84 | | | | 8.77 | | | | -1.32 | | |
| | | | | with sales load | | | 49.93 | | | | 7.65 | | | | -1.83 | | |
FTSE Gold Mines Index | | | | | | | 66.78 | | | | 12.33 | | | | -3.90 | | |
MSCI World Index | | | | | | | -4.00 | | | | 4.92 | | | | 7.68 | | |
Consumer Price Index | | | | | | | 0.33 | | | | 1.62 | | | | 1.63 | | |
Sectors* (%)
Materials | | | 71.6 | | |
Commodities | | | 17.9 | | |
Short-Term Investments | | | 10.5 | | |
Countries*~ (%)
Canada | | | 47.7 | | |
United States | | | 33.0 | | |
Mexico | | | 3.7 | | |
Australia | | | 3.2 | | |
South Africa | | | 1.9 | | |
Short-Term Investments | | | 10.5 | | |
* Asset Allocation, Sector and Countries percentages are based on total investments in the portfolio.
~Country allocations reflect country of risk (not currency of issue). Bonds of non-U.S. issuers may be U.S. dollar denominated.
The Fund's portfolio composition is subject to change at any time.
First Eagle Funds | Semiannual Report | April 30, 2020
60
First Eagle Gold Fund | Fund Overview
Growth of a $10,000 Initial Investment
Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.
The average annual returns for Class A shares give effect to the deduction of the maximum sales charge of 5.00%.
The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed market countries. The index provides total returns in U.S. dollars with dividends reinvested. The FTSE Gold Mines Index is designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold. The FTSE Gold Mines Index encompasses all gold mining companies that have a sustainable, attributable gold production of at least 300,000 ounces a year and that derive 51% or more of their revenue from mined gold. The index is unmanaged and includes dividends reinvested. One cannot invest directly in an index. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.
Top 10 Holdings* (%)
Gold bullion** (Precious Metal) | | | 14.0 | | |
Newmont Corp. (Metals & Mining, United States) | | | 10.9 | | |
Barrick Gold Corp. (Metals & Mining, Canada) | | | 10.8 | | |
Wheaton Precious Metals Corp. (Metals & Mining, Canada) | | | 6.8 | | |
Novagold Resources, Inc. (Metals & Mining, Canada) | | | 4.6 | | |
B2Gold Corp. (Metals & Mining, Canada) | | | 4.4 | | |
Agnico Eagle Mines Ltd. (Metals & Mining, Canada) | | | 4.3 | | |
Royal Gold, Inc. (Metals & Mining, United States) | | | 4.1 | | |
Silver bullion** (Precious Metal) | | | 3.7 | | |
Franco-Nevada Corp. (Metals & Mining, Canada) | | | 3.4 | | |
Total | | | 67.0 | | |
* Holdings in cash, commercial paper and other short-term cash equivalents have been excluded.
**The Fund invests in gold and precious metals through investment in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). Gold Bullion and commodities include the Fund's investment in the Subsidiary.
Percentages are based on total net assets.
First Eagle Funds | Semiannual Report | April 30, 2020
61
First Eagle Gold Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
Common Stocks — 71.0% | |
Australia — 3.2% | |
Newcrest Mining Ltd. | | | 2,905,531 | | | | 52,658,147 | | |
Canada — 47.2% | |
Agnico Eagle Mines Ltd. | | | 1,217,341 | | | | 71,127,802 | | |
Alamos Gold, Inc., Class A | | | 6,176,338 | | | | 49,740,831 | | |
B2Gold Corp. | | | 14,178,157 | | | | 71,708,197 | | |
Barrick Gold Corp. | | | 6,871,570 | | | | 176,736,780 | | |
Dundee Precious Metals, Inc. (a) | | | 9,400,440 | | | | 43,829,775 | | |
Franco-Nevada Corp. | | | 427,322 | | | | 56,536,240 | | |
Kinross Gold Corp.* | | | 2,275,478 | | | | 15,040,910 | | |
Kirkland Lake Gold Ltd. | | | 1,341,804 | | | | 55,467,080 | | |
MAG Silver Corp.* | | | 3,280,988 | | | | 37,313,151 | | |
Novagold Resources, Inc.* | | | 6,774,063 | | | | 75,801,765 | | |
Orla Mining Ltd.* | | | 3,995,382 | | | | 9,012,895 | | |
Wheaton Precious Metals Corp. | | | 2,965,286 | | | | 111,969,199 | | |
| | | | 774,284,625 | | |
Mexico — 3.7% | |
Fresnillo plc | | | 5,591,932 | | | | 49,674,367 | | |
Industrias Penoles SAB de CV | | | 1,403,600 | | | | 10,836,973 | | |
| | | | 60,511,340 | | |
South Africa — 1.9% | |
AngloGold Ashanti Ltd., ADR | | | 1,286,240 | | | | 31,371,394 | | |
United States — 15.0% | |
Newmont Corp. | | | 3,012,285 | | | | 179,170,712 | | |
Royal Gold, Inc. | | | 550,063 | | | | 67,399,219 | | |
| | | | 246,569,931 | | |
Total Common Stocks
(Cost $594,180,757) | | | 1,165,395,437 | | |
| | | Ounces | | | |
Commodities — 17.7% | |
Gold bullion* | | | 135,669 | | | | 229,182,761 | | |
Silver bullion* | | | 4,155,509 | | | | 62,323,085 | | |
Total Commodities
(Cost $178,919,945) | | | 291,505,846 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
62
First Eagle Gold Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Number of Rights | | Value ($) | |
Rights — 0.2% | |
Canada — 0.2% | |
Pan American Silver Corp., CVR, expiring 2/22/2029*
(Cost $45,973,715) | | | 6,835,667 | | | | 3,281,120 | | |
| | | Principal Amount ($) | | | |
Short-Term Investments — 10.5% | |
Commercial Paper — 10.5% | |
Eni Finance USA, Inc.
1.24%, 5/1/2020 (b)(c) | | | 33,664,000 | | | | 33,662,817 | | |
Entergy Corp.
0.90%, 5/1/2020 (b)(c) | | | 25,248,000 | | | | 25,247,363 | | |
General Motors Financial Co., Inc.
3.50%, 5/1/2020 (c) | | | 48,813,000 | | | | 48,808,216 | | |
Hitachi America Capital Ltd.
0.45%, 5/1/2020 (b)(c) | | | 37,031,000 | | | | 37,030,514 | | |
Unilever Capital Corp.
0.10%, 6/15/2020 (b)(c) | | | 17,084,000 | | | | 17,081,817 | | |
0.10%, 6/22/2020 (b)(c) | | | 10,250,000 | | | | 10,248,491 | | |
Total Commercial Paper
(Cost $172,086,384) | | | 172,079,218 | | |
| | | Shares | | | |
Investment Companies — 0.0% (d) | |
JP Morgan U.S. Government Money Market Fund,
Agency Shares 0.14% (e)
(Cost $22,293) | | | 22,293 | | | | 22,293 | | |
Total Short-Term Investments
(Cost $172,108,677) | | | 172,101,511 | | |
Total Investments — 99.4%
(Cost $991,183,094) | | | 1,632,283,914 | | |
Other Assets Less Liabilities — 0.6% | | | 9,171,373 | | |
Net Assets — 100.0% | | | 1,641,455,287 | | |
* Non-income producing security.
(a) Affiliated company as defined under the Investment Company Act of 1940.
(b) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total value of all such securities at April 30, 2020 amounted to $123,271,002, which represents approximately 7.51% of net assets of the Fund.
First Eagle Funds | Semiannual Report | April 30, 2020
63
First Eagle Gold Fund | Consolidated Schedule of Investments | April 30, 2020 (unaudited)
(c) The rate shown was the current yield as of April 30, 2020.
(d) Represents less than 0.05% of net assets.
(e) Represents 7-day effective yield as of April 30, 2020.
As of April 30, 2020, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | | $ | 692,212,457 | | |
Aggregate gross unrealized depreciation | | | (51,111,637 | ) | |
Net unrealized appreciation | | $ | 641,100,820 | | |
Federal income tax cost | | $ | 991,183,094 | | |
Abbreviations
ADR — American Depositary Receipt
CVR — Contingent Value Rights
Affiliated Securities
| Security Description | | Shares at
April 30, 2020 | | Market Value
October 31, 2019 | | Purchases at
Cost | | Proceeds from
Sales | |
Common Stock — 2.7% | |
Canada — 2.7% | |
Dundee Precious Metals, Inc. | | | 9,400,440 | | | $ | 32,628,136 | | | $ | 128,048 | | | $ | — | | |
Total Common Stock | | | | | 32,628,136 | | | | 128,048 | | | | — | | |
Total | | | | $ | 32,628,136 | | | $ | 128,048 | | | $ | — | | |
| Security Description | | Net Realized
Gain
(Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Market Value
April 30,
2020 | | Dividend/
Interest
Income | |
Common Stock — 2.7% | |
Canada — 2.7% | |
Dundee Precious Metals, Inc. | | $ | — | | | $ | 11,073,591 | | | $ | 43,829,775 | | | $ | 157,100 | | |
Total Common Stock | | | — | | | | 11,073,591 | | | | 43,829,775 | | | | 157,100 | | |
Total | | $ | — | | | $ | 11,073,591 | | | $ | 43,829,775 | | | $ | 157,100 | | |
See Notes to Financial Statements.
First Eagle Funds | Semiannual Report | April 30, 2020
64
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First Eagle Global Income Builder Fund
Data as of April 30, 2020 (unaudited)
Investment Objective
The First Eagle Global Income Builder Fund seeks current income generation and long-term growth of capital. Fundamental research drives the identification of income-producing investment opportunities across all market environments.
Average Annual Returns^ (%) | | | | | | One Year | | Five Years | | Since
Inception
(5/1/2012) | |
First Eagle Global Income Builder | | Class A | | without sales load | | | -5.08 | % | | | 2.27 | % | | | 4.44 | % | |
| | | | | with sales load | | | -9.82 | % | | | 1.22 | % | | | 3.77 | % | |
Composite Index | | | | | | | 2.31 | % | | | 4.74 | % | | | 6.42 | % | |
MSCI World Index | | | | | | | -4.00 | % | | | 4.92 | % | | | 8.02 | % | |
Bloomberg Barclays U.S. Aggregate Bond Index | | | | | | | 10.84 | % | | | 3.80 | % | | | 3.34 | % | |
Sectors* (%) | |
Consumer Staples | | | 18.9 | | |
Financials | | | 13.8 | | |
Industrials | | | 11.2 | | |
Commodities | | | 8.1 | | |
U.S. Treasury Obligations | | | 7.5 | | |
Materials | | | 7.0 | | |
Information Technology | | | 6.1 | | |
Consumer Discretionary | | | 5.5 | | |
Health Care | | | 5.4 | | |
Energy | | | 5.1 | | |
Real Estate | | | 3.4 | | |
Communication Services | | | 2.3 | | |
Foreign Government Security | | | 1.0 | | |
Utilities | | | 0.3 | | |
Short-Term Investments | | | 4.4 | | |
Countries*~ (%)
United States | | | 51.3 | | |
United Kingdom | | | 9.1 | | |
France | | | 4.8 | | |
Hong Kong | | | 4.1 | | |
Canada | | | 3.8 | | |
Japan | | | 3.7 | | |
Switzerland | | | 3.3 | | |
Germany | | | 2.0 | | |
South Korea | | | 1.9 | | |
Belgium | | | 1.8 | | |
Sweden | | | 1.6 | | |
Netherlands | | | 1.0 | | |
Mexico | | | 1.0 | | |
Norway | | | 1.0 | | |
Chile | | | 0.9 | | |
Thailand | | | 0.8 | | |
Brazil | | | 0.6 | | |
Taiwan | | | 0.6 | | |
Malaysia | | | 0.5 | | |
Singapore | | | 0.5 | | |
Peru | | | 0.3 | | |
Denmark | | | 0.2 | | |
Australia | | | 0.2 | | |
Turkey | | | 0.2 | | |
Ireland | | | 0.2 | | |
Indonesia | | | 0.1 | | |
Spain | | | 0.1 | | |
Short-Term Investments | | | 4.4 | | |
^ Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.
* Asset Allocation, Sector and Countries percentages are based on total investments in the portfolio.
~ Country allocations reflect country of risk (not currency of issue). Bonds of non-U.S. issuers may be U.S. dollar denominated.
The Fund's portfolio composition is subject to change at any time.
First Eagle Funds | Semiannual Report | April 30, 2020
66
First Eagle Global Income Builder Fund | Fund Overview
Growth of a $10,000 Initial Investment
Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.
The average annual returns for Class A shares give effect to the deduction of the maximum sales charge of 5.00%.
The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg Barclays U.S. Aggregate Bond Index. The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed market countries. The index provides total returns in U.S. dollars with net dividends reinvested. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS and CMBS. One cannot invest directly in an index.
Top 10 Holdings* (%)
Gold bullion (Precious Metal) | | | 8.0 | | |
Nestle SA (Registered) (Food Products, Switzerland) | | | 2.4 | | |
British American Tobacco plc (Tobacco, United Kingdom) | | | 2.3 | | |
Danone SA (Food Products, France) | | | 2.0 | | |
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels, United States) | | | 2.0 | | |
Groupe Bruxelles Lambert SA (Diversified Financial Services, Belgium) | | | 1.8 | | |
Jardine Matheson Holdings Ltd. (Industrial Conglomerates, Hong Kong) | | | 1.5 | | |
Philip Morris International, Inc. (Tobacco, United States) | | | 1.4 | | |
U.S. Treasury Notes 2.63%, 6/30/2023 (U.S. Treasury Obligations, United States) | | | 1.4 | | |
Colgate-Palmolive Co. (Household Products, United States) | | | 1.4 | | |
Total | | | 24.2 | | |
*Holdings in cash, commercial paper and other short-term cash equivalents have been excluded.
Percentages are based on total net assets.
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First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
Common Stocks — 57.5% | |
Belgium — 1.8% | |
Groupe Bruxelles Lambert SA* | | | 277,053 | | | | 22,163,103 | | |
Brazil — 0.6% | |
Ambev SA, ADR* | | | 2,875,098 | | | | 6,181,461 | | |
Cielo SA | | | 2,260,784 | | | | 1,687,928 | | |
| | | | 7,869,389 | | |
Canada — 3.6% | |
Agnico Eagle Mines Ltd. | | | 111,619 | | | | 6,521,767 | | |
Franco-Nevada Corp. | | | 58,524 | | | | 7,742,936 | | |
Imperial Oil Ltd. | | | 287,984 | | | | 4,653,012 | | |
Nutrien Ltd. (a) | | | 251,917 | | | | 8,995,956 | | |
Power Corp. of Canada | | | 671,362 | | | | 10,736,390 | | |
Wheaton Precious Metals Corp. (a) | | | 174,632 | | | | 6,594,104 | | |
| | | | 45,244,165 | | |
Chile — 0.9% | |
Cia Cervecerias Unidas SA, ADR | | | 804,822 | | | | 11,444,569 | | |
Quinenco SA | | | 200,388 | | | | 292,913 | | |
| | | | 11,737,482 | | |
Denmark — 0.2% | |
ISS A/S* | | | 192,907 | | | | 2,868,010 | | |
France — 4.8% | |
Danone SA | | | 367,230 | | | | 25,594,862 | | |
Legrand SA | | | 51,712 | | | | 3,466,910 | | |
Rexel SA | | | 479,094 | | | | 4,474,636 | | |
Sanofi | | | 151,208 | | | | 14,769,055 | | |
Sodexo SA | | | 134,411 | | | | 10,745,559 | | |
Wendel SE | | | 15,480 | | | | 1,327,969 | | |
| | | | 60,378,991 | | |
Germany — 1.4% | |
Brenntag AG | | | 94,833 | | | | 4,293,847 | | |
FUCHS PETROLUB SE (Preference) | | | 143,667 | | | | 5,570,769 | | |
HeidelbergCement AG | | | 50,679 | | | | 2,402,749 | | |
Henkel AG & Co. KGaA (Preference) | | | 60,171 | | | | 5,342,377 | | |
| | | | 17,609,742 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
68
First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
Hong Kong — 4.1% | |
CK Asset Holdings Ltd. | | | 1,840,500 | | | | 11,629,652 | | |
Great Eagle Holdings Ltd. | | | 1,749,774 | | | | 5,219,680 | | |
Guoco Group Ltd. | | | 67,700 | | | | 955,014 | | |
Hongkong Land Holdings Ltd. | | | 1,104,100 | | | | 4,618,612 | | |
Hysan Development Co. Ltd. | | | 1,193,083 | | | | 3,980,314 | | |
Jardine Matheson Holdings Ltd. | | | 416,800 | | | | 18,256,322 | | |
Mandarin Oriental International Ltd. | | | 4,571,800 | | | | 6,400,520 | | |
| | | | 51,060,114 | | |
Ireland — 0.1% | |
CRH plc | | | 64,820 | | | | 1,954,355 | | |
Japan — 3.7% | |
FANUC Corp. | | | 88,000 | | | | 14,362,776 | | |
KDDI Corp. | | | 98,800 | | | | 2,861,672 | | |
Komatsu Ltd. | | | 200,900 | | | | 3,801,215 | | |
Mitsubishi Electric Corp. | | | 461,100 | | | | 5,673,673 | | |
MS&AD Insurance Group Holdings, Inc. | | | 24,300 | | | | 700,085 | | |
Secom Co. Ltd. | | | 148,400 | | | | 12,349,746 | | |
Sompo Holdings, Inc. | | | 188,800 | | | | 6,123,826 | | |
USS Co. Ltd. | | | 30,700 | | | | 486,130 | | |
Yokogawa Electric Corp. | | | 1,500 | | | | 20,446 | | |
| | | | 46,379,569 | | |
Malaysia — 0.2% | |
British American Tobacco Malaysia Bhd. | | | 782,800 | | | | 2,291,824 | | |
Mexico — 0.8% | |
Fomento Economico Mexicano SAB de CV, ADR | | | 58,617 | | | | 3,770,832 | | |
Fresnillo plc | | | 646,614 | | | | 5,744,015 | | |
| | | | 9,514,847 | | |
Netherlands — 0.4% | |
HAL Trust | | | 37,419 | | | | 4,805,858 | | |
Norway — 1.0% | |
Orkla ASA | | | 1,384,485 | | | | 12,505,887 | | |
Singapore — 0.5% | |
ComfortDelGro Corp. Ltd. | | | 3,504,000 | | | | 4,085,045 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
69
First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
Singapore — 0.5% (continued) | |
UOL Group Ltd. | | | 341,800 | | | | 1,643,945 | | |
| | | | 5,728,990 | | |
South Korea — 1.9% | |
Kia Motors Corp. | | | 136,619 | | | | 3,336,879 | | |
KT&G Corp. | | | 255,349 | | | | 17,048,999 | | |
Samsung Electronics Co. Ltd. (Preference) | | | 91,052 | | | | 3,156,374 | | |
| | | | 23,542,252 | | |
Spain — 0.1% | |
Zardoya Otis SA | | | 239,053 | | | | 1,663,705 | | |
Sweden — 1.6% | |
Industrivarden AB, Class C* | | | 189,168 | | | | 3,870,945 | | |
Investor AB, Class A | | | 190,148 | | | | 9,380,681 | | |
Svenska Handelsbanken AB, Class A* | | | 692,640 | | | | 6,321,963 | | |
| | | | 19,573,589 | | |
Switzerland — 3.2% | |
Cie Financiere Richemont SA (Registered) | | | 195,516 | | | | 11,092,300 | | |
Nestle SA (Registered) | | | 280,110 | | | | 29,666,459 | | |
| | | | 40,758,759 | | |
Taiwan — 0.6% | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 147,810 | | | | 7,853,145 | | |
Thailand — 0.8% | |
Bangkok Bank PCL, NVDR | | | 1,956,200 | | | | 6,219,087 | | |
Thai Beverage PCL | | | 7,735,100 | | | | 3,765,090 | | |
| | | | 9,984,177 | | |
Turkey — 0.2% | |
Coca-Cola Icecek A/S | | | 466,883 | | | | 2,469,940 | | |
United Kingdom — 8.0% | |
Berkeley Group Holdings plc | | | 146,085 | | | | 7,668,453 | | |
British American Tobacco plc | | | 747,449 | | | | 28,809,861 | | |
Diageo plc | | | 109,223 | | | | 3,760,532 | | |
Domino's Pizza Group plc | | | 2,184,990 | | | | 9,468,412 | | |
GlaxoSmithKline plc | | | 689,315 | | | | 14,380,901 | | |
Hiscox Ltd. | | | 546,442 | | | | 4,807,161 | | |
Linde plc | | | 49,826 | | | | 9,176,641 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
70
First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
United Kingdom — 8.0% (continued) | |
Lloyds Banking Group plc | | | 17,348,713 | | | | 7,019,430 | | |
Unilever NV | | | 325,011 | | | | 16,185,326 | | |
| | | | 101,276,717 | | |
United States — 17.0% | |
3M Co. (a) | | | 65,446 | | | | 9,942,556 | | |
American Express Co. | | | 12,229 | | | | 1,115,896 | | |
Analog Devices, Inc. | | | 31,614 | | | | 3,464,894 | | |
Anthem, Inc. (a) | | | 26,754 | | | | 7,510,650 | | |
Bank of New York Mellon Corp. (The) | | | 222,692 | | | | 8,359,858 | | |
CH Robinson Worldwide, Inc. (a) | | | 162,189 | | | | 11,499,200 | | |
Colgate-Palmolive Co. | | | 255,488 | | | | 17,953,142 | | |
Cummins, Inc. | | | 24,824 | | | | 4,058,724 | | |
Deere & Co. | | | 39,919 | | | | 5,790,650 | | |
Equity Residential, REIT | | | 46,657 | | | | 3,035,504 | | |
Exxon Mobil Corp. | | | 541,330 | | | | 25,155,605 | | |
Kraft Heinz Co. (The) | | | 140,874 | | | | 4,272,708 | | |
Microsoft Corp. (a) | | | 21,517 | | | | 3,856,062 | | |
Omnicom Group, Inc. | | | 30,504 | | | | 1,739,643 | | |
Oracle Corp. | | | 206,444 | | | | 10,935,339 | | |
Philip Morris International, Inc. | | | 243,871 | | | | 18,192,777 | | |
PPG Industries, Inc. | | | 18,334 | | | | 1,665,277 | | |
Royal Gold, Inc. (a) | | | 38,328 | | | | 4,696,330 | | |
Schlumberger Ltd. (a) | | | 507,314 | | | | 8,533,022 | | |
Texas Instruments, Inc. | | | 80,888 | | | | 9,388,670 | | |
Travelers Cos., Inc. (The) | | | 75,357 | | | | 7,626,882 | | |
Truist Financial Corp. | | | 247,144 | | | | 9,223,414 | | |
UGI Corp. | | | 107,848 | | | | 3,254,853 | | |
Union Pacific Corp. | | | 27,763 | | | | 4,436,250 | | |
US Bancorp | | | 113,132 | | | | 4,129,318 | | |
Wells Fargo & Co. | | | 376,753 | | | | 10,944,675 | | |
Weyerhaeuser Co., REIT | | | 584,102 | | | | 12,774,311 | | |
| | | | 213,556,210 | | |
Total Common Stocks
(Cost $778,372,450) | | | 722,790,820 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
71
First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
Corporate Bonds — 18.0% | |
Australia — 0.2% | |
Nufarm Australia Ltd.
5.75%, 4/30/2026 (b) | | | 2,633,000 | | | | 2,475,020 | | |
Canada — 0.1% | |
Open Text Corp.
3.88%, 2/15/2028 (b) | | | 1,106,000 | | | | 1,078,350 | | |
Open Text Holdings, Inc.
4.13%, 2/15/2030 (b) | | | 774,000 | | | | 752,870 | | |
| | | | 1,831,220 | | |
Germany — 0.6% | |
Fresenius Medical Care US Finance, Inc.
5.75%, 2/15/2021 (b) | | | 2,494,000 | | | | 2,546,756 | | |
IHO Verwaltungs GmbH
4.75%, (4.75% Cash or 5.50% PIK), 9/15/2026 (b)(c) | | | 3,879,000 | | | | 3,297,150 | | |
6.00%, (6.00% Cash or 6.75% PIK), 5/15/2027 (b)(c) | | | 1,336,632 | | | | 1,137,808 | | |
| | | | 6,981,714 | | |
Netherlands — 0.7% | |
NXP BV
4.13%, 6/1/2021 (b) | | | 2,953,000 | | | | 3,016,692 | | |
4.63%, 6/1/2023 (b) | | | 4,847,000 | | | | 5,158,272 | | |
| | | | 8,174,964 | | |
United Kingdom — 0.3% | |
Ashtead Capital, Inc.
5.25%, 8/1/2026 (b) | | | 378,000 | | | | 378,945 | | |
Lloyds Banking Group plc
3.00%, 1/11/2022 | | | 1,250,000 | | | | 1,269,928 | | |
(ICE LIBOR USD 3 Month + 0.81%),
2.91%, 11/7/2023 (d) | | | 2,090,000 | | | | 2,123,248 | | |
| | | | 3,772,121 | | |
United States — 16.1% | |
AbbVie, Inc.
(ICE LIBOR USD 3 Month + 0.35%),
2.05%, 5/21/2021 (b)(d) | | | 2,699,000 | | | | 2,684,477 | | |
2.15%, 11/19/2021 (b) | | | 5,622,000 | | | | 5,696,787 | | |
(ICE LIBOR USD 3 Month + 0.46%),
2.15%, 11/19/2021 (b)(d) | | | 2,249,000 | | | | 2,230,730 | | |
ACCO Brands Corp.
5.25%, 12/15/2024 (b) | | | 6,882,000 | | | | 6,830,385 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
72
First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
United States — 16.1% (continued) | |
Aircastle Ltd.
5.50%, 2/15/2022 | | | 4,919,000 | | | | 4,690,910 | | |
American Express Credit Corp.
2.25%, 5/5/2021 | | | 9,653,000 | | | | 9,753,752 | | |
American Tower Corp.
REIT, 2.40%, 3/15/2025 | | | 115,000 | | | | 118,329 | | |
AMN Healthcare, Inc.
4.63%, 10/1/2027 (b) | | | 1,109,000 | | | | 1,075,730 | | |
Andeavor Logistics LP
3.50%, 12/1/2022 | | | 111,000 | | | | 109,133 | | |
Aramark Services, Inc.
5.00%, 4/1/2025 (b) | | | 1,541,000 | | | | 1,498,623 | | |
4.75%, 6/1/2026 | | | 1,076,000 | | | | 1,027,580 | | |
5.00%, 2/1/2028 (b) | | | 194,000 | | | | 185,163 | | |
Berry Global, Inc.
5.50%, 5/15/2022 | | | 1,145,000 | | | | 1,145,275 | | |
Block Financial LLC
4.13%, 10/1/2020 | | | 2,474,000 | | | | 2,482,449 | | |
BWX Technologies, Inc.
5.38%, 7/15/2026 (b) | | | 704,000 | | | | 718,960 | | |
Carnival Corp.
11.50%, 4/1/2023 (b) | | | 492,000 | | | | 513,986 | | |
Centene Corp.
4.75%, 5/15/2022 | | | 2,036,000 | | | | 2,056,360 | | |
4.75% 1/15/2025 | | | 2,941,000 | | | | 3,009,672 | | |
4.75% 1/15/2025 (b) | | | 2,258,000 | | | | 2,310,724 | | |
4.25%, 12/15/2027 (b) | | | 1,355,000 | | | | 1,417,669 | | |
4.63%, 12/15/2029 (b) | | | 684,000 | | | | 748,980 | | |
3.38%, 2/15/2030 (b) | | | 1,113,000 | | | | 1,122,683 | | |
CenturyLink, Inc.
Series S, 6.45%, 6/15/2021 | | | 1,331,000 | | | | 1,362,212 | | |
Charles River Laboratories International, Inc.
5.50%, 4/1/2026 (b) | | | 350,000 | | | | 359,940 | | |
Charter Communications Operating LLC
3.58%, 7/23/2020 | | | 11,900,000 | | | | 11,917,078 | | |
4.46%, 7/23/2022 | | | 2,306,000 | | | | 2,430,690 | | |
4.91%, 7/23/2025 | | | 2,072,000 | | | | 2,335,181 | | |
CITGO Petroleum Corp.
6.25%, 8/15/2022 (b) | | | 13,847,000 | | | | 13,258,502 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
73
First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
United States — 16.1% (continued) | |
CNH Industrial Capital LLC
4.38%, 11/6/2020 | | | 687,000 | | | | 688,894 | | |
3.88%, 10/15/2021 | | | 3,225,000 | | | | 3,261,794 | | |
CommScope, Inc.
5.50%, 3/1/2024 (b) | | | 563,000 | | | | 563,000 | | |
Crown Americas LLC
4.50%, 1/15/2023 | | | 3,626,000 | | | | 3,717,375 | | |
CVS Health Corp.
(ICE LIBOR USD 3 Month + 0.72%), 1.72%, 3/9/2021 (d) | | | 963,000 | | | | 961,036 | | |
DCP Midstream Operating LP
4.75%, 9/30/2021 (b) | | | 4,084,000 | | | | 3,859,380 | | |
6.45%, 11/3/2036 (b) | | | 1,545,000 | | | | 899,962 | | |
Dell International LLC
4.42%, 6/15/2021 (b) | | | 4,220,000 | | | | 4,302,204 | | |
5.85%, 7/15/2025 (b) | | | 2,000,000 | | | | 2,180,408 | | |
6.02%, 6/15/2026 (b) | | | 3,103,000 | | | | 3,357,321 | | |
Dollar Tree, Inc.
3.70%, 5/15/2023 | | | 1,344,000 | | | | 1,407,849 | | |
DuPont de Nemours, Inc.
3.77%, 11/15/2020 | | | 9,275,000 | | | | 9,360,919 | | |
EMC Corp.
2.65%, 6/1/2020 | | | 1,043,000 | | | | 1,037,785 | | |
Energizer Holdings, Inc.
5.50%, 6/15/2025 (b) | | | 1,092,000 | | | | 1,104,667 | | |
6.38%, 7/15/2026 (b) | | | 2,643,000 | | | | 2,718,986 | | |
EW Scripps Co. (The)
5.13%, 5/15/2025 (b) | | | 3,870,000 | | | | 3,263,184 | | |
Foot Locker, Inc.
8.50%, 1/15/2022 | | | 2,494,000 | | | | 2,447,238 | | |
GameStop Corp.
6.75%, 3/15/2021 (b) | | | 1,363,000 | | | | 1,069,955 | | |
HCA, Inc.
4.50%, 2/15/2027 | | | 2,747,000 | | | | 2,969,326 | | |
John Deere Capital Corp.
2.35%, 1/8/2021 | | | 2,561,000 | | | | 2,584,097 | | |
KFC Holding Co.
5.00%, 6/1/2024 (b) | | | 600,000 | | | | 618,228 | | |
Lamb Weston Holdings, Inc.
4.63%, 11/1/2024 (b) | | | 4,015,000 | | | | 4,093,292 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
74
First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
United States — 16.1% (continued) | |
4.88%, 11/1/2026 (b) | | | 803,000 | | | | 807,015 | | |
Lennar Corp.
6.63%, 5/1/2020 | | | 2,431,000 | | | | 2,431,000 | | |
2.95%, 11/29/2020 | | | 3,543,000 | | | | 3,482,769 | | |
Meredith Corp.
6.88%, 2/1/2026 | | | 1,716,000 | | | | 1,458,600 | | |
Nielsen Finance LLC
4.50%, 10/1/2020 | | | 164,000 | | | | 162,352 | | |
NortonLifeLock, Inc.
4.20%, 9/15/2020 | | | 5,214,000 | | | | 5,220,518 | | |
3.95%, 6/15/2022 | | | 1,020,000 | | | | 1,039,482 | | |
Pilgrim's Pride Corp.
5.75%, 3/15/2025 (b) | | | 3,300,000 | | | | 3,333,429 | | |
5.88%, 9/30/2027 (b) | | | 3,343,000 | | | | 3,382,949 | | |
Plantronics, Inc.
5.50%, 5/31/2023 (b) | | | 3,656,000 | | | | 2,896,649 | | |
Spectrum Brands, Inc.
5.75%, 7/15/2025 | | | 1,520,000 | | | | 1,516,200 | | |
Sprint Communications, Inc.
6.00%, 11/15/2022 | | | 1,800,000 | | | | 1,903,698 | | |
Taylor Morrison Communities, Inc.
5.88%, 4/15/2023 (b) | | | 3,107,000 | | | | 3,013,790 | | |
Teleflex, Inc.
4.63%, 11/15/2027 | | | 824,000 | | | | 844,600 | | |
Truist Financial Corp.
Series N, (5 Year US Treasury Rate + 3.00%)
4.80%, 9/1/2024 (d)(e) | | | 2,170,000 | | | | 2,028,646 | | |
UnitedHealth Group, Inc.
1.95%, 10/15/2020 | | | 2,092,000 | | | | 2,092,024 | | |
Valvoline, Inc.
4.38%, 8/15/2025 | | | 979,000 | | | | 981,448 | | |
4.25%, 2/15/2030 (b) | | | 224,000 | | | | 217,840 | | |
Vulcan Materials Co.
(ICE LIBOR USD 3 Month + 0.65%),
2.23%, 3/1/2021 (d) | | | 3,834,000 | | | | 3,775,499 | | |
4.50%, 4/1/2025 | | | 3,786,000 | | | | 4,010,424 | | |
Wachovia Capital Trust III
(ICE LIBOR USD 3 Month + 0.93%, 5.57% Floor),
5.57%, 6/4/2020 (d)(e) | | | 6,773,000 | | | | 6,728,163 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
75
First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
United States — 16.1% (continued) | |
WESCO Distribution, Inc.
5.38%, 12/15/2021 | | | 4,695,000 | | | | 4,624,575 | | |
5.38%, 6/15/2024 | | | 2,693,000 | | | | 2,491,025 | | |
Western Digital Corp.
4.75%, 2/15/2026 | | | 4,523,000 | | | | 4,617,666 | | |
| | | | 202,619,221 | | |
Total Corporate Bonds
(Cost $228,371,307) | | | 225,854,260 | | |
| | | Ounces | | | |
Commodities — 8.0% | |
Gold bullion*
(Cost $74,192,280) | | | 59,489 | | | | 100,492,887 | | |
| | | Principal Amount ($) | | | |
U.S. Treasury Obligations — 7.5% | |
U.S. Treasury Notes
2.63%, 7/31/2020 | | | 14,565,000 | | | | 14,656,895 | | |
1.13%, 6/30/2021 | | | 14,554,000 | | | | 14,716,596 | | |
2.13%, 6/30/2021 | | | 7,135,000 | | | | 7,297,210 | | |
2.13%, 6/30/2022 | | | 14,139,200 | | | | 14,725,756 | | |
1.63%, 12/15/2022 | | | 7,400,000 | | | | 7,668,828 | | |
2.63%, 6/30/2023 | | | 16,764,700 | | | | 18,010,920 | | |
2.63%, 12/31/2023 | | | 7,100,000 | | | | 7,699,062 | | |
2.50%, 1/31/2024 | | | 8,788,900 | | | | 9,506,431 | | |
| | | | 94,281,698 | | |
Total U.S. Treasury Obligations
(Cost $91,413,099) | | | 94,281,698 | | |
| | | Shares | | | |
Preferred Stocks — 1.0% | |
United States — 1.0% | |
Bank of New York Mellon Corp. (The) 5.20%, 06/20/20 (e) | | | 98,175 | | | | 2,516,225 | | |
Charles Schwab Corp. (The), Series C 6.00%, 12/01/20 (e) | | | 37,375 | | | | 970,629 | | |
Charles Schwab Corp. (The), Series D 5.95%, 06/01/21 (e) | | | 7,786 | | | | 203,448 | | |
General American Investors Co., Inc.,
Series B 5.95%, 06/03/20 (e) | | | 4,712 | | | | 131,936 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
76
First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
United States — 1.0% (continued) | |
MetLife, Inc., Series A
(ICE LIBOR USD 3 Month + 1.00%, 4.00% Floor),
4.00%, 06/03/20 (d)(e) | | | 67,936 | | | | 1,562,528 | | |
Northern Trust Corp., Series E 4.70%, 01/01/25 (e) | | | 101,453 | | | | 2,542,412 | | |
US Bancorp, Series B(ICE LIBOR USD 3 Month + 0.60%),
3.50%, 06/03/20 (d)(e) | | | 89,375 | | | | 1,767,838 | | |
US Bancorp, Series F(ICE LIBOR USD 3 Month + 4.47%),
6.50%, 01/15/22 (d)(e) | | | 110,325 | | | | 2,979,878 | | |
Total Preferred Stocks
(Cost $12,797,499) | | | 12,674,894 | | |
| | | Principal Amount ($) | | | |
Loan Assignments — 1.0% | |
United States — 1.0% | |
BI-LO Holding Finance LLC, 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 8.00%),
9.38%, 5/31/2024 (d) | | | 9,737,859 | | | | 9,177,932 | | |
Osum Production Corp., 1st Lien Term Loan B-EXT
(ICE LIBOR USD 3 Month + 7.50%),
8.95%, 7/31/2022‡ (d) | | | 4,501,807 | | | | 3,331,337 | | |
| | | | 12,509,269 | | |
Total Loan Assignments
(Cost $13,895,452) | | | 12,509,269 | | |
Foreign Government Securities — 0.9% | |
Indonesia — 0.1% | |
Republic of Indonesia
8.25%, 7/15/2021 | | IDR | 24,166,000,000 | | | | 1,672,531 | | |
Malaysia — 0.3% | |
Malaysia Government Bond
3.42%, 8/15/2022 | | MYR | 14,972,000 | | | | 3,559,969 | | |
Mexico — 0.2% | |
Mex Bonos Desarr Fix Rt
8.00%, 12/7/2023 | | MXN | 68,770,000 | | | | 3,095,006 | | |
Peru — 0.3% | |
Republic of Peru
8.20%, 8/12/2026 (b) | | PEN | 9,385,000 | | | | 3,544,175 | | |
Total Foreign Government Securities
(Cost $12,504,622) | | | 11,871,681 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
77
First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
Closed End Funds — 0.6% | |
United Kingdom — 0.6% | |
Caledonia Investments plc
(Cost $8,555,264) | | | 242,741 | | | | 8,119,340 | | |
Master Limited Partnerships — 0.3% | |
United States — 0.3% | |
Enterprise Products Partners LP (Cost $4,131,652) | | | 202,835 | | | | 3,561,783 | | |
| | | Principal Amount ($) | | | |
Short-Term Investments — 4.3% | |
Commercial Paper — 4.3% | |
Eni Finance USA, Inc.
1.24%, 5/1/2020 (b)(f) | | | 10,364,000 | | | | 10,363,636 | | |
Entergy Corp.
0.90%, 5/1/2020 (b)(f) | | | 7,773,000 | | | | 7,772,804 | | |
General Motors Financial Co., Inc.
3.50%, 5/1/2020 (f) | | | 15,027,000 | | | | 15,025,528 | | |
Hitachi America Capital Ltd.
0.45%, 5/1/2020 (b)(f) | | | 11,401,000 | | | | 11,400,850 | | |
LVMH Moet Hennessy Louis Vuitton, Inc.
1.60%, 6/15/2020 (b)(f) | | | 10,000,000 | | | | 9,994,403 | | |
Total Commercial Paper
(Cost $54,545,125) | | | 54,557,221 | | |
| | | Shares | | | |
Investment Companies — 0.0% (g) | |
JP Morgan U.S. Government Money Market Fund,
Agency Shares 0.14% (h)
(Cost $4,140) | | | 4,140 | | | | 4,140 | | |
Total Short-Term Investments
(Cost $54,549,265) | | | 54,561,361 | | |
Total Investments — 99.1%
(Cost $1,278,782,890) | | | 1,246,717,993 | | |
Other Assets Less Liabilities — 0.9% | | | 11,330,248 | | |
Net Assets — 100.0% | | | 1,258,048,241 | | |
* Non-income producing security.
‡ Value determined using significant unobservable inputs.
(a) All or a portion of the security pledged as collateral for call options written.
First Eagle Funds | Semiannual Report | April 30, 2020
78
First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2020 (unaudited)
(b) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total value of all such securities at April 30, 2020 amounted to $145,253,329, which represents approximately 11.55% of net assets of the Fund.
(c) Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed.
(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2020.
(e) Perpetual security. The rate reflected was the rate in effect on April 30, 2020. The maturity date reflects the next call date.
(f) The rate shown was the current yield as of April 30, 2020.
(g) Represents less than 0.05% of net assets.
(h) Represents 7-day effective yield as of April 30, 2020.
As of April 30, 2020, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | | $ | 108,844,219 | | |
Aggregate gross unrealized depreciation | | | (140,543,034 | ) | |
Net unrealized depreciation | | $ | (31,698,815 | ) | |
Federal income tax cost | | $ | 1,278,782,890 | | |
Forward Foreign Currency Exchange Contracts outstanding as of April 30, 2020
Currency
Purchased | | Currency Sold | | Counterparty | | Settlement
Date | | Unrealized
Appreciation
(Depreciation) | |
USD | 9,003,318 | | | EUR | 8,039,000 | | | HSBC Bank plc | | 5/13/2020 | | $ | 192,371 | | |
USD | 3,136,145 | | | GBP | 2,402,000 | | | HSBC Bank plc | | 5/13/2020 | | | 110,750 | | |
USD | 3,090,687 | | | GBP | 2,377,000 | | | Goldman Sachs | | 6/17/2020 | | | 96,289 | | |
Total unrealized appreciation | | | 399,410 | | |
JPY | 146,660,000 | | | USD | 1,384,355 | | | HSBC Bank plc | | 5/13/2020 | | | (17,566 | ) | |
USD | 4,335,134 | | | JPY | 468,240,000 | | | HSBC Bank plc | | 5/13/2020 | | | (28,601 | ) | |
USD | 2,752,665 | | | EUR | 2,541,000 | | | Goldman Sachs | | 6/17/2020 | | | (34,419 | ) | |
USD | 365,666 | | | GBP | 297,000 | | | Goldman Sachs | | 6/17/2020 | | | (8,476 | ) | |
Total unrealized depreciation | | | (89,062 | ) | |
Net unrealized appreciation | | $ | 310,348 | | |
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79
First Eagle Global Income Builder Fund | Schedule of Investments | April 30, 2020 (unaudited)
Written Call Options Contracts as of April 30, 2020
Description | | Counterparty | | Number of
Contracts | | Notional
Amount | | Exercise
Price | | Expiration
Date | | Value ($) | |
3M Co. | | Exchange Traded | | | 86 | | | USD | (1,306,512 | ) | | USD | 165.00 | | | 5/15/2020 | | | (3,440 | ) | |
Anthem, Inc. | | Exchange Traded | | | 44 | | | USD | (1,235,212 | ) | | USD | 350.00 | | | 6/19/2020 | | | (1,760 | ) | |
CH Robinson
Worldwide, Inc. | | Exchange Traded | | | 162 | | | USD | (1,148,580 | ) | | USD | 80.00 | | | 5/15/2020 | | | (2,430 | ) | |
Microsoft Corp. | | Exchange Traded | | | 69 | | | USD | (1,236,549 | ) | | USD | 195.00 | | | 5/15/2020 | | | (2,484 | ) | |
Nutrien Ltd. | | Exchange Traded | | | 365 | | | USD | (1,303,415 | ) | | USD | 40.00 | | | 6/19/2020 | | | (23,725 | ) | |
Royal Gold, Inc. | | Exchange Traded | | | 108 | | | USD | (1,323,324 | ) | | USD | 150.00 | | | 5/15/2020 | | | (7,020 | ) | |
Schlumberger Ltd. | | Exchange Traded | | | 721 | | | USD | (1,212,722 | ) | | USD | 20.00 | | | 5/15/2020 | | | (10,815 | ) | |
Wheaton Precious
Metals Corp. | | Exchange Traded | | | 325 | | | USD | (1,227,200 | ) | | USD | 50.00 | | | 9/18/2020 | | | (35,425 | ) | |
Total Written Options Contracts (Premiums Received ($142,833)) | | | (87,099 | ) | |
Abbreviations
ADR — American Depositary Receipt
EUR — Euro
GBP — British Pound
ICE — Intercontinental Exchange
IDR — Indonesian Rupiah
JPY — Japanese Yen
LIBOR — London Interbank Offered Rate
MXN — Mexican Peso
MYR — Malaysia Ringgit
NVDR — Non-Voting Depositary Receipt
PEN — Peruvian Sol
Preference A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference.
Preference shares may also have liquidation preference.
REIT — Real Estate Investment Trust
USD — United States Dollar
See Notes to Financial Statements
First Eagle Funds | Semiannual Report | April 30, 2020
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First Eagle High Income Fund (formerly First Eagle High Yield Fund)
Data as of April 30, 2020 (unaudited)
Investment Objective
The First Eagle High Income Fund (formerly named First Eagle High Yield Fund) seeks to provide investors with a high level of current income. To pursue this objective, the Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in high yield, below investment-grade instruments.
Average Annual Returns^ | | | | One Year | | Five Years | | Ten Years | |
First Eagle High Income Fund | | Class I | | | -4.56 | % | | | 1.75 | % | | | 4.56 | % | |
Bloomberg Barclays U.S. Corporate High Yield Index | | | | | -4.11 | % | | | 3.44 | % | | | 5.86 | % | |
Sectors* (%) | |
Consumer Staples | | | 16.0 | | |
Consumer Discretionary | | | 14.4 | | |
Materials | | | 13.0 | | |
Industrials | | | 11.8 | | |
Energy | | | 9.7 | | |
Information Technology | | | 8.9 | | |
Communication Services | | | 6.3 | | |
Health Care | | | 5.3 | | |
Real Estate | | | 4.0 | | |
Financials | | | 2.8 | | |
Short-Term Investments | | | 7.8 | | |
Countries*~ (%)
United States | | | 84.4 | | |
Canada | | | 3.1 | | |
Germany | | | 2.1 | | |
United Kingdom | | | 0.8 | | |
Australia | | | 0.8 | | |
South Korea | | | 0.5 | | |
Singapore | | | 0.5 | | |
Short-Term Investments | | | 7.8 | | |
^Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.
*Asset Allocation, Sector and Countries percentages are based on total investments in the portfolio.
~Country allocations reflect country of risk (not currency of issue). Bonds of non-U.S. issuers may be U.S. dollar denominated.
The Fund's portfolio composition is subject to change at any time.
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First Eagle High Income Fund | Fund Overview
Growth of a $1,000,000 Initial Investment
Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.
Class I Shares require $1 million minimum investment and are offered without a sales charge. If a sales charge was included values would be lower.
The Bloomberg Barclays U.S. Corporate High Yield Index is composed of fixed-rate, publicly issued, non-investment grade debt and is unmanaged, with dividends reinvested. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. One cannot invest directly in an index.
Top 10 Holdings* (%)
Southeastern Grocers, Inc. (Food & Staples Retailing, United States) | | | 4.2 | | |
AMN Healthcare, Inc. (Professional Services, United States) | | | 2.9 | | |
Dell International LLC (Technology Hardware, Storage & Peripherals, United States) | | | 2.3 | | |
DCP Midstream Operating LP (Oil, Gas & Consumable Fuels, United States) | | | 2.3 | | |
WESCO Distribution, Inc. (Trading Companies & Distributors, United States) | | | 2.1 | | |
BI-LO Holding Finance LLC, 1st Lien Term Loan B (Food & Staples Retailing,
United States) | | | 2.1 | | |
Sealed Air Corp. (Containers & Packaging, United States) | | | 2.0 | | |
Osum Production Corp., 1st Lien Term Loan B-EXT (Oil, Gas & Consumable Fuels,
United States) | | | 2.0 | | |
Lennar Corp. (Household Durables, United States) | | | 1.9 | | |
KFC Holding Co. (Hotels, Restaurants & Leisure, United States) | | | 1.9 | | |
Total | | | 23.7 | | |
*Holdings in cash, commercial paper and other short-term cash equivalents have been excluded.
Percentages are based on total net assets.
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First Eagle High Income Fund (formerly named First Eagle High Yield Fund) | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
Corporate Bonds — 81.1% | |
Australia — 0.8% | |
Nufarm Australia Ltd.
5.75%, 4/30/2026 (a) | | | 1,721,000 | | | | 1,617,740 | | |
Canada — 3.1% | |
Clearwater Seafoods, Inc.
6.88%, 5/1/2025 (a) | | | 2,516,000 | | | | 2,295,875 | | |
Kinross Gold Corp.
4.50%, 7/15/2027 | | | 1,868,000 | | | | 1,963,119 | | |
Open Text Corp.
5.88%, 6/1/2026 (a) | | | 94,000 | | | | 98,700 | | |
3.88%, 2/15/2028 (a) | | | 190,000 | | | | 185,250 | | |
Open Text Holdings, Inc.
4.13%, 2/15/2030 (a) | | | 132,000 | | | | 128,396 | | |
Precision Drilling Corp.
7.75%, 12/15/2023 | | | 2,068,000 | | | | 909,920 | | |
Ritchie Bros Auctioneers, Inc.
5.38%, 1/15/2025 (a) | | | 942,000 | | | | 951,420 | | |
| | | | 6,532,680 | | |
Germany — 2.0% | |
IHO Verwaltungs GmbH
4.75%, (4.75% Cash or 5.50% PIK),
9/15/2026 (a)(b) | | | 3,730,000 | | | | 3,170,500 | | |
6.00%, (6.00% Cash or 6.75% PIK),
5/15/2027 (a)(b) | | | 1,280,244 | | | | 1,089,808 | | |
| | | | 4,260,308 | | |
Singapore — 0.5% | |
Avation Capital SA
6.50%, 5/15/2021‡ (a) | | | 1,216,000 | | | | 1,021,440 | | |
South Korea — 0.5% | |
MagnaChip Semiconductor Corp.
6.63%, 7/15/2021 (c) | | | 1,138,000 | | | | 1,103,860 | | |
United Kingdom — 0.8% | |
EnQuest plc
7.00%, 4/15/2022 (b)(d) | | | 5,070,420 | | | | 1,724,957 | | |
United States — 73.4% | |
ACCO Brands Corp.
5.25%, 12/15/2024 (a) | | | 3,948,000 | | | | 3,918,390 | | |
Adient US LLC
9.00%, 4/15/2025 (a) | | | 439,000 | | | | 457,657 | | |
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84
First Eagle High Income Fund (formerly named First Eagle High Yield Fund) | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
United States — 73.4% (continued) | |
AMN Healthcare, Inc.
5.13%, 10/1/2024 (a) | | | 6,161,000 | | | | 6,103,703 | | |
Antero Resources Corp.
5.63%, 6/1/2023 | | | 6,341,000 | | | | 3,726,606 | | |
Aramark Services, Inc.
5.00%, 4/1/2025 (a) | | | 623,000 | | | | 605,867 | | |
6.38%, 5/1/2025 (a) | | | 1,163,000 | | | | 1,209,520 | | |
4.75%, 6/1/2026 | | | 1,556,000 | | | | 1,485,980 | | |
5.00%, 2/1/2028 (a) | | | 57,000 | | | | 54,404 | | |
B&G Foods, Inc.
5.25%, 4/1/2025 | | | 1,152,000 | | | | 1,166,400 | | |
Berry Global, Inc.
5.50%, 5/15/2022 | | | 2,507,000 | | | | 2,507,602 | | |
Boeing Co. (The)
1.65%, 10/30/2020 | | | 262,000 | | | | 259,989 | | |
BWX Technologies, Inc.
5.38%, 7/15/2026 (a) | | | 168,000 | | | | 171,570 | | |
California Resources Corp.
8.00%, 12/15/2022 (a) | | | 4,244,000 | | | | 148,540 | | |
Carnival Corp.
11.50%, 4/1/2023 (a) | | | 1,156,000 | | | | 1,207,657 | | |
CCO Holdings LLC
5.88%, 4/1/2024 (a) | | | 2,188,000 | | | | 2,250,796 | | |
Centene Corp.
5.38%, 8/15/2026 (a) | | | 279,000 | | | | 297,163 | | |
4.63%, 12/15/2029 (a) | | | 1,228,000 | | | | 1,344,660 | | |
3.38%, 2/15/2030 (a) | | | 190,000 | | | | 191,653 | | |
CenturyLink, Inc.
Series S, 6.45%, 6/15/2021 | | | 1,984,000 | | | | 2,030,525 | | |
4.00%, 2/15/2027 (a) | | | 61,000 | | | | 59,170 | | |
Charles River Laboratories International, Inc.
5.50%, 4/1/2026 (a) | | | 306,000 | | | | 314,690 | | |
4.25%, 5/1/2028 (a) | | | 632,000 | | | | 637,530 | | |
Charter Communications Operating LLC
4.91%, 7/23/2025 | | | 465,000 | | | | 524,063 | | |
Chemours Co. (The)
6.63%, 5/15/2023 | | | 2,202,000 | | | | 2,058,870 | | |
Cinemark USA, Inc.
8.75%, 5/1/2025 (a) | | | 288,000 | | | | 290,160 | | |
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First Eagle High Income Fund (formerly named First Eagle High Yield Fund) | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
United States — 73.4% (continued) | |
CITGO Petroleum Corp.
6.25%, 8/15/2022 (a) | | | 3,654,000 | | | | 3,498,705 | | |
CNH Industrial Capital LLC
3.88%, 10/15/2021 | | | 1,559,000 | | | | 1,576,786 | | |
CommScope, Inc.
5.50%, 3/1/2024 (a) | | | 2,250,000 | | | | 2,250,000 | | |
Cornerstone Chemical Co.
6.75%, 8/15/2024 (a) | | | 1,400,000 | | | | 1,134,000 | | |
Crestwood Midstream Partners LP
6.25%, 4/1/2023 (c) | | | 873,000 | | | | 637,290 | | |
Crown Americas LLC
4.50%, 1/15/2023 | | | 3,692,000 | | | | 3,785,038 | | |
4.75%, 2/1/2026 | | | 1,844,000 | | | | 1,894,710 | | |
Dana, Inc.
5.38%, 11/15/2027 | | | 1,255,000 | | | | 1,107,537 | | |
DCP Midstream Operating LP
4.75%, 9/30/2021 (a) | | | 5,186,000 | | | | 4,900,770 | | |
Dell International LLC
7.13%, 6/15/2024 (a) | | | 4,740,000 | | | | 4,911,588 | | |
EMC Corp.
2.65%, 6/1/2020 | | | 1,124,000 | | | | 1,118,380 | | |
Energizer Holdings, Inc.
5.50%, 6/15/2025 (a) | | | 184,000 | | | | 186,135 | | |
6.38%, 7/15/2026 (a) | | | 2,887,000 | | | | 2,970,001 | | |
EW Scripps Co. (The)
5.13%, 5/15/2025 (a) | | | 1,578,000 | | | | 1,330,570 | | |
Fair Isaac Corp.
4.00%, 6/15/2028 (a) | | | 1,669,000 | | | | 1,656,482 | | |
FirstCash, Inc.
5.38%, 6/1/2024 (a) | | | 1,596,000 | | | | 1,599,990 | | |
Ford Motor Co.
8.50%, 4/21/2023 | | | 1,169,000 | | | | 1,157,310 | | |
9.00%, 4/22/2025 | | | 1,169,000 | | | | 1,136,853 | | |
Ford Motor Credit Co. LLC
2.43%, 6/12/2020 | | | 2,016,000 | | | | 2,005,920 | | |
Fortune Brands Home & Security, Inc.
3.00%, 6/15/2020 | | | 2,002,000 | | | | 2,001,680 | | |
GameStop Corp.
6.75%, 3/15/2021 (a) | | | 2,777,000 | | | | 2,179,945 | | |
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First Eagle High Income Fund (formerly named First Eagle High Yield Fund) | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
United States — 73.4% (continued) | |
GLP Capital LP
REIT, 5.25%, 6/1/2025 | | | 3,627,000 | | | | 3,527,620 | | |
HCA, Inc.
5.88%, 5/1/2023 | | | 1,470,000 | | | | 1,581,661 | | |
3.50%, 9/1/2030 | | | 607,000 | | | | 579,304 | | |
Hill-Rom Holdings, Inc.
5.00%, 2/15/2025 (a) | | | 2,720,000 | | | | 2,774,400 | | |
4.38%, 9/15/2027 (a) | | | 306,000 | | | | 309,825 | | |
IQVIA, Inc.
5.00%, 10/15/2026 (a) | | | 800,000 | | | | 824,640 | | |
5.00%, 5/15/2027 (a) | | | 1,075,000 | | | | 1,104,229 | | |
JBS USA LUX SA
6.75%, 2/15/2028 (a) | | | 1,993,000 | | | | 2,134,383 | | |
Kaiser Aluminum Corp.
6.50%, 5/1/2025 (a) | | | 292,000 | | | | 297,475 | | |
4.63%, 3/1/2028 (a) | | | 1,312,000 | | | | 1,221,472 | | |
KFC Holding Co.
5.00%, 6/1/2024 (a) | | | 3,845,000 | | | | 3,961,811 | | |
Koppers, Inc.
6.00%, 2/15/2025 (a) | | | 1,389,000 | | | | 1,128,563 | | |
Lamb Weston Holdings, Inc.
4.63%, 11/1/2024 (a) | | | 1,939,000 | | | | 1,976,811 | | |
4.88%, 11/1/2026 (a) | | | 388,000 | | | | 389,940 | | |
Lennar Corp.
6.63%, 5/1/2020 | | | 4,105,000 | | | | 4,105,000 | | |
2.95%, 11/29/2020 | | | 515,000 | | | | 506,245 | | |
Men's Wearhouse, Inc. (The)
7.00%, 7/1/2022 | | | 2,459,000 | | | | 1,045,567 | | |
Meredith Corp.
6.88%, 2/1/2026 | | | 3,382,000 | | | | 2,874,700 | | |
MGIC Investment Corp.
5.75%, 8/15/2023 | | | 470,000 | | | | 460,600 | | |
Moog, Inc.
4.25%, 12/15/2027 (a) | | | 155,000 | | | | 145,313 | | |
NGL Energy Partners LP
7.50%, 11/1/2023 | | | 711,000 | | | | 481,703 | | |
Nielsen Finance LLC
4.50%, 10/1/2020 | | | 1,655,000 | | | | 1,638,367 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
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First Eagle High Income Fund (formerly named First Eagle High Yield Fund) | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
United States — 73.4% (continued) | |
NortonLifeLock, Inc.
4.20%, 9/15/2020 | | | 3,442,000 | | | | 3,446,302 | | |
3.95%, 6/15/2022 | | | 459,000 | | | | 467,767 | | |
Performance Food Group, Inc.
5.50%, 10/15/2027 (a) | | | 611,000 | | | | 580,462 | | |
Pilgrim's Pride Corp.
5.75%, 3/15/2025 (a) | | | 1,021,000 | | | | 1,031,343 | | |
5.88%, 9/30/2027 (a) | | | 638,000 | | | | 645,624 | | |
Plantronics, Inc.
5.50%, 5/31/2023 (a) | | | 1,696,000 | | | | 1,343,741 | | |
Post Holdings, Inc.
4.63%, 4/15/2030 (a) | | | 1,215,000 | | | | 1,190,688 | | |
Radian Group, Inc.
4.50%, 10/1/2024 | | | 645,000 | | | | 625,650 | | |
SBA Communications Corp.
REIT, 4.88%, 9/1/2024 | | | 2,928,000 | | | | 3,029,133 | | |
REIT, 3.88%, 2/15/2027 (a) | | | 609,000 | | | | 621,941 | | |
Sealed Air Corp.
4.88%, 12/1/2022 (a) | | | 4,173,000 | | | | 4,277,325 | | |
4.00%, 12/1/2027 (a) | | | 1,252,000 | | | | 1,226,960 | | |
Shea Homes LP
4.75%, 2/15/2028 (a) | | | 1,668,000 | | | | 1,440,735 | | |
Spectrum Brands, Inc.
5.75%, 7/15/2025 | | | 2,968,000 | | | | 2,960,580 | | |
Sprint Communications, Inc.
7.00%, 8/15/2020 | | | 2,240,000 | | | | 2,259,600 | | |
6.00%, 11/15/2022 | | | 1,026,000 | | | | 1,085,108 | | |
Taylor Morrison Communities, Inc.
5.88%, 4/15/2023 (a) | | | 3,228,000 | | | | 3,131,160 | | |
5.75%, 1/15/2028 (a) | | | 918,000 | | | | 830,790 | | |
Teleflex, Inc.
4.63%, 11/15/2027 | | | 1,005,000 | | | | 1,030,125 | | |
T-Mobile USA, Inc.
6.00%, 4/15/2024 | | | 405,000 | | | | 412,938 | | |
Valvoline, Inc.
4.38%, 8/15/2025 | | | 3,874,000 | | | | 3,883,685 | | |
4.25%, 2/15/2030 (a) | | | 38,000 | | | | 36,955 | | |
VICI Properties LP
REIT, 3.50%, 2/15/2025 (a) | | | 305,000 | | | | 285,937 | | |
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First Eagle High Income Fund (formerly named First Eagle High Yield Fund) | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
United States — 73.4% (continued) | |
REIT, 4.25%, 12/1/2026 (a) | | | 245,000 | | | | 228,975 | | |
REIT, 3.75%, 2/15/2027 (a) | | | 305,000 | | | | 283,650 | | |
REIT, 4.13%, 8/15/2030 (a) | | | 305,000 | | | | 277,550 | | |
WESCO Distribution, Inc.
5.38%, 12/15/2021 | | | 4,523,000 | | | | 4,455,155 | | |
Western Digital Corp.
4.75%, 2/15/2026 | | | 1,850,000 | | | | 1,888,721 | | |
WW International, Inc.
8.63%, 12/1/2025 (a) | | | 2,651,000 | | | | 2,635,359 | | |
Yum! Brands, Inc.
7.75%, 4/1/2025 (a) | | | 144,000 | | | | 156,978 | | |
| | | | 154,903,421 | | |
Total Corporate Bonds
(Cost $185,366,304) | | | 171,164,406 | | |
Loan Assignments — 5.5% | |
United States — 5.5% | |
BI-LO Holding Finance LLC, 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 8.00%),
9.38%, 5/31/2024(e) | | | 4,724,393 | | | | 4,452,740 | | |
BJ's Wholesale Club, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.25%),
3.08%, 2/3/2024 (e) | | | 3,127,620 | | | | 3,029,882 | | |
Osum Production Corp., 1st Lien Term Loan B-EXT
(ICE LIBOR USD 3 Month +7.50%),
8.95%, 7/31/2022‡ (e) | | | 5,613,370 | | | | 4,153,894 | | |
| | | | 11,636,516 | | |
Total Loan Assignments
(Cost $13,205,575) | | | 11,636,516 | | |
| | | Shares | | | |
Common Stocks — 4.2% | |
United States — 4.2% | |
Southeastern Grocers, Inc.*‡ (f)
(Cost $7,855,278) | | | 257,973 | | | | 8,799,459 | | |
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89
First Eagle High Income Fund (formerly named First Eagle High Yield Fund) | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Principal Amount ($) | | Value ($) | |
Short-Term Investments — 7.7% | |
Commercial Paper — 7.7% | |
Eni Finance USA, Inc.
1.24%, 5/1/2020 (a)(g) | | | 3,774,000 | | | | 3,773,867 | | |
Entergy Corp.
0.90%, 5/1/2020 (a)(g) | | | 2,830,000 | | | | 2,829,929 | | |
General Motors Financial Co., Inc.
3.50%, 5/1/2020 (g) | | | 5,471,000 | | | | 5,470,464 | | |
Hitachi America Capital Ltd.
0.45%, 5/1/2020 (a)(g) | | | 4,151,000 | | | | 4,150,945 | | |
Total Commercial Paper
(Cost $16,226,000) | | | 16,225,205 | | |
| | | Shares | | | |
Investment Companies — 0.0% (h) | |
JP Morgan U.S. Government Money Market Fund,
Agency Shares 0.14% (i)
(Cost $2,398) | | | 2,398 | | | | 2,398 | | |
Total Short-Term Investments
(Cost $16,228,398) | | | 16,227,603 | | |
Total Investments — 98.5%
(Cost $222,655,555) | | | 207,827,984 | | |
Other Assets Less Liabilities — 1.5% | | | 3,151,076 | | |
Net Assets — 100.0% | | | 210,979,060 | | |
* Non-income producing security.
‡ Value determined using significant unobservable inputs.
(a) Securities exempt from registration under Rule 144A or section 4(a)2 of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total value of all such securities at April 30, 2020 amounted to $103,690,221, which represents approximately 49.15% of net assets of the Fund.
(b) Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed.
(c) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of April 30, 2020.
(d) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(e) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2020.
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90
First Eagle High Income Fund (formerly named First Eagle High Yield Fund) | Schedule of Investments | April 30, 2020 (unaudited)
(f) Security fair valued as of April 30, 2020 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2020 amounted to $8,799,459, which represents approximately 4.17% of net assets of the Fund.
(g) The rate shown was the current yield as of April 30, 2020.
(h) Represents less than 0.05% of net assets.
(i) Represents 7-day effective yield as of April 30, 2020.
As of April 30, 2020, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | | $ | 2,594,109 | | |
Aggregate gross unrealized depreciation | | | (17,421,680 | ) | |
Net unrealized depreciation | | $ | (14,827,571 | ) | |
Federal income tax cost | | $ | 222,655,555 | | |
Abbreviations
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rate
REIT — Real Estate Investment Trust
USD — United States Dollar
See Notes to Financial Statements
First Eagle Funds | Semiannual Report | April 30, 2020
91
First Eagle Fund of America
Data as of April 30, 2020 (unaudited)
Investment Objective
The First Eagle Fund of America is a non-diversified U.S. equity fund that seeks capital appreciation by investing primarily in domestic stocks and, to a lesser extent, in debt and foreign equity securities. The Fund has a unique event-driven bias that focuses on identifying companies poised to benefit from change that the market has not yet recognized.
Average Annual Returns^ (%) | | | | One Year | | Five Years | | Ten Years | |
First Eagle Fund of America | | Class Y | | | -10.61 | | | | -1.42 | | | | 6.43 | | |
S&P 500 Index | | | | | 0.86 | | | | 9.12 | | | | 11.69 | | |
Sectors* (%)
Health Care | | | 19.6 | | |
Materials | | | 16.6 | | |
Consumer Discretionary | | | 12.2 | | |
Financials | | | 11.7 | | |
Information Technology | | | 10.0 | | |
Industrials | | | 9.1 | | |
Consumer Staples | | | 8.4 | | |
Communication Services | | | 2.6 | | |
Energy | | | 2.3 | | |
Short-Term Investments | | | 7.5 | | |
^ Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.
* Asset Allocation and Sector percentages are based on total investments in the portfolio.
The Fund's portfolio composition is subject to change at any time.
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92
First Eagle Fund of America | Fund Overview
Growth of a $10,000 Initial Investment
Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.
The S&P 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy. Although the S&P 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market. The S&P 500 Index includes dividends reinvested. One cannot invest directly in an index.
Top 10 Holdings* (%)
Post Holdings, Inc. (Food Products, United States) | | | 8.8 | | |
Ball Corp. (Containers & Packaging, United States) | | | 8.6 | | |
Laboratory Corp. of America Holdings (Health Care Providers & Services, United States) | | | 5.3 | | |
Equifax, Inc. (Professional Services, United States) | | | 5.2 | | |
Halozyme Therapeutics, Inc. (Biotechnology, United States) | | | 5.1 | | |
Martin Marietta Materials, Inc. (Construction Materials, United States) | | | 4.8 | | |
ServiceMaster Global Holdings, Inc. (Diversified Consumer Services, United States) | | | 4.7 | | |
frontdoor, Inc. (Diversified Consumer Services, United States) | | | 4.4 | | |
KKR & Co., Inc. (Capital Markets, United States) | | | 4.4 | | |
HP, Inc. (Technology Hardware, Storage & Peripherals, United States) | | | 4.4 | | |
Total | | | 55.7 | | |
*Holdings in cash, commercial paper and other short-term cash equivalents have been excluded.
Percentages are based on total net assets.
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93
First Eagle Fund of America | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
Common Stocks — 96.2% | |
Aerospace & Defense — 3.7% | |
General Dynamics Corp. (a) | | | 201,505 | | | | 26,320,583 | | |
Biotechnology — 7.3% | |
Alnylam Pharmaceuticals, Inc.* (a) | | | 29,400 | | | | 3,871,980 | | |
Biogen, Inc.* (a) | | | 26,600 | | | | 7,895,678 | | |
Halozyme Therapeutics, Inc.* (a) | | | 1,583,675 | | | | 35,878,157 | | |
Precigen, Inc.* | | | 996,818 | | | | 3,588,545 | | |
| | | | 51,234,360 | | |
Capital Markets — 7.9% | |
Intercontinental Exchange, Inc. (a) | | | 277,627 | | | | 24,833,735 | | |
KKR & Co., Inc., Class A (a) | | | 1,231,480 | | | | 31,045,611 | | |
| | | | 55,879,346 | | |
Chemicals — 3.6% | |
Air Products and Chemicals, Inc. (a) | | | 16,400 | | | | 3,699,512 | | |
Sherwin-Williams Co. (The) (a) | | | 40,300 | | | | 21,615,711 | | |
| | | | 25,315,223 | | |
Construction Materials — 4.9% | |
Martin Marietta Materials, Inc. (a) | | | 177,052 | | | | 33,680,602 | | |
Vulcan Materials Co. (a) | | | 9,400 | | | | 1,061,918 | | |
| | | | 34,742,520 | | |
Containers & Packaging — 8.7% | |
Ball Corp. (a) | | | 927,372 | | | | 60,826,329 | | |
Diversified Consumer Services — 9.1% | |
frontdoor, Inc.* (a) | | | 803,699 | | | | 31,111,188 | | |
ServiceMaster Global Holdings, Inc.* (a) | | | 964,246 | | | | 32,832,577 | | |
| | | | 63,943,765 | | |
Food Products — 8.8% | |
Post Holdings, Inc.* (a) | | | 670,511 | | | | 61,586,435 | | |
Health Care Providers & Services — 6.6% | |
DaVita, Inc.* (a) | | | 105,200 | | | | 8,311,852 | | |
Laboratory Corp. of America Holdings* (a) | | | 226,082 | | | | 37,179,185 | | |
Quest Diagnostics, Inc. (a) | | | 9,500 | | | | 1,046,045 | | |
| | | | 46,537,082 | | |
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94
First Eagle Fund of America | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
Hotels, Restaurants & Leisure — 1.1% | |
Wyndham Destinations, Inc. (a) | | | 302,208 | | | | 7,727,459 | | |
Insurance — 4.2% | |
Aon plc (a) | | | 172,189 | | | | 29,731,875 | | |
Interactive Media & Services — 2.7% | |
Zillow Group, Inc., Class C* (a) | | | 431,600 | | | | 18,973,136 | | |
Life Sciences Tools & Services — 1.0% | |
Charles River Laboratories International, Inc.* (a) | | | 49,600 | | | | 7,175,632 | | |
Oil, Gas & Consumable Fuels — 2.4% | |
Marathon Petroleum Corp. | | | 527,751 | | | | 16,930,252 | | |
Pharmaceuticals — 5.5% | |
Innoviva, Inc.* (a) | | | 2,028,994 | | | | 28,771,135 | | |
Mylan NV* (a) | | | 475,231 | | | | 7,969,624 | | |
TherapeuticsMD, Inc.* | | | 1,174,280 | | | | 1,855,362 | | |
| | | | 38,596,121 | | |
Professional Services — 5.2% | |
Equifax, Inc. (a) | | | 263,900 | | | | 36,655,710 | | |
Semiconductors & Semiconductor Equipment — 6.1% | |
Cree, Inc.* (a) | | | 540,500 | | | | 23,311,765 | | |
Entegris, Inc. (a) | | | 354,900 | | | | 19,246,227 | | |
| | | | 42,557,992 | | |
Specialty Retail — 2.5% | |
AutoZone, Inc.* (a) | | | 17,000 | | | | 17,345,440 | | |
Technology Hardware, Storage & Peripherals — 4.4% | |
HP, Inc. (a) | | | 1,988,702 | | | | 30,844,768 | | |
Trading Companies & Distributors — 0.5% | |
HD Supply Holdings, Inc.* | | | 109,084 | | | | 3,237,613 | | |
Total Common Stocks
(Cost $620,609,848) | | | 676,161,641 | | |
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95
First Eagle Fund of America | Schedule of Investments | April 30, 2020 (unaudited)
Investments | | Shares | | Value ($) | |
Short-Term Investments — 7.8% | |
Investment Companies — 7.8% | |
JP Morgan U.S. Government Money Market Fund,
Agency Shares, 0.14% (b)
(Cost $54,959,365) | | | 54,959,365 | | | | 54,959,365 | | |
Total Investments — 104.0%
(Cost $675,569,213) | | | 731,121,006 | | |
Liabilities in Excess of Other Assets — (4.0%) | | | (27,908,317 | ) | |
Net Assets — 100.0% | | | 703,212,689 | | |
* Non-income producing security.
(a) All or a portion of the security pledged as collateral for call options written.
(b) Represents 7-day effective yield as of April 30, 2020.
As of April 30, 2020, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | | $ | 105,723,695 | | |
Aggregate gross unrealized depreciation | | | (51,355,894 | ) | |
Net unrealized appreciation | | $ | 54,367,801 | | |
Federal income tax cost | | $ | 675,569,213 | | |
Written Call Options Contracts as of April 30, 2020
Description | | Counterparty | | Number of
Contracts | | Notional
Amount | | Exercise
Price | | Expiration
Date | | Value ($) | |
Air Products and
Chemicals, Inc. | | Exchange Traded | | | 33 | | | USD | (744,414 | ) | | USD | 200.00 | | | 5/15/2020 | | | (90,090 | ) | |
Air Products and
Chemicals, Inc. | | Exchange Traded | | | 99 | | | USD | (2,233,242 | ) | | USD | 210.00 | | | 5/15/2020 | | | (180,180 | ) | |
Air Products and
Chemicals, Inc. | | Exchange Traded | | | 16 | | | USD | (360,928 | ) | | USD | 210.00 | | | 6/19/2020 | | | (35,920 | ) | |
Air Products and
Chemicals, Inc. | | Exchange Traded | | | 16 | | | USD | (360,928 | ) | | USD | 220.00 | | | 6/19/2020 | | | (24,960 | ) | |
Alnylam
Pharmaceuticals,
Inc. | | Exchange Traded | | | 202 | | | USD | (2,660,340 | ) | | USD | 125.00 | | | 5/15/2020 | | | (206,040 | ) | |
Alnylam
Pharmaceuticals,
Inc. | | Exchange Traded | | | 29 | | | USD | (381,930 | ) | | USD | 125.00 | | | 6/19/2020 | | | (48,894 | ) | |
Aon plc | | Exchange Traded | | | 78 | | | USD | (1,346,826 | ) | | USD | 180.00 | | | 5/15/2020 | | | (22,620 | ) | |
Aon plc | | Exchange Traded | | | 343 | | | USD | (5,922,581 | ) | | USD | 180.00 | | | 6/19/2020 | | | (198,940 | ) | |
AutoZone, Inc. | | Exchange Traded | | | 24 | | | USD | (2,448,768 | ) | | USD | 900.00 | | | 5/15/2020 | | | (307,200 | ) | |
Ball Corp. | | Exchange Traded | | | 110 | | | USD | (721,490 | ) | | USD | 60.00 | | | 5/15/2020 | | | (71,500 | ) | |
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96
First Eagle Fund of America | Schedule of Investments | April 30, 2020 (unaudited)
Written Call Options Contracts as of April 30, 2020 (continued)
Description | | Counterparty | | Number of
Contracts | | Notional
Amount | | Exercise
Price | | Expiration
Date | | Value ($) | |
Ball Corp. | | Exchange Traded | | | 345 | | | USD | (2,262,855 | ) | | USD | 67.50 | | | 5/15/2020 | | | (63,825 | ) | |
Ball Corp. | | Exchange Traded | | | 728 | | | USD | (4,774,952 | ) | | USD | 70.00 | | | 6/19/2020 | | | (160,160 | ) | |
Ball Corp. | | Exchange Traded | | | 387 | | | USD | (2,538,333 | ) | | USD | 75.00 | | | 6/19/2020 | | | (31,928 | ) | |
Ball Corp. | | Exchange Traded | | | 1,129 | | | USD | (7,405,111 | ) | | USD | 80.00 | | | 8/21/2020 | | | (118,545 | ) | |
Biogen, Inc. | | Exchange Traded | | | 70 | | | USD | (2,077,810 | ) | | USD | 300.00 | | | 6/19/2020 | | | (109,200 | ) | |
Biogen, Inc. | | Exchange Traded | | | 70 | | | USD | (2,077,810 | ) | | USD | 305.00 | | | 6/19/2020 | | | (91,000 | ) | |
Biogen, Inc. | | Exchange Traded | | | 126 | | | USD | (3,740,058 | ) | | USD | 310.00 | | | 6/19/2020 | | | (148,302 | ) | |
Charles River
Laboratories
International, Inc. | | Exchange Traded | | | 25 | | | USD | (361,675 | ) | | USD | 130.00 | | | 5/15/2020 | | | (41,250 | ) | |
Charles River
Laboratories
International, Inc. | | Exchange Traded | | | 123 | | | USD | (1,779,441 | ) | | USD | 135.00 | | | 5/15/2020 | | | (161,745 | ) | |
Charles River
Laboratories
International, Inc. | | Exchange Traded | | | 49 | | | USD | (708,883 | ) | | USD | 140.00 | | | 5/15/2020 | | | (44,100 | ) | |
Charles River
Laboratories
International, Inc. | | Exchange Traded | | | 150 | | | USD | (2,170,050 | ) | | USD | 140.00 | | | 6/19/2020 | | | (189,300 | ) | |
Charles River
Laboratories
International, Inc. | | Exchange Traded | | | 25 | | | USD | (361,675 | ) | | USD | 145.00 | | | 6/19/2020 | | | (25,000 | ) | |
Charles River
Laboratories
International, Inc. | | Exchange Traded | | | 124 | | | USD | (1,793,908 | ) | | USD | 150.00 | | | 8/21/2020 | | | (138,260 | ) | |
Cree, Inc. | | Exchange Traded | | | 917 | | | USD | (3,955,021 | ) | | USD | 35.00 | | | 5/15/2020 | | | (788,620 | ) | |
Cree, Inc. | | Exchange Traded | | | 541 | | | USD | (2,333,333 | ) | | USD | 40.00 | | | 5/15/2020 | | | (238,040 | ) | |
Cree, Inc. | | Exchange Traded | | | 1,081 | | | USD | (4,662,353 | ) | | USD | 45.00 | | | 6/19/2020 | | | (286,465 | ) | |
Cree, Inc. | | Exchange Traded | | | 743 | | | USD | (3,204,559 | ) | | USD | 50.00 | | | 6/19/2020 | | | (81,730 | ) | |
DaVita, Inc. | | Exchange Traded | | | 444 | | | USD | (3,508,044 | ) | | USD | 75.00 | | | 5/15/2020 | | | (244,200 | ) | |
DaVita, Inc. | | Exchange Traded | | | 227 | | | USD | (1,793,527 | ) | | USD | 75.00 | | | 6/19/2020 | | | (195,220 | ) | |
DaVita, Inc. | | Exchange Traded | | | 45 | | | USD | (355,545 | ) | | USD | 75.00 | | | 7/17/2020 | | | (36,225 | ) | |
DaVita, Inc. | | Exchange Traded | | | 178 | | | USD | (1,406,378 | ) | | USD | 77.50 | | | 7/17/2020 | | | (115,700 | ) | |
Entegris, Inc. | | Exchange Traded | | | 1,638 | | | USD | (8,882,874 | ) | | USD | 50.00 | | | 5/15/2020 | | | (753,480 | ) | |
Entegris, Inc. | | Exchange Traded | | | 667 | | | USD | (3,617,141 | ) | | USD | 50.00 | | | 7/17/2020 | | | (446,890 | ) | |
Entegris, Inc. | | Exchange Traded | | | 1,244 | | | USD | (6,746,212 | ) | | USD | 55.00 | | | 7/17/2020 | | | (497,600 | ) | |
Equifax, Inc. | | Exchange Traded | | | 244 | | | USD | (3,389,160 | ) | | USD | 120.00 | | | 5/15/2020 | | | (468,480 | ) | |
Equifax, Inc. | | Exchange Traded | | | 132 | | | USD | (1,833,480 | ) | | USD | 130.00 | | | 6/19/2020 | | | (180,180 | ) | |
Equifax, Inc. | | Exchange Traded | | | 528 | | | USD | (7,333,920 | ) | | USD | 130.00 | | | 7/17/2020 | | | (818,400 | ) | |
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First Eagle Fund of America | Schedule of Investments | April 30, 2020 (unaudited)
Written Call Options Contracts as of April 30, 2020 (continued)
Description | | Counterparty | | Number of
Contracts | | Notional
Amount | | Exercise
Price | | Expiration
Date | | Value ($) | |
Equifax, Inc. | | Exchange Traded | | | 264 | | | USD | (3,666,960 | ) | | USD | 135.00 | | | 6/19/2020 | | | (254,760 | ) | |
Equifax, Inc. | | Exchange Traded | | | 680 | | | USD | (9,445,200 | ) | | USD | 140.00 | | | 7/17/2020 | | | (668,440 | ) | |
frontdoor, Inc. | | Exchange Traded | | | 243 | | | USD | (940,653 | ) | | USD | 38.00 | | | 7/17/2020 | | | (99,630 | ) | |
frontdoor, Inc. | | Exchange Traded | | | 402 | | | USD | (1,556,142 | ) | | USD | 39.00 | | | 6/19/2020 | | | (106,530 | ) | |
frontdoor, Inc. | | Exchange Traded | | | 402 | | | USD | (1,556,142 | ) | | USD | 39.00 | | | 7/17/2020 | | | (148,740 | ) | |
General
Dynamics Corp. | | Exchange Traded | | | 530 | | | USD | (6,922,860 | ) | | USD | 130.00 | | | 5/15/2020 | | | (212,000 | ) | |
General
Dynamics Corp. | | Exchange Traded | | | 51 | | | USD | (666,162 | ) | | USD | 135.00 | | | 6/19/2020 | | | (22,440 | ) | |
General
Dynamics Corp. | | Exchange Traded | | | 233 | | | USD | (3,043,446 | ) | | USD | 140.00 | | | 5/15/2020 | | | (10,718 | ) | |
General
Dynamics Corp. | | Exchange Traded | | | 207 | | | USD | (2,703,834 | ) | | USD | 140.00 | | | 8/21/2020 | | | (110,745 | ) | |
General
Dynamics Corp. | | Exchange Traded | | | 103 | | | USD | (1,345,386 | ) | | USD | 145.00 | | | 6/19/2020 | | | (13,905 | ) | |
General
Dynamics Corp. | | Exchange Traded | | | 103 | | | USD | (1,345,386 | ) | | USD | 145.00 | | | 8/21/2020 | | | (36,565 | ) | |
Halozyme
Therapeutics, Inc. | | Exchange Traded | | | 332 | | | USD | (752,146 | ) | | USD | 19.00 | | | 6/19/2020 | | | (132,800 | ) | |
Halozyme
Therapeutics, Inc. | | Exchange Traded | | | 1,584 | | | USD | (3,588,552 | ) | | USD | 21.00 | | | 6/19/2020 | | | (403,920 | ) | |
Halozyme
Therapeutics, Inc. | | Exchange Traded | | | 1,584 | | | USD | (3,588,552 | ) | | USD | 22.00 | | | 6/19/2020 | | | (297,000 | ) | |
Halozyme
Therapeutics, Inc. | | Exchange Traded | | | 1,000 | | | USD | (2,265,500 | ) | | USD | 22.00 | | | 9/18/2020 | | | (285,000 | ) | |
Halozyme
Therapeutics, Inc. | | Exchange Traded | | | 792 | | | USD | (1,794,276 | ) | | USD | 23.00 | | | 6/19/2020 | | | (112,860 | ) | |
Halozyme
Therapeutics, Inc. | | Exchange Traded | | | 792 | | | USD | (1,794,276 | ) | | USD | 24.00 | | | 6/19/2020 | | | (75,240 | ) | |
HP, Inc. | | Exchange Traded | | | 299 | | | USD | (463,749 | ) | | USD | 16.00 | | | 6/19/2020 | | | (26,910 | ) | |
Innoviva, Inc. | | Exchange Traded | | | 811 | | | USD | (1,149,998 | ) | | USD | 13.00 | | | 5/15/2020 | | | (121,650 | ) | |
Innoviva, Inc. | | Exchange Traded | | | 5,200 | | | USD | (7,373,600 | ) | | USD | 14.00 | | | 6/19/2020 | | | (546,000 | ) | |
Innoviva, Inc. | | Exchange Traded | | | 380 | | | USD | (538,840 | ) | | USD | 15.00 | | | 6/19/2020 | | | (32,300 | ) | |
Innoviva, Inc. | | Exchange Traded | | | 498 | | | USD | (706,164 | ) | | USD | 15.00 | | | 9/18/2020 | | | (49,800 | ) | |
Intercontinental
Exchange, Inc. | | Exchange Traded | | | 278 | | | USD | (2,486,710 | ) | | USD | 80.00 | | | 5/15/2020 | | | (316,920 | ) | |
Intercontinental
Exchange, Inc. | | Exchange Traded | | | 277 | | | USD | (2,477,765 | ) | | USD | 80.00 | | | 6/19/2020 | | | (288,080 | ) | |
Intercontinental
Exchange, Inc. | | Exchange Traded | | | 40 | | | USD | (357,800 | ) | | USD | 90.00 | | | 5/15/2020 | | | (8,800 | ) | |
First Eagle Funds | Semiannual Report | April 30, 2020
98
First Eagle Fund of America | Schedule of Investments | April 30, 2020 (unaudited)
Written Call Options Contracts as of April 30, 2020 (continued)
Description | | Counterparty | | Number of
Contracts | | Notional
Amount | | Exercise
Price | | Expiration
Date | | Value ($) | |
Intercontinental
Exchange, Inc. | | Exchange Traded | | | 133 | | | USD | (1,189,685 | ) | | USD | 95.00 | | | 6/19/2020 | | | (24,605 | ) | |
KKR & Co., Inc. | | Exchange Traded | | | 342 | | | USD | (862,182 | ) | | USD | 25.00 | | | 6/19/2020 | | | (68,400 | ) | |
Laboratory Corp.
of America Holdings | | Exchange Traded | | | 51 | | | USD | (838,695 | ) | | USD | 130.00 | | | 5/15/2020 | | | (181,815 | ) | |
Laboratory Corp.
of America Holdings | | Exchange Traded | | | 25 | | | USD | (411,125 | ) | | USD | 135.00 | | | 5/15/2020 | | | (74,625 | ) | |
Laboratory Corp.
of America Holdings | | Exchange Traded | | | 357 | | | USD | (5,870,865 | ) | | USD | 170.00 | | | 8/21/2020 | | | (514,080 | ) | |
Laboratory Corp.
of America Holdings | | Exchange Traded | | | 339 | | | USD | (5,574,855 | ) | | USD | 175.00 | | | 8/21/2020 | | | (406,800 | ) | |
Martin Marietta
Materials, Inc. | | Exchange Traded | | | 181 | | | USD | (3,443,163 | ) | | USD | 190.00 | | | 7/17/2020 | | | (300,460 | ) | |
Mylan NV | | Exchange Traded | | | 30 | | | USD | (50,310 | ) | | USD | 15.00 | | | 5/15/2020 | | | (7,290 | ) | |
Post Holdings, Inc. | | Exchange Traded | | | 107 | | | USD | (982,795 | ) | | USD | 95.00 | | | 5/15/2020 | | | (22,470 | ) | |
Quest Diagnostics,
Inc. | | Exchange Traded | | | 95 | | | USD | (1,046,045 | ) | | USD | 110.00 | | | 6/19/2020 | | | (60,325 | ) | |
ServiceMaster
Global Holdings, Inc. | | Exchange Traded | | | 236 | | | USD | (803,580 | ) | | USD | 30.00 | | | 5/15/2020 | | | (120,360 | ) | |
ServiceMaster
Global Holdings, Inc. | | Exchange Traded | | | 542 | | | USD | (1,845,510 | ) | | USD | 35.00 | | | 5/15/2020 | | | (86,720 | ) | |
Sherwin-Williams Co.
(The) | | Exchange Traded | | | 7 | | | USD | (375,459 | ) | | USD | 460.00 | | | 5/15/2020 | | | (55,580 | ) | |
Sherwin-Williams Co.
(The) | | Exchange Traded | | | 2 | | | USD | (107,274 | ) | | USD | 500.00 | | | 5/15/2020 | | | (8,380 | ) | |
Sherwin-Williams Co.
(The) | | Exchange Traded | | | 20 | | | USD | (1,072,740 | ) | | USD | 550.00 | | | 6/19/2020 | | | (46,960 | ) | |
Vulcan Materials Co. | | Exchange Traded | | | 94 | | | USD | (1,061,918 | ) | | USD | 110.00 | | | 6/19/2020 | | | (84,600 | ) | |
Wyndham
Destinations, Inc. | | Exchange Traded | | | 3,005 | | | USD | (7,683,785 | ) | | USD | 20.00 | | | 5/15/2020 | | | (1,818,025 | ) | |
Zillow Group, Inc. | | Exchange Traded | | | 417 | | | USD | (1,833,132 | ) | | USD | 40.00 | | | 5/15/2020 | | | (254,370 | ) | |
Zillow Group, Inc. | | Exchange Traded | | | 348 | | | USD | (1,529,808 | ) | | USD | 40.00 | | | 8/21/2020 | | | (341,040 | ) | |
Zillow Group, Inc. | | Exchange Traded | | | 89 | | | USD | (391,244 | ) | | USD | 45.00 | | | 8/21/2020 | | | (66,305 | ) | |
Total Written Options Contracts (Premiums Received ($15,401,160)) | | | | | | | | | | | | | (16,585,152 | ) | |
Abbreviations
USD — United States Dollar
See Notes to Financial Statements.
First Eagle Funds | Semiannual Report | April 30, 2020
99
Statements of Assets and Liabilities
| | | First Eagle
Global Fund* | | First Eagle
Overseas Fund* | |
Assets | |
Investments, at Cost (Note 1) | |
Investments in securities of unaffiliated issuers | | $ | 30,106,529,473 | | | $ | 9,142,143,457 | | |
Investments in securities of affiliated issuers | | | 1,732,268,692 | | | | 143,901,015 | | |
Gold bullion | | | 3,255,381,405 | | | | 806,520,370 | | |
Silver bullion | | | — | | | | — | | |
Investments, at Value (Note 1) | |
Investments in securities of unaffiliated issuers | | | 34,498,689,466 | | | | 10,127,566,738 | | |
Investments in securities of affiliated issuers | | | 1,391,940,485 | | | | 266,659,588 | | |
Gold bullion | | | 5,207,551,127 | | | | 1,433,706,256 | | |
Silver bullion | | | — | | | | — | | |
Unrealized appreciation on forward foreign currency exchange contracts | | | 12,077,653 | | | | 4,949,632 | | |
Receivable for investment securities sold | | | 162,174,191 | | | | 16,011,116 | | |
Foreign tax reclaims receivable | | | 28,993,919 | | | | 21,727,084 | | |
Receivable for Fund shares sold | | | 44,282,739 | | | | 33,174,451 | | |
Accrued interest and dividends receivable | | | 124,311,465 | | | | 56,059,035 | | |
Investment for trustee deferred compensation plan (Note 2) | | | 4,113,989 | | | | 3,391,746 | | |
Other assets | | | 128,851 | | | | 41,827 | | |
Total Assets | | | 41,474,263,885 | | | | 11,963,287,473 | | |
Liabilities | |
Investment advisory fees payable (Note 2) | | | 24,651,092 | | | | 7,114,087 | | |
Payable for investment securities purchased | | | 24,417,065 | | | | 12,742,086 | | |
Distribution fees payable (Note 3) | | | 4,891,484 | | | | 513,199 | | |
Administrative fees payable (Note 2) | | | 647,771 | | | | 225,161 | | |
Trustee deferred compensation plan (Note 2) | | | 4,113,989 | | | | 3,391,746 | | |
Service fees payable (Note 3) | | | 875,648 | | | | 56,800 | | |
Trustee fees payable | | | 185,703 | | | | 68,626 | | |
Unrealized depreciation on forward foreign currency exchange contracts | | | 4,633,877 | | | | 1,424,631 | | |
Payable for Fund shares redeemed | | | 99,110,598 | | | | 18,451,052 | | |
Accrued expenses and other liabilities | | | 8,032,141 | | | | 2,657,098 | | |
Total Liabilities | | | 171,559,368 | | | | 46,644,486 | | |
Net Assets | | $ | 41,302,704,517 | | | $ | 11,916,642,987 | | |
Net Assets Consist of | |
Capital stock (par value, $0.001 per share) | | | 806,712 | | | | 549,752 | | |
Capital surplus | | | 34,479,973,832 | | | | 10,619,403,440 | | |
Total distributable earnings (losses) | | | 6,821,923,973 | | | | 1,296,689,795 | | |
Net Assets | | $ | 41,302,704,517 | | | $ | 11,916,642,987 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
100
April 30, 2020 (unaudited)
| | | First Eagle
U.S. Value Fund* | | First Eagle
Gold Fund* | |
Assets | |
Investments, at Cost (Note 1) | |
Investments in securities of unaffiliated issuers | | $ | 885,121,641 | | | $ | 789,715,341 | | |
Investments in securities of affiliated issuers | | | — | | | | 22,547,808 | | |
Gold bullion | | | 100,941,624 | | | | 108,184,984 | | |
Silver bullion | | | — | | | | 70,734,961 | | |
Investments, at Value (Note 1) | |
Investments in securities of unaffiliated issuers | | | 1,040,996,797 | | | | 1,296,948,293 | | |
Investments in securities of affiliated issuers | | | — | | | | 43,829,775 | | |
Gold bullion | | | 164,173,408 | | | | 229,182,761 | | |
Silver bullion | | | — | | | | 62,323,085 | | |
Unrealized appreciation on forward foreign currency exchange contracts | | | — | | | | — | | |
Receivable for investment securities sold | | | 4,823,700 | | | | — | | |
Foreign tax reclaims receivable | | | — | | | | — | | |
Receivable for Fund shares sold | | | 343,003 | | | | 12,894,851 | | |
Accrued interest and dividends receivable | | | 889,095 | | | | 687,523 | | |
Investment for trustee deferred compensation plan (Note 2) | | | 3,029,676 | | | | 225,077 | | |
Other assets | | | 59,939 | | | | 10,770 | | |
Total Assets | | | 1,214,315,618 | | | | 1,646,102,135 | | |
Liabilities | |
Investment advisory fees payable (Note 2) | | | 721,892 | | | | 901,764 | | |
Payable for investment securities purchased | | | 75 | | | | — | | |
Distribution fees payable (Note 3) | | | 181,643 | | | | 171,384 | | |
Administrative fees payable (Note 2) | | | 75,704 | | | | 64,583 | | |
Trustee deferred compensation plan (Note 2) | | | 3,029,676 | | | | 225,077 | | |
Service fees payable (Note 3) | | | 28,420 | | | | 26,459 | | |
Trustee fees payable | | | 9,154 | | | | 74 | | |
Unrealized depreciation on forward foreign currency exchange contracts | | | — | | | | — | | |
Payable for Fund shares redeemed | | | 2,839,746 | | | | 2,915,369 | | |
Accrued expenses and other liabilities | | | 428,617 | | | | 342,138 | | |
Total Liabilities | | | 7,314,927 | | | | 4,646,848 | | |
Net Assets | | $ | 1,207,000,691 | | | $ | 1,641,455,287 | | |
Net Assets Consist of | |
Capital stock (par value, $0.001 per share) | | | 76,780 | | | | 71,361 | | |
Capital surplus | | | 916,453,324 | | | | 1,688,733,625 | | |
Total distributable earnings (losses) | | | 290,470,587 | | | | (47,349,699 | ) | |
Net Assets | | $ | 1,207,000,691 | | | $ | 1,641,455,287 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
101
Statements of Assets and Liabilities (continued)
| | | First Eagle
Global Fund* | | First Eagle
Overseas Fund* | |
Class A | |
Net Assets | | | 11,459,000,880 | | | | 1,723,839,792 | | |
Shares Outstanding | | | 223,626,269 | | | | 81,023,279 | | |
Net asset value per share and redemption proceeds per share | | | 51.24 | | | | 21.28 | | |
Offering price per share (NAV per share plus maximum sales charge)** | | | 53.94 | (1) | | | 22.40 | (1) | |
Class C | |
Net Assets | | | 4,364,377,339 | | | | 281,999,526 | | |
Shares Outstanding | | | 88,521,486 | | | | 13,792,914 | | |
Net asset value per share and redemption proceeds per share | | | 49.30 | | | | 20.45 | | |
Redemption proceeds per share (NAV per share less maximum contingent
deferred sale charge)(2) | | | 48.81 | | | | 20.25 | | |
Class I | |
Net Assets | | | 24,592,313,055 | | | | 9,232,445,342 | | |
Shares Outstanding | | | 477,351,784 | | | | 423,799,765 | | |
Net asset value per share and redemption proceeds per share | | | 51.52 | | | | 21.78 | | |
Class R3 | |
Net Assets | | | 6,864,859 | | | | 103,936 | | |
Shares Outstanding | | | 133,738 | | | | 4,777 | | |
Net asset value per share and redemption proceeds per share | | | 51.33 | | | | 21.76 | | |
Class R4 | |
Net Assets | | | 2,221,468 | | | | 84,601 | | |
Shares Outstanding | | | 43,146 | | | | 3,887 | | |
Net asset value per share and redemption proceeds per share | | | 51.49 | | | | 21.76 | | |
Class R5 | |
Net Assets | | | 9,202 | | | | 29,112 | | |
Shares Outstanding | | | 179 | | | | 1,339 | | |
Net asset value per share and redemption proceeds per share | | | 51.38 | | | | 21.75 | | |
Class R6 | |
Net Assets | | | 877,917,714 | | | | 678,140,678 | | |
Shares Outstanding | | | 17,035,102 | | | | 31,126,150 | | |
Net asset value per share and redemption proceeds per share | | | 51.54 | | | | 21.79 | | |
* First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively.
** A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.
(1) The maximum sales charge is 5.00% for Class A shares. Classes C, I, R3, R4, R5 and R6 have no front-end sales charges.
(2) The maximum contingent deferred sales charge (CDSC) is 1.00% for Class C shares, which is charged on the lesser of the original purchase price or the current market value at the time of sale. This pertains to shares sold or redeemed within the first year of purchase.
See Notes to Financial Statements.
First Eagle Funds | Semiannual Report | April 30, 2020
102
April 30, 2020 (unaudited)
| | | First Eagle
U.S. Value Fund* | | First Eagle
Gold Fund* | |
Class A | |
Net Assets | | | 481,526,733 | | | | 495,451,566 | | |
Shares Outstanding | | | 30,724,920 | | | | 21,763,787 | | |
Net asset value per share and redemption proceeds per share | | | 15.67 | | | | 22.76 | | |
Offering price per share (NAV per share plus maximum sales charge)** | | | 16.49 | (1) | | | 23.96 | (1) | |
Class C | |
Net Assets | | | 142,581,697 | | | | 140,237,354 | | |
Shares Outstanding | | | 9,574,910 | | | | 6,744,089 | | |
Net asset value per share and redemption proceeds per share | | | 14.89 | | | | 20.79 | | |
Redemption proceeds per share (NAV per share less maximum contingent
deferred sale charge)(2) | | | 14.74 | | | | 20.58 | | |
Class I | |
Net Assets | | | 576,733,026 | | | | 846,888,855 | | |
Shares Outstanding | | | 36,095,185 | | | | 36,093,819 | | |
Net asset value per share and redemption proceeds per share | | | 15.98 | | | | 23.46 | | |
Class R3 | |
Net Assets | | | 48,907 | | | | 615,640 | | |
Shares Outstanding | | | 3,066 | | | | 26,329 | | |
Net asset value per share and redemption proceeds per share | | | 15.95 | | | | 23.38 | | |
Class R4 | |
Net Assets | | | 8,924 | | | | 731,074 | | |
Shares Outstanding | | | 559 | | | | 31,071 | | |
Net asset value per share and redemption proceeds per share | | | 15.95 | | | | 23.53 | | |
Class R5 | |
Net Assets | | | 8,932 | | | | 360,511 | | |
Shares Outstanding | | | 560 | | | | 15,345 | | |
Net asset value per share and redemption proceeds per share | | | 15.96 | | | | 23.49 | | |
Class R6 | |
Net Assets | | | 6,092,472 | | | | 157,170,287 | | |
Shares Outstanding | | | 381,243 | | | | 6,686,922 | | |
Net asset value per share and redemption proceeds per share | | | 15.98 | | | | 23.50 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
103
Statements of Assets and Liabilities (continued)
| | | First Eagle
Global Income
Builder Fund | | First Eagle
High Income Fund
(formerly named
First Eagle
High Yield Fund) | |
Assets | |
Investments, at Cost (Note 1) | |
Investments in securities of unaffiliated issuers | | $ | 1,204,590,610 | | | $ | 222,655,555 | | |
Gold bullion | | | 74,192,280 | | | | — | | |
Investments, at Value (Note 1) | |
Investments in securities of unaffiliated issuers | | | 1,146,225,106 | | | | 207,827,984 | | |
Gold bullion | | | 100,492,887 | | | | — | | |
Unrealized appreciation on forward foreign currency exchange contracts | | | 399,410 | | | | — | | |
Receivable for investment securities sold | | | 3,825,363 | | | | — | | |
Foreign tax reclaims receivable | | | 1,943,248 | | | | — | | |
Receivable for Fund shares sold | | | 7,680,616 | | | | 1,240,468 | | |
Accrued interest and dividends receivable | | | 7,767,779 | | | | 3,156,223 | | |
Investment for trustee deferred compensation plan (Note 2) | | | 574,868 | | | | 227,303 | | |
Other assets | | | 6,425 | | | | 20,473 | | |
Total Assets | | | 1,268,915,702 | | | | 212,472,451 | | |
Liabilities | |
Investment advisory fees payable (Note 2) | | | 754,664 | | | | 117,952 | | |
Option contracts written, at value (premiums received $142,833, $— and
$15,401,160, respectively) | | | 87,099 | | | | — | | |
Payable for investment securities purchased | | | 2,073,794 | | | | — | | |
Distribution fees payable (Note 3) | | | 212,133 | | | | 36,213 | | |
Administrative fees payable (Note 2) | | | 50,310 | | | | 8,425 | | |
Trustee deferred compensation plan (Note 2) | | | 574,868 | | | | 227,303 | | |
Service fees payable (Note 3) | | | 47,114 | | | | 7,762 | | |
Trustee fees payable | | | 348 | | | | 1,186 | | |
Payable for dividends to shareholders | | | 265,395 | | | | 83,088 | | |
Unrealized depreciation on forward foreign currency exchange contracts | | | 89,062 | | | | — | | |
Payable for Fund shares redeemed | | | 6,483,864 | | | | 773,198 | | |
Accrued expenses and other liabilities | | | 228,810 | | | | 238,264 | | |
Total Liabilities | | | 10,867,461 | | | | 1,493,391 | | |
Net Assets | | $ | 1,258,048,241 | | | $ | 210,979,060 | | |
Net Assets Consist of | |
Capital stock (par value, $0.001 per share) | | | 113,408 | | | | 26,512 | | |
Capital surplus | | | 1,279,977,642 | | | | 347,157,683 | | |
Total distributable earnings (losses) | | | (22,042,809 | ) | | | (136,205,135 | ) | |
Net Assets | | $ | 1,258,048,241 | | | $ | 210,979,060 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
104
April 30, 2020 (unaudited)
| | | First Eagle
Fund of America | |
Assets | |
Investments, at Cost (Note 1) | |
Investments in securities of unaffiliated issuers | | $ | 675,569,213 | | |
Gold bullion | | | — | | |
Investments, at Value (Note 1) | |
Investments in securities of unaffiliated issuers | | | 731,121,006 | | |
Gold bullion | | | — | | |
Unrealized appreciation on forward foreign currency exchange contracts | | | — | | |
Receivable for investment securities sold | | | 1,316,088 | | |
Foreign tax reclaims receivable | | | — | | |
Receivable for Fund shares sold | | | 253,952 | | |
Accrued interest and dividends receivable | | | 319,010 | | |
Investment for trustee deferred compensation plan (Note 2) | | | 1,319,691 | | |
Other assets | | | 33,864 | | |
Total Assets | | | 734,363,611 | | |
Liabilities | |
Investment advisory fees payable (Note 2) | | | 488,977 | | |
Option contracts written, at value (premiums received $142,833, $— and
$15,401,160, respectively) | | | 16,585,152 | | |
Payable for investment securities purchased | | | 10,424,520 | | |
Distribution fees payable (Note 3) | | | 109,464 | | |
Administrative fees payable (Note 2) | | | 60,428 | | |
Trustee deferred compensation plan (Note 2) | | | 1,319,691 | | |
Service fees payable (Note 3) | | | 15,485 | | |
Trustee fees payable | | | 18,567 | | |
Payable for dividends to shareholders | | | — | | |
Unrealized depreciation on forward foreign currency exchange contracts | | | — | | |
Payable for Fund shares redeemed | | | 1,573,784 | | |
Accrued expenses and other liabilities | | | 554,854 | | |
Total Liabilities | | | 31,150,922 | | |
Net Assets | | $ | 703,212,689 | | |
Net Assets Consist of | |
Capital stock (par value, $0.001 per share) | | | 30,880 | | |
Capital surplus | | | 641,466,035 | | |
Total distributable earnings (losses) | | | 61,715,774 | | |
Net Assets | | $ | 703,212,689 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
105
Statements of Assets and Liabilities (continued)
| | | First Eagle
Global Income
Builder Fund | | First Eagle
High Income Fund
(formerly named
First Eagle
High Yield Fund) | |
Class A | |
Net Assets | | | 358,142,394 | | | | 64,291,255 | | |
Shares Outstanding | | | 32,230,215 | | | | 8,079,744 | | |
Net asset value per share and redemption proceeds per share | | | 11.11 | | | | 7.96 | | |
Offering price per share (NAV per share plus maximum sales charge)* | | | 11.69 | (1) | | | 8.34 | (2) | |
Class C | |
Net Assets | | | 234,636,012 | | | | 37,781,832 | | |
Shares Outstanding | | | 21,170,536 | | | | 4,752,224 | | |
Net asset value per share and redemption proceeds per share | | | 11.08 | | | | 7.95 | | |
Redemption proceeds per share (NAV per share less maximum
contingent deferred sale charge)(3) | | | 10.97 | | | | 7.87 | | |
Class I | |
Net Assets | | | 664,319,908 | | | | 108,434,689 | | |
Shares Outstanding | | | 59,921,616 | | | | 13,620,994 | | |
Net asset value per share and redemption proceeds per share | | | 11.09 | | | | 7.96 | | |
Class Y | |
Net Assets | | | — | | | | — | | |
Shares Outstanding | | | — | | | | — | | |
Net asset value per share and redemption proceeds per share | | | — | | | | — | | |
Class R3 | |
Net Assets | | | 48,501 | | | | 48,953 | | |
Shares Outstanding | | | 4,375 | | | | 6,145 | | |
Net asset value per share and redemption proceeds per share | | | 11.09 | | | | 7.97 | | |
Class R4 | |
Net Assets | | | 9,322 | | | | 9,347 | | |
Shares Outstanding | | | 841 | | | | 1,174 | | |
Net asset value per share and redemption proceeds per share | | | 11.08 | | | | 7.96 | | |
Class R5 | |
Net Assets | | | 9,329 | | | | 9,360 | | |
Shares Outstanding | | | 842 | | | | 1,176 | | |
Net asset value per share and redemption proceeds per share | | | 11.08 | | | | 7.96 | | |
Class R6 | |
Net Assets | | | 882,775 | | | | 403,624 | | |
Shares Outstanding | | | 79,683 | | | | 50,703 | | |
Net asset value per share and redemption proceeds per share | | | 11.08 | | | | 7.96 | | |
* A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.
Effective July 8, 2019, with respect to the First Eagle Global Income Builder Fund and the First Eagle High Income Fund, a contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $250,000 or more without an initial sales charge.
(1) The maximum sales charge is 5.00% for Class A shares. Classes C, I, Y (for First Eagle Fund of America only), R3, R4, R5 and R6 have no front-end sales charges.
(2) The maximum sales charge is 4.50% for Class A shares. Classes C, I, R3, R4, R5 and R6 have no front-end sales charges.
(3) The maximum contingent deferred sales charge (CDSC) is 1.00% for Class C shares, which is charged on the lesser of the original purchase price or the current market value at the time of sale. This pertains to shares sold or redeemed within the first year of purchase.
See Notes to Financial Statements.
First Eagle Funds | Semiannual Report | April 30, 2020
106
April 30, 2020 (unaudited)
| | | First Eagle
Fund of America | |
Class A | |
Net Assets | | | 206,470,541 | | |
Shares Outstanding | | | 8,881,195 | | |
Net asset value per share and redemption proceeds per share | | | 23.25 | | |
Offering price per share (NAV per share plus maximum sales charge)* | | | 24.47 | (1) | |
Class C | |
Net Assets | | | 79,392,369 | | |
Shares Outstanding | | | 4,692,606 | | |
Net asset value per share and redemption proceeds per share | | | 16.92 | | |
Redemption proceeds per share (NAV per share less maximum
contingent deferred sale charge)(3) | | | 16.75 | | |
Class I | |
Net Assets | | | 294,137,000 | | |
Shares Outstanding | | | 12,169,124 | | |
Net asset value per share and redemption proceeds per share | | | 24.17 | | |
Class Y | |
Net Assets | | | 121,409,356 | | |
Shares Outstanding | | | 5,062,742 | | |
Net asset value per share and redemption proceeds per share | | | 23.98 | | |
Class R3 | |
Net Assets | | | 42,518 | | |
Shares Outstanding | | | 1,768 | | |
Net asset value per share and redemption proceeds per share | | | 24.05 | | |
Class R4 | |
Net Assets | | | 8,671 | | |
Shares Outstanding | | | 359 | | |
Net asset value per share and redemption proceeds per share | | | 24.15 | | |
Class R5 | |
Net Assets | | | 8,677 | | |
Shares Outstanding | | | 359 | | |
Net asset value per share and redemption proceeds per share | | | 24.16 | | |
Class R6 | |
Net Assets | | | 1,743,557 | | |
Shares Outstanding | | | 72,087 | | |
Net asset value per share and redemption proceeds per share | | | 24.19 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
107
| | | First Eagle
Global Fund* | | First Eagle
Overseas Fund* | |
Investment Income | |
Interest (net of $1,127,306, $489,289, $— and $—, foreign taxes withheld) | | $ | 60,834,463 | | | $ | 19,050,190 | | |
Dividends from: (net of $22,077,359, $11,284,942, $89,836 and $426,376
foreign taxes withheld) | |
Unaffiliated issuers | | | 429,661,899 | | | | 108,434,523 | | |
Affiliated issuers | | | 13,210,650 | | | | 937,471 | | |
Total Income | | | 503,707,012 | | | | 128,422,184 | | |
Expenses | |
Investment advisory fees (Note 2) | | | 176,571,217 | | | | 48,929,721 | | |
Distributions fees (Note 3) | |
Class A | | | 15,938,127 | | | | 2,431,208 | | |
Class C | | | 19,107,271 | | | | 1,254,054 | | |
Class R3 | | | 13,878 | | | | 124 | | |
Class R4 | | | 1,007 | | | | 44 | | |
Shareholder servicing agent fees | | | 16,703,007 | | | | 4,888,563 | | |
Service fees (Note 3) | |
Class C | | | 6,369,091 | | | | 418,018 | | |
Class R3 | | | 5,551 | | | | 49 | | |
Administrative costs (Note 2) | | | 1,551,241 | | | | 539,202 | | |
Professional fees | | | 464,922 | | | | 199,998 | | |
Custodian and accounting fees | | | 3,654,518 | | | | 1,368,424 | | |
Shareholder reporting fees | | | 1,463,178 | | | | 447,393 | | |
Trustees' fees | | | 618,701 | | | | 177,724 | | |
Registration and filing fees | | | 387,703 | | | | 246,201 | | |
Other expenses | | | 417,146 | | | | 119,560 | | |
Total Expenses | | | 243,266,558 | | | | 61,020,283 | | |
Expense waiver (Note 2) | | | — | | | | — | | |
Expense reductions due to earnings credits (Note 1) | | | (118,920 | ) | | | (22,213 | ) | |
Net Expenses | | | 243,147,638 | | | | 60,998,070 | | |
Net Investment income (loss) (Note 1) | | | 260,559,374 | | | | 67,424,114 | | |
Realized and Unrealized Gains (Losses) on Investments and Foreign
Currency Related Transactions (Note 1) | |
Net realized gains (losses) from: | |
Transactions in investment securities of unaffiliated issuers | | | 1,175,503,404 | | | | 133,283,212 | | |
Transactions in investment securities of affiliated issuers | | | 5,540,059 | | | | 3,787,522 | | |
Commodity related transactions | | | — | | | | — | | |
Settlement of foreign currency and foreign currency transactions | | | (867,260 | ) | | | (740,122 | ) | |
Settlement of forward foreign currency exchange contracts | | | 42,198,080 | | | | 21,883,965 | | |
| | | | 1,222,374,283 | | | | 158,214,577 | | |
Changes in unrealized appreciation (depreciation) of: | |
Investment securities of unaffiliated issuers and commodity related transactions
(net of decrease in deferred capital gain country tax accruals of
$9,626,843, $2,592,992, $— and $—) | | | (5,596,356,635 | ) | | | (1,371,494,890 | ) | |
Investment securities of affiliated issuers | | | (337,913,753 | ) | | | (87,039,460 | ) | |
Foreign currency and foreign currency translations | | | (305,733 | ) | | | (34,771 | ) | |
Forward foreign currency exchange contracts | | | 14,027,355 | | | | 4,649,674 | | |
| | | | (5,920,548,766 | ) | | | (1,453,919,447 | ) | |
Net realized and unrealized gains (losses) on investments, commodity,
foreign currency and forward contract related transactions | | | (4,698,174,483 | ) | | | (1,295,704,870 | ) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | ($ | 4,437,615,109 | ) | | ($ | 1,228,280,756 | ) | |
* First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively.
See Notes to Financial Statements.
First Eagle Funds | Semiannual Report | April 30, 2020
108
April 30, 2020 (unaudited)
| | | First Eagle
U.S. Value Fund* | | First Eagle
Gold Fund* | |
Investment Income | |
Interest (net of $1,127,306, $489,289, $— and $—, foreign taxes withheld) | | $ | 2,071,205 | | | $ | 850,644 | | |
Dividends from: (net of $22,077,359, $11,284,942, $89,836 and $426,376
foreign taxes withheld) | |
Unaffiliated issuers | | | 13,475,579 | | | | 4,499,812 | | |
Affiliated issuers | | | — | | | | 157,100 | | |
Total Income | | | 15,546,784 | | | | 5,507,556 | | |
Expenses | |
Investment advisory fees (Note 2) | | | 5,290,021 | | | | 4,776,913 | | |
Distributions fees (Note 3) | |
Class A | | | 699,907 | | | | 494,631 | | |
Class C | | | 635,707 | | | | 437,203 | | |
Class R3 | | | 65 | | | | 654 | | |
Class R4 | | | 5 | | | | 204 | | |
Shareholder servicing agent fees | | | 532,214 | | | | 612,099 | | |
Service fees (Note 3) | |
Class C | | | 211,902 | | | | 145,734 | | |
Class R3 | | | 26 | | | | 262 | | |
Administrative costs (Note 2) | | | 181,292 | | | | 154,658 | | |
Professional fees | | | 109,846 | | | | 126,554 | | |
Custodian and accounting fees | | | 150,269 | | | | 300,337 | | |
Shareholder reporting fees | | | 65,329 | | | | 73,593 | | |
Trustees' fees | | | 26,702 | | | | 20,003 | | |
Registration and filing fees | | | 53,508 | | | | 91,614 | | |
Other expenses | | | 18,607 | | | | 14,038 | | |
Total Expenses | | | 7,975,400 | | | | 7,248,497 | | |
Expense waiver (Note 2) | | | (352,669 | ) | | | — | | |
Expense reductions due to earnings credits (Note 1) | | | (7,194 | ) | | | (10,383 | ) | |
Net Expenses | | | 7,615,537 | | | | 7,238,114 | | |
Net Investment income (loss) (Note 1) | | | 7,931,247 | | | | (1,730,558 | ) | |
Realized and Unrealized Gains (Losses) on Investments and Foreign
Currency Related Transactions (Note 1) | |
Net realized gains (losses) from: | |
Transactions in investment securities of unaffiliated issuers | | | 68,212,269 | | | | 7,670,888 | | |
Transactions in investment securities of affiliated issuers | | | — | | | | — | | |
Commodity related transactions | | | (790,671 | ) | | | 1,060,031 | | |
Settlement of foreign currency and foreign currency transactions | | | (4,281 | ) | | | (36,354 | ) | |
Settlement of forward foreign currency exchange contracts | | | — | | | | — | | |
| | | | 67,417,317 | | | | 8,694,565 | | |
Changes in unrealized appreciation (depreciation) of: | |
Investment securities of unaffiliated issuers and commodity related transactions
(net of decrease in deferred capital gain country tax accruals of
$9,626,843, $2,592,992, $— and $—) | | | (215,275,047 | ) | | | 259,723,662 | | |
Investment securities of affiliated issuers | | | — | | | | 11,073,591 | | |
Foreign currency and foreign currency translations | | | — | | | | 152 | | |
Forward foreign currency exchange contracts | | | — | | | | — | | |
| | | | (215,275,047 | ) | | | 270,797,405 | | |
Net realized and unrealized gains (losses) on investments, commodity,
foreign currency and forward contract related transactions | | | (147,857,730 | ) | | | 279,491,970 | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | ($ | 139,926,483 | ) | | $ | 277,761,412 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
109
Statements of Operations (continued)
| | | First Eagle
Global Income
Builder Fund | | First Eagle
High Income Fund
(formerly named
First Eagle
High Yield Fund) | |
Investment Income | |
Interest (net of $14,199, $— and $—, foreign taxes withheld) | | $ | 8,831,637 | | | $ | 6,851,517 | | |
Dividends from: (net of $857,013, $—and $—foreign taxes withheld)
Unaffiliated issuers | | | 12,097,816 | | | | 989 | | |
Total Income | | | 20,929,453 | | | | 6,852,506 | | |
Expenses | |
Investment advisory fees (Note 2) | | | 5,266,211 | | | | 845,042 | | |
Distributions fees (Note 3) | |
Class A | | | 480,184 | | | | 87,786 | | |
Class C | | | 1,002,499 | | | | 168,617 | | |
Class Y | | | — | | | | — | | |
Class R3 | | | 63 | | | | 64 | | |
Class R4 | | | 5 | | | | 5 | | |
Shareholder servicing agent fees | | | 458,736 | | | | 104,759 | | |
Service fees (Note 3) | |
Class C | | | 334,166 | | | | 56,206 | | |
Class R3 | | | 25 | | | | 26 | | |
Administrative costs (Note 2) | | | 351,081 | | | | 60,360 | | |
Professional fees | | | 116,663 | | | | 123,757 | | |
Custodian and accounting fees | | | 184,021 | | | | 85,825 | | |
Shareholder reporting fees | | | 50,617 | | | | 36,323 | | |
Trustees' fees | | | 17,801 | | | | 3,941 | | |
Registration and filing fees | | | 109,262 | | | | 42,079 | | |
Other expenses | | | 17,694 | | | | 8,758 | | |
Total Expenses | | | 8,389,028 | | | | 1,623,548 | | |
Expense waiver (Note 2) | | | — | | | | (120,719 | ) | |
Expense reductions due to earnings credits (Note 1) | | | (3,372 | ) | | | (1,875 | ) | |
Net Expenses | | | 8,385,656 | | | | 1,500,954 | | |
Net Investment income (Note 1) | | | 12,543,797 | | | | 5,351,552 | | |
Realized and Unrealized Gains ( Losses) on Investments and Foreign
Currency Related Transactions (Note 1) | |
Net realized gains (losses) from: | |
Transactions in investment securities of unaffiliated issuers | | | 16,438,124 | | | | (7,301,665 | ) | |
Settlement of foreign currency and foreign currency transactions | | | (27,429 | ) | | | 826 | | |
Settlement of forward foreign currency exchange contracts | | | 856,661 | | | | (4,736 | ) | |
Expiration or closing of option contracts written | | | 12,868 | | | | — | | |
| | | | 17,280,224 | | | | (7,305,575 | ) | |
Changes in unrealized appreciation (depreciation) of: | |
Investment securities of unaffiliated issuers and commodity related transactions
(net of decrease in deferred capital gain country tax accruals of $18,187,
$— and $—) | | | (141,747,789 | ) | | | (12,941,694 | ) | |
Foreign currency and foreign currency translations | | | (25,088 | ) | | | — | | |
Forward foreign currency exchange contracts | | | 749,718 | | | | 4,736 | | |
Option contracts written | | | 55,734 | | | | — | | |
| | | | (140,967,425 | ) | | | (12,936,958 | ) | |
Net realized and unrealized gains (losses) on investments, commodity, foreign
currency and forward contract related transactions and option contracts written | | | (123,687,201 | ) | | | (20,242,533 | ) | |
Net Decrease in Net Assets Resulting from Operations | | $ | (111,143,404 | ) | | $ | (14,890,981 | ) | |
See Notes to Financial Statements.
First Eagle Funds | Semiannual Report | April 30, 2020
110
April 30, 2020 (unaudited)
| | | First Eagle
Fund of America | |
Investment Income | |
Interest (net of $14,199, $— and $—, foreign taxes withheld) | | $ | 80,933 | | |
Dividends from: (net of $857,013, $—and $—foreign taxes withheld)
Unaffiliated issuers | | | 6,047,842 | | |
Total Income | | | 6,128,775 | | |
Expenses | |
Investment advisory fees (Note 2) | | | 4,100,383 | | |
Distributions fees (Note 3) | |
Class A | | | 307,854 | | |
Class C | | | 371,596 | | |
Class Y | | | 265,303 | | |
Class R3 | | | 59 | | |
Class R4 | | | 5 | | |
Shareholder servicing agent fees | | | 493,033 | | |
Service fees (Note 3) | |
Class C | | | 123,866 | | |
Class R3 | | | 23 | | |
Administrative costs (Note 2) | | | 144,708 | | |
Professional fees | | | 135,829 | | |
Custodian and accounting fees | | | 89,533 | | |
Shareholder reporting fees | | | 68,972 | | |
Trustees' fees | | | 17,000 | | |
Registration and filing fees | | | 65,096 | | |
Other expenses | | | 15,052 | | |
Total Expenses | | | 6,198,312 | | |
Expense waiver (Note 2) | | | (227,799 | ) | |
Expense reductions due to earnings credits (Note 1) | | | (6,906 | ) | |
Net Expenses | | | 5,963,607 | | |
Net Investment income (Note 1) | | | 165,168 | | |
Realized and Unrealized Gains ( Losses) on Investments and Foreign
Currency Related Transactions (Note 1) | |
Net realized gains (losses) from: | |
Transactions in investment securities of unaffiliated issuers | | | 13,344,480 | | |
Settlement of foreign currency and foreign currency transactions | | | — | | |
Settlement of forward foreign currency exchange contracts | | | — | | |
Expiration or closing of option contracts written | | | 3,007,551 | | |
| | | | 16,352,031 | | |
Changes in unrealized appreciation (depreciation) of: | |
Investment securities of unaffiliated issuers and commodity related transactions
(net of decrease in deferred capital gain country tax accruals of $18,187,
$— and $—) | | | (107,013,705 | ) | |
Foreign currency and foreign currency translations | | | — | | |
Forward foreign currency exchange contracts | | | — | | |
Option contracts written | | | (893,817 | ) | |
| | | | (107,907,522 | ) | |
Net realized and unrealized gains (losses) on investments, commodity, foreign
currency and forward contract related transactions and option contracts written | | | (91,555,491 | ) | |
Net Decrease in Net Assets Resulting from Operations | | $ | (91,390,323 | ) | |
First Eagle Funds | Semiannual Report | April 30, 2020
111
Statements of Changes in Net Assets
| | | First Eagle
Global Fund* | | First Eagle
Overseas Fund* | |
| | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | |
Operations | |
Net investment income (loss) | | $ | 260,559,374 | | | $ | 577,755,405 | | | $ | 67,424,114 | | | $ | 214,337,774 | | |
Net realized gain (loss) from investments, commodity, foreign currency
and forward contract related transactions | | | 1,222,374,283 | | | | 2,510,251,904 | | | | 158,214,577 | | | | 678,294,869 | | |
Change in unrealized appreciation (depreciation) of investments,
commodity, foreign currency and forward contract related translations | | | (5,920,548,766 | ) | | | 2,182,318,384 | | | | (1,453,919,447 | ) | | | 635,948,865 | | |
Net increase (decrease) in net assets resulting from operations | | | (4,437,615,109 | ) | | | 5,270,325,693 | | | | (1,228,280,756 | ) | | | 1,528,581,508 | | |
Distributions to Shareholders | |
Distributable earnings: | |
Class A | | | (727,157,248 | ) | | | (692,719,551 | ) | | | (112,662,006 | ) | | | (60,143,479 | ) | |
Class C | | | (253,451,927 | ) | | | (438,549,111 | ) | | | (16,616,159 | ) | | | (14,529,586 | ) | |
Class I | | | (1,680,013,813 | ) | | | (1,719,036,034 | ) | | | (586,922,532 | ) | | | (330,575,517 | ) | |
Class R3 | | | (627,346 | ) | | | (2,764 | ) | | | (4,784 | ) | | | (1,374 | ) | |
Class R4 | | | (115,672 | ) | | | (6,884 | ) | | | (4,920 | ) | | | (2,371 | ) | |
Class R5 | | | (554 | ) | | | — | | | | (963 | ) | | | — | | |
Class R6 | | | (53,668,468 | ) | | | (41,635,449 | ) | | | (41,868,450 | ) | | | (19,254,020 | ) | |
Decrease in net assets resulting from distributions | | | (2,715,035,028 | ) | | | (2,891,949,793 | ) | | | (758,079,814 | ) | | | (424,506,347 | ) | |
Fund Share Transactions | |
Class A | |
Net proceeds from shares sold | | | 736,155,715 | | | | 3,271,908,426 | | | | 134,099,936 | | | | 460,935,725 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 649,821,149 | | | | 617,818,566 | | | | 103,426,331 | | | | 55,634,918 | | |
Cost of shares redeemed | | | (1,669,710,575 | ) | | | (3,281,442,171 | ) | | | (344,015,117 | ) | | | (734,932,846 | ) | |
Redemption fees | | | — | | | | — | | | | — | | | | — | | |
Increase (decrease) in net assets from Fund share transactions | | | (283,733,711 | ) | | | 608,284,821 | | | | (106,488,850 | ) | | | (218,362,203 | ) | |
Class C | |
Net proceeds from shares sold | | | 190,320,236 | | | | 383,579,875 | | | | 11,605,426 | | | | 40,825,108 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 209,542,676 | | | | 382,044,415 | | | | 14,150,158 | | | | 13,122,055 | | |
Cost of shares redeemed | | | (920,103,962 | ) | | | (4,080,572,266 | ) | | | (73,245,243 | ) | | | (401,665,657 | ) | |
Redemption fees | | | — | | | | — | | | | — | | | | — | | |
Increase (decrease) in net assets from Fund share transactions | | | (520,241,050 | ) | | | (3,314,947,976 | ) | | | (47,489,659 | ) | | | (347,718,494 | ) | |
Class I | |
Net proceeds from shares sold | | | 3,021,355,047 | | | | 5,953,753,039 | | | | 1,684,977,403 | | | | 2,445,116,161 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 1,412,959,434 | | | | 1,424,973,867 | | | | 520,207,592 | | | | 289,973,271 | | |
Cost of shares redeemed | | | (5,590,147,305 | ) | | | (7,968,305,504 | ) | | | (2,123,142,001 | ) | | | (3,970,651,617 | ) | |
Redemption fees | | | — | | | | — | | | | — | | | | — | | |
Increase (decrease) in net assets from Fund share transactions | | | (1,155,832,824 | ) | | | (589,578,598 | ) | | | 82,042,994 | | | | (1,235,562,185 | ) | |
First Eagle Funds | Semiannual Report | April 30, 2020
112
| | | First Eagle
U.S. Value Fund* | | First Eagle
Gold Fund* | |
| | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | |
Operations | |
Net investment income (loss) | | $ | 7,931,247 | | | $ | 14,579,181 | | | $ | (1,730,558 | ) | | $ | (1,962,068 | ) | |
Net realized gain (loss) from investments, commodity, foreign currency
and forward contract related transactions | | | 67,417,317 | | | | 118,547,016 | | | | 8,694,565 | | | | (90,101,896 | ) | |
Change in unrealized appreciation (depreciation) of investments,
commodity, foreign currency and forward contract related translations | | | (215,275,047 | ) | | | 14,804,964 | | | | 270,797,405 | | | | 455,206,439 | | |
Net increase (decrease) in net assets resulting from operations | | | (139,926,483 | ) | | | 147,931,161 | | | | 277,761,412 | | | | 363,142,475 | | |
Distributions to Shareholders | |
Distributable earnings: | |
Class A | | | (48,290,389 | ) | | | (77,073,805 | ) | | | — | | | | — | | |
Class C | | | (14,144,878 | ) | | | (46,505,657 | ) | | | — | | | | — | | |
Class I | | | (60,172,080 | ) | | | (112,909,702 | ) | | | (523,987 | ) | | | — | | |
Class R3 | | | (4,247 | ) | | | (6,536 | ) | | | (185 | ) | | | — | | |
Class R4 | | | (796 | ) | | | — | | | | — | | | | — | | |
Class R5 | | | (801 | ) | | | — | | | | (16 | ) | | | — | | |
Class R6 | | | (510,941 | ) | | | (184,967 | ) | | | (280,281 | ) | | | — | | |
Decrease in net assets resulting from distributions | | | (123,124,132 | ) | | | (236,680,667 | ) | | | (804,469 | ) | | | — | | |
Fund Share Transactions | |
Class A | |
Net proceeds from shares sold | | | 45,529,522 | | | | 179,904,902 | | | | 85,215,540 | | | | 82,585,998 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 43,613,086 | | | | 69,267,374 | | | | — | | | | — | | |
Cost of shares redeemed | | | (116,152,000 | ) | | | (201,278,068 | ) | | | (61,896,064 | ) | | | (108,826,192 | ) | |
Redemption fees | | | — | | | | — | | | | 47,157 | | | | 52,189 | | |
Increase (decrease) in net assets from Fund share transactions | | | (27,009,392 | ) | | | 47,894,208 | | | | 23,366,633 | | | | (26,188,005 | ) | |
Class C | |
Net proceeds from shares sold | | | 9,016,056 | | | | 30,700,500 | | | | 19,109,522 | | | | 19,191,096 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 11,984,426 | | | | 41,243,759 | | | | — | | | | — | | |
Cost of shares redeemed | | | (41,684,526 | ) | | | (215,806,128 | ) | | | (18,807,278 | ) | | | (54,073,065 | ) | |
Redemption fees | | | — | | | | — | | | | 7,940 | | | | 2,267 | | |
Increase (decrease) in net assets from Fund share transactions | | | (20,684,044 | ) | | | (143,861,869 | ) | | | 310,184 | | | | (34,879,702 | ) | |
Class I | |
Net proceeds from shares sold | | | 126,306,960 | | | | 184,833,957 | | | | 261,399,376 | | | | 187,192,608 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 43,787,753 | | | | 84,996,432 | | | | 415,493 | | | | — | | |
Cost of shares redeemed | | | (216,653,575 | ) | | | (352,837,070 | ) | | | (110,695,952 | ) | | | (185,797,158 | ) | |
Redemption fees | | | — | | | | — | | | | 39,572 | | | | 12,187 | | |
Increase (decrease) in net assets from Fund share transactions | | | (46,558,862 | ) | | | (83,006,681 | ) | | | 151,158,489 | | | | 1,407,637 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
113
Statements of Changes in Net Assets (continued)
| | | First Eagle
Global Fund* | | First Eagle
Overseas Fund* | |
| | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | |
Class R3 | |
Net proceeds from shares sold | | | 980,386 | | | | 12,036,038 | | | | 20,779 | | | | 171,499 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 627,346 | | | | 2,764 | | | | 4,784 | | | | 1,374 | | |
Cost of shares redeemed | | | (4,900,460 | ) | | | (546,610 | ) | | | (1,929 | ) | | | (137,625 | ) | |
Increase (decrease) in net assets from Fund share transactions | | | (3,292,728 | ) | | | 11,492,192 | | | | 23,634 | | | | 35,248 | | |
Class R4^ | | | | | |
Net proceeds from shares sold | | | 1,782,618 | | | | 2,795,870 | | | | 1,862 | | | | 3,907 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 115,672 | | | | 6,884 | | | | 4,920 | | | | 2,371 | | |
Cost of shares redeemed | | | (1,142,808 | ) | | | (1,194,433 | ) | | | (157 | ) | | | (427 | ) | |
Increase in net assets from Fund share transactions | | | 755,482 | | | | 1,608,321 | | | | 6,625 | | | | 5,851 | | |
Class R5^^ | |
Net proceeds from shares sold | | | — | | | | 10,000 | | | | 15,510 | | | | 15,401 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 554 | | | | — | | | | 963 | | | | — | | |
Cost of shares redeemed | | | — | | | | — | | | | — | | | | — | | |
Increase in net assets from Fund share transactions | | | 554 | | | | 10,000 | | | | 16,473 | | | | 15,401 | | |
Class R6 | |
Net proceeds from shares sold | | | 124,357,958 | | | | 363,331,681 | | | | 88,563,468 | | | | 166,511,413 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 52,477,319 | | | | 40,944,875 | | | | 41,799,858 | | | | 19,254,020 | | |
Cost of shares redeemed | | | (108,031,771 | ) | | | (291,773,365 | ) | | | (114,068,674 | ) | | | (77,083,438 | ) | |
Redemption fees | | | — | | | | — | | | | — | | | | — | | |
Increase (decrease) in net assets from Fund share transactions | | | 68,803,506 | | | | 112,503,191 | | | | 16,294,652 | | | | 108,681,995 | | |
Increase (decrease) in net assets from Fund share transactions | | | (1,893,540,771 | ) | | | (3,170,628,049 | ) | | | (55,594,131 | ) | | | (1,692,904,387 | ) | |
Net increase (decrease) in net assets | | | (9,046,190,908 | ) | | | (792,252,149 | ) | | | (2,041,954,701 | ) | | | (588,829,226 | ) | |
Net Assets (Note 1) | |
Beginning of period | | | 50,348,895,425 | | | | 51,141,147,574 | | | | 13,958,597,688 | | | | 14,547,426,914 | | |
End of period | | $ | 41,302,704,517 | | | $ | 50,348,895,425 | | | $ | 11,916,642,987 | | | $ | 13,958,597,688 | | |
Changes in Shares Outstanding | |
Class A | |
Shares outstanding, beginning of period | | | 230,587,736 | | | | 219,232,910 | | | | 86,231,883 | | | | 95,702,399 | | |
Shares sold | | | 13,419,670 | | | | 58,373,490 | | | | 5,976,295 | | | | 19,986,713 | | |
Shares issued on reinvestment of distributions | | | 11,307,136 | | | | 11,812,984 | | | | 4,345,644 | | | | 2,561,460 | | |
Shares redeemed | | | (31,688,273 | ) | | | (58,831,648 | ) | | | (15,530,543 | ) | | | (32,018,689 | ) | |
Shares outstanding, end of period | | | 223,626,269 | | | | 230,587,736 | | | | 81,023,279 | | | | 86,231,883 | | |
Class C | |
Shares outstanding, beginning of period | | | 99,119,725 | | | | 160,174,219 | | | | 16,062,430 | | | | 31,631,117 | | |
Shares sold | | | 3,549,439 | | | | 7,238,405 | | | | 543,749 | | | | 1,912,963 | | |
Shares issued on reinvestment of distributions | | | 3,778,948 | | | | 7,569,735 | | | | 617,102 | | | | 627,549 | | |
Shares redeemed | | | (17,926,626 | ) | | | (75,862,634 | ) | | | (3,430,367 | ) | | | (18,109,199 | ) | |
Shares outstanding, end of period | | | 88,521,486 | | | | 99,119,725 | | | | 13,792,914 | | | | 16,062,430 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
114
| | | First Eagle
U.S. Value Fund* | | First Eagle
Gold Fund* | |
| | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | |
Class R3 | |
Net proceeds from shares sold | | | — | | | | — | | | | 177,530 | | | | 429,311 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 4,247 | | | | 6,536 | | | | 185 | | | | — | | |
Cost of shares redeemed | | | — | | | | — | | | | (165,292 | ) | | | (65,106 | ) | |
Increase (decrease) in net assets from Fund share transactions | | | 4,247 | | | | 6,536 | | | | 12,423 | | | | 364,205 | | |
Class R4^ | |
Net proceeds from shares sold | | | — | | | | 10,000 | | | | 817,971 | | | | 10,001 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 796 | | | | — | | | | — | | | | — | | |
Cost of shares redeemed | | | — | | | | — | | | | (224,973 | ) | | | — | | |
Increase in net assets from Fund share transactions | | | 796 | | | | 10,000 | | | | 592,998 | | | | 10,001 | | |
Class R5^^ | |
Net proceeds from shares sold | | | — | | | | 10,000 | | | | 515,311 | | | | 160,501 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 801 | | | | — | | | | 9 | | | | — | | |
Cost of shares redeemed | | | — | | | | — | | | | (350,921 | ) | | | (9 | ) | |
Increase in net assets from Fund share transactions | | | 801 | | | | 10,000 | | | | 164,399 | | | | 160,492 | | |
Class R6 | |
Net proceeds from shares sold | | | 1,264,500 | | | | 19,830,238 | | | | 10,753,430 | | | | 82,714,896 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 509,354 | | | | 184,967 | | | | 280,259 | | | | — | | |
Cost of shares redeemed | | | (10,672,018 | ) | | | (8,300,254 | ) | | | (41,964,702 | ) | | | (39,882,250 | ) | |
Redemption fees | | | — | | | | ��� | | | | 7,585 | | | | 7,995 | | |
Increase (decrease) in net assets from Fund share transactions | | | (8,898,164 | ) | | | 11,714,951 | | | | (30,923,428 | ) | | | 42,840,641 | | |
Increase (decrease) in net assets from Fund share transactions | | | (103,144,618 | ) | | | (167,232,855 | ) | | | 144,681,698 | | | | (16,284,731 | ) | |
Net increase (decrease) in net assets | | | (366,195,233 | ) | | | (255,982,361 | ) | | | 421,638,641 | | | | 346,857,744 | | |
Net Assets (Note 1) | |
Beginning of period | | | 1,573,195,924 | | | | 1,829,178,285 | | | | 1,219,816,646 | | | | 872,958,902 | | |
End of period | | $ | 1,207,000,691 | | | $ | 1,573,195,924 | | | $ | 1,641,455,287 | | | $ | 1,219,816,646 | | |
Changes in Shares Outstanding | |
Class A | |
Shares outstanding, beginning of period | | | 32,562,859 | | | | 29,715,273 | | | | 20,722,606 | | | | 22,516,480 | | |
Shares sold | | | 2,838,572 | | | | 10,071,751 | | | | 4,278,194 | | | | 5,081,808 | | |
Shares issued on reinvestment of distributions | | | 2,452,929 | | | | 4,064,987 | | | | — | | | | — | | |
Shares redeemed | | | (7,129,440 | ) | | | (11,289,152 | ) | | | (3,237,013 | ) | | | (6,875,682 | ) | |
Shares outstanding, end of period | | | 30,724,920 | | | | 32,562,859 | | | | 21,763,787 | | | | 20,722,606 | | |
Class C | |
Shares outstanding, beginning of period | | | 10,862,306 | | | | 19,003,194 | | | | 6,758,790 | | | | 9,240,028 | | |
Shares sold | | | 592,160 | | | | 1,875,900 | | | | 1,059,823 | | | | 1,249,231 | | |
Shares issued on reinvestment of distributions | | | 707,463 | | | | 2,531,823 | | | | — | | | | — | | |
Shares redeemed | | | (2,587,019 | ) | | | (12,548,611 | ) | | | (1,074,524 | ) | | | (3,730,469 | ) | |
Shares outstanding, end of period | | | 9,574,910 | | | | 10,862,306 | | | | 6,744,089 | | | | 6,758,790 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
115
Statements of Changes in Net Assets (continued)
| | | First Eagle
Global Fund* | | First Eagle
Overseas Fund* | |
| | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | |
Class I | |
Shares outstanding, beginning of period | | | 506,278,698 | | | | 517,074,173 | | | | 423,625,800 | | | | 476,883,544 | | |
Shares sold | | | 55,743,231 | | | | 106,687,936 | | | | 75,027,675 | | | | 104,512,931 | | |
Shares issued on reinvestment of distributions | | | 24,479,547 | | | | 27,137,190 | | | | 21,372,539 | | | | 13,067,746 | | |
Shares redeemed | | | (109,149,692 | ) | | | (144,620,601 | ) | | | (96,226,249 | ) | | | (170,838,421 | ) | |
Shares outstanding, end of period | | | 477,351,784 | | | | 506,278,698 | | | | 423,799,765 | | | | 423,625,800 | | |
Class R3 | |
Shares outstanding, beginning of period | | | 199,079 | | | | 848 | | | | 3,807 | | | | 1,992 | | |
Shares sold | | | 17,359 | | | | 207,574 | | | | 866 | | | | 7,345 | | |
Shares issued on reinvestment of distributions | | | 10,897 | | | | 53 | | | | 196 | | | | 62 | | |
Shares redeemed | | | (93,597 | ) | | | (9,396 | ) | | | (92 | ) | | | (5,592 | ) | |
Shares outstanding, end of period | | | 133,738 | | | | 199,079 | | | | 4,777 | | | | 3,807 | | |
Class R4^ | |
Shares outstanding, beginning of period | | | 30,686 | | | | 2,055 | | | | 3,611 | | | | 3,357 | | |
Shares sold | | | 30,983 | | | | 48,932 | | | | 81 | | | | 165 | | |
Shares issued on reinvestment of distributions | | | 2,005 | | | | 131 | | | | 202 | | | | 107 | | |
Shares redeemed | | | (20,528 | ) | | | (20,432 | ) | | | (7 | ) | | | (18 | ) | |
Shares outstanding, end of period | | | 43,146 | | | | 30,686 | | | | 3,887 | | | | 3,611 | | |
Class R5^^ | |
Shares outstanding, beginning of period | | | 170 | | | | — | | | | 651 | | | | — | | |
Shares sold | | | — | | | | 170 | | | | 648 | | | | 651 | | |
Shares issued on reinvestment of distributions | | | 9 | | | | — | | | | 40 | | | | — | | |
Shares redeemed | | | — | | | | — | | | | — | | | | — | | |
Shares outstanding, end of period | | | 179 | | | | 170 | | | | 1,339 | | | | 651 | | |
Class R6 | |
Shares outstanding, beginning of period | | | 15,855,426 | | | | 13,781,064 | | | | 30,086,600 | | | | 25,446,909 | | |
Shares sold | | | 2,242,389 | | | | 6,422,718 | | | | 4,101,479 | | | | 6,991,127 | | |
Shares issued on reinvestment of distributions | | | 909,013 | | | | 779,902 | | | | 1,717,332 | | | | 868,080 | | |
Shares redeemed | | | (1,971,726 | ) | | | (5,128,258 | ) | | | (4,779,261 | ) | | | (3,219,516 | ) | |
Shares outstanding, end of period | | | 17,035,102 | | | | 15,855,426 | | | | 31,126,150 | | | | 30,086,600 | | |
* First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively.
^ Represents the period ended April 30, 2020 and the period from July 29 2019 to October 31, 2019 (for First Eagle U.S. Value Fund and First Eagle Gold Fund)
^^ Represents the period ended April 30, 2020 and the period from July 29 2019 to October 31, 2019 (for First Eagle Global Fund, First Eagle U.S. Value Fund and First Eagle Gold Fund) and represents the period from March 11, 2019 to October 31, 2019 (for First Eagle Overseas Fund only).
See Notes to Financial Statements.
First Eagle Funds | Semiannual Report | April 30, 2020
116
| | | First Eagle
U.S. Value Fund* | | First Eagle
Gold Fund* | |
| | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | |
Class I | |
Shares outstanding, beginning of period | | | 39,001,968 | | | | 43,254,719 | | | | 28,802,758 | | | | 29,200,296 | | |
Shares sold | | | 8,066,624 | | | | 10,470,510 | | | | 12,997,887 | | | | 11,419,725 | | |
Shares issued on reinvestment of distributions | | | 2,417,877 | | | | 4,904,583 | | | | 21,618 | | | | — | | |
Shares redeemed | | | (13,391,284 | ) | | | (19,627,844 | ) | | | (5,728,444 | ) | | | (11,817,263 | ) | |
Shares outstanding, end of period | | | 36,095,185 | | | | 39,001,968 | | | | 36,093,819 | | | | 28,802,758 | | |
Class R3 | |
Shares outstanding, beginning of period | | | 2,832 | | | | 2,455 | | | | 25,614 | | | | 3,058 | | |
Shares sold | | | — | | | | — | | | | 9,354 | | | | 26,237 | | |
Shares issued on reinvestment of distributions | | | 234 | | | | 377 | | | | 10 | | | | — | | |
Shares redeemed | | | — | | | | — | | | | (8,649 | ) | | | (3,681 | ) | |
Shares outstanding, end of period | | | 3,066 | | | | 2,832 | | | | 26,329 | | | | 25,614 | | |
Class R4^ | |
Shares outstanding, beginning of period | | | 515 | | | | — | | | | 539 | | | | — | | |
Shares sold | | | — | | | | 515 | | | | 41,384 | | | | 539 | | |
Shares issued on reinvestment of distributions | | | 44 | | | | — | | | | — | | | | — | | |
Shares redeemed | | | — | | | | — | | | | (10,852 | ) | | | — | | |
Shares outstanding, end of period | | | 559 | | | | 515 | | | | 31,071 | | | | 539 | | |
Class R5^^ | |
Shares outstanding, beginning of period | | | 515 | | | | — | | | | 8,627 | | | | — | | |
Shares sold | | | — | | | | 515 | | | | 26,251 | | | | 8,627 | | |
Shares issued on reinvestment of distributions | | | 45 | | | | — | | | | — | | | | — | | |
Shares redeemed | | | — | | | | — | | | | (19,533 | ) | | | — | | |
Shares outstanding, end of period | | | 560 | | | | 515 | | | | 15,345 | | | | 8,627 | | |
Class R6 | |
Shares outstanding, beginning of period | | | 830,020 | | | | 67,312 | | | | 8,475,720 | | | | 5,528,002 | | |
Shares sold | | | 74,297 | | | | 1,187,230 | | | | 546,594 | | | | 5,175,389 | | |
Shares issued on reinvestment of distributions | | | 28,126 | | | | 10,673 | | | | 14,567 | | | | — | | |
Shares redeemed | | | (551,200 | ) | | | (435,195 | ) | | | (2,349,959 | ) | | | (2,227,671 | ) | |
Shares outstanding, end of period | | | 381,243 | | | | 830,020 | | | | 6,686,922 | | | | 8,475,720 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
117
Statements of Changes in Net Assets (continued)
| | | First Eagle
Global Income Builder Fund | | First Eagle
High Income Fund
(formerly named
First Eagle
High Yield Fund) | |
| | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | |
Operations | |
Net investment income | | $ | 12,543,797 | | | $ | 30,691,725 | | | $ | 5,351,552 | | | $ | 13,942,700 | | |
Net realized gain (loss) from investments, commodity, foreign currency
and forward contract related transactions | | | 17,280,224 | | | | 20,520,303 | | | | (7,305,575 | ) | | | (3,133,933 | ) | |
Change in unrealized appreciation (depreciation) of investments,
commodity, foreign currency and forward contract related translations | | | (140,967,425 | ) | | | 72,093,961 | | | | (12,936,958 | ) | | | (563,691 | ) | |
Net increase (decrease) in net assets resulting from operations | | | (111,143,404 | ) | | | 123,305,989 | | | | (14,890,981 | ) | | | 10,245,076 | | |
Distributions to Shareholders | |
Distributable earnings: | |
Class A | | | (4,757,548 | ) | | | (7,959,646 | ) | | | (1,544,366 | ) | | | (3,539,669 | ) | |
Class C | | | (2,228,526 | ) | | | (4,314,558 | ) | | | (818,012 | ) | | | (2,201,702 | ) | |
Class I | | | (10,216,431 | ) | | | (18,873,689 | ) | | | (2,904,438 | ) | | | (8,036,793 | ) | |
Class Y | | | — | | | | — | | | | — | | | | — | | |
Class R3 | | | (570 | ) | | | (981 | ) | | | (1,091 | ) | | | (2,315 | ) | |
Class R4 | | | (121 | ) | | | (34 | ) | | | (203 | ) | | | (92 | ) | |
Class R5 | | | (127 | ) | | | (37 | ) | | | (223 | ) | | | (92 | ) | |
Class R6 | | | (12,780 | ) | | | (24,891 | ) | | | (30,349 | ) | | | (83,211 | ) | |
Decrease in net assets resulting from distributions | | | (17,216,103 | ) | | | (31,173,836 | ) | | | (5,298,682 | ) | | | (13,863,874 | ) | |
Fund Share Transactions | |
Class A | |
Net proceeds from shares sold | | | 78,346,091 | | | | 182,973,455 | | | | 10,278,329 | | | | 18,673,502 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 4,298,283 | | | | 7,221,260 | | | | 1,467,054 | | | | 3,355,393 | | |
Cost of shares redeemed | | | (82,160,316 | ) | | | (140,709,504 | ) | | | (14,604,687 | ) | | | (25,975,172 | ) | |
Increase (decrease) in net assets from Fund share transactions | | | 484,058 | | | | 49,485,211 | | | | (2,859,304 | ) | | | (3,946,277 | ) | |
Class C | |
Net proceeds from shares sold | | | 16,172,146 | | | | 84,300,874 | | | | 2,447,552 | | | | 7,836,167 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 1,931,141 | | | | 3,762,702 | | | | 734,166 | | | | 1,977,613 | | |
Cost of shares redeemed | | | (48,540,302 | ) | | | (116,499,481 | ) | | | (11,522,538 | ) | | | (21,780,605 | ) | |
Decrease in net assets from Fund share transactions | | | (30,437,015 | ) | | | (28,435,905 | ) | | | (8,340,820 | ) | | | (11,966,825 | ) | |
Class I | |
Net proceeds from shares sold | | | 100,186,854 | | | | 257,720,555 | | | | 25,274,254 | | | | 23,691,277 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 8,263,182 | | | | 15,198,629 | | | | 2,331,680 | | | | 6,214,659 | | |
Cost of shares redeemed | | | (168,542,764 | ) | | | (269,742,201 | ) | | | (53,944,006 | ) | | | (67,597,874 | ) | |
Increase (decrease) in net assets from Fund share transactions | | | (60,092,728 | ) | | | 3,176,983 | | | | (26,338,072 | ) | | | (37,691,938 | ) | |
First Eagle Funds | Semiannual Report | April 30, 2020
118
| | | First Eagle
Fund of America | |
| | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | |
Operations | |
Net investment income | | $ | 165,168 | | | $ | 1,930,088 | | |
Net realized gain (loss) from investments, commodity, foreign currency
and forward contract related transactions | | | 16,352,031 | | | | 2,758,092 | | |
Change in unrealized appreciation (depreciation) of investments,
commodity, foreign currency and forward contract related translations | | | (107,907,522 | ) | | | 67,762,405 | | |
Net increase (decrease) in net assets resulting from operations | | | (91,390,323 | ) | | | 72,450,585 | | |
Distributions to Shareholders | |
Distributable earnings: | |
Class A | | | (2,425,525 | ) | | | (65,928,592 | ) | |
Class C | | | (1,289,937 | ) | | | (50,705,751 | ) | |
Class I | | | (4,713,124 | ) | | | (98,590,050 | ) | |
Class Y | | | (2,379,215 | ) | | | (48,884,759 | ) | |
Class R3 | | | (435 | ) | | | (7,976 | ) | |
Class R4 | | | (113 | ) | | | — | | |
Class R5 | | | (115 | ) | | | — | | |
Class R6 | | | (30,701 | ) | | | (761,321 | ) | |
Decrease in net assets resulting from distributions | | | (10,839,165 | ) | | | (264,878,449 | ) | |
Fund Share Transactions | |
Class A | |
Net proceeds from shares sold | | | 10,893,978 | | | | 59,427,763 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 2,293,351 | | | | 61,123,423 | | |
Cost of shares redeemed | | | (50,931,071 | ) | | | (187,283,529 | ) | |
Increase (decrease) in net assets from Fund share transactions | | | (37,743,742 | ) | | | (66,732,343 | ) | |
Class C | |
Net proceeds from shares sold | | | 2,717,138 | | | | 11,055,931 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 1,178,792 | | | | 46,719,306 | | |
Cost of shares redeemed | | | (27,841,053 | ) | | | (144,627,450 | ) | |
Decrease in net assets from Fund share transactions | | | (23,945,123 | ) | | | (86,852,213 | ) | |
Class I | |
Net proceeds from shares sold | | | 13,838,828 | | | | 65,069,908 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 3,209,604 | | | | 69,373,020 | | |
Cost of shares redeemed | | | (65,047,312 | ) | | | (290,893,461 | ) | |
Increase (decrease) in net assets from Fund share transactions | | | (47,998,880 | ) | | | (156,450,533 | ) | |
First Eagle Funds | Semiannual Report | April 30, 2020
119
Statements of Changes in Net Assets (continued)
| | | First Eagle
Global Income Builder Fund | | First Eagle
High Income Fund
(formerly named
First Eagle
High Yield Fund) | |
| | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | |
Class Y | |
Net proceeds from shares sold | | | — | | | | — | | | | — | | | | — | | |
Net asset value of shares issued for reinvested dividends and distributions | | | — | | | | — | | | | — | | | | — | | |
Cost of shares redeemed | | | — | | | | — | | | | — | | | | — | | |
Decrease in net assets from Fund share transactions | | | — | | | | — | | | | — | | | | — | | |
Class R3 | |
Net asset value of shares issued for reinvested dividends and distributions | | | 570 | | | | 981 | | | | 1,091 | | | | 2,315 | | |
Increase in net assets from Fund share transactions | | | 570 | | | | 981 | | | | 1,091 | | | | 2,315 | | |
Class R4^ | |
Net proceeds from shares sold | | | — | | | | 10,000 | | | | — | | | | 10,000 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 121 | | | | 34 | | | | 203 | | | | 92 | | |
Increase in net assets from Fund share transactions | | | 121 | | | | 10,034 | | | | 203 | | | | 10,092 | | |
Class R5^ | |
Net proceeds from shares sold | | | — | | | | 10,000 | | | | — | | | | 10,000 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 127 | | | | 37 | | | | 223 | | | | 92 | | |
Increase in net assets from Fund share transactions | | | 127 | | | | 10,037 | | | | 223 | | | | 10,092 | | |
Class R6 | |
Net proceeds from shares sold | | | 38,207 | | | | 341,211 | | | | 158,895 | | | | 1,798,533 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 12,771 | | | | 24,812 | | | | 30,349 | | | | 82,941 | | |
Cost of shares redeemed | | | (321,764 | ) | | | (109,552 | ) | | | (1,663,063 | ) | | | (413,741 | ) | |
Increase (decrease) in net assets from Fund share transactions | | | (270,786 | ) | | | 256,471 | | | | (1,473,819 | ) | | | 1,467,733 | | |
Increase (decrease) in net assets from Fund share transactions | | | (90,315,653 | ) | | | 24,503,812 | | | | (39,010,498 | ) | | | (52,114,808 | ) | |
Net increase (decrease) in net assets | | | (218,675,160 | ) | | | 116,635,965 | | | | (59,200,161 | ) | | | (55,733,606 | ) | |
Net Assets (Note 1) | |
Beginning of period | | | 1,476,723,401 | | | | 1,360,087,436 | | | | 270,179,221 | | | | 325,912,827 | | |
End of period | | $ | 1,258,048,241 | | | $ | 1,476,723,401 | | | $ | 210,979,060 | | | $ | 270,179,221 | | |
Changes in Shares Outstanding | |
Class A | |
Shares outstanding, beginning of period | | | 32,351,845 | | | | 27,849,865 | | | | 8,445,828 | | | | 8,895,935 | | |
Shares sold | | | 6,697,544 | | | | 16,014,314 | | | | 1,235,668 | | | | 2,152,352 | | |
Shares issued on reinvestment of distributions | | | 371,801 | | | | 613,353 | | | | 174,945 | | | | 386,047 | | |
Shares redeemed | | | (7,190,975 | ) | | | (12,125,687 | ) | | | (1,776,697 | ) | | | (2,988,506 | ) | |
Shares outstanding, end of period | | | 32,230,215 | | | | 32,351,845 | | | | 8,079,744 | | | | 8,445,828 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
120
| | | First Eagle
Fund of America | |
| | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | |
Class Y | |
Net proceeds from shares sold | | | 3,592,578 | | | | 23,030,671 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 2,295,514 | | | | 46,122,510 | | |
Cost of shares redeemed | | | (113,617,773 | ) | | | (70,490,676 | ) | |
Decrease in net assets from Fund share transactions | | | (107,729,681 | ) | | | (1,337,495 | ) | |
Class R3 | |
Net asset value of shares issued for reinvested dividends and distributions | | | 435 | | | | 7,977 | | |
Increase in net assets from Fund share transactions | | | 435 | | | | 7,977 | | |
Class R4^ | |
Net proceeds from shares sold | | | — | | | | 10,000 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 112 | | | | — | | |
Increase in net assets from Fund share transactions | | | 112 | | | | 10,000 | | |
Class R5^ | |
Net proceeds from shares sold | | | — | | | | 10,000 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 115 | | | | — | | |
Increase in net assets from Fund share transactions | | | 115 | | | | 10,000 | | |
Class R6 | |
Net proceeds from shares sold | | | 30,029 | | | | 18,200,636 | | |
Net asset value of shares issued for reinvested dividends and distributions | | | 30,700 | | | | 761,321 | | |
Cost of shares redeemed | | | (701,461 | ) | | | (23,117,926 | ) | |
Increase (decrease) in net assets from Fund share transactions | | | (640,732 | ) | | | (4,155,969 | ) | |
Increase (decrease) in net assets from Fund share transactions | | | (218,057,496 | ) | | | (315,500,576 | ) | |
Net increase (decrease) in net assets | | | (320,286,984 | ) | | | (507,928,440 | ) | |
Net Assets (Note 1) | |
Beginning of period | | | 1,023,499,673 | | | | 1,531,428,113 | | |
End of period | | $ | 703,212,689 | | | $ | 1,023,499,673 | | |
Changes in Shares Outstanding | |
Class A | |
Shares outstanding, beginning of period | | | 10,337,706 | | | | 12,740,195 | | |
Shares sold | | | 447,664 | | | | 2,363,483 | | |
Shares issued on reinvestment of distributions | | | 83,730 | | | | 2,632,361 | | |
Shares redeemed | | | (1,987,905 | ) | | | (7,398,333 | ) | |
Shares outstanding, end of period | | | 8,881,195 | | | | 10,337,706 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
121
Statements of Changes in Net Assets (continued)
| | | First Eagle
Global Income Builder Fund | | First Eagle
High Income Fund
(formerly named
First Eagle
High Yield Fund) | |
| | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | |
Class C | |
Shares outstanding, beginning of period | | | 23,864,750 | | | | 26,061,630 | | | | 5,756,398 | | | | 7,129,539 | | |
Shares sold | | | 1,428,323 | | | | 7,472,679 | | | | 301,658 | | | | 905,614 | | |
Shares issued on reinvestment of distributions | | | 167,569 | | | | 320,782 | | | | 87,527 | | | | 227,842 | | |
Shares redeemed | | | (4,290,106 | ) | | | (9,990,341 | ) | | | (1,393,359 | ) | | | (2,506,597 | ) | |
Shares outstanding, end of period | | | 21,170,536 | | | | 23,864,750 | | | | 4,752,224 | | | | 5,756,398 | | |
Class I | |
Shares outstanding, beginning of period | | | 65,476,769 | | | | 64,965,979 | | | | 16,584,726 | | | | 20,917,848 | | |
Shares sold | | | 8,775,777 | | | | 22,508,241 | | | | 3,138,746 | | | | 2,722,908 | | |
Shares issued on reinvestment of distributions | | | 714,690 | | | | 1,293,849 | | | | 276,950 | | | | 715,043 | | |
Shares redeemed | | | (15,045,620 | ) | | | (23,291,300 | ) | | | (6,379,428 | ) | | | (7,771,073 | ) | |
Shares outstanding, end of period | | | 59,921,616 | | | | 65,476,769 | | | | 13,620,994 | | | | 16,584,726 | | |
Class Y | |
Shares outstanding, beginning of period | | | — | | | | — | | | | — | | | | — | | |
Shares sold | | | — | | | | — | | | | — | | | | — | | |
Shares issued on reinvestment of distributions | | | — | | | | — | | | | — | | | | — | | |
Shares redeemed | | | — | | | | — | | | | — | | | | — | | |
Shares outstanding, end of period | | | — | | | | — | | | | — | | | | — | | |
Class R3 | |
Shares outstanding, beginning of period | | | 4,326 | | | | 4,242 | | | | 6,015 | | | | 5,749 | | |
Shares issued on reinvestment of distributions | | | 49 | | | | 84 | | | | 130 | | | | 266 | | |
Shares outstanding, end of period | | | 4,375 | | | | 4,326 | | | | 6,145 | | | | 6,015 | | |
Class R4^ | |
Shares outstanding, beginning of period | | | 831 | | | | — | | | | 1,149 | | | | — | | |
Shares sold | | | — | | | | 828 | | | | — | | | | 1,139 | | |
Shares issued on reinvestment of distributions | | | 10 | | | | 3 | | | | 25 | | | | 10 | | |
Shares outstanding, end of period | | | 841 | | | | 831 | | | | 1,174 | | | | 1,149 | | |
Class R5^ | |
Shares outstanding, beginning of period | | | 831 | | | | — | | | | 1,149 | | | | — | | |
Shares sold | | | — | | | | 828 | | | | — | | | | 1,139 | | |
Shares issued on reinvestment of distributions | | | 11 | | | | 3 | | | | 27 | | | | 10 | | |
Shares outstanding, end of period | | | 842 | | | | 831 | | | | 1,176 | | | | 1,149 | | |
Class R6 | |
Shares outstanding, beginning of period | | | 101,795 | | | | 79,820 | | | | 218,887 | | | | 45,515 | | |
Shares sold | | | 3,327 | | | | 29,254 | | | | 18,195 | | | | 211,276 | | |
Shares issued on reinvestment of distributions | | | 1,105 | | | | 2,111 | | | | 3,547 | | | | 9,511 | | |
Shares redeemed | | | (26,544 | ) | | | (9,390 | ) | | | (189,926 | ) | | | (47,415 | ) | |
Shares outstanding, end of period | | | 79,683 | | | | 101,795 | | | | 50,703 | | | | 218,887 | | |
^ Represents the period ended April 30, 2020 and the period from July 29, 2019 to October 31, 2019.
See Notes to Financial Statements.
First Eagle Funds | Semiannual Report | April 30, 2020
122
| | | First Eagle
Fund of America | |
| | | For the
Six Months Ended
April 30, 2020
(unaudited) | | For the
Year Ended
October 31, 2019 | |
Class C | |
Shares outstanding, beginning of period | | | 5,943,338 | | | | 10,138,909 | | |
Shares sold | | | 158,841 | | | | 633,419 | | |
Shares issued on reinvestment of distributions | | | 58,969 | | | | 2,728,756 | | |
Shares redeemed | | | (1,468,542 | ) | | | (7,557,746 | ) | |
Shares outstanding, end of period | | | 4,692,606 | | | | 5,943,338 | | |
Class I | |
Shares outstanding, beginning of period | | | 13,959,992 | | | | 19,478,878 | | |
Shares sold | | | 516,740 | | | | 2,581,163 | | |
Shares issued on reinvestment of distributions | | | 112,855 | | | | 2,876,162 | | |
Shares redeemed | | | (2,420,463 | ) | | | (10,976,211 | ) | |
Shares outstanding, end of period | | | 12,169,124 | | | | 13,959,992 | | |
Class Y | |
Shares outstanding, beginning of period | | | 9,072,699 | | | | 8,973,610 | | |
Shares sold | | | 128,362 | | | | 864,317 | | |
Shares issued on reinvestment of distributions | | | 81,229 | | | | 1,924,979 | | |
Shares redeemed | | | (4,219,548 | ) | | | (2,690,207 | ) | |
Shares outstanding, end of period | | | 5,062,742 | | | | 9,072,699 | | |
Class R3 | |
Shares outstanding, beginning of period | | | 1,753 | | | | 1,421 | | |
Shares issued on reinvestment of distributions | | | 15 | | | | 332 | | |
Shares outstanding, end of period | | | 1,768 | | | | 1,753 | | |
Class R4^ | |
Shares outstanding, beginning of period | | | 355 | | | | — | | |
Shares sold | | | — | | | | 355 | | |
Shares issued on reinvestment of distributions | | | 4 | | | | — | | |
Shares outstanding, end of period | | | 359 | | | | 355 | | |
Class R5^ | |
Shares outstanding, beginning of period | | | 355 | | | | — | | |
Shares sold | | | — | | | | 355 | | |
Shares issued on reinvestment of distributions | | | 4 | | | | — | | |
Shares outstanding, end of period | | | 359 | | | | 355 | | |
Class R6 | |
Shares outstanding, beginning of period | | | 96,369 | | | | 138,622 | | |
Shares sold | | | 1,106 | | | | 803,770 | | |
Shares issued on reinvestment of distributions | | | 1,079 | | | | 31,564 | | |
Shares redeemed | | | (26,467 | ) | | | (877,587 | ) | |
Shares outstanding, end of period | | | 72,087 | | | | 96,369 | | |
First Eagle Funds | Semiannual Report | April 30, 2020
123
| | | Per share operating performance* | |
| | | | | Investment operations | | Less dividends and distributions | |
Selected per
share data for
the period ended: | | Net assets
value,
beginning
of period | | Net
investment
income/
loss | | Net
realized
and
unrealized
gains
(losses) on
investments | | Total
investment
operations | | From net
investment
income | | From
capital
gains | | Return of
capital | | Total
distributions | |
First Eagle Global Fund Class A | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 59.15 | | | | 0.28 | | | | (5.01 | ) | | | (4.73 | ) | | | (0.73 | ) | | | (2.45 | ) | | | — | | | | (3.18 | ) | |
October 31, 2019 | | $ | 56.37 | | | | 0.64 | | | | 5.37 | | | | 6.01 | | | | (0.43 | ) | | | (2.80 | ) | | | — | | | | (3.23 | ) | |
October 31, 2018 | | $ | 60.46 | | | | 0.49 | | | | (2.08 | ) | | | (1.59 | ) | | | (0.44 | ) | | | (2.06 | ) | | | — | | | | (2.50 | ) | |
October 31, 2017 | | $ | 56.36 | | | | 0.25 | | | | 6.41 | | | | 6.66 | | | | (0.21 | ) | | | (2.35 | ) | | | — | | | | (2.56 | ) | |
October 31, 2016 | | $ | 53.10 | | | | 0.30 | | | | 3.56 | | | | 3.86 | | | | (0.07 | ) | | | (0.53 | ) | | | — | | | | (0.60 | ) | |
October 31, 2015 | | $ | 54.90 | | | | 0.28 | | | | 0.60 | | | | 0.88 | | | | (0.30 | ) | | | (2.38 | ) | | | — | | | | (2.68 | ) | |
First Eagle Global Fund Class C | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 56.69 | | | | 0.07 | | | | (4.83 | ) | | | (4.76 | ) | | | (0.18 | ) | | | (2.45 | ) | | | — | | | | (2.63 | ) | |
October 31, 2019 | | $ | 54.11 | | | | 0.18 | | | | 5.20 | | | | 5.38 | | | | — | | | | (2.80 | ) | | | — | | | | (2.80 | ) | |
October 31, 2018 | | $ | 58.14 | | | | 0.05 | | | | (2.02 | ) | | | (1.97 | ) | | | — | | | | (2.06 | ) | | | — | | | | (2.06 | ) | |
October 31, 2017 | | $ | 54.47 | | | | (0.16 | ) | | | 6.18 | | | | 6.02 | | | | — | | | | (2.35 | ) | | | — | | | | (2.35 | ) | |
October 31, 2016 | | $ | 51.66 | | | | (0.11 | ) | | | 3.45 | | | | 3.34 | | | | — | | | | (0.53 | ) | | | — | | | | (0.53 | ) | |
October 31, 2015 | | $ | 53.57 | | | | (0.12 | ) | | | 0.59 | | | | 0.47 | | | | — | | | | (2.38 | ) | | | — | | | | (2.38 | ) | |
First Eagle Global Fund Class I | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 59.52 | | | | 0.35 | | | | (5.02 | ) | | | (4.67 | ) | | | (0.88 | ) | | | (2.45 | ) | | | — | | | | (3.33 | ) | |
October 31, 2019 | | $ | 56.73 | | | | 0.78 | | | | 5.41 | | | | 6.19 | | | | (0.60 | ) | | | (2.80 | ) | | | — | | | | (3.40 | ) | |
October 31, 2018 | | $ | 60.85 | | | | 0.66 | | | | (2.11 | ) | | | (1.45 | ) | | | (0.61 | ) | | | (2.06 | ) | | | — | | | | (2.67 | ) | |
October 31, 2017 | | $ | 56.70 | | | | 0.43 | | | | 6.42 | | | | 6.85 | | | | (0.35 | ) | | | (2.35 | ) | | | — | | | | (2.70 | ) | |
October 31, 2016 | | $ | 53.43 | | | | 0.44 | | | | 3.57 | | | | 4.01 | | | | (0.21 | ) | | | (0.53 | ) | | | — | | | | (0.74 | ) | |
October 31, 2015 | | $ | 55.23 | | | | 0.43 | | | | 0.60 | | | | 1.03 | | | | (0.45 | ) | | | (2.38 | ) | | | — | | | | (2.83 | ) | |
First Eagle Global Fund Class R3 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 59.34 | | | | 0.28 | | | | (5.01 | ) | | | (4.73 | ) | | | (0.83 | ) | | | (2.45 | ) | | | — | | | | (3.28 | ) | |
For The Year Ended
October 31, 2019 | | $ | 56.62 | | | | 0.60 | | | | 5.38 | | | | 5.98 | | | | (0.46 | ) | | | (2.80 | ) | | | — | | | | (3.26 | ) | |
For The Period
5/01/18^-
10/31/18 | | $ | 58.95 | | | | 0.28 | | | | (2.61 | ) | | | (2.33 | ) | | | — | | | | — | | | | — | | | | — | | |
First Eagle Funds | Semiannual Report | April 30, 2020
124
| | | | | | | | | Ratios/Supplemental data | | | |
| | | | | | | | | Ratios to Average Net Assets of: | | | |
Selected per
share data for
the period ended: | | Net assets
value, end
of period | | Total
return(a) | | Net assets,
end of
period
(thousands) | | Operating
expenses
excluding
earnings
credits
and/or fee
waivers | | Operating
expenses
including
earnings
credits
and/or fee
waivers | | Net
investment
income
excluding
earnings
credits
and/or fee
waivers | | Net
investment
income
including
earnings
credits
and/or fee
waivers | | Portfolio
turnover
rate | |
First Eagle Global Fund Class A | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 51.24 | | | | (8.58 | )%(b) | | $ | 11,459,001 | | | | 1.11 | %(c) | | | 1.11 | %(c) | | | 1.03 | %(c) | | | 1.03 | %(c) | | | 7.74 | %(b) | |
October 31, 2019 | | $ | 59.15 | | | | 11.44 | % | | $ | 13,638,545 | | | | 1.11 | % | | | 1.11 | % | | | 1.13 | % | | | 1.13 | % | | | 10.26 | % | |
October 31, 2018 | | $ | 56.37 | | | | (2.82 | )% | | $ | 12,357,124 | | | | 1.11 | % | | | 1.11 | % | | | 0.84 | % | | | 0.84 | % | | | 14.91 | % | |
October 31, 2017 | | $ | 60.46 | | | | 12.35 | % | | $ | 14,907,330 | | | | 1.11 | % | | | 1.11 | % | | | 0.44 | % | | | 0.44 | % | | | 9.67 | % | |
October 31, 2016 | | $ | 56.36 | | | | 7.38 | % | | $ | 15,833,531 | | | | 1.10 | % | | | 1.10 | % | | | 0.55 | % | | | 0.55 | % | | | 11.54 | % | |
October 31, 2015 | | $ | 53.10 | | | | 1.78 | % | | $ | 16,274,867 | | | | 1.11 | % | | | 1.11 | % | | | 0.52 | % | | | 0.52 | % | | | 11.28 | % | |
First Eagle Global Fund Class C | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 49.30 | | | | (8.92 | )%(b) | | $ | 4,364,377 | | | | 1.88 | %(c) | | | 1.88 | %(c) | | | 0.26 | %(c) | | | 0.26 | %(c) | | | 7.74 | %(b) | |
October 31, 2019 | | $ | 56.69 | | | | 10.58 | % | | $ | 5,619,288 | | | | 1.87 | % | | | 1.86 | % | | | 0.33 | % | | | 0.33 | % | | | 10.26 | % | |
October 31, 2018 | | $ | 54.11 | | | | (3.54 | )% | | $ | 8,667,512 | | | | 1.86 | % | | | 1.86 | % | | | 0.09 | % | | | 0.09 | % | | | 14.91 | % | |
October 31, 2017 | | $ | 58.14 | | | | 11.52 | % | | $ | 10,589,991 | | | | 1.85 | % | | | 1.85 | % | | | (0.29 | )% | | | (0.29 | )% | | | 9.67 | % | |
October 31, 2016 | | $ | 54.47 | | | | 6.56 | % | | $ | 11,505,279 | | | | 1.86 | % | | | 1.86 | % | | | (0.21 | )% | | | (0.21 | )% | | | 11.54 | % | |
October 31, 2015 | | $ | 51.66 | | | | 1.02 | % | | $ | 11,662,706 | | | | 1.86 | % | | | 1.86 | % | | | (0.23 | )% | | | (0.23 | )% | | | 11.28 | % | |
First Eagle Global Fund Class I | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 51.52 | | | | (8.45 | )%(b) | | $ | 24,592,313 | | | | 0.86 | %(c) | | | 0.86 | %(c) | | | 1.29 | %(c) | | | 1.29 | %(c) | | | 7.74 | %(b) | |
October 31, 2019 | | $ | 59.52 | | | | 11.72 | % | | $ | 30,133,165 | | | | 0.85 | % | | | 0.85 | % | | | 1.38 | % | | | 1.38 | % | | | 10.26 | % | |
October 31, 2018 | | $ | 56.73 | | | | (2.54 | )% | | $ | 29,334,134 | | | | 0.84 | % | | | 0.84 | % | | | 1.11 | % | | | 1.11 | % | | | 14.91 | % | |
October 31, 2017 | | $ | 60.85 | | | | 12.64 | % | | $ | 30,858,477 | | | | 0.84 | % | | | 0.84 | % | | | 0.74 | % | | | 0.74 | % | | | 9.67 | % | |
October 31, 2016 | | $ | 56.70 | | | | 7.65 | % | | $ | 22,357,335 | | | | 0.84 | % | | | 0.84 | % | | | 0.81 | % | | | 0.81 | % | | | 11.54 | % | |
October 31, 2015 | | $ | 53.43 | | | | 2.07 | % | | $ | 19,998,978 | | | | 0.84 | % | | | 0.84 | % | | | 0.79 | % | | | 0.79 | % | | | 11.28 | % | |
First Eagle Global Fund Class R3 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 51.33 | | | | (8.58 | )%(b) | | $ | 6,865 | | | | 1.14 | %(c) | | | 1.14 | %(c) | | | 1.02 | %(c) | | | 1.02 | %(c) | | | 7.74 | %(b) | |
For The Year Ended
October 31, 2019 | | $ | 59.34 | | | | 11.31 | % | | $ | 11,813 | | | | 1.14 | % | | | 1.14 | % | | | 1.03 | % | | | 1.03 | % | | | 10.26 | % | |
For The Period
5/01/18^-
10/31/18 | | $ | 56.62 | | | | (3.95 | )%(b) | | $ | 48 | | | | 1.25 | %(c) | | | 1.25 | %(c) | | | 0.95 | %(c) | | | 0.95 | %(c) | | | 14.91 | %(b) | |
First Eagle Funds | Semiannual Report | April 30, 2020
125
| | | Per share operating performance* | |
| | | | | Investment operations | | Less dividends and distributions | |
Selected per
share data for
the period ended: | | Net assets
value,
beginning
of period | | Net
investment
income/
loss | | Net
realized
and
unrealized
gains
(losses) on
investments | | Total
investment
operations | | From net
investment
income | | From
capital
gains | | Return of
capital | | Total
distributions | |
First Eagle Global Fund Class R4 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 59.48 | | | | 0.34 | | | | (5.02 | ) | | | (4.68 | ) | | | (0.86 | ) | | | (2.45 | ) | | | — | | | | (3.31 | ) | |
For The Year Ended
October 31, 2019 | | $ | 56.70 | | | | 0.74 | | | | 5.36 | | | | 6.10 | | | | (0.52 | ) | | | (2.80 | ) | | | — | | | | (3.32 | ) | |
For The Period
1/17/18^^-
10/31/18 | | $ | 61.60 | | | | 0.55 | | | | (5.45 | ) | | | (4.90 | ) | | | — | | | | — | | | | — | | | | — | | |
First Eagle Global Fund Class R5 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 59.47 | | | | 0.23 | | | | (5.05 | ) | | | (4.82 | ) | | | (0.82 | ) | | | (2.45 | ) | | | — | | | | (3.27 | ) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 58.99 | | | | 0.12 | | | | 0.36 | | | | 0.48 | | | | — | | | | — | | | | — | | | | — | | |
First Eagle Global Fund Class R6 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 59.55 | | | | 0.37 | | | | (5.01 | ) | | | (4.64 | ) | | | (0.92 | ) | | | (2.45 | ) | | | — | | | | (3.37 | ) | |
October 31, 2019 | | $ | 56.76 | | | | 0.82 | | | | 5.41 | | | | 6.23 | | | | (0.64 | ) | | | (2.80 | ) | | | — | | | | (3.44 | ) | |
October 31, 2018 | | $ | 60.88 | | | | 0.72 | | | | (2.14 | ) | | | (1.42 | ) | | | (0.64 | ) | | | (2.06 | ) | | | — | | | | (2.70 | ) | |
For The Period
3/01/17^^^^-
10/31/17 | | $ | 57.33 | | | | 0.37 | | | | 3.18 | | | | 3.55 | | | | — | | | | — | | | | — | | | | — | | |
First Eagle Overseas Fund Class A | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 24.65 | | | | 0.09 | | | | (2.13 | ) | | | (2.04 | ) | | | (0.50 | ) | | | (0.83 | ) | | | — | | | | (1.33 | ) | |
October 31, 2019 | | $ | 22.71 | | | | 0.32 | | | | 2.28 | | | | 2.60 | | | | (0.27 | ) | | | (0.39 | ) | | | — | | | | (0.66 | ) | |
October 31, 2018 | | $ | 25.33 | | | | 0.25 | | | | (2.03 | ) | | | (1.78 | ) | | | (0.40 | ) | | | (0.44 | ) | | | — | | | | (0.84 | ) | |
October 31, 2017 | | $ | 23.86 | | | | 0.12 | | | | 2.16 | | | | 2.28 | | | | (0.26 | ) | | | (0.55 | ) | | | — | | | | (0.81 | ) | |
October 31, 2016 | | $ | 22.62 | | | | 0.19 | | | | 1.34 | | | | 1.53 | | | | (0.04 | ) | | | (0.25 | ) | | | — | | | | (0.29 | ) | |
October 31, 2015 | | $ | 23.18 | | | | 0.14 | | | | 0.39 | | | | 0.53 | | | | (0.23 | ) | | | (0.86 | ) | | | — | | | | (1.09 | ) | |
First Eagle Funds | Semiannual Report | April 30, 2020
126
| | | | | | | | | Ratios/Supplemental data | | | |
| | | | | | | | | Ratios to Average Net Assets of: | | | |
Selected per
share data for
the period ended: | | Net assets
value, end
of period | | Total
return(a) | | Net assets,
end of
period
(thousands) | | Operating
expenses
excluding
earnings
credits
and/or fee
waivers | | Operating
expenses
including
earnings
credits
and/or fee
waivers | | Net
investment
income
excluding
earnings
credits
and/or fee
waivers | | Net
investment
income
including
earnings
credits
and/or fee
waivers | | Portfolio
turnover
rate | |
First Eagle Global Fund Class R4 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 51.49 | | | | (8.47 | )%(b) | | $ | 2,221 | | | | 0.92 | %(c) | | | 0.92 | %(c) | | | 1.25 | %(c) | | | 1.25 | %(c) | | | 7.74 | %(b) | |
For The Year Ended
October 31, 2019 | | $ | 59.48 | | | | 11.53 | % | | $ | 1,825 | | | | 0.97 | % | | | 0.97 | % | | | 1.28 | % | | | 1.28 | % | | | 10.26 | % | |
For The Period
1/17/18^^-
10/31/18 | | $ | 56.70 | | | | (7.95 | )%(b) | | $ | 117 | | | | 1.02 | %(c) | | | 1.02 | %(c) | | | 1.18 | %(c) | | | 1.18 | %(c) | | | 14.91 | %(b) | |
First Eagle Global Fund Class R5 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 51.38 | | | | (8.71 | )%(b) | | $ | 9 | | | | 1.34 | %(c) | | | 1.34 | %(c) | | | 0.84 | %(c) | | | 0.84 | %(c) | | | 7.74 | %(b) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 59.47 | | | | 0.81 | %(b) | | $ | 10 | | | | 1.35 | %(c) | | | 1.35 | %(c) | | | 0.82 | %(c) | | | 0.82 | %(c) | | | 10.26 | %(b) | |
First Eagle Global Fund Class R6 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 51.54 | | | | (8.41 | )%(b) | | $ | 877,918 | | | | 0.79 | %(c) | | | 0.79 | %(c) | | | 1.36 | %(c) | | | 1.36 | %(c) | | | 7.74 | %(b) | |
October 31, 2019 | | $ | 59.55 | | | | 11.79 | % | | $ | 944,249 | | | | 0.79 | % | | | 0.79 | % | | | 1.44 | % | | | 1.44 | % | | | 10.26 | % | |
October 31, 2018 | | $ | 56.76 | | | | (2.49 | )% | | $ | 782,213 | | | | 0.78 | % | | | 0.78 | % | | | 1.21 | % | | | 1.21 | % | | | 14.91 | % | |
For The Period
3/01/17^^^^-
10/31/17 | | $ | 60.88 | | | | 6.19 | %(b) | | $ | 848,431 | | | | 0.78 | %(c) | | | 0.78 | %(c) | | | 0.94 | %(c) | | | 0.94 | %(c) | | | 9.67 | %(b) | |
First Eagle Overseas Fund Class A | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 21.28 | | | | (8.86 | )%(b) | | $ | 1,723,840 | | | | 1.15 | %(c) | | | 1.15 | %(c) | | | 0.80 | %(c) | | | 0.80 | %(c) | | | 9.10 | %(b) | |
October 31, 2019 | | $ | 24.65 | | | | 11.82 | % | | $ | 2,125,742 | | | | 1.15 | % | | | 1.15 | % | | | 1.38 | % | | | 1.38 | % | | | 6.99 | % | |
October 31, 2018 | | $ | 22.71 | | | | (7.27 | )% | | $ | 2,173,765 | | | | 1.15 | % | | | 1.15 | % | | | 1.04 | % | | | 1.04 | % | | | 12.10 | % | |
October 31, 2017 | | $ | 25.33 | | | | 9.99 | % | | $ | 3,102,414 | | | | 1.15 | % | | | 1.15 | % | | | 0.51 | % | | | 0.51 | % | | | 8.45 | % | |
October 31, 2016 | | $ | 23.86 | | | | 6.90 | % | | $ | 3,654,512 | | | | 1.14 | % | | | 1.14 | % | | | 0.84 | % | | | 0.84 | % | | | 9.30 | % | |
October 31, 2015 | | $ | 22.62 | | | | 2.59 | % | | $ | 4,142,588 | | | | 1.16 | % | | | 1.16 | % | | | 0.60 | % | | | 0.60 | % | | | 12.95 | % | |
First Eagle Funds | Semiannual Report | April 30, 2020
127
| | | Per share operating performance* | |
| | | | | Investment operations | | Less dividends and distributions | |
Selected per
share data for
the period ended: | | Net assets
value,
beginning
of period | | Net
investment
income/
loss | | Net
realized
and
unrealized
gains
(losses) on
investments | | Total
investment
operations | | From net
investment
income | | From
capital
gains | | Return of
capital | | Total
distributions | |
First Eagle Overseas Fund Class C | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 23.58 | | | | 0.00 | ** | | | (2.05 | ) | | | (2.05 | ) | | | (0.25 | ) | | | (0.83 | ) | | | — | | | | (1.08 | ) | |
October 31, 2019 | | $ | 21.73 | | | | 0.11 | | | | 2.22 | | | | 2.33 | | | | (0.09 | ) | | | (0.39 | ) | | | — | | | | (0.48 | ) | |
October 31, 2018 | | $ | 24.29 | | | | 0.08 | | | | (1.95 | ) | | | (1.87 | ) | | | (0.25 | ) | | | (0.44 | ) | | | — | | | | (0.69 | ) | |
October 31, 2017 | | $ | 22.91 | | | | (0.05 | ) | | | 2.07 | | | | 2.02 | | | | (0.09 | ) | | | (0.55 | ) | | | — | | | | (0.64 | ) | |
October 31, 2016 | | $ | 21.84 | | | | 0.02 | | | | 1.30 | | | | 1.32 | | | | — | | | | (0.25 | ) | | | — | | | | (0.25 | ) | |
October 31, 2015 | | $ | 22.42 | | | | (0.03 | ) | | | 0.39 | | | | 0.36 | | | | (0.08 | ) | | | (0.86 | ) | | | — | | | | (0.94 | ) | |
First Eagle Overseas Fund Class I | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 25.24 | | | | 0.13 | | | | (2.19 | ) | | | (2.06 | ) | | | (0.57 | ) | | | (0.83 | ) | | | — | | | | (1.40 | ) | |
October 31, 2019 | | $ | 23.26 | | | | 0.39 | | | | 2.33 | | | | 2.72 | | | | (0.35 | ) | | | (0.39 | ) | | | — | | | | (0.74 | ) | |
October 31, 2018 | | $ | 25.91 | | | | 0.34 | | | | (2.08 | ) | | | (1.74 | ) | | | (0.47 | ) | | | (0.44 | ) | | | — | | | | (0.91 | ) | |
October 31, 2017 | | $ | 24.40 | | | | 0.21 | | | | 2.17 | | | | 2.38 | | | | (0.32 | ) | | | (0.55 | ) | | | — | | | | (0.87 | ) | |
October 31, 2016 | | $ | 23.12 | | | | 0.26 | | | | 1.38 | | | | 1.64 | | | | (0.11 | ) | | | (0.25 | ) | | | — | | | | (0.36 | ) | |
October 31, 2015 | | $ | 23.62 | | | | 0.20 | | | | 0.41 | | | | 0.61 | | | | (0.25 | ) | | | (0.86 | ) | | | — | | | | (1.11 | ) | |
First Eagle Overseas Fund Class R3 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 25.13 | | | | 0.08 | | | | (2.20 | ) | | | (2.12 | ) | | | (0.42 | ) | | | (0.83 | ) | | | — | | | | (1.25 | ) | |
For The Year Ended
October 31, 2019 | | $ | 23.22 | | | | 0.44 | | | | 2.16 | | | | 2.60 | | | | (0.30 | ) | | | (0.39 | ) | | | — | | | | (0.69 | ) | |
For The Period
5/01/18^-
10/31/18 | | $ | 25.10 | | | | 0.16 | | | | (2.04 | ) | | | (1.88 | ) | | | — | | | | — | | | | — | | | | — | | |
First Eagle Overseas Fund Class R4 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 25.20 | | | | 0.11 | | | | (2.19 | ) | | | (2.08 | ) | | | (0.53 | ) | | | (0.83 | ) | | | — | | | | (1.36 | ) | |
For The Year Ended
October 31, 2019 | | $ | 23.23 | | | | 0.35 | | | | 2.33 | | | | 2.68 | | | | (0.32 | ) | | | (0.39 | ) | | | — | | | | (0.71 | ) | |
For The Period
1/17/18^^-
10/31/18 | | $ | 26.15 | | | | 0.31 | | | | (3.23 | ) | | | (2.92 | ) | | | — | | | | — | | | | — | | | | — | | |
First Eagle Funds | Semiannual Report | April 30, 2020
128
| | | | | | | | | Ratios/Supplemental data | | | |
| | | | | | | | | Ratios to Average Net Assets of: | | | |
Selected per
share data for
the period ended: | | Net assets
value, end
of period | | Total
return(a) | | Net assets,
end of
period
(thousands) | | Operating
expenses
excluding
earnings
credits
and/or fee
waivers | | Operating
expenses
including
earnings
credits
and/or fee
waivers | | Net
investment
income
excluding
earnings
credits
and/or fee
waivers | | Net
investment
income
including
earnings
credits
and/or fee
waivers | | Portfolio
turnover
rate | |
First Eagle Overseas Fund Class C | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 20.45 | | | | (9.20 | )%(b) | | $ | 282,000 | | | | 1.90 | %(c) | | | 1.90 | %(c) | | | 0.02 | %(c) | | | 0.02 | %(c) | | | 9.10 | %(b) | |
October 31, 2019 | | $ | 23.58 | | | | 10.98 | % | | $ | 378,755 | | | | 1.89 | % | | | 1.89 | % | | | 0.50 | % | | | 0.50 | % | | | 6.99 | % | |
October 31, 2018 | | $ | 21.73 | | | | (7.92 | )% | | $ | 687,318 | | | | 1.88 | % | | | 1.88 | % | | | 0.32 | % | | | 0.32 | % | | | 12.10 | % | |
October 31, 2017 | | $ | 24.29 | | | | 9.14 | % | | $ | 899,654 | | | | 1.88 | % | | | 1.88 | % | | | (0.20 | )% | | | (0.20 | )% | | | 8.45 | % | |
October 31, 2016 | | $ | 22.91 | | | | 6.14 | % | | $ | 992,573 | | | | 1.89 | % | | | 1.89 | % | | | 0.10 | % | | | 0.10 | % | | | 9.30 | % | |
October 31, 2015 | | $ | 21.84 | | | | 1.82 | % | | $ | 1,036,295 | | | | 1.89 | % | | | 1.89 | % | | | (0.13 | )% | | | (0.13 | )% | | | 12.95 | % | |
First Eagle Overseas Fund Class I | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 21.78 | | | | (8.72 | )%(b) | | $ | 9,232,445 | | | | 0.87 | %(c) | | | 0.87 | %(c) | | | 1.10 | %(c) | | | 1.10 | %(c) | | | 9.10 | %(b) | |
October 31, 2019 | | $ | 25.24 | | | | 12.12 | % | | $ | 10,694,125 | | | | 0.86 | % | | | 0.86 | % | | | 1.64 | % | | | 1.64 | % | | | 6.99 | % | |
October 31, 2018 | | $ | 23.26 | | | | (6.98 | )% | | $ | 11,093,973 | | | | 0.86 | % | | | 0.86 | % | | | 1.35 | % | | | 1.35 | % | | | 12.10 | % | |
October 31, 2017 | | $ | 25.91 | | | | 10.24 | % | | $ | 13,831,360 | | | | 0.87 | % | | | 0.86 | % | | | 0.86 | % | | | 0.86 | % | | | 8.45 | % | |
October 31, 2016 | | $ | 24.40 | | | | 7.22 | % | | $ | 10,608,351 | | | | 0.87 | % | | | 0.87 | % | | | 1.12 | % | | | 1.12 | % | | | 9.30 | % | |
October 31, 2015 | | $ | 23.12 | | | | 2.88 | % | | $ | 8,702,209 | | | | 0.88 | % | | | 0.88 | % | | | 0.88 | % | | | 0.88 | % | | | 12.95 | % | |
First Eagle Overseas Fund Class R3 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 21.76 | | | | (8.97 | )%(b) | | $ | 104 | | | | 1.37 | %(c) | | | 1.37 | %(c) | | | 0.71 | %(c) | | | 0.71 | %(c) | | | 9.10 | %(b) | |
For The Year Ended
October 31, 2019 | | $ | 25.13 | | | | 11.59 | % | | $ | 96 | | | | 1.32 | % | | | 1.32 | % | | | 1.84 | % | | | 1.84 | % | | | 6.99 | % | |
For The Period
5/01/18^-
10/31/18 | | $ | 23.22 | | | | (7.49 | )%(b) | | $ | 46 | | | | 1.21 | %(c) | | | 1.21 | %(c) | | | 1.32 | %(c) | | | 1.32 | %(c) | | | 12.10 | %(b) | |
First Eagle Overseas Fund Class R4 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 21.76 | | | | (8.84 | )%(b) | | $ | 85 | | | | 1.04 | %(c) | | | 1.04 | %(c) | | | 0.95 | %(c) | | | 0.95 | %(c) | | | 9.10 | %(b) | |
For The Year Ended
October 31, 2019 | | $ | 25.20 | | | | 11.92 | % | | $ | 91 | | | | 1.04 | % | | | 1.04 | % | | | 1.48 | % | | | 1.48 | % | | | 6.99 | % | |
For The Period
1/17/18^^-
10/31/18 | | $ | 23.23 | | | | (11.17 | )%(b) | | $ | 78 | | | | 1.03 | %(c) | | | 1.03 | %(c) | | | 1.60 | %(c) | | | 1.60 | %(c) | | | 12.10 | %(b) | |
First Eagle Funds | Semiannual Report | April 30, 2020
129
| | Per share operating performance* | |
| | | | | Investment operations | | Less dividends and distributions | |
Selected per
share data for
the period ended: | | Net assets
value,
beginning
of period | | Net
investment
income/
loss | | Net
realized
and
unrealized
gains
(losses) on
investments | | Total
investment
operations | | From net
investment
income | | From
capital
gains | | Return of
capital | | Total
distributions | |
First Eagle Overseas Fund Class R5 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 25.20 | | | | 0.12 | | | | (2.21 | ) | | | (2.09 | ) | | | (0.53 | ) | | | (0.83 | ) | | | — | | | | (1.36 | ) | |
For The Period
3/11/19^^^^^-
10/31/19 | | $ | 23.37 | | | | 0.28 | | | | 1.55 | | | | 1.83 | | | | — | | | | — | | | | — | | | | — | | |
First Eagle Overseas Fund Class R6 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 25.25 | | | | 0.14 | | | | (2.18 | ) | | | (2.04 | ) | | | (0.59 | ) | | | (0.83 | ) | | | — | | | | (1.42 | ) | |
October 31, 2019 | | $ | 23.27 | | | | 0.41 | | | | 2.33 | | | | 2.74 | | | | (0.37 | ) | | | (0.39 | ) | | | — | | | | (0.76 | ) | |
October 31, 2018 | | $ | 25.92 | | | | 0.36 | | | | (2.09 | ) | | | (1.73 | ) | | | (0.48 | ) | | | (0.44 | ) | | | — | | | | (0.92 | ) | |
For The Period
3/01/17^^^^-
10/31/17 | | $ | 23.99 | | | | 0.17 | | | | 1.76 | | | | 1.93 | | | | — | | | | — | | | | — | | | | — | | |
First Eagle U.S. Value Fund Class A | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 18.84 | | | | 0.09 | | | | (1.73 | ) | | | (1.64 | ) | | | (0.16 | ) | | | (1.37 | ) | | | — | | | | (1.53 | ) | |
October 31, 2019 | | $ | 19.89 | | | | 0.16 | | | | 1.44 | | | | 1.60 | | | | (0.12 | ) | | | (2.53 | ) | | | — | | | | (2.65 | ) | |
October 31, 2018 | | $ | 21.26 | | | | 0.11 | | | | 0.31 | | | | 0.42 | | | | (0.03 | ) | | | (1.76 | ) | | | — | | | | (1.79 | ) | |
October 31, 2017 | | $ | 20.08 | | | | 0.06 | | | | 2.80 | | | | 2.86 | | | | (0.04 | ) | | | (1.64 | ) | | | — | | | | (1.68 | ) | |
October 31, 2016 | | $ | 19.82 | | | | 0.08 | | | | 1.07 | | | | 1.15 | | | | (0.04 | ) | | | (0.85 | ) | | | — | | | | (0.89 | ) | |
October 31, 2015 | | $ | 21.10 | | | | 0.10 | | | | (0.10 | ) | | | 0.00 | | | | (0.08 | ) | | | (1.20 | ) | | | — | | | | (1.28 | ) | |
First Eagle U.S. Value Fund Class C | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 17.89 | | | | 0.02 | | | | (1.65 | ) | | | (1.63 | ) | | | — | | | | (1.37 | ) | | | — | | | | (1.37 | ) | |
October 31, 2019 | | $ | 19.03 | | | | 0.02 | | | | 1.37 | | | | 1.39 | | | | — | | | | (2.53 | ) | | | — | | | | (2.53 | ) | |
October 31, 2018 | | $ | 20.54 | | | | (0.04 | ) | | | 0.29 | | | | 0.25 | | | | — | | | | (1.76 | ) | | | — | | | | (1.76 | ) | |
October 31, 2017 | | $ | 19.55 | | | | (0.09 | ) | | | 2.72 | | | | 2.63 | | | | — | | | | (1.64 | ) | | | — | | | | (1.64 | ) | |
October 31, 2016 | | $ | 19.43 | | | | (0.07 | ) | | | 1.04 | | | | 0.97 | | | | — | | | | (0.85 | ) | | | — | | | | (0.85 | ) | |
October 31, 2015 | | $ | 20.78 | | | | (0.05 | ) | | | (0.10 | ) | | | (0.15 | ) | | | — | | | | (1.20 | ) | | | — | | | | (1.20 | ) | |
First Eagle Funds | Semiannual Report | April 30, 2020
130
| | | | | | | | | Ratios/Supplemental data | | | |
| | | | | | | | | Ratios to Average Net Assets of: | | | |
Selected per
share data for
the period ended: | | Net assets
value, end
of period | | Total
return(a) | | Net assets,
end of
period
(thousands) | | Operating
expenses
excluding
earnings
credits
and/or fee
waivers | | Operating
expenses
including
earnings
credits
and/or fee
waivers | | Net
investment
income
excluding
earnings
credits
and/or fee
waivers | | Net
investment
income
including
earnings
credits
and/or fee
waivers | | Portfolio
turnover
rate | |
First Eagle Overseas Fund Class R5 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 21.75 | | | | (8.87 | )%(b) | | $ | 29 | | | | 1.15 | %(c) | | | 1.14 | %(c) | | | 1.08 | %(c) | | | 1.08 | %(c) | | | 9.10 | %(b) | |
For The Period
3/11/19^^^^^-
10/31/19 | | $ | 25.20 | | | | 7.83 | %(b) | | $ | 16 | | | | 1.12 | %(c) | | | 1.12 | %(c) | | | 1.79 | %(c) | | | 1.79 | %(c) | | | 6.99 | %(b) | |
First Eagle Overseas Fund Class R6 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 21.79 | | | | (8.70 | )%(b) | | $ | 678,141 | | | | 0.80 | %(c) | | | 0.80 | %(c) | | | 1.20 | %(c) | | | 1.20 | %(c) | | | 9.10 | %(b) | |
October 31, 2019 | | $ | 25.25 | | | | 12.21 | % | | $ | 759,773 | | | | 0.80 | % | | | 0.80 | % | | | 1.74 | % | | | 1.74 | % | | | 6.99 | % | |
October 31, 2018 | | $ | 23.27 | | | | (6.92 | )% | | $ | 592,247 | | | | 0.80 | % | | | 0.80 | % | | | 1.44 | % | | | 1.44 | % | | | 12.10 | % | |
For The Period
3/01/17^^^^-
10/31/17 | | $ | 25.92 | | | | 8.04 | %(b) | | $ | 544,632 | | | | 0.79 | %(c) | | | 0.79 | %(c) | | | 1.01 | %(c) | | | 1.01 | %(c) | | | 8.45 | %(b) | |
First Eagle U.S. Value Fund Class A | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 15.67 | | | | (9.72 | )%(b) | | $ | 481,527 | | | | 1.17 | %(c) | | | 1.12 | %(c) | | | 1.04 | %(c) | | | 1.09 | %(c) | | | 6.80 | %(b) | |
October 31, 2019 | | $ | 18.84 | | | | 9.43 | % | | $ | 613,548 | | | | 1.16 | % | | | 1.11 | % | | | 0.81 | % | | | 0.86 | % | | | 8.65 | % | |
October 31, 2018 | | $ | 19.89 | | | | 2.01 | % | | $ | 590,922 | | | | 1.15 | % | | | 1.10 | % | | | 0.51 | % | | | 0.56 | % | | | 9.05 | % | |
October 31, 2017 | | $ | 21.26 | | | | 14.94 | % | | $ | 716,820 | | | | 1.14 | % | | | 1.09 | % | | | 0.24 | % | | | 0.29 | % | | | 5.85 | % | |
October 31, 2016 | | $ | 20.08 | | | | 6.21 | % | | $ | 817,481 | | | | 1.11 | % | | | 1.14 | % | | | 0.40 | % | | | 0.37 | % | | | 10.65 | % | |
October 31, 2015 | | $ | 19.82 | | | | 0.04 | % | | $ | 966,396 | | | | 1.14 | % | | | 1.14 | % | | | 0.49 | % | | | 0.49 | % | | | 15.14 | % | |
First Eagle U.S. Value Fund Class C | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 14.89 | | | | (10.06 | )%(b) | | $ | 142,582 | | | | 1.95 | %(c) | | | 1.90 | %(c) | | | 0.25 | %(c) | | | 0.31 | %(c) | | | 6.80 | %(b) | |
October 31, 2019 | | $ | 17.89 | | | | 8.59 | % | | $ | 194,380 | | | | 1.92 | % | | | 1.87 | % | | | 0.06 | % | | | 0.11 | % | | | 8.65 | % | |
October 31, 2018 | | $ | 19.03 | | | | 1.20 | % | | $ | 361,606 | | | | 1.90 | % | | | 1.85 | % | | | (0.24 | )% | | | (0.19 | )% | | | 9.05 | % | |
October 31, 2017 | | $ | 20.54 | | | | 14.13 | % | | $ | 448,462 | | | | 1.89 | % | | | 1.84 | % | | | (0.51 | )% | | | (0.46 | )% | | | 5.85 | % | |
October 31, 2016 | | $ | 19.55 | | | | 5.38 | % | | $ | 516,405 | | | | 1.87 | % | | | 1.90 | % | | | (0.37 | )% | | | (0.40 | )% | | | 10.65 | % | |
October 31, 2015 | | $ | 19.43 | | | | (0.70 | )% | | $ | 592,960 | | | | 1.90 | % | | | 1.90 | % | | | (0.27 | )% | | | (0.27 | )% | | | 15.14 | % | |
First Eagle Funds | Semiannual Report | April 30, 2020
131
| | Per share operating performance* | |
| | | | | Investment operations | | Less dividends and distributions | |
Selected per
share data for
the period ended: | | Net assets
value,
beginning
of period | | Net
investment
income/
loss | | Net
realized
and
unrealized
gains
(losses) on
investments | | Total
investment
operations | | From net
investment
income | | From
capital
gains | | Return of
capital | | Total
distributions | |
First Eagle U.S. Value Fund Class I | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 19.21 | | | | 0.12 | | | | (1.77 | ) | | | (1.65 | ) | | | (0.21 | ) | | | (1.37 | ) | | | — | | | | (1.58 | ) | |
October 31, 2019 | | $ | 20.23 | | | | 0.21 | | | | 1.48 | | | | 1.69 | | | | (0.18 | ) | | | (2.53 | ) | | | — | | | | (2.71 | ) | |
October 31, 2018 | | $ | 21.61 | | | | 0.18 | | | | 0.29 | | | | 0.47 | | | | (0.09 | ) | | | (1.76 | ) | | | — | | | | (1.85 | ) | |
October 31, 2017 | | $ | 20.38 | | | | 0.12 | | | | 2.84 | | | | 2.96 | | | | (0.09 | ) | | | (1.64 | ) | | | — | | | | (1.73 | ) | |
October 31, 2016 | | $ | 20.11 | | | | 0.13 | | | | 1.08 | | | | 1.21 | | | | (0.09 | ) | | | (0.85 | ) | | | — | | | | (0.94 | ) | |
October 31, 2015 | | $ | 21.40 | | | | 0.16 | | | | (0.12 | ) | | | 0.04 | | | | (0.13 | ) | | | (1.20 | ) | | | — | | | | (1.33 | ) | |
First Eagle U.S. Value Fund Class R3 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 19.15 | | | | 0.08 | | | | (1.77 | ) | | | (1.69 | ) | | | (0.14 | ) | | | (1.37 | ) | | | — | | | | (1.51 | ) | |
For The Year Ended
October 31, 2019 | | $ | 20.20 | | | | 0.14 | | | | 1.48 | | | | 1.62 | | | | (0.14 | ) | | | (2.53 | ) | | | — | | | | (2.67 | ) | |
For The Period
5/01/18^-
10/31/18 | | $ | 20.37 | | | | 0.06 | | | | (0.23 | ) | | | (0.17 | ) | | | — | | | | — | | | | — | | | | — | | |
First Eagle U.S. Value Fund Class R4 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 19.18 | | | | 0.10 | | | | (1.78 | ) | | | (1.68 | ) | | | (0.18 | ) | | | (1.37 | ) | | | — | | | | (1.55 | ) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 19.40 | | | | 0.02 | | | | (0.24 | ) | | | (0.22 | ) | | | — | | | | — | | | | — | | | | — | | |
First Eagle U.S. Value Fund Class R5 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 19.18 | | | | 0.11 | | | | (1.77 | ) | | | (1.66 | ) | | | (0.19 | ) | | | (1.37 | ) | | | — | | | | (1.56 | ) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 19.40 | | | | 0.03 | | | | (0.25 | ) | | | (0.22 | ) | | | — | | | | — | | | | — | | | | — | | |
First Eagle Funds | Semiannual Report | April 30, 2020
132
| | | | | | | | | Ratios/Supplemental data | | | |
| | | | | | | | | Ratios to Average Net Assets of: | | | |
Selected per
share data for
the period ended: | | Net assets
value, end
of period | | Total
return(a) | | Net assets,
end of
period
(thousands) | | Operating
expenses
excluding
earnings
credits
and/or fee
waivers | | Operating
expenses
including
earnings
credits
and/or fee
waivers | | Net
investment
income
excluding
earnings
credits
and/or fee
waivers | | Net
investment
income
including
earnings
credits
and/or fee
waivers | | Portfolio
turnover
rate | |
First Eagle U.S. Value Fund Class I | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 15.98 | | | | (9.59 | )%(b) | | $ | 576,733 | | | | 0.89 | %(c) | | | 0.84 | %(c) | | | 1.31 | %(c) | | | 1.36 | %(c) | | | 6.80 | %(b) | |
October 31, 2019 | | $ | 19.21 | | | | 9.79 | % | | $ | 749,245 | | | | 0.88 | % | | | 0.83 | % | | | 1.09 | % | | | 1.14 | % | | | 8.65 | % | |
October 31, 2018 | | $ | 20.23 | | | | 2.24 | % | | $ | 875,239 | | | | 0.87 | % | | | 0.82 | % | | | 0.79 | % | | | 0.84 | % | | | 9.05 | % | |
October 31, 2017 | | $ | 21.61 | | | | 15.27 | % | | $ | 983,508 | | | | 0.86 | % | | | 0.81 | % | | | 0.51 | % | | | 0.56 | % | | | 5.85 | % | |
October 31, 2016 | | $ | 20.38 | | | | 6.49 | % | | $ | 841,199 | | | | 0.84 | % | | | 0.87 | % | | | 0.67 | % | | | 0.64 | % | | | 10.65 | % | |
October 31, 2015 | | $ | 20.11 | | | | 0.28 | % | | $ | 942,370 | | | | 0.87 | % | | | 0.87 | % | | | 0.76 | % | | | 0.76 | % | | | 15.14 | % | |
First Eagle U.S. Value Fund Class R3 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 15.95 | | | | (9.81 | )%(b) | | $ | 49 | | | | 1.32 | %(c) | | | 1.27 | %(c) | | | 0.89 | %(c) | | | 0.94 | %(c) | | | 6.80 | %(b) | |
For The Year Ended
October 31, 2019 | | $ | 19.15 | | | | 9.37 | % | | $ | 54 | | | | 1.26 | % | | | 1.21 | % | | | 0.71 | % | | | 0.76 | % | | | 8.65 | % | |
For The Period
5/01/18^-
10/31/18 | | $ | 20.20 | | | | (0.83 | )%(b) | | $ | 50 | | | | 1.24 | %(c) | | | 1.19 | %(c) | | | 0.50 | %(c) | | | 0.55 | %(c) | | | 9.05 | %(b) | |
First Eagle U.S. Value Fund Class R4 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 15.95 | | | | (9.75 | )%(b) | | $ | 9 | | | | 1.10 | %(c) | | | 1.06 | %(c) | | | 1.11 | %(c) | | | 1.15 | %(c) | | | 6.80 | %(b) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 19.18 | | | | (1.13 | )%(b) | | $ | 10 | | | | 1.51 | %(c) | | | 1.47 | %(c) | | | 0.39 | %(c) | | | 0.43 | %(c) | | | 8.65 | %(b) | |
First Eagle U.S. Value Fund Class R5 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 15.96 | | | | (9.65 | )%(b) | | $ | 9 | | | | 1.00 | %(c) | | | 0.96 | %(c) | | | 1.21 | %(c) | | | 1.25 | %(c) | | | 6.80 | %(b) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 19.18 | | | | (1.13 | )%(b) | | $ | 10 | | | | 1.40 | %(c) | | | 1.36 | %(c) | | | 0.50 | %(c) | | | 0.54 | %(c) | | | 8.65 | %(b) | |
First Eagle Funds | Semiannual Report | April 30, 2020
133
| | Per share operating performance* | |
| | | | | Investment operations | | Less dividends and distributions | |
Selected per
share data for
the period ended: | | Net assets
value,
beginning
of period | | Net
investment
income/
loss | | Net
realized
and
unrealized
gains
(losses) on
investments | | Total
investment
operations | | From net
investment
income | | From
capital
gains | | Return of
capital | | Total
distributions | |
First Eagle U.S. Value Fund Class R6 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 19.22 | | | | 0.13 | | | | (1.78 | ) | | | (1.65 | ) | | | (0.22 | ) | | | (1.37 | ) | | | — | | | | (1.59 | ) | |
October 31, 2019 | | $ | 20.24 | | | | 0.21 | | | | 1.49 | | | | 1.70 | | | | (0.19 | ) | | | (2.53 | ) | | | — | | | | (2.72 | ) | |
October 31, 2018 | | $ | 21.62 | | | | 0.18 | | | | 0.30 | | | | 0.48 | | | | (0.10 | ) | | | (1.76 | ) | | | — | | | | (1.86 | ) | |
For The Period
3/01/17^^^^-
10/31/17 | | $ | 20.66 | | | | 0.09 | | | | 0.87 | | | | 0.96 | | | | — | | | | — | | | | — | | | | — | | |
First Eagle Gold Fund Class A | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 18.66 | | | | (0.04 | ) | | | 4.14 | | | | 4.10 | | | | — | | | | — | | | | — | | | | — | | |
October 31, 2019 | | $ | 13.08 | | | | (0.04 | ) | | | 5.62 | | | | 5.58 | | | | — | | | | — | | | | — | | | | — | | |
October 31, 2018 | | $ | 16.50 | | | | (0.07 | ) | | | (3.35 | ) | | | (3.42 | ) | | | — | | | | — | | | | — | | | | — | | |
October 31, 2017 | | $ | 17.99 | | | | (0.09 | ) | | | (1.40 | ) | | | (1.49 | ) | | | — | | | | — | | | | — | | | | — | | |
October 31, 2016 | | $ | 12.36 | | | | (0.11 | ) | | | 5.74 | | | | 5.63 | | | | — | | | | — | | | | — | | | | — | | |
October 31, 2015 | | $ | 13.45 | | | | (0.08 | ) | | | (1.01 | ) | | | (1.09 | ) | | | — | | | | — | | | | — | | | | — | | |
First Eagle Gold Fund Class C | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 17.11 | | | | (0.10 | ) | | | 3.78 | | | | 3.68 | | | | — | | | | — | | | | — | | | | — | | |
October 31, 2019 | | $ | 12.09 | | | | (0.15 | ) | | | 5.17 | | | | 5.02 | | | | — | | | | — | | | | — | | | | — | | |
October 31, 2018 | | $ | 15.36 | | | | (0.17 | ) | | | (3.10 | ) | | | (3.27 | ) | | | — | | | | — | | | | — | | | | — | | |
October 31, 2017 | | $ | 16.89 | | | | (0.21 | ) | | | (1.32 | ) | | | (1.53 | ) | | | — | | | | — | | | | — | | | | — | | |
October 31, 2016 | | $ | 11.70 | | | | (0.22 | ) | | | 5.41 | | | | 5.19 | | | | — | | | | — | | | | — | | | | — | | |
October 31, 2015 | | $ | 12.84 | | | | (0.18 | ) | | | (0.96 | ) | | | (1.14 | ) | | | — | | | | — | | | | — | | | | — | | |
First Eagle Gold Fund Class I | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 19.22 | | | | (0.01 | ) | | | 4.27 | | | | 4.26 | | | | (0.02 | ) | | | — | | | | — | | | | (0.02 | ) | |
October 31, 2019 | | $ | 13.44 | | | | 0.00 | ** | | | 5.78 | | | | 5.78 | | | | — | | | | — | | | | — | | | | — | | |
October 31, 2018 | | $ | 16.90 | | | | (0.02 | ) | | | (3.44 | ) | | | (3.46 | ) | | | — | | | | — | | | | — | | | | — | | |
October 31, 2017 | | $ | 18.38 | | | | (0.04 | ) | | | (1.44 | ) | | | (1.48 | ) | | | — | | | | — | | | | — | | | | — | | |
October 31, 2016 | | $ | 12.59 | | | | (0.06 | ) | | | 5.85 | | | | 5.79 | | | | — | | | | — | | | | — | | | | — | | |
October 31, 2015 | | $ | 13.66 | | | | (0.04 | ) | | | (1.03 | ) | | | (1.07 | ) | | | — | | | | — | | | | — | | | | — | | |
First Eagle Funds | Semiannual Report | April 30, 2020
134
| | | | | | | | | Ratios/Supplemental data | | | |
| | | | | | | | | Ratios to Average Net Assets of: | | | |
Selected per
share data for
the period ended: | | Net assets
value, end
of period | | Total
return(a) | | Net assets,
end of
period
(thousands) | | Operating
expenses
excluding
earnings
credits
and/or fee
waivers | | Operating
expenses
including
earnings
credits
and/or fee
waivers | | Net
investment
income
excluding
earnings
credits
and/or fee
waivers | | Net
investment
income
including
earnings
credits
and/or fee
waivers | | Portfolio
turnover
rate | |
First Eagle U.S. Value Fund Class R6 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 15.98 | | | | (9.60 | )%(b) | | $ | 6,092 | | | | 0.84 | %(c) | | | 0.79 | %(c) | | | 1.37 | %(c) | | | 1.42 | %(c) | | | 6.80 | %(b) | |
October 31, 2019 | | $ | 19.22 | | | | 9.83 | % | | $ | 15,949 | | | | 0.83 | % | | | 0.78 | % | | | 1.09 | % | | | 1.14 | % | | | 8.65 | % | |
October 31, 2018 | | $ | 20.24 | | | | 2.28 | % | | $ | 1,362 | | | | 0.86 | % | | | 0.81 | % | | | 0.82 | % | | | 0.87 | % | | | 9.05 | % | |
For The Period
3/01/17^^^^-
10/31/17 | | $ | 21.62 | | | | 4.65 | %(b) | | $ | 833 | | | | 0.85 | %(c) | | | 0.80 | %(c) | | | 0.56 | %(c) | | | 0.61 | %(c) | | | 5.85 | %(b) | |
First Eagle Gold Fund Class A | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 22.76 | | | | 21.97 | %(b) | | $ | 495,452 | | | | 1.25 | %(c) | | | 1.25 | %(c) | | | (0.39 | )%(c) | | | (0.38 | )%(c) | | | 2.67 | %(b) | |
October 31, 2019 | | $ | 18.66 | | | | 42.66 | % | | $ | 386,633 | | | | 1.29 | % | | | 1.29 | % | | | (0.27 | )% | | | (0.27 | )% | | | 20.01 | % | |
October 31, 2018 | | $ | 13.08 | | | | (20.73 | )% | | $ | 294,509 | | | | 1.29 | % | | | 1.29 | % | | | (0.45 | )% | | | (0.45 | )% | | | 9.43 | % | |
October 31, 2017 | | $ | 16.50 | | | | (8.28 | )% | | $ | 451,039 | | | | 1.26 | % | | | 1.26 | % | | | (0.53 | )% | | | (0.53 | )% | | | 7.90 | % | |
October 31, 2016 | | $ | 17.99 | | | | 45.55 | % | | $ | 566,708 | | | | 1.27 | % | | | 1.27 | % | | | (0.65 | )% | | | (0.65 | )% | | | 15.82 | % | |
October 31, 2015 | | $ | 12.36 | | | | (8.10 | )% | | $ | 390,521 | | | | 1.33 | % | | | 1.33 | % | | | (0.57 | )% | | | (0.57 | )% | | | 12.47 | % | |
First Eagle Gold Fund Class C | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 20.79 | | | | 21.51 | %(b) | | $ | 140,237 | | | | 2.00 | %(c) | | | 2.00 | %(c) | | | (1.14 | )%(c) | | | (1.14 | )%(c) | | | 2.67 | %(b) | |
October 31, 2019 | | $ | 17.11 | | | | 41.52 | % | | $ | 115,624 | | | | 2.05 | % | | | 2.05 | % | | | (1.02 | )% | | | (1.02 | )% | | | 20.01 | % | |
October 31, 2018 | | $ | 12.09 | | | | (21.29 | )% | | $ | 111,685 | | | | 2.05 | % | | | 2.05 | % | | | (1.21 | )% | | | (1.21 | )% | | | 9.43 | % | |
October 31, 2017 | | $ | 15.36 | | | | (9.06 | )% | | $ | 166,043 | | | | 2.04 | % | | | 2.03 | % | | | (1.30 | )% | | | (1.30 | )% | | | 7.90 | % | |
October 31, 2016 | | $ | 16.89 | | | | 44.36 | % | | $ | 206,225 | | | | 2.04 | % | | | 2.04 | % | | | (1.42 | )% | | | (1.42 | )% | | | 15.82 | % | |
October 31, 2015 | | $ | 11.70 | | | | (8.88 | )% | | $ | 148,119 | | | | 2.14 | % | | | 2.14 | % | | | (1.39 | )% | | | (1.39 | )% | | | 12.47 | % | |
First Eagle Gold Fund Class I | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 23.46 | | | | 22.17 | %(b) | | $ | 846,889 | | | | 0.96 | %(c) | | | 0.96 | %(c) | | | (0.10 | )%(c) | | | (0.10 | )%(c) | | | 2.67 | %(b) | |
October 31, 2019 | | $ | 19.22 | | | | 43.01 | % | | $ | 553,633 | | | | 0.99 | % | | | 0.99 | % | | | 0.01 | % | | | 0.01 | % | | | 20.01 | % | |
October 31, 2018 | | $ | 13.44 | | | | (20.47 | )% | | $ | 392,310 | | | | 1.00 | % | | | 1.00 | % | | | (0.15 | )% | | | (0.15 | )% | | | 9.43 | % | |
October 31, 2017 | | $ | 16.90 | | | | (8.05 | )% | | $ | 559,784 | | | | 0.99 | % | | | 0.99 | % | | | (0.25 | )% | | | (0.25 | )% | | | 7.90 | % | |
October 31, 2016 | | $ | 18.38 | | | | 45.99 | % | | $ | 509,635 | | | | 0.98 | % | | | 0.98 | % | | | (0.36 | )% | | | (0.36 | )% | | | 15.82 | % | |
October 31, 2015 | | $ | 12.59 | | | | (7.83 | )% | | $ | 306,131 | | | | 1.03 | % | | | 1.03 | % | | | (0.27 | )% | | | (0.27 | )% | | | 12.47 | % | |
First Eagle Funds | Semiannual Report | April 30, 2020
135
| | | Per share operating performance* | |
| | | | | Investment operations | | Less dividends and distributions | |
Selected per
share data for
the period ended: | | Net assets
value,
beginning
of period | | Net
investment
income/
loss | | Net
realized
and
unrealized
gains
(losses) on
investments | | Total
investment
operations | | From net
investment
income | | From
capital
gains | | Return of
capital | | Total
distributions | |
First Eagle Gold Fund Class R3 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 19.17 | | | | (0.04 | ) | | | 4.26 | | | | 4.22 | | | | (0.01 | ) | | | — | | | | — | | | | (0.01 | ) | |
For The Year Ended
October 31, 2019 | | $ | 13.44 | | | | (0.09 | ) | | | 5.82 | | | | 5.73 | | | | — | | | | — | | | | — | | | | — | | |
For The Period
5/01/18^-
10/31/18 | | $ | 16.35 | | | | (0.04 | ) | | | (2.87 | ) | | | (2.91 | ) | | | — | | | | — | | | | — | | | | — | | |
First Eagle Gold Fund Class R4 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 19.26 | | | | (0.01 | ) | | | 4.28 | | | | 4.27 | | | | — | | | | — | | | | — | | | | — | | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 18.54 | | | | (0.04 | ) | | | 0.76 | | | | 0.72 | | | | — | | | | — | | | | — | | | | — | | |
First Eagle Gold Fund Class R5 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 19.28 | | | | (0.01 | ) | | | 4.24 | | | | 4.23 | | | | (0.02 | ) | | | — | | | | — | | | | (0.02 | ) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 18.54 | | | | (0.03 | ) | | | 0.77 | | | | 0.74 | | | | — | | | | — | | | | — | | | | — | | |
First Eagle Gold Fund Class R6 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 19.26 | | | | 0.00 | ** | | | 4.27 | | | | 4.27 | | | | (0.03 | ) | | | — | | | | — | | | | (0.03 | ) | |
October 31, 2019 | | $ | 13.46 | | | | 0.01 | | | | 5.79 | | | | 5.80 | | | | — | | | | — | | | | — | | | | — | | |
October 31, 2018 | | $ | 16.91 | | | | (0.02 | ) | | | (3.43 | ) | | | (3.45 | ) | | | — | | | | — | | | | — | | | | — | | |
For The Period
3/01/17^^^^-
10/31/17 | | $ | 17.60 | | | | (0.06 | ) | | | (0.63 | ) | | | (0.69 | ) | | | — | | | | — | | | | — | | | | — | | |
First Eagle Funds | Semiannual Report | April 30, 2020
136
| | | | | | | | | Ratios/Supplemental data | | | |
| | | | | | | | | Ratios to Average Net Assets of: | | | |
Selected per
share data for
the period ended: | | Net assets
value, end
of period | | Total
return(a) | | Net assets,
end of
period
(thousands) | | Operating
expenses
excluding
earnings
credits
and/or fee
waivers | | Operating
expenses
including
earnings
credits
and/or fee
waivers | | Net
investment
income
excluding
earnings
credits
and/or fee
waivers | | Net
investment
income
including
earnings
credits
and/or fee
waivers | | Portfolio
turnover
rate | |
First Eagle Gold Fund Class R3 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 23.38 | | | | 22.01 | %(b) | | $ | 616 | | | | 1.23 | %(c) | | | 1.23 | %(c) | | | (0.37 | )%(c) | | | (0.37 | )%(c) | | | 2.67 | %(b) | |
For The Year Ended
October 31, 2019 | | $ | 19.17 | | | | 42.63 | % | | $ | 491 | | | | 1.25 | % | | | 1.25 | % | | | (0.51 | )% | | | (0.51 | )% | | | 20.01 | % | |
For The Period
5/01/18^-
10/31/18 | | $ | 13.44 | | | | (17.80 | )%(b) | | $ | 41 | | | | 1.32 | %(c) | | | 1.32 | %(c) | | | (0.59 | )%(c) | | | (0.59 | )%(c) | | | 9.43 | %(b) | |
First Eagle Gold Fund Class R4 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 23.53 | | | | 22.17 | %(b) | | $ | 731 | | | | 0.98 | %(c) | | | 0.98 | %(c) | | | (0.11 | )%(c) | | | (0.11 | )%(c) | | | 2.67 | %(b) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 19.26 | | | | 3.88 | %(b) | | $ | 10 | | | | 1.49 | %(c) | | | 1.49 | %(c) | | | (0.84 | )%(c) | | | (0.84 | )% | | | 20.01 | %(b) | |
First Eagle Gold Fund Class R5 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 23.49 | | | | 21.94 | %(b) | | $ | 361 | | | | 0.99 | %(c) | | | 0.99 | %(c) | | | (0.13 | )%(c) | | | (0.13 | )%(c) | | | 2.67 | %(b) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 19.28 | | | | 3.99 | %(b) | | $ | 166 | | | | 0.96 | %(c) | | | 0.96 | %(c) | | | (0.65 | )%(c) | | | (0.64 | )%(c) | | | 20.01 | %(b) | |
First Eagle Gold Fund Class R6 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 23.50 | | | | 22.22 | %(b) | | $ | 157,170 | | | | 0.87 | %(c) | | | 0.87 | %(c) | | | (0.02 | )%(c) | | | (0.01 | )%(c) | | | 2.67 | %(b) | |
October 31, 2019 | | $ | 19.26 | | | | 43.09 | % | | $ | 163,259 | | | | 0.89 | % | | | 0.89 | % | | | 0.03 | % | | | 0.03 | % | | | 20.01 | % | |
October 31, 2018 | | $ | 13.46 | | | | (20.40 | )% | | $ | 74,414 | | | | 0.91 | % | | | 0.91 | % | | | (0.14 | )% | | | (0.14 | )% | | | 9.43 | % | |
For The Period
3/01/17^^^^-
10/31/17 | | $ | 16.91 | | | | (3.92 | )%(b) | | $ | 15,650 | | | | 0.90 | %(c) | | | 0.91 | %(c) | | | (0.51 | )%(c) | | | (0.51 | )%(c) | | | 7.90 | %(b) | |
First Eagle Funds | Semiannual Report | April 30, 2020
137
| | | Per share operating performance* | |
| | | | | Investment operations | | Less dividends and distributions | |
Selected per
share data for
the period ended: | | Net assets
value,
beginning
of period | | Net
investment
income/
loss | | Net
realized
and
unrealized
gains
(losses) on
investments | | Total
investment
operations | | From net
investment
income | | From
capital
gains | | Return of
capital | | Total
distributions | |
First Eagle Global Income Builder Fund Class A | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 12.15 | | | | 0.11 | | | | (1.00 | ) | | | (0.89 | ) | | | (0.11 | ) | | | (0.04 | ) | | | — | | | | (0.15 | ) | |
October 31, 2019 | | $ | 11.45 | | | | 0.25 | | | | 0.70 | | | | 0.95 | | | | (0.25 | ) | | | — | | | | — | | | | (0.25 | ) | |
October 31, 2018 | | $ | 12.05 | | | | 0.25 | | | | (0.56 | ) | | | (0.31 | ) | | | (0.23 | ) | | | — | | | | (0.06 | ) | | | (0.29 | ) | |
October 31, 2017 | | $ | 10.99 | | | | 0.28 | | | | 1.07 | | | | 1.35 | | | | (0.29 | ) | | | — | | | | — | | | | (0.29 | ) | |
October 31, 2016 | | $ | 10.73 | | | | 0.34 | | | | 0.27 | | | | 0.61 | | | | (0.35 | ) | | | — | | | | — | | | | (0.35 | ) | |
October 31, 2015 | | $ | 11.41 | | | | 0.35 | | | | (0.51 | ) | | | (0.16 | ) | | | (0.37 | ) | | | (0.15 | ) | | | — | | | | (0.52 | ) | |
First Eagle Global Income Builder Fund Class C | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 12.11 | | | | 0.06 | | | | (0.99 | ) | | | (0.93 | ) | | | (0.06 | ) | | | (0.04 | ) | | | — | | | | (0.10 | ) | |
October 31, 2019 | | $ | 11.42 | | | | 0.16 | | | | 0.69 | | | | 0.85 | | | | (0.16 | ) | | | — | | | | — | | | | (0.16 | ) | |
October 31, 2018 | | $ | 12.02 | | | | 0.16 | | | | (0.56 | ) | | | (0.40 | ) | | | (0.14 | ) | | | — | | | | (0.06 | ) | | | (0.20 | ) | |
October 31, 2017 | | $ | 10.96 | | | | 0.19 | | | | 1.07 | | | | 1.26 | | | | (0.20 | ) | | | — | | | | — | | | | (0.20 | ) | |
October 31, 2016 | | $ | 10.71 | | | | 0.25 | | | | 0.26 | | | | 0.51 | | | | (0.26 | ) | | | — | | | | — | | | | (0.26 | ) | |
October 31, 2015 | | $ | 11.38 | | | | 0.26 | | | | (0.50 | ) | | | (0.24 | ) | | | (0.28 | ) | | | (0.15 | ) | | | — | | | | (0.43 | ) | |
First Eagle Global Income Builder Fund Class I | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 12.12 | | | | 0.12 | | | | (0.98 | ) | | | (0.86 | ) | | | (0.13 | ) | | | (0.04 | ) | | | — | | | | (0.17 | ) | |
October 31, 2019 | | $ | 11.43 | | | | 0.28 | | | | 0.69 | | | | 0.97 | | | | (0.28 | ) | | | — | | | | — | | | | (0.28 | ) | |
October 31, 2018 | | $ | 12.02 | | | | 0.28 | | | | (0.55 | ) | | | (0.27 | ) | | | (0.26 | ) | | | — | | | | (0.06 | ) | | | (0.32 | ) | |
October 31, 2017 | | $ | 10.96 | | | | 0.31 | | | | 1.07 | | | | 1.38 | | | | (0.32 | ) | | | — | | | | — | | | | (0.32 | ) | |
October 31, 2016 | | $ | 10.71 | | | | 0.36 | | | | 0.26 | | | | 0.62 | | | | (0.37 | ) | | | — | | | | — | | | | (0.37 | ) | |
October 31, 2015 | | $ | 11.39 | | | | 0.38 | | | | (0.52 | ) | | | (0.14 | ) | | | (0.39 | ) | | | (0.15 | ) | | | — | | | | (0.54 | ) | |
First Eagle Global Income Builder Fund Class R3 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 12.12 | | | | 0.09 | | | | (0.98 | ) | | | (0.89 | ) | | | (0.10 | ) | | | (0.04 | ) | | | — | | | | (0.14 | ) | |
For The Year Ended
October 31, 2019 | | $ | 11.43 | | | | 0.23 | | | | 0.69 | | | | 0.92 | | | | (0.23 | ) | | | — | | | | — | | | | (0.23 | ) | |
For The Period
5/01/18^-
10/31/18 | | $ | 11.92 | | | | 0.13 | | | | (0.49 | ) | | | (0.36 | ) | | | (0.10 | ) | | | — | | | | (0.03 | ) | | | (0.13 | ) | |
First Eagle Funds | Semiannual Report | April 30, 2020
138
| | | | | | | | Ratios/Supplemental data | | | |
| | | | | | | | | Ratios to Average Net Assets of: | | | |
Selected per
share data for
the period ended: | | Net assets
value, end
of period | | Total
return(a) | | Net assets,
end of
period
(thousands) | | Operating
expenses
excluding
earnings
credits
and/or fee
waivers | | Operating
expenses
including
earnings
credits
and/or fee
waivers | | Net
investment
income
excluding
earnings
credits
and/or fee
waivers | | Net
investment
income
including
earnings
credits
and/or fee
waivers | | Portfolio
turnover
rate | |
First Eagle Global Income Builder Fund Class A | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 11.11 | | | | (7.41 | )%(b) | | $ | 358,142 | | | | 1.18 | %(c) | | | 1.18 | %(c) | | | 1.81 | %(c) | | | 1.81 | %(c) | | | 18.21 | %(b) | |
October 31, 2019 | | $ | 12.15 | | | | 8.40 | % | | $ | 392,942 | | | | 1.18 | % | | | 1.18 | % | | | 2.10 | % | | | 2.10 | % | | | 25.54 | % | |
October 31, 2018 | | $ | 11.45 | | | | (2.64 | )% | | $ | 319,003 | | | | 1.18 | % | | | 1.18 | % | | | 2.11 | % | | | 2.11 | % | | | 22.15 | % | |
October 31, 2017 | | $ | 12.05 | | | | 12.39 | % | | $ | 339,792 | | | | 1.19 | % | | | 1.19 | % | | | 2.43 | % | | | 2.43 | % | | | 23.18 | % | |
October 31, 2016 | | $ | 10.99 | | | | 5.76 | % | | $ | 361,605 | | | | 1.18 | % | | | 1.18 | % | | | 3.16 | % | | | 3.16 | % | | | 29.76 | % | |
October 31, 2015 | | $ | 10.73 | | | | (1.39 | )% | | $ | 410,153 | | | | 1.19 | % | | | 1.19 | % | | | 3.16 | % | | | 3.16 | % | | | 29.68 | % | |
First Eagle Global Income Builder Fund Class C | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 11.08 | | | | (7.73 | )%(b) | | $ | 234,636 | | | | 1.95 | %(c) | | | 1.95 | %(c) | | | 1.04 | %(c) | | | 1.04 | %(c) | | | 18.21 | %(b) | |
October 31, 2019 | | $ | 12.11 | | | | 7.53 | % | | $ | 289,037 | | | | 1.94 | % | | | 1.94 | % | | | 1.36 | % | | | 1.36 | % | | | 25.54 | % | |
October 31, 2018 | | $ | 11.42 | | | | (3.38 | )% | | $ | 297,716 | | | | 1.93 | % | | | 1.93 | % | | | 1.35 | % | | | 1.35 | % | | | 22.15 | % | |
October 31, 2017 | | $ | 12.02 | | | | 11.58 | % | | $ | 334,473 | | | | 1.94 | % | | | 1.94 | % | | | 1.69 | % | | | 1.69 | % | | | 23.18 | % | |
October 31, 2016 | | $ | 10.96 | | | | 4.87 | % | | $ | 344,660 | | | | 1.94 | % | | | 1.94 | % | | | 2.40 | % | | | 2.40 | % | | | 29.76 | % | |
October 31, 2015 | | $ | 10.71 | | | | (2.07 | )% | | $ | 382,467 | | | | 1.96 | % | | | 1.96 | % | | | 2.41 | % | | | 2.41 | % | | | 29.68 | % | |
First Eagle Global Income Builder Fund Class I | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 11.09 | | | | (7.23 | )%(b) | | $ | 664,320 | | | | 0.94 | %(c) | | | 0.94 | %(c) | | | 2.04 | %(c) | | | 2.05 | %(c) | | | 18.21 | %(b) | |
October 31, 2019 | | $ | 12.12 | | | | 8.60 | % | | $ | 793,440 | | | | 0.93 | % | | | 0.93 | % | | | 2.36 | % | | | 2.36 | % | | | 25.54 | % | |
October 31, 2018 | | $ | 11.43 | | | | (2.31 | )% | | $ | 742,408 | | | | 0.92 | % | | | 0.92 | % | | | 2.38 | % | | | 2.38 | % | | | 22.15 | % | |
October 31, 2017 | | $ | 12.02 | | | | 12.71 | % | | $ | 717,643 | | | | 0.93 | % | | | 0.93 | % | | | 2.68 | % | | | 2.68 | % | | | 23.18 | % | |
October 31, 2016 | | $ | 10.96 | | | | 5.93 | % | | $ | 509,250 | | | | 0.92 | % | | | 0.92 | % | | | 3.39 | % | | | 3.39 | % | | | 29.76 | % | |
October 31, 2015 | | $ | 10.71 | | | | (1.14 | )% | | $ | 470,802 | | | | 0.94 | % | | | 0.94 | % | | | 3.41 | % | | | 3.41 | % | | | 29.68 | % | |
First Eagle Global Income Builder Fund Class R3 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 11.09 | | | | (7.45 | )%(b) | | $ | 49 | | | | 1.42 | %(c) | | | 1.42 | %(c) | | | 1.59 | %(c) | | | 1.59 | %(c) | | | 18.21 | %(b) | |
For The Year Ended
October 31, 2019 | | $ | 12.12 | | | | 8.12 | % | | $ | 52 | | | | 1.37 | % | | | 1.37 | % | | | 1.92 | % | | | 1.92 | % | | | 25.54 | % | |
For The Period
5/01/18^-
10/31/18 | | $ | 11.43 | | | | (3.02 | )%(b) | | $ | 48 | | | | 1.27 | %(c) | | | 1.27 | %(c) | | | 2.23 | %(c) | | | 2.23 | %3,(c) | | | 22.15 | %(b) | |
First Eagle Funds | Semiannual Report | April 30, 2020
139
| | | Per share operating performance* | |
| | | | | Investment operations | | Less dividends and distributions | |
Selected per
share data for
the period ended: | | Net assets
value,
beginning
of period | | Net
investment
income/
loss | | Net
realized
and
unrealized
gains
(losses) on
investments | | Total
investment
operations | | From net
investment
income | | From
capital
gains | | Return of
capital | | Total
distributions | |
First Eagle Global Income Builder Fund Class R4 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 12.11 | | | | 0.11 | | | | (0.99 | ) | | | (0.88 | ) | | | (0.11 | ) | | | (0.04 | ) | | | — | | | | (0.15 | ) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 12.08 | | | | 0.04 | | | | 0.03 | | | | 0.07 | | | | (0.04 | ) | | | — | | | | — | | | | (0.04 | ) | |
First Eagle Global Income Builder Fund Class R5 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 12.11 | | | | 0.12 | | | | (0.99 | ) | | | (0.87 | ) | | | (0.12 | ) | | | (0.04 | ) | | | — | | | | (0.16 | ) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 12.08 | | | | 0.04 | | | | 0.03 | | | | 0.07 | | | | (0.04 | ) | | | — | | | | — | | | | (0.04 | ) | |
First Eagle Global Income Builder Fund Class R6 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 12.11 | | | | 0.12 | | | | (0.98 | ) | | | (0.86 | ) | | | (0.13 | ) | | | (0.04 | ) | | | — | | | | (0.17 | ) | |
October 31, 2019 | | $ | 11.42 | | | | 0.27 | | | | 0.70 | | | | 0.97 | | | | (0.28 | ) | | | — | | | | — | | | | (0.28 | ) | |
October 31, 2018 | | $ | 12.01 | | | | 0.28 | | | | (0.54 | ) | | | (0.26 | ) | | | (0.27 | ) | | | — | | | | (0.06 | ) | | | (0.33 | ) | |
For The Period
3/01/17^^^^-
10/31/17 | | $ | 11.37 | | | | 0.20 | | | | 0.67 | | | | 0.87 | | | | (0.23 | ) | | | — | | | | — | | | | (0.23 | ) | |
First Eagle High Income Fund Class A (formerly named First Eagle High Yield Fund) | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 8.71 | | | | 0.19 | | | | (0.75 | ) | | | (0.56 | ) | | | (0.19 | ) | | | — | | | | — | | | | (0.19 | ) | |
October 31, 2019 | | $ | 8.81 | | | | 0.41 | | | | (0.11 | ) | | | 0.30 | | | | (0.40 | ) | | | — | | | | — | | | | (0.40 | ) | |
October 31, 2018 | | $ | 9.03 | | | | 0.47 | | | | (0.24 | ) | | | 0.23 | | | | (0.45 | ) | | | — | | | | — | | | | (0.45 | ) | |
October 31, 2017 | | $ | 8.99 | | | | 0.46 | | | | 0.04 | | | | 0.50 | | | | (0.45 | ) | | | — | | | | (0.01 | ) | | | (0.46 | ) | |
October 31, 2016 | | $ | 8.90 | | | | 0.55 | | | | 0.12 | | | | 0.67 | | | | (0.54 | ) | | | — | | | | (0.04 | ) | | | (0.58 | ) | |
October 31, 2015 | | $ | 9.96 | | | | 0.55 | | | | (0.96 | ) | | | (0.41 | ) | | | (0.56 | ) | | | (0.09 | ) | | | — | | | | (0.65 | ) | |
First Eagle Funds | Semiannual Report | April 30, 2020
140
| | | | | | | | | Ratios/Supplemental data | | | |
| | | | | | | | | Ratios to Average Net Assets of: | | | |
Selected per
share data for
the period ended: | | Net assets
value, end
of period | | Total
return(a) | | Net assets,
end of
period
(thousands) | | Operating
expenses
excluding
earnings
credits
and/or fee
waivers | | Operating
expenses
including
earnings
credits
and/or fee
waivers | | Net
investment
income
excluding
earnings
credits
and/or fee
waivers | | Net
investment
income
including
earnings
credits
and/or fee
waivers | | Portfolio
turnover
rate | |
First Eagle Global Income Builder Fund Class R4 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 11.08 | | | | (7.34 | )%(b) | | $ | 9 | | | | 1.09 | %(c) | | | 1.09 | %(c) | | | 1.94 | %(c) | | | 1.94 | %(c) | | | 18.21 | %(b) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 12.11 | | | | 0.59 | %(b) | | $ | 10 | | | | 1.49 | %(c) | | | 1.49 | %(c) | | | 1.34 | %(c) | | | 1.34 | %(c) | | | 25.54 | %(b) | |
First Eagle Global Income Builder Fund Class R5 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 11.08 | | | | (7.29 | )%(b) | | $ | 9 | | | | 0.98 | %(c) | | | 0.98 | %(c) | | | 2.05 | %(c) | | | 2.05 | %(c) | | | 18.21 | %(b) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 12.11 | | | | 0.62 | %(b) | | $ | 10 | | | | 1.38 | %(c) | | | 1.38 | %(c) | | | 1.45 | %(c) | | | 1.45 | %(c) | | | 25.54 | %(b) | |
First Eagle Global Income Builder Fund Class R6 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 11.08 | | | | (7.25 | )%(b) | | $ | 883 | | | | 0.95 | %(c) | | | 0.95 | %(c) | | | 2.02 | %(c) | | | 2.02 | %(c) | | | 18.21 | %(b) | |
October 31, 2019 | | $ | 12.11 | | | | 8.62 | % | | $ | 1,233 | | | | 0.93 | % | | | 0.93 | % | | | 2.31 | % | | | 2.31 | % | | | 25.54 | % | |
October 31, 2018 | | $ | 11.42 | | | | (2.27 | )% | | $ | 912 | | | | 0.88 | % | | | 0.88 | % | | | 2.38 | % | | | 2.38 | %3 | | | 22.15 | % | |
For The Period
3/01/17^^^^-
10/31/17 | | $ | 12.01 | | | | 7.68 | %(b) | | $ | 965 | | | | 0.89 | %(c) | | | 0.89 | %(c) | | | 2.55 | %(c) | | | 2.55 | %(c) | | | 23.18 | %(b) | |
First Eagle High Income Fund Class A (formerly named First Eagle High Yield Fund) | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 7.96 | | | | (6.57 | )%(b) | | $ | 64,291 | | | | 1.35 | %(c) | | | 1.25 | %(c) | | | 4.35 | %(c) | | | 4.45 | %(c) | | | 23.59 | %(b) | |
October 31, 2019 | | $ | 8.71 | | | | 3.54 | % | | $ | 73,567 | | | | 1.34 | % | | | 1.24 | % | | | 4.55 | % | | | 4.65 | % | | | 24.19 | % | |
October 31, 2018 | | $ | 8.81 | | | | 2.56 | % | | $ | 78,360 | | | | 1.26 | % | | | 1.19 | % | | | 5.17 | % | | | 5.24 | % | | | 24.82 | % | |
October 31, 2017 | | $ | 9.03 | | | | 5.71 | % | | $ | 98,548 | | | | 1.21 | % | | | 1.16 | % | | | 5.02 | % | | | 5.07 | % | | | 25.77 | % | |
October 31, 2016 | | $ | 8.99 | | | | 8.24 | % | | $ | 158,102 | | | | 1.15 | % | | | 1.20 | % | | | 6.45 | % | | | 6.40 | % | | | 36.88 | % | |
October 31, 2015 | | $ | 8.90 | | | | (4.24 | )% | | $ | 201,685 | | | | 1.12 | % | | | 1.16 | % | | | 5.81 | % | | | 5.77 | % | | | 31.62 | % | |
First Eagle Funds | Semiannual Report | April 30, 2020
141
| | Per share operating performance* | |
| | | | | Investment operations | | Less dividends and distributions | |
Selected per
share data for
the period ended: | | Net assets
value,
beginning
of period | | Net
investment
income/
loss | | Net
realized
and
unrealized
gains
(losses) on
investments | | Total
investment
operations | | From net
investment
income | | From
capital
gains | | Return of
capital | | Total
distributions | |
First Eagle High Income Fund Class C (formerly named First Eagle High Yield Fund) | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 8.70 | | | | 0.16 | | | | (0.76 | ) | | | (0.60 | ) | | | (0.15 | ) | | | — | | | | — | | | | (0.15 | ) | |
October 31, 2019 | | $ | 8.80 | | | | 0.34 | | | | (0.10 | ) | | | 0.24 | | | | (0.34 | ) | | | — | | | | — | | | | (0.34 | ) | |
October 31, 2018 | | $ | 9.02 | | | | 0.40 | | | | (0.24 | ) | | | 0.16 | | | | (0.38 | ) | | | — | | | | — | | | | (0.38 | ) | |
October 31, 2017 | | $ | 8.98 | | | | 0.39 | | | | 0.05 | | | | 0.44 | | | | (0.39 | ) | | | — | | | | (0.01 | ) | | | (0.40 | ) | |
October 31, 2016 | | $ | 8.89 | | | | 0.49 | | | | 0.12 | | | | 0.61 | | | | (0.48 | ) | | | — | | | | (0.04 | ) | | | (0.52 | ) | |
October 31, 2015 | | $ | 9.95 | | | | 0.48 | | | | (0.96 | ) | | | (0.48 | ) | | | (0.49 | ) | | | (0.09 | ) | | | — | | | | (0.58 | ) | |
First Eagle High Income Fund Class I (formerly named First Eagle High Yield Fund) | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 8.71 | | | | 0.20 | | | | (0.75 | ) | | | (0.55 | ) | | | (0.20 | ) | | | — | | | | — | | | | (0.20 | ) | |
October 31, 2019 | | $ | 8.81 | | | | 0.43 | | | | (0.10 | ) | | | 0.33 | | | | (0.43 | ) | | | — | | | | — | | | | (0.43 | ) | |
October 31, 2018 | | $ | 9.04 | | | | 0.49 | | | | (0.25 | ) | | | 0.24 | | | | (0.47 | ) | | | — | | | | — | | | | (0.47 | ) | |
October 31, 2017 | | $ | 8.99 | | | | 0.49 | | | | 0.05 | | | | 0.54 | | | | (0.48 | ) | | | — | | | | (0.01 | ) | | | (0.49 | ) | |
October 31, 2016 | | $ | 8.90 | | | | 0.58 | | | | 0.12 | | | | 0.70 | | | | (0.57 | ) | | | — | | | | (0.04 | ) | | | (0.61 | ) | |
October 31, 2015 | | $ | 9.96 | | | | 0.58 | | | | (0.96 | ) | | | (0.38 | ) | | | (0.59 | ) | | | (0.09 | ) | | | — | | | | (0.68 | ) | |
First Eagle High Income Fund Class R3 (formerly named First Eagle High Yield Fund) | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 8.72 | | | | 0.18 | | | | (0.75 | ) | | | (0.57 | ) | | | (0.18 | ) | | | — | | | | — | | | | (0.18 | ) | |
For The Year Ended
October 31, 2019 | | $ | 8.82 | | | | 0.40 | | | | (0.11 | ) | | | 0.29 | | | | (0.39 | ) | | | — | | | | — | | | | (0.39 | ) | |
For The Period
5/01/18^-
10/31/18 | | $ | 8.91 | | | | 0.23 | | | | (0.10 | ) | | | 0.13 | | | | (0.22 | ) | | | — | | | | — | | | | (0.22 | ) | |
First Eagle High Income Fund Class R4 (formerly named First Eagle High Yield Fund) | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 8.72 | | | | 0.18 | | | | (0.76 | ) | | | (0.58 | ) | | | (0.18 | ) | | | — | | | | — | | | | (0.18 | ) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 8.78 | | | | 0.08 | | | | (0.06 | ) | | | 0.02 | | | | (0.08 | ) | | | — | | | | — | | | | (0.08 | ) | |
First Eagle Funds | Semiannual Report | April 30, 2020
142
| | | | | | | | | Ratios/Supplemental data | | | |
| | | | | | | | | Ratios to Average Net Assets of: | | | |
Selected per
share data for
the period ended: | | Net assets
value, end
of period | | Total
return(a) | | Net assets,
end of
period
(thousands) | | Operating
expenses
excluding
earnings
credits
and/or fee
waivers | | Operating
expenses
including
earnings
credits
and/or fee
waivers | | Net
investment
income
excluding
earnings
credits
and/or fee
waivers | | Net
investment
income
including
earnings
credits
and/or fee
waivers | | Portfolio
turnover
rate | |
First Eagle High Income Fund Class C (formerly named First Eagle High Yield Fund) | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 7.95 | | | | (6.93 | )%(b) | | $ | 37,782 | | | | 2.12 | %(c) | | | 2.02 | %(c) | | | 3.58 | %(c) | | | 3.69 | %(c) | | | 23.59 | %(b) | |
October 31, 2019 | | $ | 8.70 | | | | 2.77 | % | | $ | 50,100 | | | | 2.10 | % | | | 2.00 | % | | | 3.83 | % | | | 3.93 | % | | | 24.19 | % | |
October 31, 2018 | | $ | 8.80 | | | | 1.68 | % | | $ | 62,749 | | | | 2.01 | % | | | 1.94 | % | | | 4.43 | % | | | 4.50 | % | | | 24.82 | % | |
October 31, 2017 | | $ | 9.02 | | | | 5.06 | % | | $ | 87,479 | | | | 1.95 | % | | | 1.90 | % | | | 4.30 | % | | | 4.35 | % | | | 25.77 | % | |
October 31, 2016 | | $ | 8.98 | | | | 7.46 | % | | $ | 114,139 | | | | 1.89 | % | | | 1.94 | % | | | 5.74 | % | | | 5.69 | % | | | 36.88 | % | |
October 31, 2015 | | $ | 8.89 | | | | (4.96 | )% | | $ | 129,214 | | | | 1.87 | % | | | 1.91 | % | | | 5.07 | % | | | 5.03 | % | | | 31.62 | % | |
First Eagle High Income Fund Class I (formerly named First Eagle High Yield Fund) | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 7.96 | | | | (6.44 | )%(b) | | $ | 108,435 | | | | 1.06 | %(c) | | | 0.96 | %(c) | | | 4.61 | %(c) | | | 4.71 | %(c) | | | 23.59 | %(b) | |
October 31, 2019 | | $ | 8.71 | | | | 3.84 | % | | $ | 144,532 | | | | 1.05 | % | | | 0.95 | % | | | 4.86 | % | | | 4.96 | % | | | 24.19 | % | |
October 31, 2018 | | $ | 8.81 | | | | 2.74 | % | | $ | 184,351 | | | | 0.97 | % | | | 0.90 | % | | | 5.46 | % | | | 5.53 | % | | | 24.82 | % | |
October 31, 2017 | | $ | 9.04 | | | | 6.15 | % | | $ | 278,660 | | | | 0.91 | % | | | 0.86 | % | | | 5.33 | % | | | 5.38 | % | | | 25.77 | % | |
October 31, 2016 | | $ | 8.99 | | | | 8.54 | % | | $ | 315,023 | | | | 0.86 | % | | | 0.91 | % | | | 6.83 | % | | | 6.78 | % | | | 36.88 | % | |
October 31, 2015 | | $ | 8.90 | | | | (3.97 | )% | | $ | 472,930 | | | | 0.83 | % | | | 0.87 | % | | | 6.10 | % | | | 6.06 | % | | | 31.62 | % | |
First Eagle High Income Fund Class R3 (formerly named First Eagle High Yield Fund) | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 7.97 | | | | (6.63 | )%(b) | | $ | 49 | | | | 1.49 | %(c) | | | 1.39 | %(c) | | | 4.21 | %(c) | | | 4.31 | %(c) | | | 23.59 | %(b) | |
For The Year Ended
October 31, 2019 | | $ | 8.72 | | | | 3.44 | % | | $ | 52 | | | | 1.44 | % | | | 1.34 | % | | | 4.44 | % | | | 4.54 | % | | | 24.19 | % | |
For The Period
5/01/18^-
10/31/18 | | $ | 8.82 | | | | 1.41 | %(b) | | $ | 51 | | | | 1.36 | %(c) | | | 1.27 | %(c) | | | 4.99 | %(c) | | | 5.08 | %(c) | | | 24.82 | %(b) | |
First Eagle High Income Fund Class R4 (formerly named First Eagle High Yield Fund) | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 7.96 | | | | (6.80 | )%(b) | | $ | 9 | | | | 1.56 | %(c) | | | 1.46 | %(c) | | | 4.12 | %(c) | | | 4.22 | %(c) | | | 23.59 | %(b) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 8.72 | | | | 0.24 | %(b) | | $ | 10 | | | | 1.70 | %(c) | | | 1.59 | %(c) | | | 3.43 | %(c) | | | 3.54 | % | | | 24.19 | %(b) | |
First Eagle Funds | Semiannual Report | April 30, 2020
143
| | Per share operating performance* | |
| | | | | Investment operations | | Less dividends and distributions | |
Selected per
share data for
the period ended: | | Net assets
value,
beginning
of period | | Net
investment
income/
loss | | Net
realized
and
unrealized
gains
(losses) on
investments | | Total
investment
operations | | From net
investment
income | | From
capital
gains | | Return of
capital | | Total
distributions | |
First Eagle High Income Fund Class R5 (formerly named First Eagle High Yield Fund) | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 8.71 | | | | 0.19 | | | | (0.75 | ) | | | (0.56 | ) | | | (0.19 | ) | | | — | | | | — | | | | (0.19 | ) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 8.78 | | | | 0.08 | | | | (0.07 | ) | | | 0.01 | | | | (0.08 | ) | | | — | | | | — | | | | (0.08 | ) | |
First Eagle High Income Fund Class R6 (formerly named First Eagle High Yield Fund) | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 8.71 | | | | 0.20 | | | | (0.75 | ) | | | (0.55 | ) | | | (0.20 | ) | | | — | | | | — | | | | (0.20 | ) | |
October 31, 2019 | | $ | 8.82 | | | | 0.43 | | | | (0.11 | ) | | | 0.32 | | | | (0.43 | ) | | | — | | | | — | | | | (0.43 | ) | |
October 31, 2018 | | $ | 9.04 | | | | 0.49 | | | | (0.24 | ) | | | 0.25 | | | | (0.47 | ) | | | — | | | | — | | | | (0.47 | ) | |
For The Period
3/01/17^^^^-
10/31/17 | | $ | 9.10 | | | | 0.32 | | | | (0.05 | ) | | | 0.27 | | | | (0.33 | ) | | | — | | | | (0.00 | )** | | | (0.33 | ) | |
First Eagle Fund Of America Class A | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 26.45 | | | | 0.00 | ** | | | (2.96 | ) | | | (2.96 | ) | | | (0.01 | ) | | | (0.23 | ) | | | — | | | | (0.24 | ) | |
October 31, 2019 | | $ | 30.53 | | | | 0.03 | | | | 1.50 | | | | 1.53 | | | | — | | | | (5.61 | ) | | | — | | | | (5.61 | ) | |
October 31, 2018 | | $ | 38.18 | | | | 0.08 | | | | (4.15 | ) | | | (4.07 | ) | | | — | | | | (3.58 | ) | | | — | | | | (3.58 | ) | |
October 31, 2017 | | $ | 32.93 | | | | (0.02 | ) | | | 7.41 | | | | 7.39 | | | | (0.07 | ) | | | (2.07 | ) | | | — | | | | (2.14 | ) | |
October 31, 2016 | | $ | 35.79 | | | | 0.14 | | | | (1.99 | ) | | | (1.85 | ) | | | (0.01 | ) | | | (1.00 | ) | | | — | | | | (1.01 | ) | |
October 31, 2015 | | $ | 38.58 | | | | 0.05 | | | | (0.01 | ) | | | 0.04 | | | | (0.12 | ) | | | (2.71 | ) | | | — | | | | (2.83 | ) | |
First Eagle Fund Of America Class C | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 19.37 | | | | (0.07 | ) | | | (2.15 | ) | | | (2.22 | ) | | | — | | | | (0.23 | ) | | | — | | | | (0.23 | ) | |
October 31, 2019 | | $ | 24.09 | | | | (0.12 | ) | | | 1.01 | | | | 0.89 | | | | — | | | | (5.61 | ) | | | — | | | | (5.61 | ) | |
October 31, 2018 | | $ | 31.08 | | | | (0.14 | ) | | | (3.27 | ) | | | (3.41 | ) | | | — | | | | (3.58 | ) | | | — | | | | (3.58 | ) | |
October 31, 2017 | | $ | 27.32 | | | | (0.23 | ) | | | 6.06 | | | | 5.83 | | | | — | | | | (2.07 | ) | | | — | | | | (2.07 | ) | |
October 31, 2016 | | $ | 30.07 | | | | (0.10 | ) | | | (1.65 | ) | | | (1.75 | ) | | | — | | | | (1.00 | ) | | | — | | | | (1.00 | ) | |
October 31, 2015 | | $ | 32.98 | | | | (0.20 | ) | | | (0.00 | )** | | | (0.20 | ) | | | — | | | | (2.71 | ) | | | — | | | | (2.71 | ) | |
First Eagle Funds | Semiannual Report | April 30, 2020
144
| | | | | | | | | Ratios/Supplemental data | | | |
| | | | | | | | | Ratios to Average Net Assets of: | | | |
Selected per
share data for
the period ended: | | Net assets
value, end
of period | | Total
return(a) | | Net assets,
end of
period
(thousands) | | Operating
expenses
excluding
earnings
credits
and/or fee
waivers | | Operating
expenses
including
earnings
credits
and/or fee
waivers | | Net
investment
income
excluding
earnings
credits
and/or fee
waivers | | Net
investment
income
including
earnings
credits
and/or fee
waivers | | Portfolio
turnover
rate | |
First Eagle High Income Fund Class R5 (formerly named First Eagle High Yield Fund) | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 7.96 | | | | (6.50 | )%(b) | | $ | 9 | | | | 1.16 | %(c) | | | 1.06 | %(c) | | | 4.52 | %(c) | | | 4.63 | %(c) | | | 23.59 | %(b) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 8.71 | | | | 0.11 | %(b) | | $ | 10 | | | | 1.59 | %(c) | | | 1.48 | %(c) | | | 3.54 | %(c) | | | 3.65 | % | | | 24.19 | %(b) | |
First Eagle High Income Fund Class R6 (formerly named First Eagle High Yield Fund) | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 7.96 | | | | (6.42 | )%(b) | | $ | 404 | | | | 1.00 | %(c) | | | 0.90 | %(c) | | | 4.60 | %(c) | | | 4.71 | %(c) | | | 23.59 | %(b) | |
October 31, 2019 | | $ | 8.71 | | | | 3.75 | % | | $ | 1,907 | | | | 1.02 | % | | | 0.92 | % | | | 4.78 | % | | | 4.89 | % | | | 24.19 | % | |
October 31, 2018 | | $ | 8.82 | | | | 2.80 | % | | $ | 401 | | | | 1.01 | % | | | 0.93 | % | | | 5.36 | % | | | 5.44 | % | | | 24.82 | % | |
For The Period
3/01/17^^^^-
10/31/17 | | $ | 9.04 | | | | 2.99 | %(b) | | $ | 114 | | | | 0.92 | %(c) | | | 0.87 | %(c) | | | 5.29 | %(c) | | | 5.34 | %(c) | | | 25.77 | %(b) | |
First Eagle Fund Of America Class A | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 23.25 | | | | (11.31 | )%(b) | | $ | 206,471 | | | | 1.41 | %(c) | | | 1.36 | %(c) | | | (0.06 | )%(c) | | | (0.01 | )%(c) | | | 18.90 | %(b) | |
October 31, 2019 | | $ | 26.45 | | | | 7.58 | % | | $ | 273,446 | | | | 1.38 | % | | | 1.37 | % | | | 0.11 | % | | | 0.13 | % | | | 26.42 | % | |
October 31, 2018 | | $ | 30.53 | | | | (11.84 | )% | | $ | 388,961 | | | | 1.32 | % | | | 1.32 | % | | | 0.23 | % | | | 0.23 | % | | | 60.29 | % | |
October 31, 2017 | | $ | 38.18 | | | | 23.56 | % | | $ | 622,389 | | | | 1.31 | % | | | 1.31 | % | | | (0.07 | )% | | | (0.07 | )% | | | 57.02 | % | |
October 31, 2016 | | $ | 32.93 | | | | (5.30 | )%(d) | | $ | 865,109 | | | | 1.32 | % | | | 1.32 | % | | | 0.43 | % | | | 0.43 | % | | | 55.06 | % | |
October 31, 2015 | | $ | 35.79 | | | | 0.19 | % | | $ | 1,331,912 | | | | 1.35 | % | | | 1.35 | % | | | 0.12 | % | | | 0.12 | % | | | 32.23 | % | |
First Eagle Fund Of America Class C | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 16.92 | | | | (11.63 | )%(b) | | $ | 79,392 | | | | 2.16 | %(c) | | | 2.11 | %(c) | | | (0.81 | )%(c) | | | (0.76 | )%(c) | | | 18.90 | %(b) | |
October 31, 2019 | | $ | 19.37 | | | | 6.77 | % | | $ | 115,146 | | | | 2.12 | % | | | 2.10 | % | | | (0.61 | )% | | | (0.60 | )% | | | 26.42 | % | |
October 31, 2018 | | $ | 24.09 | | | | (12.48 | )% | | $ | 244,240 | | | | 2.06 | % | | | 2.06 | % | | | (0.51 | )% | | | (0.51 | )% | | | 60.29 | % | |
October 31, 2017 | | $ | 31.08 | | | | 22.61 | % | | $ | 401,699 | | | | 2.06 | % | | | 2.06 | % | | | (0.81 | )% | | | (0.81 | )% | | | 57.02 | % | |
October 31, 2016 | | $ | 27.32 | | | | (5.99 | )%(d) | | $ | 509,568 | | | | 2.08 | % | | | 2.08 | % | | | (0.35 | )% | | | (0.35 | )% | | | 55.06 | % | |
October 31, 2015 | | $ | 30.07 | | | | (0.55 | )% | | $ | 742,365 | | | | 2.10 | % | | | 2.10 | % | | | (0.63 | )% | | | (0.63 | )% | | | 32.23 | % | |
First Eagle Funds | Semiannual Report | April 30, 2020
145
| | Per share operating performance* | |
| | | | | Investment operations | | Less dividends and distributions | |
Selected per
share data for
the period ended: | | Net assets
value,
beginning
of period | | Net
investment
income/
loss | | Net
realized
and
unrealized
gains
(losses) on
investments | | Total
investment
operations | | From net
investment
income | | From
capital
gains | | Return of
capital | | Total
distributions | |
First Eagle Fund Of America Class I | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 27.54 | | | | 0.04 | | | | (3.06 | ) | | | (3.02 | ) | | | (0.12 | ) | | | (0.23 | ) | | | — | | | | (0.35 | ) | |
October 31, 2019 | | $ | 31.46 | | | | 0.13 | | | | 1.56 | | | | 1.69 | | | | — | | | | (5.61 | ) | | | — | | | | (5.61 | ) | |
October 31, 2018 | | $ | 39.15 | | | | 0.21 | | | | (4.30 | ) | | | (4.09 | ) | | | (0.02 | ) | | | (3.58 | ) | | | — | | | | (3.60 | ) | |
October 31, 2017 | | $ | 33.72 | | | | 0.08 | | | | 7.59 | | | | 7.67 | | | | (0.17 | ) | | | (2.07 | ) | | | — | | | | (2.24 | ) | |
October 31, 2016 | | $ | 36.62 | | | | 0.24 | | | | (2.04 | ) | | | (1.80 | ) | | | (0.10 | ) | | | (1.00 | ) | | | — | | | | (1.10 | ) | |
October 31, 2015 | | $ | 39.39 | | | | 0.16 | | | | (0.00 | )** | | | 0.16 | | | | (0.22 | ) | | | (2.71 | ) | | | — | | | | (2.93 | ) | |
First Eagle Fund Of America Class R3 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 27.37 | | | | (0.02 | ) | | | (3.06 | ) | | | (3.08 | ) | | | (0.01 | ) | | | (0.23 | ) | | | — | | | | (0.24 | ) | |
For The Year Ended
October 31, 2019 | | $ | 31.40 | | | | 0.02 | | | | 1.56 | | | | 1.58 | | | | — | | | | (5.61 | ) | | | — | | | | (5.61 | ) | |
For The Period
5/01/18^-
10/31/18 | | $ | 35.19 | | | | 0.14 | | | | (3.93 | ) | | | (3.79 | ) | | | — | | | | — | | | | — | | | | — | | |
First Eagle Fund Of America Class R4 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 27.52 | | | | 0.02 | | | | (3.08 | ) | | | (3.06 | ) | | | (0.08 | ) | | | (0.23 | ) | | | — | | | | (0.31 | ) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 28.16 | | | | (0.02 | ) | | | (0.62 | ) | | | (0.64 | ) | | | — | | | | — | | | | — | | | | — | | |
First Eagle Fund Of America Class R5 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 27.53 | | | | 0.03 | | | | (3.08 | ) | | | (3.05 | ) | | | (0.09 | ) | | | (0.23 | ) | | | — | | | | (0.32 | ) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 28.16 | | | | (0.01 | ) | | | (0.62 | ) | | | (0.63 | ) | | | — | | | | — | | | | — | | | | — | | |
First Eagle Funds | Semiannual Report | April 30, 2020
146
| | | | | | | | | Ratios/Supplemental data | | | |
| | | | | | | | | Ratios to Average Net Assets of: | | | |
Selected per
share data for
the period ended: | | Net assets
value, end
of period | | Total
return(a) | | Net assets,
end of
period
(thousands) | | Operating
expenses
excluding
earnings
credits
and/or fee
waivers | | Operating
expenses
including
earnings
credits
and/or fee
waivers | | Net
investment
income
excluding
earnings
credits
and/or fee
waivers | | Net
investment
income
including
earnings
credits
and/or fee
waivers | | Portfolio
turnover
rate | |
First Eagle Fund Of America Class I | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 24.17 | | | | (11.16 | )%(b) | | $ | 294,137 | | | | 1.07 | %(c) | | | 1.02 | %(c) | | | 0.28 | %(c) | | | 0.33 | %(c) | | | 18.90 | %(b) | |
October 31, 2019 | | $ | 27.54 | | | | 7.88 | % | | $ | 384,510 | | | | 1.05 | % | | | 1.03 | % | | | 0.45 | % | | | 0.46 | % | | | 26.42 | % | |
October 31, 2018 | | $ | 31.46 | | | | (11.53 | )% | | $ | 612,845 | | | | 1.02 | % | | | 1.02 | % | | | 0.58 | % | | | 0.58 | % | | | 60.29 | % | |
October 31, 2017 | | $ | 39.15 | | | | 23.91 | % | | $ | 829,414 | | | | 1.01 | % | | | 1.01 | % | | | 0.22 | % | | | 0.22 | % | | | 57.02 | % | |
October 31, 2016 | | $ | 33.72 | | | | (5.01 | )%(d) | | $ | 808,426 | | | | 1.03 | % | | | 1.03 | % | | | 0.71 | % | | | 0.71 | % | | | 55.06 | % | |
October 31, 2015 | | $ | 36.62 | | | | 0.48 | % | | $ | 1,167,750 | | | | 1.05 | % | | | 1.05 | % | | | 0.41 | % | | | 0.41 | % | | | 32.23 | % | |
First Eagle Fund Of America Class R3 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 24.05 | | | | (11.36 | )%(b) | | $ | 43 | | | | 1.52 | %(c) | | | 1.47 | %(c) | | | (0.17 | )%(c) | | | (0.12 | )%(c) | | | 18.90 | %(b) | |
For The Year Ended
October 31, 2019 | | $ | 27.37 | | | | 7.48 | % | | $ | 48 | | | | 1.44 | % | | | 1.42 | % | | | 0.04 | % | | | 0.06 | % | | | 26.42 | % | |
For The Period
5/01/18^-
10/31/18 | | $ | 31.40 | | | | (10.74 | )%(b) | | $ | 45 | | | | 1.38 | %(c) | | | 1.38 | %(c) | | | 0.79 | %(c) | | | 0.79 | %(c) | | | 60.29 | %(b) | |
First Eagle Fund Of America Class R4 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 24.15 | | | | (11.27 | )%(b) | | $ | 9 | | | | 1.28 | %(c) | | | 1.24 | %(c) | | | 0.08 | %(c) | | | 0.12 | %(c) | | | 18.90 | %(b) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 27.52 | | | | (2.27 | )%(b) | | $ | 10 | | | | 1.66 | %(c) | | | 1.62 | %(c) | | | (0.25 | )%(c) | | | (0.22 | )%(c) | | | 26.42 | %(b) | |
First Eagle Fund Of America Class R5 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 24.16 | | | | (11.24 | )%(b) | | $ | 9 | | | | 1.18 | %(c) | | | 1.14 | %(c) | | | 0.18 | %(c) | | | 0.22 | %(c) | | | 18.90 | %(b) | |
For The Period
7/29/19^^^-
10/31/19 | | $ | 27.53 | | | | (2.24 | )%(b) | | $ | 10 | | | | 1.55 | %(c) | | | 1.51 | %(c) | | | (0.14 | )%(c) | | | (0.10 | )%(c) | | | 26.42 | %(b) | |
First Eagle Funds | Semiannual Report | April 30, 2020
147
| | Per share operating performance* | |
| | | | | Investment operations | | Less dividends and distributions | |
Selected per
share data for
the period ended: | | Net assets
value,
beginning
of period | | Net
investment
income/
loss | | Net
realized
and
unrealized
gains
(losses) on
investments | | Total
investment
operations | | From net
investment
income | | From
capital
gains | | Return of
capital | | Total
distributions | |
First Eagle Fund Of America Class R6 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 27.57 | | | | 0.05 | | | | (3.08 | ) | | | (3.03 | ) | | | (0.12 | ) | | | (0.23 | ) | | | — | | | | (0.35 | ) | |
October 31, 2019 | | $ | 31.46 | | | | 0.09 | | | | 1.63 | | | | 1.72 | | | | — | | | | (5.61 | ) | | | — | | | | (5.61 | ) | |
October 31, 2018 | | $ | 39.15 | | | | 0.65 | | | | (4.73 | ) | | | (4.08 | ) | | | (0.03 | ) | | | (3.58 | ) | | | — | | | | (3.61 | ) | |
For The Period
3/01/17^^^^-
10/31/17 | | $ | 35.44 | | | | 0.02 | | | | 3.69 | | | | 3.71 | | | | — | | | | — | | | | — | | | | — | | |
First Eagle Fund Of America Class Y | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 27.30 | | | | 0.00 | ** | | | (3.06 | ) | | | (3.06 | ) | | | (0.03 | ) | | | (0.23 | ) | | | — | | | | (0.26 | ) | |
October 31, 2019 | | $ | 31.31 | | | | 0.04 | | | | 1.56 | | | | 1.60 | | | | — | | | | (5.61 | ) | | | — | | | | (5.61 | ) | |
October 31, 2018 | | $ | 39.07 | | | | 0.09 | | | | (4.27 | ) | | | (4.18 | ) | | | — | | | | (3.58 | ) | | | — | | | | (3.58 | ) | |
October 31, 2017 | | $ | 33.67 | | | | (0.03 | ) | | | 7.58 | | | | 7.55 | | | | (0.08 | ) | | | (2.07 | ) | | | — | | | | (2.15 | ) | |
October 31, 2016 | | $ | 36.56 | | | | 0.14 | | | | (2.03 | ) | | | (1.89 | ) | | | (0.00 | )** | | | (1.00 | ) | | | — | | | | (1.00 | ) | |
October 31, 2015 | | $ | 39.35 | | | | 0.05 | | | | (0.02 | ) | | | 0.03 | | | | (0.11 | ) | | | (2.71 | ) | | | — | | | | (2.82 | ) | |
^ Commenced investment operations on May 1, 2018.
^^ Commenced investment operations on January 17, 2018.
^^^ Commenced investment operations on July 29, 2019.
^^^^ Commenced investment operations on March 1, 2017.
^^^^^ Commenced investment operations on March 11, 2019.
* Per share amounts have been calculated using the average shares method.
** Amount represents less than $0.01 per share.
(a) Does not take into account the sales charge of 5.00% for Class A shares for all Funds, except First Eagle High Income Fund, which has a sales charge of 4.50% and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares. A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge. With respect to the First Eagle Global Income Builder Fund and the First Eagle High Income Fund, a contingent deferred sales charge of 1.00% may apply on certain redemptions of Class A shares made within 18 months following a purchase of $250,000 or more without an initial sales charge.
(b) Not Annualized
(c) Annualized
(d) In 2016, the Fund received a voluntary reimbursement by the subadviser for a realized investment loss. By excluding this reimbursement, total returns would have been -5.30%, -6.02%, -5.01% and -5.31% for Class A, Class C, Class I and Class Y, respectively.
See Notes to Financial Statements.
First Eagle Funds | Semiannual Report | April 30, 2020
148
| | | | | | | | | Ratios/Supplemental data | | | |
| | | | | | | | | Ratios to Average Net Assets of: | | | |
Selected per
share data for
the period ended: | | Net assets
value, end
of period | | Total
return(a) | | Net assets,
end of
period
(thousands) | | Operating
expenses
excluding
earnings
credits
and/or fee
waivers | | Operating
expenses
including
earnings
credits
and/or fee
waivers | | Net
investment
income
excluding
earnings
credits
and/or fee
waivers | | Net
investment
income
including
earnings
credits
and/or fee
waivers | | Portfolio
turnover
rate | |
First Eagle Fund Of America Class R6 | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 24.19 | | | | (11.16 | )%(b) | | $ | 1,744 | | | | 1.04 | %(c) | | | 0.99 | %(c) | | | 0.31 | %(c) | | | 0.36 | %(c) | | | 18.90 | %(b) | |
October 31, 2019 | | $ | 27.57 | | | | 8.00 | % | | $ | 2,656 | | | | 1.00 | % | | | 0.99 | % | | | 0.32 | % | | | 0.32 | % | | | 26.42 | % | |
October 31, 2018 | | $ | 31.46 | | | | (11.53 | )% | | $ | 4,362 | | | | 0.98 | % | | | 0.98 | % | | | 1.85 | % | | | 1.86 | % | | | 60.29 | % | |
For The Period
3/01/17^^^^-
10/31/17 | | $ | 39.15 | | | | 10.47 | %(b) | | $ | 397 | | | | 1.00 | %(c) | | | 1.00 | %(c) | | | 0.09 | %(c) | | | 0.09 | %(c) | | | 57.02 | %(b) | |
First Eagle Fund Of America Class Y | |
Six Months Ended
April 30, 2020
(unaudited) | | $ | 23.98 | | | | (11.33 | )%(b) | | $ | 121,409 | | | | 1.40 | %(c) | | | 1.35 | %(c) | | | (0.08 | )%(c) | | | (0.03 | )%(c) | | | 18.90 | %(b) | |
October 31, 2019 | | $ | 27.30 | | | | 7.62 | % | | $ | 247,674 | | | | 1.35 | % | | | 1.33 | % | | | 0.13 | % | | | 0.15 | % | | | 26.42 | % | |
October 31, 2018 | | $ | 31.31 | | | | (11.85 | )% | | $ | 280,977 | | | | 1.33 | % | | | 1.33 | % | | | 0.26 | % | | | 0.26 | % | | | 60.29 | % | |
October 31, 2017 | | $ | 39.07 | | | | 23.54 | % | | $ | 397,293 | | | | 1.31 | % | | | 1.31 | % | | | (0.09 | )% | | | (0.09 | )% | | | 57.02 | % | |
October 31, 2016 | | $ | 33.67 | | | | (5.28 | )%(d) | | $ | 385,995 | | | | 1.33 | % | | | 1.33 | % | | | 0.40 | % | | | 0.40 | % | | | 55.06 | % | |
October 31, 2015 | | $ | 36.56 | | | | 0.18 | % | | $ | 495,822 | | | | 1.36 | % | | | 1.36 | % | | | 0.12 | % | | | 0.12 | % | | | 32.23 | % | |
First Eagle Funds | Semiannual Report | April 30, 2020
149
Notes to Financial Statements
Note 1 — Significant Accounting Policies
First Eagle Funds (the "Trust"), is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust consists of seven separate portfolios, First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Income Fund (formerly named First Eagle High Yield Fund) and First Eagle Fund of America (each individually a "Fund" or collectively the "Funds"). All the Funds are diversified mutual funds except for First Eagle Gold Fund and First Eagle Fund of America, which are non-diversified. The Trust is a Delaware statutory trust. The First Eagle Global Fund seeks long-term growth of capital by investing in a range of asset classes from markets in the United States and throughout the world. The First Eagle Overseas Fund seeks long-term growth of capital by investing primarily in equities issued by non-U.S. corporations. The First Eagle U.S. Value Fund seeks long-term growth of capital by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity and debt securities. The First Eagle Gold Fund seeks to provide investors the opportunity to participate in the investment characteristics of gold (and to a limited extent other precious metals) for a portion of their overall investment portfolio. The First Eagle Global Income Builder Fund seeks current income generation and long-term growth of capital. The First Eagle High Income Fund seeks to provide investors with a high level of current income. The First Eagle Fund of America seeks capital appreciation by investing primarily in domestic stocks and, to a lesser extent, in debt and foreign equity securities.
The Funds offer seven share classes, Class A shares, Class C shares, Class I shares, Class R3 shares, Class R4 shares, Class R5 shares and Class R6 shares. Additionally, First Eagle Fund of America also offers Class Y shares.
Class Y shares on First Eagle Fund of America are closed to new investors, subject to certain limited exceptions. Additional information can be found in the Fund's prospectus.
First Eagle Investment Management, LLC (the "Adviser"), a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"), manages the Funds. A controlling interest in First Eagle Holdings is owned by BCP CC Holdings L.P., a Delaware limited partnership ("BCP CC Holdings"). BCP CC Holdings GP L.L.C., a Delaware limited liability company ("BCP CC Holdings GP"), is the general partner of BCP CC Holdings and has two managing members, Blackstone Capital Partners VI L.P. ("BCP VI") and Corsair IV Financial Services Capital Partners L.P. ("Corsair IV"). BCP VI and Corsair IV are indirectly controlled by The Blackstone Group, Inc. ("Blackstone") and Corsair Capital LLC ("Corsair"), respectively. Investment vehicles indirectly controlled by Blackstone and Corsair and certain co-investors own a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings.
The following is a summary of significant accounting policies that are adhered to by the Funds. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles ("GAAP").
First Eagle Funds | Semiannual Report | April 30, 2020
150
Notes to Financial Statements
a) Investments in Subsidiaries — The First Eagle Global Fund (the "Global Fund"), First Eagle Overseas Fund (the "Overseas Fund"), First Eagle U.S. Value Fund (the "U.S. Value Fund"), and First Eagle Gold Fund (the "Gold Fund") may invest in certain precious metals through their investment in the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively, each a wholly owned subsidiary (each referred to herein as a "Subsidiary" or collectively "the Subsidiaries"). Each Fund may invest up to 25% of its total assets in shares of its respective Subsidiary. Each Subsidiary has the ability to invest in commodities and securities consistent with the investment objective of its respective Fund. Substantially all of each Subsidiary's assets represent physical gold bullion, and First Eagle Gold Cayman Fund, Ltd. also holds physical silver. Trading in bullion directly by the Funds presents the risk of tax consequences (e.g., a change in the Funds' tax status subjecting the Funds to be taxed at the Fund level on all of their income if the Funds' "non-qualifying income" exceeds 10% of the Funds' gross income in any taxable year). Trading in bullion by the Subsidiaries generally does not present the same tax risks.
The First Eagle Global Cayman Fund, Ltd., established on October 18, 2013, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the First Eagle Global Fund and the First Eagle Global Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of April 30, 2020, the First Eagle Global Cayman Fund, Ltd. has $ 4,692,826,357 in net assets, representing 11.36% of the Global Fund's net assets.
The First Eagle Overseas Cayman Fund, Ltd., established on October 18, 2013, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the First Eagle Overseas Fund and the First Eagle Overseas Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of April 30, 2020, the First Eagle Overseas Cayman Fund, Ltd. has $1,096,685,761 in net assets, representing 9.20% of the Overseas Fund's net assets.
The First Eagle U.S. Value Cayman Fund, Ltd., established on January 24, 2012, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the First Eagle U.S. Value Fund and the First Eagle U.S. Value Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of April 30, 2020, the First Eagle U.S. Value Cayman Fund, Ltd. has $164,167,485 in net assets, representing 13.60% of the U.S. Value Fund's net assets.
The First Eagle Gold Cayman Fund, Ltd., established on May 28, 2010, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the First Eagle Gold Fund and the First Eagle Gold Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of April 30, 2020, the First Eagle Gold Cayman Fund, Ltd. has $291,464,334 in net assets, representing 17.76% of the Gold Fund's net assets.
First Eagle Funds | Semiannual Report | April 30, 2020
151
Notes to Financial Statements
b) Investment Valuation — Each Fund computes its net asset value once daily as of the close of trading on each day the New York Stock Exchange ("NYSE") is open for trading. The net asset value per share is computed by dividing the total current value of the assets of a Fund, less its liabilities, by the total number of shares outstanding at the time of such computation.
A portfolio security (including an option), other than a bond, which is traded on a U.S. national securities exchange or a securities exchange abroad is generally valued at the price of the official close (last quoted sales price if an official closing price is not available) as of the local market close on the primary exchange. If there are no round lot sales on such date, such security will be valued at the mean between the closing bid and asked prices (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively). Securities, other than bonds, traded in the over-the-counter market are valued at the mean between the last bid and asked prices prior to the time of valuation (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively), except if such unlisted security is traded on the NASDAQ in which case it is valued at the NASDAQ Official Closing Price. Such prices are provided by approved pricing vendors or other independent pricing sources.
All bonds, whether listed on an exchange or traded in the over-counter-market for which market quotations are readily available are generally priced at the evaluated bid price provided by an approved pricing service as of the close of the NYSE (normally 4:00 p.m. Eastern Time), or dealers in the over-the-counter markets in the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon-rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. The Adviser's Valuation Committee, at least annually, will review the pricing service's inputs, methods, models and assumptions for its evaluated prices. Short-term debt maturing in 60 days or less is valued at evaluated bid prices.
Commodities (such as physical metals) are valued at a calculated evaluated mean price, as provided by an independent price source as of the close of the NYSE.
Forward foreign currency exchange contracts are valued at the current cost of covering or offsetting such contracts, by reference to forward currency rates at the time the NYSE closes, as provided by an independent pricing source.
The spot exchange rates, as provided by an independent price source as of the close of the NYSE are used to convert foreign security prices into U.S. dollars.
First Eagle Funds | Semiannual Report | April 30, 2020
152
Notes to Financial Statements
Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the official close on the primary exchange or market on which they are traded. In the absence of such a quotation, a security may be valued at the last quoted sales price on the most active exchange or market as determined by the independent pricing agent. The Funds use pricing services to identify the market prices of publicly traded securities in their portfolios. When market prices are determined to be "stale" as a result of limited market activity for a particular holding or have been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before the Fund's NAV is calculated, or in other circumstances when market prices are unavailable, such as for private placements, or determined to be unreliable for a particular holding, such holdings may be "fair valued" in accordance with procedures approved by the Board of Trustees ("Board"). The values assigned to a Fund's holdings therefore may differ on occasion from reported market values.
Additionally, trading of foreign equity securities on most foreign markets is completed before the close in trading in the U.S. markets. The Funds have implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. The fair value pricing utilizes factors provided by an independent pricing service. The values assigned to a Fund's holdings therefore may differ on occasion from reported market values, especially during periods of higher market price volatility. The Board and the Adviser believe relying on the procedures as just described will result in prices that are more reflective of the actual market value of portfolio securities held by the Funds than relying solely on reported market values.
The Funds adopted provisions surrounding fair value measurements and disclosures that define fair value, establish a framework for measuring fair value in GAAP and expand disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.
The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Funds' investments and are summarized in the following fair value hierarchy:
Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — Other significant unobservable inputs (including the Fund's own assumption in determining the fair value of investments).
The significant unobservable inputs that may be used in determining valuations for investments identified within Level 3 are market comparables and the enterprise value of a company. Indications of value and quotations may be observable at any given time, but are currently
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Notes to Financial Statements
treated by the Funds as unobservable. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.
Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for marketability, probability of insolvency and probability of default may decrease (increase) the fair value measurement.
Fair valuation of securities, other financial investments or other assets (collectively, "securities") held by the Funds shall be determined in good faith under the supervision and responsibility of the Board. The Board has created a Board Valuation and Liquidity Committee (the "Committee") to oversee the execution of the valuation and liquidity procedures for the Funds.
The following is a summary of the Funds' inputs used to value the Funds' investments as of April 30, 2020:
First Eagle Global Fund
Description | | Level 1 | | Level 2 | | Level 3‡ | | Total | |
Assets:† | |
Common Stocks | | $ | 18,300,340,275 | | | $ | 13,468,326,021 | (a) | | $ | — | | | $ | 31,768,666,296 | | |
Corporate Bond | | | — | | | | — | | | | 5,508,002 | (b) | | | 5,508,002 | | |
Commodity* | | | — | | | | 5,207,551,127 | | | | — | | | | 5,207,551,127 | | |
Foreign Government
Securities | | | — | | | | 790,540,790 | | | | — | | | | 790,540,790 | | |
Short-Term Investments | | | 80,177 | | | | 3,325,834,686 | | | | — | | | | 3,325,914,863 | | |
Forward Foreign Currency
Exchange Contracts** | | | — | | | | 12,077,653 | | | | — | | | | 12,077,653 | | |
Total | | $ | 18,300,420,452 | | | $ | 22,804,330,277 | | | $ | 5,508,002 | | | $ | 41,110,258,731 | | |
Liabilities: | |
Forward Foreign Currency
Exchange Contracts** | | $ | — | | | $ | (4,633,877 | ) | | $ | — | | | $ | (4,633,877 | ) | |
Total | | $ | — | | | $ | (4,633,877 | ) | | $ | — | | | $ | (4,633,877 | ) | |
(a) The Funds have implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note (b) for additional details.
(b) These investments are valued by brokers and pricing services. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 1 (b).
† See Consolidated Schedule of Investments for additional detailed categorizations.
‡ Value determined using significant unobservable inputs.
* Represents gold bullion.
** Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the investment.
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Notes to Financial Statements
Fair Value Level 3 activity for the six month period ended April 30, 2020 was as follows:
First Eagle Global Fund (continued)
| | | Corporate Bonds | | Foreign Government
Securities | | Total Value | |
Beginning Balance — market value | | $ | 5,494,335 | | | $ | — | ^ | | $ | 5,494,335 | | |
Purchases(1) | | | — | | | | — | | | | — | | |
Sales(2) | | | — | | | | — | ^ | | | — | ^ | |
Transfer In — Level 3 | | | — | | | | — | | | | — | | |
Transfer Out — Level 3 | | | — | | | | — | | | | — | | |
Accrued discounts/(premiums) | | | 19,454 | | | | — | | | | 19,454 | | |
Realized Gains (Losses) | | | — | | | | — | | | | — | | |
Change in Unrealized Appreciation (Depreciation) | | | (5,787 | ) | | | — | | | | (5,787 | ) | |
Ending Balance — market value | | $ | 5,508,002 | | | $ | — | | | $ | 5,508,002 | | |
Change in unrealized gains or (losses) relating to
assets still held at reporting date | | $ | (5,787 | ) | | $ | — | | | $ | (5,787 | ) | |
^ Fair value represents zero.
(1) Purchases include all purchases of securities and securities received in corporate actions.
(2) Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.
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Notes to Financial Statements
First Eagle Overseas Fund
Description | | Level 1 | | Level 2 | | Level 3‡ | | Total | |
Assets:† | |
Common Stocks | | $ | 1,716,129,015 | | | $ | 7,128,830,082 | (a) | | $ | 7,837,948 | | | $ | 8,852,797,045 | | |
Commodity* | | | — | | | | 1,433,706,256 | | | | — | | | | 1,433,706,256 | | |
Foreign Government Securities | | | — | | | | 324,106,653 | | | | — | | | | 324,106,653 | | |
Short-Term Investments | | | 84,280 | | | | 1,217,238,348 | | | | — | | | | 1,217,322,628 | | |
Forward Foreign Currency
Exchange Contracts** | | | — | | | | 4,949,632 | | | | — | | | | 4,949,632 | | |
Total | | $ | 1,716,213,295 | | | $ | 10,108,830,971 | | | $ | 7,837,948 | | | $ | 11,832,882,214 | | |
Liabilities: | |
Forward Foreign Currency
Exchange Contracts** | | $ | — | | | $ | (1,424,631 | ) | | $ | — | | | $ | (1,424,631 | ) | |
Total | | $ | — | | | $ | (1,424,631 | ) | | $ | — | | | $ | (1,424,631 | ) | |
(a) The Funds have implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note (b) for additional details.
† See Consolidated Schedule of Investments for additional detailed categorizations.
‡ Value determined using significant unobservable inputs.
* Represents gold bullion.
** Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the investment.
Fair Value Level 3 activity for the six month period ended April 30, 2020 was as follows:
| | | Common Stocks | |
Beginning Balance — market value | | $ | 19,770,997 | | |
Purchases(1) | | | — | | |
Sales(2) | | | — | | |
Transfer In — Level 3 | | | — | | |
Transfer Out — Level 3 | | | — | | |
Accrued discounts/(premiums) | | | — | | |
Realized Gains (Losses) | | | — | | |
Change in Unrealized Appreciation (Depreciation) | | | (11,933,049 | ) | |
Ending Balance — market value | | $ | 7,837,948 | | |
Change in unrealized gains or (losses) relating to assets still held at reporting date | | $ | (11,933,049 | ) | |
(1) Purchases include all purchases of securities and securities received in corporate actions.
(2) Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.
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Notes to Financial Statements
First Eagle Overseas Fund (continued)
Quantitative Information about Level 3 Fair Value Measurements | |
| | Fair Value at
April 30, 2020 | | Valuation
Technique(s) | | Unobservable
Input | | Range
(Weighted
Average) | |
| | | | Market | | Enterprise | | | |
| Common Stocks | | $ | 7,837,948 | | | Comparable
Companies | | Value
Multiple | | | 9.53 | x (4.45x) | |
Total | | $ | 7,837,948 | | | | | | | | |
First Eagle U.S. Value Fund
Description | | Level 1 | | Level 2 | | Level 3‡ | | Total | |
Assets:† | |
Common Stocks | | $ | 896,844,496 | | | $ | 5,523,908 | (a) | | $ | — | | | $ | 902,368,404 | | |
Corporate Bonds | | | — | | | | 18,585,851 | | | | 604,500 | (b) | | | 19,190,351 | | |
Commodity* | | | — | | | | 164,173,408 | | | | — | | | | 164,173,408 | | |
Master Limited Partnership | | | 3,382,460 | | | | — | | | | — | | | | 3,382,460 | | |
Short-Term Investments | | | 15,545 | | | | 116,040,037 | | | | — | | | | 116,055,582 | | |
Total | | $ | 900,242,501 | | | $ | 304,323,204 | | | $ | 604,500 | | | $ | 1,205,170,205 | | |
(a) The Funds have implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note (b) for additional details.
(b) These investments are valued by brokers and pricing services. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 1 (b).
† See Consolidated Schedule of Investments for additional detailed categorizations.
‡ Value determined using significant unobservable inputs.
* Represents gold bullion.
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Notes to Financial Statements
Fair Value Level 3 activity for the six month period ended April 30, 2020 was as follows:
First Eagle U.S. Value Fund (continued)
| | | Corporate Bonds | |
Beginning Balance — market value | | $ | 603,000 | | |
Purchases(1) | | | — | | |
Sales(2) | | | — | | |
Transfer In — Level 3 | | | — | | |
Transfer Out — Level 3 | | | — | | |
Accrued discounts/ (premiums) | | | 2,233 | | |
Realized Gains (Losses) | | | — | | |
Change in Unrealized Appreciation (Depreciation) | | | (733 | ) | |
Ending Balance — market value | | $ | 604,500 | | |
Change in unrealized gains or (losses) relating to assets still held at reporting date | | $ | (733 | ) | |
(1) Purchases include all purchases of securities and securities received in corporate actions.
(2) Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.
First Eagle Gold Fund
Description | | Level 1 | | Level 2 | | Level 3 | | Total | |
Assets:† | |
Common Stocks | | $ | 1,063,062,923 | | | $ | 102,332,514 | (a) | | $ | — | | | $ | 1,165,395,437 | | |
Commodities* | | | — | | | | 291,505,846 | | | | — | | | | 291,505,846 | | |
Rights | | | 3,281,120 | | | | — | | | | — | | | | 3,281,120 | | |
Short-Term Investments | | | 22,293 | | | | 172,079,218 | | | | — | | | | 172,101,511 | | |
Total | | $ | 1,066,366,336 | | | $ | 565,917,578 | | | $ | — | | | $ | 1,632,283,914 | | |
(a) The Funds have implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note (b) for additional details.
† See Consolidated Schedule of Investments for additional detailed categorizations.
* Represents gold bullion and silver bullion.
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Notes to Financial Statements
Fair Value Level 3 activity for the six month period ended April 30, 2020 was as follows:
First Eagle Gold Fund (continued)
| | | Rights | |
Beginning Balance — market value | | $ | 2,027,354 | | |
Purchases(1) | | | — | | |
Sales(2) | | | — | | |
Transfer In — Level 3 | | | — | | |
Transfer Out — Level 3 | | | (2,027,354 | ) | |
Accrued discounts/(premiums) | | | — | | |
Realized Gains (Losses) | | | — | | |
Change in Unrealized Appreciation (Depreciation) | | | — | | |
Ending Balance — market value | | $ | — | | |
Change in unrealized gains or (losses) relating to assets still held at reporting date | | $ | — | | |
(1) Purchases include all purchases of securities and securities received in corporate actions.
(2) Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.
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Notes to Financial Statements
First Eagle Global Income Builder Fund
Description | | Level 1 | | Level 2 | | Level 3‡ | | Total | |
Assets:† | |
Common Stocks | | $ | 306,331,548 | | | $ | 416,459,272 | (a) | | $ | — | | | $ | 722,790,820 | | |
Corporate Bonds | | | — | | | | 225,854,260 | | | | — | | | | 225,854,260 | | |
Closed End Fund | | | — | | | | 8,119,340 | | | | — | | | | 8,119,340 | | |
Commodity* | | | — | | | | 100,492,887 | | | | — | | | | 100,492,887 | | |
Foreign Government Securities | | | — | | | | 11,871,681 | | | | — | | | | 11,871,681 | | |
Loan Assignments | | | — | | | | 9,177,932 | | | | 3,331,337 | (b) | | | 12,509,269 | | |
Master Limited Partnership | | | 3,561,783 | | | | — | | | | — | | | | 3,561,783 | | |
Preferred Stocks | | | 12,674,894 | | | | — | | | | — | | | | 12,674,894 | | |
Short-Term Investments | | | 4,140 | | | | 54,557,221 | | | | — | | | | 54,561,361 | | |
U.S. Treasury Obligations | | | — | | | | 94,281,698 | | | | — | | | | 94,281,698 | | |
Forward Foreign Currency
Exchange Contracts** | | | — | | | | 399,410 | | | | — | | | | 399,410 | | |
Total | | $ | 322,572,365 | | | $ | 921,213,701 | | | $ | 3,331,337 | | | $ | 1,247,117,403 | | |
Liabilities: | |
Written Options (Sold Short) | | $ | (87,099 | ) | | $ | — | | | $ | — | | | $ | (87,099 | ) | |
Forward Foreign Currency
Exchange Contracts** | | | — | | | | (89,062 | ) | | | — | | | | (89,062 | ) | |
Total | | $ | (87,099 | ) | | $ | (89,062 | ) | | $ | — | | | $ | (176,161 | ) | |
(a) The Funds have implemented fair value pricing on a daily basis for all foreign securities, as available, to account for the market movement between the close of the foreign market and the close of the NYSE. See Note (b) for additional details.
(b) These investments are valued by brokers and pricing services. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 1 (b).
† See Schedule of Investments for additional detailed categorizations.
‡ Value determined using significant unobservable inputs.
* Represents gold bullion.
** Forward Foreign Currency Exchange Contracts are valued at net unrealized appreciation (depreciation) on the investment.
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Notes to Financial Statements
Fair Value Level 3 activity for the six month period ended April 30, 2020 was as follows:
First Eagle Global Income Builder Fund (continued)
| | | Loan Assignments | |
Beginning Balance — market value | | $ | 13,929,307 | | |
Purchases(1) | | | 44,430 | | |
Sales(2) | | | (1,068,318 | ) | |
Transfer In — Level 3 | | | — | | |
Transfer Out — Level 3 | | | (9,138,999 | )(a) | |
Accrued discounts/(premiums) | | | (85,570 | ) | |
Realized Gains (Losses) | | | 14,820 | | |
Change in Unrealized Appreciation (Depreciation) | | | (364,333 | ) | |
Ending Balance — market value | | $ | 3,331,337 | | |
Change in unrealized gains or (losses) relating to assets still held at reporting date | | $ | (364,333 | ) | |
(a) Transfers from Level 3 to Level 2 are due to an increase in market activity, e.g., frequency of trades, which resulted in an increase in available market inputs to determine the price.
(1) Purchases include all purchases of securities and securities received in corporate actions.
(2) Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.
First Eagle High Income Fund (formerly named First Eagle High Yield Fund)
Description | | Level 1 | | Level 2 | | Level 3‡ | | Total | |
Assets:† | |
Common Stock | | $ | — | | | $ | — | | | $ | 8,799,459 | | | $ | 8,799,459 | | |
Corporate Bonds | | | — | | | | 170,142,966 | | | | 1,021,440 | (a) | | | 171,164,406 | | |
Loan Assignments | | | — | | | | 7,482,622 | | | | 4,153,894 | (a) | | | 11,636,516 | | |
Short-Term Investments | | | 2,398 | | | | 16,225,205 | | | | — | | | | 16,227,603 | | |
Total | | $ | 2,398 | | | $ | 193,850,793 | | | $ | 13,974,793 | | | $ | 207,827,984 | | |
(a) These investments are valued by brokers and pricing services. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 1 (b).
† See Schedule of Investments for additional detailed categorizations.
‡ Value determined using significant unobservable inputs.
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Notes to Financial Statements
Fair Value Level 3 activity for the six month period ended April 30, 2020 was as follows:
First Eagle High Income Fund (formerly named First Eagle High Yield Fund) (continued)
| | | Common
Stocks | | Corporate
Bonds | | Loan
Assignments | | Total
Value | |
Beginning Balance — market value | | $ | 8,853,633 | | | $ | — | | | $ | 10,406,958 | | | $ | 19,260,591 | | |
Purchases(1) | | | — | | | | — | | | | 122,054 | | | | 122,054 | | |
Sales(2) | | | — | | | | — | | | | (1,332,102 | ) | | | (1,332,102 | ) | |
Transfer In — Level 3 | | | — | | | | 1,267,680 | (a) | | | — | | | | 1,267,680 | | |
Transfer Out — Level 3 | | | — | | | | — | | | | (4,433,852 | )(b) | | | (4,433,852 | ) | |
Accrued discounts/(premiums) | | | — | | | | — | | | | (165,118 | ) | | | (165,118 | ) | |
Realized Gains (Losses) | | | — | | | | — | | | | 31,475 | | | | 31,475 | | |
Change in Unrealized Appreciation
(Depreciation) | | | (54,174 | ) | | | (246,240 | ) | | | (475,521 | ) | | | (775,935 | ) | |
Ending Balance — market value | | $ | 8,799,459 | | | | 1,021,440 | | | $ | 4,153,894 | | | $ | 13,974,793 | | |
Change in unrealized gains or
(losses) relating to assets still
held at reporting date | | $ | (54,174 | ) | | $ | (246,240 | ) | | $ | (475,521 | ) | | $ | (775,935 | ) | |
(a) Transfers from Level 2 to Level 3 are due to a decline in market activity, e.g., frequency of trades, which resulted in a lack of available market inputs to determine price.
(b) Transfers from Level 3 to Level 2 are due to an increase in market activity, e.g., frequency of trades, which resulted in an increase in available market inputs to determine the price.
(1) Purchases include all purchases of securities and securities received in corporate actions.
(2) Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.
Quantitative Information about Level 3 Fair Value Measurements | |
| | Fair Value at
April 30, 2020 | | Valuation
Technique(s) | | Unobservable
Input | | Range
(Weighted
Average) | |
| Common Stocks | | $ | 8,799,459 | | | Market
Comparable | | Indicative
Broker
Quotes (Mid)
Enterprise | | $ | 32.50 -
$33.00
($32.75)
| | |
| | | | | Companies | | Value
Multiple | | | 0.22x-
9.53x (4.45x) | | |
Total | | $ | 8,799,459 | | | | | | | | |
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Notes to Financial Statements
First Eagle Fund of America
Description | | Level 1 | | Level 2 | | Level 3 | | Total | |
Assets:† | |
Common Stocks | | $ | 676,161,641 | | | $ | — | | | $ | — | | | $ | 676,161,641 | | |
Short-Term Investments | | | 54,959,365 | | | | — | | | | — | | | | 54,959,365 | | |
Total | | $ | 731,121,006 | | | $ | — | | | $ | — | | | $ | 731,121,006 | | |
Liabilities: | |
Written Options (Sold Short) | | $ | (16,585,152 | ) | | $ | — | | | $ | — | | | $ | (16,585,152 | ) | |
Total | | $ | (16,585,152 | ) | | $ | — | | | $ | — | | | $ | (16,585,152 | ) | |
† See Schedule of Investments for additional detailed categorizations.
c) Investment Transactions and Income — Investment transactions are accounted for on a trade date basis. The specific identification method is used in determining realized gains and losses from investment transactions. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. In computing investment income, each Fund accretes discounts and amortizes premiums on debt obligations using the effective yield method. Investment income is allocated to each Fund's share class in proportion to its relative net assets. Payments received from certain investments held by the Funds may be comprised of dividends, capital gains and return of capital. The Funds originally estimate the expected classification of such payments. The amounts may subsequently be reclassified upon receipt of information from the issuer.
d) Expenses — Expenses arising in connection with a Fund are charged directly to that Fund. Expenses common to all Funds may be allocated to each Fund in proportion to its relative net assets. Certain expenses are shared with the First Eagle Variable Funds, an affiliated fund group. Such costs are generally allocated using the ratio of the Fund's average daily net assets relative to the total average daily net assets of the First Eagle Variable Funds. Earnings credits may reduce shareholder servicing agent fees by the amount of interest earned on balances with such service provider.
e) Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. The market values of securities which are not traded in U.S. currency are recorded in the financial statements after translation to U.S. dollars based on the applicable exchange rates at the end of the period. The costs of such securities are translated at exchange rates prevailing when acquired. Related interest, dividends and withholding taxes are accrued at the rates of exchange prevailing on the respective dates of such transactions.
The net assets of each of the Funds are presented at the foreign exchange rates and market values at the close of the period. The Funds do not isolate that portion of gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the securities. Accordingly, such foreign currency gains (losses) are included in the reported net realized and unrealized gains (losses) on investment transactions
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Notes to Financial Statements
on the Statements of Operations. However, for federal income tax purposes each Fund does isolate the effect of changes in foreign exchange rates from the changes in market prices for realized gains and losses on debt obligations.
f) Forward Foreign Currency Exchange Contracts — In connection with portfolio purchases and sales of securities denominated in foreign currencies, each Fund may enter into forward foreign currency exchange contracts. The First Eagle Global Fund, First Eagle Overseas Fund, First Eagle Global Income Builder Fund and First Eagle High Income Fund enter into forward foreign currency exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. The Funds' currency transactions include portfolio hedging on portfolio positions. Portfolio hedging is the use of a forward foreign currency exchange contract (or other cash management position) with respect to one or more portfolio security positions denominated or quoted in a particular currency. Currency exchange transactions involve currencies of different countries that the Funds invest in and serve as hedges against possible variations in the exchange rates between these currencies and the U.S. dollar. Each Fund may engage in portfolio hedging with respect to the currency of a particular country in amounts approximating actual or anticipated positions in securities denominated in that currency. Hedging can reduce exposure to currency exchange movements, but cannot eliminate that exposure. It is possible to lose money under a hedge.
Funds investing in forward foreign currency exchange contracts are exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the Fund is unable to enter into a closing position. Forward foreign currency exchange contracts outstanding at period end, if any, are listed after each Fund's portfolio. For the six-month period ended April 30, 2020, the average monthly outstanding currency purchased or sold in U.S. dollars for forward foreign currency exchange contracts held by the Funds were as follows:
| | | First Eagle
Global
Fund | | First Eagle
Overseas
Fund | | First Eagle
Global
Income
Builder
Fund | | First Eagle
High Income
Fund | |
Forward Foreign Currency Exchange Contracts: | |
Average Settlement
Value — Purchased | | $ | 414,346,904 | | | $ | 195,120,457 | | | $ | 8,777,578 | | | $ | 4,263,311 | | |
Average Settlement
Value — Sold | | | 1,916,113,383 | | | | 919,526,659 | | | | 50,065,608 | | | | 4,258,575 | | |
The Funds adopted provisions surrounding disclosures of derivative instruments and hedging activities which require qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about currency-risk-related contingent features in derivative agreements.
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Notes to Financial Statements
In order to better define its contractual rights and to secure rights that may help the Funds mitigate its counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter ("OTC") derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. With respect to certain counterparties, in accordance with the terms of the ISDA Master Agreement, the Funds may be required to post or receive collateral in the form of cash or debt securities issued by the U.S. Government or related agencies. Daily movement of cash collateral is subject to minimum threshold amounts. Cash collateral that has been pledged to cover obligations of a Fund, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Collateral received by the Funds is held in a segregated account at the Funds' custodian bank. These amounts are not reflected on the Funds' Statements of Assets and Liabilities and are disclosed in the table below. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Asset and Liabilities.
At April 30, 2020, the Funds had the following forward foreign currency exchange contracts grouped into appropriate risk categories illustrated below:
First Eagle Global Fund
| | | | | | | Gain or (Loss)
Derivative Recognized
in Income | |
Risk Type | | Asset Derivative
Fair Value(1) | | Liability Derivative
Fair Value(2) | | Net realized
Gains
(Losses)(3) | | Change in
Appreciation
(Depreciation)(4) | |
Foreign currency | | $ | 12,077,653 | | | $ | 4,633,877 | | | $ | 42,198,080 | | | $ | 14,027,355 | | |
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Notes to Financial Statements
First Eagle Overseas Fund
| | | | | | | Gain or (Loss)
Derivative Recognized
in Income | |
Risk Type | | Asset Derivative
Fair Value(1) | | Liability Derivative
Fair Value(2) | | Net realized
Gains
(Losses)(3) | | Change in
Appreciation
(Depreciation)(4) | |
Foreign currency | | $ | 4,949,632 | | | $ | 1,424,631 | | | $ | 21,883,965 | | | $ | 4,649,674 | | |
First Eagle Global Income Builder Fund
| | | | | | | Gain or (Loss)
Derivative Recognized
in Income | |
Risk Type | | Asset Derivative
Fair Value(1) | | Liability Derivative
Fair Value(2) | | Net realized
Gains
(Losses)(3) | | Change in
Appreciation
(Depreciation)(4) | |
Foreign currency | | $ | 399,410 | | | $ | 89,062 | | | $ | 856,661 | | | $ | 749,718 | | |
First Eagle High Income Fund
| | | | | | | Gain or (Loss)
Derivative Recognized
in Income | |
Risk Type | | Asset Derivative
Fair Value(1) | | Liability Derivative
Fair Value(2) | | Net realized
Gains
(Losses)(3) | | Change in
Appreciation
(Depreciation)(4) | |
Foreign currency | | $ | — | | | $ | — | | | $ | (4,736 | ) | | $ | 4,736 | | |
(1) Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.
(2) Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.
(3) Statement of Operations location: Net realized gains (losses) from settlement of forward foreign currency exchange contracts.
(4) Statement of Operations location: Changes in unrealized appreciation (depreciation) of forward foreign currency exchange contracts.
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Notes to Financial Statements
The following tables present each Fund's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by each fund as of April 30, 2020:
First Eagle Global Fund
Counterparty | | Gross Amount
of Assets
Presented in the
Statement of
Assets and
Liabilities | | Derivatives
Available for
Offset | | Collateral
Received* | | Net Amount
(Not Less
Than $0) | |
Goldman Sachs | | $ | 3,962,729 | | | $ | (914,405 | ) | | $ | (3,048,324 | ) | | $ | — | | |
HSBC Bank plc | | | 8,114,924 | | | | (3,719,472 | ) | | | — | | | | 4,395,452 | | |
| | | $ | 12,077,653 | | | $ | (4,633,877 | ) | | $ | (3,048,324 | ) | | $ | 4,395,452 | | |
Counterparty | | Gross Amount
of Liabilities
Presented in the
Statement of
Assets and
Liabilities | | Derivatives
Available for
Offset | | Collateral
Pledged* | | Net Amount
(Not Less
Than $0) | |
Goldman Sachs | | $ | 914,405 | | | $ | (914,405 | ) | | $ | — | | | $ | — | | |
HSBC Bank plc | | | 3,719,472 | | | | (3,719,472 | ) | | | — | | | | — | | |
| | | $ | 4,633,877 | | | $ | (4,633,877 | ) | | $ | — | | | $ | — | | |
First Eagle Overseas Fund
Counterparty | | Gross Amount
of Assets
Presented in the
Statement of
Assets and
Liabilities | | Derivatives
Available for
Offset | | Collateral
Received* | | Net Amount
(Not Less
Than $0) | |
Goldman Sachs | | $ | 1,404,687 | | | $ | (721,330 | ) | | $ | (683,357 | ) | | $ | — | | |
HSBC Bank plc | | | 3,544,945 | | | | (703,301 | ) | | | — | | | | 2,841,644 | | |
| | | $ | 4,949,632 | | | $ | (1,424,631 | ) | | $ | (683,357 | ) | | $ | 2,841,644 | | |
Counterparty | | Gross Amount
of Liabilities
Presented in the
Statement of
Assets and
Liabilities | | Derivatives
Available for
Offset | | Collateral
Pledged* | | Net Amount
(Not Less
Than $0) | |
Goldman Sachs | | $ | 721,330 | | | $ | (721,330 | ) | | $ | — | | | $ | — | | |
HSBC Bank plc | | | 703,301 | | | | (703,301 | ) | | | — | | | | — | | |
| | | $ | 1,424,631 | | | $ | (1,424,631 | ) | | $ | — | | | $ | — | | |
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Notes to Financial Statements
First Eagle Global Income Builder Fund
Counterparty | | Gross Amount
of Assets
Presented in the
Statement of
Assets and
Liabilities | | Derivatives
Available for
Offset | | Collateral
Received* | | Net Amount
(Not Less
Than $0) | |
Goldman Sachs | | $ | 96,289 | | | $ | (42,895 | ) | | $ | (53,394 | ) | | $ | — | | |
HSBC Bank plc | | | 303,121 | | | | (46,167 | ) | | | — | | | | 256,954 | | |
| | | $ | 399,410 | | | $ | (89,062 | ) | | $ | (53,394 | ) | | $ | 256,954 | | |
Counterparty | | Gross Amount
of Liabilities
Presented in the
Statement of
Assets and
Liabilities | | Derivatives
Available for
Offset | | Collateral
Pledged* | | Net Amount
(Not Less
Than $0) | |
Goldman Sachs | | $ | 42,895 | | | $ | (42,895 | ) | | $ | — | | | $ | — | | |
HSBC Bank plc | | | 46,167 | | | | (46,167 | ) | | | — | | | | — | | |
| | | $ | 89,062 | | | $ | (89,062 | ) | | $ | — | | | $ | — | | |
* The actual collateral received/pledged may be more than the amount reported due to over collateralization.
g) Options — In order to seek to produce incremental earnings or protect against declines in the value of portfolio securities, each Fund may write covered call options on portfolio securities. The Funds may also use options for speculative purposes, although they generally do not employ options for this purpose.
Options contracts are valued daily based upon the official closing price on the relevant exchange on which the option is traded. If there is no official closing price, the mean between the last bid and asked prices may be used. When an option is exercised, the proceeds on the sale of a written call option are adjusted by the amount of premium received or paid. When a written option expires, the Funds will realize a gain equal to the amount of the premium received. When the Funds enter into a closing purchase transaction, the Funds will realize a gain (or loss, if the cost of the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security and the liability related to such option is eliminated.
The Funds may be required to segregate or earmark assets to cover its obligations under option contracts. In general, a call option is covered if the Funds hold, on a share-for-share basis, either the underlying shares or a call on the same security as the call written where the exercise price of the call held is equal to or less than the exercise price of the call written (or greater than the exercise price of the call written if the difference is maintained by the Funds in cash, Treasury bills or other high grade short-term obligations earmarked with its custodian). One reason for writing options is to attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. Another reason for writing options is to
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Notes to Financial Statements
hedge against a moderate decline in the value of securities owned by the Funds in the case of a call option. If an increase occurs in the underlying security or stock index sufficient to result in the exercise of a call written by the Funds, it may be required to deliver securities or cash and may thereby forego some or all of the gain that otherwise may have been realized on the securities underlying the call option. This "opportunity cost" may be partially or wholly offset by the premium received for the covered call written by the Funds. The risk in writing a covered call option is that the Funds give up the opportunity for profit if the market price of the underlying security increases and the option is exercised. The Funds also have the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.
The Funds may also write over-the-counter options where the completion of the obligation is dependent upon the credit standing of the counterparty.
As of April 30, 2020, portfolio securities valued at $ 7,531,102 and $ 192,071,798 were earmarked to cover collateral requirements for written options for First Eagle Global Income Builder Fund and First Eagle Fund of America, respectively.
For the six-month period ended April 30, 2020, the average monthly number of contracts outstanding for written options and purchased options held by the Funds were as follows:
| | | First Eagle
Global Income
Builder Fund | | First Eagle
Fund Of
America | |
Option Contracts: | |
Average Number of Contracts — Purchased | | | — | | | | 8,571 | | |
Average Number of Contracts — Written | | | 1,175 | | | | 63,658 | | |
At April 30, 2020, the Funds had the following options grouped into appropriate risk categories illustrated below:
First Eagle Global Income Builder Fund
| | | | | | | Gain or (Loss)
Derivative Recognized
in Income | |
Risk Type | | Asset Derivative
Fair Value(1) | | Liability Derivative
Fair Value(2) | | Net realized
Gains
(Losses)(3) | | Change in
Appreciation
(Depreciation)(4) | |
Equity — Written options | | $ | — | | | $ | 87,099 | | | $ | 12,868 | | | $ | 55,734 | | |
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Notes to Financial Statements
First Eagle Fund of America
| | | | | | | Gain or (Loss)
Derivative Recognized
in Income | |
Risk Type | | Asset Derivative
Fair Value(1) | | Liability Derivative
Fair Value(2) | | Net realized
Gains
(Losses)(3) | | Change in
Appreciation
(Depreciation)(4) | |
Equity — Written options | | $ | — | | | $ | 16,585,152 | | | $ | 3,007,551 | | | $ | (893,817 | ) | |
Equity — Purchased options | | | — | | | | — | | | | (372,558 | ) | | | 6,155,459 | | |
(1) Statements of Assets and Liabilities location: Investments in securities of unaffiliated issuers.
(2) Statements of Assets and Liabilities location: Option contracts written, at value.
(3) Statements of Operations location: Net realized gains (losses) from expiration or closing of option contracts written and transactions in investment securities of unaffiliated issuers."
(4) Statements of Operations location: Changes in unrealized appreciation (depreciation) of option contracts written and investment securities of unaffiliated issuers."
h) Repurchase Agreements — The Funds may enter into repurchase agreement transactions with institutions that meet the Adviser's credit guidelines. Each repurchase agreement is valued at market. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited.
i) Bank Loans — A Fund may invest in bank loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the "Borrower") in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the "Agent") for a group of loan investors ("Loan Investors"). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. A Fund records an investment when the Borrower withdraws money and records interest as earned. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any intermediary between the Fund and the Borrower ("Intermediate Participants"). In the event that the Borrower, selling participant or Intermediate Participants becomes insolvent or enters into bankruptcy, each Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.
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Notes to Financial Statements
j) Treasury Inflation-Protected Securities — The Funds may invest in Treasury Inflation-Protected Securities ("TIPS") which are specially structured bonds in which the principal amount is adjusted to keep pace with inflation. The principal value of TIPS will be adjusted upward or downward and any increase or decrease in the principal amount of TIPS will be included as interest income in the Statements of Operations, even though investors do not receive their principal until maturity. TIPS are subject to interest rate risk.
k) Restricted Securities — The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund's Schedule of Investments.
l) United States Income Taxes — No provision has been made for U.S. federal income taxes since it is the intention of each Fund to distribute to shareholders all taxable net investment income and net realized gains on investments, if any, within the allowable time limit, and to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to the regulated investment company. The Funds declare and pay such income and capital gains on an annual basis except for the First Eagle High Income Fund and the First Eagle Global Income Builder Fund which declare income daily and pay monthly.
The Funds adopted provisions surrounding income taxes, which require the tax effects of certain tax positions to be recognized. These tax positions must meet a "more likely than not" standard that, based on their technical merits, have a more than 50% likelihood of being sustained upon examination. Management of the Trust has analyzed the Funds' tax positions taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Funds' financial statements.
m) Class Accounting — Investment income, common expenses and realized/unrealized gain or loss on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that class.
n) Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
o) Redemption Fee — A redemption fee of 2% will be applied to the First Eagle Gold Fund for the sale or exchange within 60 days of the purchase of such shares. Beginning on May 1, 2020, shareholders of the First Eagle Gold Fund will no longer be subject to a redemption fee.
p) Foreign Taxes — The Funds may be subject to foreign taxes on income, and gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.
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Notes to Financial Statements
Note 2 — Investment Advisory, Custody and Administration Agreements; Transactions with Related Persons
For its services, the Adviser receives, pursuant to an Investment Advisory Agreement between the Funds and the Adviser (the "Advisory Agreement"), an annual advisory fee as follows:
Fund | | Management Fee
(% of Average Daily Net Assets) | |
First Eagle Global Fund | | | 0.75 | % | |
First Eagle Overseas Fund | | | 0.75 | | |
First Eagle U.S. Value Fund | | | 0.75 | (1) | |
First Eagle Gold Fund | | | 0.75 | | |
First Eagle Global Income Builder Fund | | | 0.75 | | |
First Eagle High Income Fund | | | 0.70 | (2) | |
First Eagle Fund of America | | | 0.90 | (3) | |
(1) The Adviser has agreed to waive First Eagle U.S. Value Fund's management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period through February 28, 2021. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.75% to 0.70%.
(2) The Adviser has agreed to waive First Eagle High Income Fund's management fee at an annual rate in the amount of 0.10% of the average daily value of the Fund's net assets for the period through February 28, 2021. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.70% to 0.60%.
(3) The Adviser received an annual advisory fee at the rate of 0.90% of the first $2.25 billion of the Fund's average daily net assets, 0.85% of the next $2.75 billion of the average daily net assets and 0.80% in excess of $5 billion of the average daily net assets. The Adviser has agreed to waive First Eagle Fund of America's management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's first $2.25 billion through February 28, 2021. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.90% to 0.85%. The other breakpoints in excess of $2.25 billion remain unchanged. For the six-month period ended April 30, 2020, the effective rate was 0.88%.
Pursuant to a subadvisory agreement, dated December 1, 2015 ("Subadvisory Agreement") Iridian Asset Management LLC ("Iridian" or "Sub-Adviser") manages the investments of the First Eagle Fund of America. The fees paid to Iridian by the Adviser under the Subadvisory Agreement are based on a reference amount equal to 50% of the combined (i) fees received by the Adviser for advisory services on behalf of the Fund and (ii) fees received by the Fund's distributor for its shareholder liaison services on behalf of the Fund. These amounts are reduced by certain direct marketing costs borne by the Adviser in connection with the Fund and are further reduced by the amount paid by the Adviser for certain administrative expenses incurred in providing services to the Fund.
The Adviser also performs certain administrative, accounting, operations, compliance and other services on behalf of the Funds, and in accordance with its agreement with the Adviser, the Funds (except for First Eagle Global Income Builder Fund and First Eagle High Income Fund which pay
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Notes to Financial Statements
the fee described in the next paragraph) reimburse the Adviser for costs (including personnel and other costs) related to those services. These reimbursements may not exceed an annual rate of 0.05% of a Fund's average daily net assets.
Pursuant to Administrative Services Agreements between each of First Eagle Global Income Builder Fund and First Eagle High Income Fund, and the Adviser, each pay the Adviser a monthly administration fee that is accrued daily at an annual rate of 0.05% of the Fund's average daily net assets.
For the six-month period ended April 30, 2020, the Funds paid/reimbursed and had payable to the Adviser amounts shown below:
Fund | | Reimbursed to Adviser | | Payable to Adviser | |
First Eagle Global Fund | | $ | 1,167,692 | | | $ | 647,771 | | |
First Eagle Overseas Fund | | | 405,883 | | | | 225,161 | | |
First Eagle U.S. Value Fund | | | 136,467 | | | | 75,704 | | |
First Eagle Gold Fund | | | 116,418 | | | | 64,583 | | |
First Eagle Global Income Builder Fund | | | 351,027 | | | | 50,310 | | |
First Eagle High Income Fund | | | 60,336 | | | | 8,425 | | |
First Eagle Fund of America | | | 108,929 | | | | 60,428 | | |
The Funds have entered into a custody agreement with J.P. Morgan Chase Bank, N.A. ("JPM"). The custody agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. JPM serves as custodian of the Funds' portfolio securities and other assets. JPM has directly entered into sub-custodial agreements to maintain the custody of gold and silver bullion in the Funds. Under the terms of the custody agreement between the Funds and JPM, JPM maintains and deposits in separate accounts, cash, securities and other assets of the Funds. JPM is also required, upon the order of the Funds, to deliver securities held by JPM and the sub-custodian, and to make payments for securities purchased by the Funds. JPM has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the United States are maintained in the custody of these entities.
The Funds have also entered into an agreement for administrative services with JPM, pursuant to which JPM provides certain financial reporting and other administrative services. JPM, as the Funds' administrator, receives annual fees separate from and in addition to the fees it receives for its services as the Funds' custodian.
FEF Distributors, LLC, a wholly owned subsidiary of the Adviser, serves as the Funds' principal underwriter. For the six-month period ended April 30, 2020, FEF Distributors, LLC realized $ 232,237, $ 12,249, $ 7,442, $ 45,112, $11,170, $ 2,443 and $ 3,336, pertaining to the sales of shares of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Income Fund and First Eagle Fund of America, respectively.
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Notes to Financial Statements
The Trust adopted a Trustee Deferred Compensation Plan (the "Plan"), which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in various First Eagle Funds until distribution in accordance with the Trustee Deferred Compensation Plan. As of April 30, 2020, balances to the Plan are included in the fees payable to the Trustees on the Statements of Assets and Liabilities.
Note 3 — Plans of Distribution
Under the terms of the Distribution Plans and Agreements ("the Plans") with FEF Distributors, LLC (the "Distributor"), pursuant to the provisions of Rule 12b-1 under the 1940 Act, the First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Income Fund and First Eagle Fund of America pay the Distributor monthly a distribution and/or service fee with respect to Class A, Class C, Class Y, Class R3 and Class R4 shares based on each Fund's average daily net assets as shown in the table below. Under the Plans, the Distributor is obligated to use the amounts received under the Plans for, among other things, payments to qualifying dealers for their assistance in the distribution of a Fund's shares and the provision of shareholder services and for other expenses such as advertising costs and the payment for the printing and distribution of prospectuses to prospective investors.
Fund | | Class A | | Class C | | Class Y | | Class R3 | | Class R4 | |
First Eagle Global Fund | | | 0.25 | % | | | 1.00 | % | | | n/a | | | | 0.35 | % | | | 0.10 | % | |
First Eagle Overseas Fund | | | 0.25 | % | | | 1.00 | % | | | n/a | | | | 0.35 | % | | | 0.10 | % | |
First Eagle U.S. Value Fund | | | 0.25 | % | | | 1.00 | % | | | n/a | | | | 0.35 | % | | | 0.10 | % | |
First Eagle Gold Fund | | | 0.25 | % | | | 1.00 | % | | | n/a | | | | 0.35 | % | | | 0.10 | % | |
First Eagle Global Income Builder Fund | | | 0.25 | % | | | 1.00 | % | | | n/a | | | | 0.35 | % | | | 0.10 | % | |
First Eagle High Income Fund | | | 0.25 | % | | | 1.00 | % | | | n/a | | | | 0.35 | % | | | 0.10 | % | |
First Eagle Fund of America | | | 0.25 | % | | | 1.00 | % | | | 0.25 | % | | | 0.35 | % | | | 0.10 | % | |
The Distributor bears distribution costs of a Fund to the extent they exceed payments received under the Plan. For the six-month period ended April 30, 2020, the distribution fees incurred by the Funds are disclosed in the Statements of Operations.
The Service fee covers expenses incurred by the Distributor for providing shareholder liaison services, including assistance with subscriptions, redemptions and other shareholder questions. For the six-month period ended April 30, 2020, the services fees incurred by the Funds are disclosed in the Statements of Operations.
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Notes to Financial Statements
Note 4 — Purchases and Sales of Securities
For the six-month period ended April 30, 2020, purchases and proceeds from sales of investments, excluding short-term securities, were as follows:
Fund | | Purchases
excluding
U.S. Government
Securities | | Sales and
Maturities
excluding
U.S. Government
Securities | | Purchases of
U.S. Government
Securities | | Sales and
Maturities of
U.S. Government
Securities | |
First Eagle Global Fund | | $ | 3,174,972,231 | | | $ | 4,031,850,621 | | | $ | — | | | $ | — | | |
First Eagle Overseas Fund | | | 1,026,677,244 | | | | 1,099,478,198 | | | | — | | | | — | | |
First Eagle U.S. Value Fund | | | 82,752,884 | | | | 181,448,624 | | | | — | | | | — | | |
First Eagle Gold Fund | | | 81,001,563 | | | | 31,880,092 | | | | — | | | | — | | |
First Eagle Global Income
Builder Fund | | | 167,454,709 | | | | 173,713,647 | | | | 68,141,991 | | | | 57,250,770 | | |
First Eagle High Income Fund | | | 50,653,392 | | | | 81,876,182 | | | | — | | | | — | | |
First Eagle Fund of America | | | 159,581,216 | | | | 297,398,701 | | | | — | | | | — | | |
Note 5 — Line of Credit
On June 17, 2019, the Funds renewed a $200 million committed, unsecured line of credit ("Credit Facility") with JPM for the First Eagle Funds, to be utilized for temporarily financing the purchase or sale of securities for prompt delivery in the ordinary course of business or for temporarily financing the redemption of shares of each Fund at the request of shareholders and other temporary or emergency purposes. Under the Credit Facility arrangement, each Fund has agreed to pay an annual commitment fee on the unused balance, allocated pro rata, based on the relative asset size of the Funds. A portion of the commitment fees related to the Credit Facility are paid by the Funds and are included in other expenses in the Statements of Operations. During the period, the Funds had no borrowings under the agreement.
Note 6 — Indemnification and Investment Risk
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote. The Funds may have elements of risk not typically associated with investments in the United States due to their investments in foreign countries or regions. Such foreign investments may subject the Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities. The securities markets in many emerging-market countries are substantially smaller, less developed, less liquid and more volatile than the securities markets of developed countries.
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Notes to Financial Statements
The First Eagle High Income Fund and First Eagle Global Income Builder Fund invest in high yield securities which may be subject to greater levels of interest rate, credit and liquidity risk than investment grade securities. These high yield securities may be considered speculative with respect to the issuer's continuing ability to make principal and interest payments and may be subject to significant price fluctuations.
The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.
The Funds enter into derivatives which may represent off-balance sheet risk. Off-balance sheet risk exists when the maximum potential loss on a particular investment is greater than the value of such investment as reflected in the Statements of Assets and Liabilities.
Note 7 — Redemption In-Kind Transactions
The redemption in-kind policy for all of the Funds reserves the right of the Funds to pay redemptions in-kind (i.e., payments in the form of marketable securities or, as needed, other traded assets, rather than cash) if the redemption request is large enough to affect a Fund's operations (for example, if it represents more than $250,000 or 1% of the Fund's assets). When receiving assets distributed in-kind, the recipient will bear applicable commissions or other costs on their sale. There were no redemptions in-kind during the year ended April 30, 2020.
Note 8 — New Accounting Pronouncements and Regulations
In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update No. 2017-08 ("ASU 2017-08"), "Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities." ASU 2017-08 changed the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The Fund has adopted and applied ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. As a result of the adoption of ASU 2017-08, as of November 1, 2019, the amortized cost basis of investments was reduced and unrealized appreciation of investments was increased by the following:
First Eagle Global Income Builder Fund | | $ | 100,592.58 | | |
First Eagle High Income Fund | | | 232,609.91 | | |
The adoption of ASU 2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.
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Notes to Financial Statements
Note 9 — Subsequent Events
At a meeting of the Board of the Trust held on June 4, 2020, the Board approved the following changes for First Eagle Fund of America (the "Fund"): The Fund will have a new investment objective and new principal investment strategy; Iridian will resign as subadviser to the Fund; Julien Albertini, Manish Gupta and Christian Heck of the Adviser will serve as the Fund's portfolio managers upon Iridian's resignation; the Adviser will continue to serve as the Fund's investment adviser at a lower annualized advisory fee rate of 0.50%; and the Adviser will agree to support contractual limitations on the Fund's expenses. These changes will be implemented contemporaneous with the effectiveness of an amendment to the Fund's registration statement, which is expected to be on or about August 10, 2020.
On or about that date, the Fund's investment objective will be to seek capital appreciation and current income. To achieve that investment objective, at least 65% of the Fund's net assets will be income-producing, including equity, hybrid, option, and debt securities. That generally means that at least 65% of the Fund's net assets (plus any borrowings for investment purposes) will be allocated to such investments that pay a dividend or other related income. In selecting companies for investment, the Adviser will seek to identify what it considers to be high quality companies. While a company selected for investment may not meet all of these characteristics, the Adviser considers a high quality company to demonstrate, in the opinion of the Adviser, some or all of the following: durable competitive advantage(s); conservative capital structure; prudent management; and attractive financial metrics.
The investment philosophy and strategy of the Fund at that time can be broadly characterized as a "value" approach, as it will seek a "margin of safety" in each investment purchase with the goal being to avoid permanent impairment of capital (as opposed to temporary losses in share value relating to shifting investor sentiment or other normal share price volatility). In particular, a discount to "intrinsic value" will be sought even for the best of businesses, with a deeper discount demanded for companies that the Adviser views as under business model, balance sheet, management or other stresses. "Intrinsic value" will be based on the Adviser's judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets.
When the new objective and strategies are in effect, the Fund will be subject to real estate securities risk and high portfolio turnover risk as additional principal risks. In this regard, it is anticipated that there will be significant near-term portfolio turnover, and attendant costs and tax consequences, as the new portfolio managers implement the new objective and strategies. The transition to a portfolio consistent with the Fund's new investment objective and strategies will require some time to complete after the expected August effective date for these new terms. During that transition period, it is expected that the Fund will not be as invested in income producing securities as will be the case once the transition is complete.
In the interim, the Fund's portfolio continues to be managed by Iridian in accordance with the Fund's current investment objective and strategies.
A supplement to the Prospectus describes these changes in greater detail. Please read that supplement, which is dated June 9, 2020, carefully.
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177
Notes to Financial Statements
In accordance with the provision surrounding Subsequent Events adopted by the Funds, management has evaluated the possibility of subsequent events existing in the Funds' financial statements. Management has determined that there are no additional material events that would require disclosures in the Funds' financial statements.
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Fund Expenses (unaudited)
Example
As a shareholder of the First Eagle Funds, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including advisory fees; distribution fees (12b-1) and/or service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
This example is based on an investment of $1,000 invested on November 1, 2019 and held for the six-months ended April 30, 2020.
Actual Expenses
The table below titled "Based on Actual Total Return" provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During the Period".
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Fund Expenses (unaudited)
Based on Actual Total Return(1)
| | | Actual Total
Return Without
Sales Charges(2) | | Beginning
Account
Date Value
4/30/20 | | Ending
Account
Value | | Annualized
Expense | | Expenses
Paid for
the Period(3) | |
First Eagle Global Fund Consolidated | |
Class A | | | -8.58 | % | | $ | 1,000 | | | $ | 914.20 | | | | 1.11 | | | $ | 5.28 | | |
Class C | | | -8.92 | | | $ | 1,000 | | | $ | 910.80 | | | | 1.88 | | | $ | 8.93 | | |
Class I | | | -8.45 | | | $ | 1,000 | | | $ | 915.50 | | | | 0.86 | | | $ | 4.10 | | |
Class R3 | | | -8.58 | | | $ | 1,000 | | | $ | 914.20 | | | | 1.14 | | | $ | 5.43 | | |
Class R4 | | | -8.47 | | | $ | 1,000 | | | $ | 915.30 | | | | 0.92 | | | $ | 4.38 | | |
Class R5 | | | -8.71 | | | $ | 1,000 | | | $ | 912.90 | | | | 1.34 | | | $ | 6.37 | | |
Class R6 | | | -8.41 | | | $ | 1,000 | | | $ | 915.90 | | | | 0.79 | | | $ | 3.76 | | |
First Eagle Overseas Fund Consolidated | |
Class A | | | -8.86 | | | $ | 1,000 | | | $ | 911.40 | | | | 1.15 | | | $ | 5.47 | | |
Class C | | | -9.20 | | | $ | 1,000 | | | $ | 908.00 | | | | 1.90 | | | $ | 9.01 | | |
Class I | | | -8.72 | | | $ | 1,000 | | | $ | 912.80 | | | | 0.87 | | | $ | 4.14 | | |
Class R3 | | | -8.97 | | | $ | 1,000 | | | $ | 910.30 | | | | 1.37 | | | $ | 6.51 | | |
Class R4 | | | -8.84 | | | $ | 1,000 | | | $ | 911.60 | | | | 1.04 | | | $ | 4.94 | | |
Class R5 | | | -8.87 | | | $ | 1,000 | | | $ | 911.30 | | | | 1.14 | | | $ | 5.42 | | |
Class R6 | | | -8.70 | | | $ | 1,000 | | | $ | 913.00 | | | | 0.80 | | | $ | 3.81 | | |
First Eagle U.S. Value Fund Consolidated | |
Class A | | | -9.72 | | | $ | 1,000 | | | $ | 902.80 | | | | 1.12 | | | $ | 5.30 | | |
Class C | | | -10.06 | | | $ | 1,000 | | | $ | 899.40 | | | | 1.90 | | | $ | 8.97 | | |
Class I | | | -9.59 | | | $ | 1,000 | | | $ | 904.10 | | | | 0.84 | | | $ | 3.98 | | |
Class R3 | | | -9.81 | | | $ | 1,000 | | | $ | 901.90 | | | | 1.27 | | | $ | 6.01 | | |
Class R4 | | | -9.75 | | | $ | 1,000 | | | $ | 902.50 | | | | 1.06 | | | $ | 5.01 | | |
Class R5 | | | -9.65 | | | $ | 1,000 | | | $ | 903.50 | | | | 0.96 | | | $ | 4.54 | | |
Class R6 | | | -9.60 | | | $ | 1,000 | | | $ | 904.00 | | | | 0.79 | | | $ | 3.74 | | |
First Eagle Gold Fund Consolidated | |
Class A | | | 21.97 | | | $ | 1,000 | | | $ | 1219.70 | | | | 1.25 | | | $ | 6.90 | | |
Class C | | | 21.51 | | | $ | 1,000 | | | $ | 1215.10 | | | | 2.00 | | | $ | 11.01 | | |
Class I | | | 22.17 | | | $ | 1,000 | | | $ | 1221.70 | | | | 0.96 | | | $ | 5.30 | | |
Class R3 | | | 22.01 | | | $ | 1,000 | | | $ | 1220.10 | | | | 1.23 | | | $ | 6.79 | | |
Class R4 | | | 22.17 | | | $ | 1,000 | | | $ | 1221.70 | | | | 0.98 | | | $ | 5.41 | | |
Class R5 | | | 21.94 | | | $ | 1,000 | | | $ | 1219.40 | | | | 0.99 | | | $ | 5.46 | | |
Class R6 | | | 22.22 | | | $ | 1,000 | | | $ | 1222.20 | | | | 0.87 | | | $ | 4.81 | | |
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Fund Expenses (unaudited)
Based on Actual Total Return(1)—(continued)
| | | Actual Total
Return Without
Sales Charges(2) | | Beginning
Account
Date Value
4/30/20 | | Ending
Account
Value | | Annualized
Expense | | Expenses
Paid for
the Period(3) | |
First Eagle Global Income Builder Fund | |
Class A | | | -7.41 | | | $ | 1,000 | | | $ | 925.90 | | | | 1.18 | | | $ | 5.65 | | |
Class C | | | -7.73 | | | $ | 1,000 | | | $ | 922.70 | | | | 1.95 | | | $ | 9.32 | | |
Class I | | | -7.23 | | | $ | 1,000 | | | $ | 927.70 | | | | 0.94 | | | $ | 4.51 | | |
Class R3 | | | -7.45 | | | $ | 1,000 | | | $ | 925.50 | | | | 1.42 | | | $ | 6.80 | | |
Class R4 | | | -7.34 | | | $ | 1,000 | | | $ | 926.60 | | | | 1.09 | | | $ | 5.22 | | |
Class R5 | | | -7.29 | | | $ | 1,000 | | | $ | 927.10 | | | | 0.98 | | | $ | 4.70 | | |
Class R6 | | | -7.25 | | | $ | 1,000 | | | $ | 927.50 | | | | 0.95 | | | $ | 4.55 | | |
First Eagle High Income Fund (formerly named First Eagle High Yield Fund) | |
Class A | | | -6.57 | | | $ | 1,000 | | | $ | 934.30 | | | | 1.25 | | | $ | 6.01 | | |
Class C | | | -6.93 | | | $ | 1,000 | | | $ | 930.70 | | | | 2.02 | | | $ | 9.70 | | |
Class I | | | -6.44 | | | $ | 1,000 | | | $ | 935.60 | | | | 0.96 | | | $ | 4.62 | | |
Class R3 | | | -6.63 | | | $ | 1,000 | | | $ | 933.70 | | | | 1.39 | | | $ | 6.68 | | |
Class R4 | | | -6.80 | | | $ | 1,000 | | | $ | 932.00 | | | | 1.46 | | | $ | 7.01 | | |
Class R5 | | | -6.50 | | | $ | 1,000 | | | $ | 935.00 | | | | 1.06 | | | $ | 5.10 | | |
Class R6 | | | -6.42 | | | $ | 1,000 | | | $ | 935.80 | | | | 0.90 | | | $ | 4.33 | | |
First Eagle Fund of America | |
Class A | | | -11.31 | | | $ | 1,000 | | | $ | 886.90 | | | | 1.36 | | | $ | 6.38 | | |
Class C | | | -11.63 | | | $ | 1,000 | | | $ | 883.70 | | | | 2.11 | | | $ | 9.88 | | |
Class I | | | -11.16 | | | $ | 1,000 | | | $ | 888.40 | | | | 1.02 | | | $ | 4.79 | | |
Class Y | | | -11.33 | | | $ | 1,000 | | | $ | 886.70 | | | | 1.35 | | | $ | 6.33 | | |
Class R3 | | | -11.36 | | | $ | 1,000 | | | $ | 886.40 | | | | 1.47 | | | $ | 6.89 | | |
Class R4 | | | -11.27 | | | $ | 1,000 | | | $ | 887.30 | | | | 1.24 | | | $ | 5.82 | | |
Class R5 | | | -11.24 | | | $ | 1,000 | | | $ | 887.60 | | | | 1.14 | | | $ | 5.35 | | |
Class R6 | | | -11.16 | | | $ | 1,000 | | | $ | 888.40 | | | | 0.99 | | | $ | 4.65 | | |
(1) For the six-months ended April 30, 2020.
(2) Past performance does not guarantee future results. Assumes reinvestment of all dividends and capital gain distributions, if any, at net asset value. Total return is not annualized, as it may not be representative of the total return for the year.
(3) Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
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Fund Expenses (unaudited)
Hypothetical Example for Comparison Purposes
The table below titled "Based on Hypothetical Total Return" provides information about hypothetical account values and hypothetical expenses based on the actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the First Eagle Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Funds and other funds. To do so, compare the 5% hypothetical example relating to the Fund with the 5% hypothetical examples that appear in the shareholder reports of other funds.
This example is based on an investment of $1,000 invested on November 1, 2019 and held for the six-months ended April 30, 2020.
Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or back-end sales charges (loads). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
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Fund Expenses (unaudited)
Based on Hypothetical Total Return(1)
| | | Hypothetical
Annualized
Total
Return | | Beginning
Account
Date Value | | Ending
Account
Value | | Annualized
Expense | | Expenses
Paid for
the Period(2) | |
First Eagle Global Fund Consolidated | |
Class A | | | 5.00 | | | $ | 1,000 | | | $ | 1019.34 | | | | 1.11 | | | $ | 5.57 | | |
Class C | | | 5.00 | | | $ | 1,000 | | | $ | 1015.51 | | | | 1.88 | | | $ | 9.42 | | |
Class I | | | 5.00 | | | $ | 1,000 | | | $ | 1020.59 | | | | 0.86 | | | $ | 4.32 | | |
Class R3 | | | 5.00 | | | $ | 1,000 | | | $ | 1019.19 | | | | 1.14 | | | $ | 5.72 | | |
Class R4 | | | 5.00 | | | $ | 1,000 | | | $ | 1020.29 | | | | 0.92 | | | $ | 4.62 | | |
Class R5 | | | 5.00 | | | $ | 1,000 | | | $ | 1018.20 | | | | 1.34 | | | $ | 6.72 | | |
Class R6 | | | 5.00 | | | $ | 1,000 | | | $ | 1020.93 | | | | 0.79 | | | $ | 3.97 | | |
First Eagle Overseas Fund Consolidated | |
Class A | | | 5.00 | | | $ | 1,000 | | | $ | 1019.14 | | | | 1.15 | | | $ | 5.77 | | |
Class C | | | 5.00 | | | $ | 1,000 | | | $ | 1015.37 | | | | 1.90 | | | $ | 9.52 | | |
Class I | | | 5.00 | | | $ | 1,000 | | | $ | 1020.54 | | | | 0.87 | | | $ | 4.37 | | |
Class R3 | | | 5.00 | | | $ | 1,000 | | | $ | 1018.05 | | | | 1.37 | | | $ | 6.87 | | |
Class R4 | | | 5.00 | | | $ | 1,000 | | | $ | 1019.69 | | | | 1.04 | | | $ | 5.22 | | |
Class R5 | | | 5.00 | | | $ | 1,000 | | | $ | 1019.19 | | | | 1.14 | | | $ | 5.72 | | |
Class R6 | | | 5.00 | | | $ | 1,000 | | | $ | 1020.89 | | | | 0.80 | | | $ | 4.02 | | |
First Eagle U.S. Value Fund Consolidated | |
Class A | | | 5.00 | | | $ | 1,000 | | | $ | 1019.29 | | | | 1.12 | | | $ | 5.62 | | |
Class C | | | 5.00 | | | $ | 1,000 | | | $ | 1015.42 | | | | 1.90 | | | $ | 9.52 | | |
Class I | | | 5.00 | | | $ | 1,000 | | | $ | 1020.69 | | | | 0.84 | | | $ | 4.22 | | |
Class R3 | | | 5.00 | | | $ | 1,000 | | | $ | 1018.55 | | | | 1.27 | | | $ | 6.37 | | |
Class R4 | | | 5.00 | | | $ | 1,000 | | | $ | 1019.59 | | | | 1.06 | | | $ | 5.32 | | |
Class R5 | | | 5.00 | | | $ | 1,000 | | | $ | 1020.09 | | | | 0.96 | | | $ | 4.82 | | |
Class R6 | | | 5.00 | | | $ | 1,000 | | | $ | 1020.93 | | | | 0.79 | | | $ | 3.97 | | |
First Eagle Gold Fund Consolidated | |
Class A | | | 5.00 | | | $ | 1,000 | | | $ | 1018.65 | | | | 1.25 | | | $ | 6.27 | | |
Class C | | | 5.00 | | | $ | 1,000 | | | $ | 1014.92 | | | | 2.00 | | | $ | 10.02 | | |
Class I | | | 5.00 | | | $ | 1,000 | | | $ | 1020.09 | | | | 0.96 | | | $ | 4.82 | | |
Class R3 | | | 5.00 | | | $ | 1,000 | | | $ | 1018.75 | | | | 1.23 | | | $ | 6.17 | | |
Class R4 | | | 5.00 | | | $ | 1,000 | | | $ | 1019.99 | | | | 0.98 | | | $ | 4.92 | | |
Class R5 | | | 5.00 | | | $ | 1,000 | | | $ | 1019.94 | | | | 0.99 | | | $ | 4.97 | | |
Class R6 | | | 5.00 | | | $ | 1,000 | | | $ | 1020.54 | | | | 0.87 | | | $ | 4.37 | | |
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Fund Expenses (unaudited)
Based on Hypothetical Total Return(1)—(continued)
| | | Hypothetical
Annualized
Total
Return | | Beginning
Account
Date Value | | Ending
Account
Value | | Annualized
Expense | | Expenses
Paid for
the Period(2) | |
First Eagle Global Income Builder Fund | |
Class A | | | 5.00 | | | $ | 1,000 | | | $ | 1019.00 | | | | 1.18 | | | $ | 5.92 | | |
Class C | | | 5.00 | | | $ | 1,000 | | | $ | 1015.17 | | | | 1.95 | | | $ | 9.77 | | |
Class I | | | 5.00 | | | $ | 1,000 | | | $ | 1020.19 | | | | 0.94 | | | $ | 4.72 | | |
Class R3 | | | 5.00 | | | $ | 1,000 | | | $ | 1017.80 | | | | 1.42 | | | $ | 7.12 | | |
Class R4 | | | 5.00 | | | $ | 1,000 | | | $ | 1019.44 | | | | 1.09 | | | $ | 5.47 | | |
Class R5 | | | 5.00 | | | $ | 1,000 | | | $ | 1019.99 | | | | 0.98 | | | $ | 4.92 | | |
Class R6 | | | 5.00 | | | $ | 1,000 | | | $ | 1020.14 | | | | 0.95 | | | $ | 4.77 | | |
First Eagle High Income Fund (formerly named First Eagle High Yield Fund) | |
Class A | | | 5.00 | | | $ | 1,000 | | | $ | 1018.65 | | | | 1.25 | | | $ | 6.27 | | |
Class C | | | 5.00 | | | $ | 1,000 | | | $ | 1014.82 | | | | 2.02 | | | $ | 10.12 | | |
Class I | | | 5.00 | | | $ | 1,000 | | | $ | 1020.04 | | | | 0.96 | | | $ | 4.82 | | |
Class R3 | | | 5.00 | | | $ | 1,000 | | | $ | 1017.95 | | | | 1.39 | | | $ | 6.97 | | |
Class R4 | | | 5.00 | | | $ | 1,000 | | | $ | 1017.60 | | | | 1.46 | | | $ | 7.32 | | |
Class R5 | | | 5.00 | | | $ | 1,000 | | | $ | 1019.59 | | | | 1.06 | | | $ | 5.32 | | |
Class R6 | | | 5.00 | | | $ | 1,000 | | | $ | 1020.34 | | | | 0.90 | | | $ | 4.52 | | |
First Eagle Fund of America | |
Class A | | | 5.00 | | | $ | 1,000 | | | $ | 1018.05 | | | | 1.36 | | | $ | 6.82 | | |
Class C | | | 5.00 | | | $ | 1,000 | | | $ | 1014.32 | | | | 2.11 | | | $ | 10.57 | | |
Class I | | | 5.00 | | | $ | 1,000 | | | $ | 1019.74 | | | | 1.02 | | | $ | 5.12 | | |
Class Y | | | 5.00 | | | $ | 1,000 | | | $ | 1018.15 | | | | 1.35 | | | $ | 6.77 | | |
Class R3 | | | 5.00 | | | $ | 1,000 | | | $ | 1017.55 | | | | 1.47 | | | $ | 7.37 | | |
Class R4 | | | 5.00 | | | $ | 1,000 | | | $ | 1018.70 | | | | 1.24 | | | $ | 6.22 | | |
Class R5 | | | 5.00 | | | $ | 1,000 | | | $ | 1019.19 | | | | 1.14 | | | $ | 5.72 | | |
Class R6 | | | 5.00 | | | $ | 1,000 | | | $ | 1019.94 | | | | 0.99 | | | $ | 4.97 | | |
(1) For the six-months ended April 30, 2020.
(2) Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
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Form N-PORT and Form N-Q portfolio schedule
The First Eagle Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of each fiscal year with the SEC on Form N-Q. The Funds' Form N-PORT and Form N-Q are available on the SEC's Web site at www.sec.gov. Additionally, you may obtain copies of Form N-PORT and Form N-Q from the Fund upon request by calling 1.800.334.2143.
Proxy voting policies, procedures and record
You may obtain (1) a description of the Funds' proxy voting policies, (2) a description of the Funds' proxy voting procedures and (3) information regarding how the Funds voted any proxies related to portfolio securities during the most recent twelve-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Funds directly at 1.800.334.2143 or on the EDGAR Database on the SEC's Web site at www.sec.gov.
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Trustees
Lisa Anderson
John P. Arnhold
Candace K. Beinecke (Chair)
Peter W. Davidson^
Jean D. Hamilton
James E. Jordan
William M. Kelly
Paul J. Lawler
Mehdi Mahmud
Trustee Emeritus
Jean-Marie Eveillard*
Officers
Mehdi Mahmud
President
Robert Bruno
Senior Vice President
Joseph T. Malone
Chief Financial Officer
Albert Pisano
Chief Compliance Officer
David O'Connor
General Counsel
Sheelyn Michael
Secretary & Deputy General Counsel
Tricia Larkin
Treasurer
Michael Luzzatto
Vice President
Neal Ashinsky
Assistant Treasurer
Thomas Meyer
Assistant Treasurer
Investment Adviser
First Eagle Investment Management, LLC
1345 Avenue of the Americas
New York, NY 10105
Legal Counsel
Sidley Austin LLP
787 Seventh Avenue
New York, NY 10019
Custodian
JPMorgan Chase Bank, N.A.
4 Chase Metrotech Center, Floor 16,
Brooklyn, NY, 11245
Shareholder Servicing Agent
DST Systems, Inc.
330 West 9th Street
Kansas City, MO 64105
800.334.2143
Underwriter
FEF Distributors, LLC
1345 Avenue of the Americas
New York, NY 10105
Independent Registered Public
Accounting Firm
PricewaterhouseCoopers LLP
300 Madison Avenue
New York, NY 10017
^ Mr. Davidson became a Trustee effective December 17, 2019.
* Mr. Eveillard is a former member of the Board of Trustees and is invited to attend all Board meetings. He is not a Trustee for purposes of the Trust's Declaration of Trust, Delaware law of the Investment Company Act.
This report is not authorized for distribution to prospective investors unless preceded or accompanied by a currently effective prospectus of First Eagle Funds.
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First Eagle Investment Management, LLC
1345 Avenue of the Americas, New York, NY 10105-0048
800.334.2143 www.feim.com
The Registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer. Copies of the code of ethics may be requested free of charge by calling 1-800-334-2143 (toll free).
| Item 3. | Audit Committee Financial Expert. |
Not applicable to this semi-annual report.
| Item 4. | Principal Accountant Fees and Services |
Not applicable to this semi-annual report.
| Item 5. | Audit Committee of Listed Registrants |
Not applicable at this time.
| Item 6. | Schedule of Investments. |
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable at this time.
| Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable at this time.
| Item 9. | Purchases of Equity Securities by Close-End Management Investment Company and Affiliated Purchasers. |
Not applicable at this time.
| Item 10. | Submission of Matters to a Vote of Security Holders. |
Not applicable at this time.
| Item 11. | Controls and Procedures. |
(a) In the opinion of the principal executive officer and principal financial officer, based on their evaluation, the registrant's disclosure controls and procedures are adequately designed and are operating effectively to ensure (i) that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared; and (ii) that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
| Item 12. | Disclosure of Securities Lending Activities for Closed End Management Investment Companies |
(a)(1) Not applicable to this semi-annual report.
Exhibit Index
(2) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)): Attached hereto.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)): Attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | First Eagle Funds |
| | |
| By (Signature and Title)* | /s/ Mehdi Mahmud |
| | Mehdi Mahmud, President |
Date: July 7, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | /s/ Mehdi Mahmud |
| | Mehdi Mahmud, Principal Executive Officer |
Date: July 7, 2020
| By (Signature and Title)* | /s/ Joseph T. Malone |
| | Joseph T. Malone, Principal Financial Officer |
Date: July 7, 2020
* Print the name and title of each signing officer under his or her signature.
